Investment Rating - The report gives a "Buy" rating for the company with a target price of 47.95 RMB per share, based on a 21x PE valuation for 2025 [4]. Core Insights - The company is a leading player in the domestic in vitro diagnostics industry, primarily focusing on immunodiagnostics. The implementation of centralized procurement is expected to accelerate the domestic production process and enhance market share through high-speed analyzers [2][32]. - The company is expanding its product offerings across multiple innovative business areas, including automated laboratory workflows, molecular diagnostics, and microbiological mass spectrometry, which are expected to drive future growth [2][3][58]. - The international market expansion is underway, with overseas sales projected to reach 286 million RMB in 2024, reflecting a year-on-year growth of 36.6% [3]. Summary by Sections Investment Logic - The centralized procurement led by Anhui Province is expected to boost the demand for the company's products, with successful bids in the first round of procurement [2]. - The high-throughput chemiluminescence immunoassay analyzer AutoLumo A6000 has a detection speed of 600 tests per hour, which will enhance the company's market share in high-end products [2][49]. Business Expansion - The company is actively developing automated laboratory workflows, molecular diagnostics, and microbiological mass spectrometry systems, which are anticipated to create new growth avenues [2][3][58]. - The Sikun2000 gene sequencer is expected to capture market share following the ban on foreign competitor sales in China [2][3]. Financial Forecast and Investment Advice - The projected net profits for 2025-2027 are 1.305 billion, 1.566 billion, and 1.884 billion RMB, respectively, with growth rates of 9%, 20%, and 20% [4]. - The company’s revenue is expected to grow from 4.471 billion RMB in 2024 to 7.081 billion RMB by 2027, with a compound annual growth rate of approximately 18.74% [8]. Market Trends - The domestic in vitro diagnostics market is expected to grow significantly, with the immunodiagnostics segment projected to reach 105.5 billion RMB by 2028, reflecting a compound annual growth rate of 19.1% [39][40]. - The company’s international sales have increased from 1.5% of total revenue in 2017 to an estimated 6.5% in 2024, indicating a growing focus on global markets [25][27]. Competitive Landscape - The company holds a market share of 4% in the domestic immunodiagnostics market, which is dominated by foreign brands, indicating significant potential for growth through domestic product enhancements and procurement policies [45][46].

Investment Rating - The report maintains a "Buy" rating for the electric power equipment and new energy industry [1] Core Insights - The lithium battery sector is experiencing a significant increase in sales for electric vehicles and energy storage, with lithium carbonate prices declining by 4.8% to 70,000 yuan per ton [1][5] - In March 2025, domestic wholesale sales of new energy passenger vehicles reached 1.13 million units, a year-on-year increase of 35.5% [1][20] - The transition from lead-acid to lithium batteries in the start-stop battery market is becoming clearer, driven by performance improvements and cost reductions in sodium batteries [3][12] Summary by Sections Monthly Insights - In April 2025, the lithium battery-related sectors, except for new energy vehicles, experienced varying degrees of decline, with significant drops in the phosphate iron lithium positive electrode and lithium battery copper foil sectors [2] - The monthly transaction volume for most sectors decreased significantly, while the new energy vehicle sector saw a slight increase in transaction volume [2] Research Topic - The start-stop battery market is in a growth phase, with lead-acid batteries currently dominating but facing competition from lithium and sodium batteries [3][12] - The market for start-stop batteries is expected to grow significantly, with a projected compound annual growth rate of 14.5% from 2024 to 2032 [14] Industry Insights - In March 2025, new energy vehicle sales in China and Europe were strong, with sales of 1.128 million and 304,000 units respectively, reflecting a year-on-year increase of 36% and 26% [4][20] - Energy storage installations in China and the US saw significant growth, with domestic installations reaching 3.4 GWh in March, a year-on-year increase of 57% [24][27] Lithium Battery Production Tracking - In May 2025, lithium battery production is expected to fluctuate between -5% and 13% month-on-month, with year-on-year growth ranging from -1% to 41% [5][30] - The report indicates that the lithium battery sector is entering a seasonal low period, with production adjustments anticipated [30] Investment Recommendations - The report suggests that the lithium battery sector is poised for a BETA-level market driven by both industry demand and technological advancements, recommending key players such as CATL and EVE Energy [6][39]

