➢ 网宿科技发布 2025 年一季度报告。2025 年 4 月 24 日，网宿科技发布 2025 年一季度报告。2025 年 Q1 实现营业收入 12.35 亿元，同比增长 10.26%；归母 净利润 1.92 亿元，同比增长 38.54%；扣非归母净利润 1.50 亿元，同比增长 52.60%。25Q1 公司销售毛利率为 30.96%，同比下降 2.35pct，我们认为主要 由于受市场竞争影响，公司服务价格波动所致。 ➢ "国内+海外"市场联动，海外业务规模持续扩大。公司在 2025 年继续推进 CDN 及边缘计算、安全两大核心业务。公司继续采取平衡收入和利润的市场策 略，在国内市场围绕技术升级和精细化运营开展工作，深耕核心客户，提升了服 务质量。公司在 2025 年继续推动全线产品出海，积极拓展"一带一路"沿线市场， 为全球化业务提供支持。例如，公司升级游戏出海安全加速解决方案，支持安全 加速一体化，为出海游戏企业提供强有力的保障；加强 SD-WAN 安全组网产品 能力，为企业构建高性价比的全球智能网络。另外，公司还积极将安全能力出海， 通过领先的 WAAP 全站防护能力，针对业务数据、经营数据等提供全生 ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at CNY 36.44 billion, down 40.72% year-on-year, and net profit at CNY 2.96 billion, down 42.60% year-on-year [1]. - Despite the decline in overall financial performance, the company reported a substantial increase in coal production, with a 64.02% year-on-year increase in coal output for 2024 [3]. - The company plans to invest CNY 16.48 billion in a new coal utilization project, which is expected to generate an average annual after-tax profit of CNY 1.64 billion once operational [5]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of CNY 10.05 billion, with a year-on-year decrease of 15.59% but a quarter-on-quarter increase of 9.93% [2]. - The gross profit margin for Q4 2024 was reported at 27.83%, reflecting a year-on-year increase of 13.60 percentage points [2]. - The coal production for Q4 2024 reached 19.21 million tons, marking a year-on-year increase of 176.57% [3]. - The company’s natural gas sales dropped significantly by 52.95% in 2024, leading to a gross profit of CNY 1.88 billion, down 39.68% year-on-year [4]. - The projected net profits for 2025, 2026, and 2027 are CNY 3.02 billion, CNY 3.38 billion, and CNY 3.84 billion respectively, with corresponding EPS of CNY 0.46, CNY 0.51, and CNY 0.58 [6][7].

➢ 网宿科技发布 2025 年一季度报告。2025 年 4 月 24 日，网宿科技发布 2025 年一季度报告。2025 年 Q1 实现营业收入 12.35 亿元，同比增长 10.26%；归母 净利润 1.92 亿元，同比增长 38.54%；扣非归母净利润 1.50 亿元，同比增长 52.60%。25Q1 公司销售毛利率为 30.96%，同比下降 2.35pct，我们认为主要 由于受市场竞争影响，公司服务价格波动所致。 ➢ "国内+海外"市场联动，海外业务规模持续扩大。公司在 2025 年继续推进 CDN 及边缘计算、安全两大核心业务。公司继续采取平衡收入和利润的市场策 略，在国内市场围绕技术升级和精细化运营开展工作，深耕核心客户，提升了服 务质量。公司在 2025 年继续推动全线产品出海，积极拓展"一带一路"沿线市场， 为全球化业务提供支持。例如，公司升级游戏出海安全加速解决方案，支持安全 加速一体化，为出海游戏企业提供强有力的保障；加强 SD-WAN 安全组网产品 能力，为企业构建高性价比的全球智能网络。另外，公司还积极将安全能力出海， 通过领先的 WAAP 全站防护能力，针对业务数据、经营数据等提供全生 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][10]. Core Insights - The company is experiencing a turning point in operations, with a steady increase in student enrollment and revenue growth, leading to a projected profitability turnaround [1][3]. - The "dual-track" system is expected to significantly enhance student capacity and enrollment at the Chaoyang Kevin school, with a projected increase in student numbers from 1,100 to 3,000 [2]. - The company is actively developing vocational education and government-enterprise training programs, establishing strategic partnerships with major tech firms, which is anticipated to drive future growth [2][3]. Financial Performance - In 2024, the company achieved a revenue of 320 million yuan, a year-on-year increase of 25.92%, with a projected revenue of 403 million yuan in 2025 [4][8]. - The gross profit margin is expected to improve, reaching 39.40% in 2025, up from 27.45% in 2024 [4][8]. - The net profit for 2025 is projected to be 43 million yuan, marking a significant turnaround from a loss of 37 million yuan in 2024 [4][8]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 403 million yuan, 476 million yuan, and 547 million yuan respectively, with growth rates of 26.1%, 18.0%, and 15.0% [4][8]. - Earnings per share (EPS) are expected to improve from -0.06 yuan in 2024 to 0.20 yuan by 2027, reflecting the company's recovery trajectory [4][8]. Operational Efficiency - The company maintains a low debt ratio of 28.47% as of March 2025, with a good cash flow position, indicating financial stability [3]. - The company aims to optimize its asset structure to enhance performance and reduce the impact of depreciation and financial costs on earnings [3].

