Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company plans to achieve a revenue growth of 90% year-on-year in 2025, aiming to turn losses into profits [2][4] - The special equipment sector is expected to become a new growth point, benefiting from the increase in demand for smart ammunition [3][4] - The company is a leader in the ultra-hard materials market and is expected to maintain its market position while benefiting from the growth in demand for photovoltaic diamond wire [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.57 billion yuan, a decrease of 25% year-on-year, and a net profit of -327 million yuan, a decline of 140% [1][4] - The revenue from the special equipment segment in 2024 was 2.39 billion yuan, down 29% year-on-year, with a gross margin of 9.61%, a decrease of 23.92 percentage points [1] - The ultra-hard materials segment generated a revenue of 1.764 billion yuan, down 23% year-on-year, with a gross margin of 25.88%, a decline of 9.77 percentage points [1] Future Projections - The company forecasts a revenue of 8.721 billion yuan in 2025, representing a 91% increase from 2024 [4] - Expected net profits for 2025, 2026, and 2027 are projected to be 325 million yuan, 422 million yuan, and 527 million yuan respectively, with growth rates of 30% and 25% in the following years [4] - The price-to-earnings ratio (P/E) for 2025, 2026, and 2027 is estimated to be 71, 55, and 44 respectively [4] Market Position - The company is the only publicly listed platform for ammunition under the Weaponry Group and is involved in the production of various munitions including large-caliber shells and rockets [3] - The company’s subsidiary, North Red Sun, has achieved profitability, indicating improvements in core product pricing and internal operations [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a revenue of 750 million yuan in 2024, a year-on-year decline of 17.51%, with a net profit attributable to the parent company of 69.27 million yuan, down 54.25% year-on-year [1] - In Q1 2025, the company reported a revenue of 211 million yuan, a year-on-year increase of 7.08%, while the net profit attributable to the parent company was 17.01 million yuan, down 45.11% year-on-year [1] - The company is approaching a revenue inflection point, with a significant increase in contract liabilities, reaching a historical high of 435 million yuan by Q1 2025, indicating a solid foundation for future performance rebound [2] - The expansion of production capacity in Southeast Asia and the booming demand for HDI (High-Density Interconnect) are expected to benefit the company's PCB equipment business significantly [3] - High R&D investment is aimed at achieving innovation and excellence in high-end circuit boards and emerging market equipment, which is expected to open up long-term growth opportunities for the company [4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 750 million yuan, with a year-on-year decrease of 17.51% and a net profit of 69.27 million yuan, down 54.25% [1] - Forecasted revenues for 2025, 2026, and 2027 are 1.40 billion yuan, 1.69 billion yuan, and 2.01 billion yuan, respectively, with expected growth rates of 86.25%, 21.19%, and 18.60% [8] - The net profit for 2025, 2026, and 2027 is projected to be 183.15 million yuan, 275.12 million yuan, and 341.33 million yuan, reflecting growth rates of 164.39%, 50.21%, and 24.07% [8] Market Position and Opportunities - The company is positioned to benefit from the expansion of domestic PCB enterprises in Southeast Asia, with a significant increase in new orders expected in 2025 [3] - The demand for HDI is anticipated to grow due to trends in AI servers and automotive intelligence, providing further opportunities for the company [3] - The company's VCP equipment has achieved domestic leadership in several key metrics, with ongoing R&D efforts aimed at enhancing market share and technological capabilities [4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 5.44 billion yuan in Q1 2025, representing a year-on-year increase of 20.9% and a quarter-on-quarter decrease of 6.66%. The net profit attributable to the parent company reached 1.88 billion yuan, a year-on-year increase of 116.2% and a slight quarter-on-quarter increase, marking a new high in profitability. The significant growth in performance is primarily attributed to the price increases of Vitamin E (VE) and methionine [1][2] - The supply-demand dynamics for VE and