Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][11]. Core Insights - The company reported a revenue of 12 billion RMB for 2024, a year-on-year increase of 14%, and a net profit of 1.44 billion RMB, up 25% year-on-year [2]. - The Q4 performance showed a revenue of 3.4 billion RMB, reflecting a 25% year-on-year growth and a 9% quarter-on-quarter increase, with a net profit of 460 million RMB, up 19% year-on-year and 28% quarter-on-quarter [2]. - The gross margin for 2024 was 24.4%, an increase of 0.8 percentage points year-on-year, while the net profit margin was 12%, up 1.0 percentage point year-on-year [3]. - The company is expanding its overseas operations, particularly in Europe, which is expected to outperform overall business growth in 2025 [3]. - The introduction of new robotic components is anticipated to create a significant revenue stream, contributing millions in income [3]. Summary by Sections Performance Review - The company achieved a revenue of 12 billion RMB in 2024, with a 14% increase year-on-year, and a net profit of 1.44 billion RMB, marking a 25% increase [2]. - Q4 results showed a revenue of 3.4 billion RMB, a 25% increase year-on-year, and a net profit of 460 million RMB, reflecting a 19% increase year-on-year [2]. Operational Analysis - The gross margin improved to 24.4% in 2024, with a notable increase in Q4 gross margin to 27.3% [3]. - The company is actively developing its robotic components, launching seven new products focused on lightweight and high-performance technologies [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.81 billion RMB, 2.08 billion RMB, and 2.36 billion RMB, respectively, with corresponding P/E ratios of 17, 15, and 13 [4]. - The company is recognized as a global leader in structural components, with stable profitability and growth potential in the robotics sector [4].

Group 1: Report Summary - The "24 Lülü 02" bond had a large deviation in valuation price among discount - traded bonds, and "21 Vanke 06" was at the forefront in terms of valuation price deviation among bonds with rising net prices. Among secondary and perpetual bonds with rising net prices, "21 Bank of China Secondary 04" had a large deviation in valuation price, and "22 Jiangsu Bank Rural - related Bond 01A" was at the forefront among commercial financial bonds with rising net prices. Real - estate bonds ranked high among bonds with a trading yield higher than 10% [2]. - Credit bond valuation yield changes were mainly distributed in the (0, 5] range. Non - financial credit bond trading terms were mainly distributed between 2 and 3 years, with the 1.5 - 2 - year variety having the highest proportion of discount trades; secondary and perpetual bond trading terms were mainly distributed between 2 and 3 years, with the 3 - 5 - year variety having the highest proportion of discount trades. By industry, the electronic industry had the largest average valuation price deviation for bonds [2]. Group 2: Discount - Traded Bond Tracking - Bonds such as "24 Lülü 02", "25 Weifang 02", and "24 Shaanxi Construction Y2" had significant discount trades, with different remaining terms, valuation price deviations, and trading volumes. For example, "24 Lülü 02" had a remaining term of 4.17 years, a valuation price deviation of - 0.26%, and a trading volume of 40180000 yuan [4]. Group 3: Bonds with Rising Net Prices Tracking - Bonds like "21 Vanke 06", "21 Vanke 04", and "22 Vanke 02" had rising net prices and relatively large valuation price deviations. For instance, "21 Vanke 06" had a remaining term of 1.27 years, a valuation price deviation of 1.15%, and a trading volume of 9780000 yuan [5]. Group 4: Secondary and Perpetual Bond Tracking - "21 Bank of China Secondary 04", "22 Bank of Communications Secondary Capital Bond 02A", etc. were included in the secondary and perpetual bond trading tracking. "21 Bank of China Secondary 04" had a remaining term of 6.59 years, a valuation price deviation of 0.01%, and a trading volume of 33100000 yuan [6]. Group 5: Commercial Financial Bond Tracking - "22 Jiangsu Bank Rural - related Bond 01A", "23 China Everbright Bank Bond 01", etc. were tracked in commercial financial bond trading. "22 Jiangsu Bank Rural - related Bond 01A" had a remaining term of 0.45 years, a valuation price deviation of 0.00%, and a trading volume of 90280000 yuan [7]. Group 6: Bonds with Yield Higher than 10% Tracking - Real - estate bonds such as "21 Vanke 06", "21 Vanke 04", and "20 Wanda 01" had trading yields higher than 10%. For example, "21 Vanke 06" had a trading yield of 14.51% [8]. Group 7: Credit Bond Valuation Deviation Distribution - Credit bond valuation yield changes were mainly distributed in the (0, 5] range [2]. Group 8: Non - Financial Credit Bond Trading Term Distribution - Non - financial credit bond trading terms were mainly distributed between 2 and 3 years, with the 1.5 - 2 - year variety having the highest proportion of discount trades [2]. Group 9: Secondary and Perpetual Bond Trading Term Distribution - Secondary and perpetual bond trading terms were mainly distributed between 2 and 3 years, with the 3 - 5 - year variety having the highest proportion of discount trades [2]. Group 10: Industry - Level Bond Analysis - The electronic industry had the largest average valuation price deviation for non - financial credit bonds [2].

