Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][8]. Core Insights - The company reported Q4 2024 results in line with expectations and Q1 2025 results exceeding expectations, showing a clear trend of improvement after reaching a low point [2]. - Q4 2024 revenue was 1.5 billion yuan, down 6% year-over-year but up 14% quarter-over-quarter, while Q1 2025 revenue surged to 2.02 billion yuan, up 52% year-over-year and 35% quarter-over-quarter, marking a return to profitability [2][4]. - The company is focusing on the performance of its new game "异环" (Yihuan) and the ongoing success of "诛仙世界" (Zhuxian World) to drive future growth [2][4]. Financial Performance Summary - Total revenue projections for 2025-2027 are 6.8 billion, 10.3 billion, and 10.7 billion yuan respectively, with year-over-year growth rates of 22%, 52%, and 3% [4][9]. - The company expects to achieve a net profit of 645 million yuan in 2025, 1.62 billion yuan in 2026, and 1.93 billion yuan in 2027, reflecting significant recovery and growth [4][9]. - The earnings per share (EPS) are projected to be 0.33 yuan in 2025, 0.84 yuan in 2026, and 1.00 yuan in 2027, indicating a strong turnaround from previous losses [4][9]. Market and Product Insights - The gaming segment saw a revenue increase of 10% year-over-year in Q1 2025, primarily driven by the launch of "诛仙世界" and the performance of esports titles [2][4]. - The company is implementing cost reduction and efficiency improvement measures, which are beginning to show positive effects on its financials [2][4]. - The film and television segment reported a remarkable revenue increase of 1616% year-over-year in Q1 2025, attributed to multiple successful releases [2][4]. Valuation and Price Target - The target price range for the company's stock is set between 15.22 and 19.02 yuan, based on a valuation of 20-25 times the projected earnings for 2026 [4][9]. - The current stock price is 13.69 yuan, suggesting potential upside based on the target price range [4][9].

清源股份（603628）2024 年报及 2025 年一季报点评 推荐（维持） 支架业务市场份额稳固，储能业务打造第二 增长曲线 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,919 | 2,459 | 2,947 | 3,446 | | 同比增速(%) | -0.9% | 28.1% | 19.8% | 16.9% | | 归母净利润(百万) | 90 | 139 | 166 | 192 | | 同比增速(%) | -46.7% | 54.2% | 19.1% | 16.0% | | 每股盈利(元) | 0.33 | 0.51 | 0.60 | 0.70 | | 市盈率(倍) | 37 | 24 | 20 | 17 | | 市净率(倍) | 2.6 | 2.4 | 2.1 | 1.9 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 13 日收盘价 公司研究 证 券 研 究 报 告 太阳能 ...

证 券 研 究 报 告 食品饮料行业跟踪报告 华创证券研究所 行业渐进修复，结构亮点已现 推荐（维持） ——中期策略会交流反馈报告（附 16 家公司要点） 行业研究 食品饮料 2025 年 05 月 14 日 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：范子盼 邮箱：fanzipan@hcyjs.com 执业编号：S0360520090001 证券分析师：田晨曦 邮箱：tianchenxi@hcyjs.com 执业编号：S0360522090005 证券分析师：刘旭德 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：严文炀 邮箱：yanwenyang@hcyjs.com 联系人：王培培 邮箱：wangpeipei@hcyjs.com 行业基本数据 证券分析师：严晓思 邮箱：yanxiaosi@hcyjs.com 执业编号：S0360524070015 邮箱：liuxude@hcyjs.com 执业编号：S0360523080010 （ ...

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 12.15 CNY, reflecting an expected outperformance of over 20% compared to the benchmark index in the next six months [3][8]. Core Views - The company reported a revenue of 1.579 billion CNY for 2024, a decrease of 4.01% year-on-year, and a net profit of 31 million CNY, down 72.04% year-on-year. However, Q1 2025 showed a revenue of 305 million CNY, an increase of 27.52% year-on-year, indicating a turnaround with a net profit of 1.5806 million CNY [2][4]. - The innovative business segment has significantly increased its contribution, with new contracts signed reaching 1.279 billion CNY in 2024, a year-on-year growth of 44%. The innovative business accounted for 42.48% of total revenue, with notable growth in parking asset management and software services [2][7]. - The company is focusing on an "AI + Parking" strategy, aiming to enhance operational efficiency and revenue generation through advanced data analytics and AI technologies [2][7]. Financial Summary - For 2024, total revenue is projected to be 1.579 billion CNY, with a year-on-year growth rate of -4.0%. The net profit is expected to be 31 million CNY, with a significant decline of 72.0%. The forecast for 2025-2027 shows revenues of 1.911 billion CNY, 2.293 billion CNY, and 2.733 billion CNY, with corresponding growth rates of 21.1%, 20.0%, and 19.2% respectively [2][8]. - The earnings per share (EPS) is projected to increase from 0.05 CNY in 2024 to 0.46 CNY by 2027, reflecting a strong recovery in profitability [2][8]. - The company maintains a healthy balance sheet with a debt-to-equity ratio of 15.8% and an asset-liability ratio of 32.34% [4][8].

