Investment Rating - The investment rating for the company is "Buy-A" with a target price of 47.98 CNY per share [6][9]. Core Views - The company reported a revenue of 268.8 billion CNY for 2024, a year-on-year increase of 15.91%, and a net profit of 13.37 billion CNY, up 22.03% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 61.79 billion CNY, representing a 17.9% year-on-year growth, and a net profit of 3.04 billion CNY, which is a 23.17% increase year-on-year [1]. - The global consumer electronics market is experiencing a recovery, driven by the deep application of AI technology and breakthroughs in product innovation such as foldable screens [2]. - The company is expanding its ODM business, leveraging a cross-disciplinary technology platform to offer a variety of popular product categories, including AR/VR glasses and smart home devices [2]. - The company has successfully overcome technical bottlenecks in 224G interconnect technology and has achieved mass production of 800G optical modules, receiving high market recognition [3]. - The acquisition of Leoni Group aims to enhance the company's automotive business ecosystem, which includes a complete product matrix in automotive wiring harnesses and connectors [4]. Financial Summary - The company expects revenues of 320.82 billion CNY, 372.53 billion CNY, and 427.96 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 17.39 billion CNY, 21.24 billion CNY, and 25.74 billion CNY for the same years [9][11]. - The company’s revenue growth rate is projected to be 19.4% in 2025, 16.1% in 2026, and 14.9% in 2027 [12]. - The net profit margin is expected to improve from 5.0% in 2024 to 6.0% in 2027 [11][12].

2025 年 04 月 28 日 东微半导(688261.SH) 行业竞争加剧，积极加大市场开拓力度 事件： 4 月 26 日公司发布 2024 年度报告，2024 年公司实现营业收入 10.03 亿元，同比增长 3.12%，归母净利润 0.4 亿元，同比下降 71.27%。 行业竞争加剧，公司积极进取： 投资建议： 我们预计公司 2025 年~2027 年收入分别为 11.49 亿元、13.53 亿 元、15.97 亿元，归母净利润分别为 1.04 亿元、1.77 亿元、2.41 亿元，给予 25 年 55 倍 PE，对应六个月目标价 46.51 元，维持"买 入-A"投资评级。 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 公司快报 证券研究报告 | 电力电子及自动化 | | | | --- | --- | --- | | 投资评级 | 买入-A | | | | 维持评级 | | | 6 个月目标价 | 46.51 | 元 | | 股价 (2025-04-28) | 40.22 | 元 | | 交易数据 | | | | 总市值(百万元) | 4,928.21 | | 2024 年报披露 ...

2025 年 04 月 28 日 芯原股份(688521.SH) 25Q1 营收高增，有望长期受益 AIGC、 自动驾驶、Chiplet 等新产业趋势 事件： 4 月 25 日，公司发布 2025 年一季报。25Q1 实现营收 3.90 亿元， 同比+22.49%；实现归母净利润-2.2 亿元，毛利率 39.06%，24Q4 为 33.34%。公司持续保持高强度研发投入，2024 年投入研发费 12.47 亿元，25Q1 研发费 3 亿元。 25Q1 营收高增，有望长期受益 AI 产业趋势。 根据公司一季报，按下游领域划分：来自系统厂、互联网公司、 云服务提供商、车企等营收占比 37.3%；消费电子收入同比 +103.81%，营收占比 44.12%。按业务类型划分：芯片设计业务收 入 1.22 亿元，同比+40.75%，其中 28nm 及以下工艺节点收入占比 89.05%，14nm 及以下工艺节点收入占比 63.14%；量产业务收入 1.46 亿元，同比+40.33%；半导体 IP 授权同比小幅下滑。根据公 司年报，公司深化布局 AIGC、数据中心、智驾系统、智慧可穿戴 设备、物联网、Chiplet 等领域： ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 26 CNY [5]. Core Views - The company is a leading player in the film and television industry, with strong content and distribution capabilities. It is expected to continue its efforts in content innovation, particularly in variety shows and high-quality dramas [2]. - Cultural export is anticipated to be a significant growth driver for the company, with 2025 marking the first year of the "Mango Going Global Three-Year Action Plan" (2025-2027) [2]. - The company is expected to leverage new technologies, particularly AI, to reshape the content industry, which may lead to new growth opportunities [2]. Financial Summary - In 2024, the company achieved revenue of 14.08 billion CNY and a net profit of 1.364 billion CNY, representing a year-on-year decrease of 3.75% and 61.63%, respectively. The non-recurring net profit was 1.645 billion CNY, showing a slight decline of 2.99% [1]. - For Q1 2025, the company reported revenue of 2.9 billion CNY and a net profit of 379 million CNY, with year-on-year decreases of 12.76% and 19.8%, respectively [1]. - The revenue contributions from Mango TV, content production and operation, and content e-commerce have changed slightly, with Mango TV's effective membership growing to 73.31 million and revenue increasing to 5.148 billion CNY [1]. - The projected revenues for 2025, 2026, and 2027 are 14.285 billion CNY, 16.411 billion CNY, and 18.563 billion CNY, respectively, with corresponding net profits of 1.952 billion CNY, 2.443 billion CNY, and 2.816 billion CNY [2][4].

