Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Insights - The company is projected to achieve a revenue of 3.036 billion yuan in 2024, representing a year-over-year growth of 14.53%, with a net profit of 429 million yuan, up 6.49% year-over-year [1][4]. - The company's gross margin is expected to decline to 39.20% in 2024, down 1.81 percentage points year-over-year, while the net margin is projected to decrease to 13.98%, down 1.15 percentage points year-over-year [1][4]. - The company is focusing on expanding its product offerings and market coverage, particularly in energy storage and charging stations, while actively participating in AIDC construction [3][4]. Revenue Breakdown - The revenue from new energy power conversion equipment is expected to be 857 million yuan, down 5.80% year-over-year, with a gross margin of 29.64%, a decrease of 3.49 percentage points [2]. - Revenue from electric vehicle charging equipment is projected to reach 1.216 billion yuan, up 43.04% year-over-year, with a gross margin of 38.15%, down 1.46 percentage points [2]. - Industrial power supply revenue is expected to be 603 million yuan, up 13.11% year-over-year, with a gross margin of 54.23%, an increase of 0.58 percentage points [2]. Future Outlook - The company aims to develop products and technologies suitable for grid-side energy storage and is focusing on expanding its overseas market presence [3]. - In the charging station segment, the company plans to enhance product coverage in commercial vehicle scenarios and increase penetration in the fast-charging field [3]. - The industrial power supply segment is expected to benefit from the accelerated development of AIDC, with the company positioning itself as a comprehensive power solution provider for data centers [3][4]. Financial Projections - The company’s revenue forecast for 2025 is adjusted to 3.98576 billion yuan, with a net profit of 564.56 million yuan, reflecting a growth rate of 31.61% [4][11]. - The projected earnings per share (EPS) for 2025 is 1.80 yuan, with a price-to-earnings (P/E) ratio of 16.45 [4][11].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][16]. Core Views - The company is expected to achieve a CAGR of 25% in performance over the next three years, supported by a stock incentive plan that reflects management's confidence [1][4]. - The company has set performance assessment targets with a baseline net profit of CNY 209 million for 2024 and projected net profits of CNY 272 million, CNY 335 million, and CNY 398 million for 2025 to 2027, representing year-on-year growth rates of 30%, 23.08%, and 18.75% respectively [3][4]. - Revenue projections for 2025 have been adjusted to CNY 1.957 billion, with a year-on-year growth of 23.6%, and net profit forecasted at CNY 279 million, reflecting a year-on-year increase of 39.1% [4][5]. Financial Data Summary - Revenue (CNY million): 2023: 1,415.37, 2024: 1,584.28, 2025E: 1,957.40, 2026E: 2,422.68, 2027E: 2,950.69 [5][11]. - Net profit attributable to the parent company (CNY million): 2023: 138.57, 2024: 200.46, 2025E: 278.77, 2026E: 337.99, 2027E: 406.16 [5][11]. - The company’s current market capitalization is CNY 15.12 billion, with a P/E ratio projected at 54.25 for 2025 [6][7].

公司报告 | 季报点评 爱柯迪（600933） 证券研究报告 24 年业绩高速增长，25Q1 归母净利润显著提升 24 年公司实现营收 67.46 亿元，同比+13.24%；归母净利润 9.40 亿元，同 比+2.86%；扣非归母净利润 8.79 亿元，同比+0.40%。25 年 Q1 公司实现营 收 16.66 亿元，同比+1.41%；归母净利润 2.57 亿元，同比+10.94%；扣非归 母净利润 2.36 亿元，同比+6.64%。从盈利能力看，公司 24 年销售毛利率 27.65%，同比-1.44pct;销售净利率 14.41%，同比-1.13pct。公司 25Q1 销售 毛利率 28.73%，同比-0.94pct，净利率 15.63%，同比+0.77pct。 24 年 公 司 销 售 费 用 / 管 理 费 用 / 财 务 费 用 / 研 发 费 用 分 别 为 0.53/3.65/0.29/3.48 亿元，同比增长 11.90%/13.50%/不适用/24.15%。其中 研发费用大幅增长，主要因为公司加大研发投入，研发材料、折旧增加。 创新势能加速释放，全球化布局上新台阶。公司第 50 万台五合一电 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [1] Core Insights - The report highlights the significant performance of domestic phased array radar systems in military applications, particularly during recent conflicts, showcasing their capabilities in target detection and tracking [3][4] - The successful military applications of phased array radar are expected to facilitate its expansion into civilian markets, providing a technological foundation for rapid growth in related industries [4] - The report recommends "Nairui Radar" for its advanced radar technology and potential in air traffic management and airport sectors, emphasizing its strategic acquisitions to enhance supply chain control and reduce costs [5] Summary by Sections Industry Overview - The phased array