2025 年 04 月 25 日 深科技(000021.SZ) 三大业务齐发力，盈利能力持续改善 事件：4 月 24 日，公司发布 2024 年度报告 1）2024 年公司实现营业收入 148.27 亿元，同比+3.94%；实现归母 净利润 9.3 亿元，同比+44.33%；实现扣非后归母净利润 9.01 亿元， 同比+33.77%。 2）24Q4 公司实现营业收入 39.75 亿元，同比+20.72%；实现归母净 利润 2.69 亿元，同比+35.79%。；实现扣非后归母净利润 2.84 亿元， 同比-5.23%。 盈利能力持续改善，计量智能终端毛利率达 36% 2024 年公司整体毛利率为 16.98%,同比+0.33pcts；分产品看，公司 存储半导体 / 计 量 智 能 终 端 / 高 端 制 造 毛 利 率 分 别 为 21.26%/35.96%/8.54%，同比+1.40/+2.14/-2.21 个百分点。费用管控 方面，销售/管理/研发费用率分别为 1.15%/4.02%/2.85%,同比 +0.23/+0.01/+0.32pcts；净利率为 7.33%,同比+1.56pcts。 存储半导体量产 ...

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 11.16 CNY, compared to the current stock price of 9.16 CNY as of April 24, 2025 [3][6]. Core Views - The company has demonstrated excellent performance with a total revenue of 14.219 billion CNY in 2024, reflecting a year-on-year increase of 25.12%, and a net profit of 1.102 billion CNY, up 40.72% year-on-year, indicating strong profit elasticity [1][2]. - The recovery in the earthmoving machinery sector is supported by both domestic and international demand, with the company benefiting from its leading position in the bulldozer industry and expanding its product range to include excavators and loaders [1][2]. - The company has successfully integrated its subsidiary, Shandong Heavy Industry Group, which has significantly contributed to profit growth, with net profit from this subsidiary reaching 197 million CNY, a remarkable increase of 355.6% year-on-year [2][6]. Financial Performance - The company's gross margin and net margin improved to 20.05% and 7.77%, respectively, with gross margin driven by the integration of excavator manufacturing [2]. - Revenue from main engine products reached 9.763 billion CNY, up 26.61% year-on-year, while revenue from parts and other products was 3.145 billion CNY, up 30.21% year-on-year [1]. - Domestic market revenue was 5.497 billion CNY, up 29.39% year-on-year, and overseas market revenue was 7.411 billion CNY, up 26.08% year-on-year, with export revenue reaching a record high, accounting for 52.13% of total revenue [1]. Future Outlook - The company aims for a revenue target of 15.7 billion CNY in 2025, with expectations of continued growth in both domestic and international markets [6]. - Projected revenues for 2025-2027 are 16.17 billion CNY, 18.25 billion CNY, and 20.77 billion CNY, with corresponding net profits of 1.39 billion CNY, 1.64 billion CNY, and 2.02 billion CNY, indicating robust growth rates [6][8]. - The company is expected to benefit from further internal asset integration and has a low valuation level, presenting significant investment value [6].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 7.74 CNY [6]. Core Views - The company reported a significant year-on-year increase in performance, with total revenue reaching 3.054 billion CNY, up 11.10%, and net profit attributable to shareholders at 237 million CNY, up 37.94% [2][4]. - The company is positioned as a leading player in the prestressed steel materials and track slab sectors, with a focus on high-value-added products, which has led to improved profitability [10]. - The company is expected to benefit from ongoing infrastructure investments in China, with projected revenues of 3.651 billion CNY, 4.222 billion CNY, and 4.804 billion CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 19.6%, 15.6%, and 13.8% [10][12]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 18.46%, an increase of 3.39 percentage points year-on-year, driven by improvements in both the prestressed materials and concrete products segments [4]. - The net profit margin for the company was 8.23%, up 1.60 percentage points year-on-year, with net profit reaching 237 million CNY [4]. Business Segments - The prestressed materials segment generated revenue of 2.425 billion CNY, up 6.03%, while the concrete products and related services segment saw revenue of 400 million CNY, up 31.07% [3]. - The high-speed rail track slabs and intelligent equipment within the concrete products segment experienced substantial growth, with revenues increasing by 125.83% and 148.87% respectively [3]. Cash Flow and Financial Health - The company reported a net operating cash flow of -106 million CNY, indicating an increase in cash outflows compared to the previous year [5]. - The financing cash flow improved significantly, reaching a net inflow of 206 million CNY, compared to a net outflow of 90 million CNY in the previous year [5]. Future Outlook - The company is expected to maintain a strong growth trajectory, with net profits projected to reach 331 million CNY, 433 million CNY, and 525 million CNY for 2025, 2026, and 2027 respectively, reflecting growth rates of 39.8%, 30.8%, and 21.2% [10][12].