Key Insights - The report highlights a strong performance in the electronics sector, particularly for companies like Sensin and Luxshare Precision, with significant revenue growth and profitability improvements expected in the coming years [2][9][14] - The medical sector, represented by Baijun Medical, is also experiencing rapid growth, driven by new product launches and a strong market demand for heart valve replacements [3][14][15] Electronics Sector - Sensin reported a 35.7% year-on-year revenue growth for 2024, with a notable reduction in losses by 65.4% to 0.4 million yuan, marking a significant turning point in Q4 2024 with a return to profitability [2][5] - The company is focusing on AI and humanoid robotics, which are expected to drive future growth, with new product developments in MEMS technology [6][7] - Luxshare Precision's revenue for 2024 reached 268.79 billion yuan, a 15.9% increase, with a net profit of 13.37 billion yuan, up 22.0% year-on-year, indicating a solid growth trajectory across its three main business segments [9][11] Medical Sector - Baijun Medical achieved a revenue of 502 million yuan in 2024, reflecting a 35.41% increase, with a net profit of 146 million yuan, up 27.02% [3][14] - The company’s Q4 performance was particularly strong, with a revenue increase of 85.04% year-on-year, driven by the successful launch of new products, including a heart valve replacement that received regulatory approval [14][15] - The company is well-positioned in the heart valve market, with a diverse product lineup addressing various patient needs, which is expected to sustain its growth momentum [15][16]

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [7] Core Insights - The semiconductor industry is experiencing opportunities driven by the ongoing US-China technology competition and signs of recovery in Q1, with expectations for growth momentum in Q2 [14][15] - The wafer foundry sector is seeing high capacity utilization rates, with leading domestic companies like Huahong Semiconductor exceeding 100% utilization in some plants, and SMIC operating at 85%-95% [15][19] - In the packaging and testing segment, leading firms are expanding advanced packaging capabilities, with capacity utilization rates for major domestic players increasing by 5%-10% year-on-year [15][20] - The memory sector anticipates a significant increase in contract prices for DRAM/NAND in Q2 2025, with expected month-on-month growth of 3-8% [16][23] - The System on Chip (SoC) market is seeing strong performance from leading companies, with notable revenue growth driven by increased demand for AI applications and automotive electronics [17][39] - The equipment and materials sector is benefiting from mergers and acquisitions, enhancing global competitiveness, with leading firms like Northern Huachuang reporting a 37.9% year-on-year revenue increase [18][40] Summary by Sections Wafer Foundry - High capacity utilization rates are observed, with Huahong Semiconductor exceeding 100% and SMIC at 85%-95% [15][19] - Price increases are expected as leading foundries reach full capacity [15] Packaging and Testing - Major domestic players are expanding advanced packaging capabilities, with capacity utilization rates increasing by 5%-10% year-on-year [15][20] - Optimistic outlook for Q2 orders and performance trends [15] Memory - Anticipated increase in contract prices for DRAM/NAND in Q2 2025, with month-on-month growth expected at 3-8% [16][23] - AI server demand is driving HBM requirements, with significant growth in DRAM capacity [16][25] System on Chip (SoC) - Strong Q1 performance from leading firms, with revenue growth driven by AI demand and automotive electronics [17][39] - Expectations for continued growth in Q2 and beyond, particularly in AI-related applications [17][40] Equipment and Materials - Leading firms are experiencing significant revenue growth, with Northern Huachuang reporting a 37.9% increase [18][40] - The sector is undergoing consolidation, enhancing competitiveness and resource optimization [18][40]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][5] Core Views - The company has shown a significant turnaround in its performance with a revenue growth of 35.7% year-on-year in 2024, and a substantial reduction in losses by 65.4% to RMB 0.4 billion. Notably, Q4 2024 marked the first quarter since 2022 where the company achieved a positive net profit attributable to shareholders [3][8] - The company's strategic focus on edge AI and humanoid robots is expected to drive future revenue growth, maintaining the "Buy" rating [3][5] Financial Summary - The company is projected to achieve a net profit attributable to shareholders of RMB 0.41 billion, RMB 0.97 billion, and RMB 1.59 billion for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share of RMB 0.73, RMB 1.73, and RMB 2.84 [5][7] - The revenue for 2024 is expected to be RMB 5.06 billion, with a growth rate of 35.7%, and the EBITDA is projected to be RMB 4 million [7][9] - The gross margin for 2024 is reported at 24.9%, an increase of 8.1 percentage points year-on-year, while the net margin improved to -7.0%, up by 20.6 percentage points year-on-year [8][9] Business Performance - The company's MEMS pressure sensor revenue surged by 150.7% year-on-year, contributing significantly to the overall revenue growth, which is now diversified beyond a single growth driver [8] - The company has initiated several R&D projects targeting the demands of humanoid robots, including MEMS six-dimensional force/torque sensors and flexible pressure and temperature sensors [8]

