Investment Rating - The report maintains an "Outperform the Market" rating for the company [6]. Core Views - The company has seen a significant increase in revenue from new products, with a 14.68% year-over-year growth in revenue for the first half of 2025, reaching 9.62 billion yuan, although net profit decreased by 18.78% [1]. - The demand for electronic components, particularly MLCC, is recovering due to AI infrastructure investments, which is expected to drive growth in the company's new business segments such as release films and composite current collectors [1][2]. - The company is actively expanding its production capacity overseas, with ongoing upgrades and new lines being established to meet high demand from semiconductor clients [2][3]. Summary by Sections Revenue and Profitability - In 1H25, the company achieved a revenue of 9.62 billion yuan, with a net profit of 0.98 billion yuan, and a gross margin of 33.40% [1]. - The second quarter of 2025 saw a revenue of 5.48 billion yuan, reflecting a 15.19% year-over-year increase and a 32.41% quarter-over-quarter increase [1]. Business Segments - The electronic packaging materials segment generated 8.08 billion yuan in revenue in 1H25, a 9.97% increase year-over-year, with a gross margin of 37.85% [2]. - The release film segment reported a revenue of 1.16 billion yuan in 1H25, marking a 61.29% year-over-year increase, despite still operating at a loss in 2Q25 [3]. Future Projections - The company forecasts net profits of 2.58 billion yuan, 3.39 billion yuan, and 4.29 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 27.5%, 31.6%, and 26.5% [4]. - Revenue projections for the years 2025 to 2027 are estimated at 22.35 billion yuan, 28.36 billion yuan, and 32.73 billion yuan, with respective growth rates of 23.0%, 26.9%, and 15.4% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][9]. Core Insights - The company reported a revenue of 9.62 billion yuan for the first half of 2025, representing a year-on-year increase of 14.68%, while the net profit attributable to the parent company was 0.98 billion yuan, down 18.78% year-on-year [5]. - The second quarter of 2025 saw a record high revenue of 5.48 billion yuan, up 15.19% year-on-year and 32.41% quarter-on-quarter, with a net profit of 0.65 billion yuan, down 4.69% year-on-year but up 92.03% quarter-on-quarter [5][6]. - The company is benefiting from the recovery in demand, particularly in the new energy and smart manufacturing sectors, as well as the increasing demand for AI terminal applications [6][7]. Financial Performance Summary - Revenue projections for the company are as follows: 1,572 million yuan in 2023, 1,817 million yuan in 2024, 2,311 million yuan in 2025, 2,741 million yuan in 2026, and 3,434 million yuan in 2027, with growth rates of 21%, 16%, 27%, 19%, and 25% respectively [4]. - The net profit attributable to the parent company is forecasted to be 256 million yuan in 2023, 202 million yuan in 2024, 254 million yuan in 2025, 361 million yuan in 2026, and 499 million yuan in 2027, with year-on-year growth rates of 54%, -21%, 26%, 42%, and 38% respectively [4]. - The earnings per share (EPS) are projected to be 0.59 yuan in 2023, 0.47 yuan in 2024, 0.59 yuan in 2025, 0.84 yuan in 2026, and 1.16 yuan in 2027 [4]. Market and Industry Outlook - The company is expanding its overseas production bases, with ongoing projects in the Philippines and Malaysia, and is also upgrading its production lines in Jiangxi [8]. - The company has seen significant growth in its film materials segment, with a revenue of 1.16 billion yuan, up 61.29% year-on-year, and has successfully supplied products to major clients [8]. - The company plans to increase production lines for composite aluminum and copper foils, anticipating further growth in the high-end server market [8].

