Investment Rating - The investment rating for the company is upgraded to "Buy" based on the recovery in the semiconductor industry and changes in revenue structure [6][5]. Core Viewpoints - The company achieved a revenue of 1.077 billion yuan in 2024, representing a year-on-year growth of 46%, and a net profit of 128 million yuan, up 8.67% year-on-year. In Q1 2025, the company reported a revenue of 285 million yuan, a 55% increase year-on-year, and turned a profit with a net profit of 26 million yuan [1][2]. - The growth in revenue is attributed to improved industry conditions, optimized product structure, new customer mass production, and increased capacity utilization. Despite the net profit growth being lower than revenue growth, the company demonstrated solid cost control and profitability [2][4]. - The company is focusing on high-performance chip testing, including CPU, GPU, AI, and advanced packaging chips, with a significant increase in revenue from wafer testing (6.15 billion yuan, up 38.91%) and finished chip testing (3.67 billion yuan, up 50.07%) [3][4]. - The company plans to raise 1.175 billion yuan through convertible bonds to enhance its testing capabilities and increase revenue from high-end services [3]. Financial Data Summary - The company’s projected revenues for 2025 and 2026 are 1.369 billion yuan and 1.743 billion yuan, respectively, with expected net profits of 196 million yuan and 280 million yuan [5][11]. - The EBITDA for 2025 is estimated at 618 million yuan, with a projected growth rate of 27.14% [5][11]. - The company’s earnings per share (EPS) is expected to reach 1.72 yuan in 2025, with a price-to-earnings (P/E) ratio of 40.18 [5][11].

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [7] Core Viewpoints - In Q1 2025, commercial banks' net profit growth year-on-year was -2.32%, a decrease of 4 basis points compared to the end of 2024, although the profitability of state-owned banks and urban/rural commercial banks showed improvement [12][10] - The asset expansion of commercial banks remained stable, with total assets growing by 7.20% year-on-year in Q1 2025, slightly slowing down by 3 basis points compared to the end of last year [2][17] - The net interest margin (NIM) for commercial banks was recorded at 1.43% in Q1 2025, down 9 basis points from the end of 2024, with expectations for stabilization in Q2 2025 due to new monetary policy measures [3][20] - Asset quality remained robust, with a non-performing loan (NPL) ratio of 1.51% in Q1 2025, a slight increase of 1 basis point from the end of 2024, and a provision coverage ratio of 208%, indicating ample buffer above the regulatory requirement [4][23] - The capital adequacy ratios for commercial banks showed a decline, with the overall capital adequacy ratio at 15.28%, down 45 basis points from the previous quarter, indicating increased capital consumption due to credit expansion [5][26] Summary by Sections 1. Profitability - In Q1 2025, commercial banks' net profit totaled 656.8 billion yuan, a year-on-year decrease of 200 million yuan, with state-owned banks showing a profit increase of 15.8 billion yuan [12][10] 2. Asset Expansion and Credit Performance - Total assets of commercial banks reached approximately 394 trillion yuan, with a year-on-year growth of 7.20% in Q1 2025 [17] - The loan balance increased by 9.11 trillion yuan in Q1 2025, with a year-on-year growth rate of 7.33% [18] 3. Net Interest Margin - The NIM for state-owned banks, joint-stock banks, urban commercial banks, and rural commercial banks were 1.33%, 1.56%, 1.37%, and 1.58% respectively, with expectations for stabilization in Q2 2025 [20][21] 4. Asset Quality - The NPL ratio for state-owned banks, joint-stock banks, urban commercial banks, and rural commercial banks were 1.22%, 1.23%, 1.79%, and 2.86% respectively, indicating overall stable asset quality [23] 5. Capital Adequacy - The risk-weighted assets of commercial banks reached 214 trillion yuan, with capital adequacy ratios showing a decline across various types of banks [26][5]

