Investment Rating - The report assigns an "Accumulate" rating to the company, marking its first coverage with a positive outlook on the stock [1]. Core Views - The company is recognized as a leading domestic OLED terminal materials enterprise, benefiting from increasing downstream demand and the rising domestic production rate of OLED materials, which presents significant growth opportunities [1][6]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of OLED organic materials, including OLED terminal materials and intermediates. It has achieved breakthroughs in domestic production and is one of the few companies capable of mass-producing OLED terminal materials [9][16]. Financial Performance - The company reported a revenue of RMB 472 million in 2024, representing a year-on-year growth of 56.9%. The net profit attributable to shareholders is projected to be RMB 167 million, with a significant increase of 116.7% [8][20]. Market Demand and Growth - The demand for OLED materials is expected to grow continuously due to the increasing penetration of OLED panels and the expansion of application scenarios. The domestic market for OLED organic materials is projected to reach RMB 4.3 billion in 2023, with a compound annual growth rate (CAGR) of 11% expected until 2030 [9][38]. Competitive Advantages - The company has a strong R&D capability, a comprehensive product line, and established relationships with major domestic panel manufacturers such as BOE and Huaxing. Its integrated production capabilities across the OLED supply chain enhance its competitive edge [9][17]. Valuation and Earnings Forecast - The report forecasts the company's net profits for 2024, 2025, and 2026 to be RMB 167 million, RMB 308 million, and RMB 459 million, respectively, with corresponding earnings per share (EPS) of RMB 0.41, RMB 0.77, and RMB 1.14 [6][8].

Investment Rating - The report maintains a rating of "Buy" for the company [1][3][5] Core Views - The company reported a revenue of RMB 284.42 billion for 2024, representing a year-on-year growth of 10.07%, and a net profit attributable to shareholders of RMB 10.17 billion, an increase of 23.51% year-on-year [1][4][5] - The recovery of domestic consumption is expected to drive logistics demand, while the company is actively expanding into international markets to seek additional growth opportunities [1][4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 11.78 billion, RMB 13.61 billion, and RMB 15.67 billion, respectively, with year-on-year growth rates of 15.9%, 15.5%, and 15.1% [1][5][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 284.42 billion and a net profit of RMB 10.17 billion, marking a significant milestone as the net profit exceeded RMB 10 billion for the first time [4][3] - The gross margin improved to 13.9%, up by 1.11 percentage points, and the net profit margin increased to 3.59%, up by 0.53 percentage points [4][5] Business Segments - The express logistics segment generated revenue of RMB 205.78 billion, growing by 7.66% year-on-year, while the supply chain and international segments saw a revenue increase of 17.53% to RMB 70.49 billion [4][5] - The growth in traditional business segments was supported by the expansion of express delivery services and the penetration into county-level markets for same-city delivery [4][5] Future Outlook - The company's future performance is expected to be driven by the gradual recovery of domestic consumption and the progress of international market expansion [5][4] - The earnings per share (EPS) for 2025-2027 are projected to be RMB 2.36, RMB 2.73, and RMB 3.14, respectively, with corresponding price-to-earnings (P/E) ratios of 18.2, 15.8, and 13.7 [5][4]

强大于市 房地产行业第 13 周周报（2025 年 3 月 22 日-2025 年 3 月 28 日） 本周新房成交面积同比转负、二手房成交面积同比涨幅 收窄；土拍溢价率同环比均提升 新房成交面积环比涨幅扩大，同比由正转负。二手房成交面积同环比涨幅均收窄；新房库存面 积同环比均下降，去化周期同环比均下降。 核心观点 政策 本周，佛山发布房地产融资白名单新规，指导符合条件项目"能报尽报"，确保资金拨付"能 早尽早"；深圳出台城市更新新规，加强统筹规划，审慎新增更新单元计划，清理无效项目， 完善融资支持、税收优惠及安置补偿政策，推动存量项目落地；安徽发布《推动经济持续 回升向好细化政策举措》，推行"房票"等货币化安置方式，引导企业建设"好房子"；青岛首 批配售型保障房于 3 月 27 日启动选房，共涉及 3613 套房源；安达市、岳阳市分别公布《安 达市保障性住房工作实施方案》和《岳阳市配售型保障性住房管理办法（征求意见稿）》。 投资建议 风险提示 房地产行业 | 证券研究报告 — 行业周报 2025 年 4 月 2 日 房地产调控升级；销售超预期下行；融资收紧。 相关研究报告 《70 城房价环比跌幅持续收窄，一 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1][6]. Core Views - The company has shown significant growth in revenue and net profit for 2024, driven by the launch of several high-frequency, high-resolution bridge chip products and accelerated development in automotive electronics [4][9]. - The company is actively expanding into high-performance computing (HPC) and high-speed communication chip sectors, indicating a positive operational outlook [4][9]. Financial Summary - The company’s revenue for 2024 is projected to be RMB 466 million, representing a year-on-year growth of 44.2%. The net profit attributable to the parent company is expected to reach RMB 144 million, a 40.6% increase [8][9]. - The company’s earnings per share (EPS) for 2025 is estimated at RMB 2.04, with a corresponding price-to-earnings (P/E) ratio of 55.5 [6][8]. - The company’s EBITDA for 2024 is projected at RMB 133 million, with a growth rate of 61.9% [10]. Product Development and Market Position - The company has launched multiple new products in 2024, including high-resolution chips that support 4K@144Hz resolution and various automotive applications [9]. - The automotive chip and system solutions division was established at the end of 2024, aiming to enhance the company’s position in the automotive SerDes market [9]. Growth Drivers - The semiconductor industry recovery has led to increased demand from downstream customers, contributing to the company's strong revenue growth [9]. - The company’s R&D expenses have increased significantly, reaching nearly RMB 100 million in 2024, which is 21.5% of its revenue, indicating a strong commitment to innovation [9].

