Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 26.40 CNY [4]. Core Insights - The company achieved steady revenue growth in 2024, with total revenue of 1.357 billion CNY, a year-on-year increase of 1.03%. The net profit attributable to shareholders was 289 million CNY, up 9.58% year-on-year [2][3]. - The company is focusing on optimizing its processes and reducing costs, which has led to improved profitability. The gross margin for Q4 2024 was 33.96%, showing a slight year-on-year increase [2][3]. - The company is expanding its second-tier industry layout with the establishment of a wholly-owned subsidiary in Anhui, focusing on high-value precision components for the new energy vehicle sector [3][5]. - The company is also advancing its third-tier industry by establishing a subsidiary for high-precision linear motion components, which has already begun to secure small batch orders [6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.357 billion CNY, with a growth rate of 1.0% expected to rise to 1.929 billion CNY in 2025, reflecting a 42.2% increase [8]. - The net profit attributable to shareholders is projected to grow from 289 million CNY in 2024 to 398 million CNY in 2025, representing a 37.9% increase [8]. - The earnings per share (EPS) is expected to increase from 0.58 CNY in 2024 to 0.80 CNY in 2025 [8]. Business Development - The company is enhancing its first-tier industry by optimizing its core components and expanding its market share through innovation and improved product quality [3]. - The establishment of the Anhui subsidiary is aimed at developing lightweight structural components and core parts for hydrogen fuel cell vehicles, which is expected to strengthen the company's position in the new energy sector [3][5]. - The third-tier industry is being developed through the establishment of a subsidiary focused on high-precision components, which has already begun to deliver products to well-known domestic machine tool manufacturers [6]. Future Outlook - Revenue forecasts for 2025-2027 are 1.929 billion CNY, 2.403 billion CNY, and 2.860 billion CNY, respectively, indicating a strong growth trajectory [7][8]. - The company is expected to maintain a competitive edge through continuous innovation and cost optimization, which will enhance its overall market position [3][6].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its long-term growth potential [4][6]. Core Insights - The company is a leader in high-end SoC (System on Chip) solutions, leveraging AI to empower various sectors including consumer electronics and smart IoT [1][2]. - The semiconductor industry is experiencing a recovery, with the company's flagship product, the RK3588, driving significant growth in revenue and profit [1][20]. - The AIoT SoC market is expected to grow significantly, with a projected CAGR of 8.01% from 2025 to 2030, reaching a market size of $274.13 billion [2][44]. Summary by Sections Company Overview - The company has over 20 years of experience in integrated circuit design and has established long-term partnerships with major clients such as Alibaba, BYD, and Xiaomi [1][11]. - The management team is experienced, with a high proportion of core technical personnel, contributing to the company's innovation and market positioning [1][32]. Market Analysis - The demand for SoC chips is growing across various sectors, driven by the rapid development of AI technologies and the increasing need for smart devices [2][42]. - The global SoC market is expected to reach $186.48 billion by 2025, with significant contributions from the Asia-Pacific region [44][51]. Product Development - The company has continuously iterated its flagship chips, improving performance and capabilities, with the RK3588 achieving 6 TOPS of NPU computing power [3][14]. - The company is expanding its product lines to include peripheral chips, enhancing its competitive platform solutions [3][4]. Financial Forecast - The company is projected to achieve revenues of 31.43 billion yuan in 2024, with a net profit of 5.93 billion yuan, reflecting a significant growth trajectory [5][4]. - The PE ratios for the upcoming years are forecasted to decrease from 116 in 2024 to 61 in 2026, indicating improving valuation metrics [4][5].

