证券研究报告·公司点评报告·通用设备 海天精工（601882） 2025 年一季报点评：业绩短期承压，产能稳 步扩张注入长期成长性 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） | 3,323 | 3,352 | 3,870 | 4,471 | 5,168 | | 同比（%） | 4.59 | 0.85 | 15.46 | 15.53 | 15.59 | | 归母净利润（百万元） | 609.48 | 522.99 | 641.03 | 759.63 | 895.60 | | 同比（%） | 17.06 | (14.19) | 22.57 | 18.50 | 17.90 | | EPS-最新摊薄（元/股） | 1.17 | 1.00 | 1.23 | 1.46 | 1.72 | | P/E（现价&最新摊薄） | 16.49 | 19.21 | 15.68 | 13.23 | 11.22 | [Table_Tag] ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights a significant increase in net profit attributable to shareholders, with a year-on-year growth of 39.5% in Q1 2025, reaching 288 billion yuan [7][14] - The new business structure has notably improved, with the proportion of floating income business in the first-year premium income reaching 51.7%, a substantial increase compared to previous periods [7] - The company is expected to benefit from its competitive advantages as a leading player in the life insurance industry, with forecasts for net profit attributable to shareholders of 107.5 billion yuan, 112.0 billion yuan, and 120.5 billion yuan for 2025, 2026, and 2027 respectively [7][18] Financial Performance Summary - Total revenue for 2023 is projected at 344.27 billion yuan, with a year-on-year increase of 53.53% in 2024 [1] - Net profit attributable to shareholders is expected to reach 106.93 billion yuan in 2024, reflecting a year-on-year growth of 131.56% [1] - The company's total investment assets have grown to 6.82 billion yuan, with a net investment income of 442 billion yuan, showing a year-on-year increase of 3.7% [7] - The weighted return on equity (ROE) for Q1 2025 is reported at 5.5%, an increase of 1.2 percentage points year-on-year [7] Business Structure and Strategy - The company is actively diversifying its product offerings and enhancing its marketing strategies, with a focus on floating income products [7] - The sales team remains stable, with a slight decrease in the number of individual agents, but improvements in retention and efficiency are noted [7] - The report emphasizes the ongoing transformation of the sales force and the successful implementation of new marketing models [7] Valuation Metrics - The current market price is 36.23 yuan, with a price-to-earnings (P/E) ratio of 22.17 for 2023 and projected P/E ratios of 9.58, 9.53, and 9.14 for 2024, 2025, and 2026 respectively [5][18] - The price-to-embedded value (PEV) is projected to be 0.68x for 2025, indicating that the stock is still undervalued [7][18]

证券研究报告·公司点评报告·汽车服务 中国汽研（601965） 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） | 4,096 | 4,697 | 5,471 | 6,322 | 7,365 | | 同比（%） | 24.48 | 14.65 | 16.50 | 15.55 | 16.50 | | 归母净利润（百万元） | 836.17 | 907.78 | 1,114.41 | 1,275.21 | 1,437.57 | | 同比（%） | 21.33 | 8.56 | 22.76 | 14.43 | 12.73 | | EPS-最新摊薄（元/股） | 0.83 | 0.90 | 1.11 | 1.27 | 1.43 | | P/E（现价&最新摊薄） | 22.77 | 20.98 | 17.09 | 14.93 | 13.25 | [Table_Tag] [Table_Summary] 投资要点 2025 年 0 ...

证券研究报告·公司点评报告·通用设备 2025 年一季报点评：业绩短期承压，产能稳 步扩张注入长期成长性 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） | 3,323 | 3,352 | 3,870 | 4,471 | 5,168 | | 同比（%） | 4.59 | 0.85 | 15.46 | 15.53 | 15.59 | | 归母净利润（百万元） | 609.48 | 522.99 | 641.03 | 759.63 | 895.60 | | 同比（%） | 17.06 | (14.19) | 22.57 | 18.50 | 17.90 | | EPS-最新摊薄（元/股） | 1.17 | 1.00 | 1.23 | 1.46 | 1.72 | | P/E（现价&最新摊薄） | 16.49 | 19.21 | 15.68 | 13.23 | 11.22 | [Table_Tag] [投资要点 Table_S ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 514.4 billion yuan in Q1 2025, representing a year-on-year increase of 10.7% [7] - The net profit attributable to shareholders reached 268.5 billion yuan, with a year-on-year growth of 11.6% [7] - The company is focusing on dual drivers of revenue growth from both Moutai liquor and series liquor, with a planned revenue increase of 9% for 2025 [7] - The company aims to optimize product and channel matching to explore revenue increments, maintaining stable pricing for Moutai liquor [7] Financial Forecasts - Total revenue projections for the company are as follows: - 2023A: 150,560 million yuan - 2024A: 174,144 million yuan - 2025E: 190,054 million yuan - 2026E: 206,830 million yuan - 2027E: 227,000 million yuan - Year-on-year growth rates for total revenue are projected at: - 2023A: 18.04% - 2024A: 15.66% - 2025E: 9.14% - 2026E: 8.83% - 2027E: 9.75% [1] - Net profit attributable to shareholders is forecasted as follows: - 2023A: 74,734 million yuan - 2024A: 86,228 million yuan - 2025E: 93,203 million yuan - 2026E: 100,942 million yuan - 2027E: 110,276 million yuan - Year-on-year growth rates for net profit are projected at: - 2023A: 19.16% - 2024A: 15.38% - 2025E: 8.09% - 2026E: 8.30% - 2027E: 9.25% [1] Valuation Metrics - The latest diluted EPS (Earnings Per Share) estimates are: - 2023A: 59.49 yuan - 2024A: 68.64 yuan - 2025E: 74.19 yuan - 2026E: 80.35 yuan - 2027E: 87.79 yuan - The corresponding P/E (Price to Earnings) ratios are: - 2023A: 25.95 - 2024A: 22.49 - 2025E: 20.81 - 2026E: 19.21 - 2027E: 17.59 [1]

