Investment Rating - The investment rating for the company is "Buy" [1][6] Core Insights - The company's revenue for 2024 was 5.529 billion yuan, a year-on-year decrease of 17.41%, with a net profit of 182 million yuan, down 47.28%. However, in Q1 2025, revenue increased to 1.477 billion yuan, a year-on-year growth of 11.55%, and net profit rose to 59 million yuan, up 38.21% [2][3] - The cross-border e-commerce business generated 3.366 billion yuan in revenue in 2024, a decline of 20.93%, while the packaging business saw a slight increase of 0.14% to 2.099 billion yuan. The overall gross margin decreased from 46.66% to 43.93% [3] - The company is investing in AI technology to enhance its e-commerce capabilities, developing models such as ChatGiiKin-6B and GiiAI, which improve product selection and market responsiveness [4] - The company is expanding into the Middle East market and has initiated the process for listing on the Hong Kong Stock Exchange, with plans to issue 67.91 million shares [5] - The profit forecast for 2025-2027 has been adjusted, with expected revenues of 6.265 billion yuan, 6.936 billion yuan, and 7.467 billion yuan, and net profits of 275 million yuan, 328 million yuan, and 386 million yuan respectively [6][8] Financial Summary - In 2024, the company reported total revenue of 5.529 billion yuan, with a year-on-year decline of 17.4%. The net profit was 182 million yuan, down 47.3% [8][10] - The gross margin for 2024 was 43.9%, with projections for 2025 at 45.6% and 2026 at 46.1% [8] - The earnings per share (EPS) for 2024 was 0.47 yuan, with forecasts of 0.71 yuan for 2025 and 0.85 yuan for 2026 [8][10]

公司研究 证 券 研 究 报 告 今世缘（603369）2024 年股东大会调研反馈 强推（维持） 稳健进取，持续破局 目标价：75 元 事项： ❖ 公司于 5 月 21 日召开 2024 年度股东大会以及分析师和投资者交流会，会上 公司领导积极坦诚交流，就行业发展阶段、公司战略考量、具体执行落地等投 资者关切的问题，进行深刻透彻地解答。我们前往参会，核心反馈及分析如下： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 11,546 | 12,578 | 13,641 | 14,695 | | 同比增速(%) | 14.3% | 8.9% | 8.5% | 7.7% | | 归母净利润(百万) | 3,412 | 3,647 | 3,930 | 4,235 | | 同比增速(%) | 8.8% | 6.9% | 7.8% | 7.8% | | 每股盈利(元) | 2.74 | 2.93 | 3.15 | 3.40 | | 市盈率 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][9]. Core Views - The company is expected to experience an upward turning point due to a significant increase in new projects, with a target of 60,000 complete units sold and revenue of 5.2 billion yuan in 2025 [9]. - The company has launched 75 new projects in 2024, a year-on-year increase of 86%, with a projected lifecycle sales volume of 5.1 million units, including a 280% increase in new energy projects [9][10]. - The company aims to improve its profitability, with expected net profits of 0.18 billion yuan and 0.86 billion yuan for 2025 and 2026, respectively [9]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 0.994 billion yuan, a decrease of 3.31% year-on-year, but achieved a net profit of 3.73 million yuan, marking a return to profitability [1][2]. - For the full year 2024, the company generated total revenue of 4.618 billion yuan, down 14.55% year-on-year, while net profit increased by 41.39% to 0.06 billion yuan [2][3]. Business Segments - The engine business saw a revenue decline of 19.38% in 2024, with a total of 3.265 billion yuan, while the transmission and other businesses reported a slight revenue decrease of 0.59% [7][10]. - The company has maintained a strong market position in commercial vehicle engines and has expanded its product offerings to include high-end passenger vehicle engines and new energy solutions [9][10]. Market Outlook - The report highlights the increasing penetration of hybrid and extended-range vehicles in the domestic market, which is expected to drive future growth [9]. - The company has made significant strides in overseas market development, achieving its best results in history with new customer acquisitions and project launches [8][9].

