Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][10]. Core Insights - The company reported a total revenue of 4.72 billion RMB for 2024, a year-on-year increase of 12.3%, with a net profit attributable to shareholders of 1.00 billion RMB, up 2.0% year-on-year [2]. - The smart distribution and renewable energy sectors show significant growth potential, benefiting from the global upgrade of smart grids [5]. - The company achieved a revenue of 4.54 billion RMB in the smart distribution business, reflecting a 13.4% year-on-year growth, with a gross margin of 45.3%, up 2.1 percentage points [3][4]. Summary by Sections Performance Review - In Q4, the company recorded a revenue of 1.31 billion RMB, a decrease of 1.5% year-on-year, and a net profit of 210 million RMB, down 32.9% year-on-year, primarily due to increased expenses and foreign exchange losses [2]. Operational Analysis - **Smart Distribution Business**: - Overseas revenue reached 2.94 billion RMB, up 9.8% year-on-year, with new production bases in Europe, Latin America, and Africa [3]. - Domestic revenue was 1.59 billion RMB, a 20.6% increase, with significant wins in government tenders [4]. - **Renewable Energy Business**: - Revenue was 140 million RMB, down 12.3% year-on-year, but long-term prospects remain positive with ongoing investments [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.33 billion RMB, 1.62 billion RMB, and 1.93 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 32%, 22%, and 19% [5]. - Current stock price corresponds to a PE ratio of 12, 10, and 8 for the years 2025, 2026, and 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of 5.245 billion RMB for 2024, representing a year-on-year growth of 21.2%, and a net profit of 625 million RMB, which is a 45.7% increase year-on-year [2]. - The company's self-branded direct sales continue to show strong performance, with a revenue of 3.545 billion RMB from self-branded products, up 29.1% year-on-year, while OEM revenue reached 1.675 billion RMB, growing 19.1% year-on-year [2][3]. - The company has successfully launched new product lines, such as the BARF series under the main brand Maifudi, and has achieved significant sales growth during promotional events like Double 11, with a 190% increase in total sales [2][3]. Performance Analysis - In Q4 2024, the company achieved a revenue of 1.573 billion RMB, a 29.6% increase year-on-year, and a net profit of 154 million RMB, up 34.8% year-on-year [2]. - For Q1 2025, the company reported a revenue of 1.480 billion RMB, reflecting a 34.9% year-on-year growth, and a net profit of 204 million RMB, which is a 37.7% increase year-on-year [2]. - The gross margin for 2024 was 42.27%, an increase of 5.4 percentage points year-on-year, driven by the company's high-end brand strategy [3]. Financial Forecast - The company is expected to achieve net profits of 800 million RMB, 1.03 billion RMB, and 1.33 billion RMB for the years 2025, 2026, and 2027, respectively, with growth rates of 29%, 28%, and 29% [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 50x, 40x, and 31x, respectively, indicating a favorable valuation trend [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 23.34 billion RMB in 2024, a year-on-year increase of 18.97%, while the net profit attributable to shareholders was 560 million RMB, a decrease of 14.78% due to increased R&D expenses and provisions for bad debts [2]. - The company achieved a record high operating cash flow of 2.495 billion RMB in 2024, indicating strong operational efficiency [2]. - In Q1 2025, the company generated revenue of 4.658 billion RMB, reflecting a year-on-year growth of 27.74%, although it reported a net loss of 193 million RMB, which is a 35.68% reduction in losses compared to the previous year [2]. Revenue and Profitability Analysis - The company’s revenue from smart education, healthcare, and automotive sectors grew by 29.94%, 28.18%, and 42.16% respectively in 2024 [3]. - The AI solutions segment, leveraging the Spark large model, secured 91 projects with a total bid amount of 848 million RMB, generating revenue of 643 million RMB, which is a 122.56% increase year-on-year [3]. - The company’s gross margin showed a slight decrease of 0.03% in 2024 but improved by 2.12% in Q1 2025 [4]. Cost and Expense Management - The company’s sales expense ratio decreased by 0.75% in 2024 and by 1.00% in Q1 2025, while the management expense ratio also saw a decline of 0.74% and 2.83% respectively [4]. - R&D expenses for 2024 were 4.58 billion RMB, an increase of 19.37% compared to the previous year, indicating a commitment to innovation [4]. Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 28.01 billion RMB, 34.25 billion RMB, and 41.93 billion RMB respectively, with expected growth rates of 20.00%, 22.28%, and 22.42% [5][10]. - The net profit attributable to shareholders is forecasted to be 776 million RMB, 975 million RMB, and 1.193 billion RMB for the years 2025, 2026, and 2027, reflecting growth rates of 38.48%, 25.71%, and 22.34% respectively [5][10].

