投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 26.09 | | 一年最高最低(元) | 30.70/17.12 | | 总市值(亿元) | 32.95 | | 流通市值(亿元) | 23.04 | | 总股本(亿股) | 1.26 | | 流通股本(亿股) | 0.88 | | 近 3 个月换手率(%) | 152.7 | 股价走势图 医药生物/医疗器械 华兰股份（301093.SZ） 2024 业绩符合预期，经营拐点曙光已至 2025 年 04 月 22 日 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 华兰股份 沪深300 相关研究报告 《2024H1 业绩整体承压，精品智能和 启航车间蓄势待发—公司信息更新报 告》-2024.8.29 ——公司信息更新报告 | 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@ky ...

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 wangjiayi@kysec.cn 证书编号：S0790123070003 雷诺集团 2024 年 BEV 销量 20 万台，2024Q4 BEV 渗透率明显提升 雷诺集团旗下共有 4 个品牌：雷诺、Dacia、Alpine 和 Mobilize，各品牌定位互 补。2024 年雷诺集团全球总销量 226.5 万辆，同比增长 1.3%，其中欧洲市场共 159.9 万辆。集团整体的销量主要由雷诺和 Dacia 两个品牌贡献。2024 年雷诺共 销售约 20 万台 BEV，对应渗透率 9%。其中，2024 年 10 月畅销车型雷诺 5 E-Tech 在法国上市，带动2024Q4集团BEV渗透率超过12%，较前三个季度高出约5pcts。 雷诺将基于纯电平台安培，发起电动化攻势 《低空 ...

汽车 2025 年 04 月 22 日 新品迭出，日渐规范，智驾行业行稳致远 ——行业深度报告 投资评级：看好（维持） 行业走势图 -29% -14% 0% 14% 29% 43% 2024-04 2024-08 2024-12 汽车 沪深300 数据来源：聚源 相关研究报告 《上海车展前瞻：智能化深入演绎， 自主品牌实力具显—行业点评报告》 -2025.4.21 《对等关税影响中国汽车贸易有限， 重点关注三大方向—行业点评报告》 -2025.4.14 《DeepSeek-R1 横空出世，智能车产业 升级加速—行业点评报告》-2025.2.4 赵旭杨（分析师） zhaoxuyang@kysec.cn 证书编号：S0790523090002 小鹏召开"全球热爱之夜"，AI 基座模型在路上 小鹏召开"全球热爱之夜"暨 X9 发布会，公布多项布局进展。小鹏新 10 年目 标成为 AI+电动+具身集合。AI 芯片 2025 年 Q2 量产；预计 2025 年底实现 L3 级别智驾在国内量产；飞行汽车陆地航母预计 2026 年量产交付；机器人预计 2026 年规模进入工厂量产；X9 改款发布，加量不加价，舒适性配置增加 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a robust revenue growth of 21.38% year-on-year, reaching 3.251 billion yuan in 2024, with a net profit of 583 million yuan, reflecting a 29.89% increase [4] - The company is a leading domestic high-precision satellite navigation positioning enterprise, with core technology advantages and continuous market expansion [4] - The forecast for net profit from 2025 to 2027 is 759 million yuan, 951 million yuan, and 1.194 billion yuan respectively, with corresponding EPS of 1.38, 1.73, and 2.17 yuan per share [4] Financial Performance - In 2024, the company generated revenue of 3.251 billion yuan, with a gross margin of 58.13% and a net margin of 17.94%, showing improvements in profitability [5] - The company’s revenue from domestic and international markets was 2.313 billion yuan and 938 million yuan respectively, with year-on-year growth of 18.07% and 30.39% [5] - R&D expenses amounted to 469 million yuan, focusing on high-precision positioning chips and autonomous driving products [5] Business Expansion - The company has strengthened its market position in agricultural machinery autonomous driving and disaster monitoring equipment, with over 80,000 units deployed [6] - New business opportunities are being explored in the low-altitude economy and autonomous driving sectors, with partnerships established across various applications [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 4.218 billion yuan, with a year-on-year growth of 29.7% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 29.5, 23.6, and 18.8 respectively [7] - The company’s return on equity (ROE) is expected to increase from 16.6% in 2024 to 19.3% in 2027 [9]

农林牧渔/饲料 乖宝宠物（301498.SZ） 国内自有品牌快速增长，盈利规模持续扩大 2025 年 04 月 22 日 投资评级：买入（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 101.35 | | 一年最高最低(元) | 103.00/41.52 | | 总市值(亿元) | 405.45 | | 流通市值(亿元) | 181.44 | | 总股本(亿股) | 4.00 | | 流通股本(亿股) | 1.79 | | 近 3 个月换手率(%) | 75.16 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 乖宝宠物 沪深300 相关研究报告 《国内自有品牌快速增长，盈利规模 持 续 扩 大 — 公 司 信 息 更 新 报 告 》 -2024.10.26 《归母净利润高速增长，电商平台销 售亮眼 — 公 司 信 息 更 新 报 告 》 -2024.8.28 《拟推第一期股票激励计划，健全激 励机制护航成长—公司信息更新报 告》-2024.7.7 陈雪丽（分析师） 朱本伦（联 ...

