广西基地成型与强化市值管理，有望驱动 公司价值重估 核心观点 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 40,856 | 44,645 | 44,438 | 47,234 | 47,969 | | 同比增长 (%) | 6.1% | 9.3% | -0.5% | 6.3% | 1.6% | | 营业利润(百万元) | 1,594 | 1,493 | 1,442 | 2,163 | 2,265 | | 同比增长 (%) | -21.9% | -6.4% | -3.4% | 50.0% | 4.7% | | 归属母公司净利润(百万元) | 861 | 911 | 922 | 1,278 | 1,283 | | 同比增长 (%) | -32.8% | 5.8% | 1.2% | 38.7% | 0.4% | | 每股收益（元） | 0.40 | 0.43 | 0.43 | 0.60 | 0.60 | | 毛利率(%) | 8.3% | 7.2% | ...

证券研究报告·公司点评报告·光伏设备 迈为股份（300751） 拟发行可转债募资近 20 亿元，设备龙头加码 钙钛矿叠层 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） | 8,089 | 9,830 | 7,561 | 8,330 | 9,414 | | 同比（%） | 94.99 | 21.53 | (23.09) | 10.17 | 13.02 | | 归母净利润（百万元） | 913.90 | 925.91 | 764.86 | 878.68 | 1,097.05 | | 同比（%） | 6.03 | 1.31 | (17.39) | 14.88 | 24.85 | | EPS-最新摊薄（元/股） | 3.27 | 3.31 | 2.74 | 3.14 | 3.93 | | P/E（现价&最新摊薄） | 21.24 | 20.97 | 25.38 | 22.09 | 17.70 | [Table_Tag] [ ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,089 | 9,830 | 7,561 | 8,330 | 9,414 | | 同比（%） | 94.99 | 21.53 | (23.09) | 10.17 | 13.02 | | 归母净利润（百万元） | 913.90 | 925.91 | 764.86 | 878.68 | 1,097.05 | | 同比（%） | 6.03 | 1.31 | (17.39) | 14.88 | 24.85 | | EPS-最新摊薄（元/股） | 3.27 | 3.31 | 2.74 | 3.14 | 3.93 | | P/E（现价&最新摊薄） | 21.24 | 20.97 | 25.38 | 22.09 | 17.70 | [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 02 日 证券分析师 周尔双 证券研究报告·公司点评报告·光伏设备 迈为 ...

广西基地成型与强化市值管理，有望驱动 公司价值重估 核心观点 盈利预测与投资建议 ⚫ 我们认为公司盈利有望在广西基地三期全面投产、煤价下跌、景气度修复等作用下 保持稳健增长。我们预测公司 2025-2027 年每股收益分别为 0.43、0.60、0.60 元， 按照可比公司 2025 年 20 倍 PE，对应目标价为 8.60 元，首次给予买入评级。 风险提示 ⚫ 宏观经济波动风险；新项目投产低于预期；能源品价格波动；假设条件变化影响测 算结果。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 40,856 | 44,645 | 44,438 | 47,234 | 47,969 | | 同比增长 (%) | 6.1% | 9.3% | -0.5% | 6.3% | 1.6% | | 营业利润(百万元) | 1,594 | 1,493 | 1,442 | 2,163 | 2,265 | | 同比增长 (%) | -21.9% | -6.4% | -3. ...

公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 105.7 CNY, based on a 35X PE for 2025 [5][48]. Core Insights - The company has been deeply engaged in the precision stamping special steel materials sector for twenty years and is now venturing into the humanoid robot field, applying its materials innovatively in harmonic and planetary gear reducers [1][12]. - The domestic automotive market shows strong demand for precision stamping materials, with opportunities for domestic substitution as the country still relies on imports for high-end materials [2][28]. - The company has developed significant core technologies in precision cold rolling and heat treatment, allowing it to compete effectively with international giants like Wills, offering products at 30%-50% lower prices than foreign competitors [2][32]. Summary by Sections Company Overview - The company specializes in customized precision stamping special steel materials, primarily used in various automotive components, and plans to expand into the robot sector by 2024 [1][12]. - The company has a stable shareholding structure, with the chairman holding 30.16% of the shares, which is favorable for long-term development [14]. Main Business - The demand for precision stamping materials in the automotive sector is robust, with a current market demand of approximately 1 million tons per year in China [2][28]. - The company has maintained a strong focus on independent research and development, achieving performance levels close to international competitors [2][32]. - The new plant in Anhui is expected to add 150,000 tons of capacity, expanding the company's total capacity to 300,000 tons [2][34]. Robotics Sector - The company is innovatively applying precision stamping technology to the harmonic reducer flexible wheel material, which is crucial for reducing costs and improving efficiency in humanoid robot production [3][38]. - The flexible wheel's quality is critical for the fatigue life of harmonic reducers, which are essential components in humanoid robots [38]. Financial Projections - Revenue is projected to reach 1.78 billion CNY in 2025, with a year-over-year growth of 20%, and net profit is expected to be 245 million CNY, growing by 18.45% [4][45]. - The company anticipates a steady increase in revenue and profit margins as it expands into high-end markets [4][45]. Valuation - The report compares the company with peers like Siling Co., Longsheng Technology, and Keda Li, with an average valuation of 41X for 2025, leading to a target PE of 35X for the company [48][49].

