孩子王:拟收购丝域65%股权,产业链协同可期-20250609
HTSC· 2025-06-09 01:55
证券研究报告 孩子王 (301078 CH) 丝域实业 100%股权的转让价格为 16.5 亿元,分为 6.6、9.9 亿元两笔支付, 其中,孩子王拟将原用于"门店升级改造项目"的 4.29 亿元可转债募集资 金用于此次收购,并由江苏星丝域向金融机构贷款以支付第二笔款项。丝域 实业原创始人陈英燕、王德友积极参与此次并购,我们认为有助于强化产业 协同和资源整合,也展示了其对于丝域实业未来发展的信心。收购后,孩子 王及丝域实业将在会员运营、场景布局、渠道共享、产业协同等方面发挥协 同效应,强化公司在本地生活和新家庭服务领域的领先优势,推动公司向中 国新家庭全渠道服务商加速迈进。 盈利预测与估值 此次交易已经过公司董事会审议通过,考虑到还需通过公司股东会审议,故 我们暂时维持盈利预测不变,预计 2025-2027 年归母净利润 3.37/4.75/6.88 亿元。参考可比公司 2026 年 iFind 一致预期 PE 均值 36 倍,考虑到公司围 绕新家庭零售场景不断强化产业链竞争优势,且积极发展 AI 业务、提升数 智化能力,维持目标价 19 元,对应公司 2026 年 50 倍目标 PE。 | 华泰研究 | | ...
海能技术:科学仪器“小巨人”,液相色谱蓄势待发-20250609
GOLDEN SUN SECURITIES· 2025-06-09 01:08
海能技术(430476.BJ) 科学仪器"小巨人",液相色谱蓄势待发 分析仪器"小巨人",全产业链布局构筑竞争优势。公司成立于 2006 年, 专注科学仪器事业,现已形成有机元素分析、样品前处理、色谱光谱、通 用仪器四大产品系列,旗下拥有海能、新仪、G.A.S.、悟空 4 个品牌分别 主营元素分析、微波化学及样品前处理、气相色谱-离子迁移谱联用仪、液 相色谱业务。公司追求全产业链模式,减少对上游供应链的依赖,产品自 产化率、毛利率维持高水平。2024 年公司实现营收 3.1 亿元;2025Q1 实 现营收 0.55 亿元(yoy+38%)、归母净利润亏损减少,业绩恢复显著。 有机元素及样品前处理基本盘稳固,市场地位领先。1)在有机元素分析 领域,公司以凯氏定氮仪为核心构建全流程解决方案,杜马斯定氮仪成功 拓展华测检测等集团性用户,在海关系统的设备更新中也多次中标。2)在 样品前处理领域,微波消解产品在锂电等新能源、化工及石化领域销售额 24 年同比大幅增长,持续服务弗迪电池(比亚迪集团旗下品牌)、欣旺达、 中石油等知名企业。 色谱仪市场空间广阔,国产替代正当时。2019-2024 年,中国色谱仪市场 规模从 ...
孩子王:丰富产业生态,多维实现协同-20250609
GOLDEN SUN SECURITIES· 2025-06-09 01:08
证券研究报告 | 公司点评 gszqdatemark 2025 06 08 年 月 日 投资建议:公司为具备全渠道运营能力的母婴公司,围绕""全球优选差异 化供应链+本地亲子成长服务+同城即时零售"策略定位,不断"深耕会 员、全渠道经营、全球优选差异化供应链、本地生活、全域营销、新项目" 六大战略,并不断升级数字化,当前均有突破,2024 年加速推进加盟模 式,加快占领下沉市场,同时加快升级全龄段儿童生活馆。参考公司 2024 及 2025Q1 业绩表现,暂不考虑链启未来及智领未来子公司业绩,暂不考 孩子王(301078.SZ) | 买入(维持) | | | --- | --- | | 股票信息 | | | 行业 | 专业连锁Ⅱ | | 前次评级 | 买入 | | 06 月 06 日收盘价(元) | 14.86 | | 总市值(百万元) | 18,749.95 | | 总股本(百万股) | 1,261.77 | | 其中自由流通股(%) | 99.44 | | 30 日日均成交量(百万股) | 64.59 | 丰富产业生态,多维实现协同 丝域实业:产品创新与渠道运营双重布局,技术优势突出。1)产品方面, 致力 ...
