Group 1: Camera Module Industry - Sunny Optical Technology (2382.HK) reported a 102% month-on-month increase in vehicle lens shipments in January, with a year-on-year growth of 6.5% [3] - Mobile lens shipments reached 106 million units, reflecting a 1.0% month-on-month increase and a 2.6% year-on-year increase [3] - The decline in mobile camera module shipments by 31.1% month-on-month and 40.9% year-on-year indicates a seasonal effect due to the timing of the Chinese New Year, yet the positive year-on-year growth suggests strong market demand [3] - The automotive sector is expected to see significant growth in smart driving features, with cameras being a major beneficiary, indicating a positive outlook for the camera supply chain [3] Group 2: Construction Machinery Industry - In January 2025, major excavator manufacturers sold 12,500 units, marking a year-on-year increase of 1.1%, with domestic sales at 5,405 units (down 0.3%) and exports at 7,107 units (up 2.19%) [3] - Major loader manufacturers sold 7,920 units, with domestic sales at 3,706 units (down 1.01%) and exports at 4,214 units (up 3.84%) [3] - The performance of major construction machinery products during the Chinese New Year period indicates a recovery in demand, contrasting with significant declines in previous years [3] Group 3: Retail Sector - Dashang Co., Ltd. - Dashang Co., Ltd. has shown stable revenue growth, with a turnaround in profit growth in 2023, achieving an 18% increase in net profit attributable to shareholders in the first three quarters of 2024 [6] - The company’s strategic adjustments, including closing underperforming stores, have reduced operational burdens and allowed for a focus on quality business development [6] - The new chairman, with extensive experience in commercial real estate, is expected to bring fresh perspectives and operational capabilities to enhance Dashang's business [6]

Investment Rating - The investment rating for the company is "Strong Buy," indicating an expected stock price increase of over 20% within the next six months compared to the market benchmark index [22]. Core Insights - The report highlights that the demand for domestic chips is expected to accelerate, with growth potential in both mature and advanced process chips in China, leading to an optimistic long-term outlook for the domestic chip and overall electronics industry [3]. - The company announced a sales revenue forecast of $2,207.3 million for Q4 2024, representing a 31% year-on-year increase, and expects a sequential revenue growth of 6% to 8% for Q1 2025, outperforming seasonal trends and market expectations [5][6]. - The gross margin for Q4 2024 is reported at 22.6%, with a 2.1 percentage point increase from Q3 and a 6.2 percentage point increase year-on-year. The company anticipates a gross margin range of 19% to 21% for Q1 2025, also exceeding market expectations [9][5]. - The net profit from non-controlling interests reached $163 million in Q4 2024, a 160% year-on-year increase, indicating significant improvements in advanced process revenue and profitability [17][5]. - The company shipped over 8 million 8-inch equivalent wafers in 2024, with Q4 shipments of 1.992 million wafers, reflecting an 18.9% year-on-year growth, although the growth rate is lower than revenue growth, suggesting that revenue increases are primarily driven by higher average product prices [5]. - Capital expenditures for Q4 2024 were $1.66 billion, with an annual total of approximately $7.33 billion. The company expects capital expenditures in 2025 to remain roughly the same as in 2024, focusing on advanced process expansion [5]. - The report notes that domestic AI models, such as Deepseek, are being adopted by nearly all computing chip companies in China, indicating a strong growth trajectory for domestic chip applications [5].

Group 1: Company Insights - The report highlights that SMIC (Semiconductor Manufacturing International Corporation) expects its Q4 2024 sales revenue to reach $2,207.3 million, representing a 31% year-over-year increase [3] - The gross margin for Q4 2024 is projected to be 22.6%, up from 20.5% in Q3 2024 and 16.4% in Q4 2023, exceeding the guidance of 18-20% [3] - The net profit attributable to minority shareholders for Q4 2024 is expected to reach $163 million, a 160% increase year-over-year, indicating significant improvement in advanced process revenue and profitability [3] Group 2: Industry Trends - The report discusses the strong market performance of the movie "Nezha 2," with box office earnings reaching approximately 9 billion yuan, leading to increased activity in related concept stocks [5] - Light Chaser Animation, as the producer and distributor of "Nezha 2," is identified as a core stock closely tied to the film's performance, impacting both box office and merchandise sales [5] - Other stocks associated with "Nezha 2" are noted to be speculative, with some companies still operating at a loss, raising concerns about their sustainability once the film's popularity wanes [6]