Investment Rating - The report assigns an "Increase" rating for the company [6] Core Views - The company has entered a stable profitability phase in domestic energy storage, with overseas sales expected to ramp up this year, leading to sustained high growth in performance [1][12] - The company achieved revenues of 8.27 billion, net profit of 648 million, and non-deducted net profit of 628 million in 2024, representing year-on-year increases of 18.4%, 12.1%, and 11.9% respectively [2][3] - The first quarter of 2025 saw revenues of 1.55 billion, net profit of 94 million, and non-deducted net profit of 78 million, with year-on-year changes of +14.9%, -40.6%, and -51.5% respectively, and a significant quarter-on-quarter decline [2][3] Summary by Sections Financial Performance - The annual performance aligns with previous forecasts, with energy storage system sales reaching 11,815 MWh, indicating a decline in average selling prices due to falling bidding prices in the domestic market [3][4] - The average selling price for the first quarter of 2025 is estimated at 0.5 yuan/Wh, with unit profitability dropping to approximately 0.026 yuan/Wh [4] - The company achieved overseas sales revenue of approximately 539 million, with a gross margin of 42.14%, significantly higher than domestic margins [5][11] Market Outlook - The company is a leading player in domestic energy storage integration, with expectations for stable domestic prices and continued volume growth [1][12] - The overseas market is anticipated to be a new growth driver, with expected sales volumes reaching GWh levels, particularly in Europe, the Middle East, Southeast Asia, and Australia [11][12] - The company has established partnerships with major international energy storage system integrators, enhancing its market presence and delivery capabilities [11] Future Projections - Forecasts for the company's net profit are 858 million, 1.11 billion, and 1.30 billion for 2025, 2026, and 2027 respectively, with corresponding valuations of 15, 12, and 10 times [12][14] - The report predicts that domestic bidding prices will stabilize or even increase, benefiting leading companies in the sector [12]

医药生物/化学制药 力生制药（002393.SZ） 全资子公司获分红超 3 亿，夯实科改示范企业地位 2025 年 05 月 22 日 投资评级：买入（维持） | 日期 | 2025/5/21 | | --- | --- | | 当前股价(元) | 17.38 | | 一年最高最低(元) | 26.55/14.10 | | 总市值(亿元) | 44.79 | | 流通市值(亿元) | 43.51 | | 总股本(亿股) | 2.58 | | 流通股本(亿股) | 2.50 | | 近 3 个月换手率(%) | 48.93 | 股价走势图 -30% -20% -10% 0% 10% 20% 2024-05 2024-09 2025-01 2025-05 力生制药 沪深300 数据来源：聚源 相关研究报告 《业绩稳健增长，进一步夯实科改示 范企业地位—公司信息更新报告》 -2024.8.23 《夯实科改示范企业地位，产品集群 贡献稳定收入—公司首次覆盖报告》 -2024.5.30 公司持续优化布局，产品集群贡献稳定收入 力生制药 2022 年入选国务院国资委"科改示范企业"名单；2024 年 2 月，力生 制药" ...

证 券 研 究 报 告 今世缘（603369）2024 年股东大会调研反馈 强推（维持） 稳健进取，持续破局 目标价：75 元 事项： ❖ 公司于 5 月 21 日召开 2024 年度股东大会以及分析师和投资者交流会，会上 公司领导积极坦诚交流，就行业发展阶段、公司战略考量、具体执行落地等投 资者关切的问题，进行深刻透彻地解答。我们前往参会，核心反馈及分析如下： 评论： [ReportFinancialIndex] 主要财务指标 公司研究 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 11,546 | 12,578 | 13,641 | 14,695 | | 同比增速(%) | 14.3% | 8.9% | 8.5% | 7.7% | | 归母净利润(百万) | 3,412 | 3,647 | 3,930 | 4,235 | | 同比增速(%) | 8.8% | 6.9% | 7.8% | 7.8% | | ...

