Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 175 million yuan in 2024, a year-on-year decline of 14.1%, and a net profit attributable to the parent company of 73.6 million yuan, down 25.9% year-on-year. For Q1 2025, revenue was 27.24 million yuan, a decrease of 12.35% year-on-year, with a net profit of 11.53 million yuan, down 24.41% year-on-year. The decline is attributed to a slowdown in investment from enterprise clients and a decrease in demand for battery testing equipment [5][6] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 84 million yuan, 96 million yuan, and 106 million yuan respectively, with corresponding EPS of 1.05, 1.20, and 1.32 yuan per share. The current PE ratios are projected to be 44.2, 38.7, and 35.3 times [5][6] - The company is optimistic about growth opportunities in emerging fields such as clean energy and energy conservation, despite the current challenges in the battery testing equipment market [5] Financial Summary - In 2024, the company achieved a revenue of 175 million yuan, down 14.1% year-on-year, and a net profit of 74 million yuan, down 25.9% year-on-year. The gross margin was 59.7% and the net margin was 42.0% [9][10] - The revenue forecast for 2025 is 195 million yuan, with a year-on-year growth of 11.4%, and a net profit of 84 million yuan, reflecting a growth of 14.6% [9][10] - The company plans to continue investing in R&D, with expenses projected at 16 million yuan in 2025, and aims to enhance its market share in high-precision battery testing and related equipment [7][9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant increase in stock price relative to the benchmark index over the next six months [6][13]. Core Insights - The company is experiencing rapid growth in its self-owned brands, driven by both domestic and international business strategies. The positive feedback from the 618 pre-sale indicates strong growth potential for the brand "Wanpi" [4][5]. - The company has implemented a differentiated channel strategy, balancing online new business models with refined offline operations. The rise of direct sales and private domain operations is contributing to higher gross profit orders [5]. - The company's profitability is expected to improve due to product structure optimization and economies of scale, despite facing raw material price fluctuations [5]. Financial Projections - Revenue forecasts for 2025-2027 are set at 53.47 billion, 63.32 billion, and 74.43 billion yuan, reflecting year-on-year growth rates of 19.75%, 18.44%, and 17.54% respectively [6][9]. - The projected net profit attributable to the parent company for the same period is 4.7 billion, 5.95 billion, and 7.16 billion yuan, with growth rates of 19.46%, 26.40%, and 20.38% respectively [6][9]. - Earnings per share (EPS) are expected to be 1.55, 1.95, and 2.35 yuan for 2025, 2026, and 2027, corresponding to price-to-earnings (P/E) ratios of 40, 31, and 26 times [6][9].

证券研究报告·公司点评报告·计算机设备 道通科技（688208） 2025 半年度业绩预告点评：业绩超预期，继 续看好"出海+AI"成长曲线 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） | 3,251 | 3,932 | 4,899 | 6,012 | 7,556 | | 同比（%） | 43.50 | 20.95 | 24.57 | 22.73 | 25.68 | | 归母净利润（百万元） | 179.23 | 640.93 | 796.86 | 982.25 | 1,183.18 | | 同比（%） | 75.66 | 257.59 | 24.33 | 23.27 | 20.46 | | EPS-最新摊薄（元/股） | 0.27 | 0.96 | 1.19 | 1.47 | 1.77 | | P/E（现价&最新摊薄） | 118.08 | 33.02 | 26.56 | 21.55 | 17.89 | [关键 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 39.36 CNY based on a 48x PE valuation for 2025 [2][5][9]. Core Insights - The company is expected to achieve earnings per share of 0.82 CNY, 1.20 CNY, and 1.52 CNY for the years 2025, 2026, and 2027 respectively, reflecting an upward revision in revenue and gross margin forecasts [2][9]. - The Micro TEC product line is experiencing rapid growth, particularly in the communication sector, with a 140.8% year-on-year increase in sales revenue in 2024 [8]. - The company is expanding into the energy storage market, with its semiconductor thermoelectric cooling technology showing promise as a new growth driver [8]. Financial Forecasts - Revenue is projected to grow from 400 million CNY in 2023 to 973 million CNY in 2027, with a compound annual growth rate (CAGR) of 17.9% [4][11]. - Operating profit is expected to turn positive in 2024, reaching 151 million CNY by 2027, with significant growth rates in subsequent years [4][11]. - The gross margin is anticipated to improve from 24.7% in 2023 to 31.5% in 2027, indicating enhanced profitability [4][11]. Market Performance - The company's stock price as of July 4, 2025, was 35.41 CNY, with a 52-week high of 53.25 CNY and a low of 18.39 CNY [5]. - The company has a market capitalization of 3,125 million CNY [5]. Competitive Position - The company is one of the few in the industry that has mastered multiple preparation techniques for bismuth telluride-based semiconductor materials, enhancing its competitive edge [8]. - The ongoing investment in R&D is expected to further strengthen the company's core technology and product innovation capabilities [8].

