Group 1: Company Performance - In the first quarter of 2025, the company experienced a temporary decline in performance, with revenue of 1.543 billion and a net profit of -197 million due to market fluctuations and delivery schedules [2] - For the fiscal year 2024, the company reported revenue of 6.695 billion, representing a year-on-year growth of 86.46%, and a net profit of 161 million, up 125.82% [2] - The company anticipates a gradual improvement in performance starting from the second quarter of 2025, driven by stabilizing storage prices and the mass delivery of high-value storage products for AI applications [1][2] Group 2: Future Growth Opportunities - The company plans to deepen its AI edge layout, covering various applications such as AI smartphones, AI PCs, and AI glasses, aiming for robust growth in these sectors [2] - Revenue from AI glasses is projected to reach approximately 106 million in 2024, with an expected year-on-year growth of over 500% in 2025 [1] - The company is focused on expanding its production capacity for memory packaging and is set to launch an advanced packaging project in the second half of the year [2] Group 3: Industry Outlook - The storage industry is expected to grow significantly due to the increasing demand driven by innovations in IoT, big data, AI, and the metaverse, which generate massive amounts of data [3] - The domestic market for DRAM and NAND Flash chips is currently low, with market shares below 5% and 10% respectively, indicating substantial growth potential for domestic storage industry [3] - The AI technology revolution is anticipated to significantly boost the demand for high-end memory, driving the need for advanced storage solutions such as HBM3E and DDR5 [3]

公司研究丨点评报告丨星宇股份（601799.SH） [Table_Title] 星宇股份：2025Q1 业绩表现亮眼，智能车灯龙 头加速崛起 丨证券研究报告丨 [Table_Summary] 公司发布 2025 年一季度报告，公司实现营业收入 30.95 亿元，同比增长 28.28%；归母净利润 3.22 亿元，同比增长 32.68%。车灯赛道持续升级，公司产品客户转型进入兑现期，并加速海 外布局。预计公司 2025-2027 年归母净利润分别 18.6、23.2、28.6 亿元，对应 PE 分别为 20.95X、16.73X、13.58X，维持"买入"评级。 分析师及联系人 [Table_Author] 高伊楠 张永乾 SAC：S0490517060001 SAC：S0490524030002 SFC：BUW101 请阅读最后评级说明和重要声明 报告要点 %% %% %% %% research.95579.com 1 星宇股份（601799.SH） cjzqdt11111 [Table_Title 星宇股份：202]25Q1 业绩表现亮眼，智能车灯龙 头加速崛起 [Table_Summary2] 事件描述 ...

昨天（5月6日），市政府召开常务会议，审议并原则通过了《苏州市大力培育工业设计产业发展三年行 动计划（2025-2027）》。市委副书记、市长吴庆文主持会议。 《行动计划》明确了支持工业设计中心高质量发展、打造高能级工业设计载体空间、支持工业设计赋能 产业发展、打造苏州特色工业设计品牌、建立健全设计人才培育体系5个方面重点任务，旨在进一步发展壮 大各类工业设计主体，增强设计创新能力，深化创新链和产业链、服务链、价值链对接，推动工业设计与产 业全方位深度融合，打造国际工业设计之都。 会议审议并原则通过了《苏州市推动智能车联网和新能源汽车产业发展的若干措施》。《若干措施》围 绕推动产业集聚发展、提升产业创新能力、强化要素保障、完善产业发展生态四个方面提出20项具体举措， 加快建设智能网联汽车"车路云一体化"应用试点城市，推动我市智能车联网和新能源汽车产业高质量发展。 会议听取了吴江区安全生产以及我市"331"领域消防安全专项治理工作、电动自行车和人员密集场所动 火作业全链条整治工作情况的汇报。会议指出，各地各部门要深入践行安全发展理念，认认真真、扎扎实实 抓好安全生产工作，进一步落实安全责任，完善应急预案，排查风 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 3.095 billion RMB, representing a year-over-year increase of 28.28% and a quarter-over-quarter decrease of 23.16%. The net profit attributable to shareholders was 322 million RMB, up 32.68% year-over-year but down 25.28% quarter-over-quarter [1][2] - The company is expected to continue its growth trajectory, driven by new projects and increased market share among domestic brands. Several new models are anticipated to become bestsellers, and the company is actively expanding its overseas presence [1][4] - The gross margin for Q1 2025 was stable at 18.83%, with a slight increase in R&D expense ratio, indicating a robust pipeline of projects [3] - The company is well-positioned in the smart vehicle market and is accelerating its global expansion, with production capacity in Serbia and new entities established in Mexico and the USA [4] Summary by Sections Financial Performance - Q1 2025 revenue was 3.095 billion RMB, with a year-over-year growth of 28.28% and a quarter-over-quarter decline of 23.16%. The net profit attributable to shareholders was 322 million RMB, reflecting a year-over-year increase of 32.68% [1][2] - The company expects revenue growth to continue, with projected revenues of 17.656 billion RMB, 22.823 billion RMB, and 29.330 billion RMB for 2025, 2026, and 2027 respectively [7] Profitability and Costs - The gross margin for Q1 2025 was 18.83%, showing stability compared to previous periods. The R&D expense ratio increased to 6.0%, indicating a strong focus on ongoing projects [3] - The report forecasts net profits of 1.946 billion RMB, 2.512 billion RMB, and 3.180 billion RMB for 2025, 2026, and 2027 respectively [7] Market Position and Growth Potential - The company has gained significant market share among domestic brands and is expected to benefit from the launch of several new models in 2025, which are likely to be popular [2][4] - The company is expanding its global footprint, with production capabilities in Europe and plans for further opportunities in North America [4] Valuation - The target price is set at 176.20 RMB, with a projected PE ratio of 26 times for 2025, reflecting a 30% premium over comparable companies [5][9]

