Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a profit turning point due to high profitability and gradual release of profit elasticity. The gross profit margin for 2024 is projected at 70.22%, a year-on-year decrease of 7.85 percentage points, primarily due to the lower margin impact from the consolidation of Fuli Instruments. The core products, chromatography fillers and chromatography media, maintain a gross profit margin of 81.56%, with a slight year-on-year decline of 2.39 percentage points. The company’s unique ability to self-produce core raw materials, microspheres, is expected to further highlight its competitive edge, supporting a high level of gross margin for core products [2][4]. Financial Performance - In 2024, the company achieved revenue of 782 million yuan, a year-on-year increase of 33.33%. The net profit attributable to the parent company was 82.84 million yuan, up 20.82% year-on-year. In Q1 2025, the company reported revenue of 189 million yuan, a year-on-year growth of 22.39%, and a net profit of 29.22 million yuan, reflecting a 72.98% increase year-on-year [9][11]. Growth Potential - The company is positioned to benefit from accelerated domestic substitution and its own product strength and platform-driven growth. The core business of chromatography fillers and chromatography media is expected to continue its growth trend, with Q1 2025 revenue reaching approximately 111 million yuan, a year-on-year increase of about 10.62%. The strategic focus on high-quality clients is anticipated to further enhance operational quality [4][9]. Earnings Forecast and Valuation - The company’s revenue is projected to reach 966 million yuan in 2025, with a year-on-year growth of 23.44%. The net profit attributable to the parent company is expected to be 139 million yuan, reflecting a significant year-on-year increase of 68.00%. The earnings per share (EPS) for 2025 is estimated at 0.34 yuan, with a price-to-earnings (P/E) ratio of 66 times based on the closing price on May 8, 2025 [4][11].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a profit turning point due to high profitability and gradual release of profit elasticity, despite a slight decline in gross margin to 70.22% in 2024 [2] - The company has a strong cash flow generation capability, with a net cash flow from operating activities of 133 million yuan in 2024, indicating good operational quality [3] - The company is positioned to benefit from domestic substitution trends and has built a unique "product + service" platform, which is expected to drive growth in the coming years [4] Summary by Sections Profitability - The gross margin for 2024 is projected at 70.22%, down 7.85 percentage points year-on-year, primarily due to the lower margin impact from the consolidation of Fuli Instruments. The core products, chromatography fillers and chromatography media, maintain a gross margin of 81.56%, with a slight year-on-year decline of 2.39 percentage points [2] - The company’s high R&D investment has led to a sufficient reserve of new products, which can help mitigate risks from intensified market competition [2] Operational Quality - The net cash flow from operating activities for 2024 is expected to be 133 million yuan, reflecting a year-on-year increase of 5.99%, indicating sustained operational quality [3] - The accounts receivable turnover days for 2024 are 117 days, shortened by approximately 14 days year-on-year, while the first quarter of 2025 shows an increase to 145 days, likely due to a higher proportion of longer-term instrument products [3] Earnings Forecast and Valuation - The company is expected to achieve revenues of 966 million yuan in 2025, growing by 23.44% year-on-year, and a net profit attributable to shareholders of 139 million yuan, representing a growth of 68.00% [4] - The projected earnings per share (EPS) for 2025 is 0.34 yuan, with a price-to-earnings (P/E) ratio of 66 times based on the closing price on May 8, 2025 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's