Investment Rating - The investment rating for the company is "Buy-A" with a target price of 156.1 CNY, maintaining the rating [5][8]. Core Views - The company has achieved significant revenue growth of 22.41% year-on-year, reaching 25.731 billion CNY in 2024, with a remarkable net profit increase of 498% to 3.323 billion CNY [1][8]. - The company's IC design business contributed 84.30% of total revenue, indicating a strong market position and growth potential [1]. - The report highlights the company's continuous investment in technology innovation and market share expansion, particularly in the smartphone, automotive ADAS, and machine vision sectors [4][3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 257.31 billion CNY, a 22.41% increase year-on-year, and a net profit of 33.23 billion CNY, up 498% [1]. - The IC design business generated 216.40 billion CNY, growing by 20.62%, while the distribution business saw a revenue increase of 32.62% to 39.39 billion CNY [1]. Business Segments - The image sensor business achieved revenue of 191.9 billion CNY, a 23.52% increase, driven by smartphone upgrades and automotive sales growth [2]. - The display solutions segment reported a revenue decline of 17.77% to 10.28 billion CNY, despite a 16.84% increase in sales volume due to pricing pressures [2]. - The analog solutions segment grew by 23.18% to 14.22 billion CNY, benefiting from increased demand for smart devices [2]. Technological Advancements - The company is enhancing its product offerings in the smartphone sector with advanced image sensors and expanding its automotive ADAS capabilities [3]. - New products in machine vision and AI terminals are being developed to meet the growing demand for low-power and compact solutions [3]. Future Projections - Revenue projections for 2025 to 2027 are estimated at 30.88 billion CNY, 37.05 billion CNY, and 46.31 billion CNY respectively, indicating a robust growth trajectory [4][8]. - The net profit is expected to reach 4.42 billion CNY in 2025, with a corresponding PE ratio of 43 times [8].

Investment Rating - The industry investment rating is "Outperform the Market - A" [3][27] Core Insights - The trend of self-control in the research service and upstream sectors is deepening, presenting significant development opportunities for domestic manufacturers due to U.S. export controls and reciprocal tariffs [1][2] - The import dependence and trade deficit in scientific instruments are high, with a low domestic production rate. In 2023, China's scientific instrument imports were approximately 17 billion USD, while exports were about 4.3 billion USD, indicating a substantial trade deficit [7][14] - The recent U.S. export controls and tariff increases have heightened the importance of self-sufficiency in the domestic scientific instrument industry, with significant opportunities expected for domestic manufacturers in various segments [22][18] Summary by Sections 1. Scientific Instruments: Core Track Under Self-Control Trend - Current Situation: High import dependence, large trade deficit, and low domestic production rates. The market for high-end scientific instruments is dominated by imported brands [7][14] - Marginal Changes: U.S. export controls and reciprocal tariffs have increased the urgency for self-sufficiency in the domestic scientific instrument supply chain [18][22] - Outlook: The procurement difficulty and costs for imported scientific instruments are expected to rise, reshaping the market landscape and providing growth opportunities for domestic manufacturers such as Haier Biomedical and East China Pharmaceutical [22][9] 2. Research Reagents and Laboratory Consumables: Acceleration of Domestic Substitution - The impact of U.S. tariffs on imports may benefit domestic products, particularly in the research reagent and laboratory consumables sectors, where the domestic production rate is low [2][23] - The market for laboratory consumables in China was approximately 57.55 billion CNY in 2023, with a compound annual growth rate (CAGR) of about 20% from 2019 to 2023 [25] - Potential beneficiaries of the domestic substitution trend include companies like Nanwei Technology and Aolimai, which have a significant domestic revenue structure [24][9]

4 月 15 日公司发布 2024 年度报告，报告期内，公司实现营业收 入 18.17 亿元，同比增长 15.57%，归母净利润 2.02 亿元，同比 增长-20.91%；扣非归母净利润 1.99 亿元，同比增长-21.94%。 载带龙头经营稳健，持续布局高端产品： 年报披露，公司继续保持纸质载带高品质及较高的市场占有率，一方 面持续优化纸质载带系列产品结构，另一方面不断优化生产流程，加 速技术迭代，报告期内，公司电子封装材料营业收入 15.71 亿元， 同比增长 13.09%。新产品方面，公司持续突破各类电子级薄膜产品， 离型膜方面，MLCC 离型膜已向国巨、华新科、风华高科、三环集团等 主要客户实现稳定批量供货，并顺利进入韩日系大客户的批量供货导 入阶段，其中韩系客户海外基地也通过产品认证测试；偏光片用离型 膜已向主要偏光片生产企业稳定批量供货。同时，公司自制 BOPET 材 料为基础的 MLCC 离型膜低粗糙度产品、中高端偏光片离型膜、 OCA 离型膜等新产品的开发，并开始在各家客户送样测试。光学级 BOPET 膜及流延膜产品，已在客户端全面展开使用自制基膜离型膜产品的验 证及导入，并有多规格产品通过了 ...