证券研究报告 | 2025 年 05 月 21 日 $$\overline{{{\prod_{i\in\mathbb{N}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|做强国内大循环——政策与大类资产配置周观察》 1、国务院召开做强国内大循环工作推进会。目前我国正从生存型消费转 向发展型消费，服务消费成为趋势，服务消费提升是扩大内需的重要抓手。 因此，从就业与消费的关系看，做强国内大循环，应该积极发展服务业。 我们认为随着消费结构即将加快从商品消费主导向服务消费主导转变，改 善服务业供需的短板，或有助于让经济结构更加平衡以及畅通和做强国内 大循环。 2、中美落实日内瓦经贸联合声明。我们认为本次日内瓦会谈是 破冰，后续双方仍需进行多轮谈判才能解决实质性问题。4 月数据显示， 中国对美出口货物 330.24 亿美元，同比减少约 21%。整体来看，对美出 口份额处于下降区间。我们认为本次会谈成果 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [5][4] Core Views - The company reported a 1% year-on-year increase in revenue for Q1 2025, reaching $2 billion, while gross margin decreased by 2.2 percentage points to 23%. Net profit attributable to shareholders fell by 24% to $80 million [1] - Manufacturing revenue grew by 6% year-on-year, but gross margin declined to 18%, a drop of 2.6 percentage points, with net profit down 25% year-on-year. Retail revenue decreased by 5%, with a gross margin of 33% and a 21% decline in net profit [1] - The overall revenue for April 2025 showed a 1% year-on-year increase, with manufacturing revenue up 11% and retail business still in recovery [1] Summary by Sections Manufacturing (Q1 2025) - Revenue from the U.S. increased by 14%, accounting for 29% of total revenue, while Europe saw an 11% increase, making up 27%. However, revenue from mainland China dropped by 19%, representing 15% of total revenue [2] - The total shipment volume of footwear rose by 5% to 62 million pairs, with an average selling price (ASP) increase of 3% to $20, benefiting from a better order mix [2] - Major production regions include Indonesia (55% of total shipments), Vietnam (31%), and mainland China (10%), with Indonesia and Vietnam showing shipment increases of 4% and 13% respectively, while mainland China experienced an 8% decline [2] Retail (Q1 2025) - The company operated 3,437 direct stores, a decrease of 1% year-on-year [3] - Inventory turnover days increased by 19 days to 138 days [3] Financial Forecast - The company forecasts revenues of $8.4 billion, $8.9 billion, and $9.5 billion for the years 2025 to 2027, with net profits of $400 million, $430 million, and $480 million respectively. Corresponding EPS is projected to be $0.25, $0.27, and $0.30, with PE ratios of 6x, 6x, and 5x [4]

2025年台北国际电脑展（COMPUTEX 2025）将于 5月 20日至 23日台北南港展览馆举办。本届展览以 AI Next 为 主题，将汇聚全球科技巨头，集中展示人工智能领域的最新研究成果与尖端应用技术。作为全球AIoT 与新创企业的 顶尖展示平台，2025 年台北国际电脑展将聚焦三大核心主题：AI & Robotics, Next-Gen Tech, and Future Mobility； 并将汇聚 ASUS, Acer, MSI, GIGABYTE, MediaTek, ASRock 等近 1400 家全球领先科技企业。 Computex 主题演讲聚焦 AI发展愿景，包含 NVIDIA将分享 AI 与加速运算的最新突破；鸿海科技将分享创新转型 成果；Qualcomm 将分享AI 如何彻底改变装置体验与对于生态系的愿景；Arm 将分享联发科技从边缘 AI 到云端 AI 的全栈运算愿景；联发科技将分享从边缘 AI 到云端 AI 的全栈运算愿景；NXP 将分享边缘人工智能，深入探索 AI 的这一重要转变。 25 终端需求预测：2025年 AI驱动消费电子等结构性增长，工控复苏趋势明显，数据中心供不应求延 ...

行业报告 | 行业专题研究 银行 证券研究报告 看好银行股的三点理由 1. 政策红利持续释放，银行板块资金吸引力有望提升 公募基金新规落地，银行配置比例有望提升。一方面，业绩比较基准约束 强化，或引导银行板块基金配置比例向指数权重抬升。截止 2024 年末，主 动权益类基金持仓银行比例为 3.35%，大幅低于沪深 300 指数中 13.67%的银 行权重。另一方面，新规规定三年以上中长期收益考核权重不低于 80%，银 行股稳定高分红有助于为公募基金提供长期稳定收益。 险资入市积极性提高，银行板块有望迎来增量资金。在中长期资金入市的 指引下，监管持续鼓励险企加大权益投资，而从险企经营诉求出发，银行股 是合意板块。今年以来险企增持、举牌银行股的力度也有所加大，或将持续 提供增量资金。 2. 避险情绪仍存，防御价值凸显 外部不确定性依然存在，银行股防御价值进一步凸显。虽然关税战暂时"熄 火"，但 90 天暂停期结束后或仍面临关税回调上升风险。往后看，外部不 确定性依然存在，市场避险情绪浓厚，而银行板块高股息低估值，安全边际 较厚。截止 5 月 19 日，银行股近 12 个月股息率为 6.47%，在 31 个申万一 ...

