业绩简评 2025 年 4 月 17 日晚，公司发布 2025 年一季报。2025 年第一季 度，公司实现营业收入 1,033.5 亿元，同比提升 3.9%；实现归 属于母公司净利润 26.1 亿元，同比提升 6.5%。 经营分析 联网通信稳盘托底，加快新一代移动通信研发应用：2025 年公司 聚焦联网通信和算网数智两大主业。其中联网通信为公司基本盘， 实现稳步提升。用户规模稳步增长，移动用户 3.49 亿户，净增 478 万户；固网宽带用户 1.24 亿户，净增 192 万户。融合套餐 用户 ARPU 保持百元以上。积极拥抱万物互联，物联网连接数 6.63 亿，净增 3,840 万。同时公司加快新一代移动通信研发应 用，开展 6G 标准制定、技术研发、测试验证，为 6G 产业发展及 未来业绩的持续增长做好准备。 算网数智扩盘提质，加大智算投入力度：根据工信部数据，2025 年 1-2 月通信行业同比增速为 0.9%，因此我们推断公司一季度大部 分业绩增长来自于云业务和 IDC 业务。公司算力业务规模实现突 破，联通云收入从 2024 年一季度的 167 亿元增长至 197.2 亿元， 同比增长 18%；公司 ...

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 [6][14]. Core Insights - The company reported a significant increase in sales revenue and net profit for Q1 2025, with sales revenue reaching 2.459 billion RMB, a year-on-year growth of 15.14%, and net profit attributable to shareholders at 207 million RMB, up 50.46% [3]. - The growth in advanced electronic materials and battery materials is driven by the rapid development of AI computing, high-frequency communication, and increased demand for high-energy-density batteries [4]. - The company is expanding its production capacity for high-frequency and high-speed resins to meet the growing demand from AI server applications [5]. Performance Summary - In Q1 2025, the company achieved a sales volume of 17,600 tons for advanced electronic materials and battery materials, a 11.08% increase year-on-year, generating sales revenue of 360 million RMB, up 31.30% [4]. - The sales volume for synthetic resin products was 166,300 tons, reflecting a 10.23% increase, with sales revenue of 1.282 billion RMB, a growth of 10.33% [4]. - Biomass product sales volume reached 56,900 tons, a 36.55% increase, with sales revenue of 236 million RMB, up 14.10% [4]. Financial Forecast - The projected net profit attributable to shareholders for 2025-2027 is estimated at 1.083 billion RMB, 1.207 billion RMB, and 1.449 billion RMB, respectively, with corresponding P/E ratios of 19.50, 17.51, and 14.58 [6][11].

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 [4][11]. Core Insights - The company reported a revenue of 12 billion RMB for 2024, a year-on-year increase of 14%, and a net profit of 1.44 billion RMB, up 25% year-on-year [2]. - The Q4 performance showed a revenue of 3.4 billion RMB, reflecting a 25% year-on-year growth and a 9% quarter-on-quarter increase, with a net profit of 460 million RMB, up 19% year-on-year and 28% quarter-on-quarter [2]. - The gross margin for 2024 was 24.4%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12%, up 1.0 percentage points year-on-year [3]. - The company is expanding its overseas operations, particularly in Europe, which is expected to outperform overall business growth in 2025 [3]. - The introduction of new robotic components is anticipated to create a significant revenue stream, contributing millions in income [3]. Summary by Sections Performance Review - The company achieved a revenue of 12 billion RMB in 2024, with a 14% increase year-on-year, and a net profit of 1.44 billion RMB, marking a 25% increase [2]. - Q4 results showed a revenue of 3.4 billion RMB, a 25% increase year-on-year, and a net profit of 460 million RMB, reflecting a 19% increase year-on-year [2]. Operational Analysis - The gross margin improved to 24.4% in 2024, with a notable increase in Q4 gross margin to 27.3% [3]. - The company is actively developing its robotic components, launching seven new products focused on lightweight and high-performance technologies [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.08 billion RMB, and 2.36 billion RMB, respectively, with corresponding P/E ratios of 17, 15, and 13 [4]. - The company is recognized as a global leader in structural components, with stable profitability and growth potential in the robotics sector [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant profit recovery in the battery segment [5]. Core Insights - The company reported a revenue of 48.6 billion RMB for 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to the parent company increased by 14.8% to 3.16 billion RMB [2]. - The company anticipates strong growth in battery shipments, projecting a total of 130 GWh for 2025, with 50 GWh from power batteries and 80 GWh from energy storage batteries [4]. - The company is expected to achieve net profits of 5.38 billion RMB, 7.20 billion RMB, and 9.08 billion RMB for the years 2025 to 2027, respectively, with corresponding P/E ratios of 15, 11, and 9 [5]. Performance Summary - In Q4, the company achieved a revenue of 14.57 billion RMB, marking a 10% increase year-on-year but an 18% decrease quarter-on-quarter [2]. - The gross profit margin for 2024 was reported at 17.4%, an increase of 0.4 percentage points year-on-year, while the net profit margin was 6.5%, up by 0.9 percentage points [3]. - The company’s battery segment revenues for 2024 were 19.2 billion RMB for power batteries (down 20%), 19.0 billion RMB for energy storage batteries (up 16%), and 10.3 billion RMB for consumer batteries (up 23%) [4]. Business Segment Analysis - Power battery shipments reached 30.29 GWh in 2024, an 8% increase year-on-year, while energy storage battery shipments surged by 92% to 50.45 GWh, securing the second-largest global market share [4]. - The consumer battery segment achieved full production and sales, with monthly sales exceeding 10 million units, particularly in niche markets such as electric tools and smart mobility [4]. Financial Projections - The company’s revenue is projected to grow significantly in the coming years, with estimates of 69.4 billion RMB in 2025, 85.0 billion RMB in 2026, and 103.3 billion RMB in 2027, reflecting growth rates of 42.75%, 22.48%, and 21.51% respectively [8]. - The diluted earnings per share are expected to rise from 1.99 RMB in 2024 to 4.44 RMB by 2027, indicating a strong upward trend in profitability [8].

