网络接配及塔设 天孚通信（300394.SZ） 买入-A(维持) 经营节奏保持稳健，大客户 1.6T 和 CPO 产品有望带来新动能 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季报。2024 年，公司实现营收 32.5 亿元，同比增长 67.7%；实现归母净利润 13.4 亿元，同比增长 84.1%；单 Q4 来看，公司实现营收 8.6 亿元，同环比分别增长 17.0%、2.2%；实现归母 净利 3.7 亿元，同环比分别增长 26.2%、13.9%。 2025 年一季度，公司经营节奏稳健。实现收入 9.5 亿元，同环比分别增长 29.1%、10.2%；实现归母净利润 3.4 亿元，同环比分别增长 21.1%、下降 8.0%。 事件点评 资料来源：最闻 分析师： 受大客户节奏影响，2024 下半年有源产品环比增长不大，但今年 1.6T 有望规模放量。2024 年，公司有源、无源产品线分别实现收入 16.6 亿元（同 比+121.9%）、15.8 亿元（同比+33.2%）。无源器件方面，2024 年随着 AI 数 通市场的爆发，FAU、MT-FA、AWG、隔离器、透镜等无源器件需求 ...

网络接配及塔设 天孚通信（300394.SZ） 买入-A(维持) 经营节奏保持稳健，大客户 1.6T 和 CPO 产品有望带来新动能 2025 年 5 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季报。2024 年，公司实现营收 32.5 亿元，同比增长 67.7%；实现归母净利润 13.4 亿元，同比增长 84.1%；单 Q4 来看，公司实现营收 8.6 亿元，同环比分别增长 17.0%、2.2%；实现归母 净利 3.7 亿元，同环比分别增长 26.2%、13.9%。 2025 年一季度，公司经营节奏稳健。实现收入 9.5 亿元，同环比分别增长 29.1%、10.2%；实现归母净利润 3.4 亿元，同环比分别增长 21.1%、下降 8.0%。 市场数据：2025 年 5 月 22 日 收盘价（元）： 76.45 事件点评 年内最高/最低（元）： 149.88/57.11 流通A股/总股本（亿）： 5.54/5.55 流通 A 股市值（亿）： 423.60 总市值（亿）： 424.52 基础数据：2025 年 3 月 31 日 基本每股收益(元) ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a clear growth trajectory in the short, medium, and long term, with potential for both volume and price increases in gold and silver [5][9]. Core Views - The dual catalysts of "interest rate cuts" and "Trump 2.0" are expected to sustain upward momentum in gold and silver prices. In the medium term, "Trump 2.0" may become the primary driver in the gold market during a 90-day tariff pause, with expectations of tariff increases, extended tax cuts, and "stagflation" providing strong support for rising gold prices. In the long term, these dual catalysts will continue to drive prices through 2025, supported by central bank reserves amid a backdrop of protectionism and great power competition [5][57][65]. - The company is a domestic leader in silver mining, having acquired several gold mining assets, which positions it well for future growth. As of the end of 2024, the company has identified approximately 12,000 tons of silver and 34 tons of gold, with an annual mining capacity nearing 2 million tons [6][15]. Summary by Sections Market Performance - The company's closing price is 13.45 yuan, with a total market capitalization of approximately 9.28 billion yuan and a circulating market value of about 8.97 billion yuan. The debt-to-asset ratio stands at 45.60%, and the net asset value per share is 4.40 yuan [3]. Financial Projections - The company is projected to achieve revenues of 2.498 billion yuan in 2025, with a year-on-year growth rate of 24.10%. The net profit attributable to shareholders is expected to be 576 million yuan, reflecting a 47.74% increase. Earnings per share (EPS) are forecasted at 0.84 yuan [7][9]. Growth Drivers - The company has a clear growth path for production from its upcoming mines, with several projects expected to come online between 2025 and 2027. Key projects include the Honglin Mining and Yindu Mining, which are anticipated to start production in 2025 and 2026, respectively [6][36][40]. - The company is actively pursuing resource acquisitions to enhance its growth potential, with plans to complete at least one acquisition project by 2025 [11][41]. Profitability and Performance Recovery - The company experienced a significant recovery in 2024, with a net profit of 390 million yuan, a 163.56% increase year-on-year, driven by the completion of technical upgrades at its subsidiaries and rising base metal prices. The first quarter of 2025 showed a revenue increase of 33.92% year-on-year [43][44]. Resource and Production Capacity - The company has a robust resource base with high-grade deposits, particularly in the Daxinganling region, which supports its strong profitability. The ongoing construction of new mines is expected to further enhance production capacity [27][30][33].

