Investment Rating - The report maintains a "Buy" rating for China Chemical [4] Core Views - The domestic production of adiponitrile is accelerating, and the demand for civilian silk is expected to be released, indicating a broad growth space in the future. The nylon 66 (PA66) is one of the most widely used nylon products, with advantages such as high strength, good wear resistance, and excellent lubrication. However, the domestic demand for nylon 66 has not been fully released due to the influence of domestic civilian wire drawing technology. Currently, the application ratio of nylon 66 in civilian silk is low (13%). If breakthroughs in civilian silk technology are achieved, it is expected to partially replace the nylon 6 market [12][19]. Summary by Sections Production and Cost Analysis - The current production cost of adiponitrile is approximately 11,600 yuan/ton, with the main raw materials being butadiene, natural gas, and liquid ammonia. As of May 16, 2025, the prices are 11,000 yuan/ton for butadiene, 3.91 yuan/cubic meter for natural gas, and 2,430 yuan/ton for liquid ammonia [2][16][17]. Profitability and Financial Projections - The profitability of the adiponitrile project is expected to be good after reaching full production, with high profit elasticity anticipated. The report estimates the break-even price for the product under different capacity utilization scenarios. At 150% design capacity utilization (30,000 tons/year), the break-even price is 17,700 yuan/ton; at 100% (20,000 tons/year), it is 19,000 yuan/ton; and at 50% (10,000 tons/year), it is 22,900 yuan/ton. The average price of domestic adiponitrile since May is approximately 22,200 yuan/ton, close to the break-even line at 50% utilization [3][19]. Future Earnings Estimates - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 6.4 billion, 7.3 billion, and 8.1 billion yuan, respectively, with year-on-year growth rates of 12.7%, 13.4%, and 11.2%. The current stock price corresponds to P/E ratios of 7.5, 6.6, and 6.0 for the respective years [19]. Investment Recommendation - Given the significant earnings elasticity of the company's industrial projects, accelerated execution of overseas orders, benefits from the acceleration of coal chemical investments, high profitability quality, ample cash flow, and potential for increased dividends, the report continues to recommend a "Buy" rating [19].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 21 yuan [2][9]. Core Views - The medical device sector faced temporary pressure, while the pharmaceutical equipment segment showed steady growth. The company reported a slight increase in total revenue for 2024, reaching 10,021 million yuan, up by 0.09% year-on-year, and a net profit of 692 million yuan, up by 5.75% year-on-year [2][9]. - The company plans to distribute a cash dividend of 0.25 yuan per share (before tax) to all shareholders [2]. Financial Performance Summary - **2024 Financial Results**: - Total revenue: 10,021 million yuan - Net profit attributable to the parent: 692 million yuan - Non-recurring net profit: 623 million yuan - Q4 2024 revenue: 2,597 million yuan (down 3.63% QoQ) - Q1 2025 revenue: 2,308 million yuan (down 8.74% YoY) [2][4]. - **Revenue Breakdown**: - Medical device revenue: 3,735 million yuan (down 10.37%) - Pharmaceutical equipment revenue: 2,171 million yuan (up 12.90%) - Medical trade revenue: 3,125 million yuan (up 8.04%) - Medical services revenue: 834 million yuan (down 9.51%) [9]. - **Profitability Metrics**: - Overall gross margin for 2024: 26.06% (down 1.31 percentage points) - Net profit margin for 2024: 6.90% (up 0.14 percentage points) [9]. Future Projections - **Earnings Forecast**: - Expected net profit for 2025: 798 million yuan (up 15.4%) - Expected net profit for 2026: 928 million yuan (up 16.2%) - Expected net profit for 2027: 1,027 million yuan (up 10.7%) [4][9]. - **Earnings Per Share (EPS)**: - 2025: 1.32 yuan - 2026: 1.53 yuan - 2027: 1.69 yuan [4][9]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025: 12 times - Price-to-Book (P/B) ratio for 2025: 1.1 times [4][9].

