鼎阳科技（688112.SH）2024 年年报&2025 年一季报点评 高端突破稳盈利，研发销售双轮赋能升级 2025 年 04 月 25 日 ➢ 鼎阳科技发布 2024 年年报和 2025 年一季报。2025 年 4 月 23 日，公司 发布 2024 年年报和 2025 年一季报。2024 年实现收入 4.97 亿元，同比增长 2.93%；归母净利润 1.12 亿元，同比下降 27.79%；扣非净利润 1.10 亿元，同 比下降 28.87%，主要系公司持续增加研发投入、提高市场推广力度导致费用增 长，汇率波动导致汇兑损失增加，2024 年内确认的政府补助减少所致。1Q25 实 现收入 1.32 亿元，同比增长 26.93%；归母净利润 0.41 亿元，同比增长 33.96%； 扣非净利润 0.4 亿元，同比增长 34.00%。1Q25 公司整体毛利率为 61.80%，持 续保持较高水平，净利率为 30.87%，同比提升 1.62pct。由于公司高端产品毛 利率较高，高端产品营业收入的高速增长进一步加强了公司整体的盈利能力。 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 04 月 2 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - In 2024, the company achieved an operating revenue of 29.859 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 5.342 billion yuan, up 17.1% year-on-year [1]. - The company plans to distribute a dividend of 0.8 yuan per share for 2024, resulting in a dividend payout ratio of 35.67% and a dividend yield of 4.6% based on the closing price on April 24, 2025 [2]. - The coal business saw an increase in both volume and price, with a gross margin improvement of 3.7 percentage points to 58.2% [2]. - The power segment benefited from the growth of renewable energy, with total electricity sales increasing by 32.8% year-on-year, although the gross margin decreased by 2.7 percentage points to 31.9% [3]. - The aluminum segment experienced a rise in prices, leading to a gross margin increase of 2.2 percentage points to 17.7% [4]. Financial Summary - The company forecasts net profits of 5.841 billion yuan, 6.216 billion yuan, and 6.703 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.61 yuan, 2.77 yuan, and 2.99 yuan [4][5]. - The projected PE ratios for 2025, 2026, and 2027 are 7, 7, and 6 respectively [5]. - The company expects operating revenues to grow to 31.205 billion yuan in 2025, reflecting a growth rate of 4.5% [5].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company achieved a revenue of 497 million yuan in 2024, a year-on-year increase of 2.93%, while the net profit attributable to shareholders decreased by 27.79% to 112 million yuan due to increased R&D and marketing expenses, exchange rate fluctuations, and a reduction in government subsidies [1]. - In Q1 2025, the company reported a revenue of 132 million yuan, a year-on-year increase of 26.93%, and a net profit of 41 million yuan, up 33.96% year-on-year, indicating strong growth in high-end product sales [1][2]. - The company's high-end product revenue grew by 13.40% in 2024 and 86.60% in Q1 2025, contributing to an increase in average product prices [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 497 million yuan and a net profit of 112 million yuan, with a projected revenue of 633 million yuan and a net profit of 162 million yuan for 2025 [5][10]. - The company’s gross margin for Q1 2025 was 61.80%, with a net profit margin of 30.87%, reflecting strong profitability [1]. Product Development - The company has been focusing on high-end product development, with significant improvements in product structure and sales management, leading to a 70.92% increase in domestic high-resolution digital oscilloscope revenue in 2024 [2][3]. - R&D investment reached 11 million yuan in 2024, accounting for 21.81% of revenue, indicating a commitment to innovation [3]. Market Outlook - The report anticipates revenue growth to 630 million yuan in 2025, 800 million yuan in 2026, and 1 billion yuan in 2027, with corresponding net profits of 162 million yuan, 227 million yuan, and 290 million yuan [4][5]. - The company is expected to benefit from the rapid development of downstream sectors such as commercial communication, defense, aerospace, and electronics, enhancing its competitive position in the international market [4].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the embedded computing industry and expansion into drone and AI sectors [5]. Core Insights - The company reported a significant increase in orders, with a year-on-year growth of 174% in hand orders by the end of Q1 2025, driven by a surge in customer demand [3]. - The company achieved a revenue of 440 million yuan in 2024, a decrease of 33.9% year-on-year, while the net profit attributable to shareholders dropped by 79.8% to 20 million yuan [3]. - In Q1 2025, the company recorded a revenue of 80 million yuan, representing a year-on-year increase of 64.7%, and turned a profit with a net profit of 10 million yuan [3]. Summary by Sections Financial Performance - In 2024, the company’s revenue was 440 million yuan, with a gross margin of 44.8%, although the net margin fell to 4.4% due to impacts from investment income and other non-operating items [3][4]. - The company’s expenses decreased by 19.8% to 170 million yuan in 2024, but the expense ratio increased by 6.9 percentage points to 39.0% [5]. - The operating cash flow improved to 60 million yuan in 2024, compared to 10 million yuan in 2023 [5]. Order and Product Performance - The company saw a substantial increase in orders, with the fastest growth in the embedded systems for missiles, which surged by 760% [3]. - In 2024, the revenue breakdown by product showed that airborne systems generated 280 million yuan (64% of total revenue), while drone and commercial aerospace revenues grew by 88.5% and 89.5%, respectively [4]. Future Projections - The company is expected to achieve net profits of 120 million yuan, 179 million yuan, and 238 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 36x, 24x, and 18x [5][7].

