Core Viewpoint - The company, Shengjing Micro, has demonstrated resilience and growth potential through technological innovation and strategic market expansion despite industry challenges, achieving significant revenue and profit improvements in 2024 and Q1 2025 [1][2][4]. Financial Performance - In 2024, the company reported a revenue of 504 million yuan and a net profit of 22.91 million yuan, with R&D investment reaching 89.45 million yuan, a year-on-year increase of 15.24%, accounting for 17.74% of revenue [1]. - For Q1 2025, the company achieved a revenue of 88.01 million yuan, remaining stable year-on-year, and a net profit of 4.17 million yuan, marking a return to profitability [1]. Technological Innovation - The company has focused on upgrading its core product platforms and diversifying its offerings, successfully developing various electronic control modules tailored for different blasting scenarios [2]. - Significant advancements were made in geophysical exploration and oil and gas applications, including breakthroughs in electronic detonators and the development of a high-temperature resistant and long-distance communication technology [2]. Market Expansion - Shengjing Micro has made strides in international markets, completing CE certification for its smart wireless blasting system and successfully conducting its first application in the Democratic Republic of the Congo [3][5]. - The company has strengthened its customer base by collaborating with strategic partners and expanding its market reach through customized product offerings [4]. Operational Efficiency - The company has improved its operational management and resource allocation, maintaining a stable asset-liability structure with total assets of 1.706 billion yuan and net assets of 1.573 billion yuan by the end of 2024 [7]. - Enhanced supply chain management and stable partnerships with key suppliers have ensured the security and continuity of the production chain [7]. Future Outlook - Shengjing Micro plans to continue its dual-driven strategy, leveraging its technological expertise and established customer relationships to expand its product matrix and explore new application areas [7]. - The company aims to accelerate its international market presence while maintaining a focus on R&D investment and supply chain optimization to achieve sustainable growth [7].

市场拓展方面，宏微科技积极布局。在国内，车规级芯片加速打入行业先进电动汽车平台，光储领域与 重点客户紧密合作；在海外，成功进入日立能源、西门子、伊顿等工业巨头供应链。这些成果都为公司 未来的业绩增长奠定了基础。 盈利改善，产能爬坡与费用管控双线优化 在半导体产业周期波动与市场格局深度调整的当下，企业面临的发展环境充满挑战。江苏宏微科技股份 有限公司(以下简称"宏微科技"，证券代码：688711)近年来的发展备受关注。2024年，公司经历了行业 周期调整、市场需求波动等诸多挑战，业绩承压。但是，公司积极应对，通过持续的技术投入与市场拓 展，在2025年一季度交出扭亏为盈的答卷，展现出良好的发展韧性与潜力。 技术红利释放：车规与光储产品矩阵成型 2024年，全球功率半导体行业面临复杂局面，产业链区域性重构、终端市场需求阶段性疲软叠加行业周 期调整，给宏微科技的经营带来不小压力，但这只是宏微科技发展历程中的一个阶段性表现。 尽管业绩承压，但宏微科技始终坚守技术创新，研发投入持续加大。2024年研发费用达到1.10亿元，研 发投入占营业收入比例为8.24%。持续高强度的研发投入为公司积累了深厚的技术储备。截至报告期 ...

