Group 1: Company Overview - The report highlights that 卓胜微 (300782) achieved a revenue of 4.487 billion yuan in 2024, representing a year-over-year increase of 2.48%, while the net profit attributable to shareholders was 402 million yuan, a decrease of 64.20% year-over-year [8][9] - The company's revenue from RF modules reached 1.887 billion yuan, up 18.58% year-over-year, increasing its share of total revenue from 36.34% in 2023 to 42.05% in 2024 [9] - The report indicates that the company faced significant depreciation costs and intense market competition, which pressured its gross margin and net profit [9][10] Group 2: Industry Insights - The report notes a growing supply-demand imbalance in the silicon wafer market, exacerbated by a recent earthquake in Myanmar, which is expected to lead to a slight increase in silicon wafer prices [15][17] - The wind power sector is experiencing a surge in bidding and project initiation, with approximately 4980 MW of onshore wind power units tendered and 130 MW opened for bidding as of March 28, 2025 [17][18] - The report suggests that the wind power industry may see improved profitability as bidding prices stabilize and demand for core components remains strong [17][19]

[Table_Reportdate] 2025年04月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [东方电缆（ Table_NewTitle] 603606）：公司业绩稳步提 升，在手订单再创新高 ——公司简评报告 [table_main] 投资要点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,092.52 | 12,529.59 | 14,674.25 | 16,953.39 | | 同比增速 | 24.38% | 37.80% | 17.12% | 15.53% | | 归母净利润（百万元） | 1,008.16 | 1,761.69 | 2,131.23 | 2,536.72 | | 同比增速 | 0.81% | 74.74% | 20.98% | 19.03% | | EPS（元/股） | 1.47 | 2.56 | 3.10 | 3.69 | | 市盈率（P/E） | 34.65 | 19.83 | 16.39 | 13.77 | | 市净率（P/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is steadily improving, with a record high in hand orders [1] - The company reported a total revenue of 9,092.52 million yuan in 2024, representing a year-on-year increase of 24.38% [5] - The net profit attributable to the parent company for 2024 was 1,008.16 million yuan, a slight increase of 0.81% year-on-year [5] - The company has a robust order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions expected from various projects [5] - The company is actively expanding its production capacity and has seen a substantial increase in overseas revenue, which grew by 480.54% year-on-year to 733 million yuan [5] Summary by Relevant Sections Financial Performance - Total revenue projections for 2025, 2026, and 2027 are 12,529.59 million yuan, 14,674.25 million yuan, and 16,953.39 million yuan, respectively, with year-on-year growth rates of 37.80%, 17.12%, and 15.53% [2] - The net profit attributable to the parent company is expected to reach 1,761.69 million yuan in 2025, 2,131.23 million yuan in 2026, and 2,536.72 million yuan in 2027, with growth rates of 74.74%, 20.98%, and 19.03% respectively [2] - Earnings per share (EPS) is projected to be 2.56 yuan in 2025, 3.10 yuan in 2026, and 3.69 yuan in 2027 [2] Order Backlog and Project Updates - The company has a total order backlog of 179.75 billion yuan, with 88.27 billion yuan from submarine cable systems, 63.53 billion yuan from land cable systems, and 27.95 billion yuan from marine engineering [5] - Recent project wins include significant contracts in both land and submarine cable systems, indicating a strong pipeline for future revenue [5] Market Position and Strategy - The company is positioning itself as a leader in the domestic and international offshore wind market, with ongoing investments in production capacity and strategic project developments [5] - The establishment of overseas subsidiaries has contributed to a significant increase in international revenue, highlighting the company's growth strategy [5]

