[Table_Reportdate] 2025年04月29日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [国轩高科 Table_NewTitle]（002074）：全球化布局成效显 著，业绩表现亮眼 两行报告标题内容 ——公司简评报告 投资要点 电 力 设 备 赵敏敏 zmmin@longone.com.cn [数据日期 Table_cominfo] 2025/04/28 收盘价 20.11 总股本(万股) 180,299 流通A股/B股(万股) 172,510/0 资产负债率(%) 72.81% 市净率(倍) 1.22 [Table_QuotePic] -22% -13% -3% 6% 16% 25% 34% 44% 24-04 24-07 24-10 25-01 国轩高科 沪深300 [相关研究 Table_Report] 1. 《国轩高科（002074）：大众入局 赋能公司转型，积极出海拥抱全球电 动化浪潮 — — 公 司 简 评 报 告 》 2024.05.14 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ...

[Table_Reportdate] 2025年04月29日 公 司 简 评 机 械 设 备 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 王敏君 S0630522040002 wmj@longone.com.cn | [数据日期 Table_cominfo] | 2025/04/28 | | --- | --- | | 收盘价 | 22.54 | | 总股本(万股) | 24,915 | | 流通A股/B股(万股) | 24,915/0 | | 资产负债率(%) | 27.25% | | 市净率(倍) | 3.74 | | 净资产收益率(加权) | 4.58 | | 12个月内最高/最低价 | 27.79/17.15 | [Table_QuotePic] -21% -13% -4% 4% 13% 22% 30% 39% 24-04 24-07 24-10 25-01 快克智能 沪深300 [相关研究 Table_Report] 《快克智能（603203.SH）：期待后续 验收落地，持续研发布局新业务—— 快克智能（603203）公司简评报告》 2 ...

[Table_Reportdate] 2025年04月29日 [证券分析师： Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [晨会纪要 Table_NewTitle] 20250429 重点推荐 财经要闻 ➢ 1.国新办召开新闻发布会，介绍稳就业稳经济推动高质量发展政策措施有关情况 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.蚂蚁财富要约收购耀才证券，万能险迎监管优化——非银金融行业周报（20250421- 20250427） ➢ 2.AI芯片厂商业绩表现亮眼，谷歌Q1资本开支持续高增——电子行业周报2025/4/21- 2025/4/27 ➢ 3.匠心家居（301061）：业绩超预期，自主品牌稳步建设——公司简评报告 ➢ 4.乖宝宠物（301 ...

[Table_Reportdate] 2025年4月28日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 2025Q1国内智能手机出货量增速 超越全球市场，AI需求拉动台积电 Q1业绩增长——电子行业周报 （2025/4/14-2025/4/20） 2. 半导体原产地认定细则落地，关 注关税博弈下的半导体国产替代逻 辑——电子行业周报（2025/4/7- 2025/4/13） 3. 美国关税超预期，长期半导体国 产化有望加速——电子行业周报 （2025/3/31-2025/4/6） [Table_NewTitle] AI芯片厂商业绩表现亮眼，谷歌Q1资本 开支持续高增 ——电子行业周报2025/4/21-2025/4/27 [t ...

[Table_Reportdate] 2025年4月28日 行 业 周 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 2025Q1国内智能手机出货量增速 超越全球市场，AI需求拉动台积电 Q1业绩增长——电子行业周报 （2025/4/14-2025/4/20） 2. 半导体原产地认定细则落地，关 注关税博弈下的半导体国产替代逻 辑——电子行业周报（2025/4/7- 2025/4/13） 3. 美国关税超预期，长期半导体国 产化有望加速——电子行业周报 （2025/3/31-2025/4/6） [Table_NewTitle] AI芯片厂商业绩表现亮眼，谷歌Q1资本 开支持续高增 ——电子行业周报2025/4/21-2025/4/27 [tab ...

