丨证券研究报告丨 联合研究丨公司点评丨中控技术（688777.SH） [Table_Title] 营收利润短期承压，期待新兴业务释放动能 报告要点 [Table_Summary] 公司发布 2025 年一季报，2025 年 Q1 公司实现营收 16.07 亿元，同比下降 7.55%；归母净利 润 1.20 亿元，同比下降 17.42%。对于中控来说：一方面，市占率稳步提升夯实底仓，2024 年 公司 DCS/SIS 国内市占率分别为 40.4%/31.2%，继续稳居国内第一。另一方面，新的成长曲 线正在逐步蓄势，包括：1）主业区域扩张，2024 年海外业务收入 7.5 亿，同比增长 118%，新 签海外订单 13.55 亿，同比增长 35%+；2）新产品线开辟，2024 年正式建立机器人产品业务 体系，2024 年实现收入 5601 万元、新签订单 1.67 亿元。长期成长依旧值得期待。 分析师及联系人 [Table_Author] 赵智勇 宗建树 曹小敏 宋浪 SAC：S0490517110001 SAC：S0490520030004 SAC：S0490521050001 SFC：BRP550 SFC：BU ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 32.496 billion yuan in 2024, representing a year-on-year growth of 19.28%. The proposed cash dividend per share is 0.943 yuan (including tax), which accounts for 71% of the net profit attributable to shareholders, resulting in a dividend yield of 3.20% based on the closing price on April 29 [2][6]. - In the first quarter of 2025, the company achieved a net profit attributable to shareholders of 5.181 billion yuan, a year-on-year increase of 30.56%, driven by strong growth in electricity generation and continuous cost optimization [2][6]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 84.492 billion yuan, an increase of 8.12% year-on-year, and a total power generation of approximately 295.904 billion kWh, up 7.11% year-on-year. The average on-grid electricity price for the year was 285.52 yuan per MWh, an increase of 4.24 yuan per MWh compared to the previous year [6][10]. - The company’s gross profit margin for 2024 reached 59.13%, an increase of 1.31 percentage points year-on-year, while financial expenses decreased by 11.38% to 11.131 billion yuan [10][14]. - For the first quarter of 2025, the company achieved revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, with a gross profit margin of 52.98%, up 4.86 percentage points year-on-year [10][14]. Water Supply and Generation Capacity - The water supply conditions improved significantly, with the total water supply from the Wudongde Reservoir in 2024 being approximately 1,123.69 million cubic meters, a year-on-year increase of 9.19%, and from the Three Gorges Reservoir at approximately 3,740.95 million cubic meters, also up 9.11% year-on-year [10][14]. - In the first quarter of 2025, the total water supply from the Wudongde Reservoir was approximately 167.05 million cubic meters, a year-on-year increase of 12.50%, contributing to a power generation of 57.679 billion kWh, up 9.35% year-on-year [10][14]. Future Earnings Projections - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.36 yuan, 1.46 yuan, and 1.47 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.59, 20.20, and 20.01 [10][14].

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company achieved a total revenue of 514 million yuan in Q1 2025, representing a year-on-year growth of 10.43%, with a net profit attributable to shareholders of 251 million yuan, up 18.1% year-on-year [6][9] - The company's wind power generation in the Fujian region grew by 19.25% year-on-year, contributing significantly to revenue growth, while the average comprehensive electricity price remained stable at 0.586 yuan per kilowatt-hour, slightly down by 1 fen compared to the previous year [2][11] - The company successfully controlled costs, with financial expenses decreasing by 24.88% year-on-year to 18.8 million yuan, leading to improved profitability with gross and net profit margins of 68.16% and 51.36%, respectively, both showing year-on-year increases [2][11] Summary by Sections Financial Performance - In Q1 2025, the company generated 899 million kilowatt-hours of electricity, a 12.40% increase year-on-year, with the Fujian region being the primary driver of this growth [2][11] - The total operating costs decreased by 4.16% year-on-year, amounting to 1.64 billion yuan, while the company’s financial expenses were reduced significantly [11][12] Growth Potential - The company is positioned for future growth with several projects in the pipeline, including the potential asset injection from the group, which could enhance earnings per share [11][12] - The report forecasts EPS for 2025-2027 to be 0.46 yuan, 0.49 yuan, and 0.73 yuan, respectively, with corresponding PE ratios of 12.37, 11.59, and 7.74 [11][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a strong performance in Q1 2025, achieving revenue of 1.222 billion yuan, a year-on-year increase of 65.78% and a quarter-on-quarter increase of 14.43%. The net profit attributable to shareholders was 525 million yuan, reflecting a year-on-year growth of 135.14% and a quarter-on-quarter growth of 21.13% [2][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 1.222 billion yuan, with a gross margin of 60.45%, which is an increase of 2.76 percentage points year-on-year and 2.29 percentage points quarter-on-quarter. The net profit attributable to shareholders was 525 million yuan, marking a significant increase of 135.14% year-on-year and 21.13% quarter-on-quarter [2][6]. Product Performance - The interconnect chip segment generated revenue of 1.139 billion yuan, up 63.92% year-on-year and 17.19% quarter-on-quarter. The sales revenue from the server platform product line was 80 million yuan, a year-on-year increase of 107.38%. The DDR5 memory interface and supporting chips saw a significant increase in shipment volume, benefiting from the growing demand in the AI industry [12]. Research and Development - The company is focusing on enhancing its R&D capabilities and expanding its product lines. Notable advancements include the successful compliance testing of the CXL MXC chip with CXL2.0 standards and ongoing development of CXL 3.x MXC chips. The PCIe 6x/CXL 3.x Retimer chip has also been successfully sampled, supporting a transmission rate of 64GT/s [12]. Market Outlook - Looking ahead to Q2 2025, the company expects continued strong demand for its interconnect chips driven by trends in the AI industry. As of April 22, 2025, the company had over 1.29 billion yuan in orders for interconnect chips, with expectations for significant growth in DDR5 memory interface chip demand throughout the year [12].

