每周一景： 云南玉龙雪山 点击右上角菜单，收听朗读版 【太阳能 】盈利能力环比改善，行业底部无需过度悲观——光伏行业季报总结 投资建议： 根据国家能源局， 2025 年第一季度，全国光伏新增并网 59.71GW ，同比增长 30.5% ， 其中集中式光伏 23.41GW ，分布式光伏 36.31GW 。我们认为，在碳中和大背景下， 25 年国内需求依 然有望保持稳定， 25 年第一季度国内新增并网量的高速增长，证明光伏的需求具备较强韧性，期待新的 场景和政策进一步促进行业发展；我们预计 2025 年国内光伏装机容量将达到 280GW ，同比小幅增长。 2025 年全球光伏装机需求将有望达到 583GW ，同比增长 10% ，海外新兴市场增速更快。当前行业处 于周期底部，价格已得到比较充分的调整，需求依然表现出韧性，给予光伏行业"增持"评级。 光伏行业 25Q1 毛利率和净利率环比提升。 2024 年，光伏板块合计实现营业收入 9737.40 亿元，同比 下降 21.24% ；合计实现归母净利润 -186.30 亿元，同比下降 116.88% ；板块平均毛利率为 12.84% ，同比降低 8.35 个百分点；平 ...

Core Insights - The report indicates a gradual market recovery, shifting from short-term volatility to a fundamental-driven market, with an overall trend expected to stabilize and improve [7][8]. Company Summaries Chengdu Bank (601838) - The bank's performance remains stable with a high dividend yield, projecting an EPS of 3.53 and a net asset value of 21.51 yuan per share for 2025 [11][12]. - In Q1 2025, revenue and net profit growth slowed to 3.17% and 5.64% respectively, primarily due to a decline in net interest margin and a significant drop in fee income [16]. - Total assets and loans grew by 13.25% and 17.26% year-on-year, driven by strong regional economic performance [16]. Zijin Mining (601899) - The company experienced significant performance improvement due to rising metal prices and production, with copper and gold production increasing by 6% and 8% respectively in 2024 [20]. - The resource reserve expansion and diversification solidify its leading position in the industry, with total resources including 11,037,000 tons of copper and 3,973 tons of gold [20]. - The company maintains a "buy" rating, with projected EPS of 1.52 for 2025 [20]. Qingdao Beer (600600) - The company is expected to perform well in the peak season, with a projected EPS of 3.52 for 2025 [21][24]. - In Q4 2024, revenue showed a year-on-year increase of 7.44%, indicating a recovery in the restaurant sector [24]. - The company is focusing on optimizing product and channel structures to enhance market competitiveness [24]. Hengrui Medicine (600276) - The company reported a stable growth in Q1 2025, with revenue increasing by 20.14% and net profit by 36.90% [28]. - The innovative drug segment is a key driver of growth, with significant contributions from newly approved products [28]. - The company is expected to maintain a "buy" rating with projected EPS of 1.05 for 2025 [28]. BYD (002594) - The company achieved a remarkable 100.38% year-on-year increase in net profit for Q1 2025, driven by strong demand in the electric vehicle market [32]. - The high-end brand strategy is gaining traction, with significant growth in sales for its premium brands [32]. - BYD is projected to maintain a "buy" rating with an EPS of 18.09 for 2025 [32]. State Grid NARI Technology (600406) - The company reported steady performance with a revenue increase of 11.15% in 2024, and a projected EPS of 1.09 for 2025 [37]. - The smart grid segment is enhancing profitability, with a focus on technological innovation and market expansion [37]. - The company is expected to maintain a "buy" rating due to its robust growth prospects [37]. Huaneng International (600011) - The company has a significant installed capacity and advanced equipment, with a focus on green and low-carbon transformation [41]. - The company is expected to achieve an EPS of 0.73 for 2025, reflecting its ongoing efforts in renewable energy [41]. - Huaneng is actively pursuing technological innovations to enhance operational efficiency [41]. Northern Huachuang (002371) - The company reported a 35.14% year-on-year increase in revenue for 2024, with a projected EPS of 14.29 for 2025 [45]. - The company is expanding its market share through technological breakthroughs and product diversification [45]. - The acquisition of Chip Source Micro is expected to enhance its competitive position in the semiconductor equipment sector [45]. China Telecom (601728) - The company is focusing on deep integration of production and data, with a projected EPS of 0.39 for 2025 [48]. - The company is expected to benefit from favorable market conditions and policy support for the telecommunications sector [48].

