Investment Rating - The report maintains a "Positive" investment rating for the defense and military industry [5]. Core Insights - The focus on controllable nuclear fusion technology is expected to accelerate its practical application, leading to significant investment opportunities in the sector [9][13]. - The report highlights that the controllable nuclear fusion sub-sector has shown substantial excess returns, with specific companies like Wangzi New Materials experiencing over 100% increase in stock price since May [15]. - The report outlines the strategic goals for nuclear fusion technology development in China, aiming for operational engineering experimental reactors by 2035 and commercial power plants by 2050 [30]. Summary by Sections Controllable Nuclear Fusion - The report emphasizes the rising attention on controllable nuclear fusion, which is considered a clean, efficient, and sustainable energy source [19]. - The performance of nuclear fusion-related stocks has been notably strong, with several companies reporting significant price increases [15][16]. - The report discusses the technological pathways for achieving controllable nuclear fusion, including inertial and magnetic confinement methods, with Tokamak devices being the most prominent [24][31]. Industry Developments - The report notes that the "14th Five-Year Plan" has led to increased contract liabilities for major manufacturers, indicating a robust demand outlook for the defense sector [82]. - The J-10CE fighter jet has gained international attention due to its performance in recent conflicts, enhancing its market competitiveness [92][96]. - The report identifies key players in the nuclear fusion supply chain, including upstream material suppliers and midstream equipment manufacturers, highlighting their roles in the industry [39][42]. Company Focus: Aerospace Electric - Aerospace Electric is positioned as a leading player in the aerospace defense electronics sector, benefiting from its strong ties to the Aerospace Jiangnan Group [46]. - The company has established a comprehensive organizational structure to support its operations across research, production, and sales [50]. - The report indicates that the company's core business segments, including connectors and motors, are expected to account for a significant portion of its revenue in the coming years [60][69].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In 2024, the company achieved operating revenue of 2.97 billion yuan, a year-on-year increase of 33.4%; net profit attributable to the parent company was 340 million yuan, up 31.7%; and net profit excluding non-recurring items was 330 million yuan, growing by 73.9%. In Q1 2025, the company reported operating revenue of 850 million yuan, a year-on-year growth of 28%; net profit attributable to the parent company was 140 million yuan, increasing by 22.1%; and net profit excluding non-recurring items was 130 million yuan, up 28.6% [2][4] Summary by Sections Business Performance - The company continues to solidify its big product strategy, with the main brand maintaining high growth. In 2024, revenue growth rates for each quarter were 39%, 19%, 26%, and 48%, with a significant acceleration in Q4. The main brand, Marubi, generated revenue of 2.06 billion yuan, a year-on-year increase of 31.7%. The two core products, the Little Red Pen Eye Cream and the Little Gold Needle, achieved GMV of 530 million yuan and 350 million yuan, respectively, with year-on-year growth of 146% and 96%. The Love Fire brand generated revenue of 910 million yuan, up 40.7%, with six foundation products each exceeding 100 million yuan in annual GMV [13] Financial Forecast - For 2025-2027, the company is expected to achieve net profits attributable to the parent company of 450 million yuan, 580 million yuan, and 750 million yuan, respectively, corresponding to EPS of 1.11 yuan, 1.44 yuan, and 1.87 yuan per share [13][17]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 2.02 billion yuan in 2024, representing a year-on-year growth of 4.3%, while the net profit attributable to shareholders was 660 million yuan, down 11.8% year-on-year. In Q1 2025, the revenue was 300 million yuan, a decline of 26.4% year-on-year, and the net profit attributable to shareholders was 90 million yuan, down 39.8% year-on-year [2][4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.02 billion yuan, with a net profit of 660 million yuan. The revenue growth was primarily driven by the cosmetics segment, which saw a 7.5% increase year-on-year, while the medical device segment remained stable with a 0.3% increase [9] - For Q1 2025, the company experienced a significant revenue drop of 26.4% year-on-year, attributed to proactive channel and product optimization efforts [9] Product and Channel Strategy - The company has successfully expanded its product offerings, with several products achieving annual sales exceeding 100 million yuan. The online sales channel has also seen substantial growth, with a 20% increase in revenue [9] - The company is focusing on enhancing its brand presence in e-commerce platforms, which has contributed to a significant increase in online sales [9] Profitability Metrics - The overall gross margin for 2024 was 82%, with a slight decrease of 0.5 percentage points. The net profit margin decreased by 6 percentage points to 32.8%, primarily due to an increase in sales expense ratio [9] - In Q1 2025, the net profit margin further declined by 6.7 percentage points, influenced by a rise in sales expenses and adjustments in product pricing [9] Future Outlook - The company is expected to stabilize its revenue and profitability through the formation of repeat purchases of core products and the gradual establishment of e-commerce strategies. EPS forecasts for 2025, 2026, and 2027 are projected to be 1.74 yuan, 1.89 yuan, and 2.05 yuan respectively [9]

