Macroeconomic Overview - In April, the US Markit Manufacturing PMI preliminary value is 50.7, above the expected 49 and previous 50.2; the Services PMI preliminary value is 51.4, below the expected 52.6 and previous 54.4; the Composite PMI preliminary value is 51.2, below the expected 52 and previous 53.5 [3] - The Eurozone's Manufacturing PMI preliminary value is 48.7, above the expected 47.4 and previous 48.6; the Services PMI preliminary value is 49.7, below the expected 50.5 and previous 51; the Composite PMI preliminary value is 50.1, slightly above the neutral 50, below the expected 50.2 and previous 50.9 [4] - The data indicates that Manufacturing PMI values are performing better than Services PMI, suggesting that the impact of trade wars on manufacturing has not yet fully materialized, while the Services sector reflects economic sentiment more quickly [4] Company Analysis: Yiyuan Communication - Yiyuan Communication reported a 2024 revenue of 18.594 billion yuan, a year-on-year increase of 34.14%, with a gross margin of 17.61%, down 1.33 percentage points; net profit attributable to shareholders is 588 million yuan, up 548.5% [7] - In Q1 2025, revenue reached 5.2 billion yuan, a year-on-year increase of 31.5%, with a net profit of 145 million yuan, up 265% [7] - The growth is driven by a recovery in the IoT industry, with shipments of LTE, automotive, and 5G modules increasing by over 60% [7] Company Analysis: Sanhuan Group - Sanhuan Group reported a 2024 revenue of 7.375 billion yuan, a year-on-year increase of 28.8%, with a gross margin of 43%, up 3.15 percentage points; net profit attributable to shareholders is 2.19 billion yuan, up 38.6% [8] - The fourth quarter of 2024 saw revenue of 1.994 billion yuan, a year-on-year increase of 23%, with a net profit of 587 million yuan, up 33.8% [8] - The strong performance is attributed to a recovery in demand for consumer electronics and optical communication, as well as increased sales of MLCC products [8] Company Analysis: Zhongchong Co., Ltd. - Zhongchong Co., Ltd. achieved a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [10] - In Q1 2025, revenue reached 1.101 billion yuan, a year-on-year increase of 25.41%, with a net profit of 91 million yuan, up 62.13% [10] - The overseas market remains the core source of revenue and profit, with a focus on OEM/ODM partnerships to enter international markets [10] Company Analysis: Wen's Food Group - Wen's Food Group reported a 2024 revenue of 104.92 billion yuan, a year-on-year increase of 16.7%, with a net profit of 9.23 billion yuan, up 244.5% [11] - In Q1 2025, revenue was 6.3 billion yuan, a year-on-year increase of 14.2%, with a net profit of 50 million yuan, up 82.7% [11] - The company achieved profitability in its pig farming business, with a significant increase in pig sales volume and a rise in average selling price [12]

Group 1: Advanced Manufacturing Sector - The report highlights that Platinum Technology announced its 2024 annual report and Q1 2025 report, with total revenue of 1.663 billion yuan in 2024, a year-on-year increase of 43.5%, and a net profit attributable to shareholders of 376 million yuan, up 46.9% year-on-year [2] - In Q1 2025, the company achieved revenue of 383 million yuan, a year-on-year growth of 14.4%, with a net profit of 73.76 million yuan, reflecting a 3.1% increase year-on-year [2] - The demand for metal soft magnetic powder cores is primarily driven by the photovoltaic and new energy vehicle sectors, with stable growth expected [2] Group 2: Automotive Sector - Bertley reported a revenue of 9.94 billion yuan in 2024, representing a year-on-year growth of 33%, with a gross margin of 21.14%, a slight decrease of 0.74 percentage points [3] - The net profit attributable to shareholders reached 1.21 billion yuan, marking a year-on-year increase of 35.6%, driven by the rising demand from new energy customers [3] - The report anticipates continued strong performance in Q1 2025 due to over 30% year-on-year growth in domestic new energy vehicle sales [3] Group 3: Consumer Sector - Yanjinpuzi disclosed a revenue of 5.3 billion yuan for 2024, a year-on-year increase of 28.9%, with a net profit of 640 million yuan, up 26.5% year-on-year [5] - In Q1 2025, the company achieved revenue of 1.54 billion yuan, a year-on-year growth of 25.7%, with a net profit of 180 million yuan, reflecting an 11.6% increase year-on-year [5] - The growth is primarily driven by the rapid expansion of konjac products, which are in high demand as healthy snacks [5]

