公司报告 | 年报点评报告 立讯精密（002475） 证券研究报告 业绩符合预期，横向拓展+垂直整合+全球化布局持续强化竞争力 事件：公司发布 2024 年年报、2025 年一季报、2025 年半年报业绩预告。2024 年公司实现营收 2687.95 亿元，yoy+15.91%，实现归母净利润为 133.66 亿元，yoy+22.03%。25Q1 实现营业总收 入 617.88 亿元，yoy+17.90%，实现归母净利润为 30.44 亿元，yoy+23.17%。预计 25H1 实现归母 净利润 64.75-67.45 亿，yoy+20-25%。 点评：24 年业绩符合预期，横向拓展+垂直整合+全球化布局持续强化竞争力。2024 年公司实现 营收 2687.95 亿元，yoy+15.91%，实现归母净利润为 133.66 亿元，yoy+22.03%。分业务板块看， 电 脑 /汽 车/ 通讯 /消 费电 子/ 其他 分 别实 现营 收 90.02/137.58/183.60/2240.94/35.81 亿元， yoy+20.15%/+48.69%/+26.29%/ +13.65%/+4.13% ，毛利率 分别为 ...

| 投资要点 | | --- | 公告要点： 公 司 发 布 2025 年 一 季 报 ， 符 合 我 们 的 预 期 。 2025Q1 实 现 营 收 约 146 亿 元 ， 同 环 比 +9.78%/-1.04%，归母净利润3.4亿元，同环比+11.1%+1695%，扣非归母净利润3.20亿元，同环 比+2.79%/-6.02%。 安全与电子业务双轮驱动，毛利率持续改善： 公司降本增效成效显著，追溯会计准则调整对毛利率的影响，2025Q1整体毛利率达17.9%，同 环比+2.6pct/-0.1pct。其中，汽车安全业务毛利率15.6%，同环比+1.9pct/-1.5pct，主要是海外整 合红利释放；汽车电子业务毛利率21.2%，同环比+2.1pct/-0.1pct。 现金流与经营效率优化，抗风险能力增强： 公司2025年一季度经营性现金流为8.68亿元，同比提升25.16%，存货周转率与应收账款管理改 善，体现供应链精细化管控。货币资金较年初增加6.0亿元至78.62亿元，为技术投入与产能扩 张提供充足资金支持。 未经许可，不得转载或者引用。 新订单再创新高，全球化布局深化： 2025Q1公司全球新获订单 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][18]. Core Views - The company's performance in 2024 is in line with expectations, driven by horizontal expansion, vertical integration, and a strengthened global layout [2][3]. - The company achieved a revenue of 268.795 billion yuan in 2024, representing a year-over-year growth of 15.91%, and a net profit attributable to the parent company of 13.366 billion yuan, up 22.03% year-over-year [2][3]. - For Q1 2025, the company reported total revenue of 61.788 billion yuan, a year-over-year increase of 17.90%, with a net profit of 3.044 billion yuan, up 23.17% year-over-year [3]. Financial Performance Summary - The company expects to achieve a net profit of 6.475 to 6.745 billion yuan in H1 2025, representing a year-over-year growth of 20% to 25% [2]. - The revenue breakdown by business segments for 2024 includes: - Computers: 9.002 billion yuan (yoy +20.15%) - Automotive: 13.758 billion yuan (yoy +48.69%) - Communications: 18.360 billion yuan (yoy +26.29%) - Consumer Electronics: 224.094 billion yuan (yoy +13.65%) - Others: 3.581 billion yuan (yoy +4.13%) [2]. - The gross profit margins for these segments were 18.9%, 16.1%, 16.4%, 9.1%, and 18.9% respectively, with slight variations year-over-year [2]. Business Segment Insights - The consumer electronics segment is focusing on horizontal expansion and vertical integration, aiming to enhance long-term growth potential through a strategy that includes "scene ecology, AI empowerment, and global collaboration" [3]. - The automotive segment continues to show strong growth, with new projects expected to ramp up production in 2025, particularly in high-voltage and high-speed wiring harnesses [5]. - The communications business is developing a complete technology matrix, with significant advancements in high-speed cable products and power management solutions expected to double revenue and profit in 2025 [4]. Financial Projections - The company forecasts revenues of 311.802 billion yuan in 2025, with a growth rate of 16% [11]. - The net profit attributable to the parent company is projected to be 16.484 billion yuan in 2025, reflecting a growth rate of 23.33% [11]. - The earnings per share (EPS) is expected to reach 2.27 yuan in 2025, with a price-to-earnings (P/E) ratio of 13.42 [11].

