富创精密（ [Table_StockNameRptType] 688409） 公司点评 战略投入期，积极扩张国内外产能 | ， | | | --- | --- | | 投资评级：增持（维持） [Table_Rank] | | | 报告日期： | 2025-05-15 | | [Table_BaseData] 收盘价（元） | 49.31 | | 近 12 个月最高/最低（元） | 78.00/31.14 | | 总股本（百万股） | 306 | | 流通股本（百万股） | 177 | | 流通股比例（%） | 57.87 | | 总市值（亿元） | 151 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -37% -7% 23% 52% 82% 5/24 8/24 11/24 2/25 富创精密 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[ ...

富创精密（ [Table_StockNameRptType] 688409） | 近 12 个月最高/最低（元） | 78.00/31.14 | | --- | --- | | 总股本（百万股） | 306 | | 流通股本（百万股） | 177 | | 流通股比例（%） | 57.87 | | 总市值（亿元） | 151 | | 流通市值（亿元） | 87 | [ 公司价格与沪深 Table_Chart] 300 走势比较 -37% -7% 23% 52% 82% 5/24 8/24 11/24 2/25 富创精密 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 公司点评 战略投入期，积极扩张国内外产能 | 投资评级：增持（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-15 | | [Table_BaseData] 收盘价（元） 49.31 | 受新产线折旧摊销增加、战略性扩招、关键技术攻关等多项战略举措的 影响，公司 Q1 ...

Investment Rating - The report suggests a forward-looking investment value in Mingming Hen Mang and Wancheng Group, anticipating an acceleration in profitability for the leading players in the industry during 2025-2026 [5][61]. Core Insights - Mingming Hen Mang has emerged as a leader in the snack retail sector through a strong merger with Zhao Yiming, resulting in a combined entity with 14,394 stores across 28 provinces in China and a GMV of 55.5 billion [3][7]. - The company's rapid growth is attributed to the expansion of franchise stores and increased sales volume, with a projected revenue of 39.34 billion and adjusted net profit of 9.13 billion for 2024, reflecting a CAGR of 203% and 235% respectively from 2022 to 2024 [3][18]. - The Chinese snack and beverage market is valued at 3.7 trillion, with significant growth potential in the down-market and discount channels, where Mingming Hen Mang holds a market share of 1.5% [4][11]. Summary by Sections Company Overview - Mingming Hen Mang is recognized as a leading food and beverage retailer in China, formed by the merger of "Snacks Are Busy" and "Zhao Yiming" in November 2023, with a focus on operational efficiency and brand integration [3][7]. Industry Trends - The report highlights the ongoing penetration of the discount model in the snack market, with a fragmented retail landscape where the top five players hold only 6% market share [4][11]. Performance Metrics - Revenue and profit growth are driven by the rapid expansion of franchise stores, with a significant increase in store count from 1,902 in 2022 to 14,394 in 2024, achieving a CAGR of 175% [28][29]. - The adjusted net profit margin is expected to improve, with a stable gross margin of 7.6% and an adjusted net profit margin of 2.3% for 2024 [22][21]. Future Outlook - Key future drivers include operational efficiency improvements, upgrades in discount supermarket formats, and steady expansion into Southeast Asia, with initial steps taken in Vietnam [42][52]. - The report anticipates that the domestic discount sector has room for growth, aiming to match the overseas penetration rates of over 15% [5][61].

Investment Rating - The investment rating for Longi Green Energy is "Buy" (maintained) [1] Core Views - The company achieved a net profit attributable to shareholders of -8.618 billion yuan in 2024, falling within the forecast range, with a revenue of 82.582 billion yuan, a year-on-year decline of 36% [4][5] - The company adopted a "volume control for profit" strategy in 2024 due to intense price competition in the photovoltaic industry, resulting in a significant drop in prices across the supply chain [5] - Looking ahead, the company is expected to see a recovery in 2025 with the release of its BC products, projecting revenues of 67.6 billion yuan, a year-on-year decrease of 18.1% [6] Financial Performance Summary - In 2024, the company reported a revenue of 825.82 billion yuan and a net profit of -86.18 billion yuan, with a gross margin of 7.4% [8] - For 2025, the expected revenue is 676 billion yuan, with a projected net profit of -24 billion yuan, followed by a recovery in 2026 and 2027 with net profits of 19 billion yuan and 46 billion yuan respectively [6][8] - The company's asset-liability ratio is expected to remain below 60%, indicating a stable financial position [5] Market Outlook - The photovoltaic industry is experiencing a significant increase in production, with polysilicon, wafers, cells, and modules all seeing over 10% year-on-year growth in 2024, despite a decline in prices [5] - The company is focusing on high-value HPBC products, which are expected to lead the market, with ongoing upgrades to its production lines [5][6]

