Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company's profits are under pressure due to strategic investments and market conditions, but it continues to focus on technological improvements and market expansion in its semiconductor business [3][4][7] - The company is expected to achieve revenues of RMB 76.21 billion, RMB 92.79 billion, and RMB 109.86 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 1.08 billion, RMB 3.04 billion, and RMB 4.26 billion [4][6] Financial Summary - The company reported a revenue of RMB 58.17 billion in 2024, a year-on-year increase of 8.53%, but a net loss of RMB 1.98 billion [7] - For Q1 2025, the company achieved a revenue of RMB 15.80 billion, a year-on-year increase of 13.77%, but a net profit of RMB 0.09 billion, down 62.24% year-on-year [7] - The company's PCB business generated revenue of RMB 43.00 billion in 2024, with a gross margin of 26.96%, down 1.76 percentage points year-on-year [7] - The semiconductor business generated revenue of RMB 12.85 billion in 2024, with a gross margin of -33.16%, down 28.60 percentage points year-on-year [7] Revenue and Profit Forecast - The company is projected to have a revenue growth rate of 31.0% in 2025, followed by 21.7% in 2026 and 18.4% in 2027 [6][21] - The projected net profit for 2025 is RMB 108 million, with significant growth expected in subsequent years [6][21] Valuation Metrics - The company is expected to have a PE ratio of 177.6 in 2025, decreasing to 63.3 in 2026 and 45.1 in 2027 [4][6] - The projected EBITDA for 2025 is RMB 732 million, with a significant increase in the following years [6][21]

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][8] Core Views - The company reported a significant revenue growth of 80.31% year-on-year and a net profit increase of 339.22% year-on-year for Q1 2025, exceeding previous forecasts [6] - The company is expected to continue benefiting from AI technology advancements and data center upgrades, with projected revenues of 194.11 billion, 251.52 billion, and 301.83 billion for 2025, 2026, and 2027 respectively [6][7] Financial Performance Summary - For Q1 2025, the company achieved a revenue of 43.12 billion and a net profit of 9.21 billion, with a gross margin of 33.37%, reflecting a year-on-year increase of 13.89 percentage points [6] - The company anticipates a net profit growth of no less than 30% for Q2 2025, with a projected net profit of at least 11.97 billion [6] - The company's earnings per share (EPS) are expected to rise from 0.78 in 2023 to 5.36 in 2025, indicating strong growth potential [7] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 98.17 in 2023 to 14.27 in 2025, suggesting an attractive valuation as earnings grow [7] - The price-to-book (P/B) ratio is expected to decline from 8.64 in 2023 to 5.13 in 2025, further indicating potential for investment [7]

2025.04. 24 4月24日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 四连板先达股份：目前烯草酮产品成交价格稳中有升 后续价格具有不确定性 先达股份发布股票交易异常波动公告，公司近期关注到有相关媒体关于烯草酮产品的报道。公司所产 烯草酮产品主要销往海外市场，主要销售季节为每年4—8月份。目前烯草酮产品成交价格稳中有 升，产品供应趋于紧张，但受市场竞争、原材料价格等因素影响，后续价格具有不确定性。 恒瑞医药：一季度净利润18.74亿元 同比增长36.9% 恒瑞医药披露一季报，公司2025年第一季度实现营业收入72.06亿元，同比增长20.14%；净利润 18.74亿元，同比增长36.9%。 珀莱雅：一季度净利润3.9亿元 同比增长28.87% 珀莱雅披露一季报，公司2025年第一季度实现营业收入23.59亿元，同比增长8.13%；净利润3.9亿 元，同比增长28.87%。 超声电子：一季度净利润同比增长142.26% 超声电子发布一季报，2025年第一季度营业收入14.66亿元，同比增长15.81%；归母净利润4177.25 万元，同比增长142 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing significant revenue growth driven by the acceleration of AI computing infrastructure, with a projected revenue of 13.34 billion yuan in 2024, representing a year-over-year increase of 49.26% [1] - The company's net profit for 2024 is expected to reach 2.59 billion yuan, reflecting a year-over-year growth of 71.05% [1] - The AI computing infrastructure is identified as the core driver of growth in the PCB industry, leading to structural growth and improved profitability for the company [1][2] Revenue and Profitability - The company's revenue from the enterprise communications market segment is projected to be 10.09 billion yuan in 2024, a year-over-year increase of 71.94%, with AI server and HPC-related PCB products accounting for approximately 29.48% of this revenue [2] - The automotive PCB segment is expected to generate revenue of 2.41 billion yuan in 2024, with a year-over-year growth of 11.6%, although the gross margin is projected to decline to 24.45% [3] Financial Forecasts - The company is expected to achieve net profits of 3.52 billion yuan, 4.66 billion yuan, and 5.55 billion yuan in 2025, 2026, and 2027 respectively, with year-over-year growth rates of 35.9%, 32.5%, and 19.2% [3] - The projected PE ratios for the company are 14x, 11x, and 9x for 2025, 2026, and 2027 respectively, indicating a favorable valuation [3] Market Dynamics - The AI sector is anticipated to significantly reshape high-end PCB demand, with the company maintaining resilience and competitive advantages through strategic product launches [2] - The automotive PCB market faces challenges such as oversupply in the mid-to-low end segment and increased price competition, impacting profitability [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with a projected revenue of RMB 50.22 billion, representing a year-on-year increase of 11.1%, and a net profit of RMB 6.75 billion, reflecting a year-on-year increase of 36.2% [8] - The company is benefiting from a continuous optimization of its product structure and a sufficient order backlog, which supports production increases [5][8] - The report highlights the company's focus on emerging sectors such as new energy vehicles, artificial intelligence, and humanoid robots, which are expected to drive future growth [8] Financial Projections - Revenue projections for 2024, 2025, and 2026 are RMB 50.22 billion, RMB 62.51 billion, and RMB 75.01 billion, respectively [5][7] - Expected net profits for the same years are RMB 6.75 billion, RMB 8.52 billion, and RMB 10.47 billion, with corresponding EPS of RMB 0.94, RMB 1.18, and RMB 1.45 [5][7] - The report anticipates a PE ratio of 25.2 for 2024, 20.0 for 2025, and 16.2 for 2026, indicating a favorable valuation trend [5][7] Shareholder Information - The company has a total market capitalization of approximately RMB 17,015.16 million, with major shareholder Guangdong Shunde Holdings Group Co., Ltd. holding 23.71% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from a rebound in performance in H1 2025, driven by both volume and price increases, while the sustainability of performance in H2 2025 remains to be monitored [4][5] - The forecast for net profit for 2025-2026 has been revised down from HKD 27.0 billion and HKD 29.0 billion to HKD 19.8 billion and HKD 22.1 billion respectively, with a new forecast for 2027 at HKD 30.3 billion, representing year-on-year growth of 48.3%, 11.8%, and 36.9% [4] - The current market capitalization corresponds to a PE ratio of 11.3, 10.2, and 7.4 for 2025-2027 [4] Financial Summary and Valuation Metrics - Revenue (million HKD): 2023A: 16,750, 2024A: 18,541, 2025E: 20,261, 2026E: 21,112, 2027E: 23,916 with year-on-year growth rates of -25.1%, 10.7%, 9.3%, 4.2%, and 13.3% respectively [7] - Net Profit (million HKD): 2023A: 907, 2024A: 1,326, 2025E: 1,977, 2026E: 2,210, 2027E: 3,027 with year-on-year growth rates of -64.5%, 45.5%, 48.3%, 11.8%, and 36.9% respectively [7] - Gross Margin (%): 2023A: 16.0, 2024A: 15.7, 2025E: 19.8, 2026E: 20.5, 2027E: 22.5 [7] - Net Margin (%): 2023A: 5.4, 2024A: 7.2, 2025E: 9.8, 2026E: 10.5, 2027E: 12.7 [7] - ROE (%): 2023A: 6.1, 2024A: 8.7, 2025E: 14.0, 2026E: 15.0, 2027E: 19.4 [7] - EPS (diluted/HKD): 2023A: 0.29, 2024A: 0.43, 2025E: 0.63, 2026E: 0.71, 2027E: 0.97 [7] - P/E (times): 2023A: 24.7, 2024A: 16.9, 2025E: 11.3, 2026E: 10.2, 2027E: 7.4 [7]

