Core Viewpoint - The new trade-in policy, supported by a 300 billion subsidy, is reshaping three major industries: home appliances, automobiles, and consumer electronics, presenting investment opportunities for medium to long-term investors [1] Group 1: Home Appliances - The home appliance sector receives the largest subsidy, with up to 20% off for 12 product categories, capped at 2000 yuan per item. Sales surged by 23% year-on-year in the first four months of this year, with leading companies like Midea and Gree operating at full capacity [3] - High-end smart products, such as the Casarte series, have seen sales double post-subsidy, indicating a long-term trend of consumption upgrading [3] Group 2: Automotive Sector - The new energy vehicle segment is the biggest beneficiary, with a 20,000 yuan trade-in subsidy boosting sales. BYD's Han series orders exceeded 80,000 units in April [3] - The battery supply chain, including companies like CATL and Purtai, is also benefiting from this trend. The automotive aftermarket is highlighted as a promising area, with Tianqi's dismantling equipment orders extending to Q4 and Gree's battery recycling business achieving a gross margin of 28% [3] Group 3: Consumer Electronics - Although the subsidies in consumer electronics are smaller, they cover a wide range of products, including mobile phones and tablets. The Honor 90 series has over 40% of its sales through trade-in channels, and the inventory turnover days for core distributor Aishide have decreased to 15 days [3] - VR device manufacturer GoerTek has secured new orders from Meta, with expectations for Q3 performance to exceed forecasts [3] Group 4: Investment Strategy - Investment should focus on three dimensions: core leaders, supporting supply chains, and regional leaders. Recommended stocks include Midea Group and Haier Smart Home in home appliances, BYD and Top Group in new energy vehicles, and Luxshare Precision and Shenzhen South Circuit in consumer electronics [4] - Key timelines for investment include the release of home appliance energy-saving subsidy details in June, the launch of new energy vehicles in August, and the consumer electronics exhibition in November. Early positioning can capture policy-driven benefits [4] Group 5: Market Trends - The policy is expected to accelerate the concentration of the three industries. The market share of the top five companies in the home appliance sector has increased from 68% in 2019 to 79% currently, while the top ten automotive companies now hold over 92% market share [4] - The focus should be on companies with stable cash flow and a dividend yield exceeding 3% to seize structural opportunities [4]

Investment Rating - The report assigns a Neutral investment rating for Goertek [1][17][18] Core Insights - Goertek is recognized as the global leading assembler for VR headsets, with expectations of a year-over-year revenue decline in 2025, followed by growth resuming in 2026 due to anticipated market share growth for new AirPods [11][17] - The revenue and earnings compound annual growth rates (CAGRs) are projected at 6% and 18% respectively for the period from 2024 to 2027, driven more by improved cost structure than top-line growth [11][17] - The earnings contribution from AR/AI glass is expected to be limited [11][17] Financial Estimates - Adjusted EPS for FY25 is revised down from Rmb0.95 to Rmb0.89, and for FY26 from Rmb1.11 to Rmb1.08 [2] - Quarterly forecasts for FY25 show Q1 at Rmb0.13, Q2 at Rmb0.16, Q3 at Rmb0.33, and Q4 at Rmb0.26, leading to an annual adjusted EPS of Rmb0.89 [3] - Revenue estimates for FY25 are adjusted to Rmb94,474 million, down from Rmb99,125 million, reflecting a 5% decrease [15] Valuation - The price target for June 2026 is set at Rmb22.50, based on a 19x one-year forward P/E, aligning with the average of peers [12][18] - The current market cap is approximately $9,959 million, with a share price of Rmb20.83 as of April 22, 2025 [10] Performance Metrics - Year-to-date performance shows a decline of 19.3%, with a 12-month performance increase of 39.8% [10] - The adjusted net income for FY25 is projected at Rmb3,090 million, with a net margin of 3.3% [21]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has returned to growth in 2024, with a revenue of 1009.54 billion yuan, a year-on-year increase of 2.41%. The net profit attributable to shareholders reached 26.65 billion yuan, up 144.93% year-on-year, while the net profit excluding non-recurring items was 23.93 billion yuan, reflecting a growth of 178.30% [2][6]. - In Q4 2024, the company achieved a revenue of 313.08 billion yuan, marking a year-on-year growth of 27.13% and a quarter-on-quarter increase of 6.99%. The net profit for this quarter was 3.20 billion yuan, up 63.23% year-on-year, although it saw a significant quarter-on-quarter decline of 71.45% [2][6]. - The company’s precision components and smart acoustic products have shown strong performance, with revenues of 150.51 billion yuan and 262.96 billion yuan respectively, growing by 15.9% and 8.7% year-on-year. The smart hardware segment experienced a slight decline of 2.6% due to product lifecycle adjustments [12]. - The company is strategically positioned in the XR industry, benefiting from the integration of 5G and AI trends, with expectations for significant growth in VR/AR headsets as the next generation of smart human-computer interaction devices [12]. Financial Summary - The company’s earnings per share (EPS) are projected to be 1.02, 1.21, and 1.44 for the years 2025, 2026, and 2027 respectively [12]. - The gross margin for the electronic components business improved by 2.21 percentage points to 11.14% in 2024, driven by a higher proportion of high-margin components and improved production efficiency [12]. - The company’s total assets are expected to grow from 82,707 million yuan in 2024 to 104,221 million yuan by 2027, indicating a robust financial outlook [18].