组件出货稳步增长，多业务共同发展可期 目标价：17.1 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 80,282 | 73,280 | 82,680 | 99,284 | | 同比增速(%) | -29.2% | -8.7% | 12.8% | 20.1% | | 归母净利润(百万) | -3,443 | -1,598 | 1,863 | 3,118 | | 同比增速(%) | -162.2% | 53.6% | 216.6% | 67.4% | | 每股盈利(元) | -1.58 | -0.73 | 0.85 | 1.43 | | 市盈率(倍) | -9 | -20 | 17 | 10 | | 市净率(倍) | 1.2 | 1.3 | 1.2 | 1.1 | 公司研究 证 券 研 究 报 告 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 13 日收盘价 太阳能 2025 年 05 月 14 ...

证券研究报 告 输变电设备行业跟踪报告 25 年国网输变电项目第二十三批采购（输 推荐（维持） 变电项目第二次变电设备）中标跟踪 行业研究 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 75 | 0.01 | | 总市值(亿元) | 6,878.51 | 0.69 | | 流通市值(亿元) | 6,148.45 | 0.77 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 5.0% | -9.9% | -3.0% | | 相对表现 | 1.1% | -4.7% | -9.3% | 输变电设备 2025 年 05 月 14 日 华创证券研究所 证券分析师：代昌祺 邮箱：daichangqi@hcyjs.com 执业编号：S0360524020001 证券分析师：黄麟 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 -17% -6% 5% 16% 24/05 ...

Investment Rating - The report maintains a recommendation for the shipping industry, particularly focusing on the opportunities in the Asian container shipping market [2]. Core Insights - The Asian shipping market is experiencing a balanced supply and demand, with a projected CAGR of 6.85% for container transport volume from 2001 to 2024, driven by regional economic growth and trade agreements like RCEP [2][14]. - The report highlights the differentiated strategies of major players such as SeaLand, Yang Ming, and Jin Jiang, emphasizing their operational strengths and market positioning [2][3]. Summary by Sections Supply and Demand in the Asian Market - Demand: The Asian route is the second-largest segment in global container shipping, with a projected volume of 65.29 million TEU in 2024, accounting for 30.7% of global container trade [14][16]. - Supply: The growth rate of container ships under 3000 TEU is expected to be lower than the global average, with a forecasted capacity growth of 0.59% in 2025 and a decline of 2.97% in 2026 [19][20]. Comparison of Major Shipping Companies - Capacity: SeaLand leads with a total capacity of 180,000 TEU, followed by Yang Ming with 113,000 TEU and Jin Jiang with 53,000 TEU [3][53]. - Growth Rates: From 2020 to 2024, Jin Jiang's total capacity grew by 102%, Yang Ming by 59%, and SeaLand by 39% [54][59]. - Revenue Structure: SeaLand's revenue distribution in 2024 is 48% from Greater China, 29% from Southeast Asia, and 17% from Japan [4][68]. Financial Performance and Efficiency - Profitability: SeaLand's net profit margin fluctuated between 21% and 47% from 2020 to 2024, while Yang Ming's ranged from 2% to 54% [5][6]. - Asset Turnover: SeaLand's total asset turnover ranged from 0.85 to 1.42, indicating efficient asset utilization compared to its peers [5][6]. Investment Recommendations - The report suggests that the Asian shipping market is a high-quality segment within the industry, with companies like SeaLand and Yang Ming expected to benefit from ongoing trade dynamics and regional demand growth [6][52].

