Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported Q1 2025 revenue of 2.883 billion RMB, a year-over-year increase of 20.67% and a quarter-over-quarter decrease of 23.64%. The net profit attributable to the parent company was 389 million RMB, up 18.59% year-over-year but down 12.64% quarter-over-quarter. The non-recurring net profit was 394 million RMB, reflecting a year-over-year increase of 15.72% [1] - The company's gross margin for Q1 2025 was 28.08%, showing a year-over-year increase of 1.08 percentage points but a quarter-over-quarter decrease of 0.88 percentage points. The company demonstrated strong cost control, with total expenses of 286 million RMB and an expense ratio of 9.91% [2] - The company is actively expanding its production capacity, with a total capacity of 200,000 tons of finished pipes and ongoing projects expected to enhance future performance. The proportion of high-end products is anticipated to continue increasing [3] Summary by Sections Financial Performance - For 2025-2027, the forecasted net profit attributable to the parent company is 1.726 billion RMB, 1.863 billion RMB, and 2.022 billion RMB, respectively. The corresponding EPS for these years is projected to be 1.77 RMB, 1.91 RMB, and 2.07 RMB. The target price is set at 27.44 RMB, based on a PE ratio of 15.5 times for 2025 [4] Market Position - The company is positioned favorably within its industry, with a competitive PE average of 9.3 times among comparable companies. The report highlights the potential for growth through overseas acquisitions and increased production capacity for composite pipes [4][12]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 49.20 [7][8]. Core Views - The company has shown significant growth in energy storage shipments, with a strong performance in the consumer sector and expectations for profitability improvement in the power sector in 2025 [1][2]. - The company's Q1 2025 revenue reached RMB 12.796 billion, representing a year-on-year increase of 37.34% [1]. - The net profit attributable to the parent company for Q1 2025 was RMB 1.101 billion, exceeding previous expectations due to improved non-recurring gains [1][2]. Summary by Sections Energy Storage and Power Sector - In Q1 2025, the company shipped 10.17 GWh of power storage, a year-on-year increase of 58%, with a capacity utilization rate close to 70% [2][3]. - The company anticipates continued improvement in profitability in the power business throughout 2025, supported by the construction of a storage factory in Malaysia, which is expected to begin production in 2026 [3]. Consumer Sector - The company has maintained its leading position in lithium batteries, with monthly sales of small cylindrical batteries exceeding 10 million units [4]. - The Malaysian small cylindrical battery factory has commenced production, and the company expects a revenue growth rate of 20% in consumer batteries for 2025 [4]. Financial Projections - The company forecasts net profits attributable to the parent company of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for 2025, 2026, and 2027, respectively [4][6]. - The projected revenue for 2025 is RMB 72.494 billion, reflecting a growth rate of 49.12% compared to 2024 [6].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company achieved revenue of 9.937 billion RMB in 2024, a year-over-year increase of 32.95%, and a net profit of 1.209 billion RMB, up 35.60% year-over-year, exceeding market expectations [1] - The rapid growth of electric control products is expected to continue, driven by technological and cost advantages, with significant sales increases projected for the future [2] - The company's gross margin improved due to scale effects, with a reported gross margin of 21.14% for 2024, and a net profit margin increase to 12.2% [3] - The establishment of overseas production capacity, particularly in Mexico, is expected to enhance global growth opportunities, with overseas revenue increasing by 25.9% to 1.09 billion RMB [4] - Profit forecasts for 2025 and 2026 are maintained at 1.51 billion RMB and 1.93 billion RMB respectively, with a target price set at 65.49 RMB based on a PE ratio of 26.3 for 2025 [5] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 9.937 billion RMB, a 32.95% increase year-over-year, and a net profit of 1.209 billion RMB, reflecting a 35.60% growth [1] - The fourth quarter of 2024 saw revenue of 3.358 billion RMB, a 41.80% increase year-over-year, and a net profit of 431 million RMB, up 45.25% year-over-year [1] Product Development - The company’s electric control products saw a significant sales increase, with Q4 2024 sales rising by 48% year-over-year to 1.78 million units [2] - The company is expected to continue benefiting from the launch of new products, including the WCBS 1.5, which is anticipated to meet the growing demand for L3 assisted driving [2] Profitability and Margins - The gross margin for 2024 was reported at 21.14%, with an adjusted Q4 gross margin estimated at approximately 22.2% after accounting for warranty reclassification [3] - The net profit margin for 2024 improved to 12.2%, indicating enhanced profitability driven by scale effects and operational efficiencies [3] Global Expansion - The company’s overseas revenue reached 1.09 billion RMB in 2024, with a gross margin of 31.9%, significantly higher than domestic operations [4] - The establishment of a second factory in Mexico is expected to further enhance production capabilities and profitability [4] Valuation and Forecast - The company’s net profit forecasts for 2025 and 2026 are set at 1.51 billion RMB and 1.93 billion RMB respectively, with a target price of 65.49 RMB based on a PE ratio of 26.3 for 2025 [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 51.30 [7][8]. Core Insights - The company reported strong Q1 performance with a significant increase in both revenue and profit, driven by higher sales volume and improved cost management [1][2]. - The company aims for continued high-quality growth in 2025, with expected sales of 72 to 78 million market pigs, representing a year-on-year increase of 10% to 19% [3]. - The report highlights the company's focus on cost reduction and operational efficiency, with the complete cost of fattening pigs dropping to RMB 12.5 per kilogram in March 2025 [3][4]. Summary by Sections Q1 Performance - In Q1, the company sold 22.66 million pigs, a year-on-year increase of 42% and a quarter-on-quarter increase of 5.6% [2]. - The average profit per pig was RMB 200, significantly higher than the industry average of RMB 93, due to reduced costs [2]. Cost Management and Growth Projections - The company is expected to continue reducing costs through advancements in health management, breeding, and nutrition [3]. - The target for 2025 includes a total pig output of 72 to 78 million, with a notable increase in piglets [3]. Financial Forecasts - The report projects the company's net profit for 2025, 2026, and 2027 to be RMB 197 billion, RMB 183 billion, and RMB 472 billion respectively, with significant upward adjustments from previous estimates [4]. - The estimated price-to-book ratio for 2025 is set at 3.3x, reflecting the company's growth potential [4].