赛恩斯:业务结构优化,利润有望持续增长-20250609
China Post Securities· 2025-06-09 01:08
证券研究报告:环保 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-06 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 赛恩斯 环保 资料来源:聚源,中邮证券研究所 公司基本情况 | 最新收盘价(元) | 33.68 | | --- | --- | | 总股本/流通股本(亿股)0.95 | / 0.64 | | 总市值/流通市值(亿元)32 | / 22 | | 52 周内最高/最低价 | 36.10 / 22.10 | | 资产负债率(%) | 39.0% | | 市盈率 | 17.73 | | 第一大股东 | 高伟荣 | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 赛恩斯(688480) 业务结构优化,利润有望持续增长 l 2024 年归母净利润 1.8 ...
隆鑫通用:无极品牌加速成长,聚焦主业再度出发-20250609
Soochow Securities· 2025-06-09 01:08
证券研究报告·公司深度研究·摩托车及其他 隆鑫通用(603766) 无极品牌加速成长,聚焦主业再度出发 2025 年 06 月 08 日 买入(首次) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 13,066 | 16,822 | 20,877 | 24,021 | 26,423 | | 同比(%) | 5.29 | 28.74 | 24.11 | 15.06 | 10.00 | | 归母净利润(百万元) | 583.42 | 1,121.27 | 1,871.23 | 2,287.56 | 2,567.59 | | 同比(%) | 10.65 | 92.19 | 66.88 | 22.25 | 12.24 | | EPS-最新摊薄(元/股) | 0.28 | 0.55 | 0.91 | 1.11 | 1.25 | | P/E(现价&最新摊薄) | 50.05 | 26.04 | 15.61 | 12.77 | 11.37 ...
国科微:公司事件点评报告:拟收购中芯宁波,构建“芯片设计+晶圆加工”全产业链能力-20250609
Huaxin Securities· 2025-06-09 01:08
Investment Rating - The report maintains a "Buy" investment rating for the company [1]. Core Views - The company plans to acquire Zhongxin Ningbo, aiming to build a full industry chain capability of "chip design + wafer processing" [1][6]. - In 2024, the company experienced a significant revenue decline of 53.26% due to market demand slowdown and intensified competition, but managed to achieve a slight profit increase of 1.13% in net profit [5]. - The company has a diverse chip design capability and has launched various chips with core proprietary intellectual property in multiple fields [6]. - The acquisition of Zhongxin Ningbo is expected to enhance the company's capabilities in high-end BAW filter manufacturing and expand its presence in the RF front-end industry [7][8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 197,789.18 million yuan, a year-on-year decrease of 53.26%, while net profit reached 9,715.47 million yuan, a year-on-year increase of 1.13% [5]. - The overall gross margin improved to 26.29%, an increase of 13.85 percentage points year-on-year [5]. - R&D investment for 2024 was 67,532.16 million yuan, reflecting a growth of 10.26% year-on-year [5]. Business Strategy - The company is transitioning towards a full industry chain model by integrating chip design and wafer processing capabilities through the acquisition of Zhongxin Ningbo [6]. - The company has established strategic partnerships with leading mobile communication terminal companies, enhancing its market position in the RF front-end sector [7][8]. Earnings Forecast - The company forecasts revenues of 23.35 billion yuan, 28.04 billion yuan, and 35.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58, 1.00, and 1.32 yuan [9]. - The current stock price corresponds to PE ratios of 147, 86, and 65 for the years 2025, 2026, and 2027 respectively [9].
赛恩斯(688480):业务结构优化,利润有望持续增长
China Post Securities· 2025-06-09 01:03
证券研究报告:环保 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-06 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 赛恩斯 环保 资料来源:聚源,中邮证券研究所 公司基本情况 | 最新收盘价(元) | 33.68 | | --- | --- | | 总股本/流通股本(亿股)0.95 | / 0.64 | | 总市值/流通市值(亿元)32 | / 22 | | 52 周内最高/最低价 | 36.10 / 22.10 | | 资产负债率(%) | 39.0% | | 市盈率 | 17.73 | | 第一大股东 | 高伟荣 | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 赛恩斯(688480) 业务结构优化,利润有望持续增长 l 2024 年归母净利润 1.8 ...