昨天，发生了哪些财经大事？ 2025电动汽车百人会论坛举行 29日，电动汽车百人会论坛（2025）举行，中国电动汽车百人会理事长陈清泰，中国工程院院士，清华大学智能产业研究院(AIR) 院长张 亚勤，长安汽车董事长朱华荣，广汽集团副总经理高锐，小米集团创始人、董事长兼CEO雷军，理想汽车董事长兼CEO李想，宝马集团大 中华区总裁兼首席执行官高翔，奥迪中国总裁罗英瀚等发表演讲。 大咖云集，金句频出，演讲重点总结如下： 9.张亚勤：2025 是「无人驾驶的 ChatGPT 时刻」。 银行加速布局黄金回购业务 在金价飙升之余，银行在发力黄金回购业务，除了回购自由品牌金，也回购"民间金"。比如，工商银行发布信息指出，黄金回购业务是指 工商银行针对客户的实物黄金"变现"需求，代理第三方实物黄金产品收购企业收购客户所有的，纳入工商银行回购范围的实物黄金产品的 经营行为。 1.王传福：智能化变革很快，像功能机转向智能机； 2.尹同跃亲测地平线智驾，感慨"聪明的脑袋不长毛"； 3.余凯：征程 6P 回片，自动驾驶 3 年脱手 5 年脱眼； 4.雷军首登百人会，倡议共建智能车生态； 5.华为兆瓦超充方案亮相，小米接入华为超充联 ...

点击招商研究小程序查看PDF报告原文 事件：公司公告24年业绩，24年收入273.28亿元同比+33.8%，净利润17.97亿元同比+142.7%，收 入重回健康增长轨道并创历史新高，盈利能力显著提升。我们点评如下： 24年营收创历史新高、盈利能力大幅改善，消费电子及车载双线并进。 公司营收这两年重回健康增长 轨道，主要受益于：1）受益于智能手机市场复苏及规格升级，光学、精密结构件和声学业务增长显 著。2）24年2月完成对PSS的收购，为车载业务线提供发展动力。公司盈利能力大幅改善，其中24年毛 利率为22.1%，同比+5.2pcts，净利率6.6%，同比+3.0pcts。各项业务线在24H2还实现了毛利率的同比大 幅提升、环比持续改善，其中声学/光学/电磁传动及精密结构件业务毛利率分别环比提升 0.5/3.2/0.4pcts。 分业务线来看，24年声学业务创新发展、光学盈利能力大幅提升、电磁传动及结构件高速增长、散热业 务打开更大增长空间。1）声学： 24H2消费电子声学业务收入47.5亿元，同比+13.8%/环比+37.4%，毛 利率30.4%，环比+0.5pct，主要系下游客户需求复苏，公司在重点客户份 ...

以下文章来源于蓝字计划 ，作者Hayward 蓝字计划 . 记录智能时代的每一次浪潮！前沿科技捕手，AI产品深度洞察。重点关注人工智能、机器人、新能源 车与硬科技。 作者： Hayward 来源：蓝字计划（ID： NPO2020 ） 你为什么不买新能源车？ 充电麻烦、不保值、续航太短…在茫茫多的理由中，"绿牌"太丑绝对算一个。 看看上了绿牌的小米SU7 Ultra就知道了。好好的"保时捷"风运动前脸，挂上了绿牌，瞬间变成…出租 车。 适逢雷总在2025两会建议中提出了 "关于优化新能源汽车号牌设计的建议"的提案，一石激起千层 浪，霎时间对绿牌的讨论，或者说是"声讨"不绝于耳。 在抗议了绿牌"丑"的九年之后，广大新能源车主终于看到了一丝改变绿牌颜值的曙光。 那么问题来了，咱们的绿牌真的 "丑"吗？为什么我们会觉得它丑？世界上好看的牌照设计那么多， 怎么我们的绿牌成了这个样子？ 01 绿牌，还真可能是历史 " 最丑 " 车牌 绿牌的"丑"，或许能从中国车牌的发展沿革中寻找一些蛛丝马迹。 早在清光绪27年（1901年），名为Leinz的匈牙利商人将两辆美国奥兹莫比尔牌汽车经香港运至上海 公共租界。后来当局为这两辆车 ...