证券研究报告·公司点评报告·工程机械 恒立液压（601100） 2024 年报及 2025 年一季报点评：2025Q1 归 母净利润同比+3%符合预期，多元化、国际 化战略持续推进 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） | 8,985 | 9,390 | 11,198 | 12,531 | 15,011 | | 同比（%） | 9.61 | 4.51 | 19.25 | 11.91 | 19.78 | | 归母净利润（百万元） | 2,499 | 2,509 | 2,874 | 3,414 | 4,143 | | 同比（%） | 6.66 | 0.40 | 14.58 | 18.77 | 21.36 | | EPS-最新摊薄（元/股） | 1.86 | 1.87 | 2.14 | 2.55 | 3.09 | | P/E（现价&最新摊薄） | 39.55 | 39.40 | 34.38 | 28.95 | 2 ...

2025 年一季报点评：Q1 盈利有所恢复，行业 磨底静待出清 买入（维持） 证券研究报告·公司点评报告·电池 恩捷股份（002812） 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12,042 | 10,164 | 11,835 | 13,936 | 16,324 | | 同比（%） | (4.36) | (15.60) | 16.45 | 17.76 | 17.13 | | 归母净利润（百万元） | 2,526.69 | (556.32) | 208.46 | 810.66 | 1,829.29 | | 同比（%） | (36.84) | (122.02) | 137.47 | 288.89 | 125.65 | | EPS-最新摊薄（元/股） | 2.61 | (0.57) | 0.22 | 0 ...

证券研究报告·公司点评报告·工程机械 中联重科（000157） 2025 年一季报点评：25Q1 归母净利润同比 +54%超预期，全球化&多元化构建第二增长 曲线 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） | 47,075 | 45,478 | 54,637 | 63,391 | 72,492 | | 同比（%） | 13.08 | (3.39) | 20.14 | 16.02 | 14.36 | | 归母净利润（百万元） | 3,506 | 3,520 | 5,038 | 6,095 | 7,377 | | 同比（%） | 52.04 | 0.41 | 43.10 | 20.98 | 21.04 | | EPS-最新摊薄（元/股） | 0.40 | 0.41 | 0.58 | 0.70 | 0.85 | | P/E（现价&最新摊薄） | 18.02 | 17.95 | 12.54 | 10.37 | 8.56 ...

证券研究报告·公司点评报告·白酒Ⅱ 今世缘（603369） 2024 年报及 2025 年一季报点评：24 年稳健 收官，25 年务实进取 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） | 10,100 | 11,546 | 12,753 | 14,445 | 16,307 | | 同比（%） | 28.05 | 14.31 | 10.46 | 13.26 | 12.89 | | 归母净利润（百万元） | 3,136 | 3,412 | 3,679 | 4,101 | 4,537 | | 同比（%） | 25.30 | 8.80 | 7.81 | 11.48 | 10.63 | | EPS-最新摊薄（元/股） | 2.52 | 2.74 | 2.95 | 3.29 | 3.64 | | P/E（现价&最新摊薄） | 18.40 | 16.91 | 15.68 | 14.07 | 12.72 | [Table_Tag ...