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company reported a significant increase in revenue for Q1 2025, with a year-over-year growth of 347.5%, while the full-year revenue for 2024 was 2.75 billion, down 22.9% year-over-year [2][3]. - The company expects a strong recovery in 2025, projecting a revenue of 5 billion, representing an 82% year-over-year increase, and a profit of 300 million, up 261.9% [2][4]. - The company is positioned as a core player in the navigation control and ammunition information technology sectors, focusing on smart integration and military communication [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.75 billion, with a net profit of 60 million, reflecting a decline of 69.3% year-over-year [2][3]. - The company's Q1 2025 revenue was 350 million, with a net loss of 17 million, an improvement from a loss of 50 million in Q1 2024 [2][3]. Operational Insights - The company’s operational plan for 2025 is optimistic, with a significant increase in expected sales to 5 billion and a profit target of 300 million [2][4]. - The company’s gross margin for 2024 was 22.6%, down 2.2 percentage points year-over-year, while the net margin was 3.2%, down 3.8 percentage points [2][4]. Future Projections - The company forecasts revenues of 5.17 billion in 2025, 6.7 billion in 2026, and 8.36 billion in 2027, with respective growth rates of 88.1%, 29.7%, and 24.8% [6][12]. - The projected net profit for 2025 is 261 million, with significant growth expected in subsequent years [6][12]. Market Position - The company is recognized as a leader in its industry, focusing on the trends of automation and intelligence in military applications [4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 103.16 CNY per share on April 24, 2025 [6]. Core Insights - The company reported significant year-on-year growth in revenue and profit for Q1 2025, with revenue reaching 6.792 billion CNY, up 20.26% year-on-year, and net profit attributable to shareholders at 582 million CNY, up 51.32% year-on-year [1][2]. - The company is accelerating its internationalization process, with overseas orders exceeding 5 billion CNY, a year-on-year increase of over 120% [4]. - The company is focusing on three main business segments: smart cockpit, intelligent driving, and connected services, all of which are experiencing strong growth and technological innovation [3]. Revenue and Profit Growth - In Q1 2025, the company's revenue was 67.92 billion CNY, with a gross margin of 20.52%, an increase of 1.61 percentage points year-on-year [2]. - The net profit margin reached 8.57%, up 1.76 percentage points year-on-year, indicating improved profitability [2]. Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion CNY in 2024, growing 15.36% year-on-year, with new orders exceeding 16 billion CNY annually [3]. - The intelligent driving segment achieved revenue of 2.074 billion CNY in 2024, a year-on-year increase of 63.06% [3]. - The connected services segment reported revenue of 7.314 billion CNY in 2024, up 27.99% year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 33.431 billion CNY, 40.081 billion CNY, and 47.846 billion CNY for the years 2025, 2026, and 2027, respectively [5][10]. - Net profit attributable to shareholders is expected to be 2.728 billion CNY, 3.162 billion CNY, and 3.790 billion CNY for the same years [5][10]. - Earnings per share (EPS) are forecasted to be 4.92 CNY, 5.70 CNY, and 6.83 CNY for 2025, 2026, and 2027, respectively [5][10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 103.16 CNY per share on April 24, 2025 [6]. Core Insights - The company reported significant year-on-year growth in revenue and profit for Q1 2025, with revenue reaching 6.792 billion CNY, up 20.26% year-on-year, and net profit attributable to shareholders at 582 million CNY, up 51.32% year-on-year [1][2]. - The company is accelerating its internationalization process, with overseas orders exceeding 5 billion CNY, a year-on-year increase of over 120% [4]. - The company is focusing on three main business segments: smart cockpits, intelligent driving, and connected services, all of which are experiencing strong growth and technological innovation [3]. Revenue and Profit Growth - In Q1 2025, the company's revenue was 67.92 billion CNY, with a gross margin of 20.52%, reflecting a year-on-year increase of 1.61 percentage points [2]. - The net profit margin reached 8.57%, up 1.76 percentage points year-on-year, indicating improved profitability [2]. Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion CNY in 2024, growing 15.36% year-on-year, with new orders exceeding 16 billion CNY annually [3]. - The intelligent driving segment achieved revenue of 2.074 billion CNY in 2024, a year-on-year increase of 63.06% [3]. - The connected services segment reported revenue of 7.314 billion CNY in 2024, up 27.99% year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 33.431 billion CNY in 2025, 40.081 billion CNY in 2026, and 47.846 billion CNY in 2027, with corresponding net profits of 2.728 billion CNY, 3.162 billion CNY, and 3.790 billion CNY respectively [5][9]. - Earnings per share (EPS) are expected to rise from 4.92 CNY in 2025 to 6.83 CNY in 2027, with a price-to-earnings (PE) ratio decreasing from 21 in 2025 to 15 in 2027 [5][9].

