Investment Rating - The report maintains a "Buy" rating for Weichai Power [6] Core Views - Weichai Power reported a revenue of 57.464 billion yuan for Q1 2025, representing a year-on-year growth of 1.92%. The net profit attributable to shareholders was 2.711 billion yuan, up 4.27% year-on-year. The projected net profits for 2025-2027 are 12.763 billion, 14.473 billion, and 15.396 billion yuan, corresponding to PE ratios of 10.39X, 9.16X, and 8.61X respectively. The report cites the old-for-new policy support, stabilization and recovery in the heavy truck industry, and stable cash flow as reasons for the positive outlook [2][4][10]. Summary by Sections Financial Performance - In Q1 2025, Weichai Power achieved a revenue of 57.464 billion yuan, with a year-on-year increase of 1.92%. The net profit attributable to shareholders was 2.711 billion yuan, reflecting a 4.27% year-on-year growth. The heavy truck sales for Q1 were 265,000 units, showing a year-on-year increase of 21.0% [2][4][10]. Strategic Initiatives - The company is advancing six strategic directions aimed at long-term development, focusing on adjusting product, business, and market structures. This includes accelerating the transition to new energy and digital intelligence, and expanding into large-diameter, aftermarket, non-road vehicles, and export businesses. The demand for high-end large-diameter power generation products is expected to increase, particularly in sectors like 5G data centers and mining [10]. Investment Outlook - The report projects net profits for 2025-2027 at 12.763 billion, 14.473 billion, and 15.396 billion yuan, with corresponding PE ratios of 10.39X, 9.16X, and 8.61X. The combination of supportive policies, industry recovery, and stable cash flow positions Weichai Power as a high-dividend quality stock, justifying the "Buy" rating [2][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant improvement in operational performance, with Q1 2025 revenue reaching 1.469 billion yuan, a year-on-year increase of 24.69%. The net profit attributable to shareholders was 93 million yuan, up 2.00% year-on-year, while the net profit excluding non-recurring items was 88 million yuan, reflecting a 2.48% increase year-on-year. However, the operating cash flow net amount decreased by 25.44% to 122 million yuan [2][4] - The company is positioned as a global leader in intelligent operating system products and technologies, leveraging its strategic advantages to drive the development of the smart industry amid a new wave of intelligentization. A new growth curve is expected to gradually open up [2][4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.469 billion yuan, representing a 24.69% increase year-on-year. The gross profit margin for Q1 was 36.28%, down 3.54 percentage points year-on-year, primarily due to increased personnel costs as the workforce grew from 13,119 in 2023 to 15,031. Operating costs increased by 32.02% year-on-year. However, the gross margin showed a significant recovery, increasing by 6.74 percentage points compared to the previous quarter [4][10] - The sales expense ratio, R&D expense ratio, and management expense ratio for Q1 were 3.54%, 19.20%, and 9.37%, respectively, showing a decrease compared to the same period last year [10] Growth Strategy - The company has outlined three main growth curves: 1. Capitalizing on the emerging trend of mobile operating systems to enter a rapidly growing market. 2. Enhancing existing business with edge AI to benefit from the increasing penetration of terminal intelligence. 3. Combining edge AI with innovative businesses, such as mobile robotics platforms, to fully leverage the opportunities presented by edge intelligence [10] - Recent product launches, including Drip OS 1.0 Evo, TurboX AI glasses, and mobile robot AMR, highlight the company's breakthroughs in AI-native operating systems and edge intelligence [10] Market Positioning - The company is firmly committed to its "operating system + edge intelligence" strategy, with a strong positioning expected to open up a new growth curve. The company has established long-term collaborations with leading players in the industry, including chip manufacturers and cloud service providers, to expand its ecosystem [10] - The company is well-positioned in the smart industry, aligning its business layout with the trend of value growth shifting from cloud to edge, and is expected to benefit from every wave of terminal intelligence opportunities [10]

店均高速增长，开店节奏稳健，注重品牌系统性工程建设 Strong Average Store Growth, Steady Expansion Pace, Focusing on Systematic Brand Development 寇媛媛 Yuanyuan Kou 陈芳园 Ashley Chen [Table_Title] 研究报告 Research Report 26 May 2025 潮宏基 CHJ Industry (002345 CH) yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：5 月 23 日，海通国际海外消费组调研潮宏基总部，参加公司高管交流会。公司管理层表示终端增速自 2024 年 四季度开始提升，2025 年 4 月份店均增速约 45%，5 月初至 5 月 20 日增速约为 30%。5 月门店人流量在五一假期后 有所下滑，主要是受节日透支效应影响。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][7]. Core Views - The company's performance in 2024 was impacted by a global agricultural chemical destocking cycle, but a significant improvement is expected in Q1 2025 due to price increases in several main products [2][30]. - The company reported a revenue of 4.237 billion yuan in 2024, a slight increase of 0.32% year-on-year, while the net profit attributable to shareholders was 81 million yuan, up 31.11% year-on-year [2][6]. - The company is experiencing a recovery in product prices, particularly in key products like Mancozeb and Avermectin, which have seen substantial price increases since March 2024 [3][34]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.211 billion yuan, a year-on-year increase of 22.28%, and a net profit of 108 million yuan, marking a turnaround from a loss in the previous year [30]. - The company’s revenue and net profit forecasts for 2025-2027 are 4.958 billion yuan, 5.255 billion yuan, and 5.513 billion yuan, with net profits of 402 million yuan, 478 million yuan, and 522 million yuan respectively [5][50]. Product Pricing and Market Trends - Key products such as Mancozeb and Avermectin have seen price increases, with Mancozeb's price rising from 23,500 yuan/ton to 25,000 yuan/ton since March 2025 [3][33]. - The price of the company's other products, including Bacillus thuringiensis and the veterinary drug Tylosin, has also increased significantly, indicating a positive trend in product demand [34][37]. New Business Developments - The company has accelerated its new business layout, including the acquisition of a 51% stake in DeYan ZhiChuang, which focuses on AI-driven pesticide development [4][38]. - Strategic partnerships with companies like BASF are expected to enhance the development and commercialization of new pesticides in China [4][38]. Market Position and Competitive Landscape - The company holds a strong market position in the agricultural chemicals sector, with a significant share in the fungicide market and ongoing expansion into international markets, particularly in Brazil [3][33]. - The company is actively working on new product development and technological advancements to maintain its competitive edge in the industry [4][39].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 7.23 billion yuan, a year-on-year increase of 4.9%, but a net profit attributable to shareholders of 310 million yuan, down 18.6% year-on-year [2][5] - The decline in product prices has put pressure on the company's performance, with significant decreases in the sales prices of key products such as glyphosate and organic silicon [11] - The company is expected to benefit from a recovery in product prices and the successful launch of new projects, which will enhance its profitability [11] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 1.1 billion yuan, which represents a 66.7% increase year-on-year [11] Financial Performance - In Q1 2025, the company's gross margin was 12.9%, down 1.5 percentage points year-on-year, and the net margin was 4.6%, down 0.9 percentage points year-on-year [11] - The company has a production capacity of 230,000 tons per year for glyphosate and 600,000 tons per year for organic silicon, with both products currently at historical low price levels [11] - The company expects net profits attributable to shareholders to be 1.93 billion yuan, 2.53 billion yuan, and 2.94 billion yuan for 2025, 2026, and 2027 respectively [11]

丨证券研究报告丨 [Table_Author] 邬博华 于海宁 曹海花 司鸿历 温筱婷 SAC：S0490514040001 SAC：S0490517110002 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524100002 SFC：BQK482 SFC：BUX641 SFC：BUD284 联合研究丨公司点评丨科华数据（002335.SZ） [Table_Title] 数据中心弹性初步体现，新能源亏损有望收 窄 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 年一季报，2024 年收入 77.57 亿元，同比-4.71%，实现归母净利 润 3.15 亿元，同比-37.90%，实现扣非净利润 2.85 亿元，同比-38.55%。拆分至单季度，2024 年四季度收入 23.64 亿元，实现归母净利润 0.77 亿元，实现扣非净利润 0.65 亿元；2025 年一 季度收入 12.16 亿元，同比+2.73%，实现归母净利润 0.69 亿元，同比-6.26%，实现扣非净利 润 0.61 亿元，同比+2.06%。 分析师及联系人 请阅 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 5.385 billion yuan for 2024, an increase of 2.72% year-on-year. However, the net profit attributable to shareholders decreased by 12.60% to 407 million yuan, and the net profit after deducting non-recurring items fell by 48.49% to 175 million yuan. The operating cash flow net amount was 753 million yuan, a slight decrease of 0.22% [2][4] Summary by Sections Financial Performance - In the second half of 2024, the company saw a significant improvement in its operating performance, with revenue increasing by 24.29% compared to the first half. The net profit attributable to shareholders surged by 190.4%, and operating cash flow net amount rose by 61.16%. In Q4 2024, revenue grew by 23.76% year-on-year and 30.67% quarter-on-quarter, while net profit increased by 282.76% year-on-year and 436.76% quarter-on-quarter [10] Business Segments - The smart software business generated revenue of 1.423 billion yuan, a year-on-year increase of 0.49%. The smart automotive business achieved revenue of 2.416 billion yuan, up 3.42% year-on-year. The smart IoT business reported revenue of 1.545 billion yuan, a growth of 3.73% year-on-year, indicating a rebound from the previous year's decline [10] Profitability and Costs - The company's gross margin decreased to 34.29%, down 2.66 percentage points year-on-year. The gross margins for the smart software, smart automotive, and smart IoT businesses were 44.30%, 34.67%, and 18.27%, respectively. The increase in costs and expenses, particularly in R&D, impacted short-term profits [10] Strategic Positioning - The company