证券研究报告 | 2025年04月30日 中国石油（601857.SH） 优于大市 上游板块逆势增长，2025 年一季度归母净利润同比增长 2.3% 2025 年第一季度归母净利润同比增长 2.3%，业绩超预期。2025 年第一季度 公司实现营收 7531.1 亿元（同比-7.3%，环比+10.5%），主要由于市场需求 减少、成品油销量减少以及部分产品价格下降；实现归母净利润 468.1 亿元 （同比+2.3%，环比+45.6%），主要得益于国内天然气产销量增加、有效控 制主要成本费用及税费支出减少，实现扣非归母净利润 465.6 亿元（同比 +1.7%，环比+22.3%）。公司在 2025 年第一季度布伦特原油均价同比下降 8.9% 的情况下，归母净利润同比实现逆势增长，业绩超预期。 油气业务坚持高效勘探、效益开发，加快新能源业务发展。2025 年第一季度 公司油气与新能源板块实现经营利润 460.9 亿元（同比+7.0%），实现油气 当量产量 467.0 百万桶油当量（同比+0.7%），其中原油产量 240.2 百万桶 （同比+0.2%），原油平均实现价格为 70.0 美元/桶（同比-7.2%），油气单 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002384 证券简称：东山精密 公告编号：2025-029 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 单位：元 ■ □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company is expected to achieve a total revenue of RMB 2.35 billion in 2024, representing a year-on-year growth of 16.4%, and a net profit attributable to the parent company of RMB 160 million, reflecting an 11.9% increase [1]. - The company is expanding its product offerings and customer base, particularly in the electric steering gear and new energy sectors, while also entering the robotics market to establish a second growth curve [3]. - The gross margin is projected to improve in the future despite short-term pressure due to new project ramp-ups [2]. Summary by Sections Financial Performance - In 2024, the company anticipates a revenue increase of 16.4% to RMB 2.35 billion and a net profit increase of 11.9% to RMB 160 million. The first quarter of 2025 is expected to show a revenue increase of 29.7% year-on-year [1]. - The gross margin for 2024 is expected to be 24.0%, with a slight increase in operating expenses [2]. Business Development - The company is actively pursuing new projects and expanding its global footprint, including establishing a subsidiary in Thailand and a new factory in Yangzhou [3]. - A joint venture for robotics development is planned, indicating a strategic move into the robotics sector [3]. Profitability and Valuation - The report projects a decrease in net profit estimates for 2025 and 2026 by 15% and 5% respectively, but introduces a new estimate for 2027 at RMB 434 million [4]. - The company’s earnings per share (EPS) is expected to grow from RMB 0.88 in 2024 to RMB 1.16 in 2025, with a projected price-to-earnings (P/E) ratio decreasing from 39 in 2024 to 29 in 2025 [5][12].

事件：公司公告24年报及25年一季报，结合公司近况，点评如下： 24年消费电子及新能源业务向上，带动公司盈利能力恢复。 公司24年收入169.3亿同比+23.4%，归 母净利7.72亿同比+800.2%，扣非归母5.31亿同比+2750.7%，毛利率18.5%同比-1.3pcts，净利率 5.0%同比+3.9pcts，盈利能力显著改善。24年公司继续聚焦消费电子精密零组件及新能源产品零组 件两大主营业务，消费类电子复苏向好，新能源业务良效率持续向上，国际A和S客户及国内大客户 均有重要新项目量产交付，非经常收益主要来源于公司转让广东天机智能系统有限公司30%股权， 取得约1.8亿元的投资收益以及政府补助。同时积极推进机器人及智能装备业务等新业务的发展。 24Q4收入48.4亿同比+23.0%环比+9.8%，归母净利1.77亿同比+110.7%环比+10.2%，扣非归母1.60 亿同比+69.6%环比+4.2%，毛利率18.1%同比-3.1pcts环比-1.9pcts，净利率4.2%同比+1.6pcts环比 +0.2pct。 25Q1收入创一季度新高，消费电子及新能源业务向上带动盈利持续释放。 25Q1收入44 ...

Group 1: Impact of Tariff Policies - The impact of US-China tariff policies on the company's operations is limited, as the export business to the US accounts for a small proportion and most products are on the exemption list [1] - The company has no procurement of raw materials or equipment from the US, and it maintains communication with customers regarding supply chain stability and tax optimization in response to tariff changes [1] Group 2: Financial Performance - In Q1 2025, the company experienced improved operational performance, benefiting from increased foreign exchange gains and a turnaround in derivatives from loss to profit compared to Q1 2024, leading to a significant rise in net profit [1] - The competitive landscape in the new energy sector is intense, with some pressure on performance due to the transition of production lines to fixed assets and depreciation [1] - The company anticipates a breakthrough in revenue from its new energy business in 2025 [2] Group 3: Pharmaceutical Business Development - The pharmaceutical business is progressing as planned, with expectations for growth in 2025, focusing on major clients, primarily European pharmaceutical companies [2] - The company is enhancing existing partnerships while simultaneously developing new clients and strengthening R&D capabilities [2] Group 4: New Energy Business Progress - The new energy business is advancing with ongoing customer communication, project R&D, and quality system development [2] - The company is entering the new energy sector with products like electrolytes, aiming for revenue breakthroughs in 2025 [2] Group 5: Overseas Factory Performance - The UK factory is expected to see improved operational performance in 2025, with a rise in capacity utilization and profitability achieved in Q1 2025 due to foreign exchange gains [3][4] - The Malaysian factory is still in the construction phase, with investment progress contingent on order situations [4]

