Overview - The report emphasizes the importance of domestic demand as a key theme in the current economic landscape [1] Research Insights Machinery Equipment - XCMG Machinery (000425.SZ) reported a total revenue of CNY 91.66 billion in 2024, a decrease of 1.28% year-on-year, while net profit attributable to shareholders increased by 12.2% to CNY 5.976 billion. In Q1 2025, revenue grew by 10.92% to CNY 26.815 billion, and net profit rose by 26.37% to CNY 2.022 billion, with a net profit margin of 7.6% [6] Construction Decoration - China Railway (601390.SH) faced a 19% decline in net profit in Q1 2025, attributed to pressure in traditional infrastructure sectors, although overseas orders showed strong growth. The projected net profit for 2025-2027 is CNY 28.1 billion, CNY 28.3 billion, and CNY 28.9 billion, respectively [7] Steel - Hunan Steel (000932.SZ) saw a significant improvement in Q1 2025, with net profit increasing by 43.55% to CNY 562 million. The overall profitability of the steel industry is recovering, with a gross profit margin expected to improve [8] Automotive - Silver Wheel Co., Ltd. (002126.SZ) reported a revenue of CNY 3.4 billion in Q1 2025, a 15% increase year-on-year, with net profit rising by 11% to CNY 210 million. The company is well-positioned for growth in the automotive sector [11] Home Appliances - Haier Smart Home (600690.SH) achieved a revenue of CNY 79.118 billion in Q1 2025, a 10.06% increase, with net profit rising by 15.09% to CNY 5.487 billion. The company is expected to maintain a steady growth trajectory [14] Food and Beverage - Hengshun Vinegar (600305.SH) reported a revenue of CNY 626 million in Q1 2025, a 35.97% increase, with net profit rising by 2.36% to CNY 57 million. The company is focused on strengthening its core business and expanding into new markets [15] Construction Materials - Oriental Yuhong (002271.SZ) faced challenges in Q1 2025, with a decline in performance due to reduced demand in new construction areas. The company is optimizing its distribution channels [22] Power - Zhejiang Energy Power (600023.SH) reported stable performance in Q1 2025, with revenue projected to be CNY 87.698 billion in 2025, a slight decrease of 0.3% year-on-year. Net profit is expected to be CNY 6.25 billion [20] Textile and Apparel - Jian Sheng Group (603558.SH) reported a 2% increase in revenue in Q1 2025, but net profit decreased by 27%. The company is adjusting its production capacity to match orders [29] Coal - Shanxi Coking Coal (000983.SZ) reported a revenue of CNY 90.26 billion in Q1 2025, a decrease of 14.46%, with net profit down by 28.33% to CNY 6.81 billion. The company is focusing on cost reduction and efficiency improvements [43]

