Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1 2025 faced pressure, but the "old-for-new" policy is expected to drive improvement [4] - In 2024, the company achieved revenue of 11.21 billion yuan (YoY +0.1%) and a net profit attributable to shareholders of 1.58 billion yuan (YoY -9.0%) [4] - For Q1 2025, the company reported revenue of 2.08 billion yuan (YoY -7.2%) and a net profit of 340 million yuan (YoY -14.7%) [4] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 1.69 billion, 1.80 billion, and 1.92 billion yuan respectively [4] - The current stock price corresponds to a PE ratio of 11.0, 10.3, and 9.6 for 2025-2027 [4] - The "old-for-new" policy is anticipated to significantly boost the kitchen appliance market, benefiting leading brands [4] Financial Summary - In 2024, the company's gross margin was 49.7% (down 1.0 percentage points), with a net margin of 14.1% [6] - For Q1 2025, the gross margin improved to 52.7% (up 2.1 percentage points), while the net margin was 16.2% [6] - The company’s revenue is projected to grow to 11.64 billion yuan in 2025, with a YoY growth of 3.8% [8] - The net profit attributable to shareholders is expected to reach 1.68 billion yuan in 2025, reflecting a YoY increase of 6.9% [8] - The company’s ROE is projected to decline from 13.8% in 2024 to 13.0% in 2025 [8] Sales Channels and Product Performance - The retail channel has effectively driven sales, while the engineering channel has seen a gradual narrowing of its drag on performance [5] - Traditional product categories have shown stable growth, with the company maintaining the top market share in range hoods and gas stoves [5] - New product categories, such as dishwashers and water heaters, have benefited significantly from government subsidies [5] - The company’s embedded dishwashers achieved a market share of 16.01% offline and 7.26% online in 2024 [5]

迎驾贡酒 603198.SH 公司研究 | 年报点评 Q1 增速短期承压，看好中长期健康成长 核心观点 盈利预测与投资建议 ⚫ 根据25年一季报，对25-26年下调收入，上调毛利率、费用率。我们预测公司2025- 2027 年每股收益分别为 3.37、3.91、4.46 元（原预测 25-26 年为 4.20、4.92 元）。 结合可比公司，我们认为目前公司的合理估值水平为 2025 年的 17 倍市盈率，对应 目标价为 57.29 元，维持买入评级。 | 业绩增速环比放缓，但仍显现强竞争力 | 2024-10-30 | | --- | --- | | 受益白酒消费价格带下移，业绩有望延续 | 2024-09-19 | | 高增：——迎驾贡酒中秋跟踪点评 | | | 中高档强势增长，结构升级盈利能力提升 | 2024-08-20 | 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,771 | 7,344 | 7,430 | 8,468 | 9,4 ...

丨证券研究报告丨 联合研究丨公司点评丨万业企业（600641.SH） [Table_Title] 万业企业：业务转型加速，打造半导体设备与材 料综合平台 报告要点 [Table_Summary] 近期万业企业发布 2024 年年报和 2025 年一季度报告。 %% %% %% %% 2024 年公司实现营收 5.81 亿元，同比减少-39.72%；实现归母净利润 1.08 亿元，同比减少 28.85%；2025Q1 公司实现营收 1.92 亿元，同比增加 94.09%；实现归母净利润-0.20 亿元， 亏损幅度同比有所扩大。 分析师及联系人 [Table_Author] 杨洋 赵智勇 倪蕤 王泽罡 SAC：S0490517070012 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490521120001 SFC：BUW100 SFC：BRP550 请阅读最后评级说明和重要声明 research.95579.com 1 事件评论 丨证券研究报告丨 万业企业（600641.SH） cjzqdt11111 2025-05-03 [Table_Title 万业企业：业务转型 ...

