Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [1][9]. Core Views - The company is experiencing short-term profit pressure but is accelerating the construction of a new ecosystem in the smart electric and industrial sectors [2][4]. - The traditional core business of automotive fuel injection systems is facing a decline due to the shift towards electric vehicles, while the intake system business is benefiting from the rapid growth in hybrid vehicle sales [5][6]. - The company is actively expanding into smart electric components and non-automotive sectors, aiming to build a diversified business ecosystem for sustainable growth [6][8]. Financial Performance Summary - In 2024, the company achieved a revenue of 11.167 billion yuan, a year-on-year increase of 0.67%, while the net profit attributable to shareholders was 1.660 billion yuan, a decrease of 9.68% [4]. - For Q1 2025, the company reported a revenue of 2.834 billion yuan, down 2.38% year-on-year, and a net profit of 354 million yuan, down 35.46% [4]. - The gross margin for 2024 was 18.18%, a slight increase of 0.67 percentage points year-on-year, while the net margin was 15.38%, a decrease of 1.87 percentage points [6]. Business Segment Performance - The automotive fuel injection system segment generated revenue of 4.645 billion yuan, down 8.52% year-on-year, while the automotive after-treatment system saw revenue of 3.477 billion yuan, up 1.99% [5]. - The intake system business experienced significant growth, with revenue reaching 954 million yuan, a year-on-year increase of 43.93% [5]. Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 11.854 billion yuan, 12.848 billion yuan, and 14.085 billion yuan for 2025, 2026, and 2027, respectively [9][11]. - The net profit attributable to shareholders is forecasted to be 1.410 billion yuan, 1.460 billion yuan, and 1.824 billion yuan for the same years [9][11].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [1][8]. Core Views - The company is experiencing short-term profit pressure but is accelerating the construction of a new ecosystem in the smart electric and industrial sectors [2][4]. - The traditional core business of automotive fuel injection systems has seen a decline in revenue due to the shift towards electric vehicles, while the intake system business has benefited from the rapid growth in hybrid vehicle sales [4][5]. - The company is actively expanding into smart electric and non-automotive sectors, aiming to build a diversified business ecosystem for sustainable growth [5][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 11.167 billion yuan, a year-on-year increase of 0.67%, while the net profit attributable to shareholders was 1.660 billion yuan, a decrease of 9.68% [3][4]. - For Q1 2025, the company reported a revenue of 2.834 billion yuan, down 2.38% year-on-year, and a net profit of 354 million yuan, down 35.46% year-on-year [3][4]. - The gross margin for 2024 was 18.18%, an increase of 0.67 percentage points year-on-year, while the net margin was 15.38%, a decrease of 1.87 percentage points year-on-year [5][10]. Business Segment Analysis - The automotive fuel injection system segment generated revenue of 4.645 billion yuan in 2024, a decline of 8.52% year-on-year, while the automotive after-treatment system saw revenue of 3.477 billion yuan, a growth of 1.99% [4]. - The intake system business experienced significant growth, with revenue reaching 954 million yuan, a substantial increase of 43.93% year-on-year, despite a decline in gross margin from 22.42% to 19.52% [4][5]. Future Outlook - The company is expected to see revenue growth in the coming years, with projected revenues of 11.854 billion yuan in 2025, 12.848 billion yuan in 2026, and 14.085 billion yuan in 2027 [8][10]. - The net profit attributable to shareholders is forecasted to be 1.410 billion yuan in 2025, 1.460 billion yuan in 2026, and 1.824 billion yuan in 2027 [8][10]. - The company is focusing on external collaborations and expanding into non-automotive sectors, which is anticipated to open new growth opportunities [5][8].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% compared to the benchmark index [1]. Core Insights - The company achieved significant growth in revenue and profit in 2024, with revenue reaching 8.65 billion yuan, a year-on-year increase of 179.2%, and net profit of 2.84 billion yuan, up 312.3% [1]. - In Q1 2025, the company continued to show strong performance with revenue of 4.05 billion yuan, a quarter-on-quarter increase of 15.2%, and net profit of 1.57 billion yuan, up 32.0% [1]. - The gross margin and net margin reached new highs at 48.7% and 38.8% respectively in Q1 2025, positioning the company as a leader in the industry [1][3]. Financial Performance - The company's point-to-point optical module production capacity increased by 24.7% year-on-year to 10.6 million units in 2024, reflecting strong demand [4]. - The fixed asset value reached 2.28 billion yuan in Q1 2025, showing a year-on-year growth of 65.2% [4]. - Inventory value surged to 5.46 billion yuan in Q1 2025, a year-on-year increase of 262.8%, indicating robust delivery demand [4]. Market Dynamics - The company benefits from the increasing capital expenditure of major North American CSPs, which is expected to rise by 37% to 305.5 billion USD in 2025 [3]. - The company has successfully launched new products, including the second-generation 1.6T OFSP and OSFP-RHS optical modules, which utilize advanced 3nm DSP technology [4]. Research and Development - The company invested 400 million yuan in R&D in 2024, a year-on-year increase of 201.4%, focusing on hyperscale DCI and advanced coherent technology [7]. - The domestic market revenue reached 1.84 billion yuan in 2024, a significant year-on-year growth of 266.0%, establishing the company as a key player in the domestic AI computing market [7]. Profit Forecast and Valuation - The company is projected to achieve net profits of 5.89 billion yuan, 7.43 billion yuan, and 9.21 billion yuan for 2025, 2026, and 2027 respectively, with EPS estimates of 8.31, 10.48, and 13.00 [8]. - The current valuation is at a historical low, supporting the "Buy-A" rating [8].