行业报告 | 行业研究周报 半导体 证券研究报告 Computex 召开在即，重点关注 AI 驱动行业催化 Computex 2025 召开在即：AI Next 引领技术革命，关注 AI 驱动的细分产业催化 2025年台北国际电脑展（COMPUTEX 2025）将于 5月 20日至 23日台北南港展览馆举办。本届展览以 AI Next 为 主题，将汇聚全球科技巨头，集中展示人工智能领域的最新研究成果与尖端应用技术。作为全球AIoT 与新创企业的 顶尖展示平台，2025 年台北国际电脑展将聚焦三大核心主题：AI & Robotics, Next-Gen Tech, and Future Mobility； 并将汇聚 ASUS, Acer, MSI, GIGABYTE, MediaTek, ASRock 等近 1400 家全球领先科技企业。 Computex 主题演讲聚焦 AI发展愿景，包含 NVIDIA将分享 AI 与加速运算的最新突破；鸿海科技将分享创新转型 成果；Qualcomm 将分享AI 如何彻底改变装置体验与对于生态系的愿景；Arm 将分享联发科技从边缘 AI 到云端 AI 的全栈运算愿景；联发科技将 ...

海外行业报告 | 行业动态研究 港股周报（2025.05.12-2025.05.16） 证券研究报告 本周港股三大指数上涨，本周港股通 5 个交易日共净卖出 80.48 亿元，年初至今 净买入 5674.74 亿元，相当于 2024 年全年净买入 7440.31 亿元的 76.27%。南 向资金重点加仓建设银行（43.31 亿）、中国移动（12.07 亿）、阿里巴巴（6.35 亿）等。当前互联网公司处于估值相对低位，小米、腾讯、阿里巴巴、美团、百度、 拼多多、京东、快手 25 年（阿里巴巴为 FY26）PE 分别为 28/ 17/ 12/ 11/ 9/ 8/ 7/ 6。 AI 方面，从腾讯和阿里财报来看 AI 技术正在赋能业务并有望驱动业绩增长。腾讯 通过生成式 AI 能力，升级广告技术平台，包括辅助广告制作、数字人直播、加深 商品与用户兴趣理解以提升推荐效果。阿里 AI 相关产品连续七个季度实现三位数 增长，广泛应用于互联网、零售、制造业、文娱等多个垂直场景。 智能驾驶方面，短期看政策收紧低阶智驾宣传，但未来或在高阶智驾层面仍有政策 引导和激励。新车发布周期有望驱动市场预期升温。目前主流主机厂标配激光雷达 ...

本周港股三大指数上涨，本周港股通 5 个交易日共净卖出 80.48 亿元，年初至今 净买入 5674.74 亿元，相当于 2024 年全年净买入 7440.31 亿元的 76.27%。南 向资金重点加仓建设银行（43.31 亿）、中国移动（12.07 亿）、阿里巴巴（6.35 亿）等。当前互联网公司处于估值相对低位，小米、腾讯、阿里巴巴、美团、百度、 拼多多、京东、快手 25 年（阿里巴巴为 FY26）PE 分别为 28/ 17/ 12/ 11/ 9/ 8/ 7/ 6。 AI 方面，从腾讯和阿里财报来看 AI 技术正在赋能业务并有望驱动业绩增长。腾讯 通过生成式 AI 能力，升级广告技术平台，包括辅助广告制作、数字人直播、加深 商品与用户兴趣理解以提升推荐效果。阿里 AI 相关产品连续七个季度实现三位数 增长，广泛应用于互联网、零售、制造业、文娱等多个垂直场景。 海外行业报告 | 行业动态研究 港股周报（2025.05.12-2025.05.16） 证券研究报告 互联网企业一季报表现亮眼，AI 多方面驱动业务发展 智能驾驶方面，短期看政策收紧低阶智驾宣传，但未来或在高阶智驾层面仍有政策 引导和激励。新车发布周 ...

行业报告 | 行业专题研究 2025 年 05 月 20 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 潘暕 分析师 SAC 执业证书编号：S1110517070005 panjian@tfzq.com 行业走势图 -14% -6% 2% 10% 18% 26% 34% 42% 2024-05 2024-09 2025-01 消费电子 沪深300 资料来源：聚源数据 相关报告 1 《消费电子-行业研究周报:海外科技股 25Q1： Capex 保持较高强度，看好 AI 算力链修复》 2025-05-13 2 《消费电子-行业专题研究:25Q1：AI 业绩红 利兑现伊始、机构持仓稳定，看好算力开支及 新机带动下的板块修复机遇》 2025-05-13 3 《消费电子-行业研究周报:美方应对关税态度 缓和，出口链条或迎修复》 2025-04-27 消费电子 证券研究报告 英伟达虚拟仿真技术主导，驱动人形机器人行业发展 1. 虚拟仿真技术迅速发展，赋能宇树科技人形机器人 虚拟仿真技术在机器人领域发挥着关键作用，宇树科技采用英伟达的 ...