证券研究报告|港股公司点评研究报告 [Table_Date] 2025 年 03 月 12 日 [Table_Title] 扣除拨备影响后净利增 30%，推出超品店 [Table_Title2] 361 度(1361.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1361 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 4.85/3.15 | | 目标价格： | | 总市值(亿港元) | 94.91 | | 最新收盘价： | 4.59 | 自由流通市值(亿港元) | 94.91 | | | | 自由流通股数(百万) | 2,067.68 | [Table_Summary] 事件概述 2024 年公司收入/归母净利/经营性现金流净额分别为 100.74/11.49/0.70 亿元、同比增长 19.6%/19.5%/- 82.9%，符合市场预期，且扣除减值损失拨备归母净利为 11.91 亿元、同比增长 30%，经营现金流下降主要由于 春节备货导致存货增加。拟派发末期股息每股 0.1 港元（0.096 ...

Investment Rating - The semiconductor equipment industry is rated as "Recommended" [2] Core Insights - The acquisition of a 9.49% stake in ChipSource by North Huachuang for 1.687 billion yuan signifies a major step in industry consolidation [1] - The transaction price of 88.48 yuan per share is attractive, with the estimated valuation significantly lower than other domestic competitors [2] - North Huachuang's acquisition is expected to enhance its platform strategy and improve overall competitiveness in the semiconductor equipment sector [2][3] - The entry of industry leaders into ChipSource is likely to accelerate the domestic replacement of Track equipment, which has been slower than market expectations [3] - The acquisition marks the beginning of a wave of mergers and acquisitions in the semiconductor equipment sector, reflecting the government's emphasis on breakthroughs in core technologies [4] Summary by Sections Event Overview - On March 10, North Huachuang and ChipSource announced the transfer of shares, with North Huachuang aiming to gain control over ChipSource through further acquisitions [1] Business Synergy - North Huachuang's main products include etching, thin film deposition, and other core equipment, while ChipSource specializes in Track and bonding equipment, enhancing the overall product offering [2] Industry Dynamics - The acquisition is seen as a response to the government's focus on domestic production capabilities in the semiconductor sector, with expectations of further consolidation among leading companies [4] Investment Recommendations - Beneficiaries in the front-end equipment segment include ChipSource, North Huachuang, and others, while back-end testing equipment and component manufacturers are also highlighted as potential investment opportunities [5]

