计算机/软件开发 莱斯信息（688631.SH） 收入结构改善，打造低空新增长极 liuxiaoyao@kysec.cn 证书编号：S0790520090001 考虑公司在空管领域领先地位，维持"买入"评级 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 78.65 | | 一年最高最低(元) | 135.97/46.84 | | 总市值(亿元) | 128.57 | | 流通市值(亿元) | 48.16 | | 总股本(亿股) | 1.63 | | 流通股本(亿股) | 0.61 | | 近 3 个月换手率(%) | 293.23 | 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 2024-04 2024-08 2024-12 莱斯信息 沪深300 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn 考虑政府治理业务短期承压，我们下调公司 2025-2026 年归母净利润预测为 1.70、 2.24 亿元（原预测为 2.09、2.72 亿元），新增 2027 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 2024 full-year revenue of 29.84 billion yuan, representing a year-over-year increase of 35.14%, and a net profit of 5.62 billion yuan, up 44.2% year-over-year [3][4] - In Q1 2025, the company achieved a revenue of 8.21 billion yuan, reflecting a year-over-year growth of 37.9%, and a net profit of 1.58 billion yuan, up 38.8% year-over-year, maintaining a medium to high-speed growth trajectory [3][4] - The company has made significant technological breakthroughs in several new products in the integrated circuit equipment sector, leading to an increase in market share for mature products and a gradual realization of scale effects, resulting in a steady decline in cost and expense ratios [4][5] Financial Summary and Valuation Indicators - The company is projected to achieve revenues of 39.447 billion yuan, 48.83 billion yuan, and 59.007 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 7.803 billion yuan, 9.872 billion yuan, and 12.045 billion yuan [4][7] - The estimated P/E ratios for 2025, 2026, and 2027 are 31, 25, and 20 respectively, indicating a favorable valuation outlook [4][7] - The company's gross margin is expected to be 41.3% in 2025, with a net margin of 19.8% [7][9]

医药生物 2025 年 04 月 26 日 相关研究报告 《Bima 联合司美的数据将在 ADA 大 会读出，减重进入高质量时代—行业 周报》-2025.4.20 《推荐科研服务板块国产替代的机会 —行业周报》-2025.4.13 《关注优化药品集采下的投资机会— 行业周报》-2025.4.6 Orforglipron 产业链被低估，国内相关公司有望长周 期受益 ——行业点评报告 | 余汝意（分析师） | 汪晋（联系人） | | --- | --- | | yuruyi@kysec.cn | wangjin3@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790123050021 | wangjin3@kysec.cn 证书编号：S0790123050021 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-04 2024-08 2024-12 医药生物 沪深300 开 源 证 请务必参阅正文后面的信息披露和法律声明 1 / 8 首个小分子口服 GLP-1RA 药物 3 期临床研究成功 2025 年 4 月 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 total revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, aligning with expectations. The difference in figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from increased trading activity among individual investors, and its growth potential continues to be validated. The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37% [6][7] Financial Summary - For 2025, the expected operating revenue is 2,185 million yuan, with a year-on-year growth of 42.9%. The net profit attributable to shareholders is projected at 364 million yuan, reflecting a year-on-year increase of 249% [9] - The gross margin is expected to improve to 91.1% in 2025, while the net margin is projected to reach 16.7% [9] - The company's earnings per share (EPS) for 2025 is estimated at 0.6 yuan, with a price-to-earnings (P/E) ratio of 94.7 times [9] Business Performance - The company's financial information services revenue was 420 million yuan in Q1 2025, up 76% year-on-year, with cash inflow from sales reaching 510 million yuan, a 93% increase year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) stood at 870 million yuan, up 4% quarter-on-quarter and 25% year-on-year [7] - The net income from commission and interest for Q1 2025 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume in the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8]

计算机 2025 年 04 月 27 日 数据来源：聚源 -38% -19% 0% 19% 38% 58% 2024-04 2024-08 2024-12 计算机 沪深300 相关研究报告 《把握 MCP 的投资机遇—行业周报》 -2025.4.20 《巨头积极拥抱，MCP 生态日益繁荣 —行业点评报告》-2025.4.18 《周观点：自主可控大势已至—行业 周报》-2025.4.13 积极把握 AI Agent 投资机遇 ——行业周报 | 陈宝健（分析师） | 李海强（分析师） | | --- | --- | | chenbaojian@kysec.cn | lihaiqiang@kysec.cn | | 证书编号：S0790520080001 | 证书编号：S0790524070003 | 市场回顾： 本周（2025.4.21-2025.4.25），沪深 300 指数上涨 0.38%，计算机指数上涨 0.99%。 投资评级：看好（维持） 行业走势图 周观点：积极把握 AI Agent 投资机遇 中美科技巨头密集布局 MCP 协议，有望加速 AI Agent 场景落地 MCP 由 Anthropic 提出并 ...

通信 2025 年 04 月 27 日 《AI 推理陆续落地，6G 渐行渐近— 行业周报》-2025.4.20 《重视国产算力、卫星互联网、光通 信 等 板 块 机 遇 — 行业周报》- 2025.4.13 《算力重要性日益凸显，卫星互联网 持续落地—行业周报》-2025.4.6 AI 上游业绩高兑现，美团 AI 需求渐起 ——行业周报 | 蒋颖（分析师） | 雷星宇（联系人） | 陈光毅（联系人） | | --- | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | chenguangyi@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124040002 | 证书编号：S0790124020006 | 国内外 AI 算力产业链持续兑现，一季度业绩全面亮眼 国内：（1）AI 芯片：海光信息 2025Q1 合同负债金额达 32.37 亿元，同比增 长 113510.65%；（2）AI 服务器&电源：华勤技术 2025Q1 实现营收 349.98 亿 元，同比增长 115.65%；欧陆通 2025Q1 实现归 ...

