Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - In 2024, the 71 tracked military industry stocks achieved a total revenue of 566.27 billion, a year-on-year growth of 0.76%, while the net profit attributable to shareholders was 23.90 billion, a decrease of 26.24% [4][20] - The decline in profit is primarily attributed to a decrease in overall gross margin, which was 17.67%, down by 1.80 percentage points year-on-year [4][23] - The shipbuilding sector showed significant performance growth, with a revenue of 190.05 billion, up 11.25%, and a net profit of 6.55 billion, up 115.10% [4][37] Summary by Sections 1. Military Industry Performance in 2024 - The overall performance of the military industry in 2024 showed a slowdown in revenue growth and profit pressure [20] - The total gross profit for the 71 military stocks was 100.08 billion, a decrease of 8.53% year-on-year [21] - The overall four expense rate for the 71 military stocks was 12.24%, a slight decrease of 0.07 percentage points [26] 2. Q1 2025 Performance Analysis - In Q1 2025, the 71 military stocks reported a total revenue of 106.75 billion, a year-on-year decrease of 3.15%, and a net profit of 5.61 billion, down 4.40% [6][19] - The shipbuilding sector led in growth, achieving a revenue of 40.99 billion, up 9.81%, and a net profit of 2.05 billion, up 232.11% [6][38] 3. Contract Liabilities - As of the end of 2024, the total contract liabilities for the 71 military stocks reached 198.56 billion, a year-on-year increase of 5.91% [5][58] - The shipbuilding sector saw a significant increase in contract liabilities, growing by 27.14% to 157.05 billion, while the aviation sector's liabilities decreased by 36.69% [5][60] 4. Investment Recommendations - The report suggests focusing on two main investment themes: the ongoing demand for aerospace and the potential of new technologies, products, and markets [10][11] - Key companies to watch include those in the aerospace supply chain and missile industry, such as AVIC Shenyang Aircraft Corporation and AVIC Heavy Machinery [10][11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][6]. Core Views - The company is a leading independent third-party testing enterprise in China, focusing on high-end chip testing. Since its establishment in 2016, it has developed a business model centered on independent integrated circuit testing services, expanding into wafer testing and finished chip testing. The company benefits from increased testing demand due to market recovery and new customers entering mass production, leading to improved capacity utilization and a significant increase in high-end product testing revenue, with projected revenue of 1.077 billion yuan and a net profit of 128 million yuan in 2024 [4][16]. - The high-end chip and advanced packaging processes are increasing the proportion of testing costs, with the Chinese mainland's chip testing service market expected to reach 100 billion yuan by 2030. The integrated circuit testing cost is estimated to account for 6%-8% of design revenue, with the market size for integrated circuit testing in China projected to be 38.3 billion yuan in 2023, growing by 6% year-on-year [4][33]. - The growth of Taiwanese leader King Yuan Electronics validates the independent third-party testing service model, which aligns with industry division trends. The independent third-party testing service model has proven effective in Taiwan and presents significant growth opportunities for domestic companies in the vast mainland market [4][33]. Summary by Sections Business Overview - The company has established itself as a leader in independent third-party testing services, focusing on high-end chip testing. It has expanded its service offerings to include wafer testing and finished chip testing, benefiting from increased demand and improved capacity utilization [4][10]. Financial Projections - Revenue projections for 2024-2027 are as follows: 1.077 billion yuan in 2024, 1.406 billion yuan in 2025, 1.833 billion yuan in 2026, and 2.309 billion yuan in 2027, with corresponding net profits of 128 million yuan, 195 million yuan, 311 million yuan, and 449 million yuan respectively. The projected P/E ratios for 2025-2027 are 45, 28, and 20 times [5][6]. Market Potential - The independent third-party testing service model is gaining traction in the semiconductor industry, with significant growth potential in the Chinese market. The company is well-positioned to capture market share as domestic chip design companies increasingly seek local testing solutions [4][33]. Customer Base - The company has built a diverse customer base, including major chip design, manufacturing, and packaging firms. The shift towards domestic testing services has accelerated due to geopolitical factors, enhancing the company's market position [27][29].

证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《五一假期消费强劲，汇率升值提升 宽松货币政策预期》 - 2025.05.06 全球贸易摩擦超预期发展；政策效果不及预期；地缘政治风险。 宏观研究 汇率压力降低放行货币政策，结构性投资机会将再 次展开 投资要点 国务院新闻办公室于 2025 年 5 月 7 日上午 9 时举行新闻发布会， 中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主 席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记 者问。 第一，以制度韧性应对外部不确定性，提振市场信心。我们理解， 在外部环境不确定性急剧上升，国内经济景气度有所放缓背景下，5 月 17 日，央行、金融监管总局和证监会举行新闻发布会，不仅是对 "425"中共中央政治局会议精神的贯彻落实，亦是向市场传递更为 明确的一揽子稳市场稳预期的金融政策，再次向市场传递政策将根据 外部环境变 ...

