Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's revenue for 2024 is projected to be 750 million yuan, representing a year-on-year growth of 10.54%, while the net profit attributable to the parent company is expected to decline by 63.68% to 21 million yuan [1][4] - In Q4 2024, the revenue is 249 million yuan, showing a slight year-on-year decrease of 0.2%, and the net profit is -16 million yuan [1][2] - For Q1 2025, the revenue is anticipated to drop by 26.9% to 124 million yuan, with a net profit of -29 million yuan [1][2] Revenue and Growth Outlook - The company is expected to face revenue pressure in the first half of 2025 due to inventory adjustments and a slowdown in hospital bidding [2] - New product commercialization is ongoing, with the introduction of electronic endoscopes, which may drive additional revenue [2] - Revenue forecasts for 2025-2027 are 827 million, 1.046 billion, and 1.317 billion yuan, with respective year-on-year growth rates of 10.32%, 26.44%, and 25.95% [4][5] Profitability Analysis - The gross profit margin for 2024 is 68.1%, down 5.7 percentage points year-on-year, leading to a net profit margin of 2.7%, a decrease of 6.3 percentage points [3] - In Q1 2025, the gross profit margin is projected to be 66.36%, with a net profit margin of -23.28% due to revenue pressures and ongoing expenses [3] - Despite short-term profit pressures, there is an expectation for gradual improvement in net profit margins post-2025 [3] Financial Summary - The company’s financial projections indicate a significant recovery in net profit from 38 million yuan in 2025 to 207 million yuan in 2027, with corresponding EPS increasing from 0.28 yuan to 1.54 yuan [4][5] - The price-to-sales ratio for 2025 is estimated at 7 times [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company reported a revenue of 15.04 billion yuan for 2024, a year-on-year increase of 24%, and a net profit attributable to shareholders of 1.47 billion yuan, up 46% year-on-year [1] - The company achieved a significant increase in operating cash flow, reaching 2.97 billion yuan, which is a 115% year-on-year growth [1] - The company plans to distribute a dividend of 590 million yuan, maintaining a payout ratio of 40% [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.25 billion yuan, representing a 39% year-on-year increase, and a net profit of 420 million yuan, up 36% year-on-year [1] - The gross profit margins for four-wheeled and two-wheeled vehicles were 36.5% and 21.7% respectively, with a slight decline attributed to accounting policy changes [1] - The sales net profit margin for 2024 was 9.9%, an increase of 1.2 percentage points year-on-year, and the weighted average ROE was 26.3%, up 4.6 percentage points year-on-year [1] Product Matrix and Globalization - The company has optimized its product matrix with the launch of new models such as U10 PRO and X10, achieving a sales volume of 169,100 units for all-terrain vehicles in 2024, with a revenue of 7.21 billion yuan, an 11% increase year-on-year [2] - In the motorcycle segment, the company sold 286,500 units, generating a revenue of 6.04 billion yuan, a 37% year-on-year increase, with a strong performance in both domestic and overseas markets [3] - The electric vehicle segment saw a remarkable growth of 414% in revenue, reaching 400 million yuan, with significant expansion in both domestic and international markets [4] Earnings Forecast and Valuation - The company is projected to achieve revenues of 18.8 billion yuan, 22.9 billion yuan, and 27 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 25%, 21%, and 18% [5] - The net profit attributable to shareholders is expected to be 1.8 billion yuan, 2.2 billion yuan, and 2.6 billion yuan for the same years, with growth rates of 24%, 22%, and 16% respectively [5] - The corresponding P/E ratios for the next three years are projected to be 13, 11, and 9 times [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is a leader in high-altitude safety operation equipment for wind power globally, with domestic and international