Investment Rating - The report maintains a "Buy" rating for the company with a target price of 140.99 CNY [5][2] Core Views - The company has achieved significant growth in Q1, with revenue reaching 3.095 billion CNY, a year-on-year increase of 28.3%, and net profit attributable to the parent company at 322 million CNY, up 32.7% year-on-year [9] - The company is actively expanding its customer base in the new energy vehicle sector and has opened up overseas markets, which is expected to drive future growth [9][8] - The company is a preferred partner for Huawei's smart automotive solutions, enhancing its product offerings and market position [9] Financial Forecast and Investment Suggestions - EPS is projected to be 6.13 CNY in 2025, 7.56 CNY in 2026, and 9.11 CNY in 2027, with an average PE valuation of 23 times for comparable companies in 2025 [2] - Revenue is expected to grow from 10.248 billion CNY in 2023 to 21.386 billion CNY in 2027, with a compound annual growth rate (CAGR) of 14.7% [4][10] - Operating profit is forecasted to increase from 1.199 billion CNY in 2023 to 3.064 billion CNY in 2027, reflecting a strong growth trajectory [4][10] Key Financial Information - The company's revenue for 2023 is projected at 10.248 billion CNY, with a year-on-year growth of 24.3% [4] - The gross margin is expected to improve from 20.6% in 2023 to 22.4% in 2027, indicating better cost management and pricing power [4] - The net profit margin is projected to increase from 10.8% in 2023 to 12.2% in 2027, showcasing enhanced profitability [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 155.36 CNY, maintaining the rating [5][11]. Core Views - The company has shown steady growth in performance, with a focus on enhancing shareholder returns through a significant cash dividend plan [2][10]. - The revenue for 2024 is projected to be 31.196 billion CNY, reflecting a year-on-year growth of 3.2%, while the net profit attributable to the parent company is expected to be 13.473 billion CNY, up 1.7% year-on-year [10]. - The company plans to distribute cash dividends totaling 87.58 billion CNY over the year, representing approximately 65% of the net profit for 2024 [10]. Financial Summary - **Revenue Forecast**: The company’s revenue is expected to grow from 30.233 billion CNY in 2023 to 41.967 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 12.8% [4]. - **Profitability**: The gross margin is projected to remain stable around 87.5% to 88.6% from 2025 to 2027, while the net profit margin is expected to range from 42.8% to 44.9% [4]. - **Earnings Per Share (EPS)**: The EPS is forecasted to increase from 9.00 CNY in 2023 to 12.80 CNY in 2027 [4][11]. - **Valuation Metrics**: The company is currently valued at a price-to-earnings (P/E) ratio of 13.9 for 2023, expected to decrease to 9.8 by 2027 [4]. Market Performance - The stock price as of April 28, 2025, was 125.6 CNY, with a 52-week high of 186.79 CNY and a low of 97.77 CNY [5]. - The company has experienced a relative performance decline of 28.69% over the past 12 months [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.54 CNY [2][5][9] Core Views - The company demonstrates steady growth in performance, with Q1 2025 revenue reaching 1.16 billion CNY, a year-on-year increase of 10%, and a net profit of 150 million CNY, up 11% year-on-year [8] - The aluminum electrolytic capacitors are expanding their application scenarios, particularly in new energy, consumer electronics, electric vehicles, and charging piles, with the acquisition of Hitachi AIC contributing positively to performance [8] - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications, with significant recognition from major enterprises in various fields [8] Financial Summary - The company's projected financials for 2025-2027 include: - Net profit attributable to the parent company: 838 million CNY in 2025, 1.014 billion CNY in 2026, and 1.182 billion CNY in 2027, reflecting growth rates of 28%, 21%, and 17% respectively [4][9] - Revenue is expected to grow from 5.771 billion CNY in 2025 to 7.695 billion CNY in 2027, with growth rates of 20%, 15.8%, and 15.2% [4][9] - Gross margin is projected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 2027 [4][9] Market Performance - The company's stock price as of April 28, 2025, was 17.93 CNY, with a 52-week high of 28.85 CNY and a low of 10.98 CNY [5] - The report indicates a relative performance of -0.39% over the past week and -12.88% over the past month, while showing a positive annual performance of 19.99% [6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 139.84 CNY, based on a reasonable valuation level of 16 times the earnings per share (EPS) for 2025 [2][10]. Core Insights - The company's performance in Q1 2025 exceeded expectations, with revenue of 36.94 billion CNY, a year-on-year increase of 6.05%, and a net profit of 14.86 billion CNY, up 5.80% year-on-year [9]. - The potential of channel reform is underestimated, with a flat organizational structure enhancing market responsiveness. The company added 16,000 core terminals in 2024 and increased the number of specialty stores from 1,662 to 1,786 [9]. - The company achieved a dividend payout ratio of 70% in 2024, aligning with its commitment to