❑ 催化剂：白酒需求恢复超预期；宴席恢复表现超预期；批价持续上行。 "双品牌"战略，稳中有进 ——水井坊更新报告 投资要点 ❑ 核心产品放量带动产品结构升级，确立"双子星"战略。 1）分产品：24 年高档酒/中档酒收入 47.64 亿元/2.64 亿元，分别同比 +1.99%/+28.78%。25Q1 高档酒/中档酒收入 8.51 亿元/0.49 亿元，分别同比 +6.71%/-34.21%。臻酿八号表现较优，产品结构持续升级。 2）分市场：24 年公司国内/国外分别实现收入 49.70/0.58 亿元，同比 +2.79%/+44.60%。24 年国内净增加经销商 6 家至 56 家，国外经销商 5 家。25Q1 国内收入 8.98 亿元（+4.30%），国外 0.02 亿元（-84.35%） ❑ 销售费用收缩，渠道持续管理精细化提升。 1）24 年毛/净利率同比-0.4/+0.09pct 至 82.76%/25.71%，25Q1 毛/净利率同比 +1.5/-0.12pct 至 81.97%/19.84%。 2）24 年销售/管理费用率同比-0.13/+0.89pct 至 25.06%/8.20%，25Q1 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a pioneer in domestic substitution of specialty polymer materials, focusing on high-value-added materials and benefiting from capacity expansion [1][2]. - Emerging demands in sectors like new energy vehicles, humanoid robots, and AI are driving growth and opening up opportunities for domestic substitution [3][4]. - The company has achieved significant technological breakthroughs in LCP, establishing a strong competitive barrier and enhancing its global competitiveness [2][3]. Summary by Sections Company Overview - The company, established in 2001, is a leading domestic supplier of specialty polymer materials, focusing on high-performance functional polymer synthesis, modification, and production [19][20]. - The company has successfully transitioned from relying on foreign technology to achieving self-sufficiency in LCP production, becoming the largest domestic supplier by shipment volume [19][20]. Emerging Demand and Growth - The rapid growth of new sectors such as electric vehicles and AI is creating new application scenarios for specialty materials, driving demand [3][4]. - LCP is expanding its applications beyond traditional electronics to include micro motors, AI servers, and new energy batteries, while PPA is increasingly used in automotive components [3][4]. Financial Forecast and Valuation - The company is expected to achieve revenues of 2.1 billion, 2.8 billion, and 3.6 billion yuan from 2025 to 2027, with net profits of 50 million, 120 million, and 180 million yuan respectively [4]. - The report indicates a significant increase in revenue and profit forecasts compared to previous estimates, reflecting the company's growth potential [4]. Capacity and Production - The company has established a comprehensive production capacity for specialty engineering resins, including LCP, PPA, and PEEK, with a focus on high-value-added products [24][31]. - The Chongqing base is set to become a major production hub, with a planned capacity of 20,000 tons for LCP resin materials [24][31]. Research and Development - The company places a strong emphasis on R&D, with a significant increase in R&D expenses, reflecting its commitment to overcoming technological barriers in specialty materials [33][34]. - The R&D expense ratio is projected to rise, indicating a focus on innovation and product development [33][34].

