2025 年 03 月 15 日 公司研究●证券研究报告 首航新能（301658.SZ） 新股覆盖研究 投资要点 公司积极进行产品研发投入，对现有产品进行迭代的同时，亦推出了集中式 储能系统、微逆系统等系列新产品。1）公司持续进行现有产品的迭代开发， 储能逆变器从以 3kW 为主发展为 3kW~20kW 产品谱系，储能电池从外购 2000Wh 成品电池为主、发展为自产 2500Wh-5000Wh 电池为主；2）为顺应户用储能市 场向一体化、家电化的发展趋势，2022 年 4 月公司发布"SOFAR PowerAll 智 能户用储能系统"，集成了逆变器和储能电池模块，具有智能管理、全模块 化设计和多重安全保障等特点；2023 年 5 月公司发布"SOFAR Power Master 集中式储能系统解决方案"，具有全系统模块化设计，具备更低 LCOS、高效 灵活、极致安全、智能稳定等特点；2023 年 6 月公司发布了"SOFAR Power Nano 微逆全场景系统解决方案"，集成了微型逆变器和储能系统，具有全场景应 用、安全可靠、高收益和智能运维等特点。此外，据问询函回复披露，未来 公司还将实现从户用、小型工 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned for growth in the renewable energy sector [28]. Core Views - The company is actively investing in product research and development, iterating existing products while launching new series such as centralized energy storage systems and micro-inverter systems [19]. - The company has achieved significant revenue growth in previous years, with a notable increase of 144.12% in 2022, although a decline is projected for 2023 and 2024 [7][24]. - The company is recognized as a leading supplier of photovoltaic inverters globally, focusing on residential and small commercial applications [18]. Summary by Sections Company Overview - The company specializes in the research, production, sales, and service of renewable energy power equipment, including string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, energy storage batteries, and photovoltaic system accessories [6][10]. Financial Performance - The company reported revenues of 44.57 billion CNY in 2022, with a year-on-year growth of 144.12%, followed by projected revenues of 37.43 billion CNY in 2023 and 27.11 billion CNY in 2024, indicating a decline [7][24]. - The net profit attributable to the parent company was 8.49 billion CNY in 2022, with a significant year-on-year increase of 354.30%, but is expected to decrease in the following years [7][24]. Industry Situation - The photovoltaic inverter industry has experienced rapid growth, with global shipments increasing from 81.3 GW in 2016 to 536.0 GW in 2023, reflecting a compound annual growth rate of 30.92% [11]. - The company is positioned within a competitive landscape, with major players like Huawei and Sungrow holding significant market shares [11]. Company Highlights - The company has a strong technological capability, with inverter products achieving peak efficiency of 98.4%, ranking among the best in the industry [18]. - The company has established a global market presence with subsidiaries in various countries, enhancing its international customer base [18]. Investment Projects - The company plans to invest in four projects through its IPO, including the construction of energy storage systems, new product development, upgrading research centers, and expanding its marketing network [20][21][22]. Peer Comparison - Compared to its peers, the company’s revenue and gross margin are below the industry average, with peer companies averaging revenues of 170.98 billion CNY and a PE-TTM of 23.44X [24].

2025 年 03 月 14 日 策略类●证券研究报告 美股调整对 A 股有何影响？ 定期报告 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 | | 报告联系人 | 苏雪儿 | | | suxueer@huajinsc.cn | 相关报告 三月延续震荡偏强，均衡配置-华金-策略-定 期报告 2025.3.8 政策进一步细化和落实，股市慢牛延续 2025.3.7 明确定调政策发力，科技仍是主线 2025.3.5 今 年 两 会 值 得 关 注 的 方 向 有 哪 些 ？ 2025.3.3 http://www.huajinsc.cn/ 1 / 17 请务必阅读正文之后的免责条款部分 美股出现大幅调整主要受美国经济景气或流动性预期转弱等因素推动。（1）2000 年以来道琼斯工业指数共出现 10 次大幅调整，平均持续 90 个交易日左右。（2） 美股出现大幅调整主要受美国经济景气或流动性预期 ...

