证 券 研 究 报 告 双汇发展（000895）2025 年一季报点评 强推（维持） 肉制品 Q1 去库，轻装上阵待稳增 目标价：28 元 事项： 公司发布 2025 年一季报。25Q1 实现营业总收入 143.0 亿元，同比-0.1%，归 母净利润 11.4 亿元，同比-10.6%，经营活动净现金流净额为 8.4 亿元，同比- 42.2%。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 59,561 | 61,774 | 63,788 | 65,703 | | 同比增速(%) | -0.6% | 3.7% | 3.3% | 3.0% | | 归母净利润(百万) | 4,989 | 5,243 | 5,475 | 5,725 | | 同比增速(%) | -1.3% | 5.1% | 4.4% | 4.6% | | 每股盈利(元) | 1.44 | 1.51 | 1.58 | 1.65 | | 市盈率(倍) | 19 | 18 ...

公司研究 证 券 研 究 报 告 浙商证券（601878）2025 年一季报点评 推荐（维持） 点评： 风险提示：市场交易量回落；资本市场创新不及预期；实体经济复苏不及预期。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万) | 15,816 | 17,251 | 17,943 | 18,746 | | 同比增速(%) | -10% | 9% | 4% | 4% | | 归母净利润(百万) | 1,932 | 2,380 | 2,662 | 2,982 | | 同比增速(%) | 10% | 23% | 12% | 12% | | 每股盈利(元) | 0.49 | 0.52 | 0.58 | 0.65 | | 市盈率(倍) | 21.3 | 20.1 | 18.0 | 16.0 | | 市净率(倍) | 1.36 | 1.28 | 1.22 | 1.17 | 受市场影响，业绩略有回落 目标价：12.25 元 事项： 浙商证券发布 2025 年一 ...

公司研究 证 券 研 究 报 告 中国核电（601985）2024 年报及 2025 年一季报点评 强推（维持） 25Q1 归母净利增长 3%，新项目再获核准保 障远期成长空间 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 77,272 | 84,865 | 91,061 | 96,037 | | 同比增速(%) | 3.1% | 9.8% | 7.3% | 5.5% | | 归母净利润(百万) | 8,777 | 10,483 | 11,497 | 12,129 | | 同比增速(%) | -17.4% | 19.4% | 9.7% | 5.5% | | 每股盈利(元) | 0.43 | 0.51 | 0.56 | 0.59 | | 市盈率(倍) | 22 | 18 | 17 | 16 | | 市净率(倍) | 1.7 | 1.6 | 1.5 | 1.4 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 29 ...

公司研究 证 券 研 究 报 告 林洋能源（601222）2024 年报及 2025 年一季报点评 推荐（维持） 业绩阶段性承压，海外深化布局有望贡献增量 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,742 | 7,706 | 9,018 | 10,176 | | 同比增速(%) | -1.9% | 14.3% | 17.0% | 12.8% | | 归母净利润(百万) | 753 | 818 | 936 | 1,070 | | 同比增速(%) | -27.0% | 8.6% | 14.5% | 14.2% | | 每股盈利(元) | 0.37 | 0.40 | 0.45 | 0.52 | | 市盈率(倍) | 15 | 14 | 12 | 11 | | 市净率(倍) | 0.7 | 0.7 | 0.7 | 0.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 29 日收盘价 太阳能 2 ...

事件： 点评： 从经营层面看： 公司研究 轮胎 2025 年 04 月 30 日 证 券 研 究 报 告 贵州轮胎（000589）2024 年报及 2025 年一季报点评 强推（维持） 产销稳健增长，聚焦结构改善越南三期积极 推进 | 目标价：5.20 | 元 | | --- | --- | | 当前价：4.36 | 元 | 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：郑轶 邮箱：zhengyi@hcyjs.com 执业编号：S0360522100004 公司基本数据 | 总股本(万股) | 155,525.56 | | --- | --- | | 已上市流通股(万股) | 153,783.85 | | 总市值(亿元) | 67.81 | | 流通市值(亿元) | 67.05 | | 资产负债率(%) | 50.57 | | 每股净资产(元) | 5.68 | | 12 个月内最高/最低价 | 6.62/4.26 | 市场表现对比图(近 12 个月) -31% -15% 1% 17% 24/04 24/07 24/09 24/ ...

公司研究 证 券 研 究 报 告 西部证券（002673）2025 年一季报点评 推荐（维持） 自营业务环比有所下行 目标价：9.24 元 事项： 点评： 单季度 ROE 同比提升，环比下行，或主要受自营固收业务影响。公司报告期 内 ROE 为 1%，同比+0.3pct，杜邦拆分来看： 1）公司报告期末财务杠杆倍数（总资产剔除客户资金）为：2.75 倍，同比-0.1 倍，环比+0.2 倍。 2）公司报告期内资产周转率（总资产剔除客户资金，总营收剔除其他业务收 入后）为 1.2%，同比+0.2pct。 3）公司报告期内净利润率为 30.3%，同比+5.2pct。 杠杆倍数同比有所下行。资产负债表看，剔除客户资金后公司总资产为 798 亿元，同比-1.8 亿元，净资产：290 亿元，同比+9.1 亿元。杠杆倍数为 2.75 倍， 同比-0.1 倍。 公司计息负债余额为 451 亿元，环比+80.6 亿元，单季度负债成本率为 0.6%， 环比-0.2pct，同比-0.1pct。 重资本业务收益率环比有所回落，同比仍在提升。公司重资本业务净收入合 计为 4.8 亿元。重资本业务净收益率（非年化）为 0.7%，环比-0 ...

