1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The allocation value of ultra - long credit bonds has increased, with rising trading volume and a higher proportion of low - valuation transactions. The trading volume and price performance vary among different regions and industries of ultra - long urban investment bonds and ultra - long industrial bonds [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Ultra - long Credit Bonds: Rising Trading Volume and Higher Proportion of Low - valuation Transactions - **Trading Volume**: The daily trading activity of ultra - long credit bonds increased this week. The average daily trading volume was 3.3 transactions, up from 3.0 last week. The trading volume of ultra - long credit bonds with a remaining maturity of 7 - 10 years increased significantly. The total trading volume this week was 30.3 billion yuan, a 12.64% increase from last week. The trading activity of industrial bonds was higher than that of urban investment bonds [2][11]. - **Trading Term**: The institutional preference for duration decreased. The average trading term of ultra - long credit bonds was 9.83 years, a decrease of 0.31 years from last week. The average trading term of ultra - long urban investment bonds decreased by 1.07 years, and that of industrial bonds decreased by 0.14 years [3][12]. - **Trading Price**: The trading yield of ultra - long credit bonds increased by 1bp to 2.37%. The trading yield of ultra - long urban investment bonds increased by 8bp, while that of ultra - long industrial bonds decreased by 1bp. The proportion of low - valuation transactions of ultra - long credit bonds rose to 53%, with a significant increase in ultra - long industrial bonds from 38% last week. The proportion of low - valuation transactions of credit bonds with a remaining maturity of 15 - 20 years decreased by about 55 percentage points [3][13]. 3.2 Ultra - long Urban Investment Bonds: Rising Trading Volume in Xinjiang and Sichuan, Marginal Increase in the Proportion of Low - valuation Transactions in Hebei - **Trading Volume**: The trading volume of ultra - long urban investment bonds in Xinjiang was relatively high at 1.47 billion yuan this week. The trading volume in Hebei and Shandong decreased significantly compared to last week, by 870 million yuan and 490 million yuan respectively, while that in Xinjiang and Sichuan increased [15]. - **Trading Term**: The average trading term of ultra - long urban investment bonds was 8.68 years. The trading term of ultra - long urban investment bonds in Liaoning increased by 0.12 years compared to last week, while that in Anhui decreased by 14.03 years [17]. - **Trading Price**: The trading yields of urban investment bonds in Liaoning and Shandong were relatively high, exceeding 3%. The trading yields of ultra - long urban investment bonds in Shandong and Beijing increased by 38bp and 32bp respectively compared to last week, while those in Fujian and Zhejiang decreased by 21bp and 16bp respectively. The proportion of low - valuation transactions of ultra - long urban investment bonds in Xinjiang decreased by 86 percentage points compared to last week, while that in Hebei and Hubei increased [17]. 3.3 Ultra - long Industrial Bonds: Rising Trading Volume in Utilities and Petrochemical Industries, Decreasing Proportion of Low - valuation Transactions in Commerce and Retail and Coal Industries - **Trading Volume**: The trading volume of ultra - long industrial bonds in the utilities industry was relatively high at 9.86 billion yuan this week. The trading volume of ultra - long industrial bonds in the utilities and petrochemical industries increased significantly compared to last week, by 5.76 billion yuan and 2.11 billion yuan respectively. The trading volume of ultra - long industrial bonds in the comprehensive industry decreased by about 3.49 billion yuan [20]. - **Trading Term**: The trading terms of ultra - long industrial bonds in the utilities and comprehensive industries shortened significantly this week, by 2.31 years and 0.85 years respectively compared to last week. The trading terms of ultra - long industrial bonds in the non - ferrous metals and transportation industries lengthened significantly, by 9.79 years and 5.92 years respectively [23][24]. - **Trading Price**: The trading yields of ultra - long industrial bonds in the social services and coal industries increased by 65bp and 48bp respectively compared to last week. The proportion of low - valuation transactions of ultra - long industrial bonds in the electronics industry was relatively high at 100%. The proportion of low - valuation transactions of ultra - long industrial bonds in the commerce and retail and coal industries decreased significantly this week [24].

Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at 357 million yuan, down 18.79% year-on-year, and net profit at 33 million yuan, down 69.98% year-on-year [1][3] - In Q1 2025, the company reported a revenue increase of 7.01% year-on-year, reaching 81 million yuan, but net profit decreased by 48.44% year-on-year to 8 million yuan [1] - The TSN solution is expected to empower various smart applications across multiple fields, including smart manufacturing and smart mining [8] Financial Data and Valuation - The company’s total revenue is projected to recover to 457 million yuan in 2025, with a growth rate of 28% [3] - The estimated net profit for 2025 is 52 million yuan, with a corresponding PE ratio of 43.7 [3][8] - The company’s total assets are expected to grow from 1,004 million yuan in 2024 to 1,191 million yuan by 2027 [13] Revenue Breakdown - In 2024, the company’s revenue by sector included smart energy at 191.27 million yuan (up 8.10% year-on-year), smart transportation at 61.30 million yuan, and industrial internet at 36.60 million yuan [8] - The revenue from industrial switching products was 281.17 million yuan, with industrial gateways and wireless products contributing 57.21 million yuan [8] Profitability Metrics - The company’s gross margin is projected to be around 59.8% in 2025, with a net profit margin of 11.3% [15] - The return on equity (ROE) is expected to improve from 3.7% in 2024 to 11.7% by 2027 [15] Shareholder Information - The major shareholder is Shenzhen Qiling Era Holdings Co., Ltd., holding 39.69% of the shares [4]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4] Core Views - The company's apparent performance is under pressure due to asset sales, but it is actively positioning itself in edge AI and robotics sectors [8] - In 2024, the company achieved a revenue of 8.189 billion yuan, a year-on-year increase of 6.13%, and a net profit of 668 million yuan, a year-on-year increase of 18.53% [1] - The company is focusing on developing integrated communication capabilities and edge intelligent computing solutions, with a positive long-term growth outlook [8] Financial Performance Summary - **2024 Financials**: Revenue of 8.189 billion yuan, net profit of 668 million yuan, and a decrease in non-recurring net profit by 5.84% [1][3] - **2025 Q1 Performance**: Revenue of 1.856 billion yuan, a year-on-year decrease of 12.59%, and net profit of 118 million yuan, a year-on-year decrease of 37.30% [1] - **Future Projections**: Expected net profits for 2025, 2026, and 2027 are 539 million yuan, 669 million yuan, and 832 million yuan respectively, with corresponding growth rates of -19%, 24%, and 24% [8] Valuation Metrics - **Current Stock Price**: 25.42 yuan with a total market capitalization of 19.5 billion yuan [4] - **PE Ratios**: Projected PE ratios for 2025, 2026, and 2027 are 36.1X, 29.1X, and 23.4X respectively [8] - **ROE**: The company has a trailing twelve months ROE of 16.0% [4]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][7]. Core Views - The company's performance in 2024 aligns with market expectations, with revenue reaching 12.659 billion, a year-on-year increase of 17.68%, and net profit of 1.169 billion, up 24.86% year-on-year [6][7]. - The company is expected to achieve positive progress in the AI computing field, particularly in high-layer boards and HDI, which may open new growth opportunities [6][7]. - The company has increased its R&D investment significantly, with R&D expenses reaching 758 million in 2024, a year-on-year increase of 26.12% [6][7]. Financial Performance - In Q1 2025, the company reported revenue of 3.343 billion, a year-on-year increase of 21.90%, while net profit was 325 million, up 2.18% year-on-year [6][7]. - The overall revenue for Q4 2024 was 3.581 billion, reflecting a year-on-year growth of 19.16% [6][7]. - The company anticipates revenue growth of 18% in 2025, with projected revenue of 14.938 billion [8][12]. Business Segments - In the automotive electronics sector, the company achieved revenue of 5.8 billion in 2024, a year-on-year increase of 33%, accounting for 48% of total revenue [6][7]. - The data center segment saw over 30% revenue growth, contributing approximately 8% to total revenue [6][7]. - The company has established a strong customer base in the automotive sector, including leading Tier 1 manufacturers and domestic OEMs [6][7]. Future Outlook - The company is expected to benefit from the growing demand for high-end computing products, particularly in the AI server market [7]. - The report forecasts revenue for 2025-2027 to be 14.938 billion, 17.926 billion, and 21.152 billion respectively, with net profits projected at 1.479 billion, 1.826 billion, and 2.230 billion [8][12]. - The company is well-positioned to capture high-margin orders from key clients in North America and the automotive sector, driving future growth [7].