methionine are improving, with prices expected to remain high due to the reduction in production capacity by overseas leaders. The recent price adjustments by major companies indicate a positive trend for future profitability [3][4] Summary by Sections Financial Performance - In Q1 2025, the average prices for VA/VE/VC/methionine were 112.3/136.4/28.3/20.9 yuan/kg, with year-on-year changes of 37.4%/109.9%/15.6%/-4.2% and quarter-on-quarter changes of -33.3%/-3.0%/-2.8%/+4.8%. The net profit margin was 34.7%, up 13.3 percentage points year-on-year and 2.3 percentage points quarter-on-quarter. Operating cash flow reached 1.596 billion yuan, a year-on-year increase of 2.32 times [2][3] Market Outlook - The report anticipates continued price increases for methionine and VE, driven by supply constraints from major producers. The current price of methionine is 22.1 yuan/kg, up 12.5% year-on-year. Each 1 yuan/kg increase in methionine and VE is expected to enhance the company's performance by 280 million yuan and 45 million yuan, respectively [3][4] Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 7.867 billion, 9.383 billion, and 9.761 billion yuan, with corresponding EPS of 2.56, 3.05, and 3.18 yuan. The current price corresponds to a PE ratio of 8.7, 7.3, and 7.0 for the respective years [4]

Investment Rating - The investment rating for Hangzhou Bank is "Buy" [7] Core Views - In Q1 2025, the core revenue of Hangzhou Bank showed a year-on-year growth rate of 9.3%, benefiting from high growth in scale and a recovery in middle-income [2][6] - The bank's revenue increased by 2.2% year-on-year, while profit rose by 17.3%, although both growth rates slowed compared to 2024 [2][6] - The bank's net interest income, middle-income, and other non-interest income changed by +6.8%, +22.2%, and -18.0% respectively, compared to 2024 [2][6] Revenue and Profit Overview - Q1 2025 revenue was 9,761 million, with a year-on-year increase of 2.2% and a slowdown of 7.4 percentage points compared to 2024 [12] - The net profit attributable to the parent company was 5,133 million, reflecting a year-on-year growth of 17.3% [12] - The bank's non-performing loan ratio remained stable at 0.76% [4] Interest Margin and Asset Quality - The interest margin for Q1 2025 decreased by 3 basis points to 1.32%, primarily due to a larger decline in asset yield compared to the improvement in liability costs [3] - The asset yield fell by 25 basis points to 3.17%, while the cost of liabilities decreased by 16 basis points to 1.85% [3] - The non-performing loan ratio, attention loan ratio, and overdue loan ratio remained stable at 0.76%, 0.54%, and 0.69% respectively [4] Capital Adequacy - The core Tier 1 capital adequacy ratio increased by 16 basis points to 9.01% as of Q1 2025, supported by strong internal capital generation [5] - The total amount of convertible bonds converted reached 4.36 billion, accounting for 29.1% of all convertible bonds [5] Profit Forecast and Valuation - The forecast for net profit attributable to the parent company for 2025-2027 is expected to grow by 15.02%, 11.35%, and 10.73% respectively [6] - The target price is set at 20.16 yuan per share, corresponding to a price-to-book ratio of 1.00, indicating a potential upside of 37% from the current price [6]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to achieve rapid growth in revenue and profit in 2024, driven by the robust development of its core API business and the rapid expansion of its formulation business. The company has high competitive barriers, a rich product portfolio, and a unique second growth curve [1][2] Financial Performance - In 2024, the company achieved revenue of 1.476 billion yuan (up 16.89% year-on-year) and a net profit attributable to shareholders of 355 million yuan (up 22.59 year-on-year). The net profit after deducting non-recurring items was 351 million yuan (up 34.25% year-on-year) [2] - For Q1 2025, the company reported revenue of 402 million yuan (up 19.78% year-on-year) and a net profit attributable to shareholders of 119 million yuan (up 45.30% year-on-year) [2] Growth Analysis - The API and intermediate business generated revenue of 1.141 billion yuan in 2024 (up 7.73% year-on-year), with cardiovascular products contributing 432 million yuan (up 43.81% year-on-year). The formulation business achieved revenue of 220 million yuan (up 144.87% year-on-year) due to increased terminal coverage of Dydrogesterone tablets [2][3] Profitability - The company's gross margin for 2024 was 58.56% (up 2.64 percentage points year-on-year), and the net profit margin was 24.04% (up 1.14 percentage points year-on-year). The improvement in profitability is attributed to the higher proportion of high-margin formulation business and improved margins in certain API products [4] Earnings Forecast and Valuation - The expected EPS for 2025, 2026, and 2027 are 1.14 yuan, 1.45 yuan, and 1.77 yuan per share, respectively. The company is projected to maintain steady revenue and profit growth supported by its high-barrier API and formulation products [5]

