丨证券研究报告丨 联合研究丨公司点评丨沃尔核材（002130.SZ） [Table_Title] AI 驱动创新领航，高速通信线成业绩新引擎 报告要点 [Table_Summary] 公司在传统热缩材料及电力领域优势稳固，液冷充电枪为代表的新能源产品加速放量，打开公 司增长空间。子公司乐庭智联为高速数通铜缆全球龙头供应商，"技术领先+规模化智造"双轮 驱动，不断巩固竞争优势。乐庭智联有望充分受益于 AI 数通需求而迎来规模的快速爆发。 分析师及联系人 [Table_Author] 于海宁 杨洋 刘泽龙 SAC：S0490517110002 SAC：S0490517070012 SAC：S0490525040002 SFC：BUX641 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% [Table_Title2] AI 驱动创新领航，高速通信线成业绩新引擎 [Table_Summary2] 事件描述 沃尔核材发布 2024 年年报和 2025 年一季报。2024 年，公司实现营业收入 69.27 亿元，同比 增长 21.03%；实现归母净利润 8.48 亿元，同比增长 21.00%。2025 年 ...

[Table_Summary] 公司公布 2025 一季报：2025 年第一季度，公司实现营业收入 8.17 亿元，同比下滑 12.76%； 实现归属于母公司净利润 0.73 亿元，同比增长 50.97%；实现扣非归母净利润 0.18 亿元，同 比下滑 62.33%。部分汽车客户减少预算，个别大项目投放进度较晚拖累收入，投资收益助推 利润增长，同时大幅改善现金流水平。公司布局体彩新业务，积极投资新赛道，打造全新增长 曲线，同时升级多模态 AI 产品，提升智慧营销能力。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 丨证券研究报告丨 公司研究丨点评报告丨三人行（605168.SH） [Table_Title] 部分汽车客户减少预算拖累业绩，培育多元增长 极 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 三人行（605168.SH） cjzqdt11111 [Table_Title 部分汽车客户减少 2] 预算拖累业绩，培育多元增 长极 [Table_Summary2] 事件描述 公司公布 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company has a solid foundation in its home appliance and power tool businesses, while emerging sectors such as automotive electronics and smart technology are rapidly expanding due to technological advancements and customer breakthroughs. The company's "technology + capacity + customer" integrated layout is clear, and its performance is expected to continue to release, with strong medium to long-term growth momentum [2][10]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved operating revenue of 9.659 billion yuan, a year-on-year increase of 28.66%. The net profit attributable to the parent company was 364 million yuan, up 9.91% year-on-year. In Q1 2025, the company reported operating revenue of 2.585 billion yuan, a year-on-year growth of 30.44%, and a net profit of 169 million yuan, which is a significant increase of 75.41% year-on-year [5][10]. Business Segments - The home appliance business maintains a strong competitive position, supported by a high coverage of global major customers and a comprehensive technical R&D system. The demand for smart controllers, a core component of home appliances, is increasing, leading to a rapid growth in market share [10]. - The power tool business is deepening its penetration across multiple fields, with a focus on providing comprehensive solutions that enhance industry chain collaboration. The company has become a key supplier for major clients and is expanding its customer base [10]. - The automotive electronics segment is undergoing a strategic transformation, with significant growth in smart cockpit and energy management areas. The company is building a comprehensive ecosystem through its smart product matrix [10]. Future Outlook - The company is expected to see continued performance growth, with projected net profits for 2025-2027 at 700 million yuan, 913 million yuan, and 1.173 billion yuan, representing year-on-year growth rates of 92%, 30%, and 28%, respectively. The corresponding price-to-earnings ratios are projected to be 25, 19, and 15 times [10].

联合研究丨行业深度 [Table_Title] 天然橡胶深度：供需趋紧，周期蓄势 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 橡胶（Rubber）是四大基础工业原料（石油、钢铁、煤炭、橡胶）之一。未来几年，天然橡胶 或需求回暖、供给趋紧，或迎来长景气周期。同时存在与合成橡胶周期共振的可能，在乙烷裂 解/煤制烯烃大产能投放、丁二烯/合成橡胶装置意外停产、极端天气干扰天然橡胶生产等突发事 件来临时，天然橡胶或与合成橡胶共振涨价。建议关注国内企业海南橡胶。 分析师及联系人 [Table_Author] 马太 陈佳 叶家宏 SAC：S0490516100002 SAC：S0490513080003 SAC：S0490522060003 SFC：BUT911 SFC：BQT624 顾熀乾 孙国铭 SAC：S0490519060003 请阅读最后评级说明和重要声明 2 / 34 %% %% %% %% research.95579.com 2 [Table_Title2] 天然橡胶深度：供需趋紧，周期蓄势 [Table_Summary2] ...

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]