基础化工 | 证券研究报告 — 调整盈利预测 2025 年 4 月 24 日 002206.SZ 买入 原评级：买入 市场价格:人民币 4.78 板块评级:强于大市 本报告要点 2024 年公司业绩稳健增长，看好公司主 业稳健发展以及新材料布局有序推进， 维持 买入 评级。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 8.1 2.6 8.6 15.5 相对深圳成指 9.7 9.6 11.0 7.3 (15%) (5%) 5% 14% 24% 33% Apr-24 May-24 Jun-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 海利得 深圳成指 | 发行股数 (百万) | | | 1,162.21 | | --- | --- | --- | --- | | 流通股 (百万) | | | 916.17 | | 总市值 (人民币 百万) | | | 5,555.35 | | 3 个月日均交易额 (人民币 百万) | | | 159.17 | | 主要股东 | | | | | 高利民 | | | 17.3 ...

原评级：买入 市场价格:人民币 15.58 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 4.3 0.2 6.1 0.1 相对上证综指 3.1 2.1 3.4 (8.3) 发行股数 (百万) 7,039.10 流通股 (百万) 7,039.10 (16%) (10%) (4%) 3% 9% 15% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 恒力石化 上证综指 | 总市值 (人民币 百万) | 109,669.17 | | --- | --- | | 3 个月日均交易额 (人民币 百万) | 200.11 | | 主要股东 | | | 恒力集团有限公司 | 29.84% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 22 日收市价为标准 石油石化 | 证券研究报告 — 调整盈利预测 2025 年 4 月 24 日 600346.SH 买入 相关研究报告 《恒力石化》20240826 《恒力石化》20240415 《恒力 ...

| 4 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600428.SH | 中远海特 | | 1519.HK | 极兔速递-W | | 002648.SZ | 卫星化学 | | 688019.SH | 安集科技 | | 300750.SZ | 宁德时代 | | 600600.SH | 青岛啤酒 | | 603081.SH | 大丰实业 | | 002916.SZ | 深南电路 | 证券研究报告——晨会聚焦 2025 年 4 月 24 日 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 汽车 | 3.21 | 商贸零售 | (1.85) | | 机械设备 | 2.47 | 农林牧渔 | (1.39) | | 通信 | 1.73 | 房地产 | (1.38) | | 电力设备 | 1.18 | 有色金属 | (1.26) | | 电子 | 0.91 | 美容护理 | (0.95) | 资料来源：万得，中银证券 中银国际证券股份有限公司 具备证券投资咨询业务资格 中银晨会聚焦-2025042 ...

医药生物 | 证券研究报告 — 调整盈利预测 2025 年 4 月 24 日 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 20.5 18.5 16.2 25.7 相对深圳成指 22.6 26.1 19.7 18.8 发行股数 (百万) 1,754.08 流通股 (百万) 1,751.94 总市值 (人民币 百万) 70,145.54 3 个月日均交易额 (人民币 百万) 430.60 主要股东持股比例（%） 中国远大集团有限责任公司 41.67 (19%) (10%) (1%) 8% 16% 25% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 华东医药 深圳成指 000963.SZ 买入 原评级：买入 市场价格:人民币 39.99 板块评级:强于大市 股价表现 相关研究报告 《华东医药》20241028 《华东医药》20240816 《华东医药》20240430 中银国际证券股份有限公司 具备证券投资咨询业务资格 医药生物：化学制药 资料来源：公司公告， Wind ，中银证 ...

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has shown continuous quarter-on-quarter growth in revenue and net profit for eight consecutive quarters, driven by increasing demand for DDR5 memory interface chips and high-performance interconnect chips [3][5] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of RMB 54.83 billion, RMB 74.22 billion, and RMB 93.07 billion for 2025, 2026, and 2027 respectively [5][7] - The demand for DDR5 memory interface chips and high-performance interconnect chips is anticipated to continue growing, supported by trends in the AI industry [8] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of RMB 12.22 billion, a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43% [8] - The net profit attributable to the parent company for Q1 2025 was RMB 5.25 billion, reflecting a year-on-year increase of 135.14% and a quarter-on-quarter increase of 21.13% [8] - The gross margin for interconnect chip products was 64.50%, up 3.57 percentage points year-on-year [8] Revenue Projections - The company is projected to achieve revenues of RMB 5,483 million in 2025, with a growth rate of 50.7% compared to 2024 [7] - The expected net profit for 2025 is RMB 2,211 million, representing a growth rate of 56.6% [7] Market Position - The company has a total market capitalization of approximately RMB 84.84 billion and an average trading volume of RMB 2,605.53 million over the past three months [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 7.66% of shares [2]

