Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its market position and growth potential [8]. Core Insights - The company has maintained its leading position in the Chinese oat grain market for over 20 years, benefiting from the aging population and increasing health consciousness among younger consumers [7]. - Revenue for 2024 reached 1.896 billion yuan, a year-on-year increase of 20.2%, with a net profit of 133 million yuan, up 15.4% [4]. - The company is expected to achieve revenue growth of 20% in 2025 and 2026, with net profit growth of 35% in 2025 and 24% in 2026 [7]. Financial Performance - In Q1 2025, the company reported revenue of 656 million yuan, a year-on-year increase of 15.9%, and a net profit of 55 million yuan, up 21.2% [4]. - The gross margin for 2024 was 41.3%, down 3.2 percentage points year-on-year, primarily due to rising raw material costs [4]. - The company’s online sales grew over 17% year-on-year, with significant contributions from platforms like Douyin, where it achieved a GMV of 468 million yuan [4]. Product and Channel Development - The company has seen positive growth across all product categories, with compound oat products experiencing the fastest growth at 29% [4]. - Offline sales increased by 14% year-on-year, with snack wholesale channels growing nearly 50% [4]. - The company’s product structure is continuously upgrading, with successful launches in the oat + series and milk oat series, each exceeding 200 million yuan in sales [4]. Future Projections - The forecast for 2025-2027 indicates revenues of 2.277 billion yuan, 2.722 billion yuan, and 3.219 billion yuan, respectively, with corresponding net profits of 180 million yuan, 224 million yuan, and 274 million yuan [6]. - The expected EPS for 2025, 2026, and 2027 are 0.81 yuan, 1.00 yuan, and 1.23 yuan, respectively, with P/E ratios decreasing from 26.37 to 17.36 over the same period [6][7].

一季度表现超预期，加码新赛道打造新业 务增长点 核心观点 盈利预测与投资建议 ⚫ 根据年报，我们下调盈利预测（下调了收入，上调了费用率）并引入 2027 年的盈利 预测，预计公司 20252027 年每股收益分别为 0.5、0.56 和 0.63 元（原 2526 年为 0.56 和 0.65 元），参考可比公司，给予 2025 年 17 倍 PE 估值，对应目标价 8.5 元， 维持公司"买入"评级。 风险提示：行业竞争加剧、终端消费需求减弱、新业务拓展不及预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入百万元 | 21,528 | 20,957 | 22,496 | 24,511 | 26,671 | | 同比增长 (%) | 16.0% | 2.7% | 7.3% | 9.0% | 8.8% | | 营业利润百万元 | 3,611 | 2,780 | 3,039 | 3,360 | 3,790 | | 同比增长 (%) | 28.7% | 23.0% ...

持续创新打造核心技术平台，差异化竞争把握客户资源 公司自主研发建立"光学薄膜类技术""精密光学类技术""模压玻璃非 球面类技术""光纤器件类技术""衍射光学类技术""精密光学机械与 电子集成类技术"六大类核心技术平台，可实现部分产品垂直整合与规模 化、低成本量产。在光通信领域，公司可稳定量产面形精度为λ/10 的光 学元件，掌握 WSS 模块球柱镜双偏心控制技术，支撑 DWDM 系统扩容与 ROADM 全光交叉组网，连接超大规模数据中心。在光纤激光领域，公司高 功率镀膜光纤线最大承载 500W（135μm 纤芯），实现 400W 产品量产， 产品具有较高激光损伤阈值，适配高功率光纤激光器升级需求。 公司报告 首次覆盖报告 腾景科技（688195） 证券研究报告 精密光学元组件领军者，多应用领域布局开拓新增长极 精密光学元组件有望受益 AI 算力增长，新兴应用领域增长强劲 聚焦光学光电子领域，协同推进三大发展战略。公司专业从事各类精密光 学元组件、光纤器件研发、生产和销售，立足光学光电子行业，全面推进 技术创新战略、多应用领域战略、智能制造战略。公司经营业绩总体稳步 上升，2024 年实现总营收 4.45 亿元 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][7][40]. Core Insights - The company reported a revenue of 152.5 billion yuan for 2024, representing a year-on-year growth of 26.4%, and a net profit attributable to shareholders of 22.5 billion yuan, up 25.1% year-on-year [7][40]. - The company's performance in Q4 2024 showed a revenue of 46.7 billion yuan, a year-on-year increase of 19.0%, and a net profit of 6.6 billion yuan, reflecting a year-on-year growth of 27.3% [7][40]. - The company is expanding its product boundaries in the micro-drive sector and has launched innovative solutions in the smart automotive field, which are now entering mass production [7][31]. Summary by Sections Company Overview - The company specializes in micro-drive and transmission systems, focusing on the intelligentization trend in various industries, including automotive, medical, and industrial automation [11][17]. - The company has established partnerships with major automotive manufacturers and is expanding its presence in overseas markets [31][40]. Financial Performance - The company achieved a revenue of 1,206 million yuan in 2023, with projections of 1,525 million yuan in 2024 and 1,820 million yuan in 2025, indicating a compound annual growth rate (CAGR) of 19% [2][39]. - The net profit attributable to shareholders is expected to grow from 180 million yuan in 2023 to 268 million yuan in 2025, with a CAGR of 19% [2][39]. Business Segments - The micro-drive system segment is projected to generate significant revenue, with expected growth rates of 20% to 30% from 2025 to 2027 [37][40]. - The precision components segment is also expected to grow at similar rates, benefiting from the overall expansion of the micro-drive business [37][40]. Market Position and Future Outlook - The company is well-positioned to benefit from the rapid growth in the humanoid robot market, with innovative products like the dexterous hand that features 17 degrees of freedom [32][38]. - The report anticipates that the company's strategic focus on expanding its product offerings and customer base will lead to robust growth in the coming years [31][40].

