公司研究 设备密集交付保障业绩高增，非光伏行业技术持续实现突破 ——帝尔激光（300776.SZ）2024 年年报&2025 年一季报点评 要点 2025 年 4 月 30 日 事件：公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收入 20.14 亿 元，同比+25.2%，实现归母净利润 5.28 亿元，同比+14.40%；2025Q1 实现营 业收入 5.61 亿元，同比+24.55%，实现归母净利润 1.63 亿元，同比+20.76%， 环比+13.16%。 设备密集交付保障公司收入规模高增，下游客户扩产放缓影响公司订单获取。 2024 年公司光伏设备销售量同比增长 62.09%至 1045.5 台，带动公司激光加工 设备营业收入同比增长 45.86%至 19.94 亿元，毛利率同比增加 3.56 个 pct 至 46.87%。行业下行周期公司加大费用管控，2024 年销售费用率/管理费用率同 比分别减少 2.61/0.61 个 pct 至 1.00%/3.61%。 2025Q1 随着交付设备的收入逐步确认，公司收入和利润规模均实现持续增长， 毛利率同比减少 0.75 个 pct ...

2025 年 4 月 30 日 公司研究 能源装备板块表现亮眼，公司新增订单规模创近四年新高 ——上海电气（601727.SH & 2727.HK）2024 年年报&2025 年一季报点评 要点 事件：公司发布 2024 年年报&2025 年一季报，2024 年实现营业收入 1161.86 亿元，同比+1.21%，实现归母净利润 7.52 亿元，同比-6.33%；2025Q1 实现营 业收入 222.45 亿元，同比+8.06%，实现归母净利润 2.92 亿元，同比+145.69%， 环比扭亏为盈（均为调整后数据）。 能源装备收入规模创近年新高，工业装备和集成服务经营保持稳健。2024 年公 司聚焦主业并优化产业结构，各项业务中：能源装备板块受益于燃煤发电和核电 机组的持续交付（2024 年顺利出产核岛主设备 31 台、常规岛设备 1 台），营 业收入同比增长 5.30%至 617.58 亿元，毛利率同比增加 2.0 个 pct 至 19.7%。 工业 装备 和集 成服 务板 块经 营基 本保 持稳 健， 营业 收入 分别 同比 减少 4.34%/3.05%至 386.49/207.35 亿元，毛利率分别同比 ...

Investment Rating - The report maintains a "Buy" rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - The company's performance demonstrates resilience during periods of oil price fluctuations, with significant cost reduction and efficiency improvements [6][11] - CNOOC's net profit for Q1 2025 is projected to be 366 billion yuan, reflecting a year-on-year decrease of 7.95% but a quarter-on-quarter increase of 71.84% [5][11] - The company continues to enhance its production capacity and maintain cost advantages, with a focus on high-quality development and stable production growth [10][11] Summary by Sections Financial Performance - In Q1 2025, CNOOC achieved total revenue of 1,069 billion yuan, a year-on-year decrease of 4.14% but an increase of 13.09% compared to the previous quarter [5] - The average realized oil price was 72.65 USD per barrel, down 7.7% year-on-year, while natural gas prices increased by 1.2% to 7.78 USD per thousand cubic feet [7] Production and Exploration - CNOOC's net production in Q1 2025 reached 188.8 million barrels of oil equivalent, a year-on-year increase of 4.8%, with natural gas production growing by 10.2% [7] - The company made two new discoveries and successfully evaluated 14 oil and gas structures during the quarter, indicating strong exploration potential [8] Cost Management - The company reported a decrease in oil production costs to 27.03 USD per barrel, down 2.0% year-on-year, showcasing its effective cost control measures [9] - CNOOC's operating cash flow for Q1 2025 was 573 billion yuan, reflecting a year-on-year decrease of 4.5% but maintaining a high level of cash flow [6] Capital Expenditure and Future Outlook - CNOOC plans to maintain high capital expenditures in 2025, with a budget of 1250-1350 billion yuan to support stable production growth [10] - The company aims for a production target of 760-780 million barrels of oil equivalent in 2025, with a focus on sustainable growth in the following years [10][11]

