Investment Rating - The investment rating for the company is maintained as "Buy" [4][7]. Core Views - The company reported a revenue decline of 8% year-on-year in Q1 2025, with a net profit decrease of 22%. However, the gross margin improved significantly by 4.8 percentage points to 60.0% due to better control over product structure and discount management [1][4]. - The company is nearing the end of its channel adjustments, with expectations for improved cash flow and operational efficiency in the future [4][3]. Revenue and Profit Analysis - In Q1 2025, the company's revenue was 1.67 billion yuan, and the net profit was 120 million yuan. The non-recurring profit was 40 million yuan, mainly from government subsidies [1]. - The gross margin showed a notable improvement, but the net profit margin decreased by 1.4 percentage points to 7.4% due to rising expense ratios [1]. Brand Performance - All brands experienced a decline in revenue in Q1 2025, with PB Women's wear down 13%, PB Men's wear down 7%, and others showing similar trends. However, gross margins improved across the board [2]. - The company is focusing on a "one brand" strategy, enhancing its multi-brand collection stores in key cities [2]. Channel Performance - Online sales decreased by 13% to 450 million yuan, but the gross margin improved by 4.4 percentage points to 49.7%. Offline direct sales fell by 4% to 820 million yuan, with a gross margin of 70.6% [3]. - The company has streamlined its channel structure, with a reduction in the number of direct and franchise stores, indicating that channel adjustments are nearly complete [3]. Inventory and Cash Flow - Inventory increased by 19.8% year-on-year to 1.64 billion yuan, with inventory turnover days rising by 67.6 days to 227.8 days [4]. - The operating cash flow for Q1 2025 was a net outflow of 300 million yuan, attributed to decreased revenue and accelerated payment schedules [4]. Future Outlook - The company expects stable revenue growth in 2025, with improved profit quality as channel and management adjustments take effect [4]. - Profit forecasts for 2025 to 2027 are 359 million yuan, 410 million yuan, and 466 million yuan respectively, with a projected P/E ratio of 22 times for 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a P/E of 13 times for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a year-on-year increase of 68% [1][3]. - The company has secured two new steer-by-wire orders in 2024, which are anticipated to be implemented by 2026, indicating a strong position in the autonomous driving sector [2][3]. - The report highlights the company's revenue growth potential driven by the trends of electrification and intelligence in the automotive industry, with expected revenues of USD 43 billion, USD 46 billion, and USD 50 billion for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - For 2024, the company is projected to achieve revenues of USD 4.28 billion, a year-on-year increase of 1.6%, with an adjusted EBITDA of USD 424 million, reflecting a 22.5% growth [1][5]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [5][12]. - The company’s EBITDA margin is projected to reach 9.9% in 2024, an increase of 1.7 percentage points year-on-year [1][5]. Product and Market Insights - The steer-by-wire technology is highlighted as a key innovation, allowing for more flexible vehicle design and enhanced driving precision, which is crucial for advanced autonomous driving [2][3]. - The company has also received its first rear-wheel steering order in 2024, which is expected to enhance driving experience in larger vehicle models [3][5]. - The revenue breakdown shows that North America accounts for 51% of total revenue, followed by Asia-Pacific at 31% and EMEASA at 17% [1].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leader in the offshore wind tower and pile market, with significant growth potential driven by increasing European demand and a favorable pricing environment [2][3][4]. - The company has successfully established itself in the European market, being the first domestic enterprise to export offshore wind towers and large piles, with substantial orders in hand [1][4][17]. - The company's overseas revenue has significantly increased, contributing over 50% to total revenue in the first half of 2024, reflecting a strategic shift towards international markets [22][27]. Summary by Sections Company Overview - The company specializes in manufacturing wind power products, including towers, piles, and floating foundations, and has become a key player in the global offshore wind equipment manufacturing industry [14][17]. - The company has a clear shareholding structure and experienced management, with the chairman holding approximately 40.14% of the shares [23]. Market Demand and Growth - The European offshore wind market is expected to see a significant