Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index [7][8]. Core Insights - The company achieved a revenue of 7.781 billion yuan in 2024, representing a year-on-year growth of 32.78%, with a net profit of 792 million yuan, up 87.02% from the previous year [4][5]. - The automotive parts business continues to grow rapidly, with revenue reaching 7.003 billion yuan in 2024, a 37.73% increase, benefiting from the rising market share of domestic brands and the expansion into the new energy vehicle sector [5][6]. - The oil and gas equipment business generated a net profit of 238 million yuan in 2024, despite a slight revenue decline of 5.96%, indicating a stable profit margin due to cost reduction efforts [6][8]. - The company is positioned to benefit from the national focus on "deep-sea technology," which is expected to enhance the development of oil and gas resources, particularly given China's high dependency on foreign oil and gas [6][8]. - Future profit projections estimate net profits of 902 million yuan, 1.108 billion yuan, and 1.380 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 14%, 23%, and 25% [8][10]. Financial Summary - The company reported a total revenue of 7.781 billion yuan for 2024, with projected revenues of 8.986 billion yuan in 2025, 10.426 billion yuan in 2026, and 12.113 billion yuan in 2027 [10][13]. - The projected earnings per share (EPS) are expected to increase from 0.94 yuan in 2024 to 1.63 yuan by 2027, reflecting strong growth potential [10][13]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 22.26 in 2024 to 12.77 in 2027, indicating an attractive valuation as earnings grow [10][13].

Investment Rating - The report maintains a "Buy" rating for the company [7][8]. Core Insights - The company achieved a revenue of 7.781 billion yuan in 2024, representing a year-on-year growth of 32.78%, and a net profit of 792 million yuan, which is an increase of 87.02% compared to the previous year [4][5]. - The automotive parts business continues to grow rapidly, with revenue reaching 7.003 billion yuan in 2024, a year-on-year increase of 37.73%, and a gross margin of 18.68% [5]. - The oil and gas equipment business generated a net profit of 238 million yuan in 2024, with revenue of 546 million yuan, a decrease of 5.96% year-on-year, but a gross margin of 67.18% [6]. - The company is expected to benefit from the development of deep-sea technology, which was highlighted in the recent national policy discussions, indicating a broad future for oil and gas equipment [6][8]. - The company is positioned as a platform for asset injection from the Aerospace Science and Technology Corporation, which could enhance its growth prospects [8]. - Forecasted net profits for 2025-2027 are projected to be 902 million, 1.108 billion, and 1.380 billion yuan, respectively, with growth rates of 14%, 23%, and 25% [8][10]. Financial Summary - In 2024, the company reported total revenue of 7.781 billion yuan, with a projected revenue of 8.986 billion yuan in 2025, reflecting a growth rate of 15.49% [10][13]. - The company's earnings per share (EPS) for 2024 is estimated at 0.94 yuan, with projections of 1.07 yuan, 1.31 yuan, and 1.63 yuan for 2025, 2026, and 2027, respectively [10][13]. - The price-to-earnings (P/E) ratio is expected to decrease from 22.26 in 2024 to 12.77 by 2027, indicating potential valuation improvement [10][13].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected growth in net profit for 2025-2027 [6]. Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [4][5]. - The international market for the company's drone military trade is expanding, with foreign revenue increasing by 15.33% to 1.365 billion yuan in 2024 [5]. - Domestic demand for drones is gradually recovering, with an increase in bidding projects indicating a potential turning point for the market [6]. Summary by Sections Company Overview - Latest closing price: 20.28 yuan - Total shares: 994 million, circulating shares: 991 million - Total market value: 20.2 billion yuan, circulating market value: 20.1 billion yuan - 52-week high/low: 24.19/12.34 yuan - Debt-to-asset ratio: 24.9% - Price-to-earnings ratio: 225.33 [3]. Financial Performance - In 2024, the company achieved a revenue of 2.567 billion yuan, with a gross margin of 21.34%, down 3.29 percentage points year-on-year [5]. - The revenue from drones and related products was 1.514 billion yuan, a decline of 9.54% year-on-year, with a gross margin of 27.17%, down 4.94 percentage points [5]. - The company expects net profits of 357 million yuan, 477 million yuan, and 599 million yuan for 2025, 2026, and 2027, respectively, indicating significant growth rates [6][9]. Market Outlook - The report highlights a steady growth in the international drone military trade, with successful delivery and operational readiness of products [5]. - The domestic market is showing signs of recovery, with an increase in bidding for drone and missile projects, suggesting a positive trend in procurement demand [6].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected growth in net profit for 2025-2027 [6]. Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [4][5]. - The international market is showing continuous breakthroughs, with foreign business revenue increasing by 15.33% to 1.365 billion yuan in 2024, driven by rising demand for drone exports and military trade products [5][6]. - Domestic demand for drones is gradually recovering, with an increase in the number of bidding projects for domestic drones and airborne weapons, indicating a potential turning point for the company [6]. Financial Performance - The company’s gross margin for 2024 was 21.34%, a decline of 3.29 percentage points year-on-year, with drone-related product revenue at 1.514 billion yuan, down 9.54% [5]. - The projected net profits for 2025, 2026, and 2027 are 357 million, 477 million, and 599 million yuan respectively, reflecting significant growth rates of 304.97%, 33.55%, and 25.68% [6][9]. - The price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are projected to be 56, 42, and 34 respectively [6][9].

Investment Rating - The report maintains a "Buy" rating for the company [4][6][8] Core Views - The company achieved a record high in both revenue and net profit for 2024, with revenue of 5.481 billion yuan, a year-on-year increase of 2.95%, and a net profit of 750 million yuan, up 3.26% year-on-year [5][6] - The company is transitioning between old and new product models, facing challenges as some long-term production models reach peak output while new products are gradually ramping up [6][7] - The company aims for a revenue target of 5.3 billion yuan for 2025, focusing on the successful commercialization of new aviation and drone power control products [6][7] Financial Performance Summary - In 2024, the company reported revenue of 5.481 billion yuan, with a gross margin of 28.11%, an increase of 1.53 percentage points year-on-year [6][9] - The company's subsidiaries also showed stable performance, with revenue increases in several units, while one unit experienced a decline [7] - Profit forecasts for 2025-2027 indicate net profits of 756 million, 805 million, and 881 million yuan, respectively, with corresponding growth rates of 0.75%, 6.46%, and 9.42% [6][9]

研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:翟一梦 SAC 登记编号:S1340123040020 Email:zhaiyimeng@cnpsec.com 晶升股份(688478) 证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 30.83 | | --- | --- | | 总股本/流通股本（亿股）1.38 | / 1.02 | | 总市值/流通市值（亿元）43 | / 31 | | 52 周内最高/最低价 | 36.20 / 21.10 | | 资产负债率(%) | 25.0% | | 市盈率 | 55.05 | | 第一大股东 | 李辉 | 积极把握碳化硅扩产，碳化硅长晶设备持续推进 l 投资要点 积极拓展，24 年营收同比增长。2024 年度，面对宏观经济周 期性波动、行业需求阶段性放缓等多重挑战，公司持续推进新产品 研发、拓展产品结构，服务现有客户的同时积极开发新市场，营收 仍实现正向增长，公司 2024 年度预计实现营收 4.25 亿元，同比 +4.80%。