Investment Rating - The investment rating for the company is "Buy" with a target price of $168.00 [7][8]. Core Insights - The company's revenue for Q1 2025 was $4.84 billion, representing a year-on-year increase of 29.6%, slightly below the consensus estimate of 31.2% due to deferred gaming revenue and lower-than-expected e-commerce revenue [1]. - Adjusted EBITDA for Q1 2025 was $950 million, exceeding the consensus estimate of $700 million, indicating a positive trend in profitability as scale effects become more apparent [1]. - The management maintains a guidance of 20% growth in e-commerce GMV for 2025, with expectations of double-digit growth in active users and bookings in the gaming segment [1]. E-commerce Segment - E-commerce revenue increased by 28.3% to $3.52 billion in Q1 2025, slightly below the consensus estimate of 30.3% [2]. - The adjusted EBITDA for the e-commerce segment was $260 million, with an EBITDA margin of 7.5%, improving by 8.3 percentage points year-on-year [2]. - The number of e-commerce orders and GMV grew by 19% and 22% respectively, with management focusing on enhancing service quality to drive more merchants to use advertising tools [2]. Electronic Payment Segment - Electronic payment revenue surged by 57.6% to $790 million in Q1 2025, outperforming the consensus estimate of 51.3% [3]. - Adjusted EBITDA for this segment was $240 million, reflecting a year-on-year increase of 62.4%, with an EBITDA margin of 30.7% [3]. - The company rebranded its payment service from SeaMoney to Monee to highlight its synergy with e-commerce, with a loan balance of approximately $5.8 billion at the end of Q1 2025 [3]. Gaming Segment - Gaming revenue grew by 8.2% to $500 million in Q1 2025, below the consensus estimate of 15.0% due to significant deferred revenue [4]. - Adjusted EBITDA for the gaming segment was $460 million, with an EBITDA margin of 92.5% [4]. - The net bookings reached $780 million, up 51.4% year-on-year, with management confident in achieving double-digit growth in active users and bookings for 2025 [4]. Profit Forecast and Valuation - The company has revised its adjusted EBITDA forecasts for 2025, 2026, and 2027 upwards by 15.7%, 14.7%, and 13.2% respectively, reflecting better-than-expected profit release from various business lines [5][27]. - The target price is set at $168.00 based on a sum-of-the-parts valuation, with the gaming segment valued at $38.8 per share, e-commerce at $104.0 per share, and electronic payments at $25.2 per share [30][31].

Core Viewpoint - The company, SmartSens Technology (688213.SH), has demonstrated strong growth in both revenue and profit in Q1 2024 and Q1 2025, driven by the synergistic development of its three main business segments: smart security, smartphones, and automotive electronics [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 5.968 billion yuan, representing a year-on-year increase of 108.87%, with a net profit of 393 million yuan, up 2662.76% [2]. - For Q1 2025, the company reported a revenue of 1.75 billion yuan, a year-on-year growth of 108.94%, and a net profit of 191 million yuan, increasing by 1264.97% [4]. - The overall gross margin for 2024 and Q1 2025 was 21.09% and 22.79%, respectively, reflecting an increase of 1.13 percentage points and 1.53 percentage points year-on-year [4]. Group 2: Business Segments - The smart security segment generated revenue of 2.15 billion yuan in 2024, growing by 28.64%, accounting for 36.03% of total revenue [3]. - The smartphone business, as the largest revenue source, achieved 3.291 billion yuan in revenue, a year-on-year increase of 269.05%, contributing over 50% to the company's main revenue [2]. - The automotive electronics segment saw sales of 527 million yuan in 2024, marking a growth of 79.09%, driven by the increasing demand for intelligent driving solutions [3]. Group 3: Market Position and Innovation - The company ranked fifth in the global mobile CIS market in 2024, with a market share of 11.2% according to TSR data [2]. - The company has been recognized multiple times for its technological capabilities, winning the "Top Ten Chinese IC Design Companies" award for the third consecutive year and the "Best Sensor/MEMS Award" for its SC485SL product [6]. - The company continues to innovate, launching products like the SC1200IOT sensor for AI glasses, which features low power consumption and high sensitivity, catering to emerging markets [7].

