丨证券研究报告丨 公司研究丨点评报告丨巨人网络（002558.SZ） [Table_Title] 小游戏表现亮眼，关注新游进展及 AI 赋能 报告要点 [Table_Summary] 巨人网络发布 2024 年报，公司 2024 年实现营收 29.23 亿元（同比-0.05%），归母净利润 14.25 亿元（同比+31.15%），扣非净利润 16.23 亿元（同比+18.23%），其中 24Q4 实现营收 7.04 亿 元（同比+7.23%/环比-10.97%）， 实现归母净利润 3.54 亿元（同比+21776%/环比+0.28%）， 实现扣非净利润 3.49 亿元（同比+35.96%/环比-10.58%）。公司核心产品表现稳健，小游戏业 务快速增长，《原始征途》小程序贡献显著增量。公司数款储备新游积极推进，并实现游戏+AI 的全面布局。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 风险提示 1、产品 ...

丨证券研究报告丨 公司研究丨点评报告丨达梦数据（688692.SH） [Table_Title] 达梦数据2024年年报点评：行业信创稳步推进， 营收利润快速增长 报告要点 [Table_Summary] 本报告期内公司营业收入同比增长 31.49%，主要原因包括：（1）受益于能源、交通等领域信 息化建设的加速推进及相关采购的增长，软件产品使用授权业务收入较上年同期增长 22.79%； （2）公司积极推进在实施项目的交付与验收，本期数据及行业解决方案业务收入同比增长 204.51%。公司核心业务毛利率稳健，2024 年 Q4 季度盈利能力大幅回升。信创有望再加速， 公司在稳健增长基础上有望提速。 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 达梦数据（688692.SH） cjzqdt11111 [Table_Title 达梦数据 2024 2] 年年报点评：行业信创稳步推 进，营收利润快速增长 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q1 2025, the company's revenue increased by 10% quarter-on-quarter, showing an acceleration compared to the previous two quarters. The growth in 2025 is primarily driven by the release of production capacity in Thailand and the ramp-up of the 1.6T optical engine [2][5]. - The gross margin slightly declined, while net profit margin was affected by exchange rate fluctuations. The company's overseas bases enhance delivery capabilities, helping to mitigate tariff impacts [2][5]. - The CPO/OIO market presents significant long-term opportunities, with the company establishing strong ties with major overseas clients, leading to a premium in valuation [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 945 million yuan, a year-on-year increase of 29% and a quarter-on-quarter increase of 10%. The net profit attributable to the parent company was 338 million yuan, a year-on-year increase of 21%, but a quarter-on-quarter decline of 8% [5]. - The gross margin for Q1 2025 was 53%, down 2.5 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The net profit margin was 35.8%, down 2.5 percentage points year-on-year and 6.9 percentage points quarter-on-quarter, primarily due to exchange rate fluctuations [2][5]. Market and Production Insights - The company is actively expanding production capacity in the optical passive device sector, with the first phase of the Thailand production line expected to start delivering soon. The second phase is also in preparation for expansion [2][5]. - The shift in focus from 800G products to 1.6T products by major clients is anticipated to accelerate delivery volumes in upcoming quarters, with the company well-prepared for this capacity increase [2][5]. Future Outlook - The company forecasts net profits of 2.081 billion yuan, 2.741 billion yuan, and 3.386 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 55%, 32%, and 24%. The projected price-to-earnings ratios are 19x, 14x, and 11x [2][5].

丨证券研究报告丨 公司研究丨点评报告丨中国电信（601728.SH） [Table_Title] 中国电信 2025Q1 业绩点评： 经营业绩保持稳健，IDC 业务加速增长 报告要点 [Table_Summary] 2025Q1，公司经营业绩保持稳健。传统业务方面，公司移动通信业务稳健发展，固网及智慧家 庭业务保持良好增长。新兴业务方面，公司 IDC 业务加速增长，智能收入、视联网等业务延续 快速增长趋势，新动能表现强劲。经营性现金流主要受回款周期较长的产数业务扩张影响，但 公司应收账款增速已开始回落，说明公司应收账款控制已有所成效。展望全年，公司明确指引 全年实现收入、EBITDA、净利润保持良好增长。 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 分析师及联系人 [Table_Author] 1 中国电信（601728.SH） cjzqdt11111 [Table_Title 中国电信 2025Q1 2] 业绩点评： 经营业绩保持稳健，IDC 业务 ...

