2025 年 04 月 23 日 开源晨会 0423 其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -16% 0% 16% 32% 48% 64% 2024-04 2024-08 2024-12 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 商贸零售 | 1.034 | | 建筑材料 | 1.017 | | 交通运输 | 0.902 | | 房地产 | 0.843 | | 医药生物 | 0.816 | | 数据来源：聚源 | | 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 传媒 | -1.078 | | 通信 | -0.972 | | 计算机 | -0.898 | | 机械设备 | -0.799 | | 电力设备 | -0.665 | | 数据来源：聚源 | | 行业深度报告-20250422 贡献利润弹性——公司信息更新报告-20250422 信息更新报告-20250422 ——公司信息更新报告-20250422 亮眼——公司信息更新报告-20250422 【计算机：海光信息(6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][14] Core Views - The company achieved a revenue of 15.37 billion yuan in 2024, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 920 million yuan, which is an increase of 86.6% year-on-year [5][6] - The traditional business segment generated a net profit of 710 million yuan in 2024, up 91.4% year-on-year, while the charging network business also showed significant growth with a net profit of 210 million yuan, growing at 71.9% year-on-year [5][6] - The company is expected to maintain its profit forecast, with projected net profits of 1.47 billion yuan, 2.03 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, indicating a strong growth trajectory [5][6] Financial Summary - In 2024, the company reported total revenue of 15.37 billion yuan, with a year-on-year growth of 21.1% [8] - The net profit attributable to shareholders for 2024 was 920 million yuan, reflecting an 86.6% increase compared to the previous year [8] - The gross margin for 2024 was 25.9%, slightly down by 0.3 percentage points from the previous year, while the net margin improved to 6.1%, up 1.9 percentage points [8] - The company’s earnings per share (EPS) for 2024 was 0.87 yuan, with a projected EPS of 1.39 yuan, 1.92 yuan, and 2.29 yuan for 2025, 2026, and 2027 respectively [8] Business Segments - The traditional business segment achieved revenue of 10.49 billion yuan in 2024, with a year-on-year growth of 22.5% and a net profit margin of 6.8% [6] - The charging network business generated revenue of 4.89 billion yuan in 2024, with a year-on-year growth of 18.4%, and maintained a leading position in the industry with 709,000 public charging terminals [6] - The company’s overseas business contracts reached 800 million yuan in 2024, marking a significant increase of 131.9% year-on-year [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 15.37 billion yuan in 2024, representing a year-on-year growth of 21.1%, and a net profit attributable to shareholders of 920 million yuan, which is an increase of 86.6% year-on-year [5][6] - The traditional business segment generated a net profit of 710 million yuan in 2024, up 91.4% year-on-year, while the charging network business also showed significant growth with a net profit of 210 million yuan, growing at 71.9% year-on-year [5][6] - The company is expected to maintain its profit forecasts, with projected net profits of 1.47 billion yuan, 2.03 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, translating to EPS of 1.39, 1.92, and 2.29 yuan per share [5][6] Financial Performance Summary - In 2024, the company's total revenue reached 15.37 billion yuan, with a gross margin of 25.9% and a net margin of 6.1% [8] - The traditional business segment's revenue was 10.49 billion yuan, with a net profit margin of 6.8% [6] - The charging network business generated 4.89 billion yuan in revenue, with a significant increase in charging volume, reaching 13 billion kWh, up 40% year-on-year [6] Business Segment Analysis - The traditional business segment is solid, with a focus on cost control and benefiting from national carbon neutrality initiatives [6] - The company has made significant strides in its overseas business, achieving a contract amount of 800 million yuan in 2024, a year-on-year increase of 131.9% [6] - The charging network business continues to lead the industry with 709,000 public charging terminals, maintaining a competitive edge in key metrics [6]

