证券研究报告 | 2025年04月29日 思瑞浦（688536.SH） 优于大市 2024 年汽车收入占比约 17%，一季度利润扭亏为盈 一季度收入同比增长 111%，归母净利润扭亏为盈。公司 2024 年实现收入 12.20 亿元(YoY +11.52%)，归母净利润-1.97 亿元(YoY -468%)，扣非归母 净利润-2.81 亿元(YoY -150%)；在产品结构变动及市场竞争等因素的影响 下，毛利率同比下降 3.6pct 至 48.19%；研发费用同比增长 4.1%至 5.77 亿 元，研发费率同比下降 3.4pct 至 47%。1Q25 实现营收 4.22 亿元(YoY +110.88%, QoQ +13.59%)，主要得益于来自泛工业、汽车、泛通信等下游市 场的业务增长以及对创芯微的并表；实现归母净利润 1556 万元，扣非归母 净利润 174 万元，扭亏为盈，毛利率 46.43%(YoY -1.2pct，QoQ +1.2pct)。 信号链和电源管理芯片收入均保持增长，一季度占比分别为 68%和 32%。分 产品线看，2024 年公司信号链芯片收入 9.75 亿元(YoY +12.19%)，占 ...

Investment Rating - The investment rating for the company is upgraded to "Outperform the Market" [6] Core Views - The company maintains good growth in performance, with operating income for 2024 and Q1 2025 reaching 12.22 billion and 3.25 billion respectively, representing year-on-year growth of 3.0% and 0.8% [1] - The net profit attributable to shareholders for 2024 and Q1 2025 is 5.07 billion and 1.55 billion respectively, with year-on-year growth of 10.2% and 6.8% [1] - Non-interest income significantly contributed to revenue growth, with a 27.6% increase in 2024, while Q1 2025 saw a decline in non-interest income growth to 3.3% [1][2] - The net interest margin decline has narrowed, with average net interest margins for 2024 and Q1 2025 at 1.38% and 1.34%, down 30bps and 18bps year-on-year [2] - The company shows strong asset quality with a non-performing loan ratio of 0.83% as of March 2025, remaining stable compared to the beginning of the year [3] Summary by Sections Financial Performance - Operating income for 2024 is projected at 12.22 billion, with a growth rate of 3.0% [5] - Net profit for 2024 is estimated at 5.07 billion, reflecting a 10.2% increase [5] - The company expects net profits for 2025-2027 to be 5.42 billion, 5.96 billion, and 6.59 billion respectively, with growth rates of 6.9%, 10.0%, and 10.7% [4][5] Asset Quality - The company maintains a high provision coverage ratio, which decreased to 484% at the end of 2024 and further to 447% by March 2025 [3] - The non-performing loan generation rate for 2024 is 0.60%, which is still below the industry average [3] Market Position - The company benefits from a clear geographical advantage and has shown a gradual stabilization in net interest margins [4] - The current stock price corresponds to a price-to-book ratio of 0.76x for 2025, with a dividend yield of 4.93% [4]

证券研究报告 | 2025年04月29日 互联网行业 2025 年 5 月投资策略 优于大市 美股互联网巨头进入业绩期，股价或率先开启反弹 4 月行情回顾：4 月恒生科技指数单月下跌 7.6%（截至 4 月 27 日，下同）； 纳斯达克互联网指数 4 月上涨，单月涨幅为 1.7%。个股方面，互联网公 司股价表现不一，港股方面，云音乐、贝壳、京东健康为本月表现前三 的股票。美股方面，谷歌、微软、英伟达为本月表现前三的股票。从市 盈率看，恒生科技指数估值较上月有所下降，PE-TTM 为 20.90x，处于 恒生科技指数成立以来 12.96%分位点。纳斯达克指数估值较上月小幅下 降，PE-TTM 为 36.93x，处于近 10 年 51.82%分位点。 人工智能动态：1）OpenAI：发布 GPT-4.1 系列及 o4-mini、o3 推理模型；2） 谷歌：Next 大会发布多项更新；3）亚马逊：推出 Nova Reel1.1，发布 Nova Sonic 语音大模型；4）苹果：Apple Intelligence 新增多语言支持；5）微 软：Copilot 多端升级，Bing 新增 Copilot Search 功 ...

