丨证券研究报告丨 公司研究丨点评报告丨维峰电子（301328.SZ） [Table_Title] 一季度业绩高增长，新兴市场打开成长空间 报告要点 [Table_Summary] 4 月 26 日，公司发布 2024 年年报及 2025 年一季报，公司 2024 年实现营业收入 5.34 亿元， 同比增长 9.8%，实现归母净利润 0.85 亿元，同比下滑 34.4%，扣非归母净利润为 0.84 亿元， 同比下滑 19.6%。2025 年一季度公司实现营业收入 1.45 亿元，同比增长 44.6%，实现归母净 利润为 0.25 亿元，同比增长 40%。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Rank]投资评级 买入丨维持 维峰电子（301328.SZ） cjzqdt11111 [Table_Title2] 一季度业绩高增长，新兴市场打开成长空间 [Table_Summary2] 事件 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant increase in revenue and profit for 2024 and Q1 2025, driven by the growth in AI server demand. In 2024, the company achieved a revenue of 609.135 billion yuan, a year-on-year increase of 27.88%, and a net profit attributable to shareholders of 23.216 billion yuan, up 10.34% year-on-year. For Q1 2025, revenue reached 160.415 billion yuan, a 35.16% increase year-on-year, with a net profit of 5.231 billion yuan, up 24.99% year-on-year [5][12] Financial Performance - In 2024, the company's revenue from cloud computing was 319.377 billion yuan, growing 64.37% year-on-year, while the gross margin was 4.99%, a decrease of 0.09 percentage points. Revenue from communication and mobile network equipment was 287.899 billion yuan, up 3.2% year-on-year, with a gross margin of 9.56%, down 0.24 percentage points. Industrial internet revenue fell by 42.92% to 0.094 billion yuan, with a gross margin of 45.79%, down 4.02 percentage points [12] - The company expects net profits attributable to shareholders to reach 27.246 billion yuan, 35.181 billion yuan, and 38.859 billion yuan for 2025, 2026, and 2027, respectively [12] Business Strategy - The company is benefiting from the AI wave and has established a "2+2" new strategy, focusing on high-end intelligent manufacturing and industrial internet while actively developing new businesses in big data (including metaverse computing power and energy storage) and robotics. The company has deep collaborations with leading global clients in various sectors, including Cisco, Huawei, Nvidia, and AWS [12]

丨证券研究报告丨 公司研究丨点评报告丨鼎捷数智（300378.SZ） [Table_Title] 2024 年&2025 年一季报点评：经营整体稳健， 期待 AI 放量 报告要点 [Table_Summary] 公司发布 2024 年年报及 2025 年一季报。2024 年：营收 23.31 亿元，同比增长 4.62%；归母 净利润 1.56 亿元，同比增长 3.59%；扣非后归母净利润 1.38 亿元，同比增长 13.18%。单 Q4： 实现营收 7.58 亿元，同比下滑 6.85%；归母净利润 1.06 亿元，同比增长 4.28%；扣非后归母 净利润 0.92 亿元，同比下滑 0.92%。25Q1：实现营收 4.23 亿元，同比增长 4.33%；归母净利 润-0.08 亿元，同比增长 14.04%；扣非后归母净利润-0.095 亿元，同比增长 31.92%。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 宋浪 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 鼎捷数智（300378.SZ） c ...

