亏损金额同比收窄，海外储备订单回暖 曲美家居(603818) 林纸产品 [Table_Industry] /原材料 [Table_Invest] 评级： 增持 ——曲美家居跟踪报告 | [table_Authors] 刘佳昆(分析师) | 吕科佳(分析师) | [Table_Target] 目标价格： | 4.99 | | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | | | | 登记编号 S0880524040004 | S0880525040069 | | | 本报告导读： 2024 年公司亏损金额同比收窄，同时现金储备及债务水平优化。从经营上来看，海 外订单企稳回升，国内产品竞争力提升&发力新媒体平台内容资产。 投资要点： | | | | 52 周内股价区间（元） | 2.07-3.92 | | --- | --- | | 总市值（百万元） | 2,645 | | 总股本/流通A股（百万股） | 689/687 | | 流通 B 股/H 股（百万股） | 0/0 | [Table_Balance] 资产负债表摘要(LF) -33% -21 ...

[Table_Title] 西部证券（002673）深度研究 地方科创铸就机遇，并购重组助力腾飞 2025 年 06 月 06 日 [Table_ 【投资要点 Summary]】 【投资建议】 公司在陕西省具有领先的市场地位，有望受益于地方科创产业蓬勃发 展，带动各项业务持续向好。此外，公司积极推动业务向资本驱动和 专业驱动模式转变，且与国融证券的并购项目稳步推进，有望实现优 势互补，加速打造一流综合投资银行。我们预计公司 2025-2027 年营 收分别为 71/75/81 亿元，同比增长 6%/6%/7%；归母净利润分别为 15/ 16/18 亿元，同比增长 7%/8%/9%；2025 年 6 月 5 日收盘价对应 PB 为 1.18/1.12/1.06 倍；可比公司 2025 年平均 PB 为 1.31 倍。维持"增 持"评级。 挖掘价值 投资成长 [Table_Rank] 增持（维持） | 总市值（百万元) | 33745.82 | | --- | --- | | 流通市值（百万元) | 31024.88 | | 52 周最高/最低（元） 11.00/5.90 | | | 52 周最高/最低（PE） ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 45.2 CNY, compared to the current price of 36.35 CNY [6]. Core Insights - The company, TaiLing Microelectronics, is a leader in wireless IoT SoC, focusing on cutting-edge technology and binding with industry-leading clients. It has a strong market position in multiple protocol technologies, including low-power Bluetooth and Zigbee [1][3]. - The company has shown significant growth in recent financial performance, with a projected revenue of 844 million CNY in 2024, representing a year-on-year increase of 32.69%, and a net profit of 97.41 million CNY, up 95.71% year-on-year [2][24]. - The company is heavily investing in R&D, with R&D expenses reaching 220 million CNY in 2024, accounting for 26.06% of revenue, and a total of 531 million CNY invested over the past three years [2][41]. Summary by Sections Company Overview - TaiLing Microelectronics, established in June 2010, specializes in the R&D, design, and sales of wireless IoT system-level chips, becoming a representative enterprise in the field with a comprehensive product range [1][13]. Financial Analysis - The company's revenue is primarily driven by IoT chips, which are expected to generate 765 million CNY in 2024, a 31.53% increase year-on-year. Audio chips are also experiencing rapid growth, with projected revenue of 76 million CNY, up 61.98% year-on-year [24][26]. - The company has achieved a gross margin of 48.34% in 2025, with IoT chip margins at 47.17% and audio chip margins significantly higher at 58.36% [28][41]. R&D Analysis - The company emphasizes R&D-driven growth, with a focus on developing new technologies and products, including the launch of AI chips and advancements in low-power wireless communication standards [35][36]. - In 2024, the company introduced the TL721X series AI chips and the TLEdgeAI-DK development platform, marking its entry into the AIoT era [4][36]. Industry Analysis - The global SoC market is projected to reach approximately 186.48 billion USD by 2025, with a compound annual growth rate of 8.01% from 2025 to 2030 [43]. - The low-power Bluetooth chip market is expected to grow from 3.36 billion USD in 2023 to 8.59 billion USD by 2032, indicating a robust demand for wireless communication technologies [48][52].

