Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% in the next 6-12 months [1][6]. Core Insights - The company, Jieshun Technology, has shown significant transformation results in 2024, with innovative business growth driven by its marketing service network and industry data technology innovations, particularly in the "Smart + Energy-saving" parking sector [1][4]. - Despite a decline in revenue and net profit in 2024, the company is expected to benefit from the broad market potential in the smart parking industry, which is supported by the integration of AI technology and the push for green, low-carbon economic development in China [9][4]. Summary by Sections Financial Performance - In 2024, Jieshun Technology reported revenue of RMB 1.579 billion, a decrease of 4.01% year-on-year, and a net profit of RMB 31 million, down 72.04% year-on-year. The first quarter of 2025 saw revenue of RMB 305 million, an increase of 27.52% year-on-year, and a net profit of RMB 2 million, up 110.96% year-on-year [4][9]. - The company’s innovative business segment achieved a total revenue of RMB 671 million in 2024, growing 18.70% year-on-year, and accounted for 42.48% of the company's main business revenue [9]. Revenue and Profit Forecast - The report forecasts revenues for 2025, 2026, and 2027 to be RMB 1.86 billion, RMB 2.17 billion, and RMB 2.48 billion respectively, with net profits expected to be RMB 120 million, RMB 143 million, and RMB 180 million respectively [6][8]. - The earnings per share (EPS) are projected to be RMB 0.18, RMB 0.22, and RMB 0.28 for the years 2025, 2026, and 2027, respectively [6][8]. Market Position and Competitive Advantage - Jieshun Technology has established a leading sales service network across China, with over 50 subsidiaries and joint ventures, enhancing its market penetration and customer service capabilities [9]. - The company is increasing its research and development investment, which reached 9.77% of revenue in 2024, to strengthen its competitive edge in the smart parking solutions market [9].

计算机 | 证券研究报告 — 调整盈利预测 2025 年 5 月 13 日 600570.SH 买入 原评级：买入 市场价格:人民币 26.08 板块评级:强于大市 本报告要点 2024 年恒生电子业绩有所下降，但短期业 绩承压不改长期成长趋势，公司作为国内 领先的金融科技产品与服务提供商，产品 竞争力不断提升，有望受益于金融数字化 转型和信创等增量需求的释放。 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (1.3) 3.5 (13.5) 22.7 相对上证综指 (3.7) (1.4) (14.7) 16.8 (27%) (9%) 10% 29% 47% 66% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 May-25 恒生电子 上证综指 | 发行股数 (百万) | 1,891.77 | | --- | --- | | 流通股 (百万) | 1,891.77 | | 总市值 (人民币 百万) | 49,337.30 | | 3 个月日均交易额 (人民币 百万) | 1,498. ...

688005.SH 增持 原评级：增持 市场价格:人民币 19.82 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 (35.0) 6.4 (42.2) (38.6) 相对上证综指 (37.4) 1.6 (43.4) (44.6) 发行股数 (百万) 714.73 流通股 (百万) 465.08 (36%) (20%) (5%) 10% 26% 41% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 容百科技 上证综指 | 总市值 (人民币 百万) | 14,165.86 | | --- | --- | | 3 个月日均交易额 (人民币 百万) | 326.88 | | 主要股东 | | | 上海容百新能源投资企业(有限合伙) | 26.89% | 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 9 日收市价为标准 相关研究报告 《容百科技》20240814 《容百科技》20231028 《容百科技》20230802 电力设备 | ...

[Table_Title] 证券研究报告 / 公司深度报告 稳健+分红：业务发展稳健，分红率高 报告摘要： [Table_Summary] 上海银行扎根沪上，经营稳健，股权结构稳定。银行是国内首家以地方 名称命名的银行，2016 年在 A 股上市。顾建忠近期接任党委书记，他曾 在上海银行任职多年，又曾担任沪农商行行长，浸润行业多年，深谙上 海及各展业地区实际发展情况和特点。截至 2024 年底，银行总资产规 模、净资产规模分别为 3.23 万亿元和 2541.93 亿元，分别同比增长 4.6% 和 6.5%。实控人为上海国资委，近 5 年机构投资者持股比例无明显变动。 围绕新三年发展规划，公司、零售业务齐发展。2024 年 1 月，上海银行 制定并通过《三年发展规划（2024-2026 年）》，公司业务方面，打造科技 金融、普惠金融、绿色金融三大特色业务，截至 2024 年底，银行科技、 普惠和绿色金融信贷规模分别为 1597、1657 和 1203 亿元，较之 2023 年 增长 13.8%、13.3%和 16.4%。零售业务方面，银行聚焦养老、财富管理、 信用卡等重点业务，截至 2024 年银行零售 AU ...