performance in Q1 2025 shows resilience with a revenue increase of 25% and a profit increase of 44%, despite a challenging 2024 impacted by asset impairment [1][3] - The revenue structure indicates a shift towards traditional gold, while fashion jewelry and leather goods face pressure; however, the franchise business is experiencing significant growth [1][2] - The company is expected to maintain a strong growth trajectory, with revenue forecasts of 81 billion, 92 billion, and 103 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 24%, 14%, and 11% [3][4] Revenue and Profit Analysis - In 2024, the company reported a revenue of 6.52 billion (up 10.5% year-on-year) and a net profit of 194 million (down 42% year-on-year) due to impairment losses [1][4] - For Q4 2024, the revenue was 1.66 billion (up 18.4% year-on-year), but the net profit turned negative at -120 million, primarily due to a 210 million asset impairment loss [1] Store Expansion and Market Position - The company expanded its store count by 129 in 2024, reaching a total of 1,505 stores, with a notable increase in franchise stores [2] - The average GMV for franchise stores showed double-digit growth, indicating strong confidence among franchisees in the brand [2] Financial Forecasts - The company is projected to achieve a net profit of 4.8 billion, 5.6 billion, and 6.4 billion for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 148%, 17%, and 15% [3][4] - The expected P/E ratios for the next three years are 17.5, 15.0, and 13.1 [3][4] Profitability Metrics - The gross margin for 2024 was 23.6%, down 2.5 percentage points year-on-year, while the net profit margin improved to 3.0% [10] - In Q1 2025, the gross margin was 22.9%, down 2.0 percentage points year-on-year, but the net profit margin increased to 8.4% [10]

25Q1 业绩扭亏，卫星业务占比持续提升 ——上海瀚讯 2024 年年报&2025 年一季报点评报告 投资要点 ❑ 25Q1 业绩扭亏，毛利率受产品结构影响 2024 年，公司实现营收 3.53 亿元，同比+13%，归母净利润-1.24 亿元。毛利率为 43.28%，同比-0.06pct。费用端稳中有降，销售/管理/研发/财务费用合计为 2.67 亿元，同比-19%。 25Q1，公司实现营收 1.26 亿元，同比+84%，归母净利润 0.13 亿元，同比扭亏为 盈。毛利率为 37.56%，同比-27.55pct，我们预计主要由于公司产品结构变化，卫 星业务占比增加影响整体毛利率表现。 ❑ 深度参与千帆星座建设，卫星业务已成为公司重要收入来源 ❑ 盈利预测与估值 公司是特种宽带通信龙头，前瞻布局卫星通信领域，考虑到短期客户订单节奏， 我们预计公司 2025-2027 年归母净利润为 1.05 亿元/2.46 亿元/4.46 亿元，对应 25 年 PE 为 129，公司积极打造卫星新成长点，维持"买入"评级。 ❑ 风险提示 军用宽带市场发展不及预期；市场竞争加剧的风险；卫星互联网发展不及预期 上海瀚讯(30076 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company has experienced rapid growth in Q1 2025, with a revenue increase of 40.5% year-on-year, driven by its dual-engine strategy in telecommunications and data communication [1] - The data communication segment is expected to continue growing, with significant demand for CW laser chips in AI data centers, leading to a forecasted increase in sales from $800 million in 2023 to over $3 billion by 2029 [3] - The telecommunications business is optimizing its product structure, with a revenue increase of 52% year-on-year, and has successfully shipped next-generation 25G/50G PON optical chips [4] - The company maintains high R&D investment, with a 76.17% increase in R&D spending in 2024, focusing on high-speed optical chips and large-power laser chips [5] - Profit forecasts indicate a net profit of 1.04 billion yuan in 2025, with a projected PE ratio of 109X, reflecting the company's leading position in the industry and the expected ramp-up of multiple data communication products [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 252 million yuan, a year-on-year increase of 74.6%, with a gross margin of 33.32% [1] - For Q1 2025, the company achieved a revenue of 84 million yuan, a 40.5% increase year-on-year, and a net profit of 14 million yuan, up 35.9% [1] Data Communication Business - The data center and other businesses generated a revenue of 48.04 million yuan in 2024, a staggering 919% increase year-on-year, with a gross margin of 71.04% [2] - The company successfully mass-produced CW70mW laser chips, achieving over one million units shipped within the year [2] Telecommunications Business - The telecommunications