2025 年 5 月 6 日 电力设备与新能源行业研究 买入（维持评级） 行业月报 证券研究报告 新能源与电力设备组 分析师：姚遥（执业 S1130512080001） yaoy＠gjzq.com.cn 锂电 4 月洞察：电车储能销量持续走高，钴价止涨正极盈利企稳 本月行业重要变化： 1）锂电：4 月 30 日，碳酸锂报价 7.0 万元/吨，较上月下降 4.8%；氢氧化锂报价 7.0 万元/吨，较上月下降 0.4%。 2）整车：2025 年 3 月国内新能源乘用车批发销量达 113 万辆，同比+35.5%，环比+35.9%；1～3 月累计批发 285 万辆， 同比+43%。 行情回顾： 2025 年 4 月以来，锂电关联板块中除新能源车环节外，均有不同幅度的下跌，磷酸铁锂正极、锂电铜箔和柴发产业链 等环节跌幅较大，相对沪深 300 的涨跌幅超额分别为-8%、-7%和-5%。多数环节月度成交额较上月大幅下跌，只有新 能源车的月度成交额环比提升，市场关注度不减。锂电关联版块多数环节 3 年历史估值分位处于低值，锂电电解液、 负极和智能驾驶的 3 年历史估值分位仅个位数区间，未来存在估值修复的空间。 本月研究专题： ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The central bank's attitude has eased, with increased reverse repurchase and MLF投放, and falling interest rates. The downward space for funds is greater than the upward space. The central bank's response to the tariff shock has been calm, and the decline in interest rates has been limited. The weakening fundamentals may drive interest rates down further. There are two possible "broad money" models, and the second model is more likely, with the negative impact of monetary factors on the bond market decreasing [5][6][37]. Summary by Relevant Catalogs 4 - Month Review: Lowered Fund Center, but Weak Expectations for Interest Rate Cuts - **Central Bank's Attitude**: The central bank's attitude in April was "stable with a slight easing." Net 7 - day reverse repurchase was 320.8 billion yuan, and 1 - year MLF had a net injection of 50 billion yuan, with a total open - market operation injection of 820.8 billion yuan. However, the net withdrawal of outright reverse repurchase was 50 billion yuan. The central bank's current attitude towards the funds remains stable, but has eased compared to the beginning of the year [2][12]. - **Fund Price**: The central level of fund interest rates for all terms decreased in April compared to March. DR001 and DR007 decreased by 10bp and 15bp to 1.67% and 1.73% respectively; R001 and R007 decreased by 15bp and 19bp to 1.71% and 1.77% respectively. The spread between DR007 and the 7 - day reverse repurchase rate narrowed to 23bp [3][13]. - **Certificate of Deposit**: In April, the issuance volume and price of certificates of deposit decreased. The total issuance volume of inter - bank certificates of deposit by state - owned and joint - stock banks dropped from 2.7 trillion yuan to 1.7 trillion yuan. The weighted average issuance rates of state - owned and joint - stock banks' inter - bank certificates of deposit decreased by 23bp and 22bp respectively, and the yields to maturity of 3M, 6M, and 1Y certificates of deposit decreased by 21bp, 21bp, and 19bp respectively [3][14]. - **Interest Rate Cut Expectations**: The market has not restarted "interest rate cut trading." From the perspectives of IRS:FR007 and FR007 spread, floating - rate and fixed - rate bond YTM spread, and the monetary tightness and looseness expectation index, the expectation of interest rate cuts in the bond market in April was volatile, mainly affected by changing tariff policies and the "determination" of domestic monetary policy [4][15]. 5 - Month Outlook: External and Internal Pressures Cause Disturbances, and There May Be Room for Funds to Go Down - **Central Bank's Attitude and Interest Rate Space**: Compared with the "abnormally high" fund - policy spread in Q1, the central bank's attitude has eased, with increased reverse repurchase and MLF投放, and falling interest rates for two consecutive months. The downward space for funds is greater than the upward space [5][25]. - **Tariff Impact**: The central bank has been "calm" in the face of the tariff shock. The decline in interest rates since the trade friction has been limited compared to historical shock events. From March to April, the spread between DR007 and the policy rate only narrowed by 39bp [5][25][26]. - **Fundamentals**: The fundamentals do not support a trend of rising fund prices. The PMI and building materials composite index have declined, and the negative impact of trade friction on the economy has been reflected in multiple dimensions. If the fundamentals weaken, it may drive interest rates down further [5][29]. - **Government Bond Financing**: In May, the net financing scale of government bonds is expected to increase significantly compared to April. The estimated net financing scale of national bonds is about 970 billion yuan, and that of local bonds is about 450.3 billion yuan, with a total of about 1.4 trillion yuan [32]. - **Liquidity Gap**: The liquidity gap in May may narrow slightly compared to April, mainly due to the lower maturity of outright reverse repurchase. However, attention should be paid to the disturbance of government bond issuance [33][34]. - **Broad Money Path**: There are two possible "broad money" models for the central bank. The second model (first compressing the spread and then cutting the policy rate) shows more signs of implementation, and the negative impact of monetary factors on the bond market is decreasing [6][37].

