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云从科技:2024年报与2025年一季报点评短期营收承压,平台化建设支撑发展韧性-20250527
Huachuang Securities· 2025-05-27 09:05
公司研究 证 券 研 究 报 告 短期营收承压,平台化建设支撑发展韧性 当前价:12.49 元 事项: ❖ 云从科技发布 2024 年年度报告及 2025 年第一季度报告。2024 年,公司实现 营业收入 3.98 亿元,同比下降 36.69%;归母净利润为-6.96 亿元;扣非净利润 为-7.22 亿元。2025 年第一季度,公司实现营业收入 0.37 亿元,同比下降 31.56%;归母净利润为-1.24 亿元,亏损较上年同期收窄;扣非净利润为-1.29 亿元,较上年同期收窄。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 398 | 448 | 560 | 727 | | 同比增速(%) | -36.7% | 12.6% | 25.0% | 29.9% | | 归母净利润(百万) | -696 | -484 | -358 | -284 | | 同比增速(%) | -8.1% | 30.5% | 26.0% | 20.7% ...
云从科技(688327):2024年报与2025年一季报点评:短期营收承压,平台化建设支撑发展韧性
Huachuang Securities· 2025-05-27 08:30
公司研究 证 券 研 究 报 告 云从科技-UW(688327)2024 年报与 2025 年一季报点评 推荐(维持) 短期营收承压,平台化建设支撑发展韧性 当前价:12.49 元 事项: ❖ 云从科技发布 2024 年年度报告及 2025 年第一季度报告。2024 年,公司实现 营业收入 3.98 亿元,同比下降 36.69%;归母净利润为-6.96 亿元;扣非净利润 为-7.22 亿元。2025 年第一季度,公司实现营业收入 0.37 亿元,同比下降 31.56%;归母净利润为-1.24 亿元,亏损较上年同期收窄;扣非净利润为-1.29 亿元,较上年同期收窄。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 398 | 448 | 560 | 727 | | 同比增速(%) | -36.7% | 12.6% | 25.0% | 29.9% | | 归母净利润(百万) | -696 | -484 | -358 | -284 | ...
卫宁健康(300253):2024年报及2025年一季报点评:经营质量提升,WiNEX进入快速交付期
Huachuang Securities· 2025-05-21 08:15
公司研究 证 券 研 究 报 告 卫宁健康(300253)2024 年报及 2025 年一季报点评 推荐(维持) 经营质量提升,WiNEX 进入快速交付期 目标价:11.28 元 事项: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,782 | 3,147 | 3,548 | 4,004 | | 同比增速(%) | -12.0% | 13.1% | 12.8% | 12.8% | | 归母净利润(百万) | 88 | 384 | 445 | 515 | | 同比增速(%) | -75.4% | 336.7% | 16.0% | 15.7% | | 每股盈利(元) | 0.04 | 0.17 | 0.20 | 0.23 | | 市盈率(倍) | 249 | 57 | 49 | 42 | | 市净率(倍) | 3.7 | 3.3 | 3.1 | 3.0 | 资料来源:公司公告,华创证券预测 注:股价为 2025 年 5 月 20 日收 ...
指南针:2024年报及2025年一季报点评业绩增长稳健,全牌照协同效应显现-20250520
Huachuang Securities· 2025-05-20 13:25
公司研究 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 1,529 | 1,961 | 2,376 | 2,796 | | 同比增速(%) | 37.4% | 28.3% | 21.2% | 17.7% | | 归母净利润(百万) | 104 | 294 | 372 | 479 | | 同比增速(%) | 43.5% | 182.1% | 26.4% | 28.9% | | 每股盈利(元) | 0.17 | 0.49 | 0.62 | 0.80 | | 市盈率(倍) | 344 | 122 | 96 | 75 | | 市净率(倍) | 16.0 | 13.1 | 11.6 | 10.0 | 资料来源:公司公告,华创证券预测 注:股价为 2025 年 5 月 19 日收盘价 行业应用软件 2025 年 05 月 20 日 证 券 研 究 报 告 指南针(300803)2024 年报及 2025 年一季报点评 推荐(维持) 业绩增长 ...
