Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's gene sequencing instrument business is experiencing steady growth, with significant progress in instrument installations. Despite short-term revenue pressure in Q1 2025 due to seasonal fluctuations, profit performance is driven by cost reduction and efficiency improvements. The acceleration of domestic substitution in 2025 is expected to lead to rapid growth in performance [2][4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 3.013 billion yuan, a year-on-year increase of 3.48%. The net profit attributable to the parent company was -601 million yuan, a year-on-year increase of 1.10%. The adjusted net profit was -653 million yuan, a year-on-year increase of 4.41%. In Q4 2024, revenue reached 1.143 billion yuan, a year-on-year increase of 61.64% [1] - For Q1 2025, the company reported revenue of 455 million yuan, a year-on-year decline of 14.26%. The net profit attributable to the parent company was -133 million yuan, a year-on-year increase of 33.67% [1][2] Business Segments - The gene sequencing instrument business generated revenue of 2.348 billion yuan in 2024, a year-on-year increase of 2.47%. Instrument revenue was 960 million yuan (up 6.92%), and reagent revenue was 1.373 billion yuan (up 1.43%). The laboratory automation business generated 209 million yuan (down 4.09%) [2] - In Q1 2025, the company launched several new products, including the DNBSEQ-AIO library preparation sequencer and the DNBSEQ-E25 Flash sequencer, which are expected to strengthen future growth [4] International Expansion - The company has established a global presence across over 110 countries, with nine R&D centers, seven production bases, and nine international spare parts warehouses. In 2024, overseas revenue from the gene sequencing instrument business was 741 million yuan, a year-on-year decrease of 12.66% [3] - The company has made significant strides in localizing its operations, with the U.S. factory now operational and producing the DNBSEQ-G99 sequencer [3] Future Projections - Revenue projections for 2025-2027 are 3.736 billion yuan, 4.306 billion yuan, and 4.959 billion yuan, representing year-on-year growth rates of 24.0%, 15.3%, and 15.2%, respectively. The net profit attributable to the parent company is expected to improve significantly, reaching -57 million yuan in 2025 and 144 million yuan in 2026 [4][5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company is expected to see a gradual improvement in performance due to a recovery in bidding trends, despite short-term pressure in Q1 2025 caused by domestic policy disruptions and high base effects from the previous year [2][3] - The in-vitro diagnostics business is showing steady growth, while the high-end ultrasound A20 is driving growth in the medical imaging segment [2] - The company is projected to achieve revenue of 400.23 billion yuan in 2025, with a year-on-year growth of 9.0% [5] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 367.26 billion yuan, a year-on-year increase of 5.14%, and a net profit of 116.68 billion yuan, up 0.74% [1] - For Q1 2025, the company reported revenue of 82.37 billion yuan, a decline of 12.12% year-on-year, and a net profit of 26.29 billion yuan, down 16.81% [1] Business Segments - The life information and support business generated revenue of 135.57 billion yuan, down 11.11% year-on-year, primarily due to domestic industry regulations and delays in procurement [2] - The in-vitro diagnostics segment saw revenue of 137.65 billion yuan, an increase of 10.82%, with overseas growth exceeding 30% [2] - The medical imaging segment achieved revenue of 74.98 billion yuan, a year-on-year increase of 6.60%, with overseas revenue growing over 15% [2] Market Trends - The company is experiencing a recovery in domestic bidding data, with expectations of a significant turning point in Q3 2025 [3] - The overseas revenue for 2024 reached 164.34 billion yuan, a year-on-year increase of 21.28%, with the overseas revenue proportion rising to approximately 45% [4] Profitability Forecast - The company is expected to see net profits of 128.07 billion yuan, 150.90 billion yuan, and 176.39 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.8%, 17.8%, and 16.9% [5]

海上风电迎来密集开工，英联股份持续拓宽复合集流体合作版图 光伏：硅料价格继续下跌，成交价环比下降 2.6~2.7%。根据硅料分会报道， 随着 5、6 月下游排产开始下调，本周硅料价格继续下跌。n 型复投料成交价 格区间为 3.70-4.50 万元/吨，成交均价为 3.92 万元/吨，环比下降 2.73%；n 型颗粒硅成交价格区间为 3.60-3.80 万元/吨，成交均价为 3.70 万元/吨，环比 下降 2.63%；p 型多晶硅成交价格区间为 3.10-3.50 万元/吨，成交均价为 3.23 万元/吨，环比下降 2.12%。目前预计 5 月硅料排产在 10 万吨左右，关注后 续降排产情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格 弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技 术背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：海上风电迎来密集开工。包括华能山东半岛北 L 场址海上风电项 目、浙江舟山普陀 2#海上风电场项目开工、瑞安 2 号 600MW。风电板块， 关注海缆：东方电缆、中天科技、亨通光电、起帆电缆，桩基：天顺风能、海 力风电、大金 ...

