2025 年 04 月 21 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 王宁 S0350522010001 wangn02@ghzq.com.cn 证券分析师： 张婉姝 S0350522010003 zhangws@ghzq.com.cn [Table_Title] 营收稳健增长，毛利率同比提升 最近一年走势 | 相对沪深 300 表现 | 2025/04/21 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 表现 | | | | | | | | 华测检测 | | -8.7% | -2.2% | -14.0% | | | | 周价格区间（元） 52 | 9.48-18.00 | | | | | | | 总市值（百万） | 19,184.24 | | | | | | | 当前价格（元） | | | | | | 11.40 | | 流通市值（百万） | 16,322.17 | | | | | | | 总股本（万股） | 168,282.82 | | | | | | | 流通股本（万股） | 143,176.97 | | | | | ...

2025 年 04 月 21 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 联系人 ： 邱怡瑄 S0350124070030 qiuyx@ghzq.com.cn [Table_Title] 2025Q2 指引超预期，持续关注关税之潜在影响 2025 年 4 月 17 日，台积电发布 2025 年 Q1 财报：2025Q1，公司实现 收入 8,392.5 亿元新台币/255.3 亿美元（新台币价值 QoQ-3.4%， YoY+41.6%）；归母净利 3,615.6 亿元新台币（QoQ-3.5%，YoY+60.3%）； 晶圆季出货量（等效 12 英寸晶圆）325.9 万片（QoQ-4.7%，YoY+7.6%）。 投资要点: 最近一年走势 行业相对表现 《2024 年强劲收官，乐观看待未来五年 AI 增长— —台积电（TSM）FY2024Q4 财报点评*陈梦竹》 ——2025-1-21 ——台积电（TSM）2025Q1 财报点评 事件: 国海证券研究所 请务必阅读正文后免责条款部分 表现 1M 3M 12M TSM.N -13. ...

最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/21 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华夏银行 | 4.8% | 6.1% | 23.8% | | 沪深 300 | -3.3% | -1.2% | 6.9% | 2025 年 04 月 21 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 林加力 S0350524100005 linjl01@ghzq.com.cn 证券分析师： 徐凝碧 S0350524110001 xunb@ghzq.com.cn | 市场数据 | 2025/04/21 | | --- | --- | | 当前价格（元） | 7.88 | | 52 周价格区间（元） | 6.02-8.22 | | 总市值（百万） | 125,409.64 | | 流通市值（百万） | 121,251.32 | | 总股本（万股） | 1,591,492.85 | | 流通股本（万股） | 1,538,722.40 | | 日均成交额（百万） | 385.58 | | 近一月换手（%） | 0.32 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][12]. Core Views - The company is positioned as a leader in the domestic spandex and adipic acid industry, with significant cost advantages at the bottom of the cycle, awaiting an industry turning point [9][10]. - In 2024, the company is expected to experience a decline in profitability due to insufficient demand and price drops in key products, despite an increase in sales volume [6][7]. - The report forecasts a recovery in the spandex and adipic acid sectors, with no new capacity expected in the adipic acid industry in 2025, which may lead to improved consumption driven by domestic technological advancements [10][12]. Financial Performance Summary - In 2024, the company achieved operating revenue of 26.931 billion yuan, a year-on-year increase of 2.4%, while net profit attributable to shareholders was 2.220 billion yuan, down 10.4% year-on-year [6][11]. - The fourth quarter of 2024 saw a decline in revenue to 6.559 billion yuan, a decrease of 0.9% year-on-year, and a significant drop in net profit to 205 million yuan, down 62.7% year-on-year [6][8]. - The gross profit margin for 2024 was 13.8%, down 1.5 percentage points from the previous year, indicating pressure on profitability [6][12]. Product Segment Performance - The chemical fiber segment generated revenue of 9.051 billion yuan in 2024, a decrease of 2.7% year-on-year, while sales volume increased by 12.3% to 368,000 tons [7]. - The chemical new materials segment reported revenue of 5.844 billion yuan, a slight decline of 0.7% year-on-year, with a sales volume of 425,000 tons, up 2.4% [7]. - The basic chemical products segment saw a revenue increase of 22.3% to 10.475 billion yuan, with a sales volume of 1.366 million tons, although the gross margin decreased by 8.8 percentage points [7].

