2025 年 04 月 27 日 行业研究 评级：推荐(维持) | 行业相对表现 | | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | -4.7% | 2.5% | 2.3% | | 沪深 300 | -3.7% | -1.2% | 7.3% | 相关报告 《铬盐行业点评之五：金属铬价格持续上涨，铬盐 产业链受益（推荐）*基础化工*李永磊，董伯骏， 陈云》——2025-04-22 证券分析师： 李永磊 S0350521080004 [Table_Title] 台积电计划 2028 年生产 A14 芯片， 《铬盐行业点评之四：新疆沈宏进入破产重整，铬 盐行业集中度有望提升（推荐）*基础化工*李永磊， 董伯骏，陈云》——2025-04-02 长征二号 F 运载火箭起飞 ——新材料产业周报 最近一年走势 《新材料产业周报：台积电 2nm 月产能今年底可 达 5 万片，星链卫星互联网服务在越南获批（推荐） *基础化工*李永磊，董伯骏，陈云》——2025-03-30 《化工新材料产业周报：台积电计划在美投资千亿 美元，" ...

2025 年 04 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 最近一年走势 | 相对沪深 300 | 表现 | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 易点天下 | 2.0% | -20.1% | 64.2% | | 沪深 300 | -3.7% | -1.2% 7.3% | | | 市场数据 | | 2025/04/25 | | | 当前价格（元） | | 26.85 | | | 周价格区间（元） 52 | | 12.37-41.98 | | | 总市值（百万） | | 12,670.14 | | | 流通市值（百万） | | 8,290.61 | | | 总股本（万股） | | 47,188.59 | | | 流通股本（万股） | | 30,877.50 | | | 日均成交额（百万） | | 1,102.94 | | | 近 ...

2025 年 04 月 27 日 公司研究 评级：增持(首次覆盖) | 研究所： | | | | | --- | --- | --- | --- | | 证券分析师： | | 姚丹丹 | S0350524060002 | | | | | yaodd@ghzq.com.cn | | 联系人 | ： | 李晓康 | S0350124080022 | | | | lixk02@ghzq.com.cn | | [Table_Title] 消费电芯自供率持续提升，动储业务快速增长 ——欣旺达（300207）2024 年年报点评 | 相对沪深 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 欣旺达 | -17.3% | -14.0% | 38.8% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | | | 2025/04/25 | | 当前价格（元） | | | 18.85 | | 52 周价格区间（元） | | | 13.53-26.35 | | 总市值（百万） | | | ...

| 27 | | | --- | --- | | 年 | | | 月 | | | 日 | 公司研究 评级：买入(首次覆盖) | | 2025 04 | | | 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] 激光设备收入盈利亮眼，激光龙头微蚀刻技术保 持领先 ——帝尔激光（300776）2024 年报及 2025 一季 报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 帝尔激光 | -14.6% | -7.8% | 39.2% | | 沪深 300 | -3.7% | -1.2% | 7.3% | | 市场数据 | 202 ...

2025 年 04 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] 一季度利润下滑，看好龙晶等业务的长期成长性 ——爱博医疗（688050）2024 年年报和 2025 年 一季报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/25 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 爱博医疗 | | -12.4% | -17.9% | 6.9% | | 沪深 300 | | -3.7% | -1.2% | 7.3% | | 市场数据 | 2025/04/25 | | --- | --- | | 当前价格（元） | 81.63 | | 周价格区间（元） 52 | 65.17-159.80 | | 总市值（百万） | 15,472.52 | | 流通市值（百万） | 15,472.52 | | 总股本（万股） | 18,954.45 | | 流通股本（万股） | 18,954.45 | | 日 ...

[Table_Title] 特斯拉表明 2029 年后量产百万台 Optimus 信 心，小鹏机器人亮相上海车展 ——人形机器人行业周报 最近一年走势 | 行业相对表现 | | 2025/04/25 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 电力设备 | -10.9% | -6.7% | 3.2% | | 沪深 300 | -3.7% | -1.2% | 7.3% | 相关报告 2025 年 04 月 27 日 行业研究 评级：推荐(维持) | | | | 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： | 李铭全 S0350523030001 | | | limq@ghzq.com.cn | | 证券分析师： | 李昂 S0350525030002 | | | lia@ghzq.com.cn | 《电力设备行业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved revenue and profit growth in 2024, with a revenue of 5.687 billion yuan, up 7.7% year-on-year, and a net profit attributable to shareholders of 426 million yuan, up 17.6% year-on-year [6][8] - The company is expanding its global marketing strategy and has successfully increased its market presence, particularly in the high-margin polymer materials sector [8][12] - The company has completed the construction and production of its second phase of capacity in its lubricant additive subsidiary, which has improved overall capacity utilization [8][12] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 56.87 billion yuan, a year-on-year increase of 7.7%, and a net profit of 4.26 billion yuan, reflecting a 17.6% increase [6][8] - The fourth quarter of 2024 saw revenue of 1.422 billion yuan, which was stable year-on-year but down 1.6% quarter-on-quarter, while net profit rose by 41.3% year-on-year to 112 million yuan [7][11] Product Segmentation - The polymer materials segment achieved a sales volume of 123,600 tons, a 6.4% increase year-on-year, with a slight price decrease of 0.6% to 37,200 yuan per ton [8] - Revenue from light stabilizers reached 2.086 billion yuan, up 11.3% year-on-year, while antioxidant revenue was 1.730 billion yuan, up 8.0% year-on-year [8][17] Future Outlook - The company is expected to achieve revenues of 6.750 billion yuan, 7.841 billion yuan, and 8.415 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 510 million yuan, 595 million yuan, and 657 million yuan [13][15] - The projected PE ratios for 2025, 2026, and 2027 are 13, 11, and 10 times respectively, indicating a favorable valuation outlook [13][15]

Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Insights - The company achieved a revenue of 40.363 billion yuan in 2024, representing a year-on-year growth of 11.26%, while the net profit attributable to shareholders was 0.861 billion yuan, up 15.41% year-on-year [6]. - In Q1 2025, the company reported a revenue of 10.407 billion yuan, a year-on-year increase of 11.96%, but a net loss of 0.068 billion yuan compared to a profit of 0.093 billion yuan in the same period of 2024 [6]. - The integration project with JD Logistics is expected to accelerate in Q2-Q4 2025, potentially bringing additional revenue and performance elasticity [7]. - The company is facing short-term pressure on transportation costs, with a gross margin of 3.99% in Q1 2025, down 2.43 percentage points year-on-year, primarily due to a 34.13% increase in transportation costs [8]. - The company is implementing measures to optimize routes and reduce operational costs, which are expected to improve efficiency and reduce costs in the long term [8][11]. Financial Performance - The company forecasts revenues of 45.116 billion yuan, 48.843 billion yuan, and 52.494 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 12%, 8%, and 7% [12][13]. - The net profit attributable to shareholders is projected to be 0.957 billion yuan, 1.109 billion yuan, and 1.207 billion yuan for the same years, with growth rates of 11%, 16%, and 9% [12][13]. - The report indicates that the company's current investments and management improvements are expected to translate into long-term competitive advantages [11].

Investment Rating - The report maintains a "Buy" rating for Wuliangye [1][11] Core Views - Wuliangye has demonstrated steady revenue growth, with total revenue reaching 89.175 billion yuan in 2024, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [5][10] - The company is actively implementing marketing reforms, consolidating its marketing regions to enhance market responsiveness and optimize channel structures [7][10] - The dividend payout for 2024 is approximately 22.3 billion yuan, with a dividend rate of 70%, indicating a strong commitment to shareholder returns [10] Summary by Sections Recent Performance - In Q1 2025, Wuliangye achieved total revenue of 36.94 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.86 billion yuan, up 5.80% year-on-year [5][6] Revenue Breakdown - For 2024, Wuliangye's revenue from its main product reached 67.875 billion yuan, growing by 8.07%, while other liquor products generated 15.251 billion yuan, increasing by 11.79% [7] - The company has seen significant growth in its banquet market, with main brand banquet activities increasing by 30% and strong performance in the fragrant liquor banquet segment, which grew by 52% [7] Market and Channel Strategy - Revenue from the eastern, southern, and northern regions in 2024 was 31.290 billion yuan, 39.336 billion yuan, and 12.501 billion yuan, reflecting year-on-year growth of 9.75%, 12.65%, and a decline of 3.98% respectively [7] - The company has optimized its distribution channels, with revenue from distribution and direct sales reaching 48.738 billion yuan and 34.389 billion yuan, growing by 5.99% and 12.89% respectively [7] Financial Metrics and Forecast - The report forecasts revenue for 2025 to be 93.634 billion yuan, with a net profit of 33.511 billion yuan, and EPS projected at 8.63 yuan [9][10] - The company maintains a strong return on equity (ROE) of 24% for 2024, with a slight decline to 23% expected in subsequent years [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company achieved a revenue of 5.304 billion yuan in 2024, representing a year-on-year growth of 28.89%, and a net profit attributable to shareholders of 640 million yuan, up 26.53% year-on-year [4][5] - The company has launched a category brand strategy, with significant growth in key products such as "Mowon" and "Egg Emperor," which have become category champions [5][8] - The company is expanding its overseas channels, with overseas revenue reaching 62.74 million yuan in 2024, a substantial increase from 314,900 yuan in 2023 [5][8] Financial Performance - In Q4 2024, the company reported a revenue of 1.443 billion yuan, a year-on-year increase of 29.96%, and a net profit of 147 million yuan, up 33.66% year-on-year [4] - For Q1 2025, the company achieved a revenue of 1.537 billion yuan, reflecting a year-on-year growth of 25.69%, with a net profit of 178 million yuan, up 11.64% year-on-year [4] - The company's gross margin for 2024 was 30.69%, down 2.85 percentage points year-on-year, and for Q1 2025, it was 28.47%, down 3.63 percentage points year-on-year [5][8] Revenue and Profit Forecast - The company is projected to achieve revenues of 6.795 billion yuan in 2025, 8.252 billion yuan in 2026, and 9.539 billion yuan in 2027, with corresponding net profits of 853 million yuan, 1.053 billion yuan, and 1.240 billion yuan respectively [7][9] - The expected EPS for 2025, 2026, and 2027 are 3.13 yuan, 3.86 yuan, and 4.54 yuan respectively [7][9] Market Performance - The company's stock has outperformed the market, with a 12-month performance of 78.3% compared to the Shanghai and Shenzhen 300 index, which has only increased by 7.3% [3]