Investment Rating - The report maintains an "Overweight" rating for JSTI Group with a target price of RMB 10.48, indicating a potential upside of 16% from the closing price of RMB 9.07 as of May 15, 2025 [6][7]. Core Views - JSTI Group's first-quarter 2025 revenue and net profit showed a decline of 9% and 19.1% year-on-year, respectively. However, the report suggests that the peak of impairment provisions has passed, and the company's advantages in digitalization and low-altitude economy development are expected to foster new growth [2][3]. - The gross profit margin increased by 3.84 percentage points to 29.1% in Q1 2025, while the net profit margin decreased due to increased financial expenses from foreign exchange losses [3]. - The operating cash flow showed a significant improvement, with a collection ratio exceeding 100%, despite a net cash outflow of RMB 477 million, which is a reduction of RMB 4.1 billion year-on-year [4]. Financial Performance - For Q1 2025, JSTI Group reported revenues of RMB 80.9 million, attributable net profit of RMB 43.11 million, and recurring net profit of RMB 35.89 million, reflecting a year-on-year decline of 9%, 19.1%, and 27.8%, respectively [2]. - The company's asset-liability ratio improved to approximately 42.9%, down 3.9 percentage points year-on-year, while the interest-bearing debt ratio decreased to 18%, a reduction of 3.5 percentage points compared to the previous year [4]. - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be RMB 0.20, RMB 0.22, and RMB 0.23, respectively, with a price-to-earnings (PE) ratio of 53 times the expected 2025 earnings [6]. Strategic Initiatives - JSTI Group is focusing on digital transformation and industrial innovation, particularly in the low-altitude economy sector, to unlock its second growth curve. The company has deployed over 70 demonstration projects in national highway and bridge safety monitoring [5]. - JSTI is actively participating in over 60 national and provincial key aviation consulting projects and has established a research institute for low-altitude economic development in Jiangsu Province [5].

Investment Rating - The report maintains a "BUY" rating for Yuan Longping High-Tech Agriculture [6] Core Views - The company's revenue and net profit for 2024 showed a significant decline, attributed to weak sales of corn seeds due to domestic price pressures and unfavorable conditions in Brazil [2][4] - Despite a challenging first quarter in 2025 with a 32% year-on-year revenue drop, the report expresses optimism about the company's earnings resilience in 2025 and 2026, supported by its leading position in the industry and strong R&D capabilities [3][4] Financial Performance - In 2024, the company reported revenues of 8.566 billion RMB and a net profit of 1.14 billion RMB, reflecting a year-on-year decline of 7.13% and 43.08% respectively [1] - The first quarter of 2025 saw revenues fall to 1.41 billion RMB, with a net loss of 20 million RMB, missing the expected profit range of 650-750 million RMB [1][3] - The report projects net profits for 2025 and 2026 to be 2.12 billion RMB and 4.33 billion RMB respectively, down from previous estimates of 9.02 billion RMB and 11.99 billion RMB [4] Market Outlook - The report anticipates a recovery in the planting season, driven by tightening supply and demand dynamics in the corn market, which may lead to a bottoming out of corn prices in China [3] - The company's strong competitive advantage in hybrid rice and its leading position in the commercialization of genetically modified corn are expected to support earnings growth in the upcoming years [4] Valuation - The target price for the stock is set at 11.34 RMB, based on a price-to-book ratio of 3.0 for 2025, which is higher than the industry average of 2.7 [4] - The report highlights the company's robust R&D capabilities and successful global expansion as key factors for its valuation [4]

