Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [11][13]. Core Insights - The "Self-Pleasing" new consumption concept supports the successful launch of the SU7, with the YU7 expected to replicate this success. Xiaomi is accelerating its layout of extended-range models, entering a strong product cycle, and is expected to achieve rapid sales of one million vehicles. Based on Xiaomi's steady growth trend in high-end penetration in its smartphone and IoT businesses, as well as the rapid ramp-up of its automotive segment, the projected net profit attributable to shareholders for 2025, 2026, and 2027 is estimated to be 35.404 billion, 51.653 billion, and 65.531 billion yuan respectively [4][11]. Summary by Sections SU7 Initial Success and YU7 Potential - The 200,000 to 300,000 yuan price segment for cars is continuously expanding, with the SU7 positioned accurately and establishing a mid-to-high-end brand tone, achieving an average monthly sales of 23,000 units since its launch. The YU7 is expected to target a larger market and leverage its comprehensive strengths to potentially become another bestseller [7][34]. Xiaomi's Methodology and Automotive Success - Xiaomi's success in the smartphone and IoT sectors has led to the development of a unique "User + Product + Technology + Efficiency" methodology. This includes a large fan base, self-developed motor and control technology, supply chain management to reduce production costs, and a focus on creating blockbuster products [8][9]. Strong Model Cycle and Sales Projections - The high-end market is expanding, with significant opportunities for domestic alternatives in the electric and intelligent vehicle sectors. The projected sales for the high-end passenger car market (priced above 200,000 yuan) in 2024 is 9.443 million units, a year-on-year increase of 4.8%. The CAGR for high-end market sales from 2020 to 2024 is 14.6%, with domestic brands expected to capture a growing market share [9][10]. Brand Synergy and Ecosystem Integration - The launch of the SU7 not only marks the realization of Xiaomi's car manufacturing plans but also extends its "Smartphone + AIoT" ecosystem strategy into the automotive sector. The interconnected ecosystem enhances user stickiness and drives revenue growth across other product lines, with the lifetime value of automotive users exceeding 230,000 yuan [10][11]. Investment Recommendations - The report emphasizes the potential for Xiaomi to replicate Tesla's profitability rhythm, with expectations for the automotive segment to turn profitable by 2025, and a projected net profit per vehicle exceeding 10,000 yuan [9][10].

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - In 2024, the company achieved operating revenue of 2.417 billion yuan, a year-on-year increase of 25.49%, and a net profit attributable to shareholders of 1.049 billion yuan, turning from loss to profit. For Q1 2025, the company reported operating revenue of 561 million yuan, a slight increase of 0.26%, while the net profit attributable to shareholders was 246 million yuan, a decrease of 2.18% [2][6]. - The company is focusing on its core performing arts business, streamlining operations. Upgrades to existing projects are enhancing reception capacity and economic efficiency, while new projects are gradually maturing and generating new contracts, establishing a foundation for stable long-term growth. The projected net profits for 2025-2027 are 1.215 billion, 1.363 billion, and 1.477 billion yuan, with corresponding P/E ratios of 21, 18, and 17 times [2][6]. Summary by Sections Financial Performance - In 2024, the company's cultural and artistic business revenue from live performances and tourism services grew by 17.5% and 76.79% respectively, driven by the success of the Xi'an and Guangdong "Eternal Love" performances. The Xi'an venue achieved a record of 17 shows per day, while the Guangdong venue opened on February 10 and quickly became profitable [12]. - The company's net profit margin turned positive at 44.47% in 2024, compared to a negative margin in 2023 due to impairment losses. The gross margin increased by 1.26 percentage points to 67.61%, although operating expense ratios also rose [12]. Project Development - The company is actively upgrading existing projects and signing new ones. In 2024, it continued to enhance projects like Hangzhou Paradise and Sanya "Eternal Love". A new light-asset project, "Silk Road Eternal Love", is expected to open in July 2026, contributing to the company's growth [12]. Earnings Forecast - The company is expected to see net profits of 1.215 billion, 1.363 billion, and 1.477 billion yuan for 2025, 2026, and 2027 respectively, with P/E ratios of 21, 18, and 17 times. The focus on the performing arts sector and the successful execution of new projects are key drivers for this growth [2][12].

