重整旗鼓展新颜，AI 课程具巧思 [Table_CoverStock] —豆神教育(300010)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 14 日 [Table_CoverAuthor] 范欣悦 教育人服行业首席分析师 S1500521080001 fanxinyue@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 豆神教育(300010) 投资评级 买入 上次评级 无 [Table_BaseData] 公司主要数据 | 收盘价（元） | 7.38 | | --- | --- | | 52 周内股价波动区间 | 12.96-2.38 | | (元) | | | 最近一月涨跌幅(％) | 4.83 | | 总股本(亿股) | 20.67 | | 流通 A 股比例(％) | 80.49 | | 总市值(亿元) | 152.52 | | 资料来源：聚源，信达证券研发中心 | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲12 ...

重整旗鼓展新颜，AI 课程具巧思 [Table_BaseData] 公司主要数据 [Table_CoverStock] —豆神教育(300010)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 14 日 [Table_CoverAuthor] 范欣悦 教育人服行业首席分析师 S1500521080001 fanxinyue@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 豆神教育(300010) 投资评级 买入 上次评级 无 | 收盘价（元） | 7.38 | | --- | --- | | 52 周内股价波动区间 | 12.96-2.38 | | (元) | | | 最近一月涨跌幅(％) | 4.83 | | 总股本(亿股) | 20.67 | | 流通 A 股比例(％) | 80.49 | | 总市值(亿元) | 152.52 | | 资料来源：聚源，信达证券研发中心 | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲12 ...

环保板块 2024 年年报及 2025 年一季报总结：砥砺而上，穿出隧道 照见光 [Table_Industry] 环保工程及服务 [Table_ReportDate] 2025 年 05 月 13 日 证券研究报告 行业研究 [Table_ReportType] 行业深度研究 [Table_StockAndRank] 环保工程及服务 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 环保板块 2024 年年报及 2025 年一季报总结： 砥砺而上， ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights the company's confidence in its IDE business through a stock incentive plan, granting 4 million restricted shares, representing 3.30% of the total share capital [1] - High performance targets for the IDE business from 2025 to 2027 indicate the company's long-term confidence in this sector, with revenue targets set at no less than 1.45/2.8/5 billion yuan and profit targets at no less than 0.65/1.4/3 billion yuan [2] - The company has completed the acquisition of the remaining 48% stake in Aipuyang and launched the low-code IDE product SnapDevelop, which has over 5,000 stable trial users [2] - The collaboration with DCloud, a leading domestic front-end developer platform, is expected to enhance product promotion, given DCloud's user base of over 9 million front-end developers [2] - The dual focus on "AI+IDE" is anticipated to open long-term growth opportunities, with plans to support new programming languages and develop a fully AI-driven software development platform [2] Financial Summary - Total revenue is projected to grow from 320 million yuan in 2023 to 783 million yuan in 2027, with a compound annual growth rate (CAGR) of 42.6% [3] - Net profit attributable to the parent company is expected to increase from 56 million yuan in 2023 to 305 million yuan in 2027, reflecting a significant growth trajectory [3] - The gross margin is forecasted to improve from 46.2% in 2023 to 55.1% in 2027, indicating enhanced profitability [3] - Earnings per share (EPS) are projected to rise from 0.46 yuan in 2023 to 2.51 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 101.32 to 18.68 [3] Investment Recommendations - The report maintains a "Buy" rating based on the company's strong product advantages and extensive collaboration with DCloud for large-scale promotion [2][3]

证券研究报告 公司研究 [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] "AI+IDE"双向布局，股权激励彰显公司信心 [Table_ReportDate] 2025 年 5 月 13 日 [Table_S 事件：卓易信息 ummary]发布 2025 年限制性股票激励计划。激励计划拟授予激励对 象的限制性股票数量为 400 万股，约占本激励计划草案公布日公司股本总 额的 3.30%。激励计划首次授予限制性股票的授予价格为 25.00 元/股。股 权激励授予激励对象共计 40 人，包括公司核心技术人员、骨干人员。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] [Table_ReportType] 点评报告 [Table_StockAndRank] 卓易信 ...