一周解一惑系列 真空镀膜设备国产化进程持续推进 2025 年 04 月 21 日 ➢ 本周关注：灿勤科技、华中数控 ➢ 真空镀膜是表面处理技术的一项分支，是指为了减少杂质的干扰，在高度真 空环境下，通过物理或化学手段，将金属、非金属或化合物材料（膜材）转换成 气态或等离子态，并沉积于玻璃、金属、陶瓷、塑料或有机材料等固体材质（简 称基材、基板或基片）表面形成薄膜的过程。利用真空镀膜技术镀制薄膜后，可 使材料表面获得新的复合性能并实现新型的工程应用，赋予材料表面新的机械功 能、装饰功能和声、电、光、磁及其转换等特殊功能（例如防辐射、增减透光、 导电或绝缘、导磁、抗氧化、耐磨 损耐高温耐腐蚀等），从而改善产品原有性能、 提高产品质量、延长产品寿命等。和传统镀膜方法（如电镀、化学镀膜）相比， 真空镀膜使用的镀膜材料种类更丰富、膜层厚度更易控制、附着力更强、适用范 围更广，在操作过程中更加节能、安全、环保。 ➢ 真空镀膜技术与传统的电镀、热浸镀技术相比较，主要有三大优势：一是不 影响被镀材料的质量，在加热镀膜材料时，不需要过高温度，因此不会出现被镀 材料在几何尺寸上发生变形或降低材质性能等现象；二是可以较大范围内自由 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the high growth in its smartphone and automotive electronics businesses [4][6]. Core Insights - The company achieved a revenue of 5.968 billion yuan in 2024, representing a year-on-year growth of 108.87%, and a net profit of 393 million yuan, up 2662.76% [1]. - In Q1 2025, the company reported a revenue of 1.75 billion yuan, a year-on-year increase of 108.94%, and a net profit of 191 million yuan, reflecting a year-on-year growth of 1264.97% [1]. - The company focuses on three main business segments: smart security, smartphones, and automotive electronics, with significant growth in the smartphone and automotive electronics sectors [2]. Summary by Sections Revenue and Profitability - In 2024, smartphone revenue reached 3.291 billion yuan, up 269.05%, accounting for 55.15% of total revenue. Smart security revenue was 2.150 billion yuan, growing 28.64%, and automotive electronics revenue was 527 million yuan, increasing by 79.09% [2]. - The company's gross margin and net margin improved, with 2024 gross margin at 21.09% and net margin at 6.58%, both showing increases from the previous year [2]. Smartphone Business - The smartphone segment saw a significant increase in high-end product shipments, with over 50% of revenue coming from high-end flagship smartphone products [3]. - The company has enhanced its market position by offering a fully localized 50 million pixel high-end mobile CIS, catering to high-end flagship smartphones [3]. Automotive Electronics - The automotive electronics segment generated 527 million yuan in revenue in 2024, with a year-on-year growth of 79.09% [4]. - The company’s automotive electronics products are now being mass-produced by major car manufacturers, indicating a strong market presence and future growth potential [4]. Financial Forecast - The company is projected to achieve revenues of 8.345 billion yuan, 10.843 billion yuan, and 13.011 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 851 million yuan, 1.292 billion yuan, and 1.773 billion yuan [5][11].

