Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][11] Core Views - The company is experiencing pressure on overall performance due to increased product volume but decreased prices in 2024. The revenue for 2024 is projected at 26,692 million yuan, a year-on-year increase of 0.41%, while the net profit attributable to shareholders is expected to be 1,740 million yuan, a decrease of 33.64% year-on-year [4][5] - The company anticipates gradual recovery in profitability within the silicon industry chain, maintaining a "Buy" rating despite downward adjustments in profit forecasts for 2025-2027 [4][5] Financial Performance Summary - In 2024, the company achieved a revenue of 266.92 billion yuan, with a net profit of 17.40 billion yuan, reflecting a significant decline in profitability [4][5] - For Q1 2025, the company reported a revenue of 52.28 billion yuan, a year-on-year decrease of 3.47%, and a net profit of 2.60 billion yuan, down 50.81% year-on-year [4][5] - The projected net profits for 2025, 2026, and 2027 are 2,005 million yuan, 3,097 million yuan, and 4,004 million yuan respectively, with corresponding EPS of 1.70, 2.62, and 3.39 yuan [4][5][6] Production and Pricing Insights - In 2024, the production of industrial silicon and organic silicon reached 1,871,000 tons and 1,621,000 tons respectively, with year-on-year increases of 38% and 19%. However, the prices for these products have seen a decline [5] - The average selling prices for industrial silicon and organic silicon in 2024 were 11,175 yuan/ton and 12,405 yuan/ton, reflecting year-on-year decreases of 16.36% and 4.30% respectively [5] Cost and Margin Analysis - The cost of raw materials has decreased, with procurement prices for key inputs like petroleum coke and coal dropping significantly in 2024 [5] - The gross margin for 2024 is projected at 20.5%, with a net margin of 6.5%, indicating a challenging profitability environment [6][8]

通信/通信服务 普天科技（002544.SZ） 业绩短期扰动，卫星+低空前景光明 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 20.21 | | 一年最高最低(元) | 26.25/15.60 | | 总市值(亿元) | 137.54 | | 流通市值(亿元) | 137.25 | | 总股本(亿股) | 6.81 | | 流通股本(亿股) | 6.79 | | 近 3 个月换手率(%) | 89.84 | 股价走势图 数据来源：聚源 -48% -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 普天科技 沪深300 相关研究报告 《卫星互联网和低空通信前景光明— 公司信息更新报告》-2024.8.29 《业绩短期波动，前瞻布局卫星和低 空蓝海 — 公 司 信 息 更 新 报 告 》 -2024.4.26 陈宝健（分析师） chenbaojian@kysec.cn 证书编号：S0790520080001 中国电科通信板块上市平台，维持"买入"评级 考虑到公司新兴业务战略 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][15] Core Views - The company is a leading player in the domestic AI sector, and due to increased R&D investments, the profit forecasts for 2025-2027 have been adjusted downwards. The expected net profits for 2025, 2026, and 2027 are 709 million, 920 million, and 1,184 million respectively, with corresponding EPS of 0.31, 0.40, and 0.51. The current stock price corresponds to P/E ratios of 147.3, 113.6, and 88.3 for the respective years [4][5] - In Q1 2025, the company reported a revenue of 4.658 billion, representing a year-on-year growth of 27.74%. However, the net profit attributable to the parent company was -193 million, showing a year-on-year increase of 35.68% [5][6] Financial Performance Summary - In 2024, the company achieved an operating revenue of 23.343 billion, a year-on-year increase of 18.79%. The net profit attributable to the parent company was 560 million, a decrease of 14.78%. The net cash flow from operating activities increased by 613.4% year-on-year [5][6] - The company has significantly increased its R&D investment in AI, amounting to 740 million, which has led to a rise in R&D expenses by 410 million [6] - The company’s revenue projections for 2025, 2026, and 2027 are 28.868 billion, 36.334 billion, and 45.388 billion respectively, with year-on-year growth rates of 23.7%, 25.9%, and 24.9% [8][11] Key Developments - The company has upgraded its Starfire X1 model, which now competes with leading models from OpenAI and DeepMind in reasoning, text generation, and language understanding tasks. The commercialization of the Starfire model has accelerated, with significant revenue growth in various sectors [7]