重整旗鼓展新颜，AI 课程具巧思 [Table_CoverStock] —豆神教育(300010)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 14 日 [Table_CoverAuthor] 范欣悦 教育人服行业首席分析师 S1500521080001 fanxinyue@cindasc.com 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 豆神教育(300010) 投资评级 买入 上次评级 无 [Table_BaseData] 公司主要数据 | 收盘价（元） | 7.38 | | --- | --- | | 52 周内股价波动区间 | 12.96-2.38 | | (元) | | | 最近一月涨跌幅(％) | 4.83 | | 总股本(亿股) | 20.67 | | 流通 A 股比例(％) | 80.49 | | 总市值(亿元) | 152.52 | | 资料来源：聚源，信达证券研发中心 | | 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲12 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Viewpoints - The company is entering the wet metallurgy active magnesium oxide market, which has significant future growth potential. A strategic partnership with GreenMei in January 2025 marks an important milestone for the company's precipitation agent products in the wet nickel extraction field [1][13]. - The company has a competitive advantage with its layout of the Karmado microcrystalline magnesite mine in Tibet, which is expected to achieve domestic substitution. The mine has low extraction costs and good economic benefits, with a theoretical long-term production capacity of 450,000 tons [1][50]. Summary by Sections 1. Active Magnesium Oxide Business - The company is focusing on the nickel-cobalt wet metallurgy precipitation agent market, which shows great potential for development. Laboratory studies indicate that active magnesium oxide offers advantages such as improved nickel-cobalt slag grade and reduced costs compared to sodium hydroxide [13]. - Active magnesium oxide has a wide range of applications and can be developed for high-temperature and high-corrosion conditions. Its properties are significantly influenced by the calcination temperature and time [15]. 2. Supply Side - The company has a strategic advantage with its self-owned Karmado microcrystalline magnesite mine, which is a high-grade large deposit with low impurities and significant economic benefits. The mine's production scale is 1 million tons per year, with a theoretical magnesium oxide output of 450,000 tons [50][51]. - The competitive landscape shows that overseas manufacturers dominate the market, but domestic companies are making significant breakthroughs [33]. 3. Demand Side - The cobalt market is experiencing rapid growth, driven by the expansion of domestic copper-cobalt mines. The global cobalt production is expected to reach 290,000 tons in 2024, a year-on-year increase of 22% [60]. - The nickel market is also growing rapidly, with the demand for nickel in battery applications projected to increase significantly by 2035 [2]. The wet nickel process is expected to see substantial application growth, requiring effective precipitation agents like magnesium oxide [2].

股票投资评级 买入 |维持 个股表现 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -35% -14% 7% 28% 49% 70% 91% 112% 133% 154% 华丰科技 国防军工 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） | 57.47 | | --- | --- | | 总股本/流通股本（亿股）4.61 | / 1.78 | | 总市值/流通市值（亿元）265 | / 102 | | 周内最高/最低价 52 | 72.86 / 17.61 | | 资产负债率(%) | 46.8% | | 市盈率 | -1,436.75 | | 第一大股东 | 四川长虹电子控股集团 | | 有限公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 华丰科技(688629) 高速线模组产能快速爬坡 证券研究报告：国防军工 | 公司点评报告 n 盈利预测和财务指标 | [项ta目ble_FinchinaSimple] \年度 | 2024A | 2025E | ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 14 日 [Table_Title] 2024 年报&2025 年一季报点评：Q1 业绩符合 预期，成长边际加速扩张 [Table_Title2] 奥普特(688686) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688686 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 107.97/42.76 | | 目标价格： | | 总市值(亿) | 109.83 | | 最新收盘价： | 89.85 | 自由流通市值(亿) | 109.83 | | | | 自由流通股数(百万) | 122.24 | [Table_Summary] 事件概述 公司发布 2024 年报和 2025 年一季报。 ► 机器视觉应用逐步拓宽，Q1 收入端重回快速增长 24 年公司实现营收 9.11 亿元，同比-3%，其中 Q4 为 1.78 亿元，同比+82%，拐点出现。分行 业来看：1）3C：24 年收入 5.85 亿元，同比+1%。