Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 29.26 RMB [5][6]. Core Views - The company reported a revenue of 16.305 billion RMB in Q1 2025, a year-over-year decrease of 15.6%, but with a gross margin improvement to 12.4%, up 3.2 percentage points year-over-year [1]. - The net profit attributable to the parent company was 469 million RMB, reflecting a year-over-year increase of 23.53% [1]. - The company is expected to face revenue challenges due to a decline in VR/PS5 industry shipments, but the AI glasses and AR headsets are positioned well for growth starting in 2025 [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 16.305 billion RMB, with a gross margin of 12.4% [1]. - The net profit attributable to the parent company was 469 million RMB, showing a year-over-year increase of 23.53% [1]. - The company anticipates a revenue decline of 4% in 2025, projecting total revenue of 96.871 billion RMB, while net profit is expected to grow by 23% to 3.29 billion RMB [2]. Product Outlook - The company is well-positioned in the AI glasses and AR headset markets, which are expected to drive growth starting in 2025 [2][3]. - The smart acoustic device segment is projected to grow by 6% in 2025, with an expected gross margin recovery to 9.9% [2]. Valuation and Estimates - The company maintains net profit estimates of 3.29 billion RMB for 2025, 3.81 billion RMB for 2026, and 4.28 billion RMB for 2027 [4]. - The target price is set at 29.26 RMB, based on a PE ratio of 31x for 2025, reflecting the company's strong positioning in AI and AR markets [4].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved revenue of 114.6 billion RMB in 2024 and 25.63 billion RMB in Q1 2025, with year-over-year changes of -1.3% and +10.6% respectively. The net profit attributable to the parent company was 4.5 billion RMB and 1.28 billion RMB, reflecting year-over-year increases of +64.3% and +49.0% [1][4] - The primary drivers for the high profit growth in 2024 and Q1 2025 are the profitability from pig farming hedging and the rapid growth of overseas feed business. The report is optimistic about overseas expansion, industry recovery, and cost advantages supporting feed sales growth [1][2] Summary by Sections Financial Performance - In 2024 and Q1 2025, the company's feed sales volume increased by 8.0% and 25% year-over-year, reaching 24.4 million tons and 5.95 million tons respectively. The overseas feed sales maintained a growth rate of around 40% [2][3] - The company achieved over 1 billion RMB in profit from pig farming through futures hedging in 2024, turning a profit of approximately 230 RMB per head. The overseas feed business also saw significant profit growth, estimated at 300-400 million RMB year-over-year [2] Market Opportunities - The company is actively expanding into the Asia-Pacific, Africa, and Latin America feed markets, with a solid foundation in countries like Vietnam, Indonesia, Ecuador, and Egypt. There is still potential for growth in per capita meat, egg, and milk consumption in certain countries [3] - The domestic business is expected to recover starting in 2025, supported by a rebound in fish and shrimp prices due to a decline in aquaculture seedling volume and a recovery in pig inventory [3] Profit Forecast and Valuation - The report maintains net profit forecasts of 5.02 billion RMB and 5.48 billion RMB for 2025 and 2026, respectively, and introduces a new forecast of 7.04 billion RMB for 2027. The target price is raised to 63.4 RMB, corresponding to a 21x PE valuation for 2025 [4][8]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 16.90 [6][7]. Core Views - The company's FY24 results met expectations, with operating revenue of RMB 22.095 billion, a year-on-year increase of 9.9%, and a net profit attributable to shareholders of RMB 914 million, up 21.7% [1][4]. - Despite a significant drop in oil prices in Q4 2024, the company reported a net loss of RMB 357 million, which was a slight improvement of 6.7% year-on-year [1][3]. - The company is expected to benefit from improved industry supply-demand dynamics, resource optimization, and increased utilization of wide-body aircraft, leading to an upward shift in profitability and ROE levels [1][2]. Summary by Sections Financial Performance - In FY24, the company achieved an operating revenue of RMB 22.095 billion, reflecting a 9.9% increase year-on-year, while the net profit attributable to shareholders was RMB 914 million, marking a 21.7% increase [1][5]. - The company’s operating costs rose to RMB 18.978 billion, a 10.5% increase, while gross profit increased by RMB 233 million (8.1%) to RMB 3.117 billion [3][5]. Capacity and Utilization - The company focused on increasing capacity on international routes in 2024, resulting in a 17.3% increase in supply and a 19.9% increase in demand, with an overall passenger load factor of 84.6%, up 1.8 percentage points [2][3]. - The average aircraft utilization increased by 1.2 hours to 11.5 hours, contributing to a decrease in unit costs [3][5]. Profitability Forecast - The company’s net profit forecasts for 2025 and 2026 have been adjusted downwards by 20% and 8% to RMB 1.533 billion and RMB 2.330 billion, respectively, due to anticipated delays in aircraft deliveries and ongoing weak revenue levels [4][24]. - The target price has been revised to RMB 16.90, based on a PB ratio of 3.7x for 2025, reflecting a decrease from the previous estimate of 4x [4][6].

