证券研究报告：国防军工|行业周报 行业投资评级 强于大市|维持 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong@cnpsec.com 近期研究报告 《中邮军工周报 2 月第 4 周：87 家军工 上市公司披露 2024 年业绩情况，24 家 业绩正增长》 - 2025.03.03 | 行业基本情况 | | --- | | 收盘点位 | 1516.29 | | --- | --- | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现 研究所 国防军工行业报告 2025 年我国国防预算同比增长 7.2% 投资要点 根据 3 月 5 日公布的 2025 年中央和地方财政预算草案报告， 2025 年我国国防支出为 17846.65 亿元，增长 7.2%，预算增幅连续三 年持平。2016 年至 2025 年，我国国防预算增幅分别为 7.6%、7.0%、 8.1%、7.5%、6.6%、6.8%、7.1%、7 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company demonstrated stable operations with improved efficiency and resilience, achieving a revenue of $11.303 billion in 2024, a year-on-year increase of 3%, and a net profit of $911 million, up 10% year-on-year [5][11]. - The growth was primarily driven by store expansion, with a total of 16,395 stores by the end of 2024, and a net increase of 1,751 stores during the year [6][10]. - KFC outperformed Pizza Hut, with KFC revenue at $8.509 billion, a 3% increase, while Pizza Hut revenue was $2.260 billion, a 1% increase [7][11]. - The company plans to accelerate store openings, targeting 1,600 to 1,800 new stores in 2025, with a capital expenditure of $700 million to $800 million [10][11]. Financial Performance - In Q4 2024, the company reported revenue of $2.595 billion, a 4% increase year-on-year, and a net profit of $115 million, up 19% year-on-year [5][11]. - The restaurant profit margin for 2024 was 15.7%, with Q4 margin at 12.3%, reflecting operational efficiency improvements [9][11]. - The company expects revenue growth rates of 4.6%, 6.3%, and 5.7% for 2025, 2026, and 2027, respectively, with net profit growth rates of 2.2%, 10.9%, and 12.4% [11][13]. Store Expansion and Innovation - The company aims to increase the proportion of franchise stores, targeting 40-50% for KFC and 20-30% for Pizza Hut in the coming years [10][11]. - Continuous innovation in menu offerings and business models is planned to expand market share [10][11]. Shareholder Returns - The company returned $1.5 billion to shareholders in 2024 and plans to return $3 billion from 2025 to 2026 [10][11].

Investment Rating - The report maintains a "Buy" rating for Qizhong Technology (688352) [6][7]. Core Views - The company is expected to achieve revenue of 1.96 billion yuan in 2024, representing a year-on-year growth of 20.29%, while the net profit attributable to shareholders is projected to decline by 15.71% to 313 million yuan [2][5]. - Demand for non-display chips, including driver chips and power management chips, is recovering, leading to an expansion in packaging and testing capacity, which supports revenue growth [3][4]. - The company is focusing on non-display packaging and testing as a key area for future growth, leveraging advancements in technology to enhance its product offerings and market position [4]. Summary by Sections Financial Performance - In 2024, the company expects to generate revenue of 1.96 billion yuan, with a growth rate of 20.29% compared to the previous year [9]. - The projected net profit for 2024 is 313 million yuan, reflecting a decrease of 15.71% year-on-year [2][9]. - The company’s EBITDA is forecasted to be 810.14 million yuan in 2024, with a growth rate of 15.32% in subsequent years [9]. Business Strategy - The company is actively expanding its packaging and testing