Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Summary by Sections Business Segments - **HVAC/R Segment**: In 2024, revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points. The decline was attributed to the heat pump industry's destocking cycle, but the long-term growth logic remains unchanged [5] - **New Energy Vehicle Thermal Management**: Revenue reached 453 million yuan in 2024, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points. The company is expanding from cabin and battery thermal management to intelligent control of electric motors [5] - **Servo Drive and Control Systems**: Revenue was 27 million yuan in 2024, down 31.77%. The company continues to invest in technology development and brand building in niche applications and robotics markets [5] Financial Summary and Valuation Metrics - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 2.15 billion yuan, 2.98 billion yuan, and 3.87 billion yuan, respectively, with year-on-year growth rates of 65.7%, 38.6%, and 29.8% [7] - **Net Profit Forecast**: Projected net profits for 2025, 2026, and 2027 are 270 million yuan, 389 million yuan, and 545 million yuan, respectively, with year-on-year growth rates of 60.4%, 44.0%, and 40.2% [7] - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 2.86 yuan, 4.12 yuan, and 5.78 yuan, respectively [7]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local government policies, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various companies showcasing eVTOL products at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfu Ovi (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The first low-altitude economic fund in Sichuan province has been registered, focusing on eVTOL manufacturing [34] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - Xinnengda has partnered with Aerospace Feipeng to enhance drone performance with high-performance batteries [37] - Jinfeng Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - Yinheng has delivered a prototype electric propulsion system for EHang's new model [41] - Jifeng Technology's controlling shareholder has changed to the actual controller of Shenzhen United Aircraft Technology Co., which specializes in drone development [43]

Group 1: Industry Insights - CATL launched sodium-ion and dual-core batteries, with the sodium-ion battery expected to reduce lifecycle costs by 61% compared to traditional lead-acid batteries[11] - The lithium battery industry on the Beijing Stock Exchange has 17 companies with a total market capitalization of 67.028 billion yuan as of April 25, 2025[21] - Naconor achieved a revenue of 1.054 billion yuan in 2024, representing a year-on-year growth of 11.42%, and a net profit of 162 million yuan, up 30.69%[24] Group 2: Market Performance - Five major industries, including high-end equipment and information technology, experienced average declines of -3.28% to -4.50% in the week of April 21 to April 25, 2025[27] - The median P/E ratio for the automotive industry increased to 35.7X, while the median for the information technology sector decreased to 74.3X[41] - The total market capitalization of 148 companies in the technology sector decreased from 427.983 billion yuan to 417.134 billion yuan during the same period[44] Group 3: Financial Performance of High-Growth Companies - BiKang Instruments reported a Q1 2025 revenue increase of 19.07% and a net profit increase of 44.91%[64] - LiJia Technology achieved a net profit growth of 64.13% in 2024, with total revenue of 382 million yuan[64] - Jianbang Technology reported a Q1 2025 revenue growth of 22.51% and a net profit increase of 49.72%[66] Group 4: Risk Factors - Risks include macroeconomic fluctuations, market competition, and data statistical errors[67]

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The low-altitude economy is experiencing significant support from both central and local governments, with a focus on funding and scene development to accelerate commercialization [3][19] - The recent issuance of 200 billion yuan in special bonds for equipment updates is expected to benefit low-altitude equipment, including consumer drones and eVTOLs [24] - The low-altitude economy is transitioning from conceptualization to commercialization, with various products showcased at the Shanghai Auto Show [19][31] Summary by Sections 1. Weekly Sector Review - The average change in A-share related to the low-altitude economy from April 21 to April 25 was +3.6%, driven by improved risk appetite due to easing tariff expectations [4][11] - Top gainers included Xincheng Technology (+37.2%), Wanfeng Aowei (+14.7%), and Guangyang Co. (+13.1%) [11][13] 2. Industry Dynamics - Meituan's self-developed drone received the first nationwide low-altitude logistics operation certificate [22] - The establishment of the Guangzhou Low-altitude Economy Development Company with a registered capital of 300 million yuan aims to support the industry [25] - The Shanghai Auto Show featured over 15 companies showcasing eVTOL products, indicating a shift towards commercialization [31] 3. Individual Company Updates - Xincheng Technology is developing a low-altitude comprehensive management service platform [36] - XWanda has partnered with Aerospace Feipeng to integrate high-performance batteries into eVTOL systems [37] - Jindun Co. is collaborating with Tsinghua University to develop a ducted fan propulsion system for flying cars and industrial drones [38] - YH Technology has successfully delivered the first domestic eVTOL simulator [39] - Yingboer has completed prototype delivery for a new model in collaboration with Yihang Intelligent [41]