富恒新材点评报告:2024年营收实现高增,PEEK布局稳步推进
ZHONGTAI SECURITIES· 2025-06-09 00:30
Investment Rating - The investment rating for the company is "Increase Holding" [1][4] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 818 million yuan, representing a year-on-year increase of 41% [4] - Despite the revenue growth, the company's net profit is forecasted to decline to 36 million yuan in 2024, a decrease of 33.64% year-on-year, primarily due to increased low-margin orders and higher impairment losses [4] - The company is actively expanding its PEEK material development, targeting high-end applications in medical and humanoid robotics, which may contribute to future revenue growth [4] Summary by Sections Financial Performance - Revenue for 2023 is reported at 580 million yuan, with a projected increase to 818 million yuan in 2024, and further growth expected to reach 1,277 million yuan by 2027 [1][5] - The company's net profit for 2023 was 54 million yuan, with a forecasted decline to 36 million yuan in 2024, followed by a recovery to 68 million yuan by 2027 [1][5] - The earnings per share (EPS) is expected to rise from 0.26 yuan in 2024 to 0.48 yuan by 2027 [1][5] Product Segmentation - In 2024, the modified engineering plastics segment is expected to generate 346 million yuan in revenue, with a year-on-year growth of 42.07% [4] - The styrene segment is projected to achieve 339 million yuan in revenue, reflecting a 33.74% increase [4] - The overall gross margin is anticipated to decline due to the rising proportion of low-margin orders from the home appliance sector [4] Research and Development - The company has increased its R&D investment by 35% in 2024, accounting for 3.38% of revenue, and has added four new invention patents [4] - New projects, including flame-retardant PC/ABS alloys and PBT, are entering trial production, which is expected to enhance the company's technological edge [4] Market Positioning - The company is focusing on expanding its presence in high-value sectors such as new energy, 5G communication, and humanoid robotics while maintaining its traditional markets [4] - The company aims to leverage its technological innovations and product upgrades to drive future growth [4]
精锻科技(300258):精密齿轮行业龙头,布局减速器卡位机器人核心部件
Soochow Securities· 2025-06-09 00:15
证券研究报告·公司深度研究·汽车零部件 精锻科技(300258) 精密齿轮行业龙头,布局减速器卡位机器人 核心部件 买入(首次) | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,103 | 2,025 | 2,306 | 2,652 | 3,119 | | 同比(%) | 16.32 | (3.72) | 13.88 | 14.98 | 17.64 | | 归母净利润(百万元) | 237.61 | 159.69 | 241.41 | 290.12 | 359.10 | | 同比(%) | (3.94) | (32.79) | 51.17 | 20.18 | 23.78 | | EPS-最新摊薄(元/股) | 0.45 | 0.30 | 0.45 | 0.54 | 0.67 | | P/E(现价&最新摊薄) | 30.41 | 45.24 | 29.93 | 24.90 | 20.12 | [Table_Tag] [Tab ...
国科微(300672):拟收购中芯宁波,构建“芯片设计+晶圆加工”全产业链能力
Huaxin Securities· 2025-06-08 15:34
Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company plans to acquire Zhongxin Ningbo to build a full industry chain capability of "chip design + wafer processing" [1][6] - In 2024, the company experienced a significant revenue decline of 53.26% due to market demand slowdown and intensified competition, but managed to achieve a slight profit increase of 1.13% [5] - The company has a diverse chip design capability and aims to transition to a full industry chain model post-acquisition [6][9] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 197,789.18 million yuan, a decrease of 53.26% year-on-year [5] - The net profit attributable to shareholders was 9,715.47 million yuan, an increase of 1.13% year-on-year, with an overall gross margin of 26.29%, up by 13.85 percentage points [5] - R&D investment reached 67,532.16 million yuan in 2024, growing by 10.26% year-on-year, laying a solid foundation for future high-quality development [5] Strategic Initiatives - The company possesses multiple chip design capabilities and has launched various chips in fields such as ultra-high-definition smart displays, AI, automotive electronics, and IoT [6] - The acquisition of Zhongxin Ningbo, a leading domestic semiconductor wafer foundry, is expected to enhance the company's capabilities in chip design and wafer processing [6][8] Market Outlook - The company forecasts revenues of 23.35 billion yuan, 28.04 billion yuan, and 35.23 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.58, 1.00, and 1.32 yuan [9][11] - The projected growth rates for revenue are 18.1%, 20.1%, and 25.6% for the years 2025, 2026, and 2027 respectively [11]