Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 36.14 CNY [1][7]. Core Insights - The company reported a revenue of 2.15 billion CNY for 2024, a year-on-year decrease of 12.1%, while the net profit attributable to shareholders was 204 million CNY, an increase of 4.9% year-on-year. The non-recurring net profit was 111 million CNY, showing a significant increase of 44.0% year-on-year [1][3]. - For Q1 2025, the company achieved a revenue of 280 million CNY, down 5.9% year-on-year, with a net loss of 40 million CNY, indicating a reduction in losses compared to the previous year [1][3]. - The company is focusing on three core areas: digital transformation in government services, procurement, and construction, while accelerating its transition to a SaaS model [7][8]. Financial Performance Summary - The total revenue for 2024 was 2,146 million CNY, with a projected growth of 9.7% in 2025, reaching 2,354 million CNY. The net profit is expected to grow significantly by 29.6% in 2025, reaching 265 million CNY [3][8]. - The company’s gross margin for 2024 was 61.2%, with a slight decrease of 0.2 percentage points year-on-year, while the net profit margin improved to 9.5%, an increase of 1.5 percentage points year-on-year [7][8]. - The company’s operating cash flow for 2024 was 264 million CNY, with a projected increase in cash flow for 2025 [8]. Strategic Focus - The company is enhancing its SaaS operations, with its smart procurement business generating 950 million CNY in revenue for 2024, accounting for 18.1% of total revenue, an increase of 3.2 percentage points year-on-year [7][8]. - In the smart government sector, the company served over 8,900 projects and more than 4,900 clients by the end of 2024, with significant growth in new projects and clients [7][8]. - The company is embracing AI technologies, launching the first national government service model in February 2025, which integrates natural language processing and knowledge graphs to improve service efficiency [7][8].

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% in the next six months [5][19]. Core Views - The company achieved a revenue of 1.35 billion yuan in 2024, a year-on-year increase of 27.0%, while the net profit attributable to the parent company was 220 million yuan, a decrease of 14.8% [2][9]. - The company is actively expanding its market presence outside Jiangsu province, with a revenue of 800 million yuan from these regions in 2024, representing a year-on-year growth of 58.3% [2][9]. - The company is well-positioned to capitalize on the growth opportunities in the power informationization sector, with a backlog of orders amounting to 1.568 billion yuan as of the end of 2024 [2][9]. Financial Performance - In Q1 2025, the company reported a revenue of 160 million yuan, a year-on-year increase of 14.8%, but the net profit decreased by 46.8% to 10 million yuan [2][9]. - The gross profit margin for 2024 was 30.5%, down 8.6 percentage points year-on-year, primarily due to lower margins in the new markets compared to Jiangsu [2][9]. - The company’s R&D expense ratio was 5.2% in 2024, reflecting an increase of 0.5 percentage points, with several innovative products under development [2][9]. Market Outlook - The report highlights a positive outlook for the power industry, with significant investments expected in grid projects, including a forecasted investment of over 650 billion yuan by the State Grid in 2025 [2][9]. - The company is projected to achieve net profits of 280 million yuan, 330 million yuan, and 390 million yuan for 2025, 2026, and 2027, respectively, with corresponding growth rates of 28.4%, 17.9%, and 17.4% [2][9].

【每周经济观察】第 21 期 宏观研究 证 券 研 究 报 告 2）出口：多数货量高频指标回落。1）美国自中国进口大幅回落。从海运进 口提单数据来看，5 月前 21 天美国从中国进口同比大幅降至-8%，4 月 30 天 同比为 9.9%。2）中美之间直接贸易流量降幅扩大。截至 5 月 24 日的 15 天内， 从中国发往美国载货集装箱船数量同比进一步降至-37.5%，截至 4 月 30 日同 比为-23.1%。3）潜在转口：截至 5 月 24 日当周，东盟主要国家港口停靠船舶 数量大幅回落，环比前一周-6.3%，5 月 17 日当周环比为 1.6%。5 月前 24 天， 东盟主要国家港口船舶停靠数量同比降至 4.5%，4 月 30 天同比为 8.3%。 3）土地溢价率明显回落。截至 5 月 18 日当周，百城土地溢价率为 1.37%。4 月 28 日-5 月 18 日三周，百城土地溢价率平均为 5.5%，4 月为 9.69%。 4）物价：煤炭、地产相关价格偏弱。山西产动力末煤(Q5500)秦皇岛港平仓价、 京唐港山西主焦煤库提价分别下跌 0.5%、1.5%。螺纹钢上海现货价、铁矿石 价格指数:62%Fe:CF ...

