Investment Rating - The report maintains a "Buy" rating for the company, with target prices unchanged for US, Hong Kong, and A-shares [3][13]. Core Insights - The company achieved a total revenue of $1.12 billion in Q1 2025, representing a year-over-year increase of 48.6% and a slight quarter-over-quarter decrease of 0.9% [4]. - The company reported a GAAP net profit of $1.27 million in Q1 2025, a significant improvement from a net loss of $251 million in Q1 2024 and $152 million in Q4 2024 [4]. - The company generated $44.08 million in operating cash flow in Q1 2025, marking its first quarter of achieving both GAAP operating profit and net profit ahead of market expectations [4]. - The company maintains its full-year guidance for 2025, projecting total revenue between $4.9 billion and $5.3 billion, with a gross margin expected to be in the range of 80%-90% [4]. Revenue and Sales Performance - Zebutinib sales reached $792 million in Q1 2025, up 62.1% year-over-year, with US sales contributing $563 million, a 60.2% increase year-over-year [5]. - The company reported a significant increase in sales across regions, with European sales at $116 million (up 73.5% YoY) and Chinese sales at $81.1 million (up 41.3% YoY) [5]. Profitability and Cost Management - The product gross margin was 85.1%, showing a notable increase from 83.3% in Q1 2024, driven by the growth in Zebutinib sales and improved production efficiency [6]. - Operating expenses grew only 6% year-over-year, with R&D expenses increasing by 5% to $480 million, indicating strong cost control [6]. Financial Projections - The report projects total revenue for 2025 to be $5.03 billion, with a year-over-year growth rate of 32.1% [14]. - The company is expected to achieve a net profit of $115 million in 2025, with projections for 2026 and 2027 remaining stable [13][14]. Pipeline and R&D Progress - The company is focusing on key pipeline products, with upcoming data releases expected from various clinical trials in 2025 [12]. - Notable upcoming events include the ASCO conference where initial human data for B7H4 ADC and CDK2 inhibitors will be presented [12].

2025 年 05 月 09 日 投资评级：买入（维持） 计算机/IT 服务Ⅱ 卓易信息（688258.SH） 高标准激励考核彰显信心，AI+IDE 成长空间广阔 | 日期 | 2025/5/8 | | --- | --- | | 当前股价(元) | 48.22 | | 一年最高最低(元) | 51.48/19.81 | | 总市值(亿元) | 58.41 | | 流通市值(亿元) | 58.41 | | 总股本(亿股) | 1.21 | | 流通股本(亿股) | 1.21 | | 近 3 个月换手率(%) | 314.81 | 5 月 8 日，公司发布《2025 年限制性股票激励计划（草案）》。激励计划拟授予激 励对象的限制性股票数量为 400 万股，约占本激励计划草案公布日公司股本总额 的 3.30%。激励计划首次授予限制性股票的授予价格为 25.00 元/股。股权激励授 予激励对象共计 40 人，占公司截至 2024 年 12 月 31 日员工总数的 8%，包括公 司核心技术人员詹奇及 39 名 IDE 业务板块骨干人员。 股价走势图 数据来源：聚源 -40% 0% 40% 80% 120% 2024- ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2025 performance met expectations, with revenue of 2.06 billion yuan, a year-on-year increase of 12.5% when excluding other businesses [1] - The profitability indicators showed a gross margin of 26.8% and a net margin of 14.0%, reflecting improvements compared to the previous year [1] - The company is benefiting from cost reduction and efficiency enhancement initiatives, which are expected to continue driving performance [1][2] Financial Performance Summary - For 2023A, the company reported revenue of 8,074 million yuan, with a year-on-year growth rate of 18.1% [3] - The projected net profit for 2025E is 1,259 million yuan, with a year-on-year growth rate of 23.0% [3] - The earnings per share (EPS) for 2025E is estimated at 1.49 yuan, with a price-to-earnings (P/E) ratio of 23.2 times [3] Business Segment Insights - The company's new energy transmission gear business is expected to see significant value increase per vehicle due to the rising penetration of coaxial reducers [2] - International projects with clients like Stellantis and Schaeffler are contributing to growth, with stable deliveries expected to exceed industry averages [2] - The smart actuator segment is expanding into various fields, including smart office and smart automotive applications, enhancing the company's growth trajectory [2]

