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]

Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech, indicating a positive outlook for the company's long-term growth potential [4][5]. Core Insights - Guoxuan High-Tech is accelerating the industrialization process of solid-state batteries, with significant advancements in product development and customer validation [2]. - The company has launched multiple new products, including the "G Yuan" quasi-solid-state battery and the "Jinshi" all-solid-state battery, which have achieved notable energy density metrics and are undergoing customer testing [2][3]. - The product matrix has been upgraded, with new offerings aimed at both passenger and commercial vehicles, which are expected to drive high growth in shipment volumes [3]. Summary by Sections Product Development - The "G Yuan" quasi-solid-state battery features a design with a 197Ah square cell, achieving an energy density of over 300Wh/kg and a system energy density exceeding 235Wh/kg, enabling a range of 1,000 km for electric vehicles [2]. - The "Jinshi" all-solid-state battery has reached energy densities of 350Wh/kg for cells and 280Wh/kg for batteries, with road testing already in progress [2]. Market Position and Growth - Guoxuan High-Tech has planned a production capacity of 12GWh for the "G Yuan" quasi-solid-state battery and has completed the construction of a pilot line for the all-solid-state battery with a capacity of 0.2GWh [2]. - The company has received over 6GWh in orders for its "Qian Yuan Zhi Chu" 20MWh energy storage system, indicating strong market demand [3]. Financial Projections - Revenue is projected to grow from 31,605.49 million yuan in 2023 to 67,198.75 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.81% [10]. - Net profit is expected to increase significantly from 938.73 million yuan in 2023 to 2,959.26 million yuan in 2027, with a CAGR of 33.41% [10].

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 ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The automotive industry is experiencing a recovery in profitability, driven by the "old-for-new" policy, which has stimulated steady growth in passenger car sales in China [4][20]. - In 2024, the wholesale sales of passenger cars in China reached 27.41 million units, a year-on-year increase of 6.15%, while the sales of new energy passenger cars grew by 31.99% to 12.23 million units [4][22]. - The penetration rate of new energy vehicles increased to 44.6% in 2024, up 10.2 percentage points from 2023, indicating a strong trend towards electrification [22]. - The report highlights a significant divergence in performance within the passenger car sector, with leading companies like BYD showing robust growth, while others like SAIC and GAC faced declines [31][39]. Summary by Sections 1. Automotive Industry Performance in 2024 - The automotive industry in China is benefiting from government policies that encourage consumers to replace old vehicles with new ones, leading to increased sales [20]. - The total wholesale sales of passenger cars in 2024 were 27.41 million units, with a growth rate of 6.15% year-on-year [4][20]. 2. Passenger Car Sector: Performance Disparity - The passenger car sector achieved revenues of CNY 2,063.48 billion in 2024, a 9.79% increase, while net profit reached CNY 59.83 billion, up 1.37% [5][31]. - The first quarter of 2025 saw revenues of CNY 434.86 billion, a 7.39% increase, and net profit of CNY 14.09 billion, a 16.35% increase [5][31]. 3. Automotive Parts Sector: Revenue and Profit Growth - The automotive parts sector reported revenues of CNY 966.12 billion in 2024, a 6.14% increase, and net profit of CNY 47.41 billion, a 10.29% increase [6][53]. - In the first quarter of 2025, revenues reached CNY 234.43 billion, a 7.40% increase, with net profit at CNY 14.32 billion, a 13.56% increase [6][53]. 4. Investment Strategy - The automotive indices have shown significant growth, with the passenger car index rising by 7.29% and the automotive parts index by 14.82% year-to-date [7][75]. - The report emphasizes the importance of focusing on intelligent vehicle development, with companies like Huawei leading in technology integration [79]. 5. Key Companies and Recommendations - The report recommends several companies based on their performance and market position, including Zhongyuan Neipei, Xinz坐标, Kehua Holdings, and others, all rated as "Buy" [10].

