Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company reported a revenue of 12.514 billion yuan for 2024, representing a year-on-year increase of 21.61%, while the net profit attributable to shareholders decreased by 5.24% to 419 million yuan [3][5] - The company is a global leader in photovoltaic silver paste, with a market share of 34.40% in 2023, and is expanding its production capacity with a new investment project of 1.2 billion yuan to build a high-end photovoltaic electronic materials base in Changzhou, expected to produce 3,000 tons of electronic-grade silver powder annually [5] - The acceleration of silver-free photovoltaic technology and the introduction of copper paste are expected to create growth opportunities for the company, as it has successfully reduced the resistivity and silver content in its HJT silver-coated copper paste products [5] Financial Performance Summary - In 2024, the company achieved a revenue of 12.514 billion yuan, with a growth rate of 21.61% compared to the previous year [6] - The net profit attributable to shareholders for 2024 is projected to be 419 million yuan, with a decline of 5.24% year-on-year [6] - The earnings per share (EPS) for 2024 is estimated at 1.73 yuan, with a price-to-earnings (P/E) ratio of 29.3 [6] Profit Forecast - The forecasted net profits for the company from 2024 to 2026 are 419 million yuan, 675 million yuan, and 797 million yuan, respectively [5][6] - The corresponding P/E ratios for these years are projected to be 29.3, 18.2, and 15.4 [5][6] Comparable Company Valuation - The report compares the company with peers such as Dike Co., Ltd., BQ New Materials, Fulete, and Foster, with average P/E ratios for 2024-2026 being 40.8, 25.2, and 19.3, indicating that the company's current valuation is reasonable [5][7]

策略研究报告 证券研究报告 策略报告 报告日期：2025 年 2 月 25 日 市场对于基本面数据验证或存在期待 ——A 股投资策略点评报告 华龙证券研究所 A 股市场走势(2024/01/26-2025/02/25) 分析师 姓 名：朱金金 执业证书编号：S0230521030009 邮 箱：zhujj@hlzq.com 《A 股投资策略周报告：由热点"催化" 到政策"助攻"》2025.02.24 《A 股投资策略周报告：利好因素仍 存，关注量能变化》2025.02.17 《A 股投资策略周报告：利多因素支持 市场稳健运行》2025.02.11 请认真阅读文后免责条款 资料来源：Wind，华龙证券研究所 表 2：主要行业涨跌幅表现(%) | 行业 | | 区间涨跌幅(%) | | | --- | --- | --- | --- | | | 2025.1.1-2025.2.25 | 2025.2.5-2025.2.25 | 2025.2.25-2025.2.25 | | 传媒 | 11.04 | 11.71 | -2.35 | | 农林牧渔 | -2.64 | 0.36 | -2.05 | | 非银金融 | ...

证券研究报告 分析师：邢甜 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 《宇树人形机器人京东开售，科技巨头 加速布局—人形机器人行业周报》 2025.02.17 2025.02.11 请认真阅读文后免责条款 请认真阅读文后免责条款 1 人形机器人 报告日期：2025 年 02 月 24 日 Figure 推出 Helix,1X 发布 NEO Gamma 人形机器人 ——人形机器人行业专题研究周报 投资评级：推荐（维持） 最近一年走势 华龙证券研究所 2025 年 2 月 17 日至 2025 年 2 月 21 日，人形机器人指数上涨 9.88%。同期沪深 300 上涨 0.82%，上证综指上涨 1.16%，深成指 上涨 2.45%。 Figure 推出 Helix，是完全在嵌入式低功耗 GPU 上运行的 VLA。 2025 年 2 月 20 日，Figure 推出了 Helix，这是第一个通过自然语 言直接控制整个类人上半身的视觉-语言-动作模型。与早期的机 器人系统不同，Helix 能够在没有任何特定任务演示或大量手动 编程的情况下，实时生成长时程、协作、灵巧的操作。He ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is positioned as a leader in the EGR (Exhaust Gas Recirculation) market, benefiting from the trends of electrification and hybridization, with significant growth potential in its second growth curve through EGR and motor core businesses. Additionally, the company is strategically expanding into the fields of robotics and commercial aerospace, creating a third growth curve [6][8] Summary by Sections EGR Leadership and Growth - The company has transitioned from focusing solely on EGR systems for commercial vehicles to expanding into precision component processing through acquisitions, leveraging its public listing for financing to enhance production capacity for core products like motor cores. The company anticipates a net profit of 210-240 million yuan in 2024, representing a year-on-year increase of 43.03%-63.46% [6][8] - The company has established itself as a leading EGR supplier, benefiting from the increasing sales of new energy vehicles, particularly plug-in hybrid models, and is well-positioned to capture significant market share as EGR systems become mainstream under stricter emissions regulations [6][8] Electric and Hybridization Benefits - The company is expected to benefit from the growing demand for EGR systems in both passenger and commercial vehicles, with the EGR market projected to reach 3.22 billion yuan by 2027, growing at a CAGR of 15.6% from 2024 to 2027. The passenger vehicle segment is expected to grow at a CAGR of 20.2% during the same period [43][44] - The company has a strong customer base, including major players like BYD and SAIC, and is set to gain from the upcoming surge in plug-in hybrid and extended-range vehicle models [48][49] Motor Core Business Expansion - The motor core business is expected to see substantial growth driven by the increasing penetration of new energy vehicles and the dual-motor trend in plug-in and pure electric vehicles. The market for motor cores is projected to reach 11.33 billion yuan by 2027, with a CAGR of 26.2% from 2024 to 2027 [55][56] - The company has successfully expanded its production capacity for motor cores through two rounds of fundraising, with a total capacity expected to reach 4.32 million sets upon full production [58][59] Strategic Layout in Robotics and Aerospace - The company is advancing its capabilities in humanoid robotics, with mass production expected to commence in 2025, focusing on the development of dexterous hand technology, which is critical for the functionality of humanoid robots [6][8] - In the commercial aerospace sector, the company is actively participating in projects that are expected to contribute to the rapid growth of the industry, with the Chinese commercial aerospace market projected to reach 6 trillion yuan by 2028 [6][8]

