证券研究报告 | 年报点评报告 gszqdatemark 2025 04 30 年 月 日 百润股份（002568.SZ） 预调酒费投提效，期待威士忌催化 事件：公司发布 2024 年年报，2024 年实现营收 30.5 亿元，同比-6.6%； 归母净利润 7.2 亿元，同比-11.2%。其中 24Q4 实现营收 6.6 亿元，同比 -18.0%；归母净利润 1.4 亿元，同比+0.5%。25Q1 实现营收 7.4 亿元， 同比-8.1%；归母净利润 1.8 亿元，同比+7.0%。 预调酒因高基数及需求偏弱仍有压力，25Q1 烈酒贡献少量营收。2024 年 预调酒/香精收入同比-7.2%/+6.3%，预调酒业务因高基数、需求偏弱增 长承压，香精业务表现稳健。量价拆分来看，2024 年预调酒销量同比-8.8% 至 3238 万箱，单箱价格同比+1.8%至 82.7 元，我们认为单箱价格提升主 要受产品及渠道结构变化影响。分渠道来看，2024 年线下/数字零售/即饮 渠道同比-1.5%/-30.8%/-43.6%，线下渠道相对稳健，电商及即饮渠道快 速收缩。25Q1 公司收入同比-8.1%，我们预计预调酒业务在相 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, representing a year-over-year increase of 14.7% and a quarter-over-quarter decrease of 5.1%. The net profit attributable to shareholders was 870 million yuan, up 55.3% year-over-year [1]. - The growth in revenue is primarily driven by the accelerated penetration of automotive intelligence and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027, respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, an increase of 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company’s revenue for 2024 is projected to be 25.73 billion yuan, with a year-over-year growth rate of 22.4% [5]. - The net profit for 2025 is forecasted to be 4.38 billion yuan, reflecting a year-over-year growth of 31.7% [3][5]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, up 30% year-over-year, while the mobile CIS segment is projected to generate 9.8 billion yuan, up 26% year-over-year [2]. - The IoT CIS segment also showed strong growth, achieving 760 million yuan in revenue in 2024, a 42% increase year-over-year [2]. - The company is enhancing its competitive advantage through the dual product lines of mobile and automotive CIS, with expectations for continued growth in both segments [2].

