Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company specializes in wireless audio ICs, targeting high-end consumer and professional audio markets globally. Its main products include Bluetooth audio SoC chip series, portable audio and video SoC chip series, and smart voice interaction SoC chip series, which are widely used in Bluetooth speakers, headphones, smart education, and smart home applications. The company has become a mainstream supplier in the low-power wireless IoT field and is gradually achieving domestic substitution in related chip areas [2][14] - The company serves both international and domestic top-tier brands, including Harman, Sony, Bose, and Xiaomi, by providing differentiated chip combinations to meet diverse market demands, which has led to increased penetration in mainstream brands [2][14] - The company is continuously enhancing its product development and upgrades for 2.4G private communication protocols, which are widely applied in smart offices, smart homes, and industrial control. The latest products support high transmission power and improved wireless communication technology, showcasing strong wireless connection capabilities [2][14] - The company is leveraging AI advancements to enhance audio applications, with its edge AI processor chips providing low-power computing platforms for smart IoT applications, meeting the AI needs of low-power edge devices [2][14] Financial Projections and Indicators - The company forecasts revenue growth from 652 million in 2024 to 1,493 million by 2027, with a compound annual growth rate (CAGR) of approximately 29.87% [3] - The projected net profit attributable to the parent company is expected to grow from 107 million in 2024 to 309 million by 2027, reflecting a strong growth trajectory [3] - The company's EBITDA is projected to increase from 80 million in 2024 to 346 million by 2027, indicating robust operational performance [3] - The earnings per share (EPS) is expected to rise from 0.73 yuan in 2024 to 2.12 yuan by 2027, showcasing significant profitability improvement [3] Product and Market Development - The company is deepening its focus on smart audio SoC technology, leading innovations in audio technology [5][7] - The company is expanding its market presence in portable and home audio markets, with a gradual increase in market share for private protocol products like wireless microphones and soundbars [23][45] - The company is actively exploring the wireless microphone market, which is expanding due to the rise of video streaming and content creation, with its products gaining popularity for their low power consumption and excellent noise reduction capabilities [49][50]

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Viewpoints - Chinese equipment has shown outstanding performance in the recent India-Pakistan conflict, with prime manufacturers benefiting more from military trade growth than upstream companies [12][14] - The military trade market is expected to grow significantly as China's global presence increases, with military equipment exports to Pakistan accounting for 63% of China's total military trade exports from 2020 to 2024 [14][17] - The report suggests focusing on two main investment themes: 1) Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and others [18] 2) New technologies, products, and markets with greater elasticity, including companies like Aerospace Intelligent Manufacturing and others [18] Summary by Sections Industry Overview - The closing index for the defense industry is 1502.54, with a 52-week high of 1712.48 and a low of 1113.62 [1] Market Performance - The military industry index increased by 5.17%, outperforming the broader market indices [19] - The top ten performing stocks in the military sector this week include Chengxi Aviation (+59.26%) and others [22] Valuation Levels - As of May 9, 2025, the military industry index stands at 10729.21, with a PE-TTM valuation of 103.42 and a PB valuation of 3.48, indicating that both valuations are at historical mid-levels [24][25]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][8]. Core Insights - The company is experiencing continuous improvement in profitability and steady progress in platform development, with a projected revenue of 3.406 billion yuan in 2024, representing a year-on-year growth of 35.82% [3][10]. - The company has successfully increased its market share and sales scale in various fields, including logic chips, storage chips, advanced packaging, and third-generation semiconductors, leading to a significant rise in net profit [3][4]. - The acquisition of a controlling stake in a subsidiary focused on ion implantation technology is expected to enhance the company's product offerings and support its "equipment + service" platform strategy [5][7]. Financial Performance Summary - The company is projected to achieve revenues of 4.732 billion yuan in 2025, 5.918 billion yuan in 2026, and 7.404 billion yuan in 2027, with corresponding net profits of 1.379 billion yuan, 1.751 billion yuan, and 2.256 billion yuan respectively [8][10]. - The expected growth rates for revenue are 38.91% in 2025, 25.07% in 2026, and 25.12% in 2027, while net profit growth rates are projected at 34.79%, 26.96%, and 28.79% for the same years [10][11]. - The company's earnings per share (EPS) are forecasted to be 5.83 yuan in 2025, 7.40 yuan in 2026, and 9.53 yuan in 2027, indicating a strong upward trend in profitability [10][11]. Market Opportunities - The report highlights the growing demand for advanced packaging and compound semiconductors, driven by the increasing need for high-performance computing chips, particularly in the context of artificial intelligence [4]. - The company is positioned to benefit from the rising demand for thinning and cutting equipment, as it has made significant technological advancements to compete with international suppliers [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][8]. Core Insights - The company is experiencing continuous improvement in profitability and is steadily advancing its platform development strategy. The market share and sales scale of CMP products are increasing, with a projected revenue of 3.406 billion yuan for 2024, representing a year-on-year growth of 35.82% [3][4]. - The company has successfully acquired the controlling stake in Chiplet Company, enhancing its core technology in ion implantation and advancing its "equipment + service" platform strategy [5][7]. - The company is well-positioned to capitalize on opportunities in advanced packaging and compound semiconductors, with significant advancements in thinning and cutting equipment [4][8]. Financial Projections - The company is expected to achieve revenues of 4.732 billion yuan in 2025, 5.918 billion yuan in 2026, and 7.404 billion yuan in 2027, with corresponding net profits of 1.379 billion yuan, 1.751 billion yuan, and 2.256 billion yuan respectively [10][11]. - The projected growth rates for revenue are 38.91% in 2025, 25.07% in 2026, and 25.12% in 2027 [10][11]. - The earnings per share (EPS) are forecasted to be 5.83 yuan in 2025, 7.40 yuan in 2026, and 9.53 yuan in 2027, with price-to-earnings (P/E) ratios of 27, 22, and 17 respectively [10][11].

