Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 4.159 billion yuan for 2024, a year-on-year decrease of 23.54%, with a net profit attributable to shareholders of 394 million yuan, down 53.38% year-on-year [2][4]. - In Q4 2024, the revenue was 1.247 billion yuan, with a net profit of 37 million yuan [2][4]. - For Q1 2025, the revenue was 943 million yuan, an increase of 13.51% year-on-year, with a net profit of 111 million yuan, down 10.44% year-on-year [2][4]. - The data center business revenue for 2024 was 2.742 billion yuan, a year-on-year increase of 2.66%, while the renewable energy revenue was 1.379 billion yuan, a decrease of 49.50% [8]. - The gross margin for the data center business was 35.13%, a decrease of 2.25 percentage points year-on-year, while the gross margin for renewable energy was 16.70%, down 8.53 percentage points year-on-year [8]. - The company expects data center revenue growth of 20-30% in 2025, with renewable energy revenue expected to double year-on-year [8]. Summary by Sections Financial Performance - 2024 total revenue: 4.159 billion yuan, down 23.54% year-on-year [2][4]. - 2024 net profit: 394 million yuan, down 53.38% year-on-year [2][4]. - Q1 2025 revenue: 943 million yuan, up 13.51% year-on-year [2][4]. - Q4 2024 revenue: 1.247 billion yuan, net profit: 37 million yuan [2][4]. Business Segments - Data center revenue for 2024: 2.742 billion yuan, up 2.66% year-on-year [8]. - Renewable energy revenue for 2024: 1.379 billion yuan, down 49.50% year-on-year [8]. - Data center gross margin: 35.13%, renewable energy gross margin: 16.70% [8]. Future Outlook - Expected data center revenue growth in 2025: 20-30% [8]. - Anticipated doubling of renewable energy revenue year-on-year [8].

丨证券研究报告丨 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 公司研究丨点评报告丨阿特斯（688472.SH） [Table_Title] 积极应对美国关税壁垒，加强技术创新稳固光储 龙头地位 报告要点 [Table_Summary] 阿特斯发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 461.65 亿元，同比下降 10%；归母净利 22.47 亿元，同比下降 23%；其中，2024Q4 实现收入 119.87 亿元，同比下降 2%，环比下降 2%；归母净利 2.92 亿元，同比增长 363%，环比下降 59%。2025Q1 实现收入 85.86 亿元，同比下降 11%；归母净利 0.47 亿元，同比下降 92%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 阿特斯（688472.SH） cjzqdt11111 [Table_Title 积极应对美国关税壁垒，加强技术创新稳固 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - On May 22, the company launched its self-developed 3nm chip "Xuanjie O1," along with several consumer electronic products including the Xiaomi 15S Pro, Pad 7 Ultra, and Civi5 Pro, as well as the Yu7 SUV, marking a significant milestone in brand premiumization and product matrix expansion [2][4]. Summary by Relevant Sections Product Launch and Innovation - The company has introduced the Xuanjie O1 chip, which utilizes second-generation 3nm technology, featuring a 10-core CPU and a 16-core GPU with a transistor scale of 19 billion. The chip's performance exceeds that of Apple's A18 Pro, with a benchmark score of over 3 million in AnTuTu [8]. - The Xiaomi 15S Pro smartphone, based on the Xiaomi 15 Pro design, is equipped with the Xuanjie O1 chip and starts at a price of 5499 RMB. The Pad 7 Ultra features a 14-inch OLED display and also uses the Xuanjie O1 chip, starting at 5699 RMB [8]. - The Yu7 SUV, the company's first SUV model, is positioned as a mid-to-large electric coupe SUV with a range of 835 km, which is the longest in its class. The vehicle includes advanced features such as a floating central control screen and a panoramic display system [8]. Market Position and Future Outlook - The company is recognized as one of the few manufacturers globally capable of designing 3nm mobile SoC chips, alongside Huawei. This positions the company favorably in the competitive landscape of smartphone and tablet manufacturing [8]. - The Yu7 SUV is expected to replicate the success of the SU7 model, contributing to increased average sales price and volume, with projections indicating a potential net profit turnaround in 2025 and single-vehicle profits exceeding 10,000 RMB [8]. - The company aims to achieve a 24% market share in the high-end segment by expanding its product offerings across various price ranges and energy types, with sales expected to exceed 2 million vehicles in the long term [8].