业绩简评 4 月 17 日，公司发布 24 年报。24 年公司收入 486 亿元，同比- 0.3%，扣非归母净利润 31.6 亿元，同比+14.8%；单 Q4，公司收入 145.7 亿元，同比+10%，环比-18%，扣非归母净利润 6.6 亿元，同 比+10%，环比-34%。 经营分析 1、剔除减值、年终奖等影响，经营利润环比稳健。24 年公司毛利 率 17.4%，同比+0.4pct，四费率 10.7%，同比+0.2pct，扣非归母 净利率 6.5%，同比+0.9pct；单 Q4 公司毛利率 17.5%，环比-1.5pct， 四费率 10.1%，环比-0.6pct，资产+信用减值 2.75 亿元，环比+2.5 亿，扣非归母净利率 4.5pct，环比-2.4pct。我们测算剔除减值影 响、年终奖计提、股权激励计提冲回影响，经营业绩较 Q3 环比稳 健。 2、分业务：24年公司动力/储能/消费电池收入分别为192/190/103 亿元，同比-20%/+16%/+23%，毛利率分别为 14.2%/14.7%/27.6%， 同比-0.2pct/-2.3pct/+3.9pct，相较 H1，H2 动力电池从 11%提升 ...

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 [4][11]. Core Insights - The company reported a revenue of 12 billion RMB for 2024, a year-on-year increase of 14%, and a net profit of 1.44 billion RMB, up 25% year-on-year [2]. - The Q4 performance showed a revenue of 3.4 billion RMB, reflecting a 25% year-on-year growth and a 9% quarter-on-quarter increase, with a net profit of 460 million RMB, up 19% year-on-year and 28% quarter-on-quarter [2]. - The gross margin for 2024 was 24.4%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12%, up 1.0 percentage point year-on-year [3]. - The company is expanding its overseas operations, particularly in Europe, which is expected to outperform overall business growth in 2025 [3]. - The introduction of new robotic components is anticipated to create a significant revenue stream, contributing millions in income [3]. Summary by Sections Performance Review - The company achieved a revenue of 12 billion RMB in 2024, with a 14% increase year-on-year, and a net profit of 1.44 billion RMB, marking a 25% increase [2]. - Q4 results showed a revenue of 3.4 billion RMB, a 25% increase year-on-year, and a net profit of 460 million RMB, reflecting a 19% increase year-on-year [2]. Operational Analysis - The gross margin improved to 24.4% in 2024, with a notable increase in Q4 gross margin to 27.3% [3]. - The company is actively developing its robotic components, launching seven new products focused on lightweight and high-performance technologies [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.08 billion RMB, and 2.36 billion RMB, respectively, with corresponding P/E ratios of 17, 15, and 13 [4]. - The company is recognized as a global leader in structural components, with stable profitability and growth potential in the robotics sector [4].