丨证券研究报告丨 公司研究丨点评报告丨英维克（002837.SZ） [Table_Title] 英维克 2024&25Q1 业绩点评： Q1 受确收节奏影响，在手订单处历史高位 报告要点 [Table_Summary] 2024 年公司营收及利润延续多年的快速增长，25Q1 业绩主要受确收节奏影响，存货及合同负 债均进一步扩大，公司在手待发货订单数据处于历史高位。毛利率主要受会计准则调整影响， 剔除会计调整影响后的变动幅度可接受。伴随公司中山、郑州基地陆续投产，以及当前服务的 国际巨头对研发和快速响应能力要求更高，公司人员投入有所加大，长期利好公司内生增长延 续。公司液冷交付规模行业领先，凭借端到端、全链条能力和方法论，持续获得海外大客户的 认可，我们看好公司海外市场突破。 分析师及联系人 [Table_Author] 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 英维克（002837.SZ） cjzqdt11111 [Table_Title 英维 ...

丨证券研究报告丨 公司研究丨点评报告丨光迅科技（002281.SZ） [Table_Title] 营收及库存高增长，数通市场景气度高 报告要点 [Table_Summary] 24 年 400G 及 800G 数通光模块上量，驱动营收及毛利率增长。季度来看，24Q4&25Q1 营收 及库存高增长，反映下游景气度高。25Q1 毛利率为 23 年以来新高，费用及其他损益对净利率 有所拖累。发布股权激励激励核心骨干，驱动后续增长。 分析师及联系人 [Table_Author] 1 光迅科技（002281.SZ） cjzqdt11111 [Table_Title2] 营收及库存高增长，数通市场景气度高 [Table_Summary2] 事件描述 4 月 23 日，公司发布 2024 年年报及 2025 年一季报，2024 年实现营收 82.72 亿元，同比增 长 36%，实现归母净利润 6.61 亿元，同比增长 7%，实现扣非净利润 6.3 亿元，同比增长 12%。 2025 年一季度，公司实现营收 22.22 亿元，同比增长 72%，环比下滑 23%，实现归母净利润 1.50 亿元，同比增长 94%，环比下滑 24 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance significantly exceeded expectations, with a revenue of 89.8 billion yuan, representing a year-on-year growth of 38% [8] - The company aims for a revenue growth of 10-30% and a net profit growth of 5-25% for 2025 [8] - The strategic focus on "AI + humanoid" robotics is a major new initiative, with plans to enhance investment in humanoid robots and related technologies [9] Financial Summary - Total revenue for 2023 is projected at 30,420 million yuan, with a year-on-year growth of 32.21% [1] - The net profit attributable to shareholders for 2023 is expected to be 4,742 million yuan, with a year-on-year increase of 9.77% [1] - The earnings per share (EPS) for 2023 is estimated at 1.76 yuan [1] - The company anticipates a total revenue of 37,041 million yuan for 2024, with a year-on-year growth of 21.77% [1] - The projected net profit for 2024 is 4,285 million yuan, reflecting a year-on-year decrease of 9.62% [1] - The company expects to achieve a net profit of 5,628 million yuan in 2025, with a year-on-year growth of 31.34% [1] - The price-to-earnings (P/E) ratio for 2025 is projected at 30.84 [1] Business Segments - The industrial automation segment showed strong performance with a revenue growth of nearly 30% year-on-year in Q1 2025 [8] - The electric vehicle segment continues to grow at over 60%, with a projected revenue of 225-240 billion yuan in 2025 [8] - The elevator segment is expected to maintain steady growth, with revenue projected to reach 49-52 billion yuan in 2025 [8]