证券研究报告：宏观报告 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《五一假期消费强劲，汇率升值提升 宽松货币政策预期》 - 2025.05.06 第四，坚定资本市场稳中向好信心，结构性慢牛行情可期。我们 理解，党中央对于稳市场、稳预期高度重视，A 股市场亦展现了较为 强劲的韧性，当前上证指数已完成了对前期意外冲击的回补，接下来 指数有望继续"慢牛"，结构性投资机会将再次展开，建议关注低空经 济、人工智能、房地产等领域投资机会。 风险提示： 全球贸易摩擦超预期发展；政策效果不及预期；地缘政治风险。 宏观研究 汇率压力降低放行货币政策，结构性投资机会将再 次展开 投资要点 国务院新闻办公室于 2025 年 5 月 7 日上午 9 时举行新闻发布会， 中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主 席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况，并答记 者问。 第一，以制度韧性应对外部不 ...

发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 证券研究报告：交通运输 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 55.45 | | --- | --- | | 总股本/流通股本（亿股）9.78 | / 9.78 | | 总市值/流通市值（亿元）542 | / 542 | | 52 周内最高/最低价 | 62.18 / 48.22 | | 资产负债率(%) | 60.3% | | 市盈率 | 23.80 | | 第一大股东 | 上海春秋国际旅行社 | | | (集团)有限公司 | 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 春秋航空(601021) 低成本航空韧性凸显，扣税盾业绩保持坚挺 l 春秋航空披露 2024 年年报及 2025 年一季报 春秋航空披露 2024 年年报及 2025 年一季报。2024 年公司营业 收入 200.0 亿元，同比增长 11.5%，实现归母净利润 22.7 亿元，同比 增长 0.7%，其中第四季度营业收入 40.2 亿元，同比增长 4.9%，归母 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2][24] Core Viewpoints - The recent interest rate cuts and reserve requirement ratio reductions are expected to have a neutral to positive impact on banks' net interest margins, with a projected decrease in the Loan Prime Rate (LPR) by approximately 0.1 percentage points [4][13] - The policy signals are significant and are expected to improve the fundamentals of the banking sector, stimulating credit and asset investments, with an estimated increase of about 1.8 trillion yuan in credit funds due to various refinancing measures [6][16] - The asset quality of banks is anticipated to improve, particularly in the real estate sector, as new financing regulations are expected to stabilize the market [19] Summary by Sections 1. Impact of Interest Rate Cuts and Reserve Requirement Ratio Reductions - The People's Bank of China announced a reduction in the 7-day reverse repo rate by 0.1 percentage points to 1.4%, which is expected to lead to a similar decrease in the LPR [13] - The reserve requirement ratio was lowered by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [13] 2. Policy Signals and Their Implications 2.1 Stimulating Credit and Asset Investments - The central bank has increased the quota for refinancing aimed at technological innovation and transformation by 300 billion yuan, and established a 500 billion yuan refinancing facility for consumer services and elderly care [6][16] - Additional refinancing quotas for agricultural and small business loans are expected to further enhance lending capabilities [16] 2.2 Improvement in Asset Quality - New financing regulations are being introduced to support the real estate sector, which is expected to lead to marginal improvements in the quality of housing-related loans [19] 3. Investment Recommendations - Following the interest rate cuts, there is an opening for lower risk-free interest rates, highlighting the value of state-owned banks. Recommended banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications [7][21] - The emphasis on expanding domestic demand through fiscal policies suggests that regional banks may exceed expectations in credit deployment, with recommendations for Chongqing Bank, Bank of Chongqing, Chengdu Bank, and Qilu Bank [21]

