Investment Rating - The report maintains a "Buy" rating for BYD, indicating an expected price increase of over 15% in the next 6-12 months [8][10]. Core Insights - BYD's Q1 2025 performance aligns with expectations, driven by strong overseas sales, which increased by 110.2% year-on-year, contributing to a stable profit matrix despite domestic challenges [2][3]. - The company is entering a mid-term phase of volume and price growth, supported by cost advantages and scale effects, with projected net profits of 52.2 billion, 62.7 billion, and 82.4 billion RMB for 2025, 2026, and 2027 respectively [3][7]. - The report highlights that while domestic single-vehicle profitability has been impacted, the increase in export volume has helped maintain overall stability [2][3]. Financial Summary - Q1 2025 revenue reached 170.36 billion RMB, with automotive sales of 1.001 million units, reflecting a year-on-year increase of 60.3% [1]. - The gross profit margin for Q1 was 20.1%, with automotive gross margin at 23.9%, showing slight declines compared to previous periods [1][2]. - The report forecasts revenue growth rates of 42.04%, 29.02%, and 21.78% for 2023, 2024, and 2025 respectively, with net profit growth rates of 80.72%, 34.00%, and 29.69% for the same years [7][9].

电视 ODM 业务：根据 DISCIEN 数据显示，2024 年全年公司智能显 示终端业务实现出货量 1250 万台，同比增长 14%，电视 ODM 业务 出货位居全球第二。战略上公司电视 ODM 制造业务面向海外市 场，聚焦于本土渠道、内容OS运营的新兴品牌。产能端，公司海 外工厂在2024年上半年开始量产，更具备产能规模化优势。技术 层面，公司依托 Mini LED 背光核心供应链的技术优势，积极发展 Mini LED 电视产品。 LED：LED 芯片业务，截至 2024 年底，公司芯片业务总产销量为 110 万片/月（4 寸片），氮化镓芯片产销量高达 105 万片/月（4 寸片），蓝绿光芯片产能全球第一，砷化镓芯片产销量为 5 万片 /月（4寸片），其中Mini RGB芯片在全球市场上占据主导地位。 技术端，2024年公司Mini LED芯片尺寸从03*06mil微缩到02*06 mil，Mini RGB 芯片单月出货高达 15000KK 组，市场占有率超过 50%。COB 直显业务，产能端，截至 2024 年底，以 P1.25 点间距 为基准，公司 COB 显示模组产能达到 25000 平方米/月，全 ...

业绩简评 2025 年 4 月 25 日，公司发布 2024 年年度报告。2024 年公司实现 收入 28.74 亿元（同比+0.96%），实现归母净利润 5.01 亿元（同 比+0.20%），扣非归母净利润 4.96 亿元（同比+3.18%）。 同时公司发布 2025 年一季度报告，25Q1 公司实现营业收入 7.45 亿元（同比+5.11%），实现归母净利润 1.84 亿元（同比+6.22%）， 扣非归母净利润 1.82 亿元（同比+7.08%）。 经营分析 种植业务以量补价，增长稳健。拆分业务来看，2024 年公司种植 业务实现收入 5.30 亿元（同比+10.60%），业务收入占比提升至 19.39%，这主要得益于集采后种植牙价格下降带来的需求释放，公 司通过以量补价，集采效应释放，实现了业务的增长。正畸业务收 入 4.74 亿元（同比下降 5.05%），其中隐形矫治占比约 15%。儿科 业务收入 5.01 亿元（同比+0.29%），修复业务收入 4.62 亿元（同 比+1.53%），大综合业务收入 7.65 亿元（同比+1.27%），均保持 相对稳定，体现了口腔诊疗的刚需属性。 省内蒲公英计划深化， ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 8.45 billion yuan in 2024, representing a year-on-year increase of 5.9%. However, it reported a net loss of 150 million yuan, a significant decline of 242.0% year-on-year, primarily due to uncertainty in recovering receivables from its largest customer, leading to a provision for bad debts of 300 million yuan [2][4] - The company experienced a mixed performance across regions, with domestic revenue growing by 3.6% to 1.48 billion yuan, while overseas revenue increased by 6.7% to 6.75 billion yuan in 2024. In Q4 2024, domestic revenue decreased by 8.5%, while overseas revenue grew by 6.2% [3] - The company's gross margin for 2024 decreased by 1.5 percentage points to 36.9%, attributed to a higher proportion of overseas OEM business and changes in product mix. The increase in sales expenses was driven by the promotion of its own brand and cross-border e-commerce operations [4] Summary by Sections Performance Overview - In 2024, the company reported a revenue of 84.5 billion yuan and a net profit of -1.5 billion yuan, with Q4 figures showing revenue of 23.2 billion yuan and a net profit of 1.56 million yuan [2] Operational Analysis - Domestic and overseas revenues for 2024 were 14.8 billion yuan and 67.5 billion yuan, respectively. The company continues to optimize its store operations and enhance its brand presence [3] - The company has 174 direct-operated stores and 848 distribution stores, with steady growth in single-store revenue [3] Profitability Forecast - The company expects EPS for 2025-2027 to be 0.46, 0.63, and 0.80 yuan, respectively, with corresponding PE ratios of 15, 11, and 8 times [5] Financial Projections - Revenue is projected to grow to 93.77 billion yuan in 2025, with a net profit forecasted to recover to 262 million yuan [10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company achieved a revenue of 1.034 billion RMB in 2024, representing a year-on-year growth of 37%. The net profit attributable to shareholders was 221 million RMB, up 23% year-on-year [3]. - The optical prism business saw significant growth, with revenues reaching 654 million RMB, a 59.01% increase year-on-year, driven by rising demand for micro-prism products in smartphone camera modules [4]. - The company is optimistic about the growth potential of its optical prism and glass aspheric lens businesses, supported by production advantages and capacity reserves [4]. - Profit forecasts for 2025-2027 project net profits of 355 million, 487 million, and 645 million RMB, reflecting growth rates of 61.14%, 37.04%, and 32.52% respectively [5]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 248 million RMB, a decrease of 6% year-on-year and a 39% decline quarter-on-quarter. For Q1 2025, revenue increased to 256 million RMB, a 53% year-on-year rise [3]. Operational Analysis - The glass wafer business generated 73 million RMB in revenue, marking a 38.91% year-on-year increase, with a focus on AR/VR and automotive applications [4]. - The company is developing AR waveguide modules and has established strong ties with leading downstream customers [4]. Profit Forecast and Valuation - The projected P/E ratios for 2025, 2026, and 2027 are 27, 20, and 15 times respectively, indicating a favorable valuation outlook [5]. - The company’s revenue is expected to grow from 1.501 billion RMB in 2025 to 2.275 billion RMB in 2027, with corresponding net profit growth [10].

