Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.79 CNY [2][5] Core Insights - The company achieved a revenue of 20.686 billion CNY in 2024, representing a growth of 3.04%, and a net profit attributable to the parent company of 3.354 billion CNY, up by 0.45% [1][9] - In Q4 2024, the company reported a revenue of 6.591 billion CNY, marking a significant increase of 39.77%, and a net profit of 841 million CNY, which is an impressive growth of 88.79% [1][9] - The company plans to achieve a revenue of 20.6 billion CNY in 2025, a slight decrease of 0.41%, with a total profit of 3.8 billion CNY, reflecting a growth of 0.85% [9] Financial Performance Summary - The company's revenue for 2023 was 20.074 billion CNY, with a year-on-year growth of 26.7%, and is projected to reach 23.778 billion CNY in 2025, showing a growth of 14.9% [3][12] - The gross profit margin for 2024 is reported at 36.6%, down from 38.0% in 2023, while the net profit margin is at 16.2% for 2024 [3][12] - The earnings per share (EPS) for 2024 is 1.58 CNY, with projections of 1.77 CNY for 2025 and 2.08 CNY for 2026 [3][12] Business Development and Strategy - The company is focusing on expanding its capabilities in high-end interconnect technology and has completed several industrial parks to enhance production capacity [9] - The company aims to leverage opportunities in defense, civil aviation, satellite internet, and other emerging industries to drive future growth [9] - The company is positioned as a leader in military connectors, with a high market share, and anticipates a recovery in demand within the military sector [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.16 CNY based on a 32x PE valuation for 2025 [2][8]. Core Insights - The company achieved a record high quarterly revenue in Q4 2024, with a significant year-on-year growth of 34%, reaching 12.7 billion CNY. The net profit for Q4 2024 was 350 million CNY, marking a 92% increase year-on-year [7]. - The company is expanding its AI terminal product lines, including AI glasses, robots, foldable screens, and servers, with AI terminal-related revenue exceeding 40 billion CNY in 2024, a 33% increase from the previous year [7]. - The company is positioned to benefit from innovations in hardware functionality for major North American clients, which is expected to enhance the value and complexity of its components [7]. Financial Forecasts - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.38 CNY, 0.51 CNY, and 0.65 CNY respectively, with adjustments made to revenue forecasts and gross margin predictions [2][8]. - Revenue is expected to grow from 34.12 billion CNY in 2023 to 69.22 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.4% [4]. - The gross margin is projected to improve from 19.9% in 2023 to 18.2% in 2027, while the net profit margin is expected to increase from 6.0% to 6.6% over the same period [4].

公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21.4% | -3.4% | -15.7% | 16.5% | | 归属母公司净利润(百万元) | 4,064 | 3,187 | 3,013 | 2,562 | 2,985 | | 同比增长 (%) | 1.3% | -21.6% | -5.5% | -15.0% | 16.5% | | 每股收益（元） | 1.57 | 1.23 | 1.17 | 0.99 | 1.15 | | 毛利率(%) | 48.4% | 48.4% | 49.4% | 49.5% | 49. ...

24 年业绩符合预期，25 年起加大投入追求 中长期高质量发展 核心观点 盈利预测与投资建议 ⚫ 根据业绩公告，我们调整 24-26 年盈利预测，预计 24-26 年 EPS 分别为 1.17、0.99 和 1.15 元（原 1.2、1.37 和 1.54 元），参考可比公司，给予 2025 年 20 倍的 PE 估 值，目标价为 21.19 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：运动服饰消费低于预期、终端去库存进度和新产品推广不及预期等 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21 ...

领益智造 002600.SZ 公司研究 | 年报点评 季度营收新高，AI 终端布局百花齐放 核心观点 ⚫ 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.38/0.51/0.65 元（原 25/26 年预测分别为 0.46/0.56 元，主要上调收入预测，下调毛利率预测），根据可比公司 25年 32倍 PE 估值，对应目标价为 12.16 元，维持买入评级。 风险提示 ⚫ 北美大客户出货量不及预期风险；新业务整合与拓展不及预期风险；汇兑损失风 险；资产减值风险 1 周 1 月 3 月 12 月 绝对表现% 0.33 -5.76 7.26 69.15 相对表现% 0.32 -6.41 8.91 57.95 沪深 300% 0.01 0.65 -1.65 11.2 | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | | 执 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry as of March 31, 2025 [5]. Core Insights - The AI industry is experiencing a new cycle driven by advancements in computing power, algorithms, and applications, leading to a recommendation to increase allocations in the Hong Kong internet sector [3]. - Key companies recommended for investment include Alibaba-W (09988, Buy), Kuaishou-W (01024, Buy), and Tencent Holdings (00700, Buy) due to their strong positions in the AI value chain [3]. Summary by Sections AI Developments - Alibaba has released two significant multimodal models: QvQ-Max for video reasoning and Qwen2.5-Omni for comprehensive multimodal processing, showcasing advancements in AI capabilities [8][13]. - Kuaishou's Keling 1.6pro has achieved the top position in global video generation models, with a cumulative revenue exceeding 100 million RMB as of February 2025, indicating strong commercial traction [26][27]. Industry Dynamics - Shanghai has announced policies to enhance the intelligent computing cloud industry, aiming for a scale exceeding 200 billion RMB by 2027 [28][29]. - Strategic partnerships between China Mobile, China Unicom, and Alibaba have been established to enhance AI data center construction and cloud computing capabilities [30][31]. Model Upgrades - Deepseek V3 has undergone a significant upgrade, enhancing its reasoning and coding capabilities, positioning it among the top models in the industry [36][37]. - The launch of the Mureka O1 music reasoning model by Kunlun Wanwei has set a new standard in music generation, utilizing innovative reasoning techniques [40][41]. Market Trends - The report highlights the increasing integration of AI technologies across various sectors, with a focus on enhancing user engagement and operational efficiency [3][28]. - The overall AI application landscape is expanding, with notable advancements in multimodal capabilities and commercial applications across different industries [8][26].