capabilities for non-display chips, which is seen as a critical growth area [3][4]. - It aims to enhance its technology and product lines in response to the growing demands of sectors such as big data, IoT, cloud computing, and AI [4]. - The company plans to deepen collaborations with clients in high-performance computing and data centers, aiming to capture a favorable position in international markets [4]. Valuation Metrics - The current stock price corresponds to a PE ratio of 49 times for 2024, 38 times for 2025, and 29 times for 2026 [7][9]. - The company’s market capitalization is approximately 15.3 billion yuan, with a total share capital of 1.189 billion shares [5].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve total revenue of 9.249 billion yuan in 2024, representing a year-on-year increase of 27.69%. The net profit attributable to shareholders is projected to be 533 million yuan, up 151.67% year-on-year, with a non-recurring net profit of 396 million yuan, reflecting a significant increase of 739.72% [4][5] Company Overview - Latest closing price: 23.11 yuan - Total shares/float shares: 2.006 billion / 1.177 billion - Total market capitalization/float market capitalization: 46.4 billion yuan / 27.2 billion yuan - 52-week high/low: 28.94 / 13.05 - Debt-to-asset ratio: 54.0% - Price-to-earnings ratio: 192.58 - Largest shareholder: Hefei Construction Investment Holding (Group) Co., Ltd. [3] Investment Highlights - The semiconductor market is gradually recovering, with high overall capacity utilization. The company is focusing on its core business and expanding into high-end products while maintaining existing product advantages. The company has sufficient orders and is expected to maintain high capacity utilization in 2024, with a projected gross margin of 25.56%, an increase of 3.95 percentage points year-on-year [5][6] - The company's main products, including DDIC and CIS, are expected to contribute significantly to revenue, with DDIC accounting for approximately 67.53% and CIS becoming the second major product at 17.22% [6] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 9.2 billion, 12.5 billion, and 15 billion yuan, respectively. The net profit attributable to shareholders is expected to be 533 million, 1 billion, and 1.49 billion yuan for the same years. The corresponding price-to-earnings ratios are projected to be 87, 46, and 31 times [7][10]

证券研究报告：有色金属|行业周报 2025 年 3 月 8 日 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4804.5 | | --- | --- | --- | | 52 | 周最高 | 4979.91 | | 52 周最低 | | 3700.9 | 行业相对指数表现 2024-03 2024-05 2024-07 2024-10 2024-12 2025-03 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 20% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《锑行业深度：海内外价差或收敛， 关注锑相关标的》 - 2025.03.05 有色金属行业报告 （202 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 颀中科技(688352) 需求回暖 l 事件 2 月 26 日，公司披露 2024 年度业绩快报公告，2024 年度， 公司预计实现营收 19.60 亿元，同比+20.29%；实现归母净利润 3.13 亿元，同比-15.71%；实现扣非归母净利润 2.77 亿元，同比- 18.55%。 l 投资要点 需求回暖，营收增长。2024 年度显示驱动芯片及电源管理芯 片、射频前端芯片等非显示类芯片封装测试需求回暖，公司持续扩 大封装与测试产能，不断提升产品品质及服务质量，加大对新客户 开发的同时，持续增加新产品的开发力度，使得公司封装与测试收 入保持较快增长。2024 年度，公司扣非前后归母净利润较上年度 有所下降，主要是由于：（1）为了吸引和留住优秀人才及核心骨 干，公司实施限制性股票激励计划，当期相应摊销的股份支付费用 较上年同期有所增长；（2）合肥生产基地项目投产，当期相应的折 旧及人工费用等固定成本及费用较上年同期有所增长；（3）在高效 散热、高结合力等高性能芯片、车规及高可靠性消费规芯片等先进 集成电路封测领域，公司在继续扩充产能的同时持续加大研发投 入， ...

