Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.2 billion yuan in Q1 2025, representing a year-on-year increase of 38% and a quarter-on-quarter decrease of 13%. The net profit attributable to the parent company was 1.6 billion yuan, up 39% year-on-year and up 36% quarter-on-quarter [4] - In 2024, the company is projected to achieve a revenue of 29.8 billion yuan, a year-on-year increase of 35%, with a net profit of 5.6 billion yuan, reflecting a 44% year-on-year increase [4] - The company has entered the ion implantation equipment market, launching its first ion implanter, Sirius MC 313, which enhances its competitiveness in the semiconductor manufacturing equipment sector [6] Financial Performance Summary - The company’s electronic process equipment revenue in 2024 is expected to reach 27.7 billion yuan, a year-on-year growth of 41%. This includes over 8 billion yuan from etching equipment (up approximately 33%), over 10 billion yuan from thin film deposition equipment (up approximately 67%), over 2 billion yuan from thermal processing equipment, and over 1 billion yuan from wet processing equipment [5] - The projected net profits for 2025-2027 are 7.71 billion, 9.42 billion, and 11.73 billion yuan, respectively, with corresponding EPS of 14.44, 17.63, and 21.96 yuan [7] - The company’s revenue is expected to grow at a compound annual growth rate (CAGR) of 33.1% from 2025 to 2026, with a net profit growth rate of 37.2% during the same period [8]

[Table_StockNameRptType] 思瑞浦（688536） 公司点评 [Table_Author] 分析师：陈耀波 | 执业证书号：S0010523060001 | | --- | | 邮箱： chenyaobo@hazq.com | 分析师：李美贤 执业证书号：S0010524020002 邮箱： limeixian@hazq.com !"#$% l[Table_Summary] 事件 Q1 实现扭亏，各下游亮点纷呈 | | | | [Table_BaseData] 收盘价（元） | 146.82 | | --- | --- | | 近 12 个月最高/最低（元） | 194.95/66.80 | | 总股本（百万股） | 133 | | 流通股本（百万股） | 133 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 195 | | 流通市值（亿元） | 195 | [ 公司价 Table_Chart] 格与沪深 300 走势比较 -30% 10% 49% 89% 128% 5/24 8/24 11/24 2/25 5/25 思瑞浦 沪深300 公司 2025 年第一季 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company experienced a revenue of 800 million yuan in Q1 2025, representing an 8% year-on-year increase but a 12% quarter-on-quarter decrease. The net profit attributable to the parent company was 59.77 million yuan, up 10% year-on-year but down 72% quarter-on-quarter. The non-recurring net profit was 33.96 million yuan, down 33% year-on-year and down 83% quarter-on-quarter [4][5] - The company is expanding its product offerings, having launched over 700 new products last year, including ultra-low power operational amplifiers and high-precision current detection amplifiers, which are applicable in various fields such as industrial control, automotive, communication, consumer electronics, and medical [6] - The semiconductor localization trend is expected to be a long-term and certain development, with the company steadily advancing along the growth path of analog companies [6] Financial Summary - In 2024, the company is projected to achieve a revenue of 3.347 billion yuan, a year-on-year increase of 28%. The net profit attributable to the parent company is expected to be 500 million yuan, up 78% year-on-year [9] - For the years 2025 to 2027, the projected net profits are 600 million yuan, 864 million yuan, and 1.138 billion yuan, respectively, with corresponding EPS of 1.27 yuan, 1.82 yuan, and 2.40 yuan [7][9] - The report indicates a gross margin of 51.5% for 2024, with a slight decrease to 50.3% in 2025, and a return on equity (ROE) of 10.9% in 2024, expected to rise to 16.0% by 2027 [9][12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 700 million yuan in Q1 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 3%. However, the net profit attributable to the parent company decreased by 37% year-on-year to 63.49 million yuan, but increased by 81% quarter-on-quarter [6] - In 2024, the company reported a total revenue of 2.6 billion yuan, a year-on-year increase of 44%, with a net profit of 300 million yuan, up 17% year-on-year [6] - The company has seen rapid growth across various downstream sectors, particularly in automotive power management, which grew by 179% year-on-year to 85.51 million yuan [7][8] Financial Performance Summary - The company’s revenue is projected to grow significantly from 2.57 billion yuan in 2024 to 5.34 billion yuan in 2027, with year-on-year growth rates of 44.2%, 31.3%, 25.4%, and 26.4% respectively [11] - The net profit attributable to the parent company is expected to increase from 307 million yuan in 2024 to 704 million yuan in 2027, with corresponding year-on-year growth rates of 17.4%, 26.3%, 29.1%, and 40.6% [11] - The company’s gross margin is projected to remain stable around 40% over the forecast period [11] Investment Recommendations - The forecasted