神宇股份2025年业绩预告：剔除投资收益后扣非净利翻倍，主业复苏显著 核心要点 净利润表现分化：归属净利润预计7,050-7,950万元，同比下降0.05%-11.37%；扣非净利润预计7,008- 7,908万元，同比大增83.86%-107.47% 业绩变动主因：2024年一季度出售子公司股权贡献投资收益4,142.37万元，2025年非经常性损益仅42万 元，造成表观利润下滑 主业强劲复苏：母公司主营业务收入同比增长，受益于下游需求扩容和消费升级 费用端改善：股权激励费用同比减少，经营性利润增加 关注要点：主营业务增长的可持续性、下游需求景气度、毛利率变化情况 表象与实质的背离 神宇股份（300563）交出了一份颇具"迷惑性"的业绩预告。归属净利润预计最多下滑11.37%，但扣非净 利润却暴增超过一倍——这种巨大反差背后，是会计处理与实际经营的典型错位。 2024年一季度，公司通过出售子公司股权获得了4,142.37万元的投资收益，这笔一次性收入几乎占到当 年净利润的一半。而2025年，非经常性损益骤降至仅42万元，相当于凭空"消失"了4,100万元利润。如 果投资者只盯着归属净利润的同比下滑，显然会错 ...

Investment Highlights - The company is initiating coverage on Cankin Technology (688182) with an "Outperform" rating and a target price of 27.02 CNY, driven by the ongoing construction of 5G base stations and the expansion of application scenarios that create new demand [1] - The global market for dielectric waveguide filters is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2024 to 2033, benefiting the company as a leading domestic high-end electronic ceramic component manufacturer [1][2] - The company is optimistic about the development of new 5G application scenarios and the introduction of new HTCC customers, which sets it apart from market expectations [3] Product Development and Capacity Expansion - The company has developed eight ceramic formulation systems in the HTCC field and has completed the development and sampling of over ten types of HTCC packaging products, with a projected revenue growth of 330.01% year-on-year for the HTCC business in 2024 [2] - The production capacity is expected to exceed 750,000 units in 2024, representing a year-on-year increase of over nine times, which will gradually enhance performance as capacity is released [2] Profit Forecast and Valuation - The company forecasts earnings per share (EPS) of 0.31 CNY and 0.37 CNY for 2025 and 2026, respectively, with a CAGR of 58.9% from 2024 to 2026 [5] - Based on a 35 times price-to-earnings ratio for 2028, the target market value is estimated at 10.809 billion CNY, indicating an 11.66% upside potential from the current stock price [5]

Core Viewpoint - China Tower's stock price increased by over 4%, reaching HKD 12.46, with a trading volume of HKD 502 million, following the announcement of its 2025 Technology Innovation Conference [1] Group 1: Company Performance - China Tower has built over 7 million base station projects, including more than 3 million 5G base stations, saving the industry over RMB 400 billion in construction and operational costs [1] - China Galaxy Securities initiated coverage on China Tower with a "recommended" rating, highlighting the company's leading position and significant scale effects [1] Group 2: Financial Insights - The depreciation of 1.5 million existing towers will be completed by October 2025, leading to the release of depreciation benefits [1] - Since its listing, the company has maintained an average dividend payout ratio of 60.9%, indicating a commitment to returning value to investors [1]