Investment Rating - The investment rating for the company is "Buy" and it is maintained [5][16]. Core Views - The company reported a steady growth in HIV revenue, with a first-quarter revenue of 198 million yuan in 2025, representing a year-on-year increase of 113% [1]. - The company’s HIV product, AINOMITE tablets, has advantages in convenience and is expected to continue to grow in sales in 2025, with first-quarter revenue of 62.72 million yuan, a 76% increase year-on-year [2]. - The company has a deep layout in the HIV drug field, with two key products under development, including the integrase inhibitor ACC017, which is expected to enter Phase III clinical trials this year [3]. Financial Performance - In 2024, the company achieved an operating income of 418 million yuan, a year-on-year increase of 1.57%, while the net profit attributable to the parent company was -141 million yuan, a year-on-year increase in loss of 85.63% [1]. - The expected operating income for 2025 has been revised down from 808 million yuan to 732 million yuan, with projected revenues of 1.022 billion yuan and 1.235 billion yuan for 2026 and 2027, respectively [4]. - The net profit attributable to the parent company for 2025-2026 has been adjusted from 16 million yuan and 84 million yuan to -10 million yuan and 37 million yuan, respectively, with an expected net profit of 79 million yuan in 2027 [4]. Market Position - The company’s AINOMITE tablets are the first domestic three-in-one single-tablet combination with independent intellectual property rights, showing better cardiovascular safety compared to competitors [2]. - The company is positioned in a competitive market for HIV treatments, with ongoing research and development efforts aimed at innovative long-acting drugs [3].

Investment Rating - The report maintains a "Buy" rating for the company, considering the potential for significant returns over the next six months [5][8]. Core Views - The semiconductor industry is returning to a growth trajectory, and the company's performance is steadily improving, with a revenue increase of 20.16% year-on-year to 2.596 billion yuan in 2024 [2][5]. - The company is focusing on AIoT smart modules, automotive electronics, and audio sensors, establishing a differentiated competitive advantage in these areas [2][3]. - The company has invested in the National Intelligent Sensor Innovation Center to enhance its AIoT chip business and edge computing capabilities, aiming to develop integrated sensing and computing solutions [3][4]. Financial Performance Summary - In 2024, the company achieved a net profit attributable to shareholders of 36.37 million yuan, a year-on-year increase of 2.07%, while the non-recurring net profit was 35 million yuan, up 10.17% [1][2]. - The first quarter of 2025 saw a revenue of 586 million yuan, reflecting a 5.96% year-on-year growth, with a net profit of 13 million yuan [1][2]. - The company forecasts a net profit of 154 million yuan for 2025, with a significant growth rate of 322.37% expected in 2026 [5][6]. Business Development Summary - The company is advancing both customized and self-developed chip businesses, achieving sales of 176 million yuan in 2024, a growth of 42.22% [4]. - Collaborations with upstream semiconductor design firms are ongoing to develop wireless smart appliance chips and AI glasses SOC chips [4]. - The partnership with Qiyimoer focuses on Chiplet interconnects and AI computing chips, enhancing technological innovation and business expansion [4].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a total revenue of 1.297 billion yuan in 2024, a year-on-year increase of 1.51%, while the net profit attributable to shareholders was 0.9252 billion yuan, a decrease of 46.86% year-on-year [8] - The company has focused on Southeast Asia and the Middle East, leveraging its 20 years of experience to secure high-quality orders, with 72 new projects signed in 2024 amounting to 2.05 billion yuan, a year-on-year increase of 93% [8] - The company is experiencing a temporary drag due to upfront expenses, but the long-term outlook remains positive due to dual growth drivers [8] Financial Summary - Total revenue forecast for 2025 is 2 billion yuan, with a year-on-year growth of 54.24% [1] - The net profit forecast for 2025 is 0.2521 billion yuan, reflecting a significant recovery from the previous year's decline [1] - The company's comprehensive gross margin for 2024 was 29.6%, a decrease of 4.7 percentage points year-on-year, with domestic and international gross margins at 20.3% and 31% respectively [8] - The company’s cash flow from operating activities was -0.83 billion yuan in 2024, a decline of 2.17 billion yuan year-on-year [8] - The asset-liability ratio at the end of 2024 was 22.4%, an increase of 3.1 percentage points year-on-year [8]

证券研究报告·公司点评报告·电池 亿纬锂能（300014） 2025 年一季报点评：Q1 业绩符合预期，动储 全年出货高增长 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） | 48,784 | 48,615 | 66,004 | 82,905 | 97,644 | | 同比（%） | 34.38 | (0.35) | 35.77 | 25.61 | 17.78 | | 归母净利润（百万元） | 4,050 | 4,076 | 5,345 | 7,307 | 9,298 | | 同比（%） | 15.42 | 0.63 | 31.16 | 36.69 | 27.25 | | EPS-最新摊薄（元/股） | 1.98 | 1.99 | 2.61 | 3.57 | 4.54 | | P/E（现价&最新摊薄） | 20.75 | 20.62 | 15.72 | 11.50 | 9.04 | [Table_Tag] [Tab ...

