Investment Rating - The report assigns a rating of "Buy" for the company [4] Core Viewpoints - The company, Zhaoyi Innovation, is a leading player in the storage and MCU sectors, with a robust growth trajectory across its business segments [1][14] - The storage business accounts for 70.61% of revenue, while MCU and sensor segments contribute 23.19% and 6.09% respectively [27] - The company is positioned as the world's second-largest supplier of SPI NOR Flash and the leading domestic supplier of 32-bit Arm architecture MCUs [15][1] Summary by Sections Company Overview - Zhaoyi Innovation focuses on storage technology and has expanded into sensors and microcontrollers (MCUs), becoming a benchmark enterprise in China's semiconductor industry [14][1] - The company has a clear management structure with a technically proficient team, enhancing its strategic direction and product development [18][1] Storage Sector - The integration of AI technology is driving demand for storage chips, with a projected growth in the NOR Flash market to $2.699 billion in 2024, reflecting a 19.74% year-on-year increase [2] - The company maintains a leading position in NOR Flash products, catering to various applications across industrial, automotive, and consumer electronics sectors [2][31] MCU Sector - The global MCU market is expected to grow from $28.2 billion in 2023 to $38.8 billion by 2029, with Zhaoyi Innovation being the top domestic supplier of 32-bit MCUs [4][7] - The company has launched a RISC-V MCU, which is anticipated to meet the performance demands of edge AI applications [7][4] Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are estimated at 93.60 billion, 115.50 billion, and 137.50 billion respectively, with corresponding net profits of 15.32 billion, 19.51 billion, and 24.45 billion [8][10] - The company is expected to achieve a significant recovery in profitability, with a projected net profit growth of 584.21% in 2024 [27][10]

证券研究报告：汽车 | 公司点评报告 发布时间：2025-05-28 股票投资评级 买入|维持 个股表现 -17% -11% -5% 1% 7% 13% 19% 25% 31% 37% 2024-05 2024-08 2024-10 2025-01 2025-03 2025-05 亚普股份 汽车 亚普股份(603013) 拟收购赢双科技 54.5%股权，开辟成长新路径 ⚫ 事件 5 月 27 日晚，亚普股份公告拟以自有资金 5.78 亿元购买赢双科 技 54.5%股权，交易对方包括上海飞驰、融享贝盈等法人实体及凌世 茂等自然人。本次交易完成后，赢双科技将成为公司控股子公司，纳 入合并报表范围。截至 2025 年 3 月 31 日，亚普股份总资产为 68.97 亿元，资产负债率为 33.63%，账面货币资金 14.02 亿元。 ⚫ 点评 一、标的公司赢双科技是旋转变压器国产化替代头部供应商。 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.94 | | --- | --- | | 总股本/流通股本（亿股）5.13 / 5.13 | | | 总市值/流通市值（亿元）97 / 97 | ...

公司报告 | 年报点评报告 万达电影（002739） 证券研究报告 院线影视业务稳健增长，积极布局潮玩领域 事件： 2025 年 4 月 29 日，万达电影发布 2024 年年度报告及 2025 年一季度报告。2024 年，公司实现营业收 入 123.62 亿元，同比下降15.44%；归母净利润-9.40 亿元，扣非归母净利-10.99 亿元；基本每股收益-0.43 元。2025 年一季度，公司实现营业收入47.09 亿元，同比增加 23.23%；归母净利润8.30 亿元，同比大幅增长 154.72%；扣非归母净利润 8.16 亿元，同比增长165.72%。 院线放映业务市场份额稳固，经营效率领先。1）票房与市场份额稳固：2024 年公司单银幕产出接近全国平均水 平的两倍，票房 TOP100 影院中万达占 41 席。澳洲院线 Hoyts 市场份额提升至 26.9%，广告业务逆势增长。 2025 年第一季度，中国电影市场迎来强势复苏，万达国内直营影院实现票房 34.2 亿元，同比增长44.9%，观影 人次达 6,397.9 万，同比增长 32.7%。2）经营策略升级创新：公司打破传统观影模式，推出"时光里"品牌 ...

