平安证券晨会纪要-20250422

Group 1: Key Insights from Company Reports - Anji Technology (688019.SH) reported a revenue of 1.835 billion yuan in 2024, a year-on-year increase of 48.24%, with a net profit of 534 million yuan, up 32.51% [7][8] - Hikvision (002415.SZ) achieved a revenue of 92.496 billion yuan in 2024, a 3.53% increase year-on-year, but the net profit decreased by 15.10% to 11.977 billion yuan [11][12] - Jinghe Integration (688249.SH) reported a revenue of 9.249 billion yuan in 2024, a 27.69% increase, with a net profit of 533 million yuan, up 151.78% [16][17] Group 2: Financial Performance and Projections - Anji Technology's net profit forecasts for 2025-2027 are adjusted to 702 million yuan, 858 million yuan, and 1.011 billion yuan, with corresponding EPS of 5.43, 6.64, and 7.82 [2][10] - Hikvision's net profit projections for 2025-2027 are 13.247 billion yuan, 14.777 billion yuan, and 16.402 billion yuan, with PE ratios of 20, 18, and 16 [3][15] - Jinghe Integration's net profit forecasts for 2025-2027 are 1.017 billion yuan, 1.551 billion yuan, and 2.176 billion yuan, with PE ratios of 41.1, 26.9, and 19.2 [4][19] Group 3: Market Trends and Strategic Developments - Anji Technology is expanding its product range in the semiconductor manufacturing process, covering key processes such as polishing, cleaning, and deposition [2][10] - Hikvision is enhancing its technological innovation and expanding its overseas market presence, with a focus on AI and smart security solutions [12][14] - Jinghe Integration is maintaining a leading position in the DDIC foundry business, with rapid growth in CIS foundry services [4][19]