Investment Rating - The investment rating for the company is maintained as "Buy" [5][10] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue between 25.408 billion to 25.808 billion yuan, representing a year-on-year increase of 20.87% to 22.78%. The net profit attributable to shareholders is expected to be between 3.155 billion to 3.355 billion yuan, showing a remarkable growth of 467.88% to 503.88% [1][10] - The growth in performance is primarily driven by the continuous penetration of the company's CIS products in the high-end smartphone market and the automotive autonomous driving application market, leading to a steady increase in market share and significant improvements in revenue and gross margin [1][10] Summary by Sections Financial Performance - For Q4 2024, the company anticipates revenue of 6.5 billion to 6.9 billion yuan, a year-on-year growth of 9.44% to 16.18%. The net profit attributable to shareholders is expected to be between 780 million to 980 million yuan, reflecting a year-on-year increase of 316.64% to 423.47% [2] - The company forecasts a gross margin recovery due to proactive product and supply chain optimization [1] Automotive Sector - The demand for automotive CIS is expected to grow steadily with the acceleration of smart driving technology, leading to an increase in the number of CIS per vehicle. The company has introduced advanced automotive CIS solutions, including the first 12MP sensor for high-end applications, which is expected to enter mass production in Q3 2025 [3] - The company is also collaborating with Philips to develop a driver health monitoring solution for in-car applications [3] Smartphone Sector - The company has completed its product lineup for high-end smartphone rear cameras, with its OV50H sensor gaining traction in the domestic market. The global first smartphone CIS using TheiaCel™ technology is expected to enhance its market position [4] - The company is actively expanding into the telephoto and secondary camera markets, with a new 50MP sensor set to launch in August 2024 [4] Emerging Markets - The company is well-positioned to capitalize on the growing demand for CIS in emerging markets such as smart glasses and AR/VR devices, leveraging its technological advantages in low power consumption and compact design [8] Financial Projections - The company projects revenues of 25.5 billion, 30.6 billion, and 35.497 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 21.3%, 20.0%, and 16.0%. The net profit attributable to shareholders is expected to reach 3.27 billion, 4.505 billion, and 5.661 billion yuan for the same years, with growth rates of 488.5%, 37.8%, and 25.7% respectively [9][10]

1 月游戏版号发放数量递增，关注重磅新游发 布周期 投资要点 传媒 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -9.52 | 7.4 | -5.44 | | 绝对收益 | -11.94 | 4.79 | 11.77 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 闫誉怀 | | | yanyuhuai@huajinsc.cn | | | 相关报告 2025 年 01 月 22 日 行业研究●证券研究报告 传媒：海外 TikTok 用户涌入小红书，关注生态 机 遇 和 挑 战 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.15 传媒：供给侧显卡迭代+国补扩围，多线共振赋 能 生 态 应 用 端 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.8 传媒："跨端+IP"注 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Viewpoints - The company has signed a cooperation framework agreement with KSTE INC. to introduce Korean electrostatic chuck technology and procure production lines, accelerating the development of precision component business [1][2] - The global electrostatic chuck market is estimated to be between 3.6 billion to 4.2 billion yuan in 2023, with the mainland China market accounting for approximately 700 million to 800 million yuan [2] - The company has established itself as the world's leading manufacturer of semiconductor sputtering targets, holding nearly 40% market share and serving major clients like TSMC and SMIC [3] - The company has developed over 40,000 types of semiconductor equipment components, achieving over 85% coverage of industry products [4] Financial Data and Valuation - The company's projected revenue for 2024, 2025, and 2026 is 3.632 billion, 4.754 billion, and 5.957 billion yuan respectively, with year-on-year growth rates of 39.6%, 30.9%, and 25.3% [10][11] - The projected net profit attributable to the parent company for the same years is 384 million, 516 million, and 670 million yuan, with growth rates of 50.1%, 34.5%, and 30.0% respectively [10][11] - The company's price-to-earnings (P/E) ratio is expected to decrease from 50.0 in 2024 to 28.6 in 2026, indicating improving valuation [10][11]