光弘科技 20250429 摘要 • 光弘科技 2024 年归属于上市公司股东的净利润同比下降，主要受二三季 度订单影响，但四季度净利润回升至 1.27 亿元。2025 年一季度营业额和 净利润同比均有所下降，主要因印度子公司业绩下滑。 • 公司业务结构调整，消费电子业务占比降至 68%左右，汽车电子占比提升 至 23%，预计 2025 年将超过 30%。公司对 2025 年业绩充满信心，计 划实现 25%以上的营收和净利润增长。 • 海外业务方面，预计印度二季度订单将恢复，越南工厂已盈利并预计订单 量显著增加。公司正推进收购法国 AC 公司，以拓展欧洲制造基地和汽车 电子业务，规避关税风险。 • 2024 年消费电子行业季节性波动明显，第四季度通常是光弘科技表现最 好的季度，高稼动率对盈利水平影响显著。2025 年一季度业务构成中， 消费电子占比约 60%，汽车电子占比约 25%。 • 收购 AC 公司后，将维持其独立运营，并展开更多联动，实现协同效应。 AC 公司客户主要来自欧美，其法国背景在商务交流上更具便利性，且在芯 片采购方面具有优势。 Q&A 请介绍一下光弘科技 2024 年度及 2025 年一季 ...

在美国的封禁危机仍未解除之际，TikTok迫不及待开始了新一轮扩张。 4月29日，华尔街见闻获悉，TikTok预计在今年6月进军日本电商市场，目前已经开始招募商家。据知情 人士透露，TikTok Shop开始对小部分商家进行"定邀"，品类包括运动鞋、日用品、美妆、潮牌，不 过，暂时未有大规模招商的动作。 日本已经成为中国跨境电商企业布局的重点市场。Shein和Temu已先后进入日本市场，今年初，阿里与 韩国易买得（E-Mart）达成合作，在日本推出本地电商应用"TAO"。如今，TikTok也加入了这一激烈竞 争的电商市场。 事实上，日本之外，TikTok还加快了在欧洲的布局节奏。 编辑 | 黄昱 作者 | 刘宝丹 3月底，TikTok Shop在德国、法国和意大利正式上线，这意味着，TikTok已经把欧洲当成主战场来进行 电商布局。据华尔街见闻盘点，TikTok Shop在欧洲已经进入英国、西班牙、爱尔兰以及德国、法国和 意大利等核心国家。 加速布局亚洲和欧洲的电商业务背后，TikTok意在通过新一轮扩张分散在美国的监管风险。更重要的 是，作为字节国际业务的核心平台，TikTok还承担着公司业绩增长的重任。 ...

Group 1 - The company was established in 2005 and is one of the early global integrated cloud computing service providers in China, with a strong management team from the telecommunications and cloud computing industries [1] - The core business is divided into IDC services, cloud hosting and related services, and other businesses, with IDC services projected to account for 55% of revenue in 2024 and cloud hosting for 28% [1] - The intelligent computing cloud business is expected to generate revenue of 183 million yuan in 2024, representing a year-on-year growth of 184% and an increase in revenue share to 13%, positioning it as a key growth driver [1] Group 2 - The demand side is witnessing a significant increase in AI applications and user traffic, with active users of AI native apps in China surpassing 120 million, a year-on-year increase of 232% [2] - The continuous improvement of large model capabilities and the advancement of open-source models are lowering the technical and cost barriers for application development, enhancing the efficiency of cloud service usage [2] - The demand for intelligent computing power is increasing due to the emergence of AI native applications and those empowered by AI [2] Group 3 - The IDC industry is characterized by strong cyclicality and can be divided into five stages: nascent, development, explosion, reshuffle, and reversal, with the current phase being the reversal since 2023 [3] - The cloud service industry is evolving from providing general computing and value-added services to becoming a core infrastructure for AI applications, which require higher standards [3] - AI cloud platforms are demonstrating agility, enabling enterprises to conduct low-cost trials and rapid validations, significantly lowering the barriers for AI application deployment [3] Group 4 - The company's IDC model primarily focuses on resale and light asset operations, allowing for flexible planning of leasing scale and adjustments based on business development [4] - The company is committed to a global layout, serving over 50 countries with 24 regional areas, 52 availability zones, and 94 data centers, facilitating rapid global deployment [4] - The company is transitioning from a resource-heavy enterprise to a resource management and empowerment cloud service provider, enhancing its operational efficiency [4]

