Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][6][7]. Core Insights - The company is a leading domestic distributor of electronic components, actively expanding into electric vehicles and AI sectors. It has over 20 years of industry experience and holds agency rights for numerous well-known upstream chip manufacturers. The company has established a silicon carbide laboratory in collaboration with upstream manufacturers and has engaged in various testing and technical cooperation [4]. - In 2024, the company expects revenue, net profit attributable to shareholders, and net profit excluding non-recurring items to reach 7.821 billion yuan, 98.43 million yuan, and 86 million yuan, respectively, representing year-on-year growth of 31.58%, 48.34%, and 58.24% [4][9]. - The company’s revenue streams are diversified, with approximately 20% from the automotive sector, 16% from industrial and new energy clients, and 36% from communication and consumer electronics [4]. Financial Projections - The company is projected to achieve revenues of 10 billion yuan in 2025, 13 billion yuan in 2026, and 17 billion yuan in 2027, with net profits of 142.33 million yuan, 189.64 million yuan, and 242.76 million yuan for the respective years [6][9]. - The expected growth rates for revenue are 27.92% in 2025, 30.08% in 2026, and 30.64% in 2027 [9][12]. - The company’s earnings per share (EPS) are forecasted to be 0.12 yuan in 2025, 0.16 yuan in 2026, and 0.21 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 77.60, 58.24, and 45.49 [9][12].

证券研究报告：房地产|行业周报 发布时间：2025-06-03 行业投资评级 行业相对指数表现 -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 32% 2024-06 2024-08 2024-10 2025-01 2025-03 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 《存量地产行业更需要"运营商"而非 "建造者"》 - 2025.05.27 强于大市|维持 | 行业基本情况 | | --- | | 收盘点位 | | 1989.86 | | --- | --- | --- | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1627.84 | 房地产行业报告（2025.5.26-2025.6.1） 百强房企拿地优于去年 市场延续分化 ⚫ 投资要点 根据中指院数据，25 年 1-5 月，TOP100 房企销售总额为 14436.4 亿元，同比下降 10.8%，微降 0.6pct。5 月单 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [7]. Core Insights - The company is expected to achieve significant revenue growth in the semiconductor and optical sectors, with projected revenues of 510 million in 2024, representing an 82% increase year-on-year [2]. - The laser optics business is also showing robust growth, with revenues of 416 million in 2024, a 14.32% increase compared to the previous year [3]. - The infrared business is anticipated to recover, with the company leveraging its complete process chain in infrared lens design and manufacturing [4]. - The company is actively expanding its product offerings and market reach, particularly in the semiconductor and optical fields, while also venturing into consumer-grade optical markets [3][4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 540 million, 700 million, and 910 million respectively, with corresponding net profits of 45 million, 65 million, and 85 million [9]. - The company is expected to maintain a healthy growth rate, with revenue growth rates of 30.03% in 2025 and around 29.57% in 2026 [9][12]. - The earnings per share (EPS) is projected to increase from 0.32 in 2024 to 0.74 in 2027, reflecting strong profitability growth [9][12].

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《微盘股容易被忽略的"看空成本" ——微盘股指数周报 2025025》 - 2025.05.26 《证监会修改《重组办法》，深化并购 重组改革——微盘股指数周报 20250518》 - 2025.05.19 《微盘股会涨到什么时候——微盘股 指数周报 20250511》 - 2025.05.12 《4 月完美收官，5 月看好高波成长— —微盘股指数周报 20250504》 《年报效应边际递减，右侧买入信号 触发——微盘股指数周报 20250427》 - 2025.04.27 《基本面与量价共振，如遇回调即是 买点——微盘股指数周报 20250420》 - 2025.04.21 《"完美买点"触发，后市积极看涨— —微盘股指数周报 20250413》 - 2025.04.14 《4 月是否还会有"最后一跌"？ — —微盘股指数周报 20250406》 - 2025.04.07 《为什么说本轮调整空间不会太大？ - 2025.05.06 —— ...

证券研究报告：固定收益报告 发布时间：2025-06-03 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《2.2%以上，城投开抢？——信用周 报 20240526》 - 2025.05.26 固收点评 景气边际回升，政策仍需发力 ——5 月 PMI 解读 主要数据 5 月制造业 PMI 为 49.5%，前值 49.0%；非制造业商务活动指数 50.3%，前值 50.4%；综合 PMI 为 50.4%，前值 50.2%。 政策宽松力度不及预期，货币政策超预期收紧。 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 核心观点 5 月中美达成关税暂缓执行协议，中美贸易回暖，进口指数和新 出口订单指数回升，带动国内供需回暖，制造业 PMI 环比升高。考虑 到新订单指数仍处于景气线下，企业扩产意愿不强，价格水平继续走 低，外需边际改善对景气水平的提振或有限。美国逆全球化政策对中 国经济存在长期且负面影 ...

