证券研究报告 华恒生物 (688639 CH) 24 年盈利承压，静待新项目放量 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 化学原料 | 华恒生物 4 月 22 日发布 24 年年报和 25 年一季报：24 年营收 21.8 亿元， 同比 12%，归母净利 1.9 亿元（扣非后 1.8 亿元），同比-58%（扣非后同比 -60%），其中 24Q4 归母净利 0.2 亿元，同环比-85%/-3%，24Q4 归母净利 低于我们前瞻 0.5 亿元的预期，主要系缬氨酸跌价及费用增加等影响。公司 拟每股派现 0.25 元（含税），股利支付率 32.88%。25Q1 实现营收 6.9 亿 元，同比+37%，归母净利 0.51 亿元（扣非后 0.51 亿元），同环比 -41%/+155%，25Q1 归母净利超出我们前瞻 0.4 亿元的预期，主要系缬氨 酸价格回升等因素。考虑未来色氨酸/PDO/丁二酸等新品市场逐步拓展仍有 望打开成长空间，维持"增持"评级。 24 年缬氨酸景气下滑且新项目放量较慢，25Q1 缬氨酸价格 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company's revenue for 2024 is reported at 1.586 billion RMB, a year-on-year increase of 2.58%, while the net profit attributable to the parent company is 292 million RMB, a decrease of 30.11% [1][2] - In Q1 2025, the company achieved a revenue of 2.97 billion RMB, a significant year-on-year increase of 177.87%, and a net profit of 2.016 billion RMB, reflecting a year-on-year increase of 374.79% [1][2] - The success of the film "Nezha 2" has solidified the company's leading position in the animation film sector, contributing to the substantial growth in Q1 2025 [1][5] Financial Performance Summary - The company reported a comprehensive gross margin of 37.71% for 2024, a decrease of 2.18 percentage points, while the gross margin for Q1 2025 increased to 78.32%, an increase of 30.08 percentage points [2] - The company plans to distribute a cash dividend of 2 RMB for every 10 shares [1] - The company recorded asset impairment losses of 118 million RMB in 2024, impacting net profit [2] Project Pipeline and Development - The company is actively expanding its derivative product business, planning to develop various merchandise related to "Nezha 2" and exploring overseas distribution to enhance IP value [3] - A rich pipeline of upcoming projects includes animated films such as "The Stars of the Three Kingdoms" and "Non-Human: Limited Player," as well as live-action films like "East Extreme Island" expected to release in the summer [4] Earnings Forecast Adjustments - The earnings forecast for 2025-2027 has been adjusted, with net profit estimates raised to 2.428 billion RMB for 2025, reflecting a significant increase of 731.29% year-on-year [5][17] - The target price for the company's stock has been set at 27.39 RMB, based on a projected PE ratio of 33x for 2025 [5][9]

证券研究报告 圈收视角 -2025年3月财政数 支出端再加码 据点评 华泰研究 2025年4月22日|中国内地 | 张继强 | 吴宇航 | 仇文竹 | 朱逸敏 | | --- | --- | --- | --- | | 研究员 | 研究员 | 研究员 | 联系人 | | SAC No. S0570518110002 | SAC No. S0570521090004 | SAC No. S0570521050002 | SAC No. S0570124070133 | | SFC No. AMB145 | wuyuhang@htsc.com | qiuwenzhu@htsc.com | zhuyimin@htsc.com | | zhangjiqiang@htsc.com | +(86) 10 6321 1166 | +(86) 10 6321 1166 | +(86) 10 6321 1166 | | +(86) 10 6321 1166 | | | | 2025年4月18日,财政部发布了2025年3月及一季度财政数据。总体看,一季度狭义、广义财政收支两端呈一定 分化特征。税收端受制于企业盈利,整体偏弱、支出 ...

