（原标题：基本面与技术面齐飞！这些股成机构心头肉） A股公司2025年一季度报告正处于密集披露阶段。 目前，上市公司定期报告仅提供同比数据。然而，在评估上市公司发展趋势和判断拐点时，季度环比数据具有更高的敏感性和及时性，相比之 下，其价值更为突出。因此，若同时综合考虑同比和环比数据，将更有助于全面、准确地评估上市公司的经营状况。 27股净利润环比同比三连增 据证券时报·数据宝统计，截至4月26日，在已披露2025年一季报的A股公司中，剔除北交所个股和今年一季度仍处于亏损状态的个股后，2024年三 季度至2025年一季度，单季度净利润环比同比均保持增长的个股有27只。 从行业分布来看，27股分布于18个申万二级行业，其中半导体行业个股相对较多。 东莞证券指出，从自主可控角度，近期贸易摩擦加剧有望加快半导体设备与材料、高端算力芯片、射频模组等产品的国产替代进程，建议结合 2024年和今年一季度业绩情况，从AI驱动和国产替代角度把握相关细分领域投资机会。 从半导体行业个股来看，澜起科技、芯朋微、寒武纪-U、恒玄科技4股业绩环比同比三连增，其中澜起科技获22家机构评级，机构关注度最高。 澜起科技今年一季度实现营收12 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a strong performance in Q1 2025, with revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit attributable to shareholders of 525 million yuan, up 135.14% year-on-year [2][3] - The interconnect chip business is showing robust growth momentum, with sales revenue of 1.139 billion yuan in Q1 2025, representing a year-on-year increase of 63.92% and a quarter-on-quarter increase of 17.19% [3] - The gross margin for the interconnect chip product line is 64.50%, which is an increase of 3.57 percentage points year-on-year, contributing to an overall gross profit growth of 73.66% for the company [3] - The company expects a conservative estimate of a 13.3% quarter-on-quarter revenue growth for interconnect chips in Q2 2025, with total orders exceeding 1.29 billion yuan [3] - The DDR5 memory interface chip market is expected to see a steady increase in average selling price (ASP) due to rising penetration rates and ongoing product iterations [4] - The high-performance "capacity chips" are anticipated to enter a high growth phase, with combined revenue of 135 million yuan in Q1 2025, a year-on-year increase of 155% [5][6] Financial Forecast - The company forecasts net profits attributable to shareholders of 2.087 billion yuan, 2.933 billion yuan, and 3.666 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 47.9%, 40.5%, and 25% [7] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.82 yuan, 2.56 yuan, and 3.20 yuan respectively [7] - The price-to-earnings (PE) ratios for 2025, 2026, and 2027 are projected to be 39.8x, 28.33x, and 22.67x respectively [7]

沪深两市全天主力资金净流入49.75亿元，其中，科创板主力资金净流出7.73亿元，主力资金净流入的有 252只股，主力资金净流出的有330只股。 证券时报•数据宝统计显示，今日科创板个股上涨的有275只，下跌的有299只。 资金流向方面，今日主力资金净流入的科创板股共有252只，其中，8只个股主力资金净流入超3000万 元，澜起科技主力资金净流入1.14亿元，净流入资金居首；拓荆科技、达梦数据紧随其后，全天净流入 资金分别为6578.21万元、4704.71万元。主力资金净流出的有330只，净流出资金最多的是中芯国际，该 股今日下跌0.76%，全天主力资金净流出2.46亿元，其次是恒玄科技、芯原股份，主力资金净流出分别 为1.08亿元、7308.65万元。 从主力资金连续性进行观察，共有48只个股主力资金连续3个交易日以上持续净流入，连续流入天数最 多的是迈信林，该股已连续13个交易日净流入；连续净流入天数较多的还有仁度生物、德科立等，主力 资金分别连续流入10天、6天。主力资金连续流出的个股有137只，连续净流出天数最多的是卓越新能、 埃科光电等2只个股，主力资金均连续净流出11天。（数据宝） 主力资金净流 ...

