卡莱特:年报业绩符合预期,阶段性承压静待花开-20250508
GOLDEN SUN SECURITIES· 2025-05-08 02:25
卡莱特(301391.SZ) 年报业绩符合预期,阶段性承压静待花开 证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 全球景气度阶段性波动,带来业绩端阶段性承压。随着 LED 显示屏市场规 模的持续增长,对超高清视频需求愈加强烈,行业内竞争加剧,公司通过 加大对研、产、销的投入,增强视频处理算法能力,满足市场对显控系统 更精密的需求,为全球客户打造更多前沿、卓越的视觉解决方案。2024 年, 公司实现营业收入 64,288.16 万元,同比下降 36.97%,出现阶段性压力。 作者 各项分业务增速体现了公司面临的激烈市场竞争。2024 年,公司的主要 营业收入情况如下:1、视频处理设备的收入为 28,061.93 万元,占营业 收入的 43.65%,视频处理设备的收入占比同比下降 5.20%;2、LED 显示 控制系统-接收卡收入为 23,843.23 万元,占营业收入的 37.09%,接收卡 的收入占比同比增加 1.48%;3、LED 显示控制系统-发送器的收入为 3,104.98 万元,占比同比增加 1.92%。总体收入的下降主要由于 LED 市 场需求较为疲软, ...
安路科技:2024、1Q25通信市场需求遇冷-20250508
HTSC· 2025-05-08 02:25
证券研究报告 安路科技 (688107 CH) 2024/1Q25:通信市场需求遇冷 | 华泰研究 | | 更新报告 | | --- | --- | --- | | 2025 年 5 月 | 07 日│中国内地 | 半导体 | 24 年公司实现营收 6.52 亿元(yoy:-6.99%),略低于我们此前预期(6.96 亿元),归母净利润-2.05 亿元(亏损同比扩大 0.08 亿元),亏幅略低于我们 此前预期(-2.18 亿元)。1Q25 营收 0.93 亿元(yoy:-34.29%,qoq:-40.04%), 归母净利润-0.60 亿元(亏损同比扩大 0.05 亿元,环比扩大 0.13 亿元)。1Q25 营收同环比均下滑,通信客户需求仍较偏弱,1Q25 毛利率达到 42.02% (yoy:+3.49pct,qoq:-3.33pct),预计主要受技术服务收入影响,芯片 毛利率仍有待改善。我们认为公司业绩短期承压,通信行业需求复苏仍需时 间,长期来看仍受益国产替代趋势,给予"买入"评级。 2024 回顾:单价较低的成熟产品占比增加,FPGA 毛利率承压 24 年受部分终端行业客户去库存周期尚未结束,下游需求复苏 ...
TCL科技:显示业绩持续向好,光伏25年有望回暖-20250508
HUAXI Securities· 2025-05-08 02:25
Investment Rating - The report maintains a "Buy" rating for TCL Technology [1] Core Views - The performance of the panel industry is expected to benefit from the continuous improvement in supply-demand dynamics, with TCL Zhonghuan anticipated to recover in 2025 after experiencing significant declines in 2024 due to industry cycle fluctuations [8] - The report adjusts revenue forecasts for TCL Technology for 2025-2027, estimating revenues of 193.99 billion, 227.59 billion, and 269.40 billion yuan respectively, with EPS adjusted to 0.32, 0.45, and 0.62 yuan [8] Financial Performance Summary - In 2024, TCL Technology achieved total revenue of 164.96 billion yuan, a year-on-year decrease of 5.44%, and a net profit attributable to shareholders of 1.56 billion yuan, down 29.38% [2] - For Q1 2025, the company reported total revenue of 40.12 billion yuan, a year-on-year increase of 0.43%, and a net profit of 1.01 billion yuan, a significant increase of 321.96% [2] - The semiconductor display business reached a record high revenue of 104.3 billion yuan in 2024, growing by 25% year-on-year, with a net profit of 6.23 billion yuan, an increase of 62.4 billion yuan compared to 2023 [2] Business Segment Insights - The large-size TV panel market continues to grow, with the share of 55-inch and above panels increasing to 82% and 65-inch and above to 56% in 2024 [3] - TCL Technology's market share in the TV panel sector remains among the top two globally, with the company holding the largest share in 55-inch, 65-inch, and 75-inch segments [3] - The small-size segment focuses on high-end markets, with flexible OLED shipments significantly increasing, and the company achieving the second-largest global market share in LTPS mobile panels [5] Future Outlook - The overall trend for 2025 appears positive, with expectations for continued growth in demand for larger TV sizes and stable supply-side conditions [4] - The company is actively pursuing R&D in new technologies, including printed OLED and Micro-LED, and has completed acquisitions to enhance its display technology matrix [6]
七一二:行业调整拖累业绩,静待需求回暖-20250508
HTSC· 2025-05-08 02:25
证券研究报告 七一二 (603712 CH) 行业调整拖累业绩,静待需求回暖 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 07 日│中国内地 | 通信设备制造 | 公司 2024 年实现营收 21.54 亿元(yoy-34.09%),归母净利-2.49 亿元 (yoy-156.58%),扣非净利-2.88 亿元(yoy-173.74%),主要系下游客户 需求放缓,同时期间费用率、信用减值损失等同比增长。1Q25 实现营收 2.16 亿元(yoy-55.88%),归母净利-5401.97 万元(yoy-440.23%),低于我们 此前预期(0.13 亿元),主要系期间费用率仍呈现扩大趋势。展望 25-27 年, 我们认为随着"十四五"进入尾声,军工行业有望逐步恢复常态,推动公司 业绩复苏。维持"买入"评级。 军民无线通信领域持续深耕,积极拓展新领域新客户 2024 年,公司终端、系统产品分别实现营收 12.22/8.01 亿元,分别同比 -36.86/-33.47%,主要受军工行业调整影响。公司持续深耕主业,巩固军民 用无线通信领 ...
