Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company achieved a revenue of 7.751 billion RMB in 2024, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 806 million RMB, reflecting a growth of 1.41% year-on-year [3][8] - The company's RevPAR (Revenue per Available Room) for all hotels was 167 RMB, down 3.2% year-on-year, indicating resilience in operations compared to the overall industry decline [3][8] - The company opened 1,353 new stores in 2024, a 12.5% increase year-on-year, and plans to open 1,500 new stores in 2025, supported by a reserve of 1,743 stores as of the end of 2024 [8] Summary by Sections Financial Performance - The company reported a total revenue of 77.51 billion RMB in 2024, with a slight decline of 0.54% year-on-year. The hotel business generated 72.35 billion RMB in revenue, down 0.58%, while the scenic area business saw a revenue of 5.16 billion RMB, up 0.07% [8] - The net profit attributable to shareholders was 8.06 billion RMB, with a growth of 1.41% year-on-year, and the net profit excluding non-recurring items was 7.33 billion RMB, up 1.92% [8] Operational Metrics - The company’s RevPAR, occupancy rate (OCC), and average daily rate (ADR) showed a decline of 4.7%, 1.4 percentage points, and 2.6% respectively, but these declines were less severe than the overall market, indicating operational resilience [8] - The company achieved a net increase of 739 stores, a significant growth of 163.9% year-on-year, with a focus on improving the quality of new openings [8] Future Outlook - The company aims to open 1,500 new stores in 2025, with a strong pipeline of 1,743 stores already reserved, which is expected to support its growth targets [8] - The company is also focusing on high-quality development, with 412 new mid-to-high-end hotels opened in 2024, a 45.6% increase year-on-year [8]

Core Insights - The report discusses the implementation of a 10% "minimum baseline tariff" by the Trump administration, effective from April 5, 2025, which raises concerns about short-term "stagflation" risks in the U.S. economy and potential recession fears [2] - The tariffs are expected to increase short-term cost pressures, potentially suppressing demand from both businesses and consumers, leading to heightened "stagflation" concerns and increased uncertainty in the U.S. economic outlook [2] - The report emphasizes the necessity for domestic demand support policies in China to counteract short-term external pressures, with expectations of accelerated fiscal measures and potential monetary easing [2] Summary by Sections Tariff Implementation - On April 2, 2025, President Trump signed two executive orders establishing a 10% "minimum baseline tariff" on all trade partners, with additional personalized tariffs for countries with the largest trade deficits, effective April 9, 2025 [2] - Certain sectors, including steel, aluminum, automobiles, and pharmaceuticals, are exempt from these tariffs, while a 25% tariff on automobiles took effect on April 3, 2025 [2] Economic Impact - The tariffs are likely to exacerbate the existing "stagflation" risks in the U.S. economy, complicating the inflation reduction process and increasing the likelihood of recession [2] - The report notes that the uncertainty surrounding retaliatory measures from other countries and the U.S. economic data's deterioration will further complicate the economic landscape [2] Domestic Policy Response - In response to external pressures, there is an anticipated increase in domestic demand support policies in China, with expectations for accelerated fiscal stimulus and potential monetary easing [2] - The report highlights that the policy expectations for essential consumer goods and the real estate sector are likely to rise [2] Market Implications - Risk assets are expected to face short-term adjustment pressures, with A-shares needing to focus on domestic policy responses for stabilization [2] - The report suggests that essential consumer goods may serve as a safe haven in the A-share market, while mid-term policy responses and stabilization of economic data could boost market confidence [2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4][6] Core Views - The company has shown strong revenue growth, with a 25.43% year-on-year increase in operating income for 2024, and a significant 116.08% increase in net profit attributable to shareholders [4][9] - The recovery in various business segments, particularly in tourism and hotel management, is expected to drive future growth [4][9] - The report projects earnings per share (EPS) for 2025 to be 0.27 RMB, with corresponding price-to-earnings ratios of 46.5, 33.9, and 28.8 for the years 2025, 2026, and 2027 respectively [6][8] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 4,309 million RMB, with a net profit of 150 million RMB and a non-recurring net profit of 60 million RMB [9][11] - The company confirmed investment income of approximately 75 million RMB from its associate, contributing to the net profit increase [9] Business Segments - The travel agency segment accounted for 72.36% of revenue, with a year-on-year growth of 36.87%, while hotel operations and management contributed 21.99% and 5.28% respectively [9] - The inbound tourism segment is expected to grow further as policies continue to relax, with 2024 revenue reaching 3.497 million RMB [9] Future Projections - The report forecasts a steady increase in revenue, projecting 5,754 million RMB for 2025, with a growth rate of 33.5% [8][11] - The EBITDA is expected to rise to 447 million RMB in 2025, reflecting a positive growth trajectory [8][11]

