研究所： 2025 年 05 月 12 日 公司研究 评级：增持(维持) 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 2025Q1 公司收入增速高于行业销量增速，费用 率控制优秀 ——中国重汽（000951）公司动态研究 | 相对沪深 | 表现 300 | | | 2025/05/09 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 中国重汽 | | -13.7% | -5.9% | 6.9% | | 沪深 300 | | 4.3% | -1.2% | 5.0% | | 市场数据 | 2025/05/09 | | --- | --- | | 当前价格（元） | 17.05 | | 52 周价格区间（元） | 13.39-20.88 | | 总市值（百万） | 20,031.52 | | 流通市值（百万） | 20,031.52 | | 总股本（万股） | 117,486.94 | | 流通股本（万股） | 117,486.94 | | 日均成交额（百万） | 170.9 ...

证券Ⅲ 第一创业（002797.SZ） 增持-A(维持) 2025 年 5 月 12 日 公司研究/公司快报 | 年 市场数据：2025 5 | 月 | 日 12 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 6.94 | | 年内最高/最低（元）： | | | 11.38/4.75 | | 流通 A 股/总股本（亿 | | | 42.02/42.02 | | 股）： | | | | | 流通 股市值（亿元）： A | | | 291.65 | | 总市值（亿元）： | | | 291.65 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.03 | | 摊薄每股收益(元)： | | | 0.03 | | 每股净资产(元)： | | | 4.09 | | 净资产收益率(%)： | | | 0.79 | | 资料来源：最闻 | | | | 分析师： 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxz ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][9] Core Views - The company experienced strong revenue growth in 2024, with operating income reaching 8.511 billion yuan, a year-on-year increase of 8.53%, and a net profit of 2.186 billion yuan, up 59.74% year-on-year [4][5] - The first quarter of 2025 showed a decline in profitability, with total revenue of 2.056 billion yuan, down 2.79% quarter-on-quarter and 5.28% year-on-year, and a net profit of 361 million yuan, down 28.29% quarter-on-quarter and 21.52% year-on-year [4][5] - The company is expanding its global production capacity, with significant contributions expected from its factories in Thailand and Morocco, which are crucial for future growth [6][7] Financial Performance Summary - In 2024, the company produced 32.2261 million tires, a 10.22% increase year-on-year, and sold 31.4087 million tires, a 7.34% increase year-on-year [5] - The overall gross margin for 2024 was 32.84%, an increase of 7.63 percentage points year-on-year, while the gross margin for Q1 2025 was 22.75%, a decrease of 8.58 percentage points quarter-on-quarter [5] - The projected net profits for 2025, 2026, and 2027 are 2.010 billion yuan, 2.353 billion yuan, and 2.733 billion yuan, respectively, with corresponding P/E ratios of 10, 9, and 7 [9][10]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_ReportDate] 2025 年 5 月 12 日 [Table_S 事件：公司发布 ummary]2024 年年报、2025 年一季报，2024 年年实现营业收入 17.9 亿元、归母净利润 4.1 亿元、扣非净利润 3.9 亿元，同比分别增长 42.3%、 27.4%、25.6%。2025 年一季度实现收入 4.8 亿元、归母净利润 1.1 亿元、 扣非净利润 1.0 亿元，同比分别增长 29.8%、25.2%、20.7%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] | [Table_StockAndRank] 宏华数科 (688789.SH) | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_A 王锐 机械行业首席分析师 uthor] 执业编号：S1500523080006 邮箱：wangrui1@cindasc.com 韩冰 机械行业分析师 执业编号：S150052 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][4] Core Views - The company has shown significant revenue growth in Q1 2025, achieving total revenue of 253 million yuan, with year-on-year growth of 126.9% and quarter-on-quarter growth of 14.1% [2][3] - The increase in revenue is attributed to higher sales volume and the acquisition of subsidiaries [3] - The company plans to invest 150 million yuan in its subsidiary, Chaomeisi, to enhance its competitive strength and profitability, aiming for high-quality development [3] - Chaomeisi reported revenue of 68 million yuan and a net profit of 2.27 million yuan in