公司发布 2024 年报及 2025 年一季报。2024 年公司实现收入 17.90 亿元，同 比+42.3%，实现归母净利润 4.14 亿元，同比+27.40%。2025Q1 公司实现收入 4.78 亿元，同比+29.79%，实现归母净利润 1.08 亿元，同比+25.20%。 评论： 公司研究 其他专用机械 2025 年 05 月 05 日 证 券 研 究 报 告 宏华数科（688789）2024 年报及 2025 年一季报点评 强推（维持） 业绩快速增长，延伸产业链布局及下游应用 领域 事项： | 目标价：79.73 | 元 | | --- | --- | | 当前价：62.02 | 元 | 华创证券研究所 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 17,945.13 | | --- | --- | | 已上市流通股(万股) | 17,945.13 | | 总市值(亿元) | ...

随着A股上市公司一季报披露完毕，社保基金等长线资金的持仓情况也逐渐浮出水面，现身多家A股上市公司前十 大流通股东名单中。 7651.23万元，同比增长80.52%。方正证券文姬在4月26日发布的研报中表示，3月末，中通客车完成智利895辆电 动大巴首批300台交付，剩余近600辆预计于二季度集中交付，二季度盈利环比向上表现有望延续。当前看，中通 客车新能源出口持续突破，成功中标迪拜40辆高端新能源订单，海外高端订单排产已至6月份，在手订单充沛保障 全年盈利高增。 蓝思科技一季度获社保基金新增持仓市值达10.88亿元。从蓝思科技披露的一季报来看，全国社保基金一零八组 合、全国社保基金六零一组合分别位列前十大流通股东第九和第十席位。蓝思科技4月17日公告称，2025年第一季 度实现营业收入170.63亿元，同比增长10.10%；归属于上市公司股东的净利润为4.29亿元，同比增长38.71%。公 司主要业务智能手机与电脑类业务增加，导致收入增长。浦银国际证券沈岱等人在4月22日发布的研报中表示，今 年下半年大客户新机型结构件、外观件等改款将带动蓝思科技相关业务向上受益。国内安卓客户在组装、新能源 车以及IoT等业务 ...

2025 年 04 月 30 日 骄成超声(688392.SH) 业绩拐点持续兑现，平台化发展穿越周 期 公司动态分析 证券研究报告 | | 其他专用机械 | | --- | --- | | 投资评级 | 买入-A | | | 首次评级 | | 6 个月目标价 | 55.65 元 | | 股价 (2025-04-29) | 49.55 元 | | 交易数据 | | | 总市值(百万元) | 5,688.34 | | 流通市值(百万元) | 3,459.52 | | 总股本(百万股) | 114.80 | | 流通股本(百万股) | 69.82 | | 12 个月价格区间 | 27.94/61.0 元 | 事件： 骄成超声发布 2025 年一季报，2025Q1 实现营收 1.48 亿元，同比 +22.35%，实现归母净利润 0.24 亿元，同比+2152.47%。 核心观点： 公司深耕超声波设备，在过去下游锂电资本开支放缓的背景下，公司 依托自身超声波平台化技术，大力开拓汽车线束、半导体领域等业务， 2024 年业绩环比逐季改善，2025Q1 实现收入增速 22.35%，利润同比 大幅改善。展望未来，短期看锂电 ...

