Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 103.16 CNY per share on April 24, 2025 [6]. Core Insights - The company reported significant year-on-year growth in revenue and profit for Q1 2025, with revenue reaching 6.792 billion CNY, up 20.26% year-on-year, and net profit attributable to shareholders at 582 million CNY, up 51.32% year-on-year [1][2]. - The company is accelerating its internationalization process, with overseas orders exceeding 5 billion CNY, a year-on-year increase of over 120% [4]. - The company is focusing on three main business segments: smart cockpit, intelligent driving, and connected services, all of which are experiencing strong growth and technological innovation [3]. Revenue and Profit Growth - In Q1 2025, the company's revenue was 67.92 billion CNY, with a gross margin of 20.52%, an increase of 1.61 percentage points year-on-year [2]. - The net profit margin reached 8.57%, up 1.76 percentage points year-on-year, indicating improved profitability [2]. Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion CNY in 2024, growing 15.36% year-on-year, with new orders exceeding 16 billion CNY annually [3]. - The intelligent driving segment achieved revenue of 2.074 billion CNY in 2024, a year-on-year increase of 63.06% [3]. - The connected services segment reported revenue of 7.314 billion CNY in 2024, up 27.99% year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 33.431 billion CNY, 40.081 billion CNY, and 47.846 billion CNY for the years 2025, 2026, and 2027, respectively [5][10]. - Net profit attributable to shareholders is expected to be 2.728 billion CNY, 3.162 billion CNY, and 3.790 billion CNY for the same years [5][10]. - Earnings per share (EPS) are forecasted to be 4.92 CNY, 5.70 CNY, and 6.83 CNY for 2025, 2026, and 2027, respectively [5][10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 103.16 CNY per share on April 24, 2025 [6]. Core Insights - The company reported significant year-on-year growth in revenue and profit for Q1 2025, with revenue reaching 6.792 billion CNY, up 20.26% year-on-year, and net profit attributable to shareholders at 582 million CNY, up 51.32% year-on-year [1][2]. - The company is accelerating its internationalization process, with overseas orders exceeding 5 billion CNY, a year-on-year increase of over 120% [4]. - The company is focusing on three main business segments: smart cockpits, intelligent driving, and connected services, all of which are experiencing strong growth and technological innovation [3]. Revenue and Profit Growth - In Q1 2025, the company's revenue was 67.92 billion CNY, with a gross margin of 20.52%, reflecting a year-on-year increase of 1.61 percentage points [2]. - The net profit margin reached 8.57%, up 1.76 percentage points year-on-year, indicating improved profitability [2]. Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion CNY in 2024, growing 15.36% year-on-year, with new orders exceeding 16 billion CNY annually [3]. - The intelligent driving segment achieved revenue of 2.074 billion CNY in 2024, a year-on-year increase of 63.06% [3]. - The connected services segment reported revenue of 7.314 billion CNY in 2024, up 27.99% year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 33.431 billion CNY in 2025, 40.081 billion CNY in 2026, and 47.846 billion CNY in 2027, with corresponding net profits of 2.728 billion CNY, 3.162 billion CNY, and 3.790 billion CNY respectively [5][9]. - Earnings per share (EPS) are expected to rise from 4.92 CNY in 2025 to 6.83 CNY in 2027, with a price-to-earnings (PE) ratio decreasing from 21 in 2025 to 15 in 2027 [5][9].