Investment Rating - The industry investment rating is "Recommended," indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [20]. Core Insights - The report highlights that January 2025 saw retail sales of passenger vehicles reach 1.853 million units, a year-on-year decline of 9% and a month-on-month decline of 30%. However, the performance is considered resilient when accounting for seasonal factors, particularly compared to January sales in 2020 and 2023 [3][5][8]. - The report expresses optimism for the growth of the domestic passenger vehicle market in 2025, especially in the new energy vehicle (NEV) segment, which saw retail sales of 786,000 units in January, a year-on-year increase of 17% [3][6][8]. - The report notes that the automotive producer price index (PPI) increased by 0.5% month-on-month in January 2025, indicating strong market acceptance and minimal pricing pressure on manufacturers [10][12]. - The inventory warning index for automotive dealers in January 2025 was 62.3%, reflecting a normal level of inventory compared to historical data [13][14]. - The report emphasizes the introduction of advanced driving assistance systems by companies like BYD, which is expected to enhance the competitiveness of domestic NEVs and drive market growth in 2025 [16]. Summary by Sections Passenger Vehicle Sales - In January 2025, retail sales of passenger vehicles were 1.853 million units, down 9% year-on-year and down 30% month-on-month. NEV sales were 786,000 units, up 17% year-on-year [5][6][8]. Price Index - The automotive producer price index rose by 0.5% month-on-month in January 2025, marking the highest increase for January since 2020 [10][12]. Dealer Inventory - The dealer inventory warning index was 62.3% in January 2025, showing a year-on-year increase of 2.4 percentage points and a month-on-month increase of 12.1 percentage points [13][14]. Technological Advancements - BYD announced the introduction of high-level intelligent driving assistance systems across its models, which is expected to boost the growth of the NEV market in 2025 [16].

Group 1: Intelligent Driving Technology - The report highlights BYD's launch of the "Tianshen Eye" intelligent driving product line, which includes three versions: Tianshen Eye A, B, and C, featuring advanced driving capabilities such as high-speed navigation and valet parking [2] - BYD plans for over 60% of its models to be equipped with high-speed NOA and above intelligent driving technology by 2025, indicating a significant increase in demand for intelligent driving hardware, projected to grow by over 20% [2] - The Tianshen Eye systems will see substantial upgrades in components, including a shift from dual to triple cameras and enhanced sensor specifications, which are expected to drive growth in the electronic industry [2] Group 2: Consumer Market Insights - Gu Ming Holdings plans to list on the Hong Kong Stock Exchange with an IPO price range of HKD 8.68 to 9.94, estimating a market capitalization between HKD 20.246 billion and HKD 23.185 billion [6] - The report expresses a cautious outlook on the ready-to-drink tea industry, citing a lack of significant competitive barriers and the likelihood of intense price competition, which may lead to a reduction in the number of market participants [6] - The absence of strong brand culture in the ready-to-drink tea sector, similar to Starbucks, suggests that many companies may be eliminated in the competitive landscape, although a reasonable number may still survive [6]

Group 1: Labor Market Analysis - In January, the U.S. added 143,000 non-farm jobs, the lowest monthly increase since October 2024, compared to an expected increase of 170,000 [4] - The unemployment rate was 4.0%, lower than the expected 4.1%, with a labor participation rate of 62.6% [4][6] - Private non-farm average hourly wages increased by 4.1% year-on-year, exceeding the expected 3.8% [4][6] Group 2: Employment Structure - Government jobs increased by 32,000, while private sector jobs rose by 111,000, with notable changes in various sectors [5] - The education and healthcare sector added 61,000 jobs, while the leisure and hospitality sector saw a decrease of 3,000 jobs [5] Group 3: Inflation and Price Index - In January, the Consumer Price Index (CPI) rose by 0.5% year-on-year, higher than the expected 0.4% [9] - The Producer Price Index (PPI) decreased by 2.3% year-on-year, lower than the expected -2.1% [9][10] - Food prices increased by 1.2% month-on-month, with fresh vegetable prices rising by 5.9% [9][10] Group 4: New Energy Policy - The National Development and Reform Commission announced a new policy for renewable energy pricing, effective from June 1, 2025, allowing all renewable energy projects to enter market trading [14] - This policy aims to stabilize the growth of new energy installations and is expected to benefit the pricing of renewable energy [14] Group 5: Automotive Market Insights - In January, retail sales of passenger vehicles fell by 9% year-on-year, with a significant drop in sales of new energy vehicles [15] - Despite the decline, the overall performance of new energy vehicles is expected to improve due to supportive policies [15] Group 6: Consumer Market Trends - During the 2025 Spring Festival, duty-free shopping in Hainan totaled 2.094 billion yuan, a decrease of 15.9% year-on-year [17] - High-end brands like Lao Pu Gold saw significant sales growth, with same-store sales increasing by 50% to 80% [18] - New consumption brands like Pop Mart gained popularity, with significant sales in the blind box market [18][20]

