点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 光大研究一周热榜，精选"光溯" 小程序本周阅读量前十研报。 No.1 FEEE 聆听光的声音/洞悉光的观察/了解光的态度 以LED照明驱动为基，外延并购打造增长新动能一 -晶丰明源（688368.SH）跟踪报告之六 朱宇澍,刘凯 公司动态 2025-04-20 我们维持公司25-27年归母净利润预测为1.17/2.05/3.09亿元, 营收为19.12/23.11/26.03亿元，25-27年对应PS分别为5.2/4.3 /3.8X。考虑到①公司通过内生外延打开成长空间：；②在A股 模拟公司中市销率较低；③当前关税战背景下，公司产品国产 化替代进程有望加速。综合以上因素，上调公司评级至"买入"。 长按识别小程序码进入 光大证券小程序 ...

点击注册小程序 查看完整报告 公司持续高研发投入，产品结构持续优化提升 报告摘要 事件： 2025Q1公司实现营业收入28.83亿元，同比+20.67%，环比-23.64%；实现归母净利润3.89亿元，同比 +18.59%，环比-12.64%，创历史同期新高水平；实现扣非后归母净利润3.94亿元，同比+15.72%，环 比-21.91%。 2025Q1公司扣除联营企业投资收益后归母净利润同比+26.50% 2025Q1公司对联营企业和合营企业的投资收益为0.14亿元，同比-56.29%。2025Q1公司实现扣除联营企业 投资收益后归母净利润3.75亿元，同比+26.50%。 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯 ...

Group 1 - The core viewpoint is that the U.S. tariff situation has caused significant disruptions in global supply chains, yet the A-share market has shown resilience, particularly in themes of self-sufficiency and domestic substitution [1] - The U.S. market has experienced a rare simultaneous decline in stocks, bonds, and currency, indicating investor uncertainty about the U.S. economy and the dollar's status, while China's capital market has remained stable despite some sector impacts [1] - There is a notable increase in stock buybacks and purchases by listed companies and major shareholders in China, contributing to market stability after recent corrections [1] Group 2 - The tariff policy is expected to accelerate the process of domestic substitution, especially for companies whose products are competitive with U.S. suppliers [2] - The semiconductor industry is identified as the primary battleground for domestic substitution, with opportunities across design, equipment, and materials sectors [2] - Increased tariffs on CPUs are anticipated to benefit Chinese CPU companies, while the software ecosystem remains a critical factor for certain sectors [2] Group 3 - The investment landscape presents both opportunities and challenges, emphasizing the need to assess company competitiveness and preparedness [3] - The focus for the second quarter includes sectors such as self-sufficiency, military industry, and resource products, with a cautious outlook due to ongoing uncertainties [3] - The military industry is expected to recover as China’s defense spending remains relatively low, influenced more by global dynamics and national security needs [3] Group 4 - The funds managed by the company have received top ratings from various authoritative institutions, reflecting a strong performance in sectors with domestic substitution advantages [4] - Specific funds, such as Changsheng High-end Equipment A and Changsheng New Emerging Growth, have achieved multiple five-star ratings across different time frames from several rating agencies [4] - The consistent high ratings indicate a well-regarded investment strategy focused on sectors poised for growth amid current market conditions [4]

