2025 年 05 月 04 日 公司研究●证券研究报告 日月股份（603218.SH） 公司快报 盈利韧性与成长潜力并存，25 年风电景气可期 投资要点 电力设备及新能源 | 风电Ⅲ | 投资评级 | 买入(维持) | | --- | --- | | 股价(2025-04-30) | 11.89 元 | | 交易数据 | | | 总市值（百万元） | 12,253.42 | | 流通市值（百万元） | 12,209.32 | | 总股本（百万股） | 1,030.57 | | 流通股本（百万股） | 1,026.86 | 一年股价表现 资料来源：聚源 升幅% 1M 3M 12M | 相对收益 | -4.75 | -0.27 | -5.09 | | --- | --- | --- | --- | | 绝对收益 | -7.11 | -1.49 | -0.48 | | 分析师 | | | 贺朝晖 | | SAC | 执业证书编号：S0910525030003 | | | | | hezhaohui@huajinsc.cn | | | | 分析师 | | | 周涛 | | SAC | 执业证书编号：S0910523 ...

2025 年 05 月 01 日 公司研究●证券研究报告 元隆雅图（002878.SZ） 公司快报 收入稳健增长， "大 IP+科技"战略加速落地 投资要点 风险提示：政策不确定性、市场竞争加剧、新业务开拓未及预期等。 财务数据与估值 | 会计年度 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,692 | 2,790 | 3,086 | 3,503 | 3,883 | | YoY(%) | -18.2 | 3.6 | 10.6 | 13.5 | 10.8 | | 归母净利润(百万元) | 24 | -184 | 81 | 123 | 167 | | YoY(%) | -85.9 | -878.2 | 144.1 | 51.3 | 36.4 | | 毛利率(%) | 15.5 | 13.8 | 16.3 | 16.9 | 17.4 | | EPS(摊薄/元) | 0.09 | -0.70 | 0.31 | 0.47 | 0.64 | | ROE(%) | 1.7 | ...

2025 年 04 月 29 日 策略类●证券研究报告 加仓汽车、化工、地产，减仓军工、交运 事件点评 投资要点 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 报告联系人 张欣诺 zhangxinnuo@huajinsc.cn 相关报告 新股二级交投表现平淡，但首日交投情绪或 有 加 速 赶 底 迹 象 - 华 金 证 券 新 股 周 报 2025.4.27 积 极 的 政 策 稳 步 推 进 ， A 股 慢 牛 延 续 2025.4.26 短期延续震荡，可持股过节 2025.4.26 汽 车 、 电 子 一 季 度 外 资 持 仓 规 模 上 升 2025.4.24 巨震之后新股交投情绪逐渐平稳，但资金风 险偏好可能暂时不高-华金证券新股周报 2025.4.20 http://www.huajinsc.cn/ 1 / 11 请务必阅读正文之后的免责条款部分 2025Q1 主动偏股型公募基金整体权益仓位有所上升。（1）2025Q1 主动偏股型公 募基金整体权益仓位为 85.47%，较 2024Q4 上升了 0.40pcts；普通股票型基金、 偏 ...

新股二级交投表现平淡，但首日交投情绪或有加速赶底迹象 新股专题 2025 年 04 月 27 日 策略类●证券研究报告 投资要点 新股周观点：上周，新股首日交投情绪出现明显降温，可能新股首日交投情绪正在 加速赶底。短期，按照正常的新股周期节奏，结合上周新股二级市场继续呈现出较 为克制的资金偏好属性，新股休整周期后段的震荡拉锯预计还将持续小段时间；但 即将步入 5 月，政治局会议上周落地及业绩即将披露完毕，外部环境或推动变化逐 渐出现；保持此前观点，谨慎之余或积极关注变盘信号及局部稀缺性标的活跃可能。 （1）新股次新板块出现剧烈震荡；假设以 2024 年以来上市的新股次新板块比较 来看，上周板块平均涨幅 0.6%，实现正收益占比约 62.2%。 （2）回顾上周市场表现，一方面新股二级交投市场继续维持此前交易周颇为谨慎 克制的交投氛围，短周期内不排除震荡拉锯还将持续小段时间；另一方面，新股首 日交投情绪则有加速赶底迹象，上周新股首日交投情绪大幅降温并触及去年 924 以来偏冷区位。短期来看，我们倾向于认为，虽然当前休整周期可能尚在后段，但 多个新股周期指标或正在重新寻求共振，随着时间推移，不排除本轮休整周期底部 ...