2025 年 01 月 20 日 行业研究●证券研究报告 http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 传媒 行业快报 春节档表现持续走强，有望带动行业发展 投资要点 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -9.55 | 9.81 | -6.18 | | 绝对收益 | -12.48 | 7.38 | 10.95 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 王延森 | | | wangyansen@huajinsc.cn | | | 相关报告 传媒：内容平台持续发展，关注各平台边际增 长-华金证券-传媒-行业快报 2024.12.26 传媒：微信小店新功能促进内外流量双循环-华 金证券-传媒-行业快报 2024.12.19 学大教育：业务规模稳定增长，职教板块 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's 24Q4 performance is expected to continue improving, with a projected revenue of 5.34~6.34 billion yuan, representing a year-on-year growth of 72.20%~104.45% and a quarter-on-quarter growth of 3.27%~22.61% [1][2] - The company is expected to achieve a revenue of 19~20 billion yuan in 2024, a year-on-year increase of 44.94%~52.56%, driven by robust demand in the automotive electronics sector, with automotive chip shipments exceeding 270 million units and automotive business revenue accounting for over 35% [1] - The company's net profit attributable to the parent company is expected to be -4.4~-3.6 billion yuan in 2024, with a year-on-year reduction of 0.55~1.35 billion yuan, primarily due to macroeconomic factors and intensified market competition leading to pricing pressure and a decline in gross margin [1] Financial Performance and Projections - The company's revenue for 2024 is projected to be 19.20 billion yuan, with a growth rate of 46.5%, and is expected to reach 28.42 billion yuan in 2025 and 35.81 billion yuan in 2026 [12] - The net profit attributable to the parent company is forecasted to be -3.99 billion yuan in 2024, 0.35 billion yuan in 2025, and 2.02 billion yuan in 2026, with growth rates of -30.6%, 108.7%, and 482.4% respectively [12] - The company's gross margin is expected to be 33.2% in 2024, 37.0% in 2025, and 39.6% in 2026 [11] Business Development and Strategy - The company has expanded its product portfolio in the automotive market, covering applications such as thermal management, battery packs, and smart cabins, with new products like LED drivers for automotive headlights and ABS wheel speed sensors expected to be launched by 2025 [4] - The company has completed the acquisition of MagnTek, holding 100% of its shares, and has entered into a strategic partnership with Continental AG to develop automotive pressure sensor chips [4] - The company has launched the NS800RT series of real-time control MCUs, targeting applications in photovoltaic/storage inverters, industrial automation, and collaborative robots, with a focus on high-quality, high-performance, and supply chain reliability [10] Market Position and Competitive Advantage - The company has established core technologies in multiple fields, including sensors, signal chains, power management, and third-generation power semiconductors, with a continuous expansion of product offerings and accelerated market penetration of competitive new products [12] - The company's real-time control MCUs are positioned to avoid homogenized competition due to the high barriers to entry in terms of quality, performance, and supply chain requirements, with a domestic market penetration rate significantly lower than the average 10% for automotive chips [10]

Joy-Con 安装方式由滑轨变磁吸，增加多个按键及功能。根据预告片，相比于 前代机型，Nintendo Switch 2 整体增大一圈，机身采用磨砂材质，首发为黑色 版本，屏幕更大，Joy-Con 手柄采用磁吸式设计，颜色区分放在摇杆底部和磁吸 位置，背部带有可调角度的支架，机身顶部还增加额外的 USB-C 接口，可兼容 原有卡带。细节方面：（1）屏幕：预告中并没有明确屏幕具体尺寸（引用果壳 公众号消息，Switch 2 将拥有 8 英寸的 LCD 显示屏）。在预告中展示的游戏画 面中，Switch 2 有着和 Switch 一代普通版/续航版一样的大边框。（2）Joy-Con： Switch 2 的新版手柄外观大体与原本的 Joy-Con 相似，滑轨安装改为磁吸安装， 并且增加了多个按键和功能；Joy-Con 摇杆下方有一块凸起的垫片，并且采用彩 色设计（引用果壳公众号消息，Joy-Con 或采用霍尔摇杆，从而杜绝被诟病已久 的摇杆漂移问题）；左右 Joy-Con 下方均拥有一个透明小窗，或沿用初代 Joy-Con 的红外传感器功能，将原本只有右 Joy-Con 拥有的红外传感器加装到左右两只 上；Joy ...

春季行情可能开启 定期报告 投资要点 2025 年 01 月 18 日 策略类●证券研究报告 | 分析师 | 邓利军 | | --- | --- | | SAC | 执业证书编号：S0910523080001 | | | denglijun@huajinsc.cn | | 报告联系人 | 张欣诺 | | | zhangxinnuo@huajinsc.cn | | 报告联系人 | 张诗瀑 | | | zhangshipu@huajinsc.cn | 相关报告 北向资金四季度流入非银、传媒、电新 2025.1.14 二级交投情绪略有改善，但分歧可能依然剧 烈-华金证券新股周报 2025.1.12 短期可能见底，聚焦科技 2025.1.11 连续剧烈博弈之后风险偏好选择向下，休整 期或已经事实性开启-华金证券新股周报 2025.1.5 春季行情还有吗？ 2025.1.4 http://www.huajinsc.cn/ 1 / 18 请务必阅读正文之后的免责条款部分 历史上短期调整时悲观情绪出现改善主要受政策和外部事件、流动性等影响。（1） 历史牛市期间或快速上涨后市场出现短期回调时，全 A 换手率下降幅度在 0.6 ...

