Group 1 - The report predicts that the scale of institutional capital inflow into A-shares may increase, with annual average insurance capital inflow estimated at approximately 90 to 110 billion yuan, and potential incremental inflow ranging from 2 to 3.5 trillion yuan [4][7][9] - The report outlines that from 2025, large state-owned insurance companies are expected to allocate 30% of their newly added premiums to invest in A-shares, leading to an overall potential annual insurance capital inflow of about 90 to 110 billion yuan from 2025 to 2030 [4][7][9] - The report suggests that foreign capital is likely to maintain a net inflow trend, with the net inflow scale for 2025 estimated to be between 60 to 150 billion yuan, supported by policies encouraging foreign investment in A-shares [4][9][10] Group 2 - The report anticipates that the scale of public funds will further increase, with an expected addition of 300 to 500 billion shares in 2025, driven by a policy that mandates a minimum annual growth of 10% in the market value of A-shares held by public funds [4][12][14] - Historical data indicates that the new issuance of public funds is expected to grow annually, with various scenarios predicting new public fund shares in 2025 ranging from 330 to 500 billion shares depending on different growth rates [4][12][14] - The report highlights that the total market value of A-shares held by public funds could exceed 10 trillion yuan by 2026, reinforcing the stabilizing role of institutional investors in the equity market [4][12][14]

2025 年 01 月 22 日 策略类●证券研究报告 政策强化春季行情开启 事件点评 投资要点 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 | 分析师 | 邓利军 | | --- | --- | | SAC | 执业证书编号：S0910523080001 | | | denglijun@huajinsc.cn | | 报告联系人 | 张欣诺 | | | zhangxinnuo@huajinsc.cn | | 报告联系人 | 张诗瀑 | | | zhangshipu@huajinsc.cn | 相关报告 新股整体交投情绪或有稳定迹象，不排除将 进 入 布 局观 察 窗 口 - 华 金 证 券新 股 周 报 2025.1.19 春季行情可能开启 2025.1.18 北向资金四季度流入非银、传媒、电新 2025.1.14 二级交投情绪略有改善，但分歧可能依然剧 烈-华金证券新股周报 2025.1.12 短期可能见底，聚焦科技 2025.1.11 http://www.huajinsc.cn/ 1 / 7 请务必阅读正文之后的免责条款部分 事件：2025 年 1 月 22 日，央金融办、中 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company is expected to achieve high growth in 2024, driven by increased revenue and sales across multiple sectors, including consumer, networking, and computing [3] - Revenue for 2024 is projected to reach approximately 7.349 billion yuan, a year-on-year increase of 27.57% [3] - Net profit attributable to the parent company is expected to be 1.09 billion yuan in 2024, a significant increase of 576.43% compared to 2023 [3] - The company's DRAM business is focused on niche markets, with plans to complete the development of DDR4 and LPDDR4 small-capacity products within 1-2 years [3] - The Nor Flash market is expected to see increased demand due to AI-driven growth in PC and headset applications, with limited further price declines [4] - The acquisition of Saixin is expected to enhance the company's competitiveness in the analog sector, particularly in battery management technologies [5] Financial Performance and Valuation - Revenue for 2024 is forecasted at 7.349 billion yuan, with a projected growth rate of 27.6% [6] - Net profit attributable to the parent company is expected to reach 1.09 billion yuan in 2024, with a growth rate of 576.1% [6] - Gross margin is expected to improve from 34.4% in 2023 to 35.6% in 2024 [6] - The company's P/E ratio for 2024 is estimated at 83.0, with a projected decrease to 52.2 in 2025 [6] - ROE is expected to increase from 1.1% in 2023 to 6.7% in 2024 [6] Business Strategy and Market Position - The company continues to focus on market share expansion, with significant R&D investment and product iteration [3] - The DRAM business is strategically positioned in niche markets, with plans to develop LPDDR5 products in the future [3] - The Nor Flash market is expected to benefit from AI-driven demand, particularly in PC and headset applications [4] - The acquisition of Saixin is aimed at strengthening the company's position in the analog sector, particularly in battery management and power management chips [5] Industry and Market Trends - The DRAM market is expected to see price stabilization and recovery in the second half of 2025, driven by improved supply conditions [3] - The Nor Flash market is expected to see increased demand from AI applications, with limited further price declines [4] - The company's MCU business is exploring new directions, including automotive MCUs, which have a different business model compared to consumer and industrial MCUs [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company plans to acquire 100% equity of Zhuhai Shengsheng Microelectronics Co., Ltd. for a cash consideration of RMB 160 million, which aligns with its strategy to enhance embedded development and expand its product layout [1][5] - The acquisition is expected to strengthen the company's capabilities in embedded systems, enhance its product offerings in consumer electronics, and facilitate expansion into automotive and industrial electronics [5][6] - The company forecasts revenue growth of 40.0%, 26.0%, and 30.0% for the years 2024, 2025, and 2026, respectively, with net profit growth of 30.2%, 28.2%, and 45.1% for the same years [5][7] Financial Data and Valuation - The company's projected revenues for 2024, 2025, and 2026 are RMB 2.493 billion, RMB 3.141 billion, and RMB 4.083 billion, respectively [7][9] - The expected net profits for the same years are RMB 340 million, RMB 436 million, and RMB 633 million, respectively [7][9] - The projected P/E ratios for 2024, 2025, and 2026 are 46.0, 35.9, and 24.7, respectively [7][9]

