公用事业/电力 中国核电（601985.SH） 2024 年业绩不及预期，核电核准进入常态化阶段 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 9.33 | | 一年最高最低(元) | 12.29/8.66 | | 总市值(亿元) | 1,918.99 | | 流通市值(亿元) | 1,761.81 | | 总股本(亿股) | 205.68 | | 流通股本(亿股) | 188.83 | | 近 3 个月换手率(%) | 28.98 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 中国核电 沪深300 相关研究报告 《核电加速核准，风光多线布局，开 启新一轮成长—公司首次覆盖报告》 -2024.11.26 周磊（分析师） zhoulei1@kysec.cn 证书编号：S0790524090002 公司发布 2024 年报&2025 一季报，2024 年计提大量所得税导致业绩不及预期 2024 年公司实现营业收入 772. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.118 billion yuan in 2024, representing a year-on-year increase of 19.16%, and a net profit attributable to shareholders of 1.628 billion yuan, up 11.41% year-on-year. The growth was primarily driven by the robust performance of the mobile gaming business, which generated 4.055 billion yuan in revenue, a year-on-year increase of 13.39%, and the rapid growth of the information services business, which saw revenue of 941 million yuan, up 41.62% year-on-year [3][4] - In Q1 2025, the company reported a revenue of 1.353 billion yuan, a year-on-year increase of 3.46% and a quarter-on-quarter increase of 13.62%. The net profit attributable to shareholders was 518 million yuan, up 21.57% year-on-year and 48.71% quarter-on-quarter, benefiting from effective cost control measures [3][4] - The company has a strong pipeline of new games, including titles like "Dragon Valley World" and others, which have performed well since their launch. The expansion of the product line is expected to continue driving growth [4] Financial Summary - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 2.167 billion yuan, 2.401 billion yuan, and 2.649 billion yuan respectively, with corresponding EPS of 1.01 yuan, 1.12 yuan, and 1.24 yuan. The current stock price corresponds to P/E ratios of 16.5, 14.9, and 13.5 for the respective years [3][5] - The company’s revenue is projected to grow from 5.118 billion yuan in 2024 to 6.342 billion yuan in 2025, reflecting a year-on-year growth rate of 23.9% [7]

计算机/IT 服务Ⅱ 卓易信息（688258.SH） 扣非利润高增长，AI+IDE 前景光明 2025 年 04 月 30 日 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 卓易信息 沪深300 数据来源：聚源 相关研究报告 《业绩符合预期，AI+IDE 值得期待 —公司信息更新报告》-2025.4.18 《强强联合 Dcloud，打造 AI 编程时代 基础软件 —公司信息更新报告》 -2025.3.24 《拟收购艾普阳剩余 48%股权，深化 IDE 产业布局—公司信息更新报告》 -2024.9.17 陈宝健（分析师） 李海强（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 lihaiqiang@kysec.cn 证书编号：S0790524070003 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 46.20 | | 一年最高最低(元) | 51.48/19.81 | | 总市值(亿元) | 55.97 | | 流通市值(亿元) | 55.97 | ...

银行/城商行Ⅱ 长沙银行（601577.SH） 信贷投放加快，非息实现高增 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 9.27 | | 一年最高最低(元) | 9.54/6.52 | | 总市值(亿元) | 372.80 | | 流通市值(亿元) | 372.72 | | 总股本(亿股) | 40.22 | | 流通股本(亿股) | 40.21 | | 近 3 个月换手率(%) | 33.07 | 股价走势图 -20% 0% 20% 40% 2024-04 2024-08 2024-12 长沙银行 沪深300 数据来源：聚源 相关研究报告 《盈利稳定，资本夯实—长沙银行 2024 年三季报点评》-2024.10.30 《信贷平稳投放，盈利、资产质量稳 健—长沙银行 2024 年中报点评》 -2024.8.30 ——长沙银行 2024 年报&2025 年一季报点评 | | | liuchengxiang@kysec.cn 证书编号：S0790523060002 wuwenxin@kysec.cn 证书编号： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth across its various business segments, with a notable acceleration in the mass production of AI chips by Zhonghao Xinying [1] - For the year 2024, the company achieved a revenue of 795 million yuan, representing a year-on-year growth of 3.1%, and a net profit attributable to shareholders of 145 million yuan, up 4.73% year-on-year [4][5] - In Q1 2025, the company reported a revenue of 183 million yuan, a decrease of 2.27% year-on-year, and a net profit of 38 million yuan, down 6.8% year-on-year, primarily due to an investment loss in Zhonghao Xinying [4][5] - The company has adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 166 million, 184 million, and 204 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.50, 0.56, and 0.62 yuan [4][5] Financial Performance Summary - The company’s revenue for 2024 is projected to be 795 million yuan, with a year-on-year growth of 3.1% [7] - The net profit for 2024 is expected to be 145 million yuan, reflecting a year-on-year increase of 4.7% [7] - The gross margin for 2024 is estimated at 33.4%, with a net margin of 18.2% [7] - The company’s earnings per share (EPS) for 2025 is projected at 0.50 yuan, with a price-to-earnings (P/E) ratio of 30.3 [7] Business Segment Analysis - The education segment generated a revenue of 368 million yuan in 2024, growing by 2.94% year-on-year, with a gross margin of 46.28% [5] - The ink business maintained a high gross margin, with a revenue of 427 million yuan in 2024, up 3.24% year-on-year, and a gross margin of 22.27% [5] - Zhonghao Xinying achieved a revenue of approximately 597.96 million yuan in 2024, with a net profit of 85.91 million yuan, significantly outperforming its peers [6]

