Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's profitability remains high, with Q1 2025 revenue of 22.3 billion yuan, a year-on-year increase of 6.21%, and net profit attributable to shareholders of 9.78 billion yuan, up 8.16% year-on-year [1][3] - The net interest income saw a significant increase of 21.9% year-on-year, while non-interest income decreased by 22.7%, primarily due to net losses from other fair value changes [1][2] - The company maintains a strong asset quality with a non-performing loan ratio of 0.86%, down 3 basis points from the beginning of the year, and a provision coverage ratio of 344% [2][3] Summary by Sections Financial Performance - Q1 2025 net interest income increased by 21.9%, while non-interest income decreased by 22.7% due to market volatility [1][2] - The total assets reached 4.46 trillion yuan, with loans and deposits growing by 12.8% and 13.8% respectively [2] Profitability Metrics - The annualized weighted average ROE was 16.5%, up 1.12 percentage points year-on-year, indicating strong profitability [1][2] - The company forecasts net profits of 35.4 billion yuan, 40.2 billion yuan, and 45.5 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.2%, 13.5%, and 13.2% [3][4] Valuation Metrics - The current stock price corresponds to a PB ratio of 0.72x for 2025, with a dividend yield of 5.14% [3][4] - The forecasted PE ratios for 2025, 2026, and 2027 are 5.2, 4.6, and 4.1 respectively, indicating attractive valuation levels [4][9]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][30] Core Views - The company is expected to benefit from the growth in domestic AI computing capabilities, with a projected revenue of 8.272 billion yuan in 2024, representing a year-on-year increase of 36.49%. The net profit attributable to the parent company is forecasted to be 661 million yuan, a 6.82% increase year-on-year [9][4] - In Q1 2025, the company reported a revenue of 2.222 billion yuan, up 72.14% year-on-year, and a net profit of 150 million yuan, reflecting a 95.02% increase year-on-year [9][4] - The company has seen significant growth in its data communication products, with revenues from data and access products reaching 5.1 billion yuan, a 91.5% increase, while transmission products saw a decline of 7.2% to 3.1 billion yuan [15][9] Financial Performance Summary - The company’s gross margin remained stable year-on-year, with a slight increase in the gross margin of data and access products by 4.84 percentage points, while transmission products saw a decrease of 0.77 percentage points [20][2] - The company has maintained good expense control, with sales, management, and R&D expenses increasing by 54.3%, 36.7%, and 27.4% respectively in 2024 [20][2] - The projected net profits for 2025, 2026, and 2027 are 910 million yuan, 1.2 billion yuan, and 1.38 billion yuan respectively, with corresponding P/E ratios of 37, 28, and 24 [4][28] Market Position and Growth Potential - The company has improved its global ranking in data communication optical devices to fifth place, with a market share of 4.7% as of Q3 2024 [15][9] - The domestic and international revenue contributions are 71.7% and 28.3% respectively, with year-on-year increases of 49.1% and 12.4% [15][9] - The company is focused on vertical integration from chip production to subsystem development, leveraging its capabilities in semiconductor materials and manufacturing [3][20]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 RMB [5][6]. Core Insights - The company reported a robust performance in Q1 2025, achieving a revenue of 980 million RMB, a year-on-year increase of 22.32%, and a net profit of 100 million RMB, up 28.76% year-on-year. The company is expected to benefit from its ongoing overseas capacity expansion and market share growth [1][2]. - The acceleration of capacity release in Vietnam is anticipated to enhance the company's global footprint and customer base, particularly in the European and Southeast Asian markets. The company is also advancing its "smart manufacturing" strategy, which is expected to further boost profitability [2][3]. - The company's gross margin improved by 0.91 percentage points to 38.8% in Q1 2025, driven by direct sales and personalized products. The management expense ratio decreased by 1.6 percentage points to 11.4%, contributing to enhanced profitability [3]. Summary by Sections Performance Overview - In Q1 2025, the company achieved a revenue of 980 million RMB, representing a 22.32% increase year-on-year, and a net profit of 100 million RMB, reflecting a 28.76% increase year-on-year. The company is positioned as an industry leader with significant advantages in one-stop design services and rapid response supply chains [1]. Capacity Expansion and Global Strategy - The Vietnam industrial park began production at the end of March 2024, with steady capacity ramp-up expected. The second phase of the project is projected to be completed by 2026, which will facilitate market expansion into Europe and Southeast Asia [2]. Profitability and Efficiency - The company's gross margin rose to 38.8%, and the net profit margin increased to 10.3%. The improvement in operational efficiency is evidenced by a reduction in inventory turnover days by 11 days to 111 days and accounts receivable turnover days by 2 days to 46 days [3]. Profit Forecast and Valuation - The report maintains profit forecasts for 2025-2027, estimating net profits of 760 million RMB, 840 million RMB, and 940 million RMB respectively. The company is assigned a PE ratio of 24.4 for 2025, with a target price of 15.84 RMB [4].