Group 1: Key Insights on Electronic Industry - The report highlights that 澜起科技 has achieved continuous quarter-on-quarter growth in revenue and net profit for eight consecutive quarters, driven by the demand for interconnected chips [4][6] - For Q1 2025, the company reported a revenue of 1.22 billion yuan, representing a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43%, with a net profit of 525 million yuan, up 135.14% year-on-year [4][5] - The demand for DDR5 memory interface chips and high-performance interconnect chips is expected to continue growing, with significant orders in hand exceeding 1.29 billion yuan as of April 22, 2025 [6] Group 2: Key Insights on Petrochemical Industry - 恒力石化 reported a total revenue of 236.40 billion yuan for 2024, a year-on-year increase of 0.65%, with a net profit of 7.04 billion yuan, up 2.01% [8][9] - In Q1 2025, the company achieved a revenue of 57.05 billion yuan, a decrease of 2.34% year-on-year, and a net profit of 2.05 billion yuan, down 4.13% [8][9] - The company has seen a significant increase in new materials sales, with production of high-performance resins and new materials reaching 1.60 million tons per year, contributing to the overall growth [10][11] Group 3: Key Insights on Pharmaceutical Industry - 华东医药 reported a total revenue of 41.91 billion yuan for 2024, reflecting a year-on-year growth of 3.16%, with a net profit of 3.51 billion yuan, up 23.72% [14][15] - The company’s industrial business has become a core growth driver, with the pharmaceutical industrial segment achieving a revenue of 13.81 billion yuan, a year-on-year increase of 13.05% [15][16] - R&D investment in the pharmaceutical sector reached 2.68 billion yuan in 2024, marking a 16.77% increase, with a focus on endocrine, autoimmune, and oncology fields [16]

Core Insights - The company, Lanke Technology, reported strong financial performance for Q1 2025, achieving a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 525 million yuan, up 135.14% [2] - The sales revenue from interconnect chips reached 1.139 billion yuan, reflecting a growth of 63.92% year-on-year, with multiple operational metrics hitting historical highs [2] - The gross margin for interconnect chips increased to 64.50%, up 3.57 percentage points year-on-year, indicating high business quality [2] Financial Performance - The company achieved a net profit of 602 million yuan when excluding the impact of share-based payments, resulting in a net profit margin approaching 50% [2] - The interconnect chip sales revenue and net profit have shown consistent quarter-on-quarter growth for eight consecutive quarters, demonstrating resilience in the company's development [2] - As of April 22, 2025, the company has over 1.29 billion yuan in hand orders for interconnect chips expected to be delivered in Q2 2025, with new orders continuing to flow in [2] Product Development - The company successfully passed the CXL2.0 compliance test for its CXLMXC chip and is now listed among the first batch of CXL2.0 compliant suppliers [3] - New products such as PCIe6.x/CXL3.x Retimer chips and second-generation MRCD/MDB sets have been developed, expanding the product matrix [3] - The sales revenue for three high-performance interconnect chips reached 135 million yuan in Q1 2025, marking a year-on-year growth of 155% [3] Strategic Focus - The company has set long-term strategic goals for the next five to ten years, aiming to become a leading global designer of all-interconnect chips, focusing on the interconnect chip sector [4] - Plans include advancing DDR memory interface product iterations, enhancing core technology R&D in PCIe/CXL interconnects, and exploring Ethernet and optical interconnect fields [4] - The company will actively seek investment and acquisition opportunities to align business expansion with strategic goals [4] Market Outlook - Analysts believe that as computing power increases, the demand for interconnect chips will grow, making the interconnect chip market a promising blue ocean [5] - The interconnect demand within AI systems, including between chips, server chassis, clusters, and data centers, highlights the potential for significant market growth [5] - With strong technical capabilities and industry experience, the company is well-positioned to capitalize on opportunities in this emerging market [5]

