2025 年 05 月 05 日 业绩表现抢眼，新业务增长强劲 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2025-04-30 | | --- | --- | | 当前股价（元） | 71.4 | | 总市值（亿元） | 53 | | 总股本（百万股） | 74 | | 流通股本（百万股） | 29 | | 52 周价格范围（元） | 35.35-93.98 | | 日均成交额（百万元） | 205.24 | 市场表现 -50 0 50 100 150 (%) 强瑞技术 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《强瑞技术（301128）：业绩表 现抢眼，新业务持续发力》2024- 09-01 2、《强瑞技术（301128）：治具及 设备构筑基本盘，液冷打造第二成 长极》2023-05-10 —强瑞技术（301128.SZ）公司事件点评报告 强 瑞 技 术 发布公告： 2025Q1 公 司 实 现 收入 3.17 亿 元 /yoy+111%，实现归母净利润 0.12 亿元/yoy+184%。 投资要点 ▌ 业绩表现抢 ...

华鑫证券有限责任公司黎江涛近期对强瑞技术（301128）进行研究并发布了研究报告《公司事件点评报 告：业绩表现抢眼，新业务增长强劲》，给予强瑞技术买入评级。 强瑞技术 事件 强瑞技术发布公告：2025Q1公司实现收入3.17亿元/yoy+111%，实现归母净利润0.12亿元/yoy+184%。 投资要点 业绩表现抢眼，新业务强劲增长 公司2024年实现收入11.27亿元/yoy+67%，实现归母净利润0.98亿元/yoy+75%。业务拆分来看，移动终端 2024年收入6.78亿元/yoy+30%；智能汽车领域实现收入1.23亿元/yoy+182%；Ai服务器设备实现收入0.65 亿元/yoy+135%；散热领域实现收入1.94亿元/yoy+357%。 公司在智能驾驶、Ai服务器、散热等新业务领域增长明显，拉动公司业绩持续高增，未来成长确定性亦 强。 需求不及预期；原材料价格波动；费用控制不及预期；新客户、新业务开拓不及预期等；收购不及预期。 最新盈利预测明细如下： | 报告日期 机构简称 研究员 近三年业绩 研报数 覆盖时长 2025预测 2027预则 2027预则 26标价 预测推确度 | | | | -- ...

沃尔沃当下最为严峻两个问题！智驾研发缓慢，仅支持L2+水平，严重落后同行业。研发费用却激增 32%，达170亿瑞典克朗，研发效率之低，让人发指。盈利能力低，作为豪华品牌，沃尔沃毛利率仅为 19.8%，还不如比亚迪汽车业务22.31%的毛利率，更别说其它豪华品牌了。但这些问题，沃尔沃中国， 乃至吉利都可以解决，因为中国已经成为全球智能化领头羊，宝马、大众等等车企，都把中国作为智能 化主要研发重心。如果袁小林出任沃尔沃全球CEO，将更加有效调动中国研发能力，大幅提升研发效 率，以及与吉利产生协同，利用极氪、路特斯资源，大幅降低成本，提升沃尔沃电动化产品竞争力。 袁小林2017年1月升任沃尔沃全球高级副总裁，亚太区总裁兼CEO，已经有8年多的时间，以为出色业 绩，尤其是掌管亚太市场以后，把封闭日本、韩国都做的风生水起，在沃尔沃内部有着非常高人气和支 持度！袁小林已经进去了沃尔沃最核心管理层，离全球CEO职位只有一步之遥！ 哈坎·塞缪尔森 空降CEO在汽车行业，很难成功。不论奔驰、宝马、丰田、本田，成熟的车企一把手都是内部培养的。 沃尔沃空降CEO骆文襟Jim Rowan，干了只有3年就草草收场，还把沃尔沃股价从每股 ...

