[table_subject] 2025 年 03 月 13 日 证券研究报告·电子行业周报 博通 2025 财年第一财季收入同比增长 25% ——中山证券电子行业周报 e_invest] 中山证券研究所 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 市场走势 [table_main] 投资要点： 中山行业研究类模板 ●博通 2025 财年第一财季收入同比增长 25%。博通公布了 2025 财年第一 财季（截至 2025 年 2 月 2 日）的财务数据。在该季度中博通实现 149.16 亿美 元营业收入，较去年同期增长 25%，环比则增长了 6%。 ●2024 年四季度全球 VR 出货量同比下降 6%。市场调查机构发布博文，报 道称 2024 年第 4 季度全球 VR 头显出货量同比下降 6%，但环比增加 213%；AR 智能眼镜出货量同比下降 12%，但环比增长 100%。 ◎回顾本周行情（3 月 6 日-3 月 12 日），本周上证综指上涨 0.9%，沪深 300 指数上涨 0.63%。电子行业表现强于大市。申万一级电子指数上涨 0.67%， 跑输上证综指 0 ...

Investment Rating - The report does not explicitly provide an investment rating for the electronic industry, but it suggests maintaining attention on semiconductor wafer manufacturers due to government-driven investments [4]. Core Insights - Broadcom reported a 25% year-over-year revenue growth for Q1 FY2025, achieving $14.916 billion in revenue [2][22]. - Global VR headset shipments declined by 6% year-over-year in Q4 2024, while AR smart glasses shipments fell by 12% [2][23]. - The semiconductor industry shows mixed demand, with consumer electronics slowing down domestically, but strong overseas demand driven by AI [11][12]. Summary by Sections Market Trends - The Shanghai Composite Index rose by 0.9% and the CSI 300 Index increased by 0.63% during the week of March 6 to March 12 [2][6]. - The electronic industry outperformed the market, with the Shenwan Electronics Index rising by 0.67% [2][6]. Industry Data - Global smartphone shipments reached 331 million units in Q4 2024, a 1.72% year-over-year increase [3][8]. - China's smartphone shipments in December 2024 were 32.4 million units, up 20.8% year-over-year [11]. - Global semiconductor sales in January 2025 were $56.52 billion, reflecting a 17.9% year-over-year growth [3][11]. Company Dynamics - Shengyi Technology reported a 49.81% increase in net profit for 2024, with total revenue of 20.388 billion yuan, a 22.92% increase [25]. - Broadcom's AI semiconductor revenue reached $4.1 billion in Q1 FY2025, a 77% increase year-over-year [22]. Industry Outlook - The domestic tablet market is expected to grow by 8% in 2025, with total shipments projected to reach 31.1 million units [18]. - The report indicates a potential slowdown in smartphone sales growth, impacting the performance of consumer electronics and semiconductor companies [12].

Investment Rating - The report provides a positive outlook for the company, indicating a strong performance in the upcoming year with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of $3.81 billion in 2024, representing a year-on-year growth of 55%, with a significant reduction in GAAP operating losses to $568 million [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching $2 billion in 2024, a 106% increase year-on-year, and Bai Ze An® (Tislelizumab) sales at $621 million, a 16% increase [4][16][17]. - The company is entering a critical phase with multiple clinical data readouts expected, including promising results from its Bcl-2 inhibitor Sonrotoclax for treating CLL [5][19]. - The company has provided clear profit guidance for 2025, expecting to achieve a GAAP net profit, with projected revenues between 352 billion to 381 billion RMB, reflecting a growth of 29.35% to 40% [6][23]. Summary by Sections Revenue Growth and Loss Reduction - The company reported a strong revenue performance with a projected revenue of $3.81 billion for 2024, a 55% increase year-on-year, and a significant reduction in GAAP operating losses [3][13]. - Non-GAAP operating profit is expected to be $45.36 million, marking a turnaround from previous losses [3][13]. Core Product Performance - Bai Ze An® (Tislelizumab) sales are projected at $621 million for 2024, a 16% increase, with ongoing regulatory reviews for new indications [4][16]. - Baiyueze® (Zebutinib) achieved sales of $2 billion, a 106% increase, with strong market share growth in the US and Europe [4][17][18]. Clinical Pipeline and Data Readouts - The company is advancing its clinical pipeline with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. - Key clinical trials for Sonrotoclax and other products are expected to yield important data in 2025, potentially leading to accelerated approval applications [5][19]. Profit Guidance for 2025 - The company has set a clear profit guidance for 2025, expecting to achieve a GAAP net profit, with revenues projected between 352 billion to 381 billion RMB [6][23]. - The anticipated gross margin for 2025 is between 80% to 90%, indicating strong profitability potential [23].

