Investment Rating - The report assigns a rating of "Buy" to the company with a current price of 9.98 CNY and a fair value of 11.52 CNY [3]. Core Views - The company is expected to benefit from the recovery in aerospace demand, with a strong positioning in the special cable sector and significant profit elasticity due to product structure optimization [1][36]. - The company plans to achieve a revenue growth of 0-50% and a net profit growth of 0-100% in 2025 compared to 2024 [7][8]. - The aerospace and fusion equipment cable revenue has shown a significant improvement, with a 232.07% increase in early 2025 compared to the same period in 2024 [7][8]. Financial Forecast - Revenue is projected to grow from 34.70 billion CNY in 2023 to 74.76 billion CNY by 2027, with annual growth rates of 15.1%, 19.8%, 24.4%, 21.6%, and 18.8% respectively [2][40]. - The company's EBITDA is expected to increase from 161 million CNY in 2023 to 560 million CNY in 2027, reflecting a strong upward trend [2]. - Net profit is forecasted to rise from 87 million CNY in 2023 to 336 million CNY in 2027, with significant growth rates of -21.2%, 26.1%, 61.2%, 42.2%, and 34.3% [2][40]. Business Overview - The company is a leading manufacturer of special cables, with a strong focus on aerospace, data communication, and other high-end applications [10][25]. - It has established a competitive advantage in the special cable market, particularly in aerospace and fusion equipment, with over 70 years of technical experience [7][36]. - The company has been recognized as one of the top 50 in the "China Cable Industry 100" and has consistently been rated among the "Top Ten Brands of Special Cables" in China [10][25]. Market Opportunities - The aerospace and fusion equipment sector is expected to see increased demand due to modernization efforts in military and defense spending, with projections indicating a market demand exceeding 10 billion CNY by 2027 [28]. - The company is also actively expanding into emerging markets such as commercial aerospace, low-altitude economy, and robotics, which are anticipated to drive future growth [36][31]. - The electric power sector is poised for growth due to infrastructure upgrades and increased capital expenditures, with significant investments planned by state-owned enterprises [30][39].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.34 billion yuan for 2024, representing a year-on-year growth of 8.5%, and a net profit of 2.59 billion yuan, up 13.5% year-on-year. The Q1 2025 revenue was 2.05 billion yuan, down 12.4% year-on-year, with a net profit of 829 million yuan, down 9.5% year-on-year. The performance in Q1 2025 was below expectations [4][5] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares for 2024, with a total cash dividend of 1.2 billion yuan, resulting in a dividend payout ratio of 46.4% [4] - The company is adjusting its profit forecasts for 2025-2026 due to demand pressure, with projected net profits of 2.40 billion, 2.54 billion, and 2.72 billion yuan for 2025-2027, reflecting year-on-year changes of -7.4%, 6.0%, and 7.1% respectively [7] Financial Data and Profit Forecast - For 2024, total revenue is projected at 7.34 billion yuan, with a year-on-year growth rate of 8.5%. The net profit is expected to be 2.59 billion yuan, with a growth rate of 13.5% [6] - The Q1 2025 revenue is expected to be 6.80 billion yuan, with a year-on-year decline of 7.5%. The net profit is projected at 2.40 billion yuan, down 7.4% year-on-year [6] - The company’s gross margin for 2024 is expected to be 73.9%, with a net margin of 35.3%, reflecting an increase in product mix improvement [8] Product and Regional Performance - In 2024, the revenue from mid-to-high-end liquor is expected to reach 5.71 billion yuan, growing 13.8% year-on-year, while ordinary liquor revenue is projected at 1.29 billion yuan, down 6.53% year-on-year [7] - The company’s revenue from the domestic market is expected to be 5.09 billion yuan, up 12.8% year-on-year, while revenue from outside the province is projected at 1.91 billion yuan, growing 1.31% year-on-year [7] Cash Flow and Liabilities - The operating cash flow for 2024 is expected to be 1.91 billion yuan, down 13.2% year-on-year, primarily due to increased tax payments [8] - The company’s contract liabilities at the end of 2024 are projected to be 578 million yuan, reflecting an increase from the previous year [8]

证券研究报告 美格智能 (002881 CH) Q1 收入创历史新高，费用管控良好 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 通信设备制造 | 根据公司 2024 年年报与 2025 年一季报，2024 年公司营收为 29.41 亿元， 同比增长 37%；归母净利润为 1.36 亿元，同比增长 110%。1Q25 公司营 收为 9.97 亿元，创单季度营收历史新高，同比增长 74%；归母净利润为 0.46 亿元，符合此前业绩预告（0.4~0.52 亿元），同比增长 616%。展望未来， 我们看好公司 FWA、车载以及端侧 AI 等领域发展机遇，维持"增持"评级。 2024 年公司境内外业务齐头并进 分产品来看，2024 年公司无线通信模组及解决方案业务营收为 28.08 亿元， 同比增长 37%，其中智能网联车领域营收保持高速增长态势；其他业务营 收为 1.32 亿元，同比增长 35%；分地区来看，2024 年公司境内收入为 21.38 亿元，同比增长 43%，主要受益于智能网联车、端侧 AI 应用等各 ...