Q1 2025, indicating potential for significant improvement compared to industry peers [3] Financial Projections - The company is projected to achieve net profits of 200 million yuan, 240 million yuan, and 290 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 28, 23, and 19 [4][6] - Revenue forecasts for the years 2025 to 2027 are 996 million yuan, 1.196 billion yuan, and 1.407 billion yuan, reflecting year-on-year growth rates of 53.3%, 20.1%, and 17.7% [6][10] - The gross profit margin is expected to stabilize around 36.4% to 37.2% over the forecast period [6][11] Market Data - As of May 12, 2025, the company's closing price was 24.99 yuan, with a year-to-date high of 26.60 yuan and a low of 9.57 yuan [7] - The total market capitalization is approximately 5.614 billion yuan, with 224 million circulating shares [7]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 16 yuan [2][8]. Core Views - The company's IVD (In Vitro Diagnostics) business shows steady growth, while the rehabilitation treatment business faces pressure [2][8]. - In 2024, the company reported total revenue of 1.148 billion yuan, a slight increase of 0.20% year-on-year, and a net profit attributable to shareholders of 345 million yuan, up by 5.12% [2][4]. - The company plans to distribute a cash dividend of 2.82 yuan per 10 shares to all shareholders [2]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Total revenue of 1,148 million yuan, net profit of 345 million yuan [4]. - 2025E: Expected revenue of 1,268 million yuan (+10.4% YoY), net profit of 391 million yuan (+13.1% YoY) [4]. - 2026E: Expected revenue of 1,450 million yuan (+14.4% YoY), net profit of 448 million yuan (+14.8% YoY) [4]. - 2027E: Expected revenue of 1,670 million yuan (+15.2% YoY), net profit of 519 million yuan (+15.7% YoY) [4]. - **Earnings Per Share (EPS)**: - 2024A: 0.81 yuan, 2025E: 0.91 yuan, 2026E: 1.05 yuan, 2027E: 1.21 yuan [4]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E is projected at 14 times, decreasing to 11 times by 2027E [4]. Business Segment Performance - **IVD Business**: - Revenue from IVD business in 2024 reached 911 million yuan (+9.96% YoY), with a significant increase in reagent revenue by 25.73% [8]. - The overall gross margin improved to 67.21% (+1.40 percentage points) due to the higher proportion of high-margin IVD reagents [8]. - **Rehabilitation Treatment Business**: - Revenue decreased to 220 million yuan (-27.68% YoY) due to a high base effect from the previous year [8]. - Clinical medical business revenue fell by 40.62%, while consumer health business grew by 36.29% [8]. Investment Outlook - The company is expected to face short-term pressure in Q1 2025 due to high revenue base effects and pricing pressures in the IVD segment [8]. - The report anticipates a gradual recovery in profitability with a projected net profit of 3.9 billion yuan in 2025, growing to 5.2 billion yuan by 2027 [8].

毛利率维持稳定，2025 年一季度净利率回升明显。2024 年毛利率为 84.7% （+0.8pp），销售费用率 32.4%（+0.8pp），研发费用率 19.5%（同比持平）， 管理费用率 6.5%（+0.3pp），财务费用率-2.5%（同比持平）。毛利率随着 业务结构变化略有增长，销售费用率有所回升，研发费用率和财务费用率保 持稳定。公司净利率为 23.0%（-2.1pp），公司基于谨慎性原则对一笔长期 应收款计提坏账损失，2024 年信用减值损失达 3022 万。2025 年一季度毛利 率为 83.5%，净利率回升至 33.3%，除管理费用率外的其他费用率均下降。 投资建议：考虑宏观环境和业务投入影响，下调 2025-26 年盈利预测，新增 2027 年盈利预测，预计 2025-2027 年归母净利润为 3.17/3.82/4.51 亿元 （2025-26 年原为 3.91/4.79 亿），同比增长 24.4%/20.6%/17.9%，当前股 价对应 PE 26/11/18 倍。公司是肿瘤精准诊断领域的龙头企业，构建了从靶 向治疗到免疫治疗的全方位伴随诊断产品体系，有望分享肿瘤精准治疗的时 代红利，同时 ...

