首次覆盖：Q1 来水不佳，湖北现货即将转正 湖北能源(000883) 2024 年报及 25Q1 季报点评 股票研究 /[Table_Date] 2025.05.12 2025-05-13 [Table_Industry] 电力/公用事业 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 5.61 [Table_CurPrice] 当前价格： 4.66 [Table_Market] 交易数据 总市值（百万元） 30,292 总股本/流通A 股（百万股） 6,500/6,480 本报告导读： 公司 24 年和 25Q1 业绩分别受到减值和来水不佳影响，湖北现货市场推进，看好公 司电源长期价值释放。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 18,669 | 20,031 | 20,045 | 21,655 | 21,980 | | (+/-)% | -9.3% | 7.3% ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is transitioning from a digital goods service provider to a cloud terminal infrastructure builder, with a projected revenue CAGR of 32% from 2020 to 2024, and a 45% revenue growth in Q1 2025 [1][2]. - The digital goods operation serves as a stable cash flow business, while the cloud terminal and IoT operations are expected to drive rapid growth in the second and third growth curves [3][4]. Summary by Sections Company Overview - The company, established in 2012, has evolved from digital goods aggregation to IoT traffic operation and now to AI and computing power operation, becoming a core technology service provider for Huawei Cloud [10][12]. Digital Goods Operation - Digital goods account for over 80% of revenue, with a focus on high-frequency necessities such as mobile data, video memberships, and various vouchers [25][30]. - The business model leverages a robust supply chain and a cloud platform to provide comprehensive digital goods trading solutions [26][47]. Cloud Terminal Operation - The company collaborates with Huawei and China Mobile to develop cloud phones, targeting a user base growth from millions to over 100 million in three years [2][48]. - The cloud phone offers a "cloud running, local interaction" experience, allowing low-spec devices to access high-spec scenarios [56][58]. IoT Scene Operation - The company has developed IoT traffic operations since 2016, providing wireless access and solutions across various industries, with over 500 industry clients [73][74]. - The core business model focuses on traffic operation, with revenue generated from monthly traffic package fees [73][76]. Financial Forecast and Investment Suggestions - The company is expected to achieve net profits of 134 million, 193 million, 280 million, and 406 million yuan from 2024 to 2027, with corresponding PE ratios of 68x, 47x, 32x, and 22x [4][5]. - The report emphasizes the potential for rapid development in the second and third growth curves, driven by digital goods, cloud terminal platforms, and IoT traffic operations [3][4].

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 60.08 CNY [5][8]. Core Views - The company is positioned as a leading manufacturer of high-end paper equipment, with expectations for significant revenue and profit growth in 2025 due to industry demand recovery and new product orders [1][3]. - The company has established a strong technological barrier in the domestic market, leading the way in the replacement of imported equipment with its own [2][3]. - The company is expanding into new materials and robotics, which are expected to contribute to revenue growth alongside its core business [2][3]. Summary by Sections Company Overview - The company is a leader in high-end paper equipment manufacturing, providing fully automated intelligent equipment and solutions for paper production, processing, and packaging [16][21]. - The actual controller holds 69.58% of the shares, indicating a concentrated ownership structure [21]. Market Demand and Technology - The demand for high-end paper equipment is steadily increasing, with a significant portion of the market expected to shift towards domestic manufacturers [2][45]. - The company has a competitive edge with its advanced manufacturing technology, achieving a 42% domestic replacement rate in the post-processing equipment sector by 2021 [2][3]. Growth Strategy - The company is pursuing a dual strategy of "equipment + materials," expanding into new business areas such as palletizing robots and lithium battery separator equipment [2][3]. - The company has made several acquisitions to enhance its capabilities in emerging markets, supported by a substantial industry fund of 1.9 billion CNY [2][3]. Financial Projections - Revenue is projected to grow significantly from 1.26 billion CNY in 2025 to 1.91 billion CNY by 2027, with corresponding net profits expected to rise from 160 million CNY to 257 million CNY during the same period [3][9]. - The company anticipates a recovery in its core business in 2025, driven by new orders and the expansion of its second growth curve in new energy equipment and film materials [1][27]. Competitive Landscape - The company is positioned to benefit from the ongoing consolidation in the paper manufacturing industry, with leading players expanding their market share and improving operational efficiencies [64][65]. - The market for paper products in China is expected to continue growing, with significant room for per capita consumption to increase compared to developed countries [45][53].

