Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's Q4 earnings are under short-term pressure due to declining gross margins and increased impairment losses, but significant recovery in profitability is expected in 2025 [1] - The company plans to achieve a revenue of 2.8 billion in 2025, representing a 7% increase, and a total profit of 380 million, indicating an 18% growth [1] - The company is focusing on expanding into emerging markets such as smart water conservancy and nuclear power, which are expected to drive transformation and upgrade of existing businesses [4] Revenue and Profitability - In 2024, the company achieved total revenue of 2.62 billion, a decrease of 1.6% year-on-year, and a net profit attributable to shareholders of 204 million, down 20.8% year-on-year [5] - The revenue from the main inspection and testing business grew steadily, while the smart manufacturing segment saw a significant decline of 20% [2] - The overall gross margin for 2024 was 43.51%, a decrease of 1.5 percentage points, primarily due to the impact of smart manufacturing and environmental food and agriculture testing [3] Financial Projections - The company expects net profits for 2025, 2026, and 2027 to be 223 million, 235 million, and 245 million respectively, with year-on-year growth rates of 9.6%, 5.5%, and 3.9% [4][5] - The earnings per share (EPS) for the same years are projected to be 0.28, 0.29, and 0.30 yuan per share [4][5] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 25 for 2025 [4] Business Segments - The revenue from the inspection and testing segment was 1.87 billion, up 3% year-on-year, while the environmental and food testing segment saw a decline of 11% [2] - The company is optimizing its business structure, with emerging sectors like new materials and water conservancy accounting for nearly 50% of revenue in 2024 [3]

证券研究报告 | 朝闻国盛 gszqdatemark 2025 04 23 年 月 日 朝闻国盛 光刻：自主可控核心环节，国产替代迫在眉睫 今日概览 ◼ 重磅研报 【固定收益】银行负债边际改善，关键仍在央行——20250422 【电子】光刻：自主可控核心环节，国产替代迫在眉睫——20250422 【电子】胜宏科技（300476.SZ）-营收业绩爆发式增长，深度受益 AI PCB 升级——20250422 ◼ 研究视点 【电力设备】固态电池技术持续发展，产业化渐行渐近——20250422 【社会服务】九华旅游（603199.SH）-天气好转、春节提前，带来 2025Q1 业绩增长显著——20250422 【钢铁】南钢股份（600282.SH）-一季度业绩稳健向好，产品结构持续 改善——20250422 【建筑装饰】国检集团（603060.SH）-Q4 盈利短期承压，25 年业绩有 望显著恢复——20250422 【机械设备】奥特维（688516.SH）-现金流管控良好，彰显龙头韧性— —20250422 【计算机】天融信（002212.SZ）-业绩实现扭亏，一体机与安全需求向 好——20250422 【计算机】 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is experiencing explosive revenue growth, significantly benefiting from the AI PCB upgrade, with a comprehensive product range in PCB manufacturing [1][22]. - The global HDI market is projected to grow, with the company positioned as a leading player benefiting from innovations in server architecture [2][3]. - The company's high-layer product structure is expected to further optimize, contributing to revenue growth [3]. Summary by Sections Revenue and Profit Growth - In 2024, the company achieved a revenue of 10.73 billion yuan, a year-on-year increase of 35.3%, and a net profit of 1.15 billion yuan, up 72% [14]. - For Q1 2025, the company reported a revenue of 4.31 billion yuan, a 80.31% increase year-on-year, and a net profit of 921 million yuan, up 339.22% [15]. Market Position and Product Development - The company holds the global leading market share in AI computing cards and AI data center products, with advanced manufacturing capabilities in high-precision PCBs [1][22]. - The company has entered mass production of high-layer HDI products and is accelerating the development of next-generation products [2][24]. Financial Forecast - The company is expected to achieve revenues of 20.12 billion yuan, 28.20 billion yuan, and 34.57 billion yuan in 2025, 2026, and 2027 respectively, with corresponding net profits of 5.61 billion yuan, 8.50 billion yuan, and 10.61 billion yuan [3][5]. Industry Trends - The global PCB market is projected to recover, with a total value of 73.57 billion dollars in 2024, driven by AI and automotive electronics [26][28]. - The demand for high-layer and HDI boards is expected to grow significantly, with the CAGR for high-layer boards in China projected at 21.1% from 2024 to 2029 [30][33].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to benefit from the recovery of the film industry, with a significant release of quality content in 2025, particularly in its IP business [5][3]. - The company's revenue for 2024 is projected at 690 million yuan, a year-on-year decrease of 13.19%, while the net profit attributable to the parent company is expected to be 90 million yuan, down 29.08% year-on-year [1]. - In Q1 2025, the company experienced substantial growth, achieving revenue of 248 million yuan, up 17.90% year-on-year, and a net profit of 65 million yuan, up 41.55% year-on-year [1]. Financial Performance Summary - For 2024, the company's revenue from various segments includes: - Film screening: 454 million yuan (YoY -17.3%) - Merchandise: 61 million yuan (YoY -13.6%) - Advertising services: 42 million yuan (YoY +9.9%) - Film distribution: 20 million yuan (YoY -38.0%) - Licensing: 66 million yuan (YoY +62.7%) [2]. - The company's direct cinema achieved a box office of 465 million yuan in 2024, a decrease of 26.4% year-on-year, while franchise cinemas generated a box office of 3.315 