segment generated a revenue of 202 million yuan in 2024, a 52% increase year-on-year, with a gross margin of 24.62% [4] - The company has optimized its product offerings, increasing orders for 10G EML products significantly [4] Research and Development - The company invested 54.52 million yuan in R&D in 2024, a 76.17% increase, focusing on advanced optical chip technologies [5] Profit Forecasts - The company forecasts net profits of 1.04 billion yuan in 2025, 1.6 billion yuan in 2026, and 2.48 billion yuan in 2027, with corresponding PE ratios of 109X, 70.78X, and 45.77X [6]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company's revenue met expectations, but financial expenses temporarily suppressed profit release. The company achieved an operating income of 79.024 billion yuan in 2024, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.572 billion yuan, a year-on-year decrease of 25.23% [1] - The subsidiary, New H3C, benefited from domestic AI infrastructure, with its revenue growing by 6.04% to 55.074 billion yuan in 2024, and a significant increase of 26.07% in Q1 2025 [2] - The company experienced a substantial increase in inventory and contract liabilities, indicating potential overperformance in AI server market share and profits [3] Financial Performance - In Q1 2025, the company reported an operating income of 20.79 billion yuan, a year-on-year increase of 22.25%, while the net profit attributable to shareholders was 349 million yuan, a decrease of 15.75% [1] - The financial pressure was attributed to the acquisition agreement of New H3C, which increased financial expenses significantly [4] - The company is advancing its H-share listing, which may alleviate financial pressure and support global expansion [5] Profit Forecast and Valuation - The forecasted net profits for 2025, 2026, and 2027 are 2.14 billion yuan, 2.81 billion yuan, and 3.13 billion yuan, respectively, with corresponding PE ratios of 34, 26, and 23 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's performance is under short-term pressure due to declining gross margins and impairment provisions, with a revenue of 7.757 billion yuan in 2024, down 4.71% year-over-year, and a net profit of 315 million yuan, down 37.90% year-over-year [1] - The data center business is experiencing rapid growth, with revenue of 3.152 billion yuan in 2024, up 14.07% year-over-year, contributing 40.63% to total revenue [3] - The company is actively innovating in data center products and solutions, with a significant increase in orders in 2025, particularly in AI computing scenarios [4] - The smart energy business has shown a significant improvement in profitability, with a gross margin increase of 6.82 percentage points year-over-year [6] - The renewable energy sector is steadily developing, with a revenue of 3.608 billion yuan in 2024, despite a year-over-year decline of 15.98% [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.757 billion yuan, with a year-over-year decrease of 4.71%, and a net profit of 315 million yuan, down 37.90% year-over-year [1] - For Q1 2025, the company achieved a revenue of 1.216 billion yuan, up 2.73% year-over-year, and a net profit of 69 million yuan, down 6.26% year-over-year [2] Data Center Business - The data center business generated revenue of 3.152 billion yuan in 2024, with a year-over-year increase of 14.07%, and accounted for 40.63% of total revenue [3] - The company has introduced innovative products for AI computing scenarios and has seen a rapid increase in orders in 2025 [4] Smart Energy Business - The smart energy segment reported revenue of 922 million yuan in 2024, down 9.01% year-over-year, but with a gross margin of 41.06%, up 6.82 percentage points year-over-year [6] Renewable Energy Business - The renewable energy segment generated revenue of 3.608 billion yuan in 2024, down 15.98% year-over-year, with a gross margin of 16.78%, down 3.94 percentage points year-over-year [7] Profit Forecast and Valuation - The company is expected to see net