Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 115 yuan, corresponding to a PE ratio of 22 times for 2025 [2][8]. Core Views - The company demonstrated strong operational performance, achieving a revenue of 24.71 billion yuan in 2024, a year-on-year increase of 41.1%, and a net profit attributable to shareholders of 2.11 billion yuan, up 30.9% [2][8]. - The first quarter of 2025 continued this trend with a revenue of 5.99 billion yuan, reflecting a 36.9% year-on-year growth, and a net profit of 500 million yuan, which is a 59.6% increase [2][8]. - The report highlights the company's robust growth momentum, particularly in the charging and energy storage segment, which generated 12.67 billion yuan in revenue, a 47.2% increase year-on-year [8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 24,710 million yuan - Year-on-year growth: 41.1% - Net profit: 2,114 million yuan - Year-on-year growth: 30.9% - Earnings per share (EPS): 3.98 yuan [4][8]. - **2025 Financial Projections**: - Expected total revenue: 32,128 million yuan - Expected year-on-year growth: 30.0% - Expected net profit: 2,737 million yuan - Expected year-on-year growth: 29.4% - Expected EPS: 5.15 yuan [4][8]. - **Long-term Projections**: - 2026 expected revenue: 40,075 million yuan, with a growth rate of 24.7% - 2027 expected revenue: 47,916 million yuan, with a growth rate of 19.6% [4][8]. Market Performance - The company's stock price has experienced a significant correction, attributed to tariff concerns, but the report suggests that the fundamentals remain strong with multiple quarters of exceeding market expectations [8]. - The report emphasizes that the company has successfully shifted production capacity to Southeast Asia, mitigating potential tariff impacts [8]. Investment Recommendations - The report suggests that despite recent stock price fluctuations, the company's strong financial performance and growth potential present a compelling long-term investment opportunity [8]. - The adjusted EPS forecasts for 2025 and 2026 are 5.15 yuan and 6.47 yuan respectively, indicating a positive outlook for earnings growth [8].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][17]. Core Views - The company achieved a revenue of 2.753 billion yuan in 2024, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 541 million yuan, up 5.89% year-on-year [1]. - The company is actively expanding its global presence with early overseas production base layouts and ongoing globalization of its proprietary brand [1][6]. - The target price is set at 30.23 yuan, with the current price at 23.26 yuan, indicating significant upside potential [3][7]. Financial Performance Summary - In 2024, the company reported total revenue of 2,753 million yuan, with a year-on-year growth rate of 3.8% [8]. - The net profit attributable to shareholders for 2024 was 541 million yuan, reflecting a year-on-year growth of 5.9% [8]. - For Q1 2025, the company recorded a revenue of 614 million yuan, a decrease of 2.81% year-on-year, but a net profit of 200 million yuan, which is an increase of 21.36% year-on-year [1]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 2.921 billion yuan, 3.300 billion yuan, and 3.659 billion yuan, respectively, with year-on-year growth rates of 6.1%, 13.0%, and 10.9% [7][8]. - The net profit attributable to shareholders is expected to be 642 million yuan in 2025, 679 million yuan in 2026, and 781 million yuan in 2027, with growth rates of 18.6%, 5.8%, and 15.1% respectively [7][8]. Strategic Initiatives - The company is enhancing its global distribution channels and product series, with a focus on intelligent equipment [6]. - The establishment of a production base in Thailand is expected to improve competitiveness in the U.S. market amid tariff changes [6]. - The company aims to leverage its high proportion of proprietary brands and expand its market share through global channel development and new product introductions [7].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][17]. Core Views - The company achieved a revenue of 2.753 billion yuan in 2024, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 541 million yuan, up 5.89% year-on-year [1]. - The company is actively expanding its global presence with early investments in overseas production bases and a continuous push for brand globalization [1][6]. - The target price for the company's stock is set at 30.23 yuan, with the current price at 23.26 yuan, indicating significant upside potential [3][7]. Financial Performance Summary - In 2024, the company reported total revenue of 2,753 million yuan, with a year-on-year growth rate of 3.8% expected to reach 2,921 million yuan in 2025, representing a growth of 6.1% [8]. - The net profit attributable to shareholders for 2024 is projected at 541 million yuan, with an expected increase to 642 million yuan in 2025, reflecting a growth rate of 18.6% [8]. - The gross margin for 2024 is reported at 43.01%, with a slight year-on-year decrease of 0.49 percentage points, while the operating profit is expected to grow steadily in the coming years [6][8]. Market Position and Strategy - The company has increased its export ratio, with overseas sales accounting for 93.7% of total revenue in 2024, up from 90.2% in 2023 [6]. - The establishment of a production base in Thailand is expected to enhance competitiveness in the U.S. market, especially in light of recent tariff changes [6]. - The company is focusing on product diversification and smart equipment development, aiming to capture a larger share of the U.S. market, particularly in the fast-food sector with its French fry robot product [6][7].