山西焦化（600740.SH）2024 年年报及 2025 年一季报点评 投资收益下滑，主业盈利承压 2025 年 04 月 25 日 ➢ 事件：2025 年 4 月 24 日，公司发布 2024 年年报及 2025 年一季报，1） 2024 年营业收入 75.07 亿元，同比减少 14.2%；归属于母公司所有者的净利润 2.63 亿元，同比减少 79.37%。2）2025 年一季度营业收入 16.82 亿元，同比减 少 7.66%；归属于母公司所有者的净亏损 7025.91 万元，上年同期净利润 6582.48 万元，由盈转亏。 ➢ 24Q4 业绩环比大幅下滑。据年报，24Q4 公司实现归母净利润 1042 万元， 同比转盈，较 24Q3 的 6872 万元下降 84.83%。 ➢ 24 年公司焦、化主业均亏损。2024 年公司生产焦炭 282.91 万吨，同比下 降 2.73%；销售焦炭 281.98 万吨，同比下降 2.68%；销售均价 1828.03 元/吨， 同比下降 14.99%；吨焦炭成本为 2267.91 元/吨，同比下降 9.03%；焦炭业务 毛利率同比下降 8.12pct 至-24.06% ...

北特科技（603009.SH）系列点评三 25Q1 盈利高增 丝杠项目加速落地 2025 年 04 月 25 日 ➢ 事件概述：公司发布 2025 年一季度报告，2025Q1 营收 5.42 亿元，同比 +10.73%，环比-4.31%；归母净利润 0.23 亿元，同比+40.31%，环比+117.00%； 扣非归母净利润 0.21 亿元，同比+40.75%，环比+40.75%。 ➢ 营收稳健增长 盈利能力强劲。1）收入端：2025Q1 营收 5.42 亿元，同比 +10.73%，环比-4.31%，同比增长主要得益于新项目量产爬坡及出口业务的增 长，其中底盘零部件业务实现稳步增长；2）利润端：2025Q1 归母净利润 0.23 亿元，同比+40.31%，环比+117.00%；扣非归母净利润 0.21 亿元，同比 +40.75%，环比+305.68%。2025Q1 毛利率达 18.17%，同比+0.38 pct，环比 +3.06pct；归母净利率达 4.25%，同比+0.90pct，环比+2.38pct。公司盈利能 力显著提升，主要系公司规模效应逐步释放、内部降本增效成果显现；3）费用 端，2025Q1 销售/ ...

