Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profit margins improving over the next few years [5]. Core Insights - The company reported a revenue of 1.856 billion RMB in Q1 2025, a year-on-year decrease of 12.59%, and a net profit of 118 million RMB, down 37.30% year-on-year [2]. - The decline in revenue is attributed to the divestiture of the wireless automotive business, but excluding this impact, the company’s revenue is expected to show growth [3]. - The company is focusing on growth in the automotive and Fixed Wireless Access (FWA) sectors, driven by new customer acquisitions and increased 5G penetration in overseas markets [3]. - The establishment of an AI research institute and a robotics product line indicates a strategic shift towards AI and robotics, which are anticipated to become significant growth drivers for the company [4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a gross margin of 17%, a decrease of 4.51 percentage points year-on-year but an increase of 2.04 percentage points quarter-on-quarter [3]. - The net profit margin improved to 6.5%, reflecting a 5.5 percentage point increase from the previous quarter [3]. - Revenue projections for 2025-2027 are estimated at 8.598 billion, 10.742 billion, and 13.367 billion RMB respectively, with net profits of 646 million, 796 million, and 1.019 billion RMB [5]. Business Strategy - The company is enhancing its operational efficiency, with a 34.65% reduction in sales expenses and a 93.57% decrease in financial expenses due to reduced foreign exchange losses [3]. - The AI and robotics initiatives are expected to create a second growth curve, contributing positively to the company's performance in the coming years [4].

Investment Rating - The report maintains a "Buy" rating for the company, suggesting a potential upside of over 15% in the next 6-12 months [4]. Core Insights - In Q1 2025, the company reported a net profit of 3 billion HKD, representing a year-on-year increase of 87%, primarily due to a reduction in income tax expenses [3]. - The company's net assets grew by 15.4% compared to the end of the previous year, attributed to rising interest rates in Q1 [3]. - The company has shown a strong commitment to transforming its dividend insurance products, achieving significant results with dividend insurance accounting for 98.9% and 88.6% of individual and bank insurance channels, respectively, in January and February [3]. - The estimated tax rate for 2025 is expected to normalize, which, despite a high base in investment income, allows for a forecast of double-digit profit growth [4]. - The current Price to Embedded Value (PEV) ratio is 0.20, indicating a low valuation and suggesting attention to investment opportunities [4]. Financial Performance Summary - The insurance service revenue is projected to grow from 111,268 million HKD in 2024 to 115,036 million HKD in 2025, reflecting a growth rate of 3.39% [9]. - The net profit attributable to shareholders is expected to increase from 8,432 million HKD in 2024 to 10,564 million HKD in 2025, with a growth rate of 25.29% [9]. - Earnings per share (EPS) is forecasted to rise from 2.35 HKD in 2024 to 2.94 HKD in 2025 [9]. - The return on equity (ROE) is projected to improve from 9.26% in 2024 to 12.04% in 2025 [9]. - The P/E ratio is expected to decrease from 4.42 in 2024 to 3.53 in 2025, indicating an attractive valuation [9].

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 demonstrated strong growth resilience, with significant new customer acquisition in tax-advantaged products in China and rapid expansion in business regions, suggesting good long-term growth potential [4]. - The company reported a 13% year-on-year increase in New Business Value (NBV) for Q1 2025, reaching $1.497 billion, with a margin improvement of 3.0 percentage points to 57.5% [2]. - The recent $1.6 billion share buyback program commenced on April 14, 2025, expected to be completed within three months [3]. Financial Performance Summary - For 2025, the projected insurance revenue is $20.454 billion, reflecting a year-on-year growth of 5.9% [9]. - The forecasted net profit attributable to shareholders for 2025 is $6.732 billion, with a slight decrease of 1.5% year-on-year [9]. - The New Business Value is expected to reach $54.23 billion in 2025, with a year-on-year growth of 15.1% [9]. - The company's earnings per share (EPS) for 2025 is projected at $0.63, with a price-to-earnings (P/E) ratio of 11.17 [9][10].