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

歌尔股份有限公司（以下简称"公司"）于 2025 年 4 月 21 日召开了第六届董事 会第二十五次会议及第六届监事会第二十次会议，审议通过了《关于对 2021 年股票 期权激励计划预留授予部分第二个行权期到期未行权股票期权进行注销的议案》， 2021 年股票期权激励计划预留授予部分第二个行权期可行权期内 147 名激励对象 共计自主行权 22.5155 万份，到期未行权 93.7895 万份，董事会同意公司注销上述已 获授但尚未行权的股票期权共计 93.7895 万份。具体内容详见公司于 2025 年 4 月 22 日在信息披露媒体巨潮资讯网 http://www.cninfo.com.cn、《证券时报》《中国证券报》 《上海证券报》《证券日报》上披露的相关公告。 证券代码：002241 证券简称：歌尔股份 公告编号：2025-036 歌尔股份有限公司 关于 2021 年股票期权激励计划部分股票期权注销完成 暨激励计划实施完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 二〇二五年四月二十六日 经中国证券登记结算有限责任公司深圳分公司审核确认，公司 ...

Group 1: Financial Performance - Company reported Q1 2025 revenue of 16.3 billion, a year-on-year decrease of 15.6% [1] - Net profit attributable to shareholders was 470 million, a year-on-year increase of 24% [1] - Non-recurring net profit was 290 million, a year-on-year increase of 6%, with 150 million from foreign exchange derivatives and fair value remeasurement [1] - Gross margin improved to 12.4%, up 3.2 percentage points year-on-year and 2.1 percentage points quarter-on-quarter [1] Group 2: Market Position and Growth Potential - Company is positioned to capitalize on the AI/AR glasses market, with global shipments expected to reach 12.05 million units in 2025, a year-on-year growth of 18% [2] - The company has strong capabilities in precision acoustics, optics, and integrated design, holding a leading position among global industry clients [2] - Anticipated growth in AI glasses shipments will benefit the company as it serves major domestic and international brands [2] Group 3: Strategic Actions and Future Outlook - The controlling shareholder plans to increase holdings by 500-1,000 million using special loans and own funds, with the buyback plan also set at 500-1,000 million [3] - The company’s Vietnamese subsidiary is projected to generate over 20 billion in revenue for 2024, a year-on-year increase of 4%, with net profit rising by 93% to 1.32 billion [3] - Earnings per share are forecasted at 1.02, 1.29, and 1.57 for 2025-2027, with a target price of 28.56 based on a 28x PE ratio for comparable companies [3]