Investment Rating - The investment rating for Li Ning is "Outperform the Market" (maintained) [1][5][13] Core Views - In the first quarter of 2025, Li Ning's retail sales recorded low single-digit growth year-on-year, with improvements in discount rates compared to the previous year [2][3] - The management maintains guidance for flat revenue growth and a high single-digit net profit margin for the year 2025 [10][12] - The company achieved steady revenue growth despite a challenging operating environment and continued contraction in offline channels, while maintaining good operational quality [3][13] Summary by Relevant Sections Retail Performance - As of March 31, 2025, Li Ning's retail sales (excluding Li Ning YOUNG) recorded low single-digit growth year-on-year, with offline channels showing low single-digit growth and e-commerce virtual stores achieving a growth rate in the low double digits [2][3] - The total number of sales points in China was 6,088, a net decrease of 29 from the end of the previous year [2] Financial Forecasts - The forecast for net profit for 2025-2027 is 2.51 billion, 2.83 billion, and 3.04 billion yuan, reflecting year-on-year changes of -16.8%, +12.8%, and +7.6% respectively [3][14] - The target price is set between 17.9 and 19.2 HKD, corresponding to a 2025 PE ratio of 17.2-18.5x [3][13] Inventory and Discount Rates - The inventory turnover ratio slightly increased to 5 months, indicating a healthy inventory level [4][3] - Discounts in both online and offline channels improved, although the trend showed signs of weakening in April [4][12]

2024 年公司医疗美容业务板块营收占比达到 48.92%，通过积极的内生成长 及外延拓展，截止 2024 年底已拥有 41 家医疗美容机构，其中：综合性医院 12 家；门诊部、诊所 29 家。主要分布在成都、西安、昆明、重庆、深圳、 武汉、北京、长沙和郑州等地区，目前在运营的有"米兰柏羽"、"韩辰医 美"、"晶肤医美"等国内医美品牌。 毛利率提升，销售费用率优化。公司 2025 年一季度毛利率 59.72%，同比 +0.17pct，主要受益于成本管控及终端品牌力提升。销售费用率 39.63%，同 比-0.42pct，管理费用率 8.14%，同比稳定，研发费用率 1.87%，同比-0.1pct， 整体费用率有所优化。现金流方面，公司一季度实现经营性现金流净额 1.74 亿元，同比-23.43%，受收入下滑等因素影响。 证券研究报告 | 2025年04月29日 朗姿股份（002612.SZ） 优于大市 一季度归母净利润增长稳健，医美业务稳步推进 一季度归母净利润增长稳健。公司 2025 年一季度实现营收 13.99 亿元，同 步比-7.77%，归母净利润 0.95 亿元，同比+5.12%，扣非归母净利润 0.7 ...

证券研究报告 | 2025年04月29日 光环新网（300383.SZ） 无评级 数据中心资源丰富；积极拓展智算领域，有望受益 AI 发展 风险提示：AI 发展不及预期、数据中心投入不及预期、行业竞争加剧。 投资建议：预计公司 2025-2027 年收入分别为 74.23/78.55/84.07 亿元，归 母净利润分别为 3.94/4.43/5.16 亿元，当前股价对应 PE 分别为 60/54/46X， 对应 EV/EBITDA 分别为 20.2/17.7/15.9X，首次覆盖，推荐关注。 核心观点 公司研究·财报点评 通信·通信服务 | 证券分析师：袁文翀 | 证券分析师：徐文辉 | | --- | --- | | 021-60375411 | 021-60375426 | | yuanwenchong@guosen.com.cn | xuwenhui@guosen.com.cn | | S0980523110003 | S0980524030001 | | 基础数据 | | | 投资评级 | 无评级 | | 合理估值 | | | 收盘价 | 13.65 元 | | 总市值/流通市值 | 24537/24 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][19] Core Views - The company reported a 17.32% year-on-year growth in net profit attributable to shareholders in Q1 2025, with revenues reaching 8.22 billion yuan, a 30.18% increase year-on-year [1][8] - The growth in the company's investment gold business and continuous product innovation in jewelry gold contributed to its strong performance [1][10] - The company is expected to benefit from rising gold prices, which are anticipated to drive investment demand for its precious metal products [19][3] Financial Performance - In Q1 2025, the company's gross profit margin was 8.34%, down 1.67 percentage points year-on-year, primarily due to the increased proportion of lower-margin precious metal investment products [2][14] - The company achieved a net operating cash flow of 1.539 billion yuan in Q1 2025, a significant increase of 131.63% year-on-year, benefiting from sales growth and inventory management [2][17] - The company plans to continue expanding its store network, having opened 4 new stores in Q1 2025, bringing the total to 102 stores [10][1] Revenue and Profit Forecast - The company has adjusted its net profit forecasts for 2025 and 2026 to 791 million yuan and 882 million yuan, respectively, with a new forecast for 2027 set at 989 million yuan [3][19] - The projected revenue for 2025 is 24.57 billion yuan, reflecting a growth rate of 21.46% [4][20] - The company’s earnings per share are expected to increase from 1.02 yuan in 2025 to 1.27 yuan in 2027 [4][20]