受到市场竞 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [2][9]. Core Insights - The semiconductor industry is experiencing a gradual recovery, with the company showing strong business momentum and significant revenue growth in 2024, achieving 905 million yuan in revenue, a year-on-year increase of 31.05%, and a net profit of 334 million yuan, up 32.69% [3][4]. - The company's core product, the STS8300 testing system, has seen a substantial increase in shipment volume, reflecting its competitive strength and growth potential in the recovering market [3][4]. - The global semiconductor testing equipment market is projected to rebound significantly in 2024, with an expected growth of 7.4%, and is anticipated to exceed 8 billion USD by 2025 [3][4]. Company Overview - The company has a total share capital of 135 million shares, with a market capitalization of 19.4 billion yuan and a current share price of 143.45 yuan [2]. - The company is focusing on enhancing its product offerings and expanding its market reach, particularly in the high-end SoC testing systems, with plans to invest in R&D and production capabilities [7][8]. Financial Projections - Revenue forecasts for the company are 1.171 billion yuan in 2025, 1.451 billion yuan in 2026, and 1.809 billion yuan in 2027, with corresponding net profits of 438 million yuan, 570 million yuan, and 744 million yuan respectively [9][12]. - The projected P/E ratios for 2025, 2026, and 2027 are 44, 34, and 26 respectively, indicating a favorable valuation trend as earnings grow [9][12].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company has experienced a significant decline in revenue and net profit in 2024, with revenue at 9.95 billion yuan, down 46.7% year-on-year, and a net loss of 591 million yuan, down 172.5% year-on-year. However, there are signs of recovery in Q4 2024, with a revenue of 1.75 billion yuan, showing a sequential decline of only 4.3% [6][12]. - The company is focusing on upgrading its N-type battery technology, which has led to a 0.5% increase in average production efficiency and a 30% reduction in non-silicon costs. The shipment of batteries reached 33.7 GW in 2024, a 12.6% increase year-on-year, with N-type batteries accounting for over 90% of shipments [7]. - The overseas sales proportion has significantly increased from 4.69% in 2023 to 23.85% in 2024, with strong market presence in India, Turkey, and Europe. The company is also advancing a 5 GW battery capacity project in Oman, expected to start operations by the end of 2025 [7]. Financial Performance and Forecast - The company is projected to achieve revenues of 15.15 billion yuan, 17.03 billion yuan, and 21.15 billion yuan for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be 970 million yuan, 1.28 billion yuan, and 1.80 billion yuan [9][12]. - The report indicates a recovery in profitability, with a forecasted net profit growth rate of 264.9% in 2025 and 41.1% in 2027, alongside a decreasing price-to-earnings ratio from 12 in 2025 to 6 in 2027 [9][12].

证券研究报告：电子 | 公司点评报告 2025 年 4 月 1 日 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 143.45 | | --- | --- | | 总股本/流通股本（亿股）1.35 | / 1.35 | | 总市值/流通市值（亿元）194 | / 194 | | 52 周内最高/最低价 | 157.50 / 76.04 | | 资产负债率(%) | 6.2% | | 市盈率 | 58.08 | | 第一大股东 | 天津芯华投资控股有限 | | 公司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:翟一梦 SAC 登记编号:S1340123040020 Email:zhaiyimeng@cnpsec.com 华峰测控(688200) 持续巩固模拟、数模混合、功率测试机优势，数字 测试机打开成长空间 个股表现 2024-04 2024-06 2024-08 2024-11 2025-01 2025-03 -19% -11% -3% 5% 13% 21% 29% 37% 45% 53 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 30.83 | | --- | --- | | 总股本/流通股本（亿股）1.38 | / 1.02 | | 总市值/流通市值（亿元）43 | / 31 | | 52 周内最高/最低价 | 36.20 / 21.10 | | 资产负债率(%) | 25.0% | | 市盈率 | 55.05 | | 第一大股东 | 李辉 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:翟一梦 SAC 登记编号:S1340123040020 Email:zhaiyimeng@cnpsec.com 晶升股份(688478) 积极把握碳化硅扩产，碳化硅长晶设备持续推进 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 2025 年 4 月 1 日 买入 |维持 个股表现 2024-04 2024-06 2024-08 2024-11 2025-01 2025-03 -27% -19% -11% -3% 5% 13% 21% 29% 37% 45% 晶 ...