公司报告 | 公司点评 继峰股份（603997） 证券研究报告 2025 年乘用车座椅业务盈利能力有望大幅提升。2024 年度乘用车座椅业 务首次实现年度盈亏平衡。2025 年度预计将有 8 个项目进入量产阶段， 乘用车座椅业务营业收入有望大幅攀升。目前仍有多个工厂尚未量产或产 能利用率较低，随着规模效应的产生，乘用车座椅业务盈利能力有望随之 提升。 格拉默整合持续推进，25Q1 已成功扭亏 2024 年公司多措并举优化格拉默经营效率：1）对格拉默人工成本进行优 化，：一是实施裁员计划；二是将工作岗位从高成本地区（如德国）的工作 岗位逐步向低成本国家转移。2）将持有的 TMD LLC 的 100%股权转让予 APC LLC。3）联合采购、产业布局整合、改革考核激励制度等。 格拉默整合已初见成效，2025 年有望随着降本增效措施持续推进，业绩继 续好转。2025Q1 格拉默实现净利润 0.097 亿欧元，实现扭亏。公司将持续 推进格拉默降本工作，进一步加强对格拉默海外业务管控。从中高层管理 人员的任命和考核，到采购成本管控，运营成本管控，产能布局优化等方 面，更全、更细、更深入地去落实和管控。我们认为格拉默业绩 ...

京东一季度收入创下近三年来的最高同比增速纪录。在一位接 近管理层人士看来，这是京东集团创始人刘强东"三年来，直 接坐镇一线，进行业务部署决策的结果"。 作者： 钱玉娟 封图：东方IC 5月13日晚，京东集团发布2025年第一季度业绩报告，一季度实现收入3011亿元，同比增长 15.8%，创下近三年来的最高同比增速纪录。 一位接近京东管理层的人士称，这是京东集团创始人刘强东"三年来，直接坐镇一线，进行业务部 署决策的结果"。 该人士透露，刘强东除了每周对京东管理层进行培训外，还会亲自参与零售、物流等核心业务板块 的日会，他在会上多围绕商品、价格、服务等用户体验给出意见或建议，也会直接解决大部分业务 方向性的问题。 外界最关注的，当属刘强东亲自拍板、在今年2月上线的京东外卖会给京东带来多大的影响。 从财报看，京东的零售与物流两大业务，分别实现收入2638亿元、470亿元，其中零售仍是京东业 绩增长的引擎，不仅收入同比增速达16%，该板块的经营利润高达128亿元，同比增长38%。 包括外卖等业务在内的新业务，在2025年一季度收入58亿元，同比增长18％。 在新业务的收入增长背后，经营费用高企，同比增长65%，达2 ...

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a recovery in demand and significant profit growth in 2025, driven by the resumption of hospital bidding and the introduction of high-end products [1][2] - The company's revenue for 2024 is projected to be 10.3 billion yuan, a decrease of 9.7% year-on-year, while the net profit attributable to the parent company is expected to be 1.262 billion yuan, down 36.1% year-on-year [1] - The first quarter of 2025 shows positive revenue growth of 5.4% year-on-year, with net profit attributable to the parent company increasing by 1.9% [1][2] Summary by Sections Revenue and Profitability - In Q4 2024, the company reported revenue of 3.346 billion yuan, a decline of 15.9% year-on-year but a 106% increase quarter-on-quarter [1] - The company’s revenue for Q1 2025 is 2.478 billion yuan, reflecting a year-on-year growth of 5.4% [1] - The net profit for Q1 2025 is 370 million yuan, up 1.9% year-on-year, while the non-recurring net profit is 379 million yuan, showing a significant increase of 26.1% [1] Market Position and Product Development - The company’s market share increased by over 3 percentage points in 2024, particularly in high-end products, which saw a nearly 5 percentage point increase in market share [2] - New product launches in 2024 include the uLinacHalosTx precision radiotherapy system and the uMRMax next-generation 3.0T MRI, which are expected to enhance the company's competitive position [2] International Expansion - The company achieved overseas revenue of 2.22 billion yuan in 2024, a year-on-year increase of 33.81%, with overseas revenue accounting for 21.55% of total revenue [3] - The company has received CE certification for 46 products and FDA approval for 49 products, enhancing its international market presence [3] Profitability Forecast - The gross profit margin for 2024 is expected to be 48.54%, with a slight increase anticipated in 2025 [4] - The net profit margin for 2024 is projected at 12.06%, with expectations for improvement in 2025 as the company benefits from economies of scale [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 12.251 billion yuan, 14.478 billion yuan, and 17.325 billion yuan, respectively, with year-on-year growth rates of 18.94%, 18.18%, and 19.67% [5] - The net profit attributable to the parent company is expected to reach 1.799 billion yuan in 2025, reflecting a year-on-year growth of 42.59% [5]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to see a recovery in demand and significant profit growth in 2025 due to the resumption of hospital bidding and the introduction of high-end products [2][4] - The company's revenue for 2024 is projected to be 10.3 billion yuan, a decrease of 9.7% year-on-year, while the net profit attributable to the parent company is expected to be 1.262 billion yuan, down 36.1% year-on-year [1][5] - The company is expanding its overseas market presence, with overseas revenue reaching 2.22 billion yuan in 2024, a year-on-year increase of 33.81% [3] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.346 billion yuan, a year-on-year decrease of 15.9%, but a quarter-on-quarter increase of 106% [1] - For Q1 2025, revenue is expected to be 2.478 billion yuan, a year-on-year increase of 5.4%, with net profit attributable to the parent company at 370 million yuan, up 1.9% year-on-year [1][5] Growth Potential - The company’s market share in high-end products is expected to continue to rise, with a nearly 5 percentage point increase in 2024 [2] - The introduction of innovative products such as the uLinacHalosTx precision radiotherapy system and the uMRMax next-generation 3.0T MRI is anticipated to drive growth [2] Profitability Outlook - The gross profit margin for 2024 is projected to be 48.54%, with an expected increase to 49.94% in Q1 2025 [4] - The net profit margin for 2024 is expected to be 12.06%, with an anticipated increase in 2025 due to the recovery of hospital bidding and improved operational efficiency [4] Revenue Forecast - The company’s total revenue is forecasted to be 12.251 billion yuan in 2025, representing a year-on-year growth of 18.94% [5] - The net profit attributable to the parent company is expected to reach 1.799 billion yuan in 2025, a year-on-year increase of 42.59% [5]

