Investment Rating - Investment rating is maintained at "Accumulate" [1] Core Views - The company is actively expanding its semiconductor product offerings and market presence while demonstrating resilience in its photovoltaic business despite challenges [1][5] - In 2024, the company achieved a revenue of 2.7 billion yuan, a year-on-year increase of 60.74%, while the net profit attributable to shareholders decreased by 16.16% to 227 million yuan [3][4] - The semiconductor equipment revenue grew significantly by 168.44% to 327 million yuan, while photovoltaic equipment revenue increased by 52.94% to 2.29 billion yuan [5][6] Financial Performance Summary - For 2024, the company reported a gross margin of 39.99%, down 3.65 percentage points year-on-year, and a net profit margin of 8.40%, down 7.70 percentage points [3][4] - In Q4 2024, revenue reached 1.156 billion yuan, up 75.58% year-on-year, but net profit fell by 34.14% to 76 million yuan [4] - The first quarter of 2025 saw revenue soar by 198.95% to 510 million yuan, with net profit skyrocketing by 2,253.57% to 84 million yuan [4] Business Segment Insights - The semiconductor segment is rapidly developing, with a notable increase in revenue and a growing share of total business, rising from 7.27% in 2023 to 12.14% in 2024 [5][6] - The company has secured a total order backlog of 6.772 billion yuan, with significant contributions from both photovoltaic and semiconductor sectors [5] - The photovoltaic segment is focusing on risk management and technology upgrades, with successful advancements in TOPCon technology and a leading market share in the XBC field [7][8] Future Projections - Revenue forecasts for 2025-2027 are adjusted to 2.946 billion yuan, 3.332 billion yuan, and 3.589 billion yuan respectively, with net profits projected at 288 million yuan, 440 million yuan, and 497 million yuan [8][10] - The diluted EPS is expected to be 0.63 yuan, 0.96 yuan, and 1.09 yuan for the years 2025-2027 [8][10] - The current stock price reflects a P/E ratio of 46, 30, and 27 times for the years 2025-2027, indicating a favorable valuation given the company's leading position in the ALD field [8][10]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The offshore wind sector is entering a positive fundamental phase, with steady progress in offshore wind projects [6][20] - The energy bureau reported that from January to April 2025, national power industry investment reached 140.8 billion yuan, a year-on-year increase of 14.6%, indicating stable growth in grid investment [4][33] - The photovoltaic sector saw a significant increase in installed capacity, with 104.9 GW added in the first four months of 2025, a 75% year-on-year growth [12][6] - The battery storage market is experiencing a surge in overseas orders, particularly in Germany, indicating a trend towards large-scale applications in commercial storage [22][23] - The hydrogen energy sector is gaining momentum with supportive policies in Shanxi province, focusing on hydrogen production and storage [29][30] Summary by Sections Photovoltaics - The photovoltaic sector's weekly prices are stabilizing, with a notable increase in installed capacity [11][12] - The demand for photovoltaic products is expected to decline in the second half of 2025 due to the end of the "531" rush installation [13][18] - Investment recommendations include focusing on companies with high certainty in the BC technology trend, such as Longi Green Energy and Aiko Solar [18][13] Wind Power - The offshore wind projects are progressing steadily, with significant contracts awarded for major projects [20][21] - The cumulative installed capacity of wind power reached 540 million kilowatts by April 2025, reflecting an 18.2% year-on-year growth [20] - Investment suggestions include undervalued stocks like Mingyang Smart Energy and companies benefiting from offshore wind projects [21] Energy Storage - The energy storage market is witnessing a shift towards large-scale commercial applications, with significant projects being developed [22][23] - The Intersolar Europe 2025 event saw substantial orders signed, indicating strong market interest [27] - Investment focus should be on large-scale storage projects and innovative applications in the energy sector [23][27] Hydrogen Energy - Shanxi province is implementing supportive policies for hydrogen energy vehicles, including subsidies and toll exemptions [30][31] - The hydrogen sector is expected to accelerate with joint efforts from multiple ministries to promote green hydrogen applications [29][30] - Investment opportunities are highlighted in hydrogen production and storage technologies [29][30] Grid Equipment - The State Grid's investment in grid projects reached a historical high in the first four months of 2025, indicating robust growth in the sector [33] - The introduction of new 800V DC power products by ViDi is expected to enhance efficiency in power delivery [34] - Investment recommendations include focusing on undervalued companies in the grid equipment sector [34] Electric Vehicles - BMW has begun testing its first solid-state battery electric vehicles, marking a significant advancement in battery technology [35][36] - The inclusion of Contemporary Amperex Technology Co., Ltd. (CATL) in the MSCI index is expected to boost its market presence [36] - Investment strategies should continue to favor companies with stable profitability in the electric vehicle supply chain [35][36] Humanoid Robots - Tesla's Optimus robot is entering production, showcasing advancements in AI and robotics [37][39] - The humanoid robot sector is expected to see significant growth, with key players making strides in technology and production capabilities [39][42] - Investment focus should be on companies with strong technological barriers and those involved in the supply chain for humanoid robots [42]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The offshore wind sector is entering a positive fundamental phase, with steady progress in offshore wind projects [6][20] - The energy sector is witnessing stable growth in grid investment, with a reported investment of 140.8 billion yuan in the first four months of 2025, a year-on-year increase of 14.6% [4][33] - The electric vehicle market is advancing with BMW's solid-state battery electric vehicles undergoing road tests, indicating significant technological progress [35][36] - The hydrogen energy sector is receiving increased support from policies, particularly in Shanxi province, which is promoting hydrogen fuel trucks [29][30] Summary by Sections 1.1 Photovoltaics - In the first four months of 2025, the newly installed photovoltaic capacity reached 104.9 GW, a year-on-year increase of 75% [12] - The price trend in the photovoltaic industry is stabilizing, with expectations of a slight downward pressure due to potential demand weakness in the second half of the year [13][18] - Investment recommendation includes focusing on companies with high certainty in the BC technology sector, such as Longi Green Energy and Aiko Solar [18] 1.2 Wind Power - The offshore wind projects are progressing steadily, with significant contracts awarded for major projects [20][21] - The cumulative installed wind power capacity reached 540 million kW by the end of April 2025, reflecting a year-on-year growth of 18.2% [20] 1.3 Energy Storage - There is a growing trend in large-scale commercial energy storage projects, with significant orders and contracts signed recently [23][27] - The energy storage market is expected to expand, driven by new applications and increased demand for commercial storage solutions [22] 1.4 Hydrogen Energy - Shanxi province is implementing supportive policies for hydrogen fuel trucks, including subsidies and toll exemptions [29][31] - The hydrogen energy sector is accelerating, with a focus on hydrogen production, storage, and transportation [29][30] 1.5 Grid Equipment - The State Grid has achieved a record high in fixed asset investment in the first four months of 2025, indicating strong growth in the grid sector [33] - The introduction of new 800V DC power products by ViDi is expected to enhance infrastructure for AI data centers [34] 1.6 Electric Vehicles - BMW's solid-state battery electric vehicles are being tested, marking a significant advancement in battery technology [35] - CATL's H-shares are set to be included in the MSCI index, reflecting its growing market presence [36] 1.7 Humanoid Robots - Tesla's Optimus robot is showcasing advanced capabilities, indicating a strong potential for the humanoid robot market [37][39] - The humanoid robot sector is expected to enter a production phase in 2025, with significant advancements in technology and applications [42]

