Investment Rating - The investment rating for Foxit Software is "Buy" with a target price of RMB 92.92, indicating a potential upside of 38% from the closing price of RMB 67.21 as of May 15, 2025 [7]. Core Views - Foxit Software's dual transformation strategy is progressing smoothly, leading to an expected acceleration in revenue growth in 2025. The company's revenue for 2024 is projected at RMB 711.14 million, representing a year-on-year growth of 16.44%, while the net profit attributable to shareholders is expected to reach RMB 26.96 million, a significant increase of 129.64% [1][5]. Revenue and Profitability - Subscription revenue reached RMB 351 million in 2024, a year-on-year increase of 62.33%, contributing to 49% of total revenue, up 14 percentage points from the previous year. The annual recurring revenue (ARR) from subscriptions is projected at RMB 411 million, reflecting a growth of 64.42% [2]. - The overall renewal rate for core products is approximately 90%, indicating strong customer retention [2]. - Revenue from sales channels grew by 40.49% to RMB 292 million, accounting for 41% of total revenue, which is a 7 percentage point increase year-on-year [2]. Cost Management and Efficiency - The sales, management, and R&D expense ratios for 2024 were 53.85%, 23.64%, and 32.67%, respectively, with a notable decrease in the R&D expense ratio attributed to efficiency gains from AI integration [3]. - The company has enhanced its product suite with AI capabilities, improving its market competitiveness [3]. Global Expansion - Revenue growth in 2024 across different regions was robust, with North America, Europe (including the Middle East), Asia-Pacific, and China experiencing year-on-year growth rates of 9.41%, 24.02%, 53.42%, and 18.00%, respectively [3]. - The separation of domestic and international operations is expected to accelerate Foxit's globalization efforts, particularly in the Asia-Pacific market [3]. Financial Forecasts - Revenue forecasts for Foxit Software are adjusted upwards, with expected revenues of RMB 865.28 million, RMB 1,054 million, and RMB 1,285 million for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be RMB 31.50 million, RMB 71.93 million, and RMB 126.16 million for the same years [5][11].

Investment Rating - The investment rating for Xinbao Electrical Appliances Holdings is maintained as "Buy" with a target price of RMB 16.47, indicating a potential upside of approximately 11% from the closing price of RMB 14.86 as of May 15, 2025 [1][2]. Core Insights - Xinbao's revenue and net profit for 2024 were RMB 16.821 billion and RMB 1.053 billion, respectively, reflecting year-on-year growth of 14.84% and 7.75%. The first quarter of 2025 saw a revenue increase of 10.36% and a net profit increase of 43.02%, driven by strong export growth. However, the increase in US tariffs may pressure performance in the second quarter of 2025 [1][5][7]. - The company has extensive experience in product planning, industrial design, technological innovation, and rapid mass production, which is expected to help maintain resilience in overseas sales [1]. Financial Performance - In 2024, Xinbao's gross profit margin (GPM) decreased by 1.82 percentage points to 20.91% due to a higher proportion of low-GPM exports. In the first quarter of 2025, GPM improved by 0.5 percentage points to 22.42% [6]. - The overall expense ratio decreased by 1.08 percentage points in 2024, with sales and management expense ratios declining by 0.36 and 0.94 percentage points, respectively. However, in the first quarter of 2025, the overall expense ratio increased by 0.18 percentage points due to reduced interest income and foreign exchange gains [6]. Revenue Forecast - Revenue for 2025 is projected to be RMB 17.689 billion, with a growth rate of 5.16%. The net profit is expected to reach RMB 1.163 billion, reflecting a growth rate of 10.44% [14]. - The earnings per share (EPS) for 2025 is estimated at RMB 1.43, with subsequent years showing continued growth [14]. Market Position - Xinbao's domestic sales faced challenges, with a decline of 4.5% in 2024 and a further decline of 4.9% in the first quarter of 2025. However, there was a slight recovery in retail sales for small kitchen appliances in early 2025, indicating potential for future growth [10][11]. - The company proposed a dividend of RMB 0.45 per share for 2024 and initiated a stock buyback plan in early 2025, reflecting an enhancement in shareholder returns [12].