丨证券研究报告丨 公司研究丨点评报告丨华致酒行（300755.SZ） [Table_Title] 华致酒行 2024 年报点评：业绩有所承压， 静待需求回暖 报告要点 [Table_Summary] 公司发布 2024 年报，2024 年实现营收 94.6 亿元，同比下滑 6.5%，实现归母净利润 4445 万 元，同比下滑 81.1%。单四季度，实现营收 16.3 亿元，同比下滑 12.6%，归母净亏损 1.2 亿 元，去年同期为盈利 435 万元。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华致酒行（300755.SZ） cjzqdt11111 [Table_Title 华致酒行 2024 2] 年报点评：业绩有所承压，静待 需求回暖 [Table_Summary2] 事件描述 公司发布 2024 年报，2024 年实现营收 94.6 亿元，同比下滑 6.5%，实现归母净利润 4445 万 ...

丨证券研究报告丨 公司研究丨点评报告丨荣泰健康（603579.SH） [Table_Title] 业绩阶段性回落，积极拓展增量 荣泰健康（603579.SH） cjzqdt11111 报告要点 [Table_Summary] 2024 年全年公司实现营收 15.97 亿元，同比-13.92%，实现归母净利润 1.92 亿元，同比-5.31%， 实现扣非归母净利润 1.63 亿元，同比-12.47%；其中，2024Q4 公司实现营收 4.33 亿元，同比 -22.34%，实现归母净利润 0.49 亿元，同比-3.02%，实现扣非归母净利润 0.36 亿元，同比- 30.28%。2025 Q1 公司实现营收 3.95 亿元，同比-1.41%，实现归母净利润 0.44 亿元，同比- 29.97%，实现扣非归母净利润 0.32 亿元，同比-46.83%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 业绩阶段性回落，积极拓展增量 ...

丨证券研究报告丨 公司研究丨点评报告丨巨人网络（002558.SZ） [Table_Title] 小游戏表现亮眼，关注新游进展及 AI 赋能 报告要点 [Table_Summary] 巨人网络发布 2024 年报，公司 2024 年实现营收 29.23 亿元（同比-0.05%），归母净利润 14.25 亿元（同比+31.15%），扣非净利润 16.23 亿元（同比+18.23%），其中 24Q4 实现营收 7.04 亿 元（同比+7.23%/环比-10.97%）， 实现归母净利润 3.54 亿元（同比+21776%/环比+0.28%）， 实现扣非净利润 3.49 亿元（同比+35.96%/环比-10.58%）。公司核心产品表现稳健，小游戏业 务快速增长，《原始征途》小程序贡献显著增量。公司数款储备新游积极推进，并实现游戏+AI 的全面布局。 分析师及联系人 [Table_Author] 高超 杨云祺 SAC：S0490516080001 SAC：S0490524090002 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 风险提示 1、产品 ...

丨证券研究报告丨 公司研究丨点评报告丨达梦数据（688692.SH） [Table_Title] 达梦数据2024年年报点评：行业信创稳步推进， 营收利润快速增长 报告要点 [Table_Summary] 本报告期内公司营业收入同比增长 31.49%，主要原因包括：（1）受益于能源、交通等领域信 息化建设的加速推进及相关采购的增长，软件产品使用授权业务收入较上年同期增长 22.79%； （2）公司积极推进在实施项目的交付与验收，本期数据及行业解决方案业务收入同比增长 204.51%。公司核心业务毛利率稳健，2024 年 Q4 季度盈利能力大幅回升。信创有望再加速， 公司在稳健增长基础上有望提速。 分析师及联系人 [Table_Author] 宗建树 余庚宗 SAC：S0490520030004 SAC：S0490516030002 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 达梦数据（688692.SH） cjzqdt11111 [Table_Title 达梦数据 2024 2] 年年报点评：行业信创稳步推 进，营收利润快速增长 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In Q1 2025, the company's revenue increased by 10% quarter-on-quarter, showing an acceleration compared to the previous two quarters. The growth in 2025 is primarily driven by the release of production capacity in Thailand and the ramp-up of the 1.6T optical engine [2][5]. - The gross margin slightly declined, while net profit margin was affected by exchange rate fluctuations. The company's overseas bases enhance delivery capabilities, helping to mitigate tariff impacts [2][5]. - The CPO/OIO market presents significant long-term opportunities, with the company establishing strong ties with major overseas clients, leading to a premium in valuation [2][5]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 945 million yuan, a year-on-year increase of 29% and a quarter-on-quarter increase of 10%. The net profit attributable to the parent company was 338 million yuan, a year-on-year increase of 21%, but a quarter-on-quarter decline of 8% [5]. - The gross margin for Q1 2025 was 53%, down 2.5 percentage points year-on-year and 1.4 percentage points quarter-on-quarter. The net profit margin was 35.8%, down 2.5 percentage points year-on-year and 6.9 percentage points quarter-on-quarter, primarily due to exchange rate fluctuations [2][5]. Market and Production Insights - The company is actively expanding production capacity in the optical passive device sector, with the first phase of the Thailand production line expected to start delivering soon. The second phase is also in preparation for expansion [2][5]. - The shift in focus from 800G products to 1.6T products by major clients is anticipated to accelerate delivery volumes in upcoming quarters, with the company well-prepared for this capacity increase [2][5]. Future Outlook - The company forecasts net profits of 2.081 billion yuan, 2.741 billion yuan, and 3.386 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 55%, 32%, and 24%. The projected price-to-earnings ratios are 19x, 14x, and 11x [2][5].

