证 券 研 究 报 告 福斯特（603806）2025 年一季报点评 推荐（维持） 胶膜盈利能力保持领先，电子材料业务发展 可期 事项： 评论： 公司发布 2025 年一季报。2025Q1 公司实现营收 36.24 亿元，同比-31.89%， 环比-8.78%；归母净利润 4.01 亿元，同比-23.08%，环比+709.79%；毛利率 13.10%，同比-2.18pct，环比+1.48pct；归母净利率 11.07%，同比+1.27pct，环 比+9.82pct。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 19,147 | 21,297 | 24,474 | 29,081 | | 同比增速(%) | -15.2% | 11.2% | 14.9% | 18.8% | | 归母净利润(百万) | 1,308 | 1,680 | 2,171 | 2,717 | | 同比增速(%) | -29.3% | 28.5% | 29.2% | ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company's Q1 2025 revenue reached 1.579 billion yuan, representing a year-over-year increase of 78.55% and a quarter-over-quarter increase of 4.79%. The net profit attributable to shareholders was 200 million yuan, showing a year-over-year increase of 656.87% and a quarter-over-quarter increase of 37.63% [1]. - The report highlights strong growth driven by AI server demand, with expectations for new capacity and customers to continue contributing to revenue growth in the second half of the year [1][7]. - The company is experiencing significant improvements in product structure and profitability, with a gross margin of 29.84% and a net margin of 12.67% in Q1 2025, reflecting a substantial increase from previous periods [7]. Financial Performance Summary - Total revenue projections for the company are as follows: 2024A at 4.687 billion yuan, 2025E at 7.549 billion yuan, 2026E at 10.024 billion yuan, and 2027E at 11.654 billion yuan, with respective year-over-year growth rates of 43.2%, 61.1%, 32.8%, and 16.3% [3]. - The net profit attributable to shareholders is projected to grow from 332 million yuan in 2024A to 1.988 billion yuan in 2027E, with year-over-year growth rates of 1,428.2%, 206.5%, 55.8%, and 25.4% [3]. - The report indicates a significant increase in R&D investment, reaching 91 million yuan in Q1 2025, up 87.08% year-over-year, aimed at supporting the development of next-generation AI servers and high-speed switches [7]. Market Position and Future Outlook - The company is positioned to benefit from the rapid growth of the AI industry, with expectations for continued demand for AI servers and high-speed switches, particularly as major clients like Amazon ramp up production of AI-related products [7]. - The report anticipates that the company's capacity expansion and successful project progress in high-speed switches will drive sustained revenue growth, with profit forecasts for 2025-2027 set at 1.017 billion yuan, 1.585 billion yuan, and 1.988 billion yuan respectively [7].

Investment Rating - The report maintains a "Recommendation" rating for Jiangsu Bank, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][21]. Core Views - Jiangsu Bank reported a strong Q1 2025 performance with operating income of CNY 22.3 billion, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of CNY 9.78 billion, up 8.16% year-on-year. The non-performing loan (NPL) ratio improved to 0.86%, a decrease of 3 basis points from the beginning of the year, while the provision coverage ratio stood at 343.51%, down 6.59 percentage points from the start of the year [1][5]. Financial Performance Summary - **Operating Income and Profit**: - 2025 Q1 operating income reached CNY 22.3 billion, a 6.21% increase year-on-year - Net profit attributable to shareholders was CNY 9.78 billion, reflecting an 8.16% year-on-year growth [1][5]. - **Key Financial Metrics**: - Total revenue projections for 2024-2027 are CNY 80.82 billion, CNY 86.83 billion, CNY 95.22 billion, and CNY 102.60 billion respectively, with year-on-year growth rates of 8.80%, 7.44%, 9.67%, and 7.75% [1][6]. - Net profit attributable to shareholders is projected to grow from CNY 31.84 billion in 2024 to CNY 39.80 billion in 2027, with growth rates of 10.80%, 7.40%, 7.96%, and 7.80% [1][6]. - **Asset Quality**: - The NPL ratio is projected to remain stable at 0.89% from 2024 to 2027, while the provision coverage ratio is expected to decline from 351% in 2024 to 170% in 2027 [8][10]. - **Market Position**: - Jiangsu Bank's total assets reached CNY 4.46 trillion by the end of Q1 2025, a 12.84% increase from the beginning of the year, with total loans of CNY 2.26 trillion and deposits of CNY 2.42 trillion, reflecting growth rates of 7.96% and 14.18% respectively [5][6]. Investment Recommendation - The report suggests that Jiangsu Bank's governance is stable, with clear strategic planning and robust operational metrics. The bank's asset quality remains strong, and the current dividend yield is attractive. The target price for 2025 is set at CNY 11.66, based on a projected price-to-book (PB) ratio of 0.85x [2][5].