Investment Rating - The report provides a positive investment rating for the MCE therapy in the treatment of B cell autoimmune diseases, particularly systemic lupus erythematosus (SLE) [8][10]. Core Insights - The report highlights the urgent need for effective treatments for SLE, which currently lacks a root-cause therapy, and emphasizes the potential of B cell-targeted therapies like MCE to address this unmet clinical need [10][22]. - It discusses the advantages of MCE therapy over existing treatments such as CAR-T and TCE, particularly in terms of safety and efficacy in depleting pathogenic B cells [10][42]. - The report identifies key companies to watch in the clinical progress of MCE therapies, including 宜明昂科, 赛诺菲, Dren Bio, and LTZ Therapeutics [11][12]. Summary by Sections 1. B Cell Autoimmune Diseases: Diverse Types and Large Population - Autoimmune diseases involve the immune system mistakenly attacking the body's own tissues, with significant prevalence among conditions like rheumatoid arthritis (RA), systemic lupus erythematosus (SLE), multiple sclerosis (MS), and others [14][15]. 2. SLE: Large Population and Heavy Disease Burden - SLE affects approximately 7.8 million people globally, with a significant patient population in China, estimated at around 1 million [18][19]. - The disease presents severe symptoms and complications, leading to a high demand for effective treatments [19]. 3. SLE Treatment: Significant Unmet Clinical Needs, B Cell Therapy as a Mainstream Development - Current treatments for SLE are inadequate, with a low long-term remission rate and high recurrence risk [20][21]. - Innovative therapies that can achieve long-term remission or potential cures are urgently needed in the SLE treatment landscape [22]. 4. T Cell Killing: CAR-T and TCE - CAR-T and TCE therapies are explored for their potential to target and deplete pathogenic B cells, with CAR-T showing promising long-term efficacy in SLE patients [25][26]. - However, challenges such as high costs and safety concerns remain significant barriers to widespread adoption [32][33]. 5. Myeloid Cell Killing: MCE - MCE therapy utilizes myeloid cells to target and eliminate pathogenic B cells, showing potential for improved safety profiles compared to CAR-T and TCE therapies [47][50]. - The report emphasizes the innovative mechanisms of MCE and its potential to address the limitations of existing therapies [52].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 12.15 CNY, reflecting an expected outperformance of over 20% compared to the benchmark index in the next six months [3][8]. Core Views - The company reported a revenue of 1.579 billion CNY for 2024, a decrease of 4.01% year-on-year, and a net profit of 31 million CNY, down 72.04% year-on-year. However, in Q1 2025, the company achieved a revenue of 305 million CNY, marking a year-on-year increase of 27.52% and a return to profitability with a net profit of 1.5806 million CNY [2][4]. - The decline in 2024 revenue was primarily due to the downturn in the traditional smart hardware business, influenced by the real estate sector's challenges. Conversely, innovative business segments showed growth, with a revenue of 671 million CNY, up 18.70% year-on-year, accounting for 42.48% of total revenue [2][7]. - The company is focusing on an "AI + Parking" strategy, aiming to transform its business model and enhance operational efficiency through advanced data analytics and AI technologies [2][7]. Financial Summary - For 2024, the total revenue is projected to be 1.579 billion CNY, with a year-on-year growth rate of -4.0%. The net profit is expected to be 31 million CNY, with a significant decline of 72.0% [2][8]. - Forecasts for 2025 to 2027 indicate revenues of 1.911 billion CNY, 2.293 billion CNY, and 2.733 billion CNY, respectively, with corresponding growth rates of 21.1%, 20.0%, and 19.2% [2][8]. - The projected net profit for 2025 is 176 million CNY, reflecting a substantial increase of 460.2% year-on-year, with further growth expected in subsequent years [2][8].

❖ 核心观点 证 券 研 究 报 告 【宏观专题】 自下而上：微观财报中的 8 个宏观看点 ❖ 二、收入分配：薪资增速仍高，一次分配优化 1）制造业薪酬增速不低，且相对收入水平提升。2024 年，制造业上市公司人 均薪酬为 17.6 万元，同比增长 4.4%，与城镇居民可支配收入增速（4.6%）大 体持平。从相对水平看，2024 年，制造业人均薪酬与金融业之比由降转升，录 得 2012 年来最高值，即从相对薪酬层面看，有利于人才流入制造业。 2）上市公司层面的"劳动者报酬占比"提升，近似以薪酬总额/营业收入衡量 上市公司层面的劳动者报酬占比。2021 年来，制造业上市公司中劳动者报酬 占比持续提升，2023 年为 9.3%，2024 年升至 9.9%、为 2012 年来的最高值。 ❖ 三、盈利问题：整体承压，境外业务利润率较高 时值年报季，我们透过微观财报观察宏观趋势。客观来看，当前部分企业经营 可能面临一些压力，包括当期盈利走弱、回款不畅，以及衡量企业预期的资本 开支、货币资金增速转负。但同时，一些积极的线索正在形成： 1）消费线索。当前制造业薪酬增长稳健（同比 4.4%），同时上市公司层面"劳 动者报酬占 ...