中国经济网北京5月6日讯中微公司(688012.SH)昨晚发布董监高集中竞价减持股份计划公告。中微公司 于近日收到尹志尧、陈伟文分别出具的《减持意向书》，因个人资金需求，上述减持主体计划自公告披 露之日起15个交易日后的3个月内，在符合法律法规规定的减持前提下，通过集中竞价等方式减持公司 股份。 尹志尧计划减持公司股份数量不超过280,000股，占公司总股本比例0.045%。陈伟文计划减持公司股份 数量不超过125,000股，占公司总股本比例0.020%。 截至公告披露日，中微公司董事长、总经理尹志尧直接持有公司股份4,329,436股，占公司总股本的 0.696%；公司财务负责人、副总经理陈伟文直接持有公司股份500,000股，占公司总股本的0.080%。上 述股份为公司首次公开发行前持有的股份。 中微公司的保荐机构(主承销商)是海通证券股份有限公司(现名"国泰海通证券股份有限公司")，保荐代 表人是吴志君、姜诚君；长江证券承销保荐有限公司任联席主承销商。中微公司IPO发行费用总额为 10,593.26万元，其中保荐及承销费用8,782.84万元。 此外，公司2020年度向特定对象发行A股股票募集资金。中国 ...

事件: 拓荆科技4 月30 日公告2025 年一季报：2025Q1 实现收入7.09 亿元，同比增长50.22%；实现归母净利 润-1.47 亿元，上年同期为0.10 亿元；实现扣非归母净利润-1.80 亿元，上年同期为-0.44 亿元。 2024 年公司期间费用率为32.19%，同比减少2.15pct，其中销售费用为2.90 亿元，同比增长64.40%；管 理费用为2.10 亿元，同比增长11.25%；研发费用为7.56 亿元，同比增长31.26%；财务费用为0.65 亿 元，上年同期为-0.12 亿元。 薄膜沉积设备品类持续丰富，混合键合设备加速发展。1）产品进展方面，PECVD 系列产品是公司核 心产品，持续保持竞争优势；ALDSiCO、SiN、AlN 等工艺设备获得重复订单并已实现出货，持续扩大 量产规模；HDPCVD 系列产品自通过客户端验证后，逐步放量；SACVD 系列产品持续拓展应用领域， 量产规模不断扩大；FlowableCVD 系列产品取得突破性进展，2024 年实现首台产业化应用且复购设备 再次通过验证；晶圆对晶圆混合键合设备、芯片对晶圆键合前表面预处理设备获得重复订单并扩大产业 化应用， ...

科技·掘金 年报一季报总结电话会议 20250504 摘要 • 2025 年一季度电子行业营收 8,392 亿元，同比增长 17.6%，归母净利润 355 亿元，同比增长 31.2%，毛利率维持 15.5%，净利率提升至 4.1%， 延续快速增长态势。 • 半导体设备领域受益于自主可控和 AI 创新，2025 年一季度营收 179 亿元， 同比增长 33.5%，净利润 26 亿元，同比增长 25.2%。 • PCB 板块受益于 AI 云端算力需求和周期复苏，2025 年一季度营收 624 亿元，同比增长 24.5%，净利润 53 亿元，同比增长 55.7%。 • IC 芯片设计板块库存压力减小，2025 年一季度营收 261 亿元，同比增长 16%，归母净利润 305 亿元，同比增长 72%，其中 ISOC 板块表现突出。 • 计算机行业一季度收入增长 12.7%，利润同比增长 94%，信创板块表现 较好，关注 AI 产业链、信创、工业软件等投资机会。 • 通信板块一季度营收超 6,300 亿元，小幅增长，归母净利润 500 多亿元， 同比增长约 7%，净利率大幅增长 5.2 个百分点，运营商云和 IDC 业 ...