increase in demand, with projections of installed capacity reaching 111 GW by 2030 and 317 GW by 2050 [46][48]. - The company is benefiting from a tight supply of offshore piles in Europe, which is expected to drive both volume and price increases in the industry [2][46]. Financial Performance - The company's revenue for 2023 is projected to be 4.325 billion yuan, with a net profit of 425 million yuan, showing a decline from 2022 due to market conditions, but expected to rebound significantly in the following years [5][4]. - The forecasted net profits for 2024, 2025, and 2026 are 460 million yuan, 773 million yuan, and 1.154 billion yuan, respectively, indicating strong growth potential [4][5]. Competitive Advantages - The company has established a competitive edge in Europe, where the unit profitability of towers and piles is significantly higher than in the domestic market, enhancing overall profitability [3][4]. - The company is developing its own specialized transportation fleet to improve logistics and reduce costs, further strengthening its competitive position in Europe [17][22]. Industry Context - The offshore wind industry is experiencing a favorable cycle, with increasing government support and investment in renewable energy, particularly in Europe [46][49]. - The report highlights the importance of the company's production base in China, which is strategically positioned to meet the growing demand in international markets [17][22].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 04 11 年 月 日 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 04 月 08 日收盘价 | 买入（首次） | | | --- | --- | | 股票信息 | | | 行业 | 半导体 | | 04 月 08 日收盘价（元） | 22.59 | | 总市值（百万元） | 6,027.01 | | 总股本（百万股） | 266.80 | | 其中自由流通股（%） | 100.00 | | 30 日日均成交量（百万 | 4.17 | | 股） | | | 股价走势 | | -20% 2% 24% 46% 68% 90% 2024-04 2024-08 2024-12 2025-04 清溢光电 沪深300 清溢光电（688138.SH） 掩模版国产替代中军，平板显示+半导体双轮加速成长 深耕掩膜版领域，业绩稳健增长。清溢光电成立于 1997 年，专注高精度掩膜版的生产和技 术创新，2019 年成功在上海证券交易所上市，在掩膜版领域公司始终保持国内领先地位， 公司作为国内规模最大的掩膜版产品和服务提供商之一，具备各类掩膜版产品 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in the offshore wind tower and pile market, with significant growth potential driven by increasing European demand and a favorable pricing environment [2][3]. - The company has successfully established itself as a key supplier in the European offshore wind market, with a strong order backlog and competitive advantages in pricing and profitability compared to domestic markets [3][4]. Financial Performance - The company reported a revenue of 5,106 million yuan in 2022, with a projected decline to 4,325 million yuan in 2023, followed by a recovery to 3,698 million yuan in 2024 and significant growth to 5,634 million yuan in 2025 and 8,323 million yuan in 2026 [5]. - The net profit attributable to the parent company is expected to increase from 450 million yuan in 2022 to 1,154 million yuan by 2026, reflecting a strong growth trajectory [5]. - The earnings per share (EPS) is projected to rise from 0.71 yuan in 2022 to 1.81 yuan in 2026, indicating improved profitability [5]. Market Dynamics - The European offshore wind market is expected to see a doubling of demand in the medium to long term, with a projected annual growth rate exceeding 50% from 2025 to 2026 [2][9]. - The company has secured a substantial order volume in Europe, with a total demand exceeding 3 million tons across various offshore projects [1][2]. Competitive Advantages - The company benefits from a unique position as the only domestic firm to have secured European offshore wind pile orders, providing it with a first-mover advantage in a high-barrier market [3][4]. - The company's production base in Penglai is highlighted as a critical asset, being the largest single pile manufacturing and export base globally, which enhances its competitive edge [9][17]. Strategic Initiatives - The company is actively expanding its overseas operations, with overseas revenue contributing over 50% of total income in the first half of 2024, marking a significant increase from previous years [22][27]. - The establishment of a self-owned shipping fleet is expected to further enhance the company's competitiveness in the European market by reducing logistics costs [9][17].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 04 11 年 月 日 清溢光电（688138.SH） 掩模版国产替代中军，平板显示+半导体双轮加速成长 深耕掩膜版领域，业绩稳健增长。清溢光电成立于 1997 年，专注高精度掩膜版的生产和技 术创新，2019 年成功在上海证券交易所上市，在掩膜版领域公司始终保持国内领先地位， 公司作为国内规模最大的掩膜版产品和服务提供商之一，具备各类掩膜版产品设计、研发、 制造与销售能力，产品主要涉及平板显示和半导体产业，涵盖了平板显示、触控、柔性电路、 集成电路凸块、集成电路代工、集成电路载板、MicroLED 芯片、微机电等领域掩膜版，凭借 自主创新的技术研发实力、订单的响应快速速度、丰富优质的产品及服务来满足客户需求。 从业绩角度来看，清溢光电 2024 年实现营收 11.12 亿元，同比增长 20.35%，实现归母净 利润 1.7 亿元，同比增长 28.8%，2019-2024 年，公司营收及归母净利润 CAGR 分别达 18.32%，19.66%，实现业绩稳健发展。 面板产能提升+新型显示技术发展驱动掩模版市场增长，本土厂商大有可为。