石英股份（603688.SH） 买入-A(首次) 2025 年 5 月 22 日 公司研究/公司快报 | 年 月 市场数据：2025 5 | 日 22 | | | --- | --- | --- | | 收盘价（元）： | | 31.50 | | 年内最高/最低（元）： | | 46.50/21.58 | | 流通A股/总股本（亿）： | | 5.42/5.42 | | 流通 A 股市值（亿）： | | 170.63 | | 总市值（亿）： | | 170.63 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.10 | | 摊薄每股收益(元)： | | | 0.10 | | 每股净资产(元)： | | | 10.80 | | 净资产收益率(%)： | | | 0.88 | 资料来源：最闻 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 事件描述 2025 年 4 ...

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company reported a revenue of 79.02 billion yuan for 2024, a year-on-year increase of 2.22%, but a decline in net profit by 25.23% to 1.572 billion yuan. The first quarter of 2025 showed a revenue increase of 22.25% year-on-year to 20.79 billion yuan, while net profit decreased by 15.75% to 349 million yuan [4][6] - The company is experiencing increased financial expenses due to the acquisition of a 30% minority stake in Xinhua San, which has led to a rise in the debt ratio to 82.8% [5][6] - The company is focusing on optimizing its capital structure through a dual listing in Hong Kong, which is expected to alleviate debt burdens [5][6] Financial Performance - In 2024, the company achieved a gross margin of 17.39%, influenced by the rising share of AI server revenue and changes in revenue structure [5] - The company’s revenue from Xinhua San reached 55.074 billion yuan in 2024, a year-on-year increase of 6.04%, with international business revenue growing by 32.44% [6][7] - The company’s inventory value reached 43.7 billion yuan in Q1 2025, a year-on-year increase of 54.82%, indicating strong growth momentum in server revenue [7] Profit Forecast and Valuation Analysis - The company is expected to benefit from domestic computing power investments, with projected net profits of 1.812 billion yuan, 2.450 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 15.3%, 35.2%, and 29.2% [8][10] - The estimated revenue for 2025 is 89.081 billion yuan, with a year-on-year growth of 12.7% [10] - The company’s P/E ratio is projected to decrease from 38.0 in 2025 to 21.8 in 2027, indicating an improving valuation outlook [12]

网络接配及塔设 中际旭创（300308.SZ） 买入-A(维持) 一季度盈利能力环比改善，2025 海外算力依旧保持旺盛需求 2025 年 5 月 22 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报和 2025 年一季报。2024 年公司实现营收 238.6 亿 元，同比增长 122.6%；实现归母净利润为 51.7 亿元，同比增长 137.9%。同 时，得益于 800G/400G 等高端产品出货比重的快速增加、产品结构不断优化 以及持续的降本增效，公司毛利率（33.8%）、净利率（22.5%）进一步得到 提升。 市场数据：2025 年 5 月 22 日 收盘价（元）： 94.46 年内最高/最低（元）： 185.83/67.20 2025 年一季度，公司实现营收 66.7 亿元，同环比分别提升 37.8%、1.9%； 实现归母净利润 15.8 亿元，同环比分别提升 56.8%、11.6%。同时由于高端 产品占比提升以及成本降低、海外工厂良率提升等因素净利润率环比提升 2pct。 流通A股/总股本（亿）： 11.00/11.05 事件点评 流通 A 股市值（亿）： 1,03 ...