资金跟踪系列之一百六十五 ETF 仍是主要买入力量，两融净流出幅度放缓 2025 年 04 月 21 日 ➢ 宏观流动性：上周(20250414-20250418)美元指数继续回落，中美利差"倒 挂"程度有所收敛。10Y 美债名义/实际利率均下降，通胀预期回升。对于海外而 言，流动性边际有所宽松(3 个月日元与美元互换基差/3 个月欧元与美元互换基 差均回升)。对于国内而言，银行间资金面整体宽松，期限利差(10Y-1Y)收窄。 ➢ 交易热度、波动与流动性：市场交易热度与波动率均回落。行业上，商贸零 售、消费者服务、纺服、农林牧渔、房地产、交运等板块交易热度均处于 80%分 位数以上，计算机、通信、传媒的波动率仍处于 80%分位数以上。 ➢ 机构调研：电子、计算机、银行、医药、家电、军工等板块调研热度居前， 银行、食品饮料、计算机、汽车、交运、医药等板块的调研热度环比仍在上升。 ➢ 分析师预测：全 A 的 2025/2026 年净利润预测同时被继续下调。行业上， 传媒、农林牧渔、通信、轻工、煤炭等板块 25/26 年净利润预测均被上调。指数 上，中证 500、创业板指、上证 50、沪深 300 的 25/26 ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its long-term growth potential [4][6]. Core Insights - The company is a leader in high-performance SoC chips, benefiting from the rapid growth of AI applications across various sectors, including consumer electronics and smart IoT [1][2]. - The semiconductor industry is recovering, with the company's flagship product, the RK3588, driving significant revenue and profit growth, with a projected revenue increase of 48% and a net profit increase of 357% year-on-year for the first three quarters of 2024 [1][20]. - The company has established long-term partnerships with numerous clients, including major players like Alibaba, BYD, and Xiaomi, enhancing its market position [1][11]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in integrated circuit design, focusing on AIoT SoC chips, and has developed a diverse product line covering various industries such as automotive electronics and smart home devices [1][11]. - It has a strong management team with significant industry experience and a high proportion of core technical personnel [1][33]. 2. SoC Market Dynamics - The SoC market is expected to grow significantly, with projections indicating a market size of $186.48 billion in 2025 and $274.13 billion by 2030, driven by the increasing demand for AI applications [2][44]. - The company is well-positioned to capitalize on this growth, particularly in the Asia-Pacific region, which is expected to see a CAGR of 9% from 2024 to 2029 [51]. 3. Product Development and Innovation - The company has continuously iterated its flagship chips, improving performance and efficiency, with the RK3588 achieving 6 TOPS of NPU performance [3][14]. - It has a robust pipeline of AIoT products and is actively expanding into new fields such as robotics, enhancing its competitive edge [3][4]. 4. Financial Projections - The company is projected to achieve net profits of 593 million, 854 million, and 1.131 billion yuan from 2024 to 2026, with corresponding PE ratios of 116, 80, and 61 [4][5]. - Revenue is expected to grow from 2.135 billion yuan in 2023 to 5.285 billion yuan by 2026, reflecting a strong recovery and growth trajectory [5][20].

➢ 真空镀膜技术与传统的电镀、热浸镀技术相比较，主要有三大优势：一是不 影响被镀材料的质量，在加热镀膜材料时，不需要过高温度，因此不会出现被镀 材料在几何尺寸上发生变形或降低材质性能等现象；二是可以较大范围内自由选 择镀膜材料，更容易在组成和构造上对膜材进行控制；三是镀膜过程与电镀、热 浸镀技术相比，对周围环境影响更小。 一周解一惑系列 真空镀膜设备国产化进程持续推进 2025 年 04 月 21 日 ➢ 本周关注：灿勤科技、华中数控 ➢ 真空镀膜是表面处理技术的一项分支，是指为了减少杂质的干扰，在高度真 空环境下，通过物理或化学手段，将金属、非金属或化合物材料（膜材）转换成 气态或等离子态，并沉积于玻璃、金属、陶瓷、塑料或有机材料等固体材质（简 称基材、基板或基片）表面形成薄膜的过程。利用真空镀膜技术镀制薄膜后，可 使材料表面获得新的复合性能并实现新型的工程应用，赋予材料表面新的机械功 能、装饰功能和声、电、光、磁及其转换等特殊功能（例如防辐射、增减透光、 导电或绝缘、导磁、抗氧化、耐磨 损耐高温耐腐蚀等），从而改善产品原有性能、 提高产品质量、延长产品寿命等。