在 3C 行业客户资本开支 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company has made strategic investments in AI chip technology, which aligns with its long-term growth strategy in emerging industries [1][2] - The company's Q1 2025 revenue increased by 10.5% year-on-year, and net profit attributable to shareholders rose by 49.4%, indicating stabilization in its core business operations [1][3] - The company plans to implement a second employee stock ownership plan to enhance long-term development momentum [4] Summary by Sections Investment Overview - The company invested 200 million RMB and 50 million RMB in Shanghai Zhenliang Intelligent Technology, acquiring 11.43% and 2.86% equity, respectively [1] - The investment is expected to accelerate the company's development in domestic AI chip sectors, despite limited short-term returns [1][2] Financial Performance - For 2024, the company anticipates revenue of 6.33 billion RMB, a 12% increase year-on-year, with net profit expected to be 318.59 million RMB, a decrease of 18.29% [7] - In Q1 2025, the company achieved revenue of 16.7 billion RMB, with a gross margin of 16.0%, reflecting an improvement in operational metrics [3] Employee Incentives - The second phase of the employee stock ownership plan involves 10 executives and 110 employees, with a share price set at 4.58 RMB [4] Profit Forecast and Valuation - The company has adjusted its revenue and net profit forecasts for 2025-2026, with expected EPS of 0.33 RMB for 2025 [5] - The target price is set at 7.59 RMB, based on a 23x PE ratio for 2025, reflecting an increase from the previous target of 3.71 RMB [5][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][8]. Core Views - The company is expected to experience a revenue recovery in the data center business, driven by opportunities in the AI era, while the impact of disturbances in the European household storage market is gradually diminishing [2][3][8]. - The company has a strong foothold in the data center sector, with a projected revenue of 25.97 billion yuan in 2024, reflecting a year-on-year growth of 3.51% [2]. - The report anticipates a rebound in the company's performance, with expected revenues of 51.43 billion yuan, 60.31 billion yuan, and 67.74 billion yuan for the years 2025 to 2027, respectively [3][8]. Financial Summary - For 2023, the company reported a revenue of 5,440 million yuan, with a year-on-year growth rate of 23.6%. However, a decline is expected in 2024, with revenue projected at 4,159 million yuan, a decrease of 23.5% [1]. - The net profit attributable to the parent company is forecasted to be 845 million yuan in 2023, with a significant drop to 394 million yuan in 2024, representing a year-on-year decline of 53.4% [1][3]. - The company's return on equity (ROE) is projected to recover from 8.9% in 2024 to 14.2% by 2027 [1][3]. Business Segment Performance - The data center business is expected to ship 2.4699 million units in 2024, marking an 11.85% increase year-on-year, contributing significantly to the company's profitability [2]. - The renewable energy segment is facing challenges, with a projected shipment of 192,300 units in 2024, down 36.46% year-on-year, and revenue expected to decline by 49.43% [3]. - The report highlights the company's proactive approach in expanding overseas channels and targeting new markets, which may help the renewable energy segment return to a growth trajectory [3].

证券研究报告 | 公司点评 | 医疗器械 华大智造(688114) 报告日期：2025 年 05 月 13 日 装机量大幅提升，替代有望加速 ——华大智造 2024 年及 2025 年一季报点评报告 投资要点 公司 2024 年收入 30.13 亿元，同比增长 3.48%，归母净利润-6.01 亿元；其中 Q4 收入 11.43 亿元，同比增长 61.64%，归母净利润-1.37 亿元，装机量大幅提升拉 动四季度收入超预期。2025 年 Q1 收入 4.55 亿元，同比下降 14.26%，归母净利 润-1.33 亿元。我们认为，随着国产替代的持续加速以及海外拓展，2025 年核心 板块收入增长可期。 华大智造：国产替代加速，海外拓展持续 装机量快速增长，2025 年国产替代有望持续加速 2024 年公司基因测序仪业务实现收入 23.48 亿元，同比增长 2.47%，按照产品类 型看，仪器设备收入 9.60 亿元，同比增长 6.92%，试剂耗材收入 13.73 亿元，同 比增长 1.43%。2024 年公司实现新增销售装机近 1270 台，创历史同期新高，较 去年同期增长约 49%。2025 年 2 月 4 日 ...

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 买入 |维持 个股表现 - - - - - - - % % % % % % % % % % % 千里科技 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） 8.93 | | | --- | --- | | 总股本/流通股本（亿股）45.21 | / 45.21 | | 总市值/流通市值（亿元）404 | / 404 | | 52 周内最高/最低价 | 10.30 / 2.76 | | 资产负债率(%) | 46.3% | | 市盈率 | 893.00 | | 第一大股东 | 重庆满江红股权投资基 | | | 金合伙企业(有限合伙) | 研究所 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Email:yujiepan@cnpsec.com 千里科技(601777) 一季度业绩同比高增，深化推进"AI+车"战略 l 投资要点 事件：公司披露 2024 年报和 2025 年一季报 ...