业绩简评 2025 年 4 月 17 日，公司发布 2025 年一季度报告，公司 25Q1 实现 营收 3.50 亿（同比-49.5%，环比-55.0%）；实现归母净利润 0.58 亿（同比-52.4%，环比-67.7%），公司营收及利润阶段性承压。 经营分析 产品销售下滑，业绩阶段性承压：受行业宏观因素及产品交付节 奏影响，T/R 组件和射频模块业务收入减少，公司 25Q1 实现营收 3.50 亿（同比-49.5%，环比-55.0%）；实现归母净利润 0.58 亿（同 比-52.4%，环比-67.7%），业绩有所承压。 毛利率同比提升，或系产品结构调整：25Q1 毛利率 43.0%（同比 +7.4pct，环比-0.7pct），归母净利率 16.4%（同比-1.0pct，环比 -6.5pct）。25Q1 公司毛利率同比提升，或系自研芯片、下游需求 变化公司相应调整产品结构所致。 重视技术研发，研发费用率大幅提升：公司 25Q1 研发费用率 17.0% （同比+5.7pct，环比+8.0pct），公司加大射频芯片研发力度，高 度重视研发人才队伍建设，近年来新增研发人员主要围绕公司主 营业务如射频微系统、GaN ...

Investment Ratings - The report does not explicitly state an investment rating for the industry Core Insights - The computer industry is undergoing significant transformation due to intensified competition among major countries and increasing demands for domestic alternatives and self-control in technology. The emergence of high-cost performance open-source models, represented by DS, showcases China's innovative capabilities in the tech sector, providing more opportunities for domestic chips [1] - The impact of Trump's tariff policies on computer companies is expected to be relatively minor, with domestic demand-driven sectors likely to benefit. The overall performance of the sector is anticipated to remain stable despite market fluctuations [1] - The report emphasizes the importance of tracking the landing of AI applications, particularly in the media sector, where advancements in models and tools are being made [2] - In the electronics sector, NVIDIA is set to release new AI products, including smart glasses, which are expected to drive sales growth [3] - The telecommunications sector is experiencing volatility due to tariff policies, but there are opportunities for recovery in certain sub-sectors, particularly those with no North American business [4] Summary by Sections 1. AI Application Monthly Data Tracking - In March 2025, the top three global AI apps by monthly active users were ChatGPT, DeepSeek, and Doubao, with 43.597 million, 21.838 million, and 14.677 million users respectively. Notably, 9 out of the top 20 apps were developed by domestic developers [10] - The fastest-growing AI apps in March 2025 included Polish, Chatbot AI, and PixVerse, with growth rates of 9860.36%, 1610.01%, and 617.62% respectively [12] - The top three AI apps by downloads in March 2025 were DeepSeek, ChatGPT, and Doubao, with 8.757 million, 8.578 million, and 3.290 million downloads respectively [14] 2. Related Company Announcements and Industry News - Google announced the launch of its most advanced AI model, Gemini 2.5 Pro, which showcases strong reasoning and coding capabilities [34] - OpenAI integrated native image generation capabilities into its GPT-4o model, enhancing user experience [36] - Tencent's Hunyuan series of 3D generation models were open-sourced, significantly improving generation speed and efficiency [45] - The report highlights the performance of the AI industry in China, with significant advancements in AI applications and models, indicating a robust growth trajectory [52]

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.998, 1.402, and 1.712 for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (P/E) ratios of 17.90X, 12.74X, and 10.44X [6] Core Insights - In 2024, the company achieved revenue of 533 million RMB, a year-on-year increase of 3.00%, while the net profit attributable to shareholders was 90 million RMB, a decrease of 26.04% compared to the previous year [2] - The first quarter of 2025 saw a significant decline in revenue, with 1.53 million RMB, down 40.71% year-on-year, and a net profit of 25 million RMB, down 73.23% [2] - The materials business generated revenue of 363 million RMB in 2024, reflecting a growth of 14.31%, supported by strong performance of key products GP, RP, and BP [4] - The company has made substantial investments in research and development, with R&D expenses reaching 122 million RMB in 2024, an increase of 20.29% year-on-year, indicating a commitment to innovation [3][5] Summary by Sections Financial Performance - Revenue for 2024 was 533 million RMB, with a growth rate of 3.00%, while net profit was 90 million RMB, showing a decline of 26.04% [10] - For 2025, projected revenues are expected to rise significantly to 920 million RMB, with a growth rate of 72.67% [10] Cost Structure - Sales expenses were 15 million RMB in 2024, down 6.9% year-on-year, while management expenses were 99 million RMB, up 4.11% [3] - R&D expenses increased to 122 million RMB, reflecting a 20.29% rise, highlighting the company's focus on enhancing its product offerings [3] Business Segments - The materials segment is performing well, with a revenue increase of 14.31% in 2024, driven