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant growth in stock price relative to the benchmark index [5][6]. Core Insights - The company's revenue for 2024 reached 3.136 billion yuan, a year-on-year increase of 46.94%, and the net profit attributable to shareholders was 595 million yuan, up 341.01% year-on-year. In Q1 2025, revenue was 885 million yuan, growing 62.95% year-on-year, with a net profit of 209 million yuan, an increase of 209.65% year-on-year [2][3]. Summary by Sections Performance Drivers - The company's strong performance is driven by the rapid growth of the AIoT market, particularly in automotive electronics, industrial vision, industrial inspection, and various robotics applications. The flagship chip RK3588 has significantly contributed to this growth, with multiple new products launched as expected [3][4]. Product Development - The RK3588 chip, a leading 8nm general-purpose SoC, has shown exceptional performance, driving high-speed development across all AIoT product lines. The company has successfully introduced important new products, enhancing its product matrix [4]. Financial Projections - Revenue projections for 2025-2027 are 4.215 billion yuan, 5.311 billion yuan, and 6.692 billion yuan, respectively. The net profit attributable to shareholders is expected to be 878 million yuan, 1.154 billion yuan, and 1.532 billion yuan for the same years. The current stock price corresponds to a PE ratio of 82x, 63x, and 47x for 2025-2027 [5][11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [10][16]. Core Insights - The company achieved record high revenue in Q1 2025, with a revenue of 9.95 billion yuan, representing a year-on-year growth of 52.25% and a quarter-on-quarter growth of 25.88%. The net profit attributable to shareholders reached 1.91 billion yuan, a staggering year-on-year increase of 590.22% [4][5]. - The growth in revenue is primarily driven by the continuous expansion of the smart wearable market, government subsidies boosting consumer demand, and an increase in the sales proportion of smart watch chips [5][6]. - The company's gross margin improved significantly, reaching 38.47% in Q1 2025, up 5.54 percentage points year-on-year, due to product structure optimization and economies of scale [5][6]. Financial Performance - For the fiscal year 2024, the company reported a revenue of 32.63 billion yuan, a year-on-year increase of 49.94%, and a net profit of 4.60 billion yuan, up 272.47% year-on-year [4][12]. - The projected revenues for 2025, 2026, and 2027 are 48.56 billion yuan, 61.96 billion yuan, and 77.65 billion yuan, respectively, with corresponding net profits of 7.81 billion yuan, 10.76 billion yuan, and 14.72 billion yuan [10][12]. Product Development - The company has successfully expanded its smart watch and smart band chip business, with revenue contribution increasing from approximately 22% in 2023 to around 32% in 2024 [6]. - The new generation chip, BES2800, is expected to be widely applied in TWS earphones, smart watches, and smart glasses in 2025, utilizing advanced 6nm FinFET technology [6][9]. Research and Development - The company is focusing on low-power computing platforms for wearable devices, developing proprietary NPU and ISP systems to enhance computing performance while minimizing power consumption [7][9]. - The new NPU supports various lightweight neural network models, facilitating rapid deployment of customized AI algorithms for clients [7][9].

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The recent interest rate cuts and reserve requirement ratio reductions are expected to have a neutral to positive impact on banks' net interest margins [4][13] - The policy signals are significant and are likely to improve the fundamentals of the banking sector, stimulating credit and asset investments [6][19] - The overall outlook for bank asset quality is expected to improve due to new financing regulations and support for the real estate sector [19] Summary by Sections 1. Impact of Interest Rate Cuts and Reserve Requirement Ratio Reductions - The People's Bank of China announced a 0.1 percentage point cut in the 7-day reverse repo rate to 1.4%, which is expected to lead to a similar decrease in the Loan Prime Rate (LPR) [13] - The reserve requirement ratio was lowered by 0.5 percentage points, providing approximately 1 trillion yuan in long-term liquidity to the market [13][16] 2. Policy Signals and Their Implications 2.1 Stimulating Credit and Asset Investments - The central bank has increased the quota for re-lending to support technological innovation and small enterprises, potentially unlocking about 1.8 trillion yuan in new credit [6][16] - Additional re-lending quotas have been established for consumer services and agriculture, indicating a broadening of credit support [6][16] 2.2 Improvement in Bank Asset Quality - New financing regulations are expected to stabilize the real estate market, leading to a marginal improvement in the quality of housing-related loans [19] - The policies reflect the central government's focus on stabilizing employment, enterprises, and market expectations, which may enhance the overall asset quality of banks [19] 3. Investment Recommendations - Following the interest rate cuts, there is an opening for lower risk-free interest rates, highlighting the value of state-owned banks [21] - Recommended banks include Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications [21] - Regional banks such as Chongqing Bank, Yunnan Rural Commercial Bank, Chengdu Bank, and Qilu Bank are also recommended due to expected credit support from fiscal policies [21]

公司基本情况 | 最新收盘价（元） | 55.45 | | --- | --- | | 总股本/流通股本（亿股）9.78 | / 9.78 | | 总市值/流通市值（亿元）542 | / 542 | | 52 周内最高/最低价 | 62.18 / 48.22 | | 资产负债率(%) | 60.3% | | 市盈率 | 23.80 | | 第一大股东 | 上海春秋国际旅行社 | | | (集团)有限公司 | 研究所 证券研究报告：交通运输 | 公司点评报告 发布时间：2025-05-08 股票投资评级 资料来源：聚源，中邮证券研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 春秋航空(601021) 低成本航空韧性凸显，扣税盾业绩保持坚挺 l 春秋航空披露 2024 年年报及 2025 年一季报 春秋航空披露 2024 年年报及 2025 年一季报。2024 年公司营业 收入 200.0 亿元，同比增长 11.5%，实现归母净利润 22.7 亿元，同比 增长 0.7%，其中第四季度营业收入 40.2 亿元，同比增长 4.9%，归母 ...