Investment Rating - The report maintains an "Overweight" rating for the company [9][7]. Core Views - The company is expected to see a revenue rebound as it continues to implement its "Fresh Strategy" and expand its low-temperature milk offerings nationwide. The revenue for 2024 is projected to be RMB 24.278 billion, with a year-on-year decline of 8.3% [3][4]. - The company anticipates a gradual recovery in domestic consumption, which should positively impact revenue in the future. The first quarter of 2025 shows a slight revenue decrease of 0.8% year-on-year, but a recovery in net profit is expected [3][4]. - The report highlights that the liquid milk segment continues to face challenges, while the livestock segment has a significant negative impact on overall performance [4][5]. Financial Summary - For 2024, the company’s revenue is projected at RMB 24.278 billion, with a net profit of RMB 722 million, reflecting a year-on-year decline of 25.4% [3][13]. - The first quarter of 2025 shows revenue of RMB 6.37 billion, with a net profit of RMB 1.4 billion, indicating a year-on-year decrease of 18.2% [3][6]. - The gross profit margin for 2024 is expected to decline by 0.4 percentage points to 19.2%, with a slight recovery in the first quarter of 2025 [6][7]. Revenue Breakdown - By product, the revenue changes for 2025 are projected as follows: liquid milk -9.5%, other dairy products +5.9%, and livestock -41.7% [4][5]. - By region, the revenue for 2024 is expected to be RMB 6.73 billion from Shanghai, RMB 9.99 billion from other regions, and RMB 7.44 billion from overseas, with Shanghai showing a strong performance [4][5]. Earnings Forecast - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are adjusted to RMB 0.45, RMB 0.48, and RMB 0.51 respectively, reflecting an increase of 25% for 2025 [7][13]. - The target price for the stock is set at RMB 9.00, based on a projected price-to-earnings (P/E) ratio of 20 times for 2025 [7][9].

Investment Rating - The investment rating for Bestechnic Shanghai is "Overweight" [1]. Core Views - Bestechnic's revenue and net profit for 2024 are projected to be RMB 3.263 billion and RMB 460 million, respectively, representing year-on-year growth of 49.94% and 272.47%, driven by an expanded customer base and new applications [1][4]. - The company is optimistic about its potential in the smart wearable market and its ability to convert this potential into profitability [1]. - The BES2800 chip is expected to penetrate new brands and customers, with significant growth anticipated in the AI glasses market [3][4]. Revenue and Profitability - In Q1 2025, Bestechnic reported revenue of RMB 999.5 million and a net profit of RMB 191 million, reflecting year-on-year growth of 52.25% and 590.22% [1]. - The gross profit margin for Q1 2025 improved by 5.54 percentage points year-on-year to 38.47% [1]. - The company expects to increase its market share in the smart wearable segment, particularly in smart watch chips, which are projected to contribute significantly to revenue growth [2][4]. Financial Projections - Revenue is expected to grow from RMB 2.176 billion in 2023 to RMB 4.744 billion in 2025, with a compound annual growth rate (CAGR) of 45.39% [10]. - Net profit is projected to increase from RMB 123.63 million in 2023 to RMB 920.20 million in 2025, indicating a strong growth trajectory [10]. - The target price for the stock has been raised to RMB 421.90, reflecting an increase in profit forecasts for 2025 and 2026 [4][6].

股票研究报告 Giantec Semiconductor Corporation (688123 CH) SPD和汽车EEPROM销售保持强劲 | 华泰研究 | 季度业绩回顾 | | --- | --- | | 2025年5月15日 │ 中国（大陆） | 半导体 | SFC No. BQZ938 +(86) 21 2987 2036 对于2025年第一季度，Giantec半导体（Giantec）的营收/归属净利润（NP）/经 常性归属净利润分别为人民币2.61/0.99/0.81亿元（同比增长5.60%/94.71%/22.34 %，环比增长0.72%/26.07%/26.76%）。2025年第一季度的营收和利润均创下季 度历史新高。自2025年以来，下游需求分化，DDR5 SPD、汽车/工业EEPROM以 及NOR闪存出货量同比增长迅速，有效抵消了智能手机EEPROM、开环音圈马达 （VCM）驱动芯片和智能卡芯片销量下降带来的营收压力。因此，2025年第一季 度营收呈现温和的环比和同比增长。此外，Giantec通过减少华虹半导体持股和公 允价值变动获得的收益同比增长（2025年第一季度净投资收益：人民币19 ...

股票研究报告 Infore环境技术（000967 CH） 设备收入增长转为正值，股息率 上升。 | 华泰研究 | 年度业绩回顾 | | --- | --- | | 2025年5月15日 │ 中国（大陆） | 废物管理 | Infore Enviro发布了其年度业绩报告，报告称2024年收入为131.18亿元人民币（同 比增长3.85%），归属于母公司股东的净利润（NP）为5.14亿元人民币（同比增 长3.04%），低于我们预期的66亿元人民币，主要原因是计提信用减值/投资损失2 6.2亿元人民币/3.1亿元人民币，我们认为。2025年第一季度，公司实现收入31.82 亿元人民币（同比增长6.15%），归属于母公司股东的净利润为1.81亿元人民币（ 同比增长4.74%），符合我们预期的18.1亿至19.8亿元人民币的预测。Infore已经 发展出"全系列智能设备+全场景智慧城市服务"模式，并在"城市管家+环卫一体化" 的双轮驱动下运营。设备收入增长在2024年转为正值，2025年第一季度新能源（ NE）设备销售量同比增长177%。我们对新能源设备和人城服务的持续收入增长持 乐观态度。维持买入评级。 2024年1 ...

