Investment Rating - The report maintains a "Strong Buy" rating for CNOOC Services [4] Core Views - CNOOC Services achieved a total revenue of 48.3 billion yuan in 2024, representing a year-on-year growth of 9.5%. The net profit attributable to shareholders was 3.137 billion yuan, up 4.1% year-on-year. In Q1 2025, revenue reached 10.8 billion yuan, a 6.4% increase, with net profit soaring by 39.6% to 888 million yuan [1][10] Summary by Sections Drilling Services - The average daily revenue for semi-submersible drilling platforms increased to 143,000 USD, a rise of 7.5% year-on-year. The drilling segment generated 13.2 billion yuan in revenue, up 9.4% year-on-year. Despite a decrease in operational days due to typhoons, Q1 2025 saw an 11.4% increase in operational days, with semi-submersible daily rates maintaining a high level [2][3] Oilfield Technical Services - Revenue from oilfield technical services reached 27.655 billion yuan in 2024, up 7.4%, with the technical segment's contribution rising to 57%. The core business line's operational volume increased year-on-year, supported by improved R&D efficiency [2][3] Other Businesses - The ship service segment saw a significant increase in operational volume, up 33.8% in 2024 and 44.9% in Q1 2025. However, the geophysical segment experienced fluctuations due to project cycles, with a notable decline in Q1 2025 [3] Financial Health - The company improved its debt structure, with current liabilities decreasing by 1.69% year-on-year. Operating cash flow for 2024 was 11 billion yuan, down 15.9% due to a 9.8% increase in operating costs. The financial expense ratio decreased to 1.29% [3][10] Future Outlook - The company is expected to benefit from ongoing demand in deepwater fields and technological services, with a focus on international expansion and increased overseas orders. The report anticipates net profits of 4.729 billion yuan, 5.896 billion yuan, and 7.487 billion yuan for 2025, 2026, and 2027 respectively [10][11]

公 司 研 究 国轩高科（002074.SZ）：多项新品 发布，固态电池产业化进程提速 事件：5 月 16-17 日，公司举办国轩高科 2025 全球科技大会，在大会上集中 发布包括"G 垣"准固态电池、"启晨"二代电芯、"G 行"重卡电池标准箱、 "乾元智储"20MWh 储能电池系统、Axtrem 数智化解决方案与"金石"全固 态电池共 6 款新品及产品进展情况更新。 点评： 公司固态电池产业化进程持续提速。本次公司科技大会上共发布 2 款固态电池 技术相关产品，其中新发布的"G 垣"准固态电池，采用 197Ah 方形电芯设 计，电芯能量密度可达 300Wh/kg 以上，系统能量密度超 235Wh/kg，搭载新 能源车可实现 1,000km 续航里程，同时应用场景覆盖 eVTOL、人形机器人等 新领域，目前该产品已进入客户验证阶段，完成超 5 家客户电芯送样测试与超 4 家客户上车测试，搭载 G 垣准固态电池的"001"号样车总里程已经超 1 万 公里；公司在大会上还宣布去年发布的硫化物"金石"全固态电池的产业化已 取得明显进展，现阶段该产品电芯与电池能量密度分别可达 350/280Wh/kg 并 且已开始 ...

2025 年 5 月 20 日 看好/维持 汽车 行业报告 | 分析师 | 李金锦 电话：010-66554142 邮箱：lijj-yjs@dxzq.net.cn | 执业证书编号：S1480521030003 | | --- | --- | --- | | 研究助理 | 曹泽宇 电话：17512502830 邮箱：caozy-yjs@dxzq.net.cn | 执业证书编号：S1480124040003 | 汽车行业 2024 年年报及 2025 年一季报综 述：以旧换新政策推动业绩增长，行业盈 利能力复苏 投资摘要： 受益以旧换新政策，2024 年来我国乘用车销量保持稳步增长。2024 年我国乘用车（广义）批发销量为 2740.97 万辆，同比增长 6.15%；2025 年 1-4 月，我国乘用车批发销量为 859.7 万辆，同比增长 12.91%。 2024 年新能源乘用车累计销售 1222.7 万辆，同比增长 31.99%；2025 年 1-4 月，新能源乘用车累计销量 398.1 万辆，同比增长 42.08%。2024 年新能源乘用车渗透率提升至 44.6%，较 2023 年提升 10.2pct。出 ...