新易盛（300502.SZ）2024 年年报及 2025 年一季报点评 25Q1 业绩超预期，AI 驱动高端光模块需求高增 2025 年 04 月 24 日 ➢ 事件：4 月 22 日，公司发布 2024 年年报及 2025 年一季报。2024 年全年 实现营收 86.47 亿元，同比增长 179.2%，实现归母净利润 28.38 亿元，同比增 长 312.26%，实现扣非归母净利润 28.30 亿元，同比增长 317.59%。2025 年一 季度来看，单季度实现营收 40.52 亿元，同比增长 264.1%，实现归母净利润 15.73 亿元，同比增长 384.5%，实现扣非归母净利润 15.69 亿元，同比增长 383.10%。 ➢ AI 需求驱动，2024 年及 2025 年一季度业绩持续保持高增长趋势：公司 2024 年和 2025 年一季度营收分别实现同比增长 179.2%和 264.1%，主要受益 于 AI 驱动下游客户算力侧投资持续增长，持续推高高端光模块需求。2024 年营 收按地区拆分，1）国外：2024 年实现营收 68.05 亿元，同比增长 162.3%，营 收占比达 78.7%；2）国内 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [3]. Core Viewpoints - The company achieved a revenue of 797 million yuan in 2024, representing a year-on-year growth of 26.42%. However, the net profit attributable to shareholders decreased by 30.51% to 56 million yuan due to intensified product price competition [1]. - The establishment of the Thailand production base is expected to enhance the company's competitive strength by avoiding tariff impacts and expanding product capacity. The first phase of the Thailand project has commenced production, with an estimated annual revenue of 400 million yuan from the new synthetic vanillin production line [2]. - The company is projected to see significant profit growth in the coming years, with net profits expected to reach 260 million yuan in 2025, 342 million yuan in 2026, and 406 million yuan in 2027, reflecting a recovery from the previous year's decline [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 797 million yuan, with a growth rate of 26.42%. The net profit attributable to shareholders was 56 million yuan, down 30.51% year-on-year. The fourth quarter of 2024 saw revenue of 221 million yuan, a 41.79% increase year-on-year [1]. - The revenue breakdown by business segments for 2024 includes synthetic flavors (85 million yuan), cooling agents (317 million yuan), natural flavors (383 million yuan), and other products (12 million yuan) [1]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.78 billion yuan, 2.12 billion yuan, and 2.46 billion yuan, respectively, with growth rates of 123.4%, 19.0%, and 16.2% [4]. - The expected net profit for 2025 is 260 million yuan, with a significant recovery projected for subsequent years [4]. Valuation Metrics - The current price of the stock is 81.99 yuan, with projected price-to-earnings (PE) ratios of 25X for 2025, 19X for 2026, and 16X for 2027 [5][4].

基金转债持仓分析 25Q1 和而不同，标的分化 2025 年 04 月 24 日 ➢ 2025Q1 公募基金转债持仓概览 2025Q1，股票及混合型基金业绩整体亮眼，债券类基金业绩偏弱；指数型 股票及混合债基份额弱增长，主动权益类基金份额微降，纯债型债基份额明显缩 水。公募基金同步增持股债主流资产，25Q1 持债市值环比增长 4.36%至 19.70 万亿元，债券仓位占比 58.19%，环比增长 4pct。 伴随转债赎回潮，2025Q1 公募基金持有转债市值环比继续微降，但转债参 与度继续上升。全市场持有转债的公募基金数量在 25Q1 末大幅增至 2350 只， 与 23Q3 持平；持有转债市值占存续转债余额衡量的比例环比提升 1.25pct 至 40.83%，由转债价格上涨和转债市场缩量共同驱动。 2025Q1，二级债基继续减仓转债，转债基金和一级债基持有转债市值创历 史新高。2025Q1二级债基持有转债市值环比下降4.77%至940亿元，为2021Q4 以来最低水平；一级债基持有转债市值微增 4.02%达 665 亿元，创历史新高；转 债基金持有转债市值增长 4%至 897.37 亿元，转债仓位占比上升 ...