证券研究报告 浙能电力 (600023 CH) 24 年股息率近 5%，1Q25 盈利暂承压 华泰研究 年报点评 2025 年 4 月 29 日│中国内地 发电 公司公布 2024 年年报和 2025 年一季报：2024 年营收 880.03 亿元，同比 -8.31%；归母净利润 77.53 亿元，同比+18.92%，对应 4Q24 归母净利润 10.53 亿元，低于我们 4Q24 业绩前瞻报告预期的 11.70-16.26 亿元，主要 系资产减值损失金额高于预期。1Q25，公司营收同比-12.09%至 176.02 亿 元，归母净利润同比-40.81%至 10.74 亿元，低于我们预期区间的下沿 16.35 亿元，主要系对联营合营企业投资收益同比降幅高于预期。2024 年公司 DPS 为 0.29 元/股（含税），分红比例达 50.15%，对应股息率 4.97%。公司分红 能力强，股息率水平较高，维持"买入"评级。 2024/1Q25 公司控股火电度电净利润约为 3.5/1.2 分 我们测算 2024 年公司控、参股火电归母净利合计约 60 亿元，同比+45%， 主要系控股火电归母净利润同比+94%至约 3 ...

证券研究报告 苏博特 (603916 CH) 24 营收显韧性，1Q 盈利修复进行时 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 专用材料 | 苏博特发布年报，2024 年实现营收 35.55 亿元（yoy-0.75%），归母净利 9588.11 万元（yoy-40.24%），全年盈利略低于我们此前预期（1.15 亿元）， 我们认为主因减值略高于我们此前预计。其中 Q4 实现营收 10.80 亿元 （yoy+7.33%，qoq+18.36%），归母净利 1727.38 万元（yoy-9.01%， qoq-31.77%）。1Q25 公司实现收入 6.82 亿元（（yoy+17.81%），实现归母 净利 2432.83 万元（yoy+15.36%），公司收入增速修复，考虑到外部关税 不确定性扰动下，基建投资或有加码推动公司产品需求好转，维持"买入"。 24 年产能增长利用率下降，导致成本摊薄偏弱 24 年公司高性能减水剂/高效减水剂/功能性材料/检测技术服务分别实现收 入 18.6/0.5/6.7/7.6 亿 ...

25Q1 公司销量价格齐升，业绩表现亮眼 25Q1 公司自产金产/销量分别为 11.87/10.99 吨，分别 yoy-0.31%/+7.98%， 外购金产/销量分别为 20.24/20.24 吨，分别 yoy+1.67%/+12.94%，小金条 产/销量分别为 3.2/2.9 吨，分别 yoy-55.49%/-59.21%，对业绩影响最重要 的自产金虽然产量同比略有下降，但销量同比提升较多。据年报，2025 年 公司计划黄金产量不低于 50 吨。此外，得益于金价的上涨，据 Wind，25Q1 均价 672.13 元/克（yoy+37.2%），最终公司归母净利润同比+46.62%。 控股股东及其一致行动人增持公司股票，彰显发展信心 证券研究报告 山东黄金 (1787 HK/600547 CH) 控股股东增持彰显发展信心 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地/中国香港 | 贵金属 | 山东黄金发布一季报，2025 年 Q1 实现营收 259.35 亿元（yoy+36.81%、 qoq+67.19%），归母 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 7.50 [7][8]. Core Views - The company reported a revenue of RMB 14.63 billion for 2024, a year-on-year increase of 7.1%, and a net profit of RMB 1.14 billion, up 1.4% year-on-year, exceeding previous expectations due to effective channel adjustments [1]. - In Q1 2025, the company experienced a revenue of RMB 3.08 billion, a decrease of 1.9% year-on-year, and a net profit of RMB 210 million, down 38.1% year-on-year. The long-term value is expected to improve after the short-term performance pressure is released [1][2]. - The company is focusing on channel optimization and enhancing store efficiency, which is expected to lay a solid foundation for medium to long-term development [1][2]. Revenue and Profitability - Online revenue for 2024 was RMB 6.67 billion, growing 7.24% year-on-year, while offline revenue from direct sales and franchises was RMB 1.55 billion (up 12.6%) and RMB 6.07 billion (up 5.1%), respectively [2]. - The gross profit margin for 2024 decreased by 0.2 percentage points to 43.8%, primarily due to increased sales and financial expense ratios from channel layout adjustments [3]. - The net profit margin for Q1 2025 decreased by 4.9 percentage points to 6.9% [3]. Inventory and Operational Efficiency - By the end of 2024, the company's inventory was RMB 3.481 billion, an increase of 26.8% year-on-year, with inventory turnover days rising to 188 days in Q1 2025, an increase of 45 days year-on-year [4]. - Accounts receivable turnover days increased to 41 days in Q1 2025, indicating a slight short-term pressure on operational efficiency [4]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 are RMB 1.29 billion and RMB 1.48 billion, respectively, with a new forecast for 2027 at RMB 1.74 billion [5]. - The company is assigned a PE ratio of 15.7 for 2025, with a target price of RMB 7.50, reflecting its position as a leading brand in children's and leisure apparel despite short-term operational pressures [5].