Core Viewpoint - The company experienced a decline in revenue and net profit for 2024, primarily due to the impact of FDA import warnings on sales and the provision for impairment of inventory and receivables [1] Group 1: Financial Performance - In 2024, the company reported revenue and net profit of 388 million and 53 million yuan, respectively, representing a year-over-year decline of 5.5% and 52.8% [1] - For Q1 2025, the company recorded revenue and net profit of 72.71 million and 7.68 million yuan, showing a year-over-year decrease of 34.3% and 69.3% [1] - The decline in Q1 2025 is attributed to external factors affecting sales and a high base from Q1 2024, where revenue and net profit accounted for 29% and 47% of the total for 2024 [1] Group 2: Segment Performance - Medical Devices: In 2024, revenue was 199 million yuan, down 23.6% year-over-year, mainly due to FDA import warnings affecting sales of related products [2] - Animal Devices: Revenue reached 151 million yuan in 2024, up 20.8% year-over-year, supported by a diverse product range and strong market recognition [2] - Laboratory Consumables: Revenue was 29.54 million yuan, reflecting a significant increase of 66.1% year-over-year, driven by the competitive edge of self-developed products [2] Group 3: Growth Initiatives - New Products: By the end of 2024, the company had developed and launched several new products, including safety self-destruct needles and low-residue syringes, with others in the testing phase [3] - New Capacity: The second-phase factory project is partially completed, and overseas capacity expansion is ongoing [3] - New Markets: The company has obtained product registration in countries like Canada and Saudi Arabia, with ongoing efforts in emerging markets [3] Group 4: Profit Forecast and Valuation - The net profit forecast for 2025-2027 has been adjusted to 74 million, 83 million, and 93 million yuan, reflecting a downward revision of 9% and 14% for 2025 and 2026, respectively [4] - The company is a leader in the injection and puncture device sector, with a diverse product range and expanding customer base, leading to a target price adjustment to 20.59 yuan, corresponding to a 34x PE for 2025 [4]

2024 年受锂电池原材料价格下降以及行业竞争加剧等影响，储能系统及PCS 价格均大幅下降，地面储 能系统、PCS 主流产品价格降幅分别约45%/30%。根据CNESA统计，公司连续四年位居国内储能PCS 出货量排名第二位；储能系统方面，公司重点推进大储及海外市场开拓，推进户用及工商业储能系统等 全场景覆盖。 事件 盈利预测及投资建议 2025 年4 月23 日，上能电气发布2024 年报及2025 年一季报。2024 年公司实现营业收入47.7 亿元，同比 减少3.2%，实现归母净利润4.2 亿元，同比增长46.5%，实现销售毛利率22.9%，同比提升3.7pct，海外 光储业务快速拓展，公司盈利水平实现结构性显著提升。 2025Q1 公司实现营业收入8.3 亿元，同比增长16.8%，实现归母净利润0.9 亿元，同比增长71.6%，实现 销售毛利率24.3%，同比提升0.7pct，环比提升5.7pct。 逆变器业务稳健经营 2024 年公司光伏逆变器业务实现营业收入27.5 亿元，同比减少4.5%，实现毛利率22.6%，同比提升 5.1pct，盈利水平有所提升，实现光伏逆变器销量25.1GW，同比增长7.0 ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024, with a focus on expanding its overseas business and maintaining strong sales margins in its electric meter segment [1][2][3]. Financial Performance - In 2024, the company achieved a revenue of 2.029 billion yuan, a year-on-year increase of 14.54% - The net profit attributable to shareholders was 665 million yuan, up 9.45% year-on-year - The net profit excluding non-recurring items was 645 million yuan, reflecting a growth of 22.89% year-on-year - For Q4 2024, the company reported a revenue of 483 million yuan, a decrease of 7.71% year-on-year and 9.17% quarter-on-quarter - The net profit for Q4 was 123 million yuan, down 25.47% year-on-year and 38.70% quarter-on-quarter [1]. Business Segments - The smart metering and collection systems segment generated revenue of 1.641 billion yuan, a year-on-year increase of 14.31%, with a gross margin of 51.15%, up 3.84 percentage points - The IoT sensors and accessories segment saw revenue of 167 million yuan, a significant growth of 48.85%, with a gross margin of 33.12%, up 4.27 percentage points - The smart power distribution products and systems segment achieved revenue of 86 million yuan, a growth of 9.06%, with a gross margin of 23.08%, up 0.25 percentage points - The smart power terminal and systems segment reported revenue of 65 million yuan, a decrease of 16.54%, with a gross margin of 41.61%, down 6.37 percentage points - The smart flow meters and systems segment had revenue of 54 million yuan, a slight decrease of 0.79%, with a gross margin of 24.57%, down 9.68 percentage points - Overall, the company's sales gross margin improved by 2.72 percentage points to 47.55% [2]. International Expansion - The company achieved overseas revenue of 203 million yuan, a year-on-year increase of 56.04%, with a gross margin of 36.84%, down 1.01 percentage points - The company is a key supplier and strategic partner for major power companies in Europe, including E.ON in Germany and Hungary - The company is actively expanding its market presence in Europe, Southeast Asia, Central Asia, and Africa, with expectations for significant contributions from overseas electric meter business in the future [3]. Profit Forecast and Valuation - The company maintains a steady growth outlook, with profit forecasts for 2025, 2026, and 2027 set at 762 million yuan, 886 million yuan, and 990 million yuan respectively - Corresponding EPS for these years are projected to be 1.48 yuan, 1.72 yuan, and 1.93 yuan - The current stock price corresponds to a PE ratio of 10, 9, and 8 times for 2025, 2026, and 2027 respectively - As a leading domestic smart meter company, the firm is well-positioned to benefit from the growing domestic demand for electric meters while actively pursuing international market opportunities, indicating strong growth potential [3].