Investment Rating - The investment rating for the company is "Buy" with a target price of 220.88 RMB [8][9]. Core Views - The company reported a strong Q1 2025 performance with revenues of 496 million RMB, a year-over-year increase of 30.12% and a quarter-over-quarter increase of 14.07%. The net profit attributable to the parent company was 255 million RMB, up 31.99% year-over-year and 62.75% quarter-over-quarter [1]. - The company is expected to continue benefiting from its leading position in the high-power cutting market and the acceleration of its second growth curve represented by smart welding [1][5]. - The company is expanding its product portfolio and optimizing its sales strategy, which has led to strong demand for its pipe solutions and cutting head technology [2]. - The smart welding products are being increasingly adopted across various industries, and the company is launching new products to enhance real-time monitoring and quality control in laser welding processes [3][4]. Summary by Sections Financial Performance - For Q1 2025, the company achieved a revenue of 496 million RMB, with a year-over-year growth of 30.12% and a quarter-over-quarter growth of 14.07%. The net profit attributable to the parent company was 255 million RMB, reflecting a year-over-year increase of 31.99% and a quarter-over-quarter increase of 62.75% [1]. Market Position and Strategy - The company is leveraging its technological advantages in high-power cutting solutions and is expected to enhance its market share. The integration of software and cutting head technology is anticipated to drive further growth [2]. - The smart welding sector is expanding, with products being applied in construction, shipbuilding, and other industries. The introduction of the UltraOCT system is expected to enhance the company's offerings in the lithium battery and photovoltaic sectors [3][4]. Growth Projections - The company forecasts EPS of 5.89 RMB for 2025, with a projected PE ratio of 37.5x, leading to a target price of 220.88 RMB [5][7]. The revenue is expected to grow significantly, with projections of 2.24 billion RMB in 2025, representing a 28.87% increase from the previous year [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 15.60 [7][8]. Core Views - The company demonstrated strong performance in 2024, with revenue and net profit reaching RMB 14.67 billion and RMB 1.06 billion, respectively, representing year-on-year growth of 3.2% and 63.7% [1][4]. - The company aims for a revenue growth of 9% in 2025, an increase from the previous target of 8% for 2024, indicating strong confidence in future performance [1][4]. - The U8 product line continues to drive growth, with sales volume increasing by 31.4% year-on-year, contributing significantly to the company's revenue [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 40.7%, up 3.1 percentage points year-on-year, aided by lower raw material costs and structural upgrades [3]. - The net profit margin for 2024 was 7.2%, an increase of 2.7 percentage points year-on-year, reflecting improved profitability [3]. Sales and Market Dynamics - The company's beer sales volume reached 400.4 million tons in 2024, with a slight increase of 1.6% year-on-year, while the average price per ton decreased by 0.6% [2]. - The revenue from mid-to-high-end products increased by 2.2% year-on-year, while revenue from regular products decreased by 1.2% [2]. Future Outlook - The report projects a compound annual growth rate (CAGR) of 42% for net profit from 2024 to 2026, significantly higher than the average of comparable companies at 9% [4][12]. - The company is expected to continue benefiting from structural upgrades and cost efficiencies, with a focus on the U8 product line to enhance profitability [4].

Investment Rating - The investment rating for the company is maintained as "Accumulate" with a target price of RMB 19.24 [7][8]. Core Views - The company reported a revenue of RMB 4.05 billion for 2024, representing a year-on-year increase of 5%, and a net profit attributable to shareholders of RMB 600 million, up 6% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of RMB 1.08 billion, which is a 1% increase year-on-year and a 7% increase quarter-on-quarter, although the net profit for this quarter was lower than expected due to product price declines and asset impairment [1][4]. - The company is expected to benefit from the growth in new materials, with a projected net profit of RMB 741 million in 2025, reflecting a year-on-year growth of 22.6% [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 4.05 billion and a net profit of RMB 600 million, with a proposed cash dividend of RMB 0.15 per share [1]. - The fourth quarter of 2024 had a revenue of RMB 1.08 billion and a net profit of RMB 120 million, which was below the forecast of RMB 200 million [1]. Segment Performance - The electronic materials segment saw a year-on-year sales increase of 19% to 9,539 tons, with revenue up 4% to RMB 620 million [2]. - The catalytic materials segment achieved a sales volume increase of 5% to 16.24 million liters, with revenue rising 10% to RMB 790 million [2]. - The new energy materials segment experienced a significant sales increase of 111% to 29,030 tons, with revenue up 48% to RMB 400 million [3]. Profitability Forecast and Valuation - The forecast for net profit in 2025 has been adjusted to RMB 741 million, down from a previous estimate of RMB 870 million, reflecting a 15% reduction [4]. - The company is expected to maintain a net profit growth of 23% in 2025, 21% in 2026, and 18% in 2027, with an EPS of RMB 0.74, RMB 0.90, and RMB 1.06 respectively [4].

