| 名称 持有数量(万股) | | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 谢力书 | 1458.60 | 20.72 | 不变 | | 淮安硕卿企业管理中心(有限合伙) | 663.00 | 9.42 | 不变 | | 谢力瑜 | 132.60 | 1.88 | 不变 | | 华宝动力组合混合A | 43.39 | 0.62 | 新进 | | 深圳市远望角投资管理企业(有限合伙)-远望角容远11号 私募证券投资基金 | 42.72 | 0.61 | 新进 | | BARCLAYS BANK PLC | 37.39 | 0.53 | 2.89 | | 上海雷钧私募基金管理有限公司-雷钧安享3号私募证券 投资基金 | 35.10 | 0.50 | 0.88 | | 华夏可转债增强债券A | 34.60 | 0.49 | 新进 | | 华宝行业精选混合 | 32.98 | 0.47 | 新进 | | 卢华升 | 32.49 | 0.46 | 不变 | | 较上个报告期退出前十大股东有 | | | | | 平安养老保险股份有限公司 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 39.96 CNY per share [5][11]. Core Insights - The company faced performance pressure in 2024 but has shown signs of recovery in Q1 2025. The overseas and innovation businesses have become significant growth pillars, and the future development is promising, especially with the emphasis on AI [2][11]. - In 2024, the company achieved a revenue of 92.5 billion CNY, a year-on-year increase of 3.5%, while the net profit attributable to the parent company was 11.98 billion CNY, a decrease of 15.1%. However, in Q1 2025, revenue reached 18.53 billion CNY, up 4.01%, and net profit was 2.04 billion CNY, up 6.41% [11]. - The combined revenue from overseas and innovation businesses exceeded 50% of total revenue for the first time in 2024, indicating a shift in the company's growth strategy [11]. Financial Summary - The company’s projected financials show a steady increase in revenue from 89.34 billion CNY in 2023 to 117.62 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [4][12]. - Net profit is expected to recover from 11.98 billion CNY in 2024 to 17.39 billion CNY by 2027, reflecting a significant growth trajectory [4][12]. - The earnings per share (EPS) is projected to increase from 1.30 CNY in 2024 to 1.88 CNY in 2027, with a price-to-earnings (P/E) ratio of 28 times for 2025 [11][12]. Business Performance - The company's main business segments, including PBG, EBG, and SMBG, experienced revenue declines in 2024, but the overseas and innovation segments showed strong growth, with overseas revenue at 25.99 billion CNY, up 8.39%, and innovation revenue at 22.48 billion CNY, up 21.19% [11]. - The AI initiatives are expected to enhance the company's capabilities, with advancements in multi-modal algorithms and applications in various sectors such as traffic congestion diagnosis and supply chain optimization [11].

点击招商研究小程序查看PDF报告原文 事件： 公司发布 2024 年及 25Q1 业绩， 24 全年营收 46.6 亿元，同比 +49.0% ，归母净利润 6.2 亿元，同比 +74.7% 。 25Q1 公司营收 11.96 亿元，同比 +15.0%/ 环比 -9.9% ；归母净利润 1.23 亿元，同比 -23.8%/ 环比 -24.7% 。我们点评如下： 24 全年收入及净利润同比高增，汽车、软板等业务贡献业绩增量。 24 全年营收 46.6 亿元，同比 +49.0% ，归母净利润 6.2 亿元，同比 +74.7% ，扣非归母净利润 6.1 亿元，同比 +75.6% ；毛利率 33.64% ，同比 +1.26pct 。分业务看， 24 全年公司汽车连接器 / 射频连接器及线缆组件 / 电磁兼容 件 / 软板 / 其他主营业务营收分别为 14.6/10.4/9.1/5.4/7.1 亿元，同比 +77.4%/30.1%/14.8%/73.1%/ 77.4% ；毛利率 39.4%/43.2%/30.8%/12.6%/27.6% ，同比 -0.7/+0.8/+1.7/+6.5/ +3.9pct 。其中 1 ） 汽 ...