固定收益 | 动态跟踪 二季度债市或可乐观一点 固定收益市场周观察 研究结论 风险提示 政策变化超预期；货币政策变化超预期；经济基本面变化超预期；信用风险暴露超预 期；数据统计可能存在遗误 | 齐晟 | qisheng@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860521120001 | | 杜林 | dulin@orientsec.com.cn | | | 执业证书编号：S0860522080004 | | 王静颖 | wangjingying@orientsec.com.cn | | | 执业证书编号：S0860523080003 | | 徐沛翔 | xupeixiang@orientsec.com.cn | | 央行多投放流动性了吗？：固定收益市场 | 2025-03-25 | | --- | --- | | 周观察 | | | 从金融数据看近期流动性格局：固定收益 | 2025-03-17 | | 市场周观察 | | | 3-4 月债市利率向下的季节性规律能否重 | 2025-03-10 | | 现：固定收益市场周观察 | | 有关分析师的申明，见本 ...

Investment Rating - The industry investment rating is "Buy" with a positive outlook on key companies in the chemical sector [8][12]. Core Viewpoints - The report highlights that oil prices continue to rise due to increased supply risks, while the upcoming U.S. tariffs are anticipated to impact demand expectations. The focus remains on leading companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-fishing strategy [12]. - The report emphasizes the importance of monitoring chemical price increases, particularly those influenced by overseas supply fluctuations, such as bromine and IPDI. Additionally, the agricultural and food sectors are highlighted as having rigid demand, especially during the spring farming season, which is expected to drive performance recovery in the agricultural chemicals sector [12]. - Key recommendations include companies like Wanhua Chemical, Huamao Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, all of which are expected to benefit from improving market conditions and product pricing [12]. Summary by Sections 1. Core Viewpoints - Oil prices are rising due to supply risks and geopolitical uncertainties, with Brent oil price at $73.63 per barrel, up 2.0% [13]. - U.S. crude oil commercial inventory decreased to 433.6 million barrels, down 3.3 million barrels week-on-week [13]. - The report tracks 188 chemical products, with the top three price increases being chloroacetic acid (up 8.6%), DMF (up 5.6%), and trichloroethylene (up 5.5%) [14]. 2. Price Changes - The report details significant price fluctuations in chemical products, with chloroacetic acid showing a weekly increase of 8.6% and a monthly increase of 10.0% [15]. - Conversely, liquid chlorine experienced a dramatic weekly decrease of 34.8% but a monthly increase of 66.7% [15]. - The price spread for styrene increased by 102.0%, indicating strong market dynamics [18]. 3. Investment Recommendations - Wanhua Chemical (600309) is recommended for its improving profitability in MDI and upcoming project launches [12]. - Huamao Technology (603181) is noted for its recovery in growth after previous demand challenges [12]. - Runfeng Co. (301035) is highlighted for its unique global registration and sales channels [12]. - Guoguang Co. (002749) is recognized as a leader in differentiated formulations for plant growth regulators [12]. - Hualu Hengsheng (600426) is expected to benefit from recovering core product prices and declining coal prices [12].

业绩回暖，积极拓展新业务 ——花园生物 2024 年报点评 核心观点 盈利预测与投资建议 ⚫ 根据 2024 年报，我们下调维生素产品和药品板块收入，上调维生素产品毛利率和胆 固醇及羊毛脂衍生品收入，预测公司 2025-2027 年每股收益分别为 0.88/1.05/1.36 元 （原 2025-2026 年预测为 0.87/1.03 元），根据可比公司，给予公司 2025 年 17 倍市 盈率，对应目标价为 14.96 元，维持"增持"评级。 风险提示 维生素 D3 价格波动风险、公司产能释放不及预期风险、药品集中采购降价及未中选风 险等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,095 | 1,243 | 1,596 | 1,807 | 2,008 | | 同比增长 (%) | -22.8% | 13.6% | 28.4% | 13.3% | 11.1% | | 营业利润(百万元) | 207 | 355 | 549 | 661 | ...

投资策略 | 定期报告 从政策博弈到基本面验证 研究结论 风险提示 | | | | 张书铭 | 021-63325888*5152 | | --- | --- | | 17 | zhangshuming@orientsec.com.cn | | | 执业证书编号：S0860517080001 | | 张志鹏 | zhangzhipeng@orientsec.com.cn | | | 执业证书编号：S0860522020002 | | 段怡芊 | duanyiqian@orientsec.com.cn | | | 执业证书编号：S0860524010001 | | | 香港证监会牌照：BVI649 | | 薛俊 | 021-63325888*6005 | | | xuejun@orientsec.com.cn | | | 执业证书编号：S0860515100002 | 目 录 | 本周市场回顾 4 | | --- | | 风险提示 8 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 2 | 情绪退潮、A 股高位回落 ...