Investment Rating - The report maintains a positive investment rating for the photovoltaic and wind energy sectors, highlighting a recovery in profitability and growth potential in these industries [2][8]. Core Insights - The report emphasizes the importance of government policies in promoting the use of advanced photovoltaic components, which is seen as a viable solution to address the issue of excess production capacity in the solar industry [7][8]. - The wind energy sector is experiencing a significant uptick in construction activity, with the first offshore wind project in Shandong officially commencing, indicating a positive trend in the industry [2][8]. - The report notes that the performance of the photovoltaic and storage sectors is stabilizing, with signs of a turning point in profitability expected in the near future [2][7]. Summary by Relevant Sections Photovoltaic & Energy Storage - The National Energy Administration has issued a notice to encourage the use of advanced photovoltaic components in large-scale projects, which is expected to enhance the competitiveness of the domestic photovoltaic manufacturing industry [7][8]. - The photovoltaic sector is projected to maintain high demand in 2024, with an expected 277 GW of new installations, representing a 28% year-on-year increase [7][8]. - The first quarter of 2025 saw a significant increase in new installations, with 60 GW added, marking a 31% year-on-year growth [7][8]. Wind Energy - The Shandong Peninsula North L offshore wind project has officially started construction, contributing to the acceleration of offshore wind development in China [2][8]. - The wind energy sector reported a net profit of 12.5 billion yuan in the first quarter of 2025, marking the first year-on-year profit increase in three years [2][8]. - The report highlights three main investment themes in the wind energy sector: improvement in profitability of turbine manufacturers, rising demand for offshore wind, and the release of profit elasticity in component prices [2][8]. Power Grid - The State Grid's second batch of bidding results for transmission and transformation equipment reached 17.64 billion yuan, a 13% year-on-year increase, indicating accelerated main grid construction [3][9]. - The report mentions the release of new bidding projects for distribution transformers and integrated products, with an estimated total bidding amount exceeding 6.5 billion yuan [3][9]. - The introduction of the basic rules for the auxiliary service market marks a significant step towards the market-oriented reform of power services in China [9][10]. New Energy Vehicles - The launch of the Lynk & Co 900, a six-seat plug-in hybrid SUV, has exceeded market expectations with a competitive pricing strategy [14][16]. - The report notes a significant increase in the sales of new energy vehicles, with a retail penetration rate of 52.3% in April 2025 [14][16]. Hydrogen Energy and Fuel Cells - The report indicates that hydrogen energy policies are expected to continue, with a focus on quality development and the promotion of the entire hydrogen industry chain [12][15]. - The hydrogen production capacity is projected to reach 120,000 tons per year by 2025, with significant growth in fuel cell vehicle production [12][15].