行业研究 证 券 研 究 报 告 非银金融行业深度研究报告 推荐（维持） 公募基金业改革：利益一致性的全面平衡 1、 全面重塑利益一致性问题 改革内涵：利益一致性问题是长期困扰中国公募基金行业发展的痛点，也是近 年行业舆论压力显著增加的重要原因，建设符合中国式现代化本质要求的公募 基金行业，需要围绕公募基金"受人之托、忠人之事"的信义义务，实现从重 规模向重投资者回报的方向转型。 2、 建立并实施长周期考核机制，完善薪酬管理制度 改革内涵：长周期考核机制建立是引导公募基金行业建立长期价值观的重要手 段，同时有效平滑业绩波动对持有体验带来的影响，本次政策充分考虑市场化 发展的必要性，薪酬机制可升可降实现对基金经理的价值创造的正确定价。 3、 提升行业经营透明度 改革内涵：提升行业评价、投资盈利、费率收取的透明度，进一步减少持有人 及代销机构与基金产品运作之间的信息不对称。 4、 从规模收费模式向服务收费模式进阶 改革内涵：费率改革走实走深，ETF 工具属性明确，通过降费来稳步降低基金 投资者成本，引导长期资金入市，在产品收益水平及费率水平之间进行平衡， 同时通过多个文件鼓励投顾业务发展，引导行业重视服务型收费。 ...

公司研究 证券Ⅲ 2025 年 05 月 08 日 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证 券 研 究 报 告 天风证券（601162）2024 年报点评 中性（维持） 利润为负主要受重资本业务等影响，Q4 单季 度 ROE 环比提升 当前价：4.06 元 事项： 点评： 证券分析师：刘潇伟 邮箱：liuxiaowei@hcyjs.com 执业编号：S0360525020001 公司基本数据 | 总股本(万股) | 866,575.75 | | --- | --- | | 已上市流通股(万股) | 866,575.75 | | 总市值(亿元) | 351.83 | | 流通市值(亿元) | 351.83 | | 资产负债率(%) | 73.72 | | 每股净资产(元) | 2.70 | | 12 个月内最高/最低价 | 6.40/2.13 | 市场表现对比图(近 12 个月) -27% 23% 72% 121% 24/05 24/07 24/09 24/12 25/02 25/05 2024-05- ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.3 CNY [1][6]. Core Views - The company has sufficient orders on hand and is experiencing steady growth in performance. In 2024, the company achieved a revenue of 74.10 billion CNY, representing a year-on-year increase of 59.08%, and a net profit attributable to shareholders of 6.92 billion CNY, up 140.80% year-on-year [6][7]. - The company continues to deepen its integrated "cloud-edge-end" smart storage and intelligent IoT system, focusing on smart storage, intelligent IoT, cloud services, computing servers, and server remanufacturing, driven by AI demand [6][7]. - The AI wave is driving demand for computing power, with significant growth in server remanufacturing and computing power leasing businesses [6][7]. Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of 10,430 million CNY in 2025, 13,369 million CNY in 2026, and 16,434 million CNY in 2027, with year-on-year growth rates of 40.8%, 28.2%, and 22.9% respectively [2][7]. - **Net Profit Forecast**: The net profit attributable to shareholders is expected to be 1,074 million CNY in 2025, 1,450 million CNY in 2026, and 1,891 million CNY in 2027, with growth rates of 55.3%, 35.0%, and 30.4% respectively [2][7]. - **Earnings Per Share (EPS)**: The EPS is projected to be 4.38 CNY in 2025, 5.91 CNY in 2026, and 7.71 CNY in 2027 [2][7]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 38 in 2024 to 14 in 2027, while the price-to-book (P/B) ratio is projected to decline from 8.1 to 3.6 over the same period [2][7]. Business Performance - The company's IoT intelligent terminal business generated revenue of 22.59 billion CNY in 2024, a year-on-year increase of 60.82%, primarily benefiting from overseas expansion in smart security and smart home sectors [6][7]. - The data storage equipment business achieved revenue of 44.57 billion CNY, up 54.98% year-on-year, due to continuous investment in data centers and cloud storage [6][7]. - In Q1 2025, the company reported revenue of 20.77 billion CNY, a year-on-year increase of 18.11%, and a net profit of 1.69 billion CNY, up 4.29% year-on-year [6][7].

