Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 155.00 CNY [1][7]. Core Insights - The company is experiencing rapid growth in the automotive CIS (Camera Image Sensor) demand, with a 15% increase in revenue and a 55% increase in net profit in Q1 2025. This growth is attributed to the optimization of the product structure and the expansion of market share in the automotive sector [7][11]. - The company plans to issue overseas listed shares (H shares) to accelerate its international strategy and enhance overseas financing capabilities. Additionally, it will change its name to "豪威集团" to better reflect its industry layout [7]. - The company is expected to benefit from the increasing demand for image sensors in wearable devices and the Internet of Things (IoT) sectors, indicating significant future growth potential [7]. Financial Summary - For the fiscal year ending December 31, 2025, the company is projected to achieve a net profit of 4.344 billion CNY, representing a year-over-year growth of 30.7%. The earnings per share (EPS) is expected to be 3.57 CNY, with a price-to-earnings (P/E) ratio of 35.5 [9][11]. - The company’s revenue is forecasted to grow from 31.271 billion CNY in 2025 to 49.424 billion CNY by 2027, with corresponding net profits of 5.574 billion CNY and 6.631 billion CNY in 2026 and 2027, respectively [16][11]. - The company’s gross margin for Q1 2025 was reported at 31%, showing an increase of 2.1 percentage points quarter-over-quarter and 3.1 percentage points year-over-year [11].

Investment Rating - The report maintains a "Buy" investment rating for the company [12] Core Views - The company is positioned as a leading domestic distributor for Apple and is expanding into AI computing services, marking the beginning of a second growth curve [5][10] - The company's financial fundamentals are stable, with a focus on optimizing core business and enhancing profitability through strategic initiatives [5][10] Financial Performance - In 2024, the company achieved a total revenue of 658.21 billion yuan, a year-on-year decrease of 28.58%, and a net profit of 5.81 billion yuan, down 11.26% [4] - For Q1 2025, revenue was 127.37 billion yuan, a decline of 41.18%, with a net profit of 1.26 billion yuan, down 24.89% [4] - Accounts receivable decreased by 5.63 billion yuan year-on-year, a drop of 32.30%, and total liabilities fell by 10.45% [5] Market Dynamics - The iPhone 16 Pro series has seen significant sales growth following a price reduction, with the domestic market share exceeding 21.5% [6][9] - The company has established a robust distribution network, serving over 2,700 Apple authorized stores and more than 9,000 clients for its Honor business [9] Strategic Initiatives - The company is actively developing new beverage brands and AI computing services, aiming for dual-driven growth through internal and external strategies [10][11] - A new subsidiary, Shenzhen Aishide Intelligent Computing Technology Co., has been established to focus on AI application systems and software development [11] Earnings Forecast - Revenue projections for 2025-2027 are 711.52 billion yuan, 782.67 billion yuan, and 853.12 billion yuan respectively, with corresponding EPS of 0.54, 0.66, and 0.71 yuan [12][14]

证券研究报告·公司点评报告·电池 先导智能（300450） 海内外扩产共振，锂电设备龙头拐点已至 2025 年 05 月 28 日 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） | 16,628 | 11,855 | 13,200 | 17,000 | 20,100 | | 同比（%） | 19.35 | (28.71) | 11.34 | 28.79 | 18.24 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,056.93 | 1,702.00 | 2,227.97 | | 同比（%） | (23.45) | (83.88) | 269.42 | 61.03 | 30.90 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.67 | 1.09 | 1.42 | | P/E（现价&最新摊薄） | 18.31 | 113.59 | 30.75 | 19.09 | ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-05-28 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 27.91 | | --- | --- | | 总股本/流通股本（亿股）9.38 | / 7.28 | | 总市值/流通市值（亿元）262 | / 203 | | 52 周内最高/最低价 | 31.55 / 18.38 | | 资产负债率(%) | 34.1% | | 市盈率 | 49.84 | | 第一大股东 | 朱双全 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 鼎龙股份(300054) CMP 抛光垫国产供应龙头地位持续巩固，半导体创 新材料业务多面布局 l 投资要点 半导体业务驱动业绩增长，创新材料业务多点突破。2024 年，公 司实现营收 33.38 亿元，同比增长 25.14%；实现归母净利润 5.21 亿 元，同比增长 134.54%。2024 年，公司半导 ...