公司研究 证 券 研 究 报 告 瑞丰银行（601528）2025 年一季报点评 推荐（维持） 单季息差企稳回升，资产质量保持稳定 目标价：6.86 元 事项： 4 月 28 日晚，瑞丰银行披露 1Q25 季报，实现营业收入 11.09 亿元，同比增长 5.12%；营业利润 3.96 亿元，同比增长 4.04%；归属于上市公司股东的净利润 4.24 亿元，同比增长 6.69%。不良率环比持平于 0.97%，拨备覆盖率环比增加 5.2pct 至 326%。 评论： 农商行 2025 年 04 月 29 日 | | | 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 公司基本数据 | 总股本(万股) | 196,216.14 | | --- | --- | | 已上市流通股(万股) | 170,544.22 | | ...

公司研究 证 券 研 究 报 告 立高食品（300973）2024 年报及 2025 年一季报点评 强推（维持） 效率进阶，再超预期 事项： 公司发布 2024 年报，24 年实现总营收 38.35 亿元，同比+9.6%；归母净利润 2.68 亿元，同比+266.9%；24Q4 实现营收 11.18 亿元，同比+22.0%；归母净利 润 0.65 亿元，实现扭亏为盈；25Q1 实现营收 10.46 亿元，同比+14.1%；归母 净利润 0.88 亿元，同比+15.1%。 评论： 休闲食品 2025 年 4 月 29 日 目标价：49.5 元 当前价：37.18 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：严文炀 邮箱：yanwenyang@hcyjs.com 公司基本数据 | 总股本(万股) | 16,934.05 | | --- | --- | | 已上市流通股(万股) | 1 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][25]. Core Insights - The company reported a revenue of 69.85 billion, a year-on-year increase of 6.9%, with express logistics revenue at 51.81 billion, up 7.2% year-on-year [1]. - The net profit attributable to shareholders for Q1 2025 was 2.23 billion, reflecting a year-on-year growth of 16.9% [1]. - The report highlights a continuous improvement in net profit margin, which reached 3.2%, an increase of 0.3 percentage points year-on-year [1]. Financial Performance Summary - **Revenue and Growth**: The company achieved a revenue of 698.5 billion in Q1 2025, with a year-on-year growth of 6.9%. The express logistics segment contributed 518.1 billion, growing by 7.2% [1]. - **Profitability**: The net profit for Q1 2025 was 22.3 billion, up 16.9% year-on-year, with a net profit margin of 3.2%, which is an increase of 0.3 percentage points from the previous year [1]. - **Operational Metrics**: The express business volume reached 3.54 billion pieces, marking a 19.7% increase year-on-year. However, the average revenue per ticket decreased by 10.5% to 14.63 yuan [1]. - **Cost Management**: The gross profit for Q1 2025 was 9.29 billion, with a gross margin of 13.3%, which is a slight increase of 0.1 percentage points year-on-year. The operating expense ratio improved to 8.9%, down by 0.7 percentage points [1]. Shareholder Returns - The company has initiated a share repurchase plan for A-shares, with a total amount not less than 500 million and not exceeding 1 billion, at a price not exceeding 60 yuan per share [2].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, a 7.3% increase year-on-year, while net profit for the same quarter was 438 million yuan, showing a significant year-on-year growth of 22.8% [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year. The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. - The company is focusing on practical adjustments and actively building momentum, with expectations for revenue recovery driven by new products and channels despite external demand pressures [6][7]. Financial Summary - The company’s total revenue for 2024 was 15.127 billion yuan, with a projected growth of 8.2% for 2025, reaching 16.368 billion yuan. The net profit for 2025 is expected to be 1.522 billion yuan, reflecting a growth of 2.5% [7]. - The earnings per share (EPS) for 2024 was 5.06 yuan, with projections of 5.19 yuan for 2025, 5.71 yuan for 2026, and 6.39 yuan for 2027. The corresponding price-to-earnings (PE) ratios are 15, 14, 13, and 12 respectively [7][8]. - The company’s gross margin for 2024 was 23.3%, with a slight year-on-year increase of 0.1 percentage points. The net profit margin was recorded at 9.8%, down 0.7 percentage points year-on-year [6][8]. Product and Market Performance - The company’s revenue from various product categories showed mixed results in 2024, with the rice and flour segment declining by 3.1%, while frozen prepared foods and dishes grew by 11.4% and 10.7% respectively. The company’s hot pot ingredients experienced significant growth, particularly in vacuum-sealed packaging [6][7]. - The company’s sales channels also demonstrated varied performance, with distribution channels increasing by 8.9%, while supermarkets and e-commerce channels saw declines of 2.4% and 2.3% respectively. The new retail channel showed a remarkable growth of 33% [6][7]. Regional Performance - Revenue growth varied across regions, with Northeast China growing by 7.0%, North China by 5.4%, East China by 6.4%, South China by 9.1%, Central China by 7.4%, Northwest by 13.5%, and Southwest by 14.4% [6][7].