证 券 研 究 报 告 银行业重大事项点评 行业研究 银行 2025 年 05 月 09 日 货币政策再发力，降成本优结构主线延续 推荐（维持） ——评 507 国新办发布会 华创证券研究所 证券分析师：贾靖 邮箱：jiajing@hcyjs.com 执业编号：S0360523040004 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S0360518060005 证券分析师：林宛慧 邮箱：linwanhui@hcyjs.com 执业编号：S0360524110001 事项： 5 月 7 日国新办召开新闻发布会，中国人民银行行长潘功胜、国家金融监督管理总局局 长李云泽、中国证监会主席吴清集体出席，介绍"一揽子金融政策支持稳市场稳预期"有 关情况。 点评： 降准+降息+结构性降息+公积金利率调整等一揽子货币政策组合落地，继续释放货币政 策宽松信号。本次发布会延缓宣布 10 项措施：1、降准：降低存款准备金率 0.5 个百分 点，提供长期流动性约 1 万亿元。2、完善存款准备金制度：阶段性将汽车金融公司、金 融租赁公司的存款准备金率，从目前的 5%调降至 0% ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 133.3 CNY [1][6]. Core Insights - The company has sufficient orders on hand and is experiencing steady growth in performance. In 2024, the company achieved a revenue of 74.10 billion CNY, representing a year-on-year increase of 59.08%, and a net profit attributable to shareholders of 6.92 billion CNY, up 140.80% year-on-year [6][7]. - For Q1 2025, the company reported a revenue of 20.77 billion CNY, a year-on-year increase of 18.11%, and a net profit of 1.69 billion CNY, up 4.29% year-on-year [6][7]. - The company is focusing on deepening its "cloud-edge-end" integrated smart storage and intelligent IoT system, driven by AI demand, enhancing supply chain efficiency and cost control [6][7]. Financial Performance Summary - **Revenue Forecast**: - 2024: 7,410 million CNY - 2025: 10,430 million CNY - 2026: 13,369 million CNY - 2027: 16,434 million CNY - Year-on-year growth rates: 59.1% (2024), 40.8% (2025), 28.2% (2026), 22.9% (2027) [2][7]. - **Net Profit Forecast**: - 2024: 692 million CNY - 2025: 1,074 million CNY - 2026: 1,450 million CNY - 2027: 1,891 million CNY - Year-on-year growth rates: 140.8% (2024), 55.3% (2025), 35.0% (2026), 30.4% (2027) [2][7]. - **Earnings Per Share (EPS)**: - 2024: 2.82 CNY - 2025: 4.38 CNY - 2026: 5.91 CNY - 2027: 7.71 CNY [2][7]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio: 38 (2024), 24 (2025), 18 (2026), 14 (2027) - Price-to-Book (P/B) ratio: 8.1 (2024), 6.2 (2025), 4.7 (2026), 3.6 (2027) [2][7]. Business Segments Performance - The IoT intelligent terminal business generated revenue of 22.59 billion CNY, up 60.82% year-on-year, benefiting from overseas expansion in smart security and smart home sectors [6][7]. - The data storage equipment business achieved revenue of 44.57 billion CNY, a year-on-year increase of 54.98%, driven by continuous investment in data centers and cloud storage [6][7]. Investment Recommendation - Based on the latest financial reports and anticipated price declines in storage in the second half of 2024, the revenue projections for 2025-2027 have been adjusted to 104.30 billion CNY, 133.69 billion CNY, and 164.34 billion CNY respectively, with net profits of 10.74 billion CNY, 14.50 billion CNY, and 18.91 billion CNY [6][7].