Core Insights - The report highlights that the inbound economy may boost China's GDP by approximately 0.2 percentage points in 2025, driven by policy changes aimed at optimizing the outbound tax refund system and increasing inbound consumption [5][6][7] - The report provides a detailed analysis of various industries and companies, indicating a mixed performance across sectors, with some companies showing strong growth while others face challenges [3][4] Industry Overview - **Chemical Industry**: Huafeng Chemical (002064.SZ) reported Q1 performance exceeding expectations, with revenue of 6.314 billion yuan, a year-on-year decrease of 5.15%, and a net profit of 504 million yuan, down 26.21% year-on-year, but a significant increase of 145.60% quarter-on-quarter [28][29] - **Coal Mining**: Lu'an Environmental Energy (601699.SH) faced a decline in both volume and price, leading to a projected annual revenue of 35.85 billion yuan, down 16.9% year-on-year, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [32][33] - **Textiles and Apparel**: Mousse Co., Ltd. (001323.SZ) reported a Q1 revenue of 1.12 billion yuan, a decrease of 6.7% year-on-year, with expectations for recovery following government subsidies [54][55] - **Home Appliances**: Dechang Co., Ltd. (605555.SH) achieved a Q1 revenue of 1 billion yuan, up 21.33% year-on-year, with a focus on expanding production capacity in Southeast Asia [40][41] Company-Specific Insights - **Huafeng Chemical**: The company is consolidating its position in the polyurethane industry through vertical mergers and acquisitions, maintaining a "buy" rating with projected net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [28][30] - **Lu'an Environmental Energy**: The company is expected to see a rebound in coal prices, with a focus on capacity growth and price elasticity, maintaining a "buy" rating despite recent performance challenges [32][34] - **Mousse Co., Ltd.**: The company is enhancing its multi-channel and multi-category market layout, with a projected net profit of 799 million, 872 million, and 956 million yuan for 2025-2027 [54][55] - **Dechang Co., Ltd.**: The company is expanding its overseas production capacity and expects significant growth in its automotive motor segment, maintaining a "buy" rating [40][41]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is benefiting from optical innovation and the trends of AI and AR, leading to continuous performance improvement in Q1 2025 [1][4] - The company achieved significant revenue and net profit growth in 2024, with revenue reaching 6.278 billion yuan, a year-on-year increase of 23.67%, and net profit of 1.030 billion yuan, a year-on-year increase of 71.57% [4] - In Q1 2025, the company reported revenue of 1.48 billion yuan, a 10% year-on-year increase, and net profit of 220 million yuan, a 24% year-on-year increase, with a quarterly net profit margin of 15.11% [4] - The company is expected to continue its growth trajectory, with projected net profits of 1.216 billion yuan, 1.555 billion yuan, and 1.828 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary - The company’s total revenue for 2023 was 5.076 billion yuan, with a projected increase to 6.278 billion yuan in 2024 and 7.404 billion yuan in 2025, reflecting a year-on-year growth of 16.0% and 23.7% respectively [6] - The net profit for 2023 was 600 million yuan, expected to rise to 1.030 billion yuan in 2024 and 1.216 billion yuan in 2025, indicating a year-on-year growth of 4.2% and 18.0% respectively [6] - The gross margin for 2024 is projected to be 31.1%, with a net margin of 16.4% [6] - The company’s P/E ratio is projected to decrease from 43.8 in 2023 to 21.6 in 2025, indicating improved valuation metrics [6] Segment Performance - In 2024, the optical components segment generated revenue of 2.884 billion yuan, growing by 17.92%, while the film optical panel segment reached 2.472 billion yuan, growing by 33.69% [4] - The automotive electronics segment (AR+) achieved revenue of 300 million yuan, with a growth of 3.04%, and the semiconductor optics segment reached 129 million yuan, growing by 19.50% [4] Strategic Initiatives - The company is enhancing its global capacity layout and strengthening cooperation with major North American and Korean clients, achieving supplier certification from multiple large clients in Vietnam [4][5] - The company is actively pursuing opportunities in the AI and AR sectors, with significant advancements in optical components and partnerships with