增持（维持） 证券研究报告 | 行业周报 gszqdatemark 2025 05 05 年 月 日 钢铁 约束供给扩大消费 行情回顾（4.28-4.30）： 中信钢铁指数报收 1,528.72 点，下跌 0.52%，跑输沪深 300 指数 0.09pct，位列 30 个中信 一级板块涨跌幅榜第 16 位。 重点领域分析： 投资策略：受假期影响本周交易日有限，海外交易市场贵金属价格出现一定的调整，黑色商 品则依然震荡。根据财联社，宝钢回应近期钢铁市场传闻行业将限产 5000 万吨以应对近年 来市场供需结构的变化是大概率事件，但随后黑色商品价格表现平淡，行业内对今年限产落 实疑虑较大。由于过去在执行中存在一定的落实障碍，加之今年的监督和奖惩还缺少更多的 细节，市场抱有一定的疑虑是正常的。中国"内卷"很大原因是由于地方政府尤其青睐重资 产的制造业，一是因为投资规模大，对 GDP 拉动作用明显；二是因为增值税在生产环节征 收，跟生产规模直接挂钩；三是因为制造业不仅可以吸纳从农业部门转移出的低技能劳动力， 也可以带动第三产业发展，增加相关税收。因为绝大多数税收征收自企业，且多在生产环节 征收，所以过去地方政府重视企业 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's performance in 2024 faced temporary pressure due to domestic industry restructuring and equipment update cycles, while overseas markets experienced rapid growth. The first quarter of 2025 showed positive year-on-year growth in both revenue and profit, indicating a gradual release of equipment update demand. The company achieved breakthroughs in high-end markets and penetration in emerging regions, enhancing its global presence as a leading domestic medical imaging company [2][3] Financial Performance Summary - In 2024, the company reported revenue of 10.3 billion yuan, a year-on-year decline of 9.73%, and a net profit attributable to shareholders of 1.262 billion yuan, down 36.09%. The first quarter of 2025 saw revenue of 2.478 billion yuan, an increase of 5.42%, and a net profit of 370 million yuan, up 1.87% [1][5] - The service business showed strong performance in 2024, with revenue of 1.356 billion yuan, a year-on-year increase of 26.80%, and a gross margin of 63.43%. In contrast, the equipment business faced challenges, with revenue of 8.445 billion yuan, a decline of 14.93% [2][3] - The company's overseas revenue reached 2.22 billion yuan in 2024, a year-on-year increase of 33.81%, while domestic revenue was 7.664 billion yuan, down 19.43% [3] Product and Market Development - The company has launched over 140 innovative products by the end of 2024, with significant certifications including 46 CE MDR and 49 FDA approvals. Notable products include advanced MRI and CT systems, enhancing the company's product portfolio [4] - The company has expanded its overseas business to over 85 countries and regions, achieving significant market penetration in North America and Europe, and making strides in emerging markets such as India, Turkey, Mexico, and Brazil [3][4] Future Projections - Revenue projections for 2025 to 2027 are estimated at 12.354 billion yuan, 15.130 billion yuan, and 18.326 billion yuan, respectively, with year-on-year growth rates of 19.9%, 22.5%, and 21.1%. Net profit projections for the