Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported total operating revenue of 5.385 billion yuan in 2024, a year-on-year increase of 2.72%, while the net profit attributable to shareholders decreased by 12.6% to 407 million yuan [1]. - The smartphone and smart IoT business lines remained stable, while the smart automotive business experienced a temporary slowdown due to longer acceptance cycles from automotive manufacturers and lower-than-expected model shipments [1]. - The company has increased its investment in core technologies and innovation in the "operating system + edge intelligence" strategy, with R&D expenses rising by 8.16% year-on-year [2]. - Cash flow has significantly improved, with operating income in the second half of 2024 increasing by 24.29% compared to the first half, and net profit attributable to shareholders rising by 190.4% [2]. Financial Performance Summary - In 2024, the smart software business line generated revenue of 1.422 billion yuan, a growth of 0.49% year-on-year, while the smart IoT business line achieved revenue of 1.545 billion yuan, growing by 3.73% [1]. - The smart automotive business line reported revenue of 2.416 billion yuan, a growth of 3.42% year-on-year, following a period of over 30% growth in 2023 [1]. - The company expects net profit attributable to shareholders to reach 456 million yuan in 2025, 511 million yuan in 2026, and 544 million yuan in 2027 [2][4].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Viewpoints - The company's 2024 annual report shows that it achieved operating revenue of 888 million yuan, a year-on-year increase of 7.31%, and a net profit attributable to shareholders of 64 million yuan, up 4.17% year-on-year, which aligns with expectations [1]. - The 2D product line provides a stable revenue base, while the 3D products are the main growth driver, with 3D CAD product revenue increasing by 29% year-on-year [1]. - The overseas business has shown rapid growth, with a main business revenue growth rate of 28.77% in 2024, contributing positively to overall performance [2]. - Continuous investment in R&D is aimed at solidifying competitive barriers in the CAx field, focusing on an integrated CAx solution that enhances product differentiation [3]. Financial Summary - In 2024, the company reported operating revenue of 888 million yuan, with a growth rate of 7.3% year-on-year, and a net profit of 64 million yuan, reflecting a growth rate of 4.2% year-on-year [4]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 71 million yuan, 82 million yuan, and 92 million yuan respectively [3][4]. - The earnings per share (EPS) for 2024 is projected at 0.53 yuan, with a net asset return rate of 2.4% [4].

现金流管控良好，彰显龙头韧性 公司发布 2024 年年报及 2025 年一季报。2024 年公司实现营业收入 91.98 亿元，同比增长 45.94%；归母净利润为 12.73 亿元，同比增长 1.36%；扣非归母净利润为 12.38 亿元，同比增长 6.06%。2025 年 Q1 公 司实现营业收入 15.34 亿元，同比下降 21.90%；归母净利润为 1.41 亿 元，同比下降 57.56%；扣非归母净利润为 1.24 亿元，同比下降 63.40%。 公司业绩下滑主要系光伏行业处于调整周期。 海外业务方面：公司积极拓展海外市场，2024 年产品已销往全球 40 多个 国家和地区。全年实现境外收入 15.31 亿元，同比增长 53.43%，海外业 务毛利率为 43.24%，显著高于境内业务。公司马来西亚生产基地将于 2025 年投产，有望进一步提升全球服务能力。 证券研究报告 | 年报点评报告 gszqdatemark 2025 04 22 年 月 日 奥特维（688516.SH） 订单方面：2024 年度，公司签署销售订单 101.49 亿元（含税），同比下 降 22.49%，主要系光伏行业订单下滑影响 ...