公司研究 证 券 研 究 报 告 谢谢谢谢谢寻寻寻 口子窖（603589）2024 年报及 2025 年一季报点评 推荐（维持） 全年增速回正，改革仍待显效 目标价：40 元 事项： 公司发布 2024 年报及 2025 年一季报，2024 年实现总营收 60.15 亿元，同增 0.9%，归母净利润 16.55 亿元，同减 3.8%；其中单 Q4 实现总营收 16.5 亿元， 同增 9.0%，归母净利润 3.5 亿元，同减 7.5%。2025 年 Q1 实现总营收 18.1 亿 元，同增 2.4%，归母净利润 6.1 亿元，同增 3.6%；销售回款 12.0 亿元，同减 14.8%，合同负债 2.7 亿元，环比 24Q4 减少 2.9 亿元。 评论： 风险提示：新品动销不及预期、渠道改革放缓、徽酒竞争加剧。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,015 | 5,556 | 5,728 | 5,935 | | 同比增速(%) ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][6]. Core Views - The company achieved a year-on-year growth of 43% in net profit attributable to shareholders in Q1 2025, showcasing strong performance and growth potential [1][6]. - The report highlights significant growth in wind power generation, particularly in offshore and onshore projects, driven by improved wind conditions in Fujian province [6]. - The company is well-positioned for future growth in the renewable energy sector, particularly in offshore wind and solar energy, with a robust pipeline of projects [6]. Financial Summary - Total revenue for 2024 is projected at 145.63 billion, with a slight decline of 0.9% year-on-year, but expected to grow by 3.3% in 2025 [2][7]. - Net profit attributable to shareholders is forecasted to be 27.93 billion in 2024, reflecting a growth of 6.5% year-on-year, with further increases expected in subsequent years [2][7]. - Earnings per share (EPS) is projected to increase from 1.00 in 2024 to 1.29 by 2027, indicating a positive trend in profitability [2][7]. Market Performance - The company's stock price target is set at 13.1 yuan, representing a potential upside of 32% from the current price of 9.96 yuan [2][6]. - The company has a total market capitalization of 276.90 billion, with a price-to-earnings (P/E) ratio of 10 for 2024, which is expected to decrease to 8 by 2027 [2][7]. Operational Insights - The company’s total installed capacity as of the end of 2024 is approximately 6.096 million kilowatts, with a significant portion dedicated to clean energy sources [6]. - The report notes that 75.7% of the company's total power generation comes from market-based transactions, indicating a strong focus on competitive pricing and efficiency [6].

证 券 研 究 报 告 旭升集团（603305）2024 年报及 2025 年一季报点评 强推（维持） 业绩修复、机器人布局同步进行时 目标价：16.4 元 事项： 公司发布 2024 年报及 2025 年一季报，2024 年营收 44.1 亿元、同比-9%，归 母净利 4.16 亿元、同比-42%，扣非归母净利 3.58 亿元、同比-47%；1Q25 营 收 10.5 亿元、同比-8%，归母净利 0.96 亿元、同比-39%，扣非归母净利 0.81 亿元、同比-43%。 评论： 公司研究 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,409 | 5,029 | 6,091 | 6,970 | | 同比增速(%) | -8.8% | 14.1% | 21.1% | 14.4% | | 归母净利润(百万) | 417 | 521 | 634 | 770 | | 同比增速(%) | -41.7% | 25.2% | 21.6% | 2 ...