Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report indicates that the company has successfully navigated challenges and is now poised for recovery, with a focus on growth through various channels including membership and wholesale supermarkets, as well as overseas markets [2][11] - The company reported a revenue of 5.04 billion yuan in Q1 2025, a decrease of 13.99% year-on-year, and a net profit of 0.53 billion yuan, down 42.21% [9] - The report highlights that the company’s revenue from membership and wholesale supermarkets continues to grow, with monthly sales reaching 55 million yuan and 25 million yuan respectively, reflecting year-on-year growth of 20% and 16% [9] Financial Performance Summary - For the fiscal year 2024, the company achieved a total revenue of 22.57 billion yuan, representing a year-on-year increase of 22.18%, and a net profit of 3.76 billion yuan, up 14.32% [9] - The gross margin for Q1 2025 was reported at 34.32%, a decline of 1.1 percentage points year-on-year, primarily due to rising palm oil costs [9] - The company’s net profit margin for Q1 2025 was 10.47%, down 5.1 percentage points year-on-year, with increased sales and management expenses contributing to this decline [9] Growth Forecast - The report projects that the company will achieve total revenues of 26.70 billion yuan, 32.18 billion yuan, and 39.37 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 18.3%, 20.5%, and 22.3% [11] - The forecasted net profit for the same years is 4.25 billion yuan, 5.16 billion yuan, and 6.32 billion yuan, with corresponding growth rates of 13.0%, 21.4%, and 22.5% [11] Key Financial Metrics - The company’s projected gross margin for 2025 is 35.0%, with a slight decline expected in subsequent years [13] - The return on equity (ROE) is expected to increase from 21.9% in 2024 to 28.9% by 2027 [13] - The price-to-earnings (P/E) ratio is projected to decrease from 22.59 in 2024 to 11.30 by 2027, indicating a potentially attractive valuation [13]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a 2024 annual revenue of 766 million yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 40 million yuan, up 0.28% year-on-year. The net profit after deducting non-recurring items was 39 million yuan, reflecting a growth of 5.98% [4] - The company has been actively expanding its market presence across various divisions, with the Environmental Engineering Division achieving a revenue of 405 million yuan, a year-on-year increase of 36.39% [5] - The company is focusing on enhancing its R&D capabilities and concentrating resources on its core fluid machinery business, having authorized 23 patents in 2024 [6] - The long-term development outlook for the company is positive, with revised revenue forecasts for 2025-2027 set at 867 million, 991 million, and 1.137 billion yuan respectively, and net profit forecasts of 44 million, 50 million, and 57 million yuan [7] Financial Summary - The company’s total assets are projected to grow from 1,343 million yuan in 2024 to 1,687 million yuan by 2027, with total liabilities increasing from 634 million yuan to 888 million yuan over the same period [11] - The gross profit margin is expected to improve from 14.1% in 2024 to 14.8% in 2027, while the return on equity (ROE) is forecasted to rise from 5.7% to 7.1% [13] - The earnings per share (EPS) is projected to increase from 0.27 yuan in 2024 to 0.39 yuan in 2027, with corresponding P/E ratios decreasing from 55.45 to 37.19 [12]

Investment Rating - Investment Rating: "Add" (Maintained) [1] Core Views - The company reported a 2024 annual revenue of 766 million yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 40 million yuan, up 0.28% year-on-year. The adjusted net profit after excluding non-recurring items was 39 million yuan, reflecting a growth of 5.98% [4] - The environmental engineering division achieved a revenue of 405 million yuan, a significant increase of 36.39% year-on-year, while the refrigeration and air conditioning sector saw a slight decline in revenue by 0.23% [5] - The company is focusing on enhancing its research and development capabilities, with 23 patents granted in 2024, and is optimizing its business by gradually exiting the plastic pipe business to concentrate resources on its core fluid machinery sector [6] Financial Summary - Revenue Forecast for 2025-2027: 867 million yuan (2025), 991 million yuan (2026), 