业绩简评 4 月 21 日，公司发布 2024 年年报，2024 年实现营业总收入 47.2 亿元，同比+12.3%；归母净利润 10.0 亿元，同比+2.0%；扣 非归母净利润 9.7 亿元，同比+2.9%。Q4 实现营业总收入 13.1 亿 元，同比-1.5%；归母净利润 2.1 亿元，同比-32.9%；扣非归母净 利润 1.9 亿元，同比-39.9%，受费用增长及汇兑损失影响，业绩 略低于预期。 经营分析 智能配用电业务：海外加快本土化布局，国内业务快速增长。24 年实现营收 45.4 亿元，同比+13.4%；毛利率 45.3%，同比+2.1pct。 1）海外：实现收入 29.4 亿元，同比+9.8%，欧洲、拉美、非洲均 有新生产基地启动建设或投入生产运营。①用电领域：落地多个 AMI、STS2.0 预付费项目，解决方案的营收占比超过 60%。同时公 司在智能计量领域进行业务延伸，在水、气计量产品和 AMI 系统 解决方案领域取得新的突破，并持续获取订单；②配电领域：加 快推进配网产品在海外市场的业务拓展，重合器、环网柜、中置 柜、柱上断路器、智能箱变等产品在拉美、非洲、中东等区域实 现批量中标，看好公 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [13]. Core Views - The company's performance in Q1 aligns with expectations despite ongoing pressure on downstream demand. Key factors include the continuous improvement of domestic channel networks and successful collaborations in high-tech electronics and equipment manufacturing [9]. - The revenue forecast for FY25-27 has been adjusted to 1.022 billion, 1.177 billion, and 1.356 billion RMB respectively, with corresponding net profit estimates of 0.75 billion, 0.98 billion, and 1.34 billion RMB [8]. Financial Summary - **Revenue and Profit Growth**: - FY24 revenue is projected at 888 million RMB, reflecting a year-on-year growth of 7.31%. The net profit for FY24 is estimated at 63.96 million RMB, with a growth rate of 4.17% [7][8]. - **Earnings Per Share (EPS)**: - The diluted EPS is expected to increase from 0.506 RMB in 2023 to 1.108 RMB by 2027, indicating a strong upward trend [7]. - **Return on Equity (ROE)**: - The ROE is projected to rise from 2.29% in 2023 to 4.63% in 2027, showcasing improved profitability [7]. - **Price-to-Earnings (P/E) Ratio**: - The P/E ratio is expected to decrease from 196.63 in 2023 to 85.41 in 2027, suggesting a more attractive valuation over time [7]. Product and Market Analysis - **Product Performance**: - The standard general software segment generated 769 million RMB in FY24, with a growth of 9.93%. The 3D product line saw a significant increase of 29.21%, contributing to 27.34% of total revenue [8]. - **Geographical Revenue Breakdown**: - Domestic revenue reached 685 million RMB in FY24, growing by 2.74%, while overseas revenue surged by 28.77% to 202 million RMB, indicating strong international demand [8]. Cost and Expense Management - **R&D and Operating Expenses**: - R&D expenses accounted for 50.23% of revenue in FY24, reflecting a commitment to innovation. Sales and management expenses were effectively controlled, with sales expenses decreasing by 5.96% year-on-year [8].

事件 4月21日，中保协召开人身险评估利率专家咨询委员会Q1例会，认为当前普通型人身保险产品预定利率研究值为2.13%， 较 Q4 的 2.34%下调 21bps，意味着预定利率降要下调。 核心内容 下调时间：此前《关于建立预定利率与市场利率挂钩及动态调整机制有关事项的通知》规定，当公司在售普通型人身 险产品预定利率连续 2 个季度比研究值高 25 个基点及以上时，要及时下调新产品预定利率，并在 2 个月内平稳做好 新老产品切换工作。利率低位下预计 7 月公布的 Q2 研究值也将低于 2.25%，则要进行下调，若考虑 2 个月的缓冲期， 则预计下调时间为 9 月。 行业点评 扫码获取更多服务 下调幅度：理论上至少需要下调 25bps。但考虑到利率延续低位下，预计 Q3 研究值也很难向上突破 2.25%，若此次预 定利率下调至 2.25%则意味着 Q4 还需再次下调，因此预计传统险预定利率或直接降至 2%。 投资建议 预定利率进一步下调后，传统险产品竞争力下降难以避免，分红险销售能力更为凸显。当前上市险企正积极推动分红 险转型，且已有一定成效，其中中国太平分红险转型坚定，1-2 月个险和银保渠道的分红险占比分别 ...

