Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has shown steady growth in its performance, with 2024 revenue reaching 945 million yuan, a year-on-year increase of 19%, and a net profit attributable to shareholders of 212 million yuan, up 11% year-on-year [4]. - The semiconductor equipment sector presents significant technological breakthroughs, indicating a broad space for future growth [4]. - The company has successfully capitalized on the structural recovery in consumer electronics, with precision welding equipment revenue increasing by 32% year-on-year [5]. - Collaborations with major clients like Bosch and advancements in laser radar technology are expected to drive demand in smart manufacturing [5][6]. - The company anticipates revenue growth from 2025 to 2027, with projected revenues of 1.061 billion yuan, 1.298 billion yuan, and 1.496 billion yuan, respectively, reflecting growth rates of 12.31%, 22.29%, and 15.27% [7]. Financial Performance Summary - In 2024, the company achieved a revenue of 945 million yuan, with a gross profit margin of 51.5% [10]. - The net profit attributable to shareholders is projected to grow to 259 million yuan in 2025, with a corresponding PE ratio of 23.10 [7]. - The company's asset-liability ratio stands at 287%, indicating a relatively high level of debt [3].

证券研究报告：房地产|行业周报 发布时间：2025-05-13 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 2019.97 | | 52 周最高 | 2656.47 | | 52 周最低 | 1627.84 | 行业相对指数表现 -17% -12% -7% -2% 3% 8% 13% 18% 23% 28% 33% 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《房企聚焦核心城市 多地拍出高溢价 地块》 - 2025.05.06 房地产行业报告（2025.5.5-2025.5.11） 优化房企融资制度有望进一步促进地产企稳 ⚫ 投资要点 5 月 7 日国新办举行新闻发布会介绍"一揽子金融政策支持稳市 场稳预期"有关情况，关于房地产的政策主要是调整了住房公积金贷 款利率和降准降息以进一步促进地产企稳，政策符合市场预 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady growth, with 2024 revenue reaching 945 million yuan, a year-on-year increase of 19%. The net profit attributable to shareholders was 212 million yuan, up 11% year-on-year [4]. - The semiconductor equipment sector shows significant potential for technological breakthroughs, which could drive future growth [4]. - The company has established strong collaborations with major clients, enhancing its market position in precision welding and inspection equipment [5][6]. Company Overview - Latest closing price: 24.02 yuan - Total shares: 249 million, with a market capitalization of 6 billion yuan [3]. - The company has a debt-to-asset ratio of 28.7% and a price-to-earnings ratio of 28.26 [3]. Financial Performance - In 2024, the company achieved a revenue of 945 million yuan, with a projected revenue growth of 12.31% in 2025, reaching 1.061 billion yuan [9]. - The net profit attributable to shareholders is expected to grow to 259 million yuan in 2025, reflecting a year-on-year increase of 22.10% [9]. - The earnings per share (EPS) is projected to be 1.04 yuan in 2025, with a corresponding price-to-earnings ratio of 23.10 [9]. Business Segments - Precision welding equipment revenue reached 698 million yuan in 2024, a 32% increase year-on-year, benefiting from the structural recovery in consumer electronics [5]. - Machine vision equipment revenue grew by 37% year-on-year to 137 million yuan, with a gross margin of 49.75% [5]. - The company is also focusing on silicon carbide and packaging equipment, which are expected to become significant growth drivers in the future [6].

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 [2][9]. Core Views - The company is experiencing a performance turning point, driven by dual growth from military and civilian sectors. The 2024 annual report shows a significant revenue decline of 41% year-on-year, with a net loss of 2.06 billion yuan, a decrease of 398% [4][5]. - The decline in defense product revenue is the primary reason for the losses in 2024, with a 67% drop to 5.26 billion yuan. However, the optical materials and devices segment saw a revenue increase of 29% to 7.42 billion yuan [5]. - The company plans to achieve a revenue target of 2.5 billion yuan in 2025, with expectations to return to profitability. The first quarter of 2025 showed a revenue increase of 33% year-on-year [6][9]. Financial Summary - In 2024, the company reported total revenue of 1.297 billion yuan, with a projected recovery to 2.591 billion yuan in 2025, representing a growth rate of 99.8% [11][14]. - The projected net profit for 2025 is 741 million yuan, with significant growth rates of 136% in 2025, 106% in 2026, and 65% in 2027 [9][11]. - The company plans to raise up to 1.02 billion yuan through a private placement to fund high-performance optical materials and advanced components projects, which are expected to enhance production capacity significantly [6][9].