Market Overview - On April 29, the Shanghai Composite Index fell by 0.2%, the CSI 300 decreased by 0.14%, the STAR Market 50 dropped by 0.17%, the CSI 1000 declined by 1.05%, the ChiNext Index decreased by 0.65%, and the Hang Seng Index fell by 0.04% [4] - The best-performing sectors on April 29 were banking (+0.98%), steel (+0.53%), public utilities (+0.39%), home appliances (+0.17%), and media (+0.02%). The worst-performing sectors were real estate (-3.66%), comprehensive (-2.52%), social services (-2.19%), automotive (-1.59%), and building materials (-1.57%) [4] - The total trading volume for the A-share market on April 29 was 1,076.8 billion yuan, with a net inflow of 2.03 billion HKD from southbound funds [4] Company Recommendation - The report focuses on Xtep International (01368), identified as the leading brand in the domestic running market, with expected market expansion and brand growth [5] - The recommendation logic highlights the rapid growth in the number of domestic running enthusiasts and serious runners, which is expected to drive Xtep's revenue growth beyond expectations [5] - Key drivers include the number of marathon participants, the wearing rate of Xtep and Saucony brands, sales performance of Xtep's main running products, and the opening and performance of Saucony stores [5] - The target price is set at 7 HKD, reflecting a potential upside of over 40%, based on a 2025 target PE of 13X [5] - Profit forecasts for Xtep indicate a net profit of 1,371.72 million yuan in 2025, 1,528.06 million yuan in 2026, and 1,703.48 million yuan in 2027 [5] - Catalysts for growth include the popularity of marathon events, increased brand wearing rates, strong sales of Xtep's main products, and improved store performance for Saucony [5]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 443 million yuan in 2024, a year-on-year decline of 5.9%, with a net profit attributable to shareholders of 135 million yuan, down 7.1%. However, Q4 2024 showed a revenue of 124 million yuan, up 31.6% year-on-year, and a net profit of 38 million yuan, up 37.9% year-on-year. The Q1 2025 revenue was 147 million yuan, a 24.9% increase year-on-year, with a net profit of 47 million yuan, up 21.5% year-on-year. The recovery in shipments is expected to drive revenue and profit growth in 2025 [1][2][4] Summary by Sections Growth Potential - The recovery in shipments is anticipated to drive revenue growth in 2025, supported by the strong market presence of the company's products. The company has seen significant revenue growth in previous years corresponding to the launch of new products. The introduction of the Stryker 1788 in September 2023 is expected to enhance revenue as customer inventory levels normalize [2] - The company is expanding its product offerings, including the launch of several 4K endoscope systems, which are expected to contribute significantly to revenue in 2024 and beyond. The ongoing collaboration with major clients is expected to further enhance revenue growth [2] Profitability - The gross margin for 2024 is projected to be 64.5%, an increase of 0.8 percentage points year-on-year, while Q1 2025 gross margin is expected to be 65.0%, up 0.5 percentage points year-on-year. The company is expected to maintain a high gross margin due to improved supply volumes and cost reductions [3] - The net margin for 2024 is projected at 30.2%, remaining stable year-on-year, while Q1 2025 net margin is expected to be 31.2%, a slight decline of 1.1 percentage points. Despite potential increases in expenses, the company is expected to maintain a high net margin due to economies of scale [3] Financial Forecast and Valuation - The company is projected to achieve total revenues of 552 million yuan, 662 million yuan, and 800 million yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 24.64%, 