Investment Rating - Industry rating: Recommended [5] Core Viewpoints - The clean appliance industry continues to experience high prosperity driven by national subsidies, with significant growth in both online and offline channels for sweeping robots and floor washers [3][18] - The market for sweeping robots shows a price-volume increase, with the most popular price range being 3,000 to 4,000 yuan, while high-end demand remains resilient [8][15] - The introduction of new sweeping robots with mechanical arms by companies like Stone and Chasing is expected to enhance product evolution and penetration rates [3][34] Summary by Sections Sweeping Robots - Market Size: Driven by national subsidies, the sweeping robot market saw online sales reach 1.9 billion yuan in January-February 2025, a year-on-year increase of 72%, with online sales volume at 590,000 units, up 58% [8] - Price Segmentation: The 3,000-4,000 yuan price range is the most mainstream, with a strong demand for high-end models priced above 5,000 yuan, while low-end models below 2,500 yuan continue to shrink [14][15] - Brand Share: Ecovacs leads the market, while Stone's market share significantly rebounded due to the P20 PRO model [15] Floor Washers - Market Size: The floor washer market also maintains high prosperity, with online sales reaching 1.6 billion yuan in January-February 2025, a year-on-year increase of 38%, and online sales volume at 810,000 units, up 48% [18] - Price Trends: The online average price for floor washers decreased by 7% year-on-year to 1,980 yuan, while offline prices increased by 2% to 3,207 yuan [25] - Brand Share: Tineco remains the market leader, with significant share increases for brands like Chasing and Stone [29]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4][6][18]. Core Insights - The company experienced a temporary pressure on performance in 2024, with revenue declining by 6.99% year-on-year to 652 million yuan, and a net loss of 204 million yuan, which is an increase in losses by 419% year-on-year. The decline in revenue is attributed to the ongoing destocking cycle among end customers and a slower-than-expected recovery in downstream demand [1][2][4]. - Despite the challenges, the company demonstrated resilience compared to overseas competitors, with expectations for recovery in demand from sectors such as telecommunications, industrial control, and automotive in 2025. The inventory levels are gradually returning to normal, which is anticipated to improve revenue and gross margins [2][4]. - The introduction of new products, such as the PH1P from the Phoenix series, is aimed at expanding into new markets and customer segments, particularly in industrial control and automotive applications [3][4]. Summary by Sections Company Overview - The company is a leading domestic FPGA manufacturer, established in 2011, with a product range that includes FPGA chips, FPSoC, and specialized EDA software. Its products are widely used in various sectors including industrial control, network communication, consumer electronics, data centers, and smart automotive electronics [13][14]. Financial Forecast - Revenue projections for 2024 to 2026 are 652 million yuan, 818 million yuan, and 1.01 billion yuan, respectively, with year-on-year changes of -7.0%, +25.7%, and +23.4%. The net profit forecasts for the same period are -204 million yuan, -200 million yuan, and -167 million yuan [4][10][14]. - The report anticipates improvements in gross margins, with expectations of 31.0% in 2024, 38.1% in 2025, and 40.6% in 2026 [10][22]. Relative Valuation - The report compares the company with peers such as Zhaoyi Innovation, Fudan Microelectronics, and Unisoc, with a projected price-to-sales (PS) ratio of 22x for 2024, 18x for 2025, and 14x for 2026. The average PS ratio for comparable companies is noted to be around 21x for 2025 [18][19].

[Table_Date] 2025 年 03 月 11 日 [Table_Title] 2025 年 2 月清洁电器月报：高景气延续，石 头份额环比显著回升 [Table_Title2] 家电行业月报 [Table_Summary] 报告摘要: 扫地机：国补拉动下延续量价齐升，石头份额环比显著回 升。国补拉动下延续 24Q4 高增趋势，线上和线下渠道均实现 显著增长。扫地机器人品类补贴力度在 10-20%之间，更利好 中高端机型，整体市场规模表现出量价齐升的局面。拆分价 格段看 3k-4k 为最主流价位，消费者追求质价比，5k 以上高 端需求韧性强，2500 以下低端价位持续收缩。科沃斯份额仍 为首位，P20 PRO 带动石头份额环比 24 年 12 月显著回升。 洗地机：高景气延续，线上均价降幅收窄。双寡头垄断格 局，CR5 有所提升。国补拉动下维持高景气，线上销量增速 仍快于销额，但线上洗地机价格同比下滑幅度收窄至个位 数，线下均价同比已转正。添可仍为龙一，追觅、石头、小 米、UWANT 份额同比均有明显提升。石头份额提升主要系 A30 PRO 拉动，A30 PRO 主打超薄躺平、20000pa 顶配吸力 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for its stock performance relative to the market [6][4][18]. Core Insights - The company experienced a temporary decline in performance in 2024, with revenue of 652 million yuan, a year-on-year decrease of 6.99%, and a net loss of 204 million yuan, which represents an expanded loss of 4.19% compared to the previous year. The decline in revenue is attributed to ongoing inventory destocking by end customers and a slower-than-expected recovery in downstream demand [1][2][4]. - Despite the challenges, the company demonstrated resilience compared to overseas competitors, with expectations for recovery in demand from sectors such as telecommunications, industrial control, and automotive in 2025. The report anticipates improvements in revenue and gross margin as inventory levels normalize and the share of the Phoenix product line increases [2][4]. - The company is actively launching new products, such as the Phoenix series high-performance PH1P, which targets various applications including embedded control and machine vision. Additionally, the company is enhancing its automotive-grade FPGA ecosystem to meet the demands of new energy and intelligent driving [3][4]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 652 million yuan, 818 million yuan, and 1.01 billion yuan, reflecting year-on-year changes of -7.0%, +25.7%, and +23.4% respectively. The net profit forecasts for the same years are -204 million yuan, -200 million yuan, and -167 million yuan [4][10][14]. - The report highlights that the company is positioned as a leading domestic FPGA provider, with an increasing market share and product adoption, particularly as downstream demand begins to recover [4][18]. Product and Market Position - The company has established itself as a leader in the domestic FPGA market, with a diverse product portfolio that includes the ELF, EAGLE, and PHOENIX series, catering to various applications in industrial control, network communication, and high-performance computing [13][14]. - The introduction of new products and enhancements to existing lines are expected to drive future growth, particularly in the automotive sector, where the company is developing high-performance FPGA devices compliant with automotive standards [3][4].