公司报告 | 公司点评 莱茵生物（002166） 证券研究报告 当植物提取遇到合成生物——公司当前进展如何？ 1、合成生物——助力植物提取物行业解决天然产物规模化生产关键技术 我国植物提取物行业发展于 2021 年进入提质期，多项技术于这一时间段取得普及和突破。技 术创新是推动行业发展的重要动力，其中，合成生物技术的发展能够有效缓解企业对植物原 料的依赖，规避异常气候、地缘政治等因素带来的风险，增强供应链的稳定性；同时，与从 植物原料中提取的方式相比，合成生物技术生产天然产物的方式更符合行业对可持续发展和 绿色生产的追求，为企业提供了转型升级和实现差异化竞争的新机遇。 2、莱茵生物：将"天然提取+生物合成"双技术路线发展上升至战略目标 自 2016 年起，公司就先后与中国科学院天津工业生物技术研究所、江南大学等科研机构合 作，在罗汉果甜苷、甜菊糖苷等天然甜味剂的生物合成领域开展研究，并取得多项阶段性成 果。此后，公司建立了桂林莱茵合成生物技术有限公司和成都赛迪科生物科技有限公司两个 研发平台，分别负责天然甜味剂和生物多糖领域的生物合成技术研究与开发。截至 2024 年 9 月，公司在合成生物学领域已获得 8 ...

Investment Rating - Investment rating is maintained at "Accumulate" [1] Core Views - The company is actively expanding its semiconductor product offerings and market presence while demonstrating resilience in its photovoltaic business despite challenges [1][5] - In 2024, the company achieved a revenue of 2.7 billion yuan, a year-on-year increase of 60.74%, while the net profit attributable to shareholders decreased by 16.16% to 227 million yuan [3][4] - The semiconductor equipment revenue grew significantly by 168.44% to 327 million yuan, while photovoltaic equipment revenue increased by 52.94% to 2.29 billion yuan [5][6] Financial Performance Summary - For 2024, the company reported a gross margin of 39.99%, down 3.65 percentage points year-on-year, and a net profit margin of 8.40%, down 7.70 percentage points [3][4] - In Q4 2024, revenue reached 1.156 billion yuan, up 75.58% year-on-year, but net profit fell by 34.14% to 76 million yuan [4] - The first quarter of 2025 saw revenue soar by 198.95% to 510 million yuan, with net profit skyrocketing by 2,253.57% to 84 million yuan [4] Business Segment Insights - The semiconductor segment is rapidly developing, with a notable increase in revenue and a growing share of total business, rising from 7.27% in 2023 to 12.14% in 2024 [5][6] - The company has secured a total order backlog of 6.772 billion yuan, with significant contributions from both photovoltaic and semiconductor sectors [5] - The photovoltaic segment is focusing on risk management and technology upgrades, with successful advancements in TOPCon technology and a leading market share in the XBC field [7][8] Future Projections - Revenue forecasts for 2025-2027 are adjusted to 2.946 billion yuan, 3.332 billion yuan, and 3.589 billion yuan respectively, with net profits projected at 288 million yuan, 440 million yuan, and 497 million yuan [8][10] - The diluted EPS is expected to be 0.63 yuan, 0.96 yuan, and 1.09 yuan for the years 2025-2027 [8][10] - The current stock price reflects a P/E ratio of 46, 30, and 27 times for the years 2025-2027, indicating a favorable valuation given the company's leading position in the ALD field [8][10]