Investment Rating - The investment rating for Hikvision (002415.SZ) is "Outperform the Market" [6] Core Views - The company's main products and services have seen a year-on-year increase in gross margin, indicating a shift towards high-quality development. In 1H25, the company achieved revenue of 41.818 billion yuan (YoY +1.48%) and a net profit of 5.657 billion yuan (YoY +11.71%) with a gross margin of 45.19% (YoY +0.35pct) [1] - Despite a decline in domestic revenue, the company has implemented a tiered management approach to product lines, resulting in a significant improvement in gross margin for its main products and services, which reached 48.52% (YoY +2.19pct) [2] - The overseas and innovative businesses continue to grow, accounting for approximately 57% of total revenue in 1H25, with overseas revenue increasing by 6.9% YoY and innovative business revenue rising by 13.92% YoY [3] - The company is expected to benefit from long-term growth driven by operational improvements and industry intelligence, with adjusted profit forecasts for 2025-2027 reflecting a slight increase in gross margin and a decrease in expense ratio [4] Summary by Sections Financial Performance - In 1H25, the company reported a revenue of 41.818 billion yuan and a net profit of 5.657 billion yuan, with a gross margin of 45.19% [1] - The second quarter of 2025 saw a revenue of 23.286 billion yuan (YoY -0.45%) and a net profit of 3.619 billion yuan (YoY +14.94%, QoQ +77.5%) [1] - The company’s domestic main business revenue was 17.821 billion yuan in 1H25, down 8.33% YoY, but the gross margin improved significantly [2] Business Segments - The company’s overseas revenue in 1H25 was 12.231 billion yuan, up 6.9% YoY, while innovative business revenue reached 11.766 billion yuan, up 13.92% YoY [3] - The innovative business includes segments such as Hikvision Robotics and Hikvision Automotive Electronics, which have shown substantial growth [3] Profit Forecasts - The profit forecasts for 2025-2027 are adjusted to 13.523 billion yuan, 14.868 billion yuan, and 16.872 billion yuan respectively, with corresponding PE ratios of 19.9, 18.1, and 15.9 [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The company achieved a revenue of 1.08 billion yuan in Q1 2025, representing a year-on-year growth of 40%, but a quarter-on-quarter decline of 22.4%. The net profit attributable to the parent company was 40 million yuan, down 28% year-on-year and down 48.8% quarter-on-quarter [5]. - The company is increasing its R&D investment to enhance product competitiveness, with a R&D expense ratio of 4.6%, up 0.7 percentage points year-on-year [6]. - The company is expanding its customer base in the renewable energy sector, with energy product sales growing by 28.2% year-on-year, and lighting products increasing by 20.5% due to market demand recovery [6]. - The global production base construction is progressing, with new facilities in Anhui, Malaysia, Thailand, and the US, which is expected to support performance growth and mitigate tariff impacts on exports to North America [6]. - The company is expected to benefit from the growing demand for data center construction, with projections for revenue growth of 26% in 2025 and 21% in 2026 [7][8]. Financial Projections - The company is projected to achieve revenues of 5.825 billion yuan in 2025, 7.065 billion yuan in 2026, and 8.318 billion yuan in 2027, with corresponding net profits of 421 million yuan, 555 million yuan, and 692 million yuan respectively [7][8]. - The estimated P/E ratios for 2025, 2026, and 2027 are 14.35, 10.88, and 8.72 respectively, indicating a favorable valuation trend [7][8]. Shareholder Returns - The company has implemented a share buyback plan, repurchasing 7.0449 million shares, which is 1.7962% of its total share capital, to enhance investor confidence [8]. - A cash dividend of 3 yuan per 10 shares was distributed, totaling 116 million yuan, reflecting a commitment to shareholder returns [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown significant revenue and profit growth in Q1 2025, particularly in the automotive and new energy connector sectors, leading to a maintained "Buy" rating [1] - The company focuses on high-end precision connectors, with a diversified product matrix covering 17 product series and over 50,000 product SKUs [2] - The company is actively pursuing domestic substitution and customization trends in the connector market, expanding into emerging applications such as robotics and AI server power [3] Financial Summary - In 2024, the company achieved revenue of 534 million, a year-on-year increase of 9.77%, while the net profit attributable to the parent company was 85 million, a decrease of 34.44% [1] - For Q1 2025, the company reported revenue of 145 million, a year-on-year increase of 44.61%, and a net profit of 25 million, up 39.99% year-on-year [1] - The projected net profits for 2025, 2026, and 2027 are 139 million, 179 million, and 195 million respectively, with corresponding P/E ratios of 29.8, 23.1, and 21.2 [1][4] Business Segments - The revenue structure for 2024 shows that industrial control, automotive, and new energy connectors account for 48.2%, 26.1%, and 24.4% respectively, indicating a diversified business model [2] - The automotive and new energy sectors are experiencing high growth rates, contributing to the company's positive long-term outlook [1][2] Market Trends - The connector market is seeing a shift towards domestic alternatives and customization, driven by increasing demand for personalized solutions in various applications [3] - The company is well-positioned to capitalize on these trends by offering intelligent and efficient connector solutions [3]

电子/其他电子Ⅱ 维峰电子（301328.SZ） 2025Q1 业绩高速增长，深耕高端精密连接器市场 2025 年 04 月 30 日 投资评级：买入（维持） | 陈蓉芳（分析师） | 张威震（分析师） | | --- | --- | | chenrongfang@kysec.cn | zhangweizhen@kysec.cn | | 证书编号：S0790524120002 | 证书编号：S0790525020002 | zhangweizhen@kysec.cn 证书编号：S0790525020002 2025Q1 营收利润高增，汽车和新能源连接器快速增长，维持"买入"评级 4 月 26 日，公司发布 2024 年度报告和 2025 年一季度报告。（1）2024 年，公司 实现营收 5.34 亿元，同比+9.77%；归母净利润 0.85 亿元，同比-34.44%；扣非归 母净利润 0.84 亿元，同比-19.60%；销售毛利率 41.06%，同比-1.44pcts；销售净 利率 16.57%，同比-10.46pcts。（2）2025 年第一季度，公司实现营收 1.45 亿元， 同比+44.61%，环比-3 ...