ETF 市场回顾 从一级市场资金流动情况来看，上周（2025.4.14-2025.4.18）已上市 ETF 资金净流入合计 587.54 亿元，其中股票型 ETF 资金净流入 342.72 亿元，商品型 ETF 资金净流入 115.33 亿元，债券型 ETF 资金净流入 83.46 亿元，跨境 ETF 资 金净流入 46.04 亿元。 在股票型 ETF 中，宽基 ETF 上周资金净流入 379.97 亿元，上周沪深 300ETF 资金净流入 340.90 亿元，上证 50ETF 资 金净流入 78.75 亿元，中证 500ETF 资金净流入 35.32 亿元，科创板综合 ETF 资金净流入 31.17 亿元，中证 1000ETF 资金净流入 17.85 亿元。 主题行业 ETF 上周资金净流入-23.06 亿元。上周医药生物板块 ETF 资金净流入额为 5.34 亿元，科技、周期、高端制 造、消费、金融地产板块 ETF 资金净流出额分别为 0.23 亿元、1.89 亿元、4.87 亿元、5.02 亿元、13.01 亿元。 上周申报的 ETF 中包含 2 只科创板综合增强策略 ETF、1 只科创板综合价格增强策 ...

原油 本周重大变化：OPEC+部分成员国提交补偿性减产承诺。 油价展望：60 美元/桶为布油强支撑价。目前油价主要利好包括：1）油价下跌后供应端或将做出反应；2）伊核谈判 不顺利的风险；3）OPEC+的补偿性减产。布油在跌至约 60 美元/桶后，基于以上利好以及情绪修复，从底部涨幅已 超过 10%，该支撑价得到验证，在目前的供需下，布油跌破 60 美元/桶的概率较低。根据目前已发生的利好，油价继 续上行的动力较弱，若看到 OPEC+降低增产速度或美国、巴西等地的原油开采活动降温，则油价将进一步上涨。 本周行情：2025 年 4 月 17 日，布伦特期货价(连续)为 67.96 美元/桶，本周上涨 3.20 美元/桶。WTI 期货价(连续)分 别收于 64.68 美元/桶，本周上涨 3.18 美元/桶。 供给端：可继续预期利好。OPEC+部分成员国提交了新的补偿性减产承诺，虽然补偿性承诺未必会落实，但在当前 也是为油价注射了一支强心剂。在 OPEC+未开启价格战的前提下，基于接近 60 美元/桶的布油价格，可开始预期 OPEC+推迟增产。 煤炭 本周行情：2025 年 4 月 17 日，秦皇岛 Q5500 动力 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected growth in net profit for the years 2025 to 2027 being 30.48%, 28.61%, and 28.54% respectively [5]. Core Insights - The company reported a record high in revenue and net profit for Q1 2025, with revenue reaching 1.461 billion RMB, a year-on-year increase of 16.03% [3]. - The company is diversifying its business into emerging markets, particularly in automotive and data center sectors, which are expected to drive future growth [4]. - The gross margin for Q1 2025 was 36.56%, reflecting improvements in product mix and operational efficiency [3]. Performance Analysis - In Q1 2025, the company's revenue from signal processing, power management, automotive electronics, and other segments showed varied growth rates, with automotive electronics growing by 65.46% year-on-year [3]. - The automotive business is entering a phase of accelerated growth, with products like high-reliability transformers and inductors being adopted by major clients [4]. Financial Forecast - The projected revenue for 2025 is 7.271 billion RMB, with a growth rate of 23.30% [10]. - The expected net profit for 2025 is 1.086 billion RMB, indicating a significant increase from previous years [10]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 20 in 2025 to 12 in 2027, suggesting a favorable valuation trend [5].

原油 本周重大变化：OPEC+部分成员国提交补偿性减产承诺。 煤炭 油价展望：60 美元/桶为布油强支撑价。目前油价主要利好包括：1）油价下跌后供应端或将做出反应；2）伊核谈判 不顺利的风险；3）OPEC+的补偿性减产。布油在跌至约 60 美元/桶后，基于以上利好以及情绪修复，从底部涨幅已 超过 10%，该支撑价得到验证，在目前的供需下，布油跌破 60 美元/桶的概率较低。根据目前已发生的利好，油价继 续上行的动力较弱，若看到 OPEC+降低增产速度或美国、巴西等地的原油开采活动降温，则油价将进一步上涨。 本周行情：2025 年 4 月 17 日，布伦特期货价(连续)为 67.96 美元/桶，本周上涨 3.20 美元/桶。WTI 期货价(连续)分 别收于 64.68 美元/桶，本周上涨 3.18 美元/桶。 供给端：可继续预期利好。OPEC+部分成员国提交了新的补偿性减产承诺，虽然补偿性承诺未必会落实，但在当前 也是为油价注射了一支强心剂。在 OPEC+未开启价格战的前提下，基于接近 60 美元/桶的布油价格，可开始预期 OPEC+推迟增产。 需求端：利空。国内公路出行同比下滑，美国成品油需求近期下滑较快；中 ...