Investment Rating - The investment rating for the company is "Buy-A" with a target price of 105.17 CNY, maintaining the rating [5]. Core Views - The company has demonstrated strong performance in its financial results, with a revenue of 2.548 billion CNY in 2024, representing a year-on-year growth of 32.63%. The net profit attributable to shareholders reached 683 million CNY, up 67.64% year-on-year [1]. - The company is actively advancing its independent brand strategy, with significant progress in the overseas market, particularly in the United States, where the "MOTOGallery" project has established over 500 store-in-store locations across 32 states [2]. - The company has successfully expanded its customer base, adding 96 new retail customers in 2024, all of which are U.S. retailers, enhancing its customer structure and channel resources [3]. Financial Performance - In 2024, the company's revenue from electric sofas was 1.955 billion CNY, a year-on-year increase of 37.13%, while electric beds generated 346 million CNY, up 20.45% [2]. - The gross profit margin for 2024 was 39.35%, an increase of 5.40 percentage points year-on-year, while the net profit margin was 26.80%, up 5.60 percentage points [11]. - The company plans to distribute a cash dividend of 5.0 CNY for every 10 shares and to increase capital by converting reserves into shares at a ratio of 3 shares for every 10 shares held [1]. Customer and Market Expansion - The company has seen a significant increase in procurement amounts from its top 10 customers, with nine out of ten reporting growth, and three customers exceeding 100% growth [3]. - As of Q1 2025, the company’s retail customers in the U.S. accounted for 88.19% of its total U.S. furniture customers, with sales to U.S. retailers contributing 64.75% of total revenue [10]. - The company’s retail channel layout in the U.S. has shown significant effectiveness, with a focus on large retailers driving steady growth [10]. Future Projections - The company is expected to achieve revenues of 3.162 billion CNY, 3.850 billion CNY, and 4.631 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.10%, 21.73%, and 20.29% [15]. - The projected net profits for the same years are 794 million CNY, 931 million CNY, and 1.107 billion CNY, with growth rates of 16.25%, 17.25%, and 18.90% [15].

丨证券研究报告丨 公司研究丨点评报告丨分众传媒（002027.SZ） [Table_Title] 逆周期稳健增长，并购新潮有望改善梯媒竞争格 局 报告要点 [Table_Summary] 分众公布 2024 年报和 2025 年一季报：2024 年，公司实现营收 122.62 亿/+3.01%，实现归母 净利 51.55 亿/+6.80%；2025Q1，公司实现营收 28.58 亿/+4.70%，实现归母净利 11.35 亿 /+9.14%。公司拟向全体股东每 10 股派发现金红利 2.30 元（含税）。公司收入稳健增长，毛利 率略有上行，并且继续加大点位开拓，收购新潮后有望实现协同发展。公司保持高分红预期， 我们持续看好楼宇媒体赛道的投资价值，维持"买入"评级。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分众传媒（002027.SZ） cjzqdt11111 [Table_Title 逆周期稳健增长2] ，并购新潮有望改善梯媒竞争 格局 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 5.786 billion yuan in Q1 2025, representing a year-on-year growth of 7.59%. The net profit attributable to the parent company was 497 million yuan, with a year-on-year increase of 5.82%. The net profit after deducting non-recurring items was 484 million yuan, reflecting a year-on-year growth of 4.98% [2][5]. Summary by Sections Revenue Growth - The company experienced growth in both domestic and international sales. The domestic small kitchen appliance market saw a total sales revenue increase of 2.50% year-on-year in Q1 2025, with rice cookers specifically growing by 4.90%. The company maintains a leading position in several segments, ranking in the top three for sales in categories such as rice cookers and stewing pots [11]. Profitability - The company's gross margin decreased by 0.10 percentage points to 23.91% in Q1 2025, attributed to a structural factor where faster revenue growth in international sales, which typically have lower margins, impacted overall profitability. The operating profit margin fell by 0.08 percentage points to 10.06%, and the net profit margin decreased by 0.14 percentage points to 8.59% [11]. Cash Flow - The net operating cash flow for Q1 2025 was 584 million yuan, a significant decline of 44.03% year-on-year, primarily due to a decrease in cash received from sales of goods and services [11]. Future Outlook - The company is expected to benefit from product innovation and channel optimization, maintaining a leading market share in domestic sales. The projected net profits for 2025, 2026, and 2027 are 2.399 billion yuan, 2.618 billion yuan, and 2.859 billion yuan, respectively, with corresponding PE ratios of 18.62, 17.06, and 15.63 [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 13.375 billion yuan in Q1 2025, representing a year-on-year growth of 5.31%. The net profit attributable to shareholders was 554 million yuan, up 18.61% year-on-year, while the net profit excluding non-recurring items was 452 million yuan, reflecting a growth of 19.52% year-on-year [4][8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 13.375 billion yuan, a 5.31% increase year-on-year. The net profit attributable to the parent company was 554 million yuan, marking an 18.61% increase year-on-year. The net profit excluding non-recurring items was 452 million yuan, up 19.52% year-on-year [4][8]. Market Dynamics - The domestic market is expected to drive growth, with the company benefiting from the national subsidy policy that has led to an upgrade in product structure. The Mini LED television sales penetration rate has accelerated, reaching 24.4% of the market share in Q1 2025 [8]. Product Performance - The sales of high-end products are on the rise, with the market share of 85-inch televisions increasing by 3 percentage points year-on-year. The sales of 75-inch products maintain a strong position with a market share of 23.6% [8]. Cost and Profitability - The gross margin for Q1 2025 was 15.93%, an increase of 0.60 percentage points year-on-year, primarily due to the upgrade in the domestic product structure. However, the operating profit saw a slight decline of 1.43% year-on-year [8]. Future Outlook - The company is expected to benefit from the ongoing trends of large-screen and high-end displays, with projected net profits for 2025, 2026, and 2027 being 2.518 billion, 2.810 billion, and 3.112 billion yuan respectively. The corresponding price-to-earnings ratios are estimated to be 12.07, 10.82, and 9.77 times [8].

