证券研究报告 | 年报点评报告 gszqdatemark 2025 04 29 年 月 日 风险提示：商誉减值风险、PPP 项目减值风险、国产品牌渗透力度不及预 期风险、核心零部件进口风险、应收账款减值风险。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,182 | 3,614 | 4,118 | 4,715 | 5,423 | | 增长率 yoy（%） | -7.8 | 13.6 | 14.0 | 14.5 | 15.0 | | 归母净利润（百万元） | -323 | 207 | 341 | 478 | 673 | | 增长率 yoy（%） | 13.9 | 164.1 | 65.0 | 40.1 | 40.8 | | EPS 最新摊薄（元/股） | -0.72 | 0.46 | 0.76 | 1.07 | 1.50 | | 净资产收益率（%） | -12.2 | 6.7 | 10.8 | 13.1 | 15.5 | | P/E（倍） | -30.5 ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 瑞丰银行（601528.SH） 息差降幅明显收窄，拨备进一步夯实 事件：瑞丰银行披露 2025 年一季报，2025 年一季度实现营收 11.1 亿元， 同比增长 5.12%，归母净利润 4.2 亿元，同比增长 6.69%。2025Q1 末不 良率、拨备覆盖率分别为 0.97%、326.08%，较上年末分别持平、提升 5.2pc。 1、业绩表现：息差降幅同比收窄 25Q1 年营业收入、归母净利润增速分别为 5.12%、6.69%，分别较 24A 下降 10.2pc、下降 4.6pc，其中息差同比降幅收窄、业务成本节约等对业 绩形成正向贡献，具体来看： 1）利息净收入：同比增长 2.68%，较 24A 增速提升 4.3pc，25Q1 净息差 为 1.46%，较 24A 下降 4bps（24Q1 下降 13bps），息差同比降幅明显收 窄，主要得益于计息负债成本改善，其中生息资产收益率、计息负债成本 率分别下降 11bps、下降 7bps。 2）其他非息收入：同比增长 11.43%，较 24A 增速有所下降，其中投资 净收益同比 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [7]. Core Views - The company reported a revenue of 5.35 billion yuan and a net profit of 760 million yuan for Q1 2025, showing a year-on-year increase of 12% in revenue but a slight decline of 3% in net profit [1]. - The company is expected to see a revenue growth of over 15% in 2025, driven by new customer orders and an increase in production capacity [2][4]. - The company is currently in a phase of expanding its production capacity, which is anticipated to enhance its international presence and operational efficiency in the medium to long term [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 22.9%, down 5.5 percentage points year-on-year, primarily due to the ramp-up of new factories [1]. - The company’s net profit margin decreased by 2.3 percentage points to 14.3% in Q1 2025 [1]. Customer Orders and Market Position - The company has maintained strong relationships with major brands like Nike and Adidas, with expectations of stable orders from existing clients and significant growth from new clients [2]. - The company’s new collaboration with Adidas is expected to contribute to rapid order growth in 2025 [2]. Production Capacity and Efficiency - The company plans to expand its production capacity significantly, with a total capacity of 229 million pairs and a utilization rate of 97% expected in 2024 [3]. - The company is focusing on improving operational efficiency through training and automation, which is expected to enhance gross margins in the upcoming quarters [3]. Cash Flow and Inventory Management - As of Q1 2025, the company reported a 12.5% increase in inventory year-on-year, with inventory turnover days decreasing by 5.1 days to 74.1 days [4]. - The net operating cash flow for Q1 2025 was 1.21 billion yuan, approximately 1.6 times the net profit for the same period [4].