Core Viewpoint - The company reported significant revenue and profit growth in 2024, driven by its core businesses in consumer electronics and new energy sectors, indicating a strong upward trend in profitability and market demand [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.566 billion yuan, a year-on-year increase of 83.55%, and a net profit attributable to shareholders of 242 million yuan, up 229.47% [1]. - For Q4 2024, the company reported revenue of 794 million yuan, a growth of 67.93%, and a net profit of 60 million yuan, increasing by 132.81% [1]. - In Q1 2025, the company generated revenue of 659 million yuan, reflecting a year-on-year growth of 45.41%, with a net profit of 57 million yuan, up 84.35% [1]. Business Segments - The consumer electronics functional components business generated revenue of 819.404 million yuan, a year-on-year increase of 78.76%, while the structural components business achieved revenue of 697.2125 million yuan, growing by 86.66% [2]. - The 3C smart assembly automation equipment business saw revenue of 149.8838 million yuan, marking a substantial growth of 186.37% [2]. - In the new energy sector, the company’s revenue from structural and functional components reached 877.5947 million yuan, up 76.16% year-on-year [2]. Cost Management - The company successfully reduced its expense ratios, with sales expenses of 82 million yuan and a sales expense ratio of 3.20%, down 2.28 percentage points year-on-year [2]. - Management expenses totaled 1.37 billion yuan, with a management expense ratio of 5.33%, decreasing by 5.54 percentage points [2]. - R&D expenses were 109 million yuan, with a ratio of 4.25%, down 1.73 percentage points [2]. Strategic Positioning - The company has established itself as a key supplier of functional and structural components and automation equipment in the consumer electronics sector, maintaining strong relationships with major clients such as Samsung, Apple, and others [3]. - Since 2022, the company has expanded into the new energy sector, entering the supply chains of leading companies like CATL and BYD, thereby enhancing its competitive advantage [3]. Profit Forecast - The company is projected to achieve revenues of 3.599 billion yuan, 4.653 billion yuan, and 5.573 billion yuan for the years 2025 to 2027, with net profits of 322 million yuan, 414 million yuan, and 504 million yuan respectively, indicating a positive growth outlook [4].

Core Viewpoint - In 2024, the company achieved a revenue of 4.18 billion yuan, a year-on-year increase of 10.3%, and a net profit attributable to the parent company of 80 million yuan, up 13.1% from the previous year, driven by growth in international and new energy businesses [1][2]. Group 1: Financial Performance - The company reported a revenue of 1.27 billion yuan in Q4 2024, marking a significant year-on-year growth of 36.8%, with a net profit attributable to the parent company of 18 million yuan, an impressive increase of 194.7% [1]. - The gross profit margin for 2024 was 11.6%, an increase of 0.86 percentage points year-on-year, attributed to optimized transportation routes and refined operations [2]. - The company’s net profit margin was 1.91%, reflecting a year-on-year increase of 0.05 percentage points, benefiting from the rise in gross profit margin and a decrease in expense ratios [2]. Group 2: Business Segments - The company's complete vehicle business revenue declined by 13.4% due to ongoing pressures in the automotive logistics sector, price reductions by manufacturers, and mismatches in regional transport routes [1]. - International business revenue surged by 87.5%, supported by the acquisition of a third roll-on/roll-off ship, enhancing maritime capabilities, and the opening of new railway routes [1]. - New energy business revenue skyrocketed by 210.3%, driven by the commissioning of the new energy factory in Chuzhou and the establishment of a comprehensive demonstration station in Beijing [1]. Group 3: Future Outlook - For 2025, the company plans to strengthen third-party complete vehicle logistics integration services, optimize transportation efficiency, and promote digital upgrades to reduce operational and technical costs [3]. - The international business will continue to expand, focusing on markets in Mexico, Southeast Asia, and Europe, while deepening collaborations with domestic and foreign manufacturers to enhance international logistics competitiveness [3]. - The new energy business aims to improve its product matrix, leveraging the production capacity of the Chuzhou factory and enhancing research in energy storage technology [3].