Investment Rating - The report maintains a "Buy" rating for the company [2][6] Core Views - The company has shown strong performance in 2024 and continued positive trends in Q1 2025, driven by the expansion of its product lines in high-value applications such as DDR5 memory modules and automotive electronics [4][9] - The revenue forecast has been adjusted, with expected revenues of RMB 1.374 billion, RMB 1.719 billion, and RMB 2.049 billion for 2025, 2026, and 2027 respectively, alongside net profits of RMB 454 million, RMB 597 million, and RMB 714 million for the same years [6][8] Financial Performance Summary - In 2024, the company achieved a revenue of RMB 1.028 billion, a year-on-year increase of 46.17%, and a net profit of RMB 290 million, up 189.23% year-on-year [9] - For Q1 2025, the company reported a revenue of RMB 261 million, a 5.6% increase year-on-year, and a net profit of RMB 99 million, reflecting a 94.71% year-on-year growth [9] - The gross margin for 2024 was 54.81%, improving by 8.22 percentage points year-on-year, while the net profit margin was 28.23%, up 13.96 percentage points year-on-year [9] Product Line and Market Position - The company is enhancing its product offerings in DDR5 SPD, automotive-grade EEPROM, and NOR Flash, with significant growth in sales driven by increased demand in the PC and server markets [9] - The automotive-grade EEPROM products have been successfully introduced to leading Tier 1 automotive suppliers, contributing to rapid revenue growth in this segment [9] - The company is also expanding its NOR Flash product line, with successful testing and validation of various capacity products [9] Valuation Metrics - The adjusted PE ratios for 2025, 2026, and 2027 are projected to be 26.7, 20.3, and 16.9 respectively, indicating a favorable valuation outlook as earnings grow [6][8] - The company’s EBITDA is expected to reach RMB 479 million, RMB 630 million, and RMB 771 million for 2025, 2026, and 2027 respectively, reflecting strong operational performance [8]

证券研究报告 | 公司点评 | 金属新材料 商业航天持续发力，下游多业务持续推进 ——年报及一季报点评报告 投资要点 ❑ 公司发布 2024 年年报及 2025 年一季报。2024 年，公司实现总营业收入 13.30 亿 元，同比+12.7%；实现归母净利润 1.14 亿元，同比+16.2%，扣非归母净利润 1.03 亿元，同比+26.9%。2025 年一季度，公司实现营业收入 3.44 亿元，同比 +19.8%，实现归母净利润 0.32 亿元，同比+31.6%，实现扣非归母净利润 0.27 亿元，同比+27.6%。 ❑ 公司商业航天持续扩大，进军可控核聚变领域 公司充分发挥钨铜合金低膨胀高导热的优异特性，推动光模块基座产品稳步进入 增长阶段，实现向业内领先公司如菲尼萨、天孚通信、环球广电、东莞讯滔等产 业链下游主要客户的批量供货；公司开发的先进铜合金材料用于光模块壳体，已 通过业内知名客户验证，逐步进入小批量供应阶段。 ❑ 盈利预测与估值 我们预计公司 20252027 年归母净利润达 1.55 亿、2.01 亿、2.51 亿，分别同比 +36.0%、+29.2%、+25.1%。公司未来几年业务多点开花，主 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2]. Core Views - The company is experiencing operational pressure and profit disturbances due to impairment issues, with a focus on the performance of Tianrun Dairy [3][4]. - The company’s revenue for 2024 is projected at 2.804 billion yuan, with a year-on-year growth of 3.33%, while the net profit attributable to shareholders is expected to decline by 69.26% to 44 million yuan [5][8]. - The report highlights the company's strong performance in low-temperature dairy products compared to its room-temperature counterparts, driven by product innovation [5][8]. Financial Performance Summary - For 2024, the company is expected to achieve revenues of 13.59 billion yuan in the Xinjiang region, a decline of 6.31%, while revenues from outside Xinjiang are projected to grow by 9.25% to 13.65 billion yuan [5]. - The company’s gross margin for 2024 is forecasted to be 16.8%, down 2.35 percentage points year-on-year, with a further decline to 14.63% in Q1 2025 [5][8]. - The report anticipates a recovery in net profit, projecting 73 million yuan in 2025, a 66% increase, and further growth to 179 million yuan in 2026, representing a 146% increase [7][8]. Market Performance - As of May 13, 2025, the company's stock price is 9.48 yuan, with a 52-week price range of 6.74 to 11.87 yuan [4]. - The company has underperformed the CSI 300 index over the past month, with a decline of 14.7% compared to a 3.9% increase in the index [4]. Forecast and Valuation - The report provides a forecast for the company’s revenue growth of 4% in 2025, 6% in 2026, and 7% in 2027, with corresponding net profit growth rates of 66%, 146%, and 18% respectively [7][8]. - The projected earnings per share (EPS) are 0.23 yuan for 2025, 0.56 yuan for 2026, and 0.66 yuan for 2027, with price-to-earnings (P/E) ratios of 41.80, 16.96, and 14.41 respectively [7][9].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 新易盛(300502)公司点评报告 2025 年 05 月 13 日 [Table_Title]技术储备充裕，盈利能力高增 ——新易盛（300502）2024 年及 2025 年一季度报告点评 事件： [Table_Summary] 2025 年 4 月 23 日，新易盛发布 2024 年及 2025 年一季度报告。2024 年全 年，公司实现营业收入 86.47 亿元，同比增长 179.15%；实现归母净利润 28.38 亿元，同比增长 312.26%。2025 年 Q1，公司实现营业收入 40.52 亿 元，同比增长 264.13%，环比增长 15.24%；实现归母净利润 15.73 亿元， 同比增长 384.54%，环比增长 31.95%。 点评： 算力基础硬件需求持续旺盛，高速率产品占比提升带动盈利提升 收入端，算力基础硬件需求持续旺盛，光模块技术路径多点推进。公司当前 产品矩阵覆盖多速率、多结构、多材料，高速率产品占比提升大幅优化公司 收入结构。盈利端，毛利率高增，费率稳定在较低水平。1）毛利率方面，公 司的高速率产品占比提 ...

