Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant year-on-year increase in net profit of 84% for Q1 2024, indicating a strong recovery in profitability [5] - The growth in revenue is driven by increasing demand in high-speed network communication, computing power, and server-related needs, with a notable performance in the PCB business [7] - The company is well-positioned to benefit from the domestic growth in computing power and the demand for optical communication and automotive electronics [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 17,907 million, with a year-on-year growth rate of 32.4% [6] - The net profit attributable to the parent company is expected to reach 2,357 million in 2025, reflecting a growth rate of 25.5% [6] - The company anticipates a steady increase in revenue and net profit over the next few years, with projections of 20,485 million in revenue and 2,357 million in net profit for 2025 [9] Business Segments Performance - PCB business revenue reached 10,494 million in 2024, with a year-on-year increase of 29.99%, driven by demand in communication devices and data centers [7] - The packaging substrate segment reported revenue of 3,171 million, showing a year-on-year growth of 37.49% despite a decline in gross margin due to rising raw material costs [7] - The electronic assembly business generated revenue of 2,823 million, with a year-on-year increase of 33.20% [7] Capacity Expansion and Strategic Developments - The company is progressing with the construction of its factories in Thailand and Nantong, aiming to enhance production capacity [7] - The second phase of the Wuxi factory has achieved monthly breakeven, and the Guangzhou packaging substrate project is receiving bulk orders [7] - The company maintains its profit forecast, expecting continued growth driven by breakthroughs in computing power, optical communication, and automotive orders [7]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company reported Q1 2025 revenue of 555 million yuan, a year-on-year increase of 23.96%, and a net profit attributable to shareholders of 139 million yuan, up 25.33% year-on-year [1]. - The company has successfully opened its first overseas factory in Indonesia, which is expected to accelerate its international expansion [6]. - The company has a robust order backlog, with new contracts signed in Q1 2025 amounting to 777 million yuan, a 30.41% increase year-on-year [6]. - The company is well-positioned to benefit from the ongoing investment in China's power grid, which saw a 24.8% increase in investment in the first quarter of 2025 [6]. - The company is focusing on digital power grids and smart cities, with expectations for continued domestic business expansion and significant growth in overseas markets [6]. Financial Data and Valuation - Total revenue is projected to grow from 2.225 billion yuan in 2023 to 6.146 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 30% [2][14]. - Net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 1.280 billion yuan in 2027, reflecting a CAGR of 27% [2][14]. - The company's price-to-earnings (PE) ratio is projected to decrease from 34.0 in 2023 to 14.0 in 2027, indicating improving valuation metrics [2][15]. - The return on equity (ROE) is expected to rise from 20.8% in the most recent twelve months to 25.6% by 2027, showcasing enhanced profitability [3][15]. Business Developments - The company has established a new factory in Indonesia, which is expected to produce millions of units of various smart energy products [6]. - The company has secured international certifications for its self-developed communication chip modules, laying the groundwork for future overseas orders [6]. - The company is actively involved in the development of a rapid maglev transportation system, indicating its commitment to innovation and technology advancement [6].

2025 年 4 月 26 日 公司研究 行业竞争加剧，24 年业绩承压，1Q25 毛利率环比改善 ——中顺洁柔（002511.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：6.53 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 021-52523872 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 12.93 | | --- | --- | | 总市值(亿元)： | 84.40 | | 一年最低/最高(元)： | 5.93/9.00 | | 近 3 月换手率： | 43.20% | 股价相对走势 -27% -15% -3% 9% 21% 04/24 07/24 10/24 01/25 中顺洁柔 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 2.55 | -0.35 | -30.42 | | 绝对 | -1.21 | -1.21 | -23.22 | | ...

