2025年第一季度GPM滑坡，关注价格下调及产能提升

1Rating (Maintain):BUYTarget price (RMB):32.26AnalystXIE ChunshengSAC No. S0570519080006SFC No. BQZ938xiechunsheng@htsc.com+(86)21 2987 2036AnalystZHANG YuSAC No. S0570523090002SFC No. BSF274zhangyu@htsc.com+(86) 10 6321 1166AnalystTANG ShiheSAC No. S0570524090007SFC No. BUQ838tangshihe@htsc.com+(86) 10 6321 1166Key dataTarget price (RMB)32.26Closing price (RMB as of 16 May)26.29Potential upside-/+ (%)23Mkt cap (RMBmn)4,2816m avg daily val (RMBmn)73.6752wk price range (RMB)20.45-40.35BVPS (RMB)10.00Share performanceSource:Wind(30)(13)52340May-24Sep-24Jan-25May-25(%)Sonavox ElectronicsCSI300 This report must be read with important disclosures and analyst certifications located on the end of the report.Source:Wind, Huatai Research Source:Wind, Huatai Research This report must be read with important disclosures and analyst certifications located on the end of the report.Full financialsBalance sheetYE 31 Dec (RMBmn)Current assetsCash & equivalentsAccount receivablesOther receivablesPrepaymentsInventoriesOther current assetsNon-current assetsLong-terminvestmentFixed investmentIntangible assetsOther non-curr. assetsTotal assetsCurrent liabilitiesShort-term borrowingsAccount payablesOther current liabilitiesNon-current liabilitiesLong-term borrowingsOther non-curr. liabilitiesTotal liabilitiesMinority interestShare capitalCapital reservesRetainedprofitShareholders’equity attr. to parentEquity & liabilitiesCash flow statementYE 31 Dec (RMBmn)Operatingcash flowNet profitDepreciation/amortizationFinancial costsInvestment lossesChg in working capitalOther operating activ’sInvesting cash flowCapexLong-term investmentOther investing activ’sFinancing cash flowShort-term borrowingsLong-termborrowingsIncrease in common stockAdditional paid-in capitalOtherfinancing activ’sNet change in cashSource:Company announcements,HuataiResearch estimates This report must be read with important disclosures and analyst certifications located on the end of the report.DisclaimersAnalyst CertificationI/We, XIE Chunsheng, ZHANG Yu, TANG Shihe, hereby certify that the views expressed in this report accurately reflect thepersonal views of the analyst(s) about the subject securities or issuers; and no part of the compensation ofthe analyst(s) was, is,or will be, directly or indirectly, related to the inclusion of specific recommendations or views in this report.General Disclaimers and DisclosuresThis research report has been prepared by Huatai Financial Holdings (Hong Kong)Limited (hereinafter referred to as“HFHL”).The information herein is strictly confidential to the recipient. This report is intended for HFHL, its clients and associatedcompanies. Any other person shall not be deemed a client of the Company merely fromhis or her receipt of this report.This report is based on information deemed reliable and publicly available by HFHL, but HFHL and its associated company(ies)(collectively, hereinafter“Huatai”)makes no guarantee as to the accuracy or completeness ofsuch information.The opinions, assessments and projections contained herein only reflect the views and judgments at the issuance date. Huataimay issue research reports that contain inconsistent views, assessments and projections with those set out herein at differenttimes. The prices, values and investment returns of the securities or investment instruments referred to herein may fluctuate.Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of originalcapital may occur.Huatai makes no warrants that the information in this report be kept up to date. The information contained in this report maybemodified without notice by Huatai, and investors shall pay attention to such updates or modifications when necessary.HFHL is not a U.S. Financial Industry Regulatory Authority(“FINRA”)member firm, and HFHL research analysts are notregistered/qualified as research analysts with FINRA.While every effort has been made by Huatai to ensure the content contained herein is objective and impartial, the views,conclusions and recommendations in this report are for reference only and are not to be construed as an offer or solicitationforthe purchase or sale of any security or financial instrument and in any jurisdiction where such offer or solicitation would be illegal.Such views and recommendations are not intended to provide personal investment advice and does not take into account thespecific investment objectives, financial situation and the particular needsof any specific person. Investors should give sufficientconsideration to their own particular circumstances, and fully understand and use the contents of this report, which should not beseen as the sole factor to rely on in making investment decisions.Huatai and the report’s authors shall under no circumstance beheld liable for any direct, indirect or consequential losses or damages arising from or in connection with the use or reliance of thisreport or its contents. Any form of written or verbal