新易盛（300502.SZ）2024 年年报及 2025 年一季报点评 25Q1 业绩超预期，AI 驱动高端光模块需求高增 2025 年 04 月 24 日 ➢ 事件：4 月 22 日，公司发布 2024 年年报及 2025 年一季报。2024 年全年 实现营收 86.47 亿元，同比增长 179.2%，实现归母净利润 28.38 亿元，同比增 长 312.26%，实现扣非归母净利润 28.30 亿元，同比增长 317.59%。2025 年一 季度来看，单季度实现营收 40.52 亿元，同比增长 264.1%，实现归母净利润 15.73 亿元，同比增长 384.5%，实现扣非归母净利润 15.69 亿元，同比增长 383.10%。 ➢ AI 需求驱动，2024 年及 2025 年一季度业绩持续保持高增长趋势：公司 2024 年和 2025 年一季度营收分别实现同比增长 179.2%和 264.1%，主要受益 于 AI 驱动下游客户算力侧投资持续增长，持续推高高端光模块需求。2024 年营 收按地区拆分，1）国外：2024 年实现营收 68.05 亿元，同比增长 162.3%，营 收占比达 78.7%；2）国内 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the coming year [3]. Core Viewpoints - The company achieved a revenue of 797 million yuan in 2024, representing a year-on-year growth of 26.42%. However, the net profit attributable to shareholders decreased by 30.51% to 56 million yuan due to intensified product price competition [1]. - The establishment of the Thailand production base is expected to enhance the company's competitive strength by avoiding tariff impacts and expanding product capacity. The first phase of the Thailand project has commenced production, with an estimated annual revenue of 400 million yuan from the new synthetic vanillin production line [2]. - The company is projected to see significant profit growth in the coming years, with net profits expected to reach 260 million yuan in 2025, 342 million yuan in 2026, and 406 million yuan in 2027, reflecting a recovery from the previous year's decline [3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 797 million yuan, with a growth rate of 26.42%. The net profit attributable to shareholders was 56 million yuan, down 30.51% year-on-year. The fourth quarter of 2024 saw revenue of 221 million yuan, a 41.79% increase year-on-year [1]. - The revenue breakdown by business segments for 2024 includes synthetic flavors (85 million yuan), cooling agents (317 million yuan), natural flavors (383 million yuan), and other products (12 million yuan) [1]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.78 billion yuan, 2.12 billion yuan, and 2.46 billion yuan, respectively, with growth rates of 123.4%, 19.0%, and 16.2% [4]. - The expected net profit for 2025 is 260 million yuan, with a significant recovery projected for subsequent years [4]. Valuation Metrics - The current price of the stock is 81.99 yuan, with projected price-to-earnings (PE) ratios of 25X for 2025, 19X for 2026, and 16X for 2027 [5][4].

基金转债持仓分析 25Q1 和而不同，标的分化 2025 年 04 月 24 日 ➢ 2025Q1 公募基金转债持仓概览 2025Q1，股票及混合型基金业绩整体亮眼，债券类基金业绩偏弱；指数型 股票及混合债基份额弱增长，主动权益类基金份额微降，纯债型债基份额明显缩 水。公募基金同步增持股债主流资产，25Q1 持债市值环比增长 4.36%至 19.70 万亿元，债券仓位占比 58.19%，环比增长 4pct。 伴随转债赎回潮，2025Q1 公募基金持有转债市值环比继续微降，但转债参 与度继续上升。全市场持有转债的公募基金数量在 25Q1 末大幅增至 2350 只， 与 23Q3 持平；持有转债市值占存续转债余额衡量的比例环比提升 1.25pct 至 40.83%，由转债价格上涨和转债市场缩量共同驱动。 2025Q1，二级债基继续减仓转债，转债基金和一级债基持有转债市值创历 史新高。2025Q1二级债基持有转债市值环比下降4.77%至940亿元，为2021Q4 以来最低水平；一级债基持有转债市值微增 4.02%达 665 亿元，创历史新高；转 债基金持有转债市值增长 4%至 897.37 亿元，转债仓位占比上升 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Insights - The company achieved a revenue of 620 million yuan in Q1 2025, representing a year-on-year growth of 51.36% and a quarter-on-quarter growth of 2.86%. The net profit attributable to the parent company was 92 million yuan, with a year-on-year increase of 86.51% and a quarter-on-quarter increase of 481.13% [1]. - For the full year 2024, the company reported a revenue of 2.288 billion yuan, an increase of 36.76% year-on-year, and a net profit of 167 million yuan, which is a significant year-on-year growth of 626.15% [2]. - The company is focusing on the smart application market, leveraging advancements in AI technology to drive growth in various sectors including smart automotive electronics, industrial control, and consumer electronics [2][4]. Financial Performance Summary - The company’s revenue and profit are expected to continue growing, with projected net profits of 322 million yuan, 494 million yuan, and 667 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 96, 63, and 47 [4][5]. - The revenue growth rates are projected at 30.1% for 2025, 26.8% for 2026, and 22.1% for 2027 [5]. - The company has successfully developed new AI algorithms and products, enhancing its competitive position in the market [3][4]. Product and Market Development - The company has introduced new products such as the MR536 chip for robotics and the T536 chip for industrial control, which integrate advanced NPU capabilities [3]. - Collaborations with major industry players like Xiaomi, Tencent, and Alibaba are ongoing, focusing on AI applications in voice and vision [4]. Future Outlook - The company is committed to its "SoC+" and "Smart Big Video" strategies, aiming for continuous innovation and market expansion [2][4]. - The report anticipates sustained performance growth driven by ongoing product iterations and recovery in downstream demand [4].