丨证券研究报告丨 公司研究丨点评报告丨当升科技（300073.SZ） [Table_Title] 当升科技 2025 年一季报分析：量增利稳盈利稳 健，关注海外放量及新技术进展 报告要点 [Table_Summary] 公司发布 2025 年一季报，公司实现营业收入 19.08 亿元，同比增长 25.8%，环比下降 7.7%， 实现归母净利润 1.11 亿元，同比增长 0.22%，环比大幅增长，实现扣非净利润 0.67 亿元，同 比下降 36.13%，环比扭亏。 分析师及联系人 [Table_Author] SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 邬博华 曹海花 叶之楠 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 当升科技（300073.SZ） cjzqdt11111 [Table_Summary2] 事件描述 公司发布 2025 年一季报，公司实现营业收入 19.08 亿元，同比增长 25.8%，环比下降 7.7%， 实现归母净利润 1.11 亿元，同比增长 0 ...

丨证券研究报告丨 行业研究丨专题报告丨电气设备 [Table_Title] 固态产业加速趋势明显，增量环节纲举目张 1 [Table_Author] SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 邬博华 曹海花 叶之楠 报告要点 [Table_Summary] 市场对锂电板块的担忧是量利贝塔不足，但我们认为 2025 年应跳出传统框架，看到固态电池 产业化持续推进的积极变化，主要体现在 1）半固态 GWh 量产，全固态容量突破；2）骨架膜 受益聚合物路线进展；3）锂金属负极形成产业共识；4）设备端关注辊压路线映射，继续看好 锂电板块。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title2] 固态产业加速趋势明显，增量环节纲举目张 [Table_Summary2] 电芯：半固态 GWh 量产，全固态容量突破 电芯环节产业进度超预期，目前半固态电池已经实现 GWh 级量产，同时技术方案倾向复合电 解质路线。国轩高科发布 G 垣准固态电池，以超过 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total revenue of 1.13 billion yuan for 2024, representing a year-on-year increase of 41.8%. The net profit attributable to shareholders was 230 million yuan, up 34.0% year-on-year, while the net profit excluding non-recurring items was 210 million yuan, reflecting a 37.5% increase [3][8]. - In Q4 2024, the company achieved a revenue of 330 million yuan, a year-on-year growth of 49.7%, and a net profit of 60 million yuan, which is a 17.7% increase year-on-year [3][8]. - For Q1 2025, the revenue was 270 million yuan, showing a year-on-year increase of 23.6%, while the net profit was 60 million yuan, up 27.1% year-on-year [3][8]. Summary by Sections Financial Performance - The company’s revenue growth significantly outpaced the industry average, driven by the increase in European automotive production and the expansion of new material businesses. Overseas revenue accounted for over 50% of total revenue, growing by 76.4% year-on-year [8]. - The automotive safety components business is gradually increasing its share, nearing 80% of total revenue in 2024, which continues to rise year-on-year [8]. - The gross profit margin for the company was 34.55%, slightly under pressure compared to the previous year, primarily due to capacity release and domestic sales margin pressure. The gross margins for domestic and overseas sales were 26.2% and 42.6%, respectively [8]. Future Outlook - The company is expected to continue its revenue growth, benefiting from the recovery of European and Tesla production, as well as new national standards for battery safety in China. The gradual ramp-up of new production capacity and the expansion of new material business lines are anticipated to further enhance profitability [8]. - The company is also successfully developing its robotics-related business and is actively expanding its assembly operations, which are expected to see increased volume in the future [8]. - The forecast for the company's net profit attributable to shareholders in 2025 is 345 million yuan [8].