Investment Rating - The report maintains a "Buy" rating for the company [1][11]. Core Insights - The company's performance during the "2025 Super Overseas Season" was impressive, with a 52% year-on-year increase in traffic on the MIC International Station [7]. - During the event, inquiry and order volumes grew by nearly 30%, indicating sustained international market reliance on the Chinese supply chain [7]. - Key product categories such as manufacturing machinery, transportation equipment, and building materials saw significant demand, while light industrial products also gained popularity [7]. - Emerging markets like Latin America, the Middle East, South Asia, Africa, and Europe experienced substantial traffic growth, with Latin America seeing an 89% increase [7]. - The company is innovating its business model through live streaming and overseas KOL empowerment, enhancing its service with multi-language support [7]. Financial Performance - In Q1 2025, the company reported cash receipts from sales of goods amounting to 433 million yuan, a year-on-year increase of 23.4% [10]. - Revenue reached 440 million yuan, up 15.3% year-on-year, while net profit attributable to the parent company was 112 million yuan, reflecting a 45.9% increase [10]. - The gross margin stood at 80.5%, an increase of 1.5 percentage points year-on-year, and the net profit margin was 24.5%, up 6.9 percentage points [10]. - The company plans to achieve net profit growth of no less than 20%, 40%, and 60% from 2025 to 2027 [10]. Revenue and Profit Forecast - The company is projected to generate revenues of 1.918 billion yuan, 2.206 billion yuan, and 2.531 billion yuan from 2025 to 2027, respectively, with corresponding net profits of 549 million yuan, 639 million yuan, and 731 million yuan [9][10]. - The expected P/E ratios for the same period are 24.74, 21.24, and 18.56, indicating a favorable valuation trend [9][10].

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The pre-mixed cocktail segment is under short-term pressure, while the whiskey product line is expected to contribute positively to revenue growth [2][7] - The company launched new whiskey products, including "Bailide" blended whiskey and the "Laizhou" single malt whiskey series, which are anticipated to drive sales [2][7] - The company is focusing on seasonal new product launches to rejuvenate its brand positioning in the pre-mixed cocktail market [7] Revenue and Profitability - For 2024, the company expects revenue of 30.48 billion yuan, a decrease of 6.61% year-on-year, with a net profit of 7.19 billion yuan, down 11.15% [3][7] - The gross margin for 2024 is projected to be 69.67%, with a net margin of 23.50% [2][3] - The company anticipates revenue growth of 9% and 11% for 2025 and 2026, respectively, with net profit growth of 11% and 15% [2][3] Regional Performance - Revenue from different regions for 2024 is as follows: North China 5.56 billion yuan, East China 10.15 billion yuan, South China 9.30 billion yuan, and West China 5.13 billion yuan, with varying year-on-year changes [1][2] Channel Performance - Revenue from distribution and direct sales for 2024 is projected at 21.52 billion yuan and 8.62 billion yuan, respectively, with a year-on-year decrease of 13.30% for distribution and an increase of 19.92% for direct sales [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 20.8 yuan, indicating an expected upside of 27% from the current price of 16.45 yuan [1][7]. Core Views - The company's performance in Q1 2025 shows significant improvement, with a revenue of 140.9 billion yuan, a year-on-year increase of 1.6%, and a quarter-on-quarter increase of 29%. The net profit attributable to shareholders reached 3.02 billion yuan, up by 3.1 billion yuan year-on-year and 82.6 billion yuan quarter-on-quarter, marking a turnaround from losses [6]. - The company has undergone a comprehensive reform in its passenger vehicle segment, aiming to enhance operational efficiency and reduce costs. The "Large Passenger Vehicle Segment" is expected to launch 10 new or significantly updated models in 2025, including 8 new energy vehicles [6]. - A partnership with Huawei has been established to create the "Shangjie" brand, which is anticipated to have a large market potential and optimistic sales outlook. The first model is expected to be launched in Q4 2025 [6]. - The company's current valuation is considered low, with a price-to-earnings ratio (PE) of 158 for 2025, and a price-to-book ratio (PB) of 0.6, indicating favorable investment value [6]. Financial Summary - The total revenue for 2024 is projected at 627.59 billion yuan, with a year-on-year growth rate of 15.7%. The net profit attributable to shareholders is expected to be 16.66 billion yuan, reflecting a substantial year-on-year growth of 88.2% [2][6]. - For 2025, revenue is estimated at 646.25 billion yuan, with a modest growth rate of 3.0%. The net profit is forecasted to soar to 12.04 billion yuan, a staggering increase of 622.8% compared to 2024 [2][6]. - The earnings per share (EPS) is projected to rise from 0.14 yuan in 2024 to 1.04 yuan in 2025, indicating a strong recovery in profitability [2][6].