Core Viewpoint - The article discusses the recent share reduction plan by the chairman and general manager of Zhongwei Semiconductor Equipment (Shanghai) Co., Ltd., highlighting the company's financial performance and market challenges in the semiconductor industry [2][3]. Financial Performance - Zhongwei's revenue for 2024 is projected to grow by 44.7% to 9.07 billion yuan, while net profit is expected to decline by 9.53% to 1.62 billion yuan, primarily due to a significant increase in R&D expenses, which surged by 94.3% to 2.45 billion yuan [2]. - In Q1 2025, revenue and net profit are anticipated to increase by 35.4% and 25.67%, respectively, indicating sustained growth momentum in core businesses such as etching equipment [2]. Share Reduction Plan - Chairman and General Manager Yin Zhiyao plans to reduce his shareholding by up to 280,000 shares, representing 0.045% of the total share capital, potentially cashing out approximately 52.71 million yuan [2]. - Since August 2022, Yin has cumulatively reduced his holdings by 1.87 million shares, realizing a total cash amount of 236 million yuan, with his ownership percentage decreasing from 1.5% at IPO to the current 0.7% [2][4]. Market Context - The global semiconductor sales are expected to grow by 19.1% in 2024, but the growth rate is projected to slow to 11.2% in 2025, posing challenges for the company as it navigates a decelerating market [2]. - Historical data indicates that share reductions by semiconductor founders often lead to short-term stock price declines, as seen in the case of Weier Co., which caused a market value loss of 1.7 billion yuan for Beijing Junzheng [3]. Product Development - The company continues to make breakthroughs in advanced etching and thin film equipment, with etching equipment sales expected to reach 7.28 billion yuan in 2024, reflecting a 54.72% increase [3]. - In Q1 2025, R&D expenditures reached 687 million yuan, marking a 90.53% increase, focusing on the development of metal film vapor deposition equipment and next-generation PECVD equipment [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 212.80 [7][4]. Core Views - The company achieved a revenue of RMB 709 million in Q1 2025, representing a year-over-year increase of 50.22%, although it experienced a quarter-over-quarter decline of 61.18%. The net profit attributable to the parent company was a loss of RMB 100 million [1][2]. - The decline in gross margin to 19.89% in Q1 2025, down 19.42 percentage points quarter-over-quarter, is attributed to high costs from new product validations and increased R&D investments, which accounted for 22.38% of revenue [2][1]. - The company has successfully covered a full range of PECVD dielectric film materials and leads in ALD process coverage domestically. The advanced bonding equipment is in a phase of accelerated growth, and the company expects continued high growth in new orders and revenue [1][3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of RMB 709 million, a significant increase of 50.22% year-over-year. However, the gross margin was 19.89%, reflecting a decline due to costs associated with new product validations [2][1]. - The net profit attributable to the parent company was a loss of RMB 100 million in Q1 2025, influenced by high R&D expenditures and validation costs [2][1]. Product Development and Market Expansion - The company is actively expanding its product offerings in the film and bonding sectors, with new products in trench, backside deposition, and high-temperature hard mask categories. The introduction of Gapfill and ALD products since 2021 has led to increased revenue contributions [3][1]. - The company has established subsidiaries in Japan and Singapore to enhance its overseas sales channels, which are seen as crucial for future growth [3][1]. Financial Projections - The company is projected to achieve revenues of RMB 5.41 billion, RMB 6.99 billion, and RMB 8.87 billion for the years 2025, 2026, and 2027, respectively. Corresponding net profits are expected to be RMB 954.88 million, RMB 1.27 billion, and RMB 1.85 billion [4][6]. - The report anticipates a recovery in gross and net margins as validation costs are absorbed, leading to improved profitability in the future [2][1].