4 月末封闭式理财产品达基率上升——银 行理财月度跟踪（2025.04） [Table_Industry] 银行 [Table_ReportDate] 2025 年 5 月 13 日 证券研究报告 邮 箱：zhangxiaohui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 4 月末封闭式理财产品达基率上升——银行 理财月度跟踪（2025.04） [Table_ReportDate] 2025 年 05 月 13 日 本期内容提要: 行业研究 [Table_ReportType] 行业月报 | [Table_StockAndRank] 银行 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | [Table_Author] 张晓辉 银行业分析师 执业编号：S1500523080008 1）收益类型：发行理财产品 1438 款，非保本型产品 1438 款，市场占比 100%；2）期限类型：1-3 个月期限产品发行量占比上升。 ...

[Table_StockAndRank] 巨星科技(002444) 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | | 买入 | | --- | --- | | 投资评级 | | | | | 中美贸易摩擦缓和，关税水平大幅降低。此次中美经贸会谈双方达成共识互 相降低关税水平，从前期的 125%大幅下降至 34%，其中 10%继续执行、 24%则给予 90 天暂缓期，并且不排除进一步下调的可能。对于工具板块而 言，目前中国对美出口税率水平回落至79%（其中包括301关税25%、IEEPA 关税 54%），并且在 90 天暂缓期内实际税率约为 55%。根据我们测算，终 端零售价同比上调接近 20%即可保障原有产业链利润空间。当前北美市场 有公司工具产品已开始涨价，中国产能经济性有望修复。 积极推进产能转移，全球布局应对冲击。公司对美出口主要风险敞口约 10 亿美元，其中中国 6 亿美元（3 亿美元 ODM+3 亿美元 OBM）、越南 4 亿美 元（均为 ODM），分别面临 79%、46%的关税，在暂缓期内分别为 55%、 10%。一方面考虑到税率差距，公司自 4 月起已加速建设位于 ...

[Table_StockAndRank] 巨星科技(002444) | | 买入 | | --- | --- | | 投资评级 | | | | | [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 巨星科技：关税摩擦缓和，对美业务有望修复 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 | [Table_Profit 重要财务指标 ] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | ...

Investment Rating - The investment rating for the banking industry is "Positive" [2] Core Insights - The report highlights a recent increase in the closed-end wealth management product achievement rate, which reached 83.17% by the end of April 2025, while the open-end product achievement rate decreased to 54.80% [15][16] - The overall market's wealth management product net loss rate was recorded at 2.23%, showing a decrease of 0.27 percentage points compared to the previous month [12] - The number of existing net value-type wealth management products decreased to 18,600, a decline of 1.85% month-on-month [22] Summary by Sections Wealth Management Market Overview - As of the end of April 2025, the broken net rate was 2.23%, down from a peak of 20.60% in December 2022 [12] - The achievement rate for closed-end products increased to 83.17%, while open-end products saw a decrease to 54.80% [15][16] Net Value-Type Wealth Management Products - The total number of existing net value-type products was 18,600, reflecting a month-on-month decrease of 1.85% [22] - The proportion of net value-type products with a negative net value growth was 2.95% as of the end of April [31] Issuance Market Situation - In April 2025, the total number of newly issued wealth management products was 5,990, representing a year-on-year increase of approximately 44.83% [39] - Non-principal guaranteed products have seen a significant rise, with principal guaranteed products effectively reaching zero [42] - The largest proportion of newly issued products in April was for the 12-24 month term, accounting for 25.03% of the total [45] Investment Recommendations - The report suggests focusing on national banks with solid fundamentals and low valuations, particularly those benefiting from the state-owned enterprise reform context, such as Postal Savings Bank, Agricultural Bank, and CITIC Bank [7] - It also highlights regional banks with sustained performance in wealth management, such as Qilu Bank and Ningbo Bank, as potential investment opportunities [7]

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | | --- | --- | | 执业编号：S1500521040002 | | | 联系电话：010-83326858 | | | 箱： xieyunliang@cindasc.com | 邮 | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127 号 金隅大厦B 座 邮编：100031 [Table_Title] 极端关税缓和下，未来可能的三种结果 [Table_ReportDate] 2025 年 5 月 13 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 中美极端关税出现实质性缓解，是现实需要的必然结果。中美双方实施极 端关税一个月后，双方在日内瓦经贸会议发布了联合声明，中美双方取消 91%的关税，暂停 24%的关税，保留 ...