证券研究报告：金融工程报告 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:金晓杰 SAC 登记编号:S1340124100010 Email:jinxiaojie@cnpsec.com 近期研究报告 《Claude 4 系列发布，谷歌上线编程 智能体 Jules——AI 动态汇总 20250526》 - 2025.05.27 《谷歌发布智能体白皮书，Manus 全面 开放注册——AI 动态汇总 20250519》 - 2025.05.20 《证监会修改《重组办法》，深化并购 重组改革——微盘股指数周报 20250518》 - 2025.05.19 《通义千问发布 Qwen-3 模型， DeepSeek 发布数理证明大模型——AI 动态汇总 20250505》 - 2025.05.06 《基金 Q1 加仓有色汽车传媒，减仓电 新食饮通信——公募基金 2025Q1 季报 点评》 - 2025.04.30 《泛消费打开连板与涨幅高度，ETF 资 金平铺机器人、人工智能与芯片—— 行业轮动周报 20250427》 - 20 ...

证券研究报告：固定收益报告 发布时间：2025-06-03 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《2.2%以上，城投开抢？——信用周 报 20240526》 - 2025.05.26 固收周报 物价持续走低，航运指数大涨 ——高频数据跟踪 20250601 核心观点 高频经济数据关注点：第一，生产热度整体有所改善，高炉、半 钢胎、PX 开工率回升，焦炉、沥青、PTA、全钢胎开工率下降。第二， 房地产边际改善，30 城商品房成交面积超去年同期，100 城土地供应 面积回升。第三，物价整体继续下行，原油、焦煤、铜、铝、锌、螺 纹钢价格均下降，其中焦煤大跌 9.07%跌破 700 元/吨，螺纹钢下跌 3.01%跌破 3000 元/吨。第四，航运指数大幅上涨，国内 SCFI 周大涨 30.68%，升破 2000 点；BDI 大幅上涨 5.82%。短期重点关注新一轮稳 增长刺激政策落地、房地产市场恢复 ...

证券研究报告：金融工程报告 发布时间：2025-06-03 研究所 《ETF 大幅流出红利，成长 GRU 行业因 子得分提升较大——行业轮动周报 20250518》 – 2025.05.19 《各大宽基指数成功补缺，融资资金大 幅净流出银行，GRU 模型偏防守——行 业轮动周报 20250511》 - 2025.05.12 《上证指数振幅持续缩小，目标仍为补 缺，机器人 ETF 持续净流入——行业轮 动周报 20250504》 – 20250506 《基金 Q1 加仓有色汽车传媒，减仓电 新食饮通信——公募基金 2025Q1 季报 点评》 - 2025.04.30 《泛消费打开连板与涨幅高度，ETF 资 金平铺机器人、人工智能与芯片——行 业轮动周报 20250427》 – 2025.04.28 《国家队交易特征显著，短期指数仍交 易补缺预期，TMT 类题材仍需等待—— 行业轮动周报 20250427》- 2025.04.21 《融资盘被动爆仓导致大幅净流出， GRU 模型仍未配置成长——行业轮动周 报 20250413》 – 2025.04.14 金工周报 综合金融受益于稳定币表现突出，ETF 资金逢高净 ...

证券研究报告：医药生物|行业周报 发布时间：2025-06-03 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7699.75 | | --- | --- | --- | | 52 | 周最高 | 8490.25 | | 52 | 周最低 | 6070.89 | 行业相对指数表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -16% -12% -8% -4% 0% 4% 8% 12% 16% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 分析师:陈成 SAC 登记编号:S1340524020001 Email:chencheng@cnpsec.com 近期研究报告 《三生制药创出海交易新纪录，中国 创新药企或迎 Lisence out 密集收获 期》 - 2025.05.26 医药生物行业报告 （2025.05.26-2025.05.30） 国产创新药密集获批上市，创新药关注度持续提升 l 一周观点：国产 ...

Group 1: Economic Indicators - The manufacturing PMI for May is 49.5%, up 0.5 percentage points from the previous month, indicating a recovery in market confidence post the China-US Geneva trade talks[13] - The new orders index for manufacturing PMI is 49.8%, an increase of 0.6 percentage points, but still below the expansion threshold[16] - The production index for manufacturing PMI is 50.7%, reflecting a 0.9 percentage point increase, indicating a return to the expansion zone[19] Group 2: Supply and Demand Dynamics - There is a widening supply-demand gap, with the difference between new orders and production PMI at -0.9%, indicating increasing pressure on PPI, which is estimated to decline by 3.4% year-on-year in May[20][22] - Effective demand remains insufficient, constraining economic recovery, with short-term production, investment, and consumption expected to contract[31] - The non-manufacturing business activity index is at 50.3%, slightly down by 0.1 percentage points, but still indicates expansion, supported by the construction and service sectors[25] Group 3: Policy and Market Outlook - The report suggests a cautious market strategy driven by orders, with corporate profitability likely under pressure due to insufficient effective demand and external uncertainties[31] - Investment opportunities are highlighted in high-dividend stocks and industry leaders benefiting from policy incentives, particularly in cross-border tourism and consumption[33] - The upcoming July meeting of the Central Political Bureau is noted as a critical observation point for potential policy adjustments in response to external pressures[33]