1.137 billion yuan (2027) [7] - Net Profit Forecast for 2025-2027: 44 million yuan (2025), 50 million yuan (2026), 57 million yuan (2027) [7] - Earnings Per Share (EPS) Forecast: 0.30 yuan (2025), 0.34 yuan (2026), 0.39 yuan (2027) [7] - Current Price-to-Earnings (P/E) Ratios: 46 (2025), 41 (2026), 36 (2027) [7] Key Financial Metrics - 2024 Revenue: 766 million yuan, with a year-on-year growth of 1.5% [9] - 2024 Net Profit: 40 million yuan, with a year-on-year growth of 0.3% [9] - Gross Margin: 14.1% in 2024, projected to increase to 14.8% by 2027 [9] - Return on Equity (ROE): 5.7% in 2024, expected to rise to 7.1% by 2027 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company successfully achieved its incentive targets for 2024, with a notable increase in revenue and net profit [7][9] - The revenue for 2024 is reported at 12.68 billion yuan, reflecting a year-on-year growth of 11.4%, while the net profit attributable to the parent company is 1.045 billion yuan, up 41.6% year-on-year [10][12] - The company is expected to benefit from national subsidies in the home appliance sector, with high-value products like electronic expansion valves likely to increase in proportion [7] - The automotive thermal management segment saw a significant revenue increase of 72% for the year, with expectations for continued growth due to strong customer relationships and new model releases [9] Revenue Analysis - The company reported a revenue of 33.4 billion yuan in Q4, a year-on-year increase of 13.8% [9] - The revenue for the entire year of 2024 was 126.8 billion yuan, with a projected revenue growth of 14% for 2025, reaching 145.1 billion yuan [10][12] Profit Analysis - The net profit for Q4 was 400 million yuan, showing a remarkable year-on-year increase of 100.2% [9] - The projected net profit for 2025 is 1.224 billion yuan, representing a year-on-year growth of 17.1% [10][12] Financial Forecast - The company forecasts revenues of 145.1 billion yuan, 163.2 billion yuan, and 179.6 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.224 billion yuan, 1.406 billion yuan, and 1.580 billion yuan [7][10] - The projected P/E ratios for the next three years are 10, 9, and 8 respectively [7] Key Financial Metrics - The company’s gross margin for 2024 is reported at 18.2%, with expectations for slight improvements in the following years [10][12] - The return on equity (ROE) is projected to decline from 19.0% in 2024 to 16.2% by 2027 [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company successfully achieved its incentive targets for 2024, with a notable increase in revenue and net profit [7][9] - The revenue for 2024 reached 12.68 billion yuan, representing a year-on-year growth of 11.4%, while the net profit attributable to the parent company was 1.045 billion yuan, up 41.6% year-on-year [10][12] - The company expects revenue growth of 14% in 2025, 13% in 2026, and 10% in 2027, with net profit projections of 1.22 billion yuan, 1.41 billion yuan, and 1.58 billion yuan respectively [7][10] Revenue Analysis - The revenue from refrigeration parts increased by 14% year-on-year, driven by national subsidies and a release in downstream air conditioning demand [9] - The automotive thermal management segment saw a significant revenue increase of 72% year-on-year, with expectations for continued growth due to major client contributions [9] - Revenue from refrigeration equipment decreased by 9% year-on-year, but is expected to recover with a focus on energy storage in 2025 [9] Profit Analysis - The company reported a gross margin of 18.2% for 2024, with a slight decrease expected in subsequent years [10][12] - The net profit margin for 2024 was 8.2%, with projections for gradual improvement in the following years [13] - The company’s EBITDA for 2024 was 1.448 billion yuan, with expectations for growth in the coming years [12] Financial Projections - The company forecasts revenues of 14.51 billion yuan in 2025, 16.32 billion yuan in 2026, and 17.96 billion yuan in 2027 [10][12] - The projected net profit for 2025 is 1.22 billion yuan, increasing to 1.58 billion yuan by 2027 [10][12] - The P/E ratio is expected to decrease from 10.92 in 2024 to 7.71 by 2027, indicating potential for improved valuation [10][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in profitability and optimization of its business structure, with a notable increase in gross