2025 年 5 月 12 日 公司研究/公司快报 | 基本每股收益(元)： | 0.56 | | --- | --- | | 摊薄每股收益(元)： | 0.56 | | 每股净资产(元)： | 7.83 | | 净资产收益率(%)： | 7.22 | 叶中正 执业登记编码：S0760522010001 电话： 邮箱：yezhongzheng@sxzq.com 冯瑞 执业登记编码：S0760524070001 邮箱：fengrui@sxzq.com 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 公司近一年市场表现 市场数据：2025 年 5 月 9 日 | 收盘价（元）： | 49.55 | | --- | --- | | 年内最高/最低（元）： | 67.64/32.77 | | 流通 A 股/总股本（亿股）： | 1.50/4.25 | | 流通 股市值（亿元）： A | 74.45 | | 总市值（亿元）： | 210.72 | 基础数据：2025 年 3 月 31 日 PCB 广合科技（001389.SZ） 增持-A(维持) 传统服务器迭代及 AI 服 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a net profit of 54 million yuan in 2024, representing a year-on-year increase of 2.92%, and a net profit of 27 million yuan in Q1 2025, up 7.81% year-on-year, indicating stable growth [4][5] - The machine tool industry experienced a decline in revenue and total profit in 2024, but the trend towards high-end products is significant, with the company's machine tool revenue growing by 9.35% year-on-year and exports increasing by 35% [6][7] - The company is focusing on optimizing its innovation system and accelerating reforms to enhance vitality, with R&D investment reaching 204 million yuan in 2024, a 2.2% increase year-on-year [6][7] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3.86 billion yuan, a year-on-year increase of 2.62%, and in Q1 2025, revenue was 1.044 billion yuan, up 6.39% year-on-year [6][7] - The gross margin for 2024 was 16.15%, down 1.62 percentage points year-on-year, while Q1 2025 saw a gross margin of 17.24%, up 0.46 percentage points year-on-year [5][8] - The forecast for 2025-2027 includes revenues of 4.26 billion yuan, 4.73 billion yuan, and 5.29 billion yuan respectively, with net profits of 81 million yuan, 95 million yuan, and 123 million yuan [7][8] Industry Context - The machine tool industry in China saw a decline in revenue and profit in 2024, with key enterprises experiencing a 1.4% and 7.8% decrease in revenue and profit respectively [6] - The five-axis CNC machine tool market in China has been growing at an annual rate of over 10% from 2019 to 2024, indicating a shift towards higher technology and quality stability [6] Strategic Initiatives - The company is implementing a two-year "structural adjustment year" initiative, focusing on product, R&D, market, and cost structures to enhance overall performance [6] - Key technological innovations include improvements in gear grinding machines and breakthroughs in core technologies for turning centers, with significant enhancements in product performance and lifespan [6][7]

Investment Rating - The report maintains an "Add" rating for the company [2] Core Views - The company's Q1 performance exceeded expectations, with a revenue of 3.858 billion yuan, representing an 11% year-on-year increase, and a net profit of 475 million yuan, up 59% year-on-year [1] - The company plans to distribute a dividend of 259 million yuan, with a payout ratio of 32%, and commits to maintaining a cash dividend ratio of no less than 30% over the next three years [1] - The company achieved a total revenue of 16.542 billion yuan in 2024, a 6.7% increase year-on-year, and a net profit of 800 million yuan, a 32% increase year-on-year [1] Financial Performance - In Q4 2024, the company reported a revenue of 6.316 billion yuan, a year-on-year growth of approximately 26.7%, and a net profit of 191 million yuan, showing significant improvement from previous losses [5] - The company’s revenue from service robots and high-end smart appliances reached 8.082 billion yuan and 8.061 billion yuan respectively in 2024, with year-on-year growth of 5.22% and 10.87% [5] - The company’s comprehensive gross margin increased by 2 percentage points in 2024, with a net profit margin rising by 3.7 percentage points to 12.3% [5] Market Position and Growth - The company has seen strong growth in overseas sales, particularly in the European market, where revenue increased by 12.6% year-on-year, with significant growth in key markets like France and Italy [5] - The company’s market share in online sales of vacuum cleaners rebounded to over 26% in Q4 2024 to Q1 2025, driven by new product launches [5] - The company has established over 8,000 offline outlets nationwide, enhancing its market presence [5] Future Projections - The company is expected to achieve net profits of 1.814 billion yuan, 2.310 billion yuan, and 2.633 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 18, 14, and 12 [5][6] - Revenue projections for the years 2025 to 2027 are 19.649 billion yuan, 22.526 billion yuan, and 25.757 billion yuan, reflecting growth rates of 19%, 15%, and 14% respectively [6]