公司研究 证 券 研 究 报 告 通威股份（600438）2024 年报及 2025 年一季报点评 推荐（维持） 降本增效持续推进，海外市场拓展顺利 目标价：20.50 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 91,994 | 109,645 | 130,009 | 142,355 | | 同比增速(%) | -33.9% | 19.2% | 18.6% | 9.5% | | 归母净利润(百万) | -7,039 | -4,314 | 3,076 | 4,655 | | 同比增速(%) | -151.9% | 38.7% | 171.3% | 51.3% | | 每股盈利(元) | -1.56 | -0.96 | 0.68 | 1.03 | | 市盈率(倍) | -11 | -18 | 25 | 17 | | 市净率(倍) | 1.6 | 1.8 | 1.6 | 1.5 | 资料来源：公司公告，华创证券预测 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 81.10 CNY per share based on a 40x PE valuation for 2025 [4]. Core Viewpoints - The company is a leading electromechanical integration platform in China, successfully leveraging technology across industries such as industrial control, new energy vehicles, and robotics, with a projected revenue and net profit CAGR of 38% and 30% from 2007 to 2024, respectively [15][22]. - The new energy vehicle segment is expected to see significant growth, with a projected revenue CAGR exceeding 30% from 2025 to 2027, driven by an increase in market share and operational flexibility [2]. - The industrial robotics business is also on a growth trajectory, with a projected CAGR of approximately 30% from 2025 to 2027, supported by cost control and channel advantages [2]. - The general automation business maintains a strong market position, with the company holding the top market shares in key product categories such as servo systems and low-voltage frequency converters [3]. - The mature businesses in rail transit and elevators are expected to grow steadily, providing stable cash flow to support strategic initiatives [3]. Summary by Sections Investment Logic - The company has achieved a unique position by integrating technology across industrial control, new energy vehicles, and robotics, which allows it to outperform industry cycles [15]. - The new energy vehicle business is projected to generate 16 billion CNY in revenue in 2024, a 70% year-on-year increase, with expectations for further growth as new production capacities come online [2]. - The industrial robot segment is experiencing rapid growth, with a revenue of 1.1 billion CNY in 2024, reflecting a 37% increase year-on-year [2]. General Automation Business - The company has solidified its leadership in the automation sector, with market shares of 28%, 19%, and 14% in core products for 2024, ranking first among domestic competitors [3]. - The automation industry is expected to recover slightly in 2025, following a downturn, with the company poised to benefit from this recovery [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 5.46 billion CNY, 6.67 billion CNY, and 7.83 billion CNY from 2025 to 2027, representing year-on-year growth rates of 27.5%, 22.0%, and 17.6%, respectively [4]. - The valuation is based on a robust competitive position built through technology reuse, strategic positioning, and organizational transformation [4].

[Table_Summary] 报告要点： 营收增长稳健，费用管控得当 2024 年公司实现营收 162.64 亿元，同比+0.35%；归母净利 6.53 亿元，同 比-10.14%；销售毛利率16.53%，同比-3.8pct；净利率5.17%，同比-1.21pct。 公 司 费 用 控 制 得 当 ， 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 为 1.18%/4.37%/2.84%/0.53%，分别同比下降 0.19/0.43/0.22/1.01pct。25Q1 公司实现营收35.67亿元，同比+0.75%；归母净利2.75亿元，同比+21.29%； 毛利率 18.34%，同比-1.48pct；净利率 10.54%，同比+2.30pct。 轻量化业务稳步增长，通航制造业务快速发展 [Table_Main] 公司研究|可选消费|汽车与汽车零部件 证券研究报告 万丰奥威(002085)公司点评报告 2025 年 05 月 19 日 [Table_Title] 传统业务稳健发展，低空业务未来可期 ——万丰奥威(002085)2024 年报及 2025 年一季报点评 公司深耕轻量化金属部件，构 ...