丨证券研究报告丨 公司研究丨点评报告丨三安光电（600703.SH） [Table_Title] 三安光电 2024 年年报&2025 年一季报点评： 多元产品高端化，增长趋势前路渐显 报告要点 [Table_Summary] 4 月 25 日，三安光电公告《三安光电股份有限公司 2024 年年度报告》、《三安光电股份有限公 司 2025 年第一季度报告》，2024 年公司实现营业收入 161.06 亿元，同比+14.61%，实现归母 净利润 2.53 亿元，同比-31.02%；2025Q1 公司实现营业收入 43.12 亿元，同比+21.23%，实 现归母净利润 2.12 亿元，同比大幅提升 78.46%。 分析师及联系人 [Table_Author] 杨洋 钟智铧 SAC：S0490517070012 SAC：S0490522060001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 三安光电（600703.SH） cjzqdt11111 [Table_Title 三安光电 2024 2] 年年报&2025 年一季报点评： 多元产品高 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 258 million yuan for Q1 2025, representing a year-on-year growth of 55.61%. The net profit attributable to shareholders reached 98.16 million yuan, up 76.39% year-on-year, significantly exceeding market expectations, primarily benefiting from the acceleration of the "Xin Chuang" initiative [2][4][10]. - The company's strong profitability in its basic software product model has led to an increase in net profit margin, which reached 37.45%, up 4.68 percentage points year-on-year. The gross profit margin for the reporting period was 96.92%, reflecting the high-margin nature of the software licensing business [10]. Summary by Sections Financial Performance - For Q1 2025, the company achieved total revenue of 258 million yuan, a 55.61% increase year-on-year. The net profit attributable to the parent company was 98.16 million yuan, marking a 76.39% increase year-on-year. The net profit after deducting non-recurring gains and losses was 96 million yuan, up 87.92% year-on-year [2][4][10]. Market Dynamics - The company's performance is attributed to the accelerated information technology construction in sectors such as government, energy, and transportation, along with increased procurement. The "Xin Chuang" industry products align with national policies favoring domestic products, leading to significant funding support and an optimistic outlook for industry growth in 2025 [10]. Profitability and Cost Management - The company maintained a strong gross profit margin of 96.92% and improved its net profit margin to 37.45%. The sales, management, and R&D expenses were 82 million yuan, 25 million yuan, and 55 million yuan respectively, with year-on-year increases of 29.72%, 36.51%, and 25.83%. However, the expense ratios as a percentage of sales decreased, indicating effective cost control [10]. Future Outlook - The company is positioned as a leader in the domestic database sector, with advantages in product autonomy, core technology breakthroughs, and ecosystem migration. The expected growth in the "Xin Chuang" promotion cycle from 2025 to 2027 is anticipated to support high industry growth [10]. The projected net profits for 2024, 2025, and 2026 are 470 million yuan, 580 million yuan, and 710 million yuan respectively, with corresponding price-to-earnings ratios of 59, 48, and 39 [10].

