Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 66% year-on-year increase, and a net profit of 79 million yuan, which is a 150% year-on-year increase and a 147% quarter-on-quarter increase [1] - The growth is driven by the increasing demand for high-density connection products, supported by factors such as the upgrade of optical module speeds and the gradual commercialization of CPO technology [1] - The company has signed a patent licensing agreement with US Conec, allowing it to produce and sell MDC and MMC products, which are essential components for high-speed optical modules and CPOs, thus filling a technological gap and enhancing its competitive advantage [2] - The company is expanding its production capacity to meet the rising demand driven by AI, with a new production base established in Vietnam to mitigate tariff risks and improve delivery capabilities [2] Financial Projections - Revenue projections for 2025-2027 are 2.315 billion yuan, 3.918 billion yuan, and 5.289 billion yuan respectively, with net profits of 509 million yuan, 959 million yuan, and 1.375 billion yuan [3] - The corresponding P/E ratios are expected to be 33, 18, and 12 times for the years 2025, 2026, and 2027 respectively [3] - The company is anticipated to benefit significantly from the infrastructure development of data centers, leading to increased demand for high-density connection products [3]

Investment Rating - The report maintains a "Buy" rating for key stocks in the environmental protection sector, including Huicheng Environmental, Gaoneng Environment, and Hongcheng Environment [4][6]. Core Insights - The environmental protection industry faced pressure in 2024, with overall revenue of 348.96 billion yuan, a year-on-year decline of 3.3%. Net profit attributable to shareholders was 13.8 billion yuan, down 37.7% year-on-year, attributed to difficulties in accounts receivable collection and increased impairment losses [1][14]. - In Q1 2025, the industry showed signs of recovery with revenue of 78.83 billion yuan, a decrease of 1.8% year-on-year, while net profit increased by 4.1% to 7.25 billion yuan, driven by lower production costs and increased investment income [1][17]. Summary by Sections Overview - The report analyzes 97 listed companies in the environmental protection sector, categorizing them into six sub-industries: water services, water treatment, solid waste treatment, air pollution control, monitoring, and energy conservation [12]. Sub-Industry Analysis - **Solid Waste Treatment**: Revenue reached 162.26 billion yuan in 2024, up 6.2% year-on-year, with net profit of 7.28 billion yuan, down 12.3%. The sector benefits from stable growth driven by hazardous waste resource recovery and resource recycling [41][45]. - **Water Services**: Revenue was 76.72 billion yuan, a slight decline of 0.4%, while net profit increased by 24.7% to 12.11 billion yuan, supported by urban population growth and improved operational efficiency [49][54]. - **Monitoring**: The sector's revenue was 10.28 billion yuan, down 1.7%, with a net loss of 450 million yuan, reflecting increased competition and external challenges [60]. Financial Performance - The overall net profit margin for the environmental protection sector decreased to 4.6%, down 2.1 percentage points year-on-year, influenced by increased asset impairment losses and rising expense ratios [23][25]. - Operating cash flow for the industry grew significantly to 48.3 billion yuan, a 10.9% increase year-on-year, primarily due to reduced procurement and improved collection [28]. Key Recommendations - The report recommends focusing on companies benefiting from carbon neutrality initiatives, particularly in the resource recycling sector, such as Gaoneng Environment and Huicheng Environmental, which are expected to see significant growth [3].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 05 07 年 月 日 立讯精密（002475.SZ） 夯实消费电子基本盘，通讯+汽车双翼齐飞 消费电子龙头，三大业务齐头并进。立讯精密成立于 2004 年，于 2010 年在深交 所上市。公司上市后依托纵向整合与横向并购，不断扩展业务布局，目前已在消费 电子、汽车、通信等领域构建起一个多元化、集成化、协同化的战略版图。消费电 子业务作为公司基本盘，持续开拓新客户及新产品，挖掘新增量空间，此外，借助 通讯、汽车业务两大落脚点，公司业务覆盖面的广度进一步铺开，实现多元化发 展。 消费电子：端侧 AI 浪潮下，深度绑定大客户，打开新增量空间。AI 正重塑消费电 子产品的用户体验，根据 Canalys，2024 年全球 AI 手机渗透率为 16%，预计 2028 年增长至 54%。苹果为 AI 生态重要参与者，2024 年 6 月在 WWDC 开发者大会 上，苹果发布 Apple Intelligence，此后 AI 功能持续迭代，有望加速换机周期。