Investment Rating - The report maintains a "Buy-A" investment rating with a six-month target price of 4.75 CNY [7][6]. Core Views - The company has demonstrated significant growth, with 2024 revenue reaching 198.38 billion CNY, a year-on-year increase of 13.66%, and a net profit of 5.32 billion CNY, up 108.97% [1][2]. - The semiconductor display sector remains strong, with the company adopting a demand-driven production model, benefiting from policies encouraging upgrades and structural improvements in key application areas [2][3]. - The "Screen IoT" strategy is yielding innovative business results, with substantial growth in MLED and smart medical applications, alongside advancements in AI integration [3]. Financial Performance - The company reported a net profit of 1.6 to 1.65 billion CNY for Q1 2025, reflecting a year-on-year growth of 63% to 68% [1]. - Revenue projections for 2024 to 2026 are estimated at 198.39 billion CNY, 227.35 billion CNY, and 248.95 billion CNY, respectively, with net profits expected to be 5.32 billion CNY, 8.93 billion CNY, and 12.6 billion CNY [6][9]. - The company’s total market capitalization is approximately 142.30 billion CNY, with a circulating market value of about 141.92 billion CNY [4]. Market Dynamics - The display industry is experiencing a "weak growth, rebalancing" phase, with the company maintaining its leading position in the semiconductor display market [2]. - The demand for TV applications has shown significant growth, particularly in the Chinese market, with a resurgence in the second half of 2024 [2][3].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.2 CNY, compared to the current stock price of 11.72 CNY [5]. Core Views - The company's revenue for 2024 was 6.267 billion CNY, a year-over-year decrease of 1.75%, with a net profit of 953 million CNY, down 33.49% year-over-year. The decline in net profit was greater than the revenue decline due to multiple factors including decreased gross margin, increased expense ratio, reduced investment income, and increased impairment [2][3]. - The "Same Circle" business segment maintained growth, with revenue from waterproof and other products increasing by 12.94% year-over-year, while the engineering business experienced a decline, significantly impacting overall revenue [2][4]. - The company proposed a cash dividend of 5.00 CNY per 10 shares, significantly increasing the dividend payout ratio, which reflects a commitment to returning value to shareholders [4][8]. Revenue and Profitability - In 2024, the company's sales gross margin was 41.72%, a decrease of 2.6 percentage points year-over-year, primarily due to intensified market competition and the lower margin of acquired companies. The gross margin for Q4 was 40.56%, down 4.32 percentage points year-over-year [3]. - The company’s operating cash flow decreased by 16.49% year-over-year, amounting to 1.147 billion CNY [3]. Financial Forecast - The company is expected to achieve revenues of 6.581 billion CNY, 7.124 billion CNY, and 7.708 billion CNY for 2025, 2026, and 2027 respectively, representing year-over-year growth rates of 5.02%, 8.24%, and 8.20%. The net profit forecasts for the same years are 1.051 billion CNY, 1.196 billion CNY, and 1.344 billion CNY, with respective growth rates of 10.29%, 13.83%, and 12.40% [8][10].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 31.18 CNY [4][7]. Core Views - The company reported a significant increase in Q1 2025 performance, achieving revenue of 1.217 billion CNY, a year-on-year growth of 11.33%, and a net profit of 180 million CNY, up 65.61% year-on-year [1]. - The company is focusing on the PCB industry while accelerating its development in the emerging AI sector, leveraging its established customer base and optimizing product structure [2]. - Successful implementation of refinancing projects is expected to enhance the company's growth trajectory, with funds directed towards new production projects and technology upgrades [3]. Financial Projections - Revenue projections for 2025 to 2027 are 6.519 billion CNY, 7.887 billion CNY, and 9.544 billion CNY respectively, with net profits expected to be 898 million CNY, 1.097 billion CNY, and 1.34 billion CNY [4][10]. - The company anticipates a net profit margin improvement, with net profit margins projected at 13.8% in 2025, 13.9% in 2026, and 14.0% in 2027 [11]. Market Position - The company has established a strong position in the domestic market by leveraging its experience with overseas clients, particularly in sectors like electric vehicles and AI applications [2]. - The company has successfully entered the supply chain of major clients such as AMD and has achieved mass production for products from clients like Amazon and Samsung [2]. Valuation Metrics - The report estimates a price-to-earnings (PE) ratio of 25 for 2025, indicating a favorable valuation compared to industry peers [4][10]. - The projected earnings per share (EPS) for 2025 is 1.25 CNY, with a decreasing PE ratio forecasted from 36.7 in 2023 to 20.2 in 2025 [10][11].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 220 CNY per share [6]. Core Insights - The company reported strong Q1 2025 performance with revenue of 4.25 billion CNY, up 38.86% year-on-year, and a net profit of 423 million CNY, up 45.20% year-on-year [1][3]. - The motorcycle business showed excellent performance, with domestic sales revenue of 3.09 billion CNY, up 44.44% year-on-year, and sales volume of 143,200 units, also up 44.21% year-on-year [1][3]. - The company is focusing on high-end and international markets, with significant growth in the electric two-wheeler segment, where the brand "Jike" has become a leader in its niche [11]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.038 billion CNY, a year-on-year increase of 24.18%, and a net profit of 1.472 billion CNY, up 46.08% year-on-year [1][2]. - The comprehensive gross margin for 2024 was 30.06%, a decrease of 2.67 percentage points year-on-year, primarily due to a decline in revenue share from the North American market [2]. Business Segments - The four-wheeled vehicle sales revenue was 7.21 billion CNY, up 10.85% year-on-year, with a sales volume of 169,100 units, up 15.47% year-on-year [1]. - The electric two-wheeler segment saw a revenue increase of 414.15% year-on-year, with sales of 106,000 units, driven by the popularity of new products and rapid channel expansion [1][3]. Growth Drivers - The company is enhancing its product structure in the all-terrain vehicle (ATV) market, aiming to increase market share in higher-value UTV and SSV products [4]. - The domestic mid-to-large displacement motorcycle market is entering a new product cycle, with significant sales growth and market share increase [10]. - The company is also expanding its international presence in the mid-to-large displacement motorcycle segment, with exports increasing by 63.8% year-on-year [10].

