盈利预测与投资建议 ⚫ 我们维持给予公司 25-27 年的归母净利润预测分别为 1.47 亿、1.94 亿、2.54 亿 元，根据可比公司 25 年 PE 水平，维持给予公司 25 年 37 倍市盈率，对应目标价为 61.79 元，维持买入评级。 容知日新 688768.SH 公司研究 | 动态跟踪 渠道改革顺利，公司成长可期 核心观点 风险提示 制造业转型升级不及预期，渠道改革进展不及预期 | 公司主要财务信息 | | --- | | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 498 | 584 | 757 | 954 | 1,181 | | 同比增长 (%) | -9.0% | 17.2% | 29.8% | 25.9% | 23.8% | | 营业利润(百万元) | 49 | 107 | 170 | 226 | 297 | | 同比增长 (%) | -57.4% | 118.7% | 59.0% | 32.7% | 31.3% | | 归属母公司净利润(百万元 ...

Group 1: Yuma Technology - The net profit of Yuma Technology decreased significantly in Q1, primarily due to holiday effects and tariff policies, along with increased stock incentive and R&D expenses [1] - Export revenue to the US accounts for 10%, with plans to establish a production base in Vietnam, but decisions are cautious due to tariff policy changes [1] - The overall gross margin remains stable, with slight fluctuations influenced by product sales structure and pricing strategy [1] - Major raw material prices are at historical lows and are expected to remain stable [1] - The company is focusing on expanding its presence in the European market and is gradually replacing imported products, which is a growth driver [1] - The production capacity utilization rate is at 80%, with a project to produce 13 million square meters annually currently under construction [1] Group 2: Rongzhi Rixin - Rongzhi Rixin's service revenue for 2024 is projected to be approximately 23 million, representing a 73% year-on-year increase [2] - The company is focusing on sectors such as electricity, metallurgy, petrochemicals, coal, cement, non-ferrous metals, rail transit, water services, thermal power, and ports [2] - Cash flow is expected to improve from a negative 70 million to a positive 70 million in 2024, maintaining a good status into 2025 [2] - The company has integrated DeepSeek and may connect with more advanced models in the future [2] Group 3: Jingrui Electric Materials - Jingrui Electric Materials expects an increase in gross margin in Q1 2025 due to expanded sales of key products and cost reduction efforts [3] - Revenue from photoresist is projected to be 198 million in 2024, a 27.61% increase year-on-year, benefiting from downstream recovery and domestic substitution [3] - Sales of high-purity sulfuric acid are expected to grow nearly twofold, with volume increasing nearly threefold [3] - The company plans to acquire 76.0951% of Hubei Jingrui's shares, which has been approved by the board and supervisory committee [3]