Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% from the current price [4][12]. Core Insights - The company reported a strong Q1 2025 performance with revenue of RMB 847 billion, a year-over-year increase of 6.2%, and a net profit of RMB 139.6 billion, reflecting a 32.9% increase year-over-year [9]. - The overall market demand for power batteries and energy storage batteries is expected to grow by 30% year-over-year in 2025, positioning the company as a leader in battery shipments [9]. - The company is actively expanding its overseas market presence, with significant growth in Europe and successful projects in the Middle East and Australia [9]. Company Overview - Industry: Electrical Equipment [3] - A-share price as of April 14, 2025: RMB 224.00 [3] - Market capitalization: RMB 874.173 billion [3] - Major shareholder: Xiamen Ruitian Investment Co., Ltd. (23.27%) [3] - Earnings per share (EPS) for Q1 2025: RMB 3.18 [9] Financial Performance - The company expects net profits of RMB 646 billion, RMB 740 billion, and RMB 844 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 27%, 15%, and 14% [9][11]. - The gross profit margin for Q1 2025 was 24.4%, an increase of 1.2 percentage points year-over-year [9]. - The company’s financial expenses decreased significantly by RMB 2.6 billion year-over-year due to foreign exchange gains [9]. Market Position and Strategy - The company has a strong foothold in the European market, with a market share of 43% and a year-over-year sales increase of over 20% [9]. - The establishment of overseas factories, such as the one in Germany, is expected to enhance local production and sales [9]. - The company is also focusing on energy storage projects in the Middle East and Australia, with significant contracts already secured [9].

m 2025 年 4 月 15 日 | H70455@capital.com.tw | | --- | | 沈嘉婕 目标价(元) RMB 280 | 公司基本资讯 | 产业别 | 电气设备 | | --- | --- | | A 股价(2025/4/14) | 224.00 | | 深证成指(2025/4/14) | 9884.30 | | 股价 12 个月高/低 | 300.06/166 | | 总发行股数(百万) | 4403.39 | | A 股数(百万) | 3902.56 | | A 市值(亿元) | 8741.73 | | 主要股东 | 厦门瑞庭投资 | | | 有限公司 | | | (23.27%) | | 每股净值(元) | 59.40 | | 股价/账面净值 | 3.77 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -14.5 -12.1 19.7 | 近期评等 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 宁德时代 (300750.SZ) Buy 买进 公司 2025Q1 净利润较快增长，出海有 ...

2025 年 4 月 11 日 | C0044@capitalcom.tw | | | --- | --- | | 朱吉翔 目标价(元) | 90 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/4/10) | | 69.97 | | 上证指数(2025/4/10) | | 3223.64 | | 股价 12 个月高/低 | | 87.09/43.78 | | 总发行股数(百万) | | 1144.79 | | A 股数(百万) | | 1144.79 | | A 市值(亿元) | | 801.01 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (06.37%) | | 每股净值(元) | | 9.96 | | 股价/账面净值 | | 7.02 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -10.5 9.0 | 59.0 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-02-20 | 72.44 | 买进 | | 2024-10 ...

2025 年 4 月 11 日 | 产品组合 | | --- | | 互联类芯片 | 96% | | --- | --- | | 津逮服务器平台 | 4% | 机构投资者占流通 A 股比例 | 基金 | 19.7% | | --- | --- | | 一般法人 | 25.8% | 股价相对大盘走势 C o m p a n y U p d a t e | C0044@capitalcom.tw | | | --- | --- | | 朱吉翔 目标价(元) | 90 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/4/10) | | 69.97 | | 上证指数(2025/4/10) | | 3223.64 | | 股价 12 个月高/低 | | 87.09/43.78 | | 总发行股数(百万) | | 1144.79 | | A 股数(百万) | | 1144.79 | | A 市值(亿元) | | 801.01 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (06.37%) | | 每股净值(元) | | 9 ...

| 光通信收发模块 | 95.00& | | --- | --- | | 光组件 | 1.88% | | 汽车光电子 | 3.12% | 机构投资者占流通 A 股比例 2025 年 4 月 10 日 | 何利超 | | | --- | --- | | H70529@capital.com.tw | | | 目标价(元) | 85 | 公司基本资讯 | 产业别 | 通信 | | --- | --- | | A 股价(2025/4/9) | 71.99 | | 深证成指(2025/4/9) | 9539.89 | | 股价 12 个月高/低 | 185.83/67.2 | | 总发行股数(百万) | 1104.70 | | A 股数(百万) | 1099.25 | | A 市值(亿元) | 791.35 | | 主要股东 | 山东中际投资 | | | 控股有限公司 | | | (11.32%) | | 每股净值(元) | 17.32 | | 股价/账面净值 | 4.16 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -29.3 -40.8 -39.0 | 近期评等 | 2024.09.26 | 买 ...

