星源材质 300568.SZ 公司研究 | 年报点评 | 隔膜产销同比高增，全球布局开花结果 | | --- | 核心观点 盈利预测与投资建议 ⚫ 由于隔膜价格下跌，我们下调公司 2025-2026 年每股收益预测值至 0.34、0.54 元 （原预测值为 0.83、0.99 元），并新增 2027 年预测值 0.80 元。结合可比公司估值 水平，给予公司 2025 年 34 倍市盈率，对应目标价为 11.56 元，维持买入评级。 风险提示 ⚫ 锂电池需求不及预期；动力电池技术路线变革；行业竞争加剧导致产品价格下降； 假设条件变化影响测算结果；公司海外项目推进不及预期等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,013 | 3,541 | 4,636 | 5,929 | 7,720 | | 同比增长 (%) | 4.6% | 17.5% | 30.9% | 27.9% | 30.2% | | 营业利润(百万元) | 824 | 407 | ...

评论： 公司研究 证 券 研 究 报 告 万孚生物（300482）2024 年报&2025 年一季报点评 推荐（维持） 四大业务运营稳健，海外业务持续突破 事项： 公司发布 24年报及 25年一季报，2024 年，公司实现营收 30.65亿元（+10.85%）， 归母净利润 5.62 亿元（+15.18%），扣非归母净利润 4.97 亿元（+19.90%）， 25Q1，公司实现营收 8.00 亿元（-7.06%），归母净利润 1.89 亿元（-13.37%）， 扣非归母净利润 1.72 亿元（-17.57%）。 | 目标价：28 元 | | --- | | 元 当前价：21.70 | 华创证券研究所 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,065 | 3,525 | 4,024 | 4,637 | | 同比增速(%) | 10.8% | 15.0% | 14.2% | 15.2% | | 归母净利润(百万) | 562 | ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The acquisition of French GMD Group by the company's subsidiary DSG for 100% equity and debt restructuring is a strategic move to enhance its presence in the European market, aiming to strengthen synergies and accelerate global expansion in the automotive parts sector [1] - The company is expected to achieve significant revenue growth, with projected revenues of 43.57 billion CNY in 2025, reflecting an 18.5% year-on-year increase, and a net profit of 3.79 billion CNY, representing a substantial 249.4% growth [3][4] - The company is focusing on optimizing its product structure and enhancing profitability through collaborations with major clients in the touch display module and LED display sectors [3] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 43.57 billion CNY, 50.61 billion CNY, and 57.93 billion CNY, respectively, with corresponding growth rates of 18.5%, 16.2%, and 14.5% [4] - The expected net profit for the same years is 3.79 billion CNY, 4.79 billion CNY, and 5.80 billion CNY, with growth rates of 249.4%, 26.4%, and 21.1% [4] - The company's earnings per share (EPS) are projected to be 2.22 CNY, 2.81 CNY, and 3.40 CNY for 2025, 2026, and 2027, respectively [4] Market Position and Strategy - The company is positioned to benefit from the increasing demand for flexible printed circuits (FPC) driven by advancements in AI, AR/VR, and foldable screens, indicating a strong competitive advantage in the market [2] - The automotive segment is expected to see increased demand for various components, including PCBs and battery structures, particularly from new energy vehicle clients [2]

资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：国防军工 | 公司点评报告 股票投资评级 | 最新收盘价（元） | 74.00 | | --- | --- | | 总股本/流通股本（亿股）0.76 / 0.37 | | | 总市值/流通市值（亿元）56 / 27 | | | 52 周内最高/最低价 | 77.55 / 32.50 | | 资产负债率(%) | 12.1% | | 市盈率 | -97.37 | | 第一大股东 | 天津军融汇智科技中心 | | (有限合伙) | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 晶品特装(688084) 军用机器人前景广阔，有望迎来业绩拐点 事件 近日，晶品特装发布 2024 年年报。2024 年，公司实现营业收入 1.64 亿元，同比减少 27%，实现归母净利润-0.57 亿元，同比减少 287%。 点评 1、2024 年，公司实现营业收入 1.64 亿元 ...

公司研究 证 券 研 究 报 告 振德医疗（603301）2024 年报&2025 年一季报点评 强推（维持） 医疗器械 2025 年 05 月 14 日 目标价：28 元 当前价：19.63 元 华创证券研究所 收入稳健增长，渠道快速扩展 事项： 公司发布 24 年报及 25 年一季报，24 年，公司实现营收 42.64 亿元（+3.32%）， 归母净利润 3.85 亿元（+94.14%），扣非归母净利润 3.16 亿元（+66.89%）。 25Q1，公司实现营收 9.92 亿元（+2.87%），归母净利润 0.51 亿元（-30.19%）， 扣非归母净利润 0.48 亿元（-36.34%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,264 | 4,800 | 5,491 | 6,296 | | 同比增速(%) | 3.3% | 12.6% | 14.4% | 14.7% | | 归母净利润(百万) | 385 | ...