精智达:2024年报业绩点评:半导体业务爆发,新型显示业务再突破-20250508
Dongxing Securities· 2025-05-08 02:23
精智达(688627.SH):半导体业务 爆发,新型显示业务再突破 | 2025 | 年 5 | 月 | 8 | 日 | | --- | --- | --- | --- | --- | | 推荐/维持 | | | | | | 精智达 | 公司报告 | | | | ——2024 年报业绩点评 事件: 半导体存储器件测试设备领域,公司持续加强产品市场优势并丰富产品类。报 告期内,公司 DRAM 老化测试修复设备、MEMS 探针卡等产品出货量持续提 升,保持国产设备供应商中的领先地位。公司具备晶圆裸片测试功能、旨在提 升客户研发设计和品质验证效率的存储器通用测试验证机获得批量订单并且 实现验收,自主研发测试机平台已经获得客户认可。与此同时公司持续推动满 足针对先进封装测试要求的升级版 CP 测试机、高速 FT 测试机等核心测试 设备研发及客户验证工作。根据 TechInsights 的数据显示,2024 年全球存储 器测试设备销售额达到 15 亿美元,同比增长 36.4%,预计 2025 年将进一步 攀升至 19 亿美元,年复合增长率达 26.7%。存储测试机目前主要被爱德万、 泰瑞达等国外厂商占据主要市场份额,国 ...
海兴电力:25Q1单季归母净利润短期承压,海外配用电仍具备优势-20250508
GOLDEN SUN SECURITIES· 2025-05-08 02:23
Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 4.717 billion yuan in 2024, a year-on-year increase of 12.3%, and a net profit attributable to shareholders of 1.002 billion yuan, a year-on-year increase of 2.0% [1] - The company's overseas smart distribution and power supply revenue reached nearly 3 billion yuan, with steady growth in the Latin America, Asia, and Africa regions [2] - The gross profit margin improved year-on-year in 2024, while operating expenses increased during the first quarter of 2025 [3] Financial Summary - Revenue and Profit Forecasts: - 2025 estimated net profit is 1.124 billion yuan, a year-on-year increase of 12.2% [4] - Revenue is projected to grow to 5.947 billion yuan in 2025, reflecting a growth rate of 26.1% [5] - Key Financial Metrics: - The latest diluted EPS for 2024 is 2.06 yuan per share, with a projected increase to 2.31 yuan in 2025 [5] - The net asset return rate for 2024 is 14.1%, with a slight decrease expected in the following years [5] - Cash Flow: - The operating cash flow for 2024 was 886 million yuan, a decrease of 19.56% compared to the previous year [10]
维力医疗:业绩稳健增长,去库存结束+本土化布局驱动外销快速增长-20250508
GOLDEN SUN SECURITIES· 2025-05-08 02:23
证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 维力医疗(603309.SH) 业绩稳健增长,去库存结束+本土化布局驱动外销快速增长 维力医疗发布 2024 年度报告。2024 年公司实现营业收入 15.09 亿元,同比增长 8.76%;归母净利润 2.19 亿元,同比增长 13.98%;扣非后归母净利润 2.10 亿元,同 比增长 16.94%。分季度看,2024Q4 实现营业收入 4.49 亿元,同比增长 9.32%;归母 净利润 0.53 亿元,同比增长 8.44%;扣非后归母净利润 0.50 亿元,同比增长 5.18%。 维力医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 3.48 亿元,同比增长 12.60%;归母净利润 0.59 亿元,同比增长 17.25%;扣非后归母净利润 0.57 亿元, 同比增长 20.49%。 观点:2024 年国内市场因政策扰动短期承压,海外市场去库存影响消除后呈恢复性增 长态势,利润端增速快于收入端主要系降本增效驱动期间费用率改善。海外本土化布 局加速,海外生产基地建设提升全球服务能力。公司各板块亮点纷呈,护 ...