Group 1: Advanced Manufacturing and Technology - Ningde Times launched the second-generation Shenxing supercharging battery and "Sodium New" sodium-ion battery on April 21, with the supercharging battery achieving a peak charging rate close to 12C and a peak charging power exceeding 1.3 MW, enabling a 5-minute charge for over 520 km range [2] - The sodium-ion battery, set to begin mass production in June, demonstrates safety features under extreme conditions and is expected to replace lead-acid batteries in various applications, indicating a positive outlook for the sodium battery industry chain [2] - Huawei's QianKun Intelligent Technology Conference will showcase the latest high-level intelligent driving assistance system, with significant advancements in L3 driving technology expected to enhance the competitiveness of domestic new energy vehicles [3] Group 2: Consumer Sector - Yanjing Beer reported stable financial performance in its 2024 annual report, aligning with previous performance forecasts [5] - Hengshun Vinegar's 2024 annual report showed revenue of 2.2 billion yuan, a 4.3% increase year-on-year, and a net profit of 130 million yuan, a 46.5% increase, despite a 2.4% decline in its core condiment business [5] - Guibao Pet's 2024 annual report indicated revenue of 5.25 billion yuan, a 21.2% increase, and a net profit of 630 million yuan, a 45.7% increase, driven by the overall expansion of the pet food industry and rising demand for high-quality products [6] - TCL Smart Home's Q1 2025 report showed revenue of 4.6 billion yuan, a 9.6% increase, and a net profit of 300 million yuan, a 34.0% increase, attributed to increased exports and effective cost control [7] - Miaokelando's Q1 2025 report indicated revenue of 1.23 billion yuan, a 6.3% increase, and a net profit of 80 million yuan, a 114.9% increase, marking a recovery from previous sales pressures [7]

Group 1: Robotics Industry - The first humanoid robot half marathon was held in Beijing, with only 35% of the 20 participating teams completing the 13km race, indicating significant challenges in endurance, active cooling, and operational balance for current robots [2] - The report suggests that while there are many domestic humanoid robot development teams making progress, the market expectations for mass production in the next two years may be overly optimistic, indicating a need for caution regarding stock performance in the robotics sector [2] Group 2: Semiconductor Industry - Cambrian Technology reported a revenue of 1.174 billion yuan for 2024, a year-on-year increase of 65.6%, with a gross margin of 56.7%, down 12.45 percentage points from the previous year [2] - The net profit attributable to shareholders for 2024 was -0.452 billion yuan, a 46.7% reduction in losses compared to the previous year [2] - In Q4 2024, Cambrian's revenue reached 989 million yuan, a 75.5% year-on-year increase, primarily driven by a one-time order from a major client, contributing 84.2% of total revenue for the year [2] - For Q1 2025, Cambrian's revenue was 1.11 billion yuan, a 42-fold increase year-on-year, with a net profit of 355 million yuan, marking the first two consecutive quarters of profitability [2] - The report anticipates continued strong performance in Q2 2025 due to significant increases in inventory and prepayments, alongside a shift in demand towards domestic AI chips following U.S. restrictions on certain foreign chips [2] Group 3: Consumer Sector - Weiwei Co. reported a revenue of 3.66 billion yuan for 2024, a decline of 9.4%, but a net profit of 410 million yuan, reflecting a 96.3% increase year-on-year [5] - The company experienced significant improvement in Q4 2024, with a revenue increase of 36% year-on-year and a 395% increase in net profit [5] - Wanchen Group achieved a revenue of 32.33 billion yuan in 2024, a 248% increase, and turned a profit of 290 million yuan, compared to a loss of 83 million yuan in 2023 [5] - In Q4 2024, Wanchen's revenue was 11.72 billion yuan, a 167% year-on-year increase, with a net profit of 210 million yuan [5] - The company expanded its store count significantly, reaching 14,196 stores by the end of 2024, with a net increase of 9,470 stores, and maintained a stable gross margin around 11% [5]