证券研究报告 | 行业点评 gszqdatemark 2025 04 22 年 月 日 电力设备 作者 固态电池技术持续发展，产业化渐行渐近 固态电池相较液态锂电具备能量密度与安全性优势。由于液态电池中电解 液的有机溶剂具有易燃、易腐蚀以及存在锂枝晶等问题，因此有产生热失 控的可能性。而固态电池则是将固态电解质部分或全部替代液态电解质的 一种电池技术。当前固态电池具有不可燃性、较强的热稳定性以及可抑制 锂枝晶形成等特性，相比液态电池而言，安全性有着显著的提升。此外， 固态电池可兼容高比容量正负极，因此可大幅提升能量密度。其中半固态 可达 350Wh/kg+，准固态可实现 400Wh/kg+，全固态可突破 500Wh/kg。 2024 年，车企、手机厂、电池及材料厂公布了在固态电池行业的进展。 2024 年上半年，vivo 发布了行业首个搭载半固态蓝海电池的 X Fold3 系 列；太蓝新能源开发出了能量密度达 720Wh/kg 全固态锂金属电池；广汽 埃安则官宣研发完成了 30Ah 大容量全固态电芯，并计划在 2026 年率先 用于昊铂车型。而在去年下半年，华为公布了硫化物电池的专利布局；欣 界能源的锂金属固 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported significant growth in Q1 2025, with revenue reaching 235 million yuan, a year-on-year increase of 30.13%, and net profit attributable to shareholders of 69 million yuan, up 31.83% year-on-year [1] - The increase in visitor numbers and revenue is attributed to improved weather conditions and an earlier Spring Festival, leading to a longer peak season [1] - The company maintains strong cost control, with a stable gross margin of 54.6% and a net profit margin of 29.3%, reflecting a year-on-year increase of 0.4 percentage points [2] - The company is actively pursuing project developments and marketing strategies to capitalize on the growing tourism sector in Anhui Province [3] - The company is expected to achieve revenue of 845 million yuan and net profit of 223 million yuan in 2025, with projected growth rates of 10.5% and 20.1% respectively [5][4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 235 million yuan, a 30.13% increase year-on-year, and a net profit of 69 million yuan, up 31.83% year-on-year [1] - The gross margin slightly decreased by 0.1 percentage points to 54.6%, while the net profit margin increased by 0.4 percentage points to 29.3% [2] Project Development and Marketing - The company is advancing several projects, including the construction of a cable car at Lion Peak and upgrades to existing facilities, while also seeking new investment opportunities [3] - Marketing efforts include enhancing media presence and collaborating with major online travel agencies to boost brand visibility and attract visitors [3] Future Projections - The company forecasts revenues of 850 million yuan in 2025, 930 million yuan in 2026, and 1.04 billion yuan in 2027, with net profits expected to reach 223 million yuan, 263 million yuan, and 304 million yuan respectively [5][4]

国检集团（603060.SH） Q4 盈利短期承压，25 年业绩有望显著恢复 毛利率下降、减值增加致 Q4 业绩承压，2025 年盈利有望显著修复。2024 年 公司实现营业总收入 26.2 亿，同降 1.6%；实现归母净利润 2.0 亿，同降 21%； 扣非归母净利润同降 27%，业绩有所承压，主要受毛利率下滑及减值计提增 加影响。分季度看：Q1/Q2/Q3/Q4 单季分别实现营业收入 4.6/5.8/6.1/9.6 亿， 同比-2%/+9%/+3%/-9%；单季分别实现归母净利润-0.3/0.5/0.4/1.3 亿，同 比-13%/+3%/-2%/-28%，Q4 业绩下滑较多，主要因：1）水泥、玻璃等传统 建材领域景气较弱，相关领域检测需求有所承压；2）受行业竞争加剧影响， 单季毛利率下降 1.7pct；3）单季计提 0.5 亿减值损失，较同期增加 0.3 亿； 4）公司对于环境食农板块部分无效资产进行出清，产生一次性损失。2025 年 公司计划实现营业收入 28 亿，同增 7%；利润总额 3.8 亿，同增 18%，全年 业绩有望在上年低基数上显著恢复。 建工建材检测主业维持稳增，智能制造量价齐跌拖累收入 ...

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].