2025 年 05 月 13 日 公司点评 买入/维持 温氏股份(300498) 目标价: 昨收盘:16.66 年报&1 季报点评：猪鸡业务稳健增长，成本持续优化 ◼ 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/13 24/7/25 24/10/6 24/12/18 25/3/1 25/5/13 温氏股份 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 66.54/52.35 | | --- | --- | | 总市值/流通(亿元) | 1,108.54/872. | | | 21 | | 12 个月内最高/最低价 | 23.9/15.12 | | (元) | | 相关研究报告 <<公司点评：生猪出栏快速增长，成 本持续下降>>--2025-01-14 <<温氏股份：双主业优势显著，三季 度业绩亮眼>>--2019-10-24 <<中报点评：双主业弱化猪周期影 响，持续盈利>>--2018-08-16 证券分析师：程晓东 电话：010-88321761 E-MAIL：chengxd@tpyzq.com 分析师登记编号：S1190511050002 事件：公司近日发布 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is experiencing steady growth with a focus on optimizing its product structure and enhancing operational efficiency, supported by strong performance in its cloud computing and telecommunications segments [3][8] - Revenue and net profit for 2024 are projected to be RMB 609.14 billion and RMB 23.22 billion, respectively, reflecting year-on-year growth rates of 27.88% and 10.34% [8] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of RMB 7,564.19 billion, RMB 9,126.78 billion, and RMB 10,552.89 billion for 2025, 2026, and 2027, respectively [5][7] Financial Summary - The company’s main revenue for 2023 is RMB 476.34 billion, with a projected growth rate of 27.9% for 2024 [7][25] - The EBITDA for 2024 is expected to be RMB 32.23 billion, with a net profit of RMB 23.22 billion [7][25] - The projected earnings per share (EPS) for 2025 is RMB 1.48, with a corresponding price-to-earnings (P/E) ratio of 13.0 [5][25] - The company’s gross margin for 2024 is expected to be 7.28%, with a net profit margin of 3.81% [8][25] Business Segments - The cloud computing segment is anticipated to show robust growth, with revenues expected to exceed RMB 3,193.77 billion in 2024, marking a year-on-year increase of 64.37% [8] - The telecommunications and mobile network equipment segment is also projected to grow steadily, with revenues of RMB 2,878.98 billion in 2024 [8] - The company is focusing on AI server products, which have seen revenue growth exceeding 150%, becoming a core growth driver [8]

证券研究报告：汽车 | 公司点评报告 发布时间：2025-05-14 股票投资评级 增持|维持 个股表现 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 中汽股份 汽车 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 5.97 | | --- | --- | | 总股本/流通股本（亿股）13.22 / 13.22 | | | 总市值/流通市值（亿元）79 / 79 | | | 52 周内最高/最低价 | 7.06 / 4.92 | | 资产负债率(%) | 16.5% | | 市盈率 | 45.92 | | 第一大股东 | 中国汽车技术研究中心 | | 有限公司 | | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 中汽股份(301215) AEBS 强标征求意见，二期试验场投产贡献增量 ⚫ 投资要点 事件：近日，工信部对强制性智能网联汽车标准《轻型汽车自动 紧急制动系 ...

其他电子零组件Ⅲ 香农芯创（300475.SZ） 买入-A(首次) "分销+产品"双轮驱动，企业级存储国产替代需求增长 2025 年 5 月 14 日 公司研究/公司快报 事件描述 风险提示 供应商依赖风险：公司目前第一大供应商为 SK 海力士，公司向 SK 海 请务必阅读最后股票评级说明和免责声明 1 公司发布 2024 年年报及 2025 年一季度报告。2024 年全年公司实现营业 收入 242.71 亿元，同比增长 115.40%；实现归母净利润 2.64 亿元，同比下降 30.08%。2025 年第一季度公司实现营业收入 79.06 亿元，同比增长 243.33%； 实现归母净利润 0.17 亿元，同比增长 18.66%。 事件点评 受益于服务器需求持续增长和存储行业复苏，公司营收创历史新高。 2024 年全年公司实现营业收入 242.71 亿元，同比增长 115.40%；2025 年第 一季度公司实现营业收入 79.06 亿元，同比增长 243.33%。公司 2024 年及 2025 年一季度营业收入均创同期新高，主因系人工智能等相关半导体需求持续激 增和电子产品复苏的推动，带动公司半导体分销业务迎 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8] Core Views - The company's revenue for 2024 reached 6.695 billion yuan, a year-on-year increase of 86.46%, while the net profit attributable to shareholders was 161 million yuan, up 125.82% year-on-year. However, in Q1 2025, the company reported a revenue of 1.543 billion yuan, a decline of 10.62% year-on-year, and a net loss of 197 million yuan, a decrease of 217.87% year-on-year [2][4] - The decline in Q1 2025 performance is attributed to lower-than-expected demand in H2 2024 and a drop in storage prices, compounded by a high base effect from Q1 2024. However, since March 2025, storage prices have shown a clear upward trend due to proactive production cuts by manufacturers and a balanced supply-demand situation driven by AI demand [4][5] - The company is actively expanding its AI edge products, leveraging self-developed main control chips, firmware algorithms, and advanced packaging capabilities to create differentiated competitive advantages. The rapid growth in AI edge products is expected to continue, particularly with the anticipated increase in AI glasses production [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.695 billion yuan, with a year-on-year growth of 86.46%. The net profit attributable to shareholders was 161 million yuan, reflecting a growth of 125.82% year-on-year. For Q1 2025, the revenue was 1.543 billion yuan, down 10.62% year-on-year, and the net profit was -197 million yuan, a decline of 217.87% year-on-year [2][4][10] Market Trends - The report highlights a new cycle of storage price increases alongside accelerated demand for AI edge products. The company is expected to benefit from this trend, with Q1 2025 potentially marking the bottom of its performance [4][5] Product Development - The company has launched various high-performance storage products for AI applications, including UFS, LPDDR5/5X, and ePOP series products, which have been adopted by major brands in the smart wearable sector. The revenue from emerging AI edge sectors is projected to exceed 1 billion yuan in 2024, representing a year-on-year growth of approximately 294% [5][6] Future Outlook - The company anticipates that its wafer-level advanced packaging project will commence production in H2 2025, enabling it to offer comprehensive storage and advanced packaging solutions, which are expected to significantly enhance its value proposition [6][7][8]