[Table_Reportdate] 2025年4月2日 [晨会纪要 Table_NewTitle] 20250402 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王洋 S0630513040002 wangyang@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1. 新订单指数明显回升，高技术、装备制造有支撑——国内观察：2025年3月PMI ➢ 2. 从湘财合并大智慧，看中小券商与金融科技跨界整合新路径——非银金融行业简评 ➢ 1.央行：开展8000亿元买断式逆回购操作 ➢ 2.3月公开市场国债买卖情况 ➢ 3.南京全面取消商品房限售 | 1.1. 新订单指数明显回升，高技术、装备制造有支撑——国内观察：2025 年 3 | 月 | | --- | ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a tightening supply-demand situation in the photovoltaic (PV) silicon wafer and battery cell markets, while the wind power installation scale remains high [4][6] - The report suggests that the domestic offshore wind power sector is expected to experience high growth due to increased installation activities [6][10] Summary by Sections 1. Investment Highlights 1.1 Photovoltaic Sector - The recent earthquake in Myanmar has exacerbated the supply-demand imbalance for silicon wafers, leading to a slowdown in component price growth [15] - Silicon material prices remain stable, with a decrease in overall transaction volume and a strong willingness from downstream companies to reduce inventory [15][16] - The silicon wafer market is experiencing a supply shortage due to strong demand from downstream battery manufacturers, with an overall operating rate of 56%-58% [15][16] - Battery cell prices are expected to rise in April, but may decline later in the month as domestic demand decreases [15][16] - Component prices have shown a weakening upward trend, with most distributed orders maintaining prices around 0.77 CNY/W [15][16] - Recommended companies to watch include Fulete, which benefits from scale advantages and improved cash flow [7][16] 1.2 Wind Power Sector - The bidding scale for onshore wind power projects continues to grow, with approximately 4980 MW of bids and 130 MW of openings reported [18] - The wind power equipment sector is entering the annual report disclosure period, with overall revenue trends upward but profitability under pressure [18][19] - The first quarter is traditionally a low season for the wind power industry, but demand remains strong, suggesting potential for performance recovery [18][19] - Offshore wind projects are seeing significant activity, with multiple projects in southern regions like Jiangsu and Guangdong starting construction [19][20] - The report anticipates a strong year for wind power installations in 2025, with projected new installations of 95 GW for onshore and 15 GW for offshore [20] - Recommended companies to watch include Dajin Heavy Industry and Dongfang Cable, both of which are positioned well in the offshore wind market [21] 2. Market Performance - The report notes that the photovoltaic equipment sector declined by 0.50%, underperforming the CSI 300 index by 0.51 percentage points, while the wind power equipment sector fell by 7.23% [5][23] - The top-performing stocks in the photovoltaic sector included Hengxing Technology, Quartz Co., and Jinlang Technology, while only Dajin Heavy Industry saw an increase in the wind power sector [5][23] 3. Industry Dynamics - The report includes various industry news and company updates, highlighting significant projects and developments in both the photovoltaic and wind power sectors [32][34]

[Table_Reportdate] 2025年04月01日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -30% -21% -11% -1% 9% 19% 29% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) [相关研究 table_product] 1.光伏硅片、电池片供需偏紧，风电 新增装机规模维持高位——新能源 电 力 行 业 周 报 （ 2025/03/17- 2025/03/21） 2.抢装带动中下游量价修复，国内海 风有望高景气发展——新能源电力 行业周报（2025/03/10-2025/03/14） 3.帝科股份（300842）： 业绩稳步发 展，高铜浆料有望量产——公司简评 报告 [Table_NewTitle 硅片 ...

[Table_Reportdate] 2025年04月01日 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 30% 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 食品饮料(申万) 沪深300 [相关研究 table_product] 3.政策力度加码，板块情绪回暖—— 食 品 饮 料 行 业 周 报 （ 2025/3/10- 2025/3/16） [Table_NewTitle 年报陆续发布，关注基本面表现 ] ——食品饮料行业周报（2025/3/24-2025/3/30） [table_main] 投资要点： 行 业 周 报 食 品 饮 料 1.劲仔食品（003000）：鱼制品势能 强劲，线下渠道稳健增长——公司简 评报告 2.糖酒会符合预期，关注底部机会— —食品饮料行业周报（2025/3/17- 2025/3/23） ➢ 二级市场表现：上周食品饮料板块上涨 ...

