汽车/汽车零部件 威迈斯（688612.SH） 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 23.50 | | 一年最高最低(元) | 36.12/17.68 | | 总市值(亿元) | 98.92 | | 流通市值(亿元) | 59.67 | | 总股本(亿股) | 4.21 | | 流通股本(亿股) | 2.54 | | 近 3 个月换手率(%) | 105.34 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 威迈斯 沪深300 相关研究报告 《研发投入持续增加，三季度业绩符 合预期 — 公 司 信 息 更 新 报 告 》 -2024.10.29 《调整回购股份资金来源，首批落地 回购增持专项贷款—公司信息更新报 告》-2024.10.21 《拟 5000 万至 1 亿元回购股份，重视 股 东 回 报 — 公 司 信 息 更 新 报 告 》 -2024.9.25 业绩符合预期，推进全球化布局 ——公司信息更新报告 殷晟 ...

基础化工/化学原料 振华股份（603067.SH） Q1 业绩同比高增，关注铬盐产业链景气度整体提升 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 22.61 | | 一年最高最低(元) | 22.71/9.98 | | 总市值(亿元) | 115.09 | | 流通市值(亿元) | 115.09 | | 总股本(亿股) | 5.09 | | 流通股本(亿股) | 5.09 | | 近 3 个月换手率(%) | 195.81 | 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 160% 2024-04 2024-08 2024-12 振华股份 沪深300 相关研究报告 《Q3 业绩环比小幅承压，看好铬盐市 占率持续提升—公司信息更新报告》 -2024.10.30 《Q2 业绩环比大幅增长，关注铬盐与 VK3 持续涨价—公司信息更新报告》 -2024.8.14 金益腾（分析师） 蒋跨跃（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 jiangkua ...

农林牧渔/饲料 禾丰股份（603609.SH） 白鸡屠宰量稳步上行，生猪业务回暖贡献利润 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 8.26 | | 一年最高最低(元) | 9.38/5.96 | | 总市值(亿元) | 75.95 | | 流通市值(亿元) | 75.95 | | 总股本(亿股) | 9.19 | | 流通股本(亿股) | 9.19 | | 近 3 个月换手率(%) | 52.26 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-04 2024-08 2024-12 禾丰股份 沪深300 相关研究报告 陈雪丽（分析师） 朱本伦（联系人） chenxueli@kysec.cn 证书编号：S0790520030001 zhubenlun@kysec.cn 证书编号：S0790124060020 风险提示：公司成本不及预期，猪鸡涨价不及预期，疫病风险，原料价格风险。 | 财务摘要和估值指标 | | | | | | | --- | --- | --- ...

煤炭/煤炭开采 华阳股份（600348.SH） 煤炭量价齐跌致业绩承压，关注煤矿成长及转型 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 6.57 | | 一年最高最低(元) | 11.36/6.17 | | 总市值(亿元) | 237.01 | | 流通市值(亿元) | 237.01 | | 总股本(亿股) | 36.08 | | 流通股本(亿股) | 36.08 | | 近 3 个月换手率(%) | 51.87 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 华阳股份 沪深300 相关研究报告 《Q3 业绩环比大增，关注煤矿成长及 高分红潜力—公司信息更新报告》 -2024.11.1 《量价下滑致业绩承压，关注煤矿成 长及高分红潜力—公司 2024年中报点 评报告》-2024.8.30 《煤炭量价致业绩承压，提分红彰显 投资价值—公司 2024年一季报点评报 告》-2024.4.29 张绪成（分析师） zhangxucheng@ky ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has declined due to slight decreases in coal prices and volumes, with a focus on potential asset injections and dividend capabilities [1][4] - In 2024, the company achieved revenue of 15.03 billion yuan, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 2.81 billion yuan, down 14.9% year-on-year [1][5] - The company is expected to see a significant increase in net profit in 2026 and 2027, with forecasts of 2.46 billion yuan and 2.61 billion yuan respectively, indicating a recovery trend [1][7] Financial Performance Summary - In 2024, the company’s coal production was 34.67 million tons, a slight decrease of 0.1% year-on-year, while coal sales were 29.97 million tons, down 0.4% year-on-year [5] - The average selling price of coal in 2024 was 490.6 yuan per ton, a decrease of 1% year-on-year, and in Q1 2025, it dropped to 426.1 yuan per ton, down 16.4% year-on-year [5] - The company plans to distribute a cash dividend of 7.55 yuan per 10 shares, with a dividend payout ratio of 45%, reflecting a year-on-year increase of 4.94 percentage points [6] Asset Injection and Growth Potential - There are expectations for asset injections from the parent company, which has a coal production capacity of nearly 400 million tons per year, compared to the company's current capacity of 34.5 million tons per year [6] - The company has significant room for capacity expansion, which could enhance its growth potential in the future [6] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.36 yuan, 1.47 yuan, and 1.56 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 8.4, 7.8, and 7.3 [1][7] - The company's return on equity (ROE) is expected to decline from 14.7% in 2024 to 10.3% in 2027, indicating a potential decrease in profitability [7]

