Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company has experienced significant revenue growth in 2024, with a reported revenue of RMB 46.38 billion, representing a year-on-year increase of 70.62%. However, the net profit attributable to the parent company decreased by 17.21% to RMB 5.01 billion [8] - The company's strategic upgrade to "1+2+X" focuses on core smartphone business, personal computing, and automotive electronics as new growth areas, which are expected to drive future growth [8] Financial Summary - The company’s revenue projections for the upcoming years are as follows: - 2023: RMB 27.19 billion - 2024: RMB 46.38 billion - 2025E: RMB 47.32 billion - 2026E: RMB 54.90 billion - 2027E: RMB 63.22 billion - The growth rates for these years are projected at (7.4)%, 70.6%, 2.0%, 16.0%, and 15.1% respectively [7] - The EBITDA figures are projected to be: - 2023: RMB 748 million - 2024: RMB 433 million - 2025E: RMB 874 million - 2026E: RMB 1.25 billion - 2027E: RMB 1.43 billion [7] - The net profit attributable to the parent company is expected to be: - 2023: RMB 605 million - 2024: RMB 501 million - 2025E: RMB 520 million - 2026E: RMB 819 million - 2027E: RMB 980 million [7] Business Performance - The company’s smartphone business generated RMB 36.13 billion in 2024, a year-on-year increase of 65.58%, while the revenue from the AIoT business surged by 121.99% to RMB 5.57 billion [8] - The gross margin for the AIoT business was reported at 11.28%, despite a year-on-year decline of 9.80 percentage points [8] - The company aims to enhance its product matrix and customer base in the tablet and AIoT sectors, with a focus on high-end products and technology integration [8]

Investment Rating - The investment rating for the company is "Accumulate" [1][3] Core Views - The company reported a decrease in revenue and profit for the year 2024, with total revenue of RMB 579 million, down 14.42% year-on-year, and a net profit attributable to shareholders of RMB 41.77 million, down 68.94% year-on-year. The first quarter of 2025 showed a significant revenue increase of 171.12% year-on-year, indicating a potential recovery [3][8] - The report maintains an "Accumulate" rating, anticipating growth driven by the recovery of B&G market demand and the expansion of C-end business [5][8] Financial Summary - For 2024, the company achieved total revenue of RMB 579 million, with a year-on-year growth rate of -14.4%. The EBITDA was RMB 28 million, and the net profit attributable to shareholders was RMB 42 million, reflecting a significant decline [7][11] - The forecast for 2025 estimates revenue to be RMB 577 million, with a slight decrease of 0.3%, and a net profit of RMB 141 million, representing a growth of 237.2% compared to 2024 [7][11] - The company has a projected EPS of RMB 0.74 for 2025, with a P/E ratio of 34.3 times [5][11] Order Backlog and Market Position - As of the end of 2024, the company had an order backlog of approximately RMB 368 million, which has decreased from RMB 550 million at the end of 2023. This backlog includes RMB 87.88 million from large cultural performance projects and RMB 280 million from cultural tourism performance projects [8][11] - The company has demonstrated its competitive advantage in large event creative planning, successfully completing significant projects in 2024, and is focusing on expanding its C-end business to enhance overall business stability [8][11]

Manufacturing Sector Insights - In April 2025, the Manufacturing PMI index dropped to 49.0%, a decrease of 1.5 percentage points from March, indicating a contraction in manufacturing activity[2] - The new orders index fell to 49.2%, down 2.6 percentage points, while the new export orders index significantly declined by 4.3 percentage points to 44.7%, the lowest level since January 2023[2][6] - The production index decreased to 49.8%, down 2.8 percentage points, and the purchasing index fell to 46.3%, a drop of 5.5 percentage points, marking the lowest level since January 2023[2][7] Price and Demand Trends - The manufacturing price index continued to decline, with major raw material purchase prices and factory prices dropping by 2.8 and 3.1 percentage points, respectively[3][10] - The decline in factory prices was more pronounced than that of raw material purchase prices, suggesting a stronger impact of demand on manufacturing market prices[3][10] - In specific sectors, the export orders index for electrical machinery, general equipment, and specialized equipment saw declines