Investment Rating - The report indicates a stable online retail landscape and suggests focusing on the progress of offline retail adjustments [1]. Core Insights - The offline retail sector shows varied performance, with trade experiencing revenue growth and profit increase, while other segments like tourism retail and department stores face challenges [5][6]. - The trade sector is highlighted as a growth area, with significant profit increases in 2025 Q1 compared to the previous year [7][10]. - The report emphasizes the need to monitor the ongoing adjustments in offline retail formats to identify potential investment opportunities [1]. Summary by Sections 1.1 Offline Retail Overall Performance - Annual - Trade sector revenue increased by 14% to 53.39 billion, with net profit up 25% to 4.78 billion [5]. - Tourism retail saw a dramatic revenue increase of 161% to 17.60 billion, but net profit decreased by 36% to 4.27 billion [5]. - Department stores and supermarkets faced significant declines, with department store revenue down 7% and net profit down 37% [5]. 1.1 Offline Retail Overall Performance - Q1 - In 2025 Q1, trade sector revenue rose by 21% to 11.55 billion, with net profit increasing by 70% to 1.22 billion [7]. - General retail and professional chains experienced revenue declines of 21% and 24%, respectively, with net profits also decreasing [7]. - Tourism retail revenue decreased by 11%, with net profit down 16% [7]. 1.2 Trade Sector Overall Performance - Annual & Q1 - Nearly half of the 13 listed companies in the trade sector reported profit growth in 2024, with notable increases from Jiangsu Guotai (+14%) and Zhongxin Metal (+269%) in Q1 2025 [10]. - The report highlights the resilience of certain companies within the trade sector despite overall market challenges [10]. 1.3 General Retail - Department Store Performance - The department store sector saw most companies report profit declines in 2024, with only a few, such as Dalian Friendship, showing significant growth [12]. - The performance trend continued into Q1 2025, with most companies maintaining similar challenges [12]. 1.3 General Retail - Supermarket Performance - The supermarket sector had mixed results, with some companies like Zhongbai Group showing profit growth in 2024 and Q1 2025 [15]. - The report notes that several supermarkets are beginning to recover from previous declines [15]. 1.3 General Retail - Commercial Property Management Performance - The commercial property management sector had 10 out of 15 companies reporting profit declines in 2024, but some, like Huitong Energy, showed significant growth [17]. - The positive trend continued into Q1 2025 for a few companies [17]. 1.4 Professional Chains & Tourism Retail Performance - The professional chain sector had limited growth, with only two companies reporting profit increases in 2024 [20]. - The tourism retail sector faced challenges, with China Duty Free reporting a 36% decline in profit for 2024 [21]. 1.5 Key Company Performances - Yonghui Supermarket - Yonghui Supermarket reported a revenue decline of 14% in 2024, with a significant drop in net profit [25]. - The company is undergoing strategic adjustments, including store closures and optimizations, which impacted its financial performance [26]. 1.5 Key Company Performances - Bubugao - Bubugao achieved a revenue increase of 11% in 2024, with a notable profit turnaround [30]. - The company continued to show strong performance in Q1 2025, with a revenue increase of 24% and a profit increase of 488% [32].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The online retail landscape is stabilizing, while attention should be paid to the progress of offline retail adjustments [1] - The overall performance of offline retail shows varied results across different segments, with trade experiencing revenue growth and profit increase, while other segments like department stores and supermarkets face significant declines [5][6] Summary by Sections 1. Offline Retail - **Annual Performance**: - Trade: Revenue increased by 14% to 53.39 billion, profit up by 25% to 4.78 billion - Tourism retail: Revenue surged by 161% to 17.60 billion, but profit dropped by 36% to 4.27 billion - Department stores: Revenue down by 7% to 59.72 billion, profit down by 37% to -0.82 billion - Supermarkets: Revenue decreased by 10% to 11.78 billion, profit down by 99% to -0.01 billion [5] - **Q1 Performance**: - Trade: Revenue up by 21% to 11.55 billion, profit up by 70% to 1.22 billion - General retail: Revenue down by 21% to 9.29 billion, profit down by 29% to 3.39 billion - Tourism retail: Revenue down by 11% to 1.67 billion, profit down by 16% to 1.94 billion [6] 2. Trade Sector - **2024 Performance**: - 13 listed companies, nearly half saw profit growth, with notable increases from Jiangsu Guotai (+14%) and Zhongxin Metal (+269%) [10] - **Q1 2025 Performance**: - Companies like Jiangsu Guotai and Suhao Hongye continued to show profit growth, with Zhongxin Metal achieving a remarkable 269% increase [10] 3. General Retail - Department Stores - **2024 