煤炭板块近一年市场表现 资料来源：最闻 首选股票 评级 煤炭 煤炭进口数据拆解 同步大市-A(维持) 相关报告： 【山证煤炭】2025 年一季度煤炭债复盘： 平均期限创新高，市场尚未交易煤炭利 差 2025.5.22 【山证煤炭】关税博弈落地，煤炭重回 供 需 逻 辑 - 【 山 证 煤 炭 】 行 业 周 报 （20250512-20250518）： 2025.5.19 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 25 年 3 月进口负增，进口煤种结构变化 2025 年 5 月 23 日 行业研究/行业月度报告 投资要点： 数据拆解： 量价：前 3 月进口煤同比增速边际放缓，3 月同比负增；前 3 月全口径煤炭 进口价格较去年同期下降；3 月价格同环比下降。2025 年 1-3 月，煤及褐煤累计 进口量实现 1.15 亿吨，同比减少 0.90%；3 月单月实现进口量 3873 万吨，同比 减少 6.40%，环比增长 12.72%。2025 年 1-3 月全口径煤炭进口均价 ...

输变电设备 金杯电工（002533.SZ） 增持-A(首次) 核心业务保持增长，持续推进产能扩张与全球化布局 2025 年 5 月 23 日 公司研究/公司快报 公司近一年市场表现 事件描述 近日，金杯电工发布 2024 年度报告。2024 年全年，公司实现营业收 入 176.69 亿元，同比增长 15.54%；实现归母净利润 5.69 亿元，同比增长 8.78%。2025 年 Q1，公司实现营业收入 40.97 亿元，同比增长 16.32%。 归母净利润为 1.36 亿元，同比增长 1.84%。 事件点评 市场数据：2025 年 5 月 22 日 收盘价（元）： 9.57 核心业务持续增长，市场份额不断扩张。分业务来看，2024 年电磁线业 务出货量约 8.5 万吨，同比增长约 20%，营收突破 66 亿元，同比增长约 31%， 营收占公司总营收比重接近 40%，利润占比突破 40%。在特高压输变电领域， 公司获得多项特高压项目订单，配套台数同比增长超 20%。在新能源汽车领 域，深化与主流企业合作，拓宽产品应用范围。电线电缆业务 2024 年实现 营收 109.71 亿元，同比增长 8.63%。公司加大直 ...