"目前，公司国内外客户的生产规划和订单指引仍然在按计划快速推进，没有重要变化，而且在全年指 引内短期还有上调。从二季度开始，公司业务将逐渐聚焦今年新机型的量产，目前也在按计划推进，整 体看对全年业绩保持乐观。"蓝思科技透露。 受苹果公司为规避美国关税政策提前备货影响，2025年第一季度，苹果公司核心供应商普遍淡季 不"淡"，业绩纷纷报喜。 作为苹果结构件模组的核心供应商，蓝思科技（300433）为苹果公司供应前后盖、金属中框等核心结构 件，同时还将玻璃、金属、蓝宝石等新材料应用于多代、多款苹果旗舰手机中。 2025年一季度蓝思科技实现营业收入170.63亿元，在2024年一季度高基数的成绩上，同比增长10.10%； 净利润4.29亿元，同比增长38.71%；经营性现金流净额26.30亿元，同比增长29.59%。 蓝思科技在该公司一季度业绩说明会上表示，智能手机和电脑类是一季度业绩增长的主要驱动力。北美 客户在一季度发布的新机型，带动公司整体稼动率提升。 手机镜头制造商水晶光电（002273）为苹果提供光学解决方案，今年一季度，水晶光电营收同比增长 10.2%至14.82亿元，净利润同比增长23.67%至2.2 ...

Core Insights - The article discusses the recent financial performance of a leading company in the technology sector, highlighting a significant increase in revenue and net income compared to the previous year [1] Financial Performance - The company reported a revenue of $5 billion for the last quarter, representing a 20% increase year-over-year [1] - Net income reached $1 billion, which is a 25% increase compared to the same period last year [1] - The gross margin improved to 40%, up from 35% in the previous year [1] Market Position - The company has strengthened its market position, capturing an additional 5% market share in the technology sector [1] - The growth is attributed to increased demand for its innovative products and services [1] Future Outlook - Analysts project continued growth, with expected revenue growth of 15% for the next fiscal year [1] - The company plans to invest $500 million in research and development to enhance its product offerings [1]

【WitsView整理】 4月22日晚，翰博高新、歌尔股份、芯瑞达、飞凯材料4家显示相关企业披露了 最新业绩。其中，飞凯材料实现了营收与净利润的双增长。 翰博高新 2024年，翰博高新实现营业收入23.47亿元，同比增长8.49%；归母净利润为-2.15亿元。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 2, 346, 596, 324. 08 | 2, 162, 913, 098. 84 | 8. 49% | 2,207,151,471.29 | | 归属于上市公司股东 | -214,808,258.44 | 52.947.409.33 | -505. 70% | -54, 353, 374. 57 | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | -236,694,072.68 | -63, 296, 890. 92 | -273. 94% | -74, 392, 062. 25 | | 的净利润(元) | | | | | | 经营活动产生 ...

报告期内，翰博高新重点开发拓展车载背光显示模组市场，车用Mini LED背光产品已与多家Tier1 供应商及整车厂合作，覆盖BOE、航盛电子、Marelli等企业，应用于蔚来、奇瑞、一汽、福特等 品牌。2024 年，公司在Mini LED领域取得突破，先后启动奇瑞、东风岚图、吉利等项目，相关产 品已应用于蔚来、长城等车型。 【WitsView整理】 4月22日晚，翰博高新、歌尔股份、芯瑞达、飞凯材料4家显示相关企业披露了 最新业绩。其中，飞凯材料实现了营收与净利润的双增长。 翰博高新 2024年，翰博高新实现营业收入23.47亿元，同比增长8.49%；归母净利润为-2.15亿元。 翰博高新的主营业务是液晶显示器光学引擎及光源、显示设备配件、电子及电器零部件品、模 具、电子零件材料、胶粘制品开发、生产、销售。 目前，公司正全力推进新项目开发，持续与各大车企保持紧密沟通，深度参与方案设计与制定， 发挥关键作用。同时，公司也在笔记本电脑和VR等消费电子领域，与面板厂商及终端品牌积极开 展Mini LED背光产品的合作。 歌尔股份 2025年一季度，歌尔股份实现营业收入163.05亿元，同比下降15.57%；归母净利 ...