天风证券晨会集萃-20250529

Group 1 - The report highlights the successful hosting of COMPUTEX, focusing on AI, data centers, and robotics as key trends, with major chip manufacturers showcasing innovations [4][35][36] - In April, the semiconductor market showed signs of recovery, with stable chip delivery times and strong AI-related orders, while automotive and industrial demand began to rebound [4][38] - The report anticipates a structural growth driven by AI in Q2, with recommendations to focus on SoC, ASIC, storage, and CIS opportunities [4][39] Group 2 - The report on Lian Micro (立昂微) indicates a record high revenue of 3.092 billion yuan in 2024, a 14.97% increase year-on-year, despite a net loss of 266 million yuan [10][25] - The company is expanding its production capacity and optimizing its product structure to meet the growing demand in AI, electrification, and smart technology sectors [10][27] - The report projects a downward adjustment in profit forecasts for 2025 and 2026, with net profits expected to be 89 million yuan and 180 million yuan respectively, while maintaining a "hold" rating due to anticipated growth in downstream markets [10][29] Group 3 - The report on Huazhi Wine (华致酒行) reveals a significant decline in Q1 2025 revenue and net profit, with a 31.01% drop in revenue to 2.852 billion yuan [11][31] - The company is implementing a comprehensive adjustment strategy to address inventory and sales challenges, aiming for a recovery in profits by 2025 [11][33] - Future revenue projections for 2025-2027 are set at 9.910 billion, 10.670 billion, and 11.192 billion yuan respectively, with a significant expected increase in net profit [11][33]