Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is experiencing continuous improvement in profitability, with Q1 2025 revenue reaching 558 million yuan, a year-on-year increase of 44.08%, and net profit attributable to shareholders of 94 million yuan, up 73.80% year-on-year [4] - The company is expanding its product matrix across multiple digitalization fields, with rapid growth in new customer acquisition supporting future business growth [5] - The company is expected to achieve revenues of 2.61 billion, 3.50 billion, and 4.60 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 450 million, 630 million, and 840 million yuan for the same years, maintaining a "Buy" rating [6] Company Overview - The latest closing price is 141.18 yuan, with a total market capitalization of 22.1 billion yuan and a total share capital of 1.57 billion shares [3] - The company has a debt-to-asset ratio of 17.7% and a price-to-earnings ratio of 45.71 [3] Financial Forecasts and Key Indicators - The company is projected to have a revenue growth rate of 40.04% in 2024, followed by 30.11% in 2025, and 34.19% in 2026 [8] - The expected net profit growth rates are 149.13% for 2024, 32.77% for 2025, and 40.46% for 2026 [8] - The earnings per share (EPS) is forecasted to be 2.17 yuan in 2024, increasing to 5.37 yuan by 2027 [8]

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 06 年 月 日 深耕传动系统零部件领域，前瞻布局机器人领域。公司成立于 2006 年， 目前主要产品包括同步器、差速器总成及航空精密结构件，并于 2024 年 投建智能制造核心零部件项目，布局机器人减速器产品领域。公司通过多 家子公司切入汽车、航空航天、机器人领域，其中同步器方面，持股泸州 长江机械 100%，覆盖采埃孚、东风等；差速器方面，持股泸州豪能 100%， 具备差速器全产业链能力，覆盖比亚迪、赛力斯、理想、汇川等；航空航 天方面，公司持股成都昊轶强 100%，主要产品为无人机零部件及航空精 密制造件，间接持股成都恒翼升 100%，主要拓展航空航天高端装备制造 业务，持股豪能空天比例 80%，聚焦商业航天领域。 顺利开拓差速器领域，打造重卡同步器增长点。1）差速器：差速器总成 产品 190-300 元。随着新能源车销量增长，车用差速器市场规模不断增 长。根据《2025-2030 年中国差速器总成产业发展动态及未来投资趋势研 究报告》预计，2021 年中国差速器总成市场规模约 700 亿元，预计 2025 年突破 1000 亿元 ...

Investment Rating - The investment rating for the company is "Buy" 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 growing willingness among large enterprises to purchase AI applications, with the company having signed AI contracts with major clients like Tianhe Energy and Anshan Iron and Steel [3]. - The internal use of AI technology has significantly improved operational efficiency, leading to a reduction in employee numbers to 19,594, down by 1,689 from the end of 2024 [4]. - Revenue projections for 2025-2027 are estimated at RMB 99.58 billion, RMB 110.18 billion, and RMB 123.15 billion respectively, with EPS expected to be RMB 0.05, RMB 0.17, and RMB 0.31 [5][7]. Summary by Sections 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 intelligent solutions across ten core business areas [2]. Commercialization - The demand for AI applications among large enterprises has surged, with the company serving over 58,000 medium and large enterprises and signing contracts with 45 central state-owned enterprises by Q1 2025 [3]. Efficiency Improvement - The integration of AI technology has led to significant efficiency gains within the company, optimizing various operational aspects and improving profitability [4]. Financial Forecast and Valuation - The company maintains its revenue forecast for 2025-2027 and assigns a 7x PS valuation for 2025, sustaining a target price of RMB 20.40 [5][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 49.20 [5][8]. Core Views - The company is expected to see a gradual recovery in its power battery profitability throughout 2025, with a production capacity utilization rate exceeding 60% in Q1 2025 and anticipated further improvements in Q2 [2]. - The energy storage business is projected to continue growing in volume while maintaining stable profitability, with the company holding the second-largest global market share in energy storage batteries [3]. - The consumer battery segment remains a cash cow for the company, with a revenue increase of 23.4% year-on-year in 2024, and the company expects a revenue growth rate of 20% in 2025 [4]. Summary by Sections Power Battery Business - In 2024, the company shipped 30.29 GWh of power batteries, although it remained in a loss position. The company expects significant growth in power battery shipments in 2025 due to new customer acquisitions in passenger vehicles and increased demand in commercial vehicles [2]. - The company has secured a contract with BMW for cylindrical batteries and is expanding its production capacity in Hungary and the U.S. [2]. Energy Storage Business - The company shipped 50.45 GWh of energy storage batteries in 2024, representing a year-on-year increase of 91.9%. The estimated net profit per watt-hour for energy storage is approximately RMB 0.03 [3]. - A procurement agreement for 50 GWh of battery cells was signed with a partner for the years 2025-2027, providing revenue support for the energy storage segment [3]. Consumer Battery Business - The consumer battery segment generated revenue of RMB 10.32 billion in 2024, with a gross margin of 27.58%, reflecting a year-on-year increase of 3.85 percentage points [4]. - The company has expanded its market share in various segments, including small cylindrical batteries, and has commenced production at its new factory in Malaysia [4]. Financial Forecast - The company forecasts net profits of RMB 5.035 billion, RMB 6.727 billion, and RMB 7.939 billion for the years 2025, 2026, and 2027, respectively [5][28]. - The projected revenue for 2025 is RMB 72.494 billion, with a year-on-year growth of 49.12% [28].