证 券 研 究 报 告 恒顺醋业（600305）2025 年一季报点评 推荐（维持） Q1 延续高增，仍待改革落地 目标价：8.8 元 事项： 公司发布 2025 年一季报，25Q1 公司实现营业总收入 6.26 亿元，同比+36.0%； 归母净利润 0.57 亿元，同比+2.4%。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,196 | 2,373 | 2,548 | 2,716 | | 同比增速(%) | 4.2% | 8.1% | 7.4% | 6.6% | | 归母净利润(百万) | 127 | 178 | 203 | 231 | | 同比增速(%) | 46.5% | 40.1% | 13.5% | 14.3% | | 每股盈利(元) | 0.11 | 0.16 | 0.18 | 0.21 | | 市盈率(倍) | 70 | 50 | 44 | 39 | | 市净率(倍) | 2.7 | 2.6 | 2.6 | ...

证 券 研 究 报 告 东阿阿胶（000423）2025 年一季报点评 推荐（维持） 勿因短期现金流而低估经营韧性 目标价：72.5 元 事项： 公司公告 1Q25 实现收入 17.2 亿元（+18.2% yoy）、归母净利 4.3 亿元（+20.2% yoy）、扣非净利 4.2 亿元（+26.7% yoy），并召开一季度业绩说明会，对市场较 为关注的现金流及应收账款等财务指标变化进行解读。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,921 | 6,919 | 8,022 | 9,191 | | 同比增速(%) | 25.6% | 16.9% | 15.9% | 14.6% | | 归母净利润(百万) | 1,557 | 1,869 | 2,205 | 2,602 | | 同比增速(%) | 35.3% | 20.0% | 18.0% | 18.0% | | 每股盈利(元) | 2.42 | 2.90 | 3.42 | ...

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][22]. Core Views - The company is experiencing high growth driven by automotive electronics, with a dual-brand strategy and new product development enhancing its long-term competitiveness [1]. - The automotive electronics segment is a key growth driver, with revenue from this sector increasing by over 60% year-on-year in 2024, contributing significantly to overall revenue growth [7]. - The company is expanding its global footprint through its "YJ+MCC" dual-brand strategy, targeting different markets effectively [7]. - The establishment of a packaging base in Vietnam is expected to enhance production capacity and local supply chain capabilities [7]. - The company is advancing in the third-generation semiconductor space, with new product launches expected to support future growth [7]. Financial Summary - Total revenue for 2024 is projected at 60.33 billion, with a year-on-year growth of 11.5% [2][7]. - Net profit attributable to the parent company is expected to reach 1.002 billion, reflecting an 8.5% increase year-on-year [2][7]. - Earnings per share (EPS) is forecasted to grow from 1.84 in 2024 to 3.19 by 2027 [2][7]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 26 in 2024 to 15 in 2027, indicating potential for valuation improvement [2][7]. - The gross margin is expected to improve from 33.1% in 2024 to 35.4% in 2027, driven by higher-margin product sales [8].

Investment Rating - The report maintains a "Recommendation" rating for Postal Savings Bank of China (601658) with a target price of 6.24 CNY, compared to the current price of 5.35 CNY [4][8]. Core Views - The bank's liabilities continue to show advantages, while retail business is expected to recover gradually. The first quarter of 2025 saw a slight decline in operating income by 0.07% year-on-year, and a decrease in net profit by 2.62% year-on-year. The non-performing loan ratio increased slightly to 0.91%, and the provision coverage ratio decreased by 20 percentage points to 266% [2][3][8]. Financial Performance Summary - **Operating Income and Profit**: In Q1 2025, the bank achieved operating income of 893.63 billion CNY, with a year-on-year decline of 0.07%. The net profit attributable to shareholders was 252.46 billion CNY, down 2.62% year-on-year [2][3]. - **Loan and Deposit Growth**: The bank's loans and deposits grew by 9.8% and 9.2% year-on-year, respectively. Corporate loans increased by 15.2%, while retail loans grew by 4.3% [8]. - **Interest Margin**: The net interest margin decreased by 10 basis points to 1.69% in Q1 2025, primarily due to a significant drop in asset yield [8]. - **Asset Quality**: The non-performing loan ratio rose to 0.91%, with an annualized net generation rate of 0.94%. The bank is expected to maintain manageable levels of retail loan non-performing rates as the economy recovers [8]. Financial Forecast Summary - **Revenue and Profit Growth**: The forecast for revenue growth from 2025 to 2027 is 1.0%, 3.6%, and 6.4%, respectively. Net profit growth is projected at 1.1%, 2.0%, and 5.0% for the same period [8][9]. - **Valuation Metrics**: The current valuation is at 0.6 times the 2025 price-to-book ratio, with a target price set at 6.24 CNY based on a projected price-to-book ratio of 0.7 times [4][8].