Group 1 - The A-share semiconductor sector experienced an initial surge, with significant gains observed in stocks such as Xidian, which rose over 10% [1] - Other companies that followed the upward trend include Fulede, Sraypu, Chipengwei, Naxinwei, and Silan Micro [1]

公司点评 -30% 10% 49% 89% 128% 5/24 8/24 11/24 2/25 5/25 思瑞浦 沪深300 [Table_Author] 分析师：陈耀波 [Table_StockNameRptType] 思瑞浦（688536） Q1 实现扭亏，各下游亮点纷呈 | 投资评级：增持（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-21 | | [Table_BaseData] 收盘价（元） | 146.82 | | --- | --- | | 近 12 个月最高/最低（元） | 194.95/66.80 | | 总股本（百万股） | 133 | | 流通股本（百万股） | 133 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 195 | | 流通市值（亿元） | 195 | [ 公司价 Table_Chart] 格与沪深 300 走势比较 公司在 2024 年实现营业收入 12 亿元，同比增加 12%；归母净利润-2 亿元，同比减少 468%；扣非净利-3 亿元，同比减少 150%。 l Q1 收入大幅增长，带动公司实现扭亏 202 ...

Core Points - The company will hold its annual shareholder meeting on May 30, 2025, to discuss various proposals including the remuneration of directors for 2024 and 2025 [1][2] - The company achieved a revenue of 1.22 billion RMB in 2024, representing a year-on-year growth of 11.52% [11] - The gross profit margin for the company was 48.19%, a decrease of 3.59 percentage points compared to the previous year [11] - The company reported a net profit attributable to shareholders of -197.22 million RMB for 2024, leading to a proposal of no cash dividends for the year [31][32] Meeting Procedures - The meeting will be conducted with strict attendance rules, allowing only shareholders, representatives, and invited personnel to enter [2][3] - Voting will be conducted both on-site and online, with specific time slots for each method [6] - Shareholders must register 30 minutes before the meeting and present necessary identification [2][3] Financial Performance - The company’s management chip products generated sales of 244 million RMB, with a year-on-year growth of 11.89% [11] - The company’s total equity stood at 5.30 billion RMB, with cash and investment balances around 3.69 billion RMB [11] Board and Governance - The board of directors consists of 9 members, including 3 independent directors, and has held 12 meetings during the reporting period [12][19] - The independent directors have actively participated in decision-making and have maintained communication with the management [19] Audit and Compliance - The company plans to reappoint Rongcheng Accounting Firm for the 2025 financial and internal control audit [37] - The audit firm has a strong track record, having audited 394 listed companies in 2023 [33] Future Plans - The company aims to enhance its governance structure and improve operational efficiency in 2025 [22] - The focus will be on maintaining sufficient funds for ongoing development and addressing operational risks [32]

[Table_StockNameRptType] 思瑞浦（688536） 公司点评 [Table_Author] 分析师：陈耀波 | 执业证书号：S0010523060001 | | --- | | 邮箱： chenyaobo@hazq.com | 分析师：李美贤 执业证书号：S0010524020002 邮箱： limeixian@hazq.com !"#$% l[Table_Summary] 事件 Q1 实现扭亏，各下游亮点纷呈 | | | | [Table_BaseData] 收盘价（元） | 146.82 | | --- | --- | | 近 12 个月最高/最低（元） | 194.95/66.80 | | 总股本（百万股） | 133 | | 流通股本（百万股） | 133 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 195 | | 流通市值（亿元） | 195 | [ 公司价 Table_Chart] 格与沪深 300 走势比较 -30% 10% 49% 89% 128% 5/24 8/24 11/24 2/25 5/25 思瑞浦 沪深300 公司 2025 年第一季 ...

Group 1 - The core viewpoint is that the China Securities Regulatory Commission (CSRC) is expediting a comprehensive policy package to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to enhance the scale and proportion of medium to long-term capital entering the market [1] - The People's Bank of China and four other departments are implementing policies to support technological innovation, encouraging financial institutions to expand first-time financing and equipment renewal loans for tech companies [1] - Guoyuan Securities believes that under high global technological barriers, companies on the Sci-Tech Innovation Board are pursuing independent innovation across various sectors, including chip design, biomedicine, high-end equipment, and new energy, positioning themselves as pioneers in the international value chain [1] Group 2 - As of April 30, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board 100 Index account for 25.04% of the index, with companies like Hengxuan Technology and BeiGene among the leaders [2] - The Sci-Tech 100 ETF fund has shown a positive performance, with notable increases in the stock prices of several constituent companies, indicating a favorable market sentiment [1]

