Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant increase in Q4 2024 performance, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88% [4][5] - The company's annual revenue for 2024 was 3.733 billion yuan, a slight decrease of 0.50% year-on-year, while the net profit attributable to shareholders was 441 million yuan, down 12.28% year-on-year [4][5] - The Q4 net profit was 187 million yuan, showing a remarkable year-on-year increase of 85.86% and a quarter-on-quarter increase of 90.04% [4][5] - The company is experiencing a turnaround in profitability driven by overseas expansion and management reforms, despite overall industry demand decline [4][5] Financial Performance - The company achieved overseas revenue of 259 million yuan in 2024, a year-on-year increase of 122.74%, with a gross margin of 54.24% [4][5] - The gross margin for Q4 was 38.49%, higher than the annual gross margin of 37.86% [4][5] - The company expects net profits for 2025, 2026, and 2027 to be 614 million, 702 million, and 810 million yuan respectively, with corresponding EPS of 1.36, 1.56, and 1.80 yuan per share [5][6] Business Segments - The company is focusing on the synergy between wind, solar, and hydrogen energy, with significant growth in its engineering transmission business [4][5] - The data center power supply segment is being developed to meet the explosive demand driven by AI technology, with plans to innovate in high-capacity and multifunctional power systems [4][5] Market Position - The company maintains a strong market position in the wind power sector, with stable domestic market share and breakthroughs in overseas markets [4][5] - The company has made significant advancements in the hydrogen energy sector, particularly in high-power IGBT hydrogen production power supplies [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company reported a significant increase in Q4 2024 performance, with revenue reaching 1.422 billion yuan, a year-on-year increase of 25.05% and a quarter-on-quarter increase of 52.88%. The net profit attributable to shareholders was 187 million yuan, up 85.86% year-on-year and 90.04% quarter-on-quarter [4][5] - The company faced overall pressure on annual performance due to a decline in demand in the new energy sector, but Q4 results confirmed a turnaround driven by overseas expansion and management reforms [4][5] - The company achieved overseas revenue of 259 million yuan in 2024, a year-on-year increase of 122.74%, with a gross margin of 54.24%, up 8.68 percentage points [4][5] - The company is focusing on the data center power supply market, developing high-capacity, multifunctional power systems to meet the explosive demand driven by AI technology [4][5] Financial Performance Summary - In 2024, the company achieved operating revenue of 3.733 billion yuan, a decrease of 0.50% year-on-year, and a net profit of 441 million yuan, down 12.28% year-on-year. The gross margin for Q4 was 38.49%, higher than the annual gross margin of 37.86% [4][6] - The projected net profits for 2025, 2026, and 2027 are 614 million yuan, 702 million yuan, and 810 million yuan, respectively, with corresponding EPS of 1.36, 1.56, and 1.80 yuan per share [5][6] - The company’s revenue is expected to grow significantly in the coming years, with estimates of 4.780 billion yuan in 2025, 5.700 billion yuan in 2026, and 6.701 billion yuan in 2027, reflecting year-on-year growth rates of 28.0%, 19.2%, and 17.5% respectively [6][8]

Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase in stock price over the next 6-12 months compared to relevant market indices [34]. Core Viewpoints - The company, Developer Technology, specializes in the research, production, and sales of smart metering terminals and energy management systems, with a focus on smart electricity, water, and gas meters [6][22]. - The company has shown significant revenue growth, with projected revenues of CNY 17.91 billion, CNY 25.50 billion, and CNY 29.33 billion for the years 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 21.42%, 42.39%, and 15.02% [7][22]. - The company has a strong foothold in the European market, with market shares increasing from 9.46% in 2021 to 12.14% in 2023, and has successfully deployed over 90 million smart metering terminals globally [22][23]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 17.91 billion in 2022, CNY 25.50 billion in 2023, and is projected to reach CNY 29.33 billion in 2024, with corresponding net profits of CNY 1.83 billion, CNY 4.86 billion, and CNY 5.89 billion [7][11]. - The revenue from smart metering terminals accounted for 98.52% of total revenue in the first half of 2024, indicating a strong reliance on this product line [7]. Industry Situation - The smart metering industry is experiencing growth driven by increasing global electricity demand and energy system transformations, with the global smart metering market expected to grow from USD 23.17 billion in 2023 to USD 36.39 billion by 2028, at a CAGR of 9.5% [13][19]. - The company is positioned well within the smart metering sector, which is critical for advanced metering infrastructure (AMI) upgrades [12][13]. Company Highlights - Developer Technology is backed by China Electronics and has a long history in smart meter development, being one of the first companies to enter the European market [22][23]. - The company is actively expanding into high-potential markets in the Middle East and Southeast Asia, with significant contracts won in various countries [23][24]. Fundraising Projects - The company plans to invest in three main projects through its IPO, including the construction of an automated production line for smart metering terminals, which is expected to generate annual revenues of CNY 1.875 billion post-completion [24][26]. Peer Comparison - Compared to its peers, Developer Technology's average revenue and profit margins are below the industry average, with comparable companies showing an average revenue of CNY 3.352 billion and an average PE ratio of 17.80x for 2023 [27][28].

Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [34][36]. Core Viewpoints - The company, Developer Technology, specializes in the research, production, and sales of smart metering terminals and energy management systems, with a strong focus on international markets, particularly in Europe [6][22]. - The company has shown significant revenue growth, with projected revenues of CNY 17.91 billion, CNY 25.50 billion, and CNY 29.33 billion for the years 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 21.42%, 42.39%, and 15.02% [7][11]. - The company is backed by China Electronics, which holds nearly 70% of its shares, and has established a strong reputation in the European market, achieving a market share increase from 9.46% in 2021 to 12.14% in 2023 [22][23]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 17.91 billion in 2022, CNY 25.50 billion in 2023, and is projected to reach CNY 29.33 billion in 2024, with corresponding net profits of CNY 1.83 billion, CNY 4.86 billion, and CNY 5.89 billion [7][11][24]. Industry Situation - The smart meter industry is experiencing growth driven by increasing global electricity demand and energy system transformations, with the global smart metering market expected to grow from USD 23.17 billion in 2023 to USD 36.39 billion by 2028, at a CAGR of 9.5% [13][19]. Company Highlights - Developer Technology is one of the earliest companies to engage in smart meter development and deployment, with a strong foothold in the European market and a history of successful projects since 1998 [22][23]. - The company is actively expanding into high-potential markets in the Middle East and Southeast Asia, with significant contracts and projects underway [23][24]. Fundraising Project Investments - The company plans to invest in three main projects through its IPO, including the construction of an automated production line for smart metering terminals, a research and development center, and a global sales and service operation center [24][26]. Peer Company Comparison - Compared to peer companies in the industry, Developer Technology's revenue and gross margin are below the average, with peer companies showing an average revenue of CNY 3.35 billion and an average PE ratio of 17.80x for 2023 [27][29].

