2025年5月6日，新迅达公司发布了2024年年报。报告显示，公司2024年营业总收入为1.61亿元，同比下 降35.53%；毛利润为1933.82万元，较2023年的1.21亿元大幅减少；归属净利润录得-3.16亿元的亏损， 同比下滑23.88%。公司主要业务包括直播电商、电商直销及矿产品业务，其中直播电商业务的下滑成 为拖累业绩的主要原因。 直播电商业务遭遇瓶颈 新迅达的直播电商业务曾是其营收增长的重要引擎，但2024年该业务表现不佳。报告期内，直播电商行 业逐步进入成熟阶段，带货主播数量爆发式增长，各大平台纷纷打造自己的主播培养体系，导致渠道竞 争加剧。公司原有的直播渠道销量下滑，直接影响了整体营收。 此外，直播电商的低门槛和市场环境低迷，吸引或迫使大量加工厂直接进入终端市场，品牌端竞争进一 步加剧。为维持市场份额与品牌影响力，公司不得不增加在成交成本、推广佣金等方面的投入，进一步 压缩了盈利空间。 电商直销业务转型艰难 面对直播电商业务的困境，新迅达积极转型为电商直销业务。然而，转型过程并不顺利。报告期内，公 司尚处于扩大业务规模的关键阶段，前期在品牌运营、团队建设、推广营销等方面投入较大，导致经营 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The semiconductor business continues to develop, and overseas renewable energy business prospects are promising [1] - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit attributable to the parent company was 323 million yuan, a year-on-year decrease of 25.19% [3] - The company is focusing on expanding its overseas photovoltaic and charging pile businesses, with steady progress in semiconductor product models and new orders [6][7] Financial Performance Summary - In 2024, the company's photovoltaic revenue was 874 million yuan, down 10.27% year-on-year, while semiconductor revenue was 351 million yuan, up 6.41% year-on-year [6] - The gross margin for the semiconductor segment increased significantly, with a gross margin of 53.98% in 2024, up 11.14 percentage points year-on-year [6] - The company expects revenues of 2.201 billion yuan, 2.664 billion yuan, and 3.177 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 430 million yuan, 546 million yuan, and 672 million yuan [9][10] Market Performance Summary - As of April 30, 2025, the company's stock price was 39.90 yuan, with a market capitalization of approximately 8.84 billion yuan [4] - The company's performance over the last 12 months shows a decline of 19.7%, compared to a 4.6% increase in the CSI 300 index [4]

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]

我们预计公司2025-2027 年实现营收35.99、46.53、55.73 亿元，实现归母净利润3.22、4.14、5.04 亿 元，对应PE 17.29、13.45、11.05x，维持公司"买入"评级。 报告期内，公司新能源结构与功能性组件业务实现营业收入87,759.47 万元，同比增长76.16%。 2025Q1，受公司消费电子功能性器件和结构性器件业务、新能源结构与功能性组件业务驱动，公司营 收继续延续了较高的增长态势。 控费增效成果显著，期间费用率显著下降。2024 年，公司发生销售费用0.82 亿元，销售费率3.20%，同 比下降2.28 pcts。发生管理费用137 亿元，管理费率5.33%，同比下降5.54 pcts。发生研发费用1.09 亿 元，研发费率4.25%，同比下降1.73 pcts。发生财务费用-0.17 亿元，同比增加0.16 亿元，主要系资金管 理收益减少所致。 筑牢消费电子基本盘，新能源业务加速布局。公司作为作为"关键组件（功能性器件、结构性器件）及 配套自动化设备"平台型供应商，公司坚持大客户战略，公司经过20 多年的发展，在消费电子领域积累 了大批稳定优质的客户资源，包 ...

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 ...