Investment Rating - The investment rating for the company is "Recommended" [1][3] Core Views - The company has achieved significant growth in its operating performance, with a revenue of 10.731 billion yuan in 2024, representing a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% year-on-year [3][7] - In Q1 2025, the company reported a revenue of 4.312 billion yuan, a remarkable year-on-year increase of 80.31%, and a net profit of 921 million yuan, which is a staggering 339.22% increase year-on-year [3][7] - The company is positioned as a leader in the AI PCB industry, capitalizing on the growing demand for AI-related products and technologies [7][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.731 billion yuan and a net profit of 1.154 billion yuan, with gross and net profit margins of 22.72% and 10.76% respectively [6][12] - For Q1 2025, the company reported a revenue of 4.312 billion yuan and a net profit of 921 million yuan, with gross and net profit margins significantly improving to 33.37% and 21.35% respectively [7][12] - The company forecasts a net profit growth of no less than 30% in Q2 2025, with a year-on-year increase of over 360% for the first half of 2025 [7] Product and Market Position - The company has achieved breakthroughs in AI-related products, including high-precision PCBs and AI servers, with a global market share leading in AI computing cards and AIDC [7][8] - The company has a comprehensive product range, including 70-layer high-precision PCBs and 28-layer HDI boards, and is actively developing next-generation products [8][10] - The company is also a major supplier for electric vehicle PCBs, expanding its client base with top-tier automotive customers [8] Future Projections - The company is expected to see continued growth, with projected net profits of 4.355 billion yuan in 2025, 5.939 billion yuan in 2026, and 7.015 billion yuan in 2027, reflecting a strong upward trend in profitability [10][12] - The price-to-earnings ratio is projected to decrease from 14.8 in 2025 to 9.2 in 2027, indicating an attractive valuation as earnings grow [12]

通信/通信设备 亨通光电（600487.SH） 业绩符合预期，充沛在手订单助力长期成长 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 15.25 | | 一年最高最低(元) | 19.45/12.18 | | 总市值(亿元) | 376.18 | | 流通市值(亿元) | 372.89 | | 总股本(亿股) | 24.67 | | 流通股本(亿股) | 24.45 | | 近 3 个月换手率(%) | 156.73 | 股价走势图 数据来源：聚源 -16% 0% 16% 32% 48% 2024-04 2024-08 2024-12 亨通光电 沪深300 相关研究报告 《扣非归母净利润同比高增，通信新 能源在手订单丰富—公司信息更新报 告》-2024.10.28 《光通信领军企业，"通信+新能源" 驱动长期成长—公司首次覆盖报告》 -2024.10.24 蒋颖（分析师） jiangying@kysec.cn 证书编号：S0790523120003 扣非归母净利润同比增长，看好公司长期成长 2025 年 4 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9][14] Core Views - The company's revenue is experiencing rapid growth driven by cloud computing, with a 21.91% year-on-year increase in Q1 2025, reaching 1.262 billion yuan [4][8] - The company is focusing on upgrading its product and service capabilities towards AI, which is expected to enhance its market position [8][9] - The net loss for Q1 2025 narrowed by 48.93% year-on-year, indicating improved financial performance despite ongoing challenges [4][8] Financial Performance Summary - **Revenue Growth**: The company achieved a revenue of 12.62 billion yuan in Q1 2025, up 21.91% year-on-year, primarily due to strong growth in cloud business orders [4][8] - **Profitability**: The net profit attributable to shareholders was -2.50 billion yuan, with losses narrowing by 48.93% year-on-year [4][8] - **Cost Management**: The company successfully reduced its expense ratio by 28.6 percentage points to 88.0% in Q1 2025, with significant decreases in sales, management, and R&D expense ratios [8] - **Gross Margin**: The gross margin improved by 2.2 percentage points to 60.4% [8] Future Earnings Forecast - The company is projected to achieve net profits of 4.09 billion yuan, 5.29 billion yuan, and 6.96 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97 yuan, 1.25 yuan, and 1.65 yuan [9][12] - The report anticipates a strong growth trajectory in revenue, with expected year-on-year growth rates of 15.4%, 16.6%, and 17.0% for the years 2025, 2026, and 2027 respectively [12] Market Position and Competitive Advantage - The company is recognized as a leading ICT provider in China, particularly in the network security sector, and holds a strong market position in cloud computing and IT infrastructure [9][12] - The company has launched its self-developed security model "Security GPT," which has shown significant effectiveness in reducing security alerts and improving response efficiency [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term performance pressure but is expected to benefit from long-term growth in the communication energy market [4][5] - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, while the net profit attributable to shareholders decreased by 8.94% to 2.838 billion yuan [4] - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year growth of 18.37%, but a quarter-on-quarter decrease of 28.99% [4] - The company has a