Investment Rating - The investment rating for Shanghai Film is "Buy" (maintained) [1] Core Views - The report highlights a recovery in the film business and the potential for AI to enhance IP development, opening up long-term growth opportunities [1][4] - The company experienced a decline in revenue and net profit in 2024 due to a weak film market, but Q1 2025 showed a positive turnaround with significant growth in both revenue and net profit [4][5] - The report maintains a positive outlook on the company's film and IP business driving growth, with projected net profits for 2025-2027 showing substantial increases [4][5] Financial Performance Summary - In 2024, the company achieved revenue of 690 million yuan (down 13.19% YoY) and a net profit of 90 million yuan (down 29.08% YoY) [4] - Q1 2025 saw revenue of 248 million yuan (up 17.90% YoY) and a net profit of 65.27 million yuan (up 41.55% YoY) [4] - The projected net profits for 2025, 2026, and 2027 are 273 million yuan, 376 million yuan, and 416 million yuan respectively, with corresponding EPS of 0.61, 0.84, and 0.93 yuan [4][7] IP Development and Commercialization - The company reported a revenue of 93.87 million yuan from its IP business in 2024, a 53% increase YoY, with a net profit of 27.5 million yuan, up 113% YoY [5] - Collaborations with various brands have generated significant online engagement, with a total voice volume of 7.12 billion for annual projects [5] - Upcoming key IP content releases are expected to drive further monetization through licensing, games, and merchandise [5] AI Technology and Innovation - The company is actively integrating AI technology into its operations, launching the "iNEW" strategy to explore AI applications in animation, content generation, and IP commercialization [6] - Collaborations with AI firms and educational institutions aim to enhance content production efficiency and reduce costs [6] - The establishment of the Shanghai Film New Vision Fund is set to explore new business avenues in AI-related sectors [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report expresses a strong outlook on the company's long-term development, maintaining profit forecasts for 2025-2027 at 30.18 billion, 42.13 billion, and 58.06 billion respectively, with EPS of 1.30, 1.81, and 2.50 yuan per share, indicating a high confidence in the company's leading position in the domestic computing power sector [4] - The company's Q1 2025 performance exceeded expectations, with revenue of 2.4 billion yuan, a year-on-year increase of 50.76%, and a net profit attributable to shareholders of 506 million yuan, up 75.33% year-on-year, confirming the industry's high prosperity [5] - A significant increase in contract liabilities provides solid support for future performance growth, with a cash flow from operating activities of 2.522 billion yuan in Q1 2025, a substantial improvement from -67.88 million yuan in Q1 2024, driven by increased sales collections [6] Financial Summary and Valuation Indicators - The company achieved a revenue of 6,012 million yuan in 2023, projected to grow to 14,008 million yuan in 2025, representing a year-on-year growth of 52.9% [8] - The gross profit margin for the company was 61.19%, slightly down by 1.68 percentage points, while R&D expenses amounted to 764 million yuan, accounting for 31.82% of revenue, a decrease of 9.44 percentage points year-on-year [7] - The company's P/E ratios for 2025, 2026, and 2027 are projected at 118.4, 84.8, and 61.5 respectively, indicating a favorable valuation trend [8]

2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 19.42 | | 一年最高最低(元) | 29.20/18.22 | | 总市值(亿元) | 38.50 | | 流通市值(亿元) | 38.50 | | 总股本(亿股) | 1.98 | | 流通股本(亿股) | 1.98 | | 近 3 个月换手率(%) | 71.64 | 医药生物/中药Ⅱ 寿仙谷（603896.SH） 股价走势图 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 寿仙谷 沪深300 数据来源：聚源 相关研究报告 《2024H1 营收小幅下滑，市场渠道稳 步拓展 — 公 司 信 息 更 新 报 告 》 -2024.8.29 《营收利润小幅承压，营销改革赋能 品 牌 发 展 — 公 司 信 息 更 新 报 告 》 -2024.4.27 经营业绩相对承压，省外营销改革有望带来成长动力 ——公司信息更新报告 | 余汝意（分析师） | 巢舒然（联系人） | | --- | --- | | yuruyi@kys ...

