Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has achieved rapid revenue growth, with a 42.63% year-on-year increase in 2024, reaching 5.469 billion yuan, driven by an increase in market share and the expansion of OPEX business [3] - The company’s net profit for 2024 was 528 million yuan, a 31.50% increase year-on-year, with a notable rise in non-recurring net profit [4] - The OPEX business has become a significant growth driver, supported by strategic investments in core components, gas materials, and maintenance services [6][7] - Revenue forecasts for 2025 and 2026 have been adjusted to 7.317 billion yuan and 9.671 billion yuan, respectively, with corresponding net profit estimates of 749 million yuan and 1.075 billion yuan [8] Revenue Growth - In 2024, the company’s revenue was 5.469 billion yuan, with significant contributions from the integrated circuit sector, which accounted for 50.8% of total revenue [3] - The OPEX business revenue share increased to 31.0% in 2024, with a further rise to 43% in Q1 2025, indicating a strong growth trajectory [3][5] Profitability - The company’s gross margin for 2024 was 26.02%, with a slight decrease from the previous year, while the net profit margin remained stable [4] - In Q1 2025, the gross margin was 26.40%, reflecting a minor decline, but the net profit showed a significant increase of 38.23% year-on-year [5] Strategic Business Development - The company is focusing on enhancing its competitive edge in CAPEX while expanding its OPEX business, which includes core components and gas materials [6] - The OPEX business is supported by a robust supply chain and strategic partnerships with leading semiconductor equipment manufacturers [7] Financial Projections - The company’s revenue projections for 2025 and 2026 are set at 7.317 billion yuan and 9.671 billion yuan, with net profits expected to reach 749 million yuan and 1.075 billion yuan, respectively [8][10] - The estimated EPS for 2025 and 2026 is projected to be 2.56 yuan and 3.68 yuan, respectively, indicating strong earnings growth [8][10]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 16.82 billion yuan for 2024, representing a year-over-year increase of 14.84%, with a net profit attributable to shareholders of 1.05 billion yuan, up 7.75% year-over-year [1][3] - The company has maintained a high growth rate in exports, while the decline in domestic sales has narrowed [2] - The profit margin improved in Q1 2025, with a gross profit margin of 22.42%, an increase of 0.50 percentage points year-over-year [2] Revenue Summary - For 2024, the total revenue was 16.82 billion yuan, with a year-over-year growth of 14.84% [1] - The revenue forecast for 2025 is adjusted to 18.06 billion yuan, reflecting a year-over-year increase of 7.35% [3] - The revenue projections for 2026 and 2027 are 19.24 billion yuan and 20.51 billion yuan, respectively, with growth rates of 6.57% and 6.58% [3] Profit Summary - The net profit attributable to shareholders for 2024 was 1.05 billion yuan, with a year-over-year increase of 7.75% [1] - The forecasted net profits for 2025, 2026, and 2027 are 1.18 billion yuan, 1.26 billion yuan, and 1.39 billion yuan, respectively, with growth rates of 12.06%, 6.40%, and 10.74% [3] - The earnings per share (EPS) for 2025 is projected to be 1.45 yuan, with corresponding price-to-earnings (PE) ratios of 8.95, 8.41, and 7.59 for 2025, 2026, and 2027 [3][9] Financial Metrics - The gross profit margin for 2024 was 20.91%, with a slight decrease of 1.82 percentage points year-over-year [2] - The net profit margin for 2024 was 6.26%, down 0.41 percentage points year-over-year [2] - The company’s operating expenses as a percentage of sales for Q1 2025 were 3.90% for sales, 5.80% for management, and 3.36% for R&D [2]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a revenue of 20.983 billion yuan in 2024, reflecting a year-on-year growth of 3.0%, and a net profit attributable to shareholders of 3.556 billion yuan, up 5.9% [1] - The first quarter of 2025 saw a revenue of 6.026 billion yuan, representing a 16.0% increase, and a net profit of 1.050 billion yuan, which is a 16.7% rise [1] - The company is expected to achieve revenues of 23.430 billion yuan and 25.960 billion yuan in 2025 and 2026, respectively, with corresponding growth rates of 11.7% and 10.8% [4] Business Performance - In 2024, the revenue from various business segments was as follows: refractive (7.60 billion yuan, +2.3%), vision care (5.28 billion yuan, +6.4%), cataract (3.49 billion yuan, +4.9%), anterior segment (1.90 billion yuan, +6.0%), and posterior segment (1.50 billion yuan, +8.2%) [2] - The company achieved an outpatient volume of 16.94 million visits and performed 1.29 million surgeries in 2024, marking increases of 12.1% and 9.4%, respectively [3] Financial Projections - The projected earnings per share (EPS) for 2025 and 2026 are 0.44 yuan and 0.50 yuan, respectively, with a net profit forecast of 4.070 billion yuan and 4.649 billion yuan [4] - The company’s gross margin is expected to stabilize around 49.8% in 2025 and improve to 50.1% in 2026 [9] Market Position - The company has established a global medical service network with 974 facilities worldwide, including 811 in mainland China [3] - The overseas revenue reached 2.63 billion yuan in 2024, accounting for 12.5% of total revenue, indicating a growing international presence [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 15.57 billion yuan in 2024, a year-on-year decrease of 7.78%, and a net profit attributable to shareholders of 248 million yuan, down 24.07% year-on-year [2] - The company is facing operational pressure due to weak overall industry demand and intensified competition, but performance is expected to gradually improve with national subsidies and increased industry concentration favoring leading companies [2][5] - The company has maintained a leading position in product innovation with over 1,600 patents, and the recent increase in consumer subsidies is anticipated to boost downstream demand [5] Summary by Sections Financial Performance - In 2024, the company's overall revenue declined, with smart home products accounting for 85.24% of total revenue despite a 7.39% year-on-year decrease [3] - The gross margin for 2024 decreased by 3.37 percentage points to 47.98%, primarily due to intensified competition and accounting adjustments [4] - The company plans to distribute a cash dividend of 2 yuan per 10 shares (tax included) [2] Market Position and Strategy - The company is enhancing its online sales channels and optimizing offline channels to cope with market pressures, with a focus on new product iterations [3] - The company has launched several new products, including the GW-129 and GW-118 series, to strengthen its position in the smart drying sector [3] Future Outlook - Revenue forecasts for 2025-2027 are adjusted to 16.35 billion yuan, 18.22 billion yuan, and 20.65 billion yuan respectively, with corresponding EPS estimates of 0.68 yuan, 0.76 yuan, and 0.90 yuan [7] - The company is expected to benefit from the rapid development of the smart home sector and its status as a leading player [7]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported impressive revenue growth, with 2024 revenue reaching 24.71 billion yuan, a year-on-year increase of 41.14%, and a net profit of 2.11 billion yuan, up 30.93% year-on-year [1] - In Q1 2025, the company achieved revenue of 5.99 billion yuan, reflecting a year-on-year growth of 36.91%, and a net profit of 0.50 billion yuan, which is a significant increase of 59.57% year-on-year [1] Revenue Performance - In 2024, the charging and energy storage products generated revenue of 12.67 billion yuan, up 47.23% year-on-year, with the energy storage segment alone achieving 3.02 billion yuan, a remarkable growth of 184.00% [2] - The online sales channel in 2024 generated 17.60 billion yuan, a year-on-year increase of 71.23%, with independent sites contributing 2.50 billion yuan, up 101.34% [2] - The company’s domestic revenue in 2024 was 0.88 billion yuan, up 38.71% year-on-year, while overseas revenue reached 23.83 billion yuan, growing by 41.23% year-on-year [3] Profitability and R&D Investment - The gross margin for 2024 was 43.67%, a slight increase of 0.14 percentage points