丨证券研究报告丨 联合研究丨公司点评丨芯源微（688037.SH） [Table_Title] 芯源微：新产品进展积极顺利，引入龙头拓展市 场增量 报告要点 [Table_Summary] 近期，芯源微发布 2024 年年报及 2025 年一季度报告。 2024 年公司实现营收 17.54 亿元，同比增加 2.13%；实现归母净利润 2.03 亿元，同比减少 19.08%；2025Q1 公司实现营收 2.75 亿元，同比增加 12.74%；实现归母净利润 0.05 亿元， 同比减少 70.89%。 分析师及联系人 [Table_Author] 杨洋 赵智勇 倪蕤 王泽罡 SAC：S0490517070012 SAC：S0490517110001 SAC：S0490520030003 SAC：S0490521120001 SFC：BUW100 SFC：BRP550 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 芯源微（688037.SH） cjzqdt11111 [Table_Title 芯源微：新产品进展积极顺利，引入龙头拓展市 2] 场增量 [Table_S ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a total revenue of 1.482 billion yuan for Q1 2025, representing a year-on-year growth of 10.20%. The net profit attributable to shareholders was 221 million yuan, up 23.67% year-on-year, while the net profit excluding non-recurring items was 207 million yuan, reflecting a growth of 22.17% [2][6]. - The gross margin for Q1 2025 was 27.95%, an increase of 3.95 percentage points compared to the same period last year. The profit growth outpaced revenue growth, indicating strong performance despite transformation pressures [12]. - The company is expected to achieve net profits attributable to shareholders of 1.209 billion yuan, 1.421 billion yuan, and 1.639 billion yuan for the years 2025, 2026, and 2027, respectively, indicating a positive long-term growth outlook [12]. Financial Performance - For Q1 2025, the company achieved a total revenue of 1.482 billion yuan, with a gross profit of 414 million yuan, resulting in a gross margin of 27.95% [12]. - The company’s operating expenses were well-controlled during the quarter, contributing to the overall profit growth [12]. - The projected total revenue for the years 2025, 2026, and 2027 is expected to be 7.314 billion yuan, 8.637 billion yuan, and 9.846 billion yuan, respectively [17]. Market Position and Future Outlook - The company is positioned as a core supplier for major clients in the optical innovation sector, which is expected to drive future revenue growth as new projects are implemented [12]. - The company is actively investing in the VR/AR optical market, having resolved production challenges related to reflective waveguide technology, which is anticipated to enhance its product offerings [12]. - The company’s consumer electronics business remains stable, with expected growth in filter upgrades and optical panel market share, while the automotive optical segment shows promising potential for profitability [12].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company, Zhengfan Technology, is a leading provider of ultra-pure process media supply systems for the semiconductor industry, leveraging unique advantages in micro-pollution control, fluid technology, and process safety [4][7]. - The company's growth strategy focuses on providing a one-stop comprehensive service that integrates key systems, core materials, and professional services, targeting well-known clients such as Texas Instruments, SMIC, and BOE [7][21]. - The company is expected to achieve revenue of 5.5 billion yuan in 2024, representing a year-on-year growth of 43%, with a net profit of 530 million yuan, up 32% year-on-year [7][10]. Summary by Sections CAPEX: Deepening Media Supply Systems - The company serves the semiconductor FABs with high-purity gas and wet chemical supply systems, which are essential for the production processes [8]. - Core products include independent devices that perform essential functions such as delivery, distribution, and mixing, meeting clients' needs for purity, process, and safety control [8][46]. - The company is expanding into biopharmaceutical equipment, providing critical systems for clean production [8][24]. OPEX: Expanding Key Materials and Services - The company has built a strong domestic and international customer base in various sectors, including semiconductor, optical fiber communication, and biomedicine [9]. - It is actively developing electronic gases and chemicals, with a focus on MRO (Maintenance, Repair, and Operations) services, which are expected to grow as the semiconductor industry expands [9][24]. - In 2023, the electronic gas and MRO business generated approximately 640 million yuan, accounting for about 17% of total revenue [9]. Financial Performance: Sustained High Growth - The company has maintained a high growth rate since its listing, with a compound annual growth rate (CAGR) of 49.02% from 2020 to 2024 [32]. - In 2024, the company achieved a gross profit margin of 27.1%, with the semiconductor and photovoltaic sectors contributing significantly to revenue [37][43]. - The company has a robust order backlog of 8.2 billion yuan, with 52% coming from the semiconductor sector [44]. Profit Forecast: New Business Development - The company is projected to achieve revenues of 6.99 billion yuan, 8.78 billion yuan, and 10.85 billion yuan from 2025 to 2027, with corresponding net profits of 700 million yuan, 930 million yuan, and 1.15 billion yuan [10].

万达电影（002739） 2024 年报及 2025 年一季报点评：Q1 业绩彰 显运营杠杆，期待后续内容业务表现 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） | 14,620 | 12,362 | 15,789 | 17,367 | 19,104 | | 同比（%） | 50.79 | (15.44) | 27.72 | 10.00 | 10.00 | | 归母净利润（百万元） | 912.24 | (940.05) | 1,003.96 | 1,242.64 | 1,437.79 | | 同比（%） | 147.44 | - | - | 23.77 | 15.70 | | EPS-最新摊薄（元/股） | 0.43 | (0.45) | 0.48 | 0.59 | 0.68 | | P/E（现价&最新摊薄） | 26.04 | - | 23.66 | 19.12 | 16.52 | [Table_Tag] [T ...

[Table_Title] 一季报业绩稳增长，盈利能力有望持续改善 报告要点 [Table_Summary] 4 月 21 日，公司发布 2025 年一季报，报告期内公司实现营业收入 163.05 亿元，同比下滑 15.57%，实现归母净利润 4.69 亿元，同比增长 23.53%，扣非归母净利润为 2.92 亿元，同比 增长 6.09%，单季度毛利率 12.41%，同环比改善明显，同比提升超 3pct。 丨证券研究报告丨 公司研究丨点评报告丨歌尔股份（002241.SZ） 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 歌尔股份（002241.SZ） cjzqdt11111 丨证券研究报告丨 2025-05-03 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 | 公司基础数据 | | | --- | --- | | [Table_BaseData] 当前股价(元) | 21.18 | ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 557 million yuan in Q1 2025, representing a year-on-year increase of 44.08% and a quarter-on-quarter increase of 2.00%. The net profit attributable to the parent company was 94 million yuan, with a year-on-year increase of 73.80% and a quarter-on-quarter increase of 6.23% [5][11]. - The growth in multiple application areas continues, with Q1 revenue showing sustained growth both year-on-year and quarter-on-quarter [5][11]. - The company's gross margin was 43.37%, reflecting a year-on-year increase of 1.44 percentage points, although it decreased by 3.48 percentage points quarter-on-quarter [11]. - The company is focusing on R&D, with R&D expenses amounting to 126 million yuan in Q1 2025, a year-on-year increase of 21.52% [11]. - The product matrix is being expanded, with 12 different product models launched, covering mature, growing, and emerging phases, laying a solid foundation for long-term growth [11]. - The company is recognized for its IoT technology and has established a strong developer ecosystem, enhancing its long-term growth prospects [11]. Financial Summary - For the fiscal year 2025, the projected net profits attributable to the parent company are 472 million yuan, 687 million yuan, and 941 million yuan for the years 2025, 2026, and 2027 respectively [11]. - The company expects to maintain a gross margin of around 43% for the upcoming years [18]. - The earnings per share (EPS) are projected to be 4.21 yuan, 6.12 yuan, and 8.39 yuan for the years 2025, 2026, and 2027 respectively [18].

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].