丨证券研究报告丨 公司研究丨点评报告丨牧原股份（002714.SZ） [Table_Title] 牧原股份 2025 年一季报点评：出栏高增，成本 优化，重视估值底部配置机会 报告要点 [Table_Summary] 牧原股份已由高成长发展阶段步入高质量发展阶段，内部管理不断精进，养殖成本有望持续领 先行业，屠宰业务盈利改善，未来有望出海扩张，践行国际化战略，构建新成长曲线。牧原股 份具备长期配置价值，目前估值处于历史底部，截至 2025 年 5 月 6 日，公司 PB 为 2.88，位 于历史分位数的 1.59%。我们预计 2025、2026 与 2027 年年度生猪平均价格呈现窄幅波动， 公司养殖成本持续改善，实现归母净利润 201、203 与 341 亿元。 分析师及联系人 [Table_Author] 陈佳 顾熀乾 高一岑 SAC：S0490513080003 SAC：S0490519060003 SAC：S0490523030003 SFC：BQT624 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 牧原股份（002714.SZ） cjzqdt111 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][7]. Core Views - In 2024, the company achieved a revenue of 17.577 billion yuan, a year-on-year decrease of 2.26%, and a net profit attributable to shareholders of 2.51 billion yuan, down 44.93% year-on-year [2][4]. - The fourth quarter of 2024 saw a revenue of 3.099 billion yuan, a year-on-year decline of 31.47% and a quarter-on-quarter decline of 28.45%, with a net profit of -450 million yuan, down 143.13% year-on-year and 152.13% quarter-on-quarter [2][4]. - The company has fully recognized impairment losses in 2024, with total impairment and credit losses amounting to approximately 1.2 billion yuan, significantly impacting the fourth quarter's net profit [6][9]. Summary by Sections Financial Performance - The company reported a total revenue of 17.577 billion yuan for 2024, with a gross profit margin of 33% [14]. - The manufacturing business's gross margin was 34.82%, a decrease of 8.20 percentage points year-on-year, while the equipment and service margin was 36.36%, down 2.46 percentage points [9]. - The company expects a net profit of 2.5 billion yuan for 2025, corresponding to a PE ratio of 15 times [6]. Market Outlook - The semiconductor equipment market is anticipated to maintain double-digit growth, with the company actively capturing the domestic substitution market [9]. - The company has developed various equipment for silicon wafer manufacturing and is leading in the domestic market share for crystal growth equipment [9]. - The sapphire material business is expected to benefit from the rapid growth in demand for LED lighting replacements, while the silicon carbide substrate business is transitioning to 8-inch production [9]. Product Development - The company has made significant advancements in semiconductor substrate materials, with expectations for both volume and price increases in sapphire materials [9]. - The quartz crucible products have achieved both technological and scale leadership, enhancing the company's collaborative supply capabilities in semiconductor consumables [9].

丨证券研究报告丨 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% 公司研究丨点评报告丨华域汽车（600741.SH） [Table_Title] 华域汽车点评：上汽相对企稳，多元客户开拓下 公司收入表现较强韧性 报告要点 [Table_Summary] 受益于外部客户持续开拓，公司 2024 年实现营收 1,688.5 亿元，同比+0.2%，归母净利润 66.9 元，同比-7.3%；2025Q1 实现营收 403.7 亿元，同比+9.1%，归母净利润 12.7 亿元，同比+0.6%。 公司瞄准智能电动趋势，加快推进新兴业务产品开发和应用落地，并持续优化客户结构，看好 公司未来持续成长。 丨证券研究报告丨 2025-05-14 公司研究丨点评报告 research.95579.com 1 华域汽车（600741.SH） cjzqdt11111 [Table_Title 华域汽车点评：上汽相对企稳，多元客户开拓下 2] 公司收入表现较强韧性 [Tab ...

丨证券研究报告丨 公司研究丨点评报告丨长安汽车（000625.SZ） [Table_Title] 长安汽车 2025 年一季报点评：新能源及出海持 续增长，Q1 业绩符合预期 报告要点 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% [Table_Summary] 公司发布 2025 年一季报。2025Q1 年公司实现营业收入 341.6 亿元，同比下滑 7.7%；归母净 利润 13.5 亿元，同比增长 16.8%；扣非净利润 7.8 亿元，同比增长 601.3%。公司电动智能化 转型加速推进，带动销量持续向好。公司新能源转型加快，自主新能源销量逐步兑现。随着新 车落地将有力带动销量提升，规模效应增强有望进一步提升盈利能力。智能化转型稳步推进， 持续加深与华为在智能化方面的合作；全球化布局节奏清晰，海外产能持续建设。公司电动智 能化转型加速推进，销售提升预期持续带动业绩兑现。 %% %% research.95579.com 1 分析师及联系人 [Table_Author] 长安汽车（000625.SZ） ...