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 短期毛利率下滑、盈利水平承压。1）毛利率：25Q1 公司毛利率 45.5%，同比-11.0pct。2）费率端：25Q1 销售/管理费/研发/财务 费率分别为 27.8%/2.6%/7.8%/-2.2%，同比变动+7.0pct/-0.1pct/- 2.8pct/-1.4pct。销售费用率提升较多主要系公司加强海内外拓展， 以及为了提升在市场导入期的新品类的市场占有率。3）净利率： 25Q1 净利率 7.8%，同比-13.9pct。 海外生产实力逐步增强，积极市场策略下销售结构、渠道布局有望 进一步优化。生产能力方面，公司采用自建工厂和国内外代工厂相 结合的方式，完善供应链布局，面对贸易摩擦，目前公司海外产能 布局可覆盖美国市场半数以上并在持续快速爬坡。未来公司将持续 丰富产品矩阵及价格矩阵，推进产品结构升级，同时通过积极的市 场策略，进一步优化销售结构和渠道布局，助力业务向更好、更高 质量发展迈进。 盈利预测与投资建议。我们预计公司 2025-2027 年归母净利润分别 为 20.8/25.4/30.7 亿元，同比+5.2% ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 在手订单充裕支撑业绩增长，国内煤化工投资加速+海外市场拓展强化成 长动能。2025Q1 公司新签订单 18.86 亿元，同比下降 11%，其中设计/工 程总承包分别新签 0.23/18.63 亿元，同比下降 37%/11%。Q1 通常为公 司签单淡季，2023-2024 年 Q1 订单在全年占比均为 10%。当前国内煤化 工投资加速趋势明确，新疆煤化工市场以及公司二股东陕煤集团重大项目 潜在订单规模可期，年内有望开启较大规模 EPC 招标，为公司订单增长注 入强劲动能；公司持续开拓海外市场，境外订单有望延续较好增势，内外 市场共同发力，全年订单有望稳健增长。截至 2025Q1 末，公司未完合同 额 499 亿元，为 2024 年营收 5.6 倍，在手订单充裕支撑业绩增长。 东华科技（002140.SZ） Q1 营收稳健增长，扣非业绩增速亮眼 Q1 收入稳健增长，归母业绩同比基本持平，扣非业绩增速亮眼。2025Q1 公司实现营业总收入 20.7 亿元，同比增长 13.5%，在建总承包项目有序 推进带动收入规模稳健增长；实现归 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 新天绿能（600956.SH） 风电量增价稳，业绩具备增长弹性 公司发布 2025 年一季度报告。公司 2025 年一季度实现营业收入 69.11 亿元，同比减少 12.6%；实现归属于母公司所有者的净利润 9.54 亿元，同比增长 14.71%；扣非归母净利润 9.52 亿元，同比+15.38%； 经营活动产生的现金流量净额同比+131.45%，基本每股收益 0.23 元， 同比增长 15.0%。其中，天然气售气量同比下滑影响营业收入，风电 电量修复增长带动利润提升。 风电量增价稳，装机增量有望带动增长。电量方面，2025 年一季度公 司风电实现发电量 44.63 亿度，同比+9.44%；风电上网电量 43.65 亿 度，同比+9.55%。实现光伏发电量 0.81 亿度，同比+107.27%；上网 电量 0.78 亿度，同比+105.58%。公司市场化交易电量 19.86 亿千瓦 时，交易电量占比 44.71%，同比增加 9.04pct。电价方面，公司平均 上网电价（不含税）为 0.43 元/千瓦时，较去年同期持平。一季 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 九号公司（689009.SH） 业绩增长强劲，两轮车持续放量 事件：公司发布 2025 年一季度报。公司 2025 年实现营业总收入 51.12 亿元，同比增长 99.52%；实现归母净利润 4.56 亿元，同比 增长 236.22%。 两轮车板块高增。分业务看，公司电动两轮车实现收入 28.62 亿元， 同比+140.5%，销量 100.38 万台，同比+140.8%，均价 2851 元， 以旧换新政策驱动下公司增长强劲；自主滑板车实现收入 3.95 亿 元，同比+30.4%，实现销量 20.67 万台，同比+36.3%，均价 1911 元；全地形车实现收入 2.15 亿元，同比持平，实现销量 4822 台， 同比-12.1%，均价实现 44587 元，同比+13.8%提升强劲；TOB 业 务实现 8.1 亿元，同比+91.9%，配件业务实现 8.3 亿元。 盈利能力持续提升。毛利率：2025Q1 公司毛利率实现 29.67%，同 比-0.81pct。费率端：2025Q1 公司销售/管理/研发/财务费率为 8.18%/5 ...