Investment Rating - The investment rating for Tianfeng Securities is "Neutral" (maintained) [1][5]. Core Views - The report highlights that the negative profit is primarily influenced by heavy capital business, although the quarterly ROE has improved sequentially [1][5]. - The total operating revenue, excluding other business income, is reported at 2.6 billion RMB, a year-on-year decrease of 21.9%, with a quarterly revenue of 1.3 billion RMB, reflecting a sequential increase of 7.3 billion RMB [5]. - The net profit attributable to shareholders is -30 million RMB, a year-on-year decline of 109.7%, with a quarterly profit of 510 million RMB, showing a sequential increase of 7.2 billion RMB and a year-on-year increase of 6.2 billion RMB [5]. Financial Performance Summary - The company's return on equity (ROE) for the reporting period is -0.1%, a decrease of 1.4 percentage points year-on-year, while the quarterly ROE is 2.2%, an increase of 3.1 percentage points sequentially and 2.7 percentage points year-on-year [5]. - The financial leverage ratio at the end of the reporting period is 3.63 times, a decrease of 0.21 times year-on-year, remaining stable sequentially [5]. - The asset turnover ratio is 3.1%, down by 0.6 percentage points year-on-year, with a quarterly asset turnover ratio of 1.6%, up by 0.8 percentage points sequentially and 0.7 percentage points year-on-year [5]. - The net profit margin for the reporting period is -1.1%, a decrease of 10.2 percentage points year-on-year, while the quarterly net profit margin is 37.9%, an increase of 73% sequentially and 52.2% year-on-year [5]. Business Segment Performance - The net income from heavy capital business is reported at 620 million RMB, with a quarterly income of 740 million RMB, reflecting a sequential increase of 590 million RMB [5]. - The self-operated business income totals 2.34 billion RMB, with a quarterly income of 1.12 billion RMB, showing a sequential increase of 530 million RMB [5]. - Brokerage business revenue has significantly improved in Q4, with a quarterly income of 3 billion RMB, reflecting a sequential increase of 98% and a year-on-year increase of 40.6% [5]. - Investment banking revenue is reported at 650 million RMB, with a quarterly income of 150 million RMB, showing a slight sequential decrease of 20 million RMB and a year-on-year decrease of 40 million RMB [5]. Future Financial Projections - The projected main operating revenue for 2024 is 2.7 billion RMB, with a year-on-year growth rate of -21% [7]. - The projected net profit attributable to shareholders for 2025 is 123 million RMB, reflecting a significant year-on-year growth rate of 516% [7]. - The estimated earnings per share (EPS) for 2025 is 0.01 RMB, with a price-to-earnings (P/E) ratio of 285.0 times [7].

Group 1: Economic Downside Risks - The U.S. GDP for Q1 2025 showed an unexpected decline with a quarter-on-quarter annualized rate of -0.3%, against an expectation of -0.2% and a previous value of +2.4%[2] - Tariffs are identified as the largest source of uncertainty for economic downturn, with the U.S. accounting for 16% of global imports and 1/3 of global final consumption goods imports[3] - If U.S. import growth declines by more than 5% this year, it could significantly pressure the global economy, as historical data shows only three instances in the past 30 years where import growth fell below -5% during recession periods[4] Group 2: Consumer Spending Risks - The wealth effect in the U.S. is highly sensitive to stock market performance; a 10.4% drop in the Nasdaq in Q1 2025 could lead to a reduction in excess wealth by 27%-61%[5] - If the Nasdaq continues to decline or remains flat, consumer resilience may be severely impacted, with expectations for future stock and housing prices weakening[6] - In 2025, the growth rate of residents' salary income is expected to weaken to approximately 4.5%, down from 4.8% in 2024, indicating a challenging income environment for consumers[6] Group 3: Financial Market Risks - The U.S. financial market faces multiple risks, including tight liquidity in the money market and high leverage ratios, which could amplify market volatility and impact economic growth[8] - The potential for further financial market fluctuations exists, particularly in the context of significant political uncertainties such as tariffs[8] Group 4: Potential Upside Risks - Private investment may present a potential upside risk, as real estate investment is expected to stabilize within 1-2 years following the Fed's interest rate cuts[9] - Capital expenditures from major U.S. tech companies are projected to increase, with a 19% upward revision for 2025 compared to earlier forecasts, indicating continued investment in the AI sector[9]