year-on-year, while Q1 2025 gross margin was 43.28%, down 1.84 percentage points year-on-year [4] - The company invested 2.11 billion yuan in R&D in 2024, marking a year-on-year increase of 49.13% [4] Future Earnings Forecast - The company’s projected revenue for 2025 and 2026 is 31.00 billion yuan and 40.26 billion yuan, respectively, with a year-on-year growth of 25.5% and 29.9% [11] - Expected net profit for 2025 and 2026 is 2.60 billion yuan and 3.55 billion yuan, reflecting year-on-year growth of 23.0% and 36.3% [11] - The estimated EPS for 2025 and 2026 is 4.90 yuan and 6.67 yuan, respectively [11]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 22.43 billion yuan in 2024, a year-on-year increase of 5.27%, and a net profit attributable to shareholders of 2.24 billion yuan, up 2.97% year-on-year [2] - The company plans to distribute a cash dividend of 28.10 yuan per 10 shares, totaling 2.24 billion yuan, with a cash dividend payout ratio of 99.74% [2] - For Q1 2025, the company reported a revenue of 5.79 billion yuan, a year-on-year increase of 7.59%, and a net profit of 497 million yuan, up 5.82% year-on-year [2] Summary by Sections Sales Performance - Domestic sales remained stable with a revenue of 14.93 billion yuan in 2024, a slight decline of 1.21% year-on-year, while external sales grew significantly to 7.50 billion yuan, an increase of 21.07% year-on-year [3] - In Q1 2025, the kitchen small appliances sector saw online sales growth in various categories, including rice cookers and health pots, with increases ranging from 4.9% to 26.6% [3] Profitability and Cost Control - The company's gross margin for 2024 was 24.65%, a decrease of 0.63 percentage points year-on-year, with domestic gross margin at 27.69% and external gross margin at 18.62% [4] - The net profit margin for 2024 was 10.01%, down 0.22 percentage points year-on-year, while Q1 2025 net profit margin was 8.56%, a decrease of 0.18 percentage points year-on-year [4] Financial Forecast and Valuation - The company is expected to achieve revenues of 23.64 billion yuan, 24.72 billion yuan, and 25.66 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.38 billion yuan, 2.51 billion yuan, and 2.64 billion yuan [5] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 2.97 yuan, 3.13 yuan, and 3.29 yuan respectively, with a price-to-earnings (PE) ratio of 19, 18, and 17 times [5]

证券研究报告|公司点评报告 复旦微电发布 2025 年一季报，25Q1 实现营业收入 8.88 亿元 （同比-0.54%），实现归属于上市公司股东的净利润 1.36 亿元 （同比-15.55%），实现归属于上市公司股东的扣除非经常性损 益的净利润 1.33 亿元（同比-14.21%，环比+67.28%）。综合毛 利率为 58.14%。整体来看，公司 FPGA 及智能电表业务保持增 长，但受非挥发存储器业务下滑及减值损失增加影响，整体业 绩同比承压，但扣非净利润环比显著改善。 ► 毛利率同比提升，研发投入保持高位 期间费用：25Q1 公司期间费用率为 39.86%，同比+0.67pct。 其中，销售、管理、研发、财务费率分别为 6.76%、4.27%、 27.92%、0.85% ，同比 基本 持平、+0.25pct、+0.44pct、- 0.18pct。公司研发投入占营收比例为 30.09%，虽比例同比略 有下降（-2.19pct），但仍维持较高水平，持续高强度的研发投 入有助于保持公司在产品和技术上的先发优势与创新能力。 [Table_Date] 2025 年 04 月 29 日 [Table_Title] ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for 2024 are projected to be 1.002 billion, 185 million, and 171 million yuan respectively, showing year-on-year growth of 21.75%, 41.67%, and 25.04% [2] - The significant growth in net profit is attributed to the company's active market expansion, product structure optimization, and accelerated overseas capacity ramp-up [2] - The company plans to distribute a cash dividend of 1.97 yuan per 10 shares, with a dividend payout ratio of 15.06% and a dividend yield of 0.80% [3] Financial Performance Summary - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 357 million, 96 million, and 86 million yuan respectively, representing year-on-year growth of 30.40%, 148.29%, and 53.80% [2] - The gross margin, net profit margin, and net profit margin excluding non-recurring items for 2024 are projected to be 33.72%, 18.47%, and 17.07% respectively, with year-on-year changes of -0.12%, +2.6%, and +0.42 percentage points [6] - The company experienced a 35% increase in inventory year-on-year, with inventory turnover days decreasing by 20 days [8] Investment Recommendations - In the short term, the company's main product, outdoor inflatable mattresses, is expected to maintain a revenue growth rate of over 20% due