radar systems have demonstrated superior performance in military engagements, with capabilities to detect targets up to 170 kilometers away and track multiple targets simultaneously [3] - The integration of these radar systems into various military platforms enhances operational effectiveness and situational awareness in combat scenarios [3] Market Potential - The civilian applications of phased array radar are expanding, with uses in meteorology, aviation, and environmental monitoring, indicating a broad market potential [4] - The establishment of a high-resolution weather observation network in the Guangdong-Hong Kong-Macao Greater Bay Area exemplifies the growing civilian use of this technology [4] Company Focus - "Nairui Radar" is highlighted for its self-developed multi-functional phased array radar technology, with promising applications in air traffic control and airport operations [5] - The company is positioned to benefit from domestic policies supporting low-altitude economy and the demand for new or upgraded airport infrastructure, suggesting optimistic long-term growth prospects [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Insights - The company is set to be included in the Hang Seng Index, effective June 9, 2025, which is expected to enhance liquidity and increase capital participation [1] - The BFC Creative Competition has expanded to nearly 120 cities across China, with around 8,000 events held, indicating strong community engagement and brand interaction [2] - The company plans to host approximately 20,000 BFC Creative Competitions in 2025, with a tiered approach to events in major and smaller cities [2] - The introduction of new products based on popular IPs such as Naruto and Ultraman is expected to drive consumer demand and enhance brand loyalty [3] - Revenue forecasts for 2025-2027 are projected at 3.8 billion RMB, 5.3 billion RMB, and 7 billion RMB respectively, with net profits of 960 million RMB, 1.48 billion RMB, and 2.08 billion RMB [4] Summary by Sections Company Inclusion in Index - The company will be added to the Hang Seng Index, which is anticipated to improve liquidity and trading sentiment in the toy sector [1] BFC Creative Competition - The BFC Creative Competition has gained significant traction, with a notable increase in participant engagement and the number of events planned for the future [2] Product Development - Continuous introduction of new products leveraging popular IPs is expected to enhance market presence and consumer interaction [3] Financial Projections - The report maintains revenue and profit forecasts for the upcoming years, indicating a positive growth trajectory for the company [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [4]. Core Views - The company has demonstrated strong performance in Q1 FY25, with revenue reaching 700 million Swiss Francs, a year-on-year increase of 40% (currency neutral), while net profit decreased by 38% to 60 million Swiss Francs [1]. - The gross margin slightly increased to 60%, and the adjusted EBITDA margin rose by 1 percentage point to 17% year-on-year [1]. - The company has raised its full-year guidance, projecting revenue of 2.86 billion Swiss Francs, a year-on-year increase of 28%, up from the previous estimate of 27% [2]. - The company is benefiting from a strong multi-channel strategy and successful product launches, which have contributed to robust demand across all regions and product categories [1][2]. Financial Performance - For FY25, the company expects EPS of 3.4, 4.0, and 4.7 Yuan for the years 2025 to 2027, corresponding to P/E ratios of 20, 17, and 14 times respectively [4]. - The company reported a year-on-year revenue growth of 33% in EMEA, 29% in the Americas, and a remarkable 129% in the Asia-Pacific region [1]. - The inventory as of March 25 was 400 million Swiss Francs, reflecting a 5% decrease quarter-on-quarter, indicating a potential need for replenishment [1]. Market Position and Strategy - The company has established a strong positioning with key clients, particularly ON, which has shown impressive performance and light inventory levels, positively impacting order expectations [2]. - The company is actively monitoring tariff developments and has prepared various response strategies while maintaining close communication with clients [3]. - The production capacity remains stable, with no significant changes planned in the short term, as the company continues to build factories in Vietnam and Indonesia according to established timelines [3].

