证券研究报告 晶晨股份（688099.SH）：晶彩启晨，芯动 视界 股票投资评级：买入|维持 中邮证券研究所 电子团队 分析师: 吴文吉 S1340523050004 分析师: 万 玮 S1340525030001 中邮证券 2025年3月16日 1 投资版图 2 三大主力 两个新芯 智能机顶盒 S系列 智能电视 T系列 AI 端侧 A系列 无线连接 W系列 汽车电子 V系列 2016 2017 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 份额提升+新品起量 资料来源：iFind（2024/2025/2026收入为中邮证券研究所预测），公司官网，中邮证券研究所 请参阅附注免责声明 投资要点 资料来源：Fortune business insights，Global growth insights，公司公告，中邮证券研究所 请参阅附注免责声明 3 ➢ 6纳米机顶盒芯片获得订单，全球运营商市场份额持续提升。全球范围内互联网化快速发展，导入智能机顶盒的海外运营商 越来越多，全球OTT市场规模预计将从 2024年的700.8 亿美元增长到 2032 年的 2,299 ...

中邮证券研究所 电子团队 分析师: 吴文吉 S1340523050004 分析师: 万 玮 S1340525030001 中邮证券 2025年3月16日 1 投资版图 2 三大主力 两个新芯 智能机顶盒 S系列 智能电视 T系列 AI 端侧 A系列 无线连接 W系列 汽车电子 V系列 2016 2017 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 份额提升+新品起量 资料来源：iFind（2024/2025/2026收入为中邮证券研究所预测），公司官网，中邮证券研究所 请参阅附注免责声明 证券研究报告 晶晨股份（688099.SH）：晶彩启晨，芯动 视界 股票投资评级：买入|维持 投资要点 资料来源：Fortune business insights，Global growth insights，公司公告，中邮证券研究所 请参阅附注免责声明 3 ➢ 6纳米机顶盒芯片获得订单，全球运营商市场份额持续提升。全球范围内互联网化快速发展，导入智能机顶盒的海外运营商 越来越多，全球OTT市场规模预计将从 2024年的700.8 亿美元增长到 2032 年的 2,299 ...

股票投资评级 证券研究报告：电子 | 公司点评报告 买入 |首次覆盖 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -12% 2% 16% 30% 44% 58% 72% 86% 100% 114% 水晶光电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 23.68 | | --- | --- | | 总股本/流通股本（亿股）13.91 | / 13.58 | | 总市值/流通市值（亿元）329 | / 322 | | 周内最高/最低价 52 | 27.22 / 12.72 | | 资产负债率(%) | 20.3% | | 市盈率 | 55.07 | | 第一大股东 | 星星集团有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 水晶光电(002273) 汽车+AR 打开新空间 l 投资要点 手机业务基本盘稳健发展。目前公司的收入主要来源于以智 能手机为代表的消费电子端客户，公司目前和北美大客户在合作 上已经从过去的以制造导向转变为新品 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a sales revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, but after excluding share-based payment expenses, the adjusted net profit was 9 million yuan [4][5] - The gross margin improved significantly to 37.12%, an increase of 11.45 percentage points year-on-year [5] - The high-performance computing power supply product line has entered mass production, with sales revenue reaching 43 million yuan in 2024, a staggering year-on-year increase of 1,402.25% [6] - The motor control driver chip segment generated revenue of 318 million yuan, with a notable year-on-year growth of 69.32% [7] - The AC/DC power chip segment saw sales revenue of 273 million yuan, up 39.64% year-on-year, with significant growth in household appliances [8] Financial Summary - The company is projected to achieve revenues of 1.942 billion yuan, 3.629 billion yuan, and 4.742 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is expected to be 82 million yuan, 133 million yuan, and 204 million yuan for the same years [10][12] - The earnings per share (EPS) is forecasted to improve from -0.38 yuan in 2024 to 2.32 yuan in 2027 [12][15] - The company’s asset-liability ratio is projected to remain stable, around 38.7% in 2024, increasing slightly to 44.7% by 2027 [15]