东亚机械（301028）2024 年报以及 2025 年一季报点评 强推（维持） 盈利能力保持优异，国产替代及品类拓展持 续推进 事项： 公司发布 2024 年报以及 2025 年一季报业绩。公司 2024 年实现收入 11.40 亿 元，同比+18.9%，实现归母净利润 2.17 亿元，同比+33.23%。25 年 Q1 公司实 现收入 3.01 亿元，同比+6.53%，实现归母净利润 0.56 亿元，同比增长 9.78%。 评论： 公司研究 其他专用机械 2025 年 04 月 28 日 目标价：15.47 元 当前价：11.63 元 华创证券研究所 证 券 研 究 报 告 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 证券分析师：丁祎 邮箱：dingyi@hcyjs.com 执业编号：S0360523030001 公司基本数据 | 总股本(万股) | 38,177.41 | | --- | --- | | 已上市流通股(万股) | 24,618.39 | | 总市值(亿元) | 44.40 | | 流通市值(亿元) ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][16]. Core Views - The company reported a revenue of 1.58 billion yuan for 2024, representing a year-on-year increase of 19.65%, and a net profit of 227 million yuan, up 3.45% year-on-year. The first quarter of 2025 showed even stronger growth, with a revenue of 423 million yuan, up 27.21%, and a net profit of 73 million yuan, up 78.51% year-on-year [1][3]. - The target price for the company's stock is set at 33.60 yuan, based on a projected 40 times price-to-earnings ratio for 2025 [1][7]. Financial Performance Summary - **2024 Financials**: Total revenue is projected at 1.58 billion yuan with a net profit of 227 million yuan. The gross margin is 35.80%, and the net margin is 14.39% [3][7]. - **2025 Projections**: Expected revenue growth to 2.10 billion yuan, with net profit increasing to 343 million yuan, reflecting a significant growth rate of 51.5% [3][7]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.84 yuan, increasing to 1.20 yuan by 2027 [3][7]. Business Segment Insights - **Tool Products**: Revenue from tool products is expected to reach 1.19 billion yuan in 2024, driven by demand in AI servers and high-value PCB products [7]. - **Smart CNC Equipment**: Revenue from smart CNC equipment is projected to be 55 million yuan in 2024, with a year-on-year growth of 15.55% [7]. - **Functional Film Materials**: Revenue from functional film materials is expected to reach 155 million yuan in 2024, showing a remarkable growth of 72.84% [7]. Market Position - The company holds approximately 26.5% market share in the global PCB drill needle market, benefiting from the increasing demand for high-performance PCB products [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][16]. Core Views - The company reported a revenue of 1.58 billion yuan for 2024, representing a year-on-year increase of 19.65%. The net profit attributable to the parent company was 227 million yuan, up 3.45% year-on-year, while the net profit excluding non-recurring items was 202 million yuan, reflecting a 14.76% increase [1][3]. - For Q1 2025, the company achieved a revenue of 423 million yuan, marking a 27.21% year-on-year growth, with a net profit of 73 million yuan, up 78.51% year-on-year, and a net profit excluding non-recurring items of 66 million yuan, which is an 87.74% increase [1][3]. Financial Summary - The total revenue is projected to grow from 1.58 billion yuan in 2024 to 2.10 billion yuan in 2025, with a compound annual growth rate (CAGR) of 33% [3]. - The net profit is expected to rise from 227 million yuan in 2024 to 343 million yuan in 2025, reflecting a significant growth rate of 51.5% [3]. - Earnings per share (EPS) are forecasted to increase from 0.55 yuan in 2024 to 0.84 yuan in 2025 [3]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 47 times in 2024 to 31 times in 2025, indicating an improving valuation [3]. Business Segments - The company's tool products generated revenue of 1.19 billion yuan in 2024, a year-on-year increase of 14.26%. The company holds a 26.5% market share in the global PCB drill needle market, benefiting from the rising demand for high-value PCB products driven by AI servers and high-speed communication [7]. - The smart CNC equipment segment is expected to generate 55 million yuan in revenue in 2024, up 15.55% year-on-year [7]. - The grinding and polishing materials segment is projected to achieve 151 million yuan in revenue, reflecting a 30.70% increase, while functional film materials are expected to generate 155 million yuan, a 72.84% increase year-on-year [7]. Investment Recommendations - The report adjusts the company's revenue expectations for 2025-2027 to 2.10 billion yuan, 2.54 billion yuan, and 3.02 billion yuan respectively, with net profits of 343 million yuan, 416 million yuan, and 492 million yuan [7]. - The target price is set at 33.60 yuan, based on a 40 times P/E ratio for 2025, reflecting the company's position as a leading global PCB tool manufacturer and its expansion into CNC tools and automation equipment [7].