丨证券研究报告丨 公司研究丨点评报告丨贝泰妮（300957.SZ） [Table_Title] 贝泰妮 2024 年报及 2025 一季报点评：产品渠 道阶段性调整，库存持续消化 报告要点 [Table_Summary] 公司公布 2024 年年报，全年实现营业收入 57.36 亿元，同比增长 3.87%，归母净利润 5 亿元， 同比下降 33.53%，2025Q1，公司实现营业收入 9.49 亿元，同比下降 13.51%；归母净利润 2834 万元，同比下降 83.97%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 贝泰妮（300957.SZ） cjzqdt11111 [Table_Title 贝泰妮 20242]年报及 2025 一季报点评：产品渠 道阶段性调整，库存持续消化 [Table_Summary2] 事件描述 公司公布 2024 年年报，全年实现营业收入 57.36 亿元，同比增长 ...

Investment Rating - The report maintains a "Buy" rating for Weichai Power [6] Core Views - Weichai Power reported a revenue of 57.464 billion yuan for Q1 2025, representing a year-on-year growth of 1.92%. The net profit attributable to shareholders was 2.711 billion yuan, up 4.27% year-on-year. The projected net profits for 2025-2027 are 12.763 billion, 14.473 billion, and 15.396 billion yuan, corresponding to PE ratios of 10.39X, 9.16X, and 8.61X respectively. The report cites the old-for-new policy support, stabilization and recovery in the heavy truck industry, and stable cash flow as reasons for the positive outlook [2][4][10]. Summary by Sections Financial Performance - In Q1 2025, Weichai Power achieved a revenue of 57.464 billion yuan, with a year-on-year increase of 1.92%. The net profit attributable to shareholders was 2.711 billion yuan, reflecting a 4.27% year-on-year growth. The heavy truck sales for Q1 were 265,000 units, showing a year-on-year increase of 21.0% [2][4][10]. Strategic Initiatives - The company is advancing six strategic directions aimed at long-term development, focusing on adjusting product, business, and market structures. This includes accelerating the transition to new energy and digital intelligence, and expanding into large-diameter, aftermarket, non-road vehicles, and export businesses. The demand for high-end large-diameter power generation products is expected to increase, particularly in sectors like 5G data centers and mining [10]. Investment Outlook - The report projects net profits for 2025-2027 at 12.763 billion, 14.473 billion, and 15.396 billion yuan, with corresponding PE ratios of 10.39X, 9.16X, and 8.61X. The combination of supportive policies, industry recovery, and stable cash flow positions Weichai Power as a high-dividend quality stock, justifying the "Buy" rating [2][10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a significant improvement in operational performance, with Q1 2025 revenue reaching 1.469 billion yuan, a year-on-year increase of 24.69%. The net profit attributable to shareholders was 93 million yuan, up 2.00% year-on-year, while the net profit excluding non-recurring items was 88 million yuan, reflecting a 2.48% increase year-on-year. However, the operating cash flow net amount decreased by 25.44% to 122 million yuan [2][4] - The company is positioned as a global leader in intelligent operating system products and technologies, leveraging its strategic advantages to drive the development of the smart industry amid a new wave of intelligentization. A new growth curve is expected to gradually open up [2][4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1.469 billion yuan, representing a 24.69% increase year-on-year. The gross profit margin for Q1 was 36.28%, down 3.54 percentage points year-on-year, primarily due to increased personnel costs as the workforce grew from 13,119 in 2023 to 15,031. Operating costs increased by 32.02% year-on-year. However, the gross margin showed a significant recovery, increasing by 6.74 percentage points compared to the previous quarter [4][10] - The sales expense ratio, R&D expense ratio, and management expense ratio for Q1 were 3.54%, 19.20%, and 9.37%, respectively, showing a decrease compared to the same period last year [10] Growth Strategy - The company has outlined three main growth curves: 1. Capitalizing on the emerging trend of mobile operating systems to enter a rapidly growing market. 2. Enhancing existing business with edge AI to benefit from the increasing penetration of terminal intelligence. 3. Combining edge AI with innovative businesses, such as mobile robotics platforms, to fully leverage the opportunities presented by edge intelligence [10] - Recent product launches, including Drip OS 1.0 Evo, TurboX AI glasses, and mobile robot AMR, highlight the company's breakthroughs in AI-native operating systems and edge intelligence [10] Market Positioning - The company is firmly committed to its "operating system + edge intelligence" strategy, with a strong positioning expected to open up a new growth curve. The company has established long-term collaborations with leading players in the industry, including chip manufacturers and cloud service providers, to expand its ecosystem [10] - The company is well-positioned in the smart industry, aligning its business layout with the trend of value growth shifting from cloud to edge, and is expected to benefit from every wave of terminal intelligence opportunities [10]