丨证券研究报告丨 报告要点 [Table_Summary] 公司 2025Q1 实现营业收入约 7.9 亿元，同比增加 21.0%；归母净利润约 0.5 亿元，同比下降 17.5%；扣非净利润约 0.4 亿元，同比下降 16.1%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨泰胜风能（300129.SZ） [Table_Title] 泰胜风能：Q1 盈利短暂承压，订单同比高增有 望支撑业绩释放 1 [Table_Author] SFC：BQK482 SFC：BUD284 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 邬博华 曹海花 司鸿历 周圣钧 泰胜风能（300129.SZ） cjzqdt11111 [Table_Title 泰胜风能：Q12] 盈利短暂承压，订单同比高增有 望支撑业绩释放 [Table_Summary2] 事件描述 公司 2025Q1 实现营业收入约 7.9 亿元，同比增加 21.0%；归母净利润约 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a Q1 2025 revenue of 2.96 billion yuan, a year-on-year decrease of 19.7% and a quarter-on-quarter decrease of 21.3%. The net profit attributable to the parent company was -15 million yuan, indicating a shift to a loss compared to the previous quarter [3][4]. - The company's three-element material shipments remained stable, with a quarter-on-quarter increase of 16% in shipments to South Korea. The company has achieved bulk shipments to major customers in Japan and South Korea, and the Polish project has officially started [9]. - The company plans to invest 1.705 billion yuan in the construction of a 25,000-ton project for cathode materials in Poland, expected to be completed by the end of 2025 [9]. Financial Summary - For Q1 2025, the company reported an investment income of 12 million yuan, asset impairment of 10 million yuan, and credit impairment reversal of 10 million yuan. Other income was 11 million yuan [9]. - The company expects to maintain a growth trend in shipments throughout 2025, with an increasing proportion of overseas customers contributing to profitability [9]. - The projected total revenue for 2024 is 15.088 billion yuan, with expectations to grow to 19.614 billion yuan in 2025 and 23.537 billion yuan in 2026 [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a Q1 2025 revenue of 2.96 billion yuan, a year-on-year decrease of 19.7% and a quarter-on-quarter decrease of 21.3%. The net profit attributable to the parent company was -15 million yuan, indicating a shift to a loss compared to the previous quarter [2][4]. - The company's output of ternary materials remained stable in Q1 2025, with a quarter-on-quarter increase of 16% in shipments to South Korea. The company has completed the construction of its second-phase base and has started trial production. The Polish project has also commenced, securing orders from leading customers [9]. - The company plans to invest 1.705 billion yuan in the construction of a 25,000-ton project for cathode materials in Poland, expected to be completed by the end of 2025 and to contribute to production in the first half of 2026 [9]. Financial Summary - For Q1 2025, the company reported an operating income of 2.96 billion yuan, with a gross profit margin of 10% [14]. - The estimated net profit from the ternary business was approximately 68 million yuan, with a decrease in net profit per ton due to fluctuations in capacity utilization and resource prices [9]. - The company anticipates continued growth in shipments throughout 2025, with an increasing proportion of overseas customers contributing to profitability [9].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company's total revenue for 2024 is projected to be 7.61 billion yuan, a year-on-year decrease of 55%. The net profit attributable to the parent company is expected to be -1.34 billion yuan, with a non-recurring net profit of -1.37 billion yuan. In Q4 2024, the revenue is expected to be 1.08 billion yuan, down 59.4% year-on-year and down 50.6% quarter-on-quarter. For Q1 2025, revenue is expected to be 2 billion yuan, an increase of 5.9% year-on-year and an increase of 85.1% quarter-on-quarter, with a net profit of -170 million yuan [2][4]. Summary by Sections Financial Performance - The company has a current capacity of 265,000 tons of lithium iron phosphate and 110,000 tons of manganese iron phosphate, with 5,000 tons of lithium supplement. The sales volume of phosphate-based cathode materials is 225,700 tons, a year-on-year increase of 5.52%. The estimated single-ton price is under pressure due to a significant year-on-year decline in raw material lithium source prices. The gross profit margin for 2024 is expected to be -4.64%, a decrease of 4.83 percentage points year-on-year. The total expense ratio for 2024 is projected to be 10.22%, an increase of 2.67 percentage points year-on-year [10]. Q1 2025 Outlook - In Q1 2025, the sales volume of phosphate-based cathode materials is expected to be 61,500 tons, a year-on-year increase of 36.85% and a quarter-on-quarter increase of 5.65%. The gross profit margin for Q1 2025 is expected to be 0.30%, an increase of 0.27 percentage points year-on-year and an increase of 14.36 percentage points quarter-on-quarter. The total expense ratio for Q1 2025 is projected to be 8.33%, a decrease of 4.59 percentage points year-on-year and a decrease of 9.96 percentage points quarter-on-quarter [10]. Future Prospects - Looking ahead, the profitability level in the lithium iron phosphate industry is at a low point. With price increases and a higher proportion of high-voltage dense lithium iron phosphate, the company's profitability is expected to stabilize and recover to reasonable levels. The production schedule has significantly improved, driving up capacity utilization and sales volume, which is expected to continue improving profitability. The company's manganese iron phosphate products are continuously advancing, and the lithium supplement is expected to bring new profit elasticity [10].