Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][3]. Core Views - The company is expected to achieve a revenue of 14.1 billion yuan in 2024, representing a year-over-year growth of 9.07%, and a net profit of 1.631 billion yuan, reflecting a year-over-year increase of 17.09% [1][3]. - The company has strengthened its leading position in the industry, with a global market share increase of 1.7 percentage points in 2024, making it the largest in the relay market [2]. - The company has invested over 900 million yuan in technological upgrades and capacity expansion, adding 29 automated production lines to enhance efficiency in high-pressure direct current relays and automotive relays [2]. Financial Performance - In Q1 2025, the company reported a revenue of 3.983 billion yuan, a year-over-year increase of 15.35%, and a net profit of 411 million yuan, also up by 15.47% year-over-year [1]. - The gross profit margin for 2024 is projected to be 36.21%, with a net profit margin of 15.34% [1]. - The company expects to achieve a net profit of 1.879 billion yuan in 2025, with a growth rate of 15.23% [3]. Market Position - The company holds a 40% market share in high-pressure direct current relays, 23.1% in automotive relays, and 57.1% in power relays, benefiting from the global smart grid transformation [2]. - The expansion of the company's production bases in Germany and Indonesia is expected to enhance its competitiveness in the European market and diversify its product offerings [2]. Financial Projections - The projected revenue growth rates for the company are 12.15% in 2025, 14.23% in 2026, and 14.76% in 2027 [5]. - The earnings per share (EPS) is expected to increase from 1.56 yuan in 2024 to 2.40 yuan in 2027 [5].

公司报告 | 季报点评 良信股份（002706） 证券研究报告 新能源、数据中心等需求增长，利润率修复 2024 年：实现收入 42.4 亿元，YOY-7.57%，归母净利润 3.1 亿，YOY-38.92%， 扣非归母净利 2.6 亿，YOY-41.61%。 2025Q1：实现收入 10.89 亿元，YOY+15.53%，归母净利润 1.03 亿元， YOY+15.15%，扣非归母净利润 1.00 亿元，YOY+15.92%。 2024 年业绩有所承压，公司经营提质增效仍显韧性。2024 年，公司围绕 "两智一新"战略，通过智能化、数字化产品升级不断推出适配新能源、 智算中心、智能楼宇等场景的高端解决方案并逐步实现行业重点客户拓展 及样板点项目的打造；加大研发投入，研发投入占比提升，新申请专利 456 项，其中发明专利 127 项；营销端持续进行营销运营体系建设和合作伙伴 生态建设，引入 AI 智能客服坐席于销售前中后业务，探索全新的 LDC 业 务模式；整合快速响应的集成供应链，建立高效的运营体系，升级物流与 仓储配送，内外协同，响应客户需求。 2025 年 Q1 营收回暖，净利率呈现修复趋势。市场需求复 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a leader in ductile iron casting and is expanding into core components for robotic reducers, leveraging advanced casting technology to broaden its product applications [1][4]. - The casting industry has a promising outlook, with significant advantages in continuous casting of ductile iron [2][4]. - The company is expected to achieve substantial revenue growth, with projected revenues of 1.245 billion, 1.534 billion, and 1.942 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 20.5%, 23.2%, and 26.6% [4][5]. Summary by Sections 1. Focus on Advanced Casting Technology and Product Application Expansion - The company, established in 2012, specializes in precision machining and continuous cast iron parts, holding core technologies in these fields and forming a "one core product and process, two core application areas" business structure [1][14]. - The company has seen steady revenue growth, with a compound annual growth rate (CAGR) of 14.5% in revenue and 10.9% in net profit from 2018 to 2023 [21][22]. - The company has a concentrated shareholding structure, with the actual controllers holding over 50% of the shares, which supports its expansion projects [29][32]. 2. Leading Continuous Casting Technology and Market Expansion - China leads the global casting industry, with ductile iron casting showing significant growth potential [10][35]. - The company has developed a leading continuous casting production line, achieving an annual output of 135,000 tons, positioning itself as a major supplier in the industry [10][50]. - The demand for products in the air compression and hydraulic sectors is rapidly increasing, with the company capitalizing on this growth [56][57]. 