same period are 1.803 billion yuan, 2.245 billion yuan, and 2.746 billion yuan, with growth rates of 42.8%, 24.6%, and 22.3% [4][5]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has shown strong performance in overseas markets, with a revenue increase of 27.67% in 2024, while domestic revenue grew by 9.32% despite pricing pressures from procurement policies [2][3] - The company is expanding its high-end product offerings and increasing its market share in both domestic and international markets, with significant progress in the installation of high-end models [4] - The company is expected to achieve revenue growth of 13.7%, 16.5%, and 17.8% for the years 2025, 2026, and 2027 respectively, with net profit growth of 12.8%, 17.6%, and 18.4% during the same period [4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 45.35 billion yuan, a year-on-year increase of 15.41%, and a net profit of 18.28 billion yuan, up 10.57% [1] - The gross margin for 2024 was 72.07%, with a slight decrease of 0.89 percentage points compared to the previous year [2] - For Q1 2025, the company reported revenue of 11.25 billion yuan, a 10.12% increase year-on-year, and a net profit of 4.38 billion yuan, up 2.65% [1][3] Market Segmentation - The overseas market contributed 16.84 billion yuan in revenue in 2024, reflecting a growth of 27.67%, driven by increased installation of instruments [2] - The domestic market generated 28.43 billion yuan in revenue, with a growth of 9.32%, supported by expanding coverage in tertiary hospitals [2][4] Product Development - The company installed 1,641 units of chemical luminescence instruments in the domestic market, with large machines accounting for 74.65% of installations [4] - In the overseas market, the company installed 4,017 units, with high-end models making up 67.16% of the total installations [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are 51.58 billion yuan, 60.07 billion yuan, and 70.75 billion yuan respectively, with corresponding net profits of 20.63 billion yuan, 24.27 billion yuan, and 28.74 billion yuan [4][6]

电力设备 海上风电迎来密集开工，英联股份持续拓宽复合集流体合作版图 光伏：硅料价格继续下跌，成交价环比下降 2.6~2.7%。根据硅料分会报道， 随着 5、6 月下游排产开始下调，本周硅料价格继续下跌。n 型复投料成交价 格区间为 3.70-4.50 万元/吨，成交均价为 3.92 万元/吨，环比下降 2.73%；n 型颗粒硅成交价格区间为 3.60-3.80 万元/吨，成交均价为 3.70 万元/吨，环比 下降 2.63%；p 型多晶硅成交价格区间为 3.10-3.50 万元/吨，成交均价为 3.23 万元/吨，环比下降 2.12%。目前预计 5 月硅料排产在 10 万吨左右，关注后 续降排产情况。核心关注两大方向：1）供给侧偏刚性、后续需求复苏后价格 弹性更大的硅料和玻璃，核心关注协鑫科技、通威股份、福莱特等。2）新技 术背景下带来的中长期成长性机会，核心关注爱旭股份、聚和材料等。 风电&电网：海上风电迎来密集开工。包括华能山东半岛北 L 场址海上风电项 目、浙江舟山普陀 2#海上风电场项目开工、瑞安 2 号 600MW。风电板块， 关注海缆：东方电缆、中天科技、亨通光电、起帆电缆，桩基：天顺风能、海 力 ...