Group 1: Corporate Investigations and Issues - China Copper Industry Co., Ltd. director Li Lianbing is under investigation for serious violations of discipline and law [3] - Yong'an Pharmaceutical's actual controller and chairman Chen Yong is under investigation and has been detained [6] - Xianju Pharmaceutical received an administrative penalty of 195 million yuan for price-fixing agreements with competitors [10] Group 2: Corporate Transactions and Financial Warnings - AVIC Capital plans to transfer shares of AVIC Xi'an Aircraft Industry Group and AVIC Avionics to its controlling shareholder for 4.067 billion yuan [7] - Jiangsu Wuzhong's stock will be subject to additional risk warnings due to an audit report with no opinion and non-operational fund occupation by related parties [8] - Tianmao Group and Jinlitai are both unable to disclose their periodic reports on time, leading to stock suspensions [10][11] Group 3: Industry Trends and Changes - Several automotive companies, including Li Auto, Xiaomi, NIO, and Xpeng, are shifting their marketing language from "smart driving" to "assisted driving" [21]

Market Performance - In April, A-shares experienced significant volatility, with the Shanghai Composite Index down 1.7% to 3279.03 points, the Shenzhen Component Index down 5.75% to 9899.82 points, and the ChiNext Index down 7.4% to 1948.03 points [1][2]. Future Outlook - Analysts are optimistic about the A-share market in May, suggesting it is a good time for positioning, as historical data shows that the Shanghai Composite Index has risen in 7 out of the last 15 years during the 10 trading days following the May Day holiday [2][3]. Sector Performance - Historical analysis indicates that consumer and large financial sectors tend to perform well in the 10 trading days before and after the May Day holiday, driven by policy support and upward industry trends [3][4]. Investment Strategies - Analysts recommend focusing on three asset categories: stable assets (high dividends, gold), self-sufficient industrial chains, and domestic consumption [4][5]. - There is a consensus that the Chinese stock market's upward momentum is not over, with suggestions to increase allocations to Chinese assets due to improved economic policies and a decrease in risk premiums [4][5]. Structural Opportunities - May is expected to see a structural recovery in A-shares, with a focus on consumption, technology, and dividend stocks as key investment themes [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a steady growth in revenue and net profit for Q1 2025, with revenue reaching 3.416 billion yuan, up 15.05% year-on-year, and net profit attributable to shareholders at 212 million yuan, up 10.89% year-on-year [6][7]. - The company's gross margin was 19.79%, a decrease of 1.77 percentage points year-on-year, primarily due to changes in accounting policies, while the net profit margin was 6.97%, down 0.13 percentage points year-on-year [7]. - The company is rapidly expanding its third curve business, which includes thermal management products for various sectors such as commercial vehicles, passenger cars, new energy, and emerging fields like smart driving and data processing centers, indicating strong future growth potential [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 3.416 billion yuan, a year-on-year increase of 15.05%, and a net profit of 212 million yuan, up 10.89% year-on-year [6][7]. - The company expects to achieve total revenue of 15.5 billion, 17.8 billion, and 19.6 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 22%, 15%, and 10% [9][10]. Profitability Forecast - The forecasted net profit for the company is 1.1 billion, 1.3 billion, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 36%, 24%, and 17% [9][10]. - The expected earnings per share (EPS) are projected to be 1.28, 1.59, and 1.86 yuan for the same years, corresponding to price-to-earnings (P/E) ratios of 20, 16, and 14 times [9][10]. Business Expansion - The company is actively developing its third curve business, which includes products for energy storage, liquid cooling systems, and data center cooling solutions, indicating a strategic focus on high-growth areas [7][9].