◎记者 朱妍 数据显示，3月23日至4月23日，机构调研次数高达3.1万次，环比增幅为49%，达到今年以来相对较高 的水平。业绩有支撑的领域备受机构瞩目，科技成长方向随着市场回暖而重获关注。 仕佳光子一季度归属于上市公司股东的净利润同比增幅超过1000%。4月21日，公司接待了易方达基 金、鹏华基金、兴业基金等机构的调研，当日公司股价以20%幅度涨停。 从近一个月机构调研的上市公司来看，七成公司一季度归属于上市公司股东的净利润实现同比正增长， 其中，思特威、科陆电子、银禧科技等公司一季度业绩同比增幅较大。 具体行业方面，科技板块无疑是近期各大机构最为关注的方向。数据显示，电子设备制造近一个月被机 构调研逾2100次，生物医药、计算机软件、电子元件、半导体等行业紧随其后，调研热度均超千次。其 中，立讯精密、蓝思科技、澜起科技、三花智控等科技类公司受到调研的次数较多，分别达到499次、 397次、380次和364次。 Choice数据显示，近一个月，基金公司、证券公司调研数量最多，均超8500次。其中，共有52家机构的 调研次数过百，多家基金公司的调研次数环比增长显著，比如汇丰晋信基金调研131次，环比增幅超过 ...

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - As of April 24, 2025, the company reported a significant increase in revenue and net profit for Q1 2025, with operating income reaching 1.222 billion yuan, a year-on-year increase of 65.78%, and net profit attributable to shareholders at 525 million yuan, a year-on-year increase of 135.14% [4][5][6] - The growth in performance is attributed to the booming demand in the AI industry, the increasing penetration of DDR5 memory interfaces, and the strong sales of high-performance capacity chips [6][10] - The company expects to deliver interconnect chips with a total order value exceeding 1.29 billion yuan by Q2 2025, indicating a positive outlook for the year [9][10] Summary by Sections Financial Performance - Q1 2025 operating income was 1.222 billion yuan, up 65.78% year-on-year, with net profit attributable to shareholders at 525 million yuan, up 135.14% year-on-year [5][6] - The company's gross margin for interconnect chips was 64.50%, an increase of 3.57 percentage points year-on-year, contributing to an overall gross profit growth of 73.66% year-on-year [6] Product Development - The company has made significant advancements in high-performance capacity chips, with sales revenue for three key products reaching 135 million yuan, a year-on-year increase of 155% [6][7] - Ongoing R&D efforts include the development of CXL3.x MXC chips and PCIe 7.0 Retimer chips, indicating a commitment to innovation and market leadership [7] Market Outlook - The company anticipates a substantial increase in demand for DDR5 memory interface chips and high-performance capacity chips throughout 2025, supported by the AI industry's growth [9][10] - The projected net profit for 2025-2027 is estimated at 2.451 billion, 3.415 billion, and 3.960 billion yuan, respectively, with corresponding EPS of 2.14, 2.98, and 3.46 yuan [10]