2025 年 04 月 26 日 东阳光 (600673) ——制冷剂景气叠加化成箔成本改善，25Q1 业绩同环比 高增，液冷与具身智能共创未来 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12,199 | 3,347 | 13,854 | 15,405 | 16,965 | | 同比增长率（%） | 12.4 | 18.3 | 13.6 | 11.2 | 10.1 | | 归母净利润（百万元） | 375 | 278 | 1,415 | 1,782 | 2,137 | | 同比增长率（%） | - | 181.5 | 277.2 | 26.0 | 19.9 | | 每股收益（元/股） | 0.13 | 0.10 | 0.47 | 0.59 | 0.71 | | 毛利率（%） | 14.6 | 20.3 | 21.1 | 22.3 | 23.6 | | ROE（%） | 4.1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in New Business Value (NBV) by 39% year-on-year, driven by the performance of the bancassurance channel [8] - The combined ratio (COR) improved year-on-year, indicating better underwriting performance [8] - The company’s first-quarter results showed a slight decline in operating revenue and net profit, but the outlook remains positive due to strategic initiatives [8] Financial Performance Summary - **Revenue Forecast**: - 2023A: 323,945 million - 2024A: 404,089 million (up 24.74%) - 2025E: 414,571 million (up 2.59%) [1] - **Net Profit Forecast**: - 2023A: 27,257 million - 2024A: 44,960 million (up 64.95%) - 2025E: 48,864 million (up 8.68%) [1] - **Earnings Per Share (EPS)**: - 2023A: 2.83 - 2024A: 4.67 - 2025E: 5.08 [1] - **Valuation Metrics**: - Current market capitalization corresponds to a 2025E Price to Embedded Value (PEV) of 0.50x and Price to Book (PB) of 0.90x, indicating the stock is undervalued [8] Business Segment Performance - **Life Insurance**: - NBV reached 57.8 billion, with a year-on-year increase of 39% on a comparable basis [8] - Bancassurance channel new business premium increased by 130.7% year-on-year [8] - **Property and Casualty Insurance**: - The combined ratio improved to 97.4%, a decrease of 0.6 percentage points year-on-year [8] - Original premium income for property insurance was 631 billion, up 1% year-on-year [8] Investment Performance - **Investment Assets**: - Total investment assets reached 28,102 billion, an increase of 2.8% from the beginning of the year [8] - The annualized net investment yield remained stable at 0.8% [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company achieved steady revenue and profit growth in 2024, with a revenue of 1.318 billion yuan, a year-on-year increase of 27.61%, and a net profit of 300 million yuan, up 32.8% year-on-year. The gross margin improved to 58.17%, and the net margin increased to 22.77% [2][5]. - In Q1 2025, the company reported a revenue of 240 million yuan, reflecting a significant year-on-year growth of 44%, and a net profit of 44 million yuan, up 24.6% year-on-year [2]. Revenue Breakdown - The baby care segment generated 690 million yuan in revenue, a 32.42% increase year-on-year, while the mosquito repellent segment saw revenue of 439 million yuan, up 35.39% year-on-year. The essential oil segment achieved 158 million yuan, with a growth of 7.88% year-on-year [3]. - The company launched over 90 new products in 2024, focusing on market demands in the youth oil control, acne treatment, hair care, baby sunscreen, and children's makeup categories for 2025 [3]. Channel Performance - Online sales channels contributed significantly, with direct sales, platform distribution, and platform agency sales generating revenues of 774 million yuan, 165 million yuan, and 31 million yuan respectively, showing year-on-year growth rates of 24.84%, 23.38%, and 4.06% [4]. - The company has established a comprehensive sales network, maintaining a leading market share on platforms like Tmall, JD.com, and Douyin, while also expanding offline partnerships with quality retailers [4]. Profit Forecast - The company is expected to achieve net profits of 394 million yuan, 507 million yuan, and 635 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97 yuan, 1.25 yuan, and 1.57 yuan per share [5][7].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the new business value (NBV) increased by 39% year-on-year, driven by strong performance in the bancassurance channel [1][8] - The combined ratio (COR) improved year-on-year, indicating better underwriting performance [8] - The report notes a decline in total revenue by 1.8% year-on-year for Q1 2025, with a net profit attributable to shareholders decreasing by 18.1% [8] Financial Performance Summary - **Revenue Forecasts**: - 2023A: 323,945 million - 2024A: 404,089 million - 2025E: 414,571 million - 2026E: 416,653 million - 2027E: 418,358 million - Year-on-year growth rates: -2.47% (2023A), 24.74% (2024A), 2.59% (2025E), 0.50% (2026E), 0.41% (2027E) [1][22] - **Net Profit Forecasts**: - 2023A: 27,257 million - 2024A: 44,960 million - 2025E: 48,864 million - 2026E: 46,875 million - 2027E: 46,101 million - Year-on-year growth rates: -27.08% (2023A), 64.95% (2024A), 8.68% (2025E), -4.07% (2026E), -1.65% (2027E) [1][22] - **Earnings Per Share (EPS)**: - 2023A: 2.83 - 2024A: 4.67 - 2025E: 5.08 - 2026E: 4.87 - 2027E: 4.79 [1][22] - **Valuation Metrics**: - Current market capitalization is 296,498.92 million with a price-to-earnings (P/E) ratio of 7.93 for 2022 and projected P/E of 6.07 for 2025E [5][22] Business Segment Performance - **Life Insurance**: - New business value (NBV) reached 57.8 million, with a year-on-year increase of 39% on a comparable basis [8] - Individual insurance new premium decreased by 15.2%, while bancassurance new premium surged by 130.7% [8] - **Property and Casualty Insurance**: - The combined ratio improved to 97.4%, a decrease of 0.6 percentage points year-on-year [8] - Total premium income for property insurance was 631 million, reflecting a 1% increase year-on-year [8] - **Investment Performance**: - Total investment assets reached 28,102 million, up 2.8% from the beginning of the year [8] - The annualized net investment yield remained stable at 0.8% [8]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 68.18 CNY per share, maintaining the rating [5]. Core Views - The semiconductor business continues to grow, while the display segment is awaiting a cyclical recovery [3]. - The company reported a revenue of 2.565 billion CNY in 2024, a year-on-year increase of 5.59%, but a net profit loss