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares, with target prices set at RMB 45.50 and HKD 40.00 respectively [9][10]. Core Views - The report emphasizes the company's 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 the company's value, thereby restoring investor confidence in long-term allocations [1]. - Short-term industry factors present a mixed outlook, with positive signals such as decreased coal imports and potential recovery in domestic energy consumption, while negative signals include early inventory build-up and increased supply from Xinjiang due to reduced transportation costs [2]. - Long-term industry factors indicate that the cost structure is becoming more rigid due to inflation and regulatory changes, which are expected to support coal prices despite a downward trend [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 effectively [4]. Summary by Sections Industry Short-term Factors - Positive factors include a decrease in coal imports by 742.70 million tons year-on-year, leading to a potential easing of supply-demand imbalances [2]. - Negative factors include early inventory increases due to early resumption of coal mining and reduced transportation costs that may increase overall supply [2]. Industry Long-term Factors - The coal industry is experiencing a loss rate exceeding 60% due to rising production costs driven by inflation and regulatory compliance, which is expected to support higher coal prices in the long run [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 50.1 billion, RMB 50.0 billion, and RMB 50.2 billion for 2025, 2026, and 2027 respectively. The report maintains a DDM valuation approach, resulting in target prices of RMB 45.50 for A-shares and HKD 40.00 for H-shares [5][10].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - 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] - The company is successfully increasing its direct sales ratio, which is expected to exceed 50% in 2024 [3] - The expansion of production capacity is progressing smoothly, with minimal impact from tariffs due to the company's 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 valuation of 65.5 times the estimated earnings 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 103.67 [6][4]. Core Viewpoints - The company is optimistic about the development opportunities brought by AIGC and Chiplet, which are expected to enhance its IP and custom chip service business [1]. - The company has made significant investments in the AI sector, aiming to capture the growing demand for high-performance AI chips driven by AIGC [2]. - The transition from SoC to SiP in the chip industry is being accelerated, with the company focusing on Chiplet technology to meet the needs of high-performance computing and smart transportation [3]. Summary by Sections Investment Rating - The target price is set at RMB 103.67, with a closing price of RMB 90.12 as of June 5 [7][6]. Financial Forecast and Valuation - The company forecasts net profits of RMB -1.05 million, RMB 0.13 million, and RMB 0.56 million for 2025, 2026, and 2027 respectively [4]. - The valuation for the custom chip/IP licensing business is set at 12.0x and 30.0x for 2025, with a target market value of RMB 51.925 billion [11]. Business Highlights - The company has established a strong competitive position in the AI sector, with its NPU IP being utilized by 72 clients across 128 AI chip models [2]. - The company is actively developing Chiplet solutions for AIGC and smart transportation, collaborating with leading firms in the AI sector [3].