net profits for 2025, 2026, and 2027 are 387 million yuan, 500 million yuan, and 704 million yuan respectively, with corresponding earnings per share (EPS) of 0.91 yuan, 1.18 yuan, and 1.65 yuan. The latest closing price corresponds to price-to-earnings (PE) ratios of 36x, 28x, and 20x for the respective years [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported strong performance with record highs in its two main business segments [1] - In 2024, the company achieved operating revenue of 15.374 billion, a year-on-year increase of 21.15%, and a net profit attributable to shareholders of 917 million, up 86.62% year-on-year, primarily due to market expansion [4][5] - The company has increased its R&D expenditure to 575 million, a growth of 17.42%, leading to multiple breakthroughs in technology [4] - The company is capitalizing on policy opportunities, with domestic and international businesses flourishing, particularly in the electric vehicle charging sector, which has seen a 131.87% increase in overseas contracts [5] Financial Summary - The company’s projected net profits for 2025, 2026, and 2027 are adjusted to 1.2 billion, 1.5 billion, and 2.1 billion respectively, with corresponding P/E ratios of 20, 16, and 12 [6] - Key financial metrics for 2024 include a gross margin of 25.9%, a return on equity (ROE) of 12.3%, and earnings per share (EPS) of 0.89 [8] - The company’s operating revenue is expected to grow to 19.092 billion in 2025, reflecting a year-on-year growth of 24.2% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported outstanding performance with both major business segments reaching new highs [1] - In 2024, the company achieved operating revenue of 15.374 billion, a year-on-year increase of 21.15%, and a net profit attributable to shareholders of 917 million, up 86.62% year-on-year, primarily due to market expansion [4][5] - The company has increased its R&D expenditure to 575 million, a growth of 17.42%, leading to multiple breakthroughs in technology [4] - The company is capitalizing on policy opportunities, with domestic and international businesses flourishing, particularly in the electric vehicle charging sector, which has seen a 131.87% increase in overseas business [5] Summary by Sections Financial Performance - The company’s operating revenue for 2024 was 15.374 billion, with a year-on-year growth of 21.15% [4] - The net profit attributable to shareholders was 917 million, reflecting an 86.62% increase year-on-year [4] - The company’s R&D expenses were 575 million, marking a 17.42% increase [4] Future Projections - The projected net profits for 2025, 2026, and 2027 are 1.2 billion, 1.5 billion, and 2.1 billion respectively, with corresponding P/E ratios of 20, 16, and 12 [6] - Revenue is expected to grow to 19.092 billion in 2025, 23.014 billion in 2026, and 26.069 billion in 2027, with year-on-year growth rates of 24.2%, 20.5%, and 13.3% respectively [8] Market Position - The company holds the leading position in the public charging terminal operation sector, which is expected to drive revenue growth in the new energy charging network business [5] - The company’s market share is anticipated to expand further due to the digitalization and intelligence upgrades of its product lines [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][10]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In Q4 2024, the company reported revenue of 3.044 billion yuan, with a quarter-on-quarter increase of 1.56% and a year-on-year increase of 16.81%. The net profit for the same period was 204 million yuan, showing a quarter-on-quarter increase of 8.84% [4]. - The overall gross margin for 2024 was 18.6%, a year-on-year increase of 0.5 percentage points, with tracking brackets achieving a gross margin of 19.7% [6]. - The company forecasts revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 920 million yuan, 950 million yuan, and 1.31 billion yuan [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected returns exceeding the market benchmark by more than 15% over the next 6-12 months [7]. Core Views - The company achieved a net profit attributable to shareholders of 632 million yuan in 2024, aligning with market expectations. Revenue for 2024 reached 9.026 billion yuan, reflecting a year-on-year increase of 41.25%, while net profit grew by 83.03% [4][5]. - The total shipment of solar brackets in 2024 increased by 36% year-on-year, driven by rising photovoltaic demand in markets like India and new production capacity [5]. - The company is positioned as a global leader in tracking brackets, with significant market share and ongoing project signings in emerging markets such as the Middle East and Central Asia [7]. Financial Performance Summary - In 2024, the company reported revenue of 90.26 