证券研究报告 | 2025年05月19日 2024 年收入同比下降 7.3%，归母净利润呈现亏损。公司发布 2024 年年报， 2024 年营业收入 12.05 亿元(YoY -7.31%)，归母净利润-1.70 亿元(YoY -264.07%)，扣非归母净利润-1.91 亿元(YoY -2439.08%)，毛利率 35.11%(YoY 5.89pct)。由于北京 MEMS 产线折旧摊销压力较大，同时继续保持了较高的 研发强度，而获得的政府补助较去年大幅减少，因此继续亏损且亏损金额扩 大，抵消了瑞典 MEMS 产线的盈利增长，导致公司 MEMS 主业整体亏损。 2025 年一季度收入下降 2.2%，净利润同环比增加。公司 1Q25 营业收入 2.64 亿元(YoY -2.24%，QoQ -30.43%)，归母净利润 0.03 亿元(同比增加 0.14 亿 元，环比增加 0.55 亿元)，扣非归母净利润-0.07 亿元(同比少亏 0.06 亿元， 环比少亏 0.56 亿元)，毛利率 42.94%(YoY 9.81pct，QoQ -2.13pct)。 赛微电子（300456.SZ） 优于大市 2024 年收入下降 ...

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua [5][13] Core Views - China Shenhua demonstrates resilience in its coal-electricity integrated operations, with a commitment to high cash dividends reflecting strong returns [12][13] - The company is expected to see stable performance from its coal business due to asset injections and the gradual production from new mines [13] Financial Performance Summary - In 2024, the company achieved operating revenue of CNY 338.375 billion, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of CNY 58.671 billion, down 1.7% year-on-year [1] - For Q1 2025, operating revenue was CNY 69.585 billion, a decline of 21.1% year-on-year, with a net profit of CNY 11.949 billion, down 18.0% year-on-year [1] Coal Division Summary - In 2024, the coal production reached 327 million tons, an increase of 0.8% year-on-year, while coal sales volume was 459 million tons, up 2.1% year-on-year [2] - The average selling price of coal (excluding tax) was CNY 564 per ton, a decrease of 3.4% year-on-year [2] - The coal division's revenue was CNY 268.618 billion, down 1.7% year-on-year, with a total profit of CNY 54.365 billion, down 7.1% year-on-year [2] Power Generation Division Summary - In 2024, the power generation business showed resilience with a sales volume of 2,102.8 billion kWh, an increase of 5.3% year-on-year, although the average selling price decreased by 2.7% [3] - For Q1 2025, total power generation and sales volume decreased by 10.7% year-on-year, with total profit down 17.2% [4] Transportation and Coal Chemical Divisions Summary - The transportation division saw a stable growth with a railway turnover of 3,121 billion ton-km, up 0.9% year-on-year, while revenue was CNY 43.115 billion, an increase of 0.4% [4] - The coal chemical division reported revenue of CNY 5.633 billion, down 7.6% year-on-year, with a gross margin of 5.8%, a decrease of 5.4 percentage points [11] Future Outlook - The company plans to invest CNY 11 billion in new coal mining projects, expected to yield a production capacity of 16 million tons per year [12] - A total cash dividend of CNY 2.26 per share is proposed for 2024, amounting to CNY 44.903 billion, representing 76.5% of the net profit attributable to shareholders [12]

点评： 公司固态电池产业化进程持续提速。本次公司科技大会上共发布 2 款固态电池 技术相关产品，其中新发布的"G 垣"准固态电池，采用 197Ah 方形电芯设 计，电芯能量密度可达 300Wh/kg 以上，系统能量密度超 235Wh/kg，搭载新 能源车可实现 1,000km 续航里程，同时应用场景覆盖 eVTOL、人形机器人等 新领域，目前该产品已进入客户验证阶段，完成超 5 家客户电芯送样测试与超 4 家客户上车测试，搭载 G 垣准固态电池的"001"号样车总里程已经超 1 万 公里；公司在大会上还宣布去年发布的硫化物"金石"全固态电池的产业化已 取得明显进展，现阶段该产品电芯与电池能量密度分别可达 350/280Wh/kg 并 且已开始装车路测。固态电池产品产能建设方面，公司已规划 12GWh"G 垣" 准固态电池产能，同时首条 0.2GWh 全固态电池中试线已完成建设，该生产线 由公司自主设计，核心设备国产化率 100%，通过高精密涂布等关键技术实现 产品良品率超 90%，此外公司已全面启动第一代 2GWh 全固态电池量产线设 计工作。我们认为公司当前已逐步进入固态电池技术的产业化落地阶段，与诸 多客 ...