证券研究报告——晨会聚焦 2025 年 4 月 2 日 中银晨会聚焦-20250402 ■重点关注 【宏观经济】2024 年对外经济部门体检报告*管涛 刘立品。经常项目顺差 扩大，占 GDP 比重仍然处于国际认可的合理范围以内。货物贸易顺差创历 史新高，居民出境需求较为旺盛。 【宏观经济】3 月 PMI 数据点评*陈琦 朱启兵。3 月制造业产、需延续温和 回升。3 月非制造业 PMI 指数环比延续小幅回升。高技术产业景气度明显回 升。 | 市场指数 | 收盘价 | | | --- | --- | --- | | 指数名称 | | 涨跌% | | 上证综指 | 3348.44 | 0.38 | | 深证成指 | 10503.66 | (0.01) | | 沪深 300 | 3887.68 | 0.01 | | 中小 100 | 6568.47 | (0.03) | | 创业板指 | 2101.88 | (0.09) | | 行业表现（申万一级） | | | | | --- | --- | --- | --- | | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | 医药生物 | 3.34 | 家用电器 | ...

Group 1: Current Account and Trade Balance - The current account surplus increased by 61% year-on-year to $423.9 billion, accounting for 2.2% of GDP, remaining within the internationally recognized range[3] - The goods trade surplus reached a historical high of $768 billion, contributing 108% to the increase in the current account surplus[4] - Service trade deficit grew by 10% year-on-year to $229 billion, primarily driven by a 25% increase in travel service spending[5] Group 2: Capital Account and Investment Trends - The capital account deficit rose by 88% year-on-year to $486.2 billion, marking the third highest deficit since 2015[11] - Net outflow of domestic investment increased by 81% to $483.8 billion, with significant contributions from other investments and securities investments[13] - Foreign direct investment net inflow decreased to $18.6 billion, the lowest since 1993, indicating a shift in investment patterns[19] Group 3: Foreign Exchange Reserves and Market Impact - Foreign exchange reserves decreased by $35.6 billion due to short-term capital outflow pressures, marking the fourth annual net decrease since 1994[24] - The basic international balance of payments surplus increased from $89.1 billion to $270.2 billion, while short-term capital deficit rose to $332.5 billion[24] - The net foreign asset position reached $3.2958 trillion, with a significant improvement in the private sector's net foreign liabilities, which fell to $159.8 billion[29]