公 司从最初做电脑连接器，到手机、平板、手表等多领域的连接器产品，到切入马 达、无线充电、天线、声学 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's operational performance is showing steady growth, with a revenue forecast of 113.5 billion yuan for 2024, representing a year-on-year increase of 3.8%. The net profit attributable to shareholders is expected to be 2.06 billion yuan, with a year-on-year growth of 12% for the non-recurring profit [1][2] - The nuclear power sector continues to benefit from a favorable industry environment, with the company being a leader in nuclear power engineering in China. The new contracts signed for nuclear power engineering in 2024 reached 55.1 billion yuan, a 44% increase year-on-year [3] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 11.7%, an increase of 0.37 percentage points year-on-year. The gross margins for nuclear engineering, civil engineering, and other businesses were 13.4%, 9.8%, and 17.3%, respectively [2] - The company reported a net profit margin of 1.82% for 2024, a decrease of 0.07 percentage points year-on-year. The operating cash flow showed a net outflow of 3.34 billion yuan, indicating ongoing cash flow pressure [2] Business Segments - The revenue from nuclear power engineering, civil engineering, and other businesses for 2024 is projected to be 32.2 billion yuan, 69.3 billion yuan, and 11.2 billion yuan, respectively. The nuclear power engineering segment is expected to grow rapidly [1] - The company has a robust order backlog of 277.8 billion yuan, which is 2.4 times its annual revenue, ensuring stable future profitability [1] Future Projections - The company aims to achieve new contracts worth 165.8 billion yuan in 2025, a 1.4% increase year-on-year, and revenue of 117.7 billion yuan, representing a year-on-year growth of 3.7% [1] - Forecasted net profits for 2025-2027 are 2.32 billion yuan, 2.60 billion yuan, and 2.91 billion yuan, with respective growth rates of 13%, 12%, and 12% [3]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 05 07 年 月 日 立讯精密（002475.SZ） 夯实消费电子基本盘，通讯+汽车双翼齐飞 消费电子龙头，三大业务齐头并进。立讯精密成立于 2004 年，于 2010 年在深交 所上市。公司上市后依托纵向整合与横向并购，不断扩展业务布局，目前已在消费 电子、汽车、通信等领域构建起一个多元化、集成化、协同化的战略版图。消费电 子业务作为公司基本盘，持续开拓新客户及新产品，挖掘新增量空间，此外，借助 通讯、汽车业务两大落脚点，公司业务覆盖面的广度进一步铺开，实现多元化发 展。 消费电子：端侧 AI 浪潮下，深度绑定大客户，打开新增量空间。AI 正重塑消费电 子产品的用户体验，根据 Canalys，2024 年全球 AI 手机渗透率为 16%，预计 2028 年增长至 54%。苹果为 AI 生态重要参与者，2024 年 6 月在 WWDC 开发者大会 上，苹果发布 Apple Intelligence，此后 AI 功能持续迭代，有望加速换机周期。公 司从最初做电脑连接器，到手机、平板、手表等多领域的连接器产品，到切入马 达、无线充电、天线、声学 ...

2024 年业绩承压，整体盈利能力下滑。根据国盛环保 97 家环保公司组 合，环保行业 2024 年整体营业收入 3489.6 亿元，同比增速为-3.3%。归 母净利润 138.0 亿元，同比增速为-37.7%，或与应收账款回款困难、减值 损失计提增长有关。2025Q1 环保行业营业收入 788.3 亿元，同比下降 1.8%。归母净利润 72.5 亿元，同比增长 4.1%，主要系生产成本降低、投 资收益增长所致。 行业净利率下滑，费用率有所提升。2024 年环保板块整体毛利率 24.0%， 较去年同期增长 0.3pct；整体净利率为 4.6%，较去年同期下降 2.1pct。 或与资产减值损失（yoy+0.41pct）、期间费用率上升（yoy+0.39pct）、 营业外支出占比上升（yoy+0.32ct）有关。2024 年环保行业整体期间费率 为 15.0%，同比增长 0.4pct，费用率有所提升。 行业经营现金流净额增长明显，投资现金流支出增加。2024年环保行业经 营性现金流净额为483.0亿元（yoy+10.9%），主要系采购减少及回款增 加所致。其中，固废治理板块229.8亿元（yoy+26.9%）、水 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing steady growth in operational performance, with a robust expansion in the nuclear power sector. For 2024, it is projected to achieve revenue of 113.5 billion yuan, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 20.6 billion yuan, reflecting a slight increase of 0.1% year-on-year [1][3] - The nuclear power engineering segment continues to thrive, with new contracts signed amounting to 163.4 billion yuan in 2024, an 8.5% increase year-on-year, and a significant backlog of orders ensuring stable future earnings [1][3] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 11.7%, up by 0.37 percentage points year-on-year, driven by an increase in the proportion of high-margin nuclear power business [2] - The net profit margin for the year was 1.82%, a decrease of 0.07 percentage points year-on-year, with operational cash flow showing a net outflow of 3.34 billion yuan, indicating ongoing cash flow pressure [2][4] Business Segments - The nuclear power engineering segment generated revenue of 32.2 billion yuan in 2024, a year-on-year increase of 35%, while the civil engineering segment saw a decline of 8% [1][3] - The company is positioned as a leader in the nuclear power sector, benefiting from the high demand