Core Viewpoint - The Xi'an municipal government has issued an action plan aimed at accelerating the construction of a technology adaptation and product development center, focusing on supporting the intelligent terminal industry chain and promoting high-quality development in the information industry [1] Group 1: Action Plan Objectives - The action plan emphasizes the construction of a technology adaptation and product development center as a core carrier to promote the large-scale application of new technologies and products in digital government construction [2] - It aims to establish a comprehensive information industry chain that is nationally leading and self-controllable by integrating advanced technologies and specialized enterprises with local manufacturing [2] Group 2: Implementation Strategy - Xi'an will adopt a principle of "government guidance, enterprise leadership, demand-driven, scenario demonstration, innovation-driven, key breakthroughs, chain group development, and ecological co-construction" to enhance the role of government in planning and policy support while empowering enterprises in technology innovation and product development [2] - The city plans to establish a six-step work path including demand analysis, technology research and development, adaptation certification, production manufacturing, integrated operation, and application promotion to ensure the effective implementation of the action plan [3] Group 3: Specific Measures - A professional team will be formed by the municipal data bureau to assist various industry departments in developing smart system planning and construction schemes, as well as creating product demand lists and smart solutions [4] - The Digital Xi'an Group will collaborate with universities and research institutions to form a technology alliance for fundamental research, innovative technology, and standard system construction, providing full-cycle technical consulting services for product adaptation verification [4] Group 4: Development Centers - Xi'an plans to establish five types of technology adaptation and product development centers, including an RISC-V open-source chip innovation center and a HarmonyOS adaptation center, among others [5] - The city will encourage enterprises to increase investment in the production and manufacturing of smart terminals, promoting a full-chain development strategy from chips to complete machines [5] Group 5: Application and Promotion - Relevant departments will compile a list of innovative products that meet the needs of digital government construction and encourage the procurement and promotion of these new technologies and products [6] - Xi'an will establish supply-demand matching channels to provide business guidance, verification environments, and pilot support for adaptation enterprises [6]

Summary of Conference Call Records Industry Overview - The focus is on the defense and military industry, highlighting its investment opportunities and growth potential in the context of current market dynamics and geopolitical factors [1][2][4]. Key Points and Arguments - **Investment Style and Performance**: Short-term financial styles are performing strongly, but long-term growth styles offer better value, especially when risk appetite increases. The CSI 1,000 index is expected to yield excess returns compared to the SSE 50 index in the medium to long term [1][2]. - **Defense Spending Growth**: The defense budget has shown stable growth over the past three years, averaging around 7%, which supports the fundamentals of the military industry. Incremental funds are primarily coming from margin financing and ETFs, with a significant portion directed towards innovative growth sectors, benefiting the defense sector [1][4]. - **Market Trends**: In February, small-cap growth stocks performed exceptionally well, with the CSI 1,000 and 2000 indices showing an excess return probability exceeding 90%. The market may shift towards defensive strategies in April, but post-earnings report pressures, the performance of the 1,000 and 2000 indices is expected to improve [1][5][7]. - **High-Performing Sectors**: The defense and military sector has the highest median excess return rate of 3% over the past 15 years, outperforming other sectors such as agriculture, non-ferrous metals, and food and beverage [1][8]. - **Investment Logic**: Key investment drivers in the defense sector include internal demand recovery, asset securitization, and the competitive landscape improvement due to mergers. The ongoing US-China rivalry is also fostering technological advancements and self-sufficiency [1][10][11]. Additional Important Insights - **Focus Areas for 2025**: The defense sector is expected to continue its strategy of "internal growth plus external expansion," emphasizing new combat capabilities and production capacities, particularly in shipbuilding, aerospace, and commercial space sectors [2][11]. - **Emerging Technologies**: The commercial space sector is anticipated to enter a phase of intensive testing for reusable rockets, with significant advancements expected in the second half of the year [12]. The low-altitude economy is also gaining traction, supported by government policies and market interest [13][26]. - **Market Dynamics**: The military electronics sector is projected to see a turnaround in profitability by the second quarter of 2025, driven by increased orders and a recovery in market conditions [15][28]. The military trade sector is also expected to benefit from changing geopolitical landscapes [18]. - **Investment Recommendations**: Key investment targets include companies in shipbuilding, aerospace, drones, and military electronics, with specific mentions of firms like China Shipbuilding, AVIC, and North Navigation [16][25]. Conclusion The defense and military industry presents a robust investment landscape characterized by stable government spending, emerging technologies, and strategic growth opportunities. Investors are encouraged to focus on sectors with high growth potential and favorable market conditions, particularly in light of geopolitical developments and domestic demand recovery.