2025 年 4 月 9 日 | C0044@capital.com.tw | | | --- | --- | | 朱吉翔 目标价 | 500 元 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/4/8) | | 431.01 | | 深证成指(2025/4/8) | | 9424.68 | | 股价 12 个月高/低 | | 490.03/278.13 | | 总发行股数(百万) | | 533.90 | | A 股数(百万) | | 533.44 | | A 市值(亿元) | | 2299.18 | | 主要股东 | | 北京七星华电 | | | | 科技集团有限 | | | | 责任公司 | | | | (33.43%) | | 每股净值(元) | | 58.24 | | 股价/账面净值 | | 7.40 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -5.5 11.6 | 45.1 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-01-14 ...

2025 年 4 月 9 日 | C0044@capital.com.tw | | | --- | --- | | 朱吉翔 目标价 | 500 元 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2025/4/8) | | 431.01 | | 深证成指(2025/4/8) | | 9424.68 | | 股价 12 个月高/低 | | 490.03/278.13 | | 总发行股数(百万) | | 533.90 | | A 股数(百万) | | 533.44 | | A 市值(亿元) | | 2299.18 | | 主要股东 | | 北京七星华电 | | | | 科技集团有限 | | | | 责任公司 | | | | (33.43%) | | 每股净值(元) | | 58.24 | | 股价/账面净值 | | 7.40 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -5.5 11.6 | 45.1 | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-01-14 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][13]. Core Insights - The company is expected to achieve a net profit of RMB 85 billion to 100 billion in Q1 2025, representing a year-on-year growth of 86.04% to 118.88% [8]. - The company sold 1 million vehicles from January to March 2025, marking a 59.8% increase year-on-year, setting a new record for the same period [8]. - The launch of new models, Han L and Tang L, is anticipated to enhance the company's competitiveness in the 200,000 RMB price range [10]. - The company is projected to have net profits of RMB 516 billion, 653 billion, and 788 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 21% [10][12]. Company Overview - The company operates primarily in the automotive industry, with 79.5% of its business coming from automotive sales and 20.5% from mobile components and assembly [5]. - As of April 7, 2025, the company's H-share price was 315.20 HKD, with a market capitalization of 95.79 billion RMB [3]. Financial Performance - The company reported a net profit of RMB 30.041 billion in 2023, with projections of RMB 40.254 billion in 2024 and RMB 51.629 billion in 2025, reflecting significant growth [12]. - The earnings per share (EPS) are expected to rise from RMB 10.319 in 2023 to RMB 17.746 in 2025, indicating a strong upward trend [12]. - The company's H-share price-to-earnings (P/E) ratio is projected to decrease from 30.54 in 2023 to 17.76 in 2025, suggesting a more attractive valuation over time [12].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [4][13]. Core Insights - The company is expected to achieve a net profit of RMB 85 billion to 100 billion in Q1 2025, representing a year-on-year growth of 86.04% to 118.88% [8]. - The automotive sales for the first three months of 2025 reached 1 million units, a year-on-year increase of 59.8%, setting a historical record for the same period [8]. - The launch of new models, Han L and Tang L, is anticipated to enhance the company's competitiveness in the 200,000 RMB price range [10]. Company Overview - The company operates primarily in the automotive industry, with 79.5% of its business derived from automotive sales and 20.5% from mobile components and assembly [5]. - As of April 7, 2025, the company's H-share price was 315.20 HKD, with a market capitalization of 95.79 billion RMB [3]. Financial Projections - The company forecasts net profits of RMB 516 billion, 653 billion, and 788 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 28%, 26%, and 21% [8][12]. - Earnings per share (EPS) are projected to be RMB 17.8, 22.4, and 27.1 for the years 2025, 2026, and 2027, respectively [8][12]. - The current price-to-earnings (P/E) ratios for H-shares are estimated at 17.8, 14.1, and 11.6 for the years 2025, 2026, and 2027, indicating a reasonable valuation [8][12].

公司基本资讯 2025 年 04 月 08 日 王睿哲 C0062@capital.com.tw 目标价(HKD) 75 | 产业别 | 美容护理 | | --- | --- | | H 股价(2025/04/07) | 60.90 | | 恒生指数(2025/04/07) | 19,828.3 | | 股价 12 个月高/低 | 72.8/35.7 | | 总发行股数(百万) | 1,035.90 | | H 股数(百万) | 1,035.90 | | H 市值(亿元) | 630.87 | | 主要股东 | 范代娣 (57.32%) | | 每股净值(元) | 6.91 | | 股价/账面净值 | 8.81 | | 一个月 三个月 | 一年 | | 股价涨跌(%) -12.12% 26.88% 46.25% | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-09-26 | 39.95 | 买进 | | 产品组合 | | | --- | --- | | 功效性护肤品 | 78.6% | | 医用敷料 | 23.3% | | 保健品及其他 | 0 ...