证券研究报告 | 2025年04月29日 杭州银行（600926.SH）2025 年一季报点评 优于大市 净利息收入增速稳健，资产质量优异 公司降低拨备维持业绩高增，拨备覆盖率依然处在同业前列。公司此前已披 露业绩快报，2025 年一季度实现营收 99.78 亿元，同比增长 2.22%，较 2024 年增速下降了 7.4 个百分点；实现归母净利润 60.21 亿元，同比增长 17.3%， 较 2024 年增速下降了 0.8 个百分点。营收增速承压下，公司资产减值损失 同比下降了 56.9%，期末拨备覆盖率降至 530%，较年初下降了 11.4 个百分 点，处在同业前列，风险抵补能力充足。 营收增速放缓主要受其他非息收入下降拖累，净利息收入增速稳健。2025 年一季度利息净收入同比增长 6.8%，手续费净收入同比增长 22.2%，其他非 息收入同比下降 18%；其中，公允价值变动净亏损 22 亿元，去年同期实现收 益 5 亿元，是拖累营收增速放缓的主要因素。 信贷延续高增，关注资本补充节奏。公司一季度净利息收入增速较 2024 年 增速提升了约 2.5 个百分点，预计主要来自于规模扩张提速，净息差延续收 窄趋势 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's profitability remains high, with Q1 2025 revenue of 22.3 billion yuan, a year-on-year increase of 6.21%, and net profit attributable to shareholders of 9.78 billion yuan, up 8.16% year-on-year [1][3] - The net interest income saw a significant increase of 21.9% year-on-year, while non-interest income decreased by 22.7%, primarily due to net losses from other fair value changes [1][2] - The company maintains a strong asset quality with a non-performing loan ratio of 0.86%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 344% [2][3] Summary by Sections Financial Performance - Q1 2025 net interest income increased by 21.9%, while non-interest income decreased by 22.7% due to market volatility [1][2] - The total assets reached 4.46 trillion yuan, with loans and deposits growing by 12.8% and 13.8% respectively [2] Profitability Metrics - The annualized weighted average ROE was 16.5%, up 1.12 percentage points year-on-year, indicating strong profitability [1][2] - The company forecasts net profits of 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.2%, 13.5%, and 13.2% [3][4] Valuation Metrics - The current stock price corresponds to a PB ratio of 0.72x for 2025, with a dividend yield of 5.14% [3][4] - The forecasted PE ratios for 2025, 2026, and 2027 are 5.2, 4.6, and 4.1 respectively, indicating attractive valuation levels [4][9]

证券研究报告 | 2025年04月29日 光迅科技（002281.SZ） 优于大市 2025 年 Q1 归母净利润同比增长 95%，持续受益国产算力发展 公司打造光通信一站式的产品提供能力，持续受益 AI 算力发展。（1）芯片 领域：公司有多种类型激光器芯片（FP、DFB、EML、VCSEL 等）、探测器芯 片（PD、APD）以及 SiP 芯片平台，目前公司 25G 以下速率光芯片自给率较 高，并积极研发 100G 以上产品。基于自有芯片，公司实现从芯片到子系统 的产业垂直整合。作为央企所属公司，也有望充分发挥垂直优势，受益国产 算力发展。（2）产品集成领域：形成了半导体材料生长、半导体工艺与平 面光波导、光学设计与封装、高频仿真与设计、热分析与机械设计、软件控 制与子系统开发六大核心技术工艺平台，具备从芯片到器件、模块、子系统 的垂直整合能力。（3）规模制造领域：公司持续提升海外制造及高端数通 产品交付能力，2024 年完成了海外制造基地及武汉东湖综合保税区高端光电 子器件产业基地的产能建设。 风险提示：AI 发展不及预期、技术创新发展不及预期、行业竞争加剧。 投资建议：维持 2025-2026 年盈利预测 ...