3. Deepening Industry Engagement and Robotic Reducer Component Layout - Ductile iron is well-suited for the core requirements of robotics, with the company making strides in the RV reducer market, which is undergoing domestic substitution [3][63]. - The company has made technological breakthroughs in key components for RV reducers and is beginning to supply these products in small batches, indicating potential for significant market share [3][63].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4][35]. Core Viewpoints - The company reported a revenue of 2.216 billion yuan in 2024, a year-on-year decrease of 2.69%, and a net profit attributable to shareholders of 602 million yuan, down 8.03% year-on-year [1][9]. - The decline in revenue is primarily attributed to the drop in market prices for functional silanes, despite an increase in sales volume due to capacity expansion from investment projects [2][11]. - The company maintains a high cash dividend payout ratio of 61.67% for 2024, reflecting its commitment to returning value to shareholders [1][9]. Financial Performance Summary - In 2024, the company achieved a gross profit of 761 million yuan, a decrease of 94 million yuan year-on-year, with a comprehensive gross margin of 34.3%, down 3.2 percentage points year-on-year [22]. - The first quarter of 2025 saw a revenue of 492 million yuan, a year-on-year decline of 16.20%, and a net profit of 97 million yuan, down 37.39% year-on-year [10][22]. - The company’s cost management remains strong, with a low expense ratio of 3.8% in 2024 and 2.9% in the first quarter of 2025 [29]. Business Development and Capacity Expansion - The company is investing 1 billion yuan in a comprehensive silicon-based new materials project, aiming to achieve an annual production capacity of 182,000 tons of functional silanes by the end of 2026 [3][33]. - A new project for functional new materials silicon-based precursors is being initiated with an investment of 430 million yuan, expected to produce 10,000 tons of optical fiber-grade silicon tetrachloride and 5,000 tons of electronic-grade ethyl silicate by October 2027 [3][34]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are estimated to be 562 million yuan, 640 million yuan, and 731 million yuan respectively [35].

Group 1 - The report highlights the significant progress made during the recent China-US trade talks in Geneva, with both sides agreeing to lower tariffs and establish a negotiation mechanism for future discussions [3][25][26] - The Chinese government emphasizes the importance of maintaining high-quality development and expanding international cooperation to navigate external uncertainties [3][30][31] - The report suggests that the trade agreement is a rational choice based on the current economic realities of both countries, indicating a shift towards pragmatic dialogue [3][27][28] Group 2 - The communication equipment industry is experiencing a recovery, with revenue growth of 2.9% and 12.9% year-on-year in Q4 2024 and Q1 2025, respectively, driven by AI computing power [5] - The net profit for the communication equipment sector showed a decline of 14.1% in Q4 2024, followed by a 24% increase in Q1 2025, indicating a positive trend in profitability [5] - The report recommends focusing on investment opportunities in "AI + overseas + satellite" sectors, particularly in areas like optical modules and liquid cooling technologies [5] Group 3 - The electronics sector is witnessing a recovery, with a total fund holding value of approximately 234.4 billion, representing 18.09% of the market, with a notable increase in semiconductor holdings [6] - Consumer electronics companies reported a significant revenue