- Model name: Broad-based index rotation strategy; Model construction idea: Using the weekly change rate of the total heat of different broad-based indices to construct a rotation strategy; Model construction process: Calculate the weekly heat change rate of different groups of stocks and smooth it using MA2. On the last trading day of each week, buy the broad-based index with the highest total heat change rate MA2. If the highest change rate is in the "other" group, stay in cash. The strategy's net value is shown in the report. The formula is: $ \text{Heat Change Rate MA2} = \frac{\sum_{i=1}^{n} \text{Heat Change Rate}_i}{n} $ where $ n $ is the number of weeks. The strategy's annualized return since 2017 is 8.74%, with a maximum drawdown of 23.5%. The return since 2025 is 8.13%[14][16][17] - Model name: Broad-based index heat; Model construction idea: Aggregate the total heat of component stocks in broad-based indices; Model construction process: Group the entire A-share sample according to the component stocks of the CSI 300, CSI 500, CSI 1000, CSI 2000, and "other" groups. Sum the total heat indicators of the component stocks in each group to obtain the heat of the four mainstream broad-based indices and the heat of stocks not included in these indices ("other" group). The formula is: $ \text{Total Heat} = \sum_{i=1}^{n} (\text{Browse Count}_i + \text{Self-selection Count}_i + \text{Click Count}_i) $ where $ n $ is the number of stocks in the group. The heat is normalized by dividing by the total market heat and multiplying by 10000, with a range of [0,10000][9][12] - Factor name: Total heat indicator; Factor construction idea: Aggregate the browsing, self-selection, and click counts of stocks; Factor construction process: Define the total heat indicator as the sum of the browsing, self-selection, and click counts of a stock, normalized by its proportion in the entire market on the same day, and multiplied by 10000. The formula is: $ \text{Total Heat} = \frac{(\text{Browse Count} + \text{Self-selection Count} + \text{Click Count})}{\text{Total Market Heat}} \times 10000 $ with a range of [0,10000][8] - Factor name: Concept heat; Factor construction idea: Aggregate the total heat of component stocks in different concepts; Factor construction process: Calculate the weekly heat change rate of each concept and smooth it using MA2. Construct two simple portfolios: select the top 5 concepts with the highest heat change rate each week, exclude the smallest 20% of stocks by market cap, and equally hold the top 10 stocks with the highest total heat in each concept to form the heat TOP portfolio. Similarly, select the bottom 10 stocks with the lowest total heat in each concept to form the BOTTOM portfolio. The formula is: $ \text{Heat Change Rate MA2} = \frac{\sum_{i=1}^{n} \text{Heat Change Rate}_i}{n} $ where $ n $ is the number of weeks. The BOTTOM portfolio's annualized return is 15.71%, with a maximum drawdown of 28.89%. The return since 2025 is 18.35%[28][30][32][33] Model backtest results - Broad-based index rotation strategy, annualized return 8.74%, maximum drawdown 23.5%, return since 2025 8.13%[17] - Broad-based index heat, CSI 300 heat change rate increased by 5.25%, CSI 500 heat change rate decreased by 13.72%[17] Factor backtest results - Total heat indicator, normalized range [0,10000][8] - Concept heat, BOTTOM portfolio annualized return 15.71%, maximum drawdown 28.89%, return since 2025 18.35%[33]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [6][16]. Core Views - The company is driven by a dual engine of "technical services + smart devices," indicating strong growth potential. The 2024 revenue reached 3.01 billion yuan, a year-on-year increase of 18.8%, with a net profit of 370 million yuan, up 29.8% [1][6]. - The company has a robust order backlog, with significant contracts in the energy storage and testing services sectors, suggesting sustained revenue growth in the coming years [6][7]. Financial Performance Summary - **2024 Financials**: - Total revenue: 3,014 million yuan, up 18.8% year-on-year - Net profit attributable to shareholders: 365 million yuan, up 29.8% - Earnings per share: 0.65 yuan [2][6]. - **2025 Projections**: - Expected total revenue: 4,126 million yuan, with a growth rate of 36.9% - Expected net profit: 481 million yuan, with a growth rate of 31.9% - Expected earnings per share: 0.85 yuan [2][6]. - **Profitability Metrics**: - Gross margin for 2024: 30.8%, up 1.8 percentage points year-on-year - Net profit margin for 2024: 12.1%, up 1.0 percentage points year-on-year [6][7]. Order Backlog and Growth Potential - As of Q1 2025, the company has a backlog of approximately 9.5 billion yuan in energy storage system technical services and over 5 billion yuan in testing and commissioning services [6][7]. - The company is involved in significant projects, including the largest user-side energy storage project in Jiangsu and various testing projects in Guangdong [6][7]. Valuation and Target Price - The target price for the company is set at 34.10 yuan, based on a projected price-to-earnings ratio of 40 times for 2025, reflecting its leading position in the smart energy sector [2][6].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 36.14 CNY [1][7]. Core Views - The company has shown improvement in operational quality and is continuously advancing its SaaS operational model. The 2024 revenue was 2.15 billion CNY, down 12.1% year-on-year, while the net profit attributable to shareholders was 200 million CNY, up 4.9% year-on-year. The first quarter of 2025 saw a revenue of 280 million CNY, down 5.9% year-on-year, with a net profit of -40 million CNY, indicating a reduction in losses [1][3][7]. Financial Summary - **2024 Financial Performance**: Total revenue was 2,146 million CNY, with a year-on-year decline of 12.1%. The net profit attributable to shareholders was 204 million CNY, reflecting a growth of 4.9%. The net profit margin was 9.5%, an increase of 1.5 percentage points [3][4]. - **2025 Financial Projections**: Expected total revenue for 2025 is 2,354 million CNY, with a projected growth rate of 9.7%. The net profit is anticipated to reach 265 million CNY, corresponding to a growth rate of 29.6% [3][4]. - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 0.62 CNY, increasing to 0.80 CNY in 2025 and further to 0.93 CNY in 2026 [3][4]. Business Focus - The company is focusing on three core areas: digital transformation in government, procurement, and construction industries, while accelerating its transition to a SaaS model. In 2024, the smart procurement business generated 950 million CNY in revenue, with a significant contribution from the procurement operation business [7][8]. - The company has launched the first national government service large model, enhancing service efficiency and accuracy in response to public inquiries [7][8]. Market Position - The company has a total market capitalization of 10.065 billion CNY and a circulating market value of the same amount. The asset-liability ratio stands at 14.47%, indicating a strong financial position [4][8].

