2025 年一季报点评：业绩符合市场预期，新 品动能多元化 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12,930 | 14,102 | 16,679 | 18,902 | 21,269 | | 同比（%） | 11.02 | 9.07 | 18.27 | 13.33 | 12.52 | | 归母净利润（百万元） | 1,393 | 1,631 | 1,985 | 2,316 | 2,689 | | 同比（%） | 11.42 | 17.09 | 21.72 | 16.67 | 16.12 | | EPS-最新摊薄（元/股） | 1.34 | 1.56 | 1.90 | 2.22 | 2.58 | | P/E（现价&最新摊薄） | 25.06 | 21.40 | 17.58 | 15.07 | 12.98 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·电力 ...

证券研究报告·公司点评报告·通用设备 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,660 | 2,589 | 2,745 | 3,198 | 3,736 | | 同比（%） | (1.35) | (2.67) | 6.01 | 16.51 | 16.82 | | 归母净利润（百万元） | 395.50 | 293.52 | 299.52 | 343.05 | 399.60 | | 同比（%） | (4.44) | (25.78) | 2.04 | 14.54 | 16.48 | | EPS-最新摊薄（元/股） | 0.60 | 0.45 | 0.45 | 0.52 | 0.61 | | P/E（现价&最新摊薄） | 24.75 | 33.34 | 32.68 | 28.53 | 24.49 | [Table_Tag] [投资要点 Table_Summary] ◼ 业绩短期承压，海外业务进展顺利 分产品看：齿轮减速机实现 ...

证券研究报告·公司点评报告·电网设备 起帆电缆（605222） 2024 年报及 2025 年一季报点评：营收业绩 短期承压，海缆增长等候时机 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 23,348 | 22,764 | 21,161 | 22,839 | 23,545 | | 同比（%） | 13.10 | (2.50) | (7.04) | 7.93 | 3.09 | | 归母净利润（百万元） | 423.19 | 135.50 | 286.26 | 371.51 | 451.16 | | 同比（%） | 15.42 | (67.98) | 111.26 | 29.78 | 21.44 | | EPS-最新摊薄（元/股） | 1.02 | 0.33 | 0.69 | 0.90 | 1.09 | | P/E（现价&最新摊薄） | 14.30 | 44.67 | 21.15 | 16.29 | 13.42 ...

证券研究报告·公司点评报告·能源金属 盛新锂能（002240） 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,951 | 4,581 | 4,840 | 6,660 | 8,435 | | 同比（%） | (33.96) | (42.38) | 5.64 | 37.62 | 26.64 | | 归母净利润（百万元） | 702.24 | (621.58) | (152.06) | 357.73 | 900.16 | | 同比（%） | (87.35) | (188.51) | 75.54 | 335.26 | 151.63 | | EPS-最新摊薄（元/股） | 0.77 | (0.68) | (0.17) | 0.39 | 0.98 | | P/E（现价&最新摊薄） | 14.60 | (16.49) | (67.42) | 28.66 | 11.39 | [Table_Tag] [Table_Summa ...

证券研究报告·公司点评报告·自动化设备 伟创电气（688698） 2025 年一季报点评：业绩符合预期，战略布 局"机器人+数字能源"业务 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,305 | 1,640 | 1,993 | 2,403 | 2,897 | | 同比（%） | 44.03 | 25.70 | 21.48 | 20.62 | 20.56 | | 归母净利润（百万元） | 190.80 | 245.03 | 306.21 | 379.12 | 459.08 | | 同比（%） | 36.38 | 28.42 | 24.97 | 23.81 | 21.09 | | EPS-最新摊薄（元/股） | 0.90 | 1.16 | 1.45 | 1.79 | 2.17 | | P/E（现价&最新摊薄） | 53.38 | 41.56 | 33.26 | 26.86 | 22.18 | [Table_T ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance significantly exceeded expectations, with a revenue of 89.8 billion yuan, representing a year-on-year growth of 38% [8] - The company aims for a revenue growth of 10-30% and a net profit growth of 5-25% for 2025 [8] - The strategic focus on "AI + humanoid" robotics is a major new initiative, with plans to enhance investment in humanoid robots and related technologies [9] Financial Summary - Total revenue for 2023 is projected at 30,420 million yuan, with a year-on-year growth of 32.21% [1] - The net profit attributable to shareholders for 2023 is expected to be 4,742 million yuan, with a year-on-year increase of 9.77% [1] - The earnings per share (EPS) for 2023 is estimated at 1.76 yuan [1] - The company anticipates a total revenue of 37,041 million yuan for 2024, with a year-on-year growth of 21.77% [1] - The projected net profit for 2024 is 4,285 million yuan, reflecting a year-on-year decrease of 9.62% [1] - The company expects to achieve a net profit of 5,628 million yuan in 2025, with a year-on-year growth of 31.34% [1] - The price-to-earnings (P/E) ratio for 2025 is projected at 30.84 [1] Business Segments - The industrial automation segment showed strong performance with a revenue growth of nearly 30% year-on-year in Q1 2025 [8] - The electric vehicle segment continues to grow at over 60%, with a projected revenue of 225-240 billion yuan in 2025 [8] - The elevator segment is expected to maintain steady growth, with revenue projected to reach 49-52 billion yuan in 2025 [8]