profits of 654 million yuan, 814 million yuan, and 988 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 28, and 23 [13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company is experiencing a structural breakthrough through strategic focus and technological innovation, with significant growth in data security, domestic innovation, and managed security services (MSS) despite overall revenue pressure [2] - Cost reduction measures have led to a significant improvement in operational quality, with operating cash flow turning positive for the first time since 2021, driven by enhanced collection efficiency and optimized procurement spending [3] - AI technology is being leveraged to enhance both product efficiency and management processes, with direct AI product revenue reaching 17 million and indirect AI-enabled revenue at 62 million, accounting for 3.9% of total revenue [4] Revenue and Profitability - In 2024, the company achieved total revenue of 2.04 billion, a year-on-year decrease of 5.87%, with a narrowed net loss of 198 million [7] - For Q4 2024, revenue was 898 million, down 6.7% year-on-year, while net profit was 138 million, a decline of 21.38% [7] - The first quarter of 2025 saw revenue of 311 million, a year-on-year increase of 10.8%, with a narrowed net loss of 111 million [7] Business Segment Performance - The company's data security business saw new product contract amounts grow over 40%, with API security and network DLP products increasing by 200% and 150% respectively [8] - The domestic innovation business benefited from accelerated domestic substitution, with revenue increasing by 78% [8] - The MSS business, empowered by AI, achieved a revenue growth of 25% [8] Financial Forecast - Revenue projections for 2025-2027 are estimated at 2.15 billion, 2.27 billion, and 2.42 billion respectively, with net profit expected to recover to 47 million, 126 million, and 172 million [10]

Investment Rating - The investment rating for the company is "Buy" [8] Core Insights - The company reported a revenue of 1.154 billion yuan for 2024, a year-on-year increase of 2.70%, and a net profit attributable to shareholders of 74.15 million yuan, up 10.52% year-on-year. However, in Q1 2025, the company experienced a revenue decline of 32.09% year-on-year, resulting in a net loss of 25.53 million yuan due to seasonal factors and order execution cycles [1][6] - The transportation sector saw a revenue of 701 million yuan in 2024, accounting for 61% of total revenue, with a year-on-year growth of 5.68% and a gross margin of 55.63%, up 9.2 percentage points. The total fixed asset investment in railways increased by 11.3% year-on-year, reaching a historical high [2] - The government and defense market faced pressure, with revenue declining by 32.49% year-on-year to 194 million yuan, while the financial and other sectors saw a significant increase of 49.47% year-on-year to 259 million yuan. The company is expanding into emerging markets, including smart civil aviation and digital energy [3] - The Ministry of Industry and Information Technology is steadily advancing 5G-R, with successful product validation for the next phase of field testing [4] - The company has won several significant AI application projects in the railway sector, indicating a strong market potential for AI integration [5] - Profit forecasts for the company indicate net profits of 83 million yuan, 108 million yuan, and 147 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 58, 45, and 33 [6]

亚信安全(688225) 报告日期：2025 年 05 月 08 日 并购驱动高增长，AI 原生筑壁垒 ——亚信安全 2024 年报&2025Q1 点评 事件： 证券研究报告 | 公司点评 | 软件开发 点评： ❑ 业绩符合预期，并购亚信科技实现营收和利润增厚 公司 2024 年营收和业绩表现符合市场预期，公司通过并购亚信科技实现了营收 和利润的显著增厚，实现扭亏为盈。分业务来看，公司 2024 年网络安全业务实 现营收收入 17.10 亿元，同比增长 6.37%，毛利率达到 61.35%，归母净利润-0.91 亿元，亏损大幅缩窄，体现内生业务提质增效；数智业务作为新增板块，并表贡 献 18.85 亿元收入，1 亿元归母净利润，成为营收和业绩扩张的核心驱动力。 ❑ 网安业务收入结构持续优化，现金流率先实现转正 公司主业网络安全业务呈现结构优化与效率提升的双重特征。具体而言，标准化 产品营收同比增长 7.4%，在网安业务收入占比提升至 47.3%，并拉动网安业务 毛利率同比提升 13.53pcts 至 61.35%；解决方案类业务与安全服务业务在网安业 务收入占比分别为 37.1%和 15.6%，安全服务业务占 ...