Core Insights - The company achieved record-high sales revenue in 2024, with total revenue reaching 5.897 billion yuan, a year-on-year increase of 16.99% [2] - The net profit attributable to shareholders for 2024 was 832 million yuan, up 29.91% year-on-year, while the net profit excluding non-recurring items was 781 million yuan, an increase of 31.96% [2] - The company is expanding its product lines in traditional markets and achieving significant growth in emerging strategic markets such as automotive electronics and data centers [2][5] Financial Performance - In Q4 2024, the company reported revenue of 1.702 billion yuan, a year-on-year increase of 24.72% and a quarter-on-quarter increase of 13.16% [3] - The net profit for Q4 2024 was 208 million yuan, reflecting a year-on-year increase of 27.54% but a quarter-on-quarter decrease of 18.75% [3] - For Q1 2025, the company achieved revenue of 1.461 billion yuan, a year-on-year increase of 16.03% [4] - The net profit attributable to shareholders in Q1 2025 was 233 million yuan, up 37.02% year-on-year [4] Business Segments - Signal processing business generated revenue of 2.270 billion yuan in 2024, a year-on-year increase of 10.12% [2] - Power management business revenue was 1.946 billion yuan, up 4.31% year-on-year [2] - Automotive electronics or energy storage business saw a significant revenue increase of 62.10%, reaching 1.104 billion yuan [2] - The company is focusing on expanding its presence in AI applications, automotive electronics, and data centers, with notable growth in these areas [5][6] Market Opportunities - The company is actively exploring opportunities in hydrogen fuel cells and humanoid robotics, which are expected to become key growth areas [6] - The expansion into AI server applications and energy-efficient products is part of the strategy to capture market share in data centers [6] - The company aims to enhance its product offerings in the automotive sector, covering electric vehicle systems and smart driving applications [6] Future Outlook - The company is projected to achieve revenues of 7.193 billion yuan in 2025, with a year-on-year growth rate of 21.98% [7] - Net profit is expected to reach 1.077 billion yuan in 2025, reflecting a growth of 29.45% [7] - The company is positioned to benefit from ongoing trends in electronic components, particularly in automotive electronics and AI data centers [7]

Core Viewpoint - The company reported a significant decline in both revenue and net profit for 2024, primarily due to geopolitical factors and industry price controls, leading to increased market competition and challenges in operational development [1][2]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 5.219 billion yuan, a year-on-year decrease of 32.99% [1][2]. - The net profit attributable to shareholders was 970 million yuan, reflecting a year-on-year decline of 63.83% [1][2]. Group 2: Market Challenges - The new electronic components market is highly competitive, with both revenue and net profit experiencing a downturn due to geopolitical influences and price control measures [2]. - Structural shifts in defense budgets and increased demand for equipment informatization have provided some growth momentum, but policies like centralized procurement and price reductions have intensified market competition, compressing profit margins [2]. Group 3: R&D and Innovation - The company has significantly increased its R&D investment in 2024, achieving notable advancements in product innovation and technology [2]. - Improvements were made in basic components such as diodes and transistors, enhancing product reliability and stability [2]. - Progress was also made in electronic functional materials, including MLCC dielectric materials and microwave ferrites, to meet market demands for high-performance materials [2]. Group 4: Future Development Plans - The company aims to focus on technological innovation and market demand to drive industrial upgrades, with plans to deepen its involvement in new electronic components [3]. - There will be increased R&D investment in basic components, electronic functional materials, and mixed integrated circuits to enhance product value [3]. - Future growth drivers include ongoing technological innovation, increasing market demand due to technological advancements, and promoting industrial synergy through collaboration with upstream and downstream enterprises [3]. Group 5: Profit Forecast - The company has adjusted its profit forecasts, expecting net profits of 1.083 billion yuan and 1.252 billion yuan for 2025 and 2026, respectively, down from previous estimates of 2.367 billion yuan and 2.919 billion yuan [3]. - A new forecast for 2027 anticipates a net profit of 1.447 billion yuan, with corresponding price-to-earnings ratios of 28, 24, and 21 times for the respective years [3].

