Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business is stable, while the mining resource development business is rapidly expanding, indicating that the company's business scale and profitability are entering an accelerated growth phase [1][2] Summary by Sections Mining Service Business - In 2024, the company achieved mining service revenue of 6.544 billion yuan, a slight decrease of 0.96%, accounting for 65.8% of total revenue [2] - The mining service profit was 1.75 billion yuan, down 8% from the previous year, with a gross margin of 26.75% [2] - The company undertook 35 large-scale mining engineering and mining operation management projects, with a total excavation volume of 4.1717 million cubic meters, down 9%, and a supply mining volume of 41.4918 million tons, up 5.5% [2] Mining Resource Development Business - The mining resource development business generated revenue of 3.209 billion yuan in 2024, a staggering increase of 412.85%, accounting for 32.3% of total revenue [3] - This segment contributed a gross profit of 1.356 billion yuan, with a gross margin of 43.3% [3] - The company acquired 80% of the Lubambe copper mine, which is undergoing technical upgrades to improve capacity utilization [3] Financial Performance and Forecast - The company expects revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.286 billion yuan [12][13] - The earnings per share (EPS) are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan for the same years, with price-to-earnings (PE) ratios of 10.19, 8.47, and 7.28 [12][13]

公 司 研 究 溯联股份（301397.SZ）：营收端持 续高增长，新市场开拓可期 近日，公司发布 2024 年财报及 2025 年一季报：2024 年公司实现营业收入 124,182.22 万元，同比增长 22.89%，实现归母净利润 12,252.67 万元，同比 下降 18.72 %。2025 年一季度实现营收 33,946.01 万元，同比增长 47.22%， 归母净利润 3,351.22 万元，同比增长 3.08%，对此，我们点评如下： 市场、新产品开拓持续发力，营收端维持高速增长。分业务看，2024 年公司 汽车流体管路及总成业务实现营收 108,259.26 万元，同比增长 22.93%；汽车 流体控制件及精密注塑件实现营收 14,197.73 万元，同比增长 31.93%。公司 受益新能源汽车行业持续增长带来的热管理管路需求提升，2024 年，公司新 能源汽车流体管路总成实现销量 2,916.46 万件，营收 67,567.79 万元，销量 占比（分母为汽车流体管路总成）61.3%，营收占比 62.4%。且该业务增长迅 速，销量较 2023 年增长 118.5%，营收增长 76.6%。 公司新 ...

公 司 研 究 万润股份（002643.SZ）：业绩短期 承压，新品布局拓展空间 2025 年 4 月 28 日 强烈推荐/维持 万润股份 公司报告 万润股份发布 2024 年年报：公司 2024 年实现营业收入 36.93 亿元， YoY-14.22%，归母净利润 2.46 亿元，YoY-67.72%。 公司业绩短期承压。①功能性材料板块：2024 年营收同比下滑 10.30%至 30.19 亿元，公司沸石系列环保材料受到部分地区市场需求下降影响导致销量减少， 但公司仍保持全球领先的柴油车用沸石系列环保材料供应商地位。②生命科学 与医药产品板块：2024 年营收同比下滑 28.65%至 6.29 亿元，主因部分 2023 年阶段性需求的客户定制医药中间体产品需求变化，对公司医药产品业务产生 相应影响。从利润端看，2024 年公司综合毛利率同比下滑 2.68 个百分点至 39.81%，拖累公司净利润水平。 2025 年 1 季度业绩环比扭亏。公司同时发布 2025 年 1 季报。公司 2025 年 1 季度实现营业收入8.61亿元，YoY-8.17%，归母净利润0.80亿元，YoY-18.76%， 环比 20 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company has experienced explosive growth in mineral product output, with revenue reaching 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit of 1.584 billion yuan, up 53.59% [1][12] - The mining service business remains stable, while the mining resource development business has shown rapid growth, with revenue from this segment increasing by 412.85% year-on-year [2][3] - The company is expected to benefit from ongoing capital expenditure in the mining industry and the gradual release of its own mining projects, enhancing its performance and valuation elasticity [12] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 9.942 billion yuan, a 34.37% increase year-on-year, and a net profit of 1.584 billion yuan, reflecting a 53.59% growth [1][12] - For Q1 2025, the company reported operating revenue of 2.811 billion yuan, up 42.49% year-on-year, and a net profit of 422 million yuan, a 54.10% increase [1] Mining Service Business - The mining service business generated revenue of 6.544 billion yuan in 2024, a slight decrease of 0.96% year-on-year, accounting for 65.8% of total revenue [2] - The company undertook 35 large-scale mining engineering and operation management projects, with a total contract amount of approximately 11.5 billion yuan signed in 2024 [2] Mining Resource Development - The mining resource development segment saw revenue of 3.209 billion yuan in 2024, a significant increase of 412.85% year-on-year, contributing a gross profit of 1.356 billion yuan [3] - The company acquired an 80% stake in the Lubambe copper mine, which is expected to enhance production capacity and improve profitability over time [3][10] Future Outlook - The company forecasts operating revenues of 12.877 billion yuan, 14.813 billion yuan, and 16.850 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 2.347 billion yuan, 2.825 billion yuan, and 3.287 billion yuan [12][13] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.76 yuan, 4.53 yuan, and 5.27 yuan, respectively [12][13]

