Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company is experiencing rapid growth in its automotive business, with a significant focus on both HarmonyOS and AI technologies [1][5]. - In 2024, the company achieved a revenue of 4.321 billion yuan, representing a year-on-year growth of 11.22%, with a net profit of 131 million yuan, up 15.90% [4][5]. - The automotive business alone saw a remarkable growth of 101.23%, reaching 390 million yuan [5]. Financial Performance Summary - Revenue projections for 2025-2027 are 4.9 billion yuan, 5.7 billion yuan, and 6.7 billion yuan, with respective growth rates of 13.41%, 16.33%, and 17.54% [8]. - The diluted earnings per share (EPS) are forecasted to be 0.34 yuan in 2025, 0.40 yuan in 2026, and 0.52 yuan in 2027 [8][6]. - The company has established a team of over 1,000 certified HarmonyOS developers and over 200 sales personnel, achieving significant breakthroughs in various industries [5][6]. Business Segment Performance - Internet revenue reached 1.499 billion yuan, growing by 4.61%, while financial revenue was 1.238 billion yuan, up 7.91% [5]. - The energy business generated 335 million yuan, reflecting a growth of 47.42%, and the software business saw a 65.90% increase, reaching 112 million yuan [5]. - The company is actively participating in the domestic programming language ecosystem and has developed several AI applications through its FarAI platform [5].

2025 年 04 月 29 日 公司点评 买入/维持 海泰新光(688677) 昨收盘:34.70 海泰新光点评报告：海外布局稳步推进，客户订单有望恢复 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/4/29 24/7/11 24/9/22 24/12/4 25/2/15 25/4/29 ◼ 股票数据 | 总股本/流通(亿股) | 1.21/1.21 | | --- | --- | | 总市值/流通(亿元) | 41.85/41.85 | | 12 个月内最高/最低价 | 49.3/25.48 | | (元) | | 相关研究报告 <<海泰新光点评报告：短期受客户订 单周期影响，业绩恢复可期>>-- 2024-10-31 <<海泰新光点评报告：史赛克产品迭 代影响公司 23 年收入，24 年有望迎 来反转>>--2023-10-29 <<海泰新光点评报告：第二季度订单 波动，未来增长依然可期>>--2023- 09-03 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理 ...

2025 年 04 月 29 日 公司点评 买入/维持 惠泰医疗(688617) 昨收盘:427.10 惠泰医疗点评报告：业绩持续高增长，PFA 有望贡献新增量 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 ◼ 股票数据 总股本/流通(亿股) 0.97/0.97 总市值/流通(亿元) 414.64/414.64 12 个月内最高/最低价 (元) 569/303.52 相关研究报告 <<惠泰医疗点评报告：业绩基本符合 预期，看好集采下产品放量>>-- 2024-11-01 <<惠泰医疗点评报告：电生理手术量 保持强劲增长，业绩持续向好>>-- 2024-08-27 <<惠泰医疗点评报告：电生理手术量 增速强劲，血管介入新品迭出>>-- 2024-04-26 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 研究助理：李啸岩 电话：0755-83683312 E-MAIL：lixiaoyan@tpyzq. ...