growth opportunities across multiple fields driving performance beyond expectations [1] - The domestic wind power market is experiencing high demand, with significant growth in new installations expected in 2025, projected at approximately 105-115 GW [3] - The company is expanding into overseas markets and other application fields, which are expected to provide additional growth momentum [4] Summary by Sections Market Expectations - The company's main business has limited market space, and there are concerns about the potential decline in domestic wind power business due to the increasing size of wind turbines [2] - There is uncertainty regarding the success of the company's expansion into other application areas [2] - The company's significant exposure to the U.S. market raises concerns about the impact of potential tariffs on performance [2] Performance Drivers - The domestic wind power market is thriving, with an expected annual average new installation capacity of 100 GW from 2024 to 2026, representing a CAGR of 11% [3] - Product optimization and solution iterations are enhancing the value of individual wind turbine configurations [3] - The company is also tapping into the vast potential of the wind power operation and maintenance market, which is expected to contribute to long-term performance [3] Overseas Market Expansion - The company has opportunities in the North American and European markets, which have substantial retrofitting needs [4] - There is significant room for improvement in market share in overseas markets, which could lead to incremental performance growth [4] Multi-Field Expansion - The company is diversifying its product offerings into various fields such as industrial and construction, emergency rescue, and power grids, moving towards a platform-based enterprise model [4] - New products like material conveyors and climbing machines are expected to become key products for the company [4] Financial Forecasts - The company is projected to achieve a net profit of 402 million in 2025, with a year-on-year growth of 28% [10] - The expected P/E ratios for 2025, 2026, and 2027 are 12, 11, and 9, respectively, indicating a favorable valuation outlook [10]

Investment Rating - The investment rating for China Mobile is "Buy" [7] Core Views - The company achieved steady revenue growth in Q1 2025, with total revenue of 263.8 billion yuan, a year-on-year increase of 0.02%. The main business revenue reached 222.4 billion yuan, up 1.4% year-on-year, and the net profit attributable to shareholders was 30.6 billion yuan, growing by 3.5% year-on-year. The company aims for a trend of low growth in the first half of the year and higher growth in the second half [1][4] - The mobile user base stood at 1.003 billion, with a net decrease of 940,000 users compared to the end of 2024. The 5G user base reached 578 million, with a penetration rate of approximately 57.6%. The average revenue per user (ARPU) for mobile services was 46.9 yuan, down 2.1% year-on-year [2] - The company is actively promoting AI+DICT projects and expanding its market share in the enterprise sector, while also enhancing its presence in emerging markets [2] Financial Summary - For the forecast period from 2025 to 2027, the expected revenue growth rates are 3.3%, 3.2%, and 3.1%, respectively. The net profit growth rates are projected at 5.1%, 5.0%, and 5.0% [4][6] - The company's operating expenses decreased by 1.22% year-on-year, with a notable reduction in sales expenses by 3.61% [3] - The net cash flow from operating activities was 31.3 billion yuan, a decrease of 45.0% year-on-year, primarily due to accelerated payments to private and small enterprises [3]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company's Q1 performance shows steady growth, with a revenue of 263.8 billion yuan, a slight increase of 0.02% year-on-year. The main business revenue reached 222.4 billion yuan, up 1.4% year-on-year, and the net profit attributable to shareholders was 30.6 billion yuan, reflecting a 3.5% increase year-on-year. The net profit margin