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 09 年 月 日 事件。公司发布财报，2024 年营业收入 372.2 亿元，同比增长 37.6%， 归母净利润为 41.2 亿元，同比增长 126.5%；2025Q1 营业收入 64.2 亿 元，同比减少 3%，归母净利润 7.55 亿元，同比增长 14.9%。 内需与出口共振，业绩增长突出。受益于国内旅游市场向好、以旧换新带 动及国产客车产品竞争力的提升，2024 年，宇通客车累计销售客车 4.69 万辆，同比+28.5%，对内和出口销售分别为 3.29 万辆/1.4 万辆，同比分 别+24.9%/+37.7%，内需及出口均实现较好增长，带动公司业绩表现超 预期，同比增长超 100%。2024 年归母净利润/Q4 单季度归母净利润分别 为 41.2/16.8 亿元，盈利靠近历史高点。2025Q1，公司客车销售 9011 台， 同比 16.6%，根据客车网数据，公司大中型客车出口 1329 台，同比 +35.5%，市场占比 21.09%，超行业 2 成，归母净利润实现 7.55 亿元， 同比增长 14.9%。 会计调整影响毛利率，盈利 ...

华福证券 券 研 风险提示：国内数据中心建设速度不及预期风险；海外新能源业务拓 展不及预期风险；竞争格局恶化风险 公 司 研 究 科华数据（002335.SZ） 数据中心发力在即，新能源有望恢复增长 投资要点： 公 司 财 报 点 评 事件： 公司发布 2024 年年报及 2025 年一季报，2024 年实现营业收 入 77.57 亿元，同比-4.71%，实现归母净利 3.15 亿元，同比-37.90%，实现 扣非净利 2.85 亿元，同比-38.55%；2025Q1 实现营业收入 12.16 亿元，同 比+2.73%，实现归母净利 0.69 亿元，同比-6.26%，实现扣非净利 0.61 亿元， 同比+2.06%。 24 年数据中心业务稳健增长，盈利能力略有下滑。①公司 2024 年 IDC 服务实现营收 12.31 亿元，同比-4.50%，毛利率 23%，数据中心产品实现 营收 19.21 亿元，同比+30.32%，毛利率 32%。②智慧电能业务实现营收 9.22 亿元，同比-9%，毛利率 41%。③新能源业务实现营收 36.08 亿元，同 比-15.98%，毛利率 17%，主要因行业内卷价格下降导致营收 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.50 CNY, based on a 27x PE valuation for comparable companies in 2025 [2][5]. Core Insights - The company reported a significant revenue increase of 41.8% year-on-year in Q1, with total revenue reaching 2.638 billion CNY and a net profit of 270 million CNY, reflecting a 28.8% increase [9]. - The company is expanding its customer base, having added eight new clients in North America, including Ford and Changan Mazda, which is expected to drive future growth [9]. - The company is focusing on new technology and product development, aiming to enhance its competitive edge and increase the value per vehicle through innovations in electric control systems and lightweight components [9]. Financial Performance Summary - Revenue projections for 2025-2027 are 13.011 billion CNY, 15.962 billion CNY, and 19.698 billion CNY, respectively, with year-on-year growth rates of 30.9%, 22.7%, and 23.4% [4][11]. - The net profit attributable to the parent company is forecasted to be 1.518 billion CNY in 2025, 1.863 billion CNY in 2026, and 2.298 billion CNY in 2027, with growth rates of 25.6%, 22.8%, and 23.3% [4][11]. - The company's gross margin is expected to stabilize around 22.0% to 22.5% from 2025 to 2027, while the net margin is projected to remain at 11.7% [4][11].

证券研究报告 拓普集团 (601689 CH) Q1 客户产销承压，机器人成长势能强 | 华泰研究 | | | 调研报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 08 日│中国内地 | 汽车零部件 | 拓普集团公布一季报业绩，公司 Q1 实现营收 57.68 亿元（yoy+1.40%， qoq-20.43%），归母净利 5.65 亿元（yoy-12.39%，qoq-26.23%），环比下 滑系核心大客户产量较弱。公司坚定"大客户"战略，25 年下游新势力客 户新车催化仍足，公司作为重要供应商有望受益，维持"买入"评级。 Q1 核心客户产量波动影响收入及毛利率表现 25Q1 公司营收同比微增，毛利率同环比-2.5/+0.1pct 至 19.9%，或受核心 客户产量波动影响，25Q1 核心客户问界产量同环比-46%/-49%，特斯拉中 国同环比-22%/-30%。期 间费用方面，25Q1 销售/管理费率分别为 1.2%/3.3% ，同比 -0.2/+0.6 ，环比 +0.55/+1.2pct ； 研 发 费 率 同 环 比 +1.4pct/+0.9pct 至 5. ...