Export Performance - In April, exports increased by 8.1% year-on-year, exceeding expectations and seasonal levels, with a cumulative export value of $1,169.06 billion for the first four months, reflecting a 6.4% year-on-year growth[11][1]. - The export growth was supported by a significant increase in trade with ASEAN and the EU, with ASEAN becoming China's largest trading partner, showing a 20.8% year-on-year growth in exports to this region[17][1]. - Exports to the US saw a notable decline of 21.03% year-on-year, primarily due to the impact of the US's 145% tariffs on Chinese goods[26][1]. Trade Dynamics - The trade policies of the US have led to a decrease in export share to the US, while shares to the EU and ASEAN have increased, indicating a strengthening of cooperation among non-US countries[14][1]. - The overall trade environment remains optimistic, with potential for policy adjustments in July that could influence export dynamics[39][1]. Key Risks - Future export performance faces uncertainties, particularly regarding the extension of the US tariff exemption period and the outcomes of ongoing trade negotiations between the US and China[42][1]. - Risks include the potential escalation of global trade tensions and geopolitical conflicts, which could adversely affect trade flows and economic stability[43][1].

Group 1: Trade Relations - The US and UK reached a limited agreement to lower tariffs on certain products, but a 10% base tariff remains in place, indicating long-term challenges for tariff reductions with other countries[1] - US Treasury Secretary Scott Bessenet reported "substantial progress" in trade talks with China, with further details expected to be announced[2] - President Trump expressed willingness to reduce tariffs on China by up to 80% prior to the Geneva meetings, highlighting a potential shift in trade policy[2] Group 2: Economic Indicators - The US services PMI rose to 51.6 in April, while the manufacturing PMI fell to 48.7, indicating mixed economic signals[10] - The Federal Reserve maintained interest rates, aligning with market expectations, and is likely to remain cautious in the face of uncertain trade policies[2] - Market pricing suggests there may be three more interest rate cuts within the year, reflecting ongoing economic concerns[31] Group 3: Risks and Outlook - The ongoing trade negotiations are subject to fluctuations, posing risks to market stability[3] - The Fed's current stance is to wait for actual economic data to weaken before making further adjustments to monetary policy, indicating a cautious approach[2] - The potential for a rebound in risk assets is tempered by the possibility of a "buy the rumor, sell the fact" scenario in the stock market[2]

