证券研究报告|行业简评报告 2025 年 06 月 06 日 营收创单季历史新高，指引 25Q3 AI 收入同比持续高增 博通（AVGO.O）25Q2 跟踪报告 TMT 及中小盘/电子 事件： 博通（NASDAQ：AVGO）发布 FY2025Q2 季报，第二财季营收 150.04 亿美 元，同比+20%/环比+1%，毛利率为 79.4%，同比+3.2pcts/环比+0.3pct。综合 财报及交流会议信息，总结要点如下： 评论： 1、FY25Q2 营收创单季历史新高，毛利率超指引预期。 风险提示：竞争加剧风险、贸易摩擦风险、景气度变化风险、宏观形势风险。 推荐（维持） 行业规模 FY25Q2 营收 150.04 亿美元，创历史新高，同比+20%/环比+1%，超此前指引 （约 149 亿美元），收入增长得益于 AI 半导体业务的持续强劲以及 VMware 业 务的发展势头；毛利率 79.4%，同比+3.2pcts/环比+0.3pct，高于此前指引(约 78.9%)。库存 20 亿美元，环比增长 6%，库存周转天数 69 天。 2、AI 业务营收同比高增，软件受益 Vmware 增速明显。 1）半导体部门：收入为 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][5]. Core Views - The new game "Ethereal Reboot Day" has launched its international version on June 5, and the overall performance of older games remains stable. The company is expected to compensate for the natural decline in revenue from older games with new game launches, leading to a high degree of certainty in overall growth this year [1][5]. - The company has a robust pipeline of self-developed games, with significant contributions expected from titles like "Let's Go Muffin" and "Heart Town" in 2025, alongside several upcoming releases [5][6]. - The TapTap platform continues to expand, with a record high of 44 million monthly active users (MAU) in 2024, and revenue growth to 1.578 billion yuan. The platform's unique "no cooperation & zero revenue sharing" principle has attracted many developers [5][6]. - Financial projections indicate that the company's revenue is expected to reach 5.393 billion yuan in 2025, with a net profit of 1.027 billion yuan, reflecting a 27% year-on-year growth [6][8]. Summary by Sections Financial Data and Valuation - Total revenue for 2023 is projected at 3.389 billion yuan, with a significant increase to 5.012 billion yuan in 2024, and further growth to 5.393 billion yuan in 2025, representing a year-on-year growth of 48% and 8% respectively [6][8]. - The company is expected to achieve a net profit of 1.027 billion yuan in 2025, with a corresponding PE ratio of 17.2x [6][8]. - The gross margin is projected to improve from 61.0% in 2023 to 71.5% in 2025, indicating enhanced profitability [8]. Key Financial Ratios - The company's return on equity (ROE) is expected to be 30.7% in 2025, down from 32.3% in 2024, but still reflecting strong profitability [8]. - The debt-to-asset ratio is projected to decrease from 30.8% in 2024 to 25.3% in 2025, indicating improved financial stability [8]. - The current ratio is expected to rise from 3.1 in 2024 to 3.8 in 2025, suggesting better liquidity [8].

证券研究报告 | 公司点评报告 2025 年 6 月 6 日 滴滴出行- ADR（DIDIY.OO）25Q1 财报点评 国内出行利润超预期，看好长期稳健增长及盈利空间 消费品/商业 滴滴出行发布 2025Q1 财报，25Q1 实现营收 533 亿元，同比+8.5%；经调整净 利润 29 亿元，同比+115%。本季度中国出行实现经调整 EBITA margin 4%， 高于公司全年指引，国际业务同汇率下维持较快增长，看好滴滴共享出行市场 稳固份额及长期利润增长潜力，维持强烈推荐评级。 当前股价：4.95 美元 基础数据 | 总股本（万股） | 121055 | | --- | --- | | 海外股（万股） | 0 | | 总市值（亿美元） | 223 | | 海外股市值（亿美元） | 0 | | 每股净资产（美元） | 11.27 | | ROE（TTM） | -2.33 | | 资产负债率 | 19.1% | | 主要股东 Softbank | Vision Fund | | 主要股东持股比例 | Entity 20.0% | 股价表现 | % | 1m | 6m | 12m | | --- | --- | ...