周观点0525：海风户储边际改善， 固态电池一马当先 长江证券研究所电力设备与新能源研究小组 2025-05-25 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 | 分析师 邬博华 | 分析师 曹海花 | 分析师 司鸿历 | 分析师 叶之楠 | | --- | --- | --- | --- | | SAC执业证书编号：S0490514040001 | SAC执业证书编号：S0490522030001 | SAC执业证书编号：S0490520080002 | SAC执业证书编号：S0490520090003 | | SFC执业证书编号：BQK482 | | SFC执业证书编号：BUD284 | | | 分析师 袁澎 | 分析师 王耀 | 分析师 任佳惠 | 分析师 周圣钧 | | SAC执业证书编号：S0490524010001 | SAC执业证书编号：S0490524120006 | SAC执业证书编号：S0490524070005 | SAC执业证书编号：S0490524120003 | %% %% %% %% re ...

激浊扬清，周观军工 第120期： 可控核聚变硬科技或加速落地 长江证券研究所国防军工研究小组 2025-05-26 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 王贺嘉 分析师 王清 分析师 杨继虎 分析师 张晨晨 SAC执业证书编号：S0490520110004 SAC执业证书编号：S0490524050001 SAC执业证书编号：S0490525040001 SAC执业证书编号：S0490524080007 SFC执业证书编号：BUX462 联系人 张飞 联系人 李麟君 %% %% %% %% research.95579.com 2 目 录 02 航天电器：深耕航天受益景气反转， 产能已落地激励推动经营稳步提升 03 十五五规划编制稳步细化内部需求， 高端装备良好战绩或打开外部空间 04 预计九天无人机在六月底完成首飞， 先进军用无人机刺激内外列装需求 05 十四五收官务期必成：甄选产品力 提升、渗透率提升、客单价提升标的 01 可控核聚变关注度提升获超额收益， 国内外项目持续推进工程应用可期 %% res ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 7.23 billion yuan, a year-on-year increase of 4.9%, but a net profit attributable to shareholders of 310 million yuan, down 18.6% year-on-year [2][5] - The decline in product prices has put pressure on the company's performance, with significant decreases in the sales prices of key products such as glyphosate and organic silicon [11] - The company is expected to benefit from a recovery in product prices and the successful launch of new projects, which will enhance its profitability [11] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 1.1 billion yuan, which represents a 66.7% increase year-on-year [11] Financial Performance - In Q1 2025, the company's gross margin was 12.9%, down 1.5 percentage points year-on-year, and the net margin was 4.6%, down 0.9 percentage points year-on-year [11] - The company has a production capacity of 230,000 tons per year for glyphosate and 600,000 tons per year for organic silicon, with both products currently at historical low price levels [11] - The company expects net profits attributable to shareholders to be 1.93 billion yuan, 2.53 billion yuan, and 2.94 billion yuan for 2025, 2026, and 2027 respectively [11]

丨证券研究报告丨 [Table_Author] 邬博华 于海宁 曹海花 司鸿历 温筱婷 SAC：S0490514040001 SAC：S0490517110002 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524100002 SFC：BQK482 SFC：BUX641 SFC：BUD284 联合研究丨公司点评丨科华数据（002335.SZ） [Table_Title] 数据中心弹性初步体现，新能源亏损有望收 窄 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 年一季报，2024 年收入 77.57 亿元，同比-4.71%，实现归母净利 润 3.15 亿元，同比-37.90%，实现扣非净利润 2.85 亿元，同比-38.55%。拆分至单季度，2024 年四季度收入 23.64 亿元，实现归母净利润 0.77 亿元，实现扣非净利润 0.65 亿元；2025 年一 季度收入 12.16 亿元，同比+2.73%，实现归母净利润 0.69 亿元，同比-6.26%，实现扣非净利 润 0.61 亿元，同比+2.06%。 分析师及联系人 请阅 ...