Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [6][13]. Core Viewpoints - The company reported a revenue of 389 million yuan in 2024, a year-on-year increase of 34%, but a net loss of 158 million yuan, a decrease of 206% compared to the previous year. The decline in profit is attributed to strategic focus on high-reliability military business, low capacity utilization, increased management costs, and impairment losses on fixed assets [4][5]. - In Q1 2025, the company generated revenue of 76.88 million yuan, a year-on-year decrease of 30%, but reduced its net loss by 16.03 million yuan, showing a 45% improvement [4]. - The company is expanding its commercial aerospace and civil aircraft testing services, with significant improvements in environmental reliability testing capabilities, particularly for commercial aerospace applications [5]. - The nationwide laboratory layout is nearly complete, enhancing the company's market expansion capabilities and service capacity [5]. - Forecasts for net profit from 2025 to 2027 are 9.47 million yuan, 54.71 million yuan, and 122.98 million yuan, representing year-on-year growth rates of 106%, 477%, and 125% respectively [6][9]. Financial Summary - The company’s projected revenues for 2024, 2025, 2026, and 2027 are 389 million yuan, 458 million yuan, 618 million yuan, and 869 million yuan, with growth rates of 33.57%, 17.74%, 35.08%, and 40.52% respectively [9][12]. - The projected net profits for the same years are -158 million yuan, 9.47 million yuan, 54.71 million yuan, and 122.98 million yuan, with corresponding growth rates of -206.13%, 105.99%, 477.40%, and 124.79% [9][12]. - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 325.85, 56.43, and 25.11 respectively [9][12].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [6][13]. Core Views - The company reported a revenue of 389 million yuan in 2024, a year-on-year increase of 34%, but a net loss of 158 million yuan, a decrease of 206% compared to the previous year. The decline in profit is attributed to strategic focus on high-reliability military business, low capacity utilization, increased management costs, and impairment losses on fixed assets [4][5]. - The company is expanding into commercial aerospace and civil aircraft testing services, with significant improvements in environmental reliability testing capabilities, particularly for commercial space and satellite payload testing. The production efficiency of the electrical equipment business is gradually improving, and the company is expected to see performance improvements as equipment utilization increases [5][6]. - The company has completed the initial layout of laboratories across major cities, which is expected to enhance market expansion and service capabilities [5][6]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 9.47 million yuan, 54.71 million yuan, and 122.98 million yuan respectively, with growth rates of 106%, 477%, and 125%. The corresponding price-to-earnings ratios are expected to be 326, 56, and 25 times [6][9]. - Revenue projections for the years 2025, 2026, and 2027 are 458 million yuan, 618 million yuan, and 869 million yuan, with growth rates of 17.74%, 35.08%, and 40.52% respectively [9][12].

行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 快递 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 证券研究报告：快递|点评报告 发布时间：2025-05-20 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2463.41 | | --- | --- | --- | | 52 | 周最高 | 2768.46 | | 52 周最低 | | 2098.61 | 快递单量保持高增，顺丰增速领跑 l 邮政局披露 2025 年 4 月运营数据 邮政局披露 2025 年 4 月邮政行业运行情况。4 月快递业务量 163.2 亿件，同比增长 16.7%，快递业务收入 1212.8 亿元，同比增长 10.8%，快递业务单价 7.43 元，同比下降 7.0%。 细分市场方面，2025 年 4 月同城快递业务量 13.4 亿件， ...

证券研究报告：航空运输|点评报告 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2000.5 | | --- | --- | --- | | 52 | 周最高 | 2398.85 | | 52 周最低 | | 1625.59 | 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 近期研究报告 《6 月客座率超 19 年同期，中报预告基 本符合预期》 - 2024.07.16 航空运输 4 月数据点评 客座率同比走高，价格预期改善 l 各航司披露 2025 年 4 月运营数据 各航空公司披露 2025 年 4 月运营数据。4 月各航司整体运量保 持增长，增速略快于 3 月。各航司间运营表现有所分化，大航中，东 航运量增速靠前，民营航司中，春秋增速快于吉祥。客座率方面，三 大航客座率继续走高，南航、东航客座率突破 85%，春秋客座率略有 下降，吉祥客座率略有上升。 行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -20% -16% -12% -8% ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 个股表现 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% 190% 捷捷微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 29.48 | | --- | --- | | 总股本/流通股本（亿股）8.32 | / 7.12 | | 总市值/流通市值（亿元）245 | / 210 | | 周内最高/最低价 52 | 46.85 / 15.47 | | 资产负债率(%) | 26.0% | | 市盈率 | 46.79 | | 第一大股东 | 江苏捷捷投资有限公司 | 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 捷捷微电(300623) 高端功率半导体产业化项目持续推进 l 投资要点 高端功率半导体 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has significantly increased its market share, rising from 2.6% in 2023 to 3.3% in 2024, moving from the tenth to the sixth position globally in the power semiconductor market [6] - Despite a decline in the overall power semiconductor market size from $35.7 billion in 2023 to $32.3 billion in 2024, the company achieved a revenue of 11.22 billion yuan in 2024, representing a year-on-year growth of over 20% [6] - The company’s core products, including IGBT, SiC MOSFET, and IPM modules, saw substantial growth, with automotive-grade power devices revenue increasing by over 100% year-on-year [6] - The company is continuously launching new products across its silicon-based chip production lines, which are operating at full capacity, and has received bulk orders from several domestic smartphone manufacturers for its six-axis inertial sensors [7] Financial Projections - Revenue projections for the company are as follows: 13.31 billion yuan in 2025, 15.83 billion yuan in 2026, and 18.88 billion yuan in 2027, with corresponding net profits of 650 million yuan, 984 million yuan, and 1.31 billion yuan respectively [8] - The company is expected to maintain a growth rate of approximately 18.6% to 19.3% in revenue from 2025 to 2027 [10] - The earnings per share (EPS) are projected to increase from 0.39 yuan in 2025 to 0.79 yuan in 2027 [10]

