Investment Rating - The report maintains a "Buy" rating for the company [8][5] Core Views - The company reported a revenue of 5.57 billion RMB in 2024, a year-over-year decrease of 28.50%, and a net loss attributable to shareholders of 1.29 billion RMB, a year-over-year increase of 361.98% [1] - The first quarter of 2025 saw a revenue increase of 52.22% year-over-year, reaching 2.02 billion RMB, with a net profit of 302 million RMB, indicating a turnaround driven by the new game "Zhu Xian World" [1][2] - The company is focusing on high-quality game projects and expects new titles like "Yihuan" and "Zhu Xian 2" to contribute positively to future performance [3] Summary by Sections Financial Performance - In 2024, the gaming business reported a net loss of 725 million RMB, compared to a profit of 490 million RMB in the previous year, primarily due to project closures and underperforming titles [3] - The first quarter of 2025 saw the gaming business revenue grow by 10.37% to 1.42 billion RMB, with a net profit of 292 million RMB [2] Revenue and Profit Forecast - The company expects a net profit of 640 million RMB in 2025, adjusted down from previous estimates, and an increase to 1.42 billion RMB in 2026 [5][14] - The target price for the stock is set at 14.63 RMB, based on a 20x PE valuation for 2026 [5][9] Cost and Margin Analysis - The gross margin for the first quarter of 2025 was 52.29%, a decrease of 14.65 percentage points, attributed to the increased revenue from the lower-margin film business [4] - The report indicates a significant reduction in expense ratios across sales, management, and R&D due to increased revenue and the absence of prior optimization costs [4]

证券研究报告 格尔软件 (603232 CH) 市场拓展有望带动 25 年业绩修复 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 计算机应用 | 格尔软件 24 年实现营收 5.29 亿元（yoy-5.71%），归母净利 3681.21 万元 （yoy-0.42%），扣非净利 1569.42 万元（yoy+233.45%）。公司 24 年业绩 低于我们此前预期，主要由于公司业务转型下通用安全产品收入显著收窄， 但受益于高毛利业务收入占比提升，公司 24 年净利率提升 0.37pct。我们 认为，受益于司法、运营商、烟草等新行业客户拓展以及"一带一路"沿线 国家的海外客户拓展，公司 25 年业绩有望修复，维持"买入"评级。 高毛利业务收入占比提升，费用管控能力逐步凸显 分业务看，PKI 基础设施产品、PKI 安全应用产品、通用安全产品 24 年收 入为 1.58/2.48/1.23 亿元，同比+41.41%/+10.64%/-45.28%；24 年毛利率 为 52.19%、63.08%、29.46%，同比+1 ...

证券研究报告 芯原股份 (688521 CH) Q1 定制业务持续高增 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 半导体 | 公司公布 2024 年报与 2025 年一季报：公司 2024 年全年实现营收 23.22 亿元，同比下降 0.69%，归母净利润亏损 6.01 亿元。1Q25 公司实现营收 3.90 亿元，同比增长 22.49%，环比下降 42.01%，归母净利润-2.20 亿元， 主因季节性因素有所波动。1Q25 毛利率 39.06%，同环比分别提升 -6.64/5.72pct。毛利率同环比变化主因产品结构变化，芯片定制业务占比同 比有所上升，环比有所下降。净利润亏损主因研发费用维持高位，1Q25 研 发费率 77.12%，研发费用同增 4.53%。我们看好公司在 AIGC、Chiplet 领 域的前瞻投入和技术优势，中长期业绩有望持续增长，维持"买入"评级。 1Q25 回顾：定制业务非设计厂占比维持高位，看好 AI 驱动 IP 营收增长 1Q25 芯片定制业务实现营收 2.7 亿元，同增 ...