Performance Overview - In 2024, the company reported total revenue of 7.566 billion yuan, a year-on-year decrease of 5% [1] - The net profit attributable to shareholders was 1.806 billion yuan, down 25% year-on-year [1] - The net profit excluding non-recurring items was 1.393 billion yuan, a decline of 24% year-on-year [1] - For Q4 2024, the company achieved revenue of 1.538 billion yuan, an increase of 18% year-on-year [1] - The net profit attributable to shareholders for Q4 2024 was 274 million yuan, up 34% year-on-year [1] - For Q1 2025, the company reported revenue of 2.436 billion yuan, a year-on-year increase of 9% [1] - The net profit attributable to shareholders for Q1 2025 was 625 million yuan, down 5% year-on-year [1] Operational Analysis - Revenue decline was influenced by high base effects, but blood glucose management and emergency business segments performed well [2] - The respiratory therapy solutions segment generated revenue of 2.597 billion yuan, a decrease of 22.42% year-on-year [2] - The blood glucose management and POCT solutions segment saw revenue of 1.03 billion yuan, an increase of 40.2% year-on-year, with CGM sales more than doubling [2] - The home health monitoring solutions segment achieved revenue of 1.564 billion yuan, a slight decrease of 0.41% year-on-year [2] - The clinical instruments and rehabilitation business segment reported revenue of 2.093 billion yuan, a marginal increase of 0.24% year-on-year [2] - The emergency business segment generated revenue of 239 million yuan, an increase of 34.05% year-on-year [2] Strategic Developments - The company accelerated its overseas market expansion, achieving foreign sales revenue of 949 million yuan, a year-on-year increase of 30.42% [3] - In January 2025, the company announced a strategic cooperation agreement with Inogen, focusing on international distribution, trademark licensing, joint R&D, and supply chain optimization [3] - Inogen is recognized for its strong international brand reputation and extensive sales channels in the respiratory field, which is expected to enhance the company's overseas market presence [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 2.025 billion yuan, 2.332 billion yuan, and 2.690 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 12%, 15%, and 15% [4] - The current price corresponds to a PE ratio of 16, 14, and 12 for the years 2025, 2026, and 2027 [4]

Q1 业绩超预期，风机出货高增 公司25Q1 实现营收94.72 亿元，同比+35.72%，归母净利润5.68 亿元，同比+70.84%，高于我们此前 3.5 亿元的预测，主要系公司风机出货高增，费用率大幅降低，以及金融资产公允价值收益高增所致。考虑 到24 年国内风机招标高景气，或支撑25 年装机高增。我们看好公司全球风机龙头地位稳固，海外市场 加速突破，维持A/H 股"增持/买入"评级。 受益于下游需求高景气，25Q1 公司风机出货2.59GW，同比+80.16%，其中6MW 及以上出货1.82GW， 同比+168.39%，驱动收入实现高增。公司费用管控能力加强，25Q1 期间费用率为14.19%，同 比-4.86pct，其中销售/ 管理/ 研发/ 财务费用率分别为4.19%/4.48%/3.58%/1.96% ， 同 比-1.41/-1.00/-1.70/-0.74pct，主要系公司收入规模增长提升摊薄能力。公司25Q1 金融资产公允价值变动 收益1.47 亿元，同比+253.99%。 在手订单高增，海外市场持续开拓 公司在手订单饱满，持续开拓国际客户。截至25 年3 月底，公司在手订单51.09GW， ...