公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

Investment Rating - The report assigns an "Outperform" rating to Huali Industrial Group, indicating an expected total return over the next 12-18 months that exceeds the relevant market benchmark by more than 10% [19]. Core Insights - Huali Industrial Group is expanding its global production capacity, focusing on major clients such as NIKE, VANS, and Deckers Group, with significant growth in new client orders, particularly after entering the ADIDAS supply chain [2][7]. - The company plans to increase its factory count from 16 in 2023 to 20 in 2024, with a total workforce of 170,000 and an expected annual shipment volume of 223 million pairs of shoes, reflecting a year-on-year increase of over 17% [6][11]. - Huali's production capacity is primarily located in Vietnam, leveraging low-cost labor and tax incentives, with plans for new factories in Indonesia and China to enhance production resilience and meet diverse customer needs [8][10]. Summary by Sections Production Capacity and Client Focus - The production capacity structure is configured around major clients, with NIKE as the top client, followed by VANS and Deckers Group. The company is in a rapid growth phase after entering the ADIDAS supply chain, indicating broad future potential [2][7]. - Huali has established a significant production base in Vietnam, with an annual capacity exceeding 200 million pairs of shoes, and is expanding into Indonesia and China to diversify regional risks [8][10]. Supply Chain Management - Huali maintains a rigorous supply chain management system, with raw material procurement costs accounting for over half of total operating costs. The company emphasizes timely delivery and standardized procurement processes to ensure production stability [9][10]. - The management is actively optimizing the customer structure by accepting orders from emerging brands, which helps reduce customer concentration and enhance overall order quality and pricing power [10]. Financial Outlook - The gross margin may face pressure in the short term due to the ramp-up period associated with new factory openings, but it is expected to rebound to high levels in the medium to long term as worker efficiency and production capacity utilization improve [11].

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Viewpoints - The report emphasizes the urgent need for transformation and upgrading in the steel structure industry, highlighting the demand for intelligent automation to address pain points in production processes [1][16] - The company has significantly increased its investment in welding robots, with R&D expense ratios rising to 2.97% and 3.44% for 2023 and 2024 respectively, indicating a commitment to technological advancement [2][17] - The welding robots are expected to enhance quality, reduce costs, increase production capacity, and create new revenue streams through external sales of robotic products [4][23] Summary by Sections Industry Overview - The steel structure processing industry faces challenges due to its reliance on manual labor, leading to high costs and inconsistent product quality. The national policy aims to promote intelligent construction, with a target of over 50% automation in key processes by 2035 [1][16] Company Development - The company has developed and deployed welding robots, with nearly 2000 units expected to be operational by the end of 2024. The robots are designed to handle complex welding tasks, leveraging accumulated production data for continuous improvement [2][17] Technical Milestones - The company has successfully overcome the second of four technical hurdles in welding robot development, with patents filed for advanced welding technologies [3][21] Economic Benefits - The introduction of welding robots is projected to lower costs by approximately 88 CNY per ton, with an annual cost reduction of 400 million CNY anticipated from replacing manual labor [9][24] - Increasing production capacity to 936 million tons through enhanced utilization of welding robots could lead to a theoretical net profit of 21.3 billion CNY, representing a 343% increase compared to 2024 [10][26] Financial Projections - The company’s projected net profits for 2025-2027 are 8.7 billion, 10.4 billion, and 12.5 billion CNY respectively, with corresponding growth rates of 13%, 20%, and 20% [11][27]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Viewpoints - The report emphasizes the urgent need for transformation and upgrading in the steel structure industry, highlighting the demand for automation and intelligent upgrades due to the challenges of manual welding processes [1][16] - The company has significantly increased its investment in welding robots, with R&D expense ratios rising to 2.97% and 3.44% for 2023 and 2024 respectively, indicating a commitment to technological advancement [2][17] - The welding robots are expected to enhance product quality, reduce costs, increase production capacity, and create new revenue streams through external sales of robotic products [4][23] Summary by Sections Industry Overview - The steel structure processing industry faces challenges such as high labor costs, resource shortages, and inconsistent product quality due to reliance on manual welding [1][16] - The Chinese government has set goals for the development of intelligent construction, aiming for over 50% CNC rate in key processes by 2035 [1][16] Company Development - The company has been actively developing and deploying welding robots, with nearly 2000 units expected to be operational by the end of 2024 [2][17] - The company has successfully developed its own "arc welding robot control system," which is now in use across its production bases [2][17] Technical Milestones - The company has overcome significant technical barriers in welding robot development, having recently applied for a patent for a new type of welding robot [3][21] - The report outlines four levels of welding complexity, with the company currently having surpassed the second level [3][21] Economic Benefits - Cost reduction is projected at 88 RMB per ton, with an annual savings of 400 million RMB from replacing manual welders with robots [9][24] - Production capacity is expected to double, potentially reaching 936 million tons, leading to an estimated increase in net profit of 12.5 billion RMB [10][25] Financial Projections - The company’s projected net profits for 2025-2027 are 8.7 billion, 10.4 billion, and 12.5 billion RMB, reflecting growth rates of 13%, 20%, and 20% respectively [11][27] - The current stock price corresponds to a P/E ratio of 15, 12, and 10 for the years 2025, 2026, and 2027 [11][27]