billion yuan, with a year-on-year growth of 41.25%. The net profit attributable to shareholders was 6.32 billion yuan, up 83.03% year-on-year [4][10]. - The company’s gross margin for 2024 was 18.6%, a slight increase of 0.5 percentage points year-on-year. The net profit margin improved to 7.1%, up 1.7 percentage points [6][10]. - Forecasts for 2025, 2026, and 2027 project revenues of 10.6 billion yuan, 11.8 billion yuan, and 13.2 billion yuan, respectively, with corresponding net profits of 9.2 billion yuan, 9.5 billion yuan, and 13.1 billion yuan [7][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return that will outperform the market benchmark by more than 15% over the next 6-12 months [12]. Core Views - The company reported a revenue of 28.396 billion yuan for 2024, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [4][6]. - The agricultural chemical market is showing signs of recovery, contributing to stable performance in profitability throughout the year [6]. - The company has adjusted its production and sales strategies, leading to significant increases in operating rates and sales volumes across its main products [9]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 7.228 billion yuan, a year-on-year increase of 4.94% and a quarter-on-quarter increase of 13.90% [5]. - For Q4 2024, the company reported a revenue of 6.346 billion yuan, a year-on-year increase of 1.70% but a quarter-on-quarter decrease of 26.60% [8]. Product Performance - The company’s main product segments, including specialty chemicals, fertilizers, pesticides, and organic silicon, generated revenues of 5.278 billion, 4.049 billion, 5.204 billion, and 2.647 billion yuan respectively in 2024, with year-on-year growth rates of 4.97%, 12.26%, 21.50%, and 23.48% [6]. - The average market prices for key products in 2024 were as follows: glyphosate at 25,049.75 yuan/ton (down 22.96%), phosphate rock at 1,013.52 yuan/ton (up 2.36%), and DMC at 13,987.6 yuan/ton (down 6.34%) [7]. Strategic Initiatives - The company invested 1.188 billion yuan in R&D in 2024, focusing on technological innovations and project advancements to support its transition to a green chemical new materials enterprise [11]. - Key projects such as the 1 million tons/year optical selection mining project and the 200,000 tons/year phosphate rock selection project have commenced operations, enhancing the company's resource utilization [11]. Future Outlook - The company is expected to achieve net profits of 1.825 billion, 2.078 billion, and 2.366 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 13, 11, and 10 [12].

Investment Rating - The investment rating for Alibaba is "Buy" (maintained) [1] Core Views - In FY25Q4, Alibaba's revenue reached 236.5 billion yuan, a year-over-year increase of 7%, slightly below Bloomberg's expectations; adjusted EBITDA and adjusted net profit were 41.8 billion yuan (up 36%, margin of 18%) and 29.8 billion yuan (up 22%, margin of 13%), respectively, exceeding Bloomberg's expectations by 1.3% and 1.6% [4][5] - The Taobao Group's revenue was 101.4 billion yuan (up 9%), exceeding Bloomberg's expectations by 3.6%, with adjusted EBITA of 41.7 billion yuan (up 8%); the Alibaba International Digital Commerce Group's revenue was 33.6 billion yuan (up 22%), below expectations by 4.0%, with adjusted EBITA of -3.6 billion yuan (up 12.5%); the Local Life Group's revenue was 16.1 billion yuan (up 10%), slightly below expectations by 1.7%, with adjusted EBITA of -2.3 billion yuan (up 28%); the Cainiao Group's revenue was 21.6 billion yuan (down 12%), below expectations by 14%, with adjusted EBITA of -0.6 billion yuan (up 55%); the Cloud Intelligence Group's revenue was 30.1 billion yuan (up 18%), exceeding expectations by 0.8%, with adjusted EBITA of 2.4 billion yuan (up 69%); the Digital Entertainment Group's revenue was 5.6 billion yuan (up 12%), with adjusted EBITA of 0.04 billion yuan [5][6] - The CMR performance of Taobao was impressive, with a year-over-year increase of 12% to 71.1 billion yuan, surpassing Bloomberg's expectations by 3.9%, and the take rate improved year-over-year [6] - The cloud business accelerated growth, with revenue of 30.1 billion yuan (up 18%), slightly above Bloomberg's expectations; the capital expenditure for the quarter was 24.6 billion yuan, with a total of 86 billion yuan for FY2025, significantly higher than 32.1 billion yuan in FY2024 [6] Financial Projections - Revenue projections for Alibaba for FY2026-2028 are 1,086.7 billion yuan, 1,200.6 billion yuan, and 1,315.7 billion yuan, representing year-over-year growth of 9.1%, 10.5%, and 9.6%, respectively; Non-GAAP net profit is expected to be 169.3 billion yuan, 186.0 billion yuan, and 192.5 billion yuan, with year-over-year growth of 7.1%, 9.9%, and 3.5% [6][10]