growth rate exceeding double digits in Q1 2025, supported by government subsidies and tariff preparations [6] - The AI performance dividends are becoming evident in passive components and PCB sectors, with automotive and AI computing emerging as new growth drivers [6] Group 4 - The automotive parts industry is focusing on the growth of electric vehicle components, with sales in the new energy sector reaching 7.249 billion yuan in 2024, a year-on-year increase of 21.3% [10] - The report indicates that the company is strategically positioning itself in the robotics sector, leveraging its technological advantages to expand into this emerging market [10] - The projected revenue for the company from 2025 to 2027 is expected to grow significantly, with net profits forecasted to reach 1.58 billion yuan by 2027 [10] Group 5 - The report on the company 盛业 (06069) indicates a strategic partnership with investors to enhance its supply chain technology business, focusing on AI and e-commerce sectors [38][39] - The company aims to leverage its collaboration with strategic investors to expand its market presence and improve its AI research capabilities [38][39] - The expected revenue growth for the company from 2025 to 2027 is projected to be substantial, with net profits anticipated to reach 836 million yuan by 2027 [38]

证券研究报告 2025年05月13日 行业报告： 行业深度研究 24&25Q1总结：资源端金&铜领涨，材料端盈利大幅提升 作者： 分析师 刘奕町 SAC执业证书编号：S1110523050001 分析师 曾先毅 SAC执业证书编号：S1110524060002 分析师 胡十尹 SAC执业证书编号：S1110525010002 联系人 吴亚宁 请务必阅读正文之后的信息披露和免责申明 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） • 24-25Q1有色金属板块整体情况：资源端金&铜领涨，材料端盈利大幅提升。指数表现方面，24年全年有色板块涨幅为3.2%，低于沪深300指数，板块Q1大幅上 涨，之后主要由于宏观预期扰动大幅回落。25Q1有色板块涨幅为12%，位列申万一级行业之首，主要系有色板块主要品种价格表现强势，一方面特朗普关税政策 推升通胀预期，金价中枢持续抬升，另一方面3月是有色金属需求旺季，铜铝持续去库价格强势，高价格中枢下相关企业业绩释放预期增强。 • 贵金属：金价上涨带动企业盈利同比大增。 2024年黄金行业实现营业总收入2915.88亿元，同比+2.83%。 25Q1实现营收838 ...

Investment Rating - Industry Rating: Outperform the Market (Maintain Rating) [4] Core Insights - The 2025 COMPUTEX will focus on "AI Next," showcasing the latest advancements in artificial intelligence and its applications across various sectors, including AI & Robotics, Next-Gen Tech, and Future Mobility [2][10] - The report highlights the rapid growth of the global large language model (LLM) market for robots, with a projected compound annual growth rate (CAGR) of 48.2% from 2025 to 2028, potentially exceeding $100 billion by 2028 [3][22] - The AR/MR market is expected to see significant growth, with VR/MR shipments projected to reach 40.1 million units by 2030, reflecting a CAGR of approximately 33% [3][28] - The report emphasizes the importance of the Internet of Vehicles (IoV) in creating smart transportation ecosystems, although challenges such as high infrastructure costs and the need for cross-industry collaboration remain [4][38] Summary by Sections 1. Transition from Connecting AI to AI Next - The 2025 COMPUTEX will gather around 1,400 leading tech companies to showcase innovations in AI and robotics, next-gen technologies, and future mobility [2][10] 2. Focus Areas of AI Next 2.1. Physical AI and Robotics - The integration of AI and robotics is becoming a global focus, with a shift towards commercial and household applications, indicating accelerated product deployment [3][22] 2.2. Next-Gen Technology - The VR/MR market is expected to recover and grow, with significant improvements in hardware technology leading to increased user immersion and lower costs [3][28] 2.3. Future Mobility - The IoV is central to developing smart traffic ecosystems, with technologies enabling vehicle-to-vehicle, vehicle-to-infrastructure, and vehicle-to-pedestrian communication [4][38] 3. COMPUTEX Keynote Focus - Major companies like NVIDIA, Foxconn, Qualcomm, Arm, and NXP will present their visions for AI development and its impact on various industries [4][43][44][45][46] 4. Suggested Focus Areas - The report suggests monitoring companies involved in SoC solutions, ASICs, semiconductor storage, and various electronic components, highlighting potential investment opportunities in these sectors [4][47]

