2025 年 5 月 11 日 电子 中芯&华虹发布 Q1 业绩，欧盟芯片法案升 级 5 月 8 日，中芯国际&华虹半导体发布 2025 年一季报 中芯国际 25Q1 实现营业收入 163.01 亿元，同比+29.44%；归母净 利润 13.56 亿元，同比+166.5%；基本每股收益 0.17 元，同比 +183.33%；毛利率 23.1%，同比+8.91 个百分点。25Q2 公司给出指 引，收入环比下降 4%-6%，毛利率 18%-20%。华虹半导体 25Q1 实 现营业收入 5.41 亿美元，同比+17.6%，环比+0.3%；毛利率 9.2%， 同比+2.8 个百分点，环比-2.2 个百分点。25Q2 公司给出指引，收 入约 5.5-5.7 亿美元，毛利率 7%-9%。 战略迭代欧盟推进芯片法案 2.0 修订，强化本土半导体产业 欧盟推进芯片法案 2.0 修订。2022 年欧盟通过《芯片法案》，计划 投入 430 亿欧元，目标在 2030 年将全球半导体市场份额从 10%提 升至 20%，并实现 2 纳米及以下先进制程的本土化生产。受资金、 技术、原材料及能源成本限制，欧洲审计院预计 2030 年其市场 ...

结构上，我们建议继续关注先进制造行业的机会，主要基于两点考虑， 一个是行业四轮驱动模型发出了相关行业的机会提示信号，另一个是 先进制造行业的成交金额占比有从过去两年的低点企稳回升的迹象， 而且这一比例并没有进入过热区间，应该不太可能出现快速大涨之后 的踩踏风险。具体行业上，模型建议继续关注通信、机械设备、国防 军工、家用电器等板块的潜在机会。 考虑到上周五军工行业出现了明显的调整，但因为印巴冲突周末军工 板块的关注度特别高，我们可以从军工板块相对于市场整体的相对性 价比来做一个简单的评估。若将军工指数收盘价除以 Wind 偏股混合 型基金指数的收盘价，可以看到该比值处于过去 10 年来的底部，而 且从历史规律来看，军工板块往往有望在一轮行情的末端表现出现明 显的超额收益。因此，无论从历史经验、基本面还是从事件驱动的逻 辑看，都有望驱动军工板块在当前的震荡行情下表现出不错的超额收 益机会。 风险提示：根据历史数据构建的模型在市场变化时可能失效。 金融工程定期报告 证券研究报告 2025 年 05 月 11 日 结构重于仓位，继续关注先进制造 本期要点：结构重于仓位，继续关注先进制造 上期提到，五月份的市场表现或 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 12.82 CNY, while the current stock price is 10.34 CNY [5]. Core Views - The company is focusing on expanding its smart home segment and has launched a new service model for its integrated home solutions, which has shown significant growth despite market pressures [2][3]. - The company is expected to see a recovery in revenue and profit margins in the coming years, with projected revenues of 23.13 billion CNY, 24.45 billion CNY, and 26.50 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 21.11%, 5.72%, and 8.39% [11][12]. Financial Performance Summary - In 2024, the company reported a revenue of 1.91 billion CNY, a decrease of 15.69% year-on-year, and a net profit of 0.81 billion CNY, down 62.93% year-on-year [1]. - The gross margin for 2024 was 33.41%, a decline of 1.66 percentage points compared to the previous year, primarily due to support provided to distributors [4]. - The company’s net profit margin for 2024 was 4.22%, down 5.38 percentage points year-on-year, with a significant drop in Q4 2024 [11]. Business Segment Performance - The integrated home solutions channel saw a revenue increase of over 60% in 2024, indicating strong demand for this service model [2]. - The sales of overall wardrobes and supporting furniture decreased by 18.59% to 1.44 billion CNY in 2024, while kitchen cabinet sales increased slightly by 0.95% to 299 million CNY [2]. - The company has expanded its international presence, generating 8 million CNY in revenue from international markets in 2024 [2]. Future Outlook - The company is expected to continue its focus on the integrated home strategy and smart home innovations, which are anticipated to drive future revenue growth [11]. - The projected net profit for 2025 is 2.16 billion CNY, representing a significant increase of 167.95% compared to 2024 [11][12].