shareholder returns [9]. Financial Forecasts - Revenue projections for 2025-2027 are 93.895 billion CNY, 101.898 billion CNY, and 108.848 billion CNY, respectively, with year-on-year growth rates of 5.3%, 8.5%, and 6.8% [3]. - The EPS estimates for 2025-2027 are 8.74 CNY, 9.63 CNY, and 10.39 CNY, respectively [2][10]. - The gross margin is expected to improve from 77.1% in 2024 to 78.4% in 2027 [3]. Market Performance - The company's stock price as of April 28, 2025, was 130.85 CNY, with a 52-week high of 175.22 CNY and a low of 104.23 CNY [4]. - The company has shown a relative performance of 0.48% over the past month, outperforming the Shanghai-Shenzhen 300 index by 1.62% [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 21.20 CNY based on a 40x P/E ratio for 2025 [4][7]. Core Views - The profitability of the electrolyte segment is expected to improve, with the company positioned as a leader in advanced technology [2][10]. - The company has adjusted its earnings per share (EPS) forecasts for 2025 and 2026 down to 0.53 CNY and 0.81 CNY respectively, with a new forecast for 2027 at 1.15 CNY [4][10]. Financial Performance Summary - The company reported a revenue of 12,518 million CNY in 2024, a decrease of 18.7% year-on-year, with a net profit attributable to the parent company of 484 million CNY, down 74.4% [6][10]. - For 2025, the company expects a revenue increase to 15,489 million CNY, representing a growth of 23.7%, and a net profit of 1,023 million CNY, which is an increase of 111.4% [6][10]. - The gross margin is projected to recover from 18.9% in 2024 to 20.7% in 2025, while the net margin is expected to rise from 3.9% to 6.6% in the same period [6][10]. Market Position and Competitive Landscape - The company achieved an electrolyte sales volume of over 500,000 tons in 2024, marking a 26% increase year-on-year, despite facing challenges from raw material price fluctuations and intensified competition [10]. - The company is advancing its R&D efforts, launching new electrolyte products and maintaining technological leadership, with plans for multiple projects to enter trial production or mass production in 2025 [10].

Investment Rating - The investment rating for the company is "Buy" with a target price of 139.84 CNY, maintaining the rating based on the current valuation levels [2][10][4]. Core Views - The company's performance in Q1 2025 exceeded expectations, with revenue of 36.94 billion CNY, a year-on-year increase of 6.05%, and a net profit of 14.86 billion CNY, up 5.80% year-on-year. The main brand's revenue grew by 8.07% to 67.88 billion CNY, while series liquor revenue increased by 11.79% to 15.25 billion CNY [9]. - The potential of channel reform is underestimated, with a flat organizational structure enhancing market responsiveness. The company added 16,000 core terminals in 2024 and increased the number of specialty stores from 1,662 to 1,786 [9]. - The company achieved a dividend payout ratio of 70% in 2024, aligning with its commitment to shareholder returns, and aims to enhance market share in 2025 [9]. Financial Forecasts and Investment Recommendations - Revenue forecasts for 2025-2026 have been adjusted downwards, while gross margin and sales expense ratios have been revised upwards. The expected EPS for 2025-2027 is 8.74 CNY, 9.63 CNY, and 10.39 CNY respectively [2][10]. - The company’s reasonable valuation level is estimated at a 16x P/E ratio for 2025, corresponding to the target price of 139.84 CNY [2][10]. - The financial performance metrics indicate a projected revenue of 93.90 billion CNY in 2025, with a year-on-year growth of 5.3% [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.54 CNY [2][5][9]. Core Views - The company demonstrates steady growth in performance, with Q1 2025 revenue reaching 1.16 billion CNY, a year-on-year increase of 10%, and net profit attributable to the parent company at 150 million CNY, up 11% year-on-year [8]. - The aluminum electrolytic capacitor continues to expand its application scenarios, while film capacitors are entering a rapid growth phase [8]. - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications [8]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 5.77 billion CNY in 2025, 6.68 billion CNY in 2026, and 7.70 billion CNY in 2027, reflecting growth rates of 20.0%, 15.8%, and 15.2% respectively [4][9]. - **Net Profit Forecast**: The net profit attributable to the parent company is expected to be 838 million CNY in 2025, 1.01 billion CNY in 2026, and 1.18 billion CNY in 2027, with growth rates of 28%, 21%, and 17% respectively [4][9]. - **Earnings Per Share**: The earnings per share are projected to be 0.98 CNY in 2025, 1.19 CNY in 2026, and 1.39 CNY in 2027 [4][9]. - **Profitability Ratios**: The gross margin is expected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 2027, while the net margin is projected to be 14.5% in 2025 and improve to 15.4% by 2027 [4][9]. Market Performance - The company's stock price as of April 28, 2025, was 17.93 CNY, with a 52-week high of 28.85 CNY and a low of 10.98 CNY [5]. - The report indicates a relative performance of -0.39% over the past week and -12.88% over the past month, while showing a positive performance of 19.99% over the past year [6].