其他专用机械 美埃科技（688376.SH） 增持-A(首次) 下游拓展与海外布局并举，业绩有望维持增势 | 市场数据：2025 年 5 月 | 16 日 | | --- | --- | | 收盘价（元）： | 34.65 | | 年内最高/最低（元）： | 45.98/24.25 | | 流通A股/总股本（亿）： | 0.51/1.34 | | 流通 股市值（亿）： A | 17.67 | | 总市值（亿）： | 46.57 | | 基础数据：2025 | 年 | 月 | 日 | 3 | 31 | 基本每股收益(元)： | 0.33 | | --- | --- | --- | --- | --- | --- | --- | --- | | 摊薄每股收益(元)： | 0.33 | | | | | | | | 每股净资产(元)： | 14.62 | | | | | | | | 净资产收益率(%)： | 2.23 | | | | | | | 资料来源：最闻 分析师： 姚健 执业登记编码：S0760525040001 邮箱：yaojian@sxzq.com 徐风 执业登记编码：S0760519110003 邮箱：x ...

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company is expected to maintain its cost leadership position while facing significant operational pressure due to declining prices across the photovoltaic industry [4][6] - The company has achieved a high-purity silicon annual production capacity of over 900,000 tons and solar cell production capacity exceeding 150 GW in 2024 [4] - The company is focusing on cost reduction and efficiency improvement, with significant advancements in technology expected to enhance production capabilities [6] Financial Performance Summary - In 2024, the company reported a revenue of 919.94 billion yuan, a year-on-year decrease of 34%, and a net loss attributable to shareholders of 70.39 billion yuan [8][9] - The forecast for 2025 indicates a revenue of 666 billion yuan, with a projected net loss of 34.7 billion yuan, followed by a gradual recovery in subsequent years [7][9] - The gross margin for 2024 is expected to be 6.4%, with a significant drop in profitability reflected in the negative net profit margins for 2025 [9][10] Market Position and Production Capacity - The company holds a market share of approximately 30% in the silicon material segment, leading globally with a sales volume of 467,600 tons in 2024, representing a year-on-year growth of 20.76% [4][5] - In the battery segment, the company expects to sell 87.68 GW in 2024, achieving a global market share of about 14% [4] - The company’s module sales are projected to reach 45.71 GW in 2024, marking a year-on-year increase of 46.93% [5] Cost Management and Technological Advancements - The company has successfully reduced its comprehensive electricity consumption and silicon consumption to 46 kWh and 1.04 kg respectively, with cash costs for silicon production dropping to below 27,000 yuan per ton [6] - The company is advancing its TNC technology to enhance efficiency and reduce costs, with expectations for mainstream power levels to increase by over 25W by 2025 [6] - The company’s HJT pilot line is set to commence production in June 2024, with the highest module power reaching 790.8W [6]

电力电子及自动化 英杰电气（300820.SZ） 增持-A(首次) 光伏周期导致业绩承压，半导体业务稳步提升 2025 年 5 月 19 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报及 2025 年第一季度报告。2024 年，公司实现营业 收入 17.8 亿元，同比+0.59%；实现归母净利润 3.23 亿元，同比-25.19%；扣 非归母净利润 3.07 亿元，同比-27.87%。25Q1 公司实现营业收入 3.25 亿元， 同比-13.30%；归母净利润 0.50 亿元，同比-36.84%。 事件点评 市场数据：2025 年 5 月 16 日 收盘价（元）： 44.67 年内最高/最低（元）： 73.50/34.14 流通A股/总股本（亿）： 1.11/2.22 流通 A 股市值（亿）： 49.59 总市值（亿）： 99.00 利润承压，主要系研发和资产减值增加等所致。2024 年，收入端小幅增 长 0.59%，毛利率 38.50%/yoy+1.27pct，销售净利率 18.84%/yoy-5.53pct。其 中，研发费用 1.37 亿元/yoy+40.18%，研发费用 ...

