Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to increase online investments, leveraging product strength and effective management to enhance live e-commerce and drive revenue and profit growth [7] - The company plans to expand its franchise stores, targeting high-end brand demand in lower-tier cities, while enhancing brand image through direct store empowerment [7] - The company maintains a high dividend payout ratio of 95.8% for 2024, with a dividend per share of 6.2 yuan, resulting in a dividend yield of 7.4% [3] Financial Performance Summary - In 2024, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 3.011 billion yuan, 542 million yuan, and 504 million yuan, respectively, showing year-on-year declines of 0.6%, 5.2%, and 3.47% [2] - The company's gross margin improved by 0.4 percentage points to 56.1% in 2024, while the net profit margin decreased by 0.9 percentage points to 18.0% [5] - For Q1 2025, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 536 million yuan, 56 million yuan, and 49 million yuan, respectively, reflecting year-on-year declines of 17.8%, 54.12%, and 53.43% [3] Operational Insights - The company's direct sales efficiency declined, while franchise efficiency remained stable in 2024, with revenue from direct sales, franchises, e-commerce, group purchases, and others being 736 million yuan, 836 million yuan, 1.121 billion yuan, 173 million yuan, and 147 million yuan, respectively [4] - The company experienced a significant increase in accounts receivable, which grew by 41.2% year-on-year, leading to longer turnover days [6] Future Projections - The company forecasts revenues of 3.176 billion yuan, 3.339 billion yuan, and 3.511 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 559 million yuan, 592 million yuan, and 622 million yuan for the same years [9][11] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.67 yuan, 0.71 yuan, and 0.74 yuan, respectively [9][11]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 25Q1 业绩点评：新接订单较好，Track、化学 清洗机等加速突破 [Table_Title2] 芯源微(688037) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688037 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 120.0/56.18 | | 目标价格： | | 总市值(亿) | 200.54 | | 最新收盘价： | 99.7 | 自由流通市值(亿) | 200.54 | | | | 自由流通股数(百万) | 201.14 | [Table_Summary] 事件概述 公司发布 2025 年一季报。 ► 25Q1 新接订单良好，化学清洗、先进封装等新品开始放量 2025Q1 公司实现营收 2.75 亿元，同比+12.74%，Q1 为传统淡季，保持稳健增长。1）分产品看， 我们判断前道 Track、前道物理清洗和后道先进封装设备仍为主要收入来源，保持较好增长；新 品化学清洗机、键 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 持续高分红回馈股东，期待下游景气回升 [Table_Title2] 富森美(002818) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 002818 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 15.59/10.52 | | 目标价格： | | 总市值(亿) | 98.65 | | 最新收盘价： | 13.18 | 自由流通市值(亿) | 39.32 | | | | 自由流通股数(百万) | 298.36 | [Table_Summary] 事件概述 富森美发布 2024 年年报及 2025 年一季报：2024 年实现营收 14.30 元，同比-6.18%；归母净利润 6.90 亿元， 同比-14.39%；扣非后归母净利为 6.82 亿元，同比-13.92%。单季度看，2024Q4 实现营收 3.51 亿元，同比- 4.19%；实现归母净利润 1.44 亿元，同比-24.18%；扣非后净利润 ...

证券研究报告|公司点评报告 [Table_Title2] 信立泰(002294) [Table_Summary] 事件： 公司发布 2025 年一季报：2025 年一季度营业收入 10.62 亿 元，同比下降 2.64%；归属于上市公司股东的净利润为 2 亿 元，同比增长 0.03%。 点评： 公司本报告期实现营业收入 106,220.57 万元，同比略有下降。 从产品销售结构看，正往专利产品和新产品占比不断提升的方 向和趋势中，专利产品和新产品营收规模同比有较好增长；而 造成收入同比下降的原因主要是受到仿制药政策影响，相关产 品收入占营收比重进一步降低。同时，公司持续加大新产品的 推广，加上仿制药的影响，一季度归属于上市公司股东的扣除 非经常性损益的净利润略有下降。此外，收入下降导致同期销 售收款减少，经营活动现金流入略降；同时公司增加对新产品 推广和创新研发的支持力度，同期与经营活动有关的现金流出 同比增加。 公司创新药方面，研发项目有序推进。SAL0140 是公司具有自 主知识产权的醛固酮合酶抑制剂，拟开发适应症包括未控制高 血压（包括难治性高血压）等。醛固酮是人体最重要的盐皮质 激素，通过激活盐皮质激 ...