2025 年 05 月 09 日 好莱客(603898.SH) 整装持续向好， 开拓智能家居新赛道 事件：公司发布 2024 年年度报告和 2025 年一季报。24 年公司 实现营业收入 19.10 亿元，同比下降 15.69%；归母净利润 0.81 亿元，同比下降 62.93%；扣非后归母净利润 0.52 亿元，同比下 降 67.18%。24Q4 公司实现营业收入 4.65 亿元，同比下降 27.03%； 归母净利润-0.10 亿元，同比下降 126.73%；扣非后归母净利润- 0.13 亿元，同比下降 148.66%。25Q1 公司实现营业收入 3.91 亿 元，同比下降 3.03%；归母净利润 0.02 亿元，同比下降 82.60%； 扣非后归母净利润-0.04 亿元，同比下降 171.06%。 24 年整装快速增长，成立合觅科技布局智能家居 2024 年面对家居消费市场压力环境，整装渠道作为公司重要补充渠 道，24 年公司正式推出"五好两易"装企服务模式，24 年整装渠道 业务营业收入同比增长超 60%。24 年公司工程大宗渠道营业收入同 比增长 18.30%。分产品看，1）24 年整体衣柜及配套家具 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 140.7 CNY [4][7]. Core Insights - The company reported strong Q1 2025 performance with revenue of 6.792 billion CNY, a year-on-year increase of 20.26%, and a net profit of 582 million CNY, up 51.32% year-on-year [1][2]. - The growth in revenue is primarily attributed to the ramp-up of new customers, particularly a significant contribution from Xiaomi, which sold 76,000 vehicles in Q1 2025 [2]. - The company's gross margin improved to 20.52%, reflecting a year-on-year increase of 1.18 percentage points, driven by a higher proportion of high-margin products [2][3]. Financial Performance - The company’s net profit for 2025 is projected to be 2.61 billion CNY, with corresponding P/E ratios of 22.7, 17.7, and 14.6 for 2025, 2026, and 2027 respectively [4][9]. - Revenue is expected to grow from 21.91 billion CNY in 2023 to 51.3 billion CNY by 2027, indicating a compound annual growth rate (CAGR) of 29.5% [9]. - The net profit margin is projected to improve from 7.1% in 2023 to 7.9% in 2027, reflecting enhanced profitability [9]. Strategic Developments - The company is building a comprehensive stack capability in intelligent driving, collaborating with Qualcomm to enhance its ADAS offerings [3]. - The international expansion is accelerating, with a significant increase in overseas orders, particularly from Honda, which saw a 120% year-on-year growth in 2024 [3]. - The construction of a smart engineering facility in Spain is underway, expected to be completed by the end of 2025, further supporting the company's international product supply [3].

Investment Rating - The investment rating for the company is "Accumulate-A" with a 6-month target price of 15.5 CNY per share [5]. Core Views - The company's revenue for 2024 was 7.716 billion CNY, a decrease of 35% year-on-year, while the net profit attributable to shareholders was 257 million CNY, an increase of 539% year-on-year [1]. - The company's ammonium nitrate and other raw material prices have decreased, contributing to the profitability of the civil explosives business, which saw a net profit of 691 million CNY in 2024, up 24.4% year-on-year [2]. - The lithium business faced challenges due to falling lithium prices, resulting in a combined net loss of approximately 500 million CNY for its subsidiaries in 2024 [3]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 1.537 billion CNY, a decrease of 14% quarter-on-quarter and 17% year-on-year, with a net profit of 82 million CNY, down 20% quarter-on-quarter but up 452% year-on-year [1]. - The gross profit for 2024 was 1.289 billion CNY, with the civil explosives sector contributing 1.233 billion CNY, a 14% increase year-on-year, while the lithium business reported a slight loss [1]. - The company expects revenues of 8.926 billion CNY, 10.800 billion CNY, and 11.181 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 738 million CNY, 950 million CNY, and 1.197 billion CNY [7]. Business Segment Insights - The civil explosives business is expanding its market presence and reducing costs, with a focus on overseas mining services, particularly in Zimbabwe and Australia [2]. - The lithium segment is seeing significant increases in production and sales volumes, with lithium salt production and sales reaching 48,300 tons and 48,000 tons respectively in 2024, up 55% and 63% year-on-year [3]. - The company is enhancing its self-sufficiency in lithium production with the Kamativi Phase II project, which is expected to further reduce reliance on external mineral purchases [3].