证券研究报告 | 公司深度 | 电机Ⅱ 微特减速电机隐形冠军，持续拓展下游应用场景 ——江南奕帆深度报告 投资要点 ❑ 深耕微特减速电机领域，持续拓展下游应用场景 公司专注于定制化微特减速电机的研发、制造和销售。公司产品线丰富多样，包 括永磁直流电动机、交直流两用电动机、三相异步电动机和单相电容电动机等， 共计超 3,000 种规格型号。2024 年以来公司业绩持续回暖。2024 年，公司实现营 业收入 2.82 亿元，同比增长 61.69%；归母净利润 0.95 亿元，同比增长 98.51%。 2025Q1，公司实现营业收入 0.55 亿元，同比增长 35.97%；归母净利润 0.17 亿 元，同比增长 28.31%。 ❑ 减速电机千亿赛道，下游应用领域广泛 减速电机是指电机和减速机构的集成体，下游包括输配电、房车、新能源汽车、 太阳能追踪器、太阳能电池板清洗机器人、电动自行车、人形机器人等行业。 2023 年中国市场减速机及配套电机市场规模为 884 亿元，预计 2030 年将达到 1156 亿元，2024-2030 年的复合增长率 CAGR 为 5.12%。 ❑ 工艺技术及产品质量行业领先，下游客户质优 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its market position and growth potential [8]. Core Insights - The company has maintained its leading position in the Chinese oat grain market for over 20 years, benefiting from the aging population and increasing health consciousness among younger consumers [7]. - Revenue for 2024 reached 1.896 billion yuan, a year-on-year increase of 20.2%, with a net profit of 133 million yuan, up 15.4% [4]. - The company is expected to achieve revenue growth of 20% in 2025 and 2026, with net profit growth of 35% in 2025 and 24% in 2026 [7]. Financial Performance - In Q1 2025, the company reported revenue of 656 million yuan, a year-on-year increase of 15.9%, and a net profit of 55 million yuan, up 21.2% [4]. - The gross margin for 2024 was 41.3%, down 3.2 percentage points year-on-year, primarily due to rising raw material costs [4]. - The company’s online sales grew over 17% year-on-year, with significant contributions from platforms like Douyin, where it achieved a GMV of 468 million yuan [4]. Product and Channel Development - The company has seen positive growth across all product categories, with compound oat products experiencing the fastest growth at 29% [4]. - Offline sales increased by 14% year-on-year, with snack wholesale channels growing nearly 50% [4]. - The company’s product structure is continuously upgrading, with successful launches in the oat + series and milk oat series, each exceeding 200 million yuan in sales [4]. Future Projections - The forecast for 2025-2027 indicates revenues of 2.277 billion yuan, 2.722 billion yuan, and 3.219 billion yuan, respectively, with corresponding net profits of 180 million yuan, 224 million yuan, and 274 million yuan [6]. - The expected EPS for 2025, 2026, and 2027 are 0.81 yuan, 1.00 yuan, and 1.23 yuan, respectively, with P/E ratios decreasing from 26.37 to 17.36 over the same period [6][7].

一季度表现超预期，加码新赛道打造新业 务增长点 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们下调盈利预测（下调了收入，上调了费用率）并引入 2027 年的盈利 预测，预计公司 20252027 年每股收益分别为 0.5、0.56 和 0.63 元（原 2526 年为 0.56 和 0.65 元），参考可比公司，给予 2025 年 17 倍 PE 估值，对应目标价 8.5 元， 维持公司"买入"评级。 风险提示：行业竞争加剧、终端消费需求减弱、新业务拓展不及预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入百万元 | 21,528 | 20,957 | 22,496 | 24,511 | 26,671 | | 同比增长 (%) | 16.0% | 2.7% | 7.3% | 9.0% | 8.8% | | 营业利润百万元 | 3,611 | 2,780 | 3,039 | 3,360 | 3,790 | | 同比增长 (%) | 28.7% | 23.0% ...