指南针(300803):2024年报及2025年一季报点评:业绩增长稳健,全牌照协同效应显现
Huachuang Securities· 2025-05-20 11:28
公司研究 证 券 研 究 报 告 指南针(300803)2024 年报及 2025 年一季报点评 推荐(维持) 业绩增长稳健,全牌照协同效应显现 当前价:59.89 元 事项: ❖ 公司发布 2024 年报及 2025 年一季报:2024 年,公司实现营业收入 15.29 亿 元(同比+37.37%),归母净利润 1.04 亿元(同比+43.50%),其中第四季度单 季贡献营收 7.52 亿元(同比+75.18%)、净利润 2.14 亿元(同比+89.25%);2025 年一季度公司实现营收 5.42 亿元(同比+84.68%),归母净利润 1.39 亿元(同 比+725.93%)。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 1,529 | 1,961 | 2,376 | 2,796 | | 同比增速(%) | 37.4% | 28.3% | 21.2% | 17.7% | | 归母净利润(百万) | 104 | 294 | ...
久远银海(002777):2024年报及2025年一季报点评:智慧医疗稳步推进,积极布局数据要素
Huachuang Securities· 2025-05-20 08:13
公司研究 证 券 研 究 报 告 久远银海(002777)2024 年报及 2025 年一季报点评 推荐(维持) 智慧医疗稳步推进,积极布局数据要素 目标价:22.8 元 事项: ❖ 公司发布 2024 年年报与 2025 年一季度报告:2024 年,公司实现营业收入 13.39 亿元,同比下滑 0.55%;归母净利润 0.73 亿元,同比下滑 55.96%;扣 非净利润 0.53 亿元,同比下滑 60.18%。2025Q1,公司实现营业收入 2.08 亿 元,同比增长 6.25%;实现归母净利润 0.15 亿元,同比增长 17.18%;扣非 净利润 0.11 亿元,同比增长 11.99%。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,339 | 1,487 | 1,650 | 1,830 | | 同比增速(%) | -0.5% | 11.0% | 11.0% | 10.9% | | 归母净利润(百万) | 73 | 1 ...
中控技术(688777):2024年报及2025年一季报点评:AI+机器人驱动流程工业革命,聚焦智能化
Huachuang Securities· 2025-05-15 07:45
公司研究 证 券 研 究 报 告 中控技术(688777)2024 年报及 2025 年一季报点评 强推(维持) AI+机器人驱动流程工业革命,聚焦智能化 目标价:59.94 元 事项: ❖ 近日,公司发布 2024 年年报及 2025 年一季报,2024 年实现营业收入 91.39 亿 元,同比增长 6.02%;归母净利润 11.17 亿元,同比增长 1.38%;扣非净利润 10.38 亿元,同比增长 9.51%。2025 年 Q1 实现营业收入 16.07 亿元,同比下降 7.55%;归母净利润 1.20 亿元,同比下降 17.42%。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 9,139 | 10,411 | 11,802 | 13,294 | | 同比增速(%) | 6.0% | 13.9% | 13.4% | 12.6% | | 归母净利润(百万) | 1,117 | 1,279 | 1,462 | 1,667 ...
社保基金大举扫货!
天天基金网· 2025-04-29 07:29
上天天基金APP搜索【777】领 98 元券包 ,优选基金10元起投!限量发放!先到先得! 作为资本市场的重要"稳定器"和"压舱石",社保基金凭借审慎稳健的投资运营管理,已经成为A股市场 长期投资、理性投资的典范。 根据A股上市公司2025年一季报披露,截至4月28日记者发稿,一季度末已有324家公司前十大流通股股 东名单中出现社保基金的身影,社保基金最新投资路线图逐次揭晓。东方财富Choice数据显示,上述 324家公司累计获社保基金重仓持股54.97亿股,对应持股市值为853.85亿元。 社保基金新进持有100家上市公司 今年一季度,社保基金对云铝股份、华鲁恒升、常熟银行、万华化学、赤峰黄金、广汇能源、西部超 导、新奥股份、宇通客车、宝钢股份、长城汽车等15家公司的重仓持股市值超过10亿元。其中,社保基 金持有云铝股份1.45亿股,对应持仓市值为25.13亿元;持有华鲁恒升1.06亿股,对应持仓市值23.42亿 元;持有常熟银行2.54亿股,对应持仓市值为17.7亿元;持有万华化学2121万股,对应持仓市值为14.26 亿元;持有赤峰黄金6145.75万股,对应持仓市值为14.07亿元;持有广汇能源2.1 ...
