Investment Rating - The report maintains a "Hold" rating for the company with a target price slightly adjusted to RMB 90.00 from RMB 95.00 [3][15][8] Core Views - The company's revenue for 1Q25 was below expectations, but new orders signed in 2024 are expected to contribute to revenue in 2025 [2][8] - The decline in net profit growth compared to revenue growth is attributed to ongoing investments in new product research and development [1][9] - The acquisition of shares by Northern Huachuang is anticipated to positively impact the company's financial performance in the medium to long term [2][15] Summary by Sections Financial Performance - In 2024, the company reported revenue of RMB 1.75 billion, a year-on-year increase of 2.13%, with a net profit of RMB 203 million, down 19.08% year-on-year [1][10] - For 1Q25, revenue was RMB 275 million, a 12.74% increase year-on-year, but net profit fell to RMB 5 million, a 70.89% decrease year-on-year [1][10] Order and Product Development - The company signed new orders worth RMB 2.4 billion in 2024, a 10% increase year-on-year, with strong performance in various product lines including photoresist coating and developing machines [2][8] - New products such as the front-end chemical cleaning machine and physical cleaning machine have received significant orders from major domestic clients [2][8] Earnings Forecast Adjustments - The earnings per share (EPS) forecast for 2025 has been reduced by 32% to RMB 1.29 due to lower-than-expected net profit in 1Q25 and increased R&D expenses [3][11] - Revenue projections for 2025, 2026, and 2027 are expected to grow by 29%, 30%, and 24% respectively, with net profit margins improving over the years [9][11] Valuation - The current valuation is set at 69 times the 2025 P/E ratio, reflecting market expectations regarding the acquisition by Northern Huachuang and its potential benefits for revenue and profit growth [3][15] - The company is projected to achieve a net profit growth rate of 46% from 2024 to 2027, which is higher than the industry average of 37% [15][16]

证券研究报告 | 2025年05月20日 昆仑万维（300418.SZ） 优于大市 24 年年报及 25 年一季报点评：AI 商业化加速落地，投资收益 扰动业绩表现 24 年及 25 年 Q1 营收持续增长，投资收益及研发投入压制利润表现。1）24 年公司实现营业收入 56.62 亿元、同比分别增长 15.2%；归母净利润亏损 15.95 亿元、同比下滑 226.74%，对应摊薄 EPS -1.27 元，相比上年由盈转 亏；主要原因一方面在于公司在 AI 领域研发投入持续加大（全年研发费用 15.4 亿元，同比增长 59.5%），另一方面投资收益相关损失达到 8.2 亿元； 2）25 年 Q1 公司实现营收 17.64 亿元、同比分别增长 46.07%；归母净利润 亏损 7.69 亿元，同比下滑 310.32%，对应摊薄 EPS -0.62 元；营收大幅增长 主要受益于 AI 商业化落地、音乐/短剧等贡献显著营收增量；净利润亏损主 要在于 AI 研发投入（4.3 亿元）以及投资收益亏损（主要系 Pony.ai 与映 宇宙合计亏损约 5.4 亿元）。 AI 研发持续推进，商业化初现成效。1）大模型方面，推出"天 ...

Investment Rating - The report maintains a "Buy" rating with a target price of 5.20 CNY [6][12]. Core Views - The company's performance is under pressure due to declining electricity prices and impairment losses, but the sale of hydropower assets in 2025 is expected to reverse the performance trend. As a leader in green electricity, the company has a solid foundation for sustained growth due to ample project reserves [2][12]. Financial Summary - **Revenue**: - 2023A: 26,502 million CNY - 2024A: 29,717 million CNY (YOY +12.1%) - 2025E: 34,772 million CNY (YOY +17.0%) - 2026E: 37,586 million CNY (YOY +8.1%) - 2027E: 40,302 million CNY (YOY +7.2%) [4][13] - **Net Profit (attributable to parent)**: - 2023A: 7,174 million CNY - 2024A: 6,111 million CNY (YOY -14.8%) - 2025E: 7,523 million CNY (YOY +23.1%) - 2026E: 7,456 million CNY (YOY -0.9%) - 2027E: 7,782 million CNY (YOY +4.4%) [4][13] - **Earnings Per Share (EPS)**: - 2023A: 0.25 CNY - 2024A: 0.21 CNY - 2025E: 0.26 CNY - 2026E: 0.26 CNY - 2027E: 0.27 CNY [4][12] - **Return on Equity (ROE)**: - 2023A: 8.7% - 2024A: 7.0% - 2025E: 8.2% - 2026E: 7.7% - 2027E: 7.6% [4][13] Market Data - **Current Price**: 4.40 CNY - **Market Capitalization**: 125,922 million CNY - **52-week Price Range**: 4.05 - 4.93 CNY [7][12] Project Reserves - As of the end of 2024, the company has 16.44 GW of projects under construction, including 4.87 GW of wind power, 7.45 GW of solar power, and 3.60 GW of pumped storage. The company has also approved or filed for a total of 12.20 GW of new installations in 2024, indicating a strong foundation for future growth [12][13].