电子/半导体 恒玄科技（688608.SH） 乘端侧 AI 之东风，业绩创单季度历史新高 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 401.60 | | 一年最高最低(元) | 424.00/118.64 | | 总市值(亿元) | 482.10 | | 流通市值(亿元) | 482.10 | | 总股本(亿股) | 1.20 | | 流通股本(亿股) | 1.20 | | 近 3 个月换手率(%) | 126.84 | 股价走势图 数据来源：聚源 -80% 0% 80% 160% 240% 2024-04 2024-08 2024-12 恒玄科技 沪深300 相关研究报告 《2024Q3 业绩高成长，看好 2800 放 量带来的成长性—公司信息更新报 告》-2024.10.26 《2024H1 业绩高速增长，新产品放量 带来充足成长性—公司信息更新报 告》-2024.8.28 《2024H1 业绩预计同比高增，看好需 求恢复+产品放量—公司信息更新报 告》-2024.7.17 陈蓉芳（分析师） 陈瑜熙（ ...

风险提示 华勤技术 603296.SH 公司研究 | 季报点评 多品类驱动增长，全球化布局彰显韧性 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年归母净利润分别为 39/48/58 亿元(原 25 年预测为 38 亿元，主 要上调收入预测，小幅下调毛利率预测)，根据可比公司 25 年 21 倍 PE 估值，对应 目标价为 80.01 元，维持买入评级。 | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 2.84 | -17.77 | -13.54 | 27.43 | | 相对表现% | 2.93 | -14.36 | -12.61 | 21.92 | | 沪深 300% | -0.09 | -3.41 | -0.93 | 5.51 | | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxia ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [11]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with operating income reaching 7.36 billion, up 27.69% year-on-year, and net profit attributable to shareholders at 1.10 billion, up 584.21% year-on-year [2][5]. - The first quarter of 2025 also showed strong performance, with operating income of 1.91 billion, a year-on-year increase of 17.32%, and net profit of 235 million, up 14.57% year-on-year [2]. - The company's diverse product lines, including storage chips, microcontrollers, and sensors, have all shown robust growth, driven by strong demand in consumer electronics and advancements in AI technology [3]. Summary by Sections Financial Performance - In 2024, the company achieved operating income of 7.36 billion and net profit of 1.10 billion, with a remarkable net profit growth rate of 584.21% [2][5]. - For Q1 2025, the company reported operating income of 1.91 billion and net profit of 235 million, reflecting a year-on-year growth of 17.32% and 14.57% respectively [2]. Product Performance - The revenue breakdown for 2024 shows storage chips at 5.19 billion, microcontrollers at 1.71 billion, and sensors at 448 million, with growth rates of 27.39%, 29.56%, and 27.20% respectively [3]. - The company's NOR Flash products have seen significant growth across various sectors, including consumer electronics and automotive, achieving record-high shipment volumes [3]. Future Projections - Revenue projections for 2025 to 2027 are 9.49 billion, 11.54 billion, and 13.72 billion, with expected growth rates of 29.00%, 21.65%, and 18.89% respectively [3][5]. - Net profit forecasts for the same period are 1.53 billion, 2.07 billion, and 2.61 billion, with growth rates of 38.83%, 35.49%, and 26.09% respectively [3][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [5][23]. Core Insights - The company reported a revenue growth of 26.4% year-on-year in Q1 2025, driven by strong performance in its smart security and smart IoT businesses [2][3]. - The smart security business generated revenue of 1.588 billion yuan in 2024, up 10.1% year-on-year, while the smart IoT business saw a significant increase of 38.6%, contributing to 20.2% of total revenue [3]. - The company has a strong technological foundation in AI and low-power applications, with over 100 million self-developed AI chips shipped, enhancing its product offerings [4][5]. Financial Summary - For 2023, the company expects total revenue of 2.020 billion yuan, with a projected growth rate of -14.7%. By 2024, revenue is expected to rise to 2.354 billion yuan, reflecting a growth rate of 16.5% [1][16]. - The net profit attributable to shareholders is forecasted to be 205 million yuan in 2023, with a significant increase to 256 million yuan in 2024, representing a year-on-year growth of 25.2% [1][11]. - The company's gross margin for 2024 is projected at 35.79%, slightly down from the previous year, while the net profit margin is expected to improve to 10.89% [2][11]. Business Segments - The smart security segment remains the largest, accounting for 67.5% of total revenue in 2024, benefiting from the company's expertise in ISP and AI technologies [3]. - The smart IoT segment is emerging as a new growth driver, with its revenue expected to continue rising due to the increasing share of new products like smart robots and industrial HMI [3][4]. Market Position - The company is positioned as a leading player in the domestic video security SoC chip market, leveraging its advanced low-power technology and ISP capabilities to expand into edge AI applications [5][6].