食品饮料/调味发酵品Ⅱ 涪陵榨菜（002507.SZ） 公司拟收购味滋美 51%股权，布局复调预制菜赛道 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | 证书编号：S0790520030003 | | --- | --- | --- | | 当前股价(元) | 13.53 | | | 一年最高最低(元) | 17.20/11.47 | | | 总市值(亿元) | 156.13 | | | 流通市值(亿元) | 155.45 | | | 总股本(亿股) | 11.54 | | | 流通股本(亿股) | 11.49 | | | 近 3 个月换手率(%) | 81.56 | | 股价走势图 数据来源：聚源 -24% -16% -8% 0% 8% 16% 24% 2024-04 2024-08 2024-12 涪陵榨菜 沪深300 相关研究报告 《2024 年利润短期承压，2025 年稳健 增 长 可 期 — 公 司 信 息 更 新 报 告 》 -2025.4.1 《2024 年夯实基础，蓄力 2025 年稳健 发展—公司信息更新报告》-2025.3.3 《改革成效显现 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company has shown strong revenue growth with a 39.2% year-on-year increase in Q1 2025, reaching 380 million yuan, and a net profit of 50 million yuan, up 16.3% year-on-year [4] - The company maintains its profit forecast for 2025-2027, expecting net profits of 200 million, 240 million, and 280 million yuan, representing year-on-year growth of 25.0%, 20.5%, and 16.0% respectively [4] - The company demonstrates strong competitiveness in product innovation and channel expansion, particularly in the Sam's Club, snack wholesale, and online channels, which are expected to provide significant growth opportunities in 2025 [4] Financial Performance Summary - Q1 2025 revenue from meat products was 350 million yuan, a 44.6% increase year-on-year, with poultry products contributing 320 million yuan, up 47.2% [5] - The company’s gross margin decreased by 4.35 percentage points to 27.08% due to lower margins from newly developed channels [7] - The company’s total revenue is projected to reach 1.545 billion yuan in 2025, with a year-on-year growth of 30.6% [8] Channel Performance - Offline channel revenue in Q1 2025 was 350 million yuan, up 35.9% year-on-year, benefiting from the expansion into membership-based supermarkets and snack wholesale channels [6] - Online channel revenue reached 20 million yuan, a significant increase of 88.0% year-on-year, indicating substantial growth potential in this area [6] Profitability Metrics - The company’s net profit margin for Q1 2025 was 13.14%, down 2.60 percentage points year-on-year, influenced by the timing of financial income recognition [7] - The projected earnings per share (EPS) for 2025 is 0.46 yuan, with corresponding price-to-earnings (P/E) ratios of 29.4, 24.4, and 21.0 for 2025, 2026, and 2027 respectively [8]

Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - The company reported a steady revenue growth in Q1 2025, achieving an operating income of 2.489 billion yuan, a year-on-year increase of 25.03%, continuing the positive growth trend from 2024 [4][5] - The net profit attributable to the parent company for Q1 2025 was 155 million yuan, reflecting a year-on-year growth of 9.27% [4] - The company has slightly adjusted its profit expectations for 2025-2027 due to a competitive industry environment, forecasting net profits of 917 million yuan, 1.203 billion yuan, and 1.519 billion yuan for the respective years [4] Financial Performance - In Q1 2025, the gross margin was 18.19%, down 3.38 percentage points year-on-year, while the net margin was 6.29%, down 0.91 percentage points year-on-year [5] - The company has improved its cost control, with sales, management, R&D, and financial expense ratios at 2.16%, 2.45%, 7.51%, and 0.45% respectively, showing a decrease in overall expense ratio by 1.56 percentage points year-on-year [5] Business Development - The automotive electronics business is thriving, with continuous R&D investments in the field of automotive intelligence, including the launch of cockpit domain control products based on Qualcomm chips [6] - The precision die-casting business has expanded into key components for new energy vehicles, with significant increases in order volumes for various projects [6] Financial Summary and Valuation Metrics - The company expects to achieve operating revenues of 13.847 billion yuan in 2025, with a year-on-year growth of 36.3% [7] - The projected earnings per share (EPS) for 2025 is 1.75 yuan, with a corresponding price-to-earnings (P/E) ratio of 18.0 times [4][7] - The return on equity (ROE) is expected to increase to 12.5% by 2025 [7]

医药生物/化学制药 奥锐特（605116.SH） 2025 年 04 月 28 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 21.30 | | 一年最高最低(元) | 26.99/18.70 | | 总市值(亿元) | 86.52 | | 流通市值(亿元) | 84.67 | | 总股本(亿股) | 4.06 | | 流通股本(亿股) | 3.98 | | 近 3 个月换手率(%) | 33.16 | 股价走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 奥锐特 沪深300 数据来源：聚源 相关研究报告 《2024 前三季度业绩高速增长，制剂 业务快速放量—公司信息更新报告》 -2024.10.25 《2024 上半年业绩高速增长，制剂业 务快速放量—公司信息更新报告》 -2024.8.29 《难仿原料药持续拓展，制剂业务有 望成为新增长极—公司首次覆盖报 告》-2024.6.25 2025Q1 业绩高速增长，制剂业务快速放量 ——公司信息更新报告 | 余汝意（分析师） | 阮帅 ...

2025 年 04 月 28 日 投资评级：买入（维持） 医药生物/化学制药 奥锐特（605116.SH） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 21.30 | | 一年最高最低(元) | 26.99/18.70 | | 总市值(亿元) | 86.52 | | 流通市值(亿元) | 84.67 | | 总股本(亿股) | 4.06 | | 流通股本(亿股) | 3.98 | | 近 3 个月换手率(%) | 33.16 | 股价走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 奥锐特 沪深300 数据来源：聚源 相关研究报告 《2024 前三季度业绩高速增长，制剂 业务快速放量—公司信息更新报告》 -2024.10.25 《2024 上半年业绩高速增长，制剂业 务快速放量—公司信息更新报告》 -2024.8.29 《难仿原料药持续拓展，制剂业务有 望成为新增长极—公司首次覆盖报 告》-2024.6.25 2025Q1 业绩高速增长，制剂业务快速放量 ——公司信息更新报告 | 余汝意（分析师） | 阮帅 ...