Investment Rating - The report maintains a "BUY" rating for Daqo New Energy with a target price of RMB 20.64, reflecting a potential upside of 2% from the closing price of RMB 20.22 as of May 15, 2025 [7]. Core Insights - Daqo New Energy reported a significant decline in revenue and net profit for 2024, with revenue at RMB 741 million and a net loss of RMB 272 million, representing year-on-year changes of -54.6% and -147.2% respectively. The fourth quarter of 2024 saw a revenue of RMB 141 million, down 59.3% year-on-year [2]. - The first quarter of 2025 continued to show weak performance, with revenue dropping to RMB 91 million, a decrease of 69.6% year-on-year, while the net loss narrowed to RMB 56 million, a year-on-year decline of 268.8% [2]. - The report anticipates that industry policies will be more effective than market expectations, potentially alleviating supply-demand imbalances in the future [2]. - Daqo New Energy is positioned as a leading player in the domestic silicon material sector, demonstrating cyclical resilience due to its strong liquidity buffer [2]. Financial Performance - The company experienced a significant drop in production and sales volumes in early 2025, with production falling to 250,000 tons and sales to 280,000 tons in the first quarter, reflecting a 27.5% and 33.6% decline respectively [3]. - The average selling price (ASP) of polysilicon increased to RMB 35.9 per kilogram in the first quarter of 2025, up 8.2% from the previous quarter, driven by increased downstream installation demand [3]. - As of the end of the first quarter of 2025, Daqo held RMB 3.1 billion in cash and cash equivalents, along with RMB 1.22 billion in trading financial assets, totaling RMB 4.32 billion, with no short-term or long-term debt [4]. Profit Forecast and Valuation - Due to ongoing supply-demand imbalances, the report has lowered its expectations for 2025 polysilicon ASP, shipment volumes, and gross margins. However, it anticipates a recovery in profitability by 2026 as industry conditions normalize [5]. - The projected net profits for 2025, 2026, and 2027 are RMB -489.67 million, RMB 2.76 billion, and RMB 3.11 billion respectively, with significant improvements expected in 2026 [5]. - The report assigns a price-to-earnings (PE) ratio of 16 times for 2026, reflecting a premium over the industry average of 11.72 times, with a revised target price of RMB 20.64 [5].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company has shown significant growth in its aerial work platform business, contributing to a strong performance in 2024 and Q1 2025, with a revenue of 3.717 billion yuan in 2024, a 34.1% year-on-year increase, and a net profit of 258 million yuan, up 97.0% year-on-year [12][15]. - The company is expected to benefit from the high capital expenditure (CAPEX) of major tech firms, which is driving demand for copper connections and related infrastructure [2][27]. - The company is providing financial support to its affiliate, Wandeng Technology, to facilitate the procurement of core materials, which is anticipated to accelerate the growth of its copper connection business [3][45]. Summary by Sections Company Performance - In 2024, the company achieved a total revenue of 3.717 billion yuan, with a net profit of 258 million yuan, reflecting a 34.1% and 97.0% year-on-year growth respectively. The Q1 2025 results showed a revenue of 859 million yuan, a 10.4% increase year-on-year, and a net profit of 98 million yuan, up 22.0% year-on-year [12][15][20]. - The revenue breakdown for 2024 includes: 1) Enamelled wire: 1.868 billion yuan (50.3% of total revenue, +16.7% YoY), 2) Aerial work equipment: 1.057 billion yuan (28.4% of total revenue, +241.7% YoY), 3) Photovoltaic power generation: 708 million yuan (19.1% of total revenue, -3.7% YoY) [15][20]. Industry Trends - The aerial work platform sector is experiencing robust demand, driven by increased domestic infrastructure investment and equipment renewal policies, alongside a recovery in the machinery industry [16][17]. - The global market for aerial work platforms is projected to exceed 15 billion USD in 2024, with China accounting for 32 billion yuan, representing 35% of the global market [17]. Financial Projections - The company forecasts net profits of 516 million yuan, 586 million yuan, and 680 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 28, 24, and 21 [4][5]. - The expected revenue growth rates for the next few years are 30.5% in 2025, 16.0% in 2026, and 16.9% in 2027 [5][47].