丨证券研究报告丨 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2025 年 Q1 点评：国内和出海强势驱动 Q1 业绩高增，业绩符合预期 报告要点 [Table_Summary] 公司发布 2025 年一季报，2025 年 Q1 实现营业收入 1703.6 亿元，同比增长 36.3%，实现归 母净利润 91.5 亿元，同比增长 100.4%，实现扣非归母净利润 81.7 亿元，同比增长 117.8%。 技术与规模构建超越行业竞争力，智能化、出海与高端发力迈向新巅峰。智能化大战略下，有 望复制 2024 年 DM5.0 周期，开启新一轮强势新车周期，站稳主流市场。超级 e 平台发布，纯 电技术迎来重大革新，持续巩固电动化技术优势。出海持续发力，海外渠道与车型矩阵将进一 步完善。规模效应加持下，随着出海与高端化放量，盈利能力有望持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

丨证券研究报告丨 公司研究丨点评报告丨火星人（300894.SZ） [Table_Title] 行业景气持续低迷，公司盈利能力有所回落 报告要点 [Table_Summary] 2024 年公司实现营收 13.76 亿元，同比下滑 35.68%，实现归母净利润 1115.12 万元，同比下 滑 95.49%，实现扣非归母净利润-295.41 万元，同比下滑 101.10%。其中 2024 年 Q4 公司实 现营收 3.63 亿元，同比下滑 36.15%，实现归母净利润-394.17 万元，同比下滑 116.00%，实 现扣非归母净利润-1,180.44 万元，同比下滑 118.30%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 1 火星人（300894.SZ） cjzqdt11111 [Table_Title2] 行业景气持续低迷，公司盈利能力有所回落 [Table_Summary2] 事件描述 公司披露 2024 年年报：2024 年公司实现营收 13.76 亿元，同比下滑 35.68%，实现归母净利 润 1 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7] Core Views - The company is experiencing short-term pressure on performance, with a projected revenue of 4.41 billion yuan in 2024, a year-on-year decrease of 8.8%, and a net profit attributable to shareholders of 420 million yuan, down 41.7% year-on-year [2][4] - The company is actively expanding into the robot sector and enhancing its capabilities in aluminum die-casting, extrusion, and forging for automotive parts, while also accelerating its magnesium alloy layout [2][10] - The company aims to establish a triangular production capacity network across China, North America, and Southeast Asia, positioning itself as a global aluminum platform enterprise [2][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.41 billion yuan, down 8.8% year-on-year, with domestic revenue at 2.45 billion yuan (down 10.0%) and overseas revenue at 1.90 billion yuan (down 7.4%) [10] - The gross profit margin for 2024 was 20.3%, a decrease of 3.2 percentage points year-on-year, with a net profit margin of 9.4%, down 5.3 percentage points year-on-year [10] - For Q1 2025, the company reported a revenue of 1.05 billion yuan, down 8.1% year-on-year, and a net profit of 100 million yuan, down 39.2% year-on-year [4][10] Business Development - The company is focusing on creating a complete lightweight product matrix and has secured approximately 1.9 billion yuan in orders from mainstream electric vehicle manufacturers in North America [10] - The energy storage business is progressing well, with revenue from related projects reaching approximately 234 million yuan in 2024, more than doubling year-on-year [10] - The company is investing in the development of key products for humanoid robots and has secured projects from several domestic and international clients [10] Future Outlook - The company is expected to achieve net profits of 500 million yuan, 610 million yuan, and 750 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 24.3X, 20.2X, and 16.4X [10]

丨证券研究报告丨 公司研究丨点评报告丨鸿日达（301285.SZ） [Table_Title] 鸿日达 2024 年报及 2025 年一季报点评： 短期业绩承压，看好散热片及 3D 打印业务拓展 报告要点 [Table_Summary] 4 月 23 日，鸿日达发布 2024 年年报及 2025 年一季报。2024 年公司实现营收 8.30 亿元，同 比增长 15.22%；归母净利润-0.08 亿元，同比下滑 124.43%由盈转亏；2025Q1 公司实现营收 1.62 亿元，同比增长 7.60%；归母净利润-0.12 亿元，同比下滑 376.67%。2024 年毛利率 19.01%，同比下滑 0.58pct；归母净利率-0.91%，同比下滑 5.21pct。2025Q1 毛利率 18.94%， 同比下滑 7.38pct；归母净利率-7.50%，同比下滑 10.42pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% 2、新业务拓展不及预期。 research.95579.com 1 鸿日 ...

丨证券研究报告丨 公司研究丨点评报告丨科锐国际（300662.SZ） [Table_Title] 2024 年报及 2025 年一季报点评：业绩超预期， 关注 AI 赋能 报告要点 [Table_Summary] 2024 年：营业收入 117.88 亿元，同比+20.55%。归母净利润 2.05 亿元，同比+2.42%。扣非 后归母净利润 1.39 亿元，同比+3.57%。2025Q1：营业收入 33.03 亿元，同比+25.13%。归母 净利润 5778 万，同比+42.15%，扣非后归母净利润 4620 万，同比+103.24%。行业层面，顺 周期逻辑流畅、自上而下有保就业政策保驾护航，公司层面，低基数反转，叠加 AI 赋能，估值 及业绩弹性空间大。预计 2025-2027 年归母净利润分别为 2.87/3.99/5.23 亿元，对应 PE 分别 为 23/17/13X，维持"买入"评级。 分析师及联系人 [Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 赵刚 杨会强 马健轩 请阅读最后评级说明和重要声明 %% %% %% % ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Insights - In 2024, the company achieved an operating revenue of 43.032 billion yuan, representing a year-on-year increase of 12.32%. The net profit attributable to shareholders was 791 million yuan, up 44.42% year-on-year, while the net profit after deducting non-recurring items reached 533 million yuan, marking a significant increase of 106.88% [2][6] - For Q1 2025, the company reported an operating revenue of 10.837 billion yuan, a year-on-year increase of 2.72%. The net profit attributable to shareholders soared to 591 million yuan, reflecting a year-on-year growth of 180.41%, although the net profit after deducting non-recurring items decreased by 22.11% to 145 million yuan [2][6] - The forecast for net profit attributable to shareholders for 2025-2027 is 960 million, 1.06 billion, and 1.18 billion yuan, respectively, corresponding to price-to-earnings ratios of 13, 12, and 11 times [2][6] Revenue Breakdown - In 2024, the company's revenue from outsourcing services was the main growth driver, totaling 36.048 billion yuan, up 13.96% year-on-year. The human resource management service revenue was 990 million yuan, down 9.06%, primarily due to the company's focus on outsourcing services [13] - The salary and welfare service revenue reached 1.2 billion yuan, an increase of 4.68%, driven by the integration of employee welfare platforms. Recruitment and flexible employment services generated 4.336 billion yuan, up 12.60%, due to enhanced technology-driven approaches [13] Profitability Analysis - The change in business structure and the decline in gross margin from core outsourcing services impacted the overall gross margin. However, cost optimization partially offset this effect. The year 2024 marked the first complete financial year post the asset injection from Beijing Foreign Enterprises, leading to significant profit growth compared to the previous year [13] - In Q1 2025, revenue growth was primarily driven by outsourcing, although gross margin declined year-on-year. The increase in net profit was attributed to asset disposal gains and early government subsidies [13]