exceeding 10%[3][10] Economic Policy and Future Outlook - The Politburo meeting on April 25 emphasized increasing investment to stimulate domestic demand, with a focus on major strategic projects expected to receive enhanced funding support[4][11] - The real estate investment sector is anticipated to stabilize gradually, supported by increased supply of high-quality housing[4][11] - The non-manufacturing PMI index fell to 50.4%, down 0.4 percentage points, but remained in the expansion zone, with new orders index at 44.9%, down 1.7 percentage points[5][13]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][4][6] Core Views - The company has shown steady performance in 2024, achieving a revenue of RMB 4.954 billion, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of RMB 398 million, up 2.05% year-on-year. However, the first quarter of 2025 saw a slight decline in revenue to RMB 737 million, down 0.80% year-on-year, and a net loss of RMB 31 million, a significant drop of 45.59% year-on-year [4][9] - The company is recognized as a leading domestic player in the 3C automation equipment sector, with growth potential driven by expansion into new fields such as renewable energy, semiconductors, and robotics [4][6][9] Financial Summary - For 2024, the company reported a revenue of RMB 49.54 billion and a net profit of RMB 3.98 billion, with a gross margin of 34.38% and a net margin of 7.85% [9][10] - The first quarter of 2025 showed a revenue of RMB 7.37 billion, with a gross margin of 31.90% and a net margin of -4.81% [11] - The company expects revenues of RMB 59.69 billion, RMB 70.02 billion, and RMB 81.06 billion for 2025, 2026, and 2027 respectively, with net profits projected at RMB 5.27 billion, RMB 6.63 billion, and RMB 8.13 billion [6][8] Growth Drivers - The company is actively expanding into new sectors, including electric vehicle battery manufacturing, smart charging stations, and semiconductor equipment, which are expected to provide new growth momentum [9][10] - Strategic partnerships in the renewable energy sector, such as collaborations for battery swapping stations, are anticipated to enhance the company's market position [9]

基础化工 | 证券研究报告 — 行业周报 2025 年 5 月 6 日 投资建议 海外天然气、 TDI 价格上涨，国际油价、醋酸价 格下跌 五月份，行业受关税相关政策、原油价格大幅波动等因素影响较大，建议整体均衡配置，关注 自主可控日益关键的电子材料公司，以及分红派息政策稳健的能源企业等。 行业动态 风险提示 地缘政治因素变化引起油价大幅波动；全球经济形势出现变化。 相关研究报告 《化工行业周报 20250427》20250427 《化工行业周报 20250420》20250421 《化工行业周报 20250413》20250413 中银国际证券股份有限公司 具备证券投资咨询业务资格 强于大市 化工行业周报 20250505 基础化工 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 证券分析师：范琦岩 qiyan.fan@bocichina.com 证券投资咨询业务证书编号：S1300525040001 本周（04.28-05.04）均价跟踪的 100 个化工品种中，共有 22 个品种价格上涨，47 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [1][5]. Core Insights - The company, 博思软件, reported a revenue of 2.142 billion RMB for 2024, reflecting a year-on-year growth of 4.79%. However, the net profit attributable to shareholders decreased by 7.44% to 302 million RMB. The company is focusing on two main business lines: AI and electronic vouchers, which are expected to drive sustainable revenue growth [3][5][8]. - The company has established an AI research and development center and is actively developing vertical scenario strategies using "industry-specific large models + intelligent agents" to enhance its business ecosystem [8]. - The electronic voucher products have been implemented in various regions, serving over 6,000 budget units and enterprises, indicating a strong market presence and application [8]. Financial Summary - For 2024, the company achieved a gross margin of 65.83%, a decrease of 0.83 percentage points year-on-year. The net profit margin was 14.11%, down by 1.87 percentage points [8]. - The company expects revenues of 2.524 billion RMB, 2.890 billion RMB, and 3.211 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 434 million RMB, 530 million RMB, and 620 million RMB for the same years [5][7]. - The earnings per share (EPS) are forecasted to be 0.57 RMB, 0.70 RMB, and 0.82 RMB for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 26.3, 21.5, and 18.4 [5][7]. Business Performance - The company’s digital ticketing business generated 886 million RMB in revenue for 2024, a year-on-year increase of 1.30%. The smart finance and digital procurement sectors also saw revenue growth, with 710 million RMB and 462 million RMB respectively [8]. - The company has been enhancing its cash flow management, with a net cash flow from operating activities of 350 million RMB in 2024, an increase of 6.37% year-on-year [8].