2025 年 7 月 7 日 公司研究 核心客户订单超预期，冲压+电镀双驱动业绩稳健增长 ——无锡振华（605319.SH）跟踪报告 要点 小米 YU7 订单大超预期，公司或为小米汽车产业链最受益标的之一：6 月 26 日 小米首款 SUV 小米 YU7 正式上市，上市后 1 小时内 YU7 大定破 28.9 万台。我 们判断，1）小米汽车具备产品力、品牌力、生态、以及导流优势，小米汽车产 业链相关公司有望持续受益；2）无锡振华当前已与小米汽车建立稳定合作关系 （2024 年小米汽车在公司收入占比达 9.57%、已成为公司前五大客户之一）， 预计公司有望凭借小米汽车产业链中的占位优势实现业绩强劲增长。 新能源带来冲压主业新机遇，电镀业务持续拓宽：1Q25 公司营业收入同比+22%/ 环比-25%至 6.0 亿元，毛利率同比+3pcts/环比持平至 28%，归母净利润同比 +22%/环比-26%至 0.9 亿元。我们认为，1）公司冲压业务当前已配套上汽、特 斯拉、小米汽车、理想等客户，新能源客户为公司冲压主业发展带来新机遇， 2025E 随上汽销量恢复（1H25 上汽集团销量同比+12.35%至 205.3 万 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.02 CNY, based on a PE ratio of 30 times for the year 2025 [5]. Core Insights - The company has been deeply engaged in the electromagnetic wire sector for over 30 years, focusing on copper and aluminum-based electromagnetic wires and special conductors, with a dual-driven strategy to explore new fields [1][13]. - The traditional business of enameled wire is steadily growing, with a strong market position and stable revenue from automotive and electronic wires, while special conductors are expected to create a new growth curve for the company [1][2]. - The demand for AI servers is driving the growth of the silver-plated copper market, with the company positioned as a leader in this segment through its subsidiary, Hengfeng Special Conductors [2][3]. Summary by Sections Traditional Business: Enameled Wire and Automotive, Electronic Wires - The enameled wire market is a blue ocean, with the company holding a leading position in production and sales, capturing a market share of 12.09% in 2022 [31][33]. - The automotive wire harness industry is expanding, driven by increasing vehicle production and the rise of electric vehicles, with the market expected to exceed 120 billion CNY by 2025 [41][44]. - The company has established strategic partnerships with well-known clients in the home appliance and industrial motor sectors, ensuring stable cash flow [48]. Special Conductors: Growth Driven by AI Servers - The global AI server market is projected to grow from 19.5 billion USD in 2022 to 34.7 billion USD in 2026, with a compound annual growth rate (CAGR) of 17.3% [2][49]. - Hengfeng Special Conductors, a wholly-owned subsidiary, is a leading player in the domestic silver-plated copper market, benefiting from high technical barriers and competitive advantages [2][3]. - The company is also involved in high-temperature superconductors, with its stake in Shanghai Superconductor expected to benefit from the commercialization wave in this field [3]. Financial Forecast and Valuation - The company is expected to achieve total revenues of 246.7 billion CNY, 273.4 billion CNY, and 308.7 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 10.5%, 10.8%, and 12.9% [4]. - The net profit attributable to the parent company is projected to be 7.18 billion CNY, 8.51 billion CNY, and 10.09 billion CNY for the same years, reflecting growth rates of 27.8%, 18.5%, and 18.6% [4].

