点击招商研究小程序查看PDF报告原文 公司发布2025年半年度业绩预告，预计25H1实现营业收入36～39亿元，同比+47%～+59%；归 母净利润 3.60～4.20亿元，同比+140%～+180%；剔除股份支付费用的扣非归母净利润为 3.89~4.49亿元，同比+88%～+118% 。 25H1营收及净利润同比高增，手机、汽车等业务持续扩张。 公司预计2025H1实现营业收入36～ 39亿元，同比+47%～+59%；归母净利润 3.60～4.20亿元，同比+140%～+180%；扣非归母净 利润3.58～4.18亿元，同比+135%～+174%，剔除股份支付费用的扣非归母净利润为3.89~4.49 亿元，同比+88%～+118%。单季度看，25Q2收入18.5～21.5亿元，同比+14%～+33%/环比 +6%～+23%，归母净利润1.69~2.29亿元，同比+24～+68%/环比-12%～+19%，剔除股份支 付影响后的扣非归母净利润1.99~2.59亿元，同比+50%～+95%/环比+5%～+37%。净利润显著 增长，主要系公司收入增长，同时控制销售费用、管理费用、财务费用支出带来的节费增效所致。 分 ...

事件：公司发布 2025 年半年度业绩预告，预计 25H1 实现营业收入 36～39 亿 元，同比+47%～+59%；归母净利润 3.60～4.20 亿元，同比+140%～+180%； 剔除股份支付费用的扣非归母净利润为 3.89~4.49 亿元，同比+88%～+118%。 我们点评如下： 增持（维持） 目标估值：NA 当前股价：97.09 元 基础数据 | 总股本（百万股） | 402 | | --- | --- | | 已上市流通股（百万股） | 323 | | 总市值（十亿元） | 39.0 | | 流通市值（十亿元） | 31.4 | | 每股净资产（MRQ） | 11.1 | | ROE（TTM） | 12.8 | | 资产负债率 | 46.2% | | 主要股东 | 徐辰 | | 主要股东持股比例 | 13.64% | 股价表现 % 1m 6m 12m 绝对表现 7 35 90 相对表现 3 29 75 资料来源：公司数据、招商证券 -50 0 50 100 150 Jul/24 Nov/24 Mar/25 Jun/25 (%) 思特威 沪深300 相关报告 证券研究报告 | 公司点评报告 202 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][14]. Core Views - The company is projected to achieve revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit attributable to shareholders of 187 million yuan, up 287.20% year-on-year [3][12]. - The global smartphone market is expected to rebound in 2024, with an estimated shipment of 1.18 billion units, a growth of approximately 6.8% year-on-year, benefiting the company's mobile CIS product segment [3][4]. - The company is enhancing its product structure with a higher proportion of high-pixel CIS products, which is expected to contribute significantly to revenue growth [3][5]. Company Overview - The latest closing price of the company's stock is 15.20 yuan, with a total market capitalization of 39.5 billion yuan [2]. - The company has a total share capital of 2.601 billion shares, with 1.449 billion shares in circulation [2]. - The asset-liability ratio stands at 65.3%, indicating a moderate level of financial leverage [2]. Financial Projections - Revenue projections for the company are as follows: 8.019 billion yuan in 2025, 10.08 billion yuan in 2026, and 13.009 billion yuan in 2027, with respective growth rates of 25.62%, 25.70%, and 29.06% [12][13]. - The net profit attributable to shareholders is expected to reach 303 million yuan in 2025, 703 million yuan in 2026, and 1.303 billion yuan in 2027, with significant growth rates of 62.22%, 132.07%, and 85.30% respectively [12][13]. Business Segments - The company's mobile CIS business is projected to generate revenue of 3.598 billion yuan in 2024, accounting for 56.39% of total revenue, with a year-on-year growth of 60.44% [3][4]. - The non-mobile CIS segment is also expected to grow, with projected revenue of 1.426 billion yuan in 2024, a year-on-year increase of 17.82% [5]. - The display driver chip business is anticipated to achieve revenue of 1.356 billion yuan in 2024, reflecting a growth of 9.47% [8].

Group 1 - Foreign institutional interest in A-shares has increased significantly since Q2, with over 470 A-share companies receiving foreign institutional research from early April to May 8, highlighting companies like Huaming Equipment, Hongfa Technology, and Luxshare Precision as the most engaged [1] - The sectors attracting the most attention from foreign investors include electronics, pharmaceuticals, and machinery, indicating a trend towards these industries [1] - Foreign institutions are particularly focused on companies' overseas market expansion and capacity construction, with Huaming Equipment emphasizing its strategy of local market penetration rather than capacity considerations [3] Group 2 - The AR/VR industry is transitioning from technology validation to large-scale penetration, with significant investments from global tech giants, creating new opportunities for AI hardware like smart glasses [3] - Weier Technology is leveraging its technological advantages in the chip sector to actively enter emerging markets, with its CIS products being core chips in the AR/VR field, enhancing the value of its products [3] - The development of intelligent computing systems is providing new opportunities for companies in the industry, with companies like Lanke Technology aiming to become a leading international interconnected chip design company over the next five to ten years [4] Group 3 - Foreign institutions are also focusing on the application and layout of robotics, with companies like Huqin Technology planning to establish a professional robotics team by 2025, targeting industrial and health care robots [4] - Huqin Technology sees significant potential in the development of industrial robots and health care robots, aiming to build core technological competitiveness in these areas [4]