证 券 研 究 报 告 伟星新材（002372）2025 年一季报点评 强推（维持） Q1 业绩承压，期待内需政策加码 目标价：14.2 元 事项： ❖ 2025 年一季度实现营收 8.95 亿元，同比下降 10.2%；归母净利润 1.14 亿元， 同比下降 25.95%；扣非归母净利润为 1.14 亿元，同比下降 19.42%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,267 | 6,595 | 7,027 | 7,584 | | 同比增速(%) | -1.8% | 5.2% | 6.5% | 7.9% | | 归母净利润(百万) | 953 | 1,077 | 1,182 | 1,305 | | 同比增速(%) | -33.5% | 13.1% | 9.7% | 10.4% | | 每股盈利(元) | 0.60 | 0.68 | 0.74 | 0.82 | | 市盈率(倍) | 19 | 17 | 16 | 14 ...

申请 事项： 证 券 研 究 报 告 广和通（300638）2025 年一季报点评 推荐（维持） 一季报盈利能力有所恢复，已递交 H 股上市 ❖ 2025 年一季度公司实现营业收入 18.56 亿元（同比-12.59%），归母净利润 1.18 亿元（同比-37.30%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 8,189 | 8,290 | 9,549 | 11,000 | | 同比增速(%) | 6.1% | 1.2% | 15.2% | 15.2% | | 归母净利润(百万) | 668 | 594 | 752 | 900 | | 同比增速(%) | 18.5% | -11.1% | 26.6% | 19.7% | | 每股盈利(元) | 0.87 | 0.78 | 0.98 | 1.18 | | 市盈率(倍) | 29 | 32 | 26 | 21 | | 市净率(倍) | 5.3 | 4.9 | 4.3 | 3 ...

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company has shown significant growth in its aerial work platform business, contributing to a substantial increase in overall revenue and net profit for 2024 and Q1 2025 [12][4]. - The company is strategically positioned to benefit from high demand in the AI and infrastructure sectors, driven by increased capital expenditures (CAPEX) from major tech companies [2][27]. - The partnership with the subsidiary, Wandeng Technology, has led to new breakthroughs in copper connection orders, indicating a promising growth trajectory for this segment [3][44]. Summary by Sections Company Performance - In 2024, the company achieved a revenue of 3.717 billion yuan, a year-on-year increase of 34.1%, and a net profit of 258 million yuan, up 97.0% [12][15]. - For Q1 2025, the company reported a revenue of 859 million yuan, a 10.4% increase year-on-year, and a net profit of 98 million yuan, reflecting a 22.0% growth [12][15]. - The revenue breakdown for 2024 shows that the enameled wire business generated 1.868 billion yuan (50.3% of total revenue), the aerial work platform business brought in 1.057 billion yuan (28.4%), and the photovoltaic power generation segment accounted for 708 million yuan (19.1%) [15][20]. Industry Trends - The aerial work platform market is experiencing robust demand, driven by domestic infrastructure investments and equipment renewal policies, with a global market size expected to exceed 15 billion USD in 2024 [16][17]. - Major tech companies are significantly increasing their CAPEX, with Amazon, Google, Microsoft, and Meta collectively spending approximately 76.5 billion USD in Q1 2025, indicating strong growth in AI and infrastructure needs [2][30]. Subsidiary Developments - Wandeng Technology has secured new orders in the copper connection field, including bulk orders for active copper cables for emerging data centers in North America [3][44]. - The company has announced financial support for Wandeng Technology to facilitate the large-scale procurement of core DSP chips, which is expected to accelerate the growth of its copper connection business [45][44]. Financial Projections - The company forecasts net profits of 516 million yuan in 2025, 586 million yuan in 2026, and 680 million yuan in 2027, with corresponding price-to-earnings (PE) ratios of 28, 24, and 21 [4][5]. - The projected revenue growth rates are 30.5% for 2025, 16.0% for 2026, and 16.9% for 2027, indicating a strong growth outlook [5][47].