by the strong market position of its key products [4] - The equipment segment has seen successful project completions and new contracts, indicating robust demand and operational capabilities [4] Future Outlook - The company forecasts net profits of 208 million RMB, 292 million RMB, and 356 million RMB for 2025, 2026, and 2027 respectively, with corresponding EPS growth [6][10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The production of export - oriented industries is slowing down, with mixed performance in different production sectors such as power plants, blast furnaces, tires, and textile looms [1][5]. - The real - estate market sales continue to diverge, with first - tier cities improving while second - and third - tier cities are weak. The auto market retail shows stable performance, and prices of different commodities like steel, cement, glass, and shipping freight rates have different trends [2][5]. - In terms of inflation, the CPI shows stable pork prices and a mild decline in the agricultural product price index, while the PPI sees an oversold rebound in oil prices, with copper prices rising and aluminum prices falling [3][5]. 3. Summary According to the Directory 3.1 Economic Growth: Slowdown in Production of Export - Oriented Industries 3.1.1 Production: Slowdown in Production of Export - Oriented Industries - **Power Plant Consumption**: Power plant daily consumption fluctuates at a low level. On April 15, the average daily consumption of 6 major power - generating groups was 75.5 million tons, down 0.6% from April 8. On April 10, the daily consumption of power plants in eight southern provinces was 185.7 million tons, up 0.7% from April 2 [5][10]. - **Blast Furnace Operating Rate**: The blast furnace operating rate has reached a nearly one - year high. On April 11, the national blast furnace operating rate was 83.3%, up 0.1 percentage points from April 4, and the capacity utilization rate was 90.2%, up 0.5 percentage points from April 4. In Tangshan, the blast furnace operating rate of steel mills was 93.1%, up 3.8 percentage points from April 4 [5][15]. - **Tire Operating Rate**: The decline in the tire operating rate has widened. On April 10, the operating rate of truck full - steel tires was 66.2%, down 0.4 percentage points from April 3, and the operating rate of car semi - steel tires was 78.5%, down 3.2 percentage points from April 3. The operating rate of textile looms in the Jiangsu - Zhejiang region has accelerated its decline [5][18]. 3.1.2 Demand: Continued Divergence in Real - Estate Market Sales - **Real - Estate Market**: From April 1 - 15, the average daily sales area of commercial housing in 30 large and medium - sized cities was 194,000 square meters, down 14.0% from the same period in March, 11.3% from the same period in April last year, 51.0% from the same period in April 2023, and 34.1% from the same period in April 2022. Sales in first - tier cities continue to improve, while those in second - and third - tier cities are weak [5][22]. - **Auto Market**: In April, auto retail sales increased by 8% year - on - year, and wholesale sales increased by 17% year - on - year. The auto market is gradually recovering from the low base caused by the price war in spring 2024 [5][25]. - **Steel Prices**: Steel prices rebounded. On April 15, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 1.6%, 1.9%, 0.3%, and decreased by 0.8% respectively compared with April 8. Steel inventories continued to decline [5][31]. - **Cement Prices**: Cement prices weakened again. On April 15, the national cement price index decreased by 1.2% compared with April 8. However, the year - on - year increase in cement prices has widened [5][32]. - **Glass Prices**: Glass prices continued to weaken. On April 15, the active glass futures contract price was 1,148 yuan per ton, down 4.3% from April 8 [5][38]. - **Shipping Freight Rates**: The container shipping freight rate index showed little fluctuation. On April 11, the CCFI index increased by 0.4% compared with April 3, and the SCFI index increased by 0.1% [5][42]. 3.2 Inflation: Oversold Rebound in Oil Prices 3.2.1 CPI: Stable Pork Prices - **Pork Prices**: Pork prices remained stable. On April 15, the average wholesale price of pork was 20.6 yuan per kilogram, up 0.05% from April 8. The month - on - month decline has narrowed [5][48]. - **Agricultural Product Price Index**: The agricultural product price index declined moderately. On April 15, the agricultural product wholesale price index decreased by 0.7% compared with April 8. Different agricultural products had different price trends [5][53]. 