2025 年 04 月 21 日 公司研究 评级：买入(首次覆盖) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 严语韬 S0350525040001 | | | yanyt@ghzq.com.cn | [Table_Title] 多领域延伸筑大功率先发优势，乘 AI 东风外拓、 有望后发制人 ——禾望电气（603063）公司深度研究 最近一年走势 | 相对沪深 | 表现 300 | | 2025/04/21 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 禾望电气 | | -11.0% | -16.4% | 55.6% | | 沪深 300 | | -3.3% | -1.2% | 6.9% | | 市场数据 | 2025/04/21 | | --- | --- | | 当前价格（元） | 2 ...

2025 年 04 月 21 日 北交所行业研究 研究所： 证券分析师： 罗琨 S0350522110003 luok@ghzq.com.cn 联系人 ： 禹露 S0350124070012 yul06@ghzq.com.cn [Table_Title] 本周北证 50 涨幅延续、交易放缓，交大铁发提 交注册 ——北交所行业周报 最近一年走势 | 行业相对表现 | | | 2025/04/18 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 北证 | 50 | -7.45% | 18.34% | 65.34% | | 沪深 | 300 | -5.61% | -1.04% | 5.81% | 相关报告 《北交所行业周报：本周整体市场波动较大，鼎佳 精密、岷山环能两家企业上会通过（推荐）*中小 盘*罗琨》——2025-04-14 《北交所行业周报：北交所出台自律管理规则，本 周天工股份完成注册、下周两家企业上会（推荐） *中小盘*罗琨》——2025-04-07 《北交所行业周报：近期北证 50 指数有所回调， 本周开发科技上市（推荐）* ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company achieved a revenue of 17.6 billion yuan in 2024, a decrease of 2% year-on-year, with a net profit attributable to shareholders of 2.5 billion yuan, down 45% year-on-year. The gross margin was 33%, down 8 percentage points [1]. - In Q4 2024, the company reported a revenue of 3.1 billion yuan, a decline of 31% year-on-year and 28% quarter-on-quarter, with a net loss of 450 million yuan, primarily due to significant impairment losses [1]. - The company is expected to see a recovery in its photovoltaic business in 2025, with new products and technologies in the battery and component sectors likely to drive growth in the next industry cycle [6]. Financial Performance Summary - For 2024, the company reported a revenue of 17.6 billion yuan and a net profit of 2.5 billion yuan, with a gross margin of 33% and a net profit margin of 15% [1]. - The semiconductor business is positioned for growth, with a focus on advanced process and packaging equipment, and the company has secured over 3.3 billion yuan in orders for semiconductor equipment [6]. - The company anticipates revenues of 16.5 billion yuan in 2025, 15.5 billion yuan in 2026, and 14.6 billion yuan in 2027, with net profits projected at 2.35 billion yuan, 2.43 billion yuan, and 2.52 billion yuan respectively [5][6]. Business Segment Analysis - Equipment and Services: Revenue of 13.4 billion yuan in 2024, up 4.3% year-on-year, with a gross margin of 36.36% [1]. - Materials: Revenue of 3.3 billion yuan, down 20% year-on-year, with a gross margin of 28.71%, significantly impacted by falling prices of quartz crucibles [1][6]. - The company has developed new products in the photovoltaic sector, including de-silvering equipment, which has shown promising results in customer testing [6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's main business profits have shown a strong recovery in Q1 2025, with a non-recurring net profit of 1.03 billion yuan, representing a year-on-year increase of 13.92%. The main business profit reached 640 million yuan, up 116% year-on-year [6] - The report highlights the positive impact of the company's marketing system reform initiated in 2024, which is expected to enhance short-term profit recovery and long-term revenue growth and profitability [6] - The demand for cultured gallstones is expected to grow steadily due to an aging population and the shortage of natural gallstones, providing significant replacement opportunities [6] Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 892 million yuan, down 8.04% year-on-year, while the net profit attributable to