Investment Rating - The report maintains a "Buy" rating for the company [2][5][7] Core Views - The company is expected to benefit from a recovery in consumer electronics and an increase in demand for AI server-related products, leading to a steady growth in business scale [5][10] - The financial forecasts have been adjusted, with projected revenues of RMB 61.12 billion, RMB 73.23 billion, and RMB 88.16 billion for 2025, 2026, and 2027 respectively, and corresponding net profits of RMB 3.42 billion, RMB 4.41 billion, and RMB 5.71 billion [7][9] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 50.31 billion, a year-on-year increase of 15.76%, and a net profit of RMB 1.89 billion, up 83.01% [10] - For Q1 2025, the company reported a revenue of RMB 11.81 billion, a year-on-year increase of 14.74%, and a net profit of RMB 0.58 billion, up 85.57% [10] Business Growth Drivers - The recovery in consumer electronics and the return of market share for key clients in the mobile sector are expected to enhance the company's market share and profitability [10] - The AI server business is progressing well, with the company receiving bulk orders and entering mass production [10] Valuation Metrics - The company’s projected P/E ratios are 32.1, 24.9, and 19.2 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [7][9] - The projected EBITDA for the years 2025, 2026, and 2027 is RMB 789 million, RMB 919 million, and RMB 1.036 billion respectively [9]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6] Core Views - The company is expected to see steady revenue and profit growth in 2024, driven by its signal transmission and new energy segments, with both gross and net profit margins improving year-on-year [4][9] - The company’s revenue for 2024 is projected to be RMB 1.474 billion, representing an 8.67% year-on-year increase, while the net profit is expected to reach RMB 101 million, a 7.44% increase [9] Financial Projections - The company’s estimated revenue and net profit for the years 2025, 2026, and 2027 are as follows: - Revenue: RMB 1.823 billion (2025), RMB 2.243 billion (2026), RMB 2.740 billion (2027) - Net Profit: RMB 178 million (2025), RMB 244 million (2026), RMB 299 million (2027) [8][10] - The projected growth rates for revenue and net profit are 23.7% and 76.3% for 2025, respectively [8][10] Business Segment Performance - The signal transmission components segment is expected to be a significant growth driver, with revenue projected to reach RMB 640 million in 2024, a 22.79% increase year-on-year [9] - The new energy structural components segment is anticipated to see substantial growth, with revenue expected to increase by 239% year-on-year to RMB 54 million in 2024 [9] Valuation Metrics - The company’s estimated P/E ratios for 2025, 2026, and 2027 are 23.7, 17.3, and 14.1, respectively [6][8] - The projected dividend per share is expected to increase from RMB 0.2 in 2023 to RMB 0.4 in 2025 and RMB 0.6 in 2026 [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][5][7] Core Views - The company has shown significant growth in 2024, with revenue reaching RMB 1.945 billion, a year-on-year increase of 6.38%, and a net profit of RMB 113 million, up 35.01% [5][10] - The rapid growth of the "Yiqiying" platform users and the continuous empowerment of AI technology in the business indicate a broad growth potential [5][10] - The company is positioned as a benchmark in the "AI + Tax SaaS" sector, leveraging AI technology to enhance its service offerings [10] Financial Performance Summary - In 2024, the company achieved a revenue of RMB 1.945 billion, with a growth rate of 6.4% [9] - The net profit for 2024 was RMB 113 million, reflecting a growth rate of 35.0% [9] - The company expects revenues of RMB 2.286 billion, RMB 2.766 billion, and RMB 3.319 billion for 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 226 million, RMB 278 million, and RMB 351 million [7][9] - The EPS for 2025 is projected to be RMB 0.56, with a PE ratio of 77.3 [7][9] User Growth and AI Integration - The "Yiqiying" platform saw a 30.5% increase in active enterprise users and a 24.5% increase in paid enterprise users by the end of 2024 [10] - AI products now account for over 20% of the revenue from the smart tax business, indicating strong integration of AI technology [10] Market Outlook - The domestic tax AI business market is projected to reach RMB 390.73 billion by 2028, with a compound annual growth rate of 74.9% [10] - The company is actively participating in digital government projects and adapting to domestic environments, enhancing its service capabilities [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5]. Core Views - The company has shown a revenue growth of over 50% in 2024, with a significant reduction in losses by more than 70% due to effective cost control [4][8]. - The company is launching three new AI vision products tailored for different robotic