证券研究报告·公司点评报告·电池 纳科诺尔（832522） 2024 年报&2025 一季报点评：2024 年辊压设 备稳健增长，2025 年有望持续稳增 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 945.51 | 1,053.51 | 1,158.85 | 1,491.58 | 1,922.64 | | 同比（%） | 25.03 | 11.42 | 10.00 | 28.71 | 28.90 | | 归母净利润（百万元） | 123.83 | 161.84 | 179.76 | 243.98 | 322.55 | | 同比（%） | 9.33 | 30.69 | 11.07 | 35.73 | 32.20 | | EPS-最新摊薄（元/股） | 1.11 | 1.45 | 1.61 | 2.18 | 2.88 | | P/E（现价&最新摊薄） | 47.67 | 36.47 | 32.84 | 24.1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a slight improvement in Q1 2025 compared to the previous quarter, with continued growth anticipated in Q2, leading to a significant increase in annual shipments [1] - The report highlights that the company's revenue for 2024 is projected to be 6.738 billion yuan, a year-on-year decrease of 8.36%, while the net profit attributable to shareholders is expected to be -0.618 billion yuan, a decline of 107.25% [1] - For 2025, the company is forecasted to achieve a revenue of 9.334 billion yuan, representing a year-on-year growth of 38.53%, and a net profit of 0.353 billion yuan, reflecting a substantial increase of 671.66% [1] Summary by Sections Revenue and Profit Forecast - Total revenue for 2023 is 7.353 billion yuan, with a projected decline to 6.738 billion yuan in 2024, followed by a recovery to 9.334 billion yuan in 2025 [1] - The net profit for 2023 is 0.852 billion yuan, expected to drop to -0.618 billion yuan in 2024, before rebounding to 0.353 billion yuan in 2025 [1] Earnings Per Share (EPS) and Valuation - The latest diluted EPS for 2023 is 3.51 yuan, which is expected to fall to -0.25 yuan in 2024, and then rise to 1.46 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to be 28.18 for 2025, decreasing to 19.75 in 2026 and further to 14.19 in 2027 [1] Market and Operational Insights - The company is expected to see a recovery in shipments due to strong domestic demand and overseas market improvements, with a forecast of 800,000 units shipped in 2025, a year-on-year increase of over 30% [9] - The report indicates that the company's energy storage shipments are anticipated to double in 2025, with significant growth expected in Q2 of that year [9] - The household system segment is projected to grow steadily, with expected revenue of 3.06 billion yuan in 2024, a year-on-year increase of 85% [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has increased its investment in AI, leading to a significant rise in revenue from AI-native applications, with an expected income of approximately 67 million yuan in 2024, representing over 100% year-on-year growth [8] - Despite short-term pressure on profits due to increased R&D and sales expenses, the company is expected to see revenue growth driven by product capability enhancements and successful marketing efforts [8] - The company aims to optimize its product offerings and user experience, which is anticipated to lead to continued revenue growth in the coming quarters [8] Financial Summary - Total revenue for 2023 is projected at 1,481 million yuan, with a year-on-year growth of 25.49%, while 2024 revenue is expected to decline slightly to 1,440 million yuan, a decrease of 2.78% [1] - The net profit attributable to the parent company is forecasted to be 86.21 million yuan in 2023, but is expected to turn negative in 2024 at -163.46 million yuan, reflecting a significant year-on-year decline of 289.61% [1] - The earnings per share (EPS) for 2025 is estimated at 0.31 yuan, with projections for 2026 and 2027 at 0.56 yuan and 0.84 yuan respectively [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has released its Q1 2025 report, showing a significant improvement in profitability due to the release of cost benefits [7] - The company achieved a total revenue of 8.315 billion yuan in Q1 2025, representing a year-on-year increase of 8.1%, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [7] - The report highlights steady growth across major product categories and strong performance in online channels, with online revenue increasing by 43% year-on-year [7] - The company is expected to continue benefiting from both cost and reform dividends, driving market share growth through B2B and B2C strategies [7] Financial Performance Summary - Revenue projections for 2025-2027 are set at 29.7 billion, 32.8 billion, and 36.3 billion yuan, with year-on-year growth rates of 10%, 11%, and 11% respectively [7] - Net profit forecasts for the same period are 7 billion, 7.8 billion, and 8.6 billion yuan, with consistent growth rates of 11% [7] - The report indicates an expected increase in diluted EPS from 1.26 yuan in 2025 to 1.55 yuan in 2027, reflecting a positive trend in earnings [7]