[Table_Reportdate] 2025年04月28日 [Table_invest] 买入（维持） 报告原因：业绩点评 [匠心家居（ Table_NewTitle] 301061）：业绩超预期，自主 品牌稳步建设 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ——公司简评报告 [table_main] 投资要点 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 2,548.38 | 3,103.73 | 3,636.29 | 4,203.22 | | 同比增速(%) | 32.63% | 21.79% | 17.16% | 15.59% | | 归母净利润(百万元) | 682.94 | 761.96 | 896.15 | 1,069.57 | | 同比增速(%) | 67.64% | 11.57% | 17.61% | 19.35% | | EPS(元/股) | 4.08 | 4. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company's high-end strategy has shown significant results, with continuous improvement in profitability [1] - The company reported a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 624.72 million yuan, up 45.68% year-on-year [6] - The first quarter of 2025 saw a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 2.04 million yuan, up 37.68% year-on-year [6] Revenue and Profit Forecast - The forecast for main revenue (in million yuan) is as follows: - 2024: 5,244.96 - 2025: 6,377.13 - 2026: 7,781.69 - 2027: 9,414.97 - Year-on-year growth rates are projected at 21.22% for 2024, 21.59% for 2025, 22.03% for 2026, and 20.99% for 2027 [3][7] - The forecast for net profit (in million yuan) is: - 2024: 624.72 - 2025: 806.48 - 2026: 1,013.32 - 2027: 1,232.31 - Year-on-year growth rates for net profit are expected to be 45.68% for 2024, 29.09% for 2025, 25.65% for 2026, and 21.61% for 2027 [3][7] Product and Channel Performance - The company has seen a continuous increase in the proportion of its main products, with self-owned brand revenue reaching 3.545 billion yuan in 2024, a year-on-year increase of 29.1% [6] - The direct sales revenue grew by 59.3% year-on-year, accounting for 37.5% of total revenue [6] - The company is focusing on high-end product development, with significant sales growth during major shopping events [6] Profitability and Financial Metrics - The company's gross margin improved to 42.27% in 2024, up 5.43 percentage points year-on-year [6] - The projected earnings per share (EPS) are: - 2024: 1.56 - 2025: 2.02 - 2026: 2.53 - 2027: 3.08 - The price-to-earnings (P/E) ratios are projected to be 72.80 for 2024, 56.39 for 2025, 44.88 for 2026, and 36.91 for 2027 [3][7]

[Table_Reportdate] 2025年04月28日 [证券分析师： Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle] 20250428 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.资产均衡配置，聚焦发展服务消费——资产配置周报（2025/04/21-2025/04/25） ➢ 2.存量政策巩固落实，储备政策蓄势待发——国内观察：2025年4月政治局会议学习 ➢ 3.国际医学（000516）：亏损收窄，积极布局非医保业务——公司简评报告 ➢ 4.佩蒂股份（300673）：自主品牌持续高增，产能布局完善——公司简评报告 ➢ 5.预定利率研究值下调至2.13%，预计动态调整机制三季 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has shown a continuous narrowing of losses, with revenue for 2024 reaching 4.815 billion yuan, a year-on-year increase of 4.28%. The net loss attributable to the parent company was 254.13 million yuan, a reduction of 31.0% year-on-year [2][6] - The company is actively expanding its non-medical insurance business while maintaining a stable operational performance and optimizing its revenue structure [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.815 billion yuan, with a year-on-year growth of 4.28%. The net loss attributable to the parent company was 254.13 million yuan, which is a 31.0% reduction compared to the previous year [2][3] - For Q1 2025, the company reported a revenue of 999.7 million yuan, a decrease of 15.0% year-on-year, primarily due to DRG cost control and last year's high base effect. The net loss attributable to the parent company was 106 million yuan, a decrease of 1.4% year-on-year [2] Operational Highlights - The company’s high-tech hospital generated a revenue of 1.525 billion yuan in 2024, with a net profit of 85 million yuan, reflecting a year-on-year increase of 2.7% and 21.6% respectively. The hospital is operating at full capacity, with key medical quality indicators steadily improving [6] - The central hospital achieved a revenue of 3.274 billion yuan in 2024, a year-on-year increase of 7.6%, while the net loss was reduced by 36.7% to 165 million yuan. The hospital's outpatient and emergency service volume reached 1.4182 million visits, a year-on-year increase of 18.9% [6] Future Outlook - The company is expected to continue its development of a comprehensive medical innovation business model that combines serious medical care with consumer medical services. The revenue structure is anticipated to improve as the volume of medical services increases [6] - The profit forecasts for 2025 and 2026 have been adjusted to reflect the impact of medical insurance cost control policies, with projected net losses of 137 million yuan and 80 million yuan respectively, before turning profitable in 2027 with a net profit of 133 million yuan [6][7]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [9]. Core Insights - The report highlights a decrease in the predetermined interest rate for ordinary life insurance products to 2.13%, down 21 basis points from the previous quarter, which is now 25 basis points below the product ceiling [4]. - The dynamic adjustment mechanism for the predetermined interest rate is anticipated to be activated in the third quarter, with further reductions expected in the second quarter [4]. - The report emphasizes that the risk of interest margin loss has significantly decreased, and the deepening of the "reporting and banking integration" is expected to improve the cost of insurance [4]. - Investment suggestions include focusing on life insurance liability transformation and the potential for demand release due to increased awareness of insurance [4]. Summary by Sections Section 1: Market Overview - The insurance industry is experiencing a recovery in market confidence driven by long-term capital entering the market, with a focus on business growth opportunities from the first quarter [3]. Section 2: Interest Rate Adjustments - The latest research value for the predetermined interest rate is linked to market rates, with the current value reflecting a cautious approach to external economic and political conditions [4]. Section 3: Sales and Growth - The report notes a significant increase in premium income following the last interest rate adjustment, with monthly growth rates for life insurance showing substantial year-on-year increases [4]. Section 4: Investment Opportunities - The report suggests that the insurance sector is currently undervalued, presenting opportunities for investment, particularly in large listed insurance companies with strong competitive advantages [4].