margin [1][5] - The company reported a revenue of 22.175 billion yuan in 2024, representing a year-on-year growth of 5.59%, and a net profit attributable to shareholders of 1.054 billion yuan, up 17.50% year-on-year [4][5] - For Q1 2025, the company achieved a revenue of 5.245 billion yuan, a year-on-year increase of 11.27%, and a net profit of 295 million yuan, up 42.10% year-on-year [4][5] Financial Performance - The company’s revenue by business segment in 2024 included: - Switches: 8.504 billion yuan, up 10.97%, with a gross margin of 26.52% - Transformers: 9.218 billion yuan, up 10.26%, with a gross margin of 14.35% - Capacitors and surge protectors: 985 million yuan, up 20.28%, with a gross margin of 23.20% - R&D and testing: 665 million yuan, up 2.52%, with a gross margin of 51.73% [5] - The company expects net profits for 2025, 2026, and 2027 to be 1.697 billion yuan, 2.006 billion yuan, and 2.369 billion yuan respectively, with corresponding P/E ratios of 19, 16, and 13 [6] Key Financial Indicators - The company’s key financial indicators for 2024 and projections for 2025-2027 include: - Revenue: 22.281 billion yuan (2024A), projected to grow to 25.432 billion yuan (2025E) and 32.516 billion yuan (2027E) - Net profit: 1.054 billion yuan (2024A), projected to grow to 1.697 billion yuan (2025E) and 2.369 billion yuan (2027E) - Gross margin: 20.7% (2024A), projected to increase to 22.6% (2027E) [8]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company is undergoing a transformation towards hard technology, with expectations for performance improvements in 2024 [2][7] - The company has a solid foundation in TV ODM, with production in Vietnam starting in the first half of 2024, and manageable tariff impacts [12] - The integrated layout of the LED industry chain is entering a harvest period, expected to continuously contribute to performance elasticity [12] - The company is expanding into the optical communication field, enhancing its vertical industry chain advantages [9][12] Revenue Analysis - The company is actively expanding production capacity, with 50 COB production lines, making it the largest Mini COB backlight module manufacturer globally [9] - The optical communication sector has begun shipments in the optical access network and telecommunications fields, with plans to expand into data communication, industrial automation, and autonomous driving [9] Profit Analysis - The company adjusted its profit forecast, expecting revenues of 238 billion, 273 billion, and 310 billion yuan for 2025-2027, with year-on-year growth rates of +17%, +15%, and +13% respectively [12] - For 2024, the company anticipates revenues of 203.3 billion yuan, a year-on-year increase of +18.4%, with a net profit of 16.0 billion yuan, reflecting a +0.9% year-on-year growth [12] - The company plans to distribute a cash dividend of 1.07 yuan per 10 shares, maintaining a dividend payout ratio of 30% [12] Financial Metrics - The company’s gross margin for 2024 is projected at 17.2%, with a slight decrease of 1.3 percentage points year-on-year [13] - The net profit margin for 2024 is expected to be 7.9%, with a year-on-year decrease of 1.4 percentage points [13] - The company’s return on equity (ROE) is projected to improve from 10.1% in 2024 to 12.5% in 2027 [16][18]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in profitability and optimization of its business structure, with a notable increase in gross margin [1][5] - In 2024, the company achieved a revenue of 22.175 billion yuan, a year-on-year increase of 5.59%, and a net profit attributable to shareholders of 1.054 billion yuan, up 17.50% year-on-year [4][5] - The first quarter of 2025 saw a revenue of 5.245 billion yuan, representing an 11.27% year-on-year growth, with a net profit of 295 million yuan, up 42.10% year-on-year [4][5] Financial Performance Summary - The company’s revenue by business segment in 2024 included: - Switches: 8.504 billion yuan, up 10.97%, with a gross margin of 26.52% - Transformers: 9.218 billion yuan, up 10.26%, with a gross margin of 14.35% - Capacitors and surge protectors: 985 million yuan, up 20.28%, with a gross margin of 23.20% - R&D and testing: 665 million yuan, up 2.52%, with a gross margin of 51.73% [5] - The company is expected to achieve net profits of 1.697 billion yuan, 2.006 billion yuan, and 2.369 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19, 