LED 整合优化拖累2024 年利润，2025Q1 业绩高速增长，维持"买入"评级4 月25 日，公司发布2024 年 度报告。（1）2024 年，公司实现营收367.70 亿元，同比+9.27%；归母净利润10.86 亿元，同 比-44.74%；扣非归母净利润8.99 亿元，同比-44.34%；销售毛利率14.02%，同比-1.16pcts；销售净利率 2.95%，同比-2.89pcts。（2）2024 年单四季度，公司实现营收103.04 亿元，同比-7.59%，环比 +4.74%；归母净利润0.18 亿元，同比-97.11%，环比-96.39%；扣非归母净利润-1.10 亿元，同 比-119.00%，环比-122.30%；毛利率14.96%，同比-2.67pcts，环比+0.31pcts；净利率0.18%，同 比-5.50pcts，环比-4.99pcts。（3）公司2024 年度和Q4 净利润大幅下降，主要是基于谨慎性原则，对 LED 业务进行整合优化，产生1.64 亿资产处置损失和5.95 亿资产减值损失，剔除该因素后，2024 年净 利润同比下降约5%左右。公司2025 年第一季度业绩预告称，受益于 ...

事件：公司发布2024 年年报及2025 年第一季度报告，2024 年实现收入32.63 亿元，同比增长49.94%， 归母净利润4.6 亿元，同比增长272.47%，扣非归母净利润3.95亿元，同比增长1279.13%；25Q1 实现收 入9.95 亿元，同比增长52.25%，实现归母净利润1.91 亿元，同比增长590.22%，实现扣非归母净利润 1.77 亿元，同比增长1838.6%。 可穿戴SoC 龙头，受益端侧AI 趋势向上。语音是大模型最佳交互方式之一，耳机、手表是最佳硬件载 体，公司是可穿戴SoC 全球龙头，旗舰6nm 行业领先，覆盖主流品牌旗舰。随行业渗透率提升，产品量 价齐升，弹性高。此外AI 功能叠加有望让智能眼镜成为下一爆款可穿戴产品，轻量化智能眼镜对续航 提出更高要求，恒玄在低功耗技术方面全球领先，大大提升端侧续航能力。公司下一代6000 系列芯片 预计今年推出，协同打造国产轻量化AI 眼镜。 考虑到端侧AI 有望带动可穿戴产品放量，我们上调2025-2027 年公司净利润为9.07/12.20/15.56 亿（25- 26 年前值6.22/8.16 亿元），对应PE 估值分别为51/ ...

2） 公司25Q1 实现营收9.95 亿元（YoY+ 52.25%，QoQ+25.88%），实现归母净利润1.91 亿元（YoY+ 590.22%，QoQ+ 11.18%），实现扣非后归母净利润1.77 亿元（YoY+ 1,838.60%，QoQ+ 11.46%）。 事项： 2025 年4 月25 日公司发布2024 年年报及2025 年一季度报告： 1） 公司2024 年实现营业收入32.63 亿元（YoY+ 49.94%），实现归母净利润4.60 亿元（YoY+ 272.47 %），实现扣非后归母净利润3.95 亿元（YoY+1,279.13%）。 端侧AI 大势所趋，"AI+"赋能龙头发展新机遇。端侧运行AI 在计算成本、可靠性、性能和能耗等多方 面优势显著，AI 端侧落地大势所趋。眼镜和耳机等可穿戴设备因能充分感知用户听觉和视觉备受青 睐，2025 年产业新品发布密集。公司深耕品牌客户，凭借持续研发创新在传统TWS 时代取得领先优 势。 "AI+"时代公司保持敏锐行业嗅觉，与优质客户紧密合作，2023 年11 月搭载其BES2700 系列芯片的 MYVU AR 智能眼镜发布，2024 年10 月，搭载 ...