Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [8]. Core Views - The company's performance is under pressure due to adjustments in exhibition schedules, leading to a significant decline in revenue and profits in the short term. However, there are expectations for recovery as business activities ramp up later in the year [2][3]. - The company is leveraging AI to enhance its business operations, with a notable increase in VIP customer repurchase rates, indicating strong customer loyalty and potential for future growth [3]. - The company is transitioning from general exhibitions to specialized ones, aiming to capture opportunities in overseas markets and new business models [4][8]. Summary by Sections Financial Performance - In 2024, total revenue was 751 million yuan, a decrease of 10% year-on-year, with a net profit of 155 million yuan, down 17.6% [10]. - For Q1 2025, total revenue plummeted to 17 million yuan, a decrease of 77%, resulting in a net loss of 37 million yuan [1][2]. Profitability Metrics - The gross margin for 2024 was 50.84%, while it dropped to 39.78% in Q1 2025. The net profit margin saw a significant decline, with a net loss margin of -218.19% in Q1 2025 [2]. - The company anticipates a recovery in profitability as it resumes its exhibition activities in the latter half of 2025 [2][3]. Revenue Projections - Revenue projections for 2025 are set at 1 billion yuan, reflecting a growth rate of 33.1% compared to 2024. The net profit is expected to reach 258 million yuan, a growth of 66% [10]. - The EPS is projected to increase from 0.67 yuan in 2024 to 1.12 yuan in 2025, indicating a positive growth trajectory [10][11]. Market Strategy - The company is focusing on key markets such as the "Belt and Road" initiative, BRICS countries, and RCEP, enhancing its competitive positioning [3]. - The shift towards specialized exhibitions is nearly complete, with a strong emphasis on integrating AI and data-driven strategies to improve operational efficiency [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% over the next 6-12 months [2][5]. Core Views - The company has demonstrated significant growth potential, particularly in the functional sugar sector, with a reported revenue of RMB 1.15 billion in 2024, representing a year-on-year increase of 32.64% [4][8]. - The gross profit margin has improved, reaching 33.65% in 2024, up 0.92 percentage points year-on-year, and further increasing to 39.74% in Q1 2025, up 5.99 percentage points year-on-year [8][11]. - The company is expected to continue its growth trajectory with projected earnings per share (EPS) of RMB 1.05, 1.34, and 1.63 for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 25.8, 20.2, and 16.6 [5][7]. Financial Performance Summary - In 2024, the company achieved total revenue of RMB 1,151.65 million, with a net profit of RMB 245.60 million, reflecting a growth rate of 27.26% compared to 2023 [9]. - The fourth quarter of 2024 saw a revenue of RMB 331.26 million, a year-on-year increase of 54.46%, with a net profit of RMB 63.01 million, up 21.97% year-on-year [10]. - For Q1 2025, the company reported revenue of RMB 313.30 million, a 24.27% increase year-on-year, and a net profit of RMB 81.42 million, which is a 52.06% increase year-on-year [11]. Growth Drivers - The company is set to benefit from the full production of new projects, including a soluble dietary fiber project and a crystallized sugar project, which are expected to enhance production capacity and profitability [8][9]. - The demand for dietary fibers, prebiotics, and healthy sweeteners is anticipated to grow, with dietary fiber revenue expected to increase by over 40% in 2024 [8][9]. - The company is actively expanding its product offerings, with plans to launch new products such as isomaltulose and crystallized fructose in 2024, which are expected to contribute to revenue growth [8].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2] Core Insights - The company's market share has significantly increased, rising from 2.6% in 2023 to 3.3% in 2024, moving up from the tenth to the sixth position globally [6] - The company achieved a revenue of 11.22 billion yuan in 2024, representing a year-on-year growth of over 20%, with over 75% of revenue coming from high-barrier markets such as large home appliances, automotive, new energy, industrial, communications, and computing [6] - The company reported a net profit attributable to shareholders of 220 million yuan in 2024, marking a turnaround from losses [6] - The company has launched several new products across its silicon-based chip production lines, which are fully operational, targeting sectors like automotive, large home appliances, and high-end consumer electronics [7] - Revenue projections for the company are 13.31 billion yuan, 15.83 billion yuan, and 18.88 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 650 million yuan, 984 million yuan, and 1.31 billion yuan for the same years [8] Financial Summary - The company’s total market capitalization is 40.8 billion yuan, with a total share capital of 1.664 billion shares [4] - The company’s earnings per share (EPS) is projected to increase from 0.13 yuan in 2024 to 0.79 yuan in 2027 [10] - The company’s EBITDA is expected to grow from 1.52 billion yuan in 2024 to 4.23 billion yuan in 2027 [10] - The company’s asset-liability ratio is currently at 44.3% and is projected to decrease to 38.6% by 2027 [12]

[Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 丨证券研究报告丨 公司研究丨点评报告丨锦浪科技（300763.SZ） [Table_Title] Q1 业绩优于预期，经营趋势明确向上 报告要点 [Table_Summary] 锦浪科技发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 65.42 亿元，同比增长 7%；归母净利 6.91 亿元，同比下降 11%；其中，2024Q4 实现收入 13.81 亿元，同比下降 5%， 环比下降 24%；归母净利 0.22 亿元，同比下降 20%，环比下降 93%。2025Q1 实现收入 15.18 亿元，同比增长 9%，环比增长 10%；归母净利 1.95 亿元，同比增长 860%，环比增长 774%。 Q1 业绩超预期。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦浪科技（300763.SZ） cjzqdt11111 [Table_Titl ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 6.738 billion yuan for 2024, a decrease of 8% year-on-year, with a net profit attributable to the parent company of -62 million yuan, down 107% year-on-year. In Q4 2024, the revenue was 1.794 billion yuan, an increase of 5% year-on-year, with a net profit of -70 million yuan. For Q1 2025, the revenue reached 1.882 billion yuan, a significant increase of 67% year-on-year, with a net profit of -28 million yuan [2][4]. Summary by Sections Financial Performance - In 2024, the company sold 600,000 inverters, including 548,000 grid-connected units (up 3% year-on-year) and 51,000 storage units (down 67%). The battery pack sales were 217 MWh, down 36%, contributing 470 million yuan to revenue. The domestic sales of inverters were 293,000 units, while overseas sales were 307,000 units. European revenue accounted for 49% of total overseas revenue, followed by Oceania at 23%, Asia at 14%, and others at 14% [10]. Profitability - The gross margin for grid-connected inverters in 2024 was 19.8%, a decrease of 9.7 percentage points year-on-year, primarily due to intensified domestic competition and a decline in the European market share. The gross margin for storage inverters was 49.7%, down 6.1 percentage points but still at a high level. The gross margin for storage batteries improved to 31.8%, up 6.8 percentage points, benefiting from economies of scale and declining raw material prices. The gross margin for household systems was 14.1%, an increase of 1.2 percentage points year-on-year [10]. Future Outlook - The company is expected to see a significant improvement in grid-connected inverter sales in Q1 2025, with stable gross margins across products. However, due to the high proportion of domestic sales and a relatively small total revenue base, the operating expenses of 360 million yuan will not be diluted, leading to continued pressure on the company's performance. After experiencing a low point in 2024, the company's operational performance is showing signs of recovery in 2025, with a record high contract liability of 441 million yuan at the end of Q1. The outlook remains positive with expectations of continued recovery in overseas demand and further market expansion [10]. Financial Projections - For 2025, the company is projected to achieve a net profit attributable to the parent company of approximately 350 million yuan, corresponding to a price-to-earnings ratio of about 29 times [10].

丨证券研究报告丨 公司研究丨点评报告丨昱能科技（688348.SH） [Table_Title] 微逆经营平稳，等待终端需求复苏 报告要点 [Table_Summary] 昱能科技发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 17.71 亿元，同比增长 25%；归母净利 1.4 亿元，同比下降 36%；其中，2024Q4 实现收入 2.38 亿元，同比下降 47%， 环比下降 63%；归母净利-0.09 亿元，同比下降 124%，环比下降 115%。2025Q1 实现收入 1.91 亿元，同比下降 55%；归母净利 0.29 亿元，同比下降 28%。 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 %% %% %% %% research.95579.com 1 昱能科技（688348.SH） cjzqdt11111 [Table_Title2] 微逆经营平稳，等待终端需求复苏 [Table_Summ ...