Group 1 - Ningde Times launched three new battery products including sodium-ion batteries and dual-core batteries, with the sodium-ion battery being the world's first large-scale production model [2][11] - The sodium-ion 24V heavy truck battery is set to begin mass production in June 2025, offering a lifespan exceeding 8 years and a total cost reduction of 61% compared to traditional lead-acid batteries [11][12] - The lithium battery industry chain within the Beijing Stock Exchange consists of 17 companies, with a total market capitalization of 67.028 billion yuan as of April 25, 2025 [21][24] Group 2 - The five major industries on the Beijing Stock Exchange experienced an average decline, with high-end equipment, information technology, chemical new materials, consumer services, and pharmaceutical biology showing average declines of -3.28%, -2.56%, -3.89%, -4.50%, and -3.81% respectively [3][27] - The automotive industry saw an increase in the median TTM price-to-earnings ratio, rising to 35.7X, while the overall market capitalization of 148 companies in the technology new industry decreased from 427.983 billion to 417.134 billion yuan [41][44][56] Group 3 - Several companies reported significant growth in Q1 2025, including BiKang Instruments with a revenue increase of 19.07% and a net profit increase of 44.91%, and Tonghui Electronics with a revenue increase of 23.84% and a net profit increase of 125.39% [5][64] - Nako Nor achieved a revenue of 1.054 billion yuan in 2024, reflecting an increase of 11.42%, and a net profit of 162 million yuan, up 30.69%, with a gross margin of 24.15% [24][26]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][13]. Core Views - The company is a leading provider of digital transformation and smart manufacturing integration planning services in China, expected to benefit from downstream economic recovery and overseas opportunities. The acceleration of AI commercialization is anticipated to open up growth space for the company [4][6]. - The company has slightly adjusted its profit forecasts for 2025-2026 and added a new forecast for 2027, expecting net profits of 201 million, 240 million, and 289 million yuan for 2025-2027, respectively [4][6]. Financial Performance Summary - In 2024, the company achieved operating revenue of 2.331 billion yuan, a year-on-year increase of 4.62%, and a net profit attributable to shareholders of 156 million yuan, up 3.59% year-on-year. The first quarter of 2025 saw operating revenue of 423 million yuan, a 4.33% increase year-on-year, with a net profit loss of 8.33 million yuan, but a 14.04% increase year-on-year in the same quarter [5][8]. - The company's revenue is projected to grow from 2.331 billion yuan in 2024 to 3.581 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 16.6% [8][10]. AI Integration and Growth - The company has integrated AI capabilities with its business scenarios, leading to a 135.07% year-on-year increase in AI business revenue in Taiwan in 2024. The introduction of AI technology in its PLM product has resulted in a 30% increase in average transaction value for R&D and design services [6][7]. - The company reported a 57.54% year-on-year increase in net profit in Taiwan in 2024, indicating the effectiveness of AI in enhancing operational efficiency [6][7]. Regional Performance - In the first quarter of 2025, the company achieved operating revenue of 175 million yuan in mainland China, a 6.46% year-on-year increase, while Taiwan's AI applications and integration solutions continued to deepen, leading to a nearly 10% year-on-year increase in new customer signings [7][8]. - The Southeast Asia region saw a 33% year-on-year increase in signed contracts, reflecting the company's enhanced localization service capabilities [7].