19.99%, and 20.87%. The net profit attributable to shareholders is expected to be 174 million yuan, 212 million yuan, and 259 million yuan for the same years, with corresponding year-on-year growth rates of 28.40%, 22.01%, and 22.20% [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 1.73 billion in Q1 2025, showing a year-on-year decrease of 1.76%, while the net profit attributable to the parent company was 71 million, down 4.02% [1] - The retail segment demonstrated strong e-commerce growth, with online retail revenue increasing by 29.1% to 390 million, while offline retail revenue decreased by 5.8% to 650 million [2] - The company is focusing on AI sleep technology, collaborating with Tsinghua University to enhance its product offerings [4] - Financial metrics indicate a gross margin of 33.44%, with an increase in operating expenses [5] Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a revenue of 1.73 billion, with a net profit of 71 million and a non-recurring net profit of 60 million, reflecting a decline of 4.02% and 19.31% respectively compared to the previous year [1] Retail Segment Performance - The retail business generated 1.08 billion in revenue, with online sales growing by 29.1% to 390 million, while offline sales fell by 5.8% to 650 million [2] Manufacturing and Overseas Operations - The OEM business reported a revenue of 480 million, with international sales at 360 million, showing a growth of 2.8% [3] - The cross-border e-commerce segment saw a revenue decline of 22.9% to 60 million due to strategic adjustments [3] Product Categories - Mattress revenue reached 1.13 billion, up 10% year-on-year, with proprietary brand mattresses contributing 770 million, an 18% increase [4] Financial Metrics - The gross margin stood at 33.44%, with an increase in operating expenses, including a rise in sales and financial expense ratios [5] - The company is projected to achieve revenues of 9.46 billion, 10.26 billion, and 11.15 billion for 2025, 2026, and 2027 respectively, with net profits expected to grow significantly [6]

证券研究报告 | 行业专题 | 通信 全年业绩低点已过，AI 算力增长加速 ——电信运营商行业点评报告 投资要点 ❑ 25Q1 行业增速较缓，或为年内低点，全年节奏有望前低后高 25Q1 行业增速放缓，或受基数高、主动精细化项目管理等因素影响。2025 年一 季度，电信业务收入累计完成 4469 亿元，同比增速约 0.7%。我们认为，行业增 速较缓主要系多因素综合影响：一是，2024 年同期基数相对较高，2024Q1 的行 业整体收入无论从绝对值角度还是同比增速角度，均处于相对高位。二是，今年 以来宏观环境依旧复杂多变，随着国内一系列政策陆续部署出台，内需修复的持 续性仍需巩固。三是，运营商进行精细化项目管理，对部分高风险项目主动进行 管控。 2024 年经营数据季度分布呈现 U 形走势，Q2、Q3 基数相对较低。具体来看， 2024 年 1-3 月、1-6 月、1-9 月、1-12 月，行业整体电信业务收入累计增速分别 为 4.5%、3.0%、2.6%、3.2%。拆分单季度数据来看，2024Q1、Q2、Q3、Q4， 行业整体电信业务收入单季度同比增速分别为 4.5%、1.6%、1.8%、5.1%。参照 我们 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for investment opportunities [6]. Core Insights - The company is engaged in dual business lines of touch display and power transmission, with a projected revenue CAGR of 25.5% from 2019 to 2024. The human-shaped robot sector is expected to provide new growth momentum [2][6]. Summary by Sections Touch Display Business - The touch display market is expected to benefit from AI development, with revenue projected to account for 49.3% in 2024. The global touch display market reached $35 billion in 2019 and is anticipated to grow steadily due to the smart device trend [3][46]. - The company has established stable partnerships with major clients such as Foxconn and BOE, focusing on high-margin products like dual-screen and curved-screen automotive touch displays [3][72]. Power Transmission Business - The power transmission market is experiencing stable growth, with a significant shift towards electrification. The global automotive transmission system market is projected to reach $147.09 billion in 2024, with a CAGR of 2.4% from 2025 to 2033 [4][64]. - The company is actively expanding its product offerings in the electric drive transmission system components for new energy vehicles, collaborating closely with high-end clients like Toyota and BYD [4][31]. Human-Shaped Robot Sector - The company has invested in Wuxi Quanzhibo to expand into the human-shaped robot sector, which is entering a growth phase as international giants ramp up production [5][71]. Financial Forecast and Valuation - The company is expected to achieve revenues of 4.39 billion, 5.30 billion, and 6.19 billion yuan from 2025 to 2027, with corresponding net profits of 200 million, 260 million, and 370 million yuan, reflecting growth rates of 59%, 32%, and 41% respectively [6][8]. The projected P/E ratios are 48, 36, and 26 for the same period [6].