applications, indicating a positive operational outlook [4][5]. - The revenue forecast for 2025, 2026, and 2027 is projected at RMB 906 million, RMB 1.247 billion, and RMB 1.523 billion respectively, with corresponding price-to-sales ratios of 26.2, 19.0, and 15.6 times [5][7]. Summary by Sections Stock Performance - The company's stock has shown an absolute increase of 31.0% year-to-date and 140.3% over the past 12 months, outperforming the Shanghai Composite Index by 29.9% and 131.9% respectively [3]. Financial Performance - The company reported a main revenue of RMB 564 million in 2024, a year-on-year increase of 56.8%, with a net loss of RMB 63 million, a reduction of 77.2% compared to the previous year [8]. - The gross margin for 2024 was 41.8%, a slight decrease of 0.9 percentage points year-on-year, while the net margin improved significantly by 65.4 percentage points to -11.1% [8]. Product Development - The company has introduced several new products, including the Orbbec Gemini 335 and 336 series, designed for 3D vision in robotics, and the Orbbec MS 600 laser radar, which enhances environmental perception for robots [8]. Market Outlook - The report highlights the company's strong position in the 3D vision perception market, anticipating growth opportunities in the robotics industry [5][8].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [10]. Core Viewpoints - The report highlights the increasing external uncertainties due to the fluctuating U.S. tariff policies, which significantly impact the technology sector. The recent U.S. tariff policies have caused severe fluctuations in global financial markets, with key categories like computers, smartphones, semiconductor manufacturing equipment, and integrated circuits being exempted from additional tariffs. The uncertainty surrounding U.S. tariff policies has become a major disruptive factor in global financial markets [2][4]. - The report suggests a short-term focus on the optical communication industry chain's tariff exemption situation, recommending attention to companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Taicheng Light. It also emphasizes the importance of domestic optical chip industry chain and Huawei's Ascend industry chain for domestic substitution opportunities, as well as key domestic computing power node industry chains [2][4]. - Long-term prospects are optimistic regarding domestic substitution and domestic demand opportunities, particularly in the context of increasing domestic computing power needs and the trend towards reducing reliance on North American clients [2][4]. Summary by Sections Tariff Policy Impact - The report discusses the significant impact of U.S. tariff policies on the optical communication industry, particularly affecting companies that sell to U.S. cloud service providers. If tariffs continue to rise, downstream customers may require optical module manufacturers to bear some of the tariff costs, which could squeeze product gross margins due to the limited bargaining power of midstream manufacturers [2][4]. - The increase in tariffs may lead to a split in the global ICT market supply chain, prompting companies to reassess their supply chain layouts to reduce dependence on a single market. This could also result in increased product prices, affecting global market demand and potentially leading to overcapacity in standardized products [2][4]. Short-term and Long-term Opportunities - In the short term, the report suggests focusing on undervalued optical module manufacturers that may benefit from tariff exemptions. Many manufacturers have low price-to-earnings ratios and possess long-term competitiveness in the global market. If tariffs are lifted, it would alleviate the recent impacts on the optical module industry chain [2][4]. - In the long term, the report emphasizes the trend towards domestic production of optical chips to reduce high import tariffs and associated costs. The increasing domestic demand for computing power and the need to mitigate risks from international tariff disputes highlight the importance of domestic substitution and new demand opportunities [2][4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3][5] Core Views - The company is a leader in photovoltaic film production, with a stable market position and expected high growth in photosensitive dry film sales [3][8] - The company's 2024 annual report shows a 29% decline in net profit attributable to shareholders, with a revenue decrease of 15.23% [8][9] - The company is expected to benefit from a recovery in photovoltaic component demand and prices, as well as strong capabilities in process control, supply chain management, and technology research and development [8][9] Financial Summary - The company’s revenue for 2024 is projected at RMB 19,147 million, down from RMB 22,589 million in 2023, reflecting a growth rate of -15.23% [7][9] - The net profit attributable to