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1][4][6]. Core Views - The company faced significant pressure in 2024, with revenue of RMB 56.474 billion, a year-on-year decrease of 16.38%, and a net profit of RMB 4.267 billion, down 36.44% year-on-year. The report anticipates growth from the recovery of port stores and the gradual establishment of city stores [4][9]. - The report highlights the company's increasing market share in the offshore channel, despite a decline in duty-free sales. The company is expected to benefit from the upcoming closure of Hainan Island and ongoing property developments in the region [9]. - The international flight recovery has led to substantial growth in port duty-free sales, with the company's domestic duty-free store sales nearly doubling [9]. - The company is actively expanding its city duty-free operations, which are expected to contribute positively to revenue growth [9]. Financial Summary - The company’s projected revenue for 2025 is RMB 60.533 billion, reflecting a growth rate of 7.2% compared to 2024. The net profit is expected to be RMB 4.716 billion, with a growth rate of 10.5% [8][11]. - The report provides earnings per share (EPS) estimates of RMB 2.28 for 2025, with corresponding price-to-earnings ratios of 26.5, 22.3, and 19.0 for 2025, 2026, and 2027 respectively [6][8]. - The EBITDA for 2025 is projected at RMB 8.154 billion, with a growth rate of 24.5% [11].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][5]. Core Views - The company reported a revenue of 806 million RMB for 2024, a decline of 33.32% year-on-year, and a net profit of 125 million RMB, down 55.01% year-on-year. The company plans to distribute a cash dividend of 0.49 RMB for every 10 shares [5]. - The report suggests that the risks associated with centralized procurement have gradually been released, and the company's valuation has reached a reasonable level, supporting a long-term positive outlook [5][9]. - The company has faced pressure from centralized procurement renewals, which have led to a decrease in product prices, impacting overall performance. However, the report anticipates that the effects of these pressures will gradually diminish [9][10]. Summary by Sections Financial Performance - The company’s main revenue is projected to recover to 937 million RMB in 2025, with a growth rate of 16.3%. The net profit is expected to increase to 153 million RMB, reflecting a growth rate of 22.1% [8]. - The report highlights a significant reduction in sales expenses, with a sales expense ratio of 25.80% in Q4 2024, down from 35.88% year-on-year and 40.56% quarter-on-quarter [9]. Research and Development - The company invested 133 million RMB in R&D in 2024, maintaining a high level of investment to enhance competitiveness. The focus is on new materials and product lines, including surgical robots and sports medicine [9][10]. Valuation Metrics - As of April 2, 2025, the company's total market capitalization is 58 billion RMB, with projected P/E ratios of 38.1 for 2025 and 31.8 for 2026 [9][10]. - The report indicates that the market has already priced in the pessimistic expectations regarding the company, suggesting that the current valuation is relatively low [9].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has formed a product matrix in PC MCU and is consolidating its advantages in the HarmonyOS ecosystem through AIoT integration [3][8] - The company's revenue for 2024 is projected to be RMB 702 million, representing a year-on-year growth of 62.2% [7][8] - The net profit attributable to the parent company for 2024 is expected to be a loss of RMB 173 million, but this loss has narrowed by RMB 92 million compared to the previous year when excluding share-based payment impacts [8] Summary by Sections Stock Performance - The company's stock has shown an absolute increase of 20.8% year-to-date and 21.7% over the past 12 months [2] Financial Projections - Revenue projections for the upcoming years are as follows: - 2025: RMB 980 million (39.5% growth) - 2026: RMB 1,302 million (32.9% growth) - 2027: RMB 1,656 million (27.2% growth) [7][9] - The estimated EPS for 2025 is -0.73 RMB, with a gradual improvement expected by 2027 to 0.66 RMB [5][9] Business Performance - The MCU chip business revenue for 2024 is projected at RMB 326 million, a year-on-year increase of 68% [8] - The analog signal chain chip business is expected to see a revenue increase of 137% year-on-year, reaching RMB 181 million [8] - The AIoT chip business is projected to grow by 18% year-on-year, with revenue of RMB 182 million [8] Strategic Developments - The company is transitioning its MCU and ADC products towards high-end markets, with significant R&D investments [5][8] - The company has established a health big data cloud platform through its subsidiary, enhancing its position in the HarmonyOS ecosystem [8]