Group 1 - In Q1 2025, the total scale of northbound capital reached 2.30 trillion yuan, an increase of 119.15 billion yuan compared to the previous quarter [1][8] - The proportion of holdings in the main board continued to decline, while the proportion of holdings in cyclical and growth sectors increased [1][8] - The proportion of northbound capital in cyclical and growth sectors rose by 1.23 percentage points and 0.55 percentage points respectively [1][8] Group 2 - In Q1 2025, the largest sectors by northbound capital holdings were power equipment and new energy, banking, and electronics [2][13] - The automotive sector saw a significant increase in holdings by 5.96% (+1.17 percentage points), while electronics increased by 9.89% (+0.94 percentage points) [2][13] - The estimated net inflow for electronics was 16.83 billion yuan, and for automotive, it was 15.67 billion yuan [2][13] Group 3 - Core assets and technology growth stocks, such as BYD and North Huachuang, saw significant changes in holding sizes and net inflows [3][22] - The top five stocks with the largest increase in holding value were BYD (+19.90 billion yuan), China Merchants Bank (+10.60 billion yuan), and North Huachuang (+7.38 billion yuan) [3][22] - The concentration of holdings among the top five stocks increased to 20.7%, indicating a trend of foreign capital clustering towards leading stocks [3][22] Group 4 - Future northbound capital is likely to continue flowing into core assets and technology leading stocks [4][28] - The inflow trend may remain unchanged due to favorable economic indicators and reasonable A-share valuations [4][28] - Key sectors for future investment include core assets and technology, with a focus on stocks like BYD and North Huachuang [4][28]

美对华加征关税对 A 股的影响如何？ 主题报告 投资要点 关注部分国产率提高、对美出口敞口低且美对中依赖较高的相关高端制造、周期等 行业。（1）比照复盘，当下部分科技及周期行业受政策支持基本面改善下受到加 征关税冲击可能小于 2018 年。（2）当前来看，通信、建筑材料等行业当前对美 出口敞口小且美对中进口依赖度高，本轮关税影响可能较小。从贸易依赖绝对值来 看，2024 年美国对中国依赖度较高的前 5 个行业，从高到低排序分别为建筑材料 （39.5%）、轻工制造（27.5%）、纺织服装（27.3%）、电子（22.7%）、机械 设备（18.4%），这 5 个行业均高于 2024 年中国对美国的依赖度，因此可能受到 2025 年新一轮关税影响较小。（3）当前来看，家具及家居用品、塑料制品等出口 份额产业近年由美国转移至欧洲、东南亚等新兴市场，受本轮加征关税冲击可能较 小。中国在逐步调整出口市场结构，将更多的出口份额转向东南亚、欧洲等市场， 制造业、汽车、家具、塑料制品等领域和对应行业在面对关税压力时，受本轮潜在 关税冲击的程度显著低于 2018 年。 风险提示：历史经验未来不一定适用、政策超预期变化、经济修复不及 ...

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [34]. Core Viewpoints - The company, Jiangshun Technology, specializes in the research, production, and sales of aluminum extrusion molds and accessories, supporting equipment, and precision mechanical components. It has established a strong market position and is expected to benefit from the accelerating trend of "using aluminum instead of steel" [2][7][25]. - The company has achieved significant revenue growth from 2022 to 2024, with projected revenues of 892 million, 1,042 million, and 1,136 million yuan, respectively, reflecting year-over-year growth rates of 20.35%, 16.82%, and 9.01% [8][31]. - The company has a solid customer base, including major domestic and international aluminum manufacturers, and holds a market share of approximately 6% in the domestic aluminum extrusion mold sector [26][27]. Summary by Sections Basic Financial Status - The company reported revenues of 892 million yuan in 2022, 1,042 million yuan in 2023, and is projected to reach 1,136 million yuan in 2024, with corresponding year-over-year growth rates of 20.35%, 16.82%, and 9.01% [8][31]. - The net profit attributable to the parent company was 139 million yuan in 2022, 146 million yuan in 2023, and is expected to be 155 million yuan in 2024, with year-over-year growth rates of 33.95%, 5.14%, and 6.30% [8][31]. Industry Situation - The aluminum extrusion mold industry is experiencing growth due to the increasing demand from various sectors, including construction, transportation, and renewable energy. The market size of the mold industry in China has been steadily increasing, with projections indicating continued growth in the coming years [17][21]. Company Highlights - Jiangshun Technology is one of the few companies in China that can provide a one-stop service for extrusion molds and supporting equipment, which positions it well to benefit from the shift towards aluminum in various applications [25][26]. - The company has high capacity utilization rates, exceeding 90%, and has initiated projects to expand production capacity, which will significantly enhance its operational capabilities [27][28]. Fundraising Project Investment - The company plans to invest in two main projects: the expansion of precision mold production and the construction of an aluminum extrusion equipment production line, with a total investment of approximately 560 million yuan [28][29]. Comparison with Peers - Compared to similar companies in the industry, Jiangshun Technology's revenue and gross margin are positioned in the mid-to-high range, indicating a competitive standing within the market [31][32].