2025 年 06 月 06 日 公司点评 买入/维持 健之佳(605266) 昨收盘:22.86 销售费用率略有提升，门店数量仍保持稳定增长 ◼ 走势比较 (60%) (44%) (28%) (12%) 4% 20% 24/6/6 24/8/17 24/10/28 25/1/8 25/3/21 25/6/1 ◼ 股票数据 | 总股本/流通(亿股) | 1.55/1.55 | | --- | --- | | 总市值/流通(亿元) | 35.33/35.33 | | 12 个月内最高/最低价 | 38.46/17.18 | | (元) | | 相关研究报告 <<省外扩张持续加速，全渠道和多元 化经营带来差异化竞争>>--2024- 02-01 <>--2022-10-29 <>--2022-08-30 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 ⚫ 事件 2025 年 4 月 29 日，公司发布 2024 年年报，2024 年度公司实现营业 收入 92.83 亿元（YoY+2.23%），归母净利润 1.28 亿元（YoY-69.08% ...

色谱填料主业把握两大机遇，全产业链布局打开成长天花板 [Table_CoverStock] —纳微科技(688690)公司深度报告 [Table_ReportDate] 2025 年 06 月 06 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 贺鑫 医药行业分析师 S1500523080002 S1500524120003 tangaijin@cindasc.com hexin1@cindasc.com [Table_StockAndRank] 纳微科技(688690) [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 投资评级 买入 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_BaseData] 公司主要数据 收盘价（元） 21.80 52 周内股价波动区间 (元) 24.12-13.38 最近一月涨跌幅(％) -2.50% 总股本(亿股) 4.04 流通 A 股比例(％) 100% 总市值(亿元) 88.03 -40% -20% 0% 20% 40% 24/06 24/10 ...

色谱填料主业把握两大机遇，全产业链布局打开成长天花板 [Table_CoverStock] —纳微科技(688690)公司深度报告 [Table_ReportDate] 2025 年 06 月 06 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 贺鑫 医药行业分析师 S1500523080002 S1500524120003 tangaijin@cindasc.com hexin1@cindasc.com [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 公司深度报告 [Table_StockAndRank] 纳微科技(688690) 投资评级 买入 [Table_Chart] 资料来源：聚源，信达证券研发中心 [Table_BaseData] 公司主要数据 收盘价（元） 21.80 52 周内股价波动区间 (元) 24.12-13.38 最近一月涨跌幅(％) -2.50% 总股本(亿股) 4.04 流通 A 股比例(％) 100% 总市值(亿元) 88.03 -40% -20% 0% 20% 40% 24/06 24/10 ...