2025 年 04 月 25 日 开源晨会 0425 ——晨会纪要 -32% -16% 0% 16% 32% 48% 晨 会 纪 要 2024-04 2024-08 2024-12 沪深300 创业板指 数据来源：聚源 昨日涨跌幅前五行业 行业名称 涨跌幅(%) 美容护理 1.606 银行 1.161 公用事业 1.083 煤炭 0.645 农林牧渔 0.526 数据来源：聚源 -20250424 昨日涨跌幅后五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 计算机 | -2.359 | | 通信 | -2.075 | | 电子 | -1.473 | | 传媒 | -1.393 | | 机械设备 | -1.251 | | 数据来源：聚源 | | | 【农林牧渔】2025Q1 农业板块公募基金重仓持股占比下降，中宠股份获逆势增持 | | --- | | ——行业点评报告-20250424 | | 【医药：毕得医药(688073.SH)】公司收入利润均加速增长，盈利能力持续改善— | | —公司信息更新报告-20250424 | | 【食品饮料：盐津铺子(002847.SZ)】魔芋品类空 ...

2025 年 04 月 24 日 投资评级：买入（维持） 汽车/汽车零部件 富特科技（301607.SZ） 日期 2025/4/24 当前股价(元) 42.75 一年最高最低(元) 60.50/30.47 总市值(亿元) 47.46 流通市值(亿元) 10.08 总股本(亿股) 1.11 流通股本(亿股) 0.24 近 3 个月换手率(%) 813.3 股价走势图 数据来源：聚源 -60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 富特科技 沪深300 相关研究报告 《国内车载电源头部供应商，海外新 拓客户放量在即—公司首次覆盖报 告》-2024.12.2 殷晟路（分析师） 王嘉懿（联系人） yinshenglu@kysec.cn wangjiayi@kysec.cn 证书编号：S0790123070003 2024 年公司实现归母净利 0.95 亿元，符合预期 公司发布 2024 年报及 2025 年一季报。2024 年，公司实现营业收入 19.34 亿元， 同比+5.38%；实现归母净利润 0.95 亿元，同比-1.90%。2025 年第一季 ...

食品饮料 2025 年 04 月 24 日 投资评级：看好（维持） 行业走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 2025-04 食品饮料 沪深300 数据来源：聚源 相关研究报告 《社零数据转暖，政策预期升温—行 业周报》-2025.4.20 《3 月社零增速环比回升，消费保持温 和复苏—行业点评报告》-2025.4.17 《3 月电商数据分析：大众品线上增长 稳健，板块预期升温建议积极关注— 行业点评报告》-2025.4.15 2025Q1 食品饮料仓位持续回落，白酒集中持仓 ——行业点评报告 | 张宇光（分析师） | 张恒玮（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhanghengwei@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790524010001 | 2025Q1 市场继续减仓食品饮料 从基金重仓持股情况来看（Wind 中全部市场基金，一级子行业），2025Q1 食品饮料 配置比例由 2024Q4 的 10.6%回落至 9.8%水平， ...

