Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 19.147 billion yuan for 2024, a year-on-year decrease of 15.23%, and a net profit attributable to shareholders of 1.308 billion yuan, down 29.33% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 3.973 billion yuan, a decline of 33.1% year-on-year and 9.92% quarter-on-quarter, with a net profit of 50 million yuan, down 88.18% year-on-year and 84.97% quarter-on-quarter [2][4]. - The company maintains a strong market position in the photovoltaic film sector, with a market share exceeding 50% despite a decrease in revenue and profit [8]. Summary by Sections Financial Performance - In 2024, the company generated 17.5 billion yuan from film sales, a decrease of 14.54% year-on-year, with a sales volume of 2.8 billion square meters, an increase of 24.98% year-on-year, and a gross margin of 14.72%, up 0.12 percentage points [8]. - The company reported a positive operating cash flow of 4.4 billion yuan in 2024, with a debt-to-asset ratio of 21.66%, indicating strong asset quality [8]. - The company declared a cash dividend of 678 million yuan for 2024, reflecting robust financial capability [8]. Business Segments - The electronic materials segment saw a significant increase in sales volume of photoresist dry film, reaching approximately 160 million square meters, a year-on-year growth of 37.97%, with a gross margin of 23.90%, up 0.61 percentage points [8]. - The functional film business reported sales of 12.96 million square meters, a year-on-year increase of 28.76%, successfully entering new markets [8]. - The backsheet business experienced a decline in sales volume of about 10 million square meters, down 33.50% year-on-year, primarily due to increased penetration of bifacial modules [8]. Future Outlook - The company anticipates an improvement in profitability levels in 2025 as second and third-tier companies exit the market, solidifying its leading position in the photovoltaic film industry [8]. - The electronic materials business is expected to benefit from the recovery in traditional consumer electronics demand and the emergence of new industries such as automotive intelligence and AI infrastructure [8]. - The company projects net profits attributable to shareholders of 1.9 billion yuan and 2.6 billion yuan for 2025 and 2026, respectively, corresponding to valuation multiples of 17 and 12 times [8].

丨证券研究报告丨 公司研究丨点评报告丨宁德时代（300750.SZ） [Table_Title] 出货同比高增，盈利能力保持稳定 报告要点 [Table_Summary] 宁德时代发布 2025 年一季报，实现收入 847.05 亿元，同比增长 6.18%，归母净利润 139.63 亿元，同比增长 32.85%，扣非净利润 118.29 亿元，同比增长 27.92%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 宁德时代（300750.SZ） cjzqdt11111 [Table_Title2] 出货同比高增，盈利能力保持稳定 [Table_Summary2] 事件描述 宁德时代发布 2025 年一季报，实现收入 847.05 亿元，同比增长 6.18%，归母净利润 139.63 亿元，同比增长 32.85%，扣非净利润 118.29 亿元，同比增长 27 ...

丨证券研究报告丨 公司研究丨点评报告丨容百科技（688005.SH） [Table_Title] 容百科技 2024 年年报点评：Q4 盈利表现亮眼， 静待海外增量和新产品落地 报告要点 [Table_Summary] 容百科技发布 2024 年年报，全年实现收入 150.88 亿元，同比下降 33.41%，归母净利润 2.96 亿元，同比下降 49.06%，扣非净利润 2.44 亿元，同比下降 52.64%。折算到 2024Q4 来看， 收入为 37.64 亿元，同比下降 7.81%，环比下降 15.14%，归母净利润 1.80 亿元，同比实现扭 亏，环比增长 69.17%，扣非净利润 1.55 亿元，同比实现扭亏，环比增长 67.91%。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 容百科技（688005.SH） cjzqdt11111 [Table_ ...

丨证券研究报告丨 公司研究丨点评报告丨钧达股份（002865.SZ） [Table_Title] 经营环比减亏，长线资金增持 报告要点 [Table_Summary] 钧达股份发布 2025 年一季报，公司实现收入 18.75 亿元，归母净利-1.06 亿元，环比减亏。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 钧达股份（002865.SZ） cjzqdt11111 [Table_Title2] 经营环比减亏，长线资金增持 [Table_Summary2] 事件描述 钧达股份发布 2025 年一季报，公司实现收入 18.75 亿元，归母净利-1.06 亿元，环比减亏。 事件评论 丨证券研究报告丨 2025-04-18 相关研究 [Table_Report] •《业绩符合预期，电池盈利逐步修复》2025-03- ...