丨证券研究报告丨 公司研究丨点评报告丨中国电信（601728.SH） [Table_Title] 中国电信 2025Q1 业绩点评： 经营业绩保持稳健，IDC 业务加速增长 报告要点 [Table_Summary] 2025Q1，公司经营业绩保持稳健。传统业务方面，公司移动通信业务稳健发展，固网及智慧家 庭业务保持良好增长。新兴业务方面，公司 IDC 业务加速增长，智能收入、视联网等业务延续 快速增长趋势，新动能表现强劲。经营性现金流主要受回款周期较长的产数业务扩张影响，但 公司应收账款增速已开始回落，说明公司应收账款控制已有所成效。展望全年，公司明确指引 全年实现收入、EBITDA、净利润保持良好增长。 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 分析师及联系人 [Table_Author] 1 中国电信（601728.SH） cjzqdt11111 [Table_Title 中国电信 2025Q1 2] 业绩点评： 经营业绩保持稳健，IDC 业务 ...

丨证券研究报告丨 公司研究丨点评报告丨英维克（002837.SZ） [Table_Title] 英维克 2024&25Q1 业绩点评： Q1 受确收节奏影响，在手订单处历史高位 报告要点 [Table_Summary] 2024 年公司营收及利润延续多年的快速增长，25Q1 业绩主要受确收节奏影响，存货及合同负 债均进一步扩大，公司在手待发货订单数据处于历史高位。毛利率主要受会计准则调整影响， 剔除会计调整影响后的变动幅度可接受。伴随公司中山、郑州基地陆续投产，以及当前服务的 国际巨头对研发和快速响应能力要求更高，公司人员投入有所加大，长期利好公司内生增长延 续。公司液冷交付规模行业领先，凭借端到端、全链条能力和方法论，持续获得海外大客户的 认可，我们看好公司海外市场突破。 分析师及联系人 [Table_Author] 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 英维克（002837.SZ） cjzqdt11111 [Table_Title 英维 ...

丨证券研究报告丨 公司研究丨点评报告丨光迅科技（002281.SZ） [Table_Title] 营收及库存高增长，数通市场景气度高 报告要点 [Table_Summary] 24 年 400G 及 800G 数通光模块上量，驱动营收及毛利率增长。季度来看，24Q4&25Q1 营收 及库存高增长，反映下游景气度高。25Q1 毛利率为 23 年以来新高，费用及其他损益对净利率 有所拖累。发布股权激励激励核心骨干，驱动后续增长。 分析师及联系人 [Table_Author] 1 光迅科技（002281.SZ） cjzqdt11111 [Table_Title2] 营收及库存高增长，数通市场景气度高 [Table_Summary2] 事件描述 4 月 23 日，公司发布 2024 年年报及 2025 年一季报，2024 年实现营收 82.72 亿元，同比增 长 36%，实现归母净利润 6.61 亿元，同比增长 7%，实现扣非净利润 6.3 亿元，同比增长 12%。 2025 年一季度，公司实现营收 22.22 亿元，同比增长 72%，环比下滑 23%，实现归母净利润 1.50 亿元，同比增长 94%，环比下滑 24 ...