汽车行业 2024 年年报及 2025 年一季报综 述：以旧换新政策推动业绩增长，行业盈 利能力复苏 2025 年 5 月 20 日 看好/维持 汽车 行业报告 | 分析师 | 李金锦 电话：010-66554142 邮箱：lijj-yjs@dxzq.net.cn | 执业证书编号：S1480521030003 | | --- | --- | --- | | 研究助理 | 曹泽宇 电话：17512502830 邮箱：caozy-yjs@dxzq.net.cn | 执业证书编号：S1480124040003 | 投资摘要： 受益以旧换新政策，2024 年来我国乘用车销量保持稳步增长。2024 年我国乘用车（广义）批发销量为 2740.97 万辆，同比增长 6.15%；2025 年 1-4 月，我国乘用车批发销量为 859.7 万辆，同比增长 12.91%。 2024 年新能源乘用车累计销售 1222.7 万辆，同比增长 31.99%；2025 年 1-4 月，新能源乘用车累计销量 398.1 万辆，同比增长 42.08%。2024 年新能源乘用车渗透率提升至 44.6%，较 2023 年提升 10.2pct。出 ...

统计局 70 城房价数据点评：4 月一 线城市二手房环比转跌，二三线城 市二手房继续下行 环比：4 月一线城市二手房价格环比转跌，二三线城市二手房价格环比跌幅扩 大。 4 月份，70 个大中城市新建商品住宅销售价格指数环比增速为-0.1%，前值为 -0.1%。 4 月份，一线城市新建商品住宅销售价格指数环比增速为 0.0%，前值为 0.1%。 其中，北京、上海、深圳、广州当月环比增速分别为 0.1%、0.5%、-0.1%、-0.2%。 二线城市新建商品住宅销售价格指数环比增速为 0.0%，前值为 0.0%；三线城 市新建商品住宅销售价格指数环比增速为-0.2%，前值为-0.2%。 4 月份，70 个大中城市二手住宅价格指数环比增速为-0.4%，前值为-0.2%。 4 月份，一线城市二手住宅价格指数环比增速为-0.2%，前值为 0.2%。其中， 北京、上海、深圳、广州当月环比增速分别为-0.6%、0.1%、-0.3%、0.0%。 二线城市二手住宅价格指数环比增速为-0.4%，前值为-0.2%；三线城市二手住 宅价格指数环比增速为-0.4%，前值为-0.3%。 同比：4 月各线城市新房及二手房价格同比降幅均有所收 ...

Investment Rating - The industry investment rating is "Positive" [4] Core Viewpoints - In April 2025, new home sales and new construction area both saw an expanded decline, with cumulative sales area from January to April down by 2.8% year-on-year, compared to a previous decline of 3% [1] - The cumulative sales amount for the same period decreased by 3.2% year-on-year, worsening from a prior decline of 2.1% [1] - The average sales price in April showed a month-on-month increase of 3%, despite a year-on-year decrease of 4.7% [1] - New construction area and completion area also experienced a significant year-on-year decline, with new construction area down by 23.8% and completion area down by 16.9% from January to April [2] - The cumulative development investment amount decreased by 10.3% year-on-year, slightly worsening from a previous decline of 9.9% [2] - The funding available to real estate developers saw a year-on-year decline of 4.1% from January to April, compared to a previous decline of 3.7% [3] - The report suggests focusing on valuation recovery opportunities due to policy implementation in the short term, and in the long term, on leading companies with quality product resources and real estate operation capabilities in core cities [3] Summary by Sections Sales Data - In April 2025, the sales area decreased by 2.1% year-on-year, worsening from a previous decline of 0.9% [1] - The sales amount in April decreased by 6.7% year-on-year, compared to a prior decline of 1.6% [1] Construction Data - The new construction area in April decreased by 22.1% year-on-year, worsening from a previous decline of 18.1% [2] - The completion area in April saw a year-on-year decline of 27.9%, compared to a previous decline of 11.5% [2] Investment Data - The cumulative development investment amount from January to April decreased by 10.3% year-on-year, compared to a previous decline of 9.9% [2] - In April, the single-month development investment amount decreased by 11.3% year-on-year, worsening from a previous decline of 10% [2] Funding Data - The cumulative funding available to real estate developers decreased by 4.1% year-on-year from January to April, compared to a previous decline of 3.7% [3] - In April, the single-month funding available decreased by 5.3% year-on-year, worsening from a previous decline of 3.9% [3]