Investment Rating - The report provides a positive outlook for the company, indicating a strong performance and growth potential, with expectations of achieving GAAP net profit in 2025 [6][22]. Core Insights - The company is expected to achieve a revenue of $3.81 billion in 2024, representing a year-on-year growth of 55%, with a significant reduction in GAAP operating losses [3][13]. - The core products are experiencing accelerated growth, with sales of Baiyueze® (Zebutinib) reaching $2 billion in 2024, a 106% increase year-on-year, and Bai Ze An® (Tislelizumab) sales at $621 million, a 16% increase [4][16][17]. - The company has entered a new phase of clinical data readouts, with 13 new molecules entering clinical trials in 2024, significantly higher than the previous year [5][21]. Summary by Sections Revenue Growth and Profitability - The company reported a projected revenue of $3.81 billion for 2024, with a 73% increase in product revenue driven by the sales of Baiyueze® and Bai Ze An® [3][13]. - The GAAP operating loss is expected to decrease to $568 million, a reduction of $640 million year-on-year, while non-GAAP operating profit is projected at $45.36 million [3][13]. Core Product Performance - Bai Ze An® sales are projected at $621 million for 2024, with ongoing FDA reviews for new indications, while Baiyueze® sales are expected to reach $2 billion, with significant market share growth in Europe [4][16][17]. - The company is solidifying its leading position in the CLL market, with Baiyueze® being the most widely approved BTK inhibitor globally [18]. Clinical Pipeline and Future Prospects - The company is advancing multiple clinical trials, including the Bcl-2 inhibitor Sonrotoclax, with data readouts expected in 2025 for various indications [5][19]. - The company has provided clear guidance for 2025, expecting a revenue range of 35.2 to 38.1 billion RMB, with a gross margin of 80%-90% and positive cash flow from operations [22][23].

[table_subject] 2025 年 03 月 10 日 601127.SH 证券研究报告·公司点评报告 2024 净利润有望扭亏 ——赛力斯业绩预盈公告点评 e_invest]中山证券研究所 分析师：王曦 登记编号：S0290522090001 请务必仔细阅读报告结尾处的风险提示及免责声明 中山证券 1/8 v 邮箱：wangxi@zszq.com 公司股价走势 相关研究报告 [table_main] 主要观点： 中山行业研究类模板 ◎公司营收实现大幅增长。赛力斯对外发布了 2024 年年度业绩预盈公告， 公告显示公司在过去一年取得了显著的业绩增长。公司预计 2024 年度实现营 业收入在 1442 亿元至 1467 亿元之间，同比上升 302.32%至 309.30%，增长幅 度显示出公司强劲的发展势头。同时，公司预计 2024 年度实现归属于上市公 司股东的净利润为 55 亿元至 60 亿元，与上年同期相比，成功实现了扭亏为盈。 扣除非经常性损益后的净利润预计在 51.5 亿元至 56.5 亿元之间，同样实现了 由亏转盈的重大转变。 ◎赛力斯品牌销量亮眼。根据公司公告，2024 年度公司新能源汽 ...

Financial Data Overview - In January 2025, new RMB loans from financial institutions reached 5.13 trillion yuan, an increase of 210 billion yuan year-on-year, marking a historical high[5] - The balance growth rate of RMB loans in January was 7.5%, down 2.9 percentage points year-on-year[5] - The social financing scale increased by 7.06 trillion yuan in January, up 583.3 billion yuan year-on-year[6] Loan Composition - Short-term and bill loans accounted for 1.17 trillion yuan of new loans, an increase of 335.9 billion yuan year-on-year, while medium to long-term loans totaled 3.95 trillion yuan[5] - New loans to the corporate sector amounted to 4.78 trillion yuan, an increase of 920 billion yuan year-on-year[5] - The balance of new loans to households was 443.8 billion yuan, a decrease of 536.3 billion yuan year-on-year[5] Monetary Policy Insights - The central bank's monetary policy report indicates a need for moderate easing to support economic growth amid external risks and domestic challenges[10] - The report emphasizes maintaining ample liquidity and optimizing policy adjustments to lower financing costs for enterprises[11] - If economic pressures increase, further monetary easing measures such as rate cuts may be anticipated[11]

