Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 49.76 RMB [7][5]. Core Views - The company reported a revenue of 555 million RMB in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to the parent company of 139 million RMB, slightly above expectations, with a year-on-year increase of 25.33% [1][2]. - Both domestic and international revenues showed strong growth, with domestic revenue at 455 million RMB (up 22.57%) and international revenue at 97 million RMB (up 30.58%) [2]. - The company has a robust order backlog, with total contracts signed in Q1 2025 amounting to 777 million RMB, a 30.41% increase year-on-year, and a total backlog of 4.108 billion RMB, up 17.86% [2][4]. - The gross margin for Q1 2025 was 41.61%, remaining stable year-on-year, with effective cost control reflected in the sales, management, and R&D expense ratios [3][4]. Summary by Sections Financial Performance - The company expects net profits for 2025, 2026, and 2027 to be 816 million RMB, 999 million RMB, and 1.193 billion RMB respectively, with a projected PE ratio of 30x for 2025 [5][11]. - Revenue forecasts for 2025, 2026, and 2027 are 3.391 billion RMB, 4.078 billion RMB, and 4.761 billion RMB, indicating growth rates of 23.56%, 20.24%, and 16.76% respectively [11][27]. Product Development - The company launched nearly 50 new products in 2024, generating 1.338 billion RMB in revenue, which accounted for 49% of total revenue, with AI products contributing 30% of new product revenue [4]. Market Outlook - The company is expected to benefit from the construction of new power systems in China and has significant potential for growth in international markets [1][4].

Investment Rating - The report maintains an "Overweight" rating for the company with a target price of RMB 49.76 [7][5]. Core Views - The company reported a revenue of RMB 555 million in Q1 2025, representing a year-on-year growth of 23.96%, and a net profit attributable to shareholders of RMB 139 million, slightly above expectations, with a year-on-year increase of 25.33% [1]. - Both domestic and international revenues showed strong growth, with domestic revenue at RMB 455 million (up 22.57%) and international revenue at RMB 97 million (up 30.58%) in Q1 2025 [2]. - The company has a robust order backlog, with total contracts signed reaching RMB 777 million, a 30.41% increase year-on-year, and a backlog of RMB 4.108 billion, up 17.86% [2][4]. Summary by Sections Financial Performance - The comprehensive gross margin for Q1 2025 was 41.61%, remaining stable year-on-year. The company effectively managed its expenses, with sales, management, and R&D expense ratios at 4.25%, 2.87%, and 8.89%, respectively [3]. - The company is projected to achieve net profits of RMB 816 million, RMB 999 million, and RMB 1.193 billion for the years 2025, 2026, and 2027, respectively [5][11]. Product Development - The company launched nearly 50 new products and solutions in 2024, generating RMB 1.338 billion in revenue, which accounted for 49% of its main business revenue. AI products contributed 30% of the new product revenue, indicating a significant growth area [4]. Market Outlook - The report expresses optimism regarding the company's potential to benefit from the construction of new power systems in China and its growth prospects in international markets [1][4].

此外，一季度，绵阳外贸进出口总额104.9亿元，同比增长27.8%。 （文章来源：新华财经） 高技术产业稳步增长。绵阳规模以上高技术制造业产值同比增长12.9%。其中，医疗仪器设备及仪器仪 表制造业增长17.2%，航空、航天器及设备制造业增长14.6%，电子及通信设备制造业增长14.0%。 一季度，绵阳第三产业增加值同比增长7.4%。其中，租赁和商务服务业增长20.8%，信息传输、软件和 信息技术服务业增长14.9%，批发和零售业增长8.1%，住宿和餐饮业增长5.8%，金融业增长3.8%。 消费品市场增长较快。一季度，绵阳实现社会消费品零售总额506.4亿元，同比增长7.3%。按消费形态 分，餐饮收入83.3亿元，同比增长7.8%；商品零售423.1亿元，增长7.2%。 新华财经成都4月23日电（记者袁波）记者23日从四川省绵阳市统计局获悉，根据地区生产总值统一核 算结果，一季度绵阳实现地区生产总值（GDP）1035.7亿元，按不变价格计算，同比增长7.2%。分产业 看，第一产业增加值49.0亿元，增长2.3%；第二产业增加值417.8亿元，增长7.7%；第三产业增加值 568.9亿元，增长7.4%。 一季度 ...