2025 年 06 月 06 日 公司点评 买入/维持 健之佳(605266) 昨收盘:22.86 销售费用率略有提升，门店数量仍保持稳定增长 ◼ 走势比较 (60%) (44%) (28%) (12%) 4% 20% 24/6/6 24/8/17 24/10/28 25/1/8 25/3/21 25/6/1 ◼ 股票数据 | 总股本/流通(亿股) | 1.55/1.55 | | --- | --- | | 总市值/流通(亿元) | 35.33/35.33 | | 12 个月内最高/最低价 | 38.46/17.18 | | (元) | | 相关研究报告 <<省外扩张持续加速，全渠道和多元 化经营带来差异化竞争>>--2024- 02-01 <>--2022-10-29 <>--2022-08-30 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 ⚫ 事件 ⚫ 观点 业绩受销售费用率增长因素影响，出现下滑。分季度来看，2024Q4， 公司实现营收 25.48 亿元（YoY-1.30%），归母净利润 0.27 亿元（YoY- 79.93% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of HKD 40.00 for H shares and RMB 45.50 for A shares [9]. Core Views - The company emphasizes its strong resource base, business synergy, and stable downstream consumption, which enhance its ability to withstand cyclical fluctuations. The low volatility and high yield logic continue to highlight its value, restoring investor confidence in long-term allocations [1]. - The report identifies mixed short-term factors affecting the coal industry, including a decrease in coal imports and potential support for domestic demand due to uncertainties in external demand [2]. - Long-term factors indicate that the coal price is supported by rising production costs and stricter regulations, which may elevate the barriers to capacity expansion [3]. - The company is positioned as a leading integrated player in the coal, electricity, and transportation sectors, leveraging its high-quality resources and strategic partnerships to navigate market cycles [4]. - Profit forecasts for the company remain stable, with expected net profits of RMB 501 million, RMB 500 million, and RMB 502 million for 2025, 2026, and 2027 respectively. The company maintains a high historical dividend payout ratio, reinforcing its commitment to shareholder returns [5]. Summary by Sections Industry Short-term Factors - Positive factors include a decrease in coal imports, which may alleviate supply-demand imbalances, and the resilience of domestic manufacturing supporting energy consumption growth [2]. - Negative factors involve early resumption of coal mining leading to increased inventories and potential downward pressure on coal prices [2]. Industry Long-term Factors - The coal industry is experiencing a significant loss rate, with over 60% of companies reporting losses due to rising costs driven by inflation and operational challenges [3]. - New regulations effective July 1 will raise the barriers for coal mining operations, increasing compliance costs and potentially supporting higher production costs [3]. Profit Forecast and Valuation - The company is projected to maintain a stable profit trajectory with net profits forecasted at RMB 50,086 million for 2025, reflecting a decline from previous years but supported by a consistent dividend policy [5][7]. - The report utilizes a Dividend Discount Model (DDM) for valuation, maintaining target prices of RMB 45.50 for A shares and HKD 40.00 for H shares, emphasizing the importance of stable dividends in the current market environment [5][14].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The company is entering the 2.0 phase of brand development, transitioning from merely meeting consumer preferences to leading consumption trends [1][2] - The company has shown strong performance in major sales events, consistently ranking at the top across various metrics [2] - The company is focusing on product enhancement rather than blindly launching new products, with significant upgrades planned for its brands [2][3] - The company is successfully increasing its direct sales ratio, which is expected to exceed 50% in 2024, driven by consumer choice [3] - Capacity expansion is progressing smoothly, with the second phase of the Thailand factory set to be operational in June [4] - The overall impact of tariffs on the company is considered manageable due to its low export ratio to the U.S. [4] Financial Projections and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are estimated at 7.94 billion, 11.21 billion, and 15.04 billion RMB respectively, with corresponding EPS of 1.99, 2.80, and 3.76 RMB [5][7] - The target price is set at 130 RMB, based on a 65.5x PE ratio for 2025 [5][9] - The company is expected to benefit from the growth of the domestic pet industry, with a clear and effective brand-building strategy [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 20.40 [8][9]. Core Insights - The company is actively embracing AI transformation, with continuous updates to its Agent use cases covering various enterprise processes such as finance, human resources, supply chain, and manufacturing [1][2]. - There is a significant increase in AI application procurement demand from large enterprises, with the company having served over 58,000 medium and large enterprises and signed contracts with 45 central state-owned enterprises by Q1 2025 [3]. - The internal use of AI technology has led to significant efficiency improvements, with a reduction in employee numbers to 19,594, down by 1,689 from the end of 2024, indicating a successful structural adjustment [4]. Financial Projections - The company expects revenues of RMB 99.58 billion, RMB 110.18 billion, and RMB 123.15 billion for the years 2025 to 2027, respectively, with EPS projected at RMB 0.05, RMB 0.17, and RMB 0.31 for the same period [5][7]. - The report indicates a recovery in contract signing amounts in February and March 2025, reflecting a positive trend in business performance [3]. Product Development - The company launched the YonGPT enterprise service model in 2023, followed by the YonGPT 2.0 version in 2024, and the "Yonyou BIP Enterprise AI" in 2025, which includes a three-layer architecture for comprehensive enterprise solutions [2].