2025 年 03 月 14 日 公司研究●证券研究报告 浙江华业（301616.SZ） 新股覆盖研究 投资要点 | 交易数据 | | | | --- | --- | --- | | 总市值（百万元） | | | | 流通市值（百万元） | | | | 总股本（百万股） | | 60.00 | | 流通股本（百万股） | | | | 12 个月价格区间 | | / | | 分析师 | | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | | lihui1@huajinsc.cn | | | 报告联系人 | | 戴筝筝 | | | daizhengzheng@huajinsc.cn | | 相关报告 华金证券-新股- 新股专题覆盖报告（矽电股 份）-2025 年第 18 期-总第 544 期 2025.3.9 华金证券-新股- 新股专题覆盖报告（胜科纳 米）-2025 年第 16 期-总第 542 期 2025.3.7 华金证券-新股- 新股专题覆盖报告（浙江华 远）-2025 年第 17 期-总第 543 期 2025.3.7 华金证券-新股- 新股专题覆盖报告（江南新 材）- ...

Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [27][29]. Core Viewpoints - Zhejiang Huaye (301616.SZ) is a leading supplier of core components for plastic molding equipment, focusing on the research, production, and sales of screws, barrels, and related accessories [2][6]. - The company has a strong competitive advantage in the domestic market, with over 75% of screw products in China produced in its home base, Jintang Town, Zhoushan [19][18]. - The company has achieved significant revenue growth projections, with expected revenues of 1.80 billion to 2.00 billion yuan for Q1 2025, representing a year-on-year increase of 2.54% to 13.93% [23][24]. Financial Performance - The company reported revenues of 782 million yuan in 2022, 736 million yuan in 2023, and projected 892 million yuan in 2024, with year-on-year growth rates of -3.22%, -5.86%, and 21.20% respectively [4][7]. - The net profit attributable to the parent company was 82 million yuan in 2022, 70 million yuan in 2023, and is projected to be 93 million yuan in 2024, with year-on-year growth rates of -14.43%, -13.83%, and 32.21% respectively [4][7]. Industry Overview - The plastic machinery industry is experiencing growth, with China's plastic molding equipment production accounting for over 50% of global output [13][14]. - The market for injection molding machines, a key segment of the industry, is projected to grow from 4.48 billion USD in 2023 to 6.01 billion USD by 2030, with a compound annual growth rate of approximately 4.30% [16][17]. Company Highlights - The company has developed proprietary technologies that enhance the durability and performance of its products, including the HPT series of fully hardened single screws, which have received recognition for their advanced performance [19][20]. - It has established partnerships with major clients such as Yizhiming, KraussMaffei, and Engel, positioning itself as a key supplier in the industry [19][20]. Fundraising Projects - The company plans to invest in three main projects through its IPO, including the construction of a production base, an intelligent transformation project, and a technology research and development center [21][22].

2025 年 03 月 14 日 策略类●证券研究报告 长期主义的再进化-华商基金童立先生投资分析报告 主题报告 投资要点 风险提示： 分析师 邓利军 SAC 执业证书编号：S0910523080001 denglijun@huajinsc.cn 相关报告 外力催化继续驱动板块活跃，但活跃周期后 段震荡分化或将逐渐加剧-华金证券新股周 报 2025.3.9 三月延续震荡偏强，均衡配置-华金-策略-定 期报告 2025.3.8 | 一、基金经理简介 4 | | | --- | --- | | 二、华商研究精选 A | 5 | | 1、产品资料 | 5 | | 2、业绩表现 | 6 | | 3、投资能力分析 | 8 | | 4、投资展望 | 15 | | 三、公司简介 | 16 | | 四、风险提示 | 16 | | 图 | 1：童立先生投资框架 5 | | | --- | --- | --- | | 图 | 2：Wind 投资经理指数表现 5 | | | 图 | 3：华商研究精选 A 业绩表现（红线右侧为童立先生接管后） | 7 | | 图 | 4：华商研究精选 回撤表现（%） A | 8 | | 图 | 5： ...