一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 证券代码：300447 证券简称：全信股份 公告编号：2025-026 所有董事均已出席了审议本报告的董事会会议。 天衡会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所为天衡会计师事务所（特殊普通合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以未来实施分配方案时股权登记日享有利润分配权的总 股本（不含回购股份）为基数，向全体股东每10股派发现金红利0.50元（含税），不送红股，不以资本 公积金转增股本。 ■ 2、报告期主要业务或产品简介 （一）公司主要业务和主要产品 公司自成立以来一直以军工业务为主业，聚焦军工电子信息领域，主要从事军用光电线缆及组件、光电 元器件、FC光纤高速网络及多协议网络解决方案、光电系统集成 ...

Investment Rating - The investment rating for the electronics industry is "Positive" [2] Core Insights - The electronics industry has an allocation ratio of 18.7%, maintaining the highest position in the market, with an overweight ratio of 7.3% [10][16] - In the semiconductor sector, institutions have significantly increased their holdings in SMIC Hong Kong, emphasizing the theme of self-sufficiency [22] - The consumer electronics sector is expected to benefit from national subsidy policies, which will stimulate demand for electronic products [31] - The components sector shows strong demand certainty driven by AI, with quality companies in the supply chain gradually increasing their performance [3][31] - The optical and optoelectronic sector has seen price increases for panels despite being in the off-season, supported by strong demand [3] - The electronic chemicals sector continues to see an increase in holdings due to ongoing domestic substitution efforts [3] Summary by Sections Semiconductor Sector - Institutional holdings in the semiconductor sector increased to 11.01%, up by 1.67 percentage points from the previous quarter [22] - The recovery in downstream demand and low inventory levels are positive indicators for the sector [22] - Key companies such as SMIC, Chipone, and Weir shares have seen increased institutional investment [22] Consumer Electronics Sector - Institutional holdings in the consumer electronics sector decreased to 4.03%, down by 0.22 percentage points [31] - National subsidy policies are expected to boost sales of digital products, enhancing demand for upstream components [31] - Companies like Xiaomi and AAC Technologies have seen increased institutional holdings [31] Components Sector - Institutional holdings in the components sector decreased to 2.29%, down by 0.69 percentage points [3] - AI demand is expected to drive growth in the supply chain, with companies like Shengyi Technology and Dongshan Precision receiving more institutional investment [3] Optical and Optoelectronic Sector - Institutional holdings in this sector increased to 0.82%, up by 0.15 percentage points [3] - The demand for panels has remained strong, with prices rising in the first quarter [3] Electronic Chemicals Sector - Institutional holdings in the electronic chemicals sector increased to 0.49%, up by 0.11 percentage points [3] - The focus on domestic substitution continues to gain traction, with companies like Guanggang Gas and Dingsheng Technology receiving more institutional support [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Insights - In Q1 2025, the company achieved a revenue of 2.4 billion yuan, representing a year-on-year increase of 50.76%, and a net profit attributable to shareholders of 506 million yuan, up 75.33% year-on-year [6][7]. - The company's gross margin stood at 61.19%, with a net profit margin of 29.74%, reflecting a year-on-year increase of 4.97 percentage points [7]. - The increase in contract liabilities and inventory to 3.2 billion yuan and 5.8 billion yuan respectively supports future performance growth [8]. Financial Performance - Q1 2025 revenue reached 2.4 billion yuan, with a net profit of 506 million yuan, and a non-recurring net profit of 442 million yuan, showing growth rates of 50.76%, 75.33%, and 62.63% respectively [7]. - The company’s operating cash flow improved significantly, with net operating cash flow of 2.522 billion yuan in Q1 2025 [8]. - The company’s total assets and liabilities are projected to grow, with revenue forecasts for 2025, 2026, and 2027 at 13.767 billion, 18.543 billion, and 25.266 billion yuan respectively [12][13]. Market Position and Product Development - The company is positioned as a leader in the domestic DCU and CPU market, with products that have broad applicability across various sectors including telecommunications, finance, and education [11]. - The ongoing U.S.-China trade tensions are expected to accelerate the domestic chip industry's development, enhancing the company's competitive edge [9][10]. - The company’s products are noted for their versatility and ecosystem advantages, which are crucial for maintaining market leadership [11].