Investment Rating - The report gives an investment rating of "Recommended" for the low-altitude economy sector, marking its first coverage [4][5]. Core Viewpoints - The "National Low-altitude Traffic One Network" project has been initiated, with a focus on subsequent policy catalysts from the upcoming Two Sessions. The establishment of the low-altitude management department by the National Development and Reform Commission at the end of December 2024 is expected to lead to a clear development roadmap for the low-altitude economy, making 2025 a potential landmark year for its implementation [4][9]. - The report highlights that 30 provinces have included "low-altitude economy" in their government work reports for 2025, indicating strong governmental support and potential policy catalysts for the sector [4][9]. - The report anticipates that advancements in airspace reform, infrastructure expansion, and the commercialization of diverse scenarios will be key drivers for the industry's growth [4][9]. Market Performance - The low-altitude economy index increased by 5.63% over the past two weeks, outperforming the broader market indices, with the Wind All A index rising by 3.76% and the CSI 300 by 2.20% [10][11]. - The top five performing stocks in the low-altitude economy sector during this period were Changyuan Donggu (+37.57%), Shangong Shenbei (+28.02%), Xinzhi Group (+25.10%), Longxin General (+19.37%), and Xingyuan Zhuomei (+13.75%) [10][11]. Industry Dynamics - The "National Low-altitude Traffic One Network" project was officially launched on February 14, 2025, aiming to standardize the national low-altitude traffic network command platform and ground flight service facilities [16]. - Suzhou plans to start construction of a general airport in 2025, with an expected completion and operation date by the end of 2026, as part of a broader investment in transportation infrastructure [16][17]. - Chengdu signed 47 major low-altitude economy projects with a total investment of 51.936 billion yuan, further promoting the development of the low-altitude economy and commercial aerospace industry [18]. - The "Purple East Sky" low-altitude model was launched in Changchun, enhancing the city's low-altitude economic capabilities through advanced data processing technologies [19]. Company Developments - Fengfei Aviation received an order for 12 large eVTOL aircraft from Hanyang Investment Development Group, with a total contract value of 157 million yuan [21]. - Kobit announced that its entire series of drones has integrated with the DeepSeek model, significantly improving dynamic modeling efficiency by 300% [21]. - XinJie Energy completed a 27 million yuan A+ financing round, which will be used for the development and commercialization of solid-state lithium metal batteries for eVTOL applications [21]. Investment Recommendations - The report suggests focusing on various segments within the low-altitude economy: 1. Manufacturing: Zongshen Power, Wanfeng Aowei, Wolong Electric Drive, Yingboer, Green Energy Huichong, and AVIC [5]. 2. Infrastructure: Lais Information, Huase Group, Sichuan Jiuzhou, Zhongke Xingtou, Xincheng Technology, Shenzhen Urban Transport, and Sujiao Science and Technology [5]. 3. Operations: CITIC Haze, Xiyu Tourism, and Xiangyuan Culture and Tourism [5].