Investment Rating - The report assigns an "Outperform the Market" rating for the company, marking its first coverage [6][41]. Core Insights - The company is expected to achieve a revenue growth of 22.25% year-on-year in 2024, reaching 6.51 billion yuan, with a significant contribution from the automotive sector, which accounts for over 50% of its revenue [1][4]. - The automotive business is accelerating, with a year-on-year growth of over 40% in 2024, and the company has established itself as a leading player in the domestic market for automotive power modules [2][16]. - The company has become a major player in the MEMS wafer foundry market, ranking fifth globally and the only one from mainland China in the top five [3][10]. Revenue and Profitability Forecast - The company is projected to achieve revenues of 8.12 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 89% from 2019 to 2024 [16][31]. - The EBITDA is expected to reach 2.15 billion yuan in 2024, reflecting a year-on-year increase of 131.86% [1]. - The net profit forecast for 2025-2027 is estimated at -334 million yuan, 670 million yuan, and 2.43 billion yuan respectively, with corresponding price-to-book ratios of 2.80, 2.78, and 2.73 [4][41]. Business Segments - The automotive segment is a key growth area, with the company achieving a revenue of 1.016 billion yuan from SiC MOSFET chips and modules in 2024, marking a year-on-year growth of over 100% [2][16]. - The company's module packaging revenue reached 602 million yuan in 2024, a year-on-year increase of 54.54%, indicating strong demand in the automotive sector [3][30]. - The company has made significant advancements in its product offerings, including high-voltage BCD SOI integration solutions and laser radar core chips, which are now in mass production [2][16]. Market Position and Competitive Advantage - The company is recognized as one of the largest domestic manufacturers of automotive-grade IGBT and has a leading position in the production of SiC MOSFETs in Asia [3][20]. - The company has established a comprehensive system foundry solution with automotive-grade features, catering to major domestic automotive clients [4][41]. - The report highlights the company's strong R&D capabilities, with a focus on power, MEMS, BCD, and MCU technologies, which are crucial for maintaining its competitive edge in the semiconductor industry [28][39].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][20] Core Views - The company's main business performance is stable, with a significant improvement in Q1 2025 compared to the previous quarter. In 2024, the company achieved a revenue of 3.271 billion yuan and a net profit of 539 million yuan, representing year-on-year declines of 24.04% and 4.17%, respectively. The diluted EPS was 1.27 yuan. In Q1 2025, the company reported a revenue of 779 million yuan and a net profit of 141 million yuan, with year-on-year declines of 20.67% and 6.70%, but a quarter-on-quarter increase of 61.66% and 22.46% [1][8][19]. Summary by Sections Main Business Performance - The company’s revenue in 2024 was 3.271 billion yuan, with a net profit of 539 million yuan, showing a year-on-year decline of 24.04% and 4.17%, respectively. The diluted EPS was 1.27 yuan. The net profit remained stable despite significant revenue decline due to business adjustments, indicating strong operational resilience [1][8]. - In Q1 2025, the company achieved a revenue of 779 million yuan and a net profit of 141 million yuan, with year-on-year declines of 20.67% and 6.70%, but a quarter-on-quarter increase of 61.66% and 22.46% [1][8]. Business Segments - The gaming business in 2024 generated a revenue of 1.015 billion yuan, down 17.2% year-on-year, while the gross margin remained stable at 96.15%. The decline was attributed to a high base effect from the previous year and product cycle factors. The company operates in a relatively stable leisure gaming