证券研究报告 国投智能 (300188 CH) 鉴真平台需求有望加速释放 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 计算机应用 | 公司发布 2025 年一季报，实现营业收入 2.15 亿元，同比增长 10.86%，归 母净利润亏损 1.26 亿元，去年同期亏损 0.34 亿元，亏损加大的原因主要是 去年同期公司取得 1.4 亿元的投资收益。扣除投资收益影响，公司扣非净利 润亏损 1.28 亿元，去年同期亏损 1.61 亿元，减亏来自于公司收入增长以及 公司费用管控能力进一步加强。我们预计 2025 年公司天擎公共安全大模型、 鉴真工作站等 AI 产品销售放量，全年收入有望恢复增长，维持买入评级。 费用及应收管控能力显著加强 2025Q1 公司毛利率为 35.20%，同比下降 6.04pct，销售/管理/研发费率分 别为 35.99%/35.00%/43.71%，同比下降 6.98/6.01/16.04pct，费用管控能 力显著加强。公司销售商品、提供劳务收入为 2.91 亿元，同比增长 16.34%， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company is expected to experience rapid growth in its data center and computing power equipment-related businesses, driven by the booming AI applications and the adoption of liquid cooling solutions [1][4]. - The company has increased its R&D investment and capacity expansion, which is anticipated to lay a solid foundation for capturing opportunities in the AIDC industry cycle [3][4]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue reached 4.589 billion RMB, a year-on-year increase of 30.04%, while the net profit attributable to the parent company was 453 million RMB, up 31.59% [1]. - The company's gross margin for Q1 2024 was 28.75%, reflecting a decline of 3.6 percentage points year-on-year, primarily due to accounting policy adjustments and rising commodity prices [3]. - The company’s revenue from the data center cooling business grew by 48.83% to 2.441 billion RMB in 2024, driven by high demand for data center construction [2]. Business Segments - The data center cooling business is expected to continue its rapid growth, benefiting from the high demand for AI and the introduction of liquid cooling technology [2]. - The cabinet cooling business also saw a year-on-year growth of 17.03% to 1.715 billion RMB, with the energy storage segment growing by 22% to 1.5 billion RMB [2]. Future Projections - The company’s net profit is projected to reach 6.29 billion RMB in 2025, 7.82 billion RMB in 2026, and 9.61 billion RMB in 2027, with a downward adjustment of 20% and 24% for 2025 and 2026, respectively [4]. - The target price for the company is set at 36.35 RMB, based on a PE ratio of 43 times for 2025 [4][7].

证券研究报告 用友网络 (600588 CH) 云转型顺利，看好 AI 业务机遇 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 27 日│中国内地 | 计算机应用 | 用友网络发布一季报，2025Q1 实现营收 13.78 亿元（yoy-21.22%），归母 净利-7.36 亿元（yoy-62.41%），扣非净利-7.94 亿元（yoy-76.00%）。公司 25Q1 收入下滑明显，主要受 24Q4 及 25 年 1 月合同签约金额同比下降影 响。25 年 2 月起公司合同签约金额已恢复正增长，呈现改善趋势，我们认 为，AI 战略驱动下有望带动公司 25 年业绩加速修复，维持"买入"评级。 Q1 订阅负债提升，云业务有望进一步发展 25Q1 用友网络云服务累计付费客户数达 91.88 万家，新增云服务付费客户 数 4.63 万家。订阅相关合同负债为 22.7 亿元，同比+25.0%。分客户看，1） 大型企业：25Q1 新增一级央企签约 1 家，累计签约 45 家，新增中国南水 北调、中油燃气、水电五局等头部客户；2）中型企业：25 ...

Investment Rating - The investment rating for Runben Co., Ltd. (603193) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on recent performance and product launches [1]. Core Views - The report highlights the successful promotion of new sunscreen products and the promising potential of the youth series, indicating a strong growth trajectory for the company [1][2]. - The company achieved a revenue of 1.318 billion yuan in 2024, reflecting a year-on-year growth of 27.6%, and a net profit of 300 million yuan, up 32.8% year-on-year [1][4]. - The first quarter of 2025 saw a revenue of 240 million yuan, representing a 44% increase year-on-year, with a net profit of 44 million yuan, up 24.6% year-on-year [1]. Summary by Relevant Sections Financial Performance - In 2024, the company's baby care products generated revenue of 690 million yuan, a 32.4% increase year-on-year, with a gross margin of 59.8% [2]. - The first quarter of 2025 for baby care products showed a revenue of 179 million yuan, a remarkable 65.6% increase year-on-year, driven by higher average prices of new products [2]. - The company's gross margin for Q1 2025 was 57.7%, with a net profit margin of 18.4% [3]. Product Development - The sunscreen gel launched in February 2025 is expected to see rapid sales growth due to its favorable skin feel and cost-effectiveness [2]. - The mosquito repellent segment also showed strong performance, with revenue of 439 million yuan in 2024, a 35.4% increase year-on-year [2]. Profit Forecast - The forecast for net profit for Runben Co., Ltd. from 2025 to 2027 is projected to be 400 million yuan, 530 million yuan, and 704 million yuan respectively, with corresponding P/E ratios of 36X, 27X, and 20X [3].