[Table_Reportdate] 2025年04月01日 超配 行 业 简 评 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -29% -12% 4% 21% 38% 54% 71% 24-04 24-07 24-10 25-01 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1. 从西部收购国融，看中小券商把 握并购浪潮下的区域整合持续落地 ——非银金融行业简评 2. 从国信收购万和，看券商并购趋 势从业务互补迈向国资整合——非 银金融行业简评 行 业 研 究 非 银 金 融 3. 从国君合并海通，看头部整合示 范效应下的航母级券商启航——非 银金融行业简评 [Table_NewTitle 从湘财合并大智慧，看 ] 中小券商与金融 科技跨界整合新路径 ——非银金融行业简评 [table_main] 投资要点： 1）庞大的用户基础带来较大的获客空间：湘财证券截至2024H1末仅有67家证券营业部、 4家业务分公司、4家区域分公司、2家全资子公司，客户触 ...

Group 1: Key Recommendations - The report highlights Vanadium Titanium Co., Ltd. (000629) as a key recommendation, indicating that high-end production capacity is being gradually released, suggesting an impending profit turning point [8] - The report notes that the company achieved a revenue of 13.209 billion yuan in 2024, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 285 million yuan, down 73.0% year-on-year [8][9] - The report emphasizes the structural changes in downstream demand, with an increase in vanadium demand in non-steel applications, particularly in energy storage [9] Group 2: Industry Insights - The vanadium market is currently experiencing an oversupply, with the average market price of vanadium pentoxide in 2024 at approximately 80,500 yuan per ton, a year-on-year decrease of 25.9% [9] - The titanium dioxide market is also facing oversupply due to weak demand in downstream sectors such as real estate and coatings, with the company’s titanium dioxide revenue in 2024 reaching 3.517 billion yuan, a year-on-year increase of 2.5% [10] - The report forecasts that the company plans to produce 52,500 tons of vanadium products and 22,550 tons of sulfuric acid titanium dioxide in 2025, indicating a focus on expanding production capacity [11] Group 3: Market Performance - The pharmaceutical and biotechnology sector saw an overall increase of 0.98% in the last week, outperforming the CSI 300 index by 0.97 percentage points [12] - The report indicates that the PE valuation for the pharmaceutical and biotechnology sector is currently at 27.11 times, which is at a historically low level [12] - The report suggests that the recent performance of innovative drugs has been strong, with several companies reporting excellent earnings data [14]

Investment Rating - The industry investment rating is "Overweight" for the non-banking financial sector, indicating a positive outlook compared to the broader market [1][35]. Core Insights - The report highlights a mixed performance in the non-banking financial sector, with a slight decline of 0.1% in the non-banking financial index, while the insurance index showed a positive return of 0.63% [4][8]. - The report emphasizes the expected improvement in brokerage firms' performance driven by investment recovery and the emergence of cross-industry collaborations between brokerages and financial technology [4]. - The introduction of the "20 Articles on Pension Finance" by the financial regulatory authority is expected to guide the development of the pension finance sector, enhancing the financial services available to the elderly population [4][33]. Summary by Sections Market Review - The non-banking financial index decreased by 0.1%, while the brokerage index fell by 0.51% and the insurance index rose by 0.63% [4][8]. - Average daily trading volume in the stock market was 14,950 billion, down 16.5% week-on-week [17]. Brokerage Insights - The securities industry is projected to achieve a net profit of 167.3 billion in 2024, a year-on-year increase of 21.3% [4]. - 28 listed brokerages reported a 15.3% increase in net profit, with a significant 96.6% growth in the fourth quarter, attributed to the recovery in the equity market [4]. - The merger of Xiangcai and Dazhihui is expected to create a new path for brokerage and financial technology collaboration, enhancing user growth and business synergy [4]. Insurance Insights - The "20 Articles on Pension Finance" outlines a five-year plan to establish a pension finance system with Chinese characteristics, focusing on multi-level pension insurance [4][33]. - Listed insurance companies reported significant profit growth in 2024, driven by improvements in the equity market and enhanced product value rates [4]. Investment Recommendations - For brokerages, the report suggests focusing on mergers and acquisitions, high asset turnover, and return on equity (ROE) improvements, recommending investment in large, financially robust brokerages [4]. - In the insurance sector, attention is drawn to large comprehensive insurance companies with competitive advantages, supported by new regulatory policies [4].