丨证券研究报告丨 [Table_Summary] 2025Q1 单季实现收入 8.4 亿，同比增长 27.2%；归属净利润 0.53 亿，同比增长 30.3%；扣非 业绩 0.52 亿，同比增长 30.5%。 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 公司研究丨点评报告丨海达股份（300320.SZ） [Table_Title] Q1 经营向好，盈利保持稳定 报告要点 %% %% %% %% research.95579.com 1 海达股份（300320.SZ） cjzqdt11111 [Table_Title2] Q1 经营向好，盈利保持稳定 [Table_Summary2] 事件描述 2025Q1 单季实现收入 8.4 亿，同比增长 27.2%；归属净利润 0.53 亿，同比增长 30.3%；扣非 业绩 0.52 亿，同比增长 30.5%。 事件评论 投资建议：预计 2025、2026 年归属净利润 2.1、3.0 亿，对应 PE29、21 倍。 风险提示 1、 ...

丨证券研究报告丨 公司研究丨点评报告丨中复神鹰（688295.SH） [Table_Title] 价格下行，修炼内功 报告要点 [Table_Summary] 中复神鹰 1 季度实现营业收入 4 亿元，同比下降 10%；归属净利润-0.45 亿元，同比下降 208%， 扣非净利润约-0.58 亿元，同比下降 479%。 分析师及联系人 [Table_Author] 范超 张佩 董超 SAC：S0490513080001 SAC：S0490518080002 SAC：S0490523030002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中复神鹰（688295.SH） cjzqdt11111 [Table_Title2] 价格下行，修炼内功 [Table_Summary2] 事件描述 1 季度实现营业收入 4 亿元，同比下降 10%；归属净利润-0.45 亿元，同比下降 208%，扣非 净利润约-0.58 亿元，同比下降 479%。 事件评论 风险提示 1、碳纤维行业产能投放超预期； 2、原材料和能源价格大幅波动。 请阅读最后评级说明和 ...

丨证券研究报告丨 公司研究丨点评报告丨旗滨集团（601636.SH） [Table_Title] 光伏持续进步，浮法底部盈利 报告要点 [Table_Summary] 2024 年公司实现营业收入 156.49 亿，同比下滑 0.2%；实现归属净利润 3.83 亿，同比下滑 78.1%。 2025Q1 公司实现收入 34.84 亿，同比下滑 9.7%；实现归属净利润 4.70 亿，同比增长 6.4%； 实现扣非归属净利润亏损-0.03 亿，同比下滑 100.7%。 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 [Table_Title2] 光伏持续进步，浮法底部盈利 [Table_Summary2] 事件描述 2024 年公司实现营业收入 156.49 亿，同比下滑 0.2%；实现归属净利润 3.83 亿，同比下滑 78.1%。折合 2024Q4 实现收入 40.49 亿，同比下滑 10.0%；实现归属净利润亏损 3.17 亿， 同比下滑 162.4%。 2025Q1 公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 970 million yuan for Q1 2025, representing a year-on-year increase of 17.9% but a quarter-on-quarter decrease of 9.8%. The net profit attributable to shareholders was 140 million yuan, up 1.8% year-on-year and up 10.8% quarter-on-quarter. The net profit excluding non-recurring items was 130 million yuan, reflecting a year-on-year increase of 4.9% and a quarter-on-quarter decrease of 0.2% [2][6]. Summary by Sections Company Overview - The company is engaged in the research, production, and sales of various high-end ceramic materials and products, forming six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and other materials. Its products are applied in fields such as electronic information and communication, automotive and industrial catalysis, biomedical, new energy vehicles, semiconductors, and digital printing [10]. Business Performance - The company has expanded into new areas of ceramic materials through organic growth and horizontal mergers. The electronic materials segment is benefiting from policies that stimulate consumer electronics, with a recovery in downstream demand and rapid growth in emerging applications such as automotive electronics and AI servers. The catalytic materials segment has deepened cooperation with clients, entering the supply chain of leading overseas customers and covering domestic independent brands in the passenger vehicle sector [10]. Financial Metrics - For Q1 2025, the company's gross margin and net margin were 36.8% and 15.3%, respectively, showing a year-on-year decline of 2.0 percentage points and 2.4 percentage points. The R&D expense ratio was 7.3%, down 0.2 percentage points year-on-year. The company is expected to achieve net profits of 690 million yuan, 850 million yuan, and 1.05 billion yuan for the years 2025, 2026, and 2027, respectively [10][16].

丨证券研究报告丨 公司研究丨点评报告丨科顺股份（300737.SZ） [Table_Title] 下滑收敛，经营优化 报告要点 范超 张佩 SAC：S0490513080001 SAC：S0490518080002 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Summary] 科顺股份 2024 年实现收入 68 亿元，同比下降 14%，归属净利润约 0.44 亿元，同比增长 113%， 扣非净利润约-2.5 亿元。1 季度实现营业收入 14 亿元，同比下降 6%，归属净利润 0.4 亿元， 同比下降 23%，扣非净利润约 0.2 亿元，同比下降 4%。 分析师及联系人 [Table_Author] 1、地产行业需求低预期； 2、原材料价格继续上涨。 丨证券研究报告丨 2025-04-28 公司研究丨点评报告 科顺股份（300737.SZ） cjzqdt11111 [Table_Title2] 下滑收敛，经营优化 [Table_Summary2] 事件描述 公司 2024 年实现收入 68 亿元，同比下降 14%，归属净利 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 12.329 billion yuan for Q1 2025, representing a year-on-year increase of 40.03% - The net profit attributable to shareholders was 1.568 billion yuan, up 53.38% year-on-year - The net profit after deducting non-recurring items was 1.692 billion yuan, reflecting a 59.17% increase year-on-year - The net cash flow from operating activities reached 1.599 billion yuan, a significant increase of 141.91% year-on-year [2][6] Financial Performance - The average price of ethane in Q1 2025 was 205 USD/ton, a 26.20% increase from the previous quarter - The average prices for ethylene, HDPE, ethylene glycol, and epoxy ethane in Q1 2025 were 6,279, 8,474, 4,658, and 6,967 yuan/ton respectively, with changes of +1.28%, -3.50%, -0.90%, and -0.38% [12] - The company has invested in a 100,000-ton ethanolamine facility, enhancing its product matrix and achieving a total capacity of 1.82 million tons of ethylene glycol and other derivatives [12] - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 6.45 billion yuan, 9.52 billion yuan, and 12.26 billion yuan respectively, with corresponding PE ratios of 10.0X, 6.8X, and 5.3X [12]