证券研究报告：电子 | 公司点评报告 股票投资评级 研究所 分析师:万玮 SAC 登记编号:S1340525030001 Email:wanwei@cnpsec.com 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 买入 |维持 个股表现 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -10% 10% 30% 50% 70% 90% 110% 130% 150% 170% 190% 捷捷微电 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 29.48 | | --- | --- | | 总股本/流通股本（亿股）8.32 | / 7.12 | | 总市值/流通市值（亿元）245 | / 210 | | 周内最高/最低价 52 | 46.85 / 15.47 | | 资产负债率(%) | 26.0% | | 市盈率 | 46.79 | | 第一大股东 | 江苏捷捷投资有限公司 | 捷捷微电(300623) 高端功率半导体产业化项目持续推进 l 投资要点 高端功率半导体 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2] Core Insights - The company's market share has significantly increased, rising from 2.6% in 2023 to 3.3% in 2024, moving up from the tenth to the sixth position globally [6] - The company achieved a revenue of 11.22 billion yuan in 2024, representing a year-on-year growth of over 20%, with over 75% of revenue coming from high-barrier markets such as large home appliances, automotive, new energy, industrial, communications, and computing [6] - The company reported a net profit attributable to shareholders of 220 million yuan in 2024, marking a turnaround from losses [6] - The company has launched several new products across its silicon-based chip production lines, which are fully operational, targeting sectors like automotive, large home appliances, and high-end consumer electronics [7] - Revenue projections for the company are 13.31 billion yuan, 15.83 billion yuan, and 18.88 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 650 million yuan, 984 million yuan, and 1.31 billion yuan for the same years [8] Financial Summary - The company’s total market capitalization is 40.8 billion yuan, with a total share capital of 1.664 billion shares [4] - The company’s earnings per share (EPS) is projected to increase from 0.13 yuan in 2024 to 0.79 yuan in 2027 [10] - The company’s EBITDA is expected to grow from 1.52 billion yuan in 2024 to 4.23 billion yuan in 2027 [10] - The company’s asset-liability ratio is currently at 44.3% and is projected to decrease to 38.6% by 2027 [12]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][14]. Core Views - The company is projected to achieve revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit attributable to shareholders of 187 million yuan, up 287.20% year-on-year [3][12]. - The global smartphone market is expected to rebound in 2024, with an estimated shipment of 1.18 billion units, a growth of approximately 6.8% year-on-year, benefiting the company's mobile CIS product segment [3][4]. - The company is enhancing its product structure with a higher proportion of high-pixel CIS products, which is expected to contribute significantly to revenue growth [3][5]. Company Overview - The latest closing price of the company's stock is 15.20 yuan, with a total market capitalization of 39.5 billion yuan [2]. - The company has a total share capital of 2.601 billion shares, with 1.449 billion shares in circulation [2]. - The asset-liability ratio stands at 65.3%, indicating a moderate level of financial leverage [2]. Financial Projections - Revenue projections for the company are as follows: 8.019 billion yuan in 2025, 10.08 billion yuan in 2026, and 13.009 billion yuan in 2027, with respective growth rates of 25.62%, 25.70%, and 29.06% [12][13]. - The net profit attributable to shareholders is expected to reach 303 million yuan in 2025, 703 million yuan in 2026, and 1.303 billion yuan in 2027, with significant growth rates of 62.22%, 132.07%, and 85.30% respectively [12][13]. Business Segments - The company's mobile CIS business is projected to generate revenue of 3.598 billion yuan in 2024, accounting for 56.39% of total revenue, with a year-on-year growth of 60.44% [3][4]. - The non-mobile CIS segment is also expected to grow, with projected revenue of 1.426 billion yuan in 2024, a year-on-year increase of 17.82% [5]. - The display driver chip business is anticipated to achieve revenue of 1.356 billion yuan in 2024, reflecting a growth of 9.47% [8].

Investment Rating - The industry investment rating is "Strong Outperform" [1] Core Viewpoints - Tungsten is a significant strategic resource, widely used in various industries, and its price has risen to 161,000 yuan/ton, the highest since 2013, due to supply tightening and supportive policies [2][19] - The global tungsten resource distribution is concentrated, with China holding 55% of reserves and 83% of production, and no new mines expected to come online in the next two years [2][29] - Demand for tungsten is expected to improve significantly due to large-scale equipment updates and supportive policies, particularly in the machinery and aerospace sectors [2][54] - Export controls implemented by China in February 2025 have strengthened the strategic nature of tungsten resources, with a projected global supply-demand gap of 5,433 tons by 2027 [2][19] Supply Summary - Domestic supply is tightening, with the first batch of tungsten mining indicators for 2025 reduced by 4,000 tons compared to 2024, leading to a 6.45% decrease in total mining quotas [33] - China's tungsten production is expected to decline due to the lack of new mining projects and decreasing ore grades, with the first batch of mining indicators for 2025 set at 58,000 tons [33][29] - The industry is experiencing consolidation, with larger companies dominating production as smaller firms exit the market due to regulatory pressures [33][29] Demand Summary - The demand for tungsten is closely linked to industrial development and macroeconomic conditions, with hard alloys being the primary application, accounting for 58.51% of tungsten consumption in 2024 [50] - The demand for tungsten materials is expected to rise, particularly in the photovoltaic sector, where tungsten wire is gaining traction due to its superior performance [62][66] - A large-scale equipment update initiative is expected to boost demand for tungsten, with significant investments planned across various sectors [54][57]