3.2.2 PPI: Oversold Rebound in Oil Prices - **Oil Prices**: Oil prices rebounded from an oversold situation. On April 15, the spot prices of Brent and WTI crude oil were 66.6 and 61.3 US dollars per barrel respectively, up 0.3 and 2.9% respectively compared with April 8. However, trade concerns and rapid capacity release still suppress oil prices [5][56]. - **Copper and Aluminum Prices**: Copper prices rose while aluminum prices fell. On April 15, the prices of LME 3 - month copper and aluminum increased by 3.8% and decreased by 1.3% respectively compared with April 8 [5][60]. - **Industrial Product Prices**: Most industrial product prices weakened in April. The year - on - year decline of most industrial product prices widened, while the year - on - year increase of cement prices widened [5][62].

Investment Rating - The report maintains a "Buy" rating for the company, with projected earnings per share (EPS) for 2025, 2026, and 2027 being 0.78, 1.05, and 1.42 RMB respectively, corresponding to price-to-earnings (PE) ratios of 38, 28, and 21 times [4] Core Insights - The company reported a revenue of 2.845 billion RMB in 2024, representing a year-on-year growth of 35.05%, and a net profit attributable to shareholders of 473 million RMB, with a remarkable growth rate of 115.87% [2] - The fourth quarter of 2024 saw revenues of 839 million RMB, up 23.35% year-on-year, and a net profit of 140 million RMB, reflecting an 83.31% increase [2] - The company has effectively managed costs, leading to an increase in gross margin to 36.34%, up 2.21 percentage points year-on-year, and a net profit margin of 17.51% [2] - The company has implemented a stable cash dividend policy, proposing a cash dividend of 1.5 RMB per 10 shares, totaling approximately 125 million RMB, which underscores its commitment to shareholder returns and reflects strong cash flow [3] Financial Performance Summary - In 2024, the company achieved a revenue of 2.845 billion RMB, with a growth rate of 35.05% compared to 2023 [9] - The net profit for 2024 was 473 million RMB, showing a significant increase of 115.87% from the previous year [9] - The projected revenues for 2025, 2026, and 2027 are estimated at 3.879 billion RMB, 5.167 billion RMB, and 6.784 billion RMB, with corresponding growth rates of 36.37%, 33.19%, and 31.29% respectively [9] - The company’s return on equity (ROE) is expected to improve from 8.14% in 2024 to 14.66% by 2027 [9]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In a high - volatility bond market environment, balancing offense and defense is a challenge for investors. Although credit bonds lack effective coupon protection and have lower liquidity, coupon - type assets still have value for increased holdings. By decomposing the comprehensive return of credit bonds into holding return and capital gain and conducting stress tests on individual bonds, investors can adjust their allocation strategies [2][10]. - The increase in bond market volatility places higher requirements on investors' liability - side management and trading timing capabilities [3][15]. Summary by Relevant Catalogs I. Individual Bond Stress Test Tool - **Bond Market Volatility Background**: Since last September, the bond market has experienced multiple fluctuations. After the "924" new policy impulse, it entered a cycle of redemptions and sharp declines. In November, with the release of loose capital signals, it entered a pre - emptive trading phase. After the New Year, the bond market was affected by factors such as tight capital in January, strong equity performance and improved economic fundamentals in February, and volatile equity trends and tariff factors in March. As of last Friday, the proportion of outstanding credit bonds with yields below 2.2% rose to 71%, and those below 2.0% reached 38%, leading to high volatility in the bond market [9]. - **Analysis of Credit Bonds**: Credit bonds currently lack effective coupon protection and have lower liquidity than interest - rate bonds. The window period for market trends is short under high volatility. To balance liquidity and return enhancement, coupon - type assets are still worth increasing. Decomposing the comprehensive return of credit bonds into holding return and capital gain can help judge entry and exit points [2][10]. - **Stress Test of Urban Investment Bonds**: In April, the absolute yield of urban investment bonds dropped to a low level. Assuming purchase at the current coupon rate and holding for two weeks or three months, in the two - week holding scenario, low - coupon urban investment bonds' comprehensive return can hardly withstand capital gain losses. In the three - month holding scenario, for a 50bp yield increase, the comprehensive return of 1 - year urban investment bonds is still positive; for a 20bp increase, some AA and AA(2) term varieties can also achieve coupon coverage of losses [2][10]. - **Stress Test of Bank Sub - debt**: The stress test results of bank sub - debt are less favorable. Whether holding for two weeks or three months, even when facing a 20bp yield increase, the comprehensive return of Tier 2 capital bonds and perpetual bank bonds is difficult to maintain in the positive range [3][13].