Group 1: Report Summary - The "24 Lülü 02" bond had a large deviation in valuation price among discount - traded bonds, and "21 Vanke 06" was at the forefront in terms of valuation price deviation among bonds with rising net prices. Among secondary and perpetual bonds with rising net prices, "21 Bank of China Secondary 04" had a large deviation in valuation price, and "22 Jiangsu Bank Rural - related Bond 01A" was at the forefront among commercial financial bonds with rising net prices. Real - estate bonds ranked high among bonds with a trading yield higher than 10% [2]. - Credit bond valuation yield changes were mainly distributed in the (0, 5] range. Non - financial credit bond trading terms were mainly distributed between 2 and 3 years, with the 1.5 - 2 - year variety having the highest proportion of discount trades; secondary and perpetual bond trading terms were mainly distributed between 2 and 3 years, with the 3 - 5 - year variety having the highest proportion of discount trades. By industry, the electronic industry had the largest average valuation price deviation for bonds [2]. Group 2: Discount - Traded Bond Tracking - Bonds such as "24 Lülü 02", "25 Weifang 02", and "24 Shaanxi Construction Y2" had significant discount trades, with different remaining terms, valuation price deviations, and trading volumes. For example, "24 Lülü 02" had a remaining term of 4.17 years, a valuation price deviation of - 0.26%, and a trading volume of 40180000 yuan [4]. Group 3: Bonds with Rising Net Prices Tracking - Bonds like "21 Vanke 06", "21 Vanke 04", and "22 Vanke 02" had rising net prices and relatively large valuation price deviations. For instance, "21 Vanke 06" had a remaining term of 1.27 years, a valuation price deviation of 1.15%, and a trading volume of 9780000 yuan [5]. Group 4: Secondary and Perpetual Bond Tracking - "21 Bank of China Secondary 04", "22 Bank of Communications Secondary Capital Bond 02A", etc. were included in the secondary and perpetual bond trading tracking. "21 Bank of China Secondary 04" had a remaining term of 6.59 years, a valuation price deviation of 0.01%, and a trading volume of 33100000 yuan [6]. Group 5: Commercial Financial Bond Tracking - "22 Jiangsu Bank Rural - related Bond 01A", "23 China Everbright Bank Bond 01", etc. were tracked in commercial financial bond trading. "22 Jiangsu Bank Rural - related Bond 01A" had a remaining term of 0.45 years, a valuation price deviation of 0.00%, and a trading volume of 90280000 yuan [7]. Group 6: Bonds with Yield Higher than 10% Tracking - Real - estate bonds such as "21 Vanke 06", "21 Vanke 04", and "20 Wanda 01" had trading yields higher than 10%. For example, "21 Vanke 06" had a trading yield of 14.51% [8]. Group 7: Credit Bond Valuation Deviation Distribution - Credit bond valuation yield changes were mainly distributed in the (0, 5] range [2]. Group 8: Non - Financial Credit Bond Trading Term Distribution - Non - financial credit bond trading terms were mainly distributed between 2 and 3 years, with the 1.5 - 2 - year variety having the highest proportion of discount trades [2]. Group 9: Secondary and Perpetual Bond Trading Term Distribution - Secondary and perpetual bond trading terms were mainly distributed between 2 and 3 years, with the 3 - 5 - year variety having the highest proportion of discount trades [2]. Group 10: Industry - Level Bond Analysis - The electronic industry had the largest average valuation price deviation for non - financial credit bonds [2].

业绩简评 2025 年 4 月 17 日，公司发布 2025 年一季度报告，公司 25Q1 实现 营收 3.50 亿（同比-49.5%，环比-55.0%）；实现归母净利润 0.58 亿（同比-52.4%，环比-67.7%），公司营收及利润阶段性承压。 经营分析 产品销售下滑，业绩阶段性承压：受行业宏观因素及产品交付节 奏影响，T/R 组件和射频模块业务收入减少，公司 25Q1 实现营收 3.50 亿（同比-49.5%，环比-55.0%）；实现归母净利润 0.58 亿（同 比-52.4%，环比-67.7%），业绩有所承压。 毛利率同比提升，或系产品结构调整：25Q1 毛利率 43.0%（同比 +7.4pct，环比-0.7pct），归母净利率 16.4%（同比-1.0pct，环比 -6.5pct）。25Q1 公司毛利率同比提升，或系自研芯片、下游需求 变化公司相应调整产品结构所致。 重视技术研发，研发费用率大幅提升：公司 25Q1 研发费用率 17.0% （同比+5.7pct，环比+8.0pct），公司加大射频芯片研发力度，高 度重视研发人才队伍建设，近年来新增研发人员主要围绕公司主 营业务如射频微系统、GaN ...