离子注入机订单持续增长，平台化战略 初现成效 事件：4 月 25 日，公司发布 2024 年度报告及 25 年一季报 1）2024 年公司实现营业收入 5.81 亿元，同比-39.72%；实现归母净 利润 1.08 亿元，同比-28.85%；实现扣非后归母净利润-0.55 亿元， 同比-170.63%。 2）25Q1 公司实现营业收入 1.92 亿元，同比+94.09%；实现归母净利 润-0.2 亿元，同比-23.22%；实现扣非后归母净利润-0.04 亿元，同 比-131.03%。 集成电路领域累计获单 19 亿元，离子注入机业务加速突破 24 年公司集成电路设备业务实现多维突破，旗下凯世通及嘉芯半导 体全年新增订单 2.4 亿元，2020 年至今累计订单规模达 19 亿元，其 中凯世通获得 3 家头部客户批量重复订单，并成功开拓 2 家新客户。 分产品看，截至 24 年底凯世通的主要产品在客户销售方面取得显著 成果，其中低能大束流离子注入机客户突破 11 家；超低温离子注入 机客户突破 7 家；高能离子注入机客户突破 2 家。技术研发方面，凯 世通先后量产了技术难度最高、市场需求最大的低能大束流离子注入 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company experienced a temporary performance pressure in Q1 2025, with revenue of 40 billion yuan, down 7% year-on-year and 33% quarter-on-quarter, and a net profit of 1.75 billion yuan, down 46% year-on-year and 23% quarter-on-quarter [1] - The company is expected to enter a growth phase as new product cycles begin, with potential for a sales upturn driven by refined product offerings and direct sales channel expansion [4] - The company has significant export potential and a diverse product lineup, which is anticipated to enhance profitability as new models are introduced [4] Revenue Summary - In Q1 2025, total sales were 275,000 units, a decrease of 7% year-on-year, with export sales at 91,000 units, down 2% year-on-year [2] - The average selling price (ASP) per vehicle was 156,000 yuan, remaining stable year-on-year but down 3,000 yuan quarter-on-quarter [2] Profit Summary - The comprehensive gross margin for Q1 2025 was 17.8%, a decrease of 1.5 percentage points year-on-year, attributed to reduced scale effects and increased terminal discounts [3] - Sales expenses increased to 2.3 billion yuan, up approximately 900 million yuan year-on-year, primarily due to investments in direct sales and marketing for new vehicle launches [3] - Non-recurring gains and losses were 280 million yuan, down 900 million yuan year-on-year, mainly due to delayed confirmation of scrap tax refunds [3] Outlook Summary - The mainstream market for new vehicles is expected to see a sales upturn, with successful initial results from new models like the Menglong and New Blue Mountain [4] - The Hi4Z technology is anticipated to significantly enhance the Tank brand's market penetration and profitability [4] - The company is well-positioned for growth with a comprehensive product range and strong technical reserves, particularly in the export market [4] Investment Recommendations - The report forecasts net profits of 14.03 billion yuan, 17.40 billion yuan, and 20.96 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14.1, 11.4, and 9.5 times [5] - A target price of 32.79 yuan per share is set for the next six months based on a 20 times PE for 2025 [5]

Investment Rating - The report maintains a "Buy-A" rating for the company with a target price of 19.6 yuan, reflecting a 20x PE valuation for 2025 [3][5]. Core Insights - The company reported a revenue of 5.118 billion yuan and a net profit of 1.628 billion yuan for 2024, with year-on-year growth rates of 19.16% and 11.41% respectively. For Q1 2025, revenue was 1.353 billion yuan and net profit was 518 million yuan, showing year-on-year growth of 3.46% and 21.57% [1]. - The mobile gaming segment, which accounts for 80% of total revenue, grew by 13.38% year-on-year, although its gross margin decreased by 2.75 percentage points. The overseas business saw a remarkable growth of 222%, albeit with a low revenue contribution of about 7%, and its gross margin improved by 8.53 percentage points [1][2]. - The company has a clear positioning in the gaming industry, focusing on IP games, and has successfully launched new IPs while maintaining classic titles. The overseas expansion strategy is expected to continue driving growth in 2025 [2]. Financial Performance Summary - The company is projected to achieve revenue growth rates of 22.8%, 15%, and 15% for 2025-2027, with net profit growth rates of 29.4%, 15%, and 10% respectively. The expected EPS for these years are 0.98 yuan, 1.13 yuan, and 1.23 yuan [3][8]. - The financial metrics indicate a stable performance with a net profit margin of 34.0% in 2023, projected to be 33.5% in 2025, and a return on equity (ROE) of 27.9% in 2023, expected to decline to 22.6% by 2025 [8][9].