2025 年 05 月 18 日 公司点评 增持/首次 川金诺(300505) 昨收盘:18.79 2024 年业绩大幅改善，2025Q1 盈利同比高增 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 事件：公司近期发布 2024 年报及 2025 年一季报，2024 年实现营 业收入 32.1 亿元，同比上升 18.3%；归母净利润 1.76 亿元，实现扭 亏；其中 2024Q4 实现营收 10.1 亿元，同比上升 26.5%；归母净利润 6560 万元，同比上升 294.4%；2025 年一季度实现营收 7.21 亿元，同 比增长 24.00%；归属于上市公司股东的净利润为 7202.18 万元，同比 增长 253.41%。 2024 年业绩大幅改善，柔性生产优势、区 ...

[Table_Title] 证券研究报告 / 公司动态报告 海外业务快速增长、固态电池提升空间 报告摘要： [Table_Summary] 公司海外业务持续高增长。公司持续拓展海外市场，不断提升海外客户 多元化程度。同时，公司持续优化全球网络和资源配置，不断完善本土 化的服务团队和生产制造能力，快速响应客户需求。2024 年，公司海外 业务收入达到 28.31 亿元，同比增加 26.31%，收入占比提升至 23.88%， 毛利率同比提升至 39.32%。公司 2022 年和 2023 年海外收入为 11.95 亿 元和 22.41 亿元，收入占比分别为 8.58%和 13.48%。公司海外业务持续 高增长，反应了公司全球化战略加速推进，体现公司产品较强的国际竞 争力。 固态电池产线提升空间。公司聚焦行业前沿工艺趋势，实现了在全固态 电池领域整线关键技术的突破，2024 年重磅推出全固态整线解决方案， 打通了全固态电池制造工艺环节。该方案覆盖全固态电极制备、全固态 电解质膜制备及复合设备、裸电芯组装到致密化设备、高压化成分容等 全固态电池制造关键设备，在电芯结构缓冲件成形、无隔膜叠片、连续 致密化、高压化成分容 ...

丨证券研究报告丨 公司研究丨点评报告丨德邦股份（603056.SH） [Table_Title] 业绩阶段性承压，经营调优成效可期 ——德邦股份 2024 年报及 2025 年一季报点评 报告要点 [Table_Summary] 2024 年，公司营收同比增长 11.3%，其中，快运/快递/其他业务营收分别+13.0%/- 19.7%/+34.6%；由于整车、大票、供应链等高运费低人工的业务占比提升，公司为保证运输稳 定持续投入运输资源，毛利率有所承压；2024 年，公司归母净利润同比增长 15.4%。25Q1， 公司实现营收同比增长 12.0%，但由于产品结构调整，拖累盈利表现，归母净利润转亏。作为 稀缺性的全网型快运企业，看好公司市场份额持续提升，以及与京东物流快运业务的网络融合 效果。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 韩轶超 鲁斯嘉 胡俊文 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 德邦股份（60305 ...