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024 and Q1 2025, indicating challenges in its operational performance and market conditions [1][2]. Financial Performance - Total revenue for 2024 was 6.838 billion yuan, a decrease of 27% year-on-year, with a net profit of 653 million yuan, down 63% [1]. - In Q4 2024, total revenue was 1.105 billion yuan, a decline of 32%, with a net loss of 216 million yuan compared to a loss of 155 million yuan in Q4 2023 [1]. - For Q1 2025, total revenue was 1.792 billion yuan, down 32%, with a net profit of 455 million yuan, a decrease of 37% [1]. Margin Analysis - Gross margin for 2024 and Q1 2025 decreased by 2 percentage points and 1 percentage point to 66.69% and 68.66%, respectively, primarily due to changes in product mix and reduced scale effects [1]. - The net profit margin decreased by 9 percentage points and 1 percentage point to 9.47% and 26.04%, respectively, with expectations of gradual improvement in profitability through better cost control [1]. Product Strategy - In 2024, revenue from tablets, powders, and capsules was 1.049 billion yuan, 625 million yuan, and 1.103 billion yuan, reflecting declines of 41%, 42%, and 26%, respectively [2]. - The company is piloting a new low-cost, high-volume model for its calcium product, which has exceeded expectations, with plans to launch new products under this model in Q2 2025 [2]. Channel Strategy - Revenue from online and offline channels in 2024 was 1.222 billion yuan and 3.125 billion yuan, down 28% and 32%, respectively [2]. - The company is enhancing the differentiation between online and offline products, focusing on consumer benefits and increasing the proportion of high-end online offerings [2]. Earnings Forecast - The company is adjusting its task allocation to smooth out quarterly fluctuations and expects gradual release of scale effects [3]. - EPS forecasts for 2025-2027 are 0.46, 0.52, and 0.59 yuan, with corresponding PE ratios of 24, 21, and 19 times [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company shows steady revenue growth with a focus on category expansion [1] - In Q1 2025, total revenue reached 595 million yuan, representing a 10% year-on-year increase, while net profit attributable to shareholders decreased by 8% to 68 million yuan [4][5] - The report highlights the impact of rising raw material costs on profit margins, with a slight decrease in gross margin to 29.91% [5] - The company is expected to improve profitability through scale effects and ongoing channel expansion [7] Summary by Sections Financial Performance - Q1 2025 gross margin decreased by 0.1 percentage points due to increased raw material costs, but the company is maintaining stable margins through technical upgrades and channel expansion [5] - Sales expense ratio and management expense ratio both increased by 0.2 percentage points to 13.36% and 4.05%, respectively, while net profit margin decreased by 2 percentage points to 11.45% [5] Product and Channel Development - Revenue growth for fish and bean products exceeded 15% in Q1 2025, with ongoing expansion opportunities in fish products [6] - The company is leveraging health attributes of short-shelf-life products to achieve high repurchase rates [6] - Traditional e-commerce channels saw double-digit growth, and the company is enhancing brand perception through e-commerce initiatives [6] Profitability Forecast - The company is expected to cultivate strong brand potential through new products and continue expanding across all channels [7] - EPS forecasts for 2025-2027 are 0.72, 0.87, and 1.03 yuan, with corresponding PE ratios of 19, 16, and 13 times [7] - Revenue projections for 2025-2027 are 2,771 million, 3,239 million, and 3,703 million yuan, with growth rates of 14.9%, 16.9%, and 14.3% respectively [11]