海兴电力(603556):25Q1单季归母净利润短期承压,海外配用电仍具备优势
GOLDEN SUN SECURITIES· 2025-05-08 01:58
证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 海兴电力(603556.SH) 25Q1 单季归母净利润短期承压,海外配用电仍具备优势 事件:公司发布 2024 年报及 2025 年一季报。2024 年:公司 2024 年 实现营收 47.17 亿元,同增 12.30%;归母净利润 10.02 亿元,同增 1.99%。 其中,24Q4 单季营收 13.07 亿元,同减 1.52%;归母净利润 2.11 亿元, 同减 32.87%。公司 2024 年汇兑损失 1.29 亿元,若还原汇兑影响(未考 虑税率影响),2024 年归母净利润 11.31 亿元,同比+19.14%。25Q1 单 季:营收 7.84 亿元,同减 12.99%;归母净利 1.41 亿元,同减 34.07%。 海外智能配用电收入规模近 30 亿元,亚非拉地区收入稳健增长。2024 年, 公司 1)智能配用电收入 45.35 亿元,同比+13.35%。其中,海外业务实 现收入 29.40 亿元,同比+9.77%。分地区看,2024 年拉美地区收入 8.87 亿,同比+11.01%;亚洲地区收入 9.33 ...
卡莱特(301391):年报业绩符合预期,阶段性承压静待花开
GOLDEN SUN SECURITIES· 2025-05-08 01:58
事件:公司发布 2024 年年报。2024 年,公司实现营业收入 64,288.16 万 元,同比下降 36.97%,归属于上市公司股东的净利润 1,934.71 万元,同 比下降 90.45%。公司业绩符合预期。 证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 卡莱特(301391.SZ) 年报业绩符合预期,阶段性承压静待花开 全球景气度阶段性波动,带来业绩端阶段性承压。随着 LED 显示屏市场规 模的持续增长,对超高清视频需求愈加强烈,行业内竞争加剧,公司通过 加大对研、产、销的投入,增强视频处理算法能力,满足市场对显控系统 更精密的需求,为全球客户打造更多前沿、卓越的视觉解决方案。2024 年, 公司实现营业收入 64,288.16 万元,同比下降 36.97%,出现阶段性压力。 各项分业务增速体现了公司面临的激烈市场竞争。2024 年,公司的主要 营业收入情况如下:1、视频处理设备的收入为 28,061.93 万元,占营业 收入的 43.65%,视频处理设备的收入占比同比下降 5.20%;2、LED 显示 控制系统-接收卡收入为 23,843.23 万元,占 ...
维力医疗(603309):业绩稳健增长,去库存结束+本土化布局驱动外销快速增长
GOLDEN SUN SECURITIES· 2025-05-08 01:58
Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 1.509 billion yuan, representing an 8.76% year-on-year increase, and a net profit of 219 million yuan, up 13.98% year-on-year. The growth in net profit outpaced revenue growth due to improved cost management and efficiency [1][2] - The domestic market is under short-term pressure due to policy disruptions, while the overseas market is recovering as inventory issues are resolved, leading to a significant increase in export revenue [2][3] - The company is accelerating its overseas localization strategy, with plans for new production bases to enhance global service capabilities and meet international market demands [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.509 billion yuan, a growth of 8.76% year-on-year, and a net profit of 219 million yuan, reflecting a 13.98% increase. The first quarter of 2025 saw revenue of 348 million yuan, up 12.60%, and a net profit of 59 million yuan, up 17.25% [1][4] - The gross margin for 2024 was 44.53%, with a slight decrease of 1.36 percentage points year-on-year. The sales expense ratio was 10.48%, down 0.93 percentage points, and the management expense ratio was 8.61%, down 1.02 percentage points [2] Market Dynamics - The domestic market faced challenges with a 5.39% decline in internal sales revenue, totaling 683 million yuan, while overseas sales revenue reached 797 million yuan, marking a 23.74% increase [2] - The company is expanding its overseas customer base, with significant growth in regions such as North America, Europe, and Southeast Asia, and plans to establish new production bases in Mexico and Southeast Asia [3] Future Projections - Revenue projections for 2025-2027 are estimated at 1.751 billion yuan, 2.052 billion yuan, and 2.414 billion yuan, respectively, with year-on-year growth rates of 16.0%, 17.2%, and 17.7%. Net profit is expected to reach 264 million yuan, 318 million yuan, and 383 million yuan, with growth rates of 20.1%, 20.7%, and 20.6% [3][4]