Investment Rating - The report maintains a positive investment sentiment for the automotive sector, with an optimistic sales outlook for the year, projecting a retail growth rate of 5.2% and a wholesale growth rate of 8.4% for the entire year [2]. Core Insights - The automotive industry is experiencing a recovery in sales, particularly in April, with a year-on-year increase in wholesale sales of 11.0% and a month-on-month decrease of 10.0% [4]. - The demand for high-end brands priced above 200,000 yuan is expected to recover, with a forecasted wholesale growth rate of 31% for new energy passenger vehicles, providing a solid foundation for the performance of both complete vehicles and parts manufacturers [2][4]. - The report highlights the strong performance of new energy vehicle manufacturers, with BYD delivering 380,089 units in April, a year-on-year increase of 21% [4][20]. Data Tracking - In April, the wholesale sales of passenger vehicles reached 2.22 million units, with a year-on-year growth of 11.0% and a month-on-month decline of 10.0% [4]. - The report notes that the average discount rate in early May slightly decreased to 7.2%, down 0.2 percentage points from the previous period, while the average discount amount was 10,613 yuan [4][25]. - The report recommends key companies in the automotive sector, including Jianghuai Automobile, Li Auto, Geely, and BYD, highlighting their competitive advantages and potential for upward price elasticity [5]. Industry News - The report mentions that as of April 2025, the inventory of passenger vehicles in the industry reached 3.5 million units, indicating a continuous increase in inventory levels [31]. - It also notes that the automotive sector index increased by 1.80% in the past week, ranking 3rd among 29 sectors [8][33]. - The report discusses the strategic cooperation between Dongfeng Motor Group and Huawei, focusing on smart vehicle technology and digital transformation [31].