证券研究报告——晨会聚焦 2025 年 4 月 24 日 | 4 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600428.SH | 中远海特 | | 1519.HK | 极兔速递-W | | 002648.SZ | 卫星化学 | | 688019.SH | 安集科技 | | 300750.SZ | 宁德时代 | | 600600.SH | 青岛啤酒 | | 603081.SH | 大丰实业 | | 002916.SZ | 深南电路 | 中银晨会聚焦-20250424 ■重点关注 【电子】飞荣达*苏凌瑶。公司发布 2024 年年报及 2025 年一季报，公司整 体经营稳健，市场趋势积极向好，受下游应用领域需求增长影响，公司相关 业务规模进一步扩大，AI 服务器相关业务获得客户小批量订单且逐步进入量 产。 【电子】东芯股份*苏凌瑶。公司发布 2024 年年报，在行业景气回暖和市场 开拓的双重驱动下，公司收入同比实现稳步增长。伴随公司研发持续投入及 "存、算、联"一体化战略的推进，公司长期成长空间充分。 【电子】胜宏科技*苏凌瑶。公司发布 2024 年年报及 2025 年一 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will exceed the benchmark index by more than 20% over the next 6-12 months [2][6]. Core Insights - The company is positioned to capitalize on the historical opportunities presented by AI computing power, leading to rapid growth in revenue and net profit. The report highlights a significant increase in both metrics for 2024 and Q1 2025 [4][9]. - The company is expected to achieve revenues of RMB 164.19 billion, RMB 218.37 billion, and RMB 272.97 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 34.49 billion, RMB 47.12 billion, and RMB 59.74 billion [6][9]. Financial Performance Summary - For 2024, the company achieved a revenue of RMB 107.31 billion, a year-on-year increase of 35.31%, and a net profit of RMB 11.54 billion, up 71.96% year-on-year. The gross margin improved to 22.72%, an increase of 2.01 percentage points [9]. - In Q1 2025, the company reported a revenue of RMB 43.12 billion, a year-on-year increase of 80.31%, and a net profit of RMB 9.21 billion, reflecting a staggering year-on-year growth of 339.22% [9]. - The company has projected a net profit growth of no less than 30% for Q2 2025, with a year-on-year increase exceeding 360% for the first half of 2025 [9]. Growth Drivers - The company is focusing on AI and data center upgrades, leveraging its technological advantages to capture market share in high-end products. It has made significant advancements in HDI products and is actively engaging with top international clients [9]. - The company has invested RMB 4.5 billion in R&D in 2024, emphasizing innovation in AI computing products and automotive electronics, positioning itself as a key supplier for major electric vehicle manufacturers [9]. Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 19.1, 14.0, and 11.0 respectively, indicating a favorable valuation as the company continues to grow [6][9]. - The report anticipates a steady increase in EBITDA, with projections of RMB 4.806 billion, RMB 6.235 billion, and RMB 7.605 billion for the years 2025, 2026, and 2027 [6].

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company is expected to see a recovery in revenue in 2024, driven by industry recovery and market expansion, with a long-term growth potential supported by ongoing R&D investments and the "storage, computing, and connectivity" integrated strategy [4][6]. - The company reported a revenue of RMB 641 million in 2024, a year-on-year increase of 20.8%, and a narrowed net loss of RMB 167 million, down 45.4% year-on-year [9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are RMB 810 million, RMB 1,019 million, and RMB 1,286 million, respectively, with corresponding net profits of RMB -45 million, RMB 68 million, and RMB 179 million [6][8]. - The company’s gross margin is expected to improve from 14.0% in 2024 to 31.6% by 2027, reflecting operational efficiency and product cost reduction [21]. Market Performance - The company's stock has shown a strong performance with a 52.2% increase over the past 12 months, outperforming the Shanghai Composite Index by 43.9% [2][3]. Strategic Developments - The company is deepening its storage technology layout and expanding its product matrix, including advancements in SLC NAND, NOR Flash, and DRAM products, with a focus on automotive and industrial applications [9]. - A significant investment in high-performance GPU technology is underway, with the first generation of graphics processing chips expected to support mainstream gaming [9].

Investment Rating - The report maintains a "Buy" rating for the company [2][5][7] Core Views - The company is expected to benefit from a recovery in consumer electronics and an increase in demand for AI server-related products, leading to a steady growth in business scale [5][10] - The financial forecasts have been adjusted, with projected revenues of RMB 61.12 billion, RMB 73.23 billion, and RMB 88.16 billion for 2025, 2026, and 2027 respectively, and corresponding net profits of RMB 3.42 billion, RMB 4.41 billion, and RMB 5.71 billion [7][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 50.31 billion, a year-on-year increase of 15.76%, and a net profit of RMB 1.89 billion, up 83.01% [10] - For Q1 2025, the company reported a revenue of RMB 11.81 billion, a year-on-year increase of 14.74%, and a net profit of RMB 0.58 billion, up 85.57% [10] Business Growth Drivers - The recovery in consumer electronics and the return of market share for key clients in the mobile sector are expected to enhance the company's market share and profitability [10] - The AI server business is progressing well, with the company receiving bulk orders and entering mass production [10] Valuation Metrics - The company’s projected P/E ratios are 32.1, 24.9, and 19.2 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [7][9] - The projected EBITDA for the years 2025, 2026, and 2027 is RMB 789 million, RMB 919 million, and RMB 1.036 billion respectively [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6] Core Views - The company is expected to see steady revenue and profit growth in 2024, driven by its signal transmission and new energy segments, with both gross and net profit margins improving year-on-year [4][9] - The company’s revenue for 2024 is projected to be RMB 1.474 billion, representing an 8.67% year-on-year increase, while the net profit is expected to reach RMB 101 million, a 7.44% increase [9] Financial Projections - The company’s estimated revenue and net profit for the years 2025, 2026, and 2027 are as follows: - Revenue: RMB 1.823 billion (2025), RMB 2.243 billion (2026), RMB 2.740 billion (2027) - Net Profit: RMB 178 million (2025), RMB 244 million (2026), RMB 299 million (2027) [8][10] - The projected growth rates for revenue and net profit are 23.7% and 76.3% for 2025, respectively [8][10] Business Segment Performance - The signal transmission components segment is expected to be a significant growth driver, with revenue projected to reach RMB 640 million in 2024, a 22.79% increase year-on-year [9] - The new energy structural components segment is anticipated to see substantial growth, with revenue expected to increase by 239% year-on-year to RMB 54 million in 2024 [9] Valuation Metrics - The company’s estimated P/E ratios for 2025, 2026, and 2027 are 23.7, 17.3, and 14.1, respectively [6][8] - The projected dividend per share is expected to increase from RMB 0.2 in 2023 to RMB 0.4 in 2025 and RMB 0.6 in 2026 [8][10]