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-05-19 股票投资评级 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） | 54.00 | | --- | --- | | 总股本/流通股本（亿股）4.50 / 1.15 | | | 总市值/流通市值（亿元）243 / 62 | | | 52 周内最高/最低价 | 62.40 / 43.92 | | 资产负债率(%) | 11.7% | | 市盈率 | 41.86 | | 第一大股东 | 中国航发北京航空材料 | | 研究院 | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 航材股份(688563) 2024 年业绩稳健增长，民机、低空及国际市场前 景广阔 ⚫ 事件 3 月 31 日，航材股份发布 2024 年年报。2024 年，公司实现营收 29.32 亿元，同比增长 5%，实现归母净利润 5.81 亿元，同比增长 1%。 4 月 3 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27]. Core Views - The company continues to experience high growth in innovative display products, with a 50.4% year-on-year increase in revenue for these products in Q1 2025. The overall revenue for Q1 2025 reached 3.142 billion yuan, representing a 10.8% year-on-year growth [2][5]. - The gross margin improved both year-on-year and quarter-on-quarter, reaching 13.36% in Q1 2025, with a year-on-year increase of 0.75 percentage points and a quarter-on-quarter increase of 1.76 percentage points [1][2]. - The company’s smart TV shipments increased by 31.0% year-on-year in Q1 2025, with sales revenue growing by 5.9% [1][2]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit of 215 million yuan, which is a 15.8% increase year-on-year but a 22.0% decrease quarter-on-quarter [1][2]. - The revenue from smart interactive display products and smart TVs also showed significant growth, with respective year-on-year increases of 10.0% and 5.9% [1][2]. Revenue Forecast - The company expects its net profit to grow by 24.1%, 24.5%, and 12.7% for the years 2025, 2026, and 2027, reaching 1.035 billion yuan, 1.289 billion yuan, and 1.452 billion yuan respectively [2][4]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 14.9, 12.0, and 10.6 respectively [2][4]. Market Trends - The company’s innovative display products are benefiting from strong domestic market performance driven by national subsidy policies, which have positively impacted order growth in the domestic OEM market [2][5]. - The company’s brand KTC achieved a shipment volume of approximately 600,000 units in Q1 2025, with a year-on-year growth of 50% [2][5].

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2025 年 5 月 19 日 | 朱吉翔 | | | --- | --- | | H70138@capital.com.tw | 150 | | 目标价(元) | | 公司基本资讯 | 产业别 | | | 电子 | | --- | --- | --- | --- | | A 股价(2025/5/16) | | | 122.29 | | 上证指数(2025/5/16) | | | 3367.46 | | 股价 12 个月高/低 | | 147.56/64.13 | | | 总发行股数(百万) | | 664.06 | | | A 股数(百万) | | 663.72 | | | A 市值(亿元) | | 811.66 | | | 主要股东 | | 朱一明(06.89%) | | | 每股净值(元) | | 25.29 | | | 股价/账面净值 | | 4.83 | | | | 一个月 三个月 | 一年 | | | 股价涨跌(%) | 11.2 -4.8 | 46.6 | | | 近期评等 ...

健盛集团(603558) 报告日期：2025 年 05 月 19 日 25Q1 盈利出现波动，期待订单及效率逐季爬升 ——健盛集团点评报告 证券研究报告 | 公司点评 | 纺织制造 投资要点 ❑ 25Q1 收入平稳，利润率高基数上出现波动 25Q1 公司实现收入 5.60 亿元（同比+2.1%），归母净利润 0.60 亿元（同比- 26.9%），扣非后归母净利润 0.61 亿元（同比-23.5%），毛利率 26.8%（同比- 2.5pp），归母净利率 10.7%（同比-4.3pp），盈利能力在高基数上承压下滑。 ❑ 盈利波动多系一次性因素，有望快速修复 除了高基数因素，25Q1 利润率下滑原因包括：1）管理费用同比增加 1127 万 元，管理费用率同比提升 1.85pp 至 9.6%，我们预计来自员工薪酬调整及管理咨 询服务费用增加；2）政府补助金额同比减少 638 万元，我们预计与补助确认节 奏有关；3）越南各基地为后期订单储备招聘较多员工，Q1 尚处培训期，产出较 少。 报表来看，25Q1 毛利率 26.8%（同比-2.50pp），期间费用率 14.6%（同比 +2.25pp），其中销售/管理/研发/财务 ...