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua [5][13] Core Views - China Shenhua demonstrates resilience in its coal-electricity integrated operations, with a commitment to high cash dividends reflecting strong returns [12][13] - The company is expected to see stable performance from its coal business due to asset injections and the gradual production from new mines [13] Financial Performance Summary - In 2024, the company achieved operating revenue of CNY 338.375 billion, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of CNY 58.671 billion, down 1.7% year-on-year [1] - For Q1 2025, operating revenue was CNY 69.585 billion, a decline of 21.1% year-on-year, with a net profit of CNY 11.949 billion, down 18.0% year-on-year [1] Coal Division Summary - In 2024, the coal production reached 327 million tons, an increase of 0.8% year-on-year, while coal sales volume was 459 million tons, up 2.1% year-on-year [2] - The average selling price of coal (excluding tax) was CNY 564 per ton, a decrease of 3.4% year-on-year [2] - The coal division's revenue was CNY 268.618 billion, down 1.7% year-on-year, with a total profit of CNY 54.365 billion, down 7.1% year-on-year [2] Power Generation Division Summary - In 2024, the power generation business showed resilience with a sales volume of 2,102.8 billion kWh, an increase of 5.3% year-on-year, although the average selling price decreased by 2.7% [3] - For Q1 2025, total power generation and sales volume decreased by 10.7% year-on-year, with total profit down 17.2% [4] Transportation and Coal Chemical Divisions Summary - The transportation division saw a stable growth with a railway turnover of 3,121 billion ton-km, up 0.9% year-on-year, while revenue was CNY 43.115 billion, an increase of 0.4% [4] - The coal chemical division reported revenue of CNY 5.633 billion, down 7.6% year-on-year, with a gross margin of 5.8%, a decrease of 5.4 percentage points [11] Future Outlook - The company plans to invest CNY 11 billion in new coal mining projects, expected to yield a production capacity of 16 million tons per year [12] - A total cash dividend of CNY 2.26 per share is proposed for 2024, amounting to CNY 44.903 billion, representing 76.5% of the net profit attributable to shareholders [12]

点评： 公司固态电池产业化进程持续提速。本次公司科技大会上共发布 2 款固态电池 技术相关产品，其中新发布的"G 垣"准固态电池，采用 197Ah 方形电芯设 计，电芯能量密度可达 300Wh/kg 以上，系统能量密度超 235Wh/kg，搭载新 能源车可实现 1,000km 续航里程，同时应用场景覆盖 eVTOL、人形机器人等 新领域，目前该产品已进入客户验证阶段，完成超 5 家客户电芯送样测试与超 4 家客户上车测试，搭载 G 垣准固态电池的"001"号样车总里程已经超 1 万 公里；公司在大会上还宣布去年发布的硫化物"金石"全固态电池的产业化已 取得明显进展，现阶段该产品电芯与电池能量密度分别可达 350/280Wh/kg 并 且已开始装车路测。固态电池产品产能建设方面，公司已规划 12GWh"G 垣" 准固态电池产能，同时首条 0.2GWh 全固态电池中试线已完成建设，该生产线 由公司自主设计，核心设备国产化率 100%，通过高精密涂布等关键技术实现 产品良品率超 90%，此外公司已全面启动第一代 2GWh 全固态电池量产线设 计工作。我们认为公司当前已逐步进入固态电池技术的产业化落地阶段，与诸 多客 ...