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 常宝股份（002478.SZ） 特材项目有序推进，持续结构转型升级。公司目前具备 100 万吨特种专用 管材生产能力，在油管、小口径合金高压锅炉管、HRSG 超长管、石化热 交换器用 U 型管等细分行业中的市场占有率和品牌竞争优势明显；公司特 材项目有序推进，高端合金管线、超长精密管主线、洁净光亮管主线陆续 进入试生产调试阶段，热挤压线预计 2025 年 7 月启动调试，为正式投产 奠定基础；精密管项目取得阶段性进展，热处理线、冷拔线、精整探伤线 进入生产调试；焊管生产线计划预计 2025 年 8 月底进行安装调试阶段； 随着特材项目持续投产，公司盈利能力或显著改善。 下游景气度改善，需求保持扩张趋势。根据公司年报，2025 年预计油气开 采用管市场将呈现总量稳定、结构优化、高端化提速等特点，国内市场方 面预计在海上、陆上深层、超深层等非常规油气资源开发方面可能会存在 更多增量的市场需求；2024 年火电投资完成额为 1588 亿元，同比增加 32.7%，预计 2025 年锅炉管市场需求持续饱满，火电建设投资高增有望 带动 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company demonstrated excellent performance in Q1 2025, with revenue growth of 22.3% to 980 million yuan and net profit growth of 28.8% to 100 million yuan [1]. - The company is expected to achieve a revenue growth of 7.7% in 2025, reaching 5 billion yuan, with a net profit growth of 8.5% to 760 million yuan [3]. - The company is focusing on enhancing its product quality and diversity, particularly in the apparel accessory segment, which is anticipated to expand significantly in the medium to long term [2]. Financial Performance - In Q1 2025, the gross margin improved by 0.9 percentage points to 38.8%, while the management expense ratio decreased by 1.6 percentage points to 11.4% [1]. - The company’s net profit margin increased by 0.5 percentage points to 10.2% in Q1 2025 [1]. - The projected net profit for 2025-2027 is estimated at 760 million, 853 million, and 954 million yuan respectively [3]. Business Expansion - The company’s zipper business showed strong sales, with revenue growth of 16% in 2024, while other apparel accessory businesses grew by 42% [2]. - The successful operation of the Vietnam factory is expected to enhance the company's brand influence overseas and facilitate the expansion into European and Japanese markets [2]. Competitive Advantage - The company is recognized for its superior smart manufacturing capabilities and commitment to customer service, which are expected to support its market share growth in the long term [3]. - The company is actively seeking to expand its customer base in Europe and Japan, adapting its production capacity to meet customer demands [3].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, reflecting a year-on-year growth of 21.3%, while the net profit attributable to shareholders decreased by 5.0% to 80 million yuan [1] - The company is expanding its overseas production capacity, with plans to raise up to 1.524 billion yuan through a private placement to enhance its competitive strength [2] - The gross margin for Q1 2025 was 15.8%, down by 1.6 percentage points year-on-year, and the net margin was 8.1%, down by 2.2 percentage points [1][2] Financial Performance Summary - Revenue is projected to grow from 2.775 billion yuan in 2023 to 7.422 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.3% [4] - The net profit attributable to shareholders is expected to increase from 322 million yuan in 2023 to 721 million yuan in 2027, with growth rates of 7.9%, 27.5%, 15.0%, 24.5%, and 22.7% for the respective years [4] - The earnings per share (EPS) is forecasted to rise from 0.87 yuan in 2023 to 1.94 yuan in 2027 [4] Investment Strategy - The company aims to optimize its domestic and overseas production layout, focusing on the construction of new facilities in Thailand and Vietnam to enhance its product offerings [2] - The report anticipates a steady increase in net profit for the years 2025 to 2027, with expected figures of 4.7 billion yuan, 5.9 billion yuan, and 7.2 billion yuan respectively [2]