Investment Rating - The report maintains a "Buy-A" rating for the company [4][7]. Core Views - The company achieved a revenue of 536 million yuan in Q1 2025, representing a year-on-year increase of 45.34% and a quarter-on-quarter decrease of 18.96%. The net profit attributable to shareholders was 74 million yuan, up 20.47% year-on-year and 5.50% quarter-on-quarter [2][4]. - The company is expected to continue high growth driven by three factors: volume, price, and profit. It is actively expanding collaborations with domestic and overseas clients, optimizing product structure, and promoting in-house production of components [3][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a comprehensive gross margin of 27.94%, down 2.74 percentage points year-on-year but up 1.38 percentage points quarter-on-quarter. The period expense ratio was 14.36%, an increase of 2.22 percentage points year-on-year [2]. - The company’s revenue is projected to grow from 12.8 billion yuan in 2023 to 51.0 billion yuan in 2027, with net profit expected to rise from 2.0 billion yuan to 7.0 billion yuan over the same period [5][12]. Growth Drivers - The company is deepening cooperation with key clients such as Chery, Geely, and Wuling, while also expanding into the new energy vehicle market with clients like BYD and NIO. It has also secured a project with a European client for global vehicle safety belt systems [3]. - The average selling price of safety belt assemblies is expected to reach 59.03 yuan per unit in 2024, reflecting a year-on-year increase of 6.53% [3]. Valuation - The report estimates the company's net profits for 2025, 2026, and 2027 to be 4.0 billion yuan, 5.5 billion yuan, and 7.0 billion yuan respectively, corresponding to a price-to-earnings (PE) ratio of 18.7, 13.8, and 10.7 times [4][12]. - A target price of 44.25 yuan per share is set for the next six months, based on a 25 times PE ratio for 2025 [4].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 7.64 CNY [4]. Core Views - The company reported a significant improvement in gross margin and operating cash flow for 2024, despite a decline in revenue due to a high base in 2023 and challenges in the domestic metallurgy industry [2][3]. - The company has a strong order backlog, with total contracts signed amounting to 196.7 billion CNY, indicating potential for future revenue growth, particularly from overseas projects [2][9]. Revenue and Profitability - In 2024, the company achieved revenue of 17.647 billion CNY, a year-on-year decrease of 33.10%, while net profit attributable to shareholders was 835 million CNY, an increase of 9.69% [2][10]. - The gross margin for 2024 was reported at 14.50%, up by 5.71 percentage points, with both domestic and overseas operations showing significant improvements [3][9]. Cash Flow and Financial Health - The operating cash flow improved to a net inflow of 1.504 billion CNY in 2024, reflecting a year-on-year increase of 9.95% [3][11]. - The company maintained a high dividend payout ratio, distributing 4.29 billion CNY in dividends, which is 51.36% of the net profit [2][10]. Future Projections - Revenue projections for 2025-2027 are 19.189 billion CNY, 20.544 billion CNY, and 21.934 billion CNY, respectively, with expected year-on-year growth rates of 8.7%, 7.1%, and 6.8% [9][10]. - Net profit forecasts for the same period are 914 million CNY, 995 million CNY, and 1.076 billion CNY, with growth rates of 9.4%, 8.9%, and 8.2% [9][10].