billion yuan, also down 26.1% year-on-year [3]. - The company has a stable number of direct cinemas (51) and an expanding number of franchise cinemas (836), with a total of 5,726 screens [3]. IP Business Development - The company is actively exploring new paths for IP content renewal and monetization, with significant collaborations with brands like Starbucks and Luckin Coffee, generating a total online engagement of 7.12 billion [4]. - The subsidiary, Shanghai Yuan, reported revenue of 93.87 million yuan and a net profit of 27.5 million yuan in 2024 [4]. - The company is also venturing into AI and IP collaborations, aiming to create a new ecosystem that integrates technology with content [4]. Profit Forecast - The company is expected to achieve net profits of 270 million yuan, 330 million yuan, and 370 million yuan for the years 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 198%, 24%, and 10% [5].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is experiencing explosive revenue growth, significantly benefiting from the AI PCB upgrade, with a comprehensive product range in PCB categories [1][22]. - The global HDI market is projected to grow, with the company positioned as a leading player benefiting from innovations in server architecture [2][3]. - The company's high-layer product structure is expected to further optimize, contributing to revenue growth alongside new product launches and increased production capacity [3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company achieved a net profit of 921 million yuan, a year-on-year increase of 339.22%, driven by a surge in high-value product orders [1][15]. - For 2024, the company is projected to achieve revenue of 10.73 billion yuan, a 35.3% increase year-on-year, and a net profit of 1.15 billion yuan, a 72% increase [5][14]. Market Position and Product Development - The company holds the largest global market share in AI computing cards and AI data center products, with advanced manufacturing capabilities for high-precision PCBs [1][22]. - The global HDI market is expected to reach $12.518 billion in 2024, with a year-on-year growth of 18.8%, driven by AI server-related products [2][26]. Financial Forecasts - The company is expected to achieve revenues of 20.12 billion yuan in 2025, 28.20 billion yuan in 2026, and 34.57 billion yuan in 2027, with corresponding net profits of 5.61 billion yuan, 8.50 billion yuan, and 10.61 billion yuan respectively [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 12.7x, 8.4x, and 6.7x, indicating strong growth potential [3][5]. R&D and Innovation - The company has increased its R&D investment to 450 million yuan in 2024, a 29.1% year-on-year increase, focusing on various advanced PCB technologies [18][20]. - The company is actively developing new products for high-frequency applications and automotive electronics, enhancing its competitive edge in the market [24][25]. Industry Trends - The PCB industry is expected to see a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, with high-end products like HDI and multilayer boards leading the growth [26][30]. - The demand for high-layer and high-precision PCBs is driven by advancements in AI servers, high-speed networks, and automotive electronics [30][33].

Investment Rating - The report maintains a "Buy" investment rating for TCL Smart Home (002668.SZ) [3][6]. Core Views - The company reported a revenue of 4.6 billion yuan in Q1 2025, representing a year-on-year increase of 9.58%, and a net profit attributable to shareholders of 302 million yuan, up 33.98% year-on-year [1]. - TCL Smart Home is actively expanding its global strategy, with significant growth in overseas markets such as Europe, Southeast Asia, and Latin America, leading to a 7.34% increase in overall sales volume [1]. - The company's gross margin improved by 2.52 percentage points to 22.57% in Q1 2025, attributed to product structure optimization and increased average selling prices [1]. - Operating cash flow for Q1 2025 was 578 million yuan, a year-on-year increase of 33.33%, with cash received from sales reaching 4.949 billion yuan, up 15.71% [2]. - The company is enhancing its production capabilities with the completion of the Hefei home appliance supporting factory project and the launch of high-end refrigerator manufacturing projects [2]. - New product launches, such as the "Ice Kirin" series deep-freezing refrigerator and AI-powered washing machines, are expected to enhance product competitiveness [2]. Financial Summary - The forecast for net profit attributable to shareholders for 2025-2027 is 1.173 billion yuan, 1.314 billion yuan, and 1.454 billion yuan, respectively, with year-on-year growth rates of 15.1%, 12.0%, and 10.7% [3]. - The financial indicators for 2025E show expected revenue of 20.564 billion yuan, with a year-on-year growth rate of 12.0% [5]. - The latest diluted EPS for 2025 is projected to be 1.08 yuan per share, with a net asset return rate of 31.8% [5].