业绩同比高速增长，费用管理能力优异 公司25 年Q1 实现营收32.27 亿元（yoy+21.41%），归母净利4.46 亿元（yoy+22.91%），实现扣非归母 净利4.37 亿元（yoy+28.10%）。公司25年Q1 实现毛、净利率30.31%、14.36%，同比-0.39、+0.76pct。 公司25年Q1 期间费用率14.79%，同比-1.49pct，其中销售、管理、财务、研发费用率分别为5.03%、 2.77%、-0.90%、7.90%，同比持平、-0.22、-1.14、-0.14pct，费用管理能力优异。 海外需求保持强劲，海外营收占比持续提升 国内24 年变压器出口额67.0 亿美元，同增26.6%；25 年Q1 出口额18.2亿美元，同增38.5%，海外需求保 持强劲，公司的高电压等级产品出海或具备更强持续性。公司2024 年国内/海外业务分别实现收入 123.36、31.22亿元，同比增长19.74%、44.67%；海外占比达20.2%，同比+2.88pct。2024年公司在英 国、意大利、沙特、科威特等多个高端市场实现突破，我们认为后续盈利能力将伴随海外营收占比进一 步提升。 公司25 ...

核心观点 海信家电发布 2025 年一季报，Q1 业绩表现靓丽，治理红利兑现+产品结构提升共铸增长。展望未来， 我们认为海信日立央空业务有望企稳改善，同时公司整体盈利能力较头部公司仍有较大空间，股权激励 后公司正处经营红利释放期，差异化与高端化战略收获良好成效，看好治理改善背景下公司业绩增长的 长期持续性，重申海信家电长期投资价值。 事件 2025 年4 月28 日，海信家电发布2025 年第一季度报告。 毛利方面， Q1 毛利率为21.41%，同比下降0.22pct，其中内外销毛利率预计均有改善，综合毛利率下降 主因结构变动所致。 费用方面，25Q1 公司销售费用率为9.55%，同比下降0.45pct，主要得益于公司深化数字化营销体系， 通过精准广告投放与智能物流系统优化，减少冗余营销开支，同时海外代工厂协同降低仓储成本；管理 费用率为2.39%，同比下降0.26pct，主要系增强运营能力和效率，人力效能显著提升；研发费用率为 3.32%，同比上升0.02pct，；财务费用率为0.02%，同比上升0.33pct。 综合影响下，公司25Q1 实现净利率4.54%，同比提升0.36pct。 三、央空业务企稳回暖 ...

盈利预测、估值与评级：公司大马力推土机产品优势明显，海外营收表现突出，公司利润率稳步提升。 我们维持25-26 年归母净利润预测，新增27 年归母净利润预测，预计公司25-27 年归母净利润分别为 12.2/14.6/17.5 亿元。随着海外市场的持续开拓，我们认为公司作为大马力推土机龙头，主机业务未来 可期，成长空间广阔，维持"买入"评级。 风险提示：国际局势不稳定风险；海外市场拓展不及预期；汇率风险；原材料价格波动的风险，关税不 确定性风险。 分产品来看，2024 年公司工程机械主机产品收入97.63 亿元，同比增长26.6%，毛利率为23.1%，同比 +0.6pct；工程机械配件及其他收入31.45 亿元，同比增长30.2%，毛利率为11.5%，同比略有提升。公司 2024 年主机产品的量利齐增是核心亮点，随着高端产品线不断丰富，主机业务未来可期。 分地区来看，2024 年国外片区收入74.11 亿元，同比增长26.1%，占总收入的57.4%，毛利率为27.4%， 同比+0.5pct；国内片区收入54.97 亿元，同比增长29.4%，毛利率为10.8%，同比+0.5pct。 事件：4 月23 日山推股份 ...