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [4][57]. Core Insights - The company is a leading player in the font library industry, continuously expanding its font application scenarios and aiming to become a diversified cultural technology group [2][11]. - The company has developed over 1,700 B-end fonts and more than 3,600 font products, maintaining a stable revenue with a gross margin around 80% from 2022 to 2024 [1][4]. - The "Ziyou" platform has introduced a new subscription-based licensing model, achieving over 13.2 million registered users and 370,000 daily active users by the end of 2024, indicating significant growth potential [2][32]. - Strategic investment from Founder Holdings enhances the company's access to industry resources and collaboration opportunities, particularly in AI and font technology [3][46]. Summary by Sections Company Overview - Founded in 1993, the company specializes in font design, font library development, and Chinese information technology research, holding core intellectual property rights [11][12]. - The company has a strong design team and has created numerous custom fonts for major brands like Huawei and Xiaomi [11][12]. Market Potential - The font library industry is projected to grow significantly, with the market size expected to exceed 1.5 billion by 2026, driven by digital economy expansion and improved copyright markets [17][20]. Financial Performance - In 2024, the company reported a revenue of 190.72 million, a decrease of 12.17% year-on-year, with a net profit of 8.81 million, down 78.74% [23][53]. - The core business segments include font software licensing (68.97% of revenue) and internet platform licensing (23.88% of revenue), both showing strong gross margins [27][34]. Strategic Initiatives - The company is actively exploring AI applications in font design and recognition, enhancing its competitive edge in the industry [40][47]. - The partnership with Founder Holdings is expected to accelerate development in the font library sector and improve profitability [46][47]. Profit Forecast and Investment Advice - The company forecasts revenues of 238.21 million, 284.88 million, and 325.70 million for 2025, 2026, and 2027 respectively, with corresponding net profits of 50 million, 63 million, and 72 million [4][57]. - The report emphasizes the company's potential for sustained growth and recommends a "Buy" rating based on its market position and future prospects [4][57].

新材料 骏鼎达（301538.SZ） 买入-B(首次) 公司上市以来股价表现 投资要点： | 市场数据：2025 年 | 5 月 27 | 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 51.85 | | 总股本（亿股）： | | | 0.78 | | 流通股本（亿股）： | | | 0.31 | | 流通市值（亿元）： | | | 16.19 | | 基础数据：2025 年 3 月 | 31 日 | | | --- | --- | --- | | 每股净资产（元）： | | 23.50 | | 每股资本公积（元）： | | 9.21 | | 每股未分配利润（元）： | | 12.81 | | 资料来源：最闻 | | | 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 冯瑞 执业登记编码：S0760524070001 邮箱：fengrui@sxzq.com 研究助理： 申向阳 功能性保护套管领军者，"单丝自供+研发创新"打造护城河 2025 年 5 月 28 日 公司研究/深度分析 邮箱：shenxiang ...

证券研究报告：电子 | 公司点评报告 发布时间：2025-05-28 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 27.91 | | --- | --- | | 总股本/流通股本（亿股）9.38 | / 7.28 | | 总市值/流通市值（亿元）262 | / 203 | | 52 周内最高/最低价 | 31.55 / 18.38 | | 资产负债率(%) | 34.1% | | 市盈率 | 49.84 | | 第一大股东 | 朱双全 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 鼎龙股份(300054) CMP 抛光垫国产供应龙头地位持续巩固，半导体创 新材料业务多面布局 l 投资要点 半导体业务驱动业绩增长，创新材料业务多点突破。2024 年，公 司实现营收 33.38 亿元，同比增长 25.14%；实现归母净利润 5.21 亿 元，同比增长 134.54%。2024 年，公司半导 ...