Investment Rating - The investment rating for Geely Automobile is "Recommended" [1] Core Views - Geely Automobile plans to acquire all shares of Zeekr Intelligent Technology Co., Ltd., which it currently holds approximately 65.7% of, aiming for a complete merger [4] - The privatization of Zeekr is intended to promote deep integration of internal resources and enhance operational efficiency, thereby improving the company's core competitiveness and long-term value [7] - The merger is expected to create a unified platform that enhances the competitive edge of the group's passenger vehicle segment and allows for better strategic positioning in response to global market fluctuations [8] Financial Summary - Revenue projections for Geely Automobile are as follows: - 2023A: 179,204 million CNY - 2024A: 240,194 million CNY (YOY +34.0%) - 2025E: 322,751 million CNY (YOY +34.4%) - 2026E: 420,661 million CNY (YOY +30.3%) - 2027E: 504,956 million CNY (YOY +20.0%) [6] - Net profit estimates are: - 2023A: 5,308 million CNY - 2024A: 16,632 million CNY (YOY +213.3%) - 2025E: 12,500 million CNY (YOY -24.8%) - 2026E: 16,662 million CNY (YOY +33.3%) - 2027E: 19,696 million CNY (YOY +18.2%) [6] - The projected gross margin is expected to improve from 15.3% in 2023A to 16.9% in 2027E [6] Strategic Focus - The merger aims to leverage Zeekr's experience in the smart electric vehicle sector to benefit the entire Geely Automobile Group [7] - The company is focusing on a dual-brand strategy with Geely Automobile Group and Zeekr Technology Group, enhancing collaboration across seven key technological areas [7] - The strategic positioning of brands under Geely includes Zeekr as a global luxury tech brand and Lynk & Co as a high-end global new energy brand [8] Profitability Forecast - The forecasted net profit for Geely Automobile from 2025 to 2027 is as follows: - 2025E: 12,500 million CNY - 2026E: 16,662 million CNY - 2027E: 19,696 million CNY [8] - The expected earnings per share (EPS) is projected to be 1.24 CNY in 2025, increasing to 1.95 CNY by 2027 [10]

Core Viewpoint - The merger of "Snack Busy" and Zhao Yiming's snack business marks the entry of China's bulk snack industry into a "dual oligopoly" era, with the newly formed Mingming Group projected to achieve a GMV of 55.5 billion yuan in 2024, establishing itself as the industry leader and preparing for an IPO in Hong Kong by May 2025 [2][4][16]. Group 1: Company Overview - The merged entity, Mingming, will have over 14,000 stores by the end of 2024, significantly surpassing the 4,726 stores of competitor Wancheng Group [4][7]. - Mingming's market penetration is strong, with 58% of its stores located in county towns and rural areas, covering 28 provinces [4]. - The company boasts a highly efficient supply chain, with an inventory turnover period of only 11.6 days and a logistics system that can cover a 300-kilometer radius within 24 hours [4]. Group 2: Financial Performance - Mingming's gross margin is projected to be between 7.5% and 7.6%, while its adjusted net profit margin is expected to be 2.3% [7][8]. - In comparison, Wancheng Group achieved a gross margin of 9.52% and a net profit margin of only 0.38% in 2023 [7]. Group 3: Business Model and Challenges - Both Mingming and Wancheng's success relies on a "low margin, high volume" strategy, which presents inherent risks [5][8]. - The heavy reliance on franchisees for expansion may lead to quality control issues, as 99.5% of Mingming's revenue comes from product sales [8][10]. - The competitive landscape is intensifying, with product offerings from Mingming and competitors showing minimal differentiation, leading to price wars [11]. Group 4: Future Outlook - Three potential paths for Mingming post-IPO are identified: replicating Wancheng's success, transforming into an "ecosystem" model leveraging data, or facing a market downturn leading to a potential collapse [13][14][15]. - The company must address the "impossible triangle" of scale, profit, and quality to ensure sustainable growth [9][16].