证券之星消息，根据市场公开信息及5月15日披露的机构调研信息，长信基金近期对2家上市公司进行了 调研，相关名单如下： 2)思瑞浦(长信基金参与公司特定对象调研&2024年度暨2025年第一季度业绩暨现金分红说明会&现场沟 通&在线沟通&网络文字互动) 调研纪要：2025年第一季度，思瑞浦实现营业收入42,179.44万元，同比增长110.88%，净利润1,556.30 万元，扭亏为盈。信号链芯片收入28,664.74万元，同比增长64.86%；电源管理芯片收入13,504.03万 元，同比增长416.53%。公司认为模拟集成电路设计行业将长期向好，受益于新能源汽车、物联网、人 工智能等新兴产业发展及国家政策支持。公司已完成多市场布局，工业市场需求逐步恢复，泛通信市场 业务触底回升，汽车市场有望持续高增速，消费市场业务将成长。 长信基金成立于2003年，截至目前，资产管理规模(全部公募基金)1796.59亿元，排名37/210；资产管理 规模(非货币公募基金)857.0亿元，排名52/210；管理公募基金数170只，排名41/210；旗下公募基金经理 33人，排名36/210。旗下最近一年表现最佳的公募基金产品 ...

Core Viewpoint - 3PEAK has experienced a decline in stock price over four consecutive trading days, with a cumulative drop of -5.50%. The company focuses on developing high-performance, high-quality, and highly reliable integrated circuit products, including signal chain analog chips and power management analog chips, providing comprehensive solutions for customers [1]. Group 1: Company Performance - 3PEAK has seen a stock price decrease of -5.50% over the last four trading days [1]. - The company specializes in integrated circuit products, including signal chain analog chips and power management analog chips [1]. Group 2: Fund Holdings - Two funds managed by Wan Jia Fund have entered the top ten shareholders of 3PEAK, namely Wan Jia Industry Preferred Mixed (LOF) and Wan Jia Independent Innovation Mixed A [1]. - Wan Jia Industry Preferred Mixed (LOF) has a year-to-date return of 27.68%, ranking 78th out of 4548 in its category, while Wan Jia Independent Innovation Mixed A has a year-to-date return of 18.99%, ranking 196th out of 4548 [2]. Group 3: Fund Manager Profile - The fund manager for both Wan Jia funds is Huang Xingliang, who holds a Ph.D. from Tsinghua University and has over ten years of experience in the investment management industry [5][6]. - Huang Xingliang has managed multiple funds since joining Wan Jia Fund Management Company in November 2018, including various mixed-type funds [5][6].

点击招商研究小程序查看PDF报告原文 思瑞浦产品布局涵盖信号链类和电源管理类模拟芯片，广泛覆盖泛工业、汽车、泛通讯和消费等下 游。思瑞浦发布2024年年报和2025年一季报，结合公告信息，点评如下： 创芯微并表助力公司做大营收体量，25Q1单季度归母已经实现扭亏为盈。 2024年：营收12.2亿 元，同比+11.52%，包括创芯微24M11-M12并表5882万元营收，其中信号链类产品占80%、电 源类产品占20%，归母净利润亏损1.97亿元，扣非归母净利润亏损2.81亿元。毛利率48.19%，同 比-3.6pcts，其中信号链类产品毛利率50.1%，同比-4.18pcts，电源类产品毛利率40.52%，同 比-1.76pcts。25Q1：营收4.22亿元，同比+110.9%/环比+13.6%，毛利率46.43%，同 比-1.21pcts/环比+1.16pcts，归母净利润1556万元，同环比均实现扭亏，为23Q4单季持续亏损 以来的首次单季归母盈利，净利率3.69%，扣非归母净利润174万元。 汽车电子业务成长速度较快，泛通讯低谷已过，泛工业业务边际逐步转暖。 由于创芯微25Q1整季 度并表后带来消费电子业 ...

Group 1: Financial Performance - Ningbo Bank's net profit for 2023 is projected at 27,127 million, with a growth rate of 6% for 2024 and 9% for 2025[1] - Revenue for Ningbo Bank is expected to reach 71,169 million in 2024, growing by 8% and 7% in the following years[1] - The EPS for Ningbo Bank is forecasted to be 4.4 in 2024 and 4.7 in 2025, with a corresponding PB of 0.75x in 2025[1] Group 2: Market Trends and Risks - The medical imaging sector, led by United Imaging, is expected to see a non-net profit growth exceeding 20% year-on-year, outperforming peers[1] - Anke Innovation is projected to achieve a revenue of 1,985 million in 2024, with a growth rate of 23%[1] - Risks for Ningbo Bank include interest rate risk, market risk, and operational risk[1] Group 3: Strategic Insights - United Imaging benefits from domestic high-end equipment replacement and is expected to see over 30% growth in overseas markets in 2024[1] - Sany Heavy Industry is anticipated to maintain its market leadership with a projected revenue of 78,383 million in 2024, growing by 6%[1] - Satellite Chemical is expected to see a revenue increase of 27% in 2024, with significant growth potential in its third and fourth phases[1]