输变电设备 金杯电工（002533.SZ） 增持-A(首次) 核心业务保持增长，持续推进产能扩张与全球化布局 2025 年 5 月 23 日 公司研究/公司快报 公司近一年市场表现 事件描述 近日，金杯电工发布 2024 年度报告。2024 年全年，公司实现营业收 入 176.69 亿元，同比增长 15.54%；实现归母净利润 5.69 亿元，同比增长 8.78%。2025 年 Q1，公司实现营业收入 40.97 亿元，同比增长 16.32%。 归母净利润为 1.36 亿元，同比增长 1.84%。 事件点评 市场数据：2025 年 5 月 22 日 收盘价（元）： 9.57 年内最高/最低（元）： 12.21/7.95 流通A股/总股本（亿）： 6.38/7.34 流通 A 股市值（亿）： 61.02 总市值（亿）： 70.24 基础数据：2025 年 3 月 31 日 核心业务持续增长，市场份额不断扩张。分业务来看，2024 年电磁线业 务出货量约 8.5 万吨，同比增长约 20%，营收突破 66 亿元，同比增长约 31%， 营收占公司总营收比重接近 40%，利润占比突破 40%。在特高压输变电领域， 公司 ...

国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,380.19 | -0.22 | | 深证成指 | | 10,219.62 | -0.72 | | 沪深 | 300 | 3,913.87 | -0.06 | | 中小板指 | | 6,403.36 | -0.56 | | 创业板指 | | 2,045.57 | -0.96 | | 科创 | 50 | 990.71 | -0.48 | 资料来源：最闻 研究早观点 2025 年 5 月 23 日 星期五 市场走势 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】电子：山西证券电子行业周跟踪-AI 增长持续投入，华为 鸿蒙折叠 PC 开启 PC 形态革命 【行业评论】煤炭：2025 年一季度煤炭债复盘：平均期限创新高，市场尚 未交易煤炭利差 【山证通信】天孚通信（300394.SZ）：经营节奏保持稳健，大客户 1.6T 和 CPO 产品有望带来新动能 ...

资料来源：最闻 相关报告： 电子 行业周报（20250512-20250516） 领先大市-A(维持) AI 增长持续投入，华为鸿蒙折叠 PC 开启 PC 形态革命 2025 年 5 月 22 日 行业研究/行业周报 电子行业近一年市场表现 投资要点 AI 和国产替代两大主线布局-山西证券 电子行业周跟踪 2025.5.14 握国产替代和自主可控机会-山西证券电 子行业周跟踪 2025.4.29 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.5.12-2025.5.16）市场大盘整体上涨，上证指数涨 0.76%，深圳成指涨 0.52%，创业板指涨 1.38%，科创 50 跌 1.10%，申万电子 指数跌 0.75%，Wind 半导体指数跌 1.27%。外围市场，费城半导体指数涨 10.20%，台湾半导体指数涨 5.13%。细分板块中，周涨跌幅前三为消费电子 （+1.12%）、光学光电子（+0.26%）、元件（+0.19%）。从个股看，涨幅前五 为：精研科技（+20.53%）、ST 宇顺（+20.4 ...

资料来源：最闻 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 事件描述 2025 年 4 月 26 日，石英股份发布 2024 年年报及 2025 年一季报，公司 2024 年实现营业收入 12.1 亿元，同比下降 83.2%，实现归母净利润 3.3 亿元， 同比下降 93.4%。25Q1 公司实现营业收入 2.5 亿元，同比下降 35.5%，实现 归母净利润 0.5 亿元，同比下降 66.7%，环比增长 155.3%，25Q1 单季度净 利率 20.3%，环比 Q4 提升 11.7pct。 石英股份（603688.SH） 买入-A(首次) 2025 年 5 月 22 日 公司研究/公司快报 | 年 月 市场数据：2025 5 | 日 22 | | | --- | --- | --- | | 收盘价（元）： | | 31.50 | | 年内最高/最低（元）： | | 46.50/21.58 | | 流通A股/总股本（亿）： | | 5.42/5.42 | | 流通 A 股 ...

| 市场数据：2025 年 月 5 | 日 22 | | | --- | --- | --- | | 收盘价（元）： | | 67.85 | | 年内最高/最低（元）： | | 116.00/24.10 | | 流通A股/总股本（亿）： | | 0.68/1.21 | | 流通 A 股市值（亿）： | | 46.04 | | 总市值（亿）： | | 82.03 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.12 | | 摊薄每股收益(元)： | | | 0.12 | | 每股净资产(元)： | | | 18.70 | | 净资产收益率(%)： | | | 0.64 | 资料来源：最闻 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 孙悦文 邮箱：sunyuewen@sxzq.com 系统设备 德科立（688205.SH） 增持-A(下调) DCI 需求旺盛， ...