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,523 | 6,372 | 7,530 | 8,988 | 10,558 | | 同比（%） | 44.09 | 15.39 | 18.16 | 19.37 | 17.47 | | 归母净利润（百万元） | 502.40 | 400.18 | 514.81 | 658.55 | 851.99 | | 同比（%） | 70.47 | (20.34) | 28.64 | 27.92 | 29.37 | | EPS-最新摊薄（元/股） | 1.19 | 0.95 | 1.22 | 1.56 | 2.02 | | P/E（现价&最新摊薄） | 20.31 | 25.50 | 19.82 | 15.49 | 11.98 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·汽车零部件 威迈斯（688612） 2024 年年报&2025 年一季 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 performance is under pressure, with a focus on waiting for demand recovery [1] - The company reported a total revenue of 14.34 billion yuan in Q1 2025, showing a year-on-year decrease of 24.6% and a quarter-on-quarter increase of 6.7% [1] - The net profit attributable to the parent company for Q1 2025 was 29 million yuan, down 83.4% quarter-on-quarter [1] - The heavy-duty truck sales showed a quarter-on-quarter increase, but the estimated revenue per vehicle declined [1] - The company is expected to benefit from the policy encouraging the replacement of old trucks, with domestic sales projected to reach 700,000 units or more in 2025, a year-on-year increase of over 16% [1] - The report anticipates a recovery in the heavy truck industry, with the company positioned to leverage its scale and cost-efficiency [1] Financial Summary - The company forecasts total revenue of 67.37 billion yuan for 2025, with a year-on-year growth of 15% [1] - The net profit attributable to the parent company is projected to be 722 million yuan in 2025, reflecting a year-on-year increase of 16% [1] - The earnings per share (EPS) for 2025 is estimated at 0.15 yuan, with a corresponding P/E ratio of 49.09 [1] - The company's price-to-book (P/B) ratio is currently at 1.34, indicating a historically low valuation [1] - The report has adjusted the net profit forecasts for 2025 and 2026 to 720 million yuan and 1.02 billion yuan, respectively [1]

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 231.19 | 285.81 | 383.20 | 492.44 | 606.45 | | 同比（%） | 18.33 | 23.63 | 34.08 | 28.51 | 23.15 | | 归母净利润（百万元） | 39.85 | 62.51 | 80.75 | 102.85 | 128.82 | | 同比（%） | 6.10 | 56.86 | 29.18 | 27.37 | 25.25 | | EPS-最新摊薄（元/股） | 0.60 | 0.94 | 1.22 | 1.55 | 1.94 | | P/E（现价&最新摊薄） | 39.95 | 25.47 | 19.71 | 15.48 | 12.36 | [Table_Tag] [Table_Summary] 投资要点 2025 年 05 月 01 日 证券研究报告·公司点评报告·汽车零部件 捷众科技（873690） 2 ...

2024 年年报及 2025 年一季报点评：AI 生态 布局持续落地，商业化进程加速 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） | 4,915 | 5,662 | 7,166 | 7,997 | 8,898 | | 同比（%） | 3.78 | 15.20 | 26.56 | 11.59 | 11.27 | | 归母净利润（百万元） | 1,258.36 | (1,594.80) | (891.73) | (772.94) | (625.84) | | 同比（%） | 9.15 | (226.74) | - | - | - | | EPS-最新摊薄（元/股） | 1.02 | (1.30) | (0.72) | (0.63) | (0.51) | | P/S（现价&最新摊薄） | 7.99 | 6.94 | 5.48 | 4.91 | 4.41 | [Table_Tag] [投资要点 Table_Summary ...

2025 年 05 月 01 日 公司点评 买入/维持 科大讯飞(002230) 目标价: 昨收盘:46.93 收入快速增长，持续迭代 AI 模型 ◼ 走势比较 (30%) (18%) (6%) 6% 18% 30% 24/5/6 24/7/16 24/9/25 24/12/5 25/2/14 25/4/26 投资建议：公司来自于 AI 的收入实现快速增长。预计 2025-2027 年公司的 EPS 分别为 0.39/0.61/0.83 元，维持买入评级。 ◼ 股票数据 | 总股本/流通(亿股) | 23.12/21.89 | | --- | --- | | 总市值/流通(亿元) | 1,084.88/1,02 | | | 7.37 | | 12 个月内最高/最低价 | 59.37/32.66 | | (元) | | 相关研究报告 <<收入快速增长，AI 落地加速>>-- 2024-08-23 <<坚定 AI 战略，期待应用表现>>-- 2023-10-24 <>--2023-08-18 证券分析师：曹佩 整体收入保持高速增长。2024 年，公司收入 233.43 亿元，同比 增长 18.79%：智慧教育业务 ...

证券研究报告·公司点评报告·摩托车及其他 华洋赛车（834058） 2024 年报&2025 年一季报点评：俄罗斯与欧 洲重点市场持续放量，期待双品牌策略提升 细分增量 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 478.80 | 526.99 | 672.45 | 824.30 | 989.34 | | 同比（%） | 12.95 | 10.06 | 27.60 | 22.58 | 20.02 | | 归母净利润（百万元） | 51.31 | 56.14 | 69.34 | 90.63 | 113.57 | | 同比（%） | (22.41) | 9.43 | 23.51 | 30.71 | 25.31 | | EPS-最新摊薄（元/股） | 0.91 | 1.00 | 1.24 | 1.62 | 2.02 | | P/E（现价&最新摊薄） | 36.31 | 33.19 | 26.87 | 20.56 | ...