2025 年 01 月 22 日 行业研究●证券研究报告 国内 AI"千帆竞发" 工智能生态繁荣 投资要点 传媒 行业快报 ，关注政策端赋能全球人 投资评级 领先大市(维持) 首选股票 评级 传媒：1 月游戏版号发放数量递增，关注重磅新 游 发 布 周 期 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.21 传媒：海外 TikTok 用户涌入小红书，关注生态 机 遇 和 挑 战 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.15 传媒：供给侧显卡迭代+国补扩围，多线共振赋 能 生 态 应 用 端 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.8 传媒："跨端+IP"注入动能，关注 PC 游戏复 苏趋势-华金证券-传媒-行业快报 2025.1.3 传媒：跨年观影热度迭起，重磅 IP 云集春节档 -华金证券-传媒-行业快报 2024.12.29 传媒：CES 2025 开幕在即，持续关注"AI+场 景 " 落 地 进 度 - 华 金 证 券 - 传 媒 - 行 业 快 报 2024.12.29 http://www.huajinsc.cn/ 1 / 3 ...

Investment Rating - The investment rating for the company is maintained as "Buy" [5][10] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue between 25.408 billion to 25.808 billion yuan, representing a year-on-year increase of 20.87% to 22.78%. The net profit attributable to shareholders is expected to be between 3.155 billion to 3.355 billion yuan, showing a remarkable growth of 467.88% to 503.88% [1][10] - The growth in performance is primarily driven by the continuous penetration of the company's CIS products in the high-end smartphone market and the automotive autonomous driving application market, leading to a steady increase in market share and significant improvements in revenue and gross margin [1][10] Summary by Sections Financial Performance - For Q4 2024, the company anticipates revenue of 6.5 billion to 6.9 billion yuan, a year-on-year growth of 9.44% to 16.18%. The net profit attributable to shareholders is expected to be between 780 million to 980 million yuan, reflecting a year-on-year increase of 316.64% to 423.47% [2] - The company forecasts a gross margin recovery due to proactive product and supply chain optimization [1] Automotive Sector - The demand for automotive CIS is expected to grow steadily with the acceleration of smart driving technology, leading to an increase in the number of CIS per vehicle. The company has introduced advanced automotive CIS solutions, including the first 12MP sensor for high-end applications, which is expected to enter mass production in Q3 2025 [3] - The company is also collaborating with Philips to develop a driver health monitoring solution for in-car applications [3] Smartphone Sector - The company has completed its product lineup for high-end smartphone rear cameras, with its OV50H sensor gaining traction in the domestic market. The global first smartphone CIS using TheiaCel™ technology is expected to enhance its market position [4] - The company is actively expanding into the telephoto and secondary camera markets, with a new 50MP sensor set to launch in August 2024 [4] Emerging Markets - The company is well-positioned to capitalize on the growing demand for CIS in emerging markets such as smart glasses and AR/VR devices, leveraging its technological advantages in low power consumption and compact design [8] Financial Projections - The company projects revenues of 25.5 billion, 30.6 billion, and 35.497 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 21.3%, 20.0%, and 16.0%. The net profit attributable to shareholders is expected to reach 3.27 billion, 4.505 billion, and 5.661 billion yuan for the same years, with growth rates of 488.5%, 37.8%, and 25.7% respectively [9][10]