Investment Rating - The investment rating for Hikvision (002415.SZ) is "Outperform the Market" [6]. Core Views - The company is experiencing a mild recovery in revenue and net profit in Q1 2025, with revenue reaching 18.53 billion yuan (YoY +4.0%) and net profit at 1.926 billion yuan (YoY +9.44%) [1]. - The company is focusing on cost reduction and efficiency improvement, with a strategic shift in its domestic business to enhance profitability [3]. - The innovation and overseas business segments are showing strong growth, contributing to over 50% of total revenue in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 92.496 billion yuan (YoY +3.53%) and a net profit of 11.977 billion yuan (YoY -15.1%), with a gross margin of 43.83% [1]. - For Q1 2025, the company reported a net cash flow from operating activities increasing by 56.19% [1]. Business Segments - The overseas revenue in 2024 was 31.895 billion yuan, up 10.1%, accounting for 34.48% of total revenue, with significant growth in non-video products [2]. - The innovation business generated 22.484 billion yuan in 2024, growing by 21.2% and representing 24% of total revenue, with notable growth in various segments such as robotics and automotive electronics [2]. Domestic Market Adjustments - The domestic PBG revenue was 13.467 billion yuan in 2024, down 12.29%, affected by local fiscal pressures [3]. - The EBG revenue was 17.651 billion yuan, down 1.09%, while SMBG revenue was 11.971 billion yuan, down 5.58% [3]. - The company is actively managing inventory levels with distributors to promote healthy channel development [3]. Future Outlook - The company expects to maintain operational resilience and long-term growth driven by industry digitalization, with revised net profit forecasts for 2025-2027 at 13.237 billion, 14.517 billion, and 16.664 billion yuan respectively [4]. - The projected PE ratios for 2025-2027 are 20, 18, and 16 times [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance aligns with previous forecasts, and there is anticipation for growth in downstream sectors [7] - The company reported a revenue of 797 million yuan for 2024, reflecting a year-on-year increase of 15.10%, while the net profit attributable to shareholders was 33 million yuan, down 49.19% year-on-year [7] - The company expects growth in its new energy, defense, and semiconductor businesses in 2025, with significant deliveries planned for modular lightweight distribution devices to well-known foreign automotive manufacturers [7] Financial Performance Summary - **Revenue Forecasts**: - 2022: 700 million yuan - 2023: 692 million yuan - 2024: 797 million yuan - 2025: 1,370 million yuan - 2026: 1,699 million yuan - Revenue growth rates: 37.53% (2022), -1.12% (2023), 15.10% (2024), 71.97% (2025), 24.03% (2026) [4][9] - **Net Profit Forecasts**: - 2022: 85 million yuan - 2023: 64 million yuan - 2024: 33 million yuan - 2025: 129 million yuan - 2026: 208 million yuan - Net profit growth rates: 17.01% (2022), -24.85% (2023), -49.19% (2024), 295.02% (2025), 61.36% (2026) [4][9] - **Earnings Per Share (EPS)**: - 2022: 0.90 yuan - 2023: 0.67 yuan - 2024: 0.34 yuan - 2025: 1.35 yuan - 2026: 2.18 yuan [4][9] - **Price-to-Earnings (PE) Ratios**: - 2022: 71.49 - 2023: 73.70 - 2024: 151.25 - 2025: 38.29 - 2026: 23.73 [4][9] - **Return on Equity (ROE)**: - 2022: 8.34% - 2023: 5.70% - 2024: 2.90% - 2025: 10.66% - 2026: 15.46% [4][9]