证券研究报告 裕同科技 (002831 CH) 收入延续稳健增长，高分红优势突出 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 包装印刷 | 裕同科技发布年报及一季报：24 年公司实现营收 171.57 亿元/yoy+12.7%， 归母净利 14.09 亿元/yoy-2.1%，低于此前预期（16.44 亿元），主要系公司 策略性处置武汉艾特、广东鸿铭股权以及确认员工持股计划股份支付费用所 致。此外，1Q25 营收 36.99 亿元/同比+6.4%，归母净利 2.41 亿元/同比 +10.3%，24 年及 1Q25 公司收入稳健增长，我们判断系下游电子消费等需 求恢复，带动纸质精品包装主业营收增长。展望后续，我们认为公司作为精 品纸包装行业龙头，海外产能布局搭配市场开拓不断完善，智能制造护城河 持续构筑，看好公司竞争优势及长期成长潜力，维持"买入"评级。 纸包装主业稳健成长，海外收入表现亮眼 1）分业务看，24 年纸质精品包装营收 124.2 亿元/yoy+12.5%，我们判断 主要系下游消费电子等行业需求回 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company's revenue and profit growth rates have slightly declined, with Q1 2025 revenue at 18.5 billion yuan, a year-on-year increase of 5.6%, and net profit at 7.4 billion yuan, up 5.8% year-on-year [1][2] - The asset growth is robust, with total assets increasing by 17.6% year-on-year to 3.40 trillion yuan, driven by a 20.2% increase in deposits and a 20.4% increase in loans [1] - The non-performing loan generation rate has decreased, indicating improved asset quality, with a year-on-year decline of 0.13 percentage points to 1.15% [2] Financial Performance Summary - Q1 2025 financial highlights include: - Revenue: 185 billion yuan, up 5.6% year-on-year - Net profit: 74 billion yuan, up 5.8% year-on-year - Annualized weighted ROE: 14.2%, down 1.3 percentage points year-on-year [1] - Loan growth was significant, with new loans of 164.1 billion yuan in Q1, compared to 109.4 billion yuan in the same period last year [1] - The net interest margin for Q1 was 1.80%, a decrease of 10 basis points year-on-year [1][2] Earnings Forecast and Valuation - The company is expected to achieve net profits of 29.2 billion yuan, 31.6 billion yuan, and 34.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 7.6%, 8.4%, and 7.8% [2][4] - The diluted EPS is projected to be 4.27 yuan, 4.64 yuan, and 5.01 yuan for 2025, 2026, and 2027 respectively [2][4] - Current stock price corresponds to a PE of 5.9, 5.4, and 5.0 for the years 2025, 2026, and 2027, and a PB of 0.71, 0.65, and 0.59 respectively [2][4]

证券研究报告 顾家家居 (603816 CH) 减值拖累 24 年盈利，25Q1 开局亮眼 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 家居用品 | 盈利预测与估值 考虑到内贸有待复苏，我们略下调公司 25-26 年内贸业务收入预测，新增 27 年盈利预测，预计 25-27 年归母净利分别为 18.77/20.83/22.93 亿元 （25-26 年分别较前值下调 10.2%/8.4%），对应 EPS 分别为 2.28/2.53/2.79 元，参考可比公司 25 年 Wind 一致预期 PE 均值为 11 倍，考虑公司组织管 理能力优秀，零售运营/供应链管理/仓配服等能力优势突出，给予公司 25 年 14 倍 PE，目标价 31.92 元（前值 43.18 元，基于 25 年 17 倍 PE，对应 EPS 为 2.54 元），维持"买入"评级。 风险提示：需求恢复不及预期，贸易摩擦风险，原材价格及汇率波动。 经营预测指标与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | ...