龙迅股份（688486） 证券研究报告·公司深度研究·半导体 专注高速混合信号芯片，25 年把握 AR/VR+ 智驾双重机遇 [Table_Tag] [Table_Summary] 投资要点 ◼ 行业崛起之星，致力于高速混合信号芯片领域。公司专注于高速信号与 视频处理芯片研发生产，产品涵盖模拟和数字电路功能，广泛应用于消 费电子、VR/AR、安防监控、5G 通讯、汽车电子、工业控制和医疗等 领域。公司拥有 140 多款芯片，具备高集成度、高性能、低功耗优势， 与高通、英特尔、三星、安霸等知名企业紧密合作，具备较强国际竞争 力。 ◼ 车载、AR/VR、PC 等多领域发展，成长空间广阔。 （1）车载：公司在车载显示领域深入布局。在智能座舱 SoC 方面，公 司部分高清视频桥接芯片凭借兼容性和稳定性优势已导入车载抬头显 示和信息娱乐系统，其中 9 款芯片通过 AEC-Q100 认证。在车载 SerDes 方面，针对汽车市场对于视频长距离传输和超高清视频显示需求开发的 车载 SerDes 芯片组进入全面市场推广。 （2）AR/VR：国内外 AR/VR 市场前景广阔，公司加速布局。目前，公 司研发的 4K/8K 超高清 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Views - The company is transitioning from a motorcycle business to an "AI + Vehicle" model, with a focus on smart driving and Robotaxi services, supported by strong capital and management backgrounds [8][14]. - The company is expected to achieve significant revenue growth, with projected revenues of 89.66 billion, 102.92 billion, and 121.76 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 0.84 billion, 1.53 billion, and 2.51 billion yuan [8][7]. Summary by Sections Company Overview - The company has evolved through four stages: starting with motorcycles, exploring new energy, undergoing bankruptcy restructuring, and now embracing the "AI + Vehicle" transformation [14]. - Its core business includes terminal operations (motorcycles and vehicles) and technology operations (smart driving solutions) [14][19]. Market Performance - The company has seen a significant recovery in its automotive business, with a 117% year-on-year increase in new energy vehicle sales in Q1 2025 [23][24]. - The motorcycle business has maintained a stable cash flow, with a gross margin of 12.1% in 2023, showing an upward trend [26][29]. Smart Driving and Technology - The report highlights the importance of smart driving technology, which is categorized into Advanced Driver Assistance Systems (ADAS) and higher-level autonomous driving [39][41]. - The domestic policy environment is supportive of the autonomous driving industry, with multiple regulations and incentives in place to promote development [43][44]. Financial Projections - Revenue forecasts indicate a recovery trajectory, with expected revenues of 89.66 billion yuan in 2025, reflecting a growth rate of 27.45% [7][8]. - The company's net profit is projected to grow significantly, with a forecasted increase of 110.17% in 2025 [7]. Competitive Landscape - The company is positioned to leverage partnerships with major players like Geely and AI firms to enhance its technology capabilities and market reach [8][19]. - The report notes that the company’s gross margin is currently below the average of comparable companies, but improvements are anticipated as AI-related businesses develop [32].

分析师及联系人 丨证券研究报告丨 联合研究丨公司点评丨致欧科技（301376.SZ） [Table_Title] 致欧科技 2024 A&2025Q1 点评：品牌力及 经营质量提升，短期扰动不改中长期价值 报告要点 [Table_Summary] 公司 2024 年实现营收/归母净利润/扣非净利润 81.24/3.34/3.09 亿元，同比+34%/-19%/-29%； 其中2024Q4 分别对应同比+24%/-56%/-58%；2025Q1 分别对应同比+14%/+10%/+25%。2024 年至 2025Q1 美线表现更佳，新渠道增势出色。公司内生优化进展显著，增长质量持续提升； 同时积极布局东南亚供应链应对关税影响。持续看好公司作为家居跨境出海先锋，持续强化竞 争力。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490516060001 SAC：S0490514080004 SAC：S0490520070002 SAC：S0490524110002 SAC：S0490524080008 SFC：BUV463 S ...

[Table_Title] 研究报告 Research Report 18 May 2025 泛亚微透 Pan Asian Microvent Tech (Jiangsu) (688386 CH) ePTFE 材料领先企业，加速推进国产替代 The leading enterprise in ePTFE, accelerating the promotion of domestic substitution 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 公司是中国 ePTF ...