Investment Rating - The report maintains a rating of "Buy" for the company [2][4] Core Views - The company's gross margin is under pressure due to increased fixed costs from the Hefei production capacity and a deteriorating industry competitive landscape. However, the revenue share from AMOLED products continues to rise, and the company is actively expanding its non-display driver packaging business to create a second growth curve [2][7] Summary by Sections Financial Performance - The company reported a revenue of RMB 1.959 billion for 2024, representing a year-on-year growth of 20.3%. The gross margin was 31.3%, down by 4.4 percentage points year-on-year. The net profit attributable to the parent company was RMB 313 million, a decrease of 16% year-on-year [6][7] - For 2025, the estimated earnings per share (EPS) is adjusted to RMB 0.29, down by 25.6% from previous estimates. The projected PE ratios for 2025, 2026, and 2027 are 41.9, 37.4, and 33.2 respectively [4][6] Market Position and Strategy - The company is the leading provider of display driver chip packaging in China (excluding Hong Kong, Macau, and Taiwan) and ranks third globally. The revenue from display driver chip packaging is expected to reach RMB 1.758 billion in 2024, with AMOLED revenue accounting for over 20% of total revenue [7] - The company has innovated in the technology of copper-nickel-gold bumps, which allows for large-scale production and cost control. It is also expanding its non-display packaging capabilities, targeting power devices and Power ICs [7] Future Outlook - The company is expected to continue its revenue growth trajectory, with projected revenues of RMB 2.288 billion in 2025 and RMB 2.590 billion in 2026, reflecting growth rates of 16.8% and 13.2% respectively [6][8] - The gross margin is anticipated to decline further to 30.3% in 2025 and stabilize at 29.9% in 2026 and 2027 due to ongoing competitive pressures [8]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company experienced short-term pressure on earnings, with a 2024 total revenue of RMB 7.31 billion, a decrease of 6.87% year-on-year, and a net profit attributable to shareholders of RMB 215 million, down 64.34% year-on-year. However, the fourth quarter showed a revenue increase of 15.10% year-on-year to RMB 2.12 billion and a net profit increase of 89.94% year-on-year to RMB 83 million [3][8]. - The company is expected to maintain its leading position in the industry of glyphosate and precision glyphosate, supported by scale effects and technological advantages, which will bolster future growth [3][5]. Financial Summary - The company’s revenue for 2024 is projected at RMB 7.31 billion, with a growth rate of -6.9%. The EBITDA is expected to be RMB 1.13 billion, and the net profit attributable to shareholders is forecasted to be RMB 215 million, reflecting a significant decline of 64.3% [7][11]. - The earnings per share (EPS) for 2025 is estimated at RMB 0.42, with corresponding price-to-earnings (PE) ratios of 21.2 times, 15.3 times, and 11.1 times for 2025, 2026, and 2027 respectively [5][11]. - The company plans to distribute a cash dividend of RMB 2 per 10 shares for 2024, resulting in a payout ratio of 74.34% [3][8]. Industry Context - The agricultural chemical industry is expected to remain under pressure in 2024, with glyphosate prices continuing to decline. The average price of glyphosate in 2024 is projected to be RMB 54,278 per ton, down 33.26% from 2023 [8]. - The domestic effective production capacity of glyphosate increased by 33.63% year-on-year to 151,000 tons in 2024, with an average operating rate of 62.86%, a slight decrease from the previous year [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is experiencing steady revenue growth in 2024, but profitability has declined. New growth drivers include humanoid robots, AI/AR glasses, foldable screens, and server cooling solutions, supporting the "Buy" rating [3][8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of RMB 44.211 billion, a year-on-year increase of 29.6%. However, the net profit attributable to the parent company decreased by 14.5% to RMB 1.753 billion. The gross margin was 15.8%, down 4.2 percentage points year-on-year [7][8] - The company expects earnings per share (EPS) of RMB 0.34, RMB 0.47, and RMB 0.56 for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26.6x, 19.3x, and 16.1x [5][7] Revenue Breakdown - The AI terminal segment generated revenue of RMB 40.73 billion in 2024, up 32.8% year-on-year, but the gross margin fell by 4.4 percentage points to 17.4%. Key growth areas include sensors and related modules, as well as imaging display products, both exceeding 100% growth [8] - The automotive and low-altitude economy sectors contributed RMB 2.12 billion in revenue, a 52.9% increase year-on-year. However, the clean energy business saw a 25% decline in revenue to RMB 1.17 billion due to a significant reduction in customer orders [8] Growth Drivers - The company is making progress in humanoid robots, AI/AR glasses, foldable screens, and server-related businesses. For instance, the humanoid robot segment is expected to enter mass production in 2025, with a gross margin of approximately 60% [8] - The AI/AR glasses and XR wearable devices are anticipated to grow rapidly with the upcoming release of new products in 2025. The foldable screen products have already seen significant shipments, and the server business has begun to penetrate customer supply chains [8]

计算机 | 证券研究报告 — 调整盈利预测 2025 年 4 月 3 日 301153.SZ 买入 原评级：买入 市场价格:人民币 26.54 板块评级:强于大市 本报告要点 2024 年中科江南毛利率同比提升，与华为 深化合作有望打开公司新成长空间。 jingwen.zheng@bocichina.com 证券投资咨询业务证书编号：S1300525010001 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 2.1 (6.8) (5.0) (57.9) 相对深圳成指 (2.0) (5.8) (5.9) (66.8) 发行股数 (百万) 349.92 (51%) (37%) (23%) (9%) 5% 19% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 中科江南 深圳成指 | 流通股 (百万) | | 205.87 | | --- | --- | --- | | 总市值 (人民币 百万) | | 9,286.88 | | 3 个月日均交易额 (人民币 百万) | | ...