Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has shown steady revenue growth with a significant increase in infrastructure orders, achieving a revenue of 555.34 billion yuan and a net profit of 15.01 billion yuan in Q1 2025, reflecting year-on-year growth of 1.1% and 0.6% respectively [1][2]. - The real estate development business has shown signs of recovery, with a notable increase in land reserves located in first-tier and strong second-tier cities, totaling 7,625 million square meters [2][4]. - The company has signed new contracts worth 1,270.2 billion yuan in Q1 2025, marking a year-on-year increase of 6.9%, with significant growth in infrastructure and overseas contracts [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues from various segments: construction (364.9 billion yuan), infrastructure (128.3 billion yuan), real estate development (53.7 billion yuan), and surveying and design (2.3 billion yuan), with respective year-on-year changes of -0.2%, +0.5%, +15.5%, and -11.3% [2]. - The gross margin and net margin for Q1 2025 were 7.8% and 3.2%, showing slight declines compared to the previous year [2]. Contracting and Orders - The company secured new contracts totaling 12,702 billion yuan in Q1 2025, with the construction segment contributing 12,037 billion yuan, reflecting an 8.4% increase year-on-year [3]. - Specific growth in new contracts includes energy engineering (96.6% increase) and municipal engineering (44.4% increase) within the infrastructure sector [3]. Cash Flow and Management - The company has improved its cash flow management, with a net cash outflow from operating activities of 95.85 billion yuan, which is a reduction of 0.74 billion yuan compared to the previous year [4]. - The company has also seen a commitment from its parent group to increase shareholding, indicating confidence in its future performance [4]. Profit Forecast and Valuation - The profit forecast for the company remains stable, with expected net profits of 47.49 billion yuan, 48.67 billion yuan, and 50.13 billion yuan for 2025, 2026, and 2027 respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company is expected to achieve a total revenue of RMB 2.35 billion in 2024, representing a year-on-year growth of 16.4%, and a net profit attributable to the parent company of RMB 160 million, reflecting an 11.9% increase [1]. - The company is expanding its product offerings and customer base, particularly in the electric steering gear and new energy sectors, while also entering the robotics market to establish a second growth curve [3]. - The gross margin is projected to improve in the future despite short-term pressure due to new project ramp-ups [2]. Summary by Sections Financial Performance - In 2024, the company anticipates a revenue increase of 16.4% to RMB 2.35 billion and a net profit increase of 11.9% to RMB 160 million. The first quarter of 2025 is expected to show a revenue increase of 29.7% year-on-year [1]. - The gross margin for 2024 is expected to be 24.0%, with a slight increase in operating expenses [2]. Business Development - The company is actively pursuing new projects and expanding its global footprint, including establishing a subsidiary in Thailand and a new factory in Yangzhou [3]. - A joint venture for robotics development is planned, indicating a strategic move into the robotics sector [3]. Profitability and Valuation - The report projects a decrease in net profit estimates for 2025 and 2026 by 15% and 5% respectively, but introduces a new estimate for 2027 at RMB 434 million [4]. - The company’s earnings per share (EPS) is expected to grow from RMB 0.88 in 2024 to RMB 1.16 in 2025, with a projected price-to-earnings (P/E) ratio decreasing from 39 in 2024 to 29 in 2025 [5][12].

2025 年 4 月 30 日 公司研究 收入保持稳健增长、利润现下滑，期待多品牌继续协同发力 ——比音勒芬（002832.SZ）2024 年年报及 2025 年一季报点评 买入（维持） 当前价：16.52 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 5.71 | | 总市值(亿元)： | 94.28 | | 一年最低/最高(元)： | 16.10/30.77 | | 近 3 月换手率： | 79.21% | 股价相对走势 -41% -26% -10% 6% 21% 04/24 07/24 10/24 01/25 比音勒芬 沪深300 | 收益表现 | | | | | --- | --- | --- | --- ...

