Group 1: New Dairy Industry (002946) - The company reported a revenue of 10.665 billion yuan in 2024, a year-on-year decrease of 2.93%, while the net profit attributable to shareholders was 538 million yuan, an increase of 24.8% [6] - In Q1 2025, the company achieved a revenue of 2.625 billion yuan, a year-on-year increase of 0.42%, and a net profit of 133 million yuan, a year-on-year increase of 48.46% [6] - The company experienced strong growth in low-temperature products, with high-end fresh milk and low-temperature yogurt achieving double-digit growth [7] - The company's net profit margin improved to 5.25% in Q1 2025, up 1.68 percentage points year-on-year, driven by a decline in milk prices and an optimized product mix [8] - The company plans to enhance its "Fresh Cube Strategy" focusing on low-temperature products and DTC channels, with adjusted profit forecasts for 2025-2027 [9] Group 2: Guoxuan High-Tech (002074) - The company reported a revenue of 35.39 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit of 1.21 billion yuan, a year-on-year increase of 28.6% [11] - In Q1 2025, the company achieved a revenue of 9.06 billion yuan, a year-on-year increase of 20.6%, and a net profit of 100 million yuan, a year-on-year increase of 45.6% [11] - The company benefited from the global growth in power battery installations, with a significant increase in market share, particularly in the lithium iron phosphate battery segment [12] - The company has established a comprehensive lithium battery supply chain, enhancing its ability to mitigate cost fluctuations [13] - Revenue forecasts for 2025-2027 are adjusted to 45.35 billion yuan, 59.65 billion yuan, and 73.47 billion yuan, respectively, with a maintained "buy" rating [14] Group 3: Quick Intelligent (603203) - The company reported a revenue of 945 million yuan in 2024, a year-on-year increase of 19.24%, and a net profit of 212 million yuan, a year-on-year increase of 11.10% [16] - In Q1 2025, the company achieved a revenue of 250 million yuan, a year-on-year increase of 11.16%, and a net profit of 66.36 million yuan, a year-on-year increase of 10.95% [17] - The company is expanding its international strategy, with export revenue increasing by 29.06% in 2024, now accounting for 18.21% of total revenue [18] - The company is focusing on R&D in semiconductor packaging and has established partnerships with major clients in the automotive electronics sector [19] - Profit forecasts for 2025-2027 are adjusted to 246 million yuan, 299 million yuan, and 367 million yuan, respectively, with a maintained "buy" rating [20]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company achieved a revenue of 945.09 million yuan in 2024, representing a year-on-year increase of 19.24%, and a net profit attributable to shareholders of 212.20 million yuan, up 11.10% year-on-year. The performance is in line with expectations [4][5]. - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares (including tax) to shareholders [4]. - In Q1 2025, the company reported a revenue of 250 million yuan, a year-on-year increase of 11.16%, and a net profit of 66.36 million yuan, up 10.95% year-on-year [4]. Summary by Sections Business Performance - The company benefited from the recovery in consumer electronics in 2024, with a robust performance supported by its "welding and inspection" capabilities. The company is advancing new business lines, particularly in precision welding and automation solutions for smart devices [4]. - The revenue from precision welding equipment and machine vision process equipment grew by 32.25% and 37.00% year-on-year, respectively [4]. International Strategy - The company's international strategy is showing results, with export revenue increasing by 29.06% year-on-year, accounting for 18.21% of total revenue. The company is enhancing its overseas sales and service capabilities, establishing a subsidiary in Vietnam to provide comprehensive services [4]. Profitability and Cash Flow - The company’s gross margin improved by 1.27 percentage points to 48.65% in 2024, driven by a higher proportion of export business. The R&D expense ratio increased to 14.05%, supporting new technology development [4]. - In Q1 2025, the company reported a sales gross margin of 49.40% and a net profit margin of 26.21%, maintaining a stable performance [4]. Semiconductor Sector Development - The company is making progress in its semiconductor segment, with revenue from die bonding equipment increasing by 9.04% to 26.11 million yuan. The company is developing solutions for power semiconductors and SiC modules, with key technology recognized by the Jiangsu Provincial Department of Industry and Information Technology [4]. Investment Recommendations - The company has a strong position in precision welding technology and is expected to see steady growth in visual inspection and semiconductor packaging equipment. The profit forecasts for 2025-2027 have been adjusted, with net profits projected at 246 million yuan, 299 million yuan, and 367 million yuan, respectively [4][5].