Group 1: Semiconductor Industry - TSMC's Q1 2025 revenue reached $25.53 billion, a 35.3% year-over-year increase, with a gross margin of 58.8% and an operating margin of 48.5% [2] - TSMC's Q2 2025 revenue is projected to be between $28.4 billion and $29.2 billion, averaging a 13% increase from Q1, exceeding market expectations [2] - Shanghai Xinyang reported a 2024 revenue of 1.475 billion yuan, a 21.7% increase year-over-year, with a gross margin of 39.29% [2] - In Q1 2025, Shanghai Xinyang's revenue was 434 million yuan, a 45.9% year-over-year increase, with a net profit of 51.18 million yuan, up 171.1% [2] - The demand for integrated circuit materials, particularly electroplating solutions, has significantly increased, with revenue growth exceeding 80% year-over-year [2] Group 2: Media and Entertainment Industry - Huace Film & TV reported Q1 2025 revenue of 590 million yuan, a 232% year-over-year increase, with a net profit of 92.11 million yuan, up 207% [4] - The substantial revenue growth for Huace Film & TV is attributed to an increase in the scale of TV drama sales compared to the previous year [4] - The company has successfully embraced emerging business models such as micro-short dramas, maintaining a leading production capacity in the industry [4] - The historical performance of Huace Film & TV shows a recent acceleration in revenue growth, with the last three quarters indicating a significant increase in net profit [4]

证券研究报告 点评报告 2025 年 4 月 17 日 一、策略和先进制造组： 晨会纪要 第一创业证券研究所 继昨日三角防务发布公告称，签订合同总金额为 8.75 亿元的订单后，另一家同样已 航空锻件制造为主要业务的公司中航重机也发布公告称，公司下属子公司陕西宏远、 贵州安大、江西景航与某客户签订了合计 17.07 亿元(含税)的锻造产品批产合同。 本次签订的合同总金额占公司最近一个会计年度经审计的营业收入的 16.49%。虽然 本次签订的合同订单相对中航重机的收入体量影响没有三角防务的大，但可以看出 航空系统的军工订单已经开始批量下发，将有利于军工行业景气度的提升。 芯朋微公布了 2024 年年报及 2025 年一季报，公司主要从事家电用的电源管理类芯 片设计。2024 年公司营业收入 9.65 亿元，同比增长 23.6%，归属母公司净利润 1.11 亿元，同比增长 87.2%，扣非净利润 7312 万元，同比增长 117.9%。全年毛利率 36.75%， 同比下降 1.18 个百分点，主要是工控类芯片毛利率下降 4.73%所致。2024 年业绩增 长主要因素是营业收入占比 64%的家电类芯片受益于"以旧换 ...

证券研究报告 点评报告 2025 年 4 月 16 日 晨会纪要 第一创业证券研究所 分析师：李怀军 证书编号：S1080510120001 电话：010-63197789 邮箱：lihuaijun@fcsc.com 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 三角防务发布公告称，公司与某重要客户签订了《产品订货合同》，合同总金额为 8.75 亿元(含税)，占公司最近一个会计年度未经审计营业收入的 47.90%。合同标的 为公司批产航空类锻件，合同履行期限为 2025 年 4 月起，具体根据客户下发交货计 划执行。2022 年 11 月公司也发布过"签订日常经营重大合同的公告"，当时的合同 总金额为 5.3 亿元，因此本次合同金额较上次合同增长较大。由于三角防务主要配 套西飞，而且西飞运 20B 飞机明显已经正式量产。运 20B 换装大涵道比发动机后， 将拥有更大的运载能力、航程和经济性，对比美军 C17 运输机数百架的部署总量， 运 20B 大概率会有较大的年产量，因此看 ...

