Donghai Securities·2025-04-30 06:42Group 1: New Dairy Industry (002946) - The company reported a revenue of 10.665 billion yuan in 2024, a year-on-year decrease of 2.93%, while the net profit attributable to shareholders was 538 million yuan, an increase of 24.8% [6] - In Q1 2025, the company achieved a revenue of 2.625 billion yuan, a year-on-year increase of 0.42%, and a net profit of 133 million yuan, a year-on-year increase of 48.46% [6] - The company experienced strong growth in low-temperature products, with high-end fresh milk and low-temperature yogurt achieving double-digit growth [7] - The company's net profit margin improved to 5.25% in Q1 2025, up 1.68 percentage points year-on-year, driven by a decline in milk prices and an optimized product mix [8] - The company plans to enhance its "Fresh Cube Strategy" focusing on low-temperature products and DTC channels, with adjusted profit forecasts for 2025-2027 [9] Group 2: Guoxuan High-Tech (002074) - The company reported a revenue of 35.39 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit of 1.21 billion yuan, a year-on-year increase of 28.6% [11] - In Q1 2025, the company achieved a revenue of 9.06 billion yuan, a year-on-year increase of 20.6%, and a net profit of 100 million yuan, a year-on-year increase of 45.6% [11] - The company benefited from the global growth in power battery installations, with a significant increase in market share, particularly in the lithium iron phosphate battery segment [12] - The company has established a comprehensive lithium battery supply chain, enhancing its ability to mitigate cost fluctuations [13] - Revenue forecasts for 2025-2027 are adjusted to 45.35 billion yuan, 59.65 billion yuan, and 73.47 billion yuan, respectively, with a maintained "buy" rating [14] Group 3: Quick Intelligent (603203) - The company reported a revenue of 945 million yuan in 2024, a year-on-year increase of 19.24%, and a net profit of 212 million yuan, a year-on-year increase of 11.10% [16] - In Q1 2025, the company achieved a revenue of 250 million yuan, a year-on-year increase of 11.16%, and a net profit of 66.36 million yuan, a year-on-year increase of 10.95% [17] - The company is expanding its international strategy, with export revenue increasing by 29.06% in 2024, now accounting for 18.21% of total revenue [18] - The company is focusing on R&D in semiconductor packaging and has established partnerships with major clients in the automotive electronics sector [19] - Profit forecasts for 2025-2027 are adjusted to 246 million yuan, 299 million yuan, and 367 million yuan, respectively, with a maintained "buy" rating [20]