Investment Rating - The industry investment rating is "Recommended" [2][28][30] Core Views - The banking sector is expected to maintain steady growth driven by policy support and capital inflows, with high dividend yields becoming more attractive in a low-interest-rate environment [4][28] - The brokerage sector is benefiting from active market trading and merger expectations, leading to improved performance [29] - The insurance sector is poised for growth due to policy and market drivers, with an emphasis on optimizing investment structures and enhancing service quality through digital transformation [30] Summary by Sections Recent Trends - The financial indices showed mixed performance, with the banking index declining by 1.07% while the securities index increased by 0.58% during the week [8] - Year-to-date performance indicates a 1.11% increase for the Shanghai and Shenzhen 300 index, while the non-bank financial sector has seen a decline of 2.27% [3] Investment Recommendations - For banks, focus on state-owned banks with stable dividend yields and city commercial banks with improving asset quality [4][28] - For brokerages, attention should be on firms benefiting from the recovery of the equity market and those with merger opportunities [29] - In the insurance sector, large companies with strong market shares are recommended, particularly those adapting to investment structure changes [30] Market Data - The average daily trading volume in A-shares increased by 9.39% week-on-week, reaching 19,139.63 billion [12] - The total assets of the banking sector reached 444.6 trillion yuan, growing by 6.5% year-on-year [26]

Group 1 - The report highlights the initiation of the "National Low-altitude Traffic Network" project, which is expected to catalyze policies during the upcoming Two Sessions, with 2025 anticipated to be a pivotal year for the low-altitude economy [4][9][16] - The establishment of the low-altitude management rules and standards is expected to facilitate the orderly construction of infrastructure, ensuring the regular operation of drones and eVTOL aircraft [4][9][16] - The low-altitude economy has been included in the government work reports of 30 provinces as a key focus for 2025, indicating strong governmental support and potential for growth [4][9][16] Group 2 - The low-altitude economy index has increased by 5.63% over the past two weeks, outperforming the broader market indices, indicating positive market sentiment [10][11] - Notable stock performances include Changyuan Donggu (+37.57%), Shangong Shenbei (+28.02%), and Xinzhi Group (+25.10%), reflecting strong investor interest in the sector [10][11][13] - The report suggests a focus on companies across different segments: manufacturing (e.g., Zongshen Power, Wan Feng Aowei), infrastructure (e.g., Lais Information, Sichuan Jiuzhou), and operations (e.g., CITIC Haze, Xiyu Tourism) [5][21] Group 3 - Recent industry developments include the signing of 47 major low-altitude economic projects in Chengdu, with a total investment of 51.936 billion yuan, indicating robust investment activity in the sector [16][18] - The Suzhou General Airport is set to begin construction in 2025, with a projected completion by the end of 2026, further enhancing the infrastructure for low-altitude operations [16][17] - The launch of the "Purple East Long Sky" low-altitude model in Changchun aims to enhance urban low-altitude economic capabilities through advanced data processing and decision-making technologies [18][19]

Investment Rating - The industry investment rating is maintained as "Recommended" [2][4]. Core Insights - Multiple favorable policies are driving gold prices close to $3000, with expectations of high volatility in the short term [4][21]. - The demand for industrial metals is expected to improve, supported by recent data indicating a significant increase in the Producer Price Index (PPI) for the non-ferrous metal mining sector [30]. Summary by Sections Recent Market Trends - From February 17 to February 21, 2025, the Shenwan Non-ferrous Metals Index fell by 1.52%, with industrial metals down by 2.93% and precious metals down by 4.38% [8]. - The top five gainers in individual stocks included Boqian New Materials (32%) and Liyuan Co. (24%), while the top five losers included Wanshun New Materials (-7%) and Zijin Mining (-6%) [9]. Precious Metals - President Trump announced plans to audit the gold reserves at Fort Knox, which holds approximately 147.3 million ounces of gold, valued at about $435 billion at a price of $2950 per ounce [21]. - As of February 23, 2025, COMEX gold closed at $2949.6 per ounce, remaining stable between $2900 and $3000, indicating strong support at high levels despite entering a period of consolidation [21]. Industrial Metals - According to the National Bureau of Statistics, the PPI for the non-ferrous metal mining sector increased by 18.9% year-on-year, while the PPI for the midstream non-ferrous metal smelting and rolling processing industry rose by 9.3% year-on-year [30]. - The data suggests that product prices in the non-ferrous industry have significantly increased, with upstream mining prices rising more than midstream smelting prices, indicating improving downstream demand expectations [30]. Key Companies and Earnings Forecast - The report highlights key companies such as Zijin Mining (601899.SH), Shandong Gold (600547.SH), and Chifeng Jilong Gold (600988.SH) with varying earnings per share (EPS) forecasts for 2025 [5]. - Shandong Gold's EPS is projected to be 1.12 yuan, while Chifeng Jilong Gold's is expected to be 0.8 yuan, indicating a potential for growth in the sector [5].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry, particularly highlighting Alibaba's strong revenue growth in AI-related products and its plans to significantly increase investments in AI and cloud infrastructure over the next three years [5][7][23]. Core Insights - Alibaba's Q4 2024 earnings report showed a revenue of 280.154 billion yuan, a year-on-year increase of 8%, with net profit soaring by 333% to 46.434 billion yuan. The cloud intelligence group's revenue grew by 11%, driven by double-digit growth in public cloud services, while AI-related product revenue has seen triple-digit growth for six consecutive quarters [5][16][17]. - The report emphasizes the potential for domestic cloud providers to benefit from the AI boom, particularly following the release of OpenAI's ChatGPT, which has heightened global interest in AI. The report anticipates a "GPT moment" for domestic cloud companies as they increase capital expenditures in AI and cloud infrastructure [5][17][20]. - The report discusses the open-source strategies of domestic AI leaders, which are expected to foster a robust ecosystem for AI development in China. Recent initiatives include the release of significant open-source models by companies like DeepSeek and JUMP Star, which are aimed at enhancing AI capabilities and performance [5][20][23]. Summary by Sections Recent Trends - The computer industry index rose by 3.17% from February 17 to February 21, 2025, with notable stock performances from companies like Donghua Software and Hongjing Technology [11][12]. Industry News - Key developments include a meeting led by President Xi Jinping emphasizing the importance of private enterprises in the economy and a central enterprise meeting focused on advancing AI capabilities across industries [14][15]. Key Company Announcements - Notable announcements include a cash acquisition by Suocheng Technology and performance reports from companies like Yingzi Network, which reported a revenue increase of 12.41% but a net profit decline of 10.52% [15][16]. Investment Recommendations - The report suggests focusing on companies such as iFLYTEK, Zhongke Shuguang, and Inspur Information, highlighting their potential for growth in the AI and cloud computing sectors [7][23].

