Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 73.598 billion yuan for 2024, representing a year-on-year growth of 20.23%, but incurred a net loss of 2.833 billion yuan. In Q1 2025, the revenue was 13.099 billion yuan, a decline of 19.38% year-on-year, while the net profit was 261 million yuan, an increase of 82.29% year-on-year, with a non-recurring net profit of 154 million yuan, up 277.91% year-on-year [2][6]. Financial Performance - In 2024, the semiconductor business generated revenue of 14.715 billion yuan with a gross margin of 37.47%, contributing a net profit of 2.297 billion yuan. The revenue breakdown by end market includes automotive (62.03%), mobile and wearable devices (7.99%), industrial and power (20.60%), computing devices (5.36%), and consumer electronics (3.74%). Geographically, revenue was distributed as follows: Europe and Middle East (23.36%), China (46.91%), Americas (9.25%), and others (20.47%) [11]. - The ODM business achieved revenue of 58.431 billion yuan in 2024, a year-on-year increase of 31.85%, with a gross margin of 2.73%. The business faced challenges due to low initial pricing of new projects, rising raw material costs, and increased labor costs, leading to a decline in gross margin [11]. - In Q1 2025, the semiconductor business revenue was 3.711 billion yuan, up 8.40% year-on-year, with a gross margin of 38.32% and a net profit of 578 million yuan. The ODM business generated revenue of 9.38 billion yuan with a gross margin of 4.31% [11]. Future Outlook - The company plans to focus on its semiconductor business, as the ODM business has shown significant volatility in profitability and has been impacted by new capacity investments. The semiconductor segment, particularly the automotive power device sector, is expected to benefit from trends in electrification, digitalization, automation, and green energy, which will drive market growth. The company is also positioned to benefit from the trend of semiconductor localization in China [11]. - Forecasted net profits for the company are projected to be 1.756 billion yuan in 2025, 2.354 billion yuan in 2026, and 2.923 billion yuan in 2027 [11].

丨证券研究报告丨 公司研究丨点评报告丨纳芯微（688052.SH） 报告要点 [Table_Summary] 2025 年一季度，公司实现收入 7.17 亿元、同比+97.82%、环比+20.66%，实现归母净利润-0.51 亿元、同比减亏显著。受益于汽车电子领域稳健增长+芯新品放量，泛能源领域需求逐步回暖， 叠加麦歌恩并表收入 1 亿元，公司一季度收入创历史新高。 分析师及联系人 research.95579.com 1 纳芯微（688052.SH） cjzqdt11111 [Table_Author] 杨洋 张梦杰 SAC：S0490517070012 SAC：S0490523120002 SFC：BUW100 请阅读最后评级说明和重要声明 [Table_Title] 一季度收入创历史新高 %% %% %% %% [Table_Title2] 一季度收入创历史新高 [Table_Summary2] 事件描述 2025 年 4 月 29 日，纳芯微公告《2025 年第一季度报告》。2025 年一季度，公司实现收入 7.17 亿元、同比+97.82%、环比+20.66%，实现归母净利润-0.51 亿元、同比减 ...

松原安全（300893） 2025 年一季报点评：2025Q1 业绩符合预期， 自主被动安全龙头持续成长 买入（维持） 证券研究报告·公司点评报告·汽车零部件 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,280 | 1,971 | 2,701 | 3,607 | 4,799 | | 同比（%） | 29.09 | 53.94 | 37.03 | 33.54 | 33.07 | | 归母净利润（百万元） | 197.78 | 260.39 | 392.40 | 521.33 | 698.50 | | 同比（%） | 67.56 | 31.65 | 50.70 | 32.86 | 33.98 | | EPS-最新摊薄（元/股） | 0.87 | 1.15 | 1.73 | 2.30 | 3.09 | | P/E（现价&最新摊薄） | 38.66 | 29.37 | 19.49 | 14.67 | 10.95 | [Tabl ...

证券研究报告 | 季报点评 gszqdatemark 2025 05 02 年 月 日 圣农发展（002299.SZ） 优价降本护航，业绩逆势增长 公司公告 2025 年第一季度报告。2025 年第一季度公司实现收入 41.15 亿元，同比减少 2.4%；归母净利润 1.48 亿元，同比增长 338.3%；扣非 归母净利润 1.7 亿元，同比增长 399.6%。 渠道优势与控本效果显现，鸡肉板块逆势盈利。2025 第一季度公司销售 鸡肉 30.3 万吨，同比增长 3.1%；销售均价 9759 元/吨，同比下跌 4%， 2025 年第一季度鸡肉价格表现低迷，跌至近 10 年鸡肉价格的底部区间， 一方面公司依托高于行业的均价，缓冲行业下行带来的压力，2025Q1 公 司鸡肉均价较行业溢价 630 元/吨，溢价水平已持续 2 个季度超过 600 元 /吨，价格优势稳固，近年来公司在客户结构、渠道结构上的优化得到充分 体现；另一方面，公司成本管控效果显现，新一代自研种鸡"圣泽 901Plus" 在料肉比等关键指标上持续优化，在公司内部的自用比例不断提升，带动 成本持续下行，叠加公司继续推进经营管理的精益化，公司 20 ...

安克创新（ [Table_StockNameRptType] 300866） 公司点评 关注股价回调下公司对非美市场挖掘 ——安克创新 24A&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-05-02 | | | [Table_BaseData] 收盘价（元） | 88.84 | | 近 12 个月最高/最低（元） 121.53/50.21 | | | 总股本（百万股） | 531 | | 流通股本（百万股） | 296 | | 流通股比例（%） | 55.78 | | 总市值（亿元） | 472 | | 流通市值（亿元） | 263 | [公司价格与沪深 Table_Chart] 300 走势比较 -33% -2% 30% 61% 92% 5/24 8/24 11/24 2/25 安克创新 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：唐楚彦 执业证书号：S0010124070002 邮箱：tangchuyan@hazq.c ...