国投证券宏观定期报告 周度经济观察 2025 年 04 月 15 日 ————重回基本面：出口减速与政策对冲 袁方1 张端怡（联系人）2魏薇（联系人）3 内容提要 从物价、金融和贸易数据来看，3 月经济运行相对平稳，在内需偏弱的同时 抢出口对总需求形成支撑。而伴随近期美国对等关税的落地，出口减速的压力增 加，这意味着稳增长政策的节奏、力度将成为影响二季度经济的重要变量，4 月 底政治局会议值得期待。 权益市场在经历了情绪层面的恐慌和修复后，将逐步转向对基本面的定价， 这意味着全年来看权益市场机遇大于风险。不过二季度市场的演绎需要留意出 口下滑的幅度与稳增长政策的力度，二季度市场存在震荡的可能。 近期特朗普对于关税政策的反复使得美元信用体系受到冲击，全球资本市 场陷入剧烈震荡。尽管美国关税政策出现调整，但美国经济的减速和政策不确定 性，可能使得美股较难回到关税征加前的水平。 风险提示：（1）地缘政治风险 （2）政策出台超预期 证券研究报告/国投证券宏观定期报告 第 1 页，共 13 页 2025 年 4 月 1宏观分析师，yuanfang@essence.com.cn，S1450520080004 2联系人，z ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a six-month target price of 34.19 CNY [4][7]. Core Views - The company is expected to benefit from the expanding demand for AI infrastructure, leading to significant growth in its first-quarter performance, with a projected net profit increase of 50%-60% year-on-year [1]. - The company's revenue for 2024 is projected to be 36.79 billion CNY, reflecting a 9.33% increase from the previous year, driven by a dual-engine strategy focusing on consumer electronics and new energy [2]. - The company has actively repurchased shares, indicating confidence in its future development, with a total repurchase amount planned between 100 million CNY and 200 million CNY [3]. Financial Projections - Revenue projections for the company are as follows: 36.79 billion CNY for 2024, 42.60 billion CNY for 2025, and 49.12 billion CNY for 2026. Corresponding net profits are expected to be 1.09 billion CNY, 2.91 billion CNY, and 3.66 billion CNY respectively [4][12]. - The report anticipates a price-to-earnings (PE) ratio of 20 times for 2025, which corresponds to the target price of 34.19 CNY [4].

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [6] Core Insights - The financial data for March 2025 shows an increase in new credit and social financing, primarily driven by government bond issuance and a significant rise in short-term loans to enterprises [2][3] - The structure of financing demand is characterized by strong corporate credit and weak retail demand, indicating a reliance on government leverage to support social financing [11] - The growth in M2 remains stable at 7%, while M1 shows slight improvement, suggesting a potential correlation with local government debt replacement [4] Summary by Sections Credit and Social Financing - In March, new credit reached 3.64 trillion yuan, a year-on-year increase of 550 billion yuan, with social financing increasing by 5.89 trillion yuan, up 1.05 trillion yuan year-on-year [2] - Short-term loans to enterprises increased by 460 billion yuan year-on-year, contributing 84% to the overall increase in new credit [2] - The growth in new medium to long-term loans for residents was 531 billion yuan, influenced by a recovering real estate market [3] Government Bonds and Social Financing - The acceleration in government bond issuance significantly supported social financing, with new government bonds increasing by 1.03 trillion yuan year-on-year [3] - By the end of March, the total social financing balance grew by 8.4% year-on-year, indicating that government leverage is a primary source of incremental demand in the economy [3] Monetary Supply - M2 growth remained steady at 7%, while M1 growth improved to 1.6%, potentially linked to local government debt replacement efforts [4] Banking Sector Outlook - The banking sector is expected to continue attracting incremental capital due to its high weight in broad indices, stable dividend yields, and relatively low valuations [12] - The report suggests focusing on specific banks such as China Merchants Bank, major state-owned banks, and Chengdu Bank for potential investment opportunities [12]