Investment Rating - The investment rating for the company is "Buy" based on the expectation that the stock price will outperform the benchmark by over 15% [9] Core Views - The company has achieved significant revenue growth, with a reported revenue of 815 million yuan in 2024, representing a year-on-year increase of 21.62%. The net profit attributable to the parent company reached 177 million yuan, a remarkable growth of 99.67% [1] - The company's intelligent driving and IoT visual solutions are expected to generate substantial revenue, projected at 1.27 billion yuan in 2024, reflecting a growth of 71.2% [1] - The TurboFusion technology has seen increased penetration across various models, indicating a successful commercialization of core imaging solutions [1] Financial Summary - Total revenue is projected to grow from 670 million yuan in 2023 to 1.5 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.4% [3] - The net profit attributable to the parent company is expected to increase from 88 million yuan in 2023 to 327 million yuan in 2027, with a CAGR of around 24.7% [3] - The company's gross margin is expected to remain stable, around 90%, indicating strong profitability [3] Earnings Forecast - Earnings per share (EPS) are forecasted to be 0.54 yuan in 2025, 0.65 yuan in 2026, and 0.81 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 respectively [2][3]

Investment Rating - The investment rating for the company is "Buy" based on its strong performance relative to the benchmark index [9] Core Views - The company achieved a revenue of 815 million yuan in 2024, representing a year-on-year growth of 21.62%, and a net profit attributable to shareholders of 177 million yuan, which is a 99.67% increase [1] - The company's intelligent driving and IoT visual solutions are expected to generate significant revenue growth, with projected income of 127 million yuan in 2024, reflecting a 71.2% increase [1] - The TurboFusion technology has seen increased penetration across various models, enhancing the company's competitive edge in the imaging sector [1] Financial Summary - Total revenue is projected to grow from 670 million yuan in 2023 to 1.5 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 24.4% [3] - The net profit attributable to shareholders is expected to rise from 88 million yuan in 2023 to 327 million yuan in 2027, indicating a strong growth trajectory [3] - The company's gross margin is forecasted to remain stable around 90% over the next five years [3] Earnings Forecast - The expected earnings per share (EPS) for 2025 is 0.54 yuan, with corresponding price-to-earnings (P/E) ratios of 80.47, 66.38, and 53.24 for the years 2025, 2026, and 2027 respectively [2][3]

Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 3.614 billion yuan, a year-on-year increase of 13.58%, and a net profit attributable to shareholders of 207 million yuan, up 164.11% year-on-year [1][3] - The company is focusing on high-end analytical instruments and has established a "4+X" layout to become a leading domestic manufacturer in this field [1][3] - The company has made substantial improvements in gross margin and cost efficiency, with a comprehensive gross margin of 44.43%, an increase of 3.17 percentage points year-on-year [3][5] Financial Performance - In 2024, the company reported revenues from various segments: instruments (2.56 billion yuan, +15.36%), software and consumables (519 million yuan, +18.54%), testing services (426 million yuan, +7.14%) [3] - The company’s net profit is projected to grow significantly, with estimates of 352 million yuan in 2025, 507 million yuan in 2026, and 690 million yuan in 2027, reflecting growth rates of 70.2%, 44.0%, and 36.0% respectively [5][6] - The company has a stable cash dividend policy, distributing 2.50 yuan per 10 shares, totaling 112.18 million yuan [6] Business Strategy - The company is enhancing its high-end analytical instrument technology platforms, focusing on mass spectrometry, chromatography, and spectroscopy, with several products achieving international advanced or domestic leading levels [3][4] - The company is actively expanding into life sciences, establishing multiple business units to address clinical research and early disease diagnosis needs [4] - The company is optimizing its product performance and deepening collaborations with industry partners to explore practical applications of mass spectrometry technology in precision medicine [4]

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][7]. Core Viewpoints - Continuous improvement in supply and demand is expected, with a narrowing decline in ticket prices during the off-peak season and a potential rebound in peak season prices. The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines [2][13]. - The industry is experiencing a high passenger load factor, with March data showing a year-on-year increase of 1.7 percentage points, reaching 83.3% [3][15]. - The average ticket price for the first quarter of 2025 decreased by 12% year-on-year, with a gradual narrowing of the decline observed in recent weeks [4][27]. - Oil prices have continued to decline, with the average price of aviation kerosene in Q1 2025 at 5,952 RMB/ton, down 10% from the same period in 2024 [5][42]. Summary by Sections 1. Investment Recommendations - The report emphasizes the ongoing recovery in air travel demand and suggests monitoring specific airlines for investment opportunities [2][13]. 2. Industry Ticket Price Trends - The industry has seen a narrowing decline in ticket prices, with Q1 2025 average ticket prices at 734 RMB, down 12% year-on-year. Recent weeks have shown a trend of decreasing year-on-year declines in ticket prices [4][27]. 3. Oil and Exchange Rate Analysis - Oil prices have shown a consistent downward trend, with April's domestic aviation fuel price at 5,602 RMB/ton, a 15.4% decrease year-on-year. The exchange rate has remained stable, with the USD to RMB rate at 7.2074 as of April 22, 2025 [5][42]. 4. Airline Capacity and Performance - Airlines have shifted capacity towards international routes, with domestic capacity showing a year-on-year decline. The report notes that the passenger load factor for March has increased, indicating potential for further growth in international travel [6][47].