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 61.00 and a sector rating of "Outperform" [1][3]. Core Views - The company is experiencing short-term performance pressure, with a significant decline in revenue and net profit in 2024. However, the progress of its innovative drug, Pegylated Irinotecan, which has entered Phase III clinical trials, is promising. Additionally, the recent launch of its medical beauty products is expected to contribute positively to future performance, leading to a maintained "Buy" rating [3][5][7]. Summary by Relevant Sections Financial Performance - In 2024, the company reported a revenue of RMB 227 million, a year-on-year decline of 22.26%, and a net profit of RMB 30 million, down 74.22%. For Q1 2025, revenue was RMB 69 million, up 6.66%, while net profit was RMB 12 million, down 17.79% [3][5][7]. Revenue and Profit Forecast - The revised profit forecast for 2025-2027 estimates net profits of RMB 50 million, RMB 74 million, and RMB 98 million respectively, with corresponding EPS of RMB 0.83, RMB 1.22, and RMB 1.62. The previous forecasts were significantly higher [5][6][7]. Clinical Development - The innovative drug Pegylated Irinotecan is progressing well, with successful patient enrollment in Phase III trials for small cell lung cancer and ongoing Phase II trials for other indications. The company has increased its R&D investment to RMB 79.94 million in 2024, accounting for 35.21% of sales revenue [7][8]. New Product Launch - The company’s medical beauty product, a cross-linked sodium hyaluronate gel, has been approved for market release, which is expected to enhance product diversity and meet market demand, potentially boosting future sales [7][8].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][6] Core Views - In 2024, the company achieved significant revenue growth of 78.13%, reaching RMB 31.316 billion, while the net profit attributable to shareholders decreased by 66.21% to RMB 180 million. The long-term growth drivers are expected to come from the HarmonyOS and robotics sectors [1][6][9] - The company is positioned to benefit from the expanding market for AI PCs and humanoid robots, with a forecasted revenue growth of 11.4% in 2025 and 14.2% in 2026 [6][9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 31.316 billion, a year-on-year increase of 78.13%. However, the net profit attributable to shareholders was RMB 180 million, down 66.21% from the previous year [1][9] - The company's gross margin for 2024 was 12.46%, a decrease of 6.80 percentage points year-on-year, and the net profit margin was 0.58%, down 2.46 percentage points [9] Revenue Projections - Revenue projections for 2025-2027 are RMB 34.882 billion, RMB 39.847 billion, and RMB 45.771 billion, respectively, with corresponding net profits of RMB 393 million, RMB 570 million, and RMB 703 million [6][8] Market Position and Growth Opportunities - The company is expected to gain from the transition to AI PCs, with a projected 40% of global PC shipments being AI PCs by 2025. The company's PC shipments are expected to grow by 106% in 2024, increasing its market share to 9% [9] - The humanoid robot market in China is projected to reach RMB 750 billion by 2029, with the company actively developing related products and partnerships [9]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company, as a leading state-owned enterprise, maintains the largest sales scale in the industry, with a continuously optimized land reserve structure and reduced burden from existing assets. There is significant room for market share growth amid an improving competitive landscape. The company has multiple financing channels and a steady inflow of operating cash flow, laying a solid foundation for future stable operations. The company is also actively formulating valuation enhancement plans to boost market confidence [6][8]. Financial Performance Summary - In 2024, the company achieved total revenue of RMB 3116.7 billion, a year-on-year decrease of 10.2%. The net profit attributable to shareholders was RMB 50.0 billion, down 58.6% year-on-year. In Q1 2025, the company reported total revenue of RMB 542.7 billion, reflecting a year-on-year increase of 9.1%, while the net profit attributable to shareholders was RMB 19.5 billion, down 12.3% year-on-year [5][15][20]. Sales and Market Position - In 2024, the company achieved sales of RMB 3230 billion, a decrease of 23.5% year-on-year, maintaining its position as the industry leader. The sales area was 17.97 million square meters, down 24.7% year-on-year, with an average sales price of RMB 18,000 per square meter, up 1.6% year-on-year. The sales equity ratio was 78.8%, an increase of 6.4 percentage points year-on-year [8][27][31]. Land Acquisition and Development - In 2024, the company’s land acquisition amounted to RMB 683 billion, a decrease of 58.1% year-on-year, with an acquisition intensity of 21%, down 18 percentage points year-on-year. The equity acquisition amount was RMB 602 billion, with an equity acquisition ratio of 88%, the highest in nearly a decade [38][40][42]. Debt and Cash Flow Management - As of the end of 2024, the company had interest-bearing liabilities of RMB 348.8 billion, a decrease of 1.5% year-on-year. The company’s cash flow from operating activities was RMB 63 billion, although it decreased by 55.1% year-on-year due to reduced sales collections. The company has maintained positive operating cash flow for seven consecutive years [14][26][29][34].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [2][4]. Core Views - The company has experienced a significant decline in sales and profitability, with a projected drop in revenue for 2024 by 49.66% to RMB 2,271 million and a net profit decrease of 90.84% to RMB 146 million [7][8]. - Despite the challenges, the company is expected to improve its competitive position through the introduction of tungsten wire products and self-manufactured tungsten mother lines, which are anticipated to enhance its market share in the long term [4][7]. - The report adjusts the earnings per share (EPS) forecasts for 2025-2027 to RMB 0.27, 0.42, and 0.62 respectively, reflecting a significant downward revision due to the rapid decline in diamond wire prices [4][6]. Financial Summary - The company’s main revenue for 2023 was RMB 4,512 million, with a projected revenue of RMB 2,858 million for 2025, indicating a growth rate of 25.8% [6][10]. - The EBITDA for 2024 is expected to be RMB 386 million, with a significant drop from RMB 2,033 million in 2023 [6][10]. - The net profit margin for 2024 is projected to be 6.30%, down from 35.34% in 2023, highlighting the impact of declining sales and increased costs [8][9]. Market Performance - The company's stock has underperformed relative to the Shenzhen Composite Index, with a 12-month absolute return of -25.2% and a relative return of -27.1% [3][4]. - The average trading volume over the past three months was RMB 80.38 million, indicating moderate liquidity in the market [3]. Shareholder Structure - The major shareholder, Wu Ying, holds 49.60% of the company, indicating a concentrated ownership structure [3].