leading firms [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported Q1 performance that exceeded expectations, with a revenue of 6.314 billion yuan, down 5.15% year-on-year, and a net profit attributable to shareholders of 504 million yuan, down 26.21% year-on-year but up 145.60% quarter-on-quarter [6] - The company is a dual leader in the industries of adipic acid and spandex, maintaining cost advantages and demonstrating resilience in performance during the industry downturn [6][7] - The company is pursuing vertical mergers and acquisitions to strengthen its polyurethane industry position, with a projected net profit of 2.474 billion, 3.110 billion, and 3.822 billion yuan for 2025-2027 [6][8] Financial Summary - In Q1 2025, the average price of adipic acid was 8,106 yuan/ton, down 2.14% quarter-on-quarter, with an average price difference of 2,200 yuan/ton, down 5.06% quarter-on-quarter and down 32.41% year-on-year [7] - The average price of spandex 40D was 23,876 yuan/ton, down 1.01% quarter-on-quarter, with a price difference of 11,083 yuan/ton, down 3.25% quarter-on-quarter and down 12.82% year-on-year [7] - The company plans to acquire 100% equity of Huafeng Synthetic Resin and Huafeng Thermoplastic for a total transaction price of 6 billion yuan, with expected net profits from these assets projected to be 9.67 billion yuan and 6.04 billion yuan respectively from 2025 to 2027 [8] Financial Projections - The company’s revenue projections for 2025-2027 are 27.645 billion, 29.799 billion, and 30.468 billion yuan respectively, with corresponding net profits of 2.474 billion, 3.110 billion, and 3.822 billion yuan [10] - The projected EPS for 2025-2027 is 0.50, 0.63, and 0.77 yuan, with P/E ratios of 13.5, 10.7, and 8.7 respectively [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 was under pressure due to a decline in both volume and price, with a focus on growth potential and the elasticity of blowing coal [3][4] - The company reported a revenue of 35.85 billion yuan in 2024, a year-on-year decrease of 16.9%, and a net profit attributable to shareholders of 2.45 billion yuan, down 69.1% year-on-year [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 2.96 billion, 3.27 billion, and 3.67 billion yuan respectively, with year-on-year growth rates of 20.9%, 10.3%, and 12.3% [3][4] Financial Performance Summary - In 2024, the company's coal production was 51.85 million tons, a decrease of 6.2% year-on-year, while sales volume was 52.25 million tons, down 5% year-on-year [4] - The average selling price of coal in 2024 was 645.6 yuan per ton, a decrease of 11.3% year-on-year, while the cost per ton increased by 12.4% to 390.8 yuan [4] - The gross profit margin for 2024 was 36.9%, down from 47.7% in 2023 [6] Capacity and Growth Potential - The company has ongoing projects that are expected to contribute to capacity growth, including four under-construction mines with a total capacity of 3 million tons per year [5] - The company successfully acquired coal exploration rights in Shanxi province, which is expected to add significant resources in the future [5] Dividend Policy - The company maintains a high dividend payout ratio, with a projected dividend ratio of 50.07% for 2025, corresponding to a dividend yield of 3.7% based on the closing price on April 28, 2025 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a Q1 2025 revenue of 145.57 billion yuan, a year-on-year increase of 0.73%, but a quarter-on-quarter decrease of 18.65%. The net profit attributable to the parent company was 1.00 billion yuan, reflecting a year-on-year increase of 11.35% and a quarter-on-quarter decrease of 13.66% [5][6] - The analysts maintain the profit forecast for 2025-2027, expecting net profits of 1.609 billion, 2.049 billion, and 2.552 billion yuan respectively, with corresponding EPS of 1.06, 1.34, and 1.67 yuan. The current stock price corresponds to P/E ratios of 10.4, 8.2, and 6.6 times for the respective years [5][6] - The company is expected to benefit from steady demand growth and an optimized supply structure, leading to a recovery in long filament profitability [5][6] Financial Summary - For 2025, the company is projected to achieve a revenue of 67.97 billion yuan, with a year-on-year growth of 1.3%. The net profit is expected to be 1.609 billion yuan, representing a year-on-year increase of 46.2% [7][9] - The gross margin is expected to improve from 6.8% in 2025 to 8.0% by 2027, while the net margin is projected to rise from 2.4% to 3.4% over the same period [7][9] - The company's return on equity (ROE) is forecasted to increase from 8.5% in 2025 to 11.0% in 2027 [7][9]