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 [2][9]. Core Views - The company is experiencing a performance turning point, driven by dual growth from military and civilian sectors. The 2024 annual report shows a significant revenue drop of 41% year-on-year, with a net loss of 2.06 billion yuan, a decrease of 398% [4][5]. - The decline in defense product revenue is the primary reason for the losses in 2024, with a 67% drop to 5.26 billion yuan. However, the optical materials and devices segment saw a 29% increase in revenue to 7.42 billion yuan [5]. - The company plans to achieve a revenue target of 2.5 billion yuan in 2025, with expectations to return to profitability. The first quarter of 2025 showed a revenue increase of 33% year-on-year [6][9]. Summary by Sections Company Overview - The latest closing price is 14.59 yuan, with a total market capitalization of 7.4 billion yuan. The company has a debt-to-asset ratio of 44% and a current P/E ratio of -36.02 [3]. Financial Performance - In 2024, the company reported total revenue of 1.297 billion yuan, with a projected revenue of 2.591 billion yuan for 2025, indicating a growth rate of 99.8% [11]. - The projected net profit for 2025 is 741 million yuan, with significant growth rates of 136% and 106% expected in the following years [9][11]. Strategic Initiatives - The company is expanding its product lines, including the development of quadruped and humanoid robots, which are expected to become new growth points [5]. - A planned capital increase of up to 1.02 billion yuan will fund projects in high-performance optical materials and advanced components, aiming to enhance production capacity significantly [6]. Market Outlook - The collaboration between major defense groups is expected to enrich the assets available to the company, enhancing its market position [7][9].

Monetary Policy Insights - The central bank maintains a moderately loose monetary policy, shifting from "timely adjustments" to "flexible grasp" of policy implementation, indicating a focus on existing monetary policy rather than new incremental policies[2] - The central bank emphasizes interest rate risks, suggesting potential short-term adjustments in both short-term and long-term bond yields, with the 10-year government bond yield currently in the 1.6%-1.65% range[3] - The central bank's focus on the health of commercial banks may lead to a downward trend in deposit rates, as the net interest margin continues to narrow, impacting the stability of the banking system[4] Credit and Financing - There is an intention to increase credit supply to lower overall financing costs, with a shift towards total credit volume as constraints ease, while promoting consumption remains a key focus of monetary policy[4] - The weighted average interest rate for new loans in Q1 was 3.44%, up by 0.16 percentage points from the end of the previous year, indicating a need for improved efficiency in monetary policy transmission[25] - The report highlights a transition in real estate policy towards optimizing existing policies, particularly focusing on expanding financing support for affordable housing[26] Inflation and Demand - Effective demand improvement is crucial for stabilizing inflation, with fiscal policy expected to be more effective than monetary policy in this context, as current demand remains insufficient[28] - The report notes that the growth rate of social financing and broad money supply (M2) is maintained at 7%-8%, while the CPI growth rate is below 1%, indicating limited effectiveness of monetary policy in stimulating demand[28] Risk Factors - Risks include escalating geopolitical conflicts, unexpected financial crises abroad, and potential adjustments in long-term interest rates[5]