Investment Rating - The investment rating for the company is "Accumulate" [10][18] Core Views - The company has expanded its overall scale after acquiring Tongtuo Technology, and there is optimism about expanding new channels and regions while enhancing AI capabilities, indicating potential for future growth [2][3] Financial Summary - Revenue for 2023 was 6,518 million, projected to grow to 9,022 million in 2024 (+38.4%) and further to 10,972 million in 2025 (+21.6%) [4] - Net profit attributable to the parent company for 2023 was 332 million, expected to decline to 170 million in 2024 (-48.8%) but recover to 276 million in 2025 (+62.3%) [4] - Earnings per share (EPS) is projected to be 0.42 in 2024 and 0.68 in 2025, with a growth rate of 62% [4][10] - The company’s gross margin is expected to be 33.9% in 2024, down 3.1 percentage points from the previous year [10] Market Data - The company's current stock price is 11.45, with a target price set at 14.89 [10][12] - The market capitalization is 4,635 million, with a 52-week price range of 9.77 to 19.52 [5][10] Business Segments - The company reported a revenue of 80.7 billion from cross-border e-commerce, growing by 41.6%, with significant contributions from various product categories [10] - The company is actively enhancing its operational efficiency through AI-driven solutions, which is expected to strengthen its competitive advantage in the market [10]

Investment Rating - The report maintains a "Buy" rating for the company [14] Core Views - The company is transitioning into a pure operation phase with a focus on improving operational efficiency and dividend potential [5][8] - The company has a strong shareholder backing from Beijing State-owned Assets Management Company, which has provided financial support for capacity expansion [8][30] - The company has a solid operational capacity with room for efficiency improvements, particularly in energy generation metrics [9][43] Summary by Sections Company Overview - The company is the first A+H share listed waste incineration power generation enterprise in China, with operations covering 20 provinces and a daily waste processing capacity of 40,300 tons as of the end of 2024 [8][23] - The company has entered a pure operation asset phase, with operational revenue accounting for 98.9% of total revenue starting from 2024 [25] Operational Efficiency - The company has achieved a compound annual growth rate (CAGR) of 20.5% in waste incineration volume from 2019 to 2024, with a total incineration volume of 14.38 million tons in 2024 [9][36] - There is potential for further optimization in operational metrics compared to peers, particularly in capacity utilization and energy generation [9][43] Project Advantages and Business Expansion - The company primarily operates in economically developed regions, with 64% of its waste incineration revenue coming from these areas in 2024 [10][51] - The company is expanding its business model to include energy supply to industrial clients, with a significant increase in steam supply volume projected [10][59] Incentives and Dividend Potential - The company has set ambitious performance targets for its stock incentive plan, aiming for a net profit of no less than 711 million yuan in 2026 [11][64] - The dividend payout ratio for 2024 is expected to increase significantly to 71.5%, exceeding market expectations [11][70] Financial Analysis and Profit Forecast - The company is expected to achieve a net profit of 684 million yuan in 2025, with a projected growth rate of 16.8% [12][74] - The financial outlook indicates a stable cash flow with a focus on operational efficiency improvements leading to profit growth starting in 2025 [12][74]

首次覆盖南极电商并给予"买入"评级，目标价 6.0 元，对应 26 年 26xPE。 南极电商成立于 1998 年，拥有国民品牌南极人及国际品牌卡帝乐鳄鱼、百家 好等。23-24 年公司深度调整南极人品牌，从开放性授权转变为自采+邀约制 加盟，并推出轻奢系列新品，以提升商品品质、修复品牌形象、重拾用户心 智。24 年公司收入增速转正，转型效果初现；未来南极人有望不断丰富 SKU、 拓展货架电商和线下渠道，百家好拓宽品类布局（家居服/床品等），卡帝乐鳄 鱼新增自采产品等，收入有望保持较快增长，规模效应下利润释放弹性可期。 证券研究报告 南极电商 (002127 CH) 迎质价比消费浪潮，品牌重塑再出发 | 华泰研究 | | | 首次覆盖 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 20 日│中国内地 | 可选消费 | 看点一：质价比消费浪潮下，南极人精准定位重塑品牌形象 我国消费需求呈 K 型分化，"质价比"成为消费者的首要诉求。南极电商提出 "轻奢品质，逆天价格"策略，24 年 9 月推出的轻奢系列实现品质与价格的平 衡，助力品牌形象逐步改善，全网日销额从 9 月 ...