Investment Rating - The report maintains a "Buy" rating for China Chemical [4] Core Views - The domestic production of adiponitrile is accelerating, and the demand for civilian silk is expected to be released, indicating a broad growth space in the future. The nylon 66 (PA66) is one of the most widely used nylon products, with advantages such as high strength, good wear resistance, and excellent lubrication. However, the domestic demand for nylon 66 has not been fully released due to the influence of domestic civilian wire drawing technology. Currently, the application ratio of nylon 66 in civilian silk is low (13%). If breakthroughs in civilian silk technology are achieved, it is expected to partially replace the nylon 6 market [12][19]. Summary by Sections Production and Cost Analysis - The current production cost of adiponitrile is approximately 11,600 yuan/ton, with the main raw materials being butadiene, natural gas, and liquid ammonia. As of May 16, 2025, the prices are 11,000 yuan/ton for butadiene, 3.91 yuan/cubic meter for natural gas, and 2,430 yuan/ton for liquid ammonia [2][16][17]. Profitability and Financial Projections - The profitability of the adiponitrile project is expected to be good after reaching full production, with high profit elasticity anticipated. The report estimates the break-even price for the product under different capacity utilization scenarios. At 150% design capacity utilization (30,000 tons/year), the break-even price is 17,700 yuan/ton; at 100% (20,000 tons/year), it is 19,000 yuan/ton; and at 50% (10,000 tons/year), it is 22,900 yuan/ton. The average price of domestic adiponitrile since May is approximately 22,200 yuan/ton, close to the break-even line at 50% utilization [3][19]. Future Earnings Estimates - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 6.4 billion, 7.3 billion, and 8.1 billion yuan, respectively, with year-on-year growth rates of 12.7%, 13.4%, and 11.2%. The current stock price corresponds to P/E ratios of 7.5, 6.6, and 6.0 for the respective years [19]. Investment Recommendation - Given the significant earnings elasticity of the company's industrial projects, accelerated execution of overseas orders, benefits from the acceleration of coal chemical investments, high profitability quality, ample cash flow, and potential for increased dividends, the report continues to recommend a "Buy" rating [19].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 21 yuan [2][9]. Core Views - The medical device sector faced temporary pressure, while the pharmaceutical equipment segment showed steady growth. The company reported a slight increase in total revenue for 2024, reaching 10,021 million yuan, up by 0.09% year-on-year, and a net profit of 692 million yuan, up by 5.75% year-on-year [2][9]. - The company plans to distribute a cash dividend of 0.25 yuan per share (before tax) to all shareholders [2]. Financial Performance Summary - **2024 Financial Results**: - Total revenue: 10,021 million yuan - Net profit attributable to the parent: 692 million yuan - Non-recurring net profit: 623 million yuan - Q4 2024 revenue: 2,597 million yuan (down 3.63% QoQ) - Q1 2025 revenue: 2,308 million yuan (down 8.74% YoY) [2][4]. - **Revenue Breakdown**: - Medical device revenue: 3,735 million yuan (down 10.37%) - Pharmaceutical equipment revenue: 2,171 million yuan (up 12.90%) - Medical trade revenue: 3,125 million yuan (up 8.04%) - Medical services revenue: 834 million yuan (down 9.51%) [9]. - **Profitability Metrics**: - Overall gross margin for 2024: 26.06% (down 1.31 percentage points) - Net profit margin for 2024: 6.90% (up 0.14 percentage points) [9]. Future Projections - **Earnings Forecast**: - Expected net profit for 2025: 798 million yuan (up 15.4%) - Expected net profit for 2026: 928 million yuan (up 16.2%) - Expected net profit for 2027: 1,027 million yuan (up 10.7%) [4][9]. - **Earnings Per Share (EPS)**: - 2025: 1.32 yuan - 2026: 1.53 yuan - 2027: 1.69 yuan [4][9]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025: 12 times - Price-to-Book (P/B) ratio for 2025: 1.1 times [4][9].

龙迅股份（688486） 证券研究报告·公司深度研究·半导体 专注高速混合信号芯片，25 年把握 AR/VR+ 智驾双重机遇 [Table_Tag] [Table_Summary] 投资要点 ◼ 行业崛起之星，致力于高速混合信号芯片领域。公司专注于高速信号与 视频处理芯片研发生产，产品涵盖模拟和数字电路功能，广泛应用于消 费电子、VR/AR、安防监控、5G 通讯、汽车电子、工业控制和医疗等 领域。公司拥有 140 多款芯片，具备高集成度、高性能、低功耗优势， 与高通、英特尔、三星、安霸等知名企业紧密合作，具备较强国际竞争 力。 ◼ 车载、AR/VR、PC 等多领域发展，成长空间广阔。 （1）车载：公司在车载显示领域深入布局。在智能座舱 SoC 方面，公 司部分高清视频桥接芯片凭借兼容性和稳定性优势已导入车载抬头显 示和信息娱乐系统，其中 9 款芯片通过 AEC-Q100 认证。在车载 SerDes 方面，针对汽车市场对于视频长距离传输和超高清视频显示需求开发的 车载 SerDes 芯片组进入全面市场推广。 （2）AR/VR：国内外 AR/VR 市场前景广阔，公司加速布局。目前，公 司研发的 4K/8K 超高清 ...