Investment Rating - The report gives a positive outlook on the electronic industry, indicating a "Look Favorably" rating for 2025 [4][9]. Core Insights - The report highlights the benefits of domestic computing power and storage price increases, with significant advancements in AI model applications and cloud capital expenditures [5][6]. - The automotive sector is expected to see a commercial breakthrough in high-level autonomous driving, with a notable increase in penetration rates due to cost reductions [5]. - The storage sector is experiencing a supply contraction, with major manufacturers like Micron announcing price increases of over 10% for NAND flash memory [5]. - Semiconductor equipment and components are projected to see improved profitability, with revenue growth expected to exceed 40% in Q1 2025 [5]. - The report emphasizes the importance of domestic semiconductor manufacturing capabilities amid U.S.-China trade tensions, particularly in advanced processes [5]. - The consumer electronics market is showing signs of recovery, with new product launches from major brands like Apple and Xiaomi [5]. Summary by Sections Computing Power and Storage - The report notes the rise of domestic computing power chains benefiting from new AI models and increased capital expenditures from cloud service providers [5]. - Major storage manufacturers are adjusting prices upwards due to supply constraints, with a reported 35% reduction in NAND production capacity [5]. Automotive Sector - The report anticipates a significant increase in the adoption of high-level autonomous driving features, with mainstream automakers competing to offer these technologies in more affordable models [5]. Semiconductor Equipment - Revenue growth for semiconductor equipment companies is expected to exceed 40% in Q1 2025, driven by increased orders from wafer fabs [5][6]. - The report predicts a gradual increase in domestic component manufacturing rates, enhancing revenue growth prospects [5]. Consumer Electronics - The report highlights the launch of new consumer electronics products, indicating a recovery in demand, although smartphone shipments saw a year-on-year decline of 17% in January 2025 [5][6]. Key Company Predictions - The report provides detailed revenue and profit forecasts for various companies in the electronic sector, indicating strong growth for firms like North Huachuang and Zhongwei [6][9].

电子 | 证券研究报告 — 调整盈利预测 2025 年 3 月 13 日 002916.SZ 买入 原评级：买入 市场价格:人民币 127.07 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 4.6 (11.1) 27.7 50.8 相对深圳成指 (2.9) (12.4) 28.7 38.2 发行股数 (百万) 512.88 流通股 (百万) 511.55 总市值 (人民币 百万) 65,171.35 3 个月日均交易额 (人民币 百万) 1,200.29 主要股东 (17%) 5% 27% 49% 71% 92% Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 深南电路 深圳成指 资料来源：公司公告， Wind ，中银证券 日收市价为标准 以 2025 年 3 月 12 相关研究报告 《深南电路》20241031 《深南电路》20240828 《深南电路》20240710 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：元件 证券分析师： ...