证券研究报告 | 公司点评报告 2025 年 06 月 05 日 铂力特（688333.SH） 营收保持稳健增长，布局 3C、人形机器人等新领域 中游制造/军工 2024 年，公司实现营收 13.26 亿元，同比+15.02%，实现归母净利润 1.04 亿， 同比-5.26%，扣非归母净利润 3,567.43 万元，同比-51.98%。25Q1，公司实现 营收 2.27 亿，同比+7.30%，归母净利润-1,495.02 万，同比-1661.37%。公司 扣非归母净利润-2,701.60 万，同比-89.99%。 强烈推荐（维持） 目标估值：NA 当前股价：57.79 元 基础数据 | 总股本（百万股） | 272 | | --- | --- | | 已上市流通股（百万股） | 272 | | 总市值（十亿元） | 15.7 | | 流通市值（十亿元） | 15.7 | | 每股净资产（MRQ） | 17.6 | | ROE（TTM） | 1.9 | | 资产负债率 | 38.0% | | 主要股东 | 折生阳 | | 主要股东持股比例 | 16.57% | 股价表现 % 1m 6m 12m 绝对表现 -9 ...

证券研究报告 | 行业定期报告 2025 年 06 月 05 日 看好估值安全&高分红游戏板块，吉比特近期发布新游戏 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，我们继续坚定看好【神州泰岳】 【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控 股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 风险提示：互联网行业监管风险、游戏行业市场竞争加剧的风险、关税政策 风险等。 推荐（维持） 行业规模 | 股票家数（只） | 161 | 占比% 3.1 | | --- | --- | --- | | 总市值（十亿元） | 1708.1 | 2.0 | | 流通市值（十亿元） | 1550.8 | 2.0 | 行业指数 % 1m 6m 12m 绝对表现 5.1 -0.9 31.0 相对表现 2.5 0.6 24.0 资料来源：公司数据、招商证券 -20 0 20 40 60 Jun/24 Sep/24 Jan/25 May/25 (%) 传媒 沪深300 相关报告 1、《互联网行业周报—互联网公司持 续回购，垂类 AI 应用不断迭代丰富》 ...

CMS @ 招商证券 【银行_文雪阳】 O2 银行还要卖老债么? 【地产-区宇轩】房地产数据前瞻预测及观点 【基金-徐燕红】2025年首批浮动管理费基金特征分析及与以前批次比较 证券研究报告| 行业定期报告 2025年06月05日 招商证券|总量的视野 电话会议纪要(20250602) 【宏观-罗丹】工业企业利润分析 【策略-张夏】A 股六月观点及行业配置建议 【固收-朱宸翰】近期广义价格指数走势更新 【量化-刘凯】主动权益基金超额收益的困境与破局 【资配-王式蕾】6月大类资产配置展望 推荐(维持) 研究部/总量研究 □【宏观-罗丹】工业企业利润分析 事件:2025年5月27日,国家统计局发布 2025年4月全国规模以上工业企 业绩效数据。 4 月份,规模以上工业企业营业收入累计同比增速为 3.2%(2025年 3 月为 3.4%);规模以上工业企业利润累计同比增速为 1.4%(2025年3月为0.8%)。 4 月工业企业利润累计同比增速录得 1.4%,较上月提升 0.6 个百分点,营业 收入累计同比增速录得 3.2%,PPI 累计同比增速录得-2.4%,工业增加值累计 同比增速为6.4%,利润率累计降幅的收 ...

Group 1 - The report indicates that the profit growth rate of industrial enterprises in April 2025 was 1.4%, an increase of 0.6 percentage points from March 2025, while the revenue growth rate was 3.2% [1][2] - The upstream mining industry continues to be the largest drag on overall industrial profits, with most sectors experiencing negative profit growth, except for non-ferrous metal mining [2] - The midstream equipment manufacturing sector showed significant profit growth, driven by policies and export demand, while the midstream raw material manufacturing sector saw a notable decline in profit growth [2] Group 2 - The report suggests that the A-share market is likely to experience a period of volatility in June, with a preference for large-cap and quality stocks due to stable economic fundamentals and regulatory environments [7][39] - The recommended sectors for investment include automotive, non-ferrous metals, defense, retail, beauty care, and chemical pharmaceuticals, focusing on traditional capacity elimination and the rise of new consumption [8] - The report highlights that the new floating management fee funds introduced in 2025 are designed to align management fees with performance, encouraging long-term investment and enhancing investor experience [23][25]