Investment Rating - The investment rating for Wangfujing (600859.SH) is "Buy" with a current price of 13.91 CNY and a reasonable value of 14.11 CNY per share [2]. Core Views - The report indicates that Wangfujing's performance in Q1 2025 was under pressure, with revenue of 2.99 billion CNY, a year-on-year decrease of 9.8%, and a net profit attributable to shareholders of 55.64 million CNY, down 72.4% year-on-year. The report emphasizes the company's medium to long-term potential for recovery and growth [6][11][37]. Summary by Sections Q1 2025 Performance - Wangfujing's Q1 2025 revenue was 2.99 billion CNY, down 9.8% year-on-year, with a net profit of 55.64 million CNY, a decrease of 72.4% year-on-year. The decline in revenue was attributed to changes in the consumer market and increased costs from new store preparations [6][11][15]. Business Structure Optimization - The report highlights ongoing optimization in the business structure, with revenue from various segments: department stores (1.15 billion CNY, -13.9%), shopping centers (750 million CNY, -6.6%), outlets (600 million CNY, +4.1%), specialty stores (390 million CNY, +3.9%), and duty-free shops (100 million CNY, -17.8%). The shopping centers and outlets showed positive growth trends due to increased store numbers and operational advantages [17][18]. Duty-Free Business Expansion - Wangfujing has achieved full coverage in its duty-free business, winning bids for several projects, including Harbin and Mudanjiang airports and Wuhan city. This expansion is expected to provide significant growth opportunities [23][30]. Profit Forecast and Investment Recommendations - The forecast for net profit attributable to shareholders for 2025-2027 is 4.5 billion CNY, 5.1 billion CNY, and 5.8 billion CNY, respectively, with corresponding PE ratios of 35.5x, 31.3x, and 27.4x. The report maintains a "Buy" rating, projecting a 36x PE for 2025, leading to a reasonable value of 14.11 CNY per share [6][37].