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 13.37 yuan [5]. Core Views - The company has shown a good growth trend in Q1 2025, with revenue reaching 9.1 billion yuan, a year-on-year increase of 6.7%, despite a decline in net profit by 9.2% [1][2]. - The company is a leading player in the commercial refrigeration industry in China, with strong product development capabilities and flexible manufacturing [3][4]. - The company is expected to maintain a solid growth trajectory due to the gradual ramp-up of new customers in the refrigerated cabinet business and accelerated deployment of smart cabinets [3]. Financial Performance Summary - In 2024, the company achieved revenue of 28.3 billion yuan, down 11.7% year-on-year, and a net profit of 3.5 billion yuan, down 14.4% year-on-year [1][4]. - For Q1 2025, the company reported a net profit margin of 11.4%, reflecting a decrease of 2.0 percentage points year-on-year, primarily due to a decline in revenue from high-margin frozen cabinet products [2][10]. - The company's operating cash flow for Q1 2025 increased by 0.2 billion yuan year-on-year, attributed to a decrease in cash payments for goods and services [2][10]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.96 yuan, 1.06 yuan, and 1.18 yuan respectively [3][4]. - The company is forecasted to achieve a revenue of 31.5 billion yuan in 2025, with a net profit of 3.7 billion yuan, indicating a recovery from the previous year's decline [4][13]. Market Position - The company is focusing on differentiated and intelligent high-end products to expand its market share in the mid-to-high-end refrigerated cabinet segment [2][3]. - The company is strengthening partnerships with chain convenience stores and large supermarkets, which is expected to stabilize growth in the supermarket cabinet business [2][3].

Investment Rating - The industry investment rating is "Outperform the Market - A" [4] Core Viewpoints - The report highlights a steady growth in domestic albumin batch approvals, with a 12% year-on-year increase in Q1 2025, while imported albumin saw a 9% decline [9][10] - The report suggests a long-term growth potential in the immunoglobulin market, with a 15% year-on-year increase in intravenous immunoglobulin (IVIG) approvals in Q1 2025 [18][24] - The report identifies key companies to watch, including Tian Tan Biological, Pai Lin Biological, Bo Ya Biological, Shanghai Lai Shi, and Hua Lan Biological [3] Summary by Sections 1. Overview of Blood Product Batch Approvals in Q1 2025 - Domestic albumin approvals reached 418 batches, up 12% year-on-year, while imported albumin approvals totaled 778 batches, down 9% [9][10] - Intravenous immunoglobulin (IVIG) approvals were 324 batches, up 15%, and intramuscular immunoglobulin (IMIG) approvals were 9 batches, up 13% [9] - For specific immunoglobulins, hepatitis B immunoglobulin approvals were 11 batches (up 83%), tetanus immunoglobulin 35 batches (up 13%), and rabies immunoglobulin 34 batches (up 42%) [9] 2. Albumin Analysis - The report notes a compound annual growth rate (CAGR) of 11.4% for albumin approvals from 2011 to 2024, with domestic albumin growing at 5.9% and imported at 16.7% [11] - In Q1 2025, the total albumin approvals were 1196 batches, reflecting a slight decline of 2.4% year-on-year [11] 3. Immunoglobulin Analysis - The report indicates a CAGR of 8.4% for IVIG approvals from 2011 to 2024, with Q1 2025 showing 324 batches approved [18] - The leading companies in the IVIG market accounted for approximately 61% of the market share in Q1 2025 [24] 4. Special Immunoglobulins - The report highlights significant growth in specific immunoglobulin approvals, particularly for hepatitis B and rabies, with notable increases in batch approvals [28][29] - The market for tetanus immunoglobulin is also growing, with a 13% increase in approvals [28] 5. Coagulation Factor Analysis - The report notes a CAGR of 13.6% for human coagulation factor VIII approvals from 2011 to 2024, with Q1 2025 approvals at 163 batches, up 12% [35] - Prothrombin complex concentrate (PCC) approvals increased by 26% year-on-year, totaling 82 batches in Q1 2025 [35] - The report