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Views - The company's Q1 revenue and net profit were 400.2 billion yuan and 17.5 billion yuan, representing year-on-year declines of 6.6% and 45.6% respectively. The decline in profitability is attributed to short-term factors such as a new product gap and direct store construction. However, sales and performance are expected to improve throughout the year as new vehicles are launched [2][3][4]. - The company is accelerating its transition towards smart and new energy vehicles, with new car launches and marketing system reforms aimed at boosting domestic sales. The expansion into overseas markets is also expected to contribute to steady growth in exports, enhancing the sales structure and gradually improving profitability [11][10]. Summary by Sections Financial Performance - In Q1, the company's revenue, net profit, and net profit excluding non-recurring items were 400.19 billion yuan, 17.51 billion yuan, and 14.69 billion yuan, showing year-on-year declines of 6.63%, 45.60%, and 27.12% respectively. The revenue decline was primarily due to a new product gap affecting sales, while the average selling price remained stable [2][3]. - The total vehicle sales in Q1 were 257,000 units, a year-on-year decrease of 6.7%. Exports and domestic sales were 91,000 units and 166,000 units, reflecting declines of 2.0% and 9.1% respectively [3][4]. Profitability - The gross margin and net margin for Q1 were 17.84% and 4.38%, down 1.53 percentage points and 3.13 percentage points year-on-year. The decline in gross margin was mainly due to a slight drop in sales volume and changes in product mix [4][10]. - The company expects profitability to gradually recover as the domestic new car cycle begins in Q2, with a stabilization of expense ratios anticipated as direct channel investments become more stable [4][9]. Future Outlook - The company plans to launch several key models in Q2, including the second-generation Xiaolong MAX and the all-new Gaoshan, which are expected to drive sales and optimize the product mix. The introduction of new models throughout the year is anticipated to contribute significantly to sales growth [3][10]. - The core logic for the company's performance growth in 2025 is driven by the domestic new car cycle, which is expected to boost domestic sales, alongside steady growth in exports to non-Russian regions [10][11].

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for Q1 were 9.91 billion, 2.03 billion, and 1.99 billion respectively, representing year-on-year growth of 12.16%, 46.25%, and 30.90% [2][3]. - The main business of automotive glass continues to show a "volume and price increase" logic, with profits further boosted by foreign exchange gains [3]. - The decline in gross profit margin is mainly due to changes in accounting policies and capacity ramp-up, but it is expected to recover steadily in the future [3][4]. - The company is focused on the automotive glass business and is steadily advancing its global layout, with high value-added products like panoramic glass and HUD glass continuing to penetrate the market, driving up the value per vehicle [3][10]. Summary by Sections Financial Performance - In Q1, the automotive glass main business revenue was 9.03 billion, with a year-on-year increase of 11.5% and a quarter-on-quarter decrease of 9.3%, outperforming the downstream industry [3]. - The sales volume of Fuyao automotive glass increased by 7.84% year-on-year, indicating a potential market share increase, while the average selling price rose by 3.36% due to a higher proportion of high value-added products [3]. - The gross profit margin and net profit margin for Q1 were 35.40% and 20.50%, respectively, with year-on-year changes of -1.42 percentage points and +4.78 percentage points [4]. Capacity Expansion - The company is entering a new round of global capacity expansion, with new plants in Fuzhou and Hefei expected to start production in Q4 2025 or early 2026, which will significantly increase production capacity [9]. - The U.S. plant has been successfully built and is expected to enhance Fuyao's business layout in North America, with current annual capacity near 7 million sets [9]. Investment Outlook - The company is expected to further consolidate its leading position in the industry with an increase in market share and steady global expansion [10]. - The report forecasts net profits of 8.8 billion and 10.2 billion for 2025 and 2026, respectively, corresponding to current P/E ratios of 17X and 15X [10][11].

事项： ❖ 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题。 [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 安井食品（603345）跟踪分析报告 强推（维持） 思路升级，方向明确，重申底部布局 目标价：100 元 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 21 日收盘价 公司研究 速冻食品 2025 年 05 月 22 日 当前价：80.82 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,127 | 16,368 | 17,765 | 19,282 | | 同比增速(%) | 7.7% | 8.2% | 8.5% | 8.5% | | 归母净利润(百万 ...

投资评级：买入（维持） | 日期 | 2025/5/21 | | --- | --- | | 当前股价(元) | 17.38 | | 一年最高最低(元) | 26.55/14.10 | | 总市值(亿元) | 44.79 | | 流通市值(亿元) | 43.51 | | 总股本(亿股) | 2.58 | | 流通股本(亿股) | 2.50 | | 近 3 个月换手率(%) | 48.93 | 股价走势图 -30% -20% -10% 0% 10% 20% 2024-05 2024-09 2025-01 2025-05 力生制药 沪深300 数据来源：聚源 相关研究报告 医药生物/化学制药 力生制药（002393.SZ） 全资子公司获分红超 3 亿，夯实科改示范企业地位 2025 年 05 月 22 日 《业绩稳健增长，进一步夯实科改示 范企业地位—公司信息更新报告》 -2024.8.23 《夯实科改示范企业地位，产品集群 贡献稳定收入—公司首次覆盖报告》 -2024.5.30 余汝意（分析师） 刘艺（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 liuyi1@kysec.c ...