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - As of April 24, 2025, the company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 1.222 billion yuan, a year-on-year increase of 65.78%, and net profit attributable to shareholders at 525 million yuan, a year-on-year increase of 135.14% [4][5][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 1.222 billion yuan, up 65.78% year-on-year, with a net profit of 525 million yuan, reflecting a 135.14% increase year-on-year and a 21.13% increase quarter-on-quarter [5][6] - The company's core product lines, particularly interconnect chips, showed robust growth, with interconnect chip revenue at 1.139 billion yuan, a 63.92% year-on-year increase [5][6] - The gross margin for interconnect chip products was 64.50%, an increase of 3.57 percentage points year-on-year, contributing to an overall gross profit increase of 73.66% year-on-year [6] Market Trends and Product Development - The company is benefiting from the AI industry trend, with increasing demand for DDR5 memory interface chips and high-performance interconnect chips [6][8] - The company has ongoing R&D for high-performance interconnect chips, including successful compliance testing for CXL 2.0 chips and the development of PCIe 6.x / CXL3.x Retimer chips [7][8] - As of April 22, 2025, the company has over 1.29 billion yuan in orders for interconnect chips, indicating strong market demand [9] Future Outlook - The company expects significant growth in DDR5 memory interface chip demand and penetration rates in 2025, with projected net profits for 2025-2027 at 2.451 billion, 3.415 billion, and 3.960 billion yuan respectively [10][12] - The estimated earnings per share (EPS) for the same period are projected to be 2.14, 2.98, and 3.46 yuan, with corresponding price-to-earnings (P/E) ratios of 34.6, 24.9, and 21.4 [10][12]

Core Insights - The core viewpoint of the articles highlights the strong performance of Changjiang Technology (澜起科技) in the memory interface chip sector, driven by robust industry demand and advancements in AI technology [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 1.222 billion yuan, representing a year-on-year increase of 65.78%, and a net profit of 525 million yuan, up 135.14% year-on-year [2]. - The company's non-GAAP net profit reached 503 million yuan, reflecting a year-on-year growth of 128.83% [2]. - All three key performance indicators set new quarterly historical highs, with net profit and non-GAAP net profit increasing for eight consecutive quarters [2]. Product Line Performance - The interconnect chip product line generated a revenue of 1.139 billion yuan, a year-on-year increase of 63.92%, while the津逮® server platform product line saw revenue of 80 million yuan, up 107.38% year-on-year [3]. - The company attributes its growth to the rising demand for DDR5 memory interface chips and the strong performance of its high-performance interconnect chips, which generated 135 million yuan in sales, a 155% increase year-on-year [2][3]. Research and Development - The company has significantly increased its R&D expenditure from 267 million yuan in 2019 to 764 million yuan in 2024, totaling 2.947 billion yuan over six years [4]. - The R&D expense ratio has remained stable at around 15%, with a ratio of 12.53% in Q1 2025 [4]. - As of the end of 2024, the company employed 536 R&D personnel, accounting for approximately 74.65% of its total workforce [5]. Financial Health - As of Q1 2025, the company reported cash and cash equivalents of 7.175 billion yuan, a year-on-year increase of 25.36%, with total liabilities of only 724 million yuan [6]. - The asset-liability ratio stood at 5.72%, remaining below 10% for six consecutive years since 2019 [6].

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company has shown continuous quarter-on-quarter growth in revenue and net profit for eight consecutive quarters, driven by increasing demand for DDR5 memory interface chips and high-performance interconnect chips [3][5] - The company is expected to achieve significant revenue growth in the coming years, with projected revenues of RMB 54.83 billion, RMB 74.22 billion, and RMB 93.07 billion for 2025, 2026, and 2027 respectively [5][7] - The demand for DDR5 memory interface chips and high-performance interconnect chips is anticipated to continue growing, supported by trends in the AI industry [8] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of RMB 12.22 billion, a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43% [8] - The net profit attributable to the parent company for Q1 2025 was RMB 5.25 billion, reflecting a year-on-year increase of 135.14% and a quarter-on-quarter increase of 21.13% [8] - The gross margin for interconnect chip products was 64.50%, up 3.57 percentage points year-on-year [8] Revenue Projections - The company is projected to achieve revenues of RMB 5,483 million in 2025, with a growth rate of 50.7% compared to 2024 [7] - The expected net profit for 2025 is RMB 2,211 million, representing a growth rate of 56.6% [7] Market Position - The company has a total market capitalization of approximately RMB 84.84 billion and an average trading volume of RMB 2,605.53 million over the past three months [2] - Major shareholders include Hong Kong Central Clearing Limited, holding 7.66% of shares [2]