Investment Rating - The report adjusts the investment rating for the company to "Accumulate" from a previous rating due to the impact of rising raw material costs and a challenging operating environment in Q1 2025 [1][3]. Core Views - The company experienced a significant decline in revenue and net profit in Q1 2025, with year-on-year changes of -13.8% in revenue and -67.9% in net profit, primarily due to the timing of the Spring Festival and a high base effect from the previous year [1][6]. - The company is focusing on expanding new channels for sunflower seeds and nuts, as well as promoting products in overseas markets, with expectations for improved profit margins in the future [1][6]. - The report revises the EPS forecasts for 2025 and 2026 to 1.41 and 1.59 yuan, respectively, reflecting the anticipated challenges in profitability [1][7]. Financial Performance Summary - In 2024, the company achieved total revenue of 7.131 billion yuan, with a net profit of 849 million yuan, representing a year-on-year growth of 4.8% and 6% respectively [6][14]. - The gross margin for 2024 was reported at 28.8%, an increase of 2.0 percentage points year-on-year, benefiting from cost reductions in sunflower seeds [6][14]. - For Q1 2025, the company reported a gross margin of 19.5%, down 11.0 percentage points year-on-year, indicating pressure on profitability due to increased procurement costs [1][6]. Revenue and Profit Forecast - The company forecasts total revenue growth of 5% for 2025 and 2026, with expected revenues of 7.485 billion and 7.859 billion yuan respectively [7][14]. - The net profit for 2025 is projected to decline to 717 million yuan, a decrease of 16% compared to 2024, before recovering to 804 million yuan in 2026 [7][14]. - The report highlights a decrease in EPS for 2025 to 1.41 yuan, with a slight recovery to 1.59 yuan in 2026 [1][7]. Market Position and Shareholder Information - The company has a total market capitalization of 11.7 billion yuan, with a circulating market value also at 11.7 billion yuan [3]. - The major shareholder, Hefei Huatai Group Co., Ltd., holds a 42.57% stake in the company [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6] Core Views - The company has passed its operational low point, with a focus on new product categories and overseas market expansion. In 2024, the company achieved a revenue and net profit growth of 22.2% and 14.3% respectively. However, in Q1 2025, revenue and net profit declined by 14.0% and 42.2% year-on-year. The company is emphasizing the growth of its bulk sales channel and plans to accelerate the launch of localized overseas products in Q2 2025, which is expected to contribute to revenue improvement in subsequent quarters [1][6] Financial Performance - In 2024, the company reported total revenue of 2.257 billion yuan and a net profit of 376 million yuan, reflecting a year-on-year increase of 22.2% and 14.3% respectively. The Q4 2024 results showed revenue of 650 million yuan and a net profit of 100 million yuan, with a year-on-year growth of 22.0% and a decline of 13.9% respectively. For Q1 2025, the company reported revenue of 500 million yuan and a net profit of 50 million yuan, marking a year-on-year decline of 14.0% and 42.2% [5][6] Market Channels - The bulk sales channel has shown significant growth, now accounting for over 20% of total sales. The company is actively negotiating new product collaborations with membership supermarkets. The overseas market, particularly Vietnam, is also a key focus for growth, with plans to expand into Indonesia and Malaysia [1][6] Product Categories - The company is nurturing its flavored nut category as its second-largest product line, while other new products in the potato chip category are still in the early stages of development. The growth in the bulk sales channel is expected to continue to be a major driver for the company [1][6] Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 4.20 yuan and 4.71 yuan respectively, corresponding to a price-to-earnings (PE) ratio of 17 times for 2025 [6]

Investment Rating - The industry rating is maintained as "Recommended" indicating a positive outlook for the industry fundamentals and expectations for the industry index to outperform the benchmark index [4]. Core Insights - In April 2025, the sales growth rate of the top 100 real estate companies decreased by 2 percentage points month-on-month to -10%. The month-on-month sales decreased by 10%, which is better than the average of -14% over the same period in the past three years. The sales growth rates for different tiers of companies varied, with the top 1-10 and 11-30 companies experiencing a decline of 0.04 percentage points and 6 percentage points respectively, while the 31-50 and 51-100 companies saw increases of 12% and 17% respectively [1]. Summary by Sections Industry Scale - The industry consists of 256 listed companies, with a total market capitalization of 2,623.5 billion and a circulating market capitalization of 2,482.2 billion [4]. Performance Metrics - Absolute performance over 1 month, 6 months, and 12 months is -2.7%, -6.1%, and 14.4% respectively. Relative performance is 0.3%, -3.0%, and 9.8% for the same periods [6].