for nuclear energy in China, with 11 new nuclear units approved in 2024 and 10 in 2025 [3] Future Projections - The company forecasts net profits of 23.2 billion yuan, 26.0 billion yuan, and 29.1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 13%, 12%, and 12% [3][4] - The projected revenue for 2025 is 117.7 billion yuan, reflecting a year-on-year increase of 3.7% [1][4]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 66% year-on-year increase, and a net profit of 79 million yuan, which is a 150% year-on-year increase and a 147% quarter-on-quarter increase [1]. - The growth is driven by the increasing demand for high-density connection products, supported by factors such as the upgrade of optical module speeds and the commercialization of CPO technology [1]. - The company has signed a patent licensing agreement with US Conec, allowing it to produce and sell MDC and MMC products, which are essential for high-speed optical modules and CPOs, thus filling a technological gap and enhancing its competitive advantage [2]. - The company is expanding its production capacity to meet the rising demand driven by AI, with a new production base in Vietnam to mitigate tariff risks and improve delivery capabilities [2]. Financial Summary - The company is expected to achieve revenues of 2.315 billion yuan, 3.918 billion yuan, and 5.289 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 509 million yuan, 959 million yuan, and 1.375 billion yuan [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 33, 18, and 12 respectively, indicating a favorable valuation trend [3][5]. - The company is anticipated to benefit significantly from the infrastructure development in data centers, which will drive demand for high-density connection products [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's profitability continues to improve, with significant revenue growth driven by AI empowerment [1][2] - The company has achieved a year-on-year revenue increase of 106.3% in Q1 2025, reaching 2.25 billion yuan, and has turned a profit with a net profit of 120 million yuan [1] - The company is focusing on enhancing its self-developed product coverage to increase operational profits [3] Financial Performance - In 2024, the company reported a revenue of 7.95 billion yuan, a year-on-year increase of 27.6%, but a net loss of 115 million yuan [1][6] - The projected net profits for 2025, 2026, and 2027 are estimated at 168 million yuan, 229 million yuan, and 343 million yuan respectively, with corresponding P/E ratios of 69.9, 51.3, and 34.3 [4][6] - The company’s R&D investment in 2024 was 240 million yuan, with 89 patents applied for and 41 patents granted [2] Product Development and Market Position - The company has developed a full-stack AI product system, including various large models for traffic management and smart city solutions [2][3] - The self-developed product coverage in smart rail transit continues to increase, providing efficient and intelligent solutions for core scenarios [3] - The company is enhancing its capabilities in AI technology, which is expected to continue empowering its existing business scenarios [4]

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company's profitability continues to improve, with significant revenue growth and a return to profit in the first quarter of 2025, achieving operating revenue of 2.25 billion and a net profit of 120 million [1] - The rapid iteration of large models and their accelerated application in the transportation sector, supported by high R&D investment, is expected to enhance competitive barriers [2] - The company is focusing on increasing the coverage of self-developed products to enhance operational profits, particularly in smart rail transit and urban traffic management [3] Financial Summary - In 2024, the company achieved operating revenue of 7.95 billion, a year-on-year increase of 27.6%, with a net profit of -115 million [6] - The projected net profits for 2025, 2026, and 2027 are estimated at 168 million, 229 million, and 343 million respectively, with corresponding P/E ratios of 69.9, 51.3, and 34.3 [4][6] - The company’s R&D investment in 2024 was 240 million, with 89 patents applied for and 41 patents granted, reinforcing its intellectual property barriers in AI [2]