| 新泉股份系列 车中旭霞 | | --- | | 公司深度 | | 《深度 新泉股份：打造汽车内饰平台化供应体系》——20221101 | | 财报点评 | | 《 新泉股份系列二十-年报及一季报点评：海外工厂加速投产，座椅布局正式落地》-20250429 | | 《新泉股份系列十九-三季报点评：核心客户销量增长迅速，单三季度归母净利润同比增长48%》—— | | 20241104 | | 《新泉股份系列十八 ： 二季度营收增速超越行业， 产品盈利能力持续提升 》——20240903 | | 《 新泉股份系列十七：一季度营收同比增长40%，第三期员工持股计划稳步推进 》——20240506 | | 《新泉股份系列十六-年报点评：2023年营收同比增长52%，持续拓展海外业务布局》——20240326 | | 《新泉股份系列十五–三季报点评：三季度仪表板总成销量同比增长49%，公司营收增速超越行业》 | | ——20231102 | | 《新泉股份系列十四–中报点评：2023年上半年净利润同比增长124%，前瞻布局碳纤维技术》—— | | 2023-09-01 | | 《新泉股份系列十三：中报净利润预增115 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 22.06 billion yuan in 2024, a year-on-year increase of 9.39%, and a net profit attributable to shareholders of 1.75 billion yuan, up 26.01% year-on-year [1] - The tire sales volume for 2024 reached 85.45 million units, a year-on-year increase of 9.57%, primarily driven by the growth in semi-steel tires [2] - The company plans to invest 8.7 billion yuan in Brazil to build a project with an annual production capacity of 14.7 million high-performance tires, further deepening its global presence [4] Financial Summary - In 2024, the company reported a gross margin of 22.06%, an increase of 1.05 percentage points year-on-year, and a net profit margin of 7.94%, up 1.04 percentage points year-on-year [2] - The forecast for net profit attributable to shareholders is adjusted to 1.97 billion yuan for 2025 and 2.27 billion yuan for 2026, with an expected PE ratio of 10.6 for 2025 [5][7] - The company’s revenue is projected to grow at a compound annual growth rate (CAGR) of approximately 9.39% from 2024 to 2027 [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 41.05 CNY [5]. Core Views - The company's profitability is under short-term pressure, but with the deepening of its global layout and accelerated inventory destocking of overseas inverters, the report is optimistic about the company's continued recovery in profitability. The heat pump business is expected to provide new growth momentum [3][4]. - In Q1 2025, the company demonstrated significant improvement in cost control capabilities, with sales, management, R&D, and financial expense ratios decreasing by 1.02, 0.16, 1.43, and 0.49 percentage points respectively. This led to a notable improvement in profitability, with gross margin and net margin increasing by 4.11 and 2.80 percentage points respectively [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 6.738 billion CNY, a year-on-year decrease of 8.36%. The net profit attributable to the parent company was -0.62 billion CNY, with a non-recurring net profit of -1.94 billion CNY, indicating a shift from profit to loss. In Q4 2024, the company reported operating revenue of 1.794 billion CNY, a year-on-year increase of 5.41% [1][4]. - For Q1 2025, the company achieved operating revenue of 1.882 billion CNY, a year-on-year increase of 67.13% and a quarter-on-quarter increase of 4.88%. The net profit attributable to the parent company was -0.28 billion CNY, with a non-recurring net profit of -0.63 billion CNY, showing a narrowing of losses [1][2]. Product and Market Development - The company's products are sold globally, with significant shipments in 2024, including 599,500 inverters, of which 548,300 were grid-connected inverters and 51,200 were storage inverters. The overseas shipment ratio was approximately 51.13% [2]. - The company has expanded its product offerings with the launch of the latest SDTG3 series photovoltaic inverters, increasing the power range to 40kW, and achieving a maximum efficiency of 98.7% [2]. Future Projections - The company is projected to achieve revenues of 8.602 billion CNY, 10.447 billion CNY, and 12.431 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 439 million CNY, 560 million CNY, and 716 million CNY [4][10]. - The report anticipates a significant recovery in profitability, with projected PE ratios of 23x, 18x, and 14x for the years 2025, 2026, and 2027 respectively [3][4].

[Table_Reportdate] 2025年04月29日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [国轩高科 Table_NewTitle]（002074）：全球化布局成效显 著，业绩表现亮眼 两行报告标题内容 ——公司简评报告 投资要点 电 力 设 备 赵敏敏 zmmin@longone.com.cn [数据日期 Table_cominfo] 2025/04/28 收盘价 20.11 总股本(万股) 180,299 流通A股/B股(万股) 172,510/0 资产负债率(%) 72.81% 市净率(倍) 1.22 [Table_QuotePic] -22% -13% -3% 6% 16% 25% 34% 44% 24-04 24-07 24-10 25-01 国轩高科 沪深300 [相关研究 Table_Report] 1. 《国轩高科（002074）：大众入局 赋能公司转型，积极出海拥抱全球电 动化浪潮 — — 公 司 简 评 报 告 》 2024.05.14 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ...