Group 1 - The company reported Q1 2025 revenue of 889 million yuan, a year-on-year increase of 27.65% [1] - The net profit attributable to shareholders reached 50 million yuan, up 59.06% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 46 million yuan, reflecting a 53.96% year-on-year growth [1] - The net cash flow from operating activities was 220 million yuan, showing a significant increase of 2,629.51% year-on-year [1] Group 2 - Total expenses for Q1 2025 amounted to 122 million yuan, an increase of 35 million yuan year-on-year, with an expense ratio of 13.69%, up 1.24 percentage points [2] - Research and development expenses were 60.47 million yuan, a year-on-year increase of 32.97%, with a research and development expense ratio of 6.81%, up 0.27 percentage points [2] - The company maintained strong cash flow, with cash received from sales of goods and services reaching 961 million yuan, a 62.76% increase year-on-year, and a cash collection ratio of 108.20% of revenue, up 23.34 percentage points [2] Group 3 - The company is positioned as a leader in the domestic power supply market, benefiting from the growth in high-power server power supply and the recovery of the consumer electronics market [3] - Projected revenues for 2025-2027 are 4.644 billion yuan, 5.454 billion yuan, and 6.313 billion yuan, with net profits of 324 million yuan, 450 million yuan, and 520 million yuan respectively [3] - Corresponding price-to-earnings ratios are expected to be 33.72, 24.25, and 20.98 times for the years 2025, 2026, and 2027 [3]

公司公布25Q1 业绩：实现营收36.24 亿元（同/环比-31.9/-8.8%），归母净利4.01 亿元，（同/环 比-23.1/+709.8%），扣非净利3.78 亿元（同/环比-26.9/+487.1%）。公司Q1 业绩较上个季度环比有大幅 提升，主要系胶膜盈利回暖以及信用减值冲回增厚业绩所致，公司Q1 业绩基本符合我们预期。 预计后续胶膜价格止跌企稳趋势不变，尾部产能持续出清，胶膜行业格局或进一步优化，我们看好公司 龙头地位和盈利能力，维持"买入"评级。 胶膜价格止跌企稳，毛利率环比触底回升 25Q1 公司毛利率13.1%，环比+1.48pct，显示胶膜价格已止跌企稳，Q1受新能源抢装潮影响，有小幅反 弹趋势。胶膜存量产能开始优化，由于24年光伏供需失衡，胶膜价格持续下跌，行业二三线厂商财务压 力较大，目前已有部分宣布停产或剥离胶膜业务（如福莱蒽特、天洋新材等），我们认为后续行业出清 进程有望加快，公司有能力凭借领先的产品创新能力、成本控制能力、客户资源等优势，进一步提升行 业市占率，盈利水平持续恢复。 我们维持公司25-27 年归母净利预测24.6/33.1/37.0 亿元。参考可比公司25 年Wi ...

证券研究报告 | 公司点评 | 专用设备 PCB 设备收入拐点渐近，在手订单持续高增 ——东威科技年报和一季报点评 投资要点 ❑ 事件：2024 年，公司实现营业收入 7.50 亿元，同比下滑 17.51%，归母净利润 6927.29 万元，同比下滑 54.25%，扣非归母净利润 6145.94 万元，同比下滑 54.59%。 2025 年一季度，公司实现营业收入 2.11 亿元，同比增长 7.08%，归母净利润 1700.58 万元，同比下滑 45.11%，扣非归母净利润 1635.21 万元，同比下滑 43.21%。 ❑ 拐点已现，盈利能力受上游原材料涨价拖累 回顾 2024 年，锂电复合铜箔在动力电池领域的验证及订单进度不甚理想，受此 拖累，公司收入和利润上半年尚可，下半年下滑较多。另一方面，在 AI 服务器 和 AIDC 建设需求推动下，PCB 一线企业基本实现满产，扩产意愿逐渐复苏，凭 借在国内垂直连续电镀设备市场的领先地位，公司 PCB领域设备订单金额创历史 新高，收入拐点逐渐临近。利润方面，产能扩增的完成，整体折旧、摊销等增 加，导致成本费用有所上升，铜、不锈钢等原材料价格上涨，一定程度压缩了公 ...

4月28日晚间，领益智造（002600）发布2025年一季度报告。公告显示，2025年一季度，公司实现营业 收入114.94亿元，同比增长17.11%；归属于上市公司股东的净利润5.65亿元，同比增长23.52%；扣除股 权激励摊销费用的归母净利润6.41亿元，同比增长37.59%。值得关注的是，领益智造已连续3个季度单 季营收破百亿元，连续5个季度实现同比双位数增长。此外，自2024年三季度开始，公司的利润拐点趋 势愈发清晰。 领益智造高度重视投资者回报。4月22日，领益智造2024年度股东大会审议通过《关于2024年度利润分 配方案的议案》，公司拟派发现金红利约1.40亿元。公开资料显示，2024年公司现金分红和股份回购总 额为2.00亿元，占该年度归母净利润的比例为11.41%；2022—2024年，公司三年累计分红+回购金额达 17.27亿元，占三年归母净利润的31.98%。 一季度财报的发布，不仅展现了公司当下的强劲发展态势，更透露出其战略布局升级的深远意义。通过 与国创中心战略合作、回购股份、收购江苏科达等一系列举措，领益智造正开启多元发展的新篇章，加 速推进"人眼折服"(人型机器人、AI眼镜、折 ...

证券代码：002975 证券简称：博杰股份 债券代码：127051 债券简称：博杰转债 珠海博杰电子股份有限公司投资者关系活动记录表 编号：2025-003 | | √特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 | □媒体采访 □业绩说明会 | | 活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | √其他（电话会议） | | 参与单位名称 | 金信基金 谭智汨；工银瑞信 黄璨；耕霁（上海）投资 曹慧；华安证券 王君翔； | | 及人员姓名 | 华福证券 俞能飞、卢大炜、袁家亮；甬金证券 李瑶芝；中泰证券 万欣怡； | | | 国泰海通 刘校；古槐资本 徐堂、任嘉、杜彤；招商资产 何怀志；鸿运私募蒋睿； | | | 广东润融 江晖；国投证券 李昱璇；广发证券 朱宇航；长江证券 杨文建； | | | 玖玺基金 钱晓波；广东华为达基金 郭泳健；元嘉生物 何泽宇；上海证券 王亚琪； | | | 国泰君安 王浩；莽荒资产 庄峥嵘；嘉峪投资 罗文谦；个人投资者 侯旭； | | | 海创私募 施沙宁。 | | 时间 | 2025 年 04 月 28 日 15：00- ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 31.12 yuan [1]. Core Insights - The company achieved a revenue of 1.828 billion yuan in 2024, representing a year-on-year growth of 23.83%, and a net profit attributable to shareholders of 435 million yuan, up 34.50% year-on-year [4][7]. - In Q1 2025, the company reported a revenue of 449 million yuan, a 20.81% increase year-on-year, with a net profit of 108 million yuan, reflecting an 8.20% year-on-year growth [4][7]. - The company plans to distribute a cash dividend of 0.651 yuan per share, totaling approximately 26.97 million yuan [4]. Financial Performance Summary - Revenue and Profit Growth: - 2024 revenue: 1,828 million yuan (+23.83% YoY) - 2024 net profit: 435 million yuan (+34.50% YoY) - 2025 Q1 revenue: 449 million yuan (+20.81% YoY) - 2025 Q1 net profit: 108 million yuan (+8.20% YoY) [4][6][7]. - Profitability Metrics: - 2024 gross margin: 36.42% (+5.67 percentage points YoY) - 2024 net margin: 23.57% (+2.05 percentage points YoY) [7]. - Future Projections: - Expected net profits for 2025-2027: 544 million yuan, 664 million yuan, and 811 million yuan respectively [8][10]. - Expected EPS for 2025-2027: 1.31 yuan, 1.60 yuan, and 1.95 yuan respectively [10]. Product and Market Structure - The company focuses on optimizing product, market, and customer structures, with significant sales in sectors such as new energy vehicles, AI servers, and photovoltaic storage [7][8]. - The SGT-MOSFET product line saw a revenue increase of 43% YoY, contributing to 42.86% of total sales [8]. - The company is expanding its presence in high-end applications and deepening ties with leading clients in the new energy sector [8]. Financial Ratios - Key financial ratios for 2024-2027: - Gross margin: 36.4% (2024), 36.8% (2025E), 36.8% (2026E), 36.9% (2027E) - Net margin: 23.8% (2024), 24.2% (2025E), 24.2% (2026E), 24.2% (2027E) - ROE: 11.0% (2024), 12.3% (2025E), 13.3% (2026E), 14.3% (2027E) [10].

Investment Rating - The investment rating for Jianghai Co., Ltd. is maintained as "Buy" [1][4] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is actively advancing its AI server supercapacitor projects, indicating a robust long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026 to 821 million yuan and 993 million yuan, respectively, while introducing a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027, suggesting a favorable valuation given the growth prospects in the supercapacitor business [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a slight increase of 0.74 percentage points year-on-year, and a net profit margin of 13.21%, which is stable compared to the previous year [4][8] - The company expects steady growth in its main business areas, particularly in aluminum electrolytic capacitors and film capacitors, driven by recovering demand in downstream sectors such as photovoltaics and automotive [5][6] - The financial projections indicate a revenue increase from 4.845 billion yuan in 2023 to an estimated 7.921 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15.8% [8][10]

Investment Rating - The investment rating for Jianghai Co., Ltd. is "Buy" (maintained) [1] Core Views - In Q1 2025, Jianghai Co., Ltd. achieved a revenue of 1.158 billion yuan, representing a year-on-year increase of 10.14% and a quarter-on-quarter decrease of 8.79%. The net profit attributable to shareholders was 152 million yuan, up 11.04% year-on-year but down 5.16% quarter-on-quarter. The company is continuing to advance its supercapacitor projects for AI servers, indicating a broad long-term market potential [4][6] - The company has adjusted its profit forecasts for 2025 and 2026, now expecting net profits of 821 million yuan and 993 million yuan respectively, with a new forecast for 2027 at 1.146 billion yuan. The current stock price corresponds to a PE ratio of 18.6 for 2025, 15.4 for 2026, and 13.3 for 2027 [4][6] Financial Summary - For Q1 2025, Jianghai Co., Ltd. reported a gross margin of 24.32%, a net margin of 13.21%, and a year-on-year increase in gross margin of 0.74 percentage points. The company is expected to maintain steady growth in its main business due to recovering demand in downstream sectors such as photovoltaics and automotive [4][5] - The company’s revenue and profit are projected to grow steadily, with expected revenues of 5.778 billion yuan in 2025, 6.842 billion yuan in 2026, and 7.921 billion yuan in 2027, reflecting year-on-year growth rates of 20.2%, 18.4%, and 15.8% respectively [8][10]

Summary of WWT Technology Conference Call Company Overview - **Company**: WWT Technology - **Industry**: Semiconductor and Product Integration Key Financial Metrics - **Q1 2025 Revenue**: 13.1 billion CNY, with a net profit of 261 million CNY, representing an 82.29% year-over-year growth [2][3] - **Product Integration Revenue**: 9.38 billion CNY with a loss of approximately 275 million CNY, reduced to 164 million CNY after excluding convertible bond financial expenses [2][4] - **Semiconductor Revenue**: 3.711 billion CNY, an 8.4% increase year-over-year, with a gross margin of 38.32%, up 7 percentage points [2][6] - **Net Profit from Semiconductor**: 578 million CNY, a 65.14% increase year-over-year [2][6] Business Segments Product Integration - **Performance**: Despite revenue of 9.38 billion CNY, the segment incurred losses, which are expected to be mitigated by counterparties assuming some losses due to asset sales [2][5] - **Future Outlook**: The segment's impact on the company's financials will diminish post-asset sale, leading to improved profitability [5][19] Semiconductor - **Market Growth**: The semiconductor segment is experiencing rapid growth, particularly in the automotive sector, which accounts for 62% of revenue, followed by industrial applications at 20% [6][7] - **Production Capacity**: The company is operating near full capacity, with plans to further increase utilization rates [2][6][14] - **Regional Performance**: The Chinese market is the fastest-growing region, with a 24% year-over-year increase, while the Americas show stable growth driven by consumer electronics recovery [6][14] Strategic Insights - **High-End Product Focus**: Over 90% of semiconductor products are automotive-grade, with significant market share in the domestic electric vehicle sector [4][11] - **Future Growth Areas**: The company sees substantial growth potential in automotive, server, and robotics sectors, driven by trends in electrification and AI [4][13][14] - **Supply Chain Strategy**: The company emphasizes a dual supply chain system to optimize costs and meet diverse customer needs [16] Market Trends - **Automotive Industry**: The shift towards electric and intelligent vehicles is expected to drive demand for high-power semiconductor components, with projections indicating a significant increase in power load requirements [17][18] - **AI and Robotics**: The demand for semiconductors in AI servers and robotics is anticipated to grow, with the company positioned to capitalize on these trends [13][21] Financial Projections - **Q2 2025 Outlook**: The company expects optimistic revenue growth, maintaining a gross margin of 38% or higher, with a balanced revenue structure across automotive, industrial, and consumer sectors [20][31] - **Long-term Profitability**: Post-separation from the product integration business, the company anticipates improved profitability and a lower debt ratio [19][30] R&D and Product Development - **Third-Generation Semiconductors**: The company is investing in silicon carbide and gallium nitride technologies, with plans for significant production capacity expansion [22][24] - **Analog IC Growth**: The company aims to increase its analog IC product line significantly, with over 200 new part numbers expected to be in production by 2025 [28] Conclusion - **Investment Potential**: WWT Technology's strong performance in the semiconductor sector, coupled with strategic growth initiatives and a focus on high-end automotive applications, positions the company favorably for future growth and profitability [31]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company has demonstrated stable growth in profitability, with a 13.81% year-on-year increase in revenue to 6.088 billion yuan and a 32.04% increase in net profit to 194 million yuan for the year 2024. The first quarter of 2025 also showed a 15.07% increase in revenue to 1.468 billion yuan and a 14.67% increase in net profit to 50 million yuan [2][5]. - The company's modified plastic business has seen a revenue increase of 15.39% to 5.936 billion yuan, accounting for 97.51% of total revenue, driven by increased sales volume [3]. - The company is focusing on high-value products such as long-chain nylon materials, PEEK, and PPS, with long-chain nylon revenue growing by 105.39% year-on-year, indicating a strategic shift towards emerging markets [4]. Financial Performance - The company’s revenue projections for 2025-2027 are 7.066 billion yuan, 8.335 billion yuan, and 10.081 billion yuan, respectively, with year-on-year growth rates of 16.08%, 17.95%, and 20.95% [5]. - The net profit forecasts for the same period are 250 million yuan, 318 million yuan, and 414 million yuan, with growth rates of 28.63%, 27.35%, and 30.13% [5]. - The company’s return on equity (ROE) is expected to improve from 10.69% in 2025 to 14.16% in 2027 [5]. Market Expansion - The company has successfully expanded into international markets, establishing a factory in Thailand and serving over 30 overseas clients, with overseas sales increasing by 178.39% year-on-year [3]. - The diversification into new fields such as consumer electronics and AI data servers is expected to create new growth opportunities [4].