浙商证券浙商早知道-20250423

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]