segment [2][14]. - The digital marketing business saw a significant revenue drop of 40.25% year-on-year, totaling 1.142 billion yuan, with a slight increase in gross margin to 7.76% [2][14]. - The poker business reported a revenue of 1.082 billion yuan, a slight decline of 0.75%, but maintained stability with a gross margin increase to 30.4%. The new production base for poker cards is expected to enhance revenue growth [2][14]. Emerging Business Opportunities - The company has strategically invested in card trading and collectibles, entering the sports culture and trading card market. It has established a leading position in the domestic market through its subsidiaries, DAKA and Card Hobby, which focus on card IP distribution and second-hand trading, respectively [3][18]. - New technologies such as AI are gradually being applied in gaming and internet marketing sectors, indicating potential for innovation and growth [3][18]. Financial Forecasts - The company’s net profit forecasts for 2025 and 2026 have been revised down to 614 million yuan and 665 million yuan, respectively, with a new forecast for 2027 at 699 million yuan. The diluted EPS is projected to be 1.48, 1.60, and 1.69 yuan for 2025, 2026, and 2027, respectively [19][22].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.24 RMB [1][5] Core Insights - The company achieved profitability in Q1 2025, with a revenue of 381 million RMB, representing a year-on-year growth of 129.92%. The core product, Acalabrutinib, generated sales of 311 million RMB, up 89.22% year-on-year [3][4] - The gross margin for Q1 2025 increased to 90.5%, up 5.1 percentage points from the same period last year [3] - The company has a strong cash position with approximately 7.8 billion RMB in cash and cash equivalents as of March 31, 2025 [3] Summary by Sections Financial Performance - Q1 2025 revenue: 381 million RMB, up 129.92% YoY - Q1 2025 net profit: 18 million RMB, with a non-recurring net profit of 1.59 million RMB [3] - R&D expenses in Q1 2025: 208 million RMB, up 16.81% YoY; sales expenses: 114 million RMB, up 27.34% YoY; management expenses: 43 million RMB, up 0.83% YoY [3] Product Pipeline and Clinical Trials - The company is advancing multiple clinical registrations in oncology and autoimmune diseases, with plans to initiate two overseas Phase 3 clinical studies in 2025 [4] - Acalabrutinib received NMPA approval for first-line CLL/SLL treatment, and several other products are in various stages of clinical trials [4][5] Future Catalysts - The report highlights several upcoming catalysts within the next 12 months, particularly focusing on data from SLE and AML studies [5] - The company is expected to release long-term efficacy data for various clinical trials, which could significantly impact its stock performance [5] Valuation - The target market capitalization is estimated at 48 billion RMB, corresponding to a stock price of 27.24 RMB, based on DCF and NPV methods [5]

丨证券研究报告丨 公司研究丨点评报告丨艾罗能源（688717.SH） [Table_Title] Q1 收入同环比双增，期待 Q2 更好表现 报告要点 [Table_Summary] 艾罗能源发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 30.73 亿元，同比下降 31%；归母净利 2.04 亿元，同比下降 81%；其中，2024Q4 实现收入 6.66 亿元，同比增长 43%，环比下降 19%；归母净利 0.43 亿元，同比下降 7%，环比下降 25%。2025Q1 实现收入 7.99 亿元，同比增长 17%，环比增长 20%；归母净利 0.46 亿元，同比增长 35%，环比增长 7%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% 1 艾罗能源（688717.SH） cjzqdt11111 [Table_Title2] Q1 收入同环比双增，期待 Q2 更好表现 [Tab ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][20]. Core Views - The company's performance in 2024 shows significant improvement, driven by the successful implementation of the "dual-wheel drive" strategy, with notable growth in both mining services and resource development sectors [2][9]. - The resource development segment has emerged as a strong growth engine, with sales revenue increasing by 412.85% year-on-year in 2024, contributing to overall revenue growth [9][10]. - The company is expanding