家用电器/黑色家电 海信视像（600060.SH） 2025Q1 盈利延续改善趋势，关注旺季和新品催化营 2025 年 04 月 26 日 收/盈利增速向上 投资评级：买入（维持） ——公司信息更新报告 | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 23.30 | | 一年最高最低(元) | 29.24/14.28 | | 总市值(亿元) | 304.06 | | 流通市值(亿元) | 301.76 | | 总股本(亿股) | 13.05 | | 流通股本(亿股) | 12.95 | | 近 3 个月换手率(%) | 65.52 | 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 海信视像 沪深300 相关研究报告 《业绩接近预告上限，继续看好 2025 年盈利修复弹性以及长期海外营收增 长—公司信息更新报告》-2025.4.1 《2024Q4 业绩超预期，以旧换新政策 驱动+成本压力趋缓下继续看好盈利 修 复 弹 性 — 公 司 信 息 更 新 报 告 》 -2025. ...

2025 年 04 月 26 日 投资评级：买入（维持） 日期 2025/4/25 当前股价(元) 10.89 一年最高最低(元) 24.65/9.68 总市值(亿元) 68.94 流通市值(亿元) 54.21 总股本(亿股) 6.33 流通股本(亿股) 4.98 近 3 个月换手率(%) 194.96 股价走势图 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 华统股份 沪深300 数据来源：聚源 相关研究报告 《成本下降出栏稳健增长，定增稳步 推进持续成长—公司信息更新报告》 -2024.11.3 食品饮料/食品加工 华统股份（002840.SZ） 出栏增长成本稳降，定增落地持续成长 《2024H2 成本下降空间大，出栏稳增 业绩逐步释放—公司信息更新报告》 -2024.8.31 陈雪丽（分析师） 王高展（联系人） chenxueli@kysec.cn 证书编号：S0790520030001 wanggaozhan@kysec.cn 证书编号：S0790123060055 出栏增长成本稳降，定增落地持续成长，维持"买入"评级 公司发布 2024 年年报， ...

Investment Rating - The investment rating for Ping An Insurance is "Buy" (maintained) [1] Core Views - The report highlights that short-term performance is affected by bond market fluctuations, while the multi-channel development of life insurance shows significant results [4] - The first quarter of 2025 saw a net profit attributable to shareholders of 27.02 billion yuan, a year-on-year decrease of 26.4%, which aligns with expectations [4] - The report predicts a decline in new business value (NBV) for 2025, estimating it at 36.2 billion yuan, a year-on-year decrease of 9.5%, but a 27% increase on a comparable basis [4] Financial Performance Summary - In Q1 2025, the life insurance NBV was 12.89 billion yuan, flat year-on-year, but up 34.9% on a comparable basis [4] - The group's operating profit attributable to shareholders was 37.91 billion yuan, a year-on-year increase of 2.4% [4] - The report forecasts the group's net profit attributable to shareholders for 2025-2027 to be 135.4 billion, 148.5 billion, and 172.1 billion yuan, respectively, representing year-on-year growth of 7.0%, 9.6%, and 15.9% [4] Business Segment Insights - The report indicates that the life insurance business's NBV margin (based on first-year premiums) improved to 28.3%, up 11.4 percentage points year-on-year, driven by adjustments in product structure and individual insurance channel performance [5] - The property and casualty insurance segment reported a significant increase in underwriting profit, with a year-on-year growth of 755.5% [6] - The investment portfolio achieved a non-annualized comprehensive investment return of 1.3%, a year-on-year increase of 0.2 percentage points [6] Valuation Metrics - The current stock price is 51.33 yuan, with a market capitalization of 934.73 billion yuan [1] - The report provides a forecast for the price-to-embedded value (PEV) ratios for 2025-2027 at 0.61, 0.58, and 0.53 times, respectively [4] - The dividend yield (TTM) is noted at 4.94% [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.786 billion yuan in Q1 2025, representing a year-on-year increase of 7.59%. The net profit attributable to the parent company was 497 million yuan, up by 5.82%, and the non-recurring net profit was 484 million yuan, increasing by 4.98%. The company maintains stable profitability and growth in both domestic and international sales, leading to a maintained profit forecast for 2025-2027 [6][7] - The company is expected to benefit from policy-driven improvements in domestic demand in the short term, while long-term prospects remain positive due to steady revenue growth and stable profit margins, with a high dividend payout ratio [6] Financial Summary - The total market capitalization of the company is 44.435 billion yuan, with a circulating market capitalization of 44.382 billion yuan. The current stock price is 55.45 yuan, with a 52-week high of 64.30 yuan and a low of 45.70 yuan [1] - The company’s revenue projections for 2025-2027 are 24.43 billion yuan, 25.99 billion yuan, and 27.69 billion yuan, respectively, with corresponding EPS of 3.05 yuan, 3.24 yuan, and 3.46 yuan. The current price-to-earnings (P/E) ratios are projected to be 18.2, 17.1, and 16.0 times for the respective years [6][9] - The gross margin for Q1 2025 was 23.91%, maintaining stability compared to the previous year. The net profit margin was 8.59%, indicating stable profitability [8]