大中尺寸渗透加速，国产替代方兴未艾 华安证券研究所 分析师 王强峰 S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师 刘天其 S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 华安证券研究所 2025年5月15日 华安研究•拓展投资价值 证券研究报告 1 • 整体而言，中游面板制造厂商积极扩建高世代产线，叠层OLED等新技术商业化进程加快，下游应用多元化将加速上游材 料与设备国产化，提供需求增量。以发光材料为例，其市场规模持续扩大，据QYResearch预计，2023年全球OLED发光 层主体材料市场销售额达到了15.3亿美元，预计2030年将达到33.03亿美元，年复合增长率（CAGR）为11.6%（2024- 2030）。OLED终端材料是当前国产替代的重点难点，核心专利技术一度被海外公司垄断，据群智咨询测算，2023年 OLED有机材料（包括OLED终端材料和前端材料）整体国产材料市占率约为38%；前端材料占比较大为58%，终端材料 国产化率低，其中终端材料中通用层材料为17%左右，发光层材料不足6%， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that exceeds the market benchmark by more than 15% over the next 6-12 months [8]. Core Views - The company has reported better-than-expected performance in Q1 2025, with significant growth in its submarine cable business, which is anticipated to enter a release phase [2][8]. - The company’s revenue from submarine cable systems and marine engineering reached 3.666 billion, a year-on-year increase of 5.49%, while the revenue from land cable systems was 5.416 billion, showing a year-on-year growth of 41.52% [6]. - As of March 21, 2025, the company has a backlog of orders totaling 17.975 billion, with 8.827 billion from submarine cable systems, 6.353 billion from land cable systems, and 2.795 billion from marine engineering [6]. Financial Performance Summary - The company is projected to achieve revenues of 12.01 billion, 13.71 billion, and 14.31 billion for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 32.0%, 14.2%, and 4.4% [8]. - The expected net profit attributable to the parent company for the same years is 1.55 billion, 2.00 billion, and 2.20 billion, with year-on-year growth rates of 54.0%, 28.7%, and 10.3% [8]. - Key financial metrics for 2024A include revenue of 9.09 billion, net profit of 1.01 billion, and a gross margin of 18.8% [10]. Order Backlog and Product Classification - The company will adjust its product classification in regular reports starting in 2025, changing from "submarine cable systems, land cable systems, and marine engineering" to "power engineering and equipment cables (green transmission facilities), submarine cables and high-voltage cables (power new energy), and marine equipment and engineering operation and maintenance (deep-sea technology)" [7]. - As of April 21, 2025, the company’s order backlog is approximately 18.9 billion, with 11.5 billion from submarine cables and high-voltage cables, 4.4 billion from power engineering and equipment cables, and 3.0 billion from marine equipment and engineering operation and maintenance [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 4.531 billion yuan in 2024, a year-on-year decrease of 5.91%, while the net profit attributable to the parent company was 110 million yuan, a year-on-year increase of 123.46% [4] - In Q1 2025, the company achieved a revenue of 1.163 billion yuan, a slight increase of 0.26%, and a net profit of 30 million yuan, up by 2.90% [4] - The company is actively expanding its industrial refrigeration sector, focusing on high-end clients and leading in commercial cold chain business [5] - The acquisition business is steadily developing, with significant progress in new ventures related to energy conservation and carbon reduction [6] - The revenue forecast for 2025-2027 is adjusted to 49.97 billion yuan, 55.19 billion yuan, and 61.79 billion yuan respectively, with net profits of 1.60 billion yuan, 2.07 billion yuan, and 2.70 billion yuan [7] Financial Summary - In 2024, the company reported a gross margin of 16.9%, which is expected to increase to 18.4% by 2027 [9] - The return on equity (ROE) is projected to rise from 3.5% in 2024 to 7.6% in 2027 [9] - The earnings per share (EPS) is forecasted to grow from 0.13 yuan in 2024 to 0.32 yuan in 2027 [9] - The price-to-earnings (P/E) ratio is expected to decrease from 46.23 in 2024 to 17.23 in 2027 [9]