improved by 0.4 percentage points to 11.6% [1] - The company aims for a trend of low-to-high growth in annual performance, with guidance provided during the 2024 earnings briefing indicating a steady increase in revenue and good profit growth for 2025 [1] Summary by Sections Financial Performance - In Q1 2025, the company achieved an EBITDA of 80.7 billion yuan, representing a year-on-year growth of 3.4%. The weighted average return on equity remained stable at 2.2% year-on-year [1] - The mobile user base stood at 1.003 billion, with a net decrease of 940,000 users compared to the end of 2024. The 5G user base reached 578 million, with a penetration rate of approximately 57.6% [2] - The company reported a mobile ARPU of 46.9 yuan, down 2.1% year-on-year, while the family broadband user base increased to 328 million, with a quarterly net addition of 5.48 million users [2] Cost Management - Operating expenses decreased by 1.22% year-on-year, with significant reductions in sales expenses by 3.61% and other operating expenses by 8.16%. However, network operation support costs increased by 1.65% [3] - The net cash flow from operating activities was 31.3 billion yuan, a decline of 45.0% year-on-year, primarily due to accelerated payments to private and small enterprises [3] Earnings Forecast and Valuation - Revenue growth is projected at 3.3%, 3.2%, and 3.1% for 2025 to 2027, with net profit growth expected at 5.1%, 5.0%, and 5.0% respectively. The earnings per share are forecasted to be 6.74 yuan in 2025, with a P/E ratio of 16.76 [4][6]

证券研究报告 | 公司深度 | 自动化设备 1）场景优势：公司作为工控龙头，具有 40 多个行业的 Know-how，贴近一线下 游客户的真实需求，而这正是目前产业发展中最稀缺的一环，谁能先找到应用场 景，谁就能先进入产品开发-验证-迭代-量产的正循环。 2）平台优势：基于公司现有的电机、电压产品等技术平台，针对人形机器人轻 量化和高精度等需求进行定制化开发具备较高的确定性。相较于单一零部件生产 制造商，公司具备系统定义和集成能力。 ❑ 盈利预测与估值 短期，工控周期筑底，有望回升，新能源车业务进入收获期，稳步贡献利润；长 期，公司"战略力+产品力+组织力"持续发挥优势，国产替代加速，人形机器人 打开成长空间，有望再造一个汇川。预计公司未来三年营业收入为 376/455/546 亿元，归母净利润为 49/58/69 亿元，同比增长 4%/18%/19% 。EPS 分别为 1.8、 2.2、2.6 元。 ❑ 风险提示：制造业复苏不及预期；新能源汽车市场竞争加剧；产品技术开发进 度不及预期；人形机器人商业化进展不及预期。 工控龙头，人形机器人业务打开空间 ——汇川技术深度报告 投资要点 ❑ 我们认为公司在人形机器 ...

Market Overview - On April 22, the Shanghai Composite Index rose by 0.25%, while the CSI 300 fell by 0.02%, the STAR Market 50 decreased by 0.31%, the CSI 1000 dropped by 0.06%, and the ChiNext Index declined by 0.82%. The Hang Seng Index increased by 0.78% [3][4] - The best-performing sectors on April 22 were retail (+1.03%), building materials (+1.02%), transportation (+0.9%), real estate (+0.84%), and pharmaceuticals (+0.82%). The worst-performing sectors included media (-1.08%), telecommunications (-0.97%), computers (-0.9%), machinery (-0.8%), and electrical equipment (-0.66%) [3][4] - The total trading volume for the A-share market on April 22 was 11,212.07 billion yuan, with a net inflow of 21.36 billion HKD from southbound funds [3][4] Company Analysis: Miao Ke Lan Duo (600882) - In Q1 2025, Miao Ke Lan Duo achieved an operating income of 1.23 billion yuan, representing a year-on-year increase of 6.3%. The net profit attributable to shareholders was 80 million yuan, up 114.9% year-on-year, while the net profit excluding non-recurring items was 60 million yuan, reflecting a 110.2% increase [5] - The company is expected to see revenue growth in its BC business and profit elasticity from B-end business through domestic raw material substitution and product structure optimization. Efficiency improvements in expense management are also anticipated, leading to expected revenues of 5.48 billion, 6.18 billion, and 7.01 billion yuan for 2025-2027, with net profits of 210 million, 310 million, and 420 million yuan respectively [5] Company Analysis: iFlytek (002230) - iFlytek is projected to achieve revenues of 29.088 billion, 36.368 billion, and 45.388 billion yuan for 2025-2027, with year-on-year growth rates of 24.61%, 25.02%, and 24.80%. The net profit attributable to shareholders is expected to reach 962 million, 1.414 billion, and 1.992 billion yuan, with growth rates of 71.73%, 47.03%, and 40.85% respectively [7] - The company has released upgrades for its iFlytek Spark