Investment Rating - The report maintains a rating of "Add" for the company [1] Core Views - The company is a leading domestic analog chip enterprise, covering signal chain and power management products, with a broad presence in consumer electronics, industrial, automotive, and communications sectors [1] - The company reported a revenue of 3.347 billion yuan in 2024, a year-on-year increase of 27.96%, with a net profit of 500 million yuan, up 78.17% year-on-year [5] - The company continues to invest in R&D and has a stable product launch schedule, with a focus on enhancing its automotive sector presence following the acquisition of 67% of Ganrui Intelligent [5] - The overall industry is expected to show marginal improvement in 2025, with strong demand in the industrial sector [5] - The company is projected to achieve revenues of 4.050 billion yuan in 2025, with a corresponding net profit of 572 million yuan [7] Financial Data Summary - Total revenue for 2023 was 2.616 billion yuan, with a projected growth of 28% in 2024 [7] - The company's gross margin for 2024 was reported at 51.46%, with a net margin of 14.67% [5] - The company’s return on equity (ROE) for the trailing twelve months (TTM) is 11.1% [1] - The projected earnings per share (EPS) for 2025 is 1.21 yuan, with a price-to-earnings (PE) ratio of 83.6 [7][13]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing accelerated domestic EDA core segment localization and has acquired Chip and Semiconductor to enhance its business layout in TMT and small-cap/electronic sectors [1] - The company is expected to benefit from the domestic EDA substitution trend, having established a comprehensive layout across seven major fields and four complete processes [1] - The acquisition of Chip and Semiconductor is anticipated to complement the company's product lines and provide a more comprehensive chip-to-system level product offering [1] Financial Performance Summary - For Q1 2025, the company reported revenue of 234 million yuan, a year-on-year increase of 9.8% but a quarter-on-quarter decrease of 51.1%, with a net profit attributable to shareholders of 9.71 million yuan [1] - The 2024 revenue is projected to be 1.222 billion yuan, representing a year-on-year growth of 20.98%, with a net profit of 109 million yuan, down 45.46% year-on-year due to stock payment expenses [1] - The company expects revenues of 1.6 billion yuan, 1.93 billion yuan, and 2.32 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 166 million yuan, 295 million yuan, and 409 million yuan [5][12] Business Development Summary - The company has established a full-process EDA tool system for analog, storage, RF, and flat panel display circuit design, with plans to quickly complete the EDA full process for digital circuits, wafer manufacturing, and advanced packaging [1] - The company was included in the U.S. Entity List, which is expected to accelerate the localization process of EDA tools [1] - The company is now under the control of China Electronics Group, which is expected to support its development and integration into the group's financial statements [1]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company's revenue for 2024 reached 54.45 billion yuan, an increase of 27.61% year-on-year, while the net profit attributable to shareholders was 4.41 billion yuan, up 11.52% [1][2]. - The significant increase in Q1 2025 net profit to 974 million yuan, a 64.66% increase quarter-on-quarter, indicates a positive trend for the upcoming quarters [1][6]. - The report anticipates that the company's profits will continue to rise in Q2 2025, driven by a decrease in alumina prices [6]. Financial Data and Valuation - The total revenue is projected to grow from 42.67 billion yuan in 2023 to 56.99 billion yuan in 2025E, reflecting a compound annual growth rate [2][16]. - The net profit is expected to increase significantly to 6.19 billion yuan in 2025E, representing a 40% growth compared to 2024 [2][16]. - The company’s earnings per share (EPS) is forecasted to rise from 1.14 yuan in 2023 to 1.78 yuan in 2025E [2][16]. - The price-to-earnings (PE) ratio is projected to decrease from 13.3 in 2023 to 8.5 in 2025E, indicating potential undervaluation [7][16]. Production and Operational Insights - The company plans to produce approximately 301,000 tons of electrolytic aluminum in 2025, with a focus on increasing production capacity [6]. - The report highlights that the company benefits from a high operating rate of 96.1% in the domestic electrolytic aluminum capacity, suggesting a robust production environment [6]. Shareholder Returns - The company has improved its financial health, with a significant reduction in the debt-to-asset ratio from 75.44% in 2018 to 23.97% in Q1 2025 [6]. - The dividend payout ratio has increased from 11.76% in 2021 to 32.23% in 2024, with cash dividends totaling 1.422 billion yuan, a 78.26% increase from 2023 [6].