shareholders for 2024 is expected to be RMB 1,308 million, a decrease of 29.33% compared to 2023 [8][9] - The company’s earnings per share (EPS) for 2025 is forecasted to be RMB 0.68, down from the previous estimate of RMB 0.89, reflecting a reduction of 23.60% [5][7] - The projected EBITDA for 2025 is RMB 2,008 million, with a corresponding EV/EBITDA ratio of 14.3 [7][10] Business Segments - The photovoltaic film business achieved a gross margin of 14.72% in 2024, with a total shipment of 2.811 billion square meters, marking a year-on-year increase of 24.98% [8][9] - The sales of photosensitive dry film are expected to enter a high growth phase, with shipments reaching 159 million square meters in 2024, a growth of 37.97% year-on-year [8][9]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 67.89 and an industry rating of outperforming the market [1][3]. Core Views - The company's performance in 2024 is expected to decline due to the industry's market downturn, but its forward-looking multi-dimensional product layout is anticipated to benefit from the release of AI edge-side demand, justifying the "Buy" rating [3][5]. Financial Summary - The company is projected to achieve revenues of RMB 50.15 billion, RMB 56.87 billion, and RMB 64.48 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 5.42 billion, RMB 6.27 billion, and RMB 7.30 billion [5][7]. - The revenue growth rates are expected to be -16.3% in 2023, -7.0% in 2024, followed by 19.1% in 2025, and 13.4% in both 2026 and 2027 [7][8]. - The company's EBITDA is forecasted to be RMB 714 million in 2025, RMB 803 million in 2026, and RMB 906 million in 2027 [7][8]. Market Position and Strategy - The company is accelerating its layout in AI edge-side products, with a continuous improvement in its product line. The sales of computing chips in various fields are expected to grow, while the security monitoring sector may experience slight declines due to demand fluctuations [8]. - The company is focusing on the mid-to-low-end market with its T23 product and has introduced the T32 IPC chip, which is designed for high cost-performance in the security market [8]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 60.3, 52.1, and 44.8 respectively, indicating a potential for valuation improvement as the market stabilizes [5][7]. - The company’s net profit margin is expected to recover to 10.8% in 2025, 11.0% in 2026, and 11.3% in 2027 [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company continues to focus on the general computing market, solidifying its market position and competitive advantages, leading to steady growth in performance [3][5] - The company is expected to benefit from structural demand in high-performance computing driven by AI, with significant revenue and profit growth projected for the coming years [5][8] Financial Summary - The company is projected to achieve revenues of RMB 137.53 billion, RMB 192.24 billion, and RMB 250.30 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 31.60 billion, RMB 46.49 billion, and RMB 63.05 billion [5][7] - The earnings per share (EPS) are expected to be RMB 1.36, RMB 2.00, and RMB 2.71 for 2025, 2026, and 2027 respectively, with the current stock price corresponding to price-to-earnings (PE) ratios of 113.1, 76.8, and 56.7 for the same years [5][7] - The company reported a significant increase in revenue and net profit for 2024, with revenues of RMB 91.62 billion (up 52.4% YoY) and net profit of RMB 19.31 billion (up 52.87% YoY) [8][7] Market Position and Competitive Advantages - The company has three main technological advantages that support its growth in the AI-driven market: strong computing power, high-speed parallel data processing capabilities, and a robust software ecosystem [8][5] - The company is actively increasing inventory to meet market demand and ensure supply chain stability, with inventory reaching RMB 5.794 billion by the end of Q1 2025 [8][5]

电力设备 | 证券研究报告 — 调整盈利预测 2025 年 4 月 22 日 买入 原评级：买入 市场价格:人民币 6.66 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (2.3) (14.9) (6.6) (8.4) 相对深圳成指 (0.5) (7.6) (2.7) (15.1) 发行股数 (百万) 934.90 流通股 (百万) 628.48 总市值 (人民币 百万) 6,226.43 3 个月日均交易额 (人民币 百万) 116.10 主要股东 广州凯得投资控股有限公司 26.93% (16%) (8%) 1% 9% 18% 26% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 泰胜风能 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 21 日收市价为标准 相关研究报告 《泰胜风能》20240507 《泰胜风能》20240202 《泰胜风能》20231122 中银国际证券股份有限公司 具备证券投资咨询业务资格 ...

■重点关注 【电子】思特威-W*苏凌瑶。思特威发布 2024 年年报和 2025 年一季报。公 司 2025Q1 营收 17.50 亿元，YoY+109%；毛利率 22.8%，YoY+1.5pcts。2024 年公司手机、汽车、安防业务均保持较快增长。2025 年 LOFIC+200MP 新品 有望贡献增量，汽车业务布局有望深化。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3291.43 | 0.45 | | 深证成指 | 9905.53 | 1.27 | | 沪深 300 | 3784.88 | 0.33 | | 中小 100 | 6185.22 | 1.35 | | 创业板指 | 1944.32 | 1.59 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 有色金属 | 3.79 | 银行 | (1.23) | | 计算机 | 2.72 | 食品饮料 | (0.59) | | 美容护理 | 2.11 | 房地产 | (0.46) | ...