Investment Rating - The report maintains a recommendation for the photovoltaic industry [1] Core Insights - In April 2025, domestic newly installed photovoltaic capacity surged to 45.22GW, marking a year-on-year increase of 215% and a month-on-month increase of 123% [12][13] - From January to April 2025, the total newly installed photovoltaic capacity reached 104.93GW, up 75% year-on-year, indicating strong growth potential in the domestic photovoltaic market [12][13] - The report highlights a significant recovery in inverter exports to Europe, with April 2025 inverter export volume reaching approximately 28.1GW, a year-on-year increase of 31% [3][39] Summary by Sections Section 1: Domestic Photovoltaic Installation and Export Data - April 2025 saw a record high in domestic photovoltaic installations at 45.22GW, with a total of 104.93GW installed from January to April 2025, reflecting a 75% year-on-year growth [12][13] - Battery component exports in April 2025 amounted to 161.6 billion yuan, down 9% month-on-month, while inverter exports improved significantly, reaching 58.2 billion yuan, up 28% month-on-month [14][34] Section 2: Market Performance - The report notes that the photovoltaic industry remains resilient, with a strong performance in newly installed capacity and inverter exports, particularly to emerging markets in Asia and Africa [20][37] - The overall market sentiment is reflected in the performance of the industry indices, with the photovoltaic equipment sector experiencing a decline of 3.19% [66][66] Section 3: Price Trends in the Photovoltaic Supply Chain - The report provides insights into the pricing of key materials in the photovoltaic supply chain, indicating stable prices for polysilicon and silicon wafers, while battery cell prices showed slight declines [4][4] - The pricing trends for photovoltaic glass and EVA films also reflect minor fluctuations, suggesting a stable supply chain environment [4][4]

证 券 研 究 报 告 传媒行业周观察（20250519-20250523） 行业研究 传媒 2025 年 05 月 25 日 华创证券研究所 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 140 | 0.02 | | 总市值(亿元) | 15,438.64 | 1.56 | | 流通市值(亿元) | 14,013.78 | 1.78 | IP 潮玩维持高景气度，市场震荡下继续建议 推荐（维持） 关注配置型资产 【市场观点】 【投资建议】 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 2.3% | 2.2% | 21.6% | | 相对表现 | -0.3% | 1.8% | 15.0% | -17% 3% 22% 41% 24/05 24/08 24/10 24/12 25/03 25/05 2024-05-27~2025-05-23 传媒 沪 ...

行业研究 证 券 研 究 报 告 电力设备及新能源行业定期报告 第 395 批公告点评：深蓝 S09 携智驾+鸿蒙 推荐（维持） 座舱亮相，多款旗舰 SUV 同步登场 ❑ 事项： 电力设备及新能源 2025 年 05 月 25 日 华创证券研究所 证券分析师：苏千叶 邮箱：suqianye@hcyjs.com 执业编号：S0360523050001 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 2025-05-19 《人形机器人行业周报（20250512-20250518）：华 为优必选全面合作落地，人形机器人首登科技节 "科学红毯" 》 2025-05-19 《风电行业周报（20250512-20250518）：周内广东 海风招标 0.5GW，陆风中标均价为 1619 元/kW》 2025-05-19 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 300 | 0.04 | | 总市值(亿元) | 49,705.82 | 5.02 | | 流通市值(亿元) | 43,337.14 | 5.51 | ...