和传统镀膜方法（如电镀、化学镀膜）相比， 真空 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the recovery in downstream demand and the excellent performance of new products [4][6]. Core Insights - The company achieved steady growth in revenue and profit, with a 10.98% year-on-year increase in revenue to 1.53 billion yuan in Q1 2025 and a 47.53% increase in net profit to 188 million yuan [1]. - In 2024, the company reported a total revenue of 5.93 billion yuan, a 10.34% increase year-on-year, and a net profit of 822 million yuan, reflecting a 65.03% growth [1][2]. - The demand for smart home technology is driving revenue and profit growth, with Q1 2025 revenue and net profit maintaining high growth rates, particularly in smart home chip sales, which increased by over 50% year-on-year [2][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 1.53 billion yuan, up 10.98% year-on-year and 18.93% quarter-on-quarter, with a net profit of 188 million yuan, up 47.53% year-on-year but down 17.52% quarter-on-quarter [1]. - For the full year 2024, the company achieved revenue of 5.93 billion yuan, a 10.34% increase, and a net profit of 822 million yuan, a 65.03% increase [1][5]. Market Expansion and Product Development - The company has invested over 10 billion yuan in R&D for three consecutive years, totaling 3.82 billion yuan, leading to successful market performance of several strategic new products [3]. - The S series chips have gained significant market share in domestic and international markets, while the T series saw a year-on-year sales increase of over 30% [3]. Future Outlook - The company expects continued growth in Q2 2025 and throughout 2025, driven by the launch of new products and improved operational efficiency [2][4]. - Profit forecasts for 2025-2027 are adjusted to 1.05 billion yuan, 1.43 billion yuan, and 1.77 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 16 [4][5].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the recovery in downstream demand and the excellent performance of new products [4][6]. Core Insights - The company achieved steady growth in revenue and profit, with Q1 2025 revenue reaching 1.53 billion yuan, a year-on-year increase of 10.98%, and a net profit of 188 million yuan, up 47.53% year-on-year [1][2]. - The company has been actively expanding its market presence and improving operational efficiency, leading to record-high revenue and net profit in 2024 [2][3]. - The company has invested over 10 billion yuan in R&D for three consecutive years, totaling 3.82 billion yuan, resulting in strong market performance for several strategic new products [3]. Revenue and Profit Forecast - The forecast for the company's net profit for 2025-2027 is 1.05 billion, 1.43 billion, and 1.77 billion yuan, respectively, with corresponding PE ratios of 27, 20, and 16 [4][5]. - The company expects continued growth in revenue, with projected figures of 7.60 billion, 9.38 billion, and 10.84 billion yuan for 2025-2027, reflecting growth rates of 28.3%, 23.3%, and 15.6% [5][10]. Product Performance and Market Expansion - The company has seen significant sales growth in its smart home chip segment, with Q1 2025 sales increasing by over 50% year-on-year, and a shipment of nearly 4 million self-developed edge computing chips [2][3]. - Various product lines have made progress, with the S series capturing the largest share in domestic tenders and expanding globally, while the T series saw a year-on-year sales increase of over 30% [3].

医药持续复苏，关注医药国产替代、医美及底部优质医药出海标的 2025 年 04 月 21 日 ➢ 医药周观点：医药板块基本面持续向上复苏，本周继续重点关注医药领域国产替代、 医美（胶原蛋白方向等）及底部优质出海标的。医药领域国产替代关注科学仪器、医疗设 备（CT 等方向）、血制品（白蛋白）、医疗耗材、医药包材等。另一方面持续关注创新药 板块重点品种临床数据读出、BD 等里程碑进展。 ➢ 1）创新药：信达生物启动了评估玛仕度肽在患有中重度阻塞性睡眠呼吸暂停且肥胖 的受试者中有效性和安全性的 III 期临床试验（GLORY-OSA）；礼来口服小分子 GLP-1R 激动剂 orforglipron 降糖 III 期成功；辉瑞宣布终止开发口服 GLP-1R 激动剂 Danuglipron；康方生物依若奇单抗作为国内首个 IL-12/23 靶点药物成功获批；诺诚健 华泛 TRK 抑制剂 Zurletrectinib 上市申请获得受理；恒瑞医药启动了 CD79b ADC 产品 SHR-A1912 的国内 III 期临床研究。2）CXO：国内外需求平稳向上，持续看好龙头公司 逐季度订单和收入改善。3）中医药：关注中医药及中 ...