丨证券研究报告丨 公司研究丨点评报告丨天孚通信（300394.SZ） [Table_Title] H2 无源产品线交付加速，有源静待新产品放 量 报告要点 [Table_Summary] 24H2 无源产品线交付加速，有源静待后续 1.6T 新产品放量。24Q4 费用端环比有所改善，备 料有所加速，海外工厂产能逐步落地，强化交付能力，且有利于规避关税影响。展望远期， CPO/OIO 的蓝海市场可期，成长曲线多元化。 分析师及联系人 [Table_Author] 于海宁 黄天佑 SAC：S0490517110002 SAC：S0490522050005 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 天孚通信（300394.SZ） cjzqdt11111 [Table_Title2] H2 无源产品线交付加速，有源静待新产品放量 [Table_Summary2] 事件描述 4 月 20 日，公司发布 2024 年年报，实现营收 32.52 亿元，同比增长 68%，实现归母净利润 13.44 亿元，同比增长 84%，实现扣非净利润 13.14 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company experienced significant revenue and profit growth due to increased demand for 800G products from major clients, with a revenue of 8.65 billion yuan in 2024, representing a year-on-year increase of 179%, and a net profit of 2.84 billion yuan, up 312% year-on-year [6][12] - The gross margin improved significantly, reaching 48.2% in Q4 2024 and 48.7% in Q1 2025, with net profit margins of 33.9% and 38.8% respectively [12][12] - The company is expanding its production capacity overseas, particularly in Thailand, which is expected to mitigate tariff impacts and enhance its market presence [12][12] - Research and development investments are growing rapidly, with a focus on new technology solutions, including 1.6T optical modules and high-speed AEC cable modules [12][12] Summary by Sections Revenue and Profit Growth - In Q1 2025, the company achieved a revenue of 4.05 billion yuan, a year-on-year increase of 264% and a quarter-on-quarter increase of 15% [6][12] - The net profit for Q1 2025 was 1.57 billion yuan, reflecting a year-on-year growth of 385% and a quarter-on-quarter growth of 32% [6][12] Margin Improvement - The gross margin for Q4 2024 and Q1 2025 was 48.2% and 48.7%, respectively, showing a year-on-year increase of 11.4 percentage points and 6.7 percentage points [12][12] - The net profit margin also improved, reaching 33.9% in Q4 2024 and 38.8% in Q1 2025 [12][12] Production Capacity and Tariff Impact - The company has commenced production at its first factory in Thailand, with the second phase expected to start in March 2025 [12][12] - Revenue from the Thailand subsidiary was approximately 1.2 billion USD for the first nine months of 2024, accounting for about 6% of total revenue [12][12] Research and Development - R&D expenditure reached 403 million yuan in 2024, accounting for 4.66% of revenue, an increase from the previous year [12][12] - The number of R&D personnel grew by 65.75% to 605 [12][12] Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 6.55 billion yuan, 7.97 billion yuan, and 9.11 billion yuan, respectively, with corresponding year-on-year growth rates of 131%, 22%, and 14% [12][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is experiencing high growth in both domestic and overseas optical modules for 2024, with a revenue of 23.86 billion yuan, a year-on-year increase of 123%, and a net profit attributable to the parent company of 5.17 billion yuan, a year-on-year increase of 138% [6][11]. - The gross margin has improved for two consecutive quarters, with further potential for growth, driven by an increase in the proportion of silicon photonics products and cost efficiencies from overseas operations [11][11]. - The company has shown strong cash flow performance and continuous improvement in expense management, indicating a robust operational efficiency [11][11]. - The diversified capacity layout helps mitigate tariff impacts, although the dilution effect on net profit attributable to the parent company is limited [11][11]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 6.67 billion yuan, a year-on-year increase of 38% and a quarter-on-quarter increase of 2%. The net profit attributable to the parent company was 1.58 billion yuan, a year-on-year increase of 57% and a quarter-on-quarter increase of 13% [6][11]. - The gross margin for Q4 2024 and Q1 2025 was 35.1% and 36.7%, respectively, reflecting a sequential increase of 1.4 percentage points and 1.6 percentage points [11][11]. Operational Efficiency - The company’s expense ratios for sales, management, R&D, and financial expenses in Q1 2025 were 0.8%, 2.2%, 4.4%, and -0.3%, respectively, showing a clear trend of