Economic Growth - The actual GDP growth for Q4 2024 rose significantly to 5.4%, driven primarily by net exports and consumption subsidies[7] - The GDP growth for the entire year of 2024 was 5.0%, achieving the annual growth target[7] Retail and Consumption - In December 2024, the total retail sales of consumer goods increased by 3.7% year-on-year, while retail sales above designated size rose by 4.2%, marking a recovery from November[8] - Consumption subsidies in the home appliance sector showed a significant effect, with sales increasing by 17.1% year-on-year, reaching a growth rate of 39.3%[8] Fixed Investment - Fixed asset investment in December 2024 fell slightly by 0.1 percentage points to 2.2%, with real estate development investment declining by 1.8 percentage points to -13.3%[12] - Broad infrastructure investment rebounded by 3.6 percentage points to 10.8%, indicating a recovery from previous lows, although structural differentiation was noted[12] Real Estate Market - The sales area of residential properties in December 2024 slightly decreased by 0.2 percentage points to 4.4%, indicating a peak in demand release has passed[17] - New housing starts fell by 5.0 percentage points to -21.9%, reflecting developers' cautious outlook on the real estate market[17] Industrial Production - Industrial value-added in December 2024 rose by 0.8 percentage points to 6.2%, with manufacturing value-added increasing significantly by 1.4 percentage points to 7.4%[21] - The mining and public utility sectors saw declines in value-added due to slow investment growth and warmer winter temperatures[21] Future Outlook - The economic growth target for 2025 is projected to be between 4.5% and 5.0%, with fiscal deficit rates maintained at 3.6% to 4.0%[24] - The monetary policy is expected to focus on liquidity injection through reserve requirement ratio cuts and potential interest rate reductions in the first half of 2025[24]

2025 年 01 月 16 日 行业研究●证券研究报告 25 年国网投资拟超 6500 亿元，电网投资持续 高景气 事件点评 近日，从国家电网获悉 2024 年该公司建成投运 3 项特高压工程，至此已建成 38 项特高压工程。2025 年，我国将聚焦优化主电网、补强配电网、服务新能源 高质量发展，继续推进重大项目实施，开工建设陕西至河南特高压，以及山东枣 庄、浙江桐庐抽蓄电站等一批重点工程，积极扩大有效投资，带动上下游产业链， 预计全年国家电网投资将首次超过 6500 亿元。 电气设备 行业快报 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | 0.18 | 5.28 | -7.71 | | 绝对收益 | -3.2 | 3.84 | 8.12 | 分析师 周涛 SAC 执业证书编号：S0910523050001 zhoutao@huajinsc.cn 相关报告 东方电缆：拟投资建设深远海输电装备项目， 立足广西+辐射东盟-华金证券-电新-东方电缆- 公司快报 2025 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The completion of the high-precision mask production base project is expected to accelerate domestic substitution in the semiconductor industry [1] - The company is a leading domestic manufacturer of photomasks, focusing on various advanced technologies and products, including LTPS, IGZO, AMOLED, MicroLED, and semiconductor chips [2] - The company is positioned to benefit from the rising demand for photomasks in the domestic flat panel display and semiconductor industries, with significant growth potential anticipated [2] Summary by Sections Company Overview - Qingyi Optoelectronics is one of the earliest established photomask manufacturers in China, providing a diverse range of products for flat panel displays and semiconductor chips [2] Market Potential - The global semiconductor photomask market size is approximately $9.528 billion in 2023, with China's market size around $1.778 billion [2] - The demand for photomasks in China's flat panel display industry is expected to increase from 57% in 2022 to 60% by 2026 [2] Financial Projections - Revenue projections for 2024-2026 are estimated at 1.159 billion, 1.432 billion, and 1.767 billion yuan, with year-on-year growth rates of 25.4%, 23.6%, and 23.4% respectively [7] - Expected net profits for the same period are projected to be 192 million, 251 million, and 336 million yuan, with corresponding P/E ratios of 33.4, 25.6, and 19.1 [7] Investment Strategy - The company is expected to benefit from the domestic panel industry's rise and the release of new production capacity, leading to a potential increase in sales gross margin [2][7] - The total investment for the new production base projects is 3.5 billion yuan, aimed at enhancing production capabilities for high-precision and high-end semiconductor photomasks [2]