证券研究报告 华阳国际 (002949 CH) 本报告来源于"慧博投研",请勿外传! 积极转型数字文化,布局微短剧业务 | 华泰研究 | 年报点评 | | --- | --- | | 2025年4月25日 中国内地 | 建筑设计及服务 | 公司发布年报及一季报:2024年实现营收 11.7 亿,同比-22.6%,归母净利 1.25 亿,同比-22.3%,低于我们的预期(1.89亿),主要系行业下行压力较 大,公司收入低于预期所致。24Q4/25Q1 实现营收 3.55/2.64 亿,同比 -21.8%/+15.4%,归母净利 1342/248 万,同比-40.1%/-20.2%。我们认为 传统建筑设计业务需求承压,公司坚定推进"设计+科技"战略,持续加强 人工智能、BIM 等领域研发,推动 AI 与设计全流程深度融合,同时积极 拓展创意文化产业链,布局微短剧业务,打造转型抓手,维持"买入"。 24年综合毛利率同比提升,数字文化业务初步完成全栈式平台的搭建 24 年公司毛利率 35.1%,同比+2.87pct,主要系继续削减 22%的员工、低 毛利率的 EPC 业务经过 3 年的收缩降至 1176 万收入,24 ...

证券研究报告 移为通信(300590 CH) 本报告来源于"慧博投研",请勿外传! Q1 业绩短期承压,新业务持续开拓 | 华泰研究 | 年报点评 | | --- | --- | | 2025年4月25日 中国内地 | 通信设备制造 | 根据公司 2024年年报与 2025年一季报,2024年公司营收为 9.67 亿元, 同比减少 4.81%;归母净利润为 1.59 亿元,同比增长 8.08%。1Q25 公司 营收为 1.58 亿元,同比减少 26.12%:归母净利润为 0.10 亿元,符合此前 业绩预告(0.09~0.12 亿元),同比减少 72.38%,主要系 Q1在公司释放海 外产能的过程中,生产流程与供应链衔接需要磨合,导致订单交付进度受到 影响,叠加客户对新产品的需求提升,且部分国家在做网络机制的切换,新 老产品的交替,阶段性造成营收波动。长期来看,公司作为业界领先的无线 物联网设备和解决方案提供商,我们仍然看好公司在 Al 时代的发展机遇, 维持"增持"评级。 2024 年车载终端业务收入稳健增长,两轮车业务需求承压 细分来看,2024年公司车载信息智能终端业务营收为 5.42 亿元,同比增长 1 ...

证券研究报告 策略 内需资产配置开始回暖 ——2025 年一季度基金持仓分析 华泰研究 2025 年 4 月 25 日│中国内地 专题研究 核心观点 25Q1，主动偏股型配置基金（后文简称"基金"）延续 24Q4 对于科技的配 置，但内部相对分化，减仓前期拥挤度高位的通信，加仓受益于 DeepSeek 的传媒、计算机、半导体等"新成长"方向。与 24Q4 差异在于，一是关税 扰动下，基金对于内需政策博弈的需求增强，内需资产配置系数分位数 （2016 年以来）回升至 6%，仍处于低位，方向上加仓服务消费、减仓商 品消费；二是基金对红利资产配置出现明显"退潮"，红利配置系数分位数 （2016 年以来）回落至 37%。此外，25Q1 主动偏股型基金对港股仓位创 2016 年以来新高，腾讯控股成为基金第一大重仓股。 关注点 1：25Q1 基金加仓内需消费、医药 宏观链条视角，基金加仓内需消费、医药：1）内需消费：关税扰动下，基金 配置向内需消费转移，25Q1 主动偏股型基金加仓服务消费（一般零售、影视 院线）、减仓商品消费（休闲食品等）；2）医药：25Q1 基金整体配置系数回 升，主要加仓 CXO；3）TMT：科技资 ...