证券研究报告·公司点评报告·化学制药 人福医药（600079） 2024 年报及 2025 年一季报点评：核心业务 稳定增长，研发与重整双轮驱动 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） | 24525 | 25435 | 27089 | 28985 | 31077 | | 同比（%） | 9.79 | 3.71 | 6.50 | 7.00 | 7.22 | | 归母净利润（百万元） | 2134 | 1330 | 2224 | 2653 | 3056 | | 同比（%） | (14.07) | (37.70) | 67.22 | 19.31 | 15.18 | | EPS-最新摊薄（元/股） | 1.31 | 0.81 | 1.36 | 1.63 | 1.87 | | P/E（现价&最新摊薄） | 15.92 | 25.56 | 15.28 | 12.81 | 11.12 | [Table_Tag] [Tab ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance shows significant improvement, and the group's reform is accelerating [1] - The company aims for a sales target of 4.5 million units in 2025, with a projected annual R&D investment intensity of around 3% [7] - The forecast for the company's net profit attributable to shareholders for 2025 and 2026 has been adjusted to 9.7 billion and 12.8 billion respectively, down from previous estimates [7] Financial Performance Summary - Total revenue for 2023 is projected at 744.7 billion, with a decline to 627.6 billion in 2024, followed by a slight recovery to 640.2 billion in 2025 [1][8] - The net profit attributable to shareholders is expected to drop significantly from 14.1 billion in 2023 to 1.7 billion in 2024, before rebounding to 9.7 billion in 2025 [1][8] - The latest diluted EPS is forecasted to be 0.14 in 2024, increasing to 0.84 in 2025 and further to 1.10 in 2026 [1][8] Market Data Summary - The closing price of the stock is 15.59 yuan, with a market capitalization of approximately 180.46 billion [5] - The stock has a price-to-book ratio of 0.62 and a price-to-earnings ratio of 108.29 based on the latest diluted EPS [5][8] Financial Ratios and Projections - The company’s asset-liability ratio stands at 63.33% [6] - The projected gross margin for 2024 is 11.02%, with expectations of slight fluctuations in subsequent years [8] - The return on equity (ROE) is expected to improve from 0.58% in 2024 to 5.11% by 2027 [8]

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 保险行业 2025 年一季报回顾：可比口径下 NBV 继续较快增长，产险 COR 显著改善 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 04 月 30 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 2024/4/30 2024/8/29 2024/12/28 2025/4/28 保险Ⅱ 沪深300 相关研究 《保险行业 3 月月报：寿险保费增速 回暖，关注后续预定利率调整落地情 况》 2025-04-27 《从严监管万能险，推动进一步回归 保障本源》 2025-04-26 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 ◼ 一季度上市险企归母净利润合计同比+1.4%，净资产增速表现显著分 化。1）2025Q1 人保、国寿、新华归母净利润分别同比+43%、+3 ...

证券研究报告·公司点评报告·化妆品 丸美生物（603983） 2024 年报及 2025 一季报点评：大单品表现 靓丽，线上保持高增 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） | 2,226 | 2,970 | 3,788 | 4,682 | 5,725 | | 同比（%） | 28.52 | 33.44 | 27.56 | 23.58 | 22.28 | | 归母净利润（百万元） | 259.42 | 341.63 | 438.81 | 555.72 | 689.73 | | 同比（%） | 48.93 | 31.69 | 28.45 | 26.64 | 24.12 | | EPS-最新摊薄（元/股） | 0.65 | 0.85 | 1.09 | 1.39 | 1.72 | | P/E（现价&最新摊薄） | 67.40 | 51.18 | 39.84 | 31.46 | 25.35 | [Table_Tag] ...

先导智能（300450） 2024 年&2025 一季报点评：25Q1 业绩环比 提升，看好锂电设备边际改善 买入（维持） 证券研究报告·公司点评报告·电池 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 13,200 | 17,000 | 20,100 | | 同比（%） | 19.35 | (28.71) | 11.34 | 28.79 | 18.24 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,056.93 | 1,702.00 | 2,227.97 | | 同比（%） | (23.45) | (83.88) | 269.42 | 61.03 | 30.90 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.67 | 1.09 | 1.42 | | P/E（现价&最新摊薄） | 17.15 | 106.36 | 28.79 | 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - Despite a decline in performance in Q1 2025, the report anticipates improvement in Q2 2025 as adjustments in downstream customer production lines conclude and new products are launched [3] - The company is projected to achieve net profits of 3.554 billion, 4.460 billion, and 5.652 billion RMB for the years 2025 to 2027, with corresponding EPS of 2.04, 2.57, and 3.25 RMB [3] - The company operates as a Tier 0.5 supplier, focusing on both smart automotive components and robotics, which are expected to drive future growth [9] Financial Projections - Total revenue is forecasted to reach 32.879 billion, 40.774 billion, and 48.929 billion RMB from 2025 to 2027, with year-on-year growth rates of 23.60%, 24.01%, and 20.00% respectively [3][10] - The gross margin for Q1 2025 was reported at 19.89%, showing a year-on-year decrease of 2.53 percentage points [9] - The company’s net profit margin for Q1 2025 was 9.80%, down 1.54 percentage points year-on-year [9]