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the active research in life sciences and the global wave of biotechnology revolution, which is providing new solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for Biological Economy Development," indicating a trillion-yuan market potential in the biological economy [3][4]. Summary by Sections 1. Industry Market Dynamics - The synthetic biology sector has seen a decline of 8.90% in the recent week, ranking 32nd among various sectors [15]. - The synthetic biology index, which includes 58 companies, has underperformed compared to the Shanghai Composite Index and the ChiNext Index by 10.82% and 12.17%, respectively [4]. 2. Company Business Progress - Tianjin University has established the first synthetic biology and biomanufacturing college in China, aiming to cultivate innovative talents in response to the biotechnology revolution [7]. - Kasei Biotech and South Korea's 3P.COM have jointly established Hefei Hydrogen He New Materials Co., focusing on bio-based materials technology [8]. - The report mentions several projects and collaborations, including a biomass-based project by Luzhou Tianhua and Shanxi Coal Chemical Institute, and a partnership between Bio Island Laboratory and Wanhua Chemical [22][23]. 3. Industry Financing Tracking - The report notes an acceleration in financing for synthetic biology companies, with nearly a hundred companies completing new financing rounds since the beginning of 2025. For instance, Suzhou Yulu Qianxing Biotechnology completed several million yuan in Series A financing [27]. - Atlas Data Storage has raised $150 million in seed funding, setting a new record in the field, focusing on DNA storage technology [29].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights the ongoing active research in life sciences and the global wave of biotechnology revolution, which is accelerating integration into economic and social development, providing new solutions for major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for Bioeconomic Development," indicating a trillion-yuan market potential in the bioeconomy [3][4]. Summary by Sections 1. Industry Market Dynamics - The synthetic biology sector has seen a decline of 8.90% in the index during the week of May 5-9, 2025, underperforming compared to the Shanghai Composite Index and the ChiNext Index by 10.82% and 12.17%, respectively [4][15]. - The report notes that the synthetic biology index is composed of 58 listed companies across various sectors, including chemicals, pharmaceuticals, and food [4]. 2. Company Business Progress - Tianjin University has established the first synthetic biology and bio-manufacturing college among top-tier universities in China, aiming to address challenges in biotechnology and industry transformation [7]. - Kasei Biotech and South Korea's 3P.COM have jointly established Hefei Hydrogen He New Materials Co., focusing on bio-based materials technology [8]. - The report mentions several projects and collaborations, including a bio-based long-chain α-olefin synthesis project between Luzhou Chemical and Shanxi Coal Chemical Institute, and a partnership between Bio Island Laboratory and Wanhua Chemical [22][23]. 3. Industry Financing Tracking - The report indicates that financing in the synthetic biology sector is accelerating, with nearly a hundred companies completing new rounds of financing since the beginning of 2025. Notable examples include Suzhou Yulu Qianxing Biotechnology completing several million yuan in Series A financing [27][29]. - Atlas Data Storage has completed a $150 million seed round, setting a record in the field, focusing on DNA storage technology [29].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue and profit are experiencing a temporary decline due to pressure on both business segments, particularly in traditional cleaning and motor businesses, which are affected by intensified competition and fluctuations in downstream customer demand [5][6] - The company reported Q1 2025 revenue of 203 million yuan, a year-on-year increase of 16.04% and a quarter-on-quarter increase of 21.44%, with a net profit of 42 million yuan, up 35.48% year-on-year and 16.71% quarter-on-quarter [4][5] Summary by Sections Business Performance - Revenue decline is primarily due to the overall operating environment and fluctuations in downstream customer demand, with traditional cleaning facing intensified competition and a short-term decline in the motor segment [5] - The company's gross margin for Q1 was 32.22%, a year-on-year increase of 4.57 percentage points, indicating stability despite the pressure from traditional cleaning system products [5] Future Outlook - The company is expected to see revenue growth from new products such as electric motors and proactive sensing cleaning systems, which are anticipated to drive profitability upward [5][6] - Revenue projections for 2025 to 2027 are estimated at 1.101 billion, 1.337 billion, and 1.702 billion yuan respectively, with corresponding net profits of 239 million, 290 million, and 385 million yuan [7][10] Product Development - The traditional cleaning business faces challenges, but proactive sensing cleaning products are expected to open new market opportunities [8] - The motor business is expanding into various electric motor types, including high-torque harmonic brushless motors and other automotive applications, with significant projects already secured in the EPB field [8] Strategic Initiatives - The company is actively adjusting its customer structure to address the pressures in the cleaning business and is focusing on the commercialization of its micro-motor technology and intelligent cleaning solutions [7][8]