Group 1: Macro and Industry Insights - The impact of Trump's tariff policy on China's manufacturing industry is significant, with a shift from labor-intensive industries to equipment manufacturing, primarily targeting ASEAN markets [1] - As the export tax rates between China and ASEAN diverge, opportunities for Chinese companies to expand overseas will increase, particularly in industries heavily reliant on exports to the US, such as mobile phones and automotive parts [1] Group 2: Banking Sector - The total scale of wealth management in China's banking sector decreased by 0.8 trillion yuan at the end of Q1 2025 compared to the beginning of the year, with fluctuations in scale due to market volatility [2] - The asset allocation structure remains stable, with an increase in the proportion of interbank lending and repurchase agreements, while bond and deposit asset proportions have decreased [2] Group 3: High-end Manufacturing - In March, exports continued the growth trend from January, with notable increases in the export of lawn mowers and sewing machines, with year-on-year growth rates of 30% and 47% respectively [3] - The growth in exports is attributed to preemptive consumer behavior in the US due to tariff disruptions [3] Group 4: Real Estate Market - In Q1, the transaction volume of residential land in key cities increased, with the average transaction price in the core 30 cities rising by 24% year-on-year [4] - The overall premium rate for residential land transactions in these cities increased by 11.3 percentage points year-on-year, indicating a recovery in the real estate market [4] Group 5: Precious Metals - The recent rise in gold prices is attributed to the weakening of the US dollar, enhancing gold's monetary attributes, with increased investment demand observed [6] - The report maintains a positive outlook on gold stocks, particularly those with strong earnings potential [6] Group 6: Chemical and Petrochemical Industry - The report highlights continued optimism for domestic substitution trends and sectors benefiting from economic recovery, recommending investments in major oil companies and chemical firms [7] - Specific companies mentioned include China Petroleum, China Petrochemical, and various agricultural chemical firms [7] Group 7: Company Performance - CNOOC Services reported a significant increase in net profit of 39.6% year-on-year for Q1 2025, with total revenue reaching 10.8 billion yuan [8] - The company is expected to see continued profit growth in the coming years, with net profit projections of 3.8 billion, 4.2 billion, and 4.6 billion yuan for 2025-2027 [8] Group 8: Environmental Sector - Oriental Electronics reported steady growth in major business revenues, with Q4 2024 net profit exceeding 200 million yuan [10] - The company is focusing on expanding its virtual power plant business, which is expected to contribute to future growth [10] Group 9: Telecommunications - China Mobile achieved a slight increase in revenue for Q1 2025, with total revenue of 263.8 billion yuan, reflecting a year-on-year growth of 0.02% [21] - The company has adjusted its net profit forecasts for 2025 and 2026, indicating a positive outlook for future performance [21]

Macroeconomic Overview - In April, the US Markit Manufacturing PMI preliminary value is 50.7, above the expected 49 and previous 50.2; the Services PMI preliminary value is 51.4, below the expected 52.6 and previous 54.4; the Composite PMI preliminary value is 51.2, below the expected 52 and previous 53.5 [3] - The Eurozone's Manufacturing PMI preliminary value is 48.7, above the expected 47.4 and previous 48.6; the Services PMI preliminary value is 49.7, below the expected 50.5 and previous 51; the Composite PMI preliminary value is 50.1, slightly above the neutral 50, below the expected 50.2 and previous 50.9 [4] - The data indicates that Manufacturing PMI values are performing better than Services PMI, suggesting that the impact of trade wars on manufacturing has not yet fully materialized, while the Services sector reflects economic sentiment more quickly [4] Company Analysis: Yiyuan Communication - Yiyuan Communication reported a 2024 revenue of 18.594 billion yuan, a year-on-year increase of 34.14%, with a gross margin of 17.61%, down 1.33 percentage points; net profit attributable to shareholders is 588 million yuan, up 548.5% [7] - In Q1 2025, revenue reached 5.2 billion yuan, a year-on-year increase of 31.5%, with a net profit of 145 million yuan, up 265% [7] - The growth is driven by a recovery in the IoT industry, with shipments of LTE, automotive, and 5G modules increasing by over 60% [7] Company Analysis: Sanhuan Group - Sanhuan Group reported a 2024 revenue of 7.375 billion yuan, a year-on-year increase of 28.8%, with a gross margin of 43%, up 3.15 percentage points; net profit attributable to shareholders is 2.19 billion yuan, up 38.6% [8] - The fourth quarter of 2024 saw revenue of 1.994 billion yuan, a year-on-year increase of 23%, with a net profit of 587 million yuan, up 33.8% [8] - The strong performance is attributed to a recovery in demand for consumer electronics and optical communication, as well as increased sales of MLCC products [8] Company Analysis: Zhongchong Co., Ltd. - Zhongchong Co., Ltd. achieved a revenue of 4.465 billion yuan in 2024, a year-on-year increase of 19.15%, with a net profit of 394 million yuan, up 68.89% [10] - In Q1 2025, revenue reached 1.101 billion yuan, a year-on-year increase of 25.41%, with a net profit of 91 million yuan, up 62.13% [10] - The overseas market remains the core source of revenue and profit, with a focus on OEM/ODM partnerships to enter international markets [10] Company Analysis: Wen's Food Group - Wen's Food Group reported a 2024 revenue of 104.92 billion yuan, a year-on-year increase of 16.7%, with a net profit of 9.23 billion yuan, up 244.5% [11] - In Q1 2025, revenue was 6.3 billion yuan, a year-on-year increase of 14.2%, with a net profit of 50 million yuan, up 82.7% [11] - The company achieved profitability in its pig farming business, with a significant increase in pig sales volume and a rise in average selling price [12]

Core Viewpoint - Shenzhen Xinhau Optoelectronics Technology Co., Ltd. reported a decline in revenue and significant net losses for the year 2024, indicating challenges in its core business operations [2][4]. Financial Performance - In 2024, the company's operating revenue was 1.687 billion yuan, a year-on-year decrease of 2.72% [2]. - The net loss attributable to shareholders was 353 million yuan, a year-on-year increase of 972.54% [2]. - The non-recurring net loss was 365 million yuan, a year-on-year increase of 5551.30% [2]. - Basic earnings per share were -2.10 yuan [2]. Business Segments - Revenue from electronic components was 1.583 billion yuan, accounting for 93.80% of total revenue, with a year-on-year decline of 4.43% [4]. - Revenue from photovoltaic equipment and components was 105 million yuan, accounting for 6.20% of total revenue, with a year-on-year increase of 33.24% [4]. Quarterly Performance - In Q4 2024, the company achieved operating revenue of 453 million yuan, a year-on-year decrease of 11.83% and a quarter-on-quarter increase of 4.69% [4]. - The net loss attributable to shareholders in Q4 was 147 million yuan, a year-on-year increase of 1191.42% and a quarter-on-quarter decrease of 73.90% [4]. - The non-recurring net loss in Q4 was 131 million yuan, a year-on-year increase of 1651.56% and a quarter-on-quarter decrease of 38.99% [4]. Profitability Metrics - The gross margin for 2024 was 6.42%, a year-on-year decrease of 13.84 percentage points [4]. - The net margin was -23.00%, a year-on-year decrease of 24.11 percentage points [4]. Expense Analysis - Total operating expenses for 2024 were 490 million yuan, an increase of 134 million yuan year-on-year [4]. - The expense ratio was 29.04%, an increase of 8.50 percentage points year-on-year [4]. - Sales expenses increased by 40.87%, management expenses increased by 2.51%, R&D expenses increased by 54.81%, and financial expenses increased by 344.33% [4]. Profit Distribution - The company plans to distribute a cash dividend of 0.5 yuan (tax included) for every 10 shares and to issue 2 additional shares for every 10 shares held [5].

Core Viewpoint - Mingpu Optoelectronics is facing significant challenges in 2024, with a revenue decline of 14.79% to 1.633 billion yuan and a net loss of 291 million yuan, marking two consecutive years of losses [2][3][4] Financial Performance - In 2024, the company reported a revenue of 1.633 billion yuan, down 14.79% year-on-year, and a net profit attributable to shareholders of -291 million yuan [2][3] - The company's operating cash flow turned negative for the first time since its listing in 2017, with a net outflow of 45 million yuan [2] - The gross margin decreased from 18.6% in 2020 to 11.98% in 2024, indicating intensified price competition in the industry [4] Market Context - The global magnetic component market is projected to reach approximately 160 billion yuan in 2024, growing by around 6% due to strong demand from sectors like renewable energy, electric vehicles, and 5G communications [3] - The demand for magnetic components has been affected by reduced orders in the communication equipment sector, particularly due to decreased capital expenditures from major telecom operators [4] Strategic Focus - The company aims to deepen its focus on core business areas and selectively expand its upstream and downstream supply chains to create a more comprehensive industrial ecosystem for sustainable development [2] - Mingpu Optoelectronics is actively adjusting its strategic direction and technology focus, reallocating funds to enhance its market position in communication modules and devices [6] Product Development - The company has made significant strides in the optical communication sector, with its silicon photonic 800G DR8 optical module demo passing industry tests, marking a key technological advancement [5] - Despite a 34% decline in stock price, the company increased its R&D investment to 135 million yuan, representing 8.27% of revenue, although concerns remain about the slow pace of commercialization [5] Diversification Efforts - Mingpu Optoelectronics has been diversifying into consumer markets, launching products aimed at outdoor and smart energy management, but the performance in this segment has been underwhelming [7] - The company plans to optimize its marketing strategies and improve the efficiency of its advertising expenditures to enhance profitability in its consumer business [7] Future Outlook - The year 2025 is identified as a critical year for the company's strategic implementation, focusing on technology applications and integrated solutions to enhance its core capabilities [8] - The company is restructuring its manufacturing bases to improve production efficiency and capacity, with plans to expand operations in various regions including Dongguan, Hubei, and Vietnam [8]

业绩符合预期，产能瓶颈解决在即 [Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 [Table_Summary] 投资要点： 主要财务数据及预测 | [Table 财务摘要（百万元） _FinanceInfo] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 48,784 | 48,615 | 60,795 | 73,289 | 86,289 | | (+/-)% | 34.4% | -0.3% | 25.1% | 20.6% | 17.7% | | 净利润（归母） | 4,050 | 4,076 | 5,034 | 6,808 | 8,117 | | (+/-)% | 15.4% | 0.6% | 23.5% | 35.2% | 19.2% | | 每股净收益（元） | 1.98 | 1.99 | 2.46 | 3.33 | 3.97 | | 净资产收益率(%) | 11.7% | 10.8% | 12.2% | 14.6% | 15.4% | | ...