strong order backlog in the energy network sector, amounting to approximately 31.2 billion yuan as of April 23, 2025 [5] Financial Summary - Revenue projections for 2025-2027 are 53.642 billion yuan, 59.508 billion yuan, and 66.036 billion yuan respectively, with year-on-year growth rates of 11.6%, 10.9%, and 11.0% [6][9] - The net profit attributable to shareholders is projected to be 3.102 billion yuan in 2025, 3.311 billion yuan in 2026, and 3.523 billion yuan in 2027, with respective growth rates of 9.3%, 6.7%, and 6.4% [6][9] - The company's gross margin is expected to decline slightly from 14.2% in 2025 to 13.9% in 2027 [6][9] - The price-to-earnings (P/E) ratio is projected to be 15.3, 14.3, and 13.5 for 2025, 2026, and 2027 respectively [6][9] Research and Development - The company invested 1.944 billion yuan in R&D in 2024, representing a year-on-year increase of 2.42%, with an R&D expense ratio of 4.04% [6] - In Q1 2025, R&D expenses reached 404 million yuan, with an R&D expense ratio of 4.14% [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's operating performance is under pressure in 2024, with a revenue forecast of 12.39 billion yuan, a year-on-year decrease of 20.72%, and a net profit of 27 million yuan, down 96.76% [4] - The company is optimistic about the potential of marketing reforms to drive business development and maintain a "Buy" rating despite the current challenges [4] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 553 million yuan, 622 million yuan, and 700 million yuan respectively [4] Financial Performance Summary - In 2024, the company achieved a revenue of 12.39 billion yuan, with a net profit of 27 million yuan and a gross margin of 39.32% [4][7] - The revenue breakdown shows a significant decline in the pharmaceutical industry segment, with a revenue of 7.04 billion yuan, down 32.25%, while the health and international business segment grew by 39.43% to 461 million yuan [5] - The company's expenses include a sales expense ratio of 26.54%, a management expense ratio of 5.49%, and a research and development expense ratio of 2.26% [4] Marketing and Business Transformation - The company is deepening its marketing reforms, focusing on academic foundations and enhancing marketing collaboration [6] - It aims to improve brand image and reach younger audiences through innovative marketing strategies [6] Financial Projections - The company forecasts revenues of 12.68 billion yuan in 2025, 13.23 billion yuan in 2026, and 14.07 billion yuan in 2027, with corresponding net profits of 553 million yuan, 622 million yuan, and 700 million yuan [7][9] - The projected EPS for 2025, 2026, and 2027 is 0.99 yuan, 1.12 yuan, and 1.26 yuan respectively [4][9]

Investment Rating - The report maintains a "Recommended" investment rating for Runben Co., Ltd. (603193.SH) [1][8] Core Viewpoints - The company is expected to achieve a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, with a net profit of 300 million yuan, up 32.8% [4] - The growth in revenue is driven by the mosquito repellent business, which is projected to grow by 35.39% to 439 million yuan, and the baby care series, which is expected to generate 690 million yuan in revenue, a year-on-year increase of 32.42% [5] - The company plans to launch over 90 new products in 2024, demonstrating its commitment to innovation and responsiveness to market demands [5] Financial Summary - The total market capitalization of the company is 14.1 billion yuan, with a total share capital of 405 million shares [1] - The company’s gross margin for 2024 is projected to be 58.17%, an increase of 1.83 percentage points, while the net margin is expected to be 22.77%, up 0.89 percentage points [4] - The company’s online sales are anticipated to reach 970 million yuan in 2024, reflecting a year-on-year growth of 23.80% [5] - The projected earnings per share (EPS) for 2024 is 0.74 yuan, with a price-to-earnings (P/E) ratio of 47.0 [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][9]. Core Views - The company's overall performance in Q1 2025 faced pressure, with revenue of 664 million yuan, down 17.9% year-on-year, and net profit attributable to shareholders of 444 million yuan, down 15.87% year-on-year. The decline is attributed to the overall pressure on the aesthetic medicine terminal market, but future overseas acquisitions are expected to open new growth opportunities [1][5]. - The company announced plans to acquire 59.5% of Korean REGEN Biotech to strengthen its regenerative aesthetic product layout and leverage the acquisition to expand international market sales [1][5]. - The gross profit margin slightly decreased to 93.85%, down 0.7 percentage points year-on-year, influenced by changes in product structure. R&D investment intensity has increased, with R&D expense ratio at 8.82%, up 1.7 percentage points year-on-year [1][7]. Financial Performance and Forecast - The company forecasts revenue growth from 2,869.35 million yuan in 2023 to 4,377.70 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.74% [3]. - Net profit is projected to grow from 1,858.48 million yuan in 2023 to 2,802.90 million yuan in 2027, reflecting a CAGR of about 15.34% [3]. - The earnings per share (EPS) is expected to increase from 8.59 yuan in 2023 to 9.28 yuan in 2027 [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 2,123 million yuan, 2,430 million yuan, and 2,803 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24.6, 21.5, and 18.6 [2][9].