16, and 13 [6][8] Key Financial Indicators - For 2024, the company reported a gross margin of 20.75%, which improved by 2.92 percentage points year-on-year, and for Q1 2025, the gross margin was 21.02%, an increase of 3.17 percentage points year-on-year [4][5] - The projected revenue growth rates for the next few years are 14.1% for 2025, 13.1% for 2026, and 13.1% for 2027 [8] - The return on equity (ROE) is expected to rise from 4.8% in 2024 to 8.4% in 2027 [8]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company is undergoing a transformation towards hard technology, with expectations for future performance improvements [2] - The company reported a revenue of 20.33 billion yuan in 2024, representing a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.60 billion yuan, up 0.9% year-on-year [12][13] - The company is expanding its production capacity in packaging, aiming to become the largest Mini COB backlight module manufacturer globally [9] - The company is investing in optical communication modules and devices to strengthen its vertical industry chain advantage [9] - The company plans to distribute a cash dividend of 1.07 yuan per 10 shares, maintaining a dividend payout ratio of 30% [12] Revenue Analysis - The company is actively expanding its production capacity, with 50 COB production lines [9] - The television ODM business remains stable, with production in Vietnam starting in the first half of 2024 [12] - The LED industry chain integration is entering a harvest period, expected to contribute to performance elasticity [12] Profit Analysis - The company adjusted its profit forecast, expecting revenues of 23.8 billion, 27.3 billion, and 31.0 billion yuan for 2025-2027, with year-on-year growth rates of 17%, 15%, and 13% respectively [12] - The gross profit margin for 2024 is expected to be 17.2%, with a slight decrease of 1.3 percentage points year-on-year [13] - The net profit margin for 2024 is projected to be 7.9%, down 1.4 percentage points year-on-year [13] Financial Forecast - The company expects to achieve a net profit of 2.13 billion yuan in 2025, 2.28 billion yuan in 2026, and 2.59 billion yuan in 2027 [16] - The company’s earnings per share (EPS) are projected to be 0.44 yuan in 2025, 0.50 yuan in 2026, and 0.57 yuan in 2027 [16] - The price-to-earnings (P/E) ratio is expected to be 10.27 in 2025, 8.87 in 2026, and 7.81 in 2027 [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 237.066 billion yuan for 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of 12.4 billion yuan, up 85.38% year-on-year [4][15] - In Q4 2024, the company achieved a revenue of 63.288 billion yuan, a year-on-year increase of 72.6%, and a net profit of 3.383 billion yuan, up 147.96% year-on-year [15] - For Q1 2025, the company expects a net profit of 6.2 to 6.7 billion yuan, a year-on-year increase of 30% to 40% [15] Summary by Sections Financial Performance - The company’s revenue from the electrolytic aluminum segment was 136.359 billion yuan in 2024, up 8.82% year-on-year, while the alumina segment generated 74.004 billion yuan, a 38.26% increase year-on-year [5][21] - The total alumina production for 2024 was 16.87 million tons, a year-on-year increase of 1.2%, while the electrolytic aluminum production reached 7.61 million tons, up 12.08% year-on-year [5][27] - The average price of alumina in 2024 was 4,078.05 yuan per ton, a 39.71% increase year-on-year, while the average price of electrolytic aluminum was 19,900 yuan per ton, up 6.58% year-on-year [29][30] Market Outlook - The domestic electrolytic aluminum production capacity is nearing saturation, with a capacity utilization rate of 97.9% as of March 2025, indicating limited short-term growth potential [38] - The demand for electrolytic aluminum in 2024 is projected to be 44.9003 million tons, a year-on-year increase of 5.1% [40] - The company is expected to maintain a strong investment value in the aluminum sector due to its complete industrial chain and resource security [8] Profitability Forecast - The company’s projected net profits for 2025-2027 are 14.03 billion, 15.53 billion, and 17.45 billion yuan, respectively, with corresponding P/E ratios of 8, 7, and 6 [8][53] - The gross profit margin for the alumina segment is expected to stabilize around 16.9% to 17.2% from 2025 to 2027, while the electrolytic aluminum segment is projected to improve to 14.6% by 2025 [52]