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 14.667 billion yuan in 2024, a year-on-year increase of 3.20%, and a net profit attributable to shareholders of 1.056 billion yuan, up 63.74% year-on-year [1] - The company aims for a revenue target of 16 billion yuan in 2025, representing a year-on-year growth of 9.09% [1] - The U8 product line has shown significant growth, with sales volume reaching 696,000 kiloliters, a year-on-year increase of 31.40% [2] - The company is focusing on product structure optimization and channel upgrades, which are expected to enhance profitability [4] Financial Performance - In 2024, the company's gross margin was 40.72%, an increase of 3.09 percentage points year-on-year, primarily due to lower raw material costs and product structure upgrades [3] - The net profit margin increased by 2.66 percentage points to 7.20% in 2024 [3] - The company forecasts net profits for 2025-2027 to grow by 37.1%, 24.1%, and 21.4%, reaching 1.45 billion, 1.80 billion, and 2.18 billion yuan respectively [4] Sales and Market Strategy - The company achieved a beer sales volume of 4.0044 million kiloliters in 2024, with a focus on expanding the U8 brand nationally [2] - The revenue from mid-to-high-end products reached 8.865 billion yuan, accounting for 67.01% of total revenue, indicating a shift towards higher-margin products [2] - The company is implementing a strategy of digital empowerment and all-channel sales to enhance operational efficiency [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.314 billion yuan in 2024, representing a year-on-year growth of 27.67%, with a net profit of 92.9732 million yuan, up 7.26% year-on-year [1] - The company is positioned as a leader in coal power auxiliary machines and flexibility transformation, with significant growth potential due to the ongoing upgrades in the coal power sector [4] - The company is actively expanding into overseas markets and diversifying its product offerings, which are expected to drive future growth [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.314 billion yuan, a 27.67% increase from the previous year, and a net profit of 92.9732 million yuan, reflecting a 7.26% growth [1] - The earnings per share (EPS) for 2024 was 0.76 yuan, an increase of 8.57% year-on-year [1] - The company expects revenues of 1.987 billion yuan, 2.384 billion yuan, and 2.785 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51.2%, 20.0%, and 16.8% [4] Business Segments - The company's traditional business, including slag removal equipment and low-temperature economizers, benefits from the expansion and upgrading of coal power plants, with a market space that is expected to grow significantly [1] - The low-temperature flue gas waste heat recovery system generated revenue of 430 million yuan in 2024, a 76.1% increase, with a gross margin of 29.38% [1] - The company is focusing on the flexibility transformation of coal power plants, with a projected annual market potential of 700 million to 1.7 billion yuan over the next three years [2] Strategic Initiatives - The company has established a subsidiary in 2024 and formed strategic partnerships for coal power environmental protection equipment and flexibility transformation technology [3] - A contract worth 15.895 million USD was signed with a South Korean company for ash and slag treatment systems, expected to contribute to revenue in 2025 [3] - The company is also exploring emerging businesses such as desulfurization wastewater and steel slag treatment, which are anticipated to become new growth engines [3]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 2.196 billion yuan in 2024, representing a year-on-year increase of 4.25%, and a net profit attributable to shareholders of 127 million yuan, up 46.54% year-on-year [1]. - The company is focused on strengthening its core business while optimizing its distribution network, with a reduction in the number of distributors from 2044 at the end of 2023 to 2014 by the end of 2024 [2]. - The gross profit margin improved to 34.72% in 2024, an increase of 1.74 percentage points year-on-year, driven by a decline in raw material costs [3]. Financial Performance - In 2024, the main seasoning products generated revenue of 2.093 billion yuan, a slight increase of 0.73% year-on-year, with vinegar, wine, and sauce series revenues at 1.266 billion, 329 million, and 180 million yuan, respectively [2]. - The company reported a net profit margin of 5.80% in 2024, an increase of 1.67 percentage points year-on-year [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.8%, 23.1%, and 7.9%, reaching 180 million, 220 million, and 230 million yuan, respectively [4]. Strategic Focus - The company aims to transition from a vinegar-focused business to a broader seasoning industry, establishing itself as a benchmark in the seasoning sector [3]. - The company emphasizes shareholder returns, with a cash dividend of approximately 111 million yuan in 2024, representing a payout ratio of 87.08% and a dividend yield of about 1.25% [3].

证券研究报告 | 季报点评 gszqdatemark 2025 04 22 年 月 日 长虹美菱（000521.SZ） 收入稳步增长，毛销差同比稳定 事件：公司发布 2025 年一季报。2025Q1 实现营业收入 73.6 亿元，同比 增长 23.78%；实现归母净利润 1.82 亿元，同比增长 16.92%。 公司一季度毛销差同比稳定。毛利率：2025Q1 公司毛利率 11.83%。毛销 差同比+0.07pct 。费率端：2025Q1 销 售/ 管理/ 研发/ 财 务费率为 5.40%/1.31%/2.05%/-0.11% ， 同 比 变 动 -1.63pct/0.12pct/- 0.18pct/0.6pct。财务费用变化主要系本期公司利息收入同比减少及汇兑 损失同比增加所致。净利率：公司 2025Q1 净利率同比变动-0.14pct 至 2.53%。 非经常项影响：2025Q1 计提资产减值准备及信用减值准备合计影响净利 润 0.75 亿元，占归母比重 42%；2025Q1 投资净收益-0.08 亿元，同比- 258.9%，主要系本期公司远期外汇合约交割亏损同比增加所致。 销售商品收到现金稳步增长。202 ...