2025 年 5 月 8 日 公司研究 业绩快速增长，成长空间广阔 ——华懋科技（603306.SH）跟踪报告之四 要点 公司 25Q1 业绩快速增长。2024 年公司实现营业收入 22.13 亿元，同比增长 7.67%；实现归母净利润 2.77 亿元，同比增长 14.64%。25Q1 公司实现营业收 入 5.37 亿元，同比增长 14.37%；实现归母净利润 0.86 亿元，同比增长 60.34%。 汽车被动安全业务持续增长。公司汽车被动安全产品战略定位于高端化、国产化 和新能源化三个方向，2024 年公司量产的安全气囊袋项目有 498 个，新定点的 安全气囊袋项目（含 OPW）有 188 个。得益于气囊配置率的持续提升及新能源 车渗透率的提高，2024 年公司来自新能源汽车主要主机厂（不包含传统能源车 企的新能源部分）的收入占比接近 30%。 布局半导体及算力制造业务。2024 年及 2025 年第一季度，公司战略入股电子 制造服务企业富创优越，合计出资 38336.10 万元，持有其 42.16%股权。公司 持续加大在半导体及算力制造领域的业务布局，包括根据实际情况继续加大在相 关领域的投入及深度整合富 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [11]. Core Views - The company reported strong performance in Q1 2025, achieving revenue of 84.7 billion yuan, a year-on-year increase of 6.2%, and a net profit attributable to shareholders of 13.96 billion yuan, up 32.9% year-on-year [3][6]. - The company is expanding its global market presence, particularly in Europe, where its market share in the power battery sector has increased from 17% in 2021 to 38% in 2024 [6]. - The company is actively developing new business models, including battery swapping and commercial vehicle power batteries, which are expected to drive future growth [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 84.7 billion yuan, with a year-on-year growth of 6.2% and a quarter-on-quarter decline of 17.7%. The net profit attributable to shareholders was 13.96 billion yuan, reflecting a year-on-year increase of 32.9% [3][6]. - The operating cash flow remained strong at 32.9 billion yuan, with cash and cash equivalents exceeding 320 billion yuan at the end of the quarter [3]. Market Expansion - The company has seen significant growth in its battery sales, exceeding 120 GWh in Q1 2025, with a year-on-year increase of over 30%. The energy storage segment accounted for nearly 20% of total sales [6]. - The company is focusing on expanding its battery swapping network, planning to build 1,000 battery swap stations by 2025, and has signed strategic agreements with major partners to enhance its market presence [7]. Future Projections - The company forecasts a net profit of 66.26 billion yuan for 2025, with expected growth rates of 30.3% and 19.9% for 2026 and 2027, respectively [5][9]. - The report anticipates continued growth in global lithium battery demand, particularly in Europe and emerging markets, which will benefit the company's market position [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.22 CNY, indicating a potential upside from the current price of 27.05 CNY [2][5]. Core Views - The company's performance exceeded market expectations, with Q1 revenue reaching 7.669 billion CNY, a year-on-year increase of 19.1%, and net profit attributable to the parent company at 903 million CNY, up 39.5% year-on-year [9]. - The company is experiencing growth driven by increased domestic and international demand for air conditioning, as well as diversification of its customer base, which has helped mitigate risks associated with reliance on single customers [9]. - The company is strategically expanding its robotics business, which is expected to become a significant growth driver, particularly with the anticipated deployment of thousands of Optimus robots by Tesla by the end of 2025 [9]. Financial Summary - Revenue projections for 2025-2027 are 34.64 billion CNY, 39.40 billion CNY, and 43.97 billion CNY, respectively, with a compound annual growth rate (CAGR) of 23.9% for 2025 [4]. - Net profit forecasts for the same period are 3.67 billion CNY, 4.25 billion CNY, and 4.75 billion CNY, reflecting a year-on-year growth of 18.3% in 2025 [4]. - The company's gross margin is projected to remain stable around 27.6% through 2027, while net profit margin is expected to stabilize around 10.6% to 10.8% [4].