1、行情 今日指数盘中均出现回调，其中创业板较为猛烈一度跌至1.5%，但此后进行反弹修复。 题材方面，半导体早盘集体大涨，富满微（20CM）、盈方微、圣晖集成、东芯股份（20CM）、阿石创（20CM）、斯达半导、大为股份等先 后涨停； 军工持续局部大涨，长城军工4连板，佳缘科技（20CM）2连板，飞亚达、七一二、际华集团涨停，国瑞科技、航天智装、西菱动力、捷强装 备等走强； 午后稀土迎来暴力反弹，宁波韵升、正海磁材（20CM）先后涨停，中科磁业涨超13%，三川智慧、龙磁科技、盛和资源、银河磁体、北方稀 土、大地熊等集体大涨； 尾盘阶段，脑机接口受消息刺激脉冲，创新医疗涨停，倍益康、翔宇医疗涨超10%，爱朋医疗、伟思医疗、三博脑科等拉升，港股南京熊猫电 子股份大涨近20%； 2、半导体 但A股这段时间每每出现这种情况的时候，都会站出来一个猛男来顶住，今天轮到了半导体。 富满微（20CM）、盈方微、圣晖集成、东芯股份（20CM）、阿石创（20CM）、斯达半导、大为股份等先后涨停； 晶华微、国科微、南芯科技、神工股份、芯导科技、赛微微电、富瀚微等集体大涨； 另外光刻机板块也再度异动，海立股份2连板，张江高科、东方嘉 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of approximately 1.66 billion yuan for 2024, representing a year-on-year growth of about 43.5%. The net profit attributable to shareholders was approximately 380 million yuan, with a year-on-year increase of about 46.9%. The gross margin was approximately 40.7%, up by about 1.1 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 380 million yuan, a year-on-year growth of about 14.4%, but a quarter-on-quarter decline of about 12.1%. The net profit attributable to shareholders was approximately 70 million yuan, with a year-on-year increase of about 3.1% and a quarter-on-quarter decline of about 17.3%. The gross margin was 37.7%, down by about 0.2 percentage points year-on-year and down by about 3.2 percentage points quarter-on-quarter [5] - The company plans to increase R&D investment, with an R&D expense ratio of 7.0% in 2024 and expectations for continued increases in 2025. The current R&D expenses are primarily focused on chip inductors, with the fifth-generation iron-silicon products already on the market [6] - The company's three major AI-driven business segments are expected to see significant revenue growth, with capacity likely to continue being released. The metal soft magnetic powder core segment is projected to achieve revenue of 1.23 billion yuan in 2024, a year-on-year increase of 20.2% [6] - The inductor components segment is expected to achieve revenue of 390 million yuan in 2024, a year-on-year increase of 275.8%. The company has entered the supplier lists of several well-known semiconductor manufacturers, laying the groundwork for future mass production [6] - The company anticipates net profits of 492 million yuan, 614 million yuan, and 722 million yuan for 2025, 2026, and 2027, respectively, with a slight downward adjustment for 2025 compared to previous expectations [7] Financial Summary - For 2024, the company expects operating revenue of 1.66 billion yuan, with a year-on-year growth of 43.5%. The net profit attributable to shareholders is projected to be 376 million yuan, with a year-on-year increase of 46.9% [11] - The gross margin is expected to remain stable at around 40.7% for 2025, with a projected net profit of 492 million yuan, reflecting a year-on-year growth of 31.0% [11] - The company’s P/E ratios for 2025, 2026, and 2027 are projected to be 23.71, 19.00, and 16.16, respectively [11]