丨证券研究报告丨 联合研究丨公司点评丨景嘉微（300474.SZ） [Table_Title] 景嘉微：持续开展高性能 GPU 研发，新产品进 入推广应用阶段 报告要点 [Table_Summary] 近期，景嘉微发布 2024 年报及 2025 年一季度报告。 2024 年公司实现营收 4.66 亿元，同比减少 34.62%；实现归母净利润-1.65 亿元，同比减少 376.67%。2025Q1 公司实现营收 1.02 亿元，同比减少 5.46%；实现归母净利润-0.55 亿元， 同比减少 375.50%。 分析师及联系人 [Table_Author] 杨洋 宗建树 余庚宗 王泽罡 SAC：S0490517070012 SAC：S0490520030004 SAC：S0490516030002 SAC：S0490521120001 SFC：BUW100 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 2024 年公司实现营收 4.66 亿元，同比减少 34.62%；实现归母净利润-1.65 亿元，同比减少 376.67%。2025Q1 公司实 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 79 billion yuan in 2024, a year-on-year increase of 2%, but the net profit attributable to shareholders decreased by 25% to 1.572 billion yuan [6][12]. - In Q1 2025, the company achieved a revenue of 20.8 billion yuan, representing a year-on-year growth of 22% and a quarter-on-quarter increase of 3% [6]. - The company is focusing on AI products and expanding its international business, despite facing increased financial costs that have negatively impacted its performance [2][12]. Summary by Sections Financial Performance - In 2024, the company's core subsidiary, Xinhua San, generated a revenue of 55.074 billion yuan, up 6.04% year-on-year, with domestic enterprise business revenue reaching 44.239 billion yuan, a 10.96% increase [12]. - The company's inventory increased by 19% in Q1 2025, reaching 43.7 billion yuan, which is 2.1 times its revenue for the same quarter, indicating potential inventory buildup due to increased GPU procurement by domestic internet companies [12]. Profitability Analysis - The gross margin for ICT infrastructure and services was 22.2% in 2024, down 3.4 percentage points year-on-year, primarily due to a shift in product structure towards white-label switches and servers, along with intensified competition in the domestic IT product market [12]. - Financial expenses significantly impacted performance, with financial expense ratios of 3.3% and 1.9% for Q4 2024 and Q1 2025, respectively, reflecting a year-on-year increase of 2.5 percentage points and 1.4 percentage points [12]. Strategic Initiatives - The company is deepening its AI product matrix and enhancing its overseas presence, having established 22 overseas branches and certified over 2,900 international partners, covering 181 countries and regions [12]. - The company launched the LinSeer Cube, the industry's first deep coupling of "intelligent computing-algorithm-governance" model, which supports various GPU brands [12]. Market Position - The company maintains a leading position in several product markets, with a 38.2% market share in China's enterprise network campus switch market, ranking first, and a 31.1% share in the Ethernet switch market, ranking second [12]. - The company is projected to achieve net profits of 1.919 billion yuan, 2.279 billion yuan, and 2.762 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 22%, 19%, and 21% [12].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is experiencing a revenue decline of 4.4% in 2024, but the decline is narrowing compared to 2023, indicating a potential recovery point in performance [1] - The company is transitioning from an "engineering consulting" model to a "comprehensive technical service" model, focusing on optimizing customer structure and reducing reliance on high-risk clients [3] - The company expects significant growth in net profit from 2025 to 2027, with projected increases of 264%, 51%, and 21% respectively [3] Financial Performance Summary - In 2024, the company achieved total revenue of 470 million, down 4.4% year-on-year, with a net profit attributable to shareholders of -26 million, a decline of 162.8% [4] - The gross margin for 2024 is 36.6%, down 3.2 percentage points, primarily due to intense competition in the real estate evaluation market and rigid cost structures [2] - The company reported a net profit margin of -5.5% in 2024, a decrease of 14 percentage points year-on-year [2] Business Segment Analysis - Revenue from third-party evaluations and project management was 280 million and 190 million respectively in 2024, with year-on-year changes of -12% and +10% [1] - The company has successfully reduced the proportion of revenue from real estate clients from 90% to 46% by expanding into industries such as insurance and overseas markets [3] Future Projections - The company forecasts total revenue of 526 million in 2025, representing a year-on-year growth of 12.1% [4] - The expected earnings per share (EPS) for 2025 is 0.28 yuan, with a projected price-to-earnings (P/E) ratio of 59.8 [4]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 博纳影业（001330.SZ） 主投影片表现不及预期，剧集业务实现显著增长 事件：公司发布 2024 年报及 2025 一季报。2024 年公司实现营收 14.61 亿元 （yoy-9.12%），归母净亏损 8.67 亿元（yoy-56.87%），扣非净亏损 9.73 亿元（yoy- 30.94%）。2025Q1 实现营收 5.25 亿元（yoy+19.43%），归母净亏损 9.55 亿元 （yoy-17303.99%），扣非净亏损 9.84 亿元（yoy-6831.57%）。 市占率排名保持稳定，25Q1 院线业务业绩预计随大盘回暖。据拓普数据，2024 年全国电影票房 425.0 亿元（yoy-22.6%），观影人次 10.1 亿（yoy-22.3%），电 影大盘整体下滑影响下全年公司旗下影院票房收入 7.21 亿元（不含服务费）（yoy- 31.1%），电影院业务营收 9.41 亿元（yoy-23.65%），同时成本较为刚性，预计影 院业务仍处于亏损状态。2025Q1 行业大盘在头部爆款影片带动下实现快速增长， ...