Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a revenue of 34.998 billion yuan in Q1 2025, representing a year-on-year increase of 115.7% [6][7] - The net profit attributable to the parent company for Q1 2025 was 842 million yuan, showing a year-on-year growth of 39.1% [6][7] - The company has established itself as a leader in the ODM industry for smart hardware, with significant growth in data center and PC segments [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 120.52 billion yuan, with a year-on-year growth rate of 9.7% [6][9] - The net profit attributable to the parent company is forecasted to be 3.502 billion yuan for 2025, reflecting a growth rate of 19.7% [6][9] - The company’s gross margin is expected to be 10.2% in 2025, with a return on equity (ROE) of 13.4% [6][9] Business Overview - The company has a strategic upgrade to a 3+N+3 smart hardware platform, focusing on smartphones, PCs, and data centers as core businesses [7] - The revenue structure for 2024 includes high-performance computing at 63.22 billion yuan, smart terminals at 35.32 billion yuan, and AIoT and other products at 4.67 billion yuan [7] - The company has developed a full-stack product offering in the data business, becoming a core supplier for several domestic CSP manufacturers [7] Client Base and Global Presence - Major clients include well-known brands such as Samsung, OPPO, Xiaomi, and Amazon [7] - The company has a global layout with headquarters in Shanghai and multiple R&D centers across China, as well as manufacturing bases in Vietnam and Mexico [7]

| 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 其他金属非金属新材料及加工 | 天通股份发布一季报，2025 年 Q1 实现营收 7.14 亿元（yoy-15.39%、 qoq+39.99%），归母净利 4796.16 万元（yoy+8.18%、qoq+235.15%），扣 非净利 193.13 万元（yoy-95.38%）。公司在设备和材料细分领域均处于行 业领先地位，目前设备业务受市场环境影响导致整体业绩有所承压，静待行 业景气回暖；且仍积极拓展材料业务保障业绩，维持"买入"评级。 一季度公司毛利率环比基本持平，收到政府补贴 4881 万元 2025Q1 公司综合毛利率 / 净利率分别为 18.8%/6.74% ，（ yoy -1.3pct/+1.46pct，qoq +0.04pct/+15.72pct）。费用方面，公司 2025Q1 合计 期间费用率 21.17%，（yoy +4.26pct,qoq -2.05pct）。其中公司销售费用率为 3.32%（yoy+0.12pct,qoq+3.23pct）， ...

天通股份 (600330 CH) 公司一季度扣非净利润承压 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 其他金属非金属新材料及加工 | 天通股份发布一季报，2025 年 Q1 实现营收 7.14 亿元（yoy-15.39%、 qoq+39.99%），归母净利 4796.16 万元（yoy+8.18%、qoq+235.15%），扣 非净利 193.13 万元（yoy-95.38%）。公司在设备和材料细分领域均处于行 业领先地位，目前设备业务受市场环境影响导致整体业绩有所承压，静待行 业景气回暖；且仍积极拓展材料业务保障业绩，维持"买入"评级。 一季度公司毛利率环比基本持平，收到政府补贴 4881 万元 2025Q1 公司综合毛利率 / 净利率分别为 18.8%/6.74% ，（ yoy -1.3pct/+1.46pct，qoq +0.04pct/+15.72pct）。费用方面，公司 2025Q1 合计 期间费用率 21.17%，（yoy +4.26pct,qoq -2.05pct）。其中公司销售费用率为 3 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, with a focus on expanding into emerging markets such as commercial satellite communication, smart automotive, and smart home sectors [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 8.744 billion yuan, a year-on-year increase of 15.85% [1] - The net profit attributable to shareholders reached 662 million yuan, reflecting a year-on-year growth of 26.89% [1] - For Q1 2025, the company anticipates gradual improvement in operations starting from Q2 despite short-term impacts from external uncertainties [1] Group 2: Business Expansion - The company is actively exploring new markets in commercial satellite communication, smart automotive, and smart home sectors, enhancing its second growth curve [1] - In the commercial satellite communication sector, the company has made significant breakthroughs and is expanding its business scale, becoming a key supplier in the satellite field [2] - The company has successfully supplied products to major North American clients and plans to engage with more large manufacturers in the future [2] Group 3: Strategic Focus Areas - The government has emphasized the development of smart connected vehicles, marking a shift in the automotive industry towards intelligent mobility [3] - The company has increased its focus on smart automotive business, securing qualifications from domestic and international manufacturers for various products [3] - In the smart home market, the global market size is projected to reach 155.8 billion USD in 2024, with a compound annual growth rate of 21.52% from 2017 to 2024 [4] - The company is leveraging its core products to establish a leading position in the smart home and IoT sectors, with significant advancements in various applications [4] Group 4: Future Outlook - The company plans to continue investing in consumer electronics, commercial satellite communication, and smart automotive sectors while exploring emerging fields such as 6G, 7G, data centers, artificial intelligence, and humanoid robots [4]