of 98 million CNY, a decline of 165.02% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 689 million CNY, a year-on-year increase of 64.92%, and a net profit of 38 million CNY, a year-on-year increase of 336.06% [1]. Summary by Sections Display Sector - In 2024, the display sector's revenue was 1.591 billion CNY, down 8.98% year-on-year, impacted by geopolitical tensions and weak economic recovery [8]. - The company adopted a proactive pricing strategy due to intensified competition, resulting in a decline in gross margin by 9.02 percentage points to 38.36% [8]. - Significant progress was made in product development, particularly in new display technologies and AR/VR, securing exclusive orders from top global clients [8]. Semiconductor Sector - The semiconductor business saw a remarkable growth in 2024, with revenue reaching 768 million CNY, up 94.65% year-on-year, accounting for 29.94% of total revenue [8]. - By the end of 2024, the semiconductor sector had an order backlog of 1.668 billion CNY, representing 58.65% of total orders, driving the company's performance [8]. - The company has made technological advancements in 14nm and 7nm process defect detection equipment, with ongoing validations for more advanced processes [8]. New Energy Sector - The new energy sector generated revenue of 167 million CNY in 2024, a decrease of 30.71% year-on-year, affected by supply-demand imbalances and increased competition [9]. - The gross margin for this sector was 30.81%, down 4.54 percentage points year-on-year [9]. Financial Projections - Revenue projections for 2025-2027 are 3.668 billion CNY, 4.475 billion CNY, and 5.294 billion CNY, respectively, with net profits expected to be 224 million CNY, 362 million CNY, and 568 million CNY [10]. - The company is valued at a PS ratio of 5.2 times for 2025, reflecting its growth potential in the display and semiconductor sectors [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The report highlights that short-term performance fluctuations do not alter the long-term growth trajectory of the company [5][11]. - The company experienced significant improvement in Q4 2024 performance, primarily due to the increased contribution from the automotive business [5][11]. - For Q1 2025, the company reported a decline in net profit, attributed to several factors including a decrease in gross margin and reduced investment income [11]. Financial Performance Summary - In Q4 2024, the company achieved revenue of 1.328 billion yuan, representing a year-on-year growth of 43.72% and a quarter-on-quarter growth of 11.78%. The net profit attributable to the parent company was 164 million yuan, up 50.54% year-on-year and 8.40% quarter-on-quarter [5][11]. - The gross margin for Q4 2024 was 33.34%, an increase of over 2 percentage points year-on-year [5][11]. - In Q1 2025, the company reported revenue of 1.196 billion yuan, a year-on-year increase of 15.02%, but the net profit decreased by 23.80% year-on-year [5][11]. Business Segment Performance - In 2024, the automotive connector segment generated revenue of 1.461 billion yuan, a year-on-year increase of 77.42%, with a gross margin of 39.35% [11]. - The RF connector segment reported revenue of 1.04 billion yuan, up 30.12% year-on-year, with a gross margin of 43.16% [11]. - The EMC components segment achieved revenue of 913 million yuan, a year-on-year increase of 14.75%, with a gross margin of 30.78% [11]. - The soft board segment saw revenue of 538 million yuan, a year-on-year increase of 73.06%, with a gross margin of 12.61% [11]. Future Outlook - The company is expected to benefit from the trend of automotive intelligence, which will drive demand for high-frequency and high-speed connectors [11]. - The report projects that the net profit attributable to the parent company will reach 812 million yuan, 1.023 billion yuan, and 1.245 billion yuan for the years 2025, 2026, and 2027, respectively [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 4.135 billion yuan for 2024, representing a year-on-year increase of 10.79%. However, the net profit attributable to shareholders decreased by 10.58% to 726 million yuan, and the net profit excluding non-recurring items fell by 18.44% to 692 million yuan [2][6] - In Q4 2024, the company achieved a revenue of 1.084 billion yuan, a year-on-year increase of 47.41%, but a quarter-on-quarter decrease of 4.36%. The net profit attributable to shareholders was 57 million yuan, down 52.27% year-on-year and down 76.19% quarter-on-quarter [2][6] - The company’s oil and gas production reached a historical high, with crude oil production of 854,600 tons, an increase of 25.42% year-on-year, and total oil and gas equivalent production exceeding 1 million tons for the first time [11] - The company has significant oil reserves, with new proven geological reserves of 13.2342 million tons of oil and 1.402 billion cubic meters of natural gas reported from various oil fields [11] - The company is expected to achieve net profits of 840 million yuan, 1.26 billion yuan, and 1.46 billion yuan for the years 2025 to 2027, assuming a Brent crude oil price of approximately 63 USD per barrel [11] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 4.135 billion yuan, with a gross profit of 1.902 billion yuan, resulting in a gross margin of 46% [16] - The company’s operating profit was 968 million yuan, representing 23% of total revenue [16] - The projected revenues for 2025, 2026, and 2027 are 4.460 billion yuan, 5.454 billion yuan, and 6.258 billion yuan respectively [16] Production and Reserves - The company’s oil production from the Wensu project was 654,600 tons, and from the Jiange project was 200,000 tons, contributing significantly to the overall production [11] - The EBN block in Iraq has an estimated original oil geological reserve of approximately 12.365 billion barrels, while the MF block has about 2.813 billion barrels [11] Market Position - As the first private enterprise in China to own oil fields, the company is positioned for future growth, supported by its low-cost production advantage [11]