Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 5.611 billion RMB, a year-on-year growth of 26.86%, and net profit of 564 million RMB, up 43.76% year-on-year [2]. - The company's strong performance is attributed to robust demand in the electronics sector, with leading manufacturers maintaining full production capacity and stable pricing despite pressure on copper prices [3]. - Innovations in terminal products are expected to drive upgrades in copper-clad laminates, breaking existing monopolies and fostering growth opportunities for the company [4]. - The company is positioned to capitalize on the growing ASIC market, leveraging its technical strengths in high-layer products to achieve rapid growth alongside the overseas ASIC supply chain [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a gross margin of 24.60%, an increase of 3.3 percentage points year-on-year, and a net profit margin of 11.31%, up 2.2 percentage points year-on-year [2]. Operational Analysis - The company is expected to maintain strong performance in H1 2025, with Q2 likely to continue the positive trend seen in Q1, although the outlook for H2 depends on the overall electronics industry climate [3]. Market Position and Growth Opportunities - The company is set to disrupt the current market by entering high-end product segments dominated by South Korean and Taiwanese manufacturers, driven by advancements in AI server and switch technologies [4]. - The company is anticipated to benefit from the increasing demand for ASIC products, particularly in collaboration with major tech firms [4]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 2.8 billion RMB, 3.84 billion RMB, and 4.36 billion RMB, respectively, with corresponding P/E ratios of 21x, 15x, and 13x [5].

业绩简评 2025 年 4 月 28 日，公司公布 2024 年报和 2025 年一季报。2024 年全年，公司实现营收 33.38 亿元，同比+25.14%；实现归母净利 润 5.21 亿元，同比+134.54%。2024 年四季度单季，公司实现营收 9.12 亿元，同比+14.76%；实现归母净利润 1.44 亿元，同比 +215.57%。2025 年一季度，公司实现营收 8.24 亿元，同比+16.37%； 实现归母净利润 1.41 亿元，同比+72.84%。 经营分析 半导体材料业务驱动业绩增长，降本控费提升运营效率。2024 年， 公司半导体板块业务实现收入 15.2 亿元，同比+77.40%，占公司 总营收比例持续提升。根据公司公告，公司的 CMP 抛光材料、半 导体显示材料产品已在国内主流晶圆厂、面板厂客户规模放量， 市场渗透率持续提升，部分产品已取得国内龙头或销售领先的地 位。公司前期孵化的半导体先进封装材料及高端晶圆光刻胶业务 均已取得销售收入，未来有望贡献利润。公司结合业务实际、寻 找降本点并持续跟进，销售、管理费用通过精细化管控实现优化， 2024 年期间费用率下降至 26.26%，其中 ...

公司发布 2024 年年报以及 2025 年 1 季报，2024 年全年公司实现 营收 104.35 亿元，同比-9.09%；实现归母净利润 12.02 亿元，同 比-23.19%。2025年1季度，公司实现收入32.41亿元，同比+2.04%， 实现归母净利润 4.35 亿元，同比+1.35%。 2024 年度，公司销售费用 2.32 亿元，同比+0.99%；管理费用 4.68 亿元，同比-9.60%，主要是排污费下降；财务费用-0.65 亿元，同 比-11.35%，主要是由于利息收入同比增加；研发费 3.58 亿元， 同比-14.32%，主要是研发领用的材料价格下降，致研发费用成本 下降。 分业务来看，2025 年 1 季度，公司原药产量 2.95 万吨，销量 2.87 万吨，价格 6.30 万元/吨，同比-8.83%；制剂产量 1.30 万吨，销 量 1.54 万吨，价格 5.66 万元/吨，同比-1.57%。2024 年全年，公 司原药产量 9.69 万吨，销量 9.99 万吨，价格 6.43 万元/吨；制 剂产量 3.54 万吨，销量 3.64 万吨，价格 4.25 万元/吨。 葫芦岛项目投资为公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to P/E ratios of 15, 13, and 11 respectively [5] Core Insights - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company has successfully launched new factories in Vietnam, Indonesia, and China to meet the growing demand, with two new shoe factories already operational in Q1 2025 [3] - The gross margin for Q1 2025 was 22.90%, down 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories [3] - The company is expected to gradually restore its profitability as new factories improve operational efficiency through optimized training mechanisms and the deployment of smart production equipment [3] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth, while the net profit attributable to the parent company was 762 million RMB, down 3.25% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, marking an 8.24% year-on-year increase, with a slight growth in average selling price (ASP) [3] - The company’s gross margin was impacted by new factory ramp-ups, but the net profit margin was 14.26%, down 2.30 percentage points year-on-year [3] Market and Client Dynamics - The company is less affected by tariffs due to its Southeast Asian factories using a processing model and local sourcing of over 50% of raw materials in Vietnam [4] - The company is expected to benefit from new client orders, particularly from Adidas, as it continues to expand its customer base despite slower growth from major clients like Nike [4] Profit Forecast and Valuation - The company is projected to achieve net profits of 44.23 billion, 50.74 billion, and 57.92 billion RMB from 2025 to 2027, with corresponding P/E ratios of 15, 13, and 11 [5]