证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 宁波银行（002142.SZ） 存贷两旺，不良生成率持续下降 事件：宁波银行披露 2025 年一季报，2025 年一季度实现营收 185 亿元， 同比增长 5.63%，归母净利润 74 亿元，同比增长 5.76%。2025Q1 末不 良率、拨备覆盖率分别为0.76%、370.54%，较上年末分别持平、下降19pc。 1、业绩表现：计息负债成本改善明显 25Q1 年营业收入、归母净利润增速分别为 5.63%、5.76%，分别较 24A 下降 2.6pc、下降 0.5pc，其中规模扩张、手续费收入降幅收窄、所得税率 下降对业绩形成正向贡献，具体来看： 1）利息净收入：同比增长 11.59%，较 24A 增速下降 5.7pc，25Q1 净息 差为 1.80%，较 24A 下降 6bps（24Q1 提升 2bps），息差同比降幅扩大， 主要由于生息资产收益率明显下降，25Q1 生息资产收益率、计息负债成 本率分别下降 31bps、下降 22bps。 2）手续费及佣金净收入：同比下降 1.32%，较 24A 降幅收窄 18pc，或主 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 16.82 billion yuan in 2024, representing a year-on-year increase of 14.8%, and a net profit attributable to shareholders of 1.05 billion yuan, up 7.8% year-on-year [1] - The company experienced strong growth in overseas sales, with a 21.7% increase in foreign revenue for 2024, while domestic sales faced pressure with a decline of 4.4% [2] - The gross margin for 2024 decreased by 1.8 percentage points to 20.9%, primarily due to intensified market competition and changes in sales structure [3] - In Q1 2025, the company reported a revenue of 3.83 billion yuan, a year-on-year increase of 10.4%, and a net profit of 250 million yuan, up 43.0% year-on-year [1][4] Revenue Breakdown - For 2024, the company's revenue from kitchen appliances was 11.51 billion yuan, up 16.3%, while home appliances revenue was 2.92 billion yuan, up 17.4% [2] - The revenue from global ODM/OEM and proprietary brands in 2024 was 14.34 billion yuan and 2.48 billion yuan, respectively, with year-on-year changes of +20.1% and -8.3% [2] Profitability Metrics - The net profit margin for 2024 was 6.6%, down 0.5 percentage points year-on-year [3] - In Q1 2025, the gross margin improved to 22.4%, an increase of 0.5 percentage points year-on-year, attributed to cost reduction and efficiency enhancement measures [4] Future Profit Forecast - The company is expected to achieve net profits of 1.16 billion yuan, 1.27 billion yuan, and 1.38 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.5%, 9.4%, and 8.5% [4]

季度业绩环比改善，关注基建需求潜力 事件：公司发布 2025 年一季度报告。公司一季度实现营业收入 83.75 亿 元，同比下降 8.21%；归属于母公司所有者的净利润 1.37 亿元，同比下 降 19.84%；基本每股收益 0.0345 元，同比减少 19.39%。 季度业绩环比改善，一季度毛利率逐步修复。公司 2025Q1 实现归母净利 1.37 亿元，同比下降 19.84%，环比增长 143.36%；2025Q1 钢价走弱， 行业钢企盈利比例位于 50%左右，公司归母净利同比仍下滑，但环比显著 改善，2025Q1 公司铸管产品在铸管公开市场的招标占比持续提升。公司 2024Q2-2025Q1 逐季销售毛利率分别为 6.84%、4.81%、4.84%、7.61%， 逐季销售净利率分别为 2.52%、0.36%、-4.98%、1.83%，受益于行业供 给端调控预期升温，叠加基建投资及消费驱动的需求改善趋势，后续行业 及公司盈利有望逐步好转。 产能挖潜空间大，加快布局海外产能及储能电池领域。2025 年公司金属 制品产量目标为 992 万吨，同比增加 22.6%，产能挖潜空间较大。2023 年新兴铸管股份有限 ...

常宝股份（002478.SZ） 一季度业绩回落，特材项目有序推进 证券研究报告 | 季报点评 gszqdatemark 2025 04 29 年 月 日 事件：公司发布 2025 年一季度报告。公司一季度实现营业收入 12.11 亿 元，同比减少 7.07%；归属于母公司所有者的净利润 1.11 亿元，同比减 少 33.0%；基本每股收益 0.12 元，同比减少 33.33%。 盈利同环比回落，销售净利率环比下行。公司 2025Q1 实现归母净利 1.11 亿元，同比下降 33.0%，环比下降 50.1%，实现扣非归母净利 0.94 亿元， 同比下降 23.71%，环比回落 39.9%，受套保收益及其他公允价值变动收 益收缩等因素影响，一季度盈利同比收缩；公司 2024Q2-2025Q1 逐季销 售毛利率分别为 16.18%、17.10%、17.45%、15.33%，逐季销售净利率 分别为 11.16%、6.53%、15.78%、9.76%，2025Q1 销售毛利率及净利 率均有所回落。 特材项目有序推进，持续结构转型升级。公司目前具备 100 万吨特种专用 管材生产能力，在油管、小口径合金高压锅炉管、HRS ...