Investment Rating - The report maintains a "Buy" rating for Enjie Co., Ltd. [5] Core Views - The company's performance has significantly declined due to inventory impairment and inventory destocking, with a notable drop in both revenue and net profit for 2024 [2][3] - The company achieved a revenue of 10.2 billion yuan in 2024, down 16% year-on-year, and a net loss of 560 million yuan, a decrease of 122% year-on-year [2] - The report anticipates a recovery in the industry, with expectations for higher sales volumes and improved margins in the coming years [5] Performance Summary - In Q4 2024, the company reported a revenue of 2.7 billion yuan, down 8% year-on-year and up 1% quarter-on-quarter, with a net loss of 1 billion yuan [2] - For Q1 2025, the company achieved a revenue of 2.7 billion yuan, an increase of 17% year-on-year, while the net profit was 30 million yuan, down 84% year-on-year [2] - The report projects a total output of 9 to 10 billion square meters for 2025, with a focus on increasing market share in new technologies [3] Financial Analysis - The company’s cash and cash equivalents stood at 2.6 billion yuan at the end of 2024, a decrease of 33% year-on-year, while operating cash flow was 1.2 billion yuan, down 57% year-on-year [4] - The report forecasts net profits of 500 million yuan, 800 million yuan, and 1.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 56, 34, and 22 [5][9] - The company is expected to maintain a balance between revenue and costs, with a focus on inventory reduction and price stabilization in the domestic market [3][4]

业绩简评 公司 2025 年 4 月 30 日发布 25 年一季报，实现营业收入 1.68 亿 元，同比增长 11.14%；实现归母净利润 0.04 亿元，同比下滑 40.03%；扣非后归母净利润为-0.09 亿元。 经营分析 高端示波器和高分辨率示波器齐放量，盈利能力维持高位。根据 公告，25Q1 公司 DHO 系列（高分辨率示波器）产品收入同比 +33.33%，保持高速增长；高带宽产品（带宽≥2GHz）销售收入同 比+52.07%；上述产品盈利能力较强，保证公司盈利能力维持高位， 25Q1 公司毛利率水平达到 56.15%，同比+1.34pcts。 坚持研发投入，保持长期护城河。根据公告，25Q1 公司研发费用 为 0.53 亿元，同比+22.92%，研发费率达到 31.54%；研发费用维 持高位主要系公司在西安、上海及马来西亚槟城新建研发中心持 续保持较大研发投入、重视新品研发。我们认为公司长期重视研 发投入，一季度属于公司收入淡季，较高的费用一定程度上影响 利润释放，随着下半年公司收入体量持续提升，看好公司进入业 绩释放期。 "对等关税"加码，看好公司引领国内市场国产替代加速。2025 年4月11日， ...

Investment Rating - The report maintains a "Buy" rating for Enjie Co., Ltd. [5] Core Views - The company's performance has significantly declined due to inventory impairment and inventory destocking, with a notable drop in both revenue and net profit for 2024 [2][3] - The company achieved a revenue of 10.2 billion yuan in 2024, down 16% year-on-year, and a net loss of 560 million yuan, a decrease of 122% year-on-year [2] - The report anticipates a recovery in the industry, with expectations for higher sales volumes in 2025, targeting 9 to 10 billion square meters of wet-process output [3][5] Summary by Sections Performance Overview - In Q4 2024, the company reported a revenue of 2.7 billion yuan, down 8% year-on-year and up 1% quarter-on-quarter, with a net loss of 1 billion yuan [2] - Q1 2025 saw a revenue of 2.7 billion yuan, an increase of 17% year-on-year, but a net profit of only 30 million yuan, down 84% year-on-year [2] Operational Analysis - The company expects to ship 6.9 billion square meters in Q4 2024, a 40% increase year-on-year, and 2.1 billion square meters in Q1 2025, a 68% increase year-on-year [3] - The average selling price in Q4 2024 was 1.2 yuan per square meter, down 50% year-on-year, with a projected average price of 1.0 yuan per square meter in Q1 2025 [3] Inventory and Cash Flow - As of the end of 2024, the company had 1.9 billion yuan in finished goods inventory, with an inventory coefficient of 2 to 3 months, a 10% decrease from the mid-year report [4] - The company reported cash and cash equivalents of 2.6 billion yuan at the end of 2024, down 33% year-on-year, with a net operating cash flow of 1.2 billion yuan, down 57% year-on-year [4] Profit Forecast and Valuation - The report forecasts net profits of 500 million yuan, 800 million yuan, and 1.2 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 56, 34, and 22 [5] - The report highlights the potential for growth in the 5um product segment and advancements in solid-state electrolyte membranes as key areas to watch [5]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported Q1 2025 revenue of 168 million RMB, a year-on-year increase of 11.14%, but a net profit attributable to shareholders of only 4 million RMB, down 40.03% year-on-year [2]. - The DHO series (high-resolution oscilloscopes) saw a revenue increase of 33.33% year-on-year, while high-bandwidth products (bandwidth ≥ 2GHz) experienced a 52.07% increase in sales revenue, indicating strong growth in high-end products [3]. - The company invested 53 million RMB in R&D in Q1 2025, a 22.92% increase year-on-year, with an R&D expense ratio of 31.54%, reflecting a commitment to maintaining a long-term competitive edge through innovation [3]. - The introduction of "reciprocal tariffs" by the U.S. government is expected to accelerate domestic market substitution, benefiting the company as a leading domestic manufacturer of electronic measurement instruments [4]. - The acquisition of Naisou Electronics is projected to enhance the company's capabilities in solution provision, contributing to diversified growth [4]. Financial Forecasts - The company’s revenue is projected to reach 1.003 billion RMB in 2025, with net profit expected to be 166 million RMB, reflecting a significant growth trajectory [10]. - The estimated P/E ratios for 2025, 2026, and 2027 are 47, 31, and 23 respectively, indicating a favorable valuation outlook [5].