2025 年 04 月 28 日 新集能源(601918.SH) 严控成本抵御价格下降，25Q1 吨煤毛 利同比小幅提升 公司发布 2024 年年度报告及 2025 年一季报：2024 年公司实现 营收 127.27 亿元，同比-0.92%；归母净利润 23.93 亿元，同比 +13.44%；扣非归母净利润 23.88 亿元，同比+16.30%；其中 2024Q4 实现营收 35.38 亿元，同比+12.21%，环比+10.43%；归母净利润 5.69 亿元，同比+201.28%,环比-12.32%;扣非归母净利润 6.01 亿 元，同比+283.77%，环比-7.43%。2025Q1 实现营收 29.10 亿元， 同比-4.85%；归母净利润 5.32 亿元，同比-11.01%，扣非归母净 利润 5.38 亿元，同比-7.62%。此外，2024 年公司合计派发现金 红利总额 4.14 亿元，占归母净利润比例为 17.32%。 2024 年煤炭业务价增本降，吨煤毛利同比抬升明显；电力业务 受益于板集电厂二期投运，电量增幅显著。据公司公告，煤炭业 务方面，2024 年公司原煤产量 2152.22 万吨，同比+0 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 18.60 CNY, maintaining the rating [6]. Core Views - The company reported a revenue of 6.129 billion CNY for 2024, a decrease of 1.92% year-on-year, and a net profit of 848 million CNY, down 15.86% year-on-year. In Q4 alone, revenue was 1.426 billion CNY, a decline of 10.97% year-on-year, with a net profit of 183 million CNY, down 31.75% year-on-year [1]. - The company is experiencing short-term pressure on performance, but cash flow has significantly improved, indicating that the fundamentals may have reached a bottom [4][12]. - The gross margin is under short-term pressure, but expense management is good, with a total expense ratio of 9.44%, down 0.71 percentage points year-on-year [3][11]. Summary by Sections Financial Performance - The company’s revenue for 2024 was 6.129 billion CNY, with a net profit of 848 million CNY. The revenue from filter press equipment was 4.348 billion CNY, down 11.20% year-on-year, while accessory revenue increased by 3.22% to 957 million CNY [11][15]. - The gross margin for 2024 was 29.06%, down 2.69 percentage points year-on-year, and the net profit margin was 13.84%, down 2.29 percentage points year-on-year [11]. Cash Flow and Debt - As of the end of 2024, the company had contract liabilities of 2.616 billion CNY, an increase of 1.67% from the previous quarter. The operating cash flow for 2024 was 1.041 billion CNY, a significant increase of 288.21% year-on-year [12]. Dividend Policy - The company has a strong dividend policy, with a total cash dividend distribution of 611 million CNY for 2024, resulting in a dividend payout ratio of 72.05% and a dividend yield of 5.9% based on the closing price at the end of 2024 [13]. Future Projections - Revenue projections for 2025-2027 are 6.465 billion CNY, 7.113 billion CNY, and 7.754 billion CNY, with year-on-year growth rates of 5.48%, 10.02%, and 9.01% respectively. Net profits are expected to be 891 million CNY, 993 million CNY, and 1.106 billion CNY for the same years [14][15].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 208.80 CNY, maintaining the rating [4]. Core Views - The company has reported significant growth in both revenue and profit, with Q1 2025 revenue reaching 496 million CNY, a year-on-year increase of 30.12%, and net profit of 255 million CNY, up 31.99% year-on-year [1][2]. - The growth is attributed to the increasing domestic demand for high-power thick plate cutting and the expansion of overseas application scenarios. The company is enhancing its industry solutions and maintaining a high profit margin [2]. - The company is expected to continue its growth trajectory, particularly in the welding business, which is anticipated to create a new growth curve [2]. Revenue and Profit Breakdown - The revenue and profit growth can be segmented by product: - Flat solutions (2D sheet metal processing) are projected to generate 1.125 billion CNY in 2024, up 11.83% year-on-year, with a gross margin of 82.69% [2]. - Pipe solutions (used in construction, fitness equipment, office furniture) are expected to reach 380 million CNY in 2024, a 38.19% increase, with a gross margin of 87.54% [2]. - 3D solutions (for high-power applications like automotive and aerospace) are forecasted to achieve 37 million CNY in 2024, a staggering 409.90% increase, with a gross margin of 80.67% [2]. - Cutting heads (operated by Shanghai Bochi) are expected to generate 495 million CNY in 2024, up 43.71% [2]. - Smart welding is progressing well, with applications in various downstream sectors, including construction steel structures [2]. Profitability and Cost Control - The company's gross margin for Q1 2025 was 77.76%, a decrease of 1.55 percentage points year-on-year, while the net margin was 52.25%, down 1.50 percentage points year-on-year. The fluctuation in gross margin is primarily due to changes in product mix [3]. - The company maintained good cost control, with a total expense ratio of 22.50% in Q1 2025, down 2.40 percentage points year-on-year [8]. Financial Projections - Revenue projections for 2025-2027 are 2.105 billion CNY, 2.697 billion CNY, and 3.411 billion CNY, representing year-on-year growth rates of 21.30%, 28.10%, and 26.51% respectively. Net profits are projected to be 1.074 billion CNY, 1.368 billion CNY, and 1.708 billion CNY, with corresponding growth rates of 21.72%, 27.31%, and 24.86% [8][10].

2025 年 04 月 28 日 众生药业(002317.SZ) 24 年计提减值导致亏损，25 年创新药 推进值得期待 事件：公司发布 2024 年年报及 2025 年第一季度报告。2024 年 公司实现营业收入 24.67 亿元，同比减少 5.48%；实现归母净利 润-2.99 亿元，同比减少 213.63%；实现扣非归母净利润-2.60 亿 元，同比减少 185.41%。2025 年第一季度，公司实现营业收入 6.34 亿元，同比减少 1.07%；实现归母净利润 0.83 亿元，同比增长 61.06%；实现扣非归母净利润 0.78 亿元，同比增长 8.60%. 计提资产减值损失导致 2024 年亏损，2025 年有望轻装上阵。 公司快报 | | 中成药 | | --- | --- | | 投资评级 | 买入-A | | | 维持评级 | | 6 个月目标价 | 17.01 元 | | 股价 (2025-04-25) | 11.23 元 | | 交易数据 | | | 总市值(百万元) | 9,562.98 | | 流通市值(百万元) | 8,552.96 | | 总股本(百万股) | 851.56 | | ...