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company, a leading player in the polyurethane sector, continues to experience growth in production and sales, although profitability has declined, impacting overall performance [5][8] - In 2024, the company achieved total revenue of 182.07 billion yuan, a year-on-year increase of 3.83%, while net profit attributable to shareholders fell by 22.49% to 13.03 billion yuan [4][5] - The report highlights the company's strong position in the MDI and TDI markets, with current capacities of 3.8 million tons/year and 1.11 million tons/year, respectively, expected to increase after new projects are completed [5][8] Summary by Sections Market Performance - The company's stock price is currently at 54.45 yuan, with a market capitalization of 171 billion yuan [1] Revenue and Profitability - The company reported a 16.22% increase in polyurethane production and a 15.40% increase in sales volume in 2024, contributing to a revenue growth of 13% in this segment [5] - The petrochemical segment also saw production and sales increases of 14.37% and 15.69%, respectively, with a revenue growth of 5% [5] - The fine chemicals and new materials segment experienced a production increase of 26.87% and sales increase of 27.65%, leading to a revenue growth of 19% [5] Cost and Cash Flow - The overall expense ratio has increased due to rising employee costs and depreciation, with sales, management, financial, and R&D expense ratios rising by 0.12, 0.26, 0.19, and 0.17 percentage points, respectively [6] - The net cash flow from operating activities for 2024 was 30.05 billion yuan, an increase of 32.56% year-on-year, primarily driven by increased sales volume [6] Future Outlook - The company is expected to face short-term performance pressure, but its unique position in the domestic polyurethane market remains strong, with new capacities set to further solidify its leading status [8] - Forecasted net profits for 2025, 2026, and 2027 are 15.27 billion yuan, 18.11 billion yuan, and 19.50 billion yuan, respectively, with corresponding P/E ratios of 11.2, 9.4, and 8.8 [8][10]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][28]. Core Views - The company's retail fundamentals remain solid, with a steady increase in market share and a high dividend payout further enhancing investor returns. Despite a challenging demand environment, the company has managed to maintain a resilient revenue base [3][28]. - The company reported a revenue of 6.27 billion yuan in 2024, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of 0.95 billion yuan, down 33.5% year-on-year. The decline in profit is primarily attributed to increased marketing expenses and reduced investment income [1][9]. - The company has successfully expanded its product offerings and market presence, particularly in the pipeline segment, which saw a volume increase of 2.3% year-on-year, despite revenue declines in specific product categories [2][15]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.27 billion yuan, with a net profit of 0.95 billion yuan and an EPS of 0.61 yuan per share. The fourth quarter revenue was 2.49 billion yuan, reflecting a year-on-year decline of 5.26% [1][9]. - The overall gross margin for 2024 was 41.7%, down 2.6 percentage points year-on-year, with a significant increase in sales expenses by 14% due to heightened marketing efforts [3][20]. Product and Market Development - The company reported a total pipeline sales volume of 300,000 tons in 2024, with revenues from PPR, PE, and PVC products showing declines of 1.7%, 6.9%, and 8.1% respectively. However, the company has successfully increased its market share in the pipeline segment [2][15]. - The overseas business showed promising growth, generating 0.36 billion yuan in revenue, a year-on-year increase of 26.7%, with Singapore operations turning profitable [2][15]. Cash Flow and Dividends - The company generated an operating cash flow of 1.15 billion yuan in 2024, despite a 16.5% decline year-on-year. The cash collection ratio remained healthy, supporting a high dividend payout of 0.943 billion yuan, resulting in a dividend payout ratio of 99% [3][20][28].

投资要点 ➢ ➢ ➢ ➢ ➢ ➢ ➢ -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 000300.SH 603617.SH 请阅读最后评级说明和重要声明 办公地址 石家庄 河北省石家庄市长安区跃进路 167 号源达办公楼 上海 上海市浦东新区峨山路 91 弄 100 号陆家嘴软件园 2 号楼 701 [MH 分析师声明 | | | | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 5.71 | 8.02 | 7.48 | 8.32 | 10.39 | 12.99 | 7.54 | 7.19 | 11.11 | | 13.87 17.32 | 21.64 | | | | | 1.68 | 1.85 | 2.90 | 3.61 | 4.51 ...