Core Viewpoint - The company reported a significant decline in net profit for 2024, primarily due to losses in non-PCB business and substantial asset impairment provisions, despite a steady revenue growth of 9.27% year-on-year to 36.77 billion [1] Financial Performance Summary - 2024 total revenue reached 36.77 billion, up 9.27% year-on-year, while net profit attributable to shareholders fell by 44.74% to 1.086 billion, with a gross margin of 14.02% [1] - Q1 2025 revenue was 8.602 billion, an increase of 11.07% year-on-year but a decrease of 16.52% quarter-on-quarter, with net profit attributable to shareholders rising by 57.55% year-on-year to 456 million [1] - Q4 2024 saw a revenue of 10.3 billion, down 7.59% year-on-year, with a net profit of 18 million, a staggering decline of 97.11% year-on-year [1] Business Structure Analysis - PCB products generated revenue of 24.8 billion, accounting for 67.5% of total revenue, with a gross margin of 18.34% [2] - LED business revenue dropped to 770 million, down 35.5% year-on-year, with a negative gross margin of 40.94% [2] - Touch display module revenue increased by 31.0% to 6.37 billion, with a gross margin of 3.32% [2] - Overall revenue from new energy business reached 8.65 billion, up 36.98% year-on-year, contributing 23.52% to total revenue [2] Q1 Performance Insights - Q1 2025 showed growth in both revenue and net profit, driven by government subsidies and strong performance in the new energy sector, with revenue from this segment increasing by approximately 43.79% to 2.63 billion [3] - The precision components business began to achieve profitability due to improved utilization rates, while the LED business showed signs of recovery [3] Future Outlook - The company is expected to benefit from the upcoming innovations in AI products from major clients, which may drive demand and improve ASP for soft boards [4] - The new energy sector is anticipated to grow with the introduction of new models and products, while non-core LED and touch display businesses are expected to show marginal improvements due to better internal management [4]

Group 1 - A new wave of stock buybacks is occurring among A-share listed companies, coinciding with the latest portfolio adjustments of several billion-yuan fund managers [1][12] - Zhang Kun, deputy general manager of E Fund, sold 3 million shares of China Merchants Bank on April 29 due to exceeding the 10% limit of the fund's net asset value, amounting to approximately 127 million yuan [1][4] - Zhang Kun significantly increased his holdings in SF Express by 31.7 million shares during the first quarter of 2025 [1][5] Group 2 - Chen Hao, manager of E Fund's Quality Momentum Fund, increased his stake in Jianyou Co., a pharmaceutical stock, during April [1][7] - Fund managers Hu Xinwei and Gao Nan both increased their positions in durable consumer goods company Jiayi Co. [1][8] - Zhao Xiaodong, director of equity investment at Guohai Franklin Fund, increased his holdings in Huangjiu stock Guyue Longshan [1][10] Group 3 - The electronic and pharmaceutical industries topped the list of public fund research in April, with Luxshare Precision being the most favored stock, receiving over 100 research visits [1][12] - A total of 169 stocks received significant attention from public funds in April, with 22 stocks having research frequencies exceeding 50 times [1][12] - The electronic industry dominated the research focus, with Luxshare Precision receiving 182 visits, followed by other electronic stocks like Huidian Co. and Lanke Technology [1][13]

Core Viewpoint - FIH Mobile Limited (富智康集团) reported a revenue of approximately $1.017 billion for Q1 2025, reflecting a year-on-year growth of 1.91%, and achieved a profit of $1.072 million, marking a turnaround from a loss [1] Financial Performance Highlights - The company anticipates a slight year-on-year decline in sales for the full year ending December 31, 2025, due to strategic customer selection and portfolio optimization [1] - Adjustments in customer and product mix are expected to improve gross margin from 1.61% in the previous year to 3.17% in the current period, driven by a shift from traditional mobile solutions to higher-margin sectors like smart manufacturing and automotive electronics [1] - Operating expenses were reduced to $34.5 million from $49.7 million in the same period last year, primarily due to workforce optimization and strict cost control measures [1] Positive Factors Impacting Financial Performance - Increased sales in the automotive electronics business and production line equipment/robotics [1] - Continuous efforts to enhance efficiency and maintain financial flexibility through cost-saving measures [1] Negative Factors Impacting Financial Performance - Underutilized and idle assets continue to negatively affect financial performance [2] - A decrease in foreign exchange income, which fell to $2.9 million from $7.9 million in Q1 2025, primarily due to the depreciation of the US dollar against almost all currencies [2] - A reduction of $4 million in government subsidies from mainland China and India during the current period [2] - Potential negative impacts on global trade and the mobile market due to increased tariffs imposed by the United States [2]