Investment Rating - The report assigns a "Buy" rating for the company 600968.SH and an "Accumulate" rating for 688548.SH, both with no prior ratings [1]. Core Views - The company, known as CNOOC Development, is a comprehensive service provider in the marine energy sector, focusing on oil and gas exploration and development, as well as low-carbon energy services. The report highlights the company's integrated service capabilities and its strategic focus on digital transformation and deep-sea technology, which are expected to drive steady growth in operating performance [4][9]. Summary by Sections Section 1: Deepening Marine Energy Service Industry - CNOOC Development is controlled by China National Offshore Oil Corporation (CNOOC) and has been listed since June 2019. The company provides a range of services across the oil and gas industry, including exploration, development, production, and logistics [19]. - The company has seen significant revenue growth, with operating income increasing from 19.376 billion RMB in 2016 to 52.517 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 13.27% [25]. - The company is expanding its market presence both domestically and internationally, with a focus on enhancing its competitive edge in the global market [31][32]. Section 2: Marine Oil and Gas Extraction - The report notes that marine oil and gas extraction is crucial for national energy security, with CNOOC's production targets set to increase significantly in the coming years. The marine oil production is expected to reach 68 million tons by 2025 [52][53]. - Globally, marine oil and gas exploration is projected to continue growing, with marine resources accounting for a significant portion of new oil and gas reserves [57][66]. Section 3: Comprehensive Marine Energy Service Provider - CNOOC Development is positioned as a key player in the integration of traditional energy and new energy sectors, focusing on technology innovation and sustainable development [21]. - The company has a strong emphasis on low-carbon and digital services, with a notable increase in research and development investments, which reached 1.537 billion RMB in 2024 [33][40]. - The company maintains a robust dividend policy, with total dividends reaching 1.372 billion RMB in 2024, indicating strong cash flow and high dividend potential [40].

We hosted NCE Power's (605111.SS, Not Covered) management on May 21 at our TechNet Conference China 2025. Key discussions were around the demand outlook for power semiconductors, competition and pricing trend. Overall, NCE Power sees an increasing demand from the majority of its end markets, driving a positive demand recovery outlook for power semis this year. However, there is ongoing competition among domestic/ overseas peers as well as tariff uncertainties. To mitigate risks, NCE Power will continue to e ...

Investment Rating - The investment rating for Shennan Circuits is "Buy" with a 12-month target price of Rmb152, indicating a potential upside of 40% from the current price of Rmb108.6 [9][12]. Core Insights - Shennan Circuits is positioned as a key supplier in the high-end PCB market in China, benefiting from domestic AI infrastructure investments, which are expected to drive robust revenue and net profit growth [9]. - The company is experiencing a strong demand for AI-related products, with overall PCB capacity utilization exceeding 90% and AI-related capacity running at full production [3][9]. - The ABF business is in the early ramp-up stage, with expectations of narrowing losses in 2025 due to cost control and increased revenue [4][9]. Summary by Sections Raw Material Costs - Raw material costs, particularly for gold and copper-related materials, are on the rise, prompting Shennan to negotiate prices with suppliers. Gold-related materials account for less than 10% of total procurement [2][9]. - Management plans to pass some of the cost increases to customers due to high overall demand and utilization levels [2]. PCB Outlook - The demand for PCBs is robust, driven by local AI needs, including AI accelerators and high-speed optical transceivers. This demand is expected to improve the product mix and gross margin outlook into 2Q~3Q25 [3][9]. ABF Business Status - The Guangzhou ABF plant reported a pre-tax loss of Rmb550 million in 2024, but management anticipates a reduction in losses for 2025, projecting revenues of over Rmb100 million [4][9]. - Monthly depreciation costs are expected to remain below Rmb30 million, with current costs at Rmb25 million [6][9]. Financial Projections - Revenue projections show a growth trajectory from Rmb17,907 million in 2024 to Rmb26,694 million by 2027, with net income expected to rise from Rmb1,879 million in 2024 to Rmb4,014 million in 2027 [7][12].