公司研究 证 券 研 究 报 告 上海瀚讯（300762）2024 年报＆2025 年一季报点评 推荐（维持） 25Q1 业绩实现扭亏，有望受益千帆星座加速部署 事项： ❖ 2024 年公司实现营业收入 3.53 亿元（同比+12.97%），归母净利润-1.24 亿元 （同比+34.71%）。2025 年一季度公司实现营业收入 1.26 亿元（同比+84.41%）， 归母净利润 0.13 亿元（同比+231.84%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 353 | 1,017 | 1,364 | 1,765 | | 同比增速(%) | 13.0% | 187.7% | 34.1% | 29.4% | | 归母净利润(百万) | -124 | 145 | 239 | 340 | | 同比增速(%) | 34.7% | 217.1% | 64.5% | 42.7% | | 每股盈利(元) | -0.20 | 0.23 ...

Investment Rating - The report gives an "Accumulate" rating for the company, marking it as the first coverage of the stock [6]. Core Viewpoints - The company is positioned as a leader in the sports nutrition industry, focusing on innovation and technology to drive growth in both sports nutrition products and digital sports technology services [7][10]. - The sports nutrition market is expected to grow significantly, with the global market projected to reach $25.19 billion by 2027, and the Chinese market expected to grow at a CAGR of 12.82% from 2024 to 2026 [8][43]. - The company has a strong competitive position, holding approximately 18% market share in the domestic sports nutrition sector, and is recognized for its role in setting industry standards [9][50]. Company Overview - The company, 康比特 (Kangbiter), operates in the food processing sector, with a total share capital of 124.5 million shares and a market capitalization of approximately 3,035.31 million yuan [3][6]. - The company focuses on four core business areas: sports nutrition products, health nutrition products, digital sports technology services, and contract processing [16][17]. Financial Performance - The company has shown steady revenue growth, with projected revenues of 1,040 million yuan in 2024, representing a 23% year-over-year increase [6]. - The net profit attributable to shareholders is expected to reach 124 million yuan in 2025, reflecting a 39% increase from the previous year [6]. - The company’s revenue from sports nutrition products accounted for 75.89% of total revenue in 2024, indicating a strong focus on this segment [24]. Industry Growth - The sports nutrition industry is experiencing robust growth, with the Chinese market reaching $950 million in 2023 and expected to grow significantly due to increasing fitness awareness among the population [8][45]. - The digital sports technology market is also expanding rapidly, with a projected growth from 492.6 billion yuan in 2024 to 657.8 billion yuan by 2027, driven by consumer demand for personalized health management solutions [10][61]. Competitive Landscape - The domestic sports nutrition market is characterized by high concentration, with major players including 西王食品 (Xiwang Food), 康比特 (Kangbiter), and 汤臣倍健 (Tongchen Beijian) collectively holding 64% of the market share [9][50]. - The company has established itself as a key supplier for national training teams and has a strong portfolio of proprietary technologies and patents, enhancing its competitive edge [53][55]. Research and Development - The company emphasizes research and development, with a dedicated team and significant investment in innovation, resulting in 226 proprietary intellectual properties as of the end of 2023 [9][32]. - The R&D expenditure reached 32.62 million yuan in 2024, representing a commitment to maintaining product competitiveness and technological advancement [32][53].

证 券 研 究 报 告 四川成渝（601107）深度研究报告 强推（维持） 四维度解析四川成渝，市场仍存在较大预期差 公司研究 公路 2025 年 05 月 14 日 目标价：7.75 元/6.01 港元 当前价：5.74 元/4.35 港元 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 公司基本数据 | 总股本(万股) | 305,806.00 | | --- | --- | | 已上市流通股(万股) | 216,274.0 ...