improvement [11][11]. - Operating cash flow increased significantly, with year-on-year growth of 307% in Q4 2024 and 233% in Q1 2025, indicating strong operational cash generation [11][11]. Market Position and Strategy - The company’s overseas subsidiary, TeraHop, generated revenue of 11.13 billion yuan in 2024, a year-on-year increase of 388%, contributing to the overall revenue growth and helping to mitigate tariff risks [11][11]. - The company is expected to achieve net profits attributable to the parent company of 7.66 billion yuan, 9.14 billion yuan, and 10.65 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 48%, 19%, and 17% [11][11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In 2025, the domestic offshore wind market is expected to see a significant recovery, and the company is accelerating its expansion into overseas offshore wind markets, which is likely to benefit from the overseas offshore wind installation boom and achieve substantial cable delivery, thereby releasing performance growth potential [5][11] - The company reported a revenue of 48.06 billion yuan in 2024, a year-on-year increase of 6.6%, while the net profit attributable to shareholders was 2.84 billion yuan, a year-on-year decrease of 8.9% [5][11] - The company has a robust order backlog, with approximately 31.2 billion yuan in hand orders as of April 23, 2025, including 13.4 billion yuan in marine projects and 14 billion yuan in grid construction [11] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 48.06 billion yuan, with a year-on-year growth of 6.6%. The net profit attributable to shareholders was 2.84 billion yuan, down 8.9% year-on-year. In Q1 2025, the company reported a revenue of 9.76 billion yuan, up 18.4% year-on-year, and a net profit of 630 million yuan, down 1.3% year-on-year but up 19.2% quarter-on-quarter [5][11] - The company's gross margin for 2024 was 14.4%, a decrease of 1.8 percentage points year-on-year, while the net margin was 5.9%, down 1.0 percentage point year-on-year. In Q1 2025, the gross margin was 14.6%, down 3.4% year-on-year but up 3.8% quarter-on-quarter [11] Business Segments - The revenue from the submarine cable segment in 2024 was 3.644 billion yuan, down 2.6% year-on-year, while the power transmission segment achieved a revenue of 19.785 billion yuan, up 18.2% year-on-year. The optical communication and network segment reported a revenue of 8.094 billion yuan, down 11.2% year-on-year [11] - The company has been actively participating in international market competition, with marine international market revenue growing for three consecutive years. In 2024, it won several significant projects, including high-voltage submarine cable projects in Brazil and the Middle East [11] Future Outlook - The company is expected to benefit from the recovery of the domestic offshore wind market and the acceleration of overseas offshore wind development, which will enhance cable delivery and performance growth. The forecasted net profit attributable to shareholders for 2025-2027 is 3.409 billion yuan, 3.871 billion yuan, and 4.326 billion yuan, corresponding to year-on-year growth rates of 20%, 14%, and 12% respectively [11]

工具出海龙头，品牌化+全球布局共铸成长 [Table_CoverStock] —巨星科技(002444)公司首次覆盖报告 [Table_ReportDate] 2025 年 05 月 08 日 [Table_CoverAuthor] 姜文镪 新消费行业首席分析师 S1500524120004 S1500525030005 S1500523080006 jiangwenqiang@cindasc.com gongyizhi@cindasc.com wangrui@cindasc.com 龚轶之 新消费行业分析师 王锐 机械行业首席分析师 [Table_CoverReportList] 相关研究 1.巨星科技：自主品牌高增，加速全球化布局 证券研究报告 公司研究 资料来源：聚源，信达证券研发中心 [Table_BaseDat 公司主要数据 | a] 收盘价（元） | 24.40 | | --- | --- | | 52 周内股价波动区间 | 33.53-21.43 | | (元) | | | 最近一月涨跌幅(％) | 10.11 | | 总股本(亿股) | 11.94 | | 流通 A 股比例(％) | 95.7 ...

2025 年 05 月 08 日 洛阳钼业(603993.SH) 拟收购金矿+推动组织升级，剑指世界 一流矿 企 公司发布 2024 年年报和 2025 年一季报 公司 2024 年实现营收 2130 亿元，同比+14%；归母净利 135 亿元， 同比+64%；扣非归母净利 131.19 亿元，同比+110%。 ✔价&利：铜价上涨增厚利润，2025 年钴价显著反弹。1）价：2024 年铜价 9147 美元/吨，同比+8%；金属钴价格 11.26 美元/磅，同 比-25%。2025Q1，LME 铜、金属钴分别环比+1.6%、13.9%，钴价显 著反弹。2）利：2024 年铜板块毛利 210.37 亿元，吨毛利 3.05 万 元，吨毛利同比+0.19 万元，钴板块毛利 30 亿元，吨毛利 2.76 万 元，吨毛利同比-1.48 万元。3）2024 年，KFM 通过技改、工艺优 化、管理精益，成功降低生产成本、提升设备运转率和铜、钴回 收率。 ✔后续看点： 1）降本增效：2025 公司计划 TFM 依托中区 10K、 15K 选冶工艺优化，东区 17K 工艺调整等技改项目，进一步降本 提产，并加大勘探力度增储，加速 ...