齐鲁银行（601665.SH）：业绩保持 高增，资产质量改善 ——2024 年年报及 2025 一季报点评 事件：4 月 25 日，齐鲁银行公布 2024 年年报及 2025 年一季报。 2024 年、1Q25 营收同比增速分别为+4.6 %、+4.7%；归母净利润同 比增速分别为+17.8%、16.5%。一季度末不良贷款率 1.17%、环比下 降 2bp；拨备覆盖率 324.1%、环比提高 1.68pct。 点评： 1Q25 规模支撑营收平稳增长，拨备反哺净利润保持双位数增长。 2025 年 4 月 28 日 推荐/维持 齐鲁银行 公司报告 公司简介： 齐鲁银行成立于 1996 年 6 月 6 日，是全国首 批、山东省首家设立并引进境外战略投资的城商 行。战略布局根植济南，立足山东，辐射天津、 河南、河北。2021 年 6 月 18 日，齐鲁银行在上 海 证 券 交 易 所 正 式 挂 牌 上 市 （ 股 票 代 码 601665.SH）。国内主体信用评级达到 AAA 最高 等级，连续多年获得山东省地方金融企业绩效评 价"AAA 优秀"等级、济南市高质量发展考核市 管企业一等奖。齐鲁银行坚守"服务城乡居民、 ...

快递 3 月数据点评：顺丰件量增速超预 期，通达系价格竞争依旧激烈 事件：快递行业 3 月件量同比增长 20.3%，行业增速维持较高水平， 价格竞争依旧激烈。 点评： 3 月快递件量增速维持高位，顺丰增速超预期：3 月全国快递服务企业 业务完成量 166.56 亿件，同比增长 20.3%，增速较 1-2 月累计的增长 22.4%略有放缓，但依旧维持在较高水平。分类型看，3 月同城件业务 量同比增长 4.3%，异地件业务量增长 21.9%。 3 月顺丰业务量增速提升至 25.4%，高于其他通达系上市公司；公司市 场份额同比提升 0.3pct。公司公告称其高增长主要得益于公司凭借丰 富的产品矩阵及综合物流解决方案能力，持续渗透生产制造和生活消 费各类物流场景，有效满足客户多元化业务需求。 通达系中，圆通、申通及韵达的增速与行业均值都较为接近，其中圆 通增速略高，结合其单票收入的变化看，圆通近期对于市场份额的诉 求较为强烈。3 月圆通市场份额同比提升 0.3pct；申通市场份额同比基 本持平，韵达份额下降 0.3pct。 圆通单票收入降幅较大，价格竞争依旧激烈：价格方面，行业的价格 竞争依旧激烈。通达系方面，申通、 ...

Investment Rating - The report maintains a "Recommended" rating for Qiaqia Foods [2][6]. Core Views - Qiaqia Foods is expected to achieve a revenue of 7.13 billion yuan in 2024, representing a year-on-year growth of 4.8%, with a net profit of 850 million yuan, up 5.8% year-on-year [3]. - The first quarter of 2025 saw a decline in revenue to 1.57 billion yuan, down 13.8% year-on-year, and a significant drop in net profit to 77.24 million yuan, down 67.9% year-on-year, primarily due to intensified competition and the timing of the Spring Festival [3][4]. - The company’s main products, sunflower seeds and nuts, showed modest growth, with revenues of 4.38 billion yuan and 1.92 billion yuan respectively in 2024, reflecting year-on-year increases of 2.6% and 9.7% [4]. Revenue and Profitability - The revenue from distribution and other channels was 5.67 billion yuan, down 1.4% year-on-year, while direct sales (including bulk snacks, e-commerce, and key accounts) reached 1.46 billion yuan, up 38.3% year-on-year [4]. - The gross margin for 2024 and Q1 2025 was 28.8% and 19.5% respectively, with a year-on-year increase of 2.0 percentage points for 2024 but a decrease of 11.0 percentage points for Q1 2025 [5]. - The net profit margin for 2024 and Q1 2025 was 11.9% and 4.9% respectively, with a year-on-year increase of 0.1 percentage points for 2024 but a decrease of 8.3 percentage points for Q1 2025 [5]. Financial Forecast - The forecast for net profit from 2025 to 2027 is 756 million yuan, 919 million yuan, and 990 million yuan respectively, with year-on-year growth rates of -10.97%, 21.50%, and 7.79% [6][7]. - Earnings per share (EPS) for the same period are projected to be 1.49 yuan, 1.81 yuan, and 1.95 yuan, with corresponding price-to-earnings (PE) ratios of 16, 13, and 12 [6][7]. Company Overview - Qiaqia Foods Co., Ltd. primarily produces nut snacks and baked leisure foods, with key products including Qiaqia red bag melon seeds and various nut mixes [8]. - In 2023, the company was recognized as one of the "Top 500 Asian Brands" with a brand value of 46.868 billion yuan [8]. Market Position - The company has expanded its international market presence, exporting to nearly 70 countries and regions, and is actively developing the Southeast Asian market [4]. - The company’s sales in the Eastern region and e-commerce channels have shown higher growth rates compared to overall company performance, indicating a strong market position [4].