多氟多（002407.SZ）2024 年年报及 2025 年一季报点评 业绩持续承压，六氟磷酸锂出货稳步增长 2025 年 04 月 24 日 ➢ 事件。25 年 4 月 23 日，公司发布 2024 年年报和 25 年一季报，24 年全年 实现营收 82.07 亿元，同比减少 31.25%；实现归母净利润-3.08 亿元，同比减 少 160.36%；扣非后归母净利润-4.04 亿元，同比减少 185.68%。25 年一季度 实现营收 20.98 亿元，同比减少 2.09%；实现归母净利润 0.65 亿元，同比增长 69.24%；扣非后归母净利润 0.21 亿元，同比增长 190.55%。 ➢ Q4 业绩拆分。营收和净利：公司 2024Q4 营收 13.31 亿元，同比-57.78%； 24 年 Q4 归母净利润为-3.33 亿元，23 年 Q4 归母净利润 0.47 亿元，同比转 亏；24 年 Q4 扣非后归母净利润为-3.46 亿元，同比转亏。毛利率：2024Q4 毛 利率为 10.88%，同减 0.23pct，环增 3.90pcts。净利率：2024Q4 净利率为- 38.65%，同减 40.00pct ...

华恒生物（688639.SH）2024 年年报及 2025 年一季报点评 短期波动不改长期向好，PDO 新品释放强劲增量潜力 2025 年 04 月 24 日 ➢ 事件。2025 年 4 月 23 日，公司发布 2024 年年报及 2025 年一季报。2024 年全年，公司实现营收 21.78 亿元，同比增长 12.37%；实现归母净利润 1.90 亿 元，同比下降 57.80%；实现扣非后归母净利润 1.77 亿元，同比下降 59.54%。 其中 4Q2024，公司实现营收 6.39 亿元，同比增长 11.29%，环比增长 22.21%； 实现归母净利润 0.20 亿元，同比下降 84.80%，环比下降 2.78%；实现扣非后归 母净利润 0.12 亿元，同比下降 90.57%，环比下降 35.97%。2025 年一季度， 公司实现营收 6.87 亿元，同比增长 37.20%，环比增长 7.54%；实现归母净利润 0.51 亿元，同比降低 40.98%，环比增长 160.36%；实现扣非后归母净利润 0.51 亿元，同比下降 40.98%，环比增长 336.81%。 ➢ 分业务经营情况。2024 年，氨基酸 ...

燕京啤酒（000729.SZ）2024 年年报点评 核心财务指标持续改善，改革逻辑加速兑现 2025 年 04 月 24 日 ➢ 事件：2025 年 4 月 21 日，公司发布 2024 年年报。2024 年公司实现总营 收 / 归 母 净 利 润 / 扣 非 归 母 净 利 润 146.67/10.56/10.41 亿元， 分 别 同 比 +3.20%/+63.74%/+108.03%。经测算，24Q4 公司实现总营收/归母净利润/扣 非归母净利润 18.21/-2.32/-2.21 亿元，营收同比+1.32%，归母口径利润减亏 0.79 亿元，扣非归母口径减亏 1.45 亿元。 ➢ 销量跑赢大盘，U8 势能维持。24 年公司啤酒营收同比增 1.0%，其中销量 同比+1.6%至 400 万千升（同期我国规上啤酒企业总产量同比-0.6%），销量跑 赢大盘。结构端看，中高档产品营收同比+2.2%至 88.7 亿元，占啤酒营收比重 同比+0.7pct，其中 U8 销量同比+31%至 70 万千升，维持良好势能。24 年吨 价同比微降 0.6%，我们预计与 24Q4 货折兑付节奏有关。其他业务收入合计同 比+29% ...

盐湖股份（000792.SZ）2025 年一季报点评 钾肥价格提升稳固业绩，继续融入"三步走战略" 2025 年 04 月 24 日 ➢ 事件：公司发布 2025 年一季报。25Q1 公司实现营收 31.2 亿元，同比 +14.5%，环比-33.4%；归母净利 11.4 亿元，同比+22.5%，环比-24.7%；扣非 归母净利 11.4 亿元，同比+30.8%，环比-14.0%。 ➢ 碳酸锂：量价齐跌，业绩贡献下滑。1）量：25Q1 碳酸锂产销 0.85、0.81 万吨，同比变动-2.1%、-17.9%，环比变动-6.9%、-38.7%；2）价：25Q1 国内 电碳市场价 7.5 万元，同比-26.0%，环比-0.7%，锂价继续下跌。 ➢ 氯化钾：价格显著上升，助力业绩增长。1）量：25Q1 氯化钾产销 96.5、 89.1 万吨，同比变动-14.1%、+16.6%，环比变动-33.9%、-40.9%，氯化钾受 市场供需关系等因素影响，销售价格显著上扬，推动业绩实现同比增长；2）价： 25Q1 国内钾肥售价约 2750 元，同比约+2.4%，环比约+11.0%。 ➢ 财务、销售费用下降明显，费用率保持低位。2 ...