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 60.06 [8][9]. Core Insights - The company reported a revenue of RMB 8.98 billion in 2024, a year-on-year increase of 9.7%, and a net profit of RMB 700 million, up 19.8% year-on-year. The revenue exceeded previous expectations, while profit was slightly below due to an asset impairment loss of approximately RMB 240 million [1]. - In Q1 2025, the company achieved a revenue of RMB 2.61 billion, representing a year-on-year growth of 36.5%, and a net profit of RMB 250 million, also up 36.3% year-on-year. This growth is attributed to accelerated consumer goods sales and the consolidation of GRI in the medical segment [1]. - The company is expected to benefit from a dual growth strategy in consumer and medical sectors, with a strong growth momentum anticipated in 2025 [1]. Summary by Sections Consumer Products - The health and lifestyle consumer products segment generated revenues of RMB 4.99 billion in 2024 and RMB 1.34 billion in Q1 2025, with year-on-year growth rates of 17.1% and 28.8%, respectively. Key product categories such as cotton soft towels and sanitary napkins saw double-digit growth [2]. Medical Supplies - The medical supplies segment reported revenues of RMB 3.91 billion in 2024 and RMB 1.25 billion in Q1 2025, with year-on-year growth of 1.1% and 46.3%, respectively. The high base effect from infection prevention products is gradually being digested, while regular products showed strong growth [3]. Financial Metrics - The gross margin for 2024 decreased by 1.7 percentage points to 47.3%, primarily due to rising raw material costs. The expense ratio also decreased by 1.7 percentage points to 35.5%, benefiting from revenue growth [4]. - The company has adjusted its revenue forecasts for 2025-2026 upwards, with expected net profits of RMB 1.06 billion, RMB 1.30 billion, and RMB 1.59 billion for 2025, 2026, and 2027, respectively. The corresponding EPS is projected to be RMB 1.82, RMB 2.23, and RMB 2.73 [5].

证券研究报告 深城交 (301091 CH) 24 年订单高增，期待低空业务放量 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 建筑施工 | 公司公布 24 年及 25Q1 业绩：24 年收入/归母净利 13.2/1.1 亿元，同比 -7.3%/-34.7%，24 年业绩低于我们预期（1.6 亿元）主要系毛利率下滑及计 提信用减值损失。25Q1 公司收入/归母净利 1.8/-0.3 亿元，同比-20.8%/+0.04 亿元，毛利率同比改善带动 Q1 减亏，我们认为公司在硬件和运营领域的拓 展有望进一步打开公司未来在低空经济领域的市场空间，维持"增持"。 大数据软件及智慧交通收入快速增长，25Q1 毛利率同比改善 24 年公司大数据软件及智慧交通/工程设计与检测/规划咨询服务业务分别 实现收入 7.4/2.2/3.5 亿元，同比+27.1%/-31.8%/-30.3%，新质业务延续快 速增长；毛利率 25.4%/41.3%/42.6%，同比-1.9/-1.5/-3.0pct，毛利率下滑 主要系智慧集成业务增长 ...

证券研究报告 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 4 月 | 29 日│中国内地 | 医疗器械 | 联影医疗 (688271 CH) 公 司 24 年收入 /归 母 净 利 / 扣非归母净利 103.00/12.62/10.10 亿 元 （yoy-9.7%/-36.1%/-39.3%），符合业绩快报预期。公司 24 年业绩下滑主 因国内设备更新政策落地延迟短期扰动行业需求释放，叠加公司着眼长期发 展积极强化新品研发及全球化销售能力建设。公司 1Q25 收入/归母净利/扣 非归母净利 24.78/3.70/3.79 亿元（yoy+5.4%/+1.9%/+26.1%），公司业绩 已重回增长轨道。公司 1Q25 毛利率为 49.9%（yoy+0.4pct），高端新品放 量叠加服务收入占比提升带动整体毛利率稳中有升。考虑国内设备更新政策 落地有望边际提速，叠加公司全球化推广持续发力，看好公司 25 年实现稳 健发展。维持"买入"。 看好公司两大主业 25 年实现向好发展 1Q25 业绩重回增长，看好全年发展 1）设备类产品：24 年收入 84.45 亿元（yo ...

春风动力（603129.SH）系列点评九 极核电动发展提速 募资扩产助力成长 2025 年 04 月 29 日 ➢ 事件：公司发布《向不特定对象发行可转换公司债券预案》：拟次向不特定 对象发行可转换公司债券拟募集资金总额不超过 25.0 亿元，扣除发行费用后募 集资金净额将用于：（1）投资年产 300 万台套摩托车、电动车及核心部件研产 配套新建项目，项目总投资额 35.0 亿元，拟使用募集资金 17.8 亿元；（2）营 销网络建设项目，总投资额 9.0 亿元，拟使用募集资金 4.5 亿元；（3）信息化 系统升级建设项目，总投资额 1.2 亿元，拟使用募集资金 1.2 亿元；（4）补充 流动资金项目投资额 1.5 亿元，拟使用募集资金 1.5 亿元。 ➢ 极核电动发展提速 募资扩产助力成长。2024 年极核电动营收与销量大幅增 长，6 月 AE4 系列斩获全行业电摩"618"销管，11 月 AE5i 震撼登场，7 小时 销售 1.9 万台零领跑双十一，产品矩阵扩张迅速。2025 年 4 月公司拟在浙江省 桐乡市投资建设"年产 300 万台套摩托车、电动车及核心部件研产配套生产基地 项目"，项目将由全资子公司浙 ...