发布时间：2025-05-13 研究所 分析师:李起 SAC 登记编号:S1340524110001 Email:liqi2@cnpsec.com 研究助理:高晓洁 SAC 登记编号:S1340124020001 Email:gaoxiaojie@cnpsec.com 近期研究报告 《海外宏观周报：市场静待贸易靴子 落地》 - 2025.05.12 宏观观点 大方向依然是走弱 l 核心观点 在 5 月 12 日的中美经贸联合声明中，美国将取消和暂停对我国 部分关税，总体将对我国关税税率降至 30%左右。但我们认为此举对 于美国经济的提振有限，回到"解放日"之前的水平和状态可能性较 低。 首先是声明公布后进一步走高的政策不确定性指数。在"解放日" 后，关税大幅抬高，但真正直接作用于美国经济和实体预期的是政策 的不确定性。各项调查等软数据均显示了不确定性对居民和企业部门 消费、投资决策的负面影响。5 月 12 日，尽管中美关系出现了阶段性 缓和，但政策不确定性指数再创新高，这一影响渠道依然在起作用。 其次是特朗普可能出现的"朝令夕改"。这在上一次贸易战中已 经体现的较为充分，且 24%的对等关税是暂停 90 天， ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][37] Core Viewpoints - The agricultural sector has shown a comprehensive rebound, with the agricultural index rising by 0.99%, ranking 27th among 31 primary industries [5][13] - The pig price is currently operating at a slight profit, with production capacity reduction slowing down. The average price of live pigs as of May 9 is 14.73 CNY/kg, showing minor fluctuations [6][17] - The white feather chicken market is experiencing stable chick prices, with a focus on domestic breeding due to uncertainties in overseas imports [28] Summary by Sections Industry Overview - The closing index for the agricultural sector is 2606.49, with a 52-week high of 2927.53 and a low of 2110.64 [2] Market Performance - The agricultural sector's index has increased by 0.99%, while the broader market indices like the CSI 300 and Shanghai Composite Index have risen by 2.00% and 1.92%, respectively [13][14] Livestock Industry Tracking Pig Industry - The average price of live pigs has remained stable between 14.6 and 14.9 CNY/kg since April, with a slight upward shift due to increased second-time fattening [6][17] - As of May 9, self-breeding pig farmers are earning approximately 84 CNY per head, while those purchasing piglets are making about 58 CNY [18][19] - The breeding stock has shown a slight increase, with April's data indicating a 0.41% rise in breeding sows [19][20] White Feather Chicken - As of May 9, the price of white feather chicken chicks is 3.10 CNY per chick, with an average profit of 0.2 CNY per chick [28] - The market is currently characterized by a significant disparity, with high chick prices causing resistance among farmers due to rising feed costs [28] Crop Industry Tracking - Sugar prices have slightly decreased to 6150 CNY/ton, while corn prices have increased to 2306 CNY/ton, reflecting a mixed trend in crop prices [32][35]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][37] Core Viewpoints - The agricultural sector has shown a comprehensive rebound, but the growth in the agricultural sector is relatively small, with the agricultural index rising by 0.99%, ranking 27th among 31 primary industries [5][13] - The pig price is operating at a micro-profit level, with production capacity reduction slowing down. The average price of pigs as of May 9 is 14.73 CNY/kg, showing slight upward movement due to increased frequency of secondary fattening [6][17] - The white feather chicken market is experiencing stable chick prices, with the price at 3.10 CNY/chick as of May 9, while the average profit per chick is 0.2 CNY [28] Summary by Sections Industry Overview - The closing index is at 2606.49, with a 52-week high of 2927.53 and a low of 2110.64 [2] Market Performance - The agricultural sector index has increased by 0.99%, while the broader market indices such as the CSI 300 and Shanghai Composite Index have risen by 2.00% and 1.92%, respectively [13][14] Livestock Industry Tracking Pig Industry - The average price of pigs has remained stable between 14.6 and 14.9 CNY/kg since April, with a slight upward shift in average price due to increased secondary fattening [6][17] - As of May 9, self-breeding and self-raising pigs have an average profit of approximately 84 CNY per head, while purchased piglets yield a profit of 58 CNY [18][19] - The breeding stock has shown slight fluctuations, with April data indicating a 0.41% increase in breeding sows [19][20] White Feather Chicken - The chick price remains stable, with a current price of 3.10 CNY/chick and a meat chicken price of 3.75 CNY/kg [28] - The market is experiencing significant polarization, with high chick prices causing resistance from the breeding sector due to rising feed costs [28] Crop Industry Tracking - Sugar prices have slightly decreased to 6150 CNY/ton, while corn prices have increased to 2306 CNY/ton, reflecting a rise of 49 CNY/ton [32]

Group 1: Trade Negotiation Progress - The US has reduced tariffs on Chinese goods from 145% to 30%, with 24% of the tariffs suspended for the first 90 days[2] - After the suspension, the average tariff rate imposed by the US on China will be 51%, which is higher than the average non-MFN (Most Favored Nation) tariff rate of 42%[2][16] - The negotiations indicate a willingness to communicate, moving from an irrational tariff level to a more rational one, suggesting the start of substantive trade discussions[3][18] Group 2: Impact on Trade and Exports - During the 90-day suspension period, China's export growth to the US may decline by 21.6% to 27.6%[4][21] - In April, China's export growth to the US was -21.03%, indicating that further deterioration is unlikely within the year[4][21] - High price elasticity industries, such as optical and medical instruments, are more sensitive to tariff changes, with significant impacts expected from tariff adjustments[5][23] Group 3: Market Sentiment and Future Outlook - The positive outcome of the trade talks is expected to enhance market risk appetite and support domestic economic improvement[6][24] - The Chinese government is adopting a more proactive policy stance, which may lead to accelerated implementation of existing policies in the second quarter[6][24] - Future negotiations may still face uncertainties, reflecting the historical behavior of the Trump administration regarding trade policies[3][26]