证券研究报告 科技 德国政策调整，关注 5G 设备商海外复 苏机遇 华泰研究 2025 年 4 月 22 日│中国内地 动态点评 德国政策调整，关注国内 5G 设备海外复苏机遇 根据德国基民盟 CDU 官网，德国新政府联盟协议（4 月 10 日版本）对关键 基础设施的准入规则作出调整，"在关键基础设施的敏感领域，未来只能安 装可信组件"，删除了此前 4 月 9 日版本中"可信国家组件"表述，同时未 提及中国通信设备商的具体名字，我们认为这一改变或标志着德国关键基础 设施建设不再排斥中国设备商，国内通信设备龙头有望持续参与德国 5G 建 设。目前欧洲 5G 渗透率仍较低，建设空间广阔，建议关注在海外市场驱动 下的国内 5G 设备产业链复苏机遇。 德国政策复盘：4 月 10 日版本协议改动，或为其他欧盟国家做表率 | 通信 | 增持 (维持) | | --- | --- | | 通信设备制造 | 增持 (维持) | | 研究员 | 王兴 | | SAC No. S0570523070003 | wangxing@htsc.com | | SFC No. BUC499 | +(86) 21 3847 6737 | ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved revenue of 1.174 billion RMB in 2024, a year-on-year increase of 65.56%, with a narrowed net loss of 452 million RMB, improving by 46.69% compared to the previous year [1][4] - The company is actively advancing the introduction and validation of internet clients, with significant revenue growth expected from large-scale shipments starting in Q4 2024 [1][2] - The company is positioned to benefit from rapid growth in AI capital expenditures from domestic internet companies, with a strong competitive edge in AI accelerator card products [3][4] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.174 billion RMB, up 65.56% year-on-year, and a net loss of 452 million RMB, which is a 46.69% improvement from the previous year [1] - The company’s revenue from cloud intelligent chips and acceleration cards reached 1.167 billion RMB in 2024, reflecting a year-on-year increase of 1188% [2] - The gross margin for 2024 was 56.71%, down 12.45 percentage points year-on-year, but showed improvement in the latter quarters [2] Future Outlook - For 2025, the company is expected to see significant revenue and profit elasticity from order fulfillment, with projected revenues of 5.271 billion RMB and net profits of 1.391 billion RMB [4] - The domestic AI capital expenditure is anticipated to maintain rapid growth, with the company’s inventory levels indicating strong future delivery capabilities [2][4] Competitive Positioning - The company’s AI accelerator card products are competitive, with software platforms optimized for major model training, and new hardware architectures are under development to enhance performance [3]

证券研究报告 乖宝宠物 (301498 CH) Q1 盈利超预期，品牌高端化成效显著 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 22 日│中国内地 | 饲料 | 公司公布 2024A及 2025年一季报业绩：24A收入 52.5 亿元，同比增长 21%； 归母净利润 6.25 亿元，同比+46%。其中第四季度收入 15.7 亿元，同比/环 比 29.5%/26.4%；归母净利润 1.54 亿元，同比/环比 34.8%/-4.7%。2025Q1 公司实现营收 14.8 亿元，同比增长 34.8%，实现归母净利润 2.04 亿元，同 比增长 37.7%。公司 2024 年略低于我们此前 6.4 亿元的预期，主系 Q4 激 励费用计提较多；2025Q1 略超我们此前 1.8~2.0 亿元的预期，主系以弗列 加特、barf 系列为代表的高端产品营收同比高增带来。国内宠物经济高增红 利+进口宠粮加关税或加速国产替代，公司产品/渠道/营销方面无短板，强 者恒强逻辑得到充分验证，我们上调目标价至 130 元，维持"买入"评级。 2024 年完美收官，毛利率大幅 ...

证券研究报告 蓝思科技 (300433 CH) 利润同比大幅增长，迎来多元业务协 同成长期 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 22 日│中国内地 | 消费电子 | 蓝思科技 2024 年实现营收 698.97 亿元（yoy+28.27%），归母净利 36.24 亿元（yoy+19.94%）。全年收入超出我们此前预期（681.95 亿元），公司基 于谨慎原则，资产减值计提金额同比增加，净利润略低于我们此前预期 （39.19 亿元）。1Q25 实现营收 170.63 亿元（yoy+10.10%），归母净利 4.29 亿元（yoy+38.71%），扣非归母净利 3.78 亿元（yoy+60.99%）。Q1 公司在 手订单饱满，产能利用率同比处于较好状态。展望 2025，看好消费电子类 业务在 1）北美大客户新机改款、2）安卓客户新料号新产品份额提升、3） 拓展 PC/AI 眼镜/智慧零售新终端等因素驱动下，实现强劲增长。同时，公 司汽车产品单车价值量有望逐步提升，人形机器人业务则将为蓝思中长期带 来更多业绩增量。维持目标价 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.74 RMB [4][7][8] Core Views - The company's revenue for 2024 is projected to reach 35.962 billion RMB, representing a year-on-year growth of 21.24%, driven by the overall recovery in the global semiconductor industry, particularly in the AI-driven high-performance computing (HPC) sector [1][2] - The company is expected to benefit from the release of new production capacity and the ramp-up of advanced packaging business, which will contribute to future performance growth [1][4] Summary by Sections Financial Performance - In 2024, the company achieved a net profit attributable to shareholders of 1.610 billion RMB, a year-on-year increase of 9.44% [1] - The fourth quarter of 2024 saw revenues of 10.984 billion RMB, up 18.99% year-on-year and 15.72% quarter-on-quarter [1] - The company's operational electronic business revenue grew by 38.1% year-on-year, contributing 16.2% to total revenue [2] Market Demand and Business Strategy - The recovery in the global semiconductor market, particularly in high-performance computing chips and storage chips, has led to increased capacity utilization and revenue growth for the company [2] - The company is strategically expanding into high-value markets such as automotive electronics, HPC, storage, and 5G communications, with automotive electronics revenue increasing by 20.5% year-on-year [2][3] Capacity Expansion and Technological Development - The company is actively advancing new production lines and high-value process platforms, with a new automotive electronics packaging production base expected to commence operations in the second half of 2025 [3] - The company has completed the acquisition of 80% of Shengdi Semiconductor, enhancing its market share in the storage and operational electronics sectors [3] Valuation and Earnings Forecast - The report projects a decrease in net profit forecasts for 2025 and 2026 by 22% and 24% respectively, estimating net profits of 2.036 billion RMB and 2.375 billion RMB for those years [4][6] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.14 RMB, 1.33 RMB, and 1.62 RMB respectively [4][6]