Core Viewpoint - The article highlights the emergence of "Tech Dragon Pearls" in the Greater Bay Area, focusing on companies with technological advantages and commercialization potential in fields such as low-altitude economy, AI large models, embodied intelligence, and intelligent driving, which are expected to challenge the monopoly of international tech giants and lead to a revaluation of Chinese tech assets [1]. Group 1: Company Summaries - DJI Innovation specializes in the production and sales of drones and handheld photography equipment, holding nearly 80% market share in the global consumer drone market, and offers advanced intelligent driving solutions through its subsidiary [2]. - Self-Variable Robotics focuses on the development of "general embodied large models" and has successfully developed the world's largest parameter scale embodied intelligent general operation model, WALL-A, by October 2024 [2]. - Zhijidongli is dedicated to creating full-size general humanoid robots and has developed innovative products, including bipedal robots, and has implemented a video generation large model for embodied operation algorithms [2]. - Yuanxiang is a leading AI and 3D technology service company that has developed and open-sourced a series of high-performance large models, providing a one-stop platform for 3D content creation and consumption [2]. - Simou Technology utilizes deep learning and machine vision as key technology engines, developing a comprehensive ecosystem of smart manufacturing software and hardware products, including industrial multimodal large models and AI-AOI visual inspection equipment [3]. - Superparameter Technology leverages cutting-edge AI technology to enhance the autonomy and interactivity of Game Agents, becoming the first company globally to achieve large-scale commercialization in the Game Agent field [3]. - Yuanrong Qixing offers leading intelligent driving solutions, with nearly 40,000 units sold by March 2025, and aims to develop RoadAGI in the long term [3]. - Hege Technology provides advanced 3D printing application solutions, integrating a complete process from intelligent data collection to 3D printing materials and post-processing [3].

Core Viewpoint - The company reported strong Q1 2025 results, with revenue of 1.579 billion, a year-on-year increase of 78.55% and a quarter-on-quarter increase of 4.79, driven by the growth in AI computing power business and improved profitability [1] Group 1: Q1 Performance - Q1 2025 revenue reached 1.579 billion, with a year-on-year growth of 78.55% and a quarter-on-quarter growth of 4.79% [1] - Net profit attributable to the parent company was 200 million, showing a year-on-year increase of 656.87% and a quarter-on-quarter increase of 37.63% [1] - The gross profit margin improved to 29.84%, up 10.96 percentage points year-on-year and 4.89 percentage points quarter-on-quarter [1] Group 2: Business Outlook - The company has a strong order intake and high capacity utilization in Q2 2025, with ongoing demand for AI servers and 800G switches [2] - The company is expanding high-end capacity in AI servers and 800G switches, with expected revenue growth in these areas [3] - The company is also developing products for 5.5G, 6G, satellite communications, and automotive electronics, which are anticipated to contribute to long-term growth [3] Group 3: Investment Recommendations - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of ***/***/*** billion and net profits of ***/***/*** million [4]

一眨眼，五一假期就要过去了，对于明天需要上班或者上学的人来说，今晚可能都是最痛苦 的时刻，不过好消息是，根据假期期间的资产价格表现， 明天A股高开的概率还是比较大的 ，大家可以收拾一下心情，等待明天的开盘时刻。 我把假期海内外金融市场的新闻都过了一遍，摘了几条重要的出来，陪大家一起聊聊，顺便 解读一下。 ...... 1、港元，时隔5年，再次触及强方兑换保证，对港股不妨高看一眼。 对咱们个人投资者而言，这可能是假期最最重要的一条新闻，我简单科普一下。 香港的银行体系里面， 港币存款的规模，在8万亿左右 ，而作为对比，大陆的人民币存款规 模在300万亿以上，也就是说，港币是一个规模不算大的市场。 去年全年，南向通净买入港股8000亿，而今年已经6000亿了，也就是说，1年半不到的时 间， 净流入了1.4万亿港元 ，而南向通买入港股的过程，伴随着内地的人民币资金，在香港 换成港元的汇兑流程——对于一个8万亿存款规模的市场，1万多亿的兑换需求，就是一个天 文数字了，这一方面导致港元兑人民币持续走强，另一方面，也导致香港市场本身就 "缺港 元" 。 大家要注意到，南向资金疯狂买入港股这个事情，是港元走强的根本因素—— ...