证券研究报告·公司点评报告·电池 天奈科技（688116） 2024 年报及 2025 一季报点评：业绩符合预 期，单壁碳管放量在即 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） | 1,404 | 1,448 | 2,174 | 2,902 | 3,867 | | 同比（%） | (23.75) | 3.13 | 50.15 | 33.45 | 33.27 | | 归母净利润（百万元） | 297.16 | 250.20 | 450.04 | 652.68 | 912.76 | | 同比（%） | (29.96) | (15.80) | 79.88 | 45.03 | 39.85 | | EPS-最新摊薄（元/股） | 0.86 | 0.73 | 1.31 | 1.89 | 2.65 | | P/E（现价&最新摊薄） | 47.22 | 56.08 | 31.18 | 21.50 | 15.37 | [Table ...

证券研究报告·公司点评报告·保险Ⅱ 新华保险（601336） 2025 年 04 月 30 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 股价走势 2025 年一季报点评：新单保费、NBV、净利 润均表现亮眼 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 71547 | 132555 | 138052 | 143499 | 149352 | | 同比（%） | -33.8% | 85.3% | 4.1% | 3.9% | 4.1% | | 归母净利润（百万元） | 8712 | 26229 | 29196 | 30229 | 31352 | | 同比（%） | -59.5% | 201.1% | 11.3% | 3.5% | 3.7% | | EV（元/股） | 80.30 | 82.85 | 90.72 | 99.66 | 109.66 | | PEV | 82 ...

证券研究报告·公司点评报告·保险Ⅱ 新华保险（601336） 2025 年 04 月 30 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 股价走势 2025 年一季报点评：新单保费、NBV、净利 润均表现亮眼 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 71547 | 132555 | 138052 | 143499 | 149352 | | 同比（%） | -33.8% | 85.3% | 4.1% | 3.9% | 4.1% | | 归母净利润（百万元） | 8712 | 26229 | 29196 | 30229 | 31352 | | 同比（%） | -59.5% | 201.1% | 11.3% | 3.5% | 3.7% | | EV（元/股） | 80.30 | 82.85 | 90.72 | 99.66 | 109.66 | | PEV | 82 ...

证券研究报告·公司点评报告·轨交设备Ⅱ 中国中车（601766） 2025 年一季报点评：25Q1 业绩实现高增，铁 路装备业务提供主要驱动力 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） | 234,262 | 246,457 | 273,163 | 293,684 | 313,940 | | 同比（%） | 5.08 | 5.21 | 10.84 | 7.51 | 6.90 | | 归母净利润（百万元） | 11,712 | 12,388 | 13,808 | 14,880 | 16,034 | | 同比（%） | 0.50 | 5.77 | 11.47 | 7.77 | 7.75 | | EPS-最新摊薄（元/股） | 0.41 | 0.43 | 0.48 | 0.52 | 0.56 | | P/E（现价&最新摊薄） | 17.45 | 16.50 | 14.80 | 13.73 | 12.74 | [Tab ...

证券研究报告·公司点评报告·电池 天奈科技（688116） 2024 年报及 2025 一季报点评：业绩符合预 期，单壁碳管放量在即 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） | 1,404 | 1,448 | 2,174 | 2,902 | 3,867 | | 同比（%） | (23.75) | 3.13 | 50.15 | 33.45 | 33.27 | | 归母净利润（百万元） | 297.16 | 250.20 | 450.04 | 652.68 | 912.76 | | 同比（%） | (29.96) | (15.80) | 79.88 | 45.03 | 39.85 | | EPS-最新摊薄（元/股） | 0.86 | 0.73 | 1.31 | 1.89 | 2.65 | | P/E（现价&最新摊薄） | 47.22 | 56.08 | 31.18 | 21.50 | 15.37 | [Table ...