颀中科技(688352) 需求回暖 l 事件 2 月 26 日，公司披露 2024 年度业绩快报公告，2024 年度， 公司预计实现营收 19.60 亿元，同比+20.29%；实现归母净利润 3.13 亿元，同比-15.71%；实现扣非归母净利润 2.77 亿元，同比- 18.55%。 l 投资要点 需求回暖，营收增长。2024 年度显示驱动芯片及电源管理芯 片、射频前端芯片等非显示类芯片封装测试需求回暖，公司持续扩 大封装与测试产能，不断提升产品品质及服务质量，加大对新客户 开发的同时，持续增加新产品的开发力度，使得公司封装与测试收 入保持较快增长。2024 年度，公司扣非前后归母净利润较上年度 有所下降，主要是由于：（1）为了吸引和留住优秀人才及核心骨 干，公司实施限制性股票激励计划，当期相应摊销的股份支付费用 较上年同期有所增长；（2）合肥生产基地项目投产，当期相应的折 旧及人工费用等固定成本及费用较上年同期有所增长；（3）在高效 散热、高结合力等高性能芯片、车规及高可靠性消费规芯片等先进 集成电路封测领域，公司在继续扩充产能的同时持续加大研发投 入，当期研发费用较上年同期有所增长。 证券研究报告：电子 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve total revenue of 9.249 billion yuan in 2024, representing a year-on-year increase of 27.69%. The net profit attributable to shareholders is projected to be 533 million yuan, up 151.67% year-on-year, with a non-recurring net profit of 396 million yuan, reflecting a significant increase of 739.72% [4][5] Company Overview - Latest closing price: 23.11 yuan - Total shares/float shares: 2.006 billion / 1.177 billion - Total market capitalization/float market capitalization: 46.4 billion yuan / 27.2 billion yuan - 52-week high/low: 28.94 / 13.05 - Debt-to-asset ratio: 54.0% - Price-to-earnings ratio: 192.58 - Largest shareholder: Hefei Construction Investment Holding (Group) Co., Ltd. [3] Investment Highlights - The semiconductor market is gradually recovering, with high overall capacity utilization. The company is focusing on its core business and expanding into high-end products while maintaining existing product advantages. The company has sufficient orders and is expected to maintain high capacity utilization in 2024, with a projected gross margin of 25.56%, an increase of 3.95 percentage points year-on-year [5][6] - The company's main products, including DDIC and CIS, are expected to contribute significantly to revenue, with DDIC accounting for approximately 67.53% and CIS becoming the second major product at 17.22% [6] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 9.2 billion, 12.5 billion, and 15 billion yuan, respectively. The net profit attributable to shareholders is expected to be 533 million, 1 billion, and 1.49 billion yuan for the same years. The corresponding price-to-earnings ratios are projected to be 87, 46, and 31 times [7][10]

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 -14% -3% 8% 19% 30% 41% 52% 63% 74% 85% 96% 晶合集成 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） | 23.11 | | --- | --- | | 总股本/流通股本（亿股）20.06 | / 11.77 | | 总市值/流通市值（亿元）464 | / 272 | | 52 周内最高/最低价 | 28.94 / 13.05 | | 资产负债率(%) | 54.0% | | 市盈率 | 192.58 | | 第一大股东 | 合肥市建设投资控股 | | (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 晶合集成(688249) DDIC 巩固优势，CIS 等高阶产品进展顺利 l 事件 2 月 25 日，公司披露 2024 年度业绩快报公告，2024 年度， 公司预计实现营业总 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company demonstrated stable operations with improved efficiency and resilience, achieving a revenue of $11.303 billion in 2024, a year-on-year increase of 3%, and a net profit of $911 million, up 10% year-on-year [5][11]. - The growth was primarily driven by store expansion, with a total of 16,395 stores by the end of 2024, contributing significantly to revenue growth [6][10]. - KFC outperformed Pizza Hut in terms of revenue growth, with KFC generating $8.509 billion, a 3% increase, while Pizza Hut's revenue was $2.260 billion, a 1% increase [7][11]. - The company plans to accelerate store openings, targeting 1,600 to 1,800 new stores in 2025, with a capital expenditure of $700 million to $800 million [10][11]. Summary by Sections Company Overview - The latest closing price is HKD 385.00, with a total market capitalization of HKD 1,448.39 billion and a debt-to-asset ratio of 42.21% [4]. Financial Performance - In Q4 2024, the company reported revenue of $2.595 billion, a 4% increase year-on-year, and a net profit of $115 million, up 19% year-on-year [5][6]. - The restaurant profit margin for 2024 was 15.7%, with Q4 showing a profit margin of 12.3%, an increase of 1.6 percentage points year-on-year [9][11]. Future Outlook - The company aims to reach 20,000 stores by 2026, with a focus on increasing the proportion of franchise stores [10]. - Shareholder returns are projected to be $1.5 billion in 2024 and $3 billion from 2025 to 2026 [10][11]. Earnings Forecast - Revenue growth is expected to be 4.6% in 2025, 6.3% in 2026, and 5.7% in 2027, with net profit growth of 2.2%, 10.9%, and 12.4% respectively [11][13].