分析师及联系人 丨证券研究报告丨 联合研究丨公司点评丨致欧科技（301376.SZ） [Table_Title] 致欧科技 2024 A&2025Q1 点评：品牌力及 经营质量提升，短期扰动不改中长期价值 报告要点 [Table_Summary] 公司 2024 年实现营收/归母净利润/扣非净利润 81.24/3.34/3.09 亿元，同比+34%/-19%/-29%； 其中2024Q4 分别对应同比+24%/-56%/-58%；2025Q1 分别对应同比+14%/+10%/+25%。2024 年至 2025Q1 美线表现更佳，新渠道增势出色。公司内生优化进展显著，增长质量持续提升； 同时积极布局东南亚供应链应对关税影响。持续看好公司作为家居跨境出海先锋，持续强化竞 争力。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490516060001 SAC：S0490514080004 SAC：S0490520070002 SAC：S0490524110002 SAC：S0490524080008 SFC：BUV463 S ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company is transitioning from a motorcycle business to an "AI + Vehicle" model, with a focus on smart driving and Robotaxi services, supported by strong capital and management backgrounds [8][14]. - The company is expected to achieve significant revenue growth, with projected revenues of 89.66 billion, 102.92 billion, and 121.76 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 0.84 billion, 1.53 billion, and 2.51 billion yuan [8][7]. Summary by Sections Company Overview - The company has evolved through four stages: starting with motorcycles, exploring new energy, undergoing bankruptcy restructuring, and now embracing the "AI + Vehicle" transformation [14]. - Its core business includes terminal operations (motorcycles and vehicles) and technology operations (smart driving solutions) [14][19]. Market Performance - The company has seen a significant recovery in its automotive business, with a 117% year-on-year increase in new energy vehicle sales in Q1 2025 [23][24]. - The motorcycle business has maintained a stable cash flow, with a gross margin of 12.1% in 2023, showing an upward trend [26][29]. Smart Driving and Technology - The report highlights the importance of smart driving technology, which is categorized into Advanced Driver Assistance Systems (ADAS) and higher-level autonomous driving [39][41]. - The domestic policy environment is supportive of the autonomous driving industry, with multiple regulations and incentives in place to promote development [43][44]. Financial Projections - Revenue forecasts indicate a recovery trajectory, with expected revenues of 89.66 billion yuan in 2025, reflecting a growth rate of 27.45% [7][8]. - The company's net profit is projected to grow significantly, with a forecasted increase of 110.17% in 2025 [7]. Competitive Landscape - The company is positioned to leverage partnerships with major players like Geely and AI firms to enhance its technology capabilities and market reach [8][19]. - The report notes that the company’s gross margin is currently below the average of comparable companies, but improvements are anticipated as AI-related businesses develop [32].

[Table_Title] 研究报告 Research Report 18 May 2025 泛亚微透 Pan Asian Microvent Tech (Jiangsu) (688386 CH) ePTFE 材料领先企业，加速推进国产替代 The leading enterprise in ePTFE, accelerating the promotion of domestic substitution 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 公司是中国 ePTF ...

证券研究报告·A 股公司简评 黑色家电 电视&显示器高增， Q1 收入业绩稳健增长 核心观点 公司是全球 TV 及 IFPD 代工龙头，2024 年 IFPD 代工受行业需 求下滑影响，收入规模及占比下滑，智能电视代工以及显示器等 新兴品类贡献收入增长，受面板成本上涨及产品结构调整影响， 利润率短期下滑。公司大力发展创新类显示产品，推动自有品牌 出海，电竞显示器、移动智慧屏、AI 学习机、智能美妆镜等系列 创新产品不断涌现，预计 2025 年收入利润重返上升趋势。 事件 2025 年 3 月 31 日，康冠科技发布 2024 年年度报告。2025 年 4 月 29 日，康冠科技发布 2025 年一季报。 公司 2024 年实现营收 155.87 亿元（YOY+15.92%），归母净利 润 8.33 亿元（YOY-35.02%），净利率为 5.35%（YOY-4.19pct）； 其中 Q4 实现营收 41.95 亿元（YOY-14.12%），归母净利润 2.75 亿元（YOY-34.12%），净利率为 6.56%（YOY-1.99pct）。2025Q1 实现营业收入 31.42 亿元（YOY+10.82%），归 ...