Investment Rating - The report maintains a "Buy" rating for the company, with expected EPS for 2025-2027 at 2.95, 3.60, and 4.10 RMB respectively, corresponding to PE ratios of 9, 8, and 7 times [5]. Core Insights - The company achieved a revenue of 11.03 billion RMB in 2024, representing a year-on-year growth of 34.6%, while the net profit attributable to shareholders was 260 million RMB, showing no change year-on-year [2]. - The cross-border e-commerce business is a significant growth driver, with notable revenue contributions from various segments, particularly the OBM business, which grew by 77% to 5.94 billion RMB [2][4]. - The company is pursuing a dual strategy of "manufacturing going abroad and brand going abroad," aiming for quality growth while optimizing asset allocation and improving operational efficiency [4]. Revenue and Profit Analysis - In 2024, the company reported revenues of 35.5 billion RMB from office furniture, 14.3 billion RMB from soft furniture, 10.2 billion RMB from panel furniture, 15.3 billion RMB from new material flooring, and 34.6 billion RMB from comprehensive home furnishings, with respective year-on-year growth rates of 2.4%, 10.8%, -8.8%, 2.9%, and 331.1% [2]. - The gross profit margin for 2024 decreased by 5.2 percentage points to 18.5%, primarily due to rising shipping costs and price reductions for cross-border e-commerce inventory [3]. Cost and Expense Management - The company saw a decline in inventory by 4.3 billion RMB to 18.9 billion RMB in Q1 2025, indicating effective inventory optimization [3]. - The expense ratios for sales, management, R&D, and financial expenses for the full year of 2024 were 7.1%, 3.9%, 2.1%, and 0.4% respectively, with a notable decrease in sales expense ratio in Q1 2025 due to reclassification of delivery fees and discounts [3]. Future Projections - The company expects stable performance in traditional OEM business amid steady overseas demand and increasing trade frictions, while overall revenue growth in Q1 2025 is projected at 12.7%, mainly driven by cross-border e-commerce [2][4].

Investment Rating - The report maintains a "Buy" rating for the company, with an expected increase in stock price of over 15% in the next 6-12 months [5]. Core Views - The company reported a revenue of 89.18 billion RMB in 2024, a year-on-year increase of 7.1%, and a net profit attributable to shareholders of 31.85 billion RMB, up 5.4% year-on-year [2]. - In Q1 2025, the company achieved a revenue of 36.94 billion RMB, reflecting a 6.1% year-on-year growth, and a net profit of 14.86 billion RMB, which is a 5.8% increase year-on-year, slightly exceeding market expectations [2]. - The company aims to consolidate and enhance its stable development, focusing on increasing brand value and market share, with revenue growth aligned with macroeconomic indicators [4]. Performance Summary - In 2024, the main brand and strong aroma liquor structure continued to optimize, with banquet main brand revenue growing by 30% and strong aroma liquor by 52% [3]. - The revenue from the main product, Wuliangye, reached 67.88 billion RMB, up 8.1% year-on-year, while other liquors generated 15.25 billion RMB, an increase of 11.8% year-on-year [3]. - The company’s gross profit margin for 2024 was 35.7%, a decrease of 0.6 percentage points year-on-year, while the gross profit margin for Q1 2025 was 40.2%, down 0.1 percentage points year-on-year [4]. Financial Projections - The company expects revenues to grow by 5% in 2025, 5% in 2026, and 7% in 2027, with net profits projected to increase by 5% in 2025, 6% in 2026, and 8% in 2027 [5]. - The earnings per share (EPS) are forecasted to be 8.64 RMB in 2025, 9.18 RMB in 2026, and 9.89 RMB in 2027, with corresponding price-to-earnings (PE) ratios of 15, 14, and 13 [5].