Investment Rating - The investment rating for Midea Group is maintained as "Buy" [1][2] Core Views - In Q1 2025, Midea Group achieved revenue of 127.84 billion yuan, a year-on-year increase of 20.6%, and a net profit attributable to shareholders of 12.42 billion yuan, up 38.0% [2] - The company announced a new share repurchase plan of 1.5 to 3 billion yuan, reflecting confidence in its development [2] - The B-end business is experiencing rapid growth, while the C-end exports are showing high demand with limited tariff disruptions [2] - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 43.50 billion, 47.00 billion, and 51.03 billion yuan respectively, corresponding to EPS of 5.68, 6.13, and 6.66 yuan [2] Financial Performance Summary - In Q1 2025, the gross margin was 25.4%, with a net profit margin of 10.0%, reflecting a year-on-year increase of 1.5 percentage points [3] - The operating cash flow net amount increased by 2.8% year-on-year, indicating improved operational efficiency [3] - The company’s revenue from commercial and industrial solutions grew by 25.3%, with significant contributions from new energy and industrial technology [2][3] Business Segments - The smart home business grew by 17.4% year-on-year, with overseas e-commerce sales increasing by over 50% [2] - The company plans to spin off its subsidiary, Ande Intelligent, for a listing on the Hong Kong Stock Exchange, aiming to enhance business management and financing channels [2] Financial Projections - Revenue projections for 2025-2027 are 441.40 billion, 472.48 billion, and 502.70 billion yuan, with corresponding net profit projections of 43.50 billion, 47.00 billion, and 51.03 billion yuan [4][9] - The expected P/E ratios for 2025, 2026, and 2027 are 13.0, 12.0, and 11.1 respectively [4][9]

Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company is experiencing short-term pressure on its performance in Q1 2025, with revenue and net profit declining year-on-year. However, the long-term growth potential as a leader in micro-motors remains promising [1][3][9] Financial Performance Summary - In Q1 2025, the company achieved total revenue of 203 million yuan, a year-on-year decrease of 16.04% and a quarter-on-quarter decrease of 21.44% [8] - The net profit attributable to the parent company for Q1 2025 was 42 million yuan, down 35.48% year-on-year and 16.71% quarter-on-quarter [8] - The gross margin for Q1 2025 was 32.22%, a decline of 4.57 percentage points year-on-year [8] - The company forecasts total revenue of 1,139.54 million yuan for 2025, with a year-on-year growth of 18.42% [1][10] Competitive Advantages - The company possesses core competencies in technology research and development, cost control, customer coverage, product expansion, and capacity layout [3] - It has a leading technological advantage in product development, automated production lines, and a platform strategy for cost control [3] - The company has established deep partnerships with major automotive manufacturers, enhancing its customer base [3] Capacity Expansion - The company is actively advancing the construction of factories in Thailand and the United States, which will improve its efficiency in serving global customers and expand its overseas market share [3]

证券研究报告·公司点评报告·汽车零部件 松原安全（300893） 2025 年一季报点评：2025Q1 业绩符合预期， 自主被动安全龙头持续成长 证券分析师 刘力宇 执业证书：S0600522050001 liuly@dwzq.com.cn 股价走势 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,280 | 1,971 | 2,701 | 3,607 | 4,799 | | 同比（%） | 29.09 | 53.94 | 37.03 | 33.54 | 33.07 | | 归母净利润（百万元） | 197.78 | 260.39 | 392.40 | 521.33 | 698.50 | | 同比（%） | 67.56 | 31.65 | 50.70 | 32.86 | 33.98 | | EPS-最新摊薄（元/股） | 0.87 | 1.15 | 1.73 | 2.30 | 3.09 | | P/E（现价& ...

2025 年 05 月 01 日 公司研究●证券研究报告 元隆雅图（002878.SZ） 公司快报 收入稳健增长， "大 IP+科技"战略加速落地 投资要点 风险提示：政策不确定性、市场竞争加剧、新业务开拓未及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,692 | 2,790 | 3,086 | 3,503 | 3,883 | | YoY(%) | -18.2 | 3.6 | 10.6 | 13.5 | 10.8 | | 归母净利润(百万元) | 24 | -184 | 81 | 123 | 167 | | YoY(%) | -85.9 | -878.2 | 144.1 | 51.3 | 36.4 | | 毛利率(%) | 15.5 | 13.8 | 16.3 | 16.9 | 17.4 | | EPS(摊薄/元) | 0.09 | -0.70 | 0.31 | 0.47 | 0.64 | | ROE(%) | 1.7 | ...

华泰证券（601688.SH）2025 年一季报点评 单季自营收入同比转正，经纪与信用业务持续高增 2025 年 05 月 01 日 [Table_Author] 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com ➢ 事件：4/29 晚间华泰证券发布 25 年一季报。2025 年一季度，公司营业收 入 82 亿元，环比-18.0%，同比+34.8%，同比增速较 24Q4 增加 27.41pct；归 母净利润 36 亿元，环比+28.7%，同比+59.0%，接近 4/10 业绩预增公告区间 （50%~60%）上沿，同比增速较 24Q4 增加 69.57pct，单季归母净利润同比增 速实现由负转正。 ➢ 单季自营收入同比转为增长，利息净收入与经纪收入同比保持高位，投行同 比小幅负增，资管业务同比转负。2025 年一季度公司自营/经纪/信用/投行/资管 业务收入分别为 28/ 19/ 10/ 5/ 4 亿元，同比+47%/ +43%/ +320%/ -6% ...