报告导读： 我们看好 2025E 龙头半导体设备公司将受益于先进逻辑、先进存储、先进封 装领域的扩产而持续增长；优秀半导体材料公司则会有更多新产品在客户端不断放量实现 成长。 行业观点。 我们给予半导体设备、半导体材料行业"增持"评级。我们认为①、半导体设备板块，中国大 陆 Fab 、 OSAT 在 2025 年、 2026 年将持续加大资本开支，但结构上会有所不同。代工厂将加大先进 制程的扩产，先进存储工厂在更先进技术领域升级迭代， OSAT 则将聚焦于先进封装领域进行扩产；我们 认为在先进逻辑、先进存储、先进封装领域敞口较大的半导体设备公司将受益于未来 2 、 3 年的扩产。 ②、半导体材料板块， 2024 年晶圆厂、封装厂的产能利用率已逐步恢复， 2025 年 Q1 中芯国际、华虹 半导体等龙头晶圆厂的产能利用率持续提升，以及 2024 年的扩充产能在 2025 年进一步得到释放；我们 认为在主流晶圆厂、封装厂已经有较大的市占，且有新产品不断在客户端放量的半导体材料公司将实现更 好的业绩。 资本开支持续强劲、设备板块快速增长。 根据 SEMI 大半导体产业网报告， 2024H1 全球半导体资本支 出有所 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in revenue and orders, with 2024 revenue reaching 4.103 billion yuan, a year-on-year increase of 51.70%, and a net profit of 688 million yuan, up 3.86% [2][4]. - In Q1 2025, the company achieved revenue of 709 million yuan, a 50.22% increase year-on-year, but reported a net loss of 147 million yuan, a decrease of 1503.33% [2][4]. - The company has a robust order backlog of approximately 9.4 billion yuan, which is expected to drive future revenue and profit growth [9]. Summary by Sections Financial Performance - In 2024, the company generated total revenue of 41.03 billion yuan and a net profit of 6.88 billion yuan [2][4]. - For Q1 2025, the revenue was 7.09 billion yuan, while the net profit was a loss of 1.47 billion yuan [2][4]. - The gross margin for 2024 was 41.69%, down 5.43 percentage points year-on-year, and for Q1 2025, it further declined to 19.89%, a drop of 23.61 percentage points [9]. Business Segments - The company’s revenue from thin film deposition equipment reached 38.63 billion yuan in 2024, with a growth rate of 50.29%, while advanced bonding equipment and related detection equipment also saw significant growth [9]. - The company has expanded its product offerings in the thin film sector, introducing new products and achieving stable operational performance with an average uptime exceeding 90% [9]. Growth Strategy - The company has launched a stock incentive plan to boost growth confidence, targeting revenue of approximately 5 billion yuan in 2025 and 6 billion yuan in 2026 [9]. - The company is expected to achieve net profits of 9.5 billion yuan, 12.9 billion yuan, and 16.7 billion yuan from 2025 to 2027, with corresponding price-to-earnings ratios of 46x, 34x, and 26x [9].

Core Viewpoint - The semiconductor testing equipment sector is emerging as a significant player within the broader semiconductor industry, with companies like Changchuan Technology showing remarkable growth in performance and market potential [2][4][11]. Group 1: Changchuan Technology's Performance - In Q1 2025, Changchuan Technology reported a revenue of 815 million yuan, marking a year-on-year growth of 45.74%, outpacing the industry average [4]. - The company's net profit surged to 111 million yuan, reflecting an astonishing year-on-year increase of 2623.82%, driven by revenue growth and improved cost control [5]. - Changchuan's gross margin stood at 52.75%, with a net margin of 13.42%, indicating significant improvements in profitability despite a slight decline in gross margin [5]. Group 2: North Huachuang's Stability - North Huachuang, a leading player in the semiconductor equipment sector, achieved a revenue of 8.206 billion yuan in Q1 2025, with a year-on-year growth of 37.90% [7]. - The net profit attributable to shareholders was 1.581 billion yuan, up 38.80% year-on-year, showcasing stable growth driven by its extensive product range and market presence [7]. - The company demonstrated effective cost management, contributing to its consistent profit growth, although specific expense growth rates were not disclosed [7]. Group 3: Comparative Analysis - There is a significant revenue gap between Changchuan Technology and North Huachuang, with the latter being a giant in the industry [9]. - Despite the revenue disparity, Changchuan outperformed North Huachuang in revenue and net profit growth rates, indicating its strong competitive position in niche markets [9]. - Both companies maintain high gross margins, but Changchuan's net margin growth is more pronounced, reflecting its operational efficiency [9]. Group 4: Domestic Testing Equipment Industry Landscape - The domestic testing equipment industry is experiencing robust growth, driven by increased semiconductor production capacity and supportive government policies [11][16]. - The market size for domestic testing equipment is projected to reach 12.204 billion yuan in 2024, with a year-on-year growth of 13%, significantly higher than the global market growth rate of 10% [15]. - Key growth drivers include semiconductor capacity expansion, advancements in packaging technologies, and strong policy support for domestic manufacturers [15][16]. Group 5: Challenges and Opportunities - Domestic testing equipment manufacturers face challenges in high-end technology development, with significant gaps compared to international leaders [14][15]. - The domestic market has seen a 20% localization rate in certain equipment segments, but high-end testing equipment remains dominated by foreign companies [14]. - Companies like Changchuan Technology are positioned to capitalize on market opportunities through increased R&D investment and product innovation, aiming to break international monopolies in the long term [16][17].