4 月 28 日晚间公司发布 24 年年报及 25 年一季报，24 年全年实现 营收 880.0 亿元，同比-8.3%；实现归母净利润 77.5 亿元，同比 +18.9%。1Q25 实现营收 176.0 亿元，同比-12.1%；实现归母净利润 10.7 亿元，同比-40.8%。2024 年度计划现金分红 0.29 元/股，同比 +0.04 元/股，现金分红比例约 50.2%，当前股价对应股息率约 5.0%。 24 年增量降本火电盈利实质性改善。24 年公司完成上网电量 1647 亿度，同比+6.6%，主因：1）六横电厂二期项目全面投产，叠加镇 海天然气#3、镇海联合#7 机组投产，公司火电装机规模净增 205.1 万千瓦；2）浙江省用电需求景气+省内电力供需偏紧需火电顶峰保 供，公司煤机利用小时数同比+99 小时、达 5632 小时。成本方面， 24 年公司度电燃料及备件成本同比-8.3%，大于火电不含税综合平 均上网电价降幅、即 3.6%。 25 年电价降幅大于成本降幅，Q1 盈利暂承压。1Q25 公司完成上网 电量 366 亿千瓦时、同比基本持平，营收下降主因电价下降：根据 国网浙江公司，3M25 浙江省 ...

业绩简评 4 月 28 日公司发布 24 年报和 25Q1 季报，24 年公司营收/归母净 利 / 扣非净利 分别同比 -3.81%/-29.38%/-26.92% 至 184.8/14.17/13.01 亿元，其中 24Q4 收入同比-7.8%至 46.8 亿元。 25Q1 营收/归母净利/扣非净利分别同比+12.9%/+23.5%/+22.2%至 49.1/5.2/4.6 亿元。分红为每股现金分红 1.38 元。 计提减值影响 24 年业绩，收入结构变化致毛利率小幅下降：公司 24 年整体利润下降除经营性因素外主因一方面公司计提 20 红星 03 债券减值 2.13 亿，另一方面 2024 年商誉减值 0.5 亿元及剥离 部分子公司。毛利率方面，公司 24 年/25 年 Q1 毛利率同比-0.1/- 0.7pct 至 32.72%/32.40%，预计主因公司一方面低毛利率的定制 家具业务在内销收入中占比提升，另一方面低毛利率的外销收入 占比 24 年提升。费用率方面，公司 24 年销售/管理/研发/财务费 用率分别同比+0.5/+0.2/+0.2/-0.2pct 至 17.8%/2.0%/1.5%/- 0 ...

业绩简评 4 月 28 日公司发布 24 年报和 25Q1 季报，24 年公司营收/归母净 利 / 扣非净利 分别同比 -3.81%/-29.38%/-26.92% 至 184.8/14.17/13.01 亿元，其中 24Q4 收入同比-7.8%至 46.8 亿元。 25Q1 营收/归母净利/扣非净利分别同比+12.9%/+23.5%/+22.2%至 49.1/5.2/4.6 亿元。分红为每股现金分红 1.38 元。 经营分析 外销持续稳健增长，内销 25Q1 预计恢复增长：分区域看，公司外 销依托海外区域持续拓展叠加海外产能优势，24 年收入同比增长 11.3%至 83.67 亿元。内销方面，2024 年地产整体销售、竣工偏 弱，外部环境令公司业绩承压，公司 24 年内销收入同比-14.4%, 其中 24Q4 随着国补政策刺激，前端接单情况有所改善，而出货节 奏滞后预计使得报表端仍承压。25Q1 内销随着出货节奏加快叠加 25 年国补延续，预计整体已恢复个位数增长，而外销 25Q1 受关税 影响有限，预计仍延续双位数增长态势。 计提减值影响 24 年业绩，收入结构变化致毛利率小幅下降：公司 24 年整体利润 ...