Core Viewpoint - After experiencing performance fluctuations over the past two years, the company iFLYTEK (002230) is expected to see a rebound in its non-net profit for 2024, along with significant improvements in operating cash flow [2] Financial Performance - In 2024, iFLYTEK achieved operating revenue of 23.343 billion yuan, a year-on-year increase of approximately 19% [6] - The company's net profit attributable to shareholders was 560 million yuan, a decline of nearly 15%, while the non-net profit grew by about 60% year-on-year [6] - For the first quarter of 2025, revenue was approximately 4.658 billion yuan, a year-on-year increase of nearly 28% [6] - The company reported a net loss of nearly 200 million yuan, but this loss was narrowed compared to the previous year [6] - Cash flow has significantly improved due to optimized collection mechanisms and a better business structure, with an increased proportion of revenue from the consumer sector [6][7] Market Opportunities and Challenges - The company’s chairman, Liu Qingfeng, indicated that the ongoing trade war and technological competition with the U.S. could lead to more market opportunities for self-controlled technologies [2][3] - iFLYTEK has achieved a level of self-sufficiency in core technology research and product development, which is crucial in the context of U.S. sanctions [3] - The demand for self-controlled technologies in the AI sector is expected to increase, especially with the U.S. imposing restrictions on high-end computing chips to China [3] Product Development and Innovation - iFLYTEK has upgraded its deep reasoning model, iFLYTEK Spark X1, enhancing its capabilities in knowledge Q&A and mathematical tasks [4] - The company is focusing on the development of wearable devices and smart medical equipment, with plans to deepen its offline channel layout [2][7] - The company’s proprietary large model iterations are expected to improve training efficiency significantly, with a target of increasing efficiency from 55% to 85% compared to NVIDIA's A100 [3][4] Strategic Direction - iFLYTEK aims to provide multi-language large models and comprehensive solutions to partners along the "Belt and Road" initiative, expanding its market space [4] - The company is shifting its business structure towards higher-margin products, reducing reliance on low-margin system integration and custom development services [7] - The education sector, particularly consumer hardware like learning machines, has seen significant growth, with plans to enhance market penetration in major cities [7]

Core Viewpoint - The A-share market shows signs of differentiation, with the Shanghai Composite Index declining while the ChiNext Index rises over 1% [1][7]. Market Overview - The trading volume in the two markets continues to expand, exceeding 1.23 trillion yuan, with the precious metals sector declining due to falling gold prices, while the robotics sector experiences significant gains [3][7]. - Analysts believe that the downside risk in the A-share market is manageable, and there is potential for upward movement, enhancing the value of allocations [3]. Fund Management Insights - The active fund size has rebounded, increasing by 35.6 billion yuan to 3.46 trillion yuan in the first quarter, driven by a recovery in the A-share market and improved investor risk appetite [5][7]. - The latest top 20 heavy stocks held by funds reveal a focus on technology, with Ningde Times, Kweichow Moutai, and Tencent Holdings being the top three holdings, valued at 146.8 billion yuan, 142.8 billion yuan, and 111.5 billion yuan respectively [8][9]. Sector Allocation Trends - Funds have increased their positions in technology stocks, with notable additions in Hong Kong-listed tech giants such as Tencent, Alibaba, and Xiaomi [11]. - The active management funds have also increased allocations in sectors such as automobiles, non-ferrous metals, and electronics, while reducing exposure to power equipment and telecommunications [13][14]. Future Investment Directions - Key areas for potential investment include: 1. Domestic demand assets: Increased allocations in sectors like liquor, building materials, steel, beauty care, and retail [15]. 2. Recovery sectors: Increased positions in military, pharmaceuticals, and wind power components [16]. 3. Export chains: High positions maintained in sectors with strong performance expectations [17]. 4. Dividend assets: Reduced allocations to low levels, with potential for future increases [18]. Investment Strategy Recommendations - Investors are advised to maintain a balanced allocation between stocks and bonds, and to flexibly adjust their portfolios to mitigate risks and seize opportunities [19].