中国西电公布了2024年年报和2025年一季度季报。2024年全年公司营业收入221.75 亿元，同比增长 5.59%。归母净利润 10.54 亿元，同比增长 17.5%，扣非净利润 9.97 亿元，同比增长 55.5%。全年毛利率 20.75%，同比提升 2.70 个百分点。从产业结构 看，变压器收入 44.68 亿元，同比增长 21.6%。高压开关收入 40.81 亿元，同比增长 25.07%。电容器收入 2.76 亿元，同比增长 26.9%。2025 年一季度公司营业收入 52.45 亿元，同比增长 11.27%。归母净利润 2.95 亿元，同比增长 42.10%，扣非净利润 9.97 亿元，同比增长 55.5%。总体看公司 2024 年和今年一季度业绩增长趋势，与前段时 间部分电力设备公司如保变电气、宝光股份、许继电气、平高电气、西高院等公布 的业绩变动趋势一致，总体体现了电力设备行业的高景气度。目前中美关税战的前 提下，中国对美出口的集装箱量已经开始快速下滑，推测国内出台对冲政策的概率 较高。目前在固定资产投资领域，电网设备投资会是一个难得还能有较好投资效益、 且能大规模投入的领域，因此我们看好今年 ...

事件： 分析师：李怀军 证券研究报告 4 月 13 日 17 点中国人民银行公布 3 月中国金融数据 证书编号：S1080510120001 评论： 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、宏观经济： 点评报告 2025 年 4 月 14 日 从存量上看， 3 月 M2 同比为 7%，与预期相同，前值（2 月）为 7%；M1 同比 为 1.6%，预期为 0.3%，前值为 0.1%；M1 与 M2 之差为-5.4%，较上月回升 1.5 个百分点，表明资金流动速度有所回升。3 月社融同比为 8.4%，预期为 8.2%， 前值为 8.2%；社融与 M2 之差为 1.4%%，较前值回升 0.2 个百分点，表现资金 需求增速高于资金供给。 分析师：郭强 证书编号：S1080524120001 请务必阅读正文后免责条款部分 第 1 页 共 4 页 电话：010-63197789 邮箱：lihuaijun@fcsc.com 从增量上看，3 月社融增量为 5.89 万亿元，预期为 4.73 万亿元，前值为 2.24 万亿元。与去年同期相比，同比增 1.05 万亿元；其中政府债券增 1.02 ...

证券研究报告 点评报告 2025 年 4 月 11 日 晨会纪要 第一创业证券研究所 一、宏观经济： 事件一： 分析师：李怀军 4 月 10 日早 9 点半国家统计局公布 3 月中国物价数据 证书编号：S1080510120001 评论一： 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 中国 3 月 CPI 同比为-0.1%，与预期相同，前值（2 月）为-0.7%；核心 CPI 同比为 0.5%，前值为-0.1%。3 月 CPI 环比为-0.4%，前值为-0.2%；核心 CPI 环比为 0.0%，前值为-0.2%。 分析师：郭强 3 月食品环比为-1.4%，前值为-0.5%。由于天气转暖，部分鲜活食品集中上 市，食品供应充足，鲜菜、猪肉、鸡蛋和鲜果价格分别下降 5.1%、4.4%、 3.1%和 1.6%，合计影响 CPI 环比下降约 0.22 个百分点。 3 月非食品环比为-0.2%，前值为-0.1%。3 月各分项中，生活用品及服务环 比上涨 1.3%，其中家用器具上涨 2.8%；衣着包括服装和鞋类，环比皆上涨 0.7%；其它用品和服务环比 ...