identifies leading companies in the coagulation factor market, which hold significant market shares [43]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 66.05 CNY for the next six months [5]. Core Insights - The company reported a Q1 revenue of 5.79 billion CNY, representing a year-over-year increase of 7.6%, and a net profit attributable to shareholders of 500 million CNY, up 5.8% year-over-year [1][2]. - The growth in external sales and the recovery in domestic sales, driven by national subsidies, indicate a stable operational performance for the quarter [1]. - The company is expected to benefit from ongoing national policies promoting small appliance consumption, particularly through trade-in programs [1]. Financial Performance Summary - Q1 net profit margin was 8.6%, a slight decrease of 0.1 percentage points year-over-year [2]. - The gross sales margin increased by 0.4 percentage points year-over-year, reflecting effective cost management and improved marketing efficiency [2]. - Operating cash flow decreased by 44.0% year-over-year to 580 million CNY, primarily due to a 7.0% decline in cash received from sales [2]. - The company’s contract liabilities increased by 43.9% year-over-year to 950 million CNY, indicating strong demand from downstream customers [2]. Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 3.00 CNY, 3.38 CNY, and 3.84 CNY for the years 2025, 2026, and 2027 respectively [2][4]. - The expected revenue for 2025 is 24.49 billion CNY, with a net profit forecast of 2.41 billion CNY [4][15]. Market Position - The company is recognized as a leading player in the kitchen small appliance sector in China, maintaining a strong brand influence [2]. - The ongoing optimization of product structure and sales channels, along with the benefits from the parent company SEB Group's global order transfers, are expected to drive rapid revenue and performance growth [2].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 40.65 CNY over the next six months [4][3]. Core Views - The company reported a revenue of 22.4 billion CNY in 2024, representing a year-over-year increase of 11.0%, while the net profit attributable to shareholders was 970 million CNY, down 29.1% year-over-year [1][3]. - The company is focusing on expanding its overseas business and new sectors such as home appliance components and computing devices, which are expected to create new growth curves [3][4]. - The company's Q1 2025 revenue was 5.0 billion CNY, showing a year-over-year growth of 11.3%, while the net profit attributable to shareholders was 160 million CNY, down 9.2% year-over-year [1][2]. Financial Performance Summary - In Q1 2025, the company's net profit margin was 3.2%, a decrease of 0.7 percentage points year-over-year, primarily due to a decline in financial income and an increase in financial expenses [2][8]. - The company’s operating cash flow for Q1 2025 increased by 50 million CNY year-over-year, attributed to revenue growth [2][8]. - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.45 CNY, 1.65 CNY, and 1.87 CNY respectively [3][7]. Business Segment Analysis - The domestic education business is expected to see positive revenue growth due to the implementation of the "AI + Education" strategy, which enhances product iterations and solution upgrades [2][3]. - The overseas business faced challenges in Q1 2025 due to tightened education funding in the U.S. and high growth in the same period last year [2][3]. - The home appliance controller segment experienced rapid revenue growth due to proactive overseas market expansion and increased market share among domestic first-tier clients [2][3].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 68.00 CNY, indicating a strong potential for returns over the next six months [6]. Core Views - The company has demonstrated steady revenue growth, achieving total revenue of 550 million CNY in 2024, a year-on-year increase of 20.50%, and a net profit of approximately 93.59 million CNY, up 11.09% from the previous year [2][3]. - The company is positioned as a leader in the renewable energy power forecasting sector, with a strong demand for high-precision forecasting services and intelligent grid control products due to increasing integration of renewable energy sources [13]. - The company is expanding its market presence internationally, with overseas revenue reaching 8.90 million CNY, a significant increase of 