Investment Rating - The investment rating for the company is "Buy" [30]. Core Viewpoints - The company, Hongjing Optoelectronics, specializes in optical lenses and camera modules, with significant applications in various sectors including automotive, smart home, and action cameras. The company has established itself as a leading supplier in the global panoramic and action camera lens market, with a market share exceeding 25% [19][20]. - The company has shown impressive revenue growth, with projected revenues of CNY 4.46 billion, CNY 7.73 billion, and CNY 10.92 billion for the years 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 77.38%, 73.13%, and 41.25% [7][19]. - The company has a strong partnership with industry leader Yingshi Innovation, becoming the exclusive supplier for their next-generation panoramic camera, which is expected to launch in 2025 [19][20]. Summary by Sections 1. Basic Financial Status - The company achieved revenues of CNY 4.46 billion, CNY 7.73 billion, and CNY 10.92 billion for 2022, 2023, and 2024, with corresponding net profits of CNY 0.56 billion, CNY 1.16 billion, and CNY 1.65 billion, indicating substantial growth in profitability [7][19]. - The company’s revenue from emerging consumer optical lenses and modules has increased significantly, accounting for 81.05% of total revenue by 2024H1 [7]. 2. Industry Situation - The optical lens market is projected to grow significantly, driven by advancements in digital technologies such as 5G, AI, and IoT. The global optical lens market size is expected to increase from CNY 181.60 billion in 2015 to CNY 682.80 billion in 2023, with a compound annual growth rate (CAGR) of approximately 18% [14][15]. 3. Company Highlights - The company has established a deep partnership with Yingshi Innovation, which has positioned it as a key supplier in the panoramic and action camera market. The collaboration has resulted in a significant revenue contribution from Yingshi Innovation, accounting for 46.94% of total revenue in 2024H1 [19][20]. - The company has a robust customer base in the smart automotive sector, having secured numerous contracts with major automotive brands, which is expected to drive future growth [20]. - The core team, led by founder Zhao Zhiping, possesses extensive industry experience and is actively pursuing new research directions in AR/VR, medical lenses, and machine vision, enhancing the company's competitive edge [21][22]. 4. Comparison with Peers - Compared to its peers, the company’s revenue for 2023 was CNY 7.73 billion, with a net profit of CNY 1.16 billion, while the average revenue of comparable companies was CNY 22.38 billion. The company’s sales gross margin stands at 30.52%, which is above the industry average [25][26].

Group 1 - The report emphasizes the importance of increasing income for urban and rural residents as a primary action in the consumption promotion plan, proposing measures such as promoting wage growth and expanding channels for property income [4][7][9] - The plan highlights the need to strengthen support for fertility, education, and pension security, including measures like childcare subsidies and increasing educational resources [4][7][9] - Development of service consumption is a key focus, with specific initiatives aimed at enhancing service quality and expanding consumption in areas like tourism and cultural activities [4][7][9] Group 2 - The report indicates that the plan's mention of stabilizing the stock market and expanding property income channels is beyond expectations, reflecting a higher policy emphasis on the capital market [4][9][12] - The plan introduces support for the gaming and esports sectors, aiming to promote original intellectual property and related consumption, which is a significant policy shift [4][9][12] - The overall market sentiment is expected to improve, potentially boosting consumption growth and corporate profitability, particularly in new consumption sectors [4][12][13] Group 3 - The report identifies several sectors likely to benefit from the policy, including fertility, education, cultural services, and new consumption areas, suggesting a favorable environment for these industries [4][13][14] - Specific industries such as maternal and child care, education training, and cultural exports are highlighted as potential beneficiaries of increased government support [4][13][14] - The report notes that the emphasis on AI and new consumption models may lead to growth opportunities in technology-driven sectors [4][14][15]

2025 年 03 月 17 日 策略类●证券研究报告 提振消费有望夯实 A 股慢牛趋势 事件点评 资金保持活跃但波动分歧加剧，活跃周期尾 端适度警惕-华金证券新股周报 2025.3.16 华金-策略-定期报告-美股调整对 A 股有何影 响？ 2025.3.15 华金证券主题报告-长期主义的再进化-华商 基金童立先生投资分析报告 2025.3.14 外力催化继续驱动板块活跃，但活跃周期后 段震荡分化或将逐渐加剧-华金证券新股周 报 2025.3.9 三月延续震荡偏强，均衡配置-华金-策略-定 期报告 2025.3.8 http://www.huajinsc.cn/ 1 / 8 请务必阅读正文之后的免责条款部分 投资要点 事件：近日，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》。 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@huajins ...