Investment Rating - The investment rating for the aviation transportation industry is "Positive" [2][7]. Core Viewpoints - The industry is experiencing a continuous improvement in supply and demand, with a narrowing decline in ticket prices during the off-peak season and an expected rebound in ticket prices during the peak season. The report suggests focusing on key airlines such as Air China, China Southern Airlines, Spring Airlines, Juneyao Airlines, and China Eastern Airlines [2][13]. - The March operational data from various airlines indicates that the industry is maintaining a high passenger load factor, with a year-on-year increase in load factor and a slight increase in turnover volume despite a slowdown in growth rates [3][15]. Summary by Sections 1. Investment Recommendations - Continuous improvement in supply and demand is noted, with off-peak ticket price declines narrowing and peak season ticket prices expected to rise. The report recommends focusing on major airlines [2][13]. 2. Industry Ticket Price Trends - The year-on-year decline in industry ticket prices has narrowed, with Q1 average ticket prices down 12%. The average economy class ticket price from January to March 2025 was 722 RMB, a decrease of 11.2% year-on-year [4][27]. - The average ticket price for March showed a trend of narrowing declines, with weekly average ticket prices from late March to mid-April showing improvements in year-on-year comparisons [4][27]. 3. Oil and Exchange Rate Trends - The average price of aviation kerosene in Q1 2025 was 5,952 RMB/ton, down 10% year-on-year. The price of domestic aviation fuel decreased to 5,602 RMB/ton in April, a decline of 15.4% year-on-year [5][42]. - The Brent crude oil price averaged 74.98 USD/barrel in Q1 2025, down 8.3% year-on-year, with a further decline to an average of 66.81 USD/barrel in April, down 24.9% year-on-year [5][42]. 4. Airline Capacity and Load Factor - Airlines are reallocating capacity to international routes, with domestic capacity showing a year-on-year decline while maintaining high load factors. The overall passenger load factor reached 83.3% in March, an increase of 1.7 percentage points year-on-year [3][15]. - In March, China Southern Airlines had the highest net increase in aircraft, adding 13 planes, while other airlines also reported increases in fleet size [6][47]. 5. Operational Data Overview - The operational data for March 2025 shows that the industry turnover volume (ASK) increased by 4.5% year-on-year, while revenue passenger kilometers (RPK) increased by 6.7% year-on-year. The domestic turnover volume grew by 1.7% year-on-year, and international routes have nearly recovered to 98.3% of 2019 levels [3][15][25].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company reported a revenue of 3.332 billion yuan for 2024, representing a year-on-year increase of 38.4%, with a net profit attributable to shareholders of 287 million yuan, up 14.7% year-on-year [1] - The company has diversified its customer base, with significant growth in overseas sales, which reached 2.9 billion yuan in 2024, a 46.8% increase year-on-year [2] - The company is experiencing steady improvement in profitability, with a gross margin of 28.7% and a net profit margin of 5.9% in Q1 2025, reflecting a year-on-year increase of 1.2 and 0.4 percentage points respectively [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 964 million yuan, a 37.5% increase year-on-year, but the net profit decreased by 36.4% to 62 million yuan [1] - For Q1 2025, the company reported a revenue of 704 million yuan, a 22.5% increase year-on-year, with a net profit of 41 million yuan, up 31.6% [1][3] - The company expects to see continued growth in net profit, forecasting 354 million yuan for 2025, 443 million yuan for 2026, and 530 million yuan for 2027 [3] Customer Structure and Sales Channels - The company has optimized its customer structure, with the top four customers contributing significantly to revenue growth, including one customer with a 150.6% increase in revenue [2] - Domestic sales remained stable at 431 million yuan in 2024, with a focus on e-commerce and moving towards mid-to-high-end market segments [2] Profitability and Cash Flow - The company's operating cash flow was temporarily under pressure, with a net cash flow of -48 million yuan in Q1 2025, down 1.23 billion yuan year-on-year [3] - The company plans to repurchase shares worth 80 to 160 million yuan, indicating confidence from core shareholders in the company's long-term development [3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 巨星科技(002444) ODM 业务持续扩张，OBM 收入占比提升。