Investment Rating - Industry rating: Outperform the market (maintained rating) [2] Core Viewpoints - The global photomask market has been growing steadily, reaching a size of $5.2 billion by 2022, driven by increasing downstream demand [3] - The photomask industry in China is currently lagging behind, with upstream equipment and raw materials heavily reliant on imports, and domestic manufacturers holding a small market share [3][4] - The photomask industry exhibits a counter-cyclical property, where sales of photomasks can increase during downturns in the panel industry as manufacturers invest in new product development to maintain competitiveness [4] - The semiconductor photomask market is dominated by American and Japanese companies, with a strong demand for domestic alternatives [4] Summary by Sections 1. Photomask: High Barriers to Entry, Dominated by US and Japanese Manufacturers - Photomasks are critical materials in the microelectronics manufacturing process, used to transfer circuit designs onto substrates or wafers [15] - The photomask production process involves multiple precise steps, requiring high levels of technical expertise and equipment [26][48] 2. Panel Photomasks are Mature, Exhibit Counter-Cyclical Properties, IC Photomasks Urgently Need Domestic Production - The market size for photomasks in China has been increasing, from 7.412 billion yuan in 2019 to 12.436 billion yuan in 2023, with a projected 7.123 billion yuan in the first half of 2024 [64] - The demand for IC photomask glass substrates in China has grown significantly, surpassing that for flat panel display (FPD) photomask glass substrates for the first time [65] 3. Domestic Photomask Companies to Focus on Product Technology Development - Domestic photomask companies need to enhance their R&D capabilities through acquisitions and mergers to catch up with international competitors [5] - Key domestic players include Qingyi Optoelectronics, Luwei Optoelectronics, Longtu Photomask, Wuxi Disi, and Haoya Optics, each with unique strengths in the photomask manufacturing sector [6]

公司报告 | 公司点评 华利集团（300979） 证券研究报告 On 业绩超预期，华利客户卡位优势显现 客户 On 发布业绩公告 FY25Q1 收入 7 亿瑞士法郎同比+40%（货币中性），净利 0.6 亿瑞士法郎同 比-38%； 毛利率 60%略有增长，调后 EBIDA 利润率 17%同比+1pct。 截止 25 年 3 月末，公司库存 4 亿瑞士法郎环比-5%；考虑上调指引，我们 预计有较多备库需求。 一季度表现超预期，品牌在所有渠道、地区和产品类别中彰显强劲势头。 得益于积极推动多渠道策略，成功推出 Cloudsurfer2 和 Cloud6；服装产品 强劲吸引力和以明星 Zendaya 为主角的品牌宣传。 On 上调全年指引，预计收入 28.6 亿瑞士法郎同比+28%（原值为 27%），毛 利率 60-60.5%（原值为 60.5%，主要系全球关税等不确定性），调后 EBITDA 利润率 16.5-17.5%（原值为 17-17.5%）。 我们认为 ON 作为华利重要增量客户之一，业绩靓丽表现且库存较轻，利 好公司订单预期；同时也反映公司具备较好的客户挖掘及卡位能力，伴随 On 规模持续成长，我们预计 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The recent reduction in tariffs is beneficial for the fiberglass industry, with a focus on structural opportunities in low dielectric and low expansion products [2][3][17] - In the week of May 10-16, the sales area of commercial housing in 30 major cities was 1.8952 million square meters, a year-on-year decrease of 10.34% [2][16] - The current tariff rate on fiberglass stands at 55%, which is a combination of previous tariffs and new measures, but the impact on the fiberglass industry is expected to be limited compared to earlier trade disputes [2][13] - The supply side is facing significant capacity shocks, with an estimated actual capacity impact of approximately 930,000 tons in 2025 due to new production lines coming online [3][19] - The market demand for low dielectric and low expansion fiberglass is anticipated to grow, with key players like China National Materials and Honghe Technology positioned well in this segment [3][17] Summary by Sections Market Review - The Shanghai Composite Index rose by 1.12% while the construction materials sector fell by 0.15% during the past five trading days [11] - Notable stock performances included Zhongqi New Materials (+26.6%) and ST Sansheng (+11.5%) [11] Key Industry Segments - Cement prices have continued to decline, with a decrease of 1.1% observed recently, particularly in North China, East China, and Central South regions [19] - The fiberglass market is stabilizing, with mainstream prices for non-alkali yarn remaining steady, while the overall market is expected to trend weakly [19][20] Recommended Stocks - Key recommended stocks include China National Materials, Sankeshu, Western Cement, Huaxin Cement, China Resources Cement Technology, and Gaozheng Mining [20][21]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [4] Core Viewpoints - The carbon fiber market is currently at a stage of price stabilization, with potential for further price wars due to rapid capacity release by some companies. However, the original fiber segment remains limited, suggesting that price reductions in this area are unlikely. Companies such as Jilin Carbon Valley are recommended for attention [3] - In the electronic materials sector, the demand for foldable smartphones remains strong despite a downturn in consumer electronics. The continuous decline in industry price bands is expected to further stimulate downstream demand, creating a positive feedback loop. The report maintains a positive outlook for the penetration of foldable smartphones over the next 3-5 years, with key recommendations including Shiming Technology and Kaisheng Technology [3] - In the renewable materials sector, the photovoltaic demand continues to grow rapidly, but the expansion across the industry chain is also significant, indicating a need for market clearing. The wind power sector is seeing increased capacity, particularly in offshore wind, with a recommendation for Times New Material [4] Summary by Sections Market Review - The new materials index increased by 0.6%, underperforming the CSI 300 index by 0.5 percentage points. Notable performances include a 2.9% increase in the carbon fiber index and a 3.1% increase in the paint and ink index [11] Key Focus Areas - The price of wet 3K carbon fiber has increased by approximately 4%, driven by demand from the low-altitude economy and significant export growth. The price before the adjustment ranged from 150,000 to 400,000 yuan per ton [8] Long-term Perspectives - Carbon Fiber: The T300 large tow is at a price bottom, with potential for price wars in the carbon fiber segment. Jilin Carbon Valley is highlighted as a key player [3] - Electronic Materials: The report emphasizes the growth potential of foldable smartphones and recommends Shiming Technology and Kaisheng Technology [3] - Renewable Materials: The photovoltaic sector is expected to maintain strong demand, while the wind power sector is experiencing significant growth, with Times New Material recommended [4]