Group 1: Company Insights - The company achieved a revenue of 11.36 billion yuan in Q1 2025, representing a year-on-year increase of 22.47% and a quarter-on-quarter increase of 29.43% [5] - The net profit attributable to shareholders for Q1 2025 was 2.83 billion yuan, up 11.82% year-on-year, while the non-recurring net profit was 2.75 billion yuan, reflecting a year-on-year increase of 38.71% [5] - The newly launched game "Wanjian Changsheng" contributed significantly to revenue and profit growth in Q1 2025, with a revenue of 3.63 billion yuan [6] Group 2: Industry Trends - The eye care industry is experiencing a slowdown in growth, with the company managing to maintain revenue growth despite external challenges, achieving a revenue of 60 billion yuan in Q1 2025, up 16% year-on-year [8][9] - The company is expanding its international presence, with significant revenue contributions from Europe and Southeast Asia, achieving a total revenue of 210 billion yuan in 2024 [10] - The chemical industry is seeing a substantial increase in revenue, with the company reporting a revenue of 8.59 billion yuan in Q1 2025, a year-on-year increase of 91.68% [12][15] Group 3: Financial Performance - The company reported a net profit of 0.67 billion yuan in Q1 2025, which is a 10.46% increase year-on-year and a remarkable 902.93% increase quarter-on-quarter [12][15] - The net profit margin for the company improved significantly, with a sales net profit margin of 10.80% in Q1 2025, reflecting a year-on-year decrease of 3.1 percentage points [12] - The company is expected to see continued revenue growth, with projected revenues of 41.27 billion yuan, 48.48 billion yuan, and 55.70 billion yuan for 2025, 2026, and 2027 respectively [17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.723 billion yuan in 2024, representing a year-on-year growth of 14.45%, and a net profit attributable to shareholders of 192 million yuan, up 10.83% year-on-year [3] - In Q1 2025, the company reported a revenue of 317 million yuan, a year-on-year increase of 16.02%, and a net profit attributable to shareholders of 42 million yuan, growing 18.45% year-on-year [3] - The company is experiencing significant growth in overseas markets, with foreign revenue reaching 228 million yuan in 2024, up 33.38% year-on-year, accounting for 13.21% of total revenue [5][6] Summary by Sections Financial Performance - In 2024, the company's gross margin was 29.62%, an increase of 2.37 percentage points year-on-year, while the net margin was 11.16%, a slight decrease of 0.32 percentage points [6] - For Q1 2025, the gross margin was 29.86%, down 0.58 percentage points year-on-year, and the net margin was 13.84%, an increase of 0.89 percentage points [6] Product and Market Insights - The revenue from replacement consumables accounted for over 30% of total revenue, indicating a strong growth in the replacement market [5] - The company’s wind turbine filter unit generated revenue of 1.517 billion yuan in 2024, a year-on-year increase of 16.83%, while other products saw a slight decline in revenue [5] Inventory and Contract Liabilities - As of Q1 2025, the company's inventory was 834 million yuan, a year-on-year increase of 42.58%, and contract liabilities were 309 million yuan, up 101.32%, indicating a strong order backlog [6] Future Projections - The company is projected to achieve revenues of 2.695 billion yuan, 3.441 billion yuan, and 4.140 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 313 million yuan, 412 million yuan, and 515 million yuan [7][8]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 29 年 月 日 风险提示：商誉减值风险、PPP 项目减值风险、国产品牌渗透力度不及预 期风险、核心零部件进口风险、应收账款减值风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,182 | 3,614 | 4,118 | 4,715 | 5,423 | | 增长率 yoy（%） | -7.8 | 13.6 | 14.0 | 14.5 | 15.0 | | 归母净利润（百万元） | -323 | 207 | 341 | 478 | 673 | | 增长率 yoy（%） | 13.9 | 164.1 | 65.0 | 40.1 | 40.8 | | EPS 最新摊薄（元/股） | -0.72 | 0.46 | 0.76 | 1.07 | 1.50 | | 净资产收益率（%） | -12.2 | 6.7 | 10.8 | 13.1 | 15.5 | | P/E（倍） | -30.5 ...

聚光科技（300203.SZ） 科学仪器国产替代龙头，业绩大幅提升 战略调整卓有成效，公司 24 年业绩大幅提升。公司 2024 实现营收 36.1 亿元（yoy+13.6%），归母净利润 2.1 亿元（yoy+164.1%）。公司业绩大 幅提升主因业务结构、产品结构优化以及合同质量提升，调整、收缩部分 业务布局以及提高人均效率，加强费用优化。2025Q1 公司实现营收 5.5 亿元，同比+1.4%；归母净利润-0.2 亿元（yoy+18.8%)，亏损有所收窄。 证券研究报告 | 年报点评报告 gszqdatemark 2025 04 29 年 月 日 公司盈利能力大幅提高，经营性现金流改善明显。公司 2024 实现毛利率 44.4 %，同比+3.2pct，分业务看，仪器、相关软件及耗材毛利率 48.5%， 同比+2.8pct；运营服务、检测服务及咨询服务毛利率 38.0%，同比 +6.7pct；环境治理装备及工程毛利率 27.3%，同比+4.5pct。2025Q1 公 司毛利率 43.5%，同比-4.0pct。公司 2024 年销售费用率 16.7%（yoy- 4.4pct），管理费用率 8.6%（（yoy ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 青达环保（688501.SH） 项目交付贡献增量，主营有望持续高增 公司发布 2025 年一季度报告。公司一季度实现营业收入 6.19 亿元，同 比增长 317.34%；实现归母净利润 0.69 亿元，同比上升 990.26%；扣非 归母净利润 0.68 亿元，同比增长 1067.48%。其中，营业收入与利润大幅 增长主要系公司一季度渔光互补项目交付完成拉动。 股价走势 -40% -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 2025-04 青达环保 沪深300 渔光互补项目交付，季度业绩高增。公司 2025 年 3 月发布公告，将公司 三级全资子公司青岛兴盛达新能源科技有限公司持有的 120MW 渔光互补 项目以股权转让的方式转让给新能星洲（胶州市）新能源有限公司，该项 目最终确认总投资额 5.47 亿元，项目于 3 月 17 日完成交割，并对一季度 业绩实现利润贡献。一季度公司营业收入 6.19 亿元，同比增长 317%，实 现归母净利润 0.69 亿元，同比增长 990%。 ...