| [Table_DataInfo] 评级： | 买入 | 股票代码： | 603808 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 9.23/5.72 | | 目标价格： | | 总市值(亿） | 24.43 | | 最新收盘价： | 6.62 | 自由流通市值(亿) | 24.43 | | | | 自由流通股数(百万) | 369.09 | 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 亏损主要由于减值等一次性费用影响 [Table_Summary] 事件概述 2024 年公司实现收入/扣除与主业无关事项后收入/归母净利/扣非归母净利/经营性现金流 30.36/29.96/- 3.10/-3.13/4.17 亿元、同比增长 4.14%/4.6%/-392.99%/-489.37%/-13.03%，归母净利亏损主要由于商誉、商 标减值计提和实施法国 IRO 降本增效措施产生一次性费用等共约 3.83 亿元。剔除公允价值变动、减值损失、 资产处置收益后归母净利润为0.7 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] BTK 快速放量，创新管线积极布局 [Table_Title2] 百济神州-U(688235) [Table_Summary] 事件概述： 公司 2024 年报：报告期内本集团实现营业收入 272.14 亿元， 比上年同期增加 56.19%；实现净亏损 49.78 亿元，比上年同 期减少 17.38 亿元；报告期内，本集团的经营活动产生的现金 流量净额为-12.59 亿元；报告期内，本集团全年研发投入为 141.40 亿元。 分析判断： 产品收入的增长主要得益于自主研发产品百悦泽®（泽布替尼胶 囊）和百泽安®（替雷利珠单抗注射液）以及安进授权产品的销 售增长。 ►海外市场积极拓展，快速放量 百悦泽®全球临床开发项目迄今已在全球超过 30 个国家和地区 超过 35 项试验中入组 7,100 多例患者。百悦泽®已在全球 70 多 个市场获批，全球已有超过 180,000 例患者接受治疗。3 期 SEQUOIA 研究队列 1 的 5 年随访结果显示，百悦泽®用于初治 （TN）CLL 或 SLL 所有患 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has demonstrated continuous rapid growth in performance, with a clear platform-based growth logic [2] - Revenue for 2024 reached 3.406 billion, a year-on-year increase of 35.82%, aligning with market expectations; Q1 2025 revenue was 912 million, up 34.14% year-on-year, driven by sufficient orders for CMP equipment and successful market expansion for new products [3] - The gross profit margin remains high, with a net profit of 1.023 billion for 2024, a year-on-year increase of 41.40%, outperforming revenue growth [4] - The company benefits from the expansion of advanced processes, with a clear platform-based logic in product offerings such as CMP and thinning equipment [6] Summary by Sections Revenue and Growth - In 2024, the company achieved revenue of 3.406 billion, a 35.82% increase year-on-year; Q1 2025 revenue was 912 million, a 34.14% increase year-on-year, primarily due to strong orders for CMP equipment and successful market expansion for new products [3] - The company’s inventory and contract liabilities as of Q1 2025 were 3.488 billion and 1.641 billion, respectively, reflecting increases of 27.67% and 33.86% year-on-year, indicating a continuous rise in orders [3] Profitability - The company reported a net profit of 1.023 billion for 2024, a 41.40% increase year-on-year, with a net profit margin of 30.05%, up 1.19 percentage points year-on-year [4] - The gross profit margin for 2024 was 43.20%, showing stability despite a slight decrease of 0.35 percentage points [4] - For Q1 2025, the net