1）ODM 业务：2024 年实现营 业收入 76.45 亿元，同比增长 35.30%。公司持续提高渠道客户粘性，绑定 下游大客户家得宝、劳氏，前五大客户收入占比 48.73%，并不断依托大客 户拓展新品类并加快全球化布局。2）OBM 业务：2024 年实现营业收入 70.90 亿元，同比增长 35.97%，收入占比提升至 47.92%。公司积极执行品牌战 略扩大 DTC 业务规模，以市场反馈促进产品创新，持续扩大市场份额，自 有品牌销售收入快速增长。 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wan ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 巨星科技(002444) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱：jiangwenqiang@cindasc.com 龚轶之 新消费行业分析师 执业编号：S1500525030005 邮 箱：gongyizhi@cindasc.com 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 巨星科技：自主品牌高增，加速全球化布局 [Table_ReportDate] 2025 年 04 月 22 日 [Table_S 事件：巨星科技发布 ummary] 2024 年年度报告。2024 年公司实现收入 147.95 亿元 （同比+35.4%），归母净利润 23.04 亿元（同比+36. ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 82.4 million yuan, up 114.88% year-on-year [1][3] - The cheese business has significantly increased its share of total revenue, accounting for 83.53% of total revenue, up from 67.61% in the same period last year [3] - The company has shown strong operational momentum following the integration of Mengniu Cheese, with a focus on optimizing product structure and enhancing brand presence [3] Revenue and Profitability - In Q1 2025, the company’s revenue from liquid milk, cheese, and dairy product trading was 94.84 million yuan, 1.03 billion yuan, and 101 million yuan, respectively [3] - The gross margin for Q1 was 31.49%, an increase of 2.83 percentage points year-on-year, attributed to product structure optimization and increased cheese revenue [3] - The net profit margin for Q1 reached 6.68%, up 3.38 percentage points year-on-year, indicating a significant increase in net profit [3] Market Position and Growth Potential - The company is positioned as the market leader in the cheese sector, with expectations for continued growth driven by domestic raw milk utilization and the maturation of production processes [3] - The forecasted EPS for 2025-2027 is 0.41, 0.57, and 0.82 yuan, corresponding to P/E ratios of 64X, 46X, and 32X respectively, indicating strong growth potential [3][4]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 1.233 billion yuan, a year-on-year increase of 6.26%, and a net profit attributable to shareholders of 82.4 million yuan, up 114.88% year-on-year [1][3] - The cheese business has significantly increased its share of total revenue, accounting for 83.53% of total revenue, compared to 67.61% in the same period last year [3] - The company has shown strong operational momentum following the integration of Mengniu Cheese, with a focus on optimizing product structure and enhancing brand presence [3] Revenue and Profitability - In Q1, the company's gross margin was 31.49%, an increase of 2.83 percentage points year-on-year, attributed to product structure optimization and increased cheese revenue [3] - The sales expense ratio decreased to 16.80%, down 2.68 percentage points year-on-year, reflecting cost control efforts [3] - The net profit margin for Q1 reached 6.68%, an increase of 3.38 percentage points year-on-year [3] Financial Forecast - The company expects EPS for 2025, 2026, and 2027 to be 0.41 yuan, 0.57 yuan, and 0.82 yuan respectively, corresponding to P/E ratios of 64X, 46X, and 32X [3][4] - Projected total revenue for 2025 is 5.38 billion yuan, with a year-on-year growth rate of 11.1% [4] - The company anticipates a significant increase in net profit, with projections of 212 million yuan for 2025, reflecting an 86.6% year-on-year growth [4] Market Position and Strategy - The company is positioned as the market leader in the cheese sector, with expectations of benefiting from industry growth and domestic raw material substitution [3] - The company is actively developing various sales channels, including retail and B2B, to enhance market penetration and service capabilities [3]