通信 2025 年 04 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -14% 0% 14% 29% 43% 2024-04 2024-08 2024-12 通信 沪深300 | 蒋颖（分析师） | 雷星宇（联系人） | 陈光毅（联系人） | | --- | --- | --- | | jiangying@kysec.cn | leixingyu@kysec.cn | chenguangyi@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124040002 | 证书编号：S0790124020006 | 国内外 AI 算力产业链持续兑现，一季度业绩全面亮眼 国内：（1）AI 芯片：海光信息 2025Q1 合同负债金额达 32.37 亿元，同比增 长 113510.65%；（2）AI 服务器&电源：华勤技术 2025Q1 实现营收 349.98 亿 元，同比增长 115.65%；欧陆通 2025Q1 实现归母净利润 0.50 亿元，同比增 长 59.06%；（3）AI 光模块：华工科技 2025Q1 实现归母净利润 4.1 亿元，同 比 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing short-term pressure on performance but is actively positioning itself in the AI Agent space. The long-term development outlook remains positive despite current challenges [4][5] - Revenue for 2024 is projected to decline by 18.97% year-on-year, with a net loss of 236 million yuan, indicating an expanded loss compared to the previous year [4] - The company has adjusted its net profit forecasts for 2025-2026 to -97 million and -23 million yuan respectively, with a new forecast for 2027 set at 21 million yuan [3] Financial Summary - In 2024, the company achieved operating revenue of 847 million yuan, down from 1,045 million yuan in 2023, with a gross margin decrease from 68.44% to 64.22% [4][6] - For Q1 2025, the company reported operating revenue of 105 million yuan, a decline of 42.4% year-on-year, with a net loss of approximately 66.98 million yuan [4] - The company's EPS (Earnings Per Share) is projected to be -0.84, -0.20, and 0.18 yuan for 2025, 2026, and 2027 respectively, with a corresponding PE ratio of 148.6 for 2027 [3][6] Strategic Initiatives - The company launched a new generation of AI intelligent products, CoMi, which integrates mainstream AI models and allows for the creation of customized agents for various applications [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 2025 operating revenue and net profit attributable to shareholders were 540 million and 140 million yuan, respectively, representing year-on-year increases of 85% and 726%. The non-recurring net profit attributable to shareholders was 72 million yuan, up 347% year-on-year, meeting expectations. The difference in these figures is primarily due to non-recurring investment income of 66 million yuan generated from the acquisition of Pioneer Fund [6][8] - The company benefits from the increased trading activity of individual investors, and its growth potential continues to be validated. The report maintains a "Buy" rating [6][8] Financial Performance Summary - Q1 2025 total revenue was 540 million yuan, with a year-on-year growth of 85%. The net profit attributable to shareholders was 140 million yuan, with a year-on-year increase of 726%. The non-recurring net profit was 72 million yuan, reflecting a year-on-year growth of 347% [6] - The company's financial information service revenue and cash flow showed significant growth, with a sales cash inflow of 510 million yuan, up 93% year-on-year. The pre-receivable accounts (contract liabilities + non-current liabilities) reached 870 million yuan, increasing by 4% quarter-on-quarter and 25% year-on-year [7] - The company's net income from commission fees and interest income for Q1 was 97 million and 21 million yuan, respectively, with year-on-year increases of 143% and 67%. The average daily trading volume of the market increased by 72% year-on-year, and the number of new accounts opened rose by 32% [8] Earnings Forecast - The company’s projected net profit attributable to shareholders for 2025-2027 is 360 million, 560 million, and 770 million yuan, respectively, with year-on-year growth rates of 249%, 55%, and 37%. The earnings per share (EPS) are expected to be 0.6, 0.9, and 1.3 yuan for the same period [6][9]

计算机/软件开发 莱斯信息（688631.SH） 收入结构改善，打造低空新增长极 liuxiaoyao@kysec.cn 证书编号：S0790520090001 考虑公司在空管领域领先地位，维持"买入"评级 2025 年 04 月 26 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 78.65 | | 一年最高最低(元) | 135.97/46.84 | | 总市值(亿元) | 128.57 | | 流通市值(亿元) | 48.16 | | 总股本(亿股) | 1.63 | | 流通股本(亿股) | 0.61 | | 近 3 个月换手率(%) | 293.23 | 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 2024-04 2024-08 2024-12 莱斯信息 沪深300 陈宝健（分析师） 刘逍遥（分析师） chenbaojian@kysec.cn 考虑政府治理业务短期承压，我们下调公司 2025-2026 年归母净利润预测为 1.70、 2.24 亿元（原预测为 2.09、2.72 亿元），新增 2027 ...