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 24.33 CNY, maintaining the rating [5]. Core Views - The company has experienced a decline in revenue and net profit in 2024, with a revenue of 3.475 billion CNY, down 4.68% year-on-year, and a net profit of 199 million CNY, down 31.76% year-on-year. However, the company is focusing on upgrading its "four-horsepower" strategy, which includes retail, home decoration, refined decoration, and overseas markets [1][9]. - The company is actively expanding its overseas market presence, particularly in North America, Australia, and Southeast Asia, leading to a 22.34% increase in overseas revenue in 2024 [3]. - The company aims to enhance its home decoration channel, achieving approximately 40% growth in this segment in 2024 [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.475 billion CNY, a decrease of 4.68% year-on-year, and a net profit of 199 million CNY, a decline of 31.76% year-on-year. The first quarter of 2025 saw a revenue of 587 million CNY, down 8.35% year-on-year, and a net profit of 35 million CNY, down 4.16% year-on-year [1][9]. - The gross profit margin for 2024 was 28.68%, a decrease of 0.91 percentage points year-on-year, while the first quarter of 2025 saw a gross profit margin of 29.96%, an increase of 1.95 percentage points year-on-year [4]. Product and Channel Performance - In 2024, the company achieved revenues of 2.025 billion CNY from kitchen cabinets, 1.059 billion CNY from wardrobes, and 250 million CNY from wooden doors, with respective year-on-year changes of -9.30%, +1.41%, and +1.82%. In Q1 2025, the revenues were 322 million CNY from kitchen cabinets, 206 million CNY from wardrobes, and 36 million CNY from wooden doors, with year-on-year changes of -17.15%, +8.26%, and +43.92% [2]. - The company’s revenue from distribution stores, direct sales, bulk business, and overseas markets in 2024 was 1.756 billion CNY, 10 million CNY, 1.242 billion CNY, and 335 million CNY, with year-on-year changes of -6.62%, -89.59%, -2.64%, and +22.34% respectively [3]. Future Outlook - The company is projected to achieve revenues of 3.731 billion CNY, 4.074 billion CNY, and 4.345 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.36%, 9.22%, and 6.65% [10]. - The expected net profit for 2025, 2026, and 2027 is 217 million CNY, 231 million CNY, and 265 million CNY, with respective growth rates of 8.87%, 6.30%, and 14.89% [10].

Investment Rating - The investment rating for the company is "Accumulate-A" with a 12-month target price of 32.4 CNY per share, while the current share price is 26.18 CNY [5]. Core Views - The company reported a revenue of 418 million CNY in 2024, representing a year-on-year increase of 13%, but the net profit attributable to shareholders decreased by 12% to 70 million CNY [1]. - The growth in demand for inductors is boosting the demand for soft magnetic powders, while technological substitution is enhancing the demand for Metal Injection Molding (MIM) materials [2]. - The company is in the process of ramping up production capacity from its fundraising projects, with the first phase of the Ningxia project expected to enter trial production in 2025 [8]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 418 million CNY, with a net profit of 70 million CNY, and a gross margin of 35.40%, down by 5.06 percentage points year-on-year due to increased operating costs [1]. - For Q1 2025, the company reported a revenue of 96 million CNY, a year-on-year increase of 9%, and a net profit of 17 million CNY, reflecting a slight increase of 0.3% year-on-year [1]. Product Segments - **Atomized Alloy Powder**: Revenue for 2024 was 46 million CNY, up 13% year-on-year, with sales volume increasing by 27% to 867 tons [2]. - **Carbonyl Iron Powder**: Revenue reached 122 million CNY in 2024, a 6% increase year-on-year, with a sales volume of 2887 tons, up 9% [2]. - **MIM Feedstock**: Revenue surged by 34% to 74 million CNY in 2024, with sales volume increasing by 72% to 1540 tons [2]. - **Soft Magnetic Powder**: Revenue increased by 19% to 153 million CNY, driven by the rising demand in the automotive electronics sector [3]. - **Absorbing Materials**: Revenue grew by 83% to 4 million CNY, with sales volume increasing by 78% [3]. Capacity Expansion - The company has existing capacities of approximately 5000 tons/year for carbonyl iron powder and over 1000 tons/year for atomized alloy powder [8]. - The fundraising projects are expected to add 6000 tons/year for carbonyl iron powder and 4000 tons/year for atomized alloy powder, with the Ningxia project expected to begin trial production in 2025 [8]. Dividend Policy - The company plans to distribute a cash dividend of 2.50 CNY per 10 shares, totaling 30 million CNY, with a payout ratio of 42.62% [9].