Investment Rating - The investment rating for the company is maintained as "Buy" for both H-shares and A-shares [8]. Core Views - The report emphasizes that the short-term fluctuations in ASP (Average Selling Price) do not affect the long-term logic of domestic production [1]. - The company is expected to benefit from strong domestic demand, particularly in the simulation and other sectors, despite a temporary decline in ASP due to one-time operational issues [2][3]. - The report maintains target prices of HKD 63 for H-shares and RMB 119 for A-shares, reflecting a premium of 103% for A-shares over H-shares [5][28]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of USD 2.25 billion, a 1.8% increase quarter-on-quarter, but below the previous guidance of 6%-8% [1][17]. - The ASP decreased by 9% quarter-on-quarter, attributed to one-time operational issues and equipment validation problems [2][19]. - The gross margin remained stable at 22.5% [17]. Production and Capacity - The company experienced a 15% increase in wafer shipments quarter-on-quarter, with capacity utilization rising by 4.1 percentage points to 89.6% [1][19]. - The main 8-inch and 12-inch factories are nearing full capacity, indicating robust demand for domestic production [3]. Market Outlook - The company anticipates a 4%-6% decline in revenue for Q2 2025, with a gross margin forecast of 18%-20% [21]. - The report highlights limited impact from tariffs on overall revenue, estimating the effect to be less than 1% [4]. Valuation Adjustments - Revenue forecasts for 2025, 2026, and 2027 have been adjusted downwards by 7.4%, 2.7%, and 0.2% respectively, due to the Q1 operational issues [5][22]. - The projected revenues for 2025, 2026, and 2027 are USD 9.02 billion, USD 11.20 billion, and USD 13.15 billion respectively [23]. Investment Thesis - The company is viewed as a major beneficiary of the global supply chain restructuring, with a focus on localization and opportunities in the DeepSeek sector [28]. - The report suggests that the company will continue to capture market share in the domestic semiconductor industry, driven by increasing demand [3][28].

上 市 公 司 交通运输 2025 年 05 月 13 日 韵达股份 (002120) ——成本管控优异，增持彰显信心 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 05 月 13 日 | | --- | --- | | 收盘价（元） | 6.82 | | 一年内最高/最低（元） | 9.78/6.20 | | 市净率 | 1.0 | | 股息率%（分红/股价） | 2.49 | | 流通 A 股市值（百万元） | 19,199 | | 上证指数/深证成指 3,374.87/10,288.08 | | | 注："股息率"以最近一年已公布分红计算 | | 研究支持 王易 A0230123050001 wangyi@swsresearch.com 范晨轩 A0230123070006 fancx@swsresearch.com 联系人 王易 (8621)23297818× wangyi@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 05-13 06-13 07-13 08-13 09-13 10-13 11-13 12-13 01-13 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1] Core Insights - In 2024, the company achieved a revenue of 1.391 billion yuan, a year-on-year increase of 15.22%, and a net profit attributable to shareholders of 66.114 million yuan, up 19.38% year-on-year [1][4] - The company's non-recurring net profit saw a significant increase of 51.21% year-on-year, reaching 44.381 million yuan [1] - The first quarter of 2025 showed a revenue of 344 million yuan, reflecting an 8.67% year-on-year growth, with a net profit of 28.539 million yuan, up 3.20% year-on-year [1] Financial Performance - The company reported a gross margin of 15.88% in 2024, an increase of 0.51 percentage points year-on-year, and a net margin of 4.75%, up 0.17 percentage points year-on-year [4] - The revenue from high-temperature alloys reached 897 million yuan, a year-on-year increase of 23.96%, with a production volume of 4,013.71 tons, up 28.28% year-on-year [4] - The aerospace sector generated 435 million yuan in revenue, a 46.64% increase year-on-year, while the gas turbine sector saw a revenue increase of 67.34% to 267 million yuan [4] International Expansion - The company is actively expanding its international presence, with overseas revenue reaching 262 million yuan, a remarkable year-on-year increase of 167.84% [4] - The establishment of production bases in Singapore and Malaysia is underway, with land transaction contracts signed for the Malaysian facility [5] Future Projections - The company forecasts net profits of 99 million yuan, 129 million yuan, and 162 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 41, 31, and 25 [5][6] - Revenue is expected to grow to 1.75 billion yuan in 2025, reflecting a 26% year-on-year increase [6]