丨证券研究报告丨 %% %% research.95579.com 1 联合研究丨公司点评丨珠海冠宇（688772.SH） [Table_Title] 产品升级改善盈利，启停放量带动减亏 报告要点 [Table_Summary] 公司发布 2024 年年报，全年实现收入 115.4 亿元，同比增长 0.8%，归母净利润 4.3 亿元，同 比增长 25.0%，扣非净利润 3.5 亿元，同比增长 51.0%。拆分到 2024Q4 来看，实现收入 30.24 亿元，同比增长 4.07%，归母净利润 1.62 亿元，同比增长 197.47%，扣非净利润 1.69 亿元， 同比增长 1263.09%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% [Table_Author] 邬博华 杨洋 曹海花 叶之楠 蔡少东 SAC：S0490514040001 SAC：S0490517070012 SAC：S0490522030001 SAC：S0490520090003 SAC：S0490522090001 SFC：BQK482 SFC：BUW100 珠海冠宇（688772.SH） cjzqdt11111 [Tab ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 算力系列跟踪：美高端 AI 芯片或再被禁售，AI 算力国产化再提速 报告要点 %% %% %% %% research.95579.com 1 [Table_Summary] 英伟达和 AMD 分别于近期公告受新的美国政府政策要求，对中国销售 H20 和 MI308 需申请出 口许可，同时公告了对应产品的费用成本，隐含了计提的预期。美国高端 AI 芯片对中国的出口 管制进一步强化，而我国 AI 算力市场空间巨大，若严格执行限售且未能获得申请，我国国产高 端 AI 芯片厂商份额有望快速提升。外部环境扰动背景下科技自立加速，总量和份额双升，重点 推荐国产高端 AI 芯片厂商。 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 请阅读最后评级说明和重要声明 软件与服务 cjzqdt11111 [Table_Title 算力系列跟踪：美高端 2] AI 芯片或再被禁售，AI 算力国产化再提速 [Table_Summary2] 事件描 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a total revenue of 6.635 billion yuan for 2024, a year-on-year decrease of 11.48%. The net profit attributable to the parent company was 628 million yuan, down 4.76% year-on-year. The net profit excluding non-recurring items was 519 million yuan, a decline of 8.21% year-on-year. However, the revenue decline narrowed in Q4 2024, and the year-end contract liabilities showed a positive growth of 1.9%, marking the first positive growth in the past six quarters, which may support revenue for 2025. The overseas revenue grew by 20.95% year-on-year, accounting for 29.8% of total revenue, indicating successful market expansion [2][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.635 billion yuan, with a year-on-year decline of 11.48%. The net profit attributable to the parent company was 628 million yuan, down 4.76% year-on-year. The net profit excluding non-recurring items was 519 million yuan, a decrease of 8.21% year-on-year. In Q4 2024, the revenue was 1.679 billion yuan, a year-on-year decline of 12.6%, while the net profit attributable to the parent company increased by 71.8% to 154 million yuan [2][6]. Revenue Breakdown - Domestic revenue was 4.656 billion yuan, down 20.53% year-on-year, while overseas revenue reached 1.979 billion yuan, up 20.95% year-on-year, with the overseas market share increasing by 8.0 percentage points [12]. Strategic Outlook - The company has set a strategic theme for 2025 as "Starting with the End in Mind, Standing Tall," focusing on maintaining technological leadership and achieving global breakthroughs. The goal is to ensure revenue and profit growth rates exceed national economic growth rates [12]. Profitability Metrics - The net profit margin for 2024 was 10.06%, an increase of 1.19 percentage points year-on-year. The gross margin was 27.6%, up 2.07 percentage points, primarily due to a 15.06% decrease in direct material costs. The total expense ratio was 18.2%, up 1.14 percentage points year-on-year [12]. Cash Flow and Dividends - The net cash flow from operating activities for 2024 was 721 million yuan, a year-on-year increase of 112%. The total cash dividend for the year was approximately 191 million yuan, with a dividend payout ratio of 30.39% and a dividend yield of about 2.3% [12]. Earnings Forecast - The company is expected to achieve revenues of 7.144 billion yuan, 7.832 billion yuan, and 8.618 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7.7%, 9.6%, and 10.0%. The net profit attributable to the parent company is projected to be 696 million yuan, 785 million yuan, and 879 million yuan for the same years, with corresponding growth rates of 10.8%, 12.9%, and 12.0% [12].