to new customer orders [9] - In the medium term, the insulated hard box and water sports products are anticipated to become new growth points, with high growth expected this year [9] - Long-term prospects remain strong due to the company's robust R&D capabilities in new materials and ongoing expansion in overseas markets, with revenue forecasts for 2025 and 2026 at 1.394 billion and 2.008 billion yuan respectively [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong performance in its outdoor business and G2 segment, with significant growth in revenue and net profit [2][4] - The G2 Touch acquisition is expected to continue contributing positively to the company's performance, particularly in the automotive sector [8] - The company is launching innovative outdoor smart equipment, which is anticipated to enhance brand strength and profitability [8] Financial Summary - For 2024, the company's revenue is projected to be 1.592 billion, with a year-on-year growth of 14.4%, and net profit is expected to reach 107 million, reflecting a 48.5% increase [10] - The gross margin for 2024 is estimated at 47.4%, slightly down from the previous year, while the net profit margin is expected to improve to 6.7% [5][10] - The company plans to distribute a cash dividend of 0.12 per 10 shares, resulting in a dividend payout ratio of 9.6% [2] Business Performance - The outdoor segment's revenue for 2024 is expected to be 1.369 billion, with a net profit of 124 million, marking an 8.91% and 135.1% year-on-year growth respectively [4] - The G2 Touch segment is projected to generate 189.4 million in revenue for 2024, with a significant net profit contribution [5] - The company has successfully improved its inventory turnover days, indicating better inventory management [7] Future Projections - Revenue forecasts for 2025 and 2026 are set at 2.011 billion and 2.280 billion respectively, with net profits expected to be 237 million and 276 million [10] - The company anticipates maintaining a strong growth trajectory, with EPS estimates of 0.27 for 2025 and 0.31 for 2026 [10]

Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company achieved a revenue of 20.1 billion yuan in FY24, representing a year-on-year increase of 7.5%, with a shareholder loss of 0.691 billion yuan, an improvement from a loss of 1.050 billion yuan in the same period last year [2] - The raw milk business showed strong growth, while the ruminant animal breeding solutions business faced challenges, with revenues of 15.1 billion yuan and 5 billion yuan respectively for FY24, reflecting year-on-year changes of +17.0% and -13.7% [3] - The company’s cash EBITDA for FY24 reached 5.32 billion yuan, a significant increase of 38.3% year-on-year, indicating strong operational performance despite accounting losses from biological asset impairments [4] - The raw milk price is expected to enter a reversal cycle, with the company positioned to benefit as a leading player in the industry, anticipating a recovery in demand alongside supply-side adjustments [5] Summary by Sections Revenue and Profitability - The company’s revenue for FY24 was 20.1 billion yuan, with a projected revenue of 10.05 billion yuan for H2 FY24, showing a year-on-year increase of 4.6% [2] - The gross margin for FY24 was 28.8%, an increase of 4.9 percentage points year-on-year, attributed to lower raw material prices and improved operational management [4] Business Segments - The raw milk segment achieved a revenue of 15.1 billion yuan in FY24, with a volume of 3.6695 million tons, a year-on-year increase of 24.6%, while the average selling price (ASP) decreased by 6.1% to 4.12 yuan/kg [3] - The company has increased its dairy cow inventory to 622,000 heads, a year-on-year increase of 6.7%, enhancing its production capacity [3] Future Outlook - The company has adjusted its revenue forecasts for FY25 and FY26 to 22.25 billion yuan and 24.49 billion yuan respectively, with an additional forecast for FY27 at 25.79 billion yuan [6] - The expected earnings per share (EPS) for FY25 and FY26 have been revised to 0.17 yuan and 0.28 yuan respectively, with a new forecast for FY27 at 0.38 yuan [7]