丨证券研究报告丨 公司研究丨点评报告丨光峰科技（688007.SH） [Table_Title] 营收稳健增长，车载业务进入快速放量阶段 报告要点 [Table_Summary] 2024 年公司实现营业收入 24.19 亿元，同比增长 9.27%，实现归母净利润 2795 万元，同比下 滑 72.91%，实现扣非归母净利润 3213 万元，同比下滑 22.88%；其中，2024Q4 公司实现营 业收入 6.99 亿元，同比增长 24.21%，实现归母净利润-1499 万元，同比减亏 1038 万元，实 现扣非归母净利润-747 万元，同比减亏 2736 万元。此外，2025Q1 公司实现营业收入 4.61 亿 元，同比增长 3.67%，实现归母净利润-2136 万元，同比下滑 147.95%，实现扣非归母净利润 -2397 万元，同比转亏。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 光峰科技（688007.SH） cjzqdt11111 [Ta ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is a leading global manufacturer in TV and IFPD (Interactive Flat Panel Display) OEM, facing revenue decline in IFPD due to industry demand drop, while smart TV and emerging product categories contribute to revenue growth. Short-term profit margins are pressured by rising panel costs and product structure adjustments, but innovation in display products and expansion of proprietary brands are expected to drive revenue growth, with a return to profit growth anticipated by 2025 [1][15] Revenue Analysis - IFPD industry is under pressure, but TV and innovative display products contribute to growth - Smart interactive displays sold 1.84 million units (YOY -7.0%) with an average price of 2031.78 RMB, generating revenue of 3.735 billion RMB (YOY -2.8%), accounting for 24% of total revenue [3] - Innovative displays sold 1.47 million units (YOY +110.6%) with an average price of 1030.68 RMB, generating revenue of 1.519 billion RMB (YOY +57.9%), accounting for 10% of total revenue [11] - Smart TVs sold 9.93 million units (YOY +25.4%) with an average price of 959.25 RMB, generating revenue of 9.528 billion RMB (YOY +23.5%), accounting for 61% of total revenue [12] Profitability Analysis - Profitability is under pressure due to cost increases and structural adjustments - The company's gross margin decreased to 12.77% in 2024 (YOY -4.78pct), with Q4 gross margin at 11.60% (YOY -6.63pct) [13] - The net profit margin for 2024 was 5.35% (YOY -4.19pct), with Q1 2025 showing a slight recovery to 6.83% (YOY +0.29pct) [15] Financial Forecast - The company is expected to achieve net profits of 1.017 billion RMB, 1.214 billion RMB, and 1.403 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.45, 1.73, and 2.00 RMB [15][17]

证券研究报告·A 股公司简评 其他电源设备Ⅱ 2024 年年报及 2025 年一季报点评：高额现金 事件 公司2024年实现营收/归母净利润/扣非后归母净利润 91.1/7.0/3.9 亿元，同比-13%/-5%/-24%； 其 中 2024Q4 实 现 营 收 / 归母净利润 / 扣 非 后 归 母 净 利 润 18.8/2.2/1.6 亿元，同比 -33%/-1%/+511% ，环比 +28%/+166%/+521%。 2025Q1 实现营收/归母净利润/扣非后归母净利润 19.7/1.3/1. 2 亿 元，同比-32%/-31%/-35%，环比+4%/-42%/-26%。 简评 1、 设备端： 1）2024 年收入 17.42 亿元，同比+20.18%，系高端环保锅 炉市场开发+燃机余热炉收入增长较快，预计环保/余热锅炉 毛利率分别 6.8%，15.7%，同比下滑 5-7pct，主要系市场竞 争激烈，价格端承压。 2）在手订单：公司锅炉装备在手订单总量 30.44 亿元，同 比+43%，其中环保锅炉装备在手订单 11.1 亿元，传统节 能高效锅炉在手订单 15.29 亿元，另有设备更新改造及备件 等订单 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 21 yuan [2][8]. Core Views - The medical device sector faced temporary pressure, while the pharmaceutical equipment segment showed steady growth. The company reported a slight increase in total revenue for 2024, reaching 10.021 billion yuan, and a net profit of 692 million yuan, reflecting a year-on-year growth of 5.75% [2][4]. - The company plans to distribute a cash dividend of 0.25 yuan per share (before tax) to all shareholders [2]. Financial Performance Summary - For 2024, the company achieved total revenue of 10,021 million yuan, with a year-on-year growth of 0.1%. The net profit attributable to the parent company was 692 million yuan, up 5.8% year-on-year [4][8]. - In Q4 2024, the company reported a revenue of 2,597 million yuan, a decrease of 3.63%, and a net profit of 75 million yuan, down 0.97% [2][4]. - For Q1 2025, the revenue was 2,308 million yuan, down 8.74%, and the net profit was 160 million yuan, a decrease of 23.97% [2][4]. Segment Performance - The medical device segment generated revenue of 3,735 million yuan in 2024, down 10.37%. The pharmaceutical equipment segment saw revenue of 2,171 million yuan, an increase of 12.90%. The medical trade segment reported 3,125 million yuan, up 8.04%, while medical services revenue was 834 million yuan, down 9.51% [2][8]. - The company is actively expanding its overseas market presence, achieving a 16.51% increase in overseas revenue to 281 million yuan in 2024 [2][8]. Profitability and Margin Analysis - The overall gross margin for 2024 was 26.06%, slightly down by 1.31 percentage points. The net profit margin improved to 6.90%, an increase of 0.14 percentage points, due to a decrease in sales and management expense ratios [2][8]. - In Q1 2025, the gross margin decreased to 23.79%, and the net profit margin fell to 6.99%, reflecting changes in product structure and increased expense ratios [2][8]. Earnings Forecast and Valuation - The company is expected to achieve net profits of 800 million yuan, 930 million yuan, and 1,030 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 15.4%, 16.2%, and 10.7% [2][4]. - The estimated earnings per share (EPS) for the next three years are projected to be 1.32 yuan, 1.53 yuan, and 1.69 yuan, with corresponding price-to-earnings (PE) ratios of 12, 10, and 9 [4][8].