Investment Rating - The report maintains a "Positive" investment rating for the real estate industry [7]. Core Insights - The sales decline has significantly narrowed compared to the previous year, with housing prices showing a trend of "overall continued decline, but structural stabilization" [2][6]. - New construction starts and completions continue to decline in double digits year-on-year, while real estate investment remains at a large decline [2][6]. - Following last year's policy changes, market expectations have improved, and while the latest volume and price data show seasonal declines, they still exhibit resilience [2][6]. - The most challenging period for the industry may be passing, with housing prices approaching a more balanced position [2][6]. - Current stock prices are not significantly above the bottom, indicating a high probability of achieving excess returns during the period of marginal policy easing [2][6]. Summary by Sections Sales and Prices - In Q1 2025, national commodity housing sales value and area decreased by 2.1% and 3.0% year-on-year, respectively, with March showing a decline of 1.6% and 0.9%, indicating a narrowing of the sales decline compared to the previous year [9]. - The price index for new and second-hand homes in 70 cities fell by 0.1% and 0.2% month-on-month in March, with first-tier cities showing slight increases [9][10]. Construction and Investment - New construction area in Q1 2025 decreased by 24.4% year-on-year, with March showing an 18.1% decline, while completions fell by 14.3% year-on-year [9][10]. - Real estate development investment in Q1 2025 decreased by 9.9% year-on-year, with March also showing a 9.9% decline [9][10]. Funding and Financials - Funds available to real estate companies decreased by 3.7% year-on-year in Q1 2025, with domestic loans and self-raised funds down by 2.3% and 5.8%, respectively [9][10]. - The report indicates that the willingness of residents to increase leverage remains weak, impacting the overall funding situation [9][10]. Future Outlook - The report anticipates that the most difficult times for the industry may be behind, with expectations of single-digit declines in sales and investment for 2025, while construction starts are expected to continue in double-digit declines [2][6]. - The report suggests focusing on high-quality real estate companies with core assets, regional leading companies benefiting from debt resolution, and state-owned property companies with stable cash flows [2][6].

丨证券研究报告丨 行业研究丨专题报告丨汽车与汽车零部件 [Table_Title] 汽车板块上市公司 2025 年 Q1 业绩前瞻：下游 景气延续，强车型周期车企表现强劲 报告要点 [Table_Summary] 智能驾驶将成为继电动化又一轮格局重塑的机遇，强智驾整车有望获取更高份额，同时加速数 据积累进一步提升自身 AI 能力。当下时间重点推荐强智驾投放整车：比亚迪、小鹏汽车、吉利 汽车，小米集团、赛力斯、长城汽车。智驾产业链推荐高壁垒格局环节，尤其产业紧缺涨价品 种，重点推荐：伯特利、比亚迪电子。机器人转型有望打开长期空间，重点推荐：拓普集团、 新泉股份、星宇股份。伴随着以旧换新政策陆续落地实施，商用车板块 4 月将迎来政策刺激带 来的需求强复苏周期，重点关注：中国重汽、潍柴动力、宇通客车等。 分析师及联系人 高伊楠 张永乾 王子豪 张扬 SAC：S0490517060001 SAC：S0490524030002 SAC：S0490524070004 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...

Investment Rating - The investment rating for Anta Sports (2020.HK) is "Buy" and is maintained [6]. Core Insights - Anta reported Q1 2025 retail data showing significant year-on-year growth for its brands, with Anta and FILA both experiencing high single-digit growth, while other brands saw nearly 70% growth, exceeding expectations [2][4]. - The company announced the acquisition of the outdoor brand Wolf Claw for a base price of $290 million, which is considered a favorable deal at approximately 1X PS, given Wolf Claw's projected FY2025 revenue of €325 million [4][6]. - The report indicates that despite short-term pressures on operating profit margins due to increased expenses from channel renovations and brand acquisitions, Anta is on a healthy growth trajectory with stable growth for its core brand, positive trends for FILA, and accelerated growth for other brands [6]. Summary by Sections Retail Performance - Anta's retail performance in Q1 2025 was better than expected, with high single-digit growth for Anta and FILA, and nearly 70% growth for other brands [2][4]. - The brand restructuring for FILA since 2023 is showing positive results, and the children's segment is also improving following reforms [6]. Acquisition of Wolf Claw - The acquisition of Wolf Claw for $290 million is expected to enhance Anta's brand portfolio, particularly in the mid-range outdoor segment, and is anticipated to contribute positively to growth in the medium term [6]. - The integration of Wolf Claw may initially have a slight negative impact on profits, but similar past acquisitions have led to successful growth [6]. Financial Projections - The report maintains previous profit forecasts, projecting Anta's net profit for 2025-2027 to be CNY 13.42 billion, CNY 14.96 billion, and CNY 16.59 billion, representing year-on-year growth of 11% for 2026 and 2027 [6][9]. - The estimated P/E ratios for the same period are 16.53, 14.83, and 13.37, indicating that the stock is currently valued at a relatively low level [9].