[Table_IndNameRptType]2 固定收益 固收周报 降息为何难振债市情绪 ——债市情绪面周报（5 月第 4 周） 报告日期： 2025-05-26 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 研究助理：洪子彦 执业证书号：S0010123060036 电话：15851599909 邮箱：hongziyan@hazq.com 主要观点： ⚫[Table_Summary] 华安观点：短期加强波段交易，待债市选择方向后右侧应对 债市短期难破震荡区间，存款利率调降后银行负债端压力有所提升，大行 资金融出依然偏少，存款流向非银机构促使"钱多"利好债市，而当前债市的 主要关注点可能仍在①5 月 PMI 等经济数据、②供给压力与③资金面松紧， 但超预期因素或趋势性行情较难出现，投资者仍需维持久期，低票息、资金贵 的环境下应加大波段交易的权重。 固收买方观点整体中性偏多。从当前市场买方观点来看，10 家偏多，18 家中性，1 家偏空，其中： ⚫ 国债期货：期货情绪升温 ...

行业[Table_IndRank] 评级：增 持 [Table_IndNameRptType] 轻工纺服 行业周报 智能赋能，开启健身器材行业增长新引擎 [Table_Report] 相关报告 《行业周报：英美烟草新品市场扩 张，Glo Hilo 即将在日本上市_20250 519》 《行业周报：新消费崛起，包装行业 迎来增长动力_20250512》 报告日期： 2025-05-25 [行业指数与沪深 Table_Chart] 300 走势比较 -15% -10% -5% 0% 5% 10% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com 主要观点： ⚫[Table_Summary] 周专题：智能赋能，开启健身器材行业增长新引擎 我国健身训练器材市场持续扩容，下游需求端情况稳步向好。2019- 2023 年我国健身训练器材市场规模从约 439 亿元增长至约 708 亿 元，CAGR 为 ...