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua [5][13] Core Views - China Shenhua demonstrates resilience in its coal-electricity integrated operations, with a commitment to high cash dividends reflecting strong returns [12][13] - The company is expected to see stable performance from its electricity sales and ongoing growth in coal production capacity due to new projects [13] Financial Performance Summary - In 2024, the company achieved operating revenue of CNY 338.375 billion, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of CNY 58.671 billion, down 1.7% year-on-year [1] - For Q1 2025, operating revenue was CNY 69.585 billion, a decline of 21.1% year-on-year, with a net profit of CNY 11.949 billion, down 18.0% year-on-year [1] Coal Division Summary - In 2024, the coal production volume reached 327 million tons, an increase of 0.8% year-on-year, while coal sales volume was 459 million tons, up 2.1% year-on-year [2] - The average selling price of coal (excluding tax) was CNY 564 per ton, a decrease of 3.4% year-on-year [2] - The coal division's revenue was CNY 268.618 billion, down 1.7% year-on-year, with total profit of CNY 54.365 billion, a decrease of 7.1% year-on-year [2] Power Generation Division Summary - In 2024, the power generation business showed resilience with a sales volume of 2,102.8 billion kWh, an increase of 5.3% year-on-year, although the average selling price decreased by 2.7% [3] - For Q1 2025, total power generation and sales volume decreased by 10.7% year-on-year, with total profit of CNY 2.625 billion, down 17.2% year-on-year [4] Transportation and Coal Chemical Divisions Summary - The transportation division achieved a turnover of 3,121 billion ton-km in 2024, a growth of 0.9% year-on-year, with revenue of CNY 43.115 billion, up 0.4% year-on-year [4] - The coal chemical division reported revenue of CNY 5.633 billion in 2024, down 7.6% year-on-year, with a gross margin of 5.8%, a decrease of 5.4 percentage points [11] Future Outlook - The company plans to invest CNY 1.1 billion in new coal mining projects, expected to yield a production capacity of 16 million tons per year [12] - High cash dividends are expected to continue, with a proposed dividend of CNY 2.26 per share, totaling CNY 44.903 billion, representing 76.5% of net profit attributable to shareholders [12]

光伏行业：24 年全行业盈利能力下 滑，抢装带动 25 年 Q1 业绩回暖 ——24 年年报及 25 年一季报业绩综述 24 年光伏全行业营收下滑盈利转负，25 年 Q1 亏损幅度环比缩减。随着行业 供需错配，主产业链价格下跌，24 年光伏板块营收利润大幅下滑。24 年，光 伏全行业实现总营业收入 8410.82 亿元，下滑 24.4%，实现归母净利润-347.98 亿元，下滑 140.0%。2024 年全年光伏行业毛利率中值 8.07%，同比下降 9.47 个百分点，净利率中值 0.22%，同比下降 5.49 个百分点，创下近年来低点。 2025Q1 在政策带动的抢装下，行业需求排产复苏，带动业绩回暖，2025Q1 全行业实现归母净利润-68.38 亿元，环比减亏 72.2%，行业毛利率环比上升 1.91 个百分点至 6.76%，净利率环比上升 2.66 个百分点至-3.46%。 24 年主产业链全面由盈转亏，支架/逆变器板块逆势增长。2024 年，光伏板块 收入普遍下滑，各细分领域中，仅银浆/铝边框/支架/焊带/逆变器实现营收正增 长，收入同比增速分别为 39.6%/37.2%/31.4%/20.4%/6 ...