Investment Rating - The report maintains a "Buy" rating for China Railway Construction Corporation (601186.SH) [4][6] Core Views - Q1 performance remains under pressure due to fluctuating gross margins, with traditional infrastructure investments still needing improvement. The company reported total revenue of 256.8 billion, a year-on-year decline of 6.6%, and a net profit attributable to shareholders of 5.15 billion, down 14.5% [1][2] - The company has a substantial backlog of contracts amounting to 78,613 billion, which is 7.4 times the revenue expected for 2024, indicating a strong order book that could stabilize future performance as new funding sources are expected to accelerate project execution [1][2] - New contracts in emerging sectors such as mining and electricity have seen rapid growth, while overseas orders continue to increase significantly. The total new contract amount for Q1 was 492.8 billion, a decrease of 10.5% year-on-year, with infrastructure projects accounting for 85% of the total [3] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 7.51%, a decrease of 0.28 percentage points year-on-year. The expense ratio was 4.15%, down 0.07 percentage points, indicating effective cost control [2] - Operating cash flow showed improvement, with a net outflow of 38.95 billion, which is 7.65 billion less than the previous year [2] Contracting and Order Book - The new contract amount for Q1 was 492.8 billion, with infrastructure projects seeing a decline of 13%. However, contracts in emerging sectors like mining and electricity grew significantly, with increases of 66% and 139% respectively [3] - Domestic and overseas contracts were 4,487 billion and 442 billion respectively, with overseas business maintaining rapid growth [3] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 21.5 billion, 21.6 billion, and 21.9 billion respectively, with corresponding EPS of 1.58, 1.59, and 1.61 yuan per share [4]

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 东华科技（002140.SZ） Q1 营收稳健增长，扣非业绩增速亮眼 Q1 收入稳健增长，归母业绩同比基本持平，扣非业绩增速亮眼。2025Q1 公司实现营业总收入 20.7 亿元，同比增长 13.5%，在建总承包项目有序 推进带动收入规模稳健增长；实现归母净利润 1.2 亿元，同比下降 0.9%， 业绩略有下滑主要因毛利率小幅下降 0.45pct 以及减值损失转回同比减少 0.6 亿元；扣非归母净利润 1.1 亿元，同比增长 27.0%，扣非业绩增速显 著高于归母净利润增速主要因上年同期个别单项计提减值项目转回减值 准备较多，扣非业绩增长展现公司经营性盈利向好。公司当前在手订单充 裕、在建项目稳步推进，后续作为煤化工建设领军企业有望核心受益新疆 煤化工投资加码与建设提速，2025 年全年收入利润有望加速增长。 费用率显著优化，现金流短期承压。2025Q1 公司综合毛利率 8.74%，同 比下降 0.45pct。期间费用率 2.17%，同比下降 3.60pct，其中销售/管理/ 研发/财务费用率分别同比下降 0.02/0.3 ...

Q1 业绩增长超预期，实业板块盈利有望改善 24 全年营收业绩稳健增长，毛利率改善带动 25Q1 业绩超预期。2024 年公 司实现营业总收入 1866 亿，同增 4.1%；实现归母净利润 57 亿，同增 4.8%； 扣非归母净利润同增 6%，全年业绩稳增符合预期。分季度看：24Q1/Q2/Q3/Q4 单季营收分别同比+6%/-6%/+8%/+9%；单季归母净利润分别同比+9%/- 12%/+29%/+9%，Q4 收入业绩稳健增长。分业务看：化学工程/基础设施/环 境治理/实业分别实现营收 1522/206/22/88 亿，同比+7%/-6%/-22%/+13%。 分区域看：境内/境外分别实现营收 1391/462 亿，同比-2%/+30%，海外收 入增长强劲。2025Q1 公司实现营业总收入 447 亿，同降 1%；实现归母净利 润 14.4 亿，同增 19%；扣非归母净利润同增 23%，业绩增长超预期，主要得 益于单季毛利率显著提升。 毛利率稳步上行，净现比持续优异。2024 年公司综合毛利率 10.48%，同比 +0.65pct，主要得益于化工主业盈利显著改善（毛利率同比+0.8pct）；基建/ 实业/ ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, with a year-over-year growth of 14.7% and a quarter-over-quarter decline of 5.1%. The net profit attributable to shareholders was 870 million yuan, reflecting a year-over-year increase of 55.3% [1]. - The growth in revenue is primarily driven by the acceleration of automotive intelligence penetration and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, up 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company forecasts a net profit of 4.38 billion yuan in 2025, representing a year-over-year growth of 31.7% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 36, 26, and 22 respectively, indicating a strong growth trend [3]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, reflecting a year-over-year increase of 30% [2]. - The mobile CIS segment is projected to generate 9.8 billion yuan in revenue in 2024, with a year-over-year growth of 26% [2]. - The IoT CIS segment also showed strong performance with a revenue of 760 million yuan in 2024, growing by 42% year-over-year [2].