风险提示 华勤技术 603296.SH 公司研究 | 季报点评 多品类驱动增长，全球化布局彰显韧性 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 39/48/58 亿元(原 25 年预测为 38 亿元，主 要上调收入预测，小幅下调毛利率预测)，根据可比公司 25 年 21 倍 PE 估值，对应 目标价为 80.01 元，维持买入评级。 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 2.84 | -17.77 | -13.54 | 27.43 | | 相对表现% | 2.93 | -14.36 | -12.61 | 21.92 | | 沪深 300% | -0.09 | -3.41 | -0.93 | 5.51 | | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxia ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.40 CNY based on a 30x PE valuation for 2025 [2][5][11]. Core Insights - The company has demonstrated resilience with double-digit growth in both revenue and profit, achieving a revenue of 115 billion CNY in Q1 2025, a year-on-year increase of 17%, and a net profit of 5.7 billion CNY, up 24% [10]. - The company is expanding its global footprint with 58 production and R&D sites across various countries, enhancing its local delivery capabilities and operational resilience [10]. - New business segments, particularly in AI terminals, are rapidly developing, with AI-related revenue expected to exceed 40 billion CNY in 2024, marking a 33% year-on-year growth [10]. Financial Performance Summary - **Revenue Forecast**: Projected revenues from 2023 to 2027 are 34,124 million CNY, 44,211 million CNY, 52,539 million CNY, 60,520 million CNY, and 69,221 million CNY, respectively, with growth rates of -1.0%, 29.6%, 18.8%, 15.2%, and 14.4% [4][13]. - **Net Profit**: The net profit attributable to the parent company is forecasted to be 2,051 million CNY, 1,753 million CNY, 2,655 million CNY, 3,589 million CNY, and 4,575 million CNY from 2023 to 2027, with growth rates of 28.5%, -14.5%, 51.4%, 35.2%, and 27.5% [4][13]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.29 CNY in 2023 to 0.65 CNY in 2027 [4][13]. - **Profit Margins**: The gross margin is projected to improve from 19.9% in 2023 to 18.2% in 2027, while the net margin is expected to increase from 6.0% to 6.6% over the same period [4][13].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 80.01 CNY based on a 21x PE valuation for 2025 [2][5]. Core Views - The company is expected to achieve a net profit of 39 billion CNY in 2025, 48 billion CNY in 2026, and 58 billion CNY in 2027, with a slight adjustment in gross margin predictions [2][9]. - The company has shown resilience through a diversified product portfolio and a global supply chain strategy, which mitigates risks associated with market fluctuations [8]. Financial Performance Summary - Revenue for 2023 is projected at 85.34 billion CNY, with a year-on-year decline of 7.9%, followed by a recovery with a growth of 28.8% in 2024, and further growth of 32.8% in 2025 [4][10]. - The company's gross margin is expected to be 11.3% in 2023, declining to 9.3% in 2024, before gradually improving to 10.1% by 2026 and 2027 [4][10]. - The net profit attributable to the parent company is forecasted to grow from 2.71 billion CNY in 2023 to 5.84 billion CNY in 2027, reflecting a compound annual growth rate of approximately 21.5% [4][10]. Business Segment Growth - The company has reported significant growth across various business segments, including a 188% increase in AIoT and a 91% increase in automotive and industrial products in Q1 2025 [8]. - The smartphone and wearable segments have also shown strong performance, with revenues doubling in these categories [8]. Global Expansion Strategy - The company has implemented a "China + VMI" global supply chain strategy, establishing manufacturing bases in Dongguan and Nanchang, as well as overseas in Vietnam, Mexico, and India [8]. - Approximately 50% of the company's revenue comes from overseas markets, with only about 10% directly from the U.S., indicating a diversified market presence [8].