Investment Rating - The investment rating for Tianshan Aluminum is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 28.09 billion yuan in 2024, a year-on-year decrease of 3.06%, while the net profit attributable to shareholders reached 4.455 billion yuan, a significant increase of 102.03%. The non-recurring profit was approximately 1.78 billion yuan, leading to a non-recurring net profit of 4.309 billion yuan, up 128.80% year-on-year. The forecast for net profit from 2025 to 2027 has been raised, with expected figures of 4.685 billion, 5.515 billion, and 6.163 billion yuan respectively, reflecting year-on-year growth of 5.2%, 17.7%, and 11.8% [4][5][6]. Financial Summary - The total market capitalization of Tianshan Aluminum is 35.261 billion yuan, with a circulating market capitalization of 31.305 billion yuan. The current stock price is 7.58 yuan, with a 52-week high of 9.88 yuan and a low of 6.08 yuan. The total share capital is 4.652 billion shares, with 4.130 billion shares in circulation. The turnover rate over the past three months is 72.45% [1][4]. Performance Metrics - The company’s revenue is projected to increase from 28.089 billion yuan in 2024 to 29.538 billion yuan in 2025, representing a year-on-year growth of 5.2%. The gross profit margin is expected to be 22.6% in 2025, with a net profit margin of 15.9% [8][10][12]. Growth Drivers - Tianshan Aluminum is enhancing its industrial chain by establishing a self-sufficient supply of bauxite and expanding its production capacity in alumina and electrolytic aluminum. The company has obtained mining rights for local bauxite in Guangxi and is progressing with a 1 million-ton alumina project in Indonesia. The electrolytic aluminum production capacity is expected to increase significantly, contributing to the company's growth potential [5][6]. Shareholder Returns - In 2024, the company distributed cash dividends totaling 1.845 billion yuan, with a dividend payout ratio of 41.42%. The company has committed to a shareholder return plan, ensuring a cash dividend of no less than 30% of the annual net profit for the next three years. Additionally, a share buyback plan is in place, with an estimated repurchase of approximately 20 million shares, accounting for 0.43% of the total share capital [6][8].

有色金属/工业金属 神火股份（000933.SZ） 氧化铝价格回落支撑业绩，关注煤铝成长及铝弹性 2025 年 04 月 22 日 投资评级：买入（维持） 日期 2025/4/21 当前股价(元) 16.72 一年最高最低(元) 24.95/13.04 总市值(亿元) 376.09 流通市值(亿元) 375.06 总股本(亿股) 22.49 流通股本(亿股) 22.43 近 3 个月换手率(%) 79.99 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 神火股份 沪深300 相关研究报告 《煤炭量价齐跌致业绩承压，关注煤 铝成长及铝弹性—公司 2024年报点评 报告》-2025.3.26 《Q3 盈利环比改善，中期分红加大投 资者回报—2024 年三季报点评报告》 -2024.10.22 《煤炭业务量价齐跌拖累业绩，煤铝 成长性可期—2024 年中报点评报告》 -2024.8.20 张绪成（分析师） zhangxucheng@kysec.cn 氧化铝价格回落支撑业绩，关注煤铝成长及铝弹性，维持"买入"评级 公司发布 2025 年 ...

医药生物/医疗器械 | 余汝意（分析师） 司乐致（分析师） 石启正（联系人） | | | | | --- | --- | --- | --- | | yuruyi@kysec.cn silezhi@kysec.cn shiqizheng@kysec.cn | | | | | 证书编号：S0790523070002 证书编号：S0790523110003 证书编号：S0790125020004 | | | | |  业绩符合预期，经营拐点曙光已至，维持"买入"评级 2024 | | | | | 公司 2024 亿元（yoy-5.86%），归母净利润 0.50 | 年实现营收 5.86 | | 亿元（yoy-57.96%）， | | 扣非归母净利润 亿元（yoy-40.79%）。分产品，覆膜胶塞产品收入 | 0.39 | | 2.83 亿元 | | 53.98%（-0.76pct），常规胶塞产品收入 | （yoy-11.29%），毛利率 | | 亿元 2.87 | | 23.17%（-3.94pct），公司利润和综合毛利率下降主要系客 | （yoy-1.52%），毛利率 | | | | 户需求变动，导致产品销售 ...

电力设备 2025 年 04 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-04 2024-08 2024-12 电力设备 沪深300 相关研究报告 《宁德时代科技日发布"纳新"电池 领跑行业，钠离子电池有望迎量产元 年—行业点评报告》-2025.4.21 《低空经济行业周报：（4 月第 3 周） 发改委召开低空经济发展专题会，峰 飞、时的、览翌获订单—行业周报》 -2025.4.20 《欧洲电动车销量月报（2025 年 3 月）：欧洲电车市场开年呈现明显复苏 趋势—行业点评报告》-2025.4.18 欧洲新能源汽车系列 4：雷诺，电动化攻势全面开启 ——行业深度报告 | 殷晟路（分析师） | 王嘉懿（联系人） | | --- | --- | | yinshenglu@kysec.cn | wangjiayi@kysec.cn | | 证书编号：S0790522080001 | 证书编号：S0790123070003 | wangjiayi@kysec.cn 证书编号：S0790123070003 雷诺集团 2024 年 BEV ...