shareholders was 110 million yuan, up 10.70% year-on-year [4][6] - The report forecasts revenues for 2025-2027 to be 39.50 billion yuan, 43.45 billion yuan, and 47.80 billion yuan, respectively, with net profits of 5.46 billion yuan, 6.25 billion yuan, and 7.41 billion yuan [6][8] Market Position and Growth Drivers - The company is expected to maintain high growth in its OTC and hospital sales channels, with significant market share increases for products like "Bengtong Capsule" and "Jianpi Shengxue Granule" [6] - New product launches, including pediatric and prescription drugs, are anticipated to contribute to sustained growth in the prescription line [6] Long-term Outlook - The report emphasizes the long-term growth potential of cultured gallstones, driven by increasing health demands and the aging population, which is expected to benefit downstream products containing gallstones [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's profitability is expected to significantly improve in 2024, driven by trends in large-scale, intelligent, and electrified operations, which will support continuous performance growth [1][6] - The company achieved a revenue of 6.145 billion yuan in 2024, representing a year-on-year increase of 4.85%, and a net profit attributable to shareholders of 793 million yuan, up 29.03% year-on-year [4][6] - The company is making significant progress in the new energy and autonomous driving sectors, with successful deliveries and increased sales of new energy vehicles and autonomous mining trucks [6][8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 6.145 billion yuan, with domestic revenue of 5.134 billion yuan (up 5.22% year-on-year) and overseas revenue of 1.011 billion yuan (up 3.03% year-on-year) [6][8] - The gross profit margin for 2024 was 21.45%, an increase of 2.37 percentage points year-on-year, attributed to the introduction of higher-margin large-tonnage and new energy products [6][7] - The net profit margin improved to 12.91%, up 2.32 percentage points year-on-year, reflecting enhanced profitability [7][8] Market Trends and Strategic Initiatives - The company is positioned to benefit from national policies promoting equipment upgrades in the mining sector, which will drive demand for large-scale and autonomous mining trucks [7][8] - The autonomous mining truck market is expected to grow significantly, with projections indicating an increase in the number of autonomous trucks deployed in open-pit mines [7][8] - The company aims to enhance its market share in the new energy sector by increasing the production scale of electric off-road dump trucks [7][8] Earnings Forecast - The company forecasts revenues of 7.067 billion yuan in 2025, 8.296 billion yuan in 2026, and 9.821 billion yuan in 2027, with corresponding net profits of 910 million yuan, 995 million yuan, and 1.148 billion yuan respectively [8][9] - The expected growth rates for revenue and net profit are 15% and 9% for 2025 and 2026, respectively, with a return on equity (ROE) projected at around 25% [9][10]

证券研究报告 2025年04月21日 有色金属 铝行业周报：去库表现强势，关注需求及出口走向 评级：推荐(维持) 陈晨（证券分析师） 王璇（证券分析师） S0350522110007 S0350523080001 chenc09@ghzq.com.cn wangx15@ghzq.com.cn 最近一年走势 相关报告 -23% -14% -5% 4% 13% 23% 2024/04 2024/07 2024/10 2025/01 2025/04 有色金属 沪深300 《铝行业周报：关税压力缓解，铝价压制减弱，关注需求变化（推荐）*有色 金属*王璇，陈晨》——2025-04-14 《铝行业周报：关税冲击，海外铝价持续下跌，国内去库延续（推荐）*有色 金属*王璇，陈晨》——2025-04-06 《铝行业周报：铝去库表现好，关税压力下铝价震荡（推荐）*有色金属*王璇， 陈晨》——2025-03-31 沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属 | -8.7% | -0.0% | -5.5% | | 沪深300 | -5.9% | -1 ...