is focused on its "Operating System + Edge Intelligence" strategy, aiming to leverage its ecosystem advantages and partnerships with leading chip manufacturers and cloud service providers. The company has made significant investments in edge intelligence areas such as industrial robots and AI applications, which are expected to drive future growth [10] Future Outlook - The company is projected to achieve net profits of 482 million yuan, 561 million yuan, and 804 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 52, 45, and 31 times [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a total revenue of 13.3 billion yuan for 2024, a year-on-year decrease of 23.2%. The net profit attributable to shareholders was 490 million yuan, down 6.3% year-on-year, while the net profit excluding non-recurring items was 450 million yuan, a decline of 4.1% year-on-year [2][4] - In Q4 2024, the company achieved a revenue of 3.41 billion yuan, a year-on-year decrease of 18.5% and a quarter-on-quarter decrease of 4.7%. The net profit attributable to shareholders was 130 million yuan, an increase of 10.0% year-on-year but a decrease of 1.4% quarter-on-quarter [2][4] - For Q1 2025, the company reported a revenue of 2.98 billion yuan, down 9.8% year-on-year and 12.8% quarter-on-quarter. The net profit attributable to shareholders was 120 million yuan, an increase of 4.8% year-on-year but a decrease of 7.8% quarter-on-quarter [2][4] Summary by Sections Sales Performance - The company achieved a sales volume of 98,600 tons for positive materials in 2024, maintaining a growth trend. The sales of ternary materials (including lithium iron phosphate and others) reached 52,400 tons, a year-on-year increase of 40%, driven by the growth of high-end pure electric vehicles. The sales of lithium cobalt oxide were 46,200 tons, up 33.5% year-on-year, mainly benefiting from subsidy policies and demand from AI mobile applications [9] - In Q1 2025, the sales volume of positive materials was 24,800 tons, with lithium cobalt oxide sales at 12,300 tons, a year-on-year increase of 46.55%. Ternary positive sales were 10,900 tons, a year-on-year decrease of 31.53% due to a high base effect from the previous year [9] Profitability - The estimated profit per ton for the company in 2024 faced pressure due to a decline in processing fees for ternary positives and the impact of raw material price drops. The iron lithium business remained in a loss state, while hydrogen materials maintained stability with sales of hydrogen storage alloys at 3,900 tons, a year-on-year increase of 3.73% [9] - The company is expected to achieve a net profit of 740 million yuan in 2025, corresponding to a PE ratio of 28 times, and continues to be recommended [9]

丨证券研究报告丨 联合研究丨公司点评丨赛维时代（301381.SZ） [Table_Title] 赛维时代 2024 年报&2025Q1 点评：硬件去库 对利润端阶段拖累，营运指标逐季度企稳向好 报告要点 [Table_Summary] 2024 年公司实现营业收入 102.75 亿元，同比增加 56.55%，实现归母净利润 2.14 亿元，同比 减少 36.19%。2024Q4 公司实现营业收入 34.74 亿元，同比增加 58.66%；实现归母净利润 0.19 亿元，同比减少 83.46%。2025 年 Q1，公司实现营业收入 24.58 亿元，同比增加 36.65%； 实现归母净利润 0.47 亿元，同比减少 45.35%。 分析师及联系人 [Table_Author] 李锦 于旭辉 罗祎 秦意昂 SAC：S0490514080004 SAC：S0490518020002 SAC：S0490520080019 SAC：S0490524110002 SFC：BUV258 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 赛维时代（3013 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 35.392 billion yuan in 2024, representing a year-on-year growth of 11.98%. The net profit attributable to shareholders was 1.207 billion yuan, up 28.56% year-on-year, while the non-recurring net profit reached 263 million yuan, showing a significant increase of 125.86% [3][10]. - In Q4 2024, the company achieved a revenue of 10.217 billion yuan, a growth of 3.97% year-on-year, with a net profit of 794 million yuan, up 22.88% year-on-year, and a non-recurring net profit of 205 million yuan, increasing by 213.66% [3][10]. - For Q1 2025, the company reported a revenue of 9.055 billion yuan, reflecting a year-on-year growth of 20.61%, with a net profit of 101 million yuan, up 45.55% year-on-year, and a non-recurring net profit of 15 million yuan, increasing by 37.59% [3][10]. Summary by Sections Sales and Profitability - The company achieved a total lithium-ion battery sales volume of 19.75 billion ampere-hours in 2024, marking a year-on-year increase of 40.38%, driven by strong market demand [10]. - The overall gross margin for 2024 was 18%, an increase of 2.23 percentage points year-on-year. The gross margin for the power battery system was 15.14%, up 1.33 percentage points, while the gross margin for the energy storage battery system reached 21.75%, an increase of 4.64 percentage points [10]. Cost and Expenses - The total expense ratio for 2024 was 14.76%, a slight increase of 0.09 percentage points year-on-year. The sales expense ratio decreased to 0.86%, down 0.07 percentage points, while the management expense ratio was 5.45%, down 0.05 percentage points [10]. Future Outlook - The company is expected to continue upgrading its product and customer structure in the domestic power market, enhancing its market share and profitability through partnerships with B-class vehicle customers. The expansion of production capacity in overseas markets, including the U.S., Czech Republic, and Morocco, is also anticipated to contribute positively [10].