Report Information - Report Type: Fixed Income Report - Release Time: May 12, 2025 - Analysts: Liang Weichao, Cui Chao [2] Industry Investment Rating - Not provided in the report Core Viewpoints - High - frequency economic data shows that production heat is in a downward trend due to holidays, with chemical and tire开工率 at seasonal lows, while blast furnace and asphalt开工率 have increased. Second, the commercial housing transaction area has declined, and the land transaction area has continued to rise, both close to last - year's levels. Third, price trends are divergent, with crude oil prices rising from a low level, coking coal and rebar prices falling, and copper prices relatively stable; agricultural products generally continue the seasonal downward trend, with a large increase in fruit prices. Short - term focus should be on the implementation of new round of growth - stabilizing stimulus policies, the recovery of the real estate market, and the trend of commodity prices [2][30] Section Summaries Production - Steel: The coking oven capacity utilization rate decreased by 0.38 pct, the blast furnace开工率 increased by 0.29 pct, and the rebar output decreased by 9.85 tons. The inventory increased by 15.11 tons [3][9] - Petroleum Asphalt: The开工率 increased by 0.5 pct [3][9] - Chemical Industry: The PX开工率 increased slightly by 0.81 pct at a low level, and the PTA开工率 decreased significantly by 4.65 pct [3][9] - Automobile Tires: The开工率 decreased seasonally and significantly, with the all - steel tire开工率 decreasing by 11.47 pct and the semi - steel tire开工率 decreasing by 14.08 pct [3][10] Demand - Real Estate: The commercial housing transaction area declined, and the inventory - to - sales ratio decreased; the land transaction area continued to rise, and the residential land transaction premium rate increased [13] - Movie Box Office: It increased by 559 million yuan compared with the previous week [13] - Automobile: In the week of April 30, the daily average retail sales of manufacturers increased by 63,000 vehicles, and the daily average wholesale sales increased by 119,000 vehicles [16] - Shipping Index: The SCFI increased by 0.32%, the CCFI decreased by 1.31%, and the BDI decreased by 8.59% [18] Prices - Energy: The Brent crude oil price increased by 4.27% to $63.91 per barrel, and the coking coal futures price decreased by 4.74% to 883.5 yuan per ton [20] - Metals: The LME copper, aluminum, and zinc futures prices changed by + 0.15%, - 0.58%, and + 1.76% respectively, and the domestic rebar futures price decreased by 1.94% [21] - Agricultural Products: They continued the seasonal downward trend, with the agricultural product wholesale price 200 index decreasing by 1.14%. The prices of pork, eggs, vegetables, and fruits changed by + 0.15%, - 0.87%, + 0.23%, and + 5.53% respectively compared with the previous week [23][24] Logistics - Subway Passenger Volume: The passenger volumes in Beijing and Shanghai both decreased [26] - Flight Execution Volume: Both domestic and international flight volumes decreased [27] - Urban Traffic: The peak congestion index in first - tier cities decreased overall [27]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights that tungsten prices continue to rise due to a tightening supply-demand dynamic, with a significant reduction in mining quotas leading to a supply contraction of 4,000 tons, a decrease of 6.45% compared to the previous year [7] - Copper prices are expected to fluctuate around $9,300, influenced by trade pricing reversals and macroeconomic factors, with a notable increase in copper inventory at COMEX [6] - Aluminum prices have shown a downward trend due to weak expectations, although domestic demand remains strong with rapid inventory depletion [6] - Rare earth prices have surged due to tight supply and increased overseas prices, with domestic procurement activity remaining moderate [7] Summary by Sections Industry Overview - The closing index for the industry is at 4695.15, with a weekly high of 5020.22 and a low of 3700.9 [2] Price Movements - Basic metals: LME copper decreased by 0.89%, aluminum by 0.39%, zinc increased by 1.14%, lead by 3.55%, and tin decreased by 0.65% [19] - Precious metals: COMEX gold decreased by 3.27%, silver by 1.66%, while NYMEX palladium increased by 0.25% and platinum decreased by 0.85% [19] Inventory Changes - Global visible inventory changes: copper decreased by 3,989 tons, aluminum by 12,070 tons, zinc by 2,949 tons, lead by 9,115 tons, tin by 54 tons, and nickel by 3,111 tons [26]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [6][13]. Core Views - The company has shown a recovery in performance with a significant increase in both revenue and net profit for 2024, with revenue reaching 12.0% growth year-on-year and net profit increasing by 107.1% [3][4]. - The growth in international passenger traffic continues, contributing to the recovery of both aviation and non-aviation revenues [4][5]. - The company is expected to maintain a positive growth trajectory in net profit for the years 2025 to 2027, with projections of 24.4 billion, 29.4 billion, and 33.6 billion respectively [6]. Company Overview - The latest closing price of the company's stock is 32.08 yuan, with a total market capitalization of 798 billion yuan and a circulating market value of 616 billion yuan [2]. - The company has a total share capital of 2.488 billion shares, with 1.919 billion shares in circulation [2]. - The largest shareholder is Shanghai Airport (Group) Co., Ltd. [2]. Financial Performance - In 2024, the company reported operating revenue of 12.37 billion yuan, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.93 billion yuan, up 107.1% [3][9]. - The first quarter of 2025 saw operating revenue of 3.17 billion yuan, reflecting a 4.7% year-on-year growth, with net profit reaching 519 million yuan, a 34.5% increase [3][5]. - The company’s operating costs for 2024 were 9.656 billion yuan, a 4.7% increase year-on-year, while the cost structure remained stable [4][12]. Revenue Breakdown - The aviation revenue for 2024 was 5.56 billion yuan, up 27.1% year-on-year, driven by a significant increase in passenger throughput [4]. - Non-aviation revenue was impacted by a decrease in commercial transfer rights and duty-free rental income, with commercial catering revenue declining by 15.5% to 2.055 billion yuan [4][9]. - Logistics business revenue increased by 13.3% to 1.68 billion yuan due to higher cargo station throughput [4].

证券研究报告：有色金属|行业周报 发布时间：2025-05-12 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4695.15 | | --- | --- | --- | | 52 | 周最高 | 5020.22 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 有色金属行业报告 （2025.05.05-2025.05.10） 钨价持续上涨，供紧需强趋势明显 l 投资要点 贵金属：黄金宽幅震荡，等待中美关税谈判落地。本周金银呈现 出震荡行情，且波动较大，沪金主力虽有降波，但波动率依然处于历 史高位。等待中美关税谈判落地以及波动率调整到位后择机重新超配 黄金以及黄金股。未来，特朗普政府关税阴云仍在，贸易逆差缩减的 本质是美债买盘的衰减，美国长债利率上行概率加大，黄金的配置价 值凸显。具体来说，只要长端美债名义利率位于 4%以上，黄金上涨趋 ...