公 司 研 究 铂科新材（300811.SZ）：三线布局 共驱，公司业绩强成长性显现 2025 年 4 月 28 日 推荐/维持 铂科新材 公司报告 事件：公司发布 2024 年年报及 2025 年一季度报告。2024 年，公司实现营业 收入 16.63 亿元，同比增长 43.54%；实现归母净利润 3.76 亿元，同比增长 46.90%；基本每股收益 1.34 元，同比增长 45.65%。2025 年一季度，公司业 绩稳步增长，实现营业收入 3.83 亿元，同比增长 14.40%；实现归母净利润 0.74 亿元，同比增长 3.13%。报告期内，公司芯片电感业务延续爆发性增长， 金属软磁粉芯业务维持稳定强增长，金属粉末业务增长曲线稳步推进，共同促 进公司业绩强成长性显现。 芯片电感业务延续爆发式增长。2020-2024 年期间，公司芯片电感业务营收 CAGR 高达 279%，占总营收比重由 20 年的 0.38%增至 24 年的 23.21%。其 中，2024 年该业务同比增长 275.76%，显示磁性电感业务已正式成为公司的 第二增长极，并有效提升了公司的成长弹性。2025 年 2 月，公司完成 2024 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][5]. Core Views - The company demonstrates a robust global supply chain advantage and rapid growth of its proprietary brands, with significant revenue and profit increases projected for the coming years [1][3]. - The company achieved a revenue of 4.465 billion yuan in 2024, representing a year-over-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% year-over-year [1]. - The overseas business is expected to maintain steady growth due to sufficient orders and unique production capacity in North America, especially amid increasing trade tensions [1][3]. Financial Performance Summary - In 2024, the company reported a gross margin of 28.19%, an increase of 1.88 percentage points from 2023, and a gross margin of 31.87% in Q1 2025, up 4.02 percentage points year-over-year [2]. - Domestic revenue reached 1.414 billion yuan in 2024, a 30.26% increase year-over-year, with pet staple food revenue soaring by 91.85% [2]. - The company focuses on three major proprietary brands, with significant marketing and channel development efforts leading to expected high revenue growth [2]. Profit Forecast and Valuation - The company is projected to achieve net profits of 453 million yuan, 561 million yuan, and 709 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 1.54, 1.91, and 2.41 yuan [3][4]. - The price-to-earnings (PE) ratio is expected to decrease from 35 in 2025 to 22 in 2027, indicating improving valuation metrics over time [3][4].

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][5]. Core Views - The company demonstrates a robust global supply chain advantage and rapid growth of its proprietary brands, with significant revenue and profit increases projected for the coming years [1][3]. - The company achieved a revenue of 4.465 billion yuan in 2024, representing a year-over-year growth of 19.15%, and a net profit of 394 million yuan, up 68.89% [1][4]. - The overseas business is expected to maintain steady growth due to sufficient orders and unique production capacity in North America, especially amid increasing trade tensions [1][3]. - The domestic market is focusing on three major proprietary brands, with the pet staple food category showing remarkable growth, particularly a 91.85% increase in revenue for pet staple food [2][3]. Financial Summary - The company’s revenue is projected to grow from 4.465 billion yuan in 2024 to 7.640 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 20.46% [4]. - The net profit is expected to rise from 394 million yuan in 2024 to 709 million yuan in 2027, indicating a strong growth trajectory [4]. - The earnings per share (EPS) are forecasted to increase from 1.34 yuan in 2024 to 2.41 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 39.88 to 22.16 over the same period [4].