毕得医药（688073.SH） 公司收入利润均加速增长，盈利能力持续改善 2025 年 04 月 24 日 投资评级：买入（维持） 医药生物/医疗服务 股价走势图 | 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 40.57 | | 一年最高最低(元) | 61.66/28.50 | | 总市值(亿元) | 36.87 | | 流通市值(亿元) | 17.54 | | 总股本(亿股) | 0.91 | | 流通股本(亿股) | 0.43 | | 近 3 个月换手率(%) | 193.45 | 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 毕得医药 沪深300 相关研究报告 《拟收购 Combi-Blocks，公司迈入发 展 新 阶 段 — 公 司 信 息 更 新 报 告 》 -2025.2.4 《营收平稳增长，盈利能力同环比持 续提升 — 公 司 信 息 更 新 报 告 》 -2024.10.24 《海外贡献核心业绩增长，短期利润 承压—公司信息更新报告》-2024.9.1 余汝意（分析师） 聂媛媛（联 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated robust revenue growth, with a reported revenue of 5.3 billion yuan in 2024, reflecting a year-on-year increase of 28.9%. The net profit attributable to the parent company reached 640 million yuan, up 26.5% [4][6] - In Q1 2025, the company achieved a revenue of 1.54 billion yuan, marking a 25.7% increase year-on-year, with a net profit of 180 million yuan, up 11.6% [4][6] - The company is adjusting its channel structure, which has impacted gross margins, but it is expected to benefit from the growth of new products, particularly in the konjac category, and is beginning to explore overseas markets [4][6] Financial Performance Summary - The company reported a revenue of 5.3 billion yuan in 2024, with a year-on-year growth of 28.9% and a net profit of 640 million yuan, reflecting a growth of 26.5% [4][7] - For 2025, the company is projected to achieve revenues of 6.72 billion yuan, with a growth rate of 26.7%, and a net profit of 843 million yuan, representing a growth of 31.7% [7] - The gross margin for 2024 was 30.7%, with a slight decrease from the previous year, while the net profit margin was 12.1% [7] Product and Regional Performance - In Q4 2024, the company generated a revenue of 1.44 billion yuan, a 30.0% increase, driven by strong performance in various product categories, particularly spicy konjac and egg snacks [5][6] - The company’s revenue by region in 2024 showed significant growth across all areas, with the overseas market experiencing a staggering increase of 19822.0% [5][6] Future Projections - The company is expected to achieve net profits of 8.4 billion yuan in 2025, 10.5 billion yuan in 2026, and 13.2 billion yuan in 2027, with respective growth rates of 31.7%, 24.0%, and 25.9% [4][7] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 28.9 for 2025, 23.3 for 2026, and 18.5 for 2027 [4][7]

食品饮料 2025 年 04 月 24 日 投资评级：看好（维持） 行业走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 2025-04 食品饮料 沪深300 数据来源：聚源 相关研究报告 《社零数据转暖，政策预期升温—行 业周报》-2025.4.20 《3 月社零增速环比回升，消费保持温 和复苏—行业点评报告》-2025.4.17 《3 月电商数据分析：大众品线上增长 稳健，板块预期升温建议积极关注— 行业点评报告》-2025.4.15 2025Q1 食品饮料仓位持续回落，白酒集中持仓 ——行业点评报告 | 张宇光（分析师） | 张恒玮（分析师） | | --- | --- | | zhangyuguang@kysec.cn | zhanghengwei@kysec.cn | | 证书编号：S0790520030003 | 证书编号：S0790524010001 | 2025Q1 市场继续减仓食品饮料 从基金重仓持股情况来看（Wind 中全部市场基金，一级子行业），2025Q1 食品饮料 配置比例由 2024Q4 的 10.6%回落至 9.8%水平， ...

相关研究报告 《拟收购 Combi-Blocks，公司迈入发 展 新 阶 段 — 公 司 信 息 更 新 报 告 》 -2025.2.4 医药生物/医疗服务 毕得医药（688073.SH） 公司收入利润均加速增长，盈利能力持续改善 2025 年 04 月 24 日 投资评级：买入（维持） | 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 40.57 | | 一年最高最低(元) | 61.66/28.50 | | 总市值(亿元) | 36.87 | | 流通市值(亿元) | 17.54 | | 总股本(亿股) | 0.91 | | 流通股本(亿股) | 0.43 | | 近 3 个月换手率(%) | 193.45 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 毕得医药 沪深300 《营收平稳增长，盈利能力同环比持 续提升 — 公 司 信 息 更 新 报 告 》 -2024.10.24 《海外贡献核心业绩增长，短期利润 承压—公司信息更新报告》-2024.9.1 余汝意（分析师） 聂媛媛（联 ...