| 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 计算机应用 | 当虹科技 2024 年实现营收 3.07 亿元（yoy-7.82%），归母净利-1.02 亿元 （yoy+26.05%），扣非净利-1.08 亿元（yoy+22.94%）。其中 Q4 实现营收 1.38 亿元（yoy+15.97%），归母净利-3274.34 万元（yoy+22.10%）。公司 业绩低于我们此前预期（收入/归母净利预期为 3.49/-0.34 亿元），主要由于 传媒文化业务进展逊于预期。我们认为，伴随 AI 需求释放，25 年公司传媒 文化业务的下游客户预算有望加速修复，同时看好工业与卫星、智能网联汽 两大板块的业务增长潜力，维持"买入"评级。 24 年亏损同比收窄，预计 25 年有望扭亏为盈 公司 2024 年归母净利亏损 1.02 亿元，同比收窄 26.05%，亏损收窄主要受 益于工业与卫星业务、智能网联汽车业务两大高附加值板块的加速成长，带 动公司整体毛利率同比提升 5.74pct 至 41%。2024 年公司销售/管理/研 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 21.76 RMB [6][4]. Core Views - The company's Q1 performance exceeded expectations, driven by increased sales from the Inner Mongolia project and a decrease in raw material costs, leading to a significant rise in net profit [1][2]. - The company is expected to maintain its competitive advantage in the coal-to-olefins sector as it expands low-cost production capacity with the ongoing ramp-up of its Inner Mongolia project [1][4]. - The overall industry outlook remains positive, with anticipated improvements in profitability due to low coal prices and recovering domestic demand [3][4]. Summary by Sections Financial Performance - In Q1, the company achieved total revenue of 10.77 billion RMB, a year-on-year increase of 31% and a quarter-on-quarter increase of 24%. The net profit attributable to shareholders was 2.44 billion RMB, representing a year-on-year increase of 71% and a quarter-on-quarter increase of 35% [1][2]. - The sales volumes for PE, PP, and coke increased year-on-year by 74%, 84%, and decreased by 3% to 5.15 million tons, 4.92 million tons, and 1.699 million tons respectively [2]. Cost and Margin Analysis - The procurement prices for gasification raw coal, coking coal, and thermal coal decreased year-on-year by 18%, 28%, and 23% to 494 RMB, 838 RMB, and 348 RMB per ton respectively, which significantly improved the profit margins for polyethylene and polypropylene products [2]. - The company's overall gross margin increased year-on-year by 6.6 percentage points to 35.4%, while the period expense ratio decreased by 0.1 percentage points to 6.0% [2]. Future Projections - The company maintains its profit forecast for 2025-2027, projecting net profits of 10 billion RMB, 11.66 billion RMB, and 12.93 billion RMB respectively, with year-on-year growth rates of 57.8%, 16.6%, and 10.9% [4][10]. - The company plans to further enhance its competitive edge with new projects in Ningdong and Xinjiang, which are expected to lower costs due to advanced technology [3][4].

证券研究报告 汽车 上海车展开幕，中大型 SUV 群雄逐鹿 华泰研究 2025 年 4 月 22 日│中国内地 专题研究 上海车展本周三开幕，中大型 SUV 车型占比超 3 成 第二十一届上海车展将于 2025 年 4 月 23 日-5 月 2 日举办。根据威尔森统 计，本次车展参展车型达 97 款（其中全新车型 43 款），新能源车型占比为 69%（其中纯电车型占新能源比例为 62%），B 级和 C 级 SUV 占比 32%， 自主与合资车型比例接近 1:1。我们看好在新车密集上市带动下，市场观望 情绪有望逐步缓解，4-5 月终端需求或回暖，行业景气度回升。整车标的层 面，推荐弹性标的吉利汽车、小鹏汽车，稳健配置比亚迪。 辅助驾驶成为大众车型必选，中大型车市竞争激烈 我们对本次车展上市的重点车型梳理，建议关注两条主线：①自主品牌推动 辅助驾驶渗透至大众经济型市场。得益于辅助驾驶技术进步，叠加降本，本 次车展上零跑 B10、海豹 06、枭龙 MAX 等 10-15 万元车型，已实现标配/ 选配高速 NOA 功能。②自主品牌竞相发布中大型车。25 年全尺寸混动 SUV 市场新玩家加速入局，理想和赛力斯引领自主中 ...

证券研究报告 电力设备与新能源 光伏:东南亚双反终裁落地，税率提升 华泰研究 2025 年 4 月 22 日│中国内地 动态点评 | 研究员 | 申建国 | | --- | --- | | SAC No. S0570522020002 | shenjianguo@htsc.com | | SFC No. BSK177 | +(86) 755 8249 2388 | | 研究员 | 边文姣 | | SAC No. S0570518110004 | bianwenjiao@htsc.com | | SFC No. BSJ399 | +(86) 755 8277 6411 | | 研究员 | 周敦伟 | | SAC No. S0570522120001 | zhoudunwei@htsc.com | | SFC No. BVE697 | +(86) 21 2897 2228 | 行业走势图 (18) (9) 1 10 19 Apr-24 Aug-24 Dec-24 Apr-25 (%) 电力设备与新能源 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | -- ...