证券研究报告 电新&公用 报告日期：2025 年 03 月 04 日 光伏组件涨势确立，奔驰全固态电池路测 ——电新&公用行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 分析师：许紫荆 执业证书编号：S0230524080001 邮箱：xuzj@hlzq.com 相关阅读 《欧洲组件市场酝酿上涨，新能源电价 全面市场化—电新&公用行业周报》 2025.02.11 《12 月电力数据：光伏出力环比加快， 告》2025.01.23 动 7.65GW 海风竞配—电新&公用行业 周报》2024.12.25 | 重点公司 | 股票 | 2025/2/28 | | EPS（元） | | | | | PE | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 股价（元） | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E ...

证券研究报告 相关阅读 改善—食品饮料行业周报》2025.02.17 《春节旺季消费边际改善，白酒动销符 合预期—食品饮料行业周报》2025.02.11 《社零数据环比改善，关注旺季需求变 化—食品饮料行业周报》2025.01.22 华龙证券研究所 摘要： 2025.2.17-2025.2.28 申万食品饮料板块上涨 1.86%，跑赢上证指数 2.63pct，在 31 个申万一级行业中排名第四位，涨幅居前。提振消费 是当前宏观经济政策发力的重心，大力支持居民增收，提升居民的消 费能力和消费意愿，2025 年预计货币政策以宽松为主，叠加各地消费 券的发放，我们认为在扩大内需的积极政策导向下，食品饮料板块有 望迎来好转，我们维持行业"推荐"评级。 食品饮料 报告日期：2025 年 03 月 04 日 政策积极，静待复苏 ——食品饮料行业周报 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 分析师：王芳 白酒：2025.2.17-2025.2.28 申万白酒板块上涨 2.14%，飞天茅台（散 装）批价在 2200 元/瓶左右波动，飞天茅台（原装） ...

需求持续复苏，钢价短期震荡 ——钢铁行业周报 证券研究报告 钢铁 报告日期：2025 年 03 月 03 日 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 执业证书编号：S0230124010004 邮箱：pengy@hlzq.com 行业周报》2025.02.25 《节后开工：板材需求复苏好于长材— 钢铁行业周报》2025.02.18 《社会库存相对低位，节后钢价震荡偏 强—钢铁行业周报》2025.02.10 摘要： 请认真阅读文后免责条款 供给端：截至 2025 年 2 月 28 日，五大钢材合计产量 842.26 万吨， 周环比上升 0.75%，同比上升 2.66%;247 家钢铁企业铁水日均产 量 227.94 万吨，周环比上升 0.19%，同比上升 2.28%;247 家钢铁 企业高炉产能利用率 85.58%，周环比上升 0.17 pct，同比上升 2.24 pct;87 家独立电弧炉钢厂产能利用率 48.91%,周环比上升 8.81 pct,同比上升 19.80 pct。五大钢材中除线材及热轧卷板外， 其他钢 ...

偶倒 0680 2025 年第 36 期，总第 1835 期（电子版） 2025 年 3 月 3 日 星期一 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 单边下挫 等待机会 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3320.9 | -1.98 | | 深证成指 | 10611.24 | -2.89 | | 中小 100 | 6599.38 | -2.72 | | 创业板指 | 2170.39 | -3.82 | | 沪深 300 | 3890.05 | -1.97 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43840.91 | 1.39 | | 纳斯达克 | 18847.28 | 1.63 | | 标普 500 | 5954.5 | 1.59 | | 英国富时 100 | 8809.74 | 0.61 | | 日经 225 | 37376.72 | 0.6 | | 恒生指数 | 22941.32 | -3.28 | | | 货币市场 | | | ...

偶倒 0680 2025 年第 37 期，总第 1836 期（电子版） 2025 年 3 月 4 日 星期二 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 缩量冲高回落，跌破 60 日均线 〖资料来源：财联社 3 月 3 日电〗 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3316.93 | -0.12 | | 深证成指 | 10649.59 | 0.36 | | 中小 100 | 6612.98 | 0.21 | | 创业板指 | 2196.52 | 1.2 | | 沪深 300 | 3888.47 | -0.04 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43191.24 | -1.48 | | 纳斯达克 | 18350.19 | -2.64 | | 标普 500 | 5849.72 | -1.76 | | 英国富时 100 | 8871.31 | 0.7 | | 日经 225 | 37276.99 | -1.35 | | 恒生指数 | 23006 ...

Investment Rating - The report indicates a medium risk level for the investment product, suitable for conservative investors [1]. Core Insights - The report highlights the active performance of consumer stocks, particularly in dairy, retail, and food sectors, with significant trading volume in the market [4][5]. - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025, with potential contributions to the national economy estimated between 3 trillion to 5 trillion yuan [10]. - The report suggests that the market is experiencing a V-shaped rebound, with strong support for defensive sectors and a rotation in market styles [9]. Market Overview - The Shanghai Composite Index closed at 3388.06 points, up 0.23%, while the Shenzhen Component Index fell by 0.26% [6]. - The total trading volume in the Shanghai and Shenzhen markets reached 2 trillion yuan, an increase of 662 billion yuan from the previous trading day [4]. - The report notes that over 3000 stocks in the market experienced declines, indicating a mixed performance across sectors [4]. Data Insights - As of February 26, the financing balance on the Shanghai Stock Exchange was 968.282 billion yuan, an increase of 4.402 billion yuan from the previous day, while the Shenzhen Stock Exchange's financing balance was 930.242 billion yuan, up by 5.614 billion yuan [8]. Concept Highlights - The report emphasizes the growth potential in the low-altitude economy, supported by various local policies and financial instruments aimed at stabilizing funding sources [10]. - The report also discusses the anticipated growth in the humanoid robot market, projecting a market size of approximately 50 to 500 billion yuan by 2035 [12]. Future Events Reminder - Key upcoming events include the official release of the "Guangzhou Low Altitude Economy Development Regulations" on February 28, 2025, and the 2025 International Bicycle and New Energy Vehicle Exhibition on March 1, 2025 [16].