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company experienced a significant revenue decline in Q1 2025, with a year-over-year decrease of 49.51%, primarily due to product delivery rhythm impacts. However, there are expectations for recovery in military products and rapid growth in civilian RF chip business as the company expands into new fields like low-orbit satellites and commercial aerospace [1][2]. - The company’s gross margin improved to 38.59% in 2024, up by 6.31 percentage points year-over-year, attributed to increased application of self-developed chips and effective cost control [2]. - The projected net profit for the company is expected to recover from 4.85 billion yuan in 2024 to 6.03 billion yuan in 2025, with a target price set at 62.67 yuan per share, reflecting a price-to-earnings ratio of 62x for 2025 [3][6]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.591 billion yuan, down 27.36% year-over-year, and a net profit of 484.65 million yuan, down 20.06% year-over-year. The first quarter of 2025 saw a revenue of 350 million yuan, down 49.51% year-over-year, and a net profit of 57.53 million yuan, down 52.37% year-over-year [1][5]. - The company’s gross margin for 2024 was 38.59%, with a net profit margin of 18.70%. In Q1 2025, the gross margin increased to 43.01%, while the net profit margin was 16.44% [2]. Business Segments - The T/R component and RF module business is projected to generate 2.332 billion yuan in revenue for 2024, a decrease of 30.99% year-over-year, while the RF chip business is expected to grow by 33.46% year-over-year to 170 million yuan [2]. - The company is actively expanding its T/R component applications across various platforms, which is expected to contribute to performance in 2025 [2]. Valuation Metrics - The company’s projected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (PE) ratio of 49.77x. The projected return on equity (ROE) for 2025 is 9.46% [5][22].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 9.25 [8] Core Views - The company reported a revenue of RMB 2.685 billion in 2024, a year-on-year decrease of 26.57%, and a net profit of RMB 637 million, down 53.22% year-on-year, aligning with the company's earnings forecast [1][2] - Despite the decline in net profit due to a sluggish land market and rising costs, the company has ample land reserves and a stable financial position, indicating potential for revenue recovery in the medium to long term [1][2] - The company has expanded its business in Suzhou Industrial Park, with a 92% year-on-year increase in signed construction area, reaching 3 million square meters, and has also increased its distributed photovoltaic power generation capacity by 220 MW [3][4] Summary by Sections Financial Performance - In 2024, the company experienced a revenue decline of 26.57% and a net profit drop of 53.22% compared to the previous year [1][2] - The company plans to distribute RMB 1.28 per 10 shares [1] - The forecasted EPS for 2025 and 2026 is RMB 0.46 and RMB 0.50 respectively, with a new estimate for 2027 at RMB 0.55 [5] Business Development - The company has launched four new investment funds with a total commitment of RMB 160 million and has made four new direct investment projects [4] - The total investment in technology projects has reached RMB 588 million, driving a total investment of RMB 9.7 billion [4] Market Outlook - The report anticipates a recovery in net profit in 2025 due to the base effect of non-recurring gains [2] - The company is expected to benefit from a recovery in the land market and improved market confidence, with a projected PE ratio of 20.1 times for 2025 [5]