事件 预计公司公司 2025-2027 年收入分别为 59/68/73 亿元，归母净利 润分别为 12.3/15.6/17.5 亿元，EPS 分别为 1.94/2.46/2.76 元， 对应 PE 分别为 10/8/7 倍。维持"买入"评级。 风险提示 锡锑价格波动；项目进度不及预期；元素替代风险。 4 月 29 日公司发布 2024 年报&2025 年一季报：2024 年实现收入 46.31 元，同比+58.40%；归母净利润 6.58 亿元，同比+109.79%。 4Q24 收入为 12.15 亿元，环比+4.65%，同比+26.96%；归母净利润 为 1.17 亿元，环比-38.76%，同比+43.34%。1Q25 收入为 12.45 亿元，环比+2.40%，同比+29.17%；归母净利润润为 1.53 亿元， 环比+30.75%、同比+22.46%。 点评 4Q24：24 年底计提大额减值和费用，影响业绩表现。4Q24 公司主 营产品锑、锡、铅和锌价格环比分别-9.50%、-5.34%、-6.95%、 +8.36%，铅锑精矿、锡锭和锌锭销量环比分别-32.40%、+33.89%、 +19.80%。4Q ...

业绩简评 2025 年 4 月 29 日，公司发布 2025 年一季报，25Q1 公司实现收入 121.17 亿元，同比+2.92%，归母净利润 14.10 亿元，同比+53.98%， 扣非后归母净利润 8.74 亿元，同比+12.40%；25Q1 公司毛利率为 28.67%，同比提升 0.02pct，环比提升 1.14pct，净利率为 12.51%， 同比提升 3.84pct，环比提升 7.85pct。 经营分析 利润加速释放，经营质量向好。25Q1 行业挖掘机内销同比+38.3%， 出口同比+5.49%，受益于内外需共振，25Q1 公司实现收入 121.17 亿元，同比+2.92%，25Q1 公司归母净利润 14.10 亿元，同比 +53.98%，利润加速释放。公司坚持高质量发展，25Q1 公司经营性 现金流净额为 7.40 亿元，同比+140.96%。25Q1 公司存货周转天数 为 240.19 天，同比下降 10.65 天，高质量发展效果显现。 工程机械内需复苏传导至非挖板块，非土方机械内需开始回暖。 根据中国工程机械工业协会，25M3 履带起重机、工业车辆、压路 机内销分别为 138 台、10784 ...

事件 4 月 29 日公司发布 2024 年报&2025 年一季报：2024 年实现收入 46.31 元，同比+58.40%；归母净利润 6.58 亿元，同比+109.79%。 4Q24 收入为 12.15 亿元，环比+4.65%，同比+26.96%；归母净利润 为 1.17 亿元，环比-38.76%，同比+43.34%。1Q25 收入为 12.45 亿元，环比+2.40%，同比+29.17%；归母净利润润为 1.53 亿元， 环比+30.75%、同比+22.46%。 点评 4Q24：24 年底计提大额减值和费用，影响业绩表现。4Q24 公司主 营产品锑、锡、铅和锌价格环比分别-9.50%、-5.34%、-6.95%、 +8.36%，铅锑精矿、锡锭和锌锭销量环比分别-32.40%、+33.89%、 +19.80%。4Q24 公司铅锑精矿、锡锭、锌锭单位毛利分别环比 +4.98%、-42.36%、-25.18%。综合来看，由于价格下跌，4Q24 公 司毛利和毛利率分别环比-12.45%、-7.46pct。4Q25 公司期间费用 为 1.5 亿元，环比+48.51%、同比+36.36%，主要体现为管理、研 发费用 ...