恒生电子:业绩筑底蓄势,AI+信创驱动增长-20250428
Huachuang Securities· 2025-04-28 01:15
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 [2][18]. Core Views - The company is experiencing a bottoming out of its performance, with growth driven by AI and domestic innovation [2]. - The report highlights a short-term pressure on core business but anticipates a recovery in demand as market conditions improve [7]. - Cost reduction and efficiency improvements are expected to enhance profitability, while ongoing R&D investments are aimed at long-term competitiveness [7]. - The integration of AI technology is set to reshape the financial technology ecosystem, with significant growth potential in domestic innovation applications [7]. Financial Performance Summary - Total revenue for 2024 is projected at 65.81 billion, a decrease of 9.6% year-on-year, with a recovery expected in subsequent years [3][7]. - Net profit attributable to shareholders is forecasted at 10.43 billion for 2024, down 26.8% year-on-year, with a rebound anticipated in 2025 [3][7]. - Earnings per share (EPS) is expected to rise from 0.55 in 2024 to 0.85 by 2027 [3][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 47 in 2024 to 31 in 2027, indicating a potential increase in valuation [3][7]. Business Segment Performance - Wealth technology services reported revenue of 1.43 billion, down 17.5% year-on-year [7]. - Asset management technology services generated 1.57 billion, a decline of 8.38% [7]. - Operations and institutional technology services saw revenue of 1.29 billion, down 10.24% [7]. - Innovative business revenue was 515 million, down 7.34% [7]. - Data services revenue reached 354 million, a decrease of 8.13% [7]. Future Projections - Revenue is expected to grow to 71.2 billion in 2025, 76.3 billion in 2026, and 81.5 billion in 2027 [7]. - Net profit is projected to increase to 12.5 billion in 2025, 14.3 billion in 2026, and 16.0 billion in 2027 [7]. - The target price for the company is set at 33 yuan, based on a 50 times P/E ratio for 2025 [7].
恒生电子(600570):业绩筑底蓄势,AI+信创驱动增长
Huachuang Securities· 2025-04-28 00:44
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 [2][18]. Core Views - The company is experiencing a bottoming out of its performance, with growth driven by AI and domestic innovation [2]. - The report highlights a short-term pressure on core business but anticipates a recovery in demand as market conditions improve [7]. - Cost reduction and efficiency improvements are expected to enhance profitability, while ongoing R&D investments are aimed at maintaining long-term competitive advantages [7]. - The integration of AI technology is set to reshape the financial technology ecosystem, with significant growth potential in domestic innovation applications [7]. Financial Performance Summary - Total revenue for 2024 is projected at 65.81 billion yuan, a decrease of 9.6% year-on-year, with a net profit of 10.43 billion yuan, down 26.8% year-on-year [3][7]. - Revenue is expected to recover in the following years, with estimates of 71.22 billion yuan in 2025, 76.27 billion yuan in 2026, and 81.51 billion yuan in 2027 [7]. - The company’s earnings per share (EPS) is forecasted to increase from 0.55 yuan in 2024 to 0.85 yuan in 2027 [3][7]. Business Segment Performance - Wealth technology services reported revenue of 1.43 billion yuan, down 17.5% year-on-year [7]. - Asset management technology services generated 1.57 billion yuan, a decline of 8.38% year-on-year [7]. - Operations and institutional technology services saw revenue of 1.29 billion yuan, down 10.24% year-on-year [7]. - Innovative business revenue was 515 million yuan, decreasing by 7.34% year-on-year [7]. - Data services revenue reached 354 million yuan, down 8.13% year-on-year [7]. Valuation Metrics - The company is projected to have a price-to-earnings (P/E) ratio of 47 in 2024, decreasing to 31 by 2027 [3]. - The price-to-book (P/B) ratio is expected to decline from 5.6 in 2024 to 4.0 in 2027 [3]. - The target price is set at 33 yuan, based on a 50 times P/E for 2025 [7].