Q1 净利率提升，看好估值重估机会 证券研究报告 潮宏基 (002345 CH) 华泰研究 年报点评 2025 年 4 月 29 日│中国内地 零售 潮宏基公布年报及一季报：2024 年收入 65.2 亿元（同比+10.5%），归母净 利润 1.94 亿元（同比-41.9%），主要系女包业务计提商誉减值拖累，剔除该 影响后归母净利润 3.5 亿元，同比-5.1%；1Q25 收入 22.52 亿元（同比 +25.4%），归母净利润 1.89 亿元（同比+44.4%），业绩表现亮眼。同时， 公司拟向全体股东每 10 股派发现金红利 2.5 元（含税），叠加半年度分红， 全年累计分红比例为 160.59%。潮宏基品牌定位年轻时尚，凭借非遗工艺 和时尚设计形成差异化产品矩阵，我们看好潮宏基产品力提升的趋势，有望 带动估值体系由渠道商向品牌商转型。维持"买入"评级。 产品结构变化致毛利率小幅下降，经营杠杆优化下 1Q25 净利率提升 2024 年公司潮宏基珠宝品牌收入/营业利润同比分别+13.3%/12.8%，快于 黄金首饰市场规模 9.8%的增速（据中国珠宝玉石首饰行业协会）；尤其是 4Q24 增长提速，潮宏基品牌收 ...

证券研究报告 格科微 (688728 CH) 2024 年：手机驱动收入增长，市场竞争激烈利润率下滑 2024 年分产品看，公司手机 CIS 产品收入 36 亿（yoy +60%，占比 56%）， 毛利率 21%（yoy-10.40pct，主要系 2/5/8M 低像素手机 CIS 市场竞争激烈）； 非手机 CIS 产品收入 14 亿元（yoy +18%，占比 22%）,毛利率 35.6%（yoy +0.32pct），显示驱动芯片收入 13.6 亿元（yoy+9.5%，占比 21%），毛利率 14%（yoy-6.4pct）。公司 24 年末存货达到 59.6 亿元，1Q25 达到 62.2 亿 元，主因手机 CIS 产品自有晶圆厂的生产备货。 25 年：预计 50M 高像素产品将逐渐在自有晶圆工厂量产 1Q25 公司实现营收 15.2 亿（yoy+18%，qoq-17%），归母净亏损 5,173 万， 毛利率 20.9%（yoy-4.4pct，qoq-0.6pct），我们预计 50M 产品实现约 1 亿 元收入，25 年全年 0.8um/0.7um/0.61um/1.0um 产品逐渐进入量产，或实 现超过 10 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company has shown rapid revenue growth, with Q1 2025 revenue reaching 2.585 billion RMB, a year-on-year increase of 30.44%. The net profit attributable to the parent company for the same period was 169 million RMB, up 75.41% year-on-year [1]. - The domestic AI application market is experiencing robust growth, which is expected to accelerate the intelligent upgrade of terminal products, providing new opportunities for the company [1]. - The company has improved its profitability, with Q1 2025 gross margin and net profit margin at 19.53% and 6.55%, respectively, reflecting a year-on-year increase of 2.68 and 1.68 percentage points [3]. Summary by Sections Business Performance - The home appliance segment generated 6.094 billion RMB in revenue for 2024, up 33.08% year-on-year, driven by stable demand from overseas clients [2]. - The automotive electronics segment saw a revenue increase of 47.97%, reaching 816 million RMB, supported by expanding delivery scales to Tier 1 customers and rapid growth in self-developed product lines [2]. - The intelligent business segment achieved 1.22 billion RMB in revenue, a 26.29% increase, benefiting from the acceleration of intelligent upgrades in the AI era [2]. Profitability and Efficiency - The company’s focus on high-value clients and cost control has led to improved operational efficiency, with a decrease in expense ratios [3]. - The subsidiary Chengchang Technology turned a profit in Q1 2025, contributing positively to the overall financial performance [1][3]. Financial Forecasts and Valuation - The projected net profits for the company from 2025 to 2027 are 704 million, 904 million, and 1.204 billion RMB, respectively, with upward adjustments of 2% for 2025 and 2026 [4]. - The report estimates a target market capitalization of 21.47 billion RMB, with a target price of 23.19 RMB per share, reflecting a significant increase from the previous target of 17.50 RMB [4][14].