2025 年 05 月 27 日 营收承压结构优化，业态焕新韧性增强 买入(首次) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-05-26 | | --- | --- | | 当前股价（元） | 29.97 | | 总市值（亿元） | 132 | | 总股本（百万股） | 440 | | 流通股本（百万股） | 191 | | 52 周价格范围（元） | 17.13-34.24 | | 日均成交额（百万元） | 152.45 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 (%) 重庆百货 沪深300 相关研究 —重庆百货（600729.SH）公司事件点评报告 近日，重庆百货发布 2024 年年度报告和 2025 年第一季度报 告。 公司 2024 年营收 171.39 亿元（同减 10%），归母净利 润 13.15 亿元（同减 0.01% ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [5][8][18]. Core Views - The acquisition of Haiguang Information is seen as a significant move for the development of the computing power industry, especially under the backdrop of U.S. export controls, which has led to a clearer trend towards domestic chip production [7][8]. - The company's market capitalization was noted to be 906 billion yuan before the suspension, suggesting it is undervalued, and the transaction could lead to a value recovery [7][8]. - The report highlights the expected launch of new products from Haiguang, which could enhance the domestic AI chip capabilities and promote the adoption of domestic chips [7][8]. Financial Summary - The company's projected revenue for 2025 is estimated at 14,535 million yuan, reflecting a growth rate of 10.55% compared to 2024 [9]. - Net profit is expected to reach 2,462 million yuan in 2025, with a growth rate of 28.84% [9]. - Earnings per share (EPS) are forecasted to be 1.68 yuan in 2025, with corresponding price-to-earnings (PE) ratios of 36.78, 27.20, and 20.50 for the years 2025, 2026, and 2027 respectively [8][9].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][7]. Core Insights - The company has faced revenue pressure but is enhancing resilience through structural optimization and business transformation [1][4]. - In 2024, the company reported a revenue of 17.139 billion yuan, a decrease of 10% year-on-year, while the net profit attributable to shareholders was 1.315 billion yuan, showing a slight decrease of 0.01% [4]. - The company’s gross margin improved by 1 percentage point in both 2024 and Q1 2025, reaching 26.52% and 29.64% respectively, primarily due to a reduction in the proportion of low-margin automotive trading business [5]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 4.135 billion yuan, a decrease of 2%, but the net profit increased by 110% to 392 million yuan [4]. - For Q1 2025, the revenue was 4.276 billion yuan, down 12%, while the net profit rose by 9% to 475 million yuan [4]. Business Structure and Strategy - The company is optimizing its business structure, with a notable contribution from the fast-moving consumer goods sector driving investment income [5]. - The revenue breakdown for 2024 shows department store, supermarket, appliance, and automotive trading revenues of 1.770 billion, 6.164 billion, 3.303 billion, and 4.288 billion yuan respectively, with significant declines in department stores and automotive trading [6]. Profitability Forecast - The company is expected to maintain steady growth in performance, with projected EPS for 2025-2027 at 3.23, 3.52, and 3.78 yuan, corresponding to PE ratios of 9, 9, and 8 times [7][10].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [4]. Core Views - The company is a leading player in the semiconductor packaging and testing industry, benefiting from the recovery of industry conditions and its advanced packaging layout, which promises growth potential [4]. - The company ranks third globally among OSAT manufacturers and first in mainland China, indicating its strong market position [4]. - The company's proprietary XDFOI®Chiplet technology has achieved stable mass production, catering to high-performance computing, AI, 5G, and automotive electronics [4]. - The automotive electronics market presents significant growth opportunities, with the company expected to see rapid development following the launch of its new factory in Shanghai [4][6]. Financial Summary - Revenue projections for the company are as follows: - 2023: 29,661 million RMB - 2024: 35,962 million RMB (21.24% YoY growth) - 2025: 42,865 million RMB (19.20% YoY growth) - 2026: 47,361 million RMB (10.49% YoY growth) - 2027: 52,999 million RMB (11.90% YoY growth) [5]. - Net profit forecasts are: - 2023: 1,471 million RMB - 2024: 1,610 million RMB (9.44% YoY growth) - 2025: 2,078 million RMB (29.11% YoY growth) - 2026: 2,900 million RMB (39.56% YoY growth) - 2027: 3,967 million RMB (36.77% YoY growth) [5]. - The company's earnings per share (EPS) are projected to increase from 0.82 RMB in 2023 to 2.22 RMB in 2027 [5]. Investment Valuation - The current price-to-earnings (P/E) ratios are projected to decrease from 39.90 in 2023 to 14.79 in 2027, indicating an attractive valuation as earnings grow [5][6]. - The report compares the company with peers such as Tongfu Microelectronics, Huatian Technology, and Nexperia, with an average valuation of 39.29 times for 2025 [6].

证券研究报告 交通运输 | 铁路公路 非金融|首次覆盖报告 hyzqdatemark 2025 年 05 月 27 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 市场表现： | 基本数据 | | 2025 | 年 | 05 | | 日 | 27 | | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 10.21 | | | | | | 一 年 内 高 最 低 | / | | | | | | | 最 | | | （元） | | | | | 12.23/8.53 ...