证券研究报告 半导体设备&零部件行业2024年报&2025一季报总结： 业绩持续高增，看好自主可控趋势下国产替代加速 2 ⚫ 收入端延续高速增长态势，盈利水平进一步提升。我们选取14家半导体设备行业重点标的【北方华创】【中 微公司】【拓荆科技】 【华海清科】【长川科技】【芯源微】【至纯科技】【华峰测控】【盛美上海】【万 业企业】【精测电子】【赛腾股份】【微导纳米】【中科飞测】和4家半导体零部件行业重点标的【英杰电气 】【汉钟精机】【新莱应材】【富创精密】。 1）收入端：2024&2025Q1十四家半导体设备企业合计实现营 业收入732.2/177.4亿元，同比+33/+37%；四家半导体零部件企业合计实现营业收入113.4/24.7亿元，同比+9/- 6%；2）利润端：2024&2025Q1十四家半导体设备企业合计实现归母净利润119.0/25.8亿元，同比+15/+37%， 四家半导体零部件企业合计实现归母净利润16.1/2.0亿元，同比-5/-45%；3）费用端：2024&2025Q1十四家半 导体设备企业期间费用率为34.7/38.9%，同比+0.5/-5.2pct，2024&2025Q1四家半导体零部 ...

Superior Industries International (SUP) Q1 2025 Earnings Call May 12, 2025 08:30 AM ET Company Participants Dan Lee - Senior VP & CFOMajdi Abulaban - President and CEO Operator Thank you for standing by. My name is Argy, and I will be your conference operator today. At this time, I would like to welcome everyone to the Superior Industries First Quarter twenty twenty five Earnings Call. We are joined this morning by Madji Abulaban, President and CEO Dan Lee, Senior Vice President and CFO. All lines have been ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 06 May 2025 14:08:19 ET │ 36 pages China Hardware and Semiconductors 4Q24/1Q25 Results Wrap and Inventory Tracker | Dull results again; Semis inventory digestion continues CITI'S TAKE 19%/20% of our 4Q24/1Q25 results beat (vs. 23% in 3Q24) while most semis missed. Our China tech inventory tracker indicated relatively healthy inventory levels for consumer electronics hardware in 1Q25, while AI hardware stayed at high levels likely due to strategic stocking. Meanwhile, successi ...

9 May 2025 | 9:51AM HKT SMIC (0981.HK): 1Q GM beat at 22.5%; UT rate improving with capacity in continuous expansion 1Q25 Revenue of US$2.2bn (+28% YoY/ +2% QoQ) was largely in-line with GSe/ Bloomberg consensus. 1Q25 GM of 22.5% was stronger than management's guidance and our / street's expectations, which we attribute to the increase of UT rate (89.6% in 1Q25, vs. 85.5% in 4Q24). Capex came in at US$1.4bn in 1Q25, vs. US$1.7bn in 4Q24. We expect Chinese foundries including SMIC to continue to invest meani ...

21世纪经济报道记者 易妍君 广州报道 4月以来，伴随上市公司密集披露2024年年报及2025年一季报，基金机构（包括公募、私募，下同）的 调研热情被点燃。 排排网公募数据显示，今年4月，共有162家公募机构对A股上市公司开展调研，合计调研频次达9796 次，较3月环比激增129.47%，创下年内调研活跃度新高；1189家私募证券投资基金管理人合计调研 7647次，较3月的3513次大幅增长117.68%。 从调研偏好看，21世纪经济报道记者注意到，4月，基金机构扎堆调研了电子、医药生物等行业，一些 细分行业个股被机构调研了上百次，例如，消费电子龙头立讯精密被公、私募机构共计调研了368次； 内存接口芯片龙头澜起科技被公、私募机构合计调研了179次；医药生物方向的华东医药被基金机构调 研了144次。 "机构密集调研电子和医药生物行业，主要是因为这些行业具有良好的发展前景、政策支持以及业绩增 长潜力。"排排网财富研究部副总监刘有华向记者指出。 哪些个股受青睐？ 医药生物行业方面，公募机构调研次数较多的个股包括华东医药、爱博医疗，调研次数均在70次左右； 私募机构调研次数较多的个股为华东医药和开立医疗，均超过60 ...