1 月游戏版号发放数量递增，关注重磅新游发 布周期 投资要点 传媒 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -9.52 | 7.4 | -5.44 | | 绝对收益 | -11.94 | 4.79 | 11.77 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 闫誉怀 | | | yanyuhuai@huajinsc.cn | | | 相关报告 2025 年 01 月 22 日 行业研究●证券研究报告 传媒：海外 TikTok 用户涌入小红书，关注生态 机 遇 和 挑 战 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.15 传媒：供给侧显卡迭代+国补扩围，多线共振赋 能 生 态 应 用 端 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.8 传媒："跨端+IP"注 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Viewpoints - The company has signed a cooperation framework agreement with KSTE INC. to introduce Korean electrostatic chuck technology and procure production lines, accelerating the development of precision component business [1][2] - The global electrostatic chuck market is estimated to be between 3.6 billion to 4.2 billion yuan in 2023, with the mainland China market accounting for approximately 700 million to 800 million yuan [2] - The company has established itself as the world's leading manufacturer of semiconductor sputtering targets, holding nearly 40% market share and serving major clients like TSMC and SMIC [3] - The company has developed over 40,000 types of semiconductor equipment components, achieving over 85% coverage of industry products [4] Financial Data and Valuation - The company's projected revenue for 2024, 2025, and 2026 is 3.632 billion, 4.754 billion, and 5.957 billion yuan respectively, with year-on-year growth rates of 39.6%, 30.9%, and 25.3% [10][11] - The projected net profit attributable to the parent company for the same years is 384 million, 516 million, and 670 million yuan, with growth rates of 50.1%, 34.5%, and 30.0% respectively [10][11] - The company's price-to-earnings (P/E) ratio is expected to decrease from 50.0 in 2024 to 28.6 in 2026, indicating improving valuation [10][11]

2025 年 01 月 20 日 行业研究●证券研究报告 http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 传媒 行业快报 春节档表现持续走强，有望带动行业发展 投资要点 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -9.55 | 9.81 | -6.18 | | 绝对收益 | -12.48 | 7.38 | 10.95 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 王延森 | | | wangyansen@huajinsc.cn | | | 相关报告 传媒：内容平台持续发展，关注各平台边际增 长-华金证券-传媒-行业快报 2024.12.26 传媒：微信小店新功能促进内外流量双循环-华 金证券-传媒-行业快报 2024.12.19 学大教育：业务规模稳定增长，职教板块 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's 24Q4 performance is expected to continue improving, with a projected revenue of 5.34~6.34 billion yuan, representing a year-on-year growth of 72.20%~104.45% and a quarter-on-quarter growth of 3.27%~22.61% [1][2] - The company is expected to achieve a revenue of 19~20 billion yuan in 2024, a year-on-year increase of 44.94%~52.56%, driven by robust demand in the automotive electronics sector, with automotive chip shipments exceeding 270 million units and automotive business revenue accounting for over 35% [1] - The company's net profit attributable to the parent company is expected to be -4.4~-3.6 billion yuan in 2024, with a year-on-year reduction of 0.55~1.35 billion yuan, primarily due to macroeconomic factors and intensified market competition leading to pricing pressure and a decline in gross margin [1] Financial Performance and Projections - The company's revenue for 2024 is projected to be 19.20 billion yuan, with a growth rate of 46.5%, and is expected to reach 28.42 billion yuan in 2025 and 35.81 billion yuan in 2026 [12] - The net profit attributable to the parent company is forecasted to be -3.99 billion yuan in 2024, 0.35 billion yuan in 2025, and 2.02 billion yuan in 2026, with growth rates of -30.6%, 108.7%, and 482.4% respectively [12] - The company's gross margin is expected to be 33.2% in 2024, 37.0% in 2025, and 39.6% in 2026 [11] Business Development and Strategy - The company has expanded its product portfolio in the automotive market, covering applications such as thermal management, battery packs, and smart cabins, with new products like LED drivers for automotive headlights and ABS wheel speed sensors expected to be launched by 2025 [4] - The company has completed the acquisition of MagnTek, holding 100% of its shares, and has entered into a strategic partnership with Continental AG to develop automotive pressure sensor chips [4] - The company has launched the NS800RT series of real-time control MCUs, targeting applications in photovoltaic/storage inverters, industrial automation, and collaborative robots, with a focus on high-quality, high-performance, and supply chain reliability [10] Market Position and Competitive Advantage - The company has established core technologies in multiple fields, including sensors, signal chains, power management, and third-generation power semiconductors, with a continuous expansion of product offerings and accelerated market penetration of competitive new products [12] - The company's real-time control MCUs are positioned to avoid homogenized competition due to the high barriers to entry in terms of quality, performance, and supply chain requirements, with a domestic market penetration rate significantly lower than the average 10% for automotive chips [10]