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三星医疗(601567):2025年中报点评:提质增效效果显著,业绩基本符合市场预期
Soochow Securities· 2025-08-22 05:26
2025 年中报点评:提质增效效果显著,业绩 基本符合市场预期 买入(维持) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 11,463 | 14,600 | 18,034 | 20,366 | 22,770 | | 同比(%) | 25.99 | 27.38 | 23.51 | 12.93 | 11.80 | | 归母净利润(百万元) | 1,904 | 2,260 | 2,511 | 3,063 | 3,783 | | 同比(%) | 100.79 | 18.69 | 11.14 | 21.98 | 23.50 | | EPS-最新摊薄(元/股) | 1.35 | 1.61 | 1.79 | 2.18 | 2.69 | | P/E(现价&最新摊薄) | 18.20 | 15.34 | 13.80 | 11.31 | 9.16 | [关键词: Table_Tag#业绩符合预期 ] 证券研究报告·公司点评报告·电网设备 三星 ...
海兴电力(603556):智能配用电业务依旧稳健,新能源业务加速布局
上 市 公 司 电力设备 2025 年 08 月 20 日 海兴电力 (603556) ——智能配用电业务依旧稳健 新能源业务加速布局 报告原因:有业绩公布需要点评 增持(维持) | 市场数据: | 2025 年 08 月 19 日 | | --- | --- | | 收盘价(元) | 27.90 | | 一年内最高/最低(元) | 52.37/24.41 | | 市净率 | 1.9 | | 股息率%(分红/股价) | 2.51 | | 流通 A 股市值(百万元) | 13,567 | | 上证指数/深证成指 | 3,727.29/11,821.63 | | 注:"股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产(元) | 14.58 | | 资产负债率% | 24.59 | | 总股本/流通 A 股(百万) | 486/486 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 08-19 09-19 10-19 11-19 12-19 01-19 02-19 03-19 04-19 ...
一IPO项目被指签字页笔迹前后差异较大!财总、董秘签名......
梧桐树下V· 2025-06-13 14:57
Core Viewpoint - The article highlights concerns regarding the discrepancies in signatures of key executives at Xuchang Intelligent during its IPO process, raising questions about the integrity of its financial disclosures and the company's governance practices [1][11][14]. Group 1: Company Background - Xuchang Intelligent Relay Co., Ltd. specializes in the research, design, assembly, sales, and service of smart power distribution products, new energy products, and power engineering contracting [7]. - The company is set to officially list on the Beijing Stock Exchange on January 26, 2024, with Minsheng Securities as its sponsor [5]. Group 2: Financial Performance - In 2024, Xuchang Intelligent reported a revenue of 629,547,222.50 yuan, an increase of 7.37% compared to the previous year [8][10]. - The net profit attributable to shareholders was 42,462,092.47 yuan, reflecting a decrease of 8.40% year-on-year [8][10]. Group 3: IPO and Regulatory Issues - Prior to the IPO approval on September 14, 2023, the company and its key executives received a warning letter from the Beijing Stock Exchange due to financial data misreporting [11][12]. - The company failed to adequately assess the risks associated with receivables from a group of companies that were listed as dishonest executors, leading to a miscalculation in bad debt provisions [13][14]. - A correction announcement revealed adjustments to the financial statements, reducing the 2022 net profit by 370.95 million yuan, which constituted an 8.14% adjustment [13][14].
海兴电力(603556):25Q1单季归母净利润短期承压,海外配用电仍具备优势
GOLDEN SUN SECURITIES· 2025-05-08 01:58
证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 海兴电力(603556.SH) 25Q1 单季归母净利润短期承压,海外配用电仍具备优势 事件:公司发布 2024 年报及 2025 年一季报。2024 年:公司 2024 年 实现营收 47.17 亿元,同增 12.30%;归母净利润 10.02 亿元,同增 1.99%。 其中,24Q4 单季营收 13.07 亿元,同减 1.52%;归母净利润 2.11 亿元, 同减 32.87%。公司 2024 年汇兑损失 1.29 亿元,若还原汇兑影响(未考 虑税率影响),2024 年归母净利润 11.31 亿元,同比+19.14%。25Q1 单 季:营收 7.84 亿元,同减 12.99%;归母净利 1.41 亿元,同减 34.07%。 海外智能配用电收入规模近 30 亿元,亚非拉地区收入稳健增长。2024 年, 公司 1)智能配用电收入 45.35 亿元,同比+13.35%。其中,海外业务实 现收入 29.40 亿元,同比+9.77%。分地区看,2024 年拉美地区收入 8.87 亿,同比+11.01%;亚洲地区收入 9.33 ...
