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].

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 has shown strong revenue growth, with a 14% year-on-year increase in 2024 revenue to 213 billion CNY and a 64% increase in net profit to 13.5 billion CNY [1]. - The company is focusing on cost reduction and efficiency improvement, with significant increases in copper and cobalt production planned for 2024 and beyond [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 46 billion CNY, a slight decrease of 0.3% year-on-year, but net profit increased by 90% to 3.95 billion CNY [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 production targets in 2024, with copper and cobalt production increasing by 55% and 106% year-on-year, respectively [2]. - The production guidance for 2025 is set at 600,000 to 660,000 tons of copper and 100,000 to 120,000 tons of cobalt [2]. Pricing and Profitability - The average copper price in 2024 was 9,147 USD/ton, an 8% increase year-on-year, while cobalt prices saw a significant rebound in Q1 2025 [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 plans to acquire Lumina Gold in Ecuador for approximately 581 million CAD, which is expected to become a new profit growth point [9]. - A new management team has been introduced to enhance organizational efficiency and drive the company's strategic goals [10].

2025 年 05 月 08 日 深信服(300454.SZ) 业绩逐步回暖，云计算向 AI 升级 事件概述 公司近期发布 2024 年年报和 2025 年一季报，2024 年公司实现营业 收入 75.20 亿元，同比下降 1.86%，实现归母净利润 1.97 亿元，同 比下降 0.49%。2025 年一季度，公司实现营业收入 12.62 亿元，同比 增长 21.91%，实现归母净利润-2.50 亿元，同比增长 48.93%。公司 业绩有所回暖，云计算业务向 AI 升级，有望带来新的增长点。 云计算业务带动增长，费用管控良好带来业绩弹性 从收入拆分来看，公司 2024 年网络安全业务实现收入 36.29 亿元， 同比下降 6.75%，我们认为主要是受到宏观环境的影响。公司多项产 品依然处于行业前列，且重点培养的 XDR、安全托管服务（MSS）增 长较快，市场份额逐年提升。因此未来若伴随宏观环境的逐渐改善， 公司网安业务仍有弹性。公司 2024 年云计算及 IT 基础设施业务收 入为 33.84 亿元，同比增长 9.51%。根据公司年报披露，2023 年全 年，深信服超融合以 17.5%的市占率，在中国超融合市 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.5 CNY per share, while the current share price is 15.61 CNY [5]. Core Views - The company maintains a high dividend level, planning to distribute 10 CNY per 10 shares, totaling 23.83 billion CNY, which reflects a dividend payout ratio of 81% [8]. - The company achieved a revenue of 50.03 billion CNY in 2024, a year-on-year increase of 17%, and a net profit of 2.93 billion CNY, up 5% year-on-year [1][10]. - The company expects to achieve total revenue of 55 billion CNY in 2025, with a profit of 5 billion CNY [8]. Production and Financial Performance - In 2024, the company exceeded its copper production target, achieving 177,543 tons, a 35% increase year-on-year, and a completion rate of 112% [2][11]. - The average copper price in 2024 was 74,932 CNY per ton, reflecting a year-on-year increase of 9.7% [2]. - The company reported a significant increase in Q1 2025 revenue, reaching 16.54 billion CNY, a 51% year-on-year increase [1]. Future Production Plans - The company plans to increase its lead and zinc production in 2025, with expected production of 65,672 tons of lead and 124,581 tons of zinc, both showing year-on-year growth [4][11]. - The company is focusing on the expansion of the Yulong Copper Mine, with ongoing projects to increase processing capacity to 30 million tons per year [8]. Financial Projections - The company forecasts revenues of 61.29 billion CNY, 63.08 billion CNY, and 65.70 billion CNY for 2025, 2026, and 2027 respectively, with corresponding net profits of 3.57 billion CNY, 3.87 billion CNY, and 4.10 billion CNY [9][10]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.50 CNY, 1.62 CNY, and 1.72 CNY respectively, with a price-to-earnings (PE) ratio of 10.3, 9.6, and 9.0 [9][10].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.5 CNY [5]. Core Views - The company maintains a high dividend level and emphasizes the progress of the Yulong Copper Mine Phase III expansion [8]. - The company achieved a revenue of 50.03 billion CNY in 2024, a year-on-year increase of 17%, and a net profit of 2.93 billion CNY, up 5% year-on-year [1]. - In Q1 2025, the company reported a revenue of 16.54 billion CNY, a year-on-year increase of 51%, and a net profit of 808 million CNY, up 10% year-on-year [1]. Production and Performance Summary - In 2024, the company exceeded its copper production target with a total of 177,543 tons, a 35% increase year-on-year, and a completion rate of 112% [2]. - The average copper price in 2024 was 74,932 CNY/ton, reflecting a 9.7% year-on-year increase [2]. - The company plans to produce 168,208 tons of copper in 2025, with a slight year-on-year increase [4]. Financial Forecast - The company aims to achieve total revenue of 55 billion CNY and a total profit of 5 billion CNY in 2025 [8]. - Revenue projections for 2025-2027 are 61.29 billion CNY, 63.08 billion CNY, and 65.70 billion CNY, respectively, with net profits of 3.57 billion CNY, 3.87 billion CNY, and 4.10 billion CNY [9]. - The projected earnings per share (EPS) for 2025-2027 are 1.50 CNY, 1.62 CNY, and 1.72 CNY, respectively [9]. Production Plans - The company plans to increase its lead and zinc production in 2025, with a target of 65,672 tons of lead and 124,581 tons of zinc, both showing year-on-year growth [4]. - The Yulong Copper Mine's processing capacity has been upgraded to 22.8 million tons per year, with ongoing expansion projects [8].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 27.84 CNY, compared to the current stock price of 23.48 CNY [6]. Core Views - The company achieved a total revenue of 17.792 billion CNY in 2024, representing a year-on-year increase of 19.1%, while the net profit attributable to shareholders was 1.812 billion CNY, down 9.7% year-on-year [1]. - The wind power sector is expected to see continued growth, with the company’s market share increasing to 10.52% in 2024, up 1.18 percentage points year-on-year [2][3]. - The company is positioned to benefit from the ongoing trend of larger wind turbine capacities, with its land-based turbines reaching up to 15MW and offshore turbines ranging from 8.5 to 16MW [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 2.187 billion CNY, a year-on-year increase of 26.58%, but a net loss of 191 million CNY, a significant decline of 171.96% year-on-year [1][4]. - The company’s gross margin and net margin for 2024 were 16.9% and 10.18%, respectively, showing a slight increase in gross margin but a decrease in net margin compared to the previous year [3]. Market Outlook - The total installed wind power capacity in China is projected to reach 105-115GW in 2025, with a significant increase in offshore wind capacity expected [3]. - The company has secured over 24GW in orders by the end of 2024, indicating strong revenue growth potential [3]. Strategic Initiatives - The company is implementing a "Dual Sea Strategy," focusing on both domestic and international markets, with significant progress in offshore wind projects and overseas orders [9][10]. - The company has developed a full range of offshore wind turbine models and has successfully completed installations, positioning itself for future growth in this segment [10]. Revenue Projections - Revenue forecasts for the company are 24.33 billion CNY in 2025, 26.78 billion CNY in 2026, and 29.57 billion CNY in 2027, with corresponding growth rates of 31.7%, 14.3%, and 10.4% [10][12].