Investment Rating - The report maintains an "Overweight" rating for the computing power sector, specifically recommending companies in the computing power industry chain such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [2][20]. Core Viewpoints - The report emphasizes that the narrative surrounding AI development remains unchanged, with sustained investment and certainty reflected in the financial reports of major cloud service providers (CSPs) like Microsoft, Meta, and Amazon. These companies have shown significant revenue and profit growth attributed to AI, indicating a strong demand for AI infrastructure [1][19]. - Despite concerns over tariff policies affecting the macroeconomic outlook, the demand for AI remains robust, supported by a positive cycle of capital expenditure expansion, commercialization, and performance realization. The computing power industry chain is expected to maintain high prosperity due to breakthroughs in large model technologies and the continuous expansion of application scenarios [1][19]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication and related companies such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication. It also highlights companies like Weiteng Electric, which have seen significant declines due to tariff impacts but possess growth potential [2][12][20]. Industry Performance - The communication sector has shown an upward trend, with the cloud computing index performing particularly well. The report notes that various sub-indices, including cloud computing and mobile internet, have outperformed the average communication industry performance [15][18]. Company Financials - Microsoft reported FY25Q3 revenue of $70.1 billion, a 13% year-on-year increase, with net profit reaching $25.8 billion, up 18%. AI services contributed significantly to this growth, with a projected capital expenditure of $80 billion for AI data center construction [5][21]. - Meta's Q1 revenue was $42.3 billion, a 16% increase, with net profit soaring 35% to $16.6 billion. The company plans to increase its capital expenditure guidance for 2025 to support AI initiatives [5][21]. - Amazon's Q1 revenue reached $155.7 billion, an 8.6% increase, with net profit of $18.4 billion, up 20%. The growth was driven by the rapid development of generative AI and cloud migration [5][21]. Market Trends - The report highlights the explosive growth in the MaaS (Model as a Service) and AI large model solution markets in China, with expected annual growth rates of 66.1% and 54.5%, respectively, over the next five years [26][27].

证券研究报告 | 行业周报 gszqdatemark 2025 05 05 年 月 日 钢铁 约束供给扩大消费 行情回顾（4.28-4.30）： 中信钢铁指数报收 1,528.72 点，下跌 0.52%，跑输沪深 300 指数 0.09pct，位列 30 个中信 一级板块涨跌幅榜第 16 位。 重点领域分析： 投资策略：受假期影响本周交易日有限，海外交易市场贵金属价格出现一定的调整，黑色商 品则依然震荡。根据财联社，宝钢回应近期钢铁市场传闻行业将限产 5000 万吨以应对近年 来市场供需结构的变化是大概率事件，但随后黑色商品价格表现平淡，行业内对今年限产落 实疑虑较大。由于过去在执行中存在一定的落实障碍，加之今年的监督和奖惩还缺少更多的 细节，市场抱有一定的疑虑是正常的。中国"内卷"很大原因是由于地方政府尤其青睐重资 产的制造业，一是因为投资规模大，对 GDP 拉动作用明显；二是因为增值税在生产环节征 收，跟生产规模直接挂钩；三是因为制造业不仅可以吸纳从农业部门转移出的低技能劳动力， 也可以带动第三产业发展，增加相关税收。因为绝大多数税收征收自企业，且多在生产环节 征收，所以过去地方政府重视企业而相对轻视民生 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 05 年 月 日 华大智造（688114.SH） 25Q1 业绩短期承压，国产替代加速 2025 业绩可期 华大智造发布 2024 年度报告。2024 年公司实现营业收入 30.13 亿元，同比增长 3.48%；归母净利润-6.01 亿元，同比增长 1.10%；扣非后归母净利润-6.53 亿元， 同比增长 4.41%。分季度看，2024Q4 实现营业收入 11.43 亿元，同比增长 61.64%； 归母净利润-1.37 亿元，同比增长 66.45%；扣非后归母净利润-1.55 亿元，同比增 长 64.68%。 华大智造发布 2025 年度一季报。2025Q1 公司实现营业收入 4.55 亿元，同比下 滑 14.26%；归母净利润-1.33 亿元，同比增长 33.67%；扣非后归母净利润-1.45 亿元，同比增长 31.99%。 观点：2024 年基因测序仪业务稳健增长，测序仪装机进展顺利。2025Q1 收入 端因季节波动等因素影响短期承压，利润端表现优于收入端主要系降本增效驱动 期间费用率改善。海外本地化业务进展顺利，全球生产与服务能力 ...