海兴电力:海外配用电加速本地化布局,新能源提升集成能力-20250505
Huaan Securities· 2025-05-05 05:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is accelerating its localization layout in overseas distribution and power supply, while enhancing its integration capabilities in the new energy sector [5] - In 2024, the company achieved operating revenue of 4.717 billion yuan, a year-on-year increase of 12.30%, and a net profit attributable to shareholders of 1.002 billion yuan, a year-on-year increase of 2.00% [4] - The company is expanding its overseas market presence with new production bases in Europe, Latin America, and Africa, while also integrating its distribution and new energy product design capabilities domestically [5] Financial Performance - In Q1 2025, the company reported revenue of 784 million yuan, a year-on-year decrease of 12.99%, and a net profit of 141 million yuan, a year-on-year decrease of 34.07% [4] - The gross profit margin for 2024 was 43.95%, an increase of 2.05 percentage points year-on-year, while the gross profit margin for Q1 2025 was 42.44%, a decrease of 1.18 percentage points year-on-year [4] - Revenue is projected to grow to 5.397 billion yuan in 2025, 6.127 billion yuan in 2026, and 6.902 billion yuan in 2027, with corresponding net profits of 1.293 billion yuan, 1.483 billion yuan, and 1.661 billion yuan respectively [6][8] Segment Performance - In 2024, the smart distribution and power supply segment generated revenue of 4.535 billion yuan, a year-on-year increase of 13.35%, with overseas revenue of 2.940 billion yuan (up 9.77%) and domestic revenue of 1.595 billion yuan (up 20.61%) [5] - The new energy segment reported revenue of 143 million yuan, a year-on-year decrease of 12.32% [5] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 10, 9, and 8 times respectively [6] - The projected P/B ratios for the same years are 1.53, 1.30, and 1.11 respectively [8]
九洲集团(300040):计提资产减值致盈利承压 稳步推进新能源电站建设
Xin Lang Cai Jing· 2025-04-29 02:48
Core Viewpoint - The company reported a significant increase in revenue for 2024, but also faced substantial losses in net profit, indicating challenges in profitability despite revenue growth [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.481 billion, a year-on-year increase of 22.09%, but reported a net profit attributable to shareholders of -545 million, a year-on-year decrease of 678.26% [1] - For Q4 2024, the company recorded operating revenue of 508 million, a year-on-year increase of 24.14%, with a net profit attributable to shareholders of -618 million, indicating a significant loss [1] Group 2: New Energy Projects - The company accelerated the development of new energy projects, successfully connecting the 100MW wind power project and starting construction on two 250MW solar power projects, leading to a 136.41% increase in new energy engineering revenue to 115 million [2] - The gross margin for new energy engineering increased by 45.14 percentage points to 62.62% [2] Group 3: Future Plans and Investments - The company plans to invest 1 billion in its subsidiaries in 2025 to support the construction of wind and solar projects, aiming to enhance its operational capacity in new energy [3] - By the end of 2024, the company held wind and solar power station capacities of 246MW and 298.6MW, respectively, with total electricity generation reaching 609 million and 448 million kWh [3] Group 4: Asset Management and Strategy - The company recorded a 422 million impairment loss on biomass assets due to industry policy and raw material price impacts, but aims for the biomass power station business to reach breakeven or slight profit through cost control and increased non-electric revenue [4] - The company is actively acquiring distributed wind resource indicators, with several new projects approved in 2024 [4]