2025 年 4 月 30 日 公司研究 业绩稳健增长，AIDC 业务有望贡献新增量 当前价：29.17 元 ——盛弘股份（300693.SZ）2025 年一季报点评 要点 事件：公司发布 2025 年一季报：2025Q1，公司实现营业收入 6.04 亿元，同比 +0.87%，环比-35.77%；归母净利润 0.73 亿元，同比+9.87%，环比-53.98%； 扣非归母净利润 0.68 亿元，同比+14.26%，环比-56.48%。 点评： 业绩稳健增长，毛利率、净利率同比小幅提升。2025Q1，公司毛利率为 39.61%， 同比+0.07pct;公司净利率为 11.8%，同比+0.83pct。净利率的提升主要系销售 费用率的下滑，2025Q1，公司销售费用率为 12.44%，同比-1.5pct。 AIDC 业务有望贡献新增量。随着 AI 的快速发展，数据中心的投产扩建速度不断 加快。公司作为数据中心电力电子系统基础设施中的核心供应商之一，为数据中 心提供稳定优质的电能质量产品。目前，公司可为数据中心提供有源滤波器 APF、 静止无功发生器 SVG 产品系列，为数据中心电流电压稳定保驾护航；同时，公 司可提 ...

2025 年 4 月 30 日 公司研究 25Q1 收入承压，非经常性损益贡献净利润增长 ——行动教育（605098.SH）2025 年一季度业绩点评 公司 25Q1 收入同比下降 7.21%，主要系 Q1 为传统淡季，以及部分客户消课节 奏可能放缓。25Q1 公司销售商品、提供劳务收到的现金为 1.05 亿元，同比 -34.17%；经营活动产生的现金流量净额为-5062 万元，同比由净流入变为净流 出，主要系销售收款同比下降，且支付的职工薪酬同比上升所致。截至 25Q1 末， 公司合同负债余额为 10.48 亿元，较 24 年末（10.80 亿元）略有下降，但仍处 高位，为后续业绩确认提供支撑。 非经常性损益贡献利润增长，费用率同比上升。 1）25Q1 公司毛利率为 73.77%，同比+1.99pct。2）25Q1 公司销售费用率为 32.10%，同比+3.50pcts。3）25Q1 管理费用率为 18.90%，同比+0.09pcts。4） 25Q1 研发费用率为 4.20%，同比-1.07pcts。5）25Q1 公司公允价值变动收益 为 391 万元（去年同期为-256 万元），投资净收益为 152 万元 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Postal Savings Bank, with current prices at 5.35 CNY and 4.85 HKD respectively [1][10]. Core Insights - Postal Savings Bank's Q1 2025 report shows stable revenue at 893.6 billion CNY, with a slight year-over-year decline of 0.1%. The net profit attributable to shareholders is 252.5 billion CNY, down 2.6% year-over-year [2][3]. - The bank's non-interest income has increased its contribution to total revenue, rising to 22.9%, up 4.9 percentage points from the previous year [3][4]. - The bank's loan and interest income growth rates are 9.8% and -3.8% respectively, indicating a shift towards non-interest income sources [3][4]. Financial Performance - For Q1 2025, the bank's net interest margin decreased to 1.71%, down 16 basis points from 2024, primarily due to lower asset yields [6][10]. - Non-interest income grew by 14.8% year-over-year, reaching 205.1 billion CNY, with significant contributions from fees and commissions [7][10]. - The bank's non-performing loan ratio remains low at 0.91%, with a slight increase from the previous year [8][10]. Asset and Liability Management - As of Q1 2025, the bank's interest-earning assets and loans grew by 8% and 9.8% year-over-year, respectively, with loans making up 56.5% of interest-earning assets [4][5]. - The bank's deposit growth was robust, with total deposits increasing by 9.2% year-over-year, reflecting strong core funding capabilities [5][10]. Capital Adequacy - The risk-weighted assets (RWA) increased by 6.9% year-over-year, with a decline in capital adequacy ratios, indicating higher capital consumption due to increased lending [9][10]. - The bank's core tier 1 capital ratio stood at 9.21%, down from the previous year, but is expected to improve following a planned capital increase of 130 billion CNY [9][10]. Earnings Forecast and Valuation - The report projects a slight decline in earnings per share (EPS) for 2025-2027, adjusting the forecast to 0.74, 0.75, and 0.78 CNY respectively [10][11]. - The current price-to-book (P/B) ratios for A-shares and H-shares are estimated at 0.7 and 0.55 respectively for 2025 [10][11].