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]

Investment Rating - The report maintains a "Strong Buy" rating for Guoxuan High-Tech, indicating a positive outlook for the company's long-term growth potential [4][5]. Core Viewpoints - Guoxuan High-Tech is accelerating the industrialization process of solid-state batteries, with significant advancements in product development and customer validation [2][3]. - The company has released multiple new products, including the "G Yuan" quasi-solid-state battery and the "Jinshi" all-solid-state battery, which are expected to enhance its competitive edge in the market [2][3]. - The product matrix has been upgraded, with new offerings aimed at both passenger and commercial vehicles, which are anticipated to drive high growth in shipment volumes [3]. Summary by Sections Product Development - The "G Yuan" quasi-solid-state battery features a cell energy density exceeding 300Wh/kg and a system energy density over 235Wh/kg, enabling a range of 1,000 km for electric vehicles [2]. - The "Jinshi" all-solid-state battery has achieved cell and battery energy densities of 350Wh/kg and 280Wh/kg, respectively, and is currently undergoing road testing [2]. Production Capacity - Guoxuan High-Tech plans to establish a production capacity of 12GWh for the "G Yuan" quasi-solid-state battery and has completed the construction of a pilot line for the all-solid-state battery with a capacity of 0.2GWh [2]. - The company has initiated the design work for a 2GWh mass production line for the first generation of all-solid-state batteries [2]. Market Position and Growth - The company has secured over 6GWh in orders for its "Qicheng" energy storage system, which boasts the largest single-cabin capacity globally and a design life of 25 years [3]. - According to data from the Power Battery Industry Innovation Alliance and SNE Research, Guoxuan High-Tech's installation growth rates for Q1 2025 are projected at +205% in China and +108% overseas, with market shares of 5.0% and 2.0%, respectively [3]. Financial Projections - Revenue is expected to grow from 31,605.49 million yuan in 2023 to 67,198.75 million yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 21.81% [10]. - Net profit attributable to the parent company is projected to increase from 938.73 million yuan in 2023 to 2,959.26 million yuan in 2027, with a CAGR of 33.41% [10].

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]

Investment Rating - The report maintains a "Positive" rating for the photovoltaic industry, indicating an expectation of performance that exceeds the market benchmark by more than 5% in the next six months [5]. Core Insights - The photovoltaic industry experienced a significant decline in profitability in 2024, with total revenue dropping to 841.08 billion yuan, a decrease of 24.4%, and a net profit of -34.798 billion yuan, down 140% year-on-year. However, Q1 2025 showed signs of recovery with a reduced loss of -6.838 billion yuan, a 72.2% improvement from the previous quarter [1][19]. - The main industry chain faced a complete shift from profit to loss in 2024, while the supporting materials sector, including brackets and inverters, saw growth. Revenue growth rates for these segments were 39.6%, 37.2%, 31.4%, 20.4%, and 6.3% respectively [2][31]. - In Q1 2025, driven by policy-induced demand, the industry saw a recovery in performance, with revenue growth in segments such as junction boxes and battery cells, with respective increases of 21.7% and 17.0% [3][36]. Summary by Sections Industry Overview - The global photovoltaic market is projected to add approximately 530 GW of new installations in 2024, a year-on-year increase of 35.9%. In China, new installations are expected to reach 277.57 GW, up 28.3% from the previous year [12][19]. Segment Analysis - The main industry chain, including silicon materials, wafers, cells, and modules, saw a complete transition to losses in 2024. In contrast, the supporting materials sector performed well, with brackets and inverters achieving net profit growth rates of 40.4% and 4.6% respectively [2][31]. - In Q1 2025, the main industry chain showed signs of recovery, with significant reductions in losses across all segments, particularly in silicon materials and wafers, which saw reductions of 32.7% and 65.5% in losses respectively [3][36]. Investment Strategy - The report suggests that the recent policy changes have led to a slight recovery in prices across the industry chain, which may improve profitability. However, the overall industry remains in a state of overcapacity, and the sustainability of profit recovery is uncertain [4][39]. - Key investment themes include focusing on leading companies in the supporting materials sector, such as Tongling Co. and Yubang New Materials, as well as monitoring the rapidly evolving battery cell and silicon material segments for potential opportunities [4][40].