证券研究报告| 公司动态点评 2025 年 05 月 20 日 合盛硅业（603260.SH） 公司盈利能力承压，静待行业周期性复苏及公司新产能扩张-合盛硅 业 2024 年报及 2025 年一季报点评 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 26,584 | 26,692 | 27,888 | 31,217 | 33,447 | | 增长率 yoy（%） | 12.4 | 0.4 | 4.5 | 11.9 | 7.1 | | 归母净利润（百万元） | 2,623 | 1,740 | 1,785 | 2,741 | 3,371 | | 增长率 yoy（%） | -49.1 | -33.6 | 2.6 | 53.5 | 23.0 | | ROE（%） | 8.0 | 5.2 | 5.2 | 7.6 | 8.7 | | EPS 最新摊薄（元） | 2.22 | 1.47 | 1.51 | 2.32 | 2.85 | | P/E（倍） | 22.9 | 3 ...

横河精密(300539) 报告日期：2025 年 05 月 20 日 证券研究报告 | 公司点评 | 塑料 2025Q1 归母净利润同比增长 39%；汽车智能座舱、轻量化将驱动业绩高增 ——横河精密点评报告 事件：4 月 22、29 日盘后，公司分别发布 2024 年年度报告、2025 年一季度报 告。 ❑ 2024 年公司归母净利润同比增长 12%，2025Q1 同比增长 38% 2024 年公司实现营业收入 7.51 亿元，同比增长 10.83%；归母净利润 3800 万元， 同比增长 12.18%；扣非归母净利润 3511 万元，同比增长 15.61%。其中，智能家 电精密零组件 4.50 亿元（占比 59.91%），同比增长 7.17%；智能座舱精密组件 8361 万元（占比 11.13%），同比增长 73.01%；汽车轻量化内外饰件 1.19 亿元 （占比 15.96%），同比增长 4.84%；金属零部件 2607 万元（占 3.47%），同比下降 11.32%；精密模具 4814 万元，同比增长 7.85%。 2025Q1 公司实现营业收入 2.03 亿元，同比增长 22.04%；归母净利润 11 ...

丨证券研究报告丨 公司研究丨点评报告丨天顺风能（002531.SZ） [Table_Title] 天顺风能：经营低点已现，Q2 有望迎来修复拐 点 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 年一季报，2024 年公司实现营业收入 48.6 亿元，同比-37.1%； 归母净利润 2.0 亿元，同比-74.3%；扣非净利润 2.0 亿元，同比-74.2%。单 Q4 看，公司 2024Q4 实现营业收入 13.0 亿元，同比-1.5%；归母净利润-0.9 亿元，同比下降 215.8%；扣非净利润- 1.0 亿元，同比下降 247.0%。2024 年全年业绩落于此前业绩预告区间。2025Q1 公司实现营 业收入 9.3 亿元，同比-12.1%；归母净利润 0.4 亿元，同比-76.0%；扣非净利润 0.3 亿元，同 比-79.6%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 27.16 billion yuan for 2024, a year-on-year decrease of 3.4%, with a net profit attributable to shareholders of 350 million yuan, down 8.1% year-on-year [2][4]. - In Q1 2025, the company achieved a revenue of 7.7 billion yuan, representing a year-on-year increase of 51.8%, while the net profit attributable to shareholders was 300 million yuan, a slight decrease of 0.7% year-on-year [2][4]. - The company is expected to have a net profit of approximately 2 billion yuan in 2025, corresponding to a PE ratio of about 12 times [10]. Financial Performance Summary - For 2024, the company’s revenue from wind turbine and related parts sales was 20.8 billion yuan, a decrease of 12% year-on-year, despite a 12% increase in shipments to 10.82 GW [10]. - The revenue from wind farm generation increased by 15% year-on-year to 1.7 billion yuan, driven by an increase in operational scale [10]. - The gross margin for 2024 was approximately 8%, with a slight year-on-year decrease of 0.3 percentage points [10]. - In Q1 2025, the gross margin was 13.2%, down 3.6 percentage points year-on-year, primarily due to product mix factors [10]. - As of the end of Q1 2025, the company's contract liabilities reached 8.59 billion yuan, marking a historical high and laying a foundation for future delivery performance [10].