Group 1 - The core issue identified in the Milan Report is the long-term overvaluation of the US dollar, which negatively impacts US export competitiveness and manufacturing development [2][4] - The report suggests that the high valuation of the dollar is a result of past US government policies aimed at maintaining a strong dollar, rather than actions taken by other countries [2][3] - The report's proposed solutions, such as currency devaluation of exporting countries to offset tariff-induced price increases, contradict its own premise and may exacerbate the dollar's overvaluation [2][6] Group 2 - The report's notion that bringing manufacturing back to the US aligns with the desires of the American workforce is flawed, as younger generations are less inclined to pursue factory jobs [3][4] - The historical context of US industrialization is tied to excessive financialization, which has led to a lack of innovation and competitiveness in the manufacturing sector [4][5] - The report acknowledges the issue of deindustrialization but fails to provide a viable path for reindustrialization that addresses the underlying economic challenges [4][6] Group 3 - The proposed "three-step" approach in the report includes using tariffs to create initial shocks, forming alliances similar to the Plaza Accord, and implementing systematic containment of strategic rivals [6][7] - The reliance on tariffs as a negotiation tool risks escalating global trade tensions, reminiscent of the Smoot-Hawley Tariff Act, which had severe economic repercussions [6][7] - The report's strategy of linking security guarantees with trade and finance may lead to coercive alliances, undermining the credibility of the US in international trade agreements [6][7]

一、券商金股股票池上月回顾 2025年4月，万辰集团、先达股份、民士达等券商金股股票的月度上涨幅度靠前。 2025年4月，东北证券、华西证券、华源证券收益排名前三，月度收益分别为 17.31%、13.41%、12.75%，同期偏股混合型基金指数收益-2.26%，沪深300指数 收益-3.00%。 2025年以来，东北证券、华鑫证券、国联证券收益排名前三，年度收益分别为 44.56%、42.58%、16.68%，同期偏股混合型基金指数收益2.28%，沪深300指数收 益-4.18%。 二、券商金股股票池中选股因子表现 最近一个月，总市值、SUE、单季度净利润增速表现较好，EPTTM、波动率、预 期股息率表现较差； 今年以来，总市值、SUE、剥离涨停动量表现较好，预期股息率、EPTTM、波动 率表现较差。 三、券商金股股票池本月特征 截至2025年5月6日，共有41家券商发布本月金股。在对券商金股股票池进行去重 后，总共有291只A股。 从 绝 对 占 比 来 看 ， 本 期 券 商 金 股 在 电 子 (10.00%) 、 医 药 (8.25%) 、 基 础 化 工 (8.25%)、食品饮料(7.25%)、机械 ...

Core Insights - The article highlights the significant role of China Bank's Changzhou branch in supporting local technology enterprises, particularly in the hydrogen energy sector, through financial assistance and innovative products [1][4]. Group 1: Financial Support and Initiatives - In 2013, China Bank's Changzhou branch formed a 650 million yuan financing consortium to assist Longcheng Precision Forging in overcoming early financial difficulties [1]. - In 2023, the bank approved a 150 million yuan long-term loan to support Longcheng Precision Forging's 360 million yuan project for developing high-precision components for new energy vehicles [1]. - By the end of 2024, the bank's technology finance credit balance reached 20.302 billion yuan, with an increase of 8.792 billion yuan, marking a growth rate of 76.38% [1]. Group 2: Establishment of Dual Centers - In 2024, China Bank's Changzhou branch established two centers: the Technology Finance Center and the Sci-Tech Innovation Finance Center, aimed at directing financial resources to technology innovation [2]. - The bank utilizes external data to create precise profiles of technology enterprises and collaborates with government departments to address financing challenges through targeted matchmaking events [2]. Group 3: Product Innovation and Service Enhancement - The bank has developed a "Technology Finance Exclusive Credit Business" to streamline the approval process for technology enterprises, reducing the average approval time by half [4]. - The introduction of the "Innovation Points Loan" in 2023 features a smart credit model tailored for technology companies, integrating AI technology for accurate credit assessments [4]. - The bank has launched 20 support measures for key customer groups in inclusive finance, including differentiated credit policies for specialized and new technology enterprises [4][5]. Group 4: Direct Engagement with Enterprises - China Bank's Changzhou branch has formed specialized service teams to conduct in-depth research on enterprises' needs, providing tailored financial consulting services [6]. - As of the end of 2024, the bank supported 1,115 small and micro technology enterprises with loans totaling 7.49 billion yuan, with a notable focus on specialized and new technology customer groups [6]. - The bank organized 17 matchmaking events for technology enterprises, providing 720 million yuan in credit support to 116 companies [7].