162.38% [4]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 550 million CNY, with various product lines contributing to this growth, including: - Revenue from renewable energy power forecasting products was 309 million CNY, up 15.55% [3]. - Revenue from intelligent control products for renewable energy grid integration was 124 million CNY, an increase of 28.01% [3]. - The gross margin for power forecasting products remained stable at 69.34% [3]. - The company forecasts revenues of 738 million CNY, 905 million CNY, and 1.22 billion CNY for 2025, 2026, and 2027, respectively, with net profits projected at 136 million CNY, 183 million CNY, and 259 million CNY for the same years [15][13]. Market Trends - The demand for distributed energy systems is expected to grow due to new regulatory requirements emphasizing the "four capabilities" of distributed photovoltaic power generation: observable, measurable, adjustable, and controllable [4]. - The ongoing reforms in the electricity market are anticipated to drive the company's performance, as new policies will enhance the market demand for electricity trading-related products [12]. Strategic Initiatives - The company is actively exploring the integration of artificial intelligence in electricity trading, aiming to provide advanced market data predictions and asset profitability services for renewable energy stations [12]. - The company is expanding its business boundaries by actively engaging in emerging sectors such as electricity market trading and virtual power plants, which are expected to further enhance growth opportunities [13].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a six-month target price of 139.06 CNY [4][7]. Core Views - The company benefited from high demand in AI and automotive electronics, leading to significant revenue and profit growth in Q1 2025, with revenue reaching 4.783 billion CNY, a year-on-year increase of 20.75%, and net profit of 491 million CNY, up 29.47% year-on-year [1][2]. - The company is strategically positioned to capture opportunities in the computing power and automotive electronics markets, with a notable increase in orders for high-speed switches and optical modules driven by cloud service providers' demand for AI computing infrastructure [2]. - The company has increased its R&D investment, which accounted for 7.10% of revenue, focusing on next-generation communication, data center, and automotive electronics technologies, leading to advancements in product capabilities and the acquisition of new patents [3]. Financial Projections - Revenue projections for 2025 to 2027 are 21.346 billion CNY, 25.103 billion CNY, and 29.370 billion CNY, respectively, with net profits expected to be 2.378 billion CNY, 2.893 billion CNY, and 3.591 billion CNY [4][11]. - The company is expected to maintain a net profit margin of approximately 11.1% in 2025, increasing to 12.2% by 2027 [12].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 181.9 CNY, maintaining the rating [4][8]. Core Views - The company reported a significant increase in Q1 2025 revenue of 885 million CNY, up 62.95% year-on-year, and a net profit of 209 million CNY, up 209.65% year-on-year, with a gross margin of 40.95% [1]. - The growth in the AIoT market is driven by the open-sourcing of AI models like Deepseek, leading to rapid advancements in edge and AIoT applications across various sectors such as automotive electronics and industrial vision [2]. - The flagship chip RK3588 is experiencing rapid growth, contributing to the overall performance of the AIoT product lines, with expectations for continued benefits from the AIoT industry trends [3]. Financial Projections - Revenue projections for the company are estimated at 4.234 billion CNY, 5.293 billion CNY, and 6.616 billion CNY for the years 2025, 2026, and 2027 respectively, with net profits of 916 million CNY, 1.19 billion CNY, and 1.545 billion CNY for the same years [4][10]. - The company is expected to maintain a high growth rate in revenue, with a projected growth rate of 35% in 2025 and 25% in the following years [10]. Market Position - The company is positioned as a leading domestic SoC enterprise, focusing on the AI sector and benefiting from the increasing demand for AI computing power [4][8]. - The company has a comprehensive product lineup across high-end, mid-high-end, mid-range, and entry-level SoC platforms, which is expected to enhance its market presence [3].