Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved a revenue of 8.2 billion yuan in Q1 2025, representing a year-on-year increase of 38% and a quarter-on-quarter decrease of 13%. The net profit attributable to the parent company was 1.6 billion yuan, up 39% year-on-year and up 36% quarter-on-quarter [5] - In 2024, the company is projected to achieve a revenue of 29.8 billion yuan, a year-on-year increase of 35%, with a net profit of 5.6 billion yuan, up 44% year-on-year [5] - The company's electronic process equipment revenue for 2024 is expected to reach 27.7 billion yuan, a year-on-year increase of 41%, with significant growth in various equipment segments [6] - The company officially entered the ion implantation equipment market in March 2025, launching its first ion implantation machine, Sirius MC 313, enhancing its competitiveness in the semiconductor manufacturing market [7] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are 7.71 billion yuan, 9.42 billion yuan, and 11.73 billion yuan, respectively, with corresponding EPS of 14.44 yuan, 17.63 yuan, and 21.96 yuan [8] - The projected revenue for the company from 2024 to 2027 shows a consistent growth trend, with revenues of 29.8 billion yuan, 39.7 billion yuan, 49.2 billion yuan, and 60.9 billion yuan, respectively [9] - The gross margin is expected to remain stable around 42% over the forecast period, indicating strong profitability [9]

公司点评 -30% 10% 49% 89% 128% 5/24 8/24 11/24 2/25 5/25 思瑞浦 沪深300 [Table_Author] 分析师：陈耀波 [Table_StockNameRptType] 思瑞浦（688536） Q1 实现扭亏，各下游亮点纷呈 | 投资评级：增持（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-21 | | [Table_BaseData] 收盘价（元） | 146.82 | | --- | --- | | 近 12 个月最高/最低（元） | 194.95/66.80 | | 总股本（百万股） | 133 | | 流通股本（百万股） | 133 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 195 | | 流通市值（亿元） | 195 | [ 公司价 Table_Chart] 格与沪深 300 走势比较 公司在 2024 年实现营业收入 12 亿元，同比增加 12%；归母净利润-2 亿元，同比减少 468%；扣非净利-3 亿元，同比减少 150%。 l Q1 收入大幅增长，带动公司实现扭亏 202 ...

Q1 受淡季影响，不断推出新品强化竞争力 | 投资评级：买入（维持） [Table_Rank] | | | | --- | --- | --- | | 报告日期： 2025-05-21 | | | | [Table_BaseData] 收盘价（元） | | 96.49 | | 近 12 个月最高/最低（元） | 126.60/64.76 | | | 总股本（百万股） | | 474 | 圣邦股份（ [Table_StockNameRptType] 300661） 公司点评 | 总股本（百万股） | 474 | | --- | --- | | 流通股本（百万股） | 454 | | 流通股比例（%） | 95.89 | | 总市值（亿元） | 457 | | 流通市值（亿元） | 438 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -24% 1% 26% 50% 75% 5/24 8/24 11/24 2/25 5/25 圣邦股份 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱： chenyaobo@hazq.com 分析师：李美 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 160.4 billion yuan in Q1 2025, representing a year-on-year increase of 35% and a quarter-on-quarter decrease of 7%. The net profit attributable to shareholders was 5.2 billion yuan, up 25% year-on-year but down 35% quarter-on-quarter [4] - The cloud computing business maintained strong momentum, with revenue growth exceeding 50% year-on-year in Q1 2025, driven by AI and general servers [5] - The company is expected to benefit from the growth in AI demand, with revenue projections for 2025-2027 adjusted to 758.7 billion, 955.8 billion, and 1,195.1 billion yuan respectively [7] Financial Performance Summary - In 2024, the company achieved a revenue of 609.1 billion yuan, a year-on-year increase of 28%, and a net profit of 23.2 billion yuan, up 10% year-on-year [4] - The cloud computing revenue reached 319.4 billion yuan in 2024, growing 64% year-on-year and accounting for over half of total revenue [6] - The company’s gross profit margin is projected to decline from 7.3% in 2024 to 6.3% in 2027 [9] - The earnings per share (EPS) are forecasted to be 1.47, 1.79, and 2.27 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 13, 11, and 8 [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.2 billion yuan in Q1 2025, representing a year-on-year increase of 38% and a quarter-on-quarter decrease of 13%. The net profit attributable to the parent company was 1.6 billion yuan, up 39% year-on-year and up 36% quarter-on-quarter [4] - In 2024, the company is projected to achieve a revenue of 29.8 billion yuan, a year-on-year increase of 35%, with a net profit of 5.6 billion yuan, reflecting a 44% year-on-year increase [4] - The company has entered the ion implantation equipment market, launching its first ion implanter, Sirius MC 313, which enhances its competitiveness in the semiconductor manufacturing equipment sector [6] Financial Performance Summary - The company’s electronic process equipment revenue in 2024 is expected to reach 27.7 billion yuan, a year-on-year growth of 41%. This includes over 8 billion yuan from etching equipment (up approximately 33%), over 10 billion yuan from thin film deposition equipment (up approximately 67%), over 2 billion yuan from thermal processing equipment, and over 1 billion yuan from wet processing equipment [5] - The projected net profits for 2025-2027 are 7.71 billion, 9.42 billion, and 11.73 billion yuan, respectively, with corresponding EPS of 14.44, 17.63, and 21.96 yuan [7] - The company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 33.1% from 2025 to 2026, with a net profit growth rate of 37.2% during the same period [8]