证券研究报告|公司动态报告 [Table_Date] 2025 [Table_Date] 年2025 03 月年1003日月 10 日 [Table_Title] 印尼优势凸显，期待嘉乐助力新增长 [Table_Title2] 开润股份(300577) [Table_Summary] ►投资建议 站在目前时点，我们认为公司的印尼先发布局优势愈发 凸显，构成目前主要贡献点的 2B 箱包代工业务仍有利润弹性 空间，嘉乐成长性刚刚开启，2C 端运营主导权的变化带来盈 利提升空间。（1）根据我们测算，24 年 2B 业务有望实现高 双位数增长、且净利率 25 年依然存在修复空间，主要来自产 能利用率修复和汇兑影响减弱，公司 2B 业务核心优势来自印 尼布局，核心驱动在于净利率修复、下游补库存、公司老客 户份额有望提升以及新客户拓展存在空间。（2）根据我们测 算，2C 业务核心驱动在于小米业务分成模式变化带来的利润 率提升。（3）收购上海嘉乐进入服装代工更大赛道，打开公 司第二增长曲线，且净利率仍存在修复空间。维持盈利预测, 预计 24/25/26 年收入为 42.98/60.69/69.70 亿元；预计 24/25/ ...

Core Insights - The low-altitude economy is expected to drive the transformation and upgrading of China's economic structure, with a market size projected to exceed 6 trillion yuan by 2035 according to the National Integrated Transportation Network Planning Outline [4][19] - Continuous airspace reform provides strong support for the development of the low-altitude economy, with the establishment of a national airspace classification method and the introduction of a dedicated low-altitude economic development department [5][19] - Central and local policies are accelerating deployment, with the first batch of six low-altitude pilot cities already established and a second batch expected to be announced soon [6][19] - The low-altitude application scenarios are diverse, with commercial operations projected to generate over 300 billion yuan in revenue by 2035, driven by demand for eVTOL aircraft and other low-altitude services [7][19] - Infrastructure investment in low-altitude flight is expected to exceed 1 trillion yuan annually, with significant investments planned for takeoff and landing facilities and air traffic management systems [8] Industry Overview - The low-altitude economy encompasses a range of industries, including high-end manufacturing, new energy, and new materials, and is characterized by its strong integration with various sectors [14] - The low-altitude economy is supported by a comprehensive policy framework, with numerous government documents outlining strategic goals and action plans since 2010 [18] - The airspace management reform is crucial for the prosperity of the low-altitude economy, with pilot programs being implemented in key cities to enhance airspace utilization [23] Application Scenarios - The low-altitude economy features rich application scenarios, including consumer, transportation, operational, and emergency safety applications, with significant market potential in leisure, logistics, and public services [26][33] - Current commercial applications are primarily focused on logistics, agriculture, and tourism, with a growing emphasis on integrating low-altitude services into various industries [33] Key Companies and Investment Opportunities - Beneficiary companies in the low-altitude economy include those involved in infrastructure construction (e.g., Huase Group, Sujiao Science and Technology), eVTOL manufacturers (e.g., EHang, XPeng), and suppliers of composite materials and batteries [10] - The eVTOL and drone sectors are expected to play a leading role in the low-altitude economy, with significant growth anticipated in both manufacturing and operational capabilities [28][30]