Core Viewpoint - The company reported strong revenue and profit growth for 2024, with a focus on R&D investments and advancements in various business segments, particularly in automotive electronics and AI computing [1][2][3][4][5] Financial Performance - In 2024, the company achieved revenue of 12.659 billion, a year-on-year increase of 17.68%, and a net profit attributable to shareholders of 1.169 billion, up 24.86% year-on-year [1] - For Q1 2025, revenue was 3.343 billion, reflecting a year-on-year increase of 21.90%, while net profit was 0.325 billion, up 2.18% year-on-year [1] - The gross profit margin for 2024 was 22.73%, a decrease of 0.44 percentage points year-on-year, while the net profit margin was 9.16%, an increase of 0.70 percentage points year-on-year [1] R&D Investments - The company increased R&D expenditure to 0.758 billion in 2024, a year-on-year increase of 26.12%, with an R&D expense ratio of 5.98%, up 0.40 percentage points year-on-year [2] - Significant advancements were made in data center products, automotive electronics, and consumer electronics, with a focus on high-density interconnect (HDI) and high-layer count (HLC) boards [2] Business Segments - In the data center sector, AI server products began mass shipments, and high-speed PCB products achieved significant technological breakthroughs [2] - The automotive electronics segment saw revenue of 5.8 billion, a year-on-year increase of 33%, accounting for 48% of total revenue [2] - The consumer electronics segment experienced substantial growth due to a strong customer base [2] Profitability and Market Conditions - Q1 2025 profitability showed some decline due to rising raw material costs, increased competition in the automotive electronics sector, and higher expenses from stock incentive plans and R&D projects [3] - The company maintains a high utilization rate and has good visibility on downstream orders, although price pressures remain in the automotive electronics segment [3] Future Outlook - The company is expected to make positive progress in AI computing, particularly in high-layer boards and HDI products, with a focus on meeting the growing demand in the industry [4] - The company’s facilities are positioned to benefit from the increasing demand for high-end products, with a significant capacity for high-layer and HDI production [4] - Long-term growth is anticipated due to the company's strong management and the release of high-end capacities in automotive and data communication sectors [5]

点击招商研究小程序查看PDF报告原文 公司公告25年一季报：Q1营收 80.87 亿同比+20.94%，归母净利4.88 亿同比-1.83%，扣非归母净 利4.78 亿同比-5.19%，毛利率 17.83%同比-2.54pct，净利率 6.01%同比-1.42pct。结合公司近况， 我们点评如下： 25Q1收入创历史同期新高，盈利表现低于市场预期。 Q1季度收入规模创历史同期新高，主因大客 户Q1有新机16e上市以及3月因关税问题提前启动对美备货，稼动率得到明显提升。盈利表现不及市 场预期，我们分析主因：1）Q1 大客户产品主要是老料号，价格承压，且上游原材料成本上涨，对 主营产品的盈利空间形成挤压；2）公司高雄厂区建成投产，处于爬坡阶段，且公司的资本开支亦 较高，形成一定的折旧压力；3）财务费用：因美元贬值产生的汇兑收益同比减少了约5500万。 展望Q2：大客户因关税问题提前备货驱动公司稼动率同比继续向上。 4月份以来的关税不确定性问 题是目前对果链扰动因素，大客户为应对未来的风险从3月份开始提前备货，目前公司的订单情况 好于去年同期，产品价格因机型原因尚有压力，公司通过提升产能利用率和自身的经营管理优化、 ...