model and is advancing its AI and software applications, which are seen as catalysts for growth [7]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved rapid revenue growth in 2024, with total revenue of 760 million yuan, representing an 18% year-on-year increase, and a net profit attributable to shareholders of 92 million yuan, up 66% year-on-year [1] - The gross margin improved to 35.3% in 2024, an increase of 4.7 percentage points year-on-year, with a net profit margin of 12.1%, up 3.5 percentage points year-on-year [2] - The company is expanding its production capacity, particularly in Anhui Weisen, which saw a revenue increase of 73% to 150 million yuan in 2024 [3] - Revenue forecasts for 2025-2027 are projected at 910 million, 1.07 billion, and 1.24 billion yuan, with corresponding net profits of 130 million, 180 million, and 230 million yuan, indicating compound annual growth rates of 35% over three years [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 210 million yuan, a 15% year-on-year increase, and a net profit of 21 million yuan, up 71% year-on-year [1] - The first quarter of 2025 showed a revenue of 200 million yuan, a 20% year-on-year increase, with a net profit of 29 million yuan, up 40% year-on-year [1] Gross Margin and Profitability - The gross margin for 2024 was 35.3%, with quarterly improvements throughout the year, and a slight decrease to 34.2% in Q1 2025 [2] - The net profit margin reached a new high of 16.0% in Q1 2025, reflecting strong operational efficiency [2] Growth Drivers - Anhui Weisen's significant growth and ongoing capacity expansion projects are key contributors to the company's future growth [3] - The company is investing in technological upgrades and new projects to sustain its growth trajectory [3] Valuation and Forecast - The company is expected to maintain strong revenue and profit growth, with a projected PE ratio decreasing from 25 in 2024 to 10 by 2027 [4]

动储营收大幅成长，大客户、AI 终端、机器人增量可期 ——欣旺达点评报告 投资要点 高。近年来，下游新能源车的细分赛道格局已经逐渐稳定，各个梯队之间逐渐转 为有序和良性的竞争，在此背景下，公司动力电池业务凭借"聚焦+差异化"的 策略，获得了国内外众多知名车企的认可，在国内市场方面，公司量产交付了多 个爆款车型，在国际市场方面，公司新获多个全球知名车企项目的定点，因此公 司动力电池业务收入呈现良好的上升趋势，进一步向盈亏平衡点靠近。 ❑ 锂威的整体利润贡献进一步成长 2024 年公司消费类电池实现营业收入 304 亿元，同比增长 6.52%，实现毛利率 17.65%，同比增加 2.74pcts，盈利提升的核心原因在于消费类电芯业务的生产规 模逐步扩大，电芯自供比例不断提升。2024 年浙江锂威和惠州锂威共实现营业 收入近 60 亿元，同比增长约 17%，合计净利润约为 10.9 亿元，同比增长约 69%，手机电芯业务市场份额稳步提升，行业地位进一步夯实，笔电应用领域作 为公司新增长点已进入头部客户供应链。随着锂威的成长，欣旺达在手机、平 板、PC 和可穿戴等市场的 cell+pack 一体化供应逐渐打开，特别是 ...

Investment Rating - The investment rating for the company is "Add" (maintained) [6] Core Views - The company achieved a revenue of 1.56 billion yuan in 2024, representing a year-on-year increase of 13.4%, and a net profit of 160 million yuan, up 14.1% year-on-year [1] - The adult toothpaste segment showed excellent growth, with revenue increasing by 16.1%, while the e-commerce channel remains the core driver of the company's growth [2] - The optimization of product structure has significantly boosted the gross margin, which reached 49.37% in 2024, up 5.3 percentage points year-on-year [3] Financial Performance - In 2024, the company reported a net cash flow from operating activities of 181 million yuan, a year-on-year increase of 20.1% [4] - The company's gross margin for adult toothpaste was 50.47%, reflecting a 5.5 percentage point increase year-on-year [3] - The company’s net profit margin for 2024 was 10.33%, a slight increase of 0.06 percentage points year-on-year [3] Market Position - The company has maintained a steady increase in market share, ranking third in the offline retail channel for toothpaste products, and second among domestic brands [5] - The "Cold Acid Spirit" brand has seen its market share in the sensitive toothpaste segment increase from 61.74% in 2022 to 64.72% in 2024 [5] Earnings Forecast - The company is expected to achieve revenues of 1.87 billion yuan, 2.27 billion yuan, and 2.80 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 19.65%, 21.73%, and 23.21% [10] - The forecasted net profit for 2025 is 196 million yuan, representing a year-on-year growth of 21.75% [10]