2025 年 04 月 13 日 策略类●证券研究报告 外力巨震下新股周期情绪冰点或提前显现，建议密切关注局部变化 新股专题 投资要点 新股周观点：上周，新股休整周期遭遇外部风险事件剧烈冲击，新股次新板块出现 巨震，周期情绪冰点或已经提前显现。短期，外部重大事件可能的情绪冲击或告一 段落，整体市场情绪预计将重归平稳；虽然新股休整周期结束尚需观察、而业绩深 水区扰动或也在所难免，但伴随新股休整周期情绪冰点或已现，局部修正已经较为 充分的稀缺性新股或有提前活跃可能，建议适度警惕的同时密切关注局部正面变 化。 （1）新股次新板块出现剧烈震荡；假设以 2024 年以来上市的新股次新板块比较 来看，上周板块平均涨幅-10.4%，实现正收益占比约 9.5%。 （2）短期来看，我们倾向于认为，在经过一个多星期的大国博弈及市场巨震修正， 可能重大事件带来的大部分情绪冲击或已经得以消化，市场情绪正在重归平稳；而 从新股次新板块角度，虽然从时间维度正常本轮休整周期尚未结束，但由于本就休 整周期叠加重大事件冲击、情绪冰点或已经在上周提前出现，不排除局部具备较高 性价比和稀缺性的新股次新标的或有提前活跃可能性；因此，建议暂时继续保持 ...

2025 年 04 月 13 日 策略类●证券研究报告 外力巨震下新股周期情绪冰点或提前显现，建议密切关注局部变化 新股专题 投资要点 新股周观点：上周，新股休整周期遭遇外部风险事件剧烈冲击，新股次新板块出现 巨震，周期情绪冰点或已经提前显现。短期，外部重大事件可能的情绪冲击或告一 段落，整体市场情绪预计将重归平稳；虽然新股休整周期结束尚需观察、而业绩深 水区扰动或也在所难免，但伴随新股休整周期情绪冰点或已现，局部修正已经较为 充分的稀缺性新股或有提前活跃可能，建议适度警惕的同时密切关注局部正面变 化。 （1）新股次新板块出现剧烈震荡；假设以 2024 年以来上市的新股次新板块比较 来看，上周板块平均涨幅-10.4%，实现正收益占比约 9.5%。 （2）短期来看，我们倾向于认为，在经过一个多星期的大国博弈及市场巨震修正， 可能重大事件带来的大部分情绪冲击或已经得以消化，市场情绪正在重归平稳；而 从新股次新板块角度，虽然从时间维度正常本轮休整周期尚未结束，但由于本就休 整周期叠加重大事件冲击、情绪冰点或已经在上周提前出现，不排除局部具备较高 性价比和稀缺性的新股次新标的或有提前活跃可能性；因此，建议暂时继续保持 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in 2024 met expectations, with a revenue of 6.951 billion yuan, a year-on-year increase of 20.9%, and a net profit attributable to shareholders of 716 million yuan, up 14.1% year-on-year [5][6] - The company has successfully entered new business areas, including significant projects in the renewable energy sector and advancements in AI applications [5][6] - The company is well-positioned in the market, maintaining a strong order reserve and optimizing operational quality, which supports future performance growth [5][6] Financial Performance Summary - Revenue for 2024 is projected at 6.951 billion yuan, with a year-on-year growth of 20.9% [6] - The net profit for 2024 is expected to be 716 million yuan, reflecting a 14.1% increase year-on-year [6] - The gross margin is projected to be 32.3% for 2024, slightly down from 34.4% in 2023 [6] - The company anticipates net profits of 862 million yuan, 1.012 billion yuan, and 1.168 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.03, 1.21, and 1.40 yuan per share [5][6] Business Development Summary - The company has made significant strides in the renewable energy sector, winning major contracts for offshore wind projects and participating in national energy strategies [5][6] - The company is also advancing in AI technology, developing models for various operational scenarios [5][6] - The international business segment has shown growth, with revenue from overseas operations increasing by 32.59% year-on-year [5][6]