事件 2025 年 4 月 28 日公司发布了 2024 年报和 2025 年 1 季报，2024 年全年营业总收入 318 亿元，同比增加 22.4%；归母净利润 40.6 亿元，同比增长 31.4%。2025 年 1 季度营业总收入 84 亿元，同比 增长 15.3%，环比增长 2.9%；归母净利润 10.4 亿元，同比增长 0.47%，环比增长 26.8%。 经营分析 轮胎产销量规模快速增长，成本压力下经营业绩仍然稳健。2024 年公司轮胎产量为 7481 万条，同比增长 27.6%；轮胎销量为 7216 万条，同比增长 29.3%。2025 年 1 季度公司轮胎产量为 1988 万 条，销量为 1937 万条，销量同比增长 16.84%，实现收入同比增长 16.37%；受产品结构变化等因素影响，轮胎销售均价同比下降 0.4%，环比下降 2.35%；成本方面 1 季度公司天然橡胶、合成橡 胶、炭黑、钢丝帘线四项主要原材料的综合采购价格同比增长 4.51%，环比下降 7.94%。在原料成本压力和海外关税风险等多重 负面影响下，公司仍然维持了较好的业绩表现。 坚持全球化战略，海外墨西哥和印尼基地稳步推进。过 ...

业绩简评 风险提示 宏观经济波动；原材料价格波动；项目进展不及预期。 4 月 28 日，公司发布 25 年一季报，25Q1 公司实现收入 35.6 亿 元，同比+7.9%，归母净利润 2.3 亿元，同比+10.8%。 经营分析 业绩超预期，主要源于毛利率回升。根据公司 25 年一季报，公司 25Q1 毛利率 21.5%，同比+1.6pct，或由海外设备收入确认以及气 体项目爬坡、固定成本摊薄所致。 看好公司空分设备业绩释放。根据公司 24 年年报，公司 2024 年 空分设备毛利率 29.9%，依然维持在非常高的水平，盈利能力稳健。 根据石油和化工采供资讯，2025 年 4 月 8 日，新疆山能化工有限 公司准东五彩湾 80 万吨/年煤制烯烃项目空分技术、工艺包及成 套设备专项招标中标候选人公示，第一中标候选人为公司。据我们 测算，未来五年平均每年新增现代煤化工产能对应的空分设备需 求不少于 187 万 Nm3 /h，即 2018-2024 年平均水平的 2.0 倍，2022 年公司在国内空分设备市占率为 43.2%，居第一。看好公司空分设 备业务受益于国内现代煤化工扩产。 盈利预测、估值与评级 预测 25/ ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a net profit growth of 44.23 billion, 50.74 billion, and 57.92 billion RMB for the years 2025 to 2027, corresponding to PE ratios of 15, 13, and 11 times respectively [5] Core Views - The company reported a revenue of 5.353 billion RMB in Q1 2025, a year-on-year increase of 12.34%, while the net profit attributable to the parent company was 762 million RMB, a decrease of 3.25% [2] - The company is experiencing stable orders with short-term profit margins affected by the ramp-up of new factories, but overall performance is in line with expectations [2] - The company is benefiting from a strong customer base, particularly with new clients like Adidas, which is expected to drive growth despite challenges in the broader market [4] Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 5.353 billion RMB, reflecting a 12.34% year-on-year growth. The net profit attributable to the parent company was 762 million RMB, down 3.25% year-on-year, while the non-recurring net profit was 751 million RMB, also down 3.35% [2] Operational Analysis - The company sold 49 million pairs of sports shoes in Q1 2025, an increase of 8.24% year-on-year, with an increase in average selling price (ASP) contributing to order growth. New customer orders have significantly increased, particularly following the partnership with Adidas that began in Q4 2024 [3] - The gross margin for Q1 2025 was 22.90%, a decrease of 5.47 percentage points year-on-year, primarily due to the efficiency ramp-up of new factories. The company plans to enhance operational efficiency through training and the deployment of smart production equipment [3] Market and Client Dynamics - The company is minimally affected by tariffs due to its Southeast Asia factories operating under a processing model, with over 50% of raw materials sourced locally in Vietnam. The company’s production capacity is concentrated in Vietnam and Cambodia, which mitigates the impact of tariff increases announced by the U.S. [4] - The growth strategy relies heavily on new clients like Adidas and On, with strong order momentum expected to continue. The company’s customer acquisition capabilities are highlighted as a key strength, allowing it to achieve rapid growth even as major clients like Nike experience slower growth [4]