2025 年 03 月 14 日 公司研究●证券研究报告 中国瑞林（603257.SH） 新股覆盖研究 投资要点 交易数据 总市值（百万元） 流通市值（百万元） 总股本（百万股） 90.00 流通股本（百万股） 12 个月价格区间 / 分析师 李蕙 SAC 执业证书编号：S0910519100001 lihui1@huajinsc.cn 报告联系人 戴筝筝 daizhengzheng@huajinsc.cn 相关报告 华金证券-新股- 新股专题覆盖报告（矽电股 份）-2025 年第 18 期-总第 544 期 2025.3.9 华金证券-新股- 新股专题覆盖报告（胜科纳 米）-2025 年第 16 期-总第 542 期 2025.3.7 华金证券-新股- 新股专题覆盖报告（浙江华 远）-2025 年第 17 期-总第 543 期 2025.3.7 华金证券-新股- 新股专题覆盖报告（江南新 材）-2025 年第 15 期-总第 541 期 2025.3.3 华金证券-新股- 新股专题覆盖报告（新亚电 缆）-2025 年第 14 期-总第 540 期 2025.3.2 http://www.huajinsc.c ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is being covered for potential investment opportunities [24]. Core Viewpoints - The company, China Ruilin (603257.SH), provides engineering technical services for the non-ferrous metal mining, selection, smelting, and processing industries, with a strong background in the industry since its establishment in 1957 [2][6]. - The company has shown a fluctuating revenue trend, with projected revenues of CNY 2.617 billion, CNY 2.866 billion, and CNY 2.474 billion for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 30.51%, 9.53%, and -13.68% [7][4]. - The company has a robust order backlog of CNY 5.769 billion as of June 30, 2024, indicating stable future performance expectations [16]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 2.617 billion in 2022, CNY 2.866 billion in 2023, and CNY 2.474 billion in 2024, with corresponding net profits of CNY 148 million, CNY 148 million, and CNY 155 million [4][7]. - The revenue breakdown for the first half of 2024 shows engineering design consulting at CNY 312 million (34.84%), engineering general contracting at CNY 356 million (39.73%), and equipment integration at CNY 228 million (25.38%) [7]. Industry Situation - The engineering surveying and design industry has maintained steady growth, with total industry revenue reaching CNY 8.91 trillion in 2022 and a growth rate of approximately 6.11% [12]. - The non-ferrous metal application sector is closely tied to global metal price trends, with exploration budgets remaining stable despite fluctuations [14]. Company Highlights - The company has a strong state-owned background with significant shareholding from major state-owned enterprises, enhancing its credibility and market position [16]. - It has expanded its business into environmental and municipal sectors while leveraging the "Belt and Road" initiative for global expansion, achieving overseas revenues of CNY 309 million, CNY 425 million, and CNY 521 million from 2021 to 2023 [17]. Fundraising Project Investment - The company plans to invest CNY 50.79 million in two projects: an Innovation Development Center and an Information Technology Upgrade Project, both aimed at enhancing operational capabilities [19][20]. Peer Comparison - Compared to similar companies, the average revenue for peer companies in 2023 was CNY 2.866 billion, with an average PE-TTM of 24.37X and an average gross profit margin of 29.91% [21][22]. The company’s revenue and gross margin are below the industry average, indicating potential areas for improvement [21].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is positioned favorably within its industry due to its leading market position and growth prospects [25]. Core Viewpoints - The company, Yongjie New Materials (603271.SH), specializes in the research, production, and sales of aluminum plates and foils, primarily serving the lithium battery, automotive lightweighting, and electronic sectors [6][12]. - The company has shown a revenue trajectory with projected revenues of 7.15 billion CNY in 2022, 6.50 billion CNY in 2023, and an expected increase to 8.11 billion CNY in 2024, reflecting a year-over-year growth of 24.71% [7][21]. - The company is recognized as a leading manufacturer of aluminum plates and foils for lithium batteries, benefiting from the increasing demand in the lithium battery sector [17][18]. Summary by Sections Financial Performance - In the years 2022 to 2024, the company achieved revenues of 71.50 billion CNY, 65.04 billion CNY, and 81.11 billion CNY, with year-over-year growth rates of 13.44%, -9.04%, and 24.71% respectively [7][21]. - The net profit attributable to the parent company for the same years was 3.54 billion CNY, 2.38 billion CNY, and 3.19 billion CNY, with corresponding growth rates of 47.80%, -32.73%, and 34.28% [7][21]. Industry Overview - The aluminum plate and foil industry is experiencing rapid growth, driven by increasing demand in sectors such as transportation, construction, and energy storage, particularly for lithium batteries [13][14]. - The total production of aluminum plates and foils in China has increased from 7.25 million tons in 2010 to 18.60 million tons in 2023, with a compound annual growth rate of approximately 7.5% [13][14]. Company Highlights - Yongjie New Materials is a top player in the domestic market for aluminum plates and foils used in lithium batteries, having established strong partnerships with major battery manufacturers like CATL and BYD [16][17]. - The company is also expanding into high-end materials such as anodized materials and liquid cooling management materials, which are gaining traction in the market [18]. Peer Comparison - Compared to its peers, Yongjie New Materials has lower revenue and profit margins. The average revenue for comparable companies in 2023 was 15.42 billion CNY, with an average PE-TTM of 24.60X and a sales gross margin of 11.96% [21][22].