丨证券研究报告丨 分析师及联系人 [Table_Author] 魏凯 侯彦飞 SAC：S0490520080009 SAC：S0490521050002 SFC：BUT964 SFC：BVN517 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 公司研究丨点评报告丨优彩资源（002998.SZ） [Table_Title] 四季度业绩显著承压，原材料价格回落后景 气度有望改善 报告要点 [Table_Summary] 公司公布 2024 年年度报告，2024 年全年累计营业收入 23.55 亿元，同比下降 3.70%；归母净 利润 0.84 亿元，同比下降 38.87%；经营活动产生的现金流量净额-1.15 亿元，同比下降 155.86%。其中 2024 年第四季度营业收入 7.41 亿元，同比增长 30.04%；归母净利润-0.13 亿 元，同比下降 151.07%；经营活动现金流量净额 2.06 亿元，同比增长 14.29%。 优彩资源（002998.SZ） cjzqdt11111 [Table_Title 四季度业绩显著承压，原材料价格回落后景气 2] 度 ...

公司研究丨点评报告丨金石资源（603505.SH） [Table_Title] 2024 年经营短期承压，2025 年已在逐步向好 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 一季报，2024 年度实现收入 27.5 亿元，同比变动+45.2%，归属 净利润 2.6 亿元，同比变动-26.3%，归属扣非净利润 2.6 亿元，同比变动-26.1%。2025Q1 实 现收入 8.6 亿元，同比变动+91.7%，环比变动-6.9%，归属净利润 0.7 亿元，同比变动+10.5%， 环比变动+902.9%，归属扣非净利润 0.7 亿元，同比变动+12.7%，环比变动+733.4%。2024 年 度公司现金分红（包括中期已分配的现金红利）总额 0.90 亿元，占 2024 年度归属于上市公司 股东净利润的比例为 35%。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 丨证券研究报告丨 事件评论 事件评论 %% %% %% %% research.95579.com 1 金石资源（60350 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's thermal power business continues to improve, with a net profit of 573 million yuan from Hongshan Thermal Power and Long'an Thermal Power, representing a year-on-year increase of 22.90%. The net profit per kilowatt-hour for thermal power reached 0.078 yuan, up 0.014 yuan year-on-year. The company's new energy business also saw growth, with Funiu New Energy's net profit increasing by 14.72% and Funiu Haixia's net profit rising by 23.28% [2][6][12] - Despite a decline in investment income due to reduced contributions from the invested company Guoneng Shishi, the company achieved a total net profit attributable to shareholders of 2.793 billion yuan, a year-on-year increase of 6.47% [2][12] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.563 billion yuan, a decrease of 0.90% year-on-year, and a net profit attributable to shareholders of 2.793 billion yuan, an increase of 6.47% [6][12] - The thermal power business achieved a net profit of 782 million yuan, up 12.64% year-on-year, driven by improved operational performance [12] - The new energy segment, particularly offshore wind power, demonstrated strong profitability, with a net profit of 1.148 billion yuan, reflecting a 23.30% increase [12] Operational Highlights - The company’s thermal power generation hours were 5,932 hours, a slight decrease of 1.36% year-on-year, while the total electricity generated was 7.37 billion kilowatt-hours, up 1.14% year-on-year [12] - The wind power utilization hours reached 3,324 hours, a year-on-year increase of 9.41%, with significant growth in both offshore and onshore wind power generation [12] Future Outlook - The company plans to distribute a dividend of 0.31 yuan per share for 2024, with a payout ratio of 30.85%. It also aims to maintain a cash dividend of at least 10% of the net profit attributable to shareholders in the first half of 2025 [12] - The forecast for earnings per share (EPS) for 2025-2027 is adjusted to 1.03 yuan, 1.04 yuan, and 1.43 yuan, with corresponding price-to-earnings (PE) ratios of 9.50, 9.38, and 6.86 [12]

白酒之外， 消费类指数基金还有哪些可选项 长江证券研究所金融工程研究小组 2025-04-28 %% %% %% %% research.95579.com 1 分析师 覃川桃 分析师 邓越 SAC执业证书编号：S0490513030001 SAC执业证书编号：S0490517070010 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% research.95579.com 2 01 02 港股消费、沪港深消费 03 家电、农业 04 旅游、养老产业、线上消费 必选消费、泛消费 目 录 05 消费主题概览 06 总结 %% research.95579.com 3 01 消费主题概览 %% %% %% %% research.95579.com 4 4月以来行业指数涨跌幅分化 2025年4月以来（截至4.16）A股农业、社服、零售、食品饮料，港股中消费者服务、日常消费 零售、食品饮料、家庭用品等消费板块有较强表现 图：长江一级行业指数涨跌幅（2025.4.1至2025.4.16） 图：Wind香港一级行业指数涨跌幅（2025.4.1至2025.4. ...