4月28日，仕净科技发布了2025年一季报。报告显示，今年一季度仕净科技实现营业收入7.35亿元，归 母净利润0.53亿元，单季实现扭亏为盈。去年光伏电池供需严重失衡已经得到了初步缓解，今年一季度 出现海内外需求走强的情况，新增装机大幅上升。仕净科技在TOPCon光伏电池的布局或可以迎来转 机，收获坚守的回报。 国内抢装潮+国外新兴市场高景气，一季度业绩显著提升 仕净科技主营向光伏、消费电子、汽车制造、钢铁冶金、水泥建材等众多行业提供环境污染防治领域经 济有效的整体解决方案，其中光伏板块是最重要的下游产业。同时仕净科技资建设了24GW高效太阳能 电池片及其产业配套生产基地，一期年产18GW TOPCon高效太阳能电池片项目已于2023年12月28日投 产。 2025年一季度国内光伏新增装机59.71GW，同比+30.5%，其中3月新增20.24GW，同比+124.06%， 受"430"、"531"光伏装机新政节点临近的影响，市场有抢装的需求。同时3月份电池组件出口 30.01GW，同比+11%，环比+53%，巴基斯坦、巴西、沙特等新兴市场维持高景气。 受到近期光伏市场需求增加的影响，仕净科技光伏废气治理业务以 ...

[Table_Title] 配套设备扩展成效显著， 2025 年 04 月 28 日 公司研究 评级：买入(维持) 投资要点: Q4 经营性现金流同比大增 | 市场数据 | 2025/04/28 | | --- | --- | | 当前价格（元） | 16.75 | | 52 周价格区间（元） | 15.28-24.58 | | 总市值（百万） | 9,655.65 | | 流通市值（百万） | 9,581.79 | | 总股本（万股） | 57,645.70 | | 流通股本（万股） | 57,204.74 | | 日均成交额（百万） | 30.42 | | 近一月换手（%） | 0.65 | 相关报告 | 《景津装备（603279）2024 年中报点评：Q2 毛 | | --- | | 利率下降影响业绩，经营性净现金流同比大增（买 | | 入）*环保设备Ⅱ*钟琪》——2024-08-27 | | 《景津装备（603279）2023 年&2024Q1 业绩点评： | | 配件及配套设备利润增速亮眼，现金流修复明显 | | （买入）*环保设备Ⅱ*钟琪》——2024-04-26 | | 《景津装备（603279 ...

杭州楚环科技股份有限公司近日发布2024年年度报告，报告期内公司营业收入、净利润等关键指标出现 不同程度变化。其中，经营活动产生的现金流量净额同比大增376.78%，而归属于上市公司股东的净利 润同比下滑25.31%。这一增一减背后，公司的财务状况究竟如何？本文将深入解读。 营业收入：业务结构调整，收入规模下滑 整体来看，公司营业收入下滑，可能是市场竞争加剧、行业需求变动以及公司业务结构调整等多因素共 同作用的结果。 净利润：盈利能力下降，关注利润质量 归属于上市公司股东的净利润为28,332,057.30元，较2023年的37,934,817.25元减少25.31%；归属于上市 公司股东的扣除非经常性损益的净利润为22,898,989.93元，同比减少27.42%。 2024年，楚环科技营业收入为401,749,859.13元，相较于2023年的457,700,934.95元，减少了12.22%。从 业务构成来看，专用设备制造业务收入为351,391,896.27元，占营业收入比重的87.47%，同比下降 11.53%；其他业务收入为50,357,962.86元，占比12.53%，同比下降16.78%。 净 ...

2025年4月25日，奥福环保发布2024年年报。报告显示，公司全年实现营业总收入2.84亿元，同比减少 14.46%；归属于上市公司股东的净利润为-4396.76万元，亏损规模显著扩大，同比增长率为-455.04%。 扣除非经常性损益后的净利润为-5379.15万元，同比下降225.34%。公司经营业绩与商用车重卡市场， 尤其是柴油重卡市场景气度关联性较强，市场环境变化对公司业绩产生了较大影响。 市场环境变化导致业绩承压 2024年，我国重型卡车市场呈现结构性分化态势。根据汽车总站网数据，2024年我国重型卡车累计销售 约89.9万辆，较上年同期下降1%。其中国六柴油重卡销售同比下降约22.2%；国内天然气重卡销售17.8 万辆，同比增长约17%；新能源重卡销售8万辆，同比增长132%。终端市场销售结构发生较大变化，天 然气和新能源重卡单车载体用量较柴油重卡减少约60%，且无需安装高附加值的DPF产品；新能源重卡 更是无需尾气处理装置。双重因素作用下，公司产品销售规模同比下滑，销售结构改变，产品毛利率随 之降低，进而对营业利润产生不利影响。 此外，由于在前些年为大客户备货的库存产品周转慢，为降低存货资金占用 ...