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 6.42 CNY, while the current stock price is 4.77 CNY [4]. Core Views - The company maintains a strong position as a leader in the metal packaging industry, with gradual improvements in overseas expansion efforts [2][8]. - The company has optimized its product structure and overseas business layout, enhancing its core competitiveness and operational efficiency [2][8]. - The company is expected to achieve steady revenue growth, with projected revenues of 88.21 billion CNY, 94.76 billion CNY, and 101.71 billion CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 6.05%, 7.42%, and 7.34% [8]. Financial Performance Summary - In 2024, the company achieved operating revenue of 8.318 billion CNY, a year-on-year increase of 7.19%, while net profit attributable to shareholders was 172 million CNY, a decrease of 21.13% [1]. - For Q4 2024, the company reported operating revenue of 2.158 billion CNY, a year-on-year increase of 11.00%, with a net profit of 15 million CNY, down 6.04% year-on-year [1]. - In Q1 2025, the company achieved operating revenue of 2.002 billion CNY, a year-on-year increase of 1.02%, with a net profit of 57 million CNY, up 2.67% year-on-year [1]. Product and Market Analysis - The company’s revenue from metal beverage cans and printed iron packaging in 2024 was 7.858 billion CNY and 447 million CNY respectively, with year-on-year growth rates of 8.22% and a decline of 7.36% [2]. - The company’s overseas revenue reached 2.377 billion CNY in 2024, reflecting a year-on-year growth of 25.78%, while domestic revenue was 5.928 billion CNY, with a growth of 1.27% [2]. - The company’s metal beverage can sales volume increased by 13.82% to 16.813 billion cans in 2024, although the average price per can decreased by 5.0% to 0.47 CNY [2]. Profitability and Cost Structure - The company's gross margin for 2024 was 8.10%, a decrease of 0.92 percentage points year-on-year, while the net margin was 2.30%, down 0.83 percentage points year-on-year [3][8]. - In Q1 2025, the company’s gross margin was 7.06%, a decline of 1.32 percentage points year-on-year, but the net margin improved to 3.21%, an increase of 0.10 percentage points year-on-year [3][8]. - The company’s operating expenses ratio for 2024 was 4.00%, a decrease of 0.23 percentage points year-on-year, indicating improved cost management [3].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 10.2 CNY per share [5]. Core Views - The company aims to become a world-class mining enterprise by acquiring gold mines and promoting organizational upgrades [10]. - The company reported a revenue of 213 billion CNY in 2024, a year-on-year increase of 14%, and a net profit of 13.5 billion CNY, up 64% year-on-year [1]. - The company plans to enhance its copper and cobalt production capacity significantly over the next five years, targeting annual production of 800,000 to 1 million tons of copper and 90,000 to 100,000 tons of cobalt [3]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 46 billion CNY, a slight decrease of 0.3% year-on-year and a 21% decrease quarter-on-quarter. The net profit for the same period was 3.95 billion CNY, up 90% year-on-year but down 25% quarter-on-quarter [1]. - The company expects revenues of 213.57 billion CNY, 218.09 billion CNY, and 223.87 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 15.02 billion CNY, 16.04 billion CNY, and 16.70 billion CNY [11][12]. Production and Sales - The company achieved significant increases in copper and cobalt production in 2024, with copper production reaching 650,200 tons (up 55% year-on-year) and cobalt production at 114,200 tons (up 106% year-on-year) [2]. - The company has set a production guidance for 2025 of 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt [2]. Price and Profitability - The average copper price in 2024 was 9,147 USD per ton, an increase of 8% year-on-year, while cobalt prices were 11.26 USD per pound, down 25% year-on-year [3]. - The gross profit for the copper segment in 2024 was 21.04 billion CNY, with a gross margin of 30.5% [3]. Strategic Initiatives - The company announced plans to acquire Lumina Gold in Ecuador for approximately 581 million CAD, which is expected to become a new profit growth point [9]. - The company is also focusing on organizational upgrades by introducing a new management team to enhance operational efficiency and international competitiveness [10].