公司研究 2025 年 6 月 6 日 整合全产业链，并购中芯宁波打破海外滤波器垄断 ——国科微（300672.SZ）跟踪报告之二 买入（维持） 当前价：81.06 元 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：孙啸 执业证书编号：S0930524030002 021-52523857 sunxiao@ebscn.com | 市场数据 | | --- | | 总股本(亿股) | 2.17 | | --- | --- | | 总市值(亿元)： | 176.01 | | 一年最低/最高(元)： | 41.95/86.85 | | 近 3 月换手率： | 141.42% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 18.64 | 7.12 | 36.46 | | 绝对 | 20.35 | 5.04 | 44.30 | | 资料来源：Wind | | | | 相关研报 自研新品营收比例提升，WiFi 与汽车业务带 来全 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [14]. Core Views - The company, Times New Materials, is a new materials platform under the state-owned enterprise China CRRC, showcasing strong competitiveness in recent years. The company has a solid foundation and is expected to continue growing across various sectors by 2025, particularly benefiting from the wind power segment, which is anticipated to contribute the most profit elasticity due to rising installation volumes and prices [3][8]. Summary by Sections Company Overview - Times New Materials focuses on the research and engineering application of polymer materials, extending its products into rubber, plastics, composite materials, and functional materials. The company has achieved large-scale engineering applications in industries such as rail transportation, industrial engineering, wind power, automotive parts, new materials, and special equipment. In 2024, the company is projected to achieve sales of 20.055 billion yuan, with a total workforce of 6,341, including 1,184 R&D personnel [22][27]. Wind Power Blades - The wind power blade industry is characterized by high concentration, with Times New Materials and China National Materials forming a dual-leader structure, together holding nearly 60% of the market share. The company has been enhancing its competitive advantages through deep cooperation with quality clients and improving operational efficiency. Despite overall industry losses in recent years, the company has maintained stable profitability, with expectations for wind power installations to accelerate in 2025, reaching 111 GW, a nearly 40% year-on-year increase [9][50][32]. New Materials - The new materials division is focusing on high-end polyurethane damping products, wear-resistant products, HP-RTM composite materials, and advanced organic silicon materials. The new materials industrial park is gradually being put into operation, which will enhance the company's scale advantages and further industrialize its R&D achievements, indicating broad long-term growth potential [10][28]. Automotive Sector - The automotive sector has seen strategic adjustments leading to operational improvements, with the company expected to turn profitable in 2024 and further solidify its results in 2025. There is significant potential for increasing the value per vehicle, as the company currently mainly supplies damping products and injection-molded parts, which have relatively low value per vehicle [11][29]. Rail Transportation & Industrial Engineering - The company is actively expanding production capacity and pursuing overseas market opportunities. It has established close collaborations with major global locomotive manufacturers and is expected to leverage its global factory resources to further penetrate international markets [12][29].

Investment Rating - The report maintains a "Strong Buy" rating for Huamao Technology (603306) [1] Core Views - The acquisition plan exceeds expectations, with Huamao Technology's major shareholder subscribing to supporting funds, demonstrating confidence in the company's performance [1] - The company plans to acquire the remaining equity of Fuchuang Youyue, increasing its stake from 42.16% to 100%, with expected net profit of 0.78 billion yuan from Fuchuang Youyue in the first four months of 2025 [1] - The company is actively expanding its presence in the automotive passive safety market and accelerating overseas expansion, with significant revenue contributions expected from its new manufacturing base in Vietnam [8] Financial Summary - Total revenue is projected to grow from 2,213 million yuan in 2024 to 4,186 million yuan in 2027, with a compound annual growth rate (CAGR) of 19.8% [3] - Net profit attributable to the parent company is expected to increase from 277 million yuan in 2024 to 934 million yuan in 2027, reflecting a CAGR of 24.8% [3] - Earnings per share (EPS) is forecasted to rise from 0.84 yuan in 2024 to 2.84 yuan in 2027 [3] - The target price for the stock is set at 51.28 yuan, indicating a potential upside from the current price of 40.15 yuan [4] Business Outlook - The company is positioned as a leader in the domestic automotive passive safety sector, with plans to leverage its overseas production capacity to capture more market share [8] - The report highlights the growing demand for AI-related infrastructure, with Huamao Technology's acquisition of Fuchuang Youyue aimed at establishing a second growth curve in the AI sector [8] - The company is expected to continue investing in semiconductor and computing manufacturing, enhancing its competitive edge in the market [8]