2025 年 04 月 29 日 公司点评 买入/首次 ◼ 股票数据 总股本/流通(亿股) 48.47/48.47 总市值/流通(亿元) 677.17/677.17 12 个月内最高/最低价 (元) 18.65/11.86 相关研究报告 中金黄金(600489) 证券分析师：刘强 电话： E-MAIL：liuqiang@tpyzq.com 分析师登记编号：S1190522080001 证券分析师：梁必果 电话： E-MAIL：liangbg@tpyzq.com 昨收盘:13.97 事件：2025 年 4 月 30 日，公司发布 2024 年年报及 2025 年一季报。 2024 年公司实现收入 655.56 亿元，同比+7.01%；归母净利润 33.86 亿 元，同比+13.71%；扣非净利润 35.32 亿元，同比+18.25%。2025 年一季 度，公司实现收入 148.59 亿元，同比+12.88%，环比-23.84%；归母净利 润 10.38 亿元，同比+32.65%，环比+39.79%；扣非净利润 12.68 亿元，同 比+71.13%，环比+38.76%。 业绩显著增长，盈利能力持续提升 ◼ 走势 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][13]. Core Views - The company has become a regional leader in civil explosives, with the Hubei Provincial State-owned Assets Supervision and Administration Commission becoming the actual controller, presenting new development opportunities [2][10]. - The company reported a revenue of 1.441 billion yuan for 2024, a year-on-year decrease of 2.45%, and a net profit attributable to shareholders of 148 million yuan, down 15.51% [2][4]. - The company has actively pursued mergers and acquisitions to enhance its production capacity and market competitiveness, achieving a production capacity of 248,000 tons by the end of 2024, making it the largest civil explosive production enterprise in Hubei [3][6]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.12 billion yuan, a 4.9% increase, and a net profit of 36.18 million yuan, a significant increase of 539.88% [4]. - The explosive service business saw a remarkable revenue growth of 75.05%, contributing 27.72% to total revenue, primarily due to the acquisition of a 51% stake in Hubei Kailong Shiwang Engineering Co., Ltd. [4][6]. - The civil explosive products segment experienced a revenue decline of 17.98%, totaling 1.337 billion yuan, affected by macroeconomic fluctuations and cyclical demand in downstream infrastructure and mining sectors [4]. Future Outlook - The new actual controller is expected to lead the company into a new growth phase, leveraging both organic and external growth strategies [7][10]. - Revenue projections for 2025-2027 are estimated at 4.246 billion yuan, 4.697 billion yuan, and 5.202 billion yuan, respectively, with corresponding net profits of 240 million yuan, 278 million yuan, and 316 million yuan [9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.48 yuan, 0.56 yuan, and 0.63 yuan, respectively [9].

2025 年 04 月 28 日 公司点评 增持/首次 国泰集团(603977) 民爆一体化+军工新材料+轨交业务，一体两翼发展稳步推进 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/4/29 24/7/10 24/9/20 24/12/1 25/2/11 25/4/24 ◼ 股票数据 | 总股本/流通(亿股) | 6.21/6.21 | | --- | --- | | 总市值/流通(亿元) | 77.9/77.9 | | 12 个月内最高/最低价 | 15.35/8.93 | | (元) | | 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 事件：国泰集团近期发布 2024 年报，期间公司实现营业收入 23.54 亿元，同比下降 7.34%；归母净利润 1.81 亿元，同比下降 40.84%。公司 拟每 10 股派现 0.9 元（含税）。 点评： 商誉减值导致利润大幅下滑。公司 2024 年实现营业收入 23.54 亿元， 同比下降 7.34%；归母净利润 1.81 亿元，同比下降 40.84% ...

2025 年 04 月 30 日 公司点评 买入/维持 光峰科技(688007) 目标价: 昨收盘:14.58 光峰科技：2025Q1 收入稳健增长，车载业务进入量产交付阶段 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 4.59/4.59 | | --- | --- | | 总市值/流通(亿元) | 66.96/66.96 | | 12 个月内最高/最低价 | 20.2/11.81 | | (元) | | 相关研究报告 <<光峰科技：2024Q1 利润迎来拐点增 速靓丽，车载业务收入实现从 0 到 1 突 破>>--2024-04-30 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 证券分析师：赵梦菲 E-MAIL：zhaomf@tpyzq.com 分析师登记编号：S1190525040001 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpy ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company has shown steady growth in modified plastics, with a significant increase in revenue and profit in 2024, driven by strategic partnerships and new capacity from its southwestern headquarters [4][5] - The thermoplastic elastomer segment is building a competitive moat, benefiting from accelerated domestic substitution and expansion into new applications, particularly in the electric vehicle sector [4][5] - New product development across various technology platforms is expected to open long-term growth opportunities, with successful testing and commercialization of new materials like DVA and HNBR [5][6] Financial Performance Summary - In 2024, the company achieved revenue of 5.301 billion yuan, a year-on-year increase of 16.65%, and a net profit of 141 million yuan, up 0.67% [4][8] - The fourth quarter of 2024 saw a revenue of 1.532 billion yuan, representing a 29.17% year-on-year growth [4] - The first quarter of 2025 reported a net profit of 44.284 million yuan, a 25.44% increase compared to the previous year [4] Product Segment Performance - Revenue from modified plastics in 2024 reached 3.806 billion yuan, growing by 19.18%, with sales volume increasing by 20.60% [4] - The thermoplastic elastomer segment generated 768 million yuan in revenue, up 21.34%, with sales volume rising by 27.00% [4] Future Earnings Forecast - Expected EPS for 2025-2027 is projected at 0.43, 0.57, and 0.73 yuan respectively, indicating a positive growth trajectory [6][8] - Revenue growth rates are forecasted at 11.69% for 2025, 13.12% for 2026, and 12.67% for 2027 [8]