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 65.17 based on a PE of 14 times for 2025, which is considered the lowest level in the past decade [5]. Core Viewpoints - The company is one of the largest vertically integrated knitwear manufacturers globally, with strong profitability driven by several advantages, including robust R&D capabilities, integrated production efficiency, and diversified overseas factory layout [2]. - The company has a manageable risk profile regarding tariffs, with only 16% of its exports going to the U.S., and potential tariff impacts on overall orders estimated to be less than 3% [3]. - The company is expected to benefit from the recovery of major clients, with positive trends in orders from Uniqlo, Adidas, and Nike, indicating a favorable short-term outlook [4]. Summary by Sections Company Highlights - The company has established long-term partnerships with major global brands such as Nike, Uniqlo, and Adidas, enhancing its market position [15]. - In 2024, the company is projected to achieve revenue of CNY 28.66 billion, a year-on-year increase of 14.79%, and a net profit of CNY 6.24 billion, up 36.94% [15]. Investment Logic - The company’s diversified production capacity and collaboration with major clients provide a competitive edge, with the potential to increase market share amid industry disruptions [3]. - The company's management has shown confidence in its future by increasing their shareholdings during recent market fluctuations [3][4]. Short-term Orders - The company is expected to see improved order conditions due to the recovery of its core clients, with Uniqlo and Adidas showing positive sales trends [4]. - The long-term market share is anticipated to grow as major clients focus on core suppliers, reducing the number of suppliers they work with [4]. Profit Forecast, Valuation, and Rating - The company’s EPS is projected to be CNY 4.39, CNY 4.91, and CNY 5.48 for 2025, 2026, and 2027 respectively, with a PE ratio of 11 times for 2025 [5]. - The report indicates that the company’s recent stock price decline presents a buying opportunity, with a target valuation based on a PE of 14 times for 2025 [5].

Investment Rating - The report maintains a positive outlook on China's innovative pharmaceutical companies, suggesting they can navigate the current tariff cycle effectively [2][10]. Core Insights - The potential impact of U.S. tariffs on China's innovative drug sector is expected to be minimal due to the small trade volume and the prevalent use of Business Development (BD) models for overseas expansion [10][11]. - The report identifies two main logical frameworks: the limited exposure of innovative drugs to U.S. tariffs and the strategic use of BD to mitigate risks associated with potential tariffs [12][20]. Summary by Sections Investment Logic - The report highlights that the U.S. has historically maintained low tariffs on pharmaceuticals, with the WTO's 1994 agreement eliminating many tariffs on drugs [9]. - The potential U.S. tariffs on pharmaceuticals are seen as unlikely to significantly impact China's innovative drug companies due to their limited export volume to the U.S. [12][15]. From China's Perspective - China's exports of innovative drugs to the U.S. are relatively small, with only about $1.16 billion in exports, representing 16.55% of total pharmaceutical exports to the U.S. [14][15]. - The majority of China's innovative drugs are exported through BD agreements, which do not involve the physical transfer of drugs and thus are less affected by tariffs [20][28]. From the U.S. Perspective - The report suggests that the primary focus of U.S. tariffs will be on European countries, indicating that the impact on China will be limited [10][11]. - The challenges in achieving the U.S. government's goals of lowering drug prices and relocating production back to the U.S. are highlighted, suggesting that the implementation of tariffs may face significant hurdles [10][11]. Investment Recommendations - Investors are encouraged to focus on innovative pharmaceutical companies that have already engaged in BD activities abroad, such as Hengrui Medicine, Kelun-Biotech, and Innovent Biologics [2][10].