偶倒 0680 2025 年第 35 期，总第 1834 期（电子版） 2025 年 2 月 28 日 星期五 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 寻找分歧后的博弈机会 周四市场全天探底回升，三大指数涨跌不一，大消费股表现活跃。沪深 两市全天成交额 2 万亿，较上个交易日放量 662 亿。 海外市场指数 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3388.06 | 0.23 | | 深证成指 | 10927.51 | -0.26 | | 中小 100 | 6783.67 | -0.38 | | 创业板指 | 2256.51 | -0.52 | | 沪深 300 | 3968.12 | 0.21 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43239.5 | -0.45 | | 纳斯达克 | 18544.42 | -2.78 | | 标普 500 | 5861.57 | -1.59 | | 英国富时 100 | 8756.21 | 0.28 | ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The company achieved a total operating revenue of 381 million yuan in 2024, representing a year-on-year growth of 18.99%. However, the net profit attributable to shareholders decreased by 27.68% to 41.57 million yuan [3][5] - The company is focusing on the domestic industrial software sector and is a leader in domestic CAE software. It is actively pursuing a domestic substitution strategy [5] - The company plans to acquire 51% of Likong Technology, which is expected to enhance its business layout and core competitiveness in the industrial software field [5] - The upcoming launch of physical AI products is anticipated to contribute to revenue growth, with a significant market opportunity in the high-demand sectors of robotics and autonomous driving [5] Financial Performance Summary - In 2024, the company reported total revenue of 381 million yuan, with a growth rate of 18.99%. The net profit attributable to shareholders was 41.57 million yuan, down 27.68% [5][7] - The projected compound annual growth rate (CAGR) for revenue from 2024 to 2026 is approximately 39% [5] - The expected net profits for 2024, 2025, and 2026 are 42 million yuan, 84 million yuan, and 138 million yuan, respectively [6][7] - The earnings per share (EPS) for the same period are projected to be 0.47 yuan, 0.95 yuan, and 1.55 yuan [6][7] Market Data - As of the report date, the current stock price is 76.30 yuan, with a market capitalization of 6.799 billion yuan [3][4] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 163.5, 80.5, and 49.3, respectively [6][7]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The company achieved a total operating revenue of 381 million yuan in 2024, representing a year-on-year growth of 18.99%. However, the net profit attributable to the parent company decreased by 27.68% to 41.57 million yuan [3][5] - The company is focusing on the domestic industrial software sector and is a leader in domestic CAE software. It is actively pursuing a domestic substitution strategy [5] - The company plans to acquire 51% of Likong Technology, which is expected to enhance its business layout and core competitiveness in the industrial software field [5] - The upcoming launch of physical AI products is anticipated to contribute to revenue growth, with a significant market opportunity in the overseas sector [5] Financial Summary - The company reported a total revenue of 381 million yuan for 2024, with a projected compound annual growth rate (CAGR) of approximately 39% for revenue from 2024 to 2026 [5][7] - The expected net profits for 2024, 2025, and 2026 are 42 million yuan, 84 million yuan, and 138 million yuan, respectively [6][7] - The earnings per share (EPS) for the years 2024, 2025, and 2026 are projected to be 0.47 yuan, 0.95 yuan, and 1.55 yuan, respectively [6][7] - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 163.5, 80.5, and 49.3, respectively [6]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3][6]. Core Views - The company achieved a total operating revenue of 381 million yuan in 2024, representing a year-on-year growth of 18.99%. However, the net profit attributable to the parent company decreased by 27.68% to 41.57 million yuan [3][5]. - The company is focusing on the domestic industrial software sector and is a leader in domestic CAE software. It is actively pursuing a strategy of domestic substitution [5]. - The planned acquisition of 51% of Likong Technology is expected to enhance the company's business scope and improve its financial statements. Likong Technology specializes in industrial software for intelligent manufacturing [5]. - The upcoming launch of physical AI products is anticipated to provide significant growth opportunities, with the company positioned to benefit from the high demand in this sector [5]. Financial Summary - The company reported a total revenue of 381 million yuan for 2024, with a projected compound annual growth rate (CAGR) of approximately 39% for revenue from 2024 to 2026 [5][7]. - The forecasted net profits for 2024, 2025, and 2026 are 42 million yuan, 84 million yuan, and 138 million yuan, respectively [6][7]. - The earnings per share (EPS) for the same period are expected to be 0.47 yuan, 0.95 yuan, and 1.55 yuan, with corresponding price-to-earnings (P/E) ratios of 163.5, 80.5, and 49.3 [6][7].