白酒：五一宴席场景表现积极，25 年磨底阶段酒企普遍求"稳"。本周白酒板块+2.34%，表现 强于食品饮料整体及沪深 300，或主要系 Q1 季报落地板块业绩压力峰已过。本周酒企陆续召 开业绩说明会，从各酒企 25 年目标制定情况来看，理性客观、务实稳健是主旋律，多数酒企 25 年目标相对"柔性"，行业整体目标中枢预计降至个位数。此外，据微酒多地调研反馈，五 一期间受益"双春年"民俗效应，宴席场景表现积极，婚宴动销同比增长，推动库存去化，渠 道资金压力有所缓解。当前（2025-05-10）申万白酒指数 PE-TTM 为 19.97X，处于近10 年14.12% 的合理偏低水位，建议关注后续消费刺激政策出台为板块带来的估值修复机会，淡季核心高端 酒批价表现或为板块趋势变化催化剂。 啤酒&饮料：五一出行数据超预期，统一 Q1 高增，带动板块行情。本周啤酒板块涨跌幅+0.47%、 软饮料+0.07%，其中统一（+10.6%）、农夫（+6.0%）、华润饮料（+5.7%）涨幅靠前。五一出行 旅游数据景气度高，统一业绩超预期，带动饮料板块行情。据文化和旅游部数据中心测算，假 期 5 天全国国内出游人次同比+6.4%，国内 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 52.49 CNY based on a projected PE of 70 times for 2025 [5][6]. Core Insights - The company is positioned as a leader in precision optical components, benefiting from the growth in AI computing power and emerging application fields such as biomedicine and AR [1][2]. - The company has established six core technology platforms to enhance its competitive edge and is focusing on technological innovation, multi-application strategies, and smart manufacturing [3][4]. - The overall business performance is expected to improve, with projected revenue of 445 million CNY in 2024, representing a year-on-year growth of 30.96%, and a net profit of 69.37 million CNY, up 66.53% [1][29]. Summary by Sections 1. Company Overview - The company specializes in the R&D, production, and sales of various precision optical components and fiber optic devices, focusing on the optical optoelectronic industry [1][16]. - It has received multiple recognitions as a high-tech enterprise and has established a strong technical innovation framework [16][21]. 2. Industry Growth Drivers - The demand for optical communication equipment is driven by the commercialization of 5G and the expansion of AI applications, with the optical communication market in China expected to reach 147.3 billion CNY by 2024 [2][4]. - The biomedicine sector is experiencing continuous expansion, with increasing demand for wearable health monitoring devices, which is driving innovation in upstream optical components [2][4]. 3. Technological Innovation - The company has developed six core technology platforms, enabling vertical integration and cost-effective mass production of optical components [3][4]. - It has established partnerships with major global manufacturers in the optical module and fiber laser sectors, enhancing its market presence [4][21]. 4. Financial Performance and Forecast - The company anticipates a total revenue of 4.45 billion CNY in 2024, with significant contributions from precision optical components and fiber optic devices [29][30]. - The projected net profit for 2024 is 69.37 million CNY, reflecting a strong recovery from previous years [5][29]. 5. Investment Recommendations - The report suggests that the company is well-positioned to capitalize on the growing demand for high-speed optical communication components driven by AI and other emerging technologies [1][5]. - The company’s focus on technological innovation and expanding into new application areas is expected to enhance its revenue growth and profitability [1][4][29].

1）细分持仓比例及变动：25Q1 电子行业基金持仓总市值约 2344 亿，占比 18.09%，环比 24Q4 提升 1.25pct，细分板块中半导体持仓占 比显著提升，消费电子保持稳定，元件板块有小幅下降。其中半导体/电子化学品/光学光电子/其他电子/消费电子/元件持仓占比分别达 到 10.69%/0.43%/0.66%/0.08%/4.62%/1.61%，环比提升 2.02/0.06/0.01/-0.09/0/-0.76pct。 行业报告 | 行业专题研究 消费电子 证券研究报告 25Q1：AI 业绩红利兑现伊始、机构持仓稳定，看好算力开支及新机带动下的板块修复机遇 电子及消费电子行业基金持仓情况：国产算力+国补政策助推 25Q1 基金持仓比例进一步抬升至 18.09%，大幅超配。 元件及光学光电子板块 25Q1 业绩总结：AI 业绩红利开始显著兑现。1）被动元件：汽车及 AI 算力已经成为新动能。2）PCB：作为业绩 增速较为亮眼的子行业板块，显著受益于高速 PCB 的旺盛需求。沪电股份：25Q1 公司实现营收 40.38 亿元，yoy+56%，实现归母净利润 7.62 亿元，yoy+48%，延续高速增长 ...