Investment Rating - The report adjusts the investment rating for the company to "Accumulate-A" [7] Core Views - The demand for DCI (Data Center Interconnect) is strong, and the capacity bottleneck is expected to gradually ease [4] - The company's revenue for 2024 is reported at 840 million, a slight increase of 2.8% year-on-year, with a notable growth in the data and access product line [1] - The company is experiencing a significant increase in demand for DCI subsystem products, with a revenue growth of 70% year-on-year in this segment [1] Financial Performance Summary - For Q1 2025, the company reported a revenue of 200 million, with a year-on-year decrease in net profit of 36.8% [2] - The gross margin for the company has declined to 27.2%, down 5.4 percentage points from the previous year, primarily due to changes in product mix and increased costs [3] - The company’s inventory value as of Q1 2025 is 420 million, reflecting a 21.6% year-on-year increase, indicating a strong order backlog [3] Market and Industry Insights - The North American DCI market is experiencing robust demand, driven by trends in localized deployment for large model distributed training and inference [4] - The company has competitive advantages in the DCI optical layer and subsystem electrical layer ODM, with a full range of DCI equipment developed and ready for commercial deployment [4] - Domestic investments in computing power are expected to support resilience in backbone network investments, with ongoing demand for 400G and 800G equipment [5][6] Revenue and Profit Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 1.25 billion, 1.81 billion, and 2.27 billion respectively, with net profits expected to be 140 million, 220 million, and 290 million [7][9] - The gross margin is anticipated to improve gradually, reaching 31.7% in 2025 and stabilizing around 33.2% by 2027 [9][11]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company plans to acquire 100% equity of Jiangsu Langyan Life Science Technology Co., Ltd. to accelerate its innovation transformation, enhancing industry competitiveness and profitability [1] - The acquisition will enable the company to incubate and implement self-developed products, leveraging its R&D advantages alongside Langyan's production and sales strengths, thus creating new profit growth points [1] - The company is constructing a business ecosystem that integrates "R&D services + pipeline cultivation + new quality industrial chain," focusing on innovative drug development and expanding its pharmaceutical industrial segment [3][10] Financial Performance - The company expects its net profit for 2025-2027 to be CNY 233 million, CNY 288 million, and CNY 355 million, representing growth rates of 31.3%, 23.8%, and 23.0% respectively [11] - Projected revenues for 2025 are CNY 1.291 billion, with a year-on-year growth rate of 19.8% [12] - The company's earnings per share (EPS) for 2025 is estimated at CNY 2.08, with a corresponding P/E ratio of 22X [11][12] Business Development - The company is actively increasing R&D investments and enriching its product pipeline, with several key products entering clinical trial phases, which are expected to generate significant revenue [3] - The company has initiated a stock incentive plan, granting 2.43% of its total shares to 127 key personnel, aimed at aligning their interests with the company's long-term performance [2] Strategic Initiatives - The company is collaborating with Huawei Cloud to build a "polypeptide molecular large model platform," enhancing its capabilities in polypeptide drug development through advanced AI technologies [10] - The company is diversifying its revenue streams by pursuing both self-initiated projects and acquiring rights to promising drugs, thereby strengthening its market position [9]

其他电子零组件Ⅲ 鼎通科技（688668.SH） 买入-B(首次) 邮箱：zhangtian@sxzq.com 孙悦文 邮箱：sunyuewen@sxzq.com 112G 通讯连接器快速放量，汽车业务毛利率回升 2025 年 5 月 22 日 公司研究/公司快报 | 市场数据：2025 年 | 月 5 | 日 21 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 48.55 | | 总股本（亿股）： | | | 1.39 | | 流通股本（亿股）： | | | 1.39 | | 流通市值（亿元）： | | | 67.35 | | 基础数据：2025 | 年 | 月 | 日 | 3 | 31 | 每股净资产（元）： | 13.42 | | --- | --- | --- | --- | --- | --- | --- | --- | | 每股资本公积（元）： | 9.10 | | | | | | | | 每股未分配利润（元）： | 2.95 | | | | | | | | 资料来源：最闻 | | | | | | | | 高宇洋 执业登记编码：S07605230500 ...

公司研究 其他专用机械 2025 年 05 月 22 日 当前价：25.11 元 证 券 研 究 报 告 华创证券研究所 博众精工（688097）深度研究报告 强推（首次） 证券分析师：范益民 3C 自动化设备领先企业，积极拓展新兴领域 目标价：34.8 元 电话：021-20572562 邮箱：fanyimin@hcyjs.com 执业编号：S0360523020001 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,954 | 5,751 | 7,004 | 8,392 | | 同比增速(%) | 2.4% | 16.1% | 21.8% | 19.8% | | 归母净利润(百万) | 399 | 517 | 636 | 767 | | 同比增速(%) | 2.0% | 29.6% | 23.1% | 20.8% | | 每股盈利(元) | 0.89 | 1.16 | 1.42 | 1.72 | | 市盈率(倍) | 28 | ...