Performance**: - Most department stores reported profit declines, with only a few like Wushang Group (+3%) and Dalian Friendship (+109%) showing positive growth [12] - **Q1 2025 Performance**: - The trend of profit decline continued, with most companies maintaining similar performance to 2024 [12] 4. General Retail - Supermarkets - **2024 Performance**: - Over half of the companies reported profit declines, with only a few like Zhongbai Group (+64%) and Sanjiang Shopping (+4%) showing growth [15] - **Q1 2025 Performance**: - Some supermarkets began to recover, with Budweiser achieving a 488% profit increase [15] 5. Commercial Property Management - **2024 Performance**: - 10 out of 15 companies reported profit declines, while a few like Huitong Energy (+68%) and Meikailong (+35%) showed growth [17] - **Q1 2025 Performance**: - Continued growth was observed in companies like Huitong Energy (+177%) and Meikailong (+38%) [17] 6. Professional Chains & Tourism Retail - **Professional Chains**: - Only two out of seven companies reported profit growth in 2024, with notable increases from Kidswant (+72%) and Aiyingshi (+2%) [20] - **Tourism Retail**: - China Duty Free reported a 36% profit decline in 2024, with a further 16% decline in Q1 2025 [21] 7. Key Company Performances - **Yonghui Supermarket**: - 2024 revenue was 67.6 billion, down 14.1%, with a net loss of 1.47 billion. Q1 2025 revenue was 17.5 billion, down 19.3%, with a net profit of 1.5 billion [25][26] - **Bubugao**: - 2024 revenue was 3.43 billion, up 11.14%, with a net profit of 1.21 billion. Q1 2025 revenue was 1.15 billion, up 24.22%, with a net profit of 1.19 billion [30][32]

Investment Rating - The report recommends a positive investment outlook for companies with strong cost reduction capabilities, particularly BYD, Geely, Xpeng, and Leap Motor, suggesting they may exceed performance expectations in 2025 due to the "old-for-new" policy [4]. Core Insights - The domestic market is experiencing high prosperity, with Q1 2025 sales maintaining a strong performance due to the "old-for-new" policy and low base effects from the previous year, resulting in a year-on-year increase of 11.4% in wholesale sales [4][7]. - Electric vehicle (EV) sales are showing stable growth, with Q1 2025 EV wholesale sales reaching 2.847 million units, a year-on-year increase of 43.3% [4][35]. - The global automotive market remains stable, with Q1 2025 global EV sales increasing by 31.6% year-on-year, indicating a steady demand [4]. Summary by Sections 1.1 Passenger Car Overview - The Q1 2025 market is characterized by high prosperity, supported by comprehensive national and local subsidies under the "old-for-new" policy, leading to a year-on-year increase in wholesale sales to 6.276 million units [4][7]. - Retail sales in Q1 2025 reached 5.119 million units, up 5.9% year-on-year, while exports totaled 1.118 million units, reflecting a slight increase of 1.1% [4][7]. 1.2 Price Segment Analysis - The low-end market is expanding while the high-end market is contracting, with significant year-on-year growth in the under 50,000 and 50,000-100,000 price segments [4][13]. - The price war and policy incentives are driving demand in the low-end market, while high-end market demand remains weak due to a trend of consumer downgrade [4][13]. 1.3 Domestic Replacement - The penetration rate of domestic brands remains stable, with a retail penetration rate of 62.84% in Q1 2025, although there is a slight decline in high-end market performance [4][18]. - Domestic brands have achieved over 50% market share in the lower price segments, but face challenges in the high-end market due to supply issues and competitive pressures [4][18]. 1.4 Market Competition Landscape - Domestic brands continue to grow, with BYD and Geely showing significant market share increases, while joint ventures, particularly Japanese brands, are facing the most significant challenges [4][24][27]. - The competitive landscape is intensifying, with joint venture brands offering substantial discounts to stabilize their market positions [4][22]. 2.1 Domestic Electric Vehicle Overview - The EV market is maintaining high prosperity, with Q1 2025 EV wholesale sales reaching 2.847 million units, a year-on-year increase of 43.3% [4][35]. - The penetration rates for EVs are stable, with Q1 2025 wholesale penetration at 45.4% and retail penetration at 47.3% [4][39]. 2.2 Electric Vehicle Structure - The demand for pure electric vehicles is recovering, with significant growth in the low-end market, while the high-end market is experiencing a decline [4][39]. - The report highlights that the low-end market remains a critical area for growth, driven by the "old-for-new" policy [4][43]. 2.3 Price Segment Analysis for Electric Vehicles - The low-end electric vehicle market is showing strong growth, with sales in the under 50,000 and 50,000-100,000 segments increasing by 150.4% and 68.8% year-on-year, respectively [4][41]. - The high-end market, particularly the 300,000 and above segment, is facing challenges, with sales declining [4][41].