锂电池产业链 2025 年 5 月 8 日 投资要点： 分析师：黄秀瑜 SAC 执业证书编号： S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn | 2025 年 5 月 日 | | | 7 | | --- | --- | --- | --- | | 收盘价(元) | 9.76 | | | | 总市值（亿元） | | 131.07 | | | 总股本(亿股) | | 13.43 | | | 流通股本(亿股) | | 12.14 | | | ROE（TTM） | 3.07 | | | | 12 月最高价(元) | | 13.16 | | | 12 月最低价(元) | 6.73 | | | 资料来源：iFinD，东莞证券研究所 买入（维持） 业绩短期承压，战略布局固态电池领域 公 司 点 评 星源材质（300568）2024 年及 2025Q1 业绩点评 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 主要数据 产品价格走低毛利率下滑，2024年和2025Q1 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company has optimized its product structure, leading to improved gross margins and increased investment in terminal expenses [5] - In Q1 2025, the company reported revenue of 481 million yuan, a year-on-year increase of 10%, and a net profit attributable to shareholders of 94 million yuan, up 2% year-on-year [4] - The company is focusing on high-end brand recognition through targeted marketing strategies and product innovation to attract younger consumers [5] Summary by Sections Financial Performance - Q1 2025 gross margin increased by 7 percentage points to 60.71%, driven by accelerated revenue growth in mid-to-high-end yellow wine [5] - Revenue from mid-to-high-end yellow wine reached 336 million yuan, a 12% increase, while ordinary yellow wine revenue was 105 million yuan, up 1% [5] - The company’s net profit margin decreased by 2 percentage points to 19.46% due to increased promotional expenses [5] Market Strategy - The company is enhancing its market presence in Zhejiang, with Q1 2025 revenue of 286 million yuan, a 17% increase, by strengthening its distribution network [5] - New product development includes lemon-flavored and canned yellow wine, aimed at cultivating consumer habits [5] Earnings Forecast - The company’s EPS for 2025-2027 is adjusted to 0.50, 0.60, and 0.71 yuan respectively, with corresponding PE ratios of 29, 24, and 21 times [6] - Revenue projections for 2025-2027 are 1.884 billion, 2.141 billion, and 2.387 billion yuan, with growth rates of 15.5%, 13.6%, and 11.5% respectively [9]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 310 million yuan in 2024, a decrease of 9.1% year-on-year, and a net profit of 13 million yuan, down 71.0% year-on-year, which was below expectations [7] - In Q1 2025, the company achieved a revenue of 55 million yuan, an increase of 37.8% year-on-year, although it reported a net loss of 1 million yuan [7] - The company is expected to benefit from government policies aimed at promoting equipment updates and increasing technology spending, which could lead to a recovery in demand [7][10] Financial Data and Profit Forecast - The company’s total revenue is projected to be 342 million yuan in 2025, with a year-on-year growth rate of 10.2% [6] - The net profit forecast for 2025 is 43 million yuan, representing a significant increase of 230.5% compared to 2024 [6] - The company’s gross margin is expected to be 65.6% in 2025, slightly improving from 64.3% in Q1 2025 [6] Revenue Breakdown - In 2024, the company’s revenue from organic element analysis was 104 million yuan, down 23.0% year-on-year, while sample preparation revenue was 57 million yuan, down 18.7% [7] - The chromatography and spectroscopy segment generated 79 million yuan, with liquid chromatography instruments contributing 46 million yuan, an increase of 27.2% year-on-year [7] - The company’s international revenue reached 70 million yuan in 2024, up 12.2% year-on-year, driven by expanded overseas distribution channels [7] Strategic Initiatives - The company has been investing in automation and digitalization since 2014, enhancing its manufacturing capabilities [10] - The introduction of a digital core platform in 2024 is expected to support the production of customized non-standard components [10] - The report highlights the company’s proactive approach in recruiting high-quality talent during industry downturns to ensure long-term growth [7][10]

公司报告 | 季报点评 江苏新能（603693） 证券研究报告 电量下滑致业绩承压，静待海风及光伏项目落地 事件：公司发布 2024 年报和 2025 年一季报，2024 年实现营业收入 20.99 亿元，同比增长7.88%，实现归母净利润4.17 亿元，同比降低11.75%；2025Q1 实现营业收入 5.74 亿元，同比降低 13.85%，实现归母净利润 1.64 亿元， 同比降低 34.65%。 24 年发电水平良好，25Q1 风况不佳 2024 年公司控股新能源发电项目总发电量 35.38 亿千瓦时，同比增长 10.11%，上网电量 33.60 亿千瓦时，同比增长 8.48%。风电方面，公司全年 累计发电量 32.52 亿千瓦时，同比上涨 6.33%，其中：陆上风电累计发电量 22.22 亿千瓦时，同比增长 1.04%；海上风电累计发电量 10.29 亿千瓦时， 同比增长 19.89%，风电毛利率 56.09%，同比增加 1.70pct。 计提减值导致 24 年业绩承压 公司对合并范围内的各类资产进行全面检查，2024 年计提各项资产减值准 备共 2.56 亿元，其中，信用减值损失 2.34 亿元，资 ...