Investment Rating - The report maintains an "Overweight" rating for the company [3][5] Core Views - The company has shown significant growth in revenue and gross margin for 2024, with a revenue increase of approximately 74% year-on-year, reaching around RMB 2.102 billion [8] - The company's display driver segment is expanding its market share, while its electronic price tags are solidifying its leading position in the market [3][8] - The report anticipates continued growth in earnings per share (EPS), with projections of RMB 0.86 for 2025, RMB 1.10 for 2026, and RMB 1.28 for 2027 [5][8] Financial Summary - The company's main revenue for 2023 is projected at RMB 1,209 million, with a growth rate of 0.9% [7] - For 2024, the expected revenue is RMB 2,102 million, reflecting a growth rate of 73.9% [7] - The projected EBITDA for 2024 is RMB 248 million, with a significant increase in net profit to RMB 275 million, marking a 143.6% growth [7][8] - The gross margin for 2024 is estimated at 21.4%, an increase of 1.4 percentage points year-on-year [8] - The company’s total market capitalization is approximately RMB 10.565 billion, with corresponding price-to-earnings (PE) ratios of 30.1, 23.5, and 20.1 for 2025, 2026, and 2027 respectively [5][7]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][7] Core Views - The company is experiencing a period of margin pressure due to increased fixed costs from expansion projects, while the utilization rate has declined year-on-year. Despite these challenges, the demand for driver chips is stabilizing, and the company is actively pursuing technological upgrades and new market segments such as automotive displays and AR/VR [7][4] - The report highlights that the industry is facing intensified competition, but the company's focus on technology upgrades is expected to drive long-term growth [7][4] Financial Summary - The company's revenue for 2024 is projected to be approximately RMB 1.501 billion, representing a year-on-year growth of 21% [7] - The gross margin for 2024 is expected to be around 21.8%, down by 4.7 percentage points year-on-year [7] - The net profit attributable to the parent company for 2024 is estimated at RMB 160 million, reflecting a year-on-year decrease of 18.5% [7] - The report provides earnings per share (EPS) estimates of RMB 0.23 for 2025 and RMB 0.29 for 2026, with a downward adjustment of 26.6% for 2025 compared to previous forecasts [6][7] - The company's total market capitalization is approximately RMB 8.17 billion, with projected price-to-earnings (PE) ratios of 41.8 for 2025 and 33.1 for 2026 [7][6] Industry Context - The report notes that the driver chip industry is gradually stabilizing, aided by government policies aimed at boosting consumer electronics, which are expected to enhance demand for driver chips [7] - The domestic production rate for LCD driver chips has reached 34%, but high-end 28nm OLED driver chips remain dominated by companies like Samsung LSI and Novatek [7] - The report emphasizes the importance of technological advancements, particularly in new materials and processes, to maintain competitiveness in the evolving market landscape [7]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Insights - The company reported a main business revenue of 86.4 billion RMB in 2024, representing a year-on-year growth of 7.7%. However, the net profit attributable to shareholders decreased by 67.3% to 1.04 billion RMB, primarily due to a decline in settlement profit margins and increased impairment losses [4][7] - The company aims for a sales target of 120.5 billion RMB in 2025, reflecting a 5.2% increase from the actual sales in 2024 [7] Financial Performance - The company's main business revenue is projected to grow from 86.4 billion RMB in 2024 to 91.7 billion RMB in 2025, with a growth rate of 6.14% [6] - The net profit attributable to shareholders is expected to decline to 956 million RMB in 2025, with a year-on-year decrease of 8.08% [6] - The company’s diluted earnings per share (EPS) for 2025 is estimated at 0.24 RMB, with a corresponding price-to-earnings (P/E) ratio of 20.94 times [6] Sales and Market Position - In 2024, the company achieved a sales volume of 114.5 billion RMB, marking a 19.4% decrease year-on-year, but it ranked 8th among real estate companies, entering the top 10 for the first time [7][28] - The average selling price in 2024 was 29,206 RMB per square meter, down 8.5% from the previous year [33] Land Acquisition and Development - The company focused on acquiring land in core first and second-tier cities, with over 70% of new land reserves located in first-tier cities [7] - In 2024, the company acquired 24 plots of land across 8 cities, with a total land reserve of 271 million square meters, a decrease of 44.8% year-on-year [7] Financial Health - As of the end of 2024, the company had cash and cash equivalents of 29.7 billion RMB, a year-on-year increase of 1.6% [25] - The company’s total interest-bearing debt was 103.89 billion RMB, a slight decrease of 0.5% year-on-year, with a net debt ratio of 71.3% [19][23]

宏观经济 | 证券研究报告 — 总量点评 2025 年 4 月 1 日 3 月 PMI 数据点评 机械产业出现了一定的被动去库存迹象 3 月制造业产、需延续温和回升。3 月非制造业 PMI 指数环比延续小幅回升。 高技术产业景气度明显回升。 3 月制造业产、需延续温和回升。2025 年 3 月，制造业 PMI 指数为 50.5%， 环比（2 月，下同）回升 0.3 个百分点；制造企业景气度在扩张区间延续 回升。着眼重要细分项，3 月新订单指数 51.8%，环比回升 0.7 个百分点， 其中，新出口订单指数环比回升 0.4 个百分点，实现 49.0%。生产指数实 现 52.6%，环比回升 0.1 个百分点；原材料库存指数为 47.2%，环比反弹 0.2 个百分点；产成品库存指数为 48.0%，环比下滑 0.3 个百分点；从业 人员指数为48.2%，环比回落0.4个百分点；供货商配送时间指数为50.3%， 环比回落 0.7 个百分点。企业预期方面，制造业生产经营活动预期指数实 现 53.8%，环比回落 0.7 个百分点，但仍稳定在较高景气度区间。 制造企业生产意愿仍在回升。3 月生产指数环比微幅回升，制造业生产活 ...