2025 年 04 月 26 日 江苏国信（002608.SZ） 增持（维持评级） 公司点评 证券研究报告 煤价下行驱动利润高增，25 年装机放量可期 用电需求增长+利用小时提升，24 年火电发电量持续增长，25 年后 续装机放量可期。江苏省 24 年用电量同比+8.3%、高于全国平均 1.5pct，此外公司国信滨电百万千瓦煤电 3 号机组于 24 年底投产放 量，叠加山西煤电、江苏气电利用小时数提升带动公司 24 年利用小 时数同比+0.9%，公司 24 年总发电量 722.01 亿千瓦时、同比+2.2%。 江苏电力供需偏紧格局为电价提供有力支撑，公司 24 年平均上网电 价 0.469 元/千瓦时、同比小幅-0.9%。此外，国信滨电第二台 100 万千瓦超超临界燃煤发电机组于 25 年 4 月投产，且国信沙洲、国信 马洲百万千瓦煤电机组有序建设中，预计集中于 25 年投产、有望带 来 25 年控股在运机组总量近 25%的增幅，持续贡献装机增量。 煤价中枢下行，对 2024-1Q25 利润增长起到重要驱动作用。24 年起 国内煤炭产能增长、进口煤供应增加，供给侧放量背景下市场煤价、 长协煤价中枢同比分别回落 ...

年 月 日 史新高 业绩简评 2025 年 4 月 25 日，公司发布 24 年报和 25 年一季报，2024 年公 司实现营业收入 779 亿元，同比增长 8%；归母净利润 110 亿元， 同比增长 17%。2025 年一季度实现营业收入 190 亿元，同比增长 51%，归母净利润 38 亿元，同比增长 83%，大幅超出市场预期。 经营分析 逆变器出货稳步增长，丰富阳台光伏产品布局：2024 年光伏逆变 器全球发货 147GW，同比增长 13%。毛利率 30.90%，同比-1.94pct。 公司 2024 年发布了首个微型逆变器系列，MLPE 产品（微逆、关断 器、优化器）实现批量发货，丰富在阳台光伏领域的产品布局。 2024 年及 2025 年一季度经营现金流均创历史新高：公司经营质 量不断提升，2024 年经营现金流 121 亿元，同比大幅增长 73%， 创历史新高。2025 年一季度经营现金流 17.9 亿元，扭转了历史上 Q1 现金流为负的局面。 海外逆变器产能充足，有望对冲部分美国关税冲击：近期美国关 税政策变动频繁，公司海外产能位于印度和泰国（合计 25GW），"对 等关税"税率分别对应 36% ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected profit growth of 22% in 2025 and 16% in 2026 [5]. Core Insights - The company reported a revenue of 2.651 billion RMB for 2024, an increase of 11.91% year-on-year, while the net profit attributable to shareholders was 233 million RMB, a decrease of 22.52% year-on-year [2]. - The first quarter of 2025 showed a revenue of 669 million RMB, up 7.18% year-on-year, with a net profit of 58 million RMB, down 4.19% year-on-year [2]. - The company is experiencing a recovery in downstream demand, particularly in the catering sector, which has led to improved sales across various product lines [3]. - The gross margin is stabilizing due to an increase in customized product demand, with Q4 2024 gross margin at 35.52% and Q1 2025 at 32.61% [4]. - The company is focusing on expanding its customer base and enhancing its product offerings to drive future growth [4]. Financial Performance Summary - For 2024, the company achieved a revenue of 2.651 billion RMB, with a growth rate of 11.91% [9]. - The net profit for 2024 was 233 million RMB, reflecting a decline of 22.52% compared to the previous year [9]. - The projected net profits for 2025, 2026, and 2027 are 284 million RMB, 330 million RMB, and 373 million RMB, respectively, indicating growth rates of 21.92%, 16.10%, and 12.92% [9]. - The company’s diluted earnings per share for 2025 is estimated at 0.711 RMB, increasing to 0.932 RMB by 2027 [9].