Core Insights - The company reported a revenue of 6.444 billion yuan for 2024, representing a year-over-year increase of 29.62%, and a net profit attributable to shareholders of 663 million yuan, up 33.80% year-over-year [1] - In Q4 2024, the company achieved a revenue of 2.354 billion yuan, a year-over-year increase of 41.78%, and a net profit of 227 million yuan, up 27.12% year-over-year [1] - For Q1 2025, the company maintained steady growth with a revenue of 1.306 billion yuan, a year-over-year increase of 26.21%, and a net profit of 112 million yuan, up 25.01% year-over-year [1] Revenue Breakdown - In 2024, the company's transformer products generated a revenue of 1.074 billion yuan, increasing by 56.12% year-over-year; complete switchgear products generated 674 million yuan, up 32.65% year-over-year; and box-type substations generated 4.239 billion yuan, up 22.60% year-over-year [1] - The revenue contributions for 2024 were 65.79% from box-type substations, 16.67% from transformers, and 10.46% from complete switchgear products [1] Market Expansion - The company is actively expanding into multiple downstream scenarios, including international markets, offshore wind power, data centers, and smart grids [2] - The company adheres to a strategy of "indirect overseas expansion + global layout," with products meeting international standards and certifications, exporting to over 60 countries and regions [2] - The company has made breakthroughs in integrated solutions for offshore wind power and has secured significant orders from major internet clients for its MyPower data center power module products [2] Future Projections - The company is expected to achieve revenues of 8.131 billion yuan, 9.652 billion yuan, and 11.344 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 26.2%, 18.7%, and 17.5% [3] - Net profits attributable to shareholders are projected to be 854 million yuan, 1.069 billion yuan, and 1.295 billion yuan for the same years, with growth rates of 28.9%, 25.2%, and 21.1% [3] - The company's price-to-earnings ratios for 2025, 2026, and 2027 are estimated to be 15.30, 12.22, and 10.09, respectively, maintaining a "buy" rating [3]

Group 1 - In 2024, the company reported revenue of 691 million yuan, a year-over-year increase of 21%, but a net loss of 50 million yuan compared to a loss of 32 million yuan in 2023, primarily due to unchanged gross margin, increased operating expenses, asset impairment losses, and higher income tax expenses [1] - In Q1 2025, the company achieved revenue of 218 million yuan, a year-over-year increase of 22%, and a net profit of 13 million yuan, a year-over-year increase of 131%, with a non-recurring net profit of 9 million yuan, a year-over-year increase of 246% [1] Group 2 - The company maintained strong performance in high-voltage direct current, offshore flexible direct current, data centers, and energy storage markets, with revenue from high-power density thermal management products reaching 328 million yuan, a year-over-year increase of 74.66%, although the gross margin decreased by 6.69 percentage points [2] - The company has established long-term stable partnerships with major power grid companies and is expected to benefit from new power transmission projects in countries along the "Belt and Road" initiative, including a recent contract in Saudi Arabia worth 361 million yuan [3] - The company is expanding its market share in the energy storage sector by increasing R&D efforts and collaborating with power grid enterprises and research institutions, focusing on new thermal management systems for energy storage [4] Group 3 - The company is expected to see a turning point in its power grid business, with projected revenues of 1.039 billion yuan, 1.299 billion yuan, and 1.618 billion yuan for 2025-2027, and corresponding net profits of 44 million yuan, 83 million yuan, and 131 million yuan, with PE ratios of 123, 65, and 41 times respectively [5]