公司报告 | 年报点评报告 中国电建（601669） 证券研究报告 24 年收入稳步增长，现金流同比大幅改善 24 年收入稳步增长，维持"买入"评级 24 年公司实现营收 6336.85 亿元，同比+4.07%，归母净利润 120.15 亿元， 同比-7.21%，扣非归母净利润 110.97 亿元，同比-5.26%。其中，单 Q4 实 现营收 2082.05 亿元，同比+10.49%，归母净利润 32.09 亿元，同比-7.21%， 扣非归母净利润 31.8 亿元，同比+29.08%。随着公司持续深化业务调整转 型升级，在巩固水利水电工程建设等传统主业的同时，积极获取新能源和 抽水蓄能建设任务，进一步提升核心竞争力。考虑到公司收入增速放缓， 减值存在一定压力，我们下调公司25-27 年归母净利润分别为128/140/157 亿元（25-26 年前值为 145、166 亿），维持"买入"评级。 水利水电、新能源业务带动公司收入稳步增长 分业务来看，24 年公司工程承包与勘测设计/电力投资与运营/其他业务分 别实现收入 5750.03/254.04/312.81 亿元，同比分别+4.42%/+5.95%/-1.7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 16.8 billion yuan for 2024, a year-on-year increase of 7%, and a net profit attributable to shareholders of 4.3 billion yuan, up 10% year-on-year [1] - The company plans to distribute a cash dividend of 24 yuan per 10 shares, increasing the cash dividend payout ratio to 73% [1] - The company's performance in the electric connection and smart electrical lighting segments remains stable, while the new energy business shows significant growth [2][3][4] - The gross margin is under short-term pressure due to high copper prices, but the net profit margin improved in Q1 2025 [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 16.8 billion yuan, with a net profit of 4.3 billion yuan, and a non-recurring net profit of 3.7 billion yuan [1] - For Q1 2025, the company reported a revenue of 3.9 billion yuan and a net profit of 1 billion yuan, both showing a year-on-year increase of 3% and 5% respectively [1] Business Segments - Electric Connection: Revenue reached 7.68 billion yuan in 2024, a 4% increase year-on-year, with expectations for continued stable performance in Q1 2025 [2] - Smart Electrical Lighting: Revenue was 8.33 billion yuan in 2024, a 5% increase year-on-year, although growth faced pressure in the second half of the year [3] - New Energy: Revenue surged to 780 million yuan in 2024, a remarkable 105% increase year-on-year, with continued rapid growth expected in Q1 2025 [4] Profitability Metrics - The overall gross margin for 2024 was 43.25%, with segment margins of 40.97% for electric connection, 46.18% for smart electrical lighting, and 34.81% for new energy [5] - The net profit margin for 2024 was 25.38%, reflecting a year-on-year increase of 0.72 percentage points [5] Cash Flow and Valuation - The company reported a net operating cash flow of 3.73 billion yuan in 2024, a decrease of 23% year-on-year [11] - Future revenue projections for 2025-2027 are 18.1 billion, 19.9 billion, and 21.9 billion yuan respectively, with expected growth rates of 7.57%, 10.04%, and 9.74% [12]

Core Viewpoint - In 2024, the company demonstrated resilience and recovery in performance despite multiple challenges, achieving a revenue of 2.668 billion yuan and a net profit of 9.0718 million yuan, marking a turnaround from losses [1] Group 1: Financial Performance - The company reported a revenue of 2.668 billion yuan, representing a year-on-year growth of 1.41% [1] - The net profit attributable to shareholders was 9.0718 million yuan, indicating a return to profitability [1] - Operating cash flow improved significantly, reaching 470 million yuan [1] - Research and development expenditure increased to 182 million yuan, up 8.32% year-on-year [1] Group 2: Global Strategy and Operations - The company's "local production + global collaboration" strategy has shown enhanced resilience amid global trade tensions and geopolitical risks [2] - The company has established production bases in multiple countries, including China, India, Mexico, and Italy, creating a global manufacturing network [2] - The flexible global production layout allows for backup production capabilities across regions, improving service proximity to customers and enhancing supply chain security [2] Group 3: Market Presence - The company's products are sold in over 100 countries, with nearly 50% of revenue coming from the European market [3] - The company has successfully participated in notable international projects, showcasing its brand influence and delivery capabilities in the global lighting market [3] Group 4: Asset Restructuring and Integration - Following the acquisition of Osram's Digital Systems Eurasia business in 2023, the company has been optimizing integration paths and enhancing operational synergy [4] - The company is implementing management changes and building a process-oriented organizational structure to improve cross-departmental collaboration [4] - Initial integration effects are visible in brand collaboration, product expansion, and supply chain alignment [4] Group 5: New Energy Business Development - The company is expanding its new energy business, focusing on energy storage and charging products, while maintaining steady growth in its LED core business [5] - New energy products include commercial and residential energy storage solutions, with some products already receiving international certifications [5] - The company has increased its stake in Shanghai Gongshun New Energy Technology Co., enhancing its collaborative potential in the new energy ecosystem [5] Group 6: Strategic Direction - The ongoing development in the new energy sector reflects the company's proactive strategy to build new growth curves under the "dual carbon" goals [6] - The integration of LED lighting, intelligent systems, and energy storage is accelerating the company's progress towards high-quality development [6]