证券研究报告 三星医疗 (601567 CH) 业绩高增，双主业、双市场开拓顺利 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 25 日│中国内地 | 电气设备 | 公司 24 年实现营收 146.00 亿元（+27.38%yoy），略高于我们此前预期的 144.24 亿 元，主 要系配用电 业务超预 期； 归母净利润 22.60 亿 元 （+18.69%yoy），略低于我们此前预期的 23.37 亿元，主要系公允价值变动 收益低于预期，扣非净利润 22.02 亿元（+31.92%yoy）。公司 25Q1 实现营 收 36.31 亿元（+20.03%yoy），归母净利润 4.89 亿元（+34.33%yoy），扣 非净利润 4.60 亿元（+22.62%yoy）。公司双主业、双市场进展顺利，毛利 率持续提升，我们看好公司双主业空间广阔、持续快增，维持"买入"评级。 24 年毛利率继续提升，高比例现金分红 公司 24 年配用电、医疗服务业务实现收入 111.2、32.6 亿元，同比提升 31.8%、17.1%，毛利率分别为 34.8 ...

证券研究报告 中复神鹰 (688295 CH) 技改扰动产能释放，短期盈利仍承压 25Q1 毛利率 3.38%，同/环比-21.87/+1.92pct，毛利率同比下滑较多，但环 比有所修复。同比下滑主要系碳纤维行业仍处于阶段性供需失衡，叠加西宁 公司一季度进行降本技术改造，产能未完全释放，拉高单位成本，利润进一 步压缩；且受销售产品结构影响，风电领域销售价格较低。 25Q1 管理费用良好管控，经营性净现金流同比改善 25Q1 公司期间费用率为 19.61%，同比 -0.15pct。销售/管理/研发/财务费 率分别为 1.62%/6.84%/9.50%/1.65%，同比+0.55/-3.42/+1.71/+1.0pct，研 发费用保持较高水平。归母净利率为 -11.26%，同比/环比-20.57/+15.20pct； 扣非归母净利率为 -14.46%，同比/环比-17.88/+10.55pct。经营性净现金流 为 0.2 亿元，同比增加 0.54 亿元，收现比/付现比分别为 75.2%/55.8%， 同比+13.98/-20.68pct。资产负债率同比+0.64pct 至 50.75%，维持健康。 碳纤厂库连续 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.78 RMB [7][8]. Core Insights - The company achieved a revenue of 4.749 billion RMB in 2024, representing a year-on-year increase of 34.2%. The net profit attributable to shareholders was 296.2 million RMB, slightly down by 0.6% year-on-year, which was below previous expectations [1]. - In Q1 2025, the company reported a revenue of 1.010 billion RMB, up 17.9% year-on-year, and a net profit of 58 million RMB, up 34.8% year-on-year, indicating strong revenue growth driven by new overseas customers and product categories [1][2]. - The company is expected to continue expanding its overseas customer base and enhancing its domestic brand presence, which will support ongoing revenue growth [1][4]. Revenue and Profit Analysis - In 2024, the company's overseas revenue reached 3.61 billion RMB, a year-on-year increase of 36.8%, while domestic revenue was 1.12 billion RMB, up 25.9% [2]. - The company’s core revenue sources, such as office chairs, saw a revenue increase of 33.5% year-on-year, with sales volume and average price rising by 18.2% and 13.0%, respectively [2]. Margin and Cost Structure - The gross margin for 2024 was 21.6%, down 1.2 percentage points year-on-year, primarily due to a shift in product mix towards lower-margin products [3]. - The operating expense ratio decreased by 1.5 percentage points to 14.2%, with sales expense ratio down to 6.6% due to improved marketing efficiency [3]. Earnings Forecast and Valuation - The report slightly lowers the revenue forecast for 2025-2026 but introduces a forecast for 2027, estimating net profits of 350.08 million RMB, 412.61 million RMB, and 482.11 million RMB for 2025, 2026, and 2027, respectively [4][6]. - The company is assigned a price-to-earnings (PE) ratio of 13 times for 2025, with a target price of 13.78 RMB based on this valuation [4].