增持（维持） 2025 年 4 月 30 日 公司研究 预调鸡尾酒需求仍较疲软，威士忌业务有望提供新增长动能 ——百润股份（002568.SZ）2024 年年报及 2025 年一季报点评 当前价：26.33 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 10.49 | | 总市值(亿元)： | 276.30 | | 一年最低/最高(元)： | 15.00/31.70 | | 近 3 月换手率： | 55.04% | 股价相对走势 -25% -7% 11% 29% 47% 04/24 07/24 10/24 01/25 百润股份 沪深300 | 收益表现 | | | | | --- | --- | --- | ...

Group 1 - The report highlights a focus on three asset categories, with specific stock recommendations for A-shares and Hong Kong stocks for May 2025 [1] - The A-share stock picks include companies such as Zhongzi Technology, Heng Rui Medicine, and Gree Electric, while the Hong Kong stock picks feature Alibaba-W and Tencent Holdings [1] Group 2 - The report identifies Kayou as a leading domestic collectible card game company, successfully expanding its product line into stationery and other toy categories, with a strong R&D capability [2] - Kayou's core product is collectible card games, supported by a diversified and continuously upgraded product portfolio [2] Group 3 - Suzhou Bank reported a revenue of 12.2 billion yuan for 2024, a 3% increase year-on-year, and a net profit of 5.1 billion yuan, up 10.2% [3] - The bank's first quarter of 2025 showed a revenue of 3.25 billion yuan, a 0.8% increase, and a net profit of 1.55 billion yuan, up 6.8% [3] - The bank maintains a double-digit growth in credit and a low non-performing loan ratio, with convertible bonds enhancing its capital base [3] Group 4 - Ningbo Bank's Q1 2025 revenue, PPOP, and net profit growth rates were 5.6%, 10%, and 5.8% respectively, indicating resilience in its fundamentals [4] - The bank is focused on building diversified profit centers and maintaining a high expansion rate in its balance sheet [4] Group 5 - Chengdu Bank reported a revenue of 23 billion yuan for 2024, a 5.9% increase, and a net profit of 12.9 billion yuan, up 10.2% [5] - In Q1 2025, the bank achieved a revenue of 5.8 billion yuan, a 3.2% increase, and a net profit of 3 billion yuan, up 5.6% [5] - The bank's non-performing loan ratio remains low, and it benefits from convertible bonds enhancing its capital base [5] Group 6 - Lu Xi Chemical reported a revenue of 29.76 billion yuan for 2024, a 17.4% increase, and a net profit of 2.03 billion yuan, up 148% [7] - In Q1 2025, the company achieved a revenue of 7.29 billion yuan, a 7.96% increase, but net profit decreased by 27.3% [7] - Future net profit forecasts for 2025-2027 are adjusted to 2.056 billion, 2.325 billion, and 2.643 billion yuan respectively [7] Group 7 - The report indicates that China Petroleum & Chemical Corporation (Sinopec) achieved a total revenue of 735.4 billion yuan in Q1 2025, a year-on-year decrease of 6.91% but a quarter-on-quarter increase of 3.86% [12] - The net profit for the same period was 13.3 billion yuan, down 27.58% year-on-year but up 118.66% quarter-on-quarter [12] - Future net profit forecasts for 2025-2027 are 53.6 billion, 57.3 billion, and 61.5 billion yuan respectively [12] Group 8 - The report notes that the photovoltaic expansion has slowed, leading to a decrease in new orders for Jiejia Weichuang, while breakthroughs in semiconductor and lithium battery equipment have been achieved [13] - Future net profit forecasts for 2025-2027 are 2.039 billion, 1.366 billion, and 1.156 billion yuan respectively [13] Group 9 - Yingfeng Environment has maintained the top position in the domestic sanitation equipment market for 24 consecutive years, with a leading position in urban services [15] - Future net profit forecasts for 2025-2027 are 686 million, 736 million, and 798 million yuan respectively [15] Group 10 - The report highlights that the company has achieved a revenue of 574.17 billion yuan and a net profit of 76.10 billion yuan for 2024, with Q1 2025 figures showing a revenue of 88.95 billion yuan and a net profit of 6.80 billion yuan [21] - Future net profit forecasts for 2025-2027 are 84.74 billion, 93.93 billion, and 103.50 billion yuan respectively [21]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main product prices have declined, leading to a decrease in performance for the second half of 2024 and the first quarter of 2025 [6] - In 2024, the company achieved a revenue of 29.763 billion yuan, a year-on-year increase of 17.37%, and a net profit attributable to shareholders of 2.029 billion yuan, a year-on-year increase of 148% [5] - The company is expected to face challenges in 2025 due to further price declines in key products, resulting in a downward adjustment of profit forecasts for 2025-2026 [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 29.763 billion yuan, with a net profit of 2.029 billion yuan, reflecting a significant year-on-year growth of 148% [5] - The first quarter of 2025 saw a revenue of 7.290 billion yuan, a year-on-year increase of 7.96%, but a quarter-on-quarter decrease of 10.92% [5] Business Segments - The chemical new materials segment generated a revenue of 20.4 billion yuan in 2024, up 26.8% year-on-year, while the basic chemical products segment saw a revenue of 5.8 billion yuan, down 7.4% year-on-year [6] - The fertilizer business achieved a revenue of 3.07 billion yuan, a year-on-year increase of 17.9% [6] Price Trends - The report highlights a decline in sales prices for key products in the second half of 2024 and the first quarter of 2025, with specific declines noted for PC, PA6, and other chemicals [6] Production Capacity and Management - The company has successfully resumed production of its hydrogen peroxide facility and launched new capacity projects, including a 600,000-ton caprolactam project [7] - The production target for 2025 is set at 13.5 million tons, a 40.6% increase from 2024 [7] Profit Forecasts - The profit forecasts for 2025-2027 have been adjusted downward due to the decline in product prices, with expected net profits of 2.056 billion yuan for 2025, 2.325 billion yuan for 2026, and 2.643 billion yuan for 2027 [7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a 3.9% year-on-year increase in revenue for 2024, reaching 5.74 billion yuan, while the net profit attributable to shareholders decreased by 33.5% to 500 million yuan [5][11] - The first quarter of 2025 saw a significant decline in performance, with revenue dropping by 14% year-on-year to 950 million yuan and net profit down 84% to 28.34 million yuan [6][11] - The company is undergoing business transformation and optimization, focusing on brand operation and member management to strengthen its market position [11] Financial Performance Summary - In 2024, the company reported a revenue of 5.74 billion yuan, with a net profit of 500 million yuan, and a basic EPS of 1.20 yuan [5][11] - The gross margin for 2024 was 73.7%, slightly down from the previous year, but has shown signs of recovery since Q4 2024 [8][11] - The company’s operating cash flow for 2024 was 690 million yuan, reflecting a 13.8% increase year-on-year [10] Revenue Breakdown - In 2024, online channels contributed 68% of total revenue, with a year-on-year growth of 10.1%, while offline channels accounted for 22% with a decline of 10.7% [7][11] - The skincare segment remains the largest contributor to revenue at 84%, although it saw a slight decline of 1.4% year-on-year [7][11] Cost and Expense Analysis - The company’s expense ratio increased by 4.3 percentage points to 64% in 2024, driven by higher sales and management expenses [8][11] - The sales expense ratio rose to 50%, primarily due to increased marketing and promotional activities [9][11] Future Earnings Forecast - The report projects net profits of 690 million yuan, 830 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS estimates of 1.62 yuan, 1.97 yuan, and 2.36 yuan [11][12]