[Table_StockNameRptType] 思瑞浦（688536） 公司点评 [Table_Author] 分析师：陈耀波 | 执业证书号：S0010523060001 | | --- | | 邮箱： chenyaobo@hazq.com | 分析师：李美贤 执业证书号：S0010524020002 邮箱： limeixian@hazq.com !"#$% l[Table_Summary] 事件 Q1 实现扭亏，各下游亮点纷呈 | | | | [Table_BaseData] 收盘价（元） | 146.82 | | --- | --- | | 近 12 个月最高/最低（元） | 194.95/66.80 | | 总股本（百万股） | 133 | | 流通股本（百万股） | 133 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 195 | | 流通市值（亿元） | 195 | [ 公司价 Table_Chart] 格与沪深 300 走势比较 -30% 10% 49% 89% 128% 5/24 8/24 11/24 2/25 5/25 思瑞浦 沪深300 公司 2025 年第一季 ...

圣邦股份（ [Table_StockNameRptType] 300661） 公司点评 Q1 受淡季影响，不断推出新品强化竞争力 | | | | | | | [Table_BaseData] 收盘价（元） | 96.49 | | --- | --- | | 近 12 个月最高/最低（元） | 126.60/64.76 | | 总股本（百万股） | 474 | | 流通股本（百万股） | 454 | | 流通股比例（%） | 95.89 | | 总市值（亿元） | 457 | | 流通市值（亿元） | 438 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -24% 1% 26% 50% 75% 5/24 8/24 11/24 2/25 5/25 圣邦股份 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱： chenyaobo@hazq.com 分析师：李美贤 执业证书号：S0010524020002 邮箱： limeixian@hazq.com !"#$% l[Table_Summary] 事件 公司 2025 年第一季度实现营业收入 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 700 million yuan in Q1 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 3%. However, the net profit attributable to the parent company decreased by 37% year-on-year to 63.49 million yuan, but increased by 81% quarter-on-quarter [6] - In 2024, the company reported a total revenue of 2.6 billion yuan, a year-on-year increase of 44%, with a net profit of 300 million yuan, up 17% year-on-year [6] - The company has seen rapid growth across various downstream sectors, particularly in automotive power management, which grew by 179% year-on-year to 85.51 million yuan [7][8] Financial Performance Summary - The company’s revenue is projected to grow significantly from 2.57 billion yuan in 2024 to 5.34 billion yuan in 2027, with year-on-year growth rates of 44.2%, 31.3%, 25.4%, and 26.4% respectively [11] - The net profit attributable to the parent company is expected to increase from 307 million yuan in 2024 to 704 million yuan in 2027, with corresponding year-on-year growth rates of 17.4%, 26.3%, 29.1%, and 40.6% [11] - The company’s gross margin is projected to remain stable around 40% over the forecast period [11] Investment Recommendations - The forecasted net profits for 2025, 2026, and 2027 are 387 million yuan, 500 million yuan, and 704 million yuan respectively, with corresponding earnings per share (EPS) of 0.91 yuan, 1.18 yuan, and 1.65 yuan. The latest closing price corresponds to price-to-earnings (PE) ratios of 36x, 28x, and 20x for the respective years [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported strong performance with record highs in its two main business segments [1] - In 2024, the company achieved operating revenue of 15.374 billion, a year-on-year increase of 21.15%, and a net profit attributable to shareholders of 917 million, up 86.62% year-on-year, primarily due to market expansion [4][5] - The company has increased its R&D expenditure to 575 million, a growth of 17.42%, leading to multiple breakthroughs in technology [4] - The company is capitalizing on policy opportunities, with domestic and international businesses flourishing, particularly in the electric vehicle charging sector, which has seen a 131.87% increase in overseas contracts [5] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are adjusted to 1.2 billion, 1.5 billion, and 2.1 billion respectively, with corresponding P/E ratios of 20, 16, and 12 [6] - Key financial metrics for 2024 include a gross margin of 25.9%, a return on equity (ROE) of 12.3%, and earnings per share (EPS) of 0.89 [8] - The company’s operating revenue is expected to grow to 19.092 billion in 2025, reflecting a year-on-year growth of 24.2% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported outstanding performance with both major business segments reaching new highs [1] - In 2024, the company achieved operating revenue of 15.374 billion, a year-on-year increase of 21.15%, and a net profit attributable to shareholders of 917 million, up 86.62% year-on-year, primarily due to market expansion [4][5] - The company has increased its R&D expenditure to 575 million, a growth of 17.42%, leading to multiple breakthroughs in technology [4] - The company is capitalizing on policy opportunities, with domestic and international businesses flourishing, particularly in the electric vehicle charging sector, which has seen a 131.87% increase in overseas business [5] Summary by Sections Financial Performance - The company’s operating revenue for 2024 was 15.374 billion, with a year-on-year growth of 21.15% [4] - The net profit attributable to shareholders was 917 million, reflecting an 86.62% increase year-on-year [4] - The company’s R&D expenses were 575 million, marking a 17.42% increase [4] Future Projections - The projected net profits for 2025, 2026, and 2027 are 1.2 billion, 1.5 billion, and 2.1 billion respectively, with corresponding P/E ratios of 20, 16, and 12 [6] - Revenue is expected to grow to 19.092 billion in 2025, 23.014 billion in 2026, and 26.069 billion in 2027, with year-on-year growth rates of 24.2%, 20.5%, and 13.3% respectively [8] Market Position - The company holds the leading position in the public charging terminal operation sector, which is expected to drive revenue growth in the new energy charging network business [5] - The company’s market share is anticipated to expand further due to the digitalization and intelligence upgrades of its product lines [4]