Investment Rating - The report maintains a "Recommend" rating for Suzhou Bank, with a target price of 9.07 CNY, compared to the current price of 8.11 CNY [1]. Core Views - Suzhou Bank has achieved balanced growth in both volume and price, with stable asset quality. The bank reported a revenue of 12.224 billion CNY for 2024, reflecting a year-on-year increase of 3.01%, and a net profit of 5.068 billion CNY, up 10.16% year-on-year. The non-performing loan (NPL) ratio remained stable at 0.83% in Q1 2025, while the provision coverage ratio decreased by 36 percentage points to 447% [1][6]. Financial Performance Summary - **Revenue and Profit Growth**: In Q1 2025, the bank's revenue was 3.25 billion CNY, a 0.76% increase year-on-year. The net profit for the same period was 1.554 billion CNY, up 6.8% year-on-year. The annual revenue growth for 2025-2027 is projected at 1.6%, 8.2%, and 9.4% respectively, while net profit growth is expected to be 7.4%, 10.4%, and 10.8% [1][7]. - **Asset Quality**: The NPL ratio remained stable at 0.83% in Q1 2025, with a slight increase in the annualized NPL generation rate to 0.84%. The bank's provision coverage ratio, although decreased, remains high at 447% [6][9]. - **Loan and Deposit Growth**: Loan growth in Q1 2025 was 12.7%, while deposit growth was 12.6%. The bank is focusing on maintaining a balance between price and volume, with a slight slowdown in growth rates [6][8]. Financial Indicators - **Key Financial Metrics**: For 2024, the total revenue is projected at 12.224 billion CNY, with a net profit of 5.068 billion CNY. The bank's price-to-earnings (P/E) ratio is 6.13, and the price-to-book (P/B) ratio is 0.71 [7][11]. - **Capital Adequacy**: The core capital adequacy ratio is expected to be 9.77% in 2024, increasing to 10.45% in 2025. The bank's leverage ratio is projected to be 12.55 in 2024 [10][11].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 16.87 CNY, maintaining the rating [4][9]. Core Views - The company has experienced a decline in revenue and net profit in 2024, with a revenue of 1.557 billion CNY, down 7.78% year-on-year, and a net profit of 248 million CNY, down 24.07% year-on-year [2][9]. - Despite the overall market challenges, the company’s smart clothes drying rack sales have seen a year-on-year increase of 19.42% in 2024, driven by new product iterations and effective marketing strategies [3][9]. - The company is expected to benefit from the gradual implementation of national subsidies, which may stimulate demand in the second quarter of 2025 [3][9]. Financial Performance Summary - In 2024, the company's gross margin was 47.98%, a decrease of 3.37 percentage points year-on-year, with a significant drop in Q4 to 37.58% [4][8]. - The net profit margin for 2024 was 15.94%, down 3.42 percentage points year-on-year, with Q4 showing a net profit margin of 11.88% [8][9]. - The company’s revenue projections for 2025-2027 are 1.719 billion CNY, 1.921 billion CNY, and 2.156 billion CNY, respectively, with expected growth rates of 10.41%, 11.75%, and 12.25% [9][10]. Market Position and Strategy - The company is positioning itself as a leader in the smart home sector, focusing on enhancing its product offerings and expanding its online sales channels [3][9]. - The company is implementing a strategy to reduce reliance on traditional distribution models by transitioning to a direct sales approach [3][9]. - The ongoing development of a provincial operation platform and optimization of engineering channel structures are expected to support stable growth [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has shown impressive growth in operating performance, with a revenue of 1.777 billion yuan in 2024, representing a year-on-year increase of 9.15%. The net profit attributable to the parent company reached 255 million yuan, up 36.61% year-on-year [3][4] - The company is focusing on innovative traditional Chinese medicine, which is expected to enhance long-term competitiveness and growth potential [3][5] - The company has increased its profit forecasts for 2025-2027, expecting net profits of 308 million yuan, 378 million yuan, and 457 million yuan respectively [3][6] Financial Performance - In 2024, the company achieved a gross margin of 71.85%, an increase of 3.75 percentage points, and a net margin of 14.06%, up 3.03 percentage points [3][6] - The revenue from cardiovascular drugs was 530 million yuan, a growth of 37.95%, while revenue from respiratory drugs was 213 million yuan, up 18.87% [4][6] - R&D expenses increased by nearly 30% in 2024, totaling 139 million yuan, indicating a strong commitment to innovation [5][6] Earnings Forecast - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.70 yuan, 0.86 yuan, and 1.04 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 14.1, 11.5, and 9.5 [3][6] - The company expects a revenue growth of 14.3% in 2025, followed by 13.1% in 2026 and 13.9% in 2027 [6][8] R&D and Innovation - The company has established a comprehensive scientific management system for new drug development, integrating five major R&D platforms [5][6] - As of the end of 2024, one innovative traditional Chinese medicine product has been submitted for production approval, with five others in various clinical research stages [5][6]