profit was 233 million, a 15.47% increase year-on-year, with a gross profit margin of 46.37%, up 1.18 percentage points year-on-year [5] Product Development and Market Position - The company is enhancing its product line, focusing on CMP and thinning equipment, which are expected to drive future growth [6] - The new CMP polishing system Universal-H300 has received repeat orders, and the thinning equipment has successfully passed multiple acceptance tests [6][7] - The company has established a comprehensive cleaning equipment layout covering various manufacturing fields, indicating a strong market position [7] Financial Forecast - Revenue forecasts for 2025 and 2026 have been adjusted to 4.554 billion and 5.866 billion, respectively, with year-on-year growth rates of 34% and 29% [8] - The net profit forecasts for 2025 and 2026 are 1.348 billion and 1.730 billion, with year-on-year growth rates of 32% and 28% [8] - The estimated EPS for 2025 and 2026 are 5.69 and 7.31, respectively [8]

[Table_Title] Q1 业绩抢眼，加快零售变革&拥抱 AI 升级 [Table_Title2] 顾家家居(603816) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 603816 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 39.18/21.44 | | 目标价格： | | 总市值(亿) | 187.31 | | 最新收盘价： | 22.79 | 自由流通市值(亿) | 185.09 | | | | 自由流通股数(百万) | 812.17 | [Table_Summary] 事件概述 公司发布 2024 年年报及 2025 年一季度报。2024 年公司实现收入 184.80 亿元，同比-3.81%；归母净利润 14.17 亿元，同比-29.38%，扣非后归母净利润 13.01 亿元，同比-26.92%。分季度看，Q4 单季度营业收入 46.78 亿 元，同比-7.84%；归母净利润 0.58 亿元，同比-88.51%（Q4 减值影响利润，剔除减值影响我们预计利润降幅收 窄）。2025Q1 公司实现 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 [Table_Title] 业绩增速亮眼，极致创新赋能长期增长 [Table_Title2] 安克创新(300866) [Table_Summary] 事件概述 安克创新发布 2024 年及 2025 年一季报。 2024 年实现营业收入 247.10 亿元，同比+41.14%；归母净利润 21.14 亿元，同比+30.93%；扣非归母净利润 18.88 亿元，同比 +40.50%。 25Q1 实现营业收入 59.93 亿元，同比+36.91%；归母净利润 4.96 亿元，同比+59.57%；扣非归母净利润 4.40 亿元，同比 +39.36%。 业绩表现亮眼，三大品类均保持较高增速 分业务看，2024 年充电储能类产品实现营收 126.67 亿元，同 比 +47.23% ， 其 中 储 能 业 务实 现 营 收 30.20 亿元 ， 同 比 +184.00%。智 能创 新类 产品 实现营 收 63.36 亿元 ，同比 +39.53% 。智能影音类产品实现营收 56.92 亿元 ， 同 比 +32.84%。 分渠道看：20 ...

[Table_Title] 2024 年报&2025 年一季报点评：业绩实现快速 增长，OPEX 业务成长逻辑持续兑现 [Table_Title2] 正帆科技(688596) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 688596 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 43.5/23.72 | | 目标价格： | | 总市值(亿) | 113.27 | | 最新收盘价： | 38.78 | 自由流通市值(亿) | 113.27 | | | | 自由流通股数(百万) | 292.09 | [Table_Summary] 事件概述 证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 29 日 1）核心零组件：主要产品为 Gas Box、Chemical Box、Bubbler 等，已经向国内头部半导体设 备公司（新凯来、北方华创、拓荆科技、中微公司等）批量供货，持续受益零部件国产替代。、 2）气体及先进材料：可转债募投项目重点布局电子气体，并重点加码电子大宗气，实现产品和 区域 ...