掩膜版是平板 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.66, corresponding to a 13x P/E for 2025 [3][6]. Core Views - The company is expected to see significant profit margin improvement in 2024, with a projected net profit of USD 61.72 million, representing a 68% year-over-year increase [1][3]. - The company is benefiting from the trend towards steer-by-wire technology and has secured two steer-by-wire orders expected to be implemented by 2026 [2][3]. - The report highlights the potential for the company's rear-wheel steering technology, which is set to debut at the Shanghai Auto Show in April 2024, with an order already secured from a Chinese automaker [3]. Financial Performance - For 2024, the company anticipates revenues of USD 4.28 billion, a 1.6% increase year-over-year, with an adjusted growth of 2.5% after currency and commodity adjustments [1]. - The EBITDA for 2024 is projected at USD 424 million, a 22.5% increase from the previous year, with an EBITDA margin of 9.9% [1][3]. - The net profit margin is expected to improve to approximately 1.4% in 2024, up from 0.9% in 2023 [1][3]. Product Segmentation - Revenue from various product lines for 2024 is projected as follows: EPS at USD 2.89 billion, CIS at USD 440 million, HPS at USD 180 million, and DL at USD 770 million [1][3]. - The company has a strong order book, with USD 6 billion in orders expected to be completed in 2024, and another USD 6 billion anticipated for 2025 [1][2]. Market Outlook - The company is well-positioned to capitalize on the electric and intelligent vehicle trends, with expected revenues of USD 4.34 billion in 2025 and USD 4.63 billion in 2026 [3][5]. - The report emphasizes the growing importance of steer-by-wire technology in the context of advanced driver-assistance systems and autonomous driving [2][3].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Viewpoints - The company is a leading player in the domestic linear drive industry, demonstrating stable operations and a comprehensive layout. It has achieved a compound annual growth rate (CAGR) of 22.14% in revenue from 2018 to 2023, with a revenue of 2.568 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 22.20% [1][22]. - The linear drive industry is in an upward phase, with the global market expected to reach $5.529 billion in 2024, growing by 7.2% year-on-year. The market is highly concentrated in North America, Europe, and the Asia-Pacific region, which together account for nearly 90% of the total market [2][41]. - The company has partnered with Lingqiao Intelligent to establish a joint venture focused on robotics, which is expected to diversify its product offerings and create a strong second growth curve [3][15]. Summary by Sections 1. Domestic Linear Drive Leader with Stable Operations - The company, established in 2000, specializes in the research, production, and sales of linear drive products, achieving a global market share of 1 in the office sector. It has expanded its operations internationally with subsidiaries in various regions [15][18]. 2. Linear Drive Industry on the Rise - The linear drive industry is experiencing growth, with applications spanning consumer and manufacturing sectors. The market for smart office products is projected to grow at a compound annual growth rate of over 10% [2][36]. 3. Strong Partnership with Lingqiao Intelligent - The joint venture with Lingqiao Intelligent aims to develop core components for robotics, enhancing the company's product range and positioning it for future growth in the robotics sector [3][15]. 4. Profit Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 3.654 billion yuan, 4.246 billion yuan, and 5.055 billion yuan, respectively, with corresponding net profits of 360 million yuan, 464 million yuan, and 701 million yuan. The current market valuation corresponds to price-to-earnings ratios of 33.4, 25.9, and 17.1 times for the respective years [3][5].

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 04 11 年 月 日 与灵巧智能强强联合，共赴机器人星辰大海。灵巧智能是一家以灵巧操作 为核心科技能力的具身智能机器人企业。公司创始人、实际控制人许春山 是上海交通大学博士，同时也是亿嘉和创始合伙人、上海人工智能研究院 副院长，深耕机器人领域近 30 年，具有深厚的行业经验。公司由中国科 学院院士机器人技术首席专家领衔，由硬核机器人科学家及专家合作组 建，依托上海交通大学的科研实力与人才优势，在人形机器人领域一马当 先。2024 年公司与灵巧智能合资成立灵捷机器人，专注于机器人科技领 域内零部件，如机器人灵巧手、关节模组及驱动器等核心零部件的研发与 制造。此作合作扩宽了公司产品谱系，有望成为公司强劲的第二增长曲线。 盈利预测与投资建议。我们预计公司 2024-2026 年营业收入分别为 36.54/42.46/50.55 亿元，归母净利润分别为 3.60/4.64/7.01 亿元，当前 市值对应 PE 分别为 33.4/25.9/17.1X。公司携手灵巧智能布局灵巧手，同 时可向机器人线性关节技术跃迁，具备较高的估值和业绩弹性。首次覆盖， ...

2024Q4 公司收入同比增长 12%/归母净利润同比增长 9%。2024Q4 公司收入为 65 亿 元，同比+12%；归母净利润为 10 亿元，同比+9%；扣非归母净利润为 9.8 亿元，同比+5%。 1）量价拆分：2024Q4 销售运动鞋 0.60 亿双（同增+12%），销售单价同比持平。2）盈利 质量：2024Q4 公司毛利率同比-2.3pct 至 24.1%（（我们判断毛利率降主要系公公司在较多 新工 厂仍较爬 坡状态 ）， 销 售/ 管理 / 财务费用 率同比分 别持平 /-0.9pct/-0.2pct 至 0.2%/2.3%/-0.3%，净利率同比-0.5pct 至 15.3%。 证券研究报告 | 年报点评报告 gszqdatemark 2025 04 11 年 月 日 华利集团（300979.SZ） 基本面持续高质量增长，2024 年分红超出预期 2024 年公司收入同比增长 19%/归母净利润同比增长 20%，分红超出此前预期。2024 年 公司收入为 240.1 亿元，同比+19%；归母净利润为 38.4 亿元，同比+20%；扣非归母净利 润为 37.8 亿元，同比+19%，与此前业绩快报数 ...