Investment Rating - The report maintains an "Accumulate" rating for the company Shenzhou Taiyue (300002) [1] Core Views - The company has shown stable operation of existing products and is focusing on the performance of several new SLG games set to launch [1] - In 2024, the company achieved a revenue of 6.452 billion yuan, representing a year-on-year growth of 8.22%, while the net profit attributable to shareholders increased by 60.92% to 1.428 billion yuan [3][4] - The first quarter of 2025 saw a decline in revenue to 1.323 billion yuan, down 11.07% year-on-year, and a net profit of 239 million yuan, down 19.09% year-on-year [3][4] Financial Performance - The company plans to distribute a cash dividend of 1 yuan for every 10 shares, totaling approximately 196 million yuan [3] - The core game "Age of Origins" saw a recharge flow increase of 7.26% year-on-year, contributing to the revenue growth in 2024 [4] - The company is expected to see revenue growth of 12.0%, 11.8%, and 10.0% for the years 2025, 2026, and 2027, respectively, with net profits projected at 1.111 billion yuan, 1.257 billion yuan, and 1.457 billion yuan [6][9] Game Development Strategy - The company is deepening its focus on SLG games while also expanding into RPG genres, with two new SLG games, "Stellar Sanctuary" and "Next Agers," currently in commercialization testing [5] - Three additional SLG games are planned for commercialization testing by mid-2026, alongside the development of a sci-fi RPG game [5] Valuation Metrics - The report provides a projected P/E ratio of 16 for 2024, increasing to 20 in 2025, and then decreasing to 15 by 2027 [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with operating income reaching 7.36 billion, up 27.69% year-on-year, and net profit attributable to shareholders at 1.10 billion, up 584.21% year-on-year [2][5]. - The first quarter of 2025 also showed strong performance, with operating income of 1.91 billion, a year-on-year increase of 17.32%, and net profit of 235 million, up 14.57% year-on-year [2]. - The company's diverse product lines, including storage chips, microcontrollers, and sensors, have all shown robust growth, driven by strong demand in consumer electronics and advancements in AI technology [3]. Summary by Sections Financial Performance - In 2024, the company achieved operating income of 7.36 billion and net profit of 1.10 billion, with a remarkable net profit growth rate of 584.21% [2][5]. - For Q1 2025, the company reported operating income of 1.91 billion and net profit of 235 million, reflecting a year-on-year growth of 17.32% and 14.57% respectively [2]. Product Performance - The revenue breakdown for 2024 shows storage chips at 5.19 billion, microcontrollers at 1.71 billion, and sensors at 448 million, with growth rates of 27.39%, 29.56%, and 27.20% respectively [3]. - The company's NOR Flash products have seen significant growth across various sectors, including consumer electronics and automotive, achieving record-high shipment volumes [3]. Future Projections - Revenue projections for 2025 to 2027 are 9.49 billion, 11.54 billion, and 13.72 billion, with expected growth rates of 29.00%, 21.65%, and 18.89% respectively [3][5]. - Net profit forecasts for the same period are 1.53 billion, 2.07 billion, and 2.61 billion, with growth rates of 38.83%, 35.49%, and 26.09% respectively [3][5].