Investment Rating - Maintain "Buy" rating for the industry [10] Core Viewpoints - The report highlights a mixed performance across various sectors within the public utility and environmental protection industry, with coal prices declining and water supply improving, reshaping the defensive value of water and coal [3] - The overall electricity consumption growth slowed down due to a warm winter and high base effects from the previous year, impacting thermal power generation negatively [4][29] - The renewable energy sector faces profit pressure due to declining utilization rates and electricity prices, despite significant installed capacity growth [4][52] - Hydropower benefits from improved water supply and reservoir management, leading to increased revenue and profit in early 2025 [5][7] - The environmental sector shows stable performance in water and solid waste operations, with a recovery in water profitability in early 2025 [5][6] Summary by Sections 1. Overview of 2024 Reports and 2025 Q1 - The electricity industry saw a 6.7% growth in consumption in 2024, driven by structural optimization and rising demand for new energy sources [16] - The environmental sector experienced a revenue decline of 2.7% and a net profit drop of 31% in 2024, with operational efficiency improvements in existing assets [16] 2. Sector Performance from 2024 to Q1 2025 2.1 Thermal Power - Thermal power generation faced pressure from electricity prices and demand, but benefited from lower coal prices, leading to a net profit increase of 6.5% in Q1 2025 [4][36][37] 2.2 Renewable Energy - The renewable energy sector's profit was under pressure due to declining utilization rates and electricity prices, despite a 15.7% increase in wind power generation in 2024 [4][52] 2.3 Hydropower - Hydropower generation increased by 11.7% in 2024, with a significant profit increase in Q1 2025 due to improved water supply [5][7] 2.4 Environmental Protection - The environmental sector showed stable performance in water and solid waste operations, with a recovery in profitability in early 2025 [5][6] 3. Key Companies in the Sector - Focus on leading companies in thermal power, hydropower, and nuclear power, such as Huadian International, Yangtze Power, and China Nuclear Power, respectively [8]

意料外的行情。 五一假期之前，10 年减 1 年国债期限利差悄然收窄至 16bp 的新低，10 年国债中债估值收益再度探至 1.62%低位，债 市讨论从持债过节是否安全，快速切换到是否追涨。收益快速下行催化剂有三：一是跨月节点，资金不紧反松；二是 市场提前定价 4 月 PMI 读数；三是 30 年国债切换活跃券，定价产生提振。考虑到交易量与行情的脱节，若是相对收 益考核账户还未能赚到这波行情，接下来将面临 4 月初一样的问题：如何执行追涨？ 如何看待追涨性价比？ 牛市行情间隔时间不长，期间信用债调整力度还普遍大于利率债，是不是可以认为跌出票息性价比，反而提升信用债 的参与价值？从以下五个方面来看，仍需留一份谨慎。第一，脆弱的交易情绪，一般信用债距离年内低点即便高于利 率债，也并未展现应有的抢配，甚至是收益下行力度都谈不上修复过去两周的下跌，流动性较好的 AAA 信用债表现亦 平淡。第二，追久期的力度不足。第三，换手率亦未反映一般信用债的配置热度，无论是 3 年内还是 3 年以上城投债， 换手率都在年内较低水平。第四，票息增强不如博资本利得，4 月以来，关键期限城投债和中票平均票息收益与资本 利得收益占比各半， ...