Investment Rating - The report indicates a cautious stance towards the new stock market, suggesting a need for vigilance as the current active cycle approaches its end [1][13]. Core Insights - The overall trading activity remains high, but there is an increasing divergence in the performance of new stocks, particularly in popular industry chains [1][13]. - The average increase in new stocks listed since 2024 is approximately 0.4%, with about 50.5% of these stocks showing positive returns [5][26]. - Upcoming major industry events, such as the NVIDIA GTC conference and Huawei's product launch, may temporarily boost certain new stocks related to computing power and consumer electronics [1][13]. Summary by Sections New Stock Performance - Last week, five new stocks were available for online subscription, with an average issuance price-earnings ratio of 25.2X and a subscription success rate of 0.0219% [4][20]. - The average first-day increase for new stocks was about 134%, indicating a decrease in enthusiasm compared to previous weeks [4][25]. - Since the beginning of 2024, the average increase for new stocks listed is 0.4%, with 50.5% showing gains, while the North Exchange stocks averaged a 10.4% increase with 84.0% showing gains [5][26]. Upcoming New Stocks - This week, seven new stocks are set to be listed, with four from the Growth Enterprise Market, one from the Sci-Tech Innovation Board, and two from the Main Board [3][33]. - Two new stocks will open for subscription, and two will begin the inquiry process, with a focus on reasonable pricing [8][34]. Suggested Stocks to Watch - The report suggests monitoring stocks such as Suzhou Tianmai, Top Cloud Agriculture, and Laplace for potential investment opportunities [9]. - For medium-term investments, stocks like Ding Tai High-Tech and Na Rui Radar are recommended for consideration [9].

2025 年 03 月 15 日 公司研究●证券研究报告 首航新能（301658.SZ） 新股覆盖研究 投资要点 公司积极进行产品研发投入，对现有产品进行迭代的同时，亦推出了集中式 储能系统、微逆系统等系列新产品。1）公司持续进行现有产品的迭代开发， 储能逆变器从以 3kW 为主发展为 3kW~20kW 产品谱系，储能电池从外购 2000Wh 成品电池为主、发展为自产 2500Wh-5000Wh 电池为主；2）为顺应户用储能市 场向一体化、家电化的发展趋势，2022 年 4 月公司发布"SOFAR PowerAll 智 能户用储能系统"，集成了逆变器和储能电池模块，具有智能管理、全模块 化设计和多重安全保障等特点；2023 年 5 月公司发布"SOFAR Power Master 集中式储能系统解决方案"，具有全系统模块化设计，具备更低 LCOS、高效 灵活、极致安全、智能稳定等特点；2023 年 6 月公司发布了"SOFAR Power Nano 微逆全场景系统解决方案"，集成了微型逆变器和储能系统，具有全场景应 用、安全可靠、高收益和智能运维等特点。此外，据问询函回复披露，未来 公司还将实现从户用、小型工 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned for growth in the renewable energy sector [28]. Core Views - The company is actively investing in product research and development, iterating existing products while launching new series such as centralized energy storage systems and micro-inverter systems [19]. - The company has achieved significant revenue growth in previous years, with a notable increase of 144.12% in 2022, although a decline is projected for 2023 and 2024 [7][24]. - The company is recognized as a leading supplier of photovoltaic inverters globally, focusing on residential and small commercial applications [18]. Summary by Sections Company Overview - The company specializes in the research, production, sales, and service of renewable energy power equipment, including string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, energy storage batteries, and photovoltaic system accessories [6][10]. Financial Performance - The company reported revenues of 44.57 billion CNY in 2022, with a year-on-year growth of 144.12%, followed by projected revenues of 37.43 billion CNY in 2023 and 27.11 billion CNY in 2024, indicating a decline [7][24]. - The net profit attributable to the parent company was 8.49 billion CNY in 2022, with a significant year-on-year increase of 354.30%, but is expected to decrease in the following years [7][24]. Industry Situation - The photovoltaic inverter industry has experienced rapid growth, with global shipments increasing from 81.3 GW in 2016 to 536.0 GW in 2023, reflecting a compound annual growth rate of 30.92% [11]. - The company is positioned within a competitive landscape, with major players like Huawei and Sungrow holding significant market shares [11]. Company Highlights - The company has a strong technological capability, with inverter products achieving peak efficiency of 98.4%, ranking among the best in the industry [18]. - The company has established a global market presence with subsidiaries in various countries, enhancing its international customer base [18]. Investment Projects - The company plans to invest in four projects through its IPO, including the construction of energy storage systems, new product development, upgrading research centers, and expanding its marketing network [20][21][22]. Peer Comparison - Compared to its peers, the company’s revenue and gross margin are below the industry average, with peer companies averaging revenues of 170.98 billion CNY and a PE-TTM of 23.44X [24].