证券研究报告：电子 | 公司点评报告 股票投资评级 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -12% 2% 16% 30% 44% 58% 72% 86% 100% 114% 水晶光电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 23.68 | | --- | --- | | 总股本/流通股本（亿股）13.91 | / 13.58 | | 总市值/流通市值（亿元）329 | / 322 | | 周内最高/最低价 52 | 27.22 / 12.72 | | 资产负债率(%) | 20.3% | | 市盈率 | 55.07 | | 第一大股东 | 星星集团有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 买入 |首次覆盖 水晶光电(002273) 汽车+AR 打开新空间 l 投资要点 手机业务基本盘稳健发展。目前公司的收入主要来源于以智 能手机为代表的消费电子端客户，公司目前和北美大客户在合作 上已经从过去的以制造导向转变为新品 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 -25% -10% 5% 20% 35% 50% 65% 80% 95% 110% 125% 晶丰明源 电子 资料来源：聚源，中邮证券研究所 公司基本情况 整体营收持续增长，毛利率显著提升。2024 年，公司在稳固 LED 照明驱动芯片业务的同时，积极拓展 AC/DC 电源芯片及电机控制驱动 芯片业务，并推动高性能计算电源芯片进入规模量产阶段。通过优化 产品结构、加强供应链管理、提升工艺技术等方式，公司实现销售收 入 15.04 亿元，同比增长 15.38%；实现归母净利润-0.33 亿元，剔 除股份支付费用影响，实现归母净利润 0.09 亿元，毛利率 37.12%， 同比提升 11.45pct。 | 最新收盘价（元） | 93.50 | | --- | --- | | 总股本/流通股本（亿股）0.88 | / 0.88 | | 总市值/流通市值（亿元）82 | / 82 | | 周内最高/最低价 52 | 125.78 / 47.83 | ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][10]. Core Insights - The company is experiencing stable growth in its mobile business, primarily driven by demand from major North American clients and a shift towards new product development [4]. - The automotive electronics segment is identified as a second growth curve, with significant potential in AR-HUD technology and related optical products [5]. - Strategic investments in AR glasses and the acquisition of Guangdong Ecost to enhance capabilities in the AR/VR space are highlighted as key future growth drivers [6][8]. - Revenue projections for 2024, 2025, and 2026 are estimated at 65 billion, 78 billion, and 92 billion yuan respectively, with corresponding net profits of 10.88 billion, 13.23 billion, and 15.91 billion yuan [9]. Company Overview - The latest closing price is 23.68 yuan, with a total market capitalization of 329 billion yuan and a PE ratio of 55.07 [3]. - The company has a debt-to-asset ratio of 20.3%, indicating a relatively low level of financial leverage [3]. Financial Forecasts - Expected revenue growth rates are 28.06% for 2024, 20.08% for 2025, and 17.88% for 2026, reflecting a robust growth trajectory [12]. - The company anticipates a significant increase in net profit margins, with net profit growth rates of 81.31% in 2024 and around 20% in the following years [12][15].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a sales revenue of 1.504 billion yuan in 2024, representing a year-on-year growth of 15.38%. The net profit attributable to the parent company was -33 million yuan, but after excluding share-based payment expenses, the net profit was 9 million yuan [4][5] - The gross margin improved significantly to 37.12%, an increase of 11.45 percentage points year-on-year [5] - The high-performance computing product line has entered large-scale sales, with revenue from high-performance computing power chips reaching 43 million yuan, a year-on-year increase of 1,402.25% [6] - The motor control driver chip business saw revenue of 318 million yuan, with a subsidiary achieving a revenue increase of 69.32% [7] - The AC/DC power chip segment generated revenue of 273 million yuan, growing by 39.64% year-on-year, with significant contributions from home appliance applications [8] Financial Projections - The company is expected to achieve revenues of 1.942 billion yuan, 3.629 billion yuan, and 4.742 billion yuan in 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 82 million yuan, 133 million yuan, and 204 million yuan for the same years [10][12]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Keda Guochuang, is a leading provider of data intelligence products and services in China, originating from the University of Science and Technology of China. It focuses on digital applications, products, and operations, driving digital transformation for industry clients [3][4]. - The company has successfully won a storage project with China Telecom, showcasing its technical strength in the energy storage sector. This project is expected to enhance its market share in data centers and computing power [4]. - Keda Guochuang has a strategic investment in Guoyi Quantum, indicating its deep involvement in the quantum technology industry, which is anticipated to open new growth avenues [5][6]. - The company is advancing its AI capabilities through the development of intelligent platforms and programming assistants, which are already being applied in various sectors, including telecommunications and energy [7][8]. Company Overview - The latest closing price of the company's stock is 29.12 yuan, with a total market capitalization of 8.5 billion yuan. The company has a debt-to-asset ratio of 56.5% and a current P/E ratio of -19.16 [2]. - The company reported a total revenue of 1.038 billion yuan for the third quarter, a year-on-year decrease of 41.51%, and a net profit attributable to shareholders of -47 million yuan, a decline of 173.36% compared to the previous year. However, it forecasts a turnaround in 2024 with an expected net profit of 22 to 33 million yuan [3][9]. Financial Projections - The company is projected to achieve revenues of 2.26 billion yuan in 2024, with a growth rate of -10.14%. By 2026, revenues are expected to reach 4.11 billion yuan, reflecting a growth rate of 29.08% [12]. - The earnings per share (EPS) are forecasted to be 0.10 yuan in 2024, 0.37 yuan in 2025, and 0.55 yuan in 2026, with corresponding P/E ratios of 296.87, 78.74, and 53.18 [9][12].

证券研究报告：商贸零售|点评报告 行业投资评级 2025 年 3 月 14 日 强于大市|首次评级 三问三答看黄金珠宝行业 ⚫ 事件 金价：根据 SHFE 黄金数据，2025 年以来，黄金价格再创新高， 截至 2025 年 3 月 12 日，SHEF 黄金收盘价为 679.56 元/克，较 2024 年初的 491.45 元/克上涨 38%，较 25 年初的 619.06 元/克上涨 10%； 消费量：根据中国黄金协会的统计，2024 年我国黄金首饰消费量 为 532.02 吨，同比下降 24.69%； 业绩：黄金珠宝部分公司披露 24 年业绩预告，业绩出现分化， 其中老凤祥 24 年公司营收下降 20.5%，归母扣非净利润下降 16%；老 铺黄金 24 年净利润增长 236%-260%；萃华珠宝 24 年归母扣非净利润 增长 208%-350%；明牌珠宝的珠宝首饰业务收入略有下降，盈利有所 下降； 股价：黄金珠宝板块股价再创新高，其中老铺黄金今年以来上涨 184%、潮宏基上涨 56%、明牌珠宝上涨 41%、周大福上涨 34%（截至 2025 年 3 月 13 日）。 ⚫ 投资要点 我们发现，上行的金价、下行 ...