Group 1: Foreign Investment Interest in A-shares - Since the second quarter, foreign investment institutions have shown increased enthusiasm for researching A-shares, with over 470 A-share companies receiving foreign institutional visits from early April to May 8 [1] - Companies such as Huaming Equipment, Hongfa Technology, and Luxshare Precision have been among the most visited by foreign institutions, particularly in the electronics, pharmaceutical, and machinery sectors [1] Group 2: Focus on Overseas Expansion - Foreign institutions are particularly interested in companies' overseas market expansion and capacity construction, with firms like Huaming Equipment emphasizing local market penetration rather than just production capacity [2] - Prolaya is focusing on the Southeast Asian market, developing products tailored to local needs and collaborating with local distributors [2] - Anker Innovations is capitalizing on the European market's demand for clean energy through its Solarbank series, which is experiencing a surge in market demand [2] Group 3: Overseas Capacity Development - Luxshare Precision expects its Vietnam facility to account for 30% of its production capacity in three years [3] - Huidian Technology is pushing its Thai production base towards mass production, aiming for accelerated customer certification and product introduction by Q2 2025 [3] - Crystal Optoelectronics anticipates its second phase of the Vietnam factory to enter mass production this year, enhancing its global manufacturing layout [3] Group 4: Interest in Cutting-edge Technologies - Foreign institutions are closely monitoring companies' product layouts and future trends, with a particular focus on robotics, chips, and AI [4] - Weir Shares is leveraging its technology in the chip sector to actively engage in emerging markets, particularly in the AR/VR field [4] - Crystal Optoelectronics is developing optical hardware for AR glasses, with a significant market share compared to smartphones [4] Group 5: Interconnect Chip Market Potential - Interconnect chips are becoming essential for enhancing system efficiency in intelligent computing systems, with a growing demand for higher bandwidth and lower latency [5] - The interconnect chip market is emerging as a significant blue ocean market due to the complexity of intelligent computing systems [6] Group 6: Robotics Sector Developments - Foreign institutions are also focusing on the application and layout of robotics, with companies like Estun planning to enhance their AI and robotics R&D investments [6] - Huqian Technology is forming a specialized robotics team, aiming to establish core technological competitiveness in industrial and health care robotics by 2025 [6]

%% %% %% %% research.95579.com 1 丨证券研究报告丨 联合研究丨组合推荐 [Table_Title] 科技行业 2025 年 5 月金股推荐 报告要点 [Table_Summary] 长江科技（电子、计算机、通信、传媒）2025 年 5 月金股推荐。 分析师及联系人 [Table_Author] 杨洋 宗建树 于海宁 SAC：S0490517070012 SAC：S0490520030004 SAC：S0490517110002 SFC：BUW100 SFC：BUX668 SFC：BUX641 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 2 / 8 %% %% %% %% research.95579.com 2 更多研报请访问 长江研究小程序 cjzqdt11111 [Table_Title2] 科技行业 2025 年 5 月金股推荐 联合研究丨组合推荐 [Table_Summary2] 事件描述 长江科技（电子、计算机、通信、传媒）2025 年 5 月金股推荐。 事件评论 ⚫ 电子：恒玄科技、韦尔股份 ⚫ 计算机：寒武纪、税 ...

Group 1: Company Insights - Huangma Technology's export sales growth exceeded 30% in Q1 2025, with minimal impact from US tariff policies. The increase in gross margin is attributed to higher production and sales volumes, along with a decrease in epoxy propane prices. The company plans to expand production capacity and has a stable dividend policy, committing to cash dividends exceeding 30% of net profit for 2024 [1] - Lianchuang Optoelectronics reported significant revenue growth in Q1 2025 due to the gradual release of large orders. The company expects a substantial reduction in losses for the year, driven by cost control and digital transformation efforts. The development of high-power lightweight pump sources and laser technology is underway, with a focus on optimizing asset quality in the backlight source industry [2] - GeKong Microelectronics achieved a revenue of 6.383 billion yuan in 2024, a year-on-year increase of 35.9%, with net profit rising by 287.2%. The company is confident in the mainstream adoption of high-pixel single-chip technology and is expanding its product lines in non-mobile sectors [3] - Pumen Technology experienced negative revenue growth in domestic business due to respiratory disease outbreaks and payment reform impacts. However, international business remains stable, and the company is focusing on product development and cost control [4] - Xiangpiaopiao faced challenges in its milk tea business in Q4 2024 and Q1 2025 due to external conditions and internal strategy adjustments. The company is launching new products and optimizing its marketing strategies to enhance brand visibility and sales [5] Group 2: Market Trends and Strategies - The market for Huangma Technology is perceived to have significant growth potential, with no apparent ceiling in sight. The company is leveraging AI technology in R&D and production processes [1] - Lianchuang Optoelectronics is focusing on optimizing its product structure and enhancing cost management to improve profitability in the backlight source sector [2] - GeKong Microelectronics is actively seeking non-US solutions to mitigate trade war impacts and is confident in the growth of its high-pixel product lines [3] - Pumen Technology is enhancing its international marketing structure and focusing on localizing operations to strengthen its global presence [4] - Xiangpiaopiao is exploring new product categories and channels to adapt to market demands and improve sales performance [5]