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, aligning with expectations [1] Group 1: Financial Performance - Q1 2025 revenue reached 1.089 billion yuan, representing a year-on-year increase of 15.53% [1] - The net profit attributable to shareholders was 103 million yuan, up 15.15% year-on-year [1] - The non-recurring net profit attributable to shareholders was 100 million yuan, reflecting a 15.92% increase year-on-year [1] Group 2: Development Trends - The renewable energy sector is expected to maintain high growth, while the decline in real estate-related business is anticipated to narrow [2] - As of the end of March, the installed capacity for solar and wind power in China increased by 43.4% and 17.2% year-on-year, respectively [2] - The company is likely to benefit from the high demand in wind and energy storage products, which are expected to enhance profit margins [2] - In the infrastructure and smart building sectors, the decline in housing completion area was -14.3% in Q1 2025, an improvement from -20.4% in the same period of 2024 [2] Group 3: Market Opportunities - The data center sector is experiencing accelerated domestic substitution, presenting significant growth opportunities [3] - The company has over 20 years of experience in the data center field, offering a range of products and solutions [3] - With the acceleration of AIDC construction, the company is positioned to capture market share in high-end segments [3] Group 4: Profitability and Cash Flow - The company's gross margin increased by 3.9 percentage points to 31.6% in Q1 2025, attributed to improved cost control and a higher proportion of high-margin product deliveries [3] - Operating cash flow reached 53.89 million yuan, marking an 86.94% year-on-year increase [3] Group 5: Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026, with the current stock price corresponding to P/E ratios of 21.0x and 17.0x for those years [4] - The target price has been raised by 12.6% to 9.8 yuan, indicating a potential upside of 20.4% from the current stock price [4]

Core Viewpoint - The company reported a decline in revenue and net profit for the year 2024, indicating significant operational challenges, particularly in the real estate sector [1][2]. Revenue Summary - The total revenue for 2024 was 4.24 billion, a year-on-year decrease of 7.6% [1]. - Revenue breakdown by segment: - Power distribution equipment: 2.759 billion, down 1.8% - Terminal equipment: 835 million, down 23.9% - Control equipment: 458 million, up 3.9% - Electrical products: 156 million, down 29.3% - Other businesses: 29 million, up 67.1% [2]. - Domestic revenue was 4.134 billion, down 7.5%, while overseas revenue was 104 million, down 11.5% [2]. Profitability Summary - The net profit attributable to shareholders for 2024 was 310 million, down 38.9% year-on-year [1]. - The gross profit margin for 2024 was 30.36%, a decrease of 2.09 percentage points [2]. - In Q4 2024, the gross profit margin was 27.66%, down 1.35 percentage points year-on-year [2]. Expense Summary - The total expense ratio for 2024 was 23.28%, an increase of 3.00 percentage points year-on-year [3]. - Breakdown of expense ratios: - Selling expense ratio: 9.50%, up 0.66 percentage points - Administrative expense ratio: 6.53%, up 1.11 percentage points - R&D expense ratio: 7.36%, up 1.18 percentage points - Financial expense ratio: -0.11%, up 0.05 percentage points [3]. - In Q4 2024, the total expense ratio was 28.17%, up 8.26 percentage points year-on-year [3]. Future Outlook - The company is expected to reach a net profit of 450 million in 2025, corresponding to a PE ratio of approximately 20X, with potential growth from new energy, smart distribution, and data center businesses [3].

事件: 金盘科技4 月23 日发布2025 年一季报：2025 一季度，公司实现收入13.4 亿元，同比增长2.9%，环比下 滑36.1%；归母净利润1.1 亿元，同比增长13.3%，环比下降37.2%；扣非归母净利润9868 万元，同比下 降2.6%，环比下降41.3%。 投资要点: 提质增效效果初显，优质订单占比提升驱动经营现金流改善。2025年一季度公司收入、归母净利润同比 增长主要系数据中心、风能等优势下游销售收入递增，同时公司致力于不断将AI 技术覆盖企业全业务 链条，积极响应提质增效。费用率方面。一季度销售费用率为4.9%，同比增长0.03pct；管理费用率 （不含研发）为6.2%，同比增长0.4pct；财务费用率为0.7%，同比下降0.6pct。得益于公司客户群改 善，优质客户和订单比例提升及加大货款催收力度，一季度经营活动产生的现金流量净额1.3 亿元，比 上年同期改善4.7 亿元。 全球化产能布局优化，国内外双轮驱动。海外端，2024 年海外业务实现收入19.8 亿元，同比增长 68.3%。公司已在全球范围内建立生产基地，覆盖墨西哥、波兰、马来西亚等地区，新产能有望在2025 年内逐步落地。 ...

工业和信息化部副部长张云明在北京会见赤道几内亚交通、邮政与通信部部长奥马，就加强数字和信息 通信领域合作进行交流。张云明表示，中国工业和信息化部愿与赤几交通、邮政与通信部围绕《中非数 字合作发展行动计划》开展政策交流，进一步深化数字基础设施、数据中心、云计算、人工智能等领域 合作，推动取得更多务实成果。（工信微报） ...