制图：佘诗婕 星标 ★ IPO日报 精彩文章第一时间推送 4月17日，深圳光韵达光电科技股份有限公司（300227.SZ）（下称"光韵达"、"上市公司"）股价以8.23元收盘，上涨5.51%。 4月16日晚间，国内激光制造龙头光韵达发布公告，拟以现金不超过6.5亿元收购深圳市亿联无限科技股份有限公司（下称"亿联无限"、"标的公 司"）100%股份。 交易双方已签署《股份转让意向协议书》，最终收购比例将协商确定，预计不构成关联交易或重大资产重组。 此次收购标志着，光韵达从激光智能制造向网络通信设备制造领域的战略性延伸，旨在完成电子制造产业链的上下游整合，并拓展海外市场。 增收不增利 据悉，光韵达是国内激光智能制造解决方案的龙头企业，业务涵盖SMT精密模板、3D打印、智能检测设备等领域，长期服务于华为、富士康等头部 客户。 公司近年来通过"内生+外延"战略持续扩张，不过从业绩层面来看，上市公司已经连续四年出现增收不增利的情况。 2020年至2024年，上市公司营业收入一路上涨， 由8.87亿元持续上涨至2024年的11.18亿元，增幅为26%；归母净利润却一路下滑，由2020年 的1.30亿元下滑至2023年的0 ...

星标 ★ IPO日报 精彩文章第一时间推送 4月17日，深圳光韵达光电科技股份有限公司（300227.SZ）（下称"光韵达"、"上市公司"）股价以8.23元收盘，上涨5.51%。 4月16日晚间，国内激光制造龙头光韵达发布公告，拟以现金不超过6.5亿元收购深圳市亿联无限科技股份有限公司（下称"亿联无限"、"标的公 司"）100%股份。 交易双方已签署《股份转让意向协议书》，最终收购比例将协商确定，预计不构成关联交易或重大资产重组。 此次收购标志着，光韵达从激光智能制造向网络通信设备制造领域的战略性延伸，旨在完成电子制造产业链的上下游整合，并拓展海外市场。 制图：李昕 同期，上市公司产品毛利率由2020年的42.45%一路下滑至2024年29.38%。 制图：李昕 制图：佘诗婕 增收不增利 据悉，光韵达是国内激光智能制造解决方案的龙头企业，业务涵盖SMT精密模板、3D打印、智能检测设备等领域，长期服务于华为、富士康等头部 客户。 公司近年来通过"内生+外延"战略持续扩张，不过从业绩层面来看，上市公司已经连续四年出现增收不增利的情况。 2020年至2024年，上市公司营业收入一路上涨， 由8.87亿元持续上涨至2 ...

立信会计师事务所(特殊普通合伙) 关于《杭州平治信息技术股份有限公司申请向不特定对象发行可转换 公司债券的审核问询函》的回复 信会师函字[2023]第 ZF049 号 深圳证券交易所: 杭州平治信息技术股份有限公司(以下简称"平治信息"、"公司")于 2023 年 2 月 6 目收到贵所下发的《关于杭州平治信息技术股份有限公司申请向不特定 对象发行可转换公司债券的审核问询函》(以下简称"问询函"),我们对于问询 函中提到的需要会计师说明或发表意见的问题进行了认真分析与核查,现根据问 询函所涉问题进行说明和答复,具体内容如下: 问题 2、报告期各期,发行人毛利率分别为 31.37%、20.50%、14.96%和 12.17%, 申报材料称毛利率下降主要系业务结构的变动导致。报告期内应收账款账面价 值分别为 88,609.87 万元、143,936.10 万元、229,941.76 万元和 258.778.48 万元, 占营业收入比例分别为 51.59%、59.78%、63.85%和 79.73%。报告期内发行人 浄利润均为正,但经营活动现金净流量持续为负,申报材料称主要是由于 IPTV 机顶盒、网关及路由器等通 ...