its international operations, with a focus on enhancing its mining service capabilities and resource development, positioning itself for a comprehensive transformation from a mining service provider to a diversified mining company [8][10]. Financial Performance Summary - In 2024, the company reported a revenue of 99.42 billion yuan, a year-on-year increase of 34.37%, and a net profit of 15.84 billion yuan, up 53.59% from the previous year [1][2]. - The gross profit margin for 2024 was 31.51%, an increase of 1.16 percentage points compared to the previous year, while the net profit margin rose to 15.80%, up 1.86 percentage points [2][3]. - The company's operating cash flow for 2024 increased by 89.24% year-on-year, reaching 20.53 billion yuan, attributed to revenue growth and effective collection of project payments [3]. Segment Performance Summary - The mining services segment generated revenue of 65.44 billion yuan in 2024, accounting for 65.82% of total revenue, with stable development and an increase in overseas business [3][8]. - The resource development segment achieved sales revenue of 32.09 billion yuan in 2024, significantly contributing to the company's overall performance, with production of 48,700 tons of copper and 356,500 tons of phosphate rock [9][10]. Future Projections - The company is projected to achieve revenues of 122.18 billion yuan, 135.49 billion yuan, and 156.64 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 21.87 billion yuan, 25.56 billion yuan, and 27.85 billion yuan [11].

丨证券研究报告丨 公司研究丨点评报告丨家家悦（603708.SH） [Table_Title] 家家悦 2024 年报和 2025 年一季报点评：经营 表现平稳，推进高质量转型 报告要点 [Table_Summary] 公司发布 2024 年报和 2025 年一季报，2024 年实现营收 182.6 亿元，同比增长 2.8%，实现归 母净利润 1.3 亿元，同比下滑 3.3%，扣非归母净利润 1.2 亿元，同比增长 17.2%。2025 年一 季度，实现营收 49.4 亿元，同比下滑 4.8%，实现归母净利润 1.4 亿元，同比下滑 3.6%，扣非 净利润 1.4 亿元，同比增长 3.9%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 风险提示 1、居民收入预期偏弱，需求恢复偏慢； 2、新业态或现存门店调优进展不及预期。 请阅读最后评级说明和重要声明 家家悦（603708.SH） cjzqdt11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a total revenue of 784 million yuan in Q1 2025, a year-on-year decrease of 12.99% and a quarter-on-quarter decrease of 40.00%. The net profit attributable to the parent company was 141 million yuan, down 34.07% year-on-year and 33.06% quarter-on-quarter, indicating continued pressure on performance [5][13] - The accounts receivable for Q1 2025 stood at 1.229 billion yuan, an increase of 19.41% year-on-year. The company is focusing on deepening its overseas market presence, which is expected to accelerate cash collection and contribute to revenue growth [5][14] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 784 million yuan, down 12.99% year-on-year and 40.00% quarter-on-quarter. The net profit attributable to the parent company was 141 million yuan, reflecting a year-on-year decline of 34.07% and a quarter-on-quarter decline of 33.06% [5][13] Business Strategy - The company is accelerating the establishment of localized operations overseas, with new production bases in Europe, Latin America, and Africa. It has established 9 overseas production bases and 25 branches, covering over 110 countries and regions, which helps mitigate risks from local policies and market competition [14] - The company is increasing its R&D investment, with R&D expenses in Q1 2025 amounting to 74 million yuan, a year-on-year increase of 18.30%. It is enhancing its AMI technology and has launched various system solutions in smart grids and renewable energy sectors [15] Revenue and Profit Forecast - The company expects revenues for 2025, 2026, and 2027 to be 5.861 billion yuan, 7.005 billion yuan, and 7.696 billion yuan, respectively, with year-on-year growth rates of 24.24%, 19.52%, and 9.87%. The net profit attributable to the parent company is projected to be 1.103 billion yuan, 1.472 billion yuan, and 1.655 billion yuan for the same years, with growth rates of 10.04%, 33.52%, and 12.43% [16][17]