Investment Ratings - The report does not explicitly state an investment rating for the industry Core Insights - The computer industry is undergoing significant transformation due to intensified competition among major countries and increasing demands for domestic alternatives and self-control in technology. The emergence of high-cost performance open-source models, represented by DS, showcases China's innovative capabilities in the tech sector, providing more opportunities for domestic chips [1] - The impact of Trump's tariff policies on computer companies is expected to be relatively minor, with domestic demand-driven sectors likely to benefit. The overall performance of the sector is anticipated to remain stable despite market fluctuations [1] - The report emphasizes the importance of tracking the landing of AI applications, particularly in the media sector, where advancements in models and tools are being made [2] - In the electronics sector, NVIDIA is set to release new AI products, including smart glasses, which are expected to drive sales growth [3] - The telecommunications sector is experiencing volatility due to tariff policies, but there are opportunities for recovery in certain sub-sectors, particularly those with no North American business [4] Summary by Sections 1. AI Application Monthly Data Tracking - In March 2025, the top three global AI apps by monthly active users were ChatGPT, DeepSeek, and Doubao, with 43.597 million, 21.838 million, and 14.677 million users respectively. Notably, 9 out of the top 20 apps were developed by domestic developers [10] - The fastest-growing AI apps in March 2025 included Polish, Chatbot AI, and PixVerse, with growth rates of 9860.36%, 1610.01%, and 617.62% respectively [12] - The top three AI apps by downloads in March 2025 were DeepSeek, ChatGPT, and Doubao, with 8.757 million, 8.578 million, and 3.290 million downloads respectively [14] 2. Related Company Announcements and Industry News - Google announced the launch of its most advanced AI model, Gemini 2.5 Pro, which showcases strong reasoning and coding capabilities [34] - OpenAI integrated native image generation capabilities into its GPT-4o model, enhancing user experience [36] - Tencent's Hunyuan series of 3D generation models were open-sourced, significantly improving generation speed and efficiency [45] - The report highlights the performance of the AI industry in China, with significant advancements in AI applications and models, indicating a robust growth trajectory [52]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.998, 1.402, and 1.712 for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (P/E) ratios of 17.90X, 12.74X, and 10.44X [6] Core Insights - In 2024, the company achieved revenue of 533 million RMB, a year-on-year increase of 3.00%, while the net profit attributable to shareholders was 90 million RMB, a decrease of 26.04% compared to the previous year [2] - The first quarter of 2025 saw a significant decline in revenue, with 1.53 million RMB, down 40.71% year-on-year, and a net profit of 25 million RMB, down 73.23% [2] - The materials business generated revenue of 363 million RMB in 2024, reflecting a growth of 14.31%, supported by strong performance of key products GP, RP, and BP [4] - The company has made substantial investments in research and development, with R&D expenses reaching 122 million RMB in 2024, an increase of 20.29% year-on-year, indicating a commitment to innovation [3][5] Summary by Sections Financial Performance - Revenue for 2024 was 533 million RMB, with a growth rate of 3.00%, while net profit was 90 million RMB, showing a decline of 26.04% [10] - For 2025, projected revenues are expected to rise significantly to 920 million RMB, with a growth rate of 72.67% [10] Cost Structure - Sales expenses were 15 million RMB in 2024, down 6.9% year-on-year, while management expenses were 99 million RMB, up 4.11% [3] - R&D expenses increased to 122 million RMB, reflecting a 20.29% rise, highlighting the company's focus on enhancing its product offerings [3] Business Segments - The materials segment is performing well, with a revenue increase of 14.31% in 2024, driven by the strong market position of its key products [4] - The equipment segment has seen successful project completions and new contracts, indicating robust demand and operational capabilities [4] Future Outlook - The company forecasts net profits of 208 million RMB, 292 million RMB, and 356 million RMB for 2025, 2026, and 2027 respectively, with corresponding EPS growth [6][10]