[Table_StockNameRptType] 徐工机械(000425) 多品类稳中有升，全球化发展迅速 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-05-26 | | 570 收盘价（元） | 8.31 | | 近 12 个月最高/最低（元） | 9.65/5.95 | | 总股本（百万股） | 11759.65 | | 流通股本（百万股） | 8063.58 | | 流通股比例（%） | 68.57 | | 总市值（亿元） | 977.23 | | 流通市值（亿元） | 670.08 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 徐工机械 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 公司点评 相关报告 1.《国企改革焕新能，新兴业务+出海 双成长》2024-10-06 2.《国际化+高端化持续推进，盈利能 力增强》2024-11-07 主要观点： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92% year-on-year, and a net profit attributable to the parent company of 848 million yuan, down 15.86% year-on-year. The first quarter of 2025 saw a revenue of 1.406 billion yuan, a decline of 6.70%, and a net profit of 167 million yuan, down 26.99% year-on-year [4][5] - The company is actively promoting the industrialization of complete filtration equipment and expanding its overseas market presence, with products being sold to multiple countries including the USA, Japan, and several European nations [6] - The company has adjusted its revenue forecasts for 2025-2027 to 6.323 billion, 6.812 billion, and 7.565 billion yuan respectively, with net profit forecasts of 861 million, 949 million, and 1.078 billion yuan for the same years [7] Financial Performance Summary - In 2024, the company achieved a revenue of 6.129 billion yuan, with a year-on-year revenue change of -1.9%. The net profit attributable to the parent company was 848 million yuan, reflecting a -15.9% change year-on-year. The gross margin was 29.1% [9][12] - For 2025, the expected revenue is 6.323 billion yuan, with a projected year-on-year growth of 3.2%. The net profit is expected to be 861 million yuan, with a slight increase of 1.5% year-on-year [9][12] - The company’s cash flow from operating activities showed significant improvement, with a net cash flow of 10.41 billion yuan in 2024, an increase of 288.21% [4][5] Future Outlook - The company is focusing on the industrialization of complete filtration equipment, with ongoing projects that are progressing smoothly, which supports its long-term strategic transformation [6] - The company aims to enhance its global brand recognition and expand its sales and after-sales service networks in overseas markets [6]

[分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 相关报告 1.《业绩稳健，成套化和出口驱动未来 业绩成长》2024-04-26 [Table_StockNameRptType] 景津装备（603279） 公司点评 利润端短期承压，持续推进成套设备产业化 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-05-26 | | 570 收盘价（元） | 16.45 | | 近 12 个月最高/最低（元） | 22.46/15.02 | | 总股本（百万股） | 576.46 | | 流通股本（百万股） | 572.05 | | 流通股比例（%） | 99.24 | | 总市值（亿元） | 94.83 | | 流通市值（亿元） | 94.10 | [公司价格与沪深 Table_Chart] 300 走势比较 -40% -30% -20% -10% 0% 10% 20% 景津装备 沪深300 2.《业务稳定拓展，成套设备持续推进》 2024-08-29 3.《利润短期承压 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 916.60 billion yuan in 2024, a year-on-year decrease of 1.28%, while the net profit attributable to shareholders was 59.76 billion yuan, an increase of 12.20% [6] - In Q1 2025, the company achieved a revenue of 268.15 billion yuan, a year-on-year increase of 10.92%, and a net profit of 20.22 billion yuan, up 26.37% [6] - The company is focusing on a "5+1" industrial layout, enhancing its core engineering machinery sector while diversifying into new industries [7] - The international market revenue reached 416.87 billion yuan in 2024, accounting for 45.48% of total revenue, with a year-on-year growth of 12% [9] - The company has revised its profit forecasts for 2025-2027, expecting revenues of 1019.62 billion yuan, 1148.34 billion yuan, and 1299.70 billion yuan respectively [10] Financial Summary - For 2024, the company reported a gross margin of 22.5% and a return on equity (ROE) of 10.3%, which improved by 0.44 percentage points from 2023 [6][13] - The projected earnings per share (EPS) for 2025-2027 are 0.67 yuan, 0.83 yuan, and 1.02 yuan respectively [10][13] - The company's price-to-earnings (P/E) ratio is projected to be 12, 10, and 8 times for 2025-2027 [10][13]

[Table_IndNameRptType]2 固定收益 固收周报 探究今年央行对债市的表态变化 ——利率周记（5 月第 4 周） 报告日期： 2025-05-25 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 研究助理：洪子彦 执业证书号：S0010123060036 电话：15851599909 邮箱：hongziyan@hazq.com 主要观点： ⚫[Table_Summary] Q1 债市多头的瓦解与央行的关注 回顾年初以来的债市运行情况，有两大关键词，"资金紧"与"负 Carry"。 去年 12 月利率快速下行后，债市在今年一季度受挫大幅回调。复盘历史，我 们可以发现资金紧与负 Carry 是一季度的两大关键词，而央行的表态与操作则 扮演着重要角色，2024 年央行同样对长债到期收益率快速下行多次关注，今 年有何不同？本文我们聚焦于此重点分析。 我们选取《金融时报》作为央行表态的主要观察对象，《金融时报》是由中国 人民银行主管，是中国人民银行、国家金融监督管 ...