丨证券研究报告丨 公司研究丨点评报告丨禾迈股份（688032.SH） [Table_Title] 终端需求平淡影响微逆销量，静待需求修复和工 商储放量 报告要点 [Table_Summary] 禾迈股份发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 19.93 亿元，同比下降 2%；归母净利 3.44 亿元，同比下降 33%；其中，2024Q4 实现收入 7.27 亿元，同比增长 18%， 环比增长 103%；归母净利 0.99 亿元，同比增长 2%，环比增长 70%。2025Q1 实现收入 3.36 亿元，同比增长 1%，环比下降 54%；归母净利-0.1 亿元，同比下降 115%，环比下降 111%。 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 %% %% %% %% 事件评论 research.95579.com 1 丨证券研究报告丨 2025-05-20 禾迈股份（688032.SH） cj ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][14]. Core Views - The company is projected to achieve revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit attributable to shareholders of 187 million yuan, up 287.20% year-on-year [3][12]. - The global smartphone market is expected to rebound in 2024, with an estimated shipment of 1.18 billion units, a growth of approximately 6.8% year-on-year, benefiting the company's mobile CIS product segment [3][4]. - The company is enhancing its product structure with a higher proportion of high-pixel CIS products, which is expected to contribute significantly to revenue growth [3][5]. Company Overview - The latest closing price of the company's stock is 15.20 yuan, with a total market capitalization of 39.5 billion yuan [2]. - The company has a total share capital of 2.601 billion shares, with 1.449 billion shares in circulation [2]. - The asset-liability ratio stands at 65.3%, indicating a moderate level of financial leverage [2]. Financial Projections - Revenue projections for the company are as follows: 8.019 billion yuan in 2025, 10.08 billion yuan in 2026, and 13.009 billion yuan in 2027, with respective growth rates of 25.62%, 25.70%, and 29.06% [12][13]. - The net profit attributable to shareholders is expected to reach 303 million yuan in 2025, 703 million yuan in 2026, and 1.303 billion yuan in 2027, with significant growth rates of 62.22%, 132.07%, and 85.30% respectively [12][13]. Business Segments - The company's mobile CIS business is projected to generate revenue of 3.598 billion yuan in 2024, accounting for 56.39% of total revenue, with a year-on-year growth of 60.44% [3][4]. - The non-mobile CIS segment is also expected to grow, with projected revenue of 1.426 billion yuan in 2024, a year-on-year increase of 17.82% [5]. - The display driver chip business is anticipated to achieve revenue of 1.356 billion yuan in 2024, reflecting a growth of 9.47% [8].

Investment Rating - The report maintains a "Strong Buy" rating for Guizhou Moutai with a target price of 2600 CNY [1][4]. Core Views - The management conveyed confidence in the company's quality, culture, and foundational strength during the 2024 annual shareholders' meeting, emphasizing the resilience of Moutai's brand and its ability to adapt through market cycles [2][4]. - The company is focusing on strategic initiatives to navigate current challenges, including enhancing customer engagement, service upgrades, and international expansion [4][4]. - The report highlights Moutai's strong performance in the first quarter, indicating that the company is well-positioned to maintain its leadership in the liquor industry [4][4]. Financial Summary - Projected total revenue for 2024 is 174.144 billion CNY, with a year-on-year growth rate of 15.7%. This is expected to grow to 190.775 billion CNY in 2025, representing a 9.6% increase [4][4]. - The net profit attributable to shareholders is projected to be 86.228 billion CNY in 2024, with a growth rate of 15.4%, increasing to 94.679 billion CNY in 2025 [4][4]. - Earnings per share (EPS) are forecasted to be 68.64 CNY for 2024, rising to 75.37 CNY in 2025 [4][4]. Market Position - Guizhou Moutai's market capitalization is approximately 1939.569 billion CNY, with a low debt ratio of 19.04%, indicating strong financial health [4][4]. - The company has maintained a high gross margin of around 91.9% to 92.2% over the forecast period, showcasing its pricing power and operational efficiency [4][4].

丨证券研究报告丨 联合研究丨公司点评丨捷佳伟创（300724.SZ） [Table_Title] 捷佳伟创：2024 年经营表现较好，2025Q1 业 绩维持较快增长 报告要点 [Table_Summary] 公司公告 2024 年年报及 2025 年一季报，2024 年和 25Q1 营收和业绩高增，主要受益在手订 单验收，公司经营情况体现较强韧性。同时，由于减值计提，公司盈利能力有所承压，但费用 控制能力持续向好。目前公司在 TOPCon、HJT、钙钛矿等多个技术路线持续夯实市场竞争力， 在半导体装备领域持续取得订单突破，向客户成功交付一步法复合集流体真空卷绕铝箔镀膜设 备等。继续看好公司平台化业务布局下的长期竞争能力。 分析师及联系人 [Table_Author] 赵智勇 邬博华 倪蕤 曹海花 刘晓舟 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490520030003 SAC：S0490522030001 SAC：S0490524030001 SFC：BRP550 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.9 ...