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at 36.44 billion yuan, down 40.72% year-on-year, and net profit at 2.96 billion yuan, down 42.60% year-on-year [1]. - Despite the decline, the company reported a high dividend payout ratio exceeding 100%, with a proposed cash dividend of 0.622 yuan per share, resulting in a dividend yield of 11.13% [5][6]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.05 billion yuan, with a year-on-year decline of 15.59% but a quarter-on-quarter increase of 9.93%. The net profit for the same period was 0.96 billion yuan, showing a year-on-year increase of 211.54% and a quarter-on-quarter increase of 75.05% [2]. - The coal production in Q4 2024 reached 19.21 million tons, a year-on-year increase of 176.57%, while sales were 18.63 million tons, up 129.84% year-on-year [3]. Coal and Natural Gas Business - The company’s coal production for 2024 was 43.25 million tons, up 64.02% year-on-year, while coal sales were 47.23 million tons, up 52.39% year-on-year. The average coal price decreased by 22.55% to 367.94 yuan per ton [3]. - The natural gas segment faced challenges, with sales dropping to 4.09 billion cubic meters, down 52.95% year-on-year, and a gross profit of 1.88 billion yuan, down 39.68% year-on-year [4]. Future Outlook - The company is expected to see a gradual recovery in net profit, with projections of 3.02 billion yuan in 2025, 3.38 billion yuan in 2026, and 3.84 billion yuan in 2027, corresponding to EPS of 0.46, 0.51, and 0.58 yuan per share respectively [6][7]. - The company plans to invest 16.48 billion yuan in a new coal utilization project, which is expected to generate an average annual after-tax profit of 1.64 billion yuan once operational [5].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [5][10]. Core Views - The company is experiencing a turning point in operations, with a steady increase in student enrollment and revenue growth, leading to a projected profitability turnaround [1][2]. - The "dual-track" system is expected to significantly enhance student capacity and enrollment at the Chaoyang Kevin school, with a projected increase in student numbers from 380 in 2023 to 3000 in the future [2]. - The company is actively developing vocational education and government-enterprise training programs, establishing strategic partnerships with major tech firms, which is anticipated to drive future growth [2]. Financial Performance Summary - In 2024, the company achieved a revenue of 320 million yuan, a year-on-year increase of 25.92%, with a net profit attributable to shareholders of -37 million yuan. For Q1 2025, revenue was 91 million yuan, up 17.68%, with a net profit of 0.47 million yuan, marking a 113.24% increase [1][4]. - The gross profit margin improved to 27.45% in 2024 and is expected to rise to 32.40% in Q1 2025, indicating enhanced operational efficiency [1]. - The company forecasts revenues of 403 million yuan, 476 million yuan, and 547 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 43 million yuan, 94 million yuan, and 122 million yuan [4][8]. Financial Ratios and Projections - The company has a low debt ratio of 28.47% as of March 2025, with a good cash flow position, showing positive operating cash flows from 2022 to 2024 [3]. - Earnings per share (EPS) are projected to be 0.07 yuan in 2025, 0.16 yuan in 2026, and 0.20 yuan in 2027, with dynamic price-to-earnings (PE) ratios of 64, 29, and 22 respectively [4][8]. - The company aims to optimize its asset structure and improve asset utilization, which is expected to enhance performance flexibility [3].

投资收益下滑，主业盈利承压 2025 年 04 月 25 日 山西焦化（600740.SH）2024 年年报及 2025 年一季报点评 ➢ 事件：2025 年 4 月 24 日，公司发布 2024 年年报及 2025 年一季报，1） 2024 年营业收入 75.07 亿元，同比减少 14.2%；归属于母公司所有者的净利润 2.63 亿元，同比减少 79.37%。2）2025 年一季度营业收入 16.82 亿元，同比减 少 7.66%；归属于母公司所有者的净亏损 7025.91 万元，上年同期净利润 6582.48 万元，由盈转亏。 ➢ 24Q4 业绩环比大幅下滑。据年报，24Q4 公司实现归母净利润 1042 万元， 同比转盈，较 24Q3 的 6872 万元下降 84.83%。 ➢ 24 年公司焦、化主业均亏损。2024 年公司生产焦炭 282.91 万吨，同比下 降 2.73%；销售焦炭 281.98 万吨，同比下降 2.68%；销售均价 1828.03 元/吨， 同比下降 14.99%；吨焦炭成本为 2267.91 元/吨，同比下降 9.03%；焦炭业务 毛利率同比下降 8.12pct 至-24.06% ...

北特科技（603009.SH）系列点评三 25Q1 盈利高增 丝杠项目加速落地 2025 年 04 月 25 日 ➢ 事件概述：公司发布 2025 年一季度报告，2025Q1 营收 5.42 亿元，同比 +10.73%，环比-4.31%；归母净利润 0.23 亿元，同比+40.31%，环比+117.00%； 扣非归母净利润 0.21 亿元，同比+40.75%，环比+40.75%。 ➢ 营收稳健增长 盈利能力强劲。1）收入端：2025Q1 营收 5.42 亿元，同比 +10.73%，环比-4.31%，同比增长主要得益于新项目量产爬坡及出口业务的增 长，其中底盘零部件业务实现稳步增长；2）利润端：2025Q1 归母净利润 0.23 亿元，同比+40.31%，环比+117.00%；扣非归母净利润 0.21 亿元，同比 +40.75%，环比+305.68%。2025Q1 毛利率达 18.17%，同比+0.38 pct，环比 +3.06pct；归母净利率达 4.25%，同比+0.90pct，环比+2.38pct。公司盈利能 力显著提升，主要系公司规模效应逐步释放、内部降本增效成果显现；3）费用 端，2025Q1 销售/ ...