May 5, 2025 09:01 PM GMT China Emerging Frontiers Frontier 28: Investing in Evolving Trends We continue our China Emerging Frontiers series with the introduction of our six-factor framework to understand the successful ingredients underpinning the industrial upgrade story and identify future investment opportunities. Key Takeaways Investors interested in exploring new emerging sectors where China is poised to have structural competitive advantages should consider reading this report. This report outlines ho ...

Core Viewpoint - The closure of the de minimis rule and the imposition of high tariffs on Chinese imports have disrupted the business models of Temu and Shein in the U.S. However, experts believe these e-commerce companies will continue to be significant players in the American online retail market [1][4]. Impact of Trade Policy - The de minimis rule, which previously exempted U.S. imports worth $800 from tariffs, has been closed for shipments from China, exposing Temu and Shein to tariffs as high as 120% or a flat fee that will increase from $100 to $200 [2][3]. - The removal of this exemption has led to rising prices on Temu and Shein, with Temu ceasing direct shipments from outside the U.S. altogether [3]. Competitive Strategies - Despite the challenges, experts assert that Temu and Shein have contingency plans and are capable of adapting to the new tariff environment [5][6]. - Both companies have been accelerating localization strategies, onboarding goods from American sellers to mitigate tariff impacts [7][8]. Pricing Dynamics - Prices on Shein have reportedly increased between 5% and 50% across various categories, with the most significant hikes in toys, games, and beauty products [13]. - Even with price increases, Temu and Shein may still offer products at significantly lower prices compared to competitors like Amazon, maintaining their price competitiveness [14][15]. Supply Chain Adaptability - Temu and Shein's success is attributed to their agile supply chains that quickly adapt to consumer trends, with Shein employing small-batch production to efficiently test and scale products [17]. - The companies utilize effective marketing strategies, including gamification and social media engagement, to maintain consumer interest and drive sales [20][21].

28 Apr 2025 01:08:15 ET │ 11 pages 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 China Technology & Communications EU, US, SH Marketing Feedback CITI'S TAKE We met with almost 60 institutional investors in past three weeks in Europe, the US and Shanghai. Given US reciprocal tariffs announced on 2 April, investors' key discussions were focused on tariff impact to Apple/Nvidia chain, China retaliation beneficiaries, China semis localization, foldable iPhone, Xiaomi and China AI development. European investors are more positiv ...

今天分享的是：2025出海联盟营销白皮书 报告共计：50页 《2025出海联盟营销白皮书》围绕出海品牌的联盟营销与合作伙伴营销展开深入探讨，涵盖行业现状、痛点、策略及趋势等关键内容。 - 出海联盟营销概述：在品牌全球化浪潮中，联盟营销备受关注。它通过与包括联盟客在内的合作伙伴合作，借助多元化渠道触达消费者，实现本土化并提 升销售额。联盟营销涉及营销伙伴、品牌方、消费者和联盟营销平台四大角色，具有高效增长、多元化触达、本土化资源优势和数字化协同能力强等优点。 近年来，全球联盟营销规模持续增长，受独立站崛起、传统广告动能下降等因素驱动，服装、运动户外、健康等品类是主流应用领域，软件应用、玩具等品 类渗透率也在快速提升。 - 出海品牌营销痛点：出海品牌在营销方面面临诸多痛点，如联盟客来源多样、渠道复杂，导致营销及效果归因困难；对联盟营销认知不足，缺乏专业从业 者；合作伙伴关系管理难度大，影响营销效率；使用联盟平台时缺乏引导，对平台服务定位不清晰等。这些痛点制约了品牌在海外市场的发展和营销效果的 提升。 - 合作伙伴营销战略与执行：品牌需明晰营销战略，确立推广量级，避免认知误区。适合联盟营销的品牌通常有清晰定位、长远 ...

Brookfield Business Partners (BBU) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Company Participants Alan Fleming - MD & Investor RelationsAnuj Ranjan - Chief Executive OfficerAdrian Letts - Managing Partner of Private Equity & Head of Business OperationsJaspreet Dehl - Managing Partner of Private Equity & Chief Financial OfficerDevin Dodge - Director - Equity Research Conference Call Participants Gary Ho - Research Analyst - Financial ServicesJaeme Gloyn - Equity Research AnalystNik Priebe - Equity Resea ...