2025 年 4 月 30 日 公司研究 储能业务高速发展，光储龙头地位稳固 ——阳光电源（300274.SZ）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年报及 2025 年一季报，2024 年公司实现营收 778.57 亿元，同比+7.76%；实现归母净利润 110.36 亿元，同比+16.92%；实现扣非归 母净利润 106.93 亿元，同比+16.03%。2025 年 Q1 公司实现营收 190.36 亿元， 同比+50.92%；实现归母净利润 38.26 亿元，同比+82.52%；实现扣非归母净利 润 36.76 亿元，同比+76.46%。 点评： 技术进步叠加渠道拓展，光伏逆变器业务营收稳健增长。2024 年，公司光伏逆 变器业务全球发货量 147GW，实现营收 291.27 亿元，同比+5.33%；毛利率为 30.9%，同比-1.94pct。2024 年，公司大功率组串逆变器 SG320HX、1+X 模块 化逆变器在全球各类场景中得到广泛深入应用；公司面向国内工商业用户发布了 新一代大功率组串逆变器 SG150CX-CN 和户用逆变器 SGT-P2-CN；公司加 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a strong start in 2025, with Q1 revenue of 8.315 billion yuan, up 8.1% year-on-year, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [5][6] - The company continues to expand its product categories and maintain robust growth in key regions, particularly in the eastern and southern markets [6][7] - The gross profit margin improved to 40.04%, an increase of 2.73 percentage points year-on-year, driven by cost reductions and enhanced production efficiency [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 83.15 billion yuan and a net profit of 22.02 billion yuan, with a year-on-year growth of 8.1% and 14.8% respectively [5] - The company’s revenue and net profit for Q4 2024 and Q1 2025 combined showed a year-on-year increase of 8.9% and 16.0% respectively [5] Product and Regional Growth - Revenue growth by product category in Q1 2025: soy sauce +8.20%, seasoning sauce +13.95%, oyster sauce +6.10%, and other products +20.83% [6] - Revenue growth by region in Q1 2025: eastern +14.17%, southern +16.13%, central +7.90%, northern +5.76%, and western +9.44% [6] Cost and Profitability - The company’s gross profit margin reached 40.04%, benefiting from economies of scale, lower raw material costs, and improved production efficiency [6][7] - The net profit margin for Q1 2025 was 26.49%, an increase of 1.54 percentage points year-on-year [7] Future Outlook - The company is expected to continue its steady growth in 2025 through channel expansion, product innovation, and efficiency improvements [7][8] - The profit forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 71.02 billion yuan, 78.89 billion yuan, and 86.89 billion yuan respectively [8]

2025 年 4 月 30 日 公司研究 2024 年业绩承压，看好 PCB 电镀设备成长性 ——东威科技（688700.SH）2024 年年报点评 要点 事件： 4 月 26 日东威科技发布 2024 年年报。2024 年公司实现营业收入 7.50 亿元，同比下降 17.5%；实现归母净利润 0.69 亿元，同比下降 54.3%；实现扣 非归母净利润 0.61 亿元，同比下降 54.6%。2024 年综合毛利率为 33.0%，同 比下降 5.6pct。单季度来看，2024Q4 公司实现营业收入 1.7 亿元，同比下降 4.5%，降幅有所收窄；实现归母净利润 0.01 亿元，同比下降 63.0%；实现扣非 归母净利润 0.02 亿元，同比扭亏为盈。 2024 年业绩整体承压，但合同负债同比大幅增长。 公司 2024 年业绩整体不及预期，主要是由于下游新能源领域设备需求不及预期。 分行业来看：①高端印制电路(PCB)电镀专用设备实现营业收入 4.91 亿元，同比 增长 37.7%；毛利率为 34.3%，同比下降 2.1pct。②五金表面处理专用设备实 现营业收入 1.27 亿元，同比减少 18.6%；毛利率为 ...

2025 年 4 月 30 日 公司研究 提质增效成果显著，现金充裕分红慷慨 ——绿城服务（2869.HK）2024 年度业绩点评 要点 事件：绿城服务 2024 年营收同比+6.5%，归母净利润同比+29.7%。 4 月 24 日，绿城服务发布 2024 年年度报告，期内实现营收 185 亿元（含 MAG， 公司在年内出售 MAG，为便于与上年比较，公司在损益表披露终止经营业务影 响下的收入和利润，而在管理层讨论与分析中未加以区分，下同），同比增长 6.5%，实现毛利 32 亿元，同比增长 9.7%，毛利率 17.3%，同比提升 0.5pct； 核心经营利润（毛利-行政开支-营销开支）15.9 亿元，同比增长 22.5%；归母净 利润 7.9 亿元，同比增长 29.7%。 点评：基本面优秀，核心业务稳健，提质增效成果显著，分红慷慨。 1）基本面优秀，核心业务稳健。2024 年公司物管/园区服务/咨询服务分别实现 收入 124.0/33.7/24.1 亿元，同比+11.7%/-5.5%/+5.1%，截至 2024 年末，公 司在管面积 5 亿平，稳居行业第一梯队，储备面积 3.6 亿平，未来可持续增长能 力较 ...

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]