北交所信息更新 北 交 所 研 究 纳科诺尔（832522.BJ） 智能辊压设备营收 9.86 亿元+13.44%，募投集中固态电池 2025 年 04 月 22 日 投资评级：增持（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 59.75 | | 一年最高最低(元) | 81.37/11.30 | | 总市值(亿元) | 66.95 | | 流通市值(亿元) | 54.75 | | 总股本(亿股) | 1.12 | | 流通股本(亿股) | 0.92 | | 近 3 个月换手率(%) | 343.93 | 北交所研究团队 ——北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 全年实现归母净利润 1.62 亿元+30.69%，维持"增持"评级 纳科诺尔公布年报，2024 全年实现营业收入 10.54 亿元+11.42%；实现归母净利 润 1.62 亿元+30.69%，对应全年毛利率为 24.15%。我们维持 2025-2026、并增加 2027 年盈利预测，预计 2025-2027 年纳 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit attributable to shareholders of 583 million yuan, up 29.89% year-on-year [4] - The company is a leading domestic high-precision satellite navigation positioning enterprise with core technology advantages and continuous market expansion [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 759 million, 951 million, and 1.194 billion yuan respectively, with corresponding EPS of 1.38, 1.73, and 2.17 yuan per share [4] Financial Performance - In 2024, the company achieved a gross margin of 58.13% and a net margin of 17.94%, with improvements of 0.36 and 1.37 percentage points year-on-year respectively [5] - The company’s revenue from various application sectors includes 1.425 billion yuan from resources and public utilities, 1.053 billion yuan from construction and infrastructure, 589 million yuan from geographic information, and 185 million yuan from robotics and autonomous driving, with year-on-year growth rates of 26.41%, 8.97%, 38.44%, and 15.53% respectively [5] - The company’s R&D investment reached 469 million yuan, focusing on high-precision positioning chips and autonomous driving products [5] Market Expansion - The company has seen significant growth in overseas markets, with revenue from international operations reaching 938 million yuan, a year-on-year increase of 30.39% [5] - The company is actively expanding its applications in high-precision positioning technology, with notable achievements in agricultural machinery autonomous driving and disaster monitoring equipment [6] - The company has established partnerships in various sectors, including low-speed robotics and logistics, indicating a broad market potential [6] Financial Summary and Valuation Metrics - The company’s projected revenue for 2025 is 4.218 billion yuan, with a year-on-year growth of 29.7% [7] - The projected P/E ratios for 2025, 2026, and 2027 are 29.5, 23.6, and 18.8 respectively [7] - The company’s return on equity (ROE) is expected to increase from 16.6% in 2024 to 19.3% in 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in its blood glucose business in 2024, with a projected revenue of 4.443 billion yuan, representing a year-over-year increase of 9.47%. The net profit attributable to shareholders is forecasted to be 326 million yuan, up 14.73% year-over-year [5] - The company's continuous improvement in profitability is attributed to an increase in online sales and effective e-commerce promotions, with a significant rise in Q4 2024 net profit by 310.96% year-over-year [5] - The company is positioned for strong growth in both domestic and international Continuous Glucose Monitoring (CGM) markets, with expectations for increased market share [6][7] Financial Summary - Revenue for 2024 is projected at 4.443 billion yuan, with a year-over-year growth of 9.5% [9] - The net profit attributable to shareholders for 2024 is estimated at 326 million yuan, reflecting a year-over-year increase of 14.7% [9] - The gross margin is expected to improve to 54.9% in 2024, with a net margin of 7.3% [9] - Earnings per share (EPS) for 2025 is projected to be 0.71 yuan, with a corresponding price-to-earnings (P/E) ratio of 28.3 [9][10]

北交所信息更新 北 交 所 研 究 纳科诺尔（832522.BJ） 智能辊压设备营收 9.86 亿元+13.44%，募投集中固态电池 2025 年 04 月 22 日 投资评级：增持（维持） | 日期 | 2025/4/21 | | --- | --- | | 当前股价(元) | 59.75 | | 一年最高最低(元) | 81.37/11.30 | | 总市值(亿元) | 66.95 | | 流通市值(亿元) | 54.75 | | 总股本(亿股) | 1.12 | | 流通股本(亿股) | 0.92 | | 近 3 个月换手率(%) | 343.93 | 北交所研究团队 ——北交所信息更新 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 全年实现归母净利润 1.62 亿元+30.69%，维持"增持"评级 纳科诺尔公布年报，2024 全年实现营业收入 10.54 亿元+11.42%；实现归母净利 润 1.62 亿元+30.69%，对应全年毛利率为 24.15%。我们维持 2025-2026、并增加 2027 年盈利预测，预计 2025-2027 年纳 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve steady growth in its blood glucose business in 2024, with a projected revenue of 4.443 billion yuan, representing a year-over-year increase of 9.47%. The net profit attributable to shareholders is forecasted to be 326 million yuan, up 14.73% year-over-year [5] - The company's continuous improvement in profitability is attributed to an increase in online sales and effective e-commerce promotions, with a significant rise in Q4 2024 net profit by 310.96% year-over-year [5] - The company is positioned for strong growth in both domestic and international Continuous Glucose Monitoring (CGM) markets, with expectations for increased market share [6][7] Financial Summary - Revenue for 2024 is projected at 44.43 billion yuan, with a year-over-year growth of 9.47%. The net profit attributable to shareholders is expected to be 3.26 billion yuan, reflecting a year-over-year increase of 14.73% [5] - The company’s revenue from blood glucose monitoring systems is anticipated to reach 33.21 billion yuan in 2024, marking a 15.58% increase year-over-year [7] - The company’s gross margin is expected to improve to 55.3% by 2025, with net profit margins projected to reach 8.0% [9] Market Performance - Domestic revenue is expected to be 25.78 billion yuan, showing a year-over-year increase of 9.81%, while international revenue is projected at 18.65 billion yuan, with significant growth in other regions [6] - The company’s CGM product "Sanofi Aikan" has received regulatory approval in 25 countries and regions, with sales ongoing in over 60 countries [6] Product Development - The company has diversified its product matrix, expanding from blood glucose monitoring to include over 70 testing indicators, enhancing its competitive edge in the market [7] - The iPOCT monitoring system revenue is projected to grow by 9.11% year-over-year, indicating a robust expansion in point-of-care testing [7]