证券研究报告 | 季报点评 gszqdatemark 2025 05 13 年 月 日 模塑科技（000700.SZ） 2025Q1 扣非业绩同环比高增，盈利能力修复 事件：公司 2025Q1 实现营收 16 亿元，同/环比分别-11.65%/-15.27%； 归母净利润 1.5 亿元，同/环比分别+2.74%/+70.15%；扣非归母净利润 1.4 亿元，同/环比分别+45.09%/+145.62%。 2025Q1 扣非业绩同环比高增，盈利能力修复。行业层面，根据 Wind 数 据，2025Q1 国内乘用车销量环比-28%，公司部分核心客户华晨宝马环比 -27%，北京奔驰环比-17%，上汽通用环比-30%，特斯拉全球环比-32%。 公司收入环比增速好于行业，预计主要受益于新势力客户的销量带动。盈 利能力方面，公司 2025Q1 净利率 9.26%，预计主要受益于国内工厂的新 项目爬坡，带动产能利用率恢复。 毛利率修复，费用率环比略有提升。公司 2025Q1 单季度毛利率 20.9%， 同/环比+3.7/3.8 PCT，我们预计主要受益于国内以旧换新带动下游销量 修复，以及公司自身经营效率提升。期间费用率合计 ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 中际旭创(300308)公司点评报告 2025 年 05 月 13 日 [Table_Title] 关税影响减弱，需求共振推动高速增长 ——中际旭创（300308）2024 年及 2025 年一季度报告点评 事件： [Table_Summary] 2025 年 4 月 21 日，中际旭创发布 2024 年及 2025 年一季度报告。2024 年 全年，公司实现营业收入 238.62 亿元，同比增长 122.64%；实现归母净利 润 51.71 亿元，同比增长 137.93%。2025 年 Q1，公司实现营业收入 66.74 亿元，同比增长 37.82%，环比增长 1.90%；实现归母净利润 15.83 亿元， 同比增长 56.83%，环比增长 11.56%。 点评： 算力硬件需求旺盛，高速率产品占比提升带动盈利能力提升 收入端，海内外算力需求持续旺盛，800G/1.6T 等高速率产品带动收入规模 扩张，硅光模块占比提升大幅缓解 eml 芯片供给瓶颈。盈利端，毛利率季度 环比上行，期间费率持续压实。1）毛利率方面，随着新结构、高速率的产 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][7]. Core Views - The company reported a revenue of 408 million yuan in Q1 2025, a decrease of 4.25% year-on-year, with a net profit attributable to the parent company of 9 million yuan, down 81.52% [4]. - Despite the decline in performance, the overall gross margin improved to 23.95%, an increase of 2.03 percentage points year-on-year, indicating a focus on core business and optimization of product structure [4][5]. - The company is actively expanding its production capacity and exploring applications of silicon carbide materials in the AI glasses sector, with a significant revenue contribution from its main business [5][6]. Financial Performance - The company achieved a revenue of 1.251 billion yuan in 2023, with a year-on-year growth of 199.9%, and is projected to reach 2.328 billion yuan in 2025, reflecting a growth rate of 31.7% [10]. - The net profit for 2023 was -46 million yuan, but it is expected to turn positive with 264 million yuan in 2025, showing a significant recovery [10]. - The gross margin is projected to improve from 15.8% in 2023 to 27.8% in 2025, indicating better cost management and product pricing strategies [10]. Market Position - The company ranks second globally in the production of conductive silicon carbide substrates, holding a market share of 22.80% [6]. - It is one of the few companies capable of mass-producing 8-inch silicon carbide substrates, which positions it favorably in the market as the industry shifts towards larger substrate sizes [6][7].

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 13 年 月 日 事件：公司发布 2024 年报及 2025 一季报。2024 年，公司收入 36 亿元， 同比-8%；归母净利润 4.3 亿元，同比-14%；2025 年 Q1，公司收入 8.7 亿元，同比+12%；归母净利润 1.0 亿元，同比-17%。 业绩符合预期。2025Q1，国内新能源车销量 308 万辆，同/环比+47%/- 20%；特斯拉全球生产 36.3 万辆，同/环比-16%/-21%。公司主要客户是 特斯拉、理想、蔚来、比亚迪等，因此下游客户需求增长，带动公司 2025Q1 收入高增长，实现同/环比+12%/-21%；归母净利润实现同/环比- 17%/+15%。利润率方面，2025Q1，公司销售毛利率 20.9%，环比+2.2pct， 销售净利率 10.9%，环比+3.4pct，主要系 2024 年终端价格竞争激烈，价 格压力向上游零部件企业传导+公司部分客户车型更新换代。公司持续优 化工艺流程，有望提升盈利能力。 巩固技术和研发优势，维护公司自身竞争优势。公司持续投入技术研发， 已形成先进的模具开发能力和冲压焊接 ...

2025 年 5 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 电子化学品 天奈科技（688116.SH） 买入-A(维持) 单壁碳管开始出货，盈利能力回升 我们预计公司 2025-2027 年归母净利润分别为 4.4 亿元、6.9 亿元、 8.5 亿元，相当于 2025 年 36 倍的动态市盈率。考虑公司主业盈利能力稳 健，新增单壁碳纳米管产品盈利能力较强，应用市场范围宽广，成为公 司新的业绩增长点确定性较高，维持"买入-A"的投资评级。 | 市场数据：2025 | 年 | 月 | 日 | 5 | 12 | 收盘价（元）： | 45.28 | | --- | --- | --- | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | 56.46/18.58 | | | | | | | | 流通A股/总股本（亿）： | 3.45/3.45 | | | | | | | | 流通 | 股市值（亿）： | A | 156.10 | | | | | | 总市值（亿）： | 156.10 | | | | | | | | 基础数据：2025 年 | 3 月 | 3 ...