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.29 CNY, based on a 19 times P/E ratio for 2025 [2][5]. Core Insights - The company's earnings are gradually improving, with a projected revenue of 66.615 billion CNY for 2025, reflecting a slight decrease of 0.7% year-on-year, followed by growth in subsequent years [4][9]. - The company is expanding its production capacity, with plans to increase PTA capacity to over 10 million tons by the end of 2025 and to add 65,000 tons of long fiber capacity [9]. - The long fiber market is expected to see continued recovery, driven by a slowdown in supply growth and an increase in demand, particularly from the textile sector [9]. Financial Performance Summary - **Revenue Forecast**: - 2023: 61.469 billion CNY - 2024: 67.091 billion CNY - 2025: 66.615 billion CNY - 2026: 75.409 billion CNY - 2027: 82.129 billion CNY - **Net Profit**: - 2023: 1.086 billion CNY - 2024: 1.100 billion CNY - 2025: 1.380 billion CNY - 2026: 1.745 billion CNY - 2027: 2.285 billion CNY - **Earnings Per Share**: - 2023: 0.71 CNY - 2024: 0.72 CNY - 2025: 0.91 CNY - 2026: 1.14 CNY - 2027: 1.50 CNY [4][9][11]. Market Performance - The company's stock price as of May 14, 2025, was 11.49 CNY, with a 52-week high of 16.1 CNY and a low of 9.53 CNY [5]. - The stock has shown a relative performance of 1.93% over the past month, indicating a positive trend compared to the market [6].

陕鼓动力(601369) 报告日期：2025 年 05 月 15 日 证券研究报告 | 公司点评 | 通用设备 2024 年业绩保持稳健增长，气体运营业务贡献新增长引擎 ——陕鼓动力点评报告 投资要点 ❑ 公司发布 2024 年报及 2025 年一季报，公司业绩保持稳健增长 1）2024 业绩：2024 年公司实现营收 102.8 亿元，同比增长 1.3%；归母净利润 10.4 亿元，同比增长 2.1%；业绩增长系公司深度聚焦分布式能源市场开拓，深 挖客户需求及需求变化， 加大市场项目拓展力度。 2023 年中国工业气体市场规模约为 2129 亿元，同比增长 8%，受益于国产化替 代、工业气体外包和应用场景拓展，预计 2026 年中国工业气体市场规模将达 2842 亿元，期间复合增速可达 10%。其子公司秦风气体 2023 年市场份额达到 1.6%，已成为民族工业气体领跑者之一。 ❑ 盈利预测及估值 2）2025Q1 业绩：2025Q1 公司实现营业收入 25.6 亿元，同比增长 2.7%；归母净 利润 2.5 亿元，同比增长 5.6%。业绩增长系公司坚持降本与市场开拓并举，抢 抓分布式能源市场新机遇，不断取 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.29 CNY, based on a 19x P/E ratio for 2025 [2][5]. Core Views - The company's profitability is gradually improving, with a forecasted revenue of 66.615 billion CNY for 2025, reflecting a slight decrease of 0.7% year-on-year, followed by growth in subsequent years [4][9]. - The long filament market is expected to continue recovering, with a projected increase in industry capacity to around 2 million tons in 2025, aligning supply growth with demand [9]. - The company is expanding its integrated production capacity, with PTA capacity expected to exceed 10 million tons by the end of 2025, and plans to launch additional polyester production lines [9]. Financial Performance Summary - **Revenue Forecast**: - 2023: 61.469 billion CNY - 2024: 67.091 billion CNY - 2025: 66.615 billion CNY - 2026: 75.409 billion CNY - 2027: 82.129 billion CNY - **Net Profit**: - 2023: 1.086 billion CNY - 2024: 1.100 billion CNY - 2025: 1.380 billion CNY - 2026: 1.745 billion CNY - 2027: 2.285 billion CNY - **Earnings Per Share**: - 2023: 0.71 CNY - 2024: 0.72 CNY - 2025: 0.91 CNY - 2026: 1.14 CNY - 2027: 1.50 CNY - **Profitability Ratios**: - Gross Margin: 5.8% in 2023, expected to rise to 7.0% by 2027 - Net Margin: 1.8% in 2023, expected to reach 2.8% by 2027 - Return on Equity: 6.7% in 2023, projected to increase to 10.9% by 2027 [4][9][11].