[table_subject] 2025 年 3 月 13 日 研究报告·经济数据点评 1 月金融数据和货币政策报告点评 ——中山证券宏观经济数据点评 e_invest] 中山证券研究所 风险提示：外部环境超预期变动；政策力度不及预期。 请务必仔细阅读报告结尾处的风险提示及免责声明 中山证券 1/6 / v 分析师：方鹏飞 分析师编号：S0290519010001 邮箱：fangpf@zszq.com [table_main] 投资要点： 中山行业研究类模板 ● 1 月金融数据表明信贷开门红和社融增量的规模较为可观，反映了政 策发力背景下金融部门支持实体经济力度的提升。同时，从金融数据的组成和 期限结构来看，金融数据仍有改善空间，实体经济的融资需求仍需要宏观政策 进一步呵护。央行货币政策报告指出国内经济面临风险挑战，货币政策定调为 适度宽松，将择机调整优化政策力度和节奏，保持流动性充裕，推动企业融资 和局面信贷成本下降。 经济数据点评 1. 1 月金融数据分析 根据 Wind 资讯、人民银行等统计数据。 1.1 信贷数据 2025 年 1 月，金融机构新增人民币贷款为 5.13 万亿元，去年同期为 4.92 ...

Investment Rating - The report indicates a positive outlook for the company, with expectations of turning a profit in 2024 [5][12]. Core Insights - The company has announced significant revenue growth, projecting 2024 revenue between 144.2 billion and 146.7 billion CNY, representing a year-on-year increase of 302.32% to 309.30%. The net profit attributable to shareholders is expected to be between 5.5 billion and 6 billion CNY, marking a successful turnaround from losses [5][12]. - The sales performance of the company's brand is impressive, with a projected 2024 production and sales growth of 179% and 182% for new energy vehicles, and an even higher growth rate of 270% and 267% for the company's brand. The total sales volume for 2024 is expected to reach 426,900 units, driven by continuous technological innovation and strong market demand [5][13]. - The company maintains a close partnership with Huawei, having acquired the "Wenjie" trademark for 2.5 billion CNY and a 10% stake in Shenzhen Yingwang Intelligent Technology Co., Ltd. for 5.75 billion CNY. This collaboration is expected to enhance the company's technological resources and brand value [6][17]. Summary by Sections 1. Company Performance - The company has released a profit forecast for 2024, indicating substantial revenue growth and a successful turnaround in net profit [5][12]. 2. Sales Growth - The company’s new energy vehicle sales are projected to grow significantly, with the brand's sales growth outpacing the overall market [5][13]. 3. Strategic Partnerships - The ongoing collaboration with Huawei is expected to strengthen the company's market position and enhance its product offerings [6][17].

Investment Rating - The report does not provide a specific investment rating for the industry [29] Core Insights - The overall trade value of China's goods imports and exports in the first two months of 2025 was 6.54 trillion RMB, a year-on-year decrease of 1.2%. Adjusting for fewer working days, the growth rate was 1.7% [2][7] - In February 2025, the Producer Price Index (PPI) for industrial producers decreased by 2.2% year-on-year, while the Purchasing Price Index fell by 2.3% [3][9] - The Consumer Price Index (CPI) in February 2025 showed a year-on-year decline of 0.7%, with food prices dropping by 3.3% [3][14] - The weak performance in trade growth, industrial prices, and consumer prices indicates a slow recovery in the domestic macroeconomic environment [18][23] Summary by Sections 1. Major Economic Data Analysis - The total value of imports and exports in the first two months of 2025 was 6.54 trillion RMB, with exports at 3.88 trillion RMB (up 3.4%) and imports at 2.66 trillion RMB (down 7.3%) [7] - The PPI for industrial producers decreased by 2.2% year-on-year in February, with production material prices down by 2.5% [9][3] - The CPI showed a year-on-year decline of 0.7% in February, with significant drops in food prices impacting overall consumer prices [14][15] 2. Significant Economic Events - The government work report outlined key economic targets for the year, including a GDP growth target of around 5% and a focus on boosting domestic consumption and investment [24][25]

Trade Data - In the first two months of 2025, China's total goods trade value was 6.54 trillion RMB, a year-on-year decrease of 1.2%[6] - Exports amounted to 3.88 trillion RMB, an increase of 3.4%, while imports were 2.66 trillion RMB, a decrease of 7.3%[6] - In USD terms, total trade value was 909.37 billion USD, down 2.4%[6] Price Indices - In February 2025, the Producer Price Index (PPI) fell by 2.2% year-on-year and 0.1% month-on-month[7] - The average PPI for January-February 2025 decreased by 2.2% compared to the same period last year[7] - The Consumer Price Index (CPI) dropped by 0.7% year-on-year in February 2025, with food prices down 3.3%[9] Economic Outlook - Weak trade growth and price indices indicate a sluggish recovery in the domestic economy, with potential pressures on future trade growth due to a complex external environment[3] - The persistent weakness in consumer demand may adversely affect corporate profits and investment activities, hindering the positive feedback loop of economic growth[3][16] - The government aims for a GDP growth of around 5% in 2025, with a focus on boosting domestic consumption and investment efficiency[17]