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Views - The report indicates that inventory accumulation is slowing down while demand recovery is accelerating in the steel industry [1] - The report highlights that the construction site resumption rate is increasing, which is expected to support steel prices in the short term [5][54] - The report suggests that the industry is likely to maintain stability supported by the real estate sector and manufacturing [6] Supply Summary - As of February 21, 2025, the total output of five major steel products reached 8.36 million tons, a week-on-week increase of 2.63% and a year-on-year increase of 5.07% [4][14] - The average daily pig iron production of 247 steel enterprises was 2.2751 million tons, a week-on-week decrease of 0.21% but a year-on-year increase of 1.79% [4][14] - The capacity utilization rate of blast furnaces was 85.41%, down 0.19 percentage points week-on-week but up 1.82 percentage points year-on-year [4][14] Demand Summary - The total consumption of five major steel products was 7.9437 million tons, a week-on-week increase of 19.77% and a year-on-year increase of 35.43% [20][22] - The daily transaction volume of construction steel by mainstream traders was 99,400 tons, a week-on-week increase of 40.41% [20][22] - The monthly export volume of steel products reached 9.727 million tons, with a year-on-year increase of 11.24% [20][22] Inventory Summary - As of February 21, 2025, the total social inventory of five major steel products was 13.1395 million tons, a week-on-week increase of 2.67% and a year-on-year decrease of 18.91% [29][30] - The total factory inventory was 5.5019 million tons, a week-on-week increase of 1.37% and a year-on-year decrease of 20.50% [29][30] Cost Summary - As of February 21, 2025, the price index for Australian iron ore (62% Fe) was 821 RMB/wet ton, a week-on-week increase of 1.26% [43][46] - The comprehensive price index for scrap steel was 2,554.59 RMB/ton, a week-on-week increase of 0.29% [43][46] - The price index for low-sulfur coking coal was 1,347.9 RMB/ton, a week-on-week decrease of 2.20% [44][46] Price Summary - As of February 21, 2025, the Mysteel ordinary steel absolute price index was 3,625.46 RMB/ton, a week-on-week increase of 1.29% [47][48] - The Mysteel special steel absolute price index was 9,486.08 RMB/ton, with a week-on-week change of -0.02% [47][48] - The global steel price index was 197.8 points, a week-on-week increase of 0.66% [47][48] Key Companies and Profit Forecast - Baosteel (600019.SH) is rated as "Increase" with an EPS forecast of 0.48 RMB for 2025 [6] - Nanjing Steel (600282.SH) and Hualing Steel (000932.SZ) are not rated but have EPS forecasts of 0.43 RMB and 0.53 RMB for 2025 respectively [6] - Jiu Li Special Materials (002318.SZ) and Wujin Stainless Steel (603878.SH) are also not rated but have EPS forecasts of 1.75 RMB and 0.60 RMB for 2025 respectively [6]