Core Insights - A well-known private equity firm, Ying Shui Investment, recently conducted research on a listed company, GeKowei, revealing significant growth in revenue and net profit for 2024 and Q1 2025 [1] Financial Performance - GeKowei is projected to achieve a revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit of 187 million yuan, up 287.20% [1] - For Q1 2025, the company expects a revenue of 1.524 billion yuan, showing an 18.21% increase year-on-year, but a net loss of 52 million yuan [1] Product Development - The high-end mobile CIS (Camera Image Sensor) products are progressing well, with revenues exceeding 1.5 billion yuan for sensors with over 13 million pixels, accounting for 50% of total revenue [1] - The company is promoting 4 million and 8 million pixel products in non-mobile CIS fields, targeting applications in smart cities and smart homes [1] - Development of vehicle-mounted front-end image sensors has been completed, with expectations for promotion in 2025 [1] Production Capacity - The Lingang factory has received multiple certifications and is operating at full capacity, achieving mass production of 8 million, 13 million, and 50 million pixel products, with projected sales revenue of 2.246 billion yuan in 2024 [1] - The rapid introduction of single-chip architecture products is expected to lead to significant shipments of 50 million pixel products, with an anticipated increase in gross margin in the second half of the year [1] Strategic Response - The company has minimal impact from trade wars and has prepared contingency plans, actively seeking non-U.S. solutions [1] - GeKowei is confident that high-pixel single-chip technology will become mainstream and is increasing investments in non-mobile product lines, particularly in 4 million pixel and above products, as well as in AR glasses and automotive-grade fields [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.00 [6][4]. Core Views - The company is expected to see revenue growth driven by mobile phone sales, but faces intense competition leading to a decline in profit margins [2][4]. - The company reported a revenue of RMB 6.38 billion for 2024, a year-on-year increase of 36%, but a decrease in gross margin to 22.8% [1][2]. - The company anticipates that its 50M high-resolution products will gradually enter mass production in its own wafer factory in the second half of 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company's mobile CIS product revenue is projected to be RMB 3.6 billion, accounting for 56% of total revenue, with a gross margin of 21% [2]. - The company reported a net profit of RMB 1.9 billion for 2024, a significant increase of 287% year-on-year, although below market expectations [1][4]. - For Q1 2025, the company achieved revenue of RMB 1.52 billion, a year-on-year increase of 18%, but reported a net loss of RMB 51.73 million [1][3]. Revenue Projections - The company expects to generate approximately RMB 1 billion in revenue from its 50M products in 2025, with total revenue projected to exceed RMB 10 billion from various product lines [3][4]. - The company’s inventory reached RMB 6.22 billion by Q1 2025, primarily due to production preparations for mobile CIS products [2]. Valuation Metrics - The report projects the company's net profit for 2025, 2026, and 2027 to be RMB 2.0 billion, RMB 2.5 billion, and RMB 3.1 billion respectively [4][10]. - The company is valued at an EV/EBITDA multiple of 35.2x for 2025, aligning with comparable companies in the industry [4][14].

证券研究报告 格科微 (688728 CH) 50M 产品将逐渐在自有晶圆厂量产 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 半导体 | 公司公布 2024 年以及 1Q25 业绩。24 年营收 63.8 亿元(yoy+36%），毛利 率 22.8%（yoy-6.7pct），归母净利润 1.9 亿（yoy+287%），低于 Wind 一致 预期 2.2 亿，我们认为主因 2/5/8M 低像素手机 CIS 市场竞争激烈，拖累公 司毛利率下滑。4Q24 营收 18.3 亿（yoy+26%，qoq+4%），归母净利 1.8 亿，扭亏为盈，毛利率 20.9%（yoy-4.4pct，qoq-0.6pct）。公司 1Q25 营收 15.2 亿（yoy+18%，qoq-17%），归母净亏损 5,173 万，毛利率 20.9% （yoy-4.4pct，qoq-0.6pct）。我们预计进入 25 年下半年，公司 50M 高像素 产品将逐渐在自有晶圆工厂量产。维持"买入"。 2024 年：手机驱动收入增长，市场竞争激烈利润率 ...