丨证券研究报告丨 张韦华 司旗 宋尚骞 刘亚辉 公司研究丨点评报告丨中国核电（601985.SH） [Table_Title] 核绿电量延续优异表现，上半年业绩展望稳健 报告要点 [Table_Summary] 机组大修损失同比减少以及漳州 1 号年初商运共同拉动上半年核电发电量同比增长 12.01%， 单二季度核电发电量同比增长 10.77%。在电量优异表现的带动下，二季度及上半年公司核电 板块预计实现稳健的业绩表现。装机持续扩张拉动上半年新能源电量同比增长 35.76%，但考 虑增资引战后公司对中核汇能的持股比例降低，二季度及上半年新能源的归母业绩贡献或仍面 临一定压力。整体来看，上半年公司发电量同比增长 15.65%，即使考虑市场化交易、新能源股 比稀释等影响，预计公司二季度业绩仍将实现稳健增长。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...

林泰新材（920106） 证券研究报告·北交所公司深度报告·汽车零部件 乘用车湿式纸基摩擦片国产先锋，混动放量 +产能释放驱动高成长 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 206.56 | 312.58 | 433.80 | 608.18 | 915.45 | | 同比 | 17.33 | 51.33 | 38.78 | 40.20 | 50.52 | | 归母净利润（百万元） | 49.18 | 81.04 | 150.16 | 214.54 | 323.16 | | 同比 | 98.44 | 64.78 | 85.28 | 42.88 | 50.63 | | EPS-最新摊薄（元/股） | 0.88 | 1.45 | 2.69 | 3.84 | 5.79 | | P/E（现价&最新摊薄） | 123.04 | 74.67 | 40.30 | 28.21 | 18.73 | [Table_Tag] [ ...

Investment Rating - The report gives a "Buy" rating for the company [14]. Core Views - The company is a leader in ultrasonic equipment in China, gradually expanding its application fields and is optimistic about its platform-based layout and new business increments [2][8]. - The company has a comprehensive product matrix that covers various industry needs, with battery business as a cornerstone and rapid growth in harness, semiconductor, and consumable businesses [2][8]. Summary by Sections Company Overview - Established in 2007, the company initially focused on ultrasonic cutting for rubber tires and has since expanded into the new energy battery sector, non-woven fabrics, harnesses, and semiconductors [2][8]. - The company has developed a complete ultrasonic technology platform, providing solutions across various industries, including new energy batteries, rubber tires, non-woven fabrics, automotive harnesses, and power semiconductors [25][31]. Financial Performance - The company is expected to achieve revenue of 585 million yuan in 2024, representing a year-on-year increase of 11.30%, with significant growth in harness, semiconductor, and consumable businesses [8][41]. - The gross profit margin for Q1 2025 is reported at 64.91%, an increase of 9.30 percentage points year-on-year [8]. Business Segments - **Battery Segment**: The ultrasonic welding technology is crucial for the ear welding stage in lithium batteries, with increasing demand driven by the growth of new energy vehicle sales [9][52]. - **Semiconductor Segment**: The company has secured bulk orders in the semiconductor field, particularly for advanced packaging and testing ultrasonic equipment, benefiting from the rapid growth of IGBT [10][41]. - **Harness Segment**: The demand for high-voltage harnesses in electric vehicles has opened up the welding market, with the company leading in market share and technology [11][41]. Research and Development - The company invests heavily in R&D, with a research expense ratio exceeding 20%, and has developed six core self-researched technologies that meet international standards [12][41]. - The high-margin consumable business is growing rapidly, providing stable cash flow for the company [12][41]. Market Position - The company is positioned as a market leader with strong customer resources and has established partnerships with major players in the industry [12][41]. - The competitive landscape shows the company gradually increasing its market share against domestic competitors [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company's stock option incentive plan targets 85 individuals, accounting for approximately 26.32% of the total workforce of 323 employees as of December 31, 2024 [1] - The performance targets for the incentive plan are set for the years 2025, 2026, and 2027, focusing on revenue growth and specific revenue milestones for physical AI products [2][3][4] - The company is concentrating on physical AI, aiming to create a comprehensive service platform that is expected to drive the intelligent upgrade of industrial manufacturing [5] - Continuous mergers and acquisitions are anticipated to integrate quality resources, which may accelerate the company's performance growth [6] Financial Forecasts - The company is projected to achieve revenues of 566.48 million, 788.01 million, and 1,073.86 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 49.54%, 39.11%, and 36.27% [12] - The net profit attributable to the parent company is expected to reach 68.88 million, 102.37 million, and 142.02 million yuan for the same years, with growth rates of 66.18%, 48.62%, and 38.73% [12] - The earnings per share (EPS) are forecasted to be 0.77, 1.15, and 1.59 yuan for 2025, 2026, and 2027, respectively [12]