股票研究报告 重庆涪陵榨菜集团（002507 CH） 2025年第一季度运营疲软，并购将支持 外部扩张。 拟议的并购旨在释放渠道/产品协同效应。 富临榨菜宣布计划通过发行股票和现金支付的方式收购味美味51%的股份。味美 味专注于川味复合调味料（包括火锅底料和中式菜品调味料）的定制研发、柔性 生产和销售服务。根据味美味官网信息，该公司服务超过10000家餐饮终端客户， 包括三锅联盟和裕联等区域连锁品牌。根据公司公告，味美味2023/2024年的营收 分别为2.8亿/2.7亿人民币，净利润为4071万/3962万人民币，对应净利率为14.3%/ 14.9%。截至2024年底，该公司拥有两个现代化生产基地，总资产达2亿人民币。 虽然味美味主要聚焦川味复合调味料的B端销售，而富临榨菜专注于C端榨菜销售 ，但预计其将有扩张计划。 这两家企业将在渠道合作和产品方面形成协同效应。 对有机增长和外部增长的努力均持正面看法；重申买入评级 随着福陵榨菜在组织、产品和销售战略方面已完成内部调整，且外部并购稳步推 进，我们对其未来发展持乐观态度。我们维持盈利预测，预计2025/2026/2027年 的每股收益（EPS）分别为人民币0 ...

| 华泰研究 | 公司更新 | 评级（维持）： | 超配 | | --- | --- | --- | --- | | 15 May 2025 │ 中国（大陆） | 废物管理 | 目标价（人民币）： | | 南风 zhongjin 环境（NZE）发布 2024 收入/归属净利润（NP）为 50.54/2.18 亿 人民币（同比 -6.98%/+8.81%），后者未达预期的 2.6 亿人民币，主要由于制造 业收入下降和高于预期的信用减值。2025 年第一季度收入/归属 NP 为 10.54/0.67 亿人民币（同比 +2.02%/-25.25%），符合我们预期的 0.6-0.8 亿人民币的利润预 测。NZE 继续巩固其在环境水处理、市政水利和暖通空调等传统领域的优势，同 时积极拓展新能源和数据中心等新应用场景，为稳定的盈利增长奠定良好基础。 维持超配评级。 制造业板块承压，海外收入逆势增长。 对于2024年，NZE的制造板块实现营收/归属净利约44.16/4.32亿元人民币（同比 分别下降7.9%和19.6%）；海外营收达到8.69亿元人民币（同比增长14.83%）。 该公司在越南设立了服务中心，并在沙特阿拉伯利 ...

Equity Research Report Shuangliang Eco-Energy Systems (600481 CH) 1Q25 Losses Narrowed Qoq | Huatai Research | Company Update | Rating (Maintain): | OVERWEIGHT | | --- | --- | --- | --- | | 14 May 2025 │ China (Mainland) | New Energy & Power System | Target price (RMB): | 4.94 | Shuangliang's 2024 revenue/attributable net profit (NP)/recurring NP were RMB13,038/-2,134/-2,224mn (-43.7/-242.1/-265.6% yoy). In 1Q25, revenue was RMB2,079mn (-51.1/-22.8% yoy/qoq); the attributable NP was -RMB161mn, the loss narr ...

In 2024, Ginlong Technologies' (Ginlong) revenue/attributable net profit (NP)/recurring NP were RMB6,542/691/637mn (+7.23/-11.32/-18.94% yoy). The attributable NP was below our previous forecast of RMB1,155mn, mainly due to weaker demand from overseas PV and storage inventory destocking, in our view. In 1Q25, revenue was RMB1,518mn (+8.65% yoy) and the attributable NP was RMB195mn (+860/+774% yoy/qoq), mainly driven by strong revenue growth from power-station business. The company is a top-tier player in th ...