Group 1 - The core viewpoint of the report highlights that Hexin Instruments focuses on the development and production of mass spectrometers, primarily used for air composition detection and medical diagnostics [3] - The domestic mass spectrometer market shows a high dependency on imported products, with foreign products accounting for approximately 80% of the market share, while domestic products hold around 20% [3] - Hexin Instruments has a notable presence in the domestic market, capturing over 20% of the domestic product share [3] Group 2 - The recent U.S. export control regulations prohibiting the export of certain mass spectrometer equipment to China have impacted the supply landscape of the domestic market, presenting both opportunities and challenges for local companies like Hexin Instruments [3][4] - Hexin Instruments is currently in a phase of significant R&D investment, which has resulted in losses over the past two years, supported by continuous government subsidies to promote its development [3] - There is a short-term trading opportunity in the capital market for Hexin Instruments, particularly following its planned acquisition of Liangxi Technology, which provides dilution refrigerators for quantum computers [4]

Group 1: MCU Manufacturers - Microchip Technology Co. announced a revenue forecast of approximately 912 million yuan for 2024, representing a year-on-year growth of about 27.80%. The net profit attributable to the parent company is expected to be around 135 million yuan, marking a turnaround from losses [2] - The significant revenue growth is attributed to the recovery in downstream demand, particularly in industrial control and automotive electronics, along with a substantial increase in gross profit margin due to inventory consumption and product updates [2] - The industrial automation orders from major domestic players have shown signs of recovery, indicating an improving demand in the industrial control sector [2] Group 2: Rare Earth Permanent Magnet Manufacturers - Ningbo Yunsheng expects a net profit of 110 million yuan for 2024, a 149% increase from 2023, with a 122% year-on-year growth in Q4. Inlohua anticipates a net profit of 260 million yuan, up 185%, with Q4 net profit soaring by 997% [2] - The growth in these companies is primarily driven by the decline in rare earth raw material prices and increased downstream demand, leading to a significant recovery in gross profit margins [2] - The stability of rare earth prices over the past six months suggests a potential turnaround in the industry if supply indicators are tightened further [2] Group 3: Wanchen Group - Wanchen Group's net profit is expected to be between 240 million to 300 million yuan for 2024, a significant turnaround from a loss of over 80 million yuan in the previous year [5] - The company has nearly doubled its store count since June last year, indicating aggressive expansion in the snack retail sector [5] - The competitive landscape remains open for further growth, despite the market entering a more mature phase [5] Group 4: Miaokelando - Miaokelando forecasts a net profit increase of 29.93 to 69.93 million yuan for 2024, representing a year-on-year growth of 49.84% to 116.43% [7] - The profit surge is attributed to product structure optimization, cost reductions, and effective expense management, particularly due to lower international cheese and raw milk prices [7] - The company has reversed its previous two years of profit decline, presenting a noteworthy investment opportunity [7]

Core Insights - The report highlights a strong recovery in consumer spending during the 2025 Spring Festival, indicating positive signals for the ongoing recovery of resident consumption [2][4] - The transportation sector saw a significant increase in cross-regional travel, with an estimated 4.8 billion people traveling, marking a 7.2% increase compared to the previous year [2] - The tourism sector experienced robust growth, with 490 million tourist visits recorded in the first four days of the Spring Festival, reflecting an 8% year-on-year increase [3] - The film industry achieved record-breaking box office results, with total revenue reaching 7.03 billion yuan, a 24.4% increase from the previous year [3] - Sales of electronic products surged, particularly in cities like Shanghai and Tianjin, where sales growth exceeded 30% due to government subsidies [4] Consumer Sector - The report indicates that self-driving remains the preferred mode of travel, with a concentrated peak in travel due to the overlap of student holidays and migrant workers returning home [2] - The increase in international flights during the Spring Festival was notable, with a 26% rise in flight operations compared to the previous year, while domestic flights saw a modest increase of 1.3% [3] - The report emphasizes that the growth in consumer spending is supported by consumption subsidy policies and reflects a steady recovery in consumer willingness to spend [4]

证券研究报告 点评报告 2025 年 1 月 24 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、策略和先进制造组： 对上述事件发展趋势的点评，存在由于经济增长、行业竞争、外部经济环境和政 策等变化，而不如预期的可能。 第一创业证券研究所 证书编号：S1080510120001 电话：010-63197789 邮箱：lihuaijun@fcsc.com 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 请务必阅读正文后免责条款部分 第 1 页 共 3 页 国内半导体封测大厂华天科技公布 2024 年业绩预告，预计 2024 年实现归属于母 公司所有者的净利润为 55,000 万元－63,000 万元，同比增长 143.02%－178.36%， 基本符合 Wind 的一致盈利预期。其中四季度单季度净利 2.3 亿，同比增涨 63%， 是过去两年单季净利润最高的季度。其公告的业绩增长主因是 2024 年电子终端 产品需求回暖，公司订单增加，营业收入同比有显著增长。由于公司市占率较高， 他的业绩可以代表整个半导体的行业景气，同时也是第一 ...