证券研究报告 | 行业点评报告 2025 年 06 月 04 日 近日，国家金融监督管理总局公布 2025 年 1-4 月保险业经营情况，人身险公 司的寿险保费高增带动整体增速持续改善，财产险公司的车险和非车险保费增 速保持稳定，行业整体延续稳健表现。 ❑ 风险提示：产品吸引力下降；资本市场波动；监管收紧；经济增长不及预期。 推荐（维持） 寿险保费回暖，财险增速稳定 保险行业 2025 年 4 月保费收入点评 总量研究/非银行金融 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 91 | 1.8 | | 总市值（十亿元） | 5701.4 | 6.6 | | 流通市值（十亿元） | 5456.3 | 6.9 | 行业指数 % 1m 6m 12m 绝对表现 5.3 -10.1 32.6 相对表现 3.1 -7.5 25.2 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Jun/24 Sep/24 Jan/25 May/25 (%) 非银行金融 沪深300 相关报告 1、《2025Q1 保险业资金运用数据点 评—债券和股票占比新高，哑铃型结 构 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [4][8]. Core Insights - The company is solidifying its position in the automotive safety sector while actively expanding into the semiconductor and computing power manufacturing fields, aligning with national strategic initiatives and high-quality development goals [1][3]. - The company has a market share exceeding 35% in the domestic automotive safety airbag industry and is expanding its overseas market presence, particularly in Southeast Asia through its Vietnam production base [4][2]. - The company is strategically investing in the semiconductor sector by acquiring a significant stake in Fuchuang Youyue, aiming for a complete acquisition to enhance its growth potential in this area [3][4]. Summary by Sections Strengthening Passive Safety Business and Embracing Overseas Markets - The company focuses on high-end, localized, and new energy directions for its automotive passive safety products, with a projected revenue of approximately 2.58 billion RMB from its Vietnam operations in 2024, reflecting a year-on-year growth of 32.23% [2][4]. - The company has established a stable production base in Vietnam, with 37 projects certified for mass production and 5 awaiting certification, targeting markets in Southeast Asia, Japan, South Korea, and India [2][4]. Entering the Computing Power Manufacturing Field - The company has invested a total of 383.36 million RMB in Fuchuang Youyue, acquiring a 42.16% stake, and plans to increase its ownership to 100% through a combination of cash and stock issuance [3][4]. - The company aims to enhance its business layout in the semiconductor and computing power sectors, focusing on integrating the supply chain and increasing investments in these areas [3][4]. Profit Forecast and Investment Recommendations - The company is projected to achieve a net profit of 497 million RMB in 2025, with a significant year-on-year growth of 79% [9][4]. - The report highlights the company's robust financial performance, with a total revenue forecast of 2.935 billion RMB for 2025, reflecting a 33% increase from the previous year [9][4].

Investment Rating - The report maintains a recommendation for the TMT and small-cap/computer sectors [3]. Core Insights - The stablecoin industry is poised for accelerated growth as regulatory frameworks advance, serving as a bridge between traditional finance and Web3, particularly in conjunction with Real World Assets (RWA) [7][8]. - The total market capitalization of global stablecoins reached $251.1 billion as of June 3, 2025, with USDT and USDC holding market shares of 61% and 24% respectively [7][12]. - The report highlights the significant growth potential of stablecoins, particularly in high-inflation countries where they serve as alternative currencies [18]. Summary by Sections 1. Overview of Stablecoins - Stablecoins are cryptocurrencies pegged to traditional assets, designed to mitigate the volatility of native cryptocurrencies like Bitcoin [12][13]. - The primary types of stablecoins include fiat-collateralized, crypto-collateralized, algorithmic, and commodity-backed [13]. 2. Stablecoin Industry Chain - Circle and Coinbase are key players in the stablecoin ecosystem, with Circle issuing USDC and Coinbase providing distribution and operational support [7][30]. - Circle's revenue has grown from $772 million in 2022 to $1.676 billion in 2024, with net profits of $156 million in 2024 [27][29]. - Coinbase's revenue for 2024 is projected at $656.4 million, with stablecoin income being a significant growth driver [34]. 3. RWA Definition and Case Studies - RWA refers to the tokenization of real-world assets, facilitating low-cost global trading and enhancing liquidity [49][52]. - The integration of stablecoins and RWA is expected to create a synergistic ecosystem, enhancing the functionality and appeal of both [7][49]. 4. Investment Recommendations - The report suggests focusing on companies with strong business models in the stablecoin space, such as Circle and Coinbase, as well as cross-border payment service providers and custodial banks [7][8].