Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the next six months [22]. Core Insights - Orano's revenue for 2024 reached €5.874 billion, representing a year-on-year growth of 23% from €4.775 billion in 2023 [2]. - The net profit attributable to the parent company increased significantly by 192% to €633 million in 2024, compared to €217 million in 2023 [9]. - The backlog of orders reached €9.069 billion, with 42% coming from outside France, indicating a strong market position [1]. Financial Performance Summary 1) Order Backlog - Total order backlog increased to €35.9 billion by the end of 2024, up from €30.8 billion at the end of 2023, with €1.3 billion attributed to market revaluation and currency effects [1]. 2) Revenue Breakdown - Mining revenue was €1.502 billion, a 13.9% increase year-on-year, driven by rising uranium prices [2]. - Front-end revenue remained stable at €1.307 billion, with positive price effects offsetting lower volume effects [2]. - Back-end revenue surged to €3.027 billion, a 41.8% increase, primarily due to a one-time contract with a Japanese utility [2]. 3) Operating Profit - Operating profit for 2024 was €1.085 billion, an increase of €450 million from 2023 [4]. - The mining segment's operating profit decreased to €122 million, reflecting challenges in Niger [7]. - The front-end segment's operating profit rose to €425 million, while the back-end segment's operating profit increased significantly to €616 million [7]. 4) Adjusted Net Profit - Adjusted net profit attributable to the parent company was €597 million in 2024, up from €22 million in 2023 [8]. 5) Cash Flow and Debt - EBITDA for Orano was €2.067 billion, a substantial increase from €1.228 billion in 2023, with an EBITDA margin rising from 25.7% to 35.2% [10]. - As of December 31, 2024, Orano had €1.3 billion in cash and €780 million in net debt, down from €1.48 billion in 2023 [14]. 6) Future Outlook - For 2025, Orano aims for revenues close to €5 billion, with an EBITDA margin between 23% and 25% and positive net cash flow [18].

证券研究报告|行业研究报告 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►2024Q4 生产经营情况（Metals X 持有 Renison 50%股份， 除非有特殊说明，均为 100%基准） 1）产量 2024Q4 Renison 锡精矿总产量达 3,329 吨，创下锡产量最 高季度纪录，环比增长 15%，同比增长 23%（2024Q3：锡精 矿产量 2,899 吨），这一里程碑的取得得益于地下矿山开采数 量和品位的提高，以及工厂内各种提高回收率和吞吐能力计划 的持续实施。 [Table_Date] 2025 年 3 月 3 日 Metals X 通过其在 Bluestone Mines Tasmania 合资企业 (BMTJV) 中持有的 50% 股份，拥有 Renison 锡矿 50%的股 权，Metals X 2024Q4 权益产量为 1665 吨锡精矿，环比增长 15 %，同比增长 15%。 2）出货量 Renison 2024Q4 锡精矿出货量为 3,132 吨，环比持平，同 比增长 19.5%。Metals X 在本季度锡精矿出货量占比为 5 ...

证券研究报告/行业深度 研究报告 【华西机械团队】 黄瑞连：S1120524030001 2025年2月27日 请仔细阅读在本报告尾部的重要法律声明 投资要点 行星滚柱丝杠：人形机器人核心零部件，高壁垒&高价值量环节。1）行星滚柱丝杠是人形机器人线性执行器核心部件，主要用于关节直线运动控 制，驱动手足，配合旋转关节实现跑跳等动作。从结构上看，同滚珠丝杠区别在于传动部件为滚柱，主要依靠滚柱与丝杠、螺母之间的螺纹啮合传 动来传递动力，进而将伺服电机的旋转运动转化为直线运动，因此具备承载能力强、寿命长、体积小、传动效率高等优势。2）从价值量占比来看 ，Optimus整体躯干采用14根反向式行星滚柱丝杠，结合灵巧手中微型丝杠用量增加，我们预计丝杠零部件价值量占比超19%。3）行星滚柱丝杠 的滚道、滚柱、滚柱螺母都具有齿形角 90°的多头螺纹，尤其反向式中螺母需要精磨内螺纹，大规模高精度量产具备较强的技术难度。 下游展望：机床&新能源需求稳健增长，人形机器人打开市场空间。1）滚珠丝杠：2022年全球市场规模约为230.5亿美元，细分下游来看，机床 、新能源车、半导体为滚珠丝杠重要应用领域之一，我们预估2025年国内机床 ...

证券研究报告|公司深度研究报告 ➢ 下游需求量不及预期、释放节奏不及预期；产能释放进度不及预期；民用市场拓展不及预期的风险等。 中简科技：国内中高端碳纤维龙头，军民两翼齐飞 华西军工&中小盘团队 陆 洲SACNO:S1120520110001 戚舒扬SACNO:S1120523110001 2025年2月27日 请仔细阅读在本报告尾部的重要法律声明 核心逻辑: 2 ◆ 国内航空航天高端碳纤维龙头，有望在新一轮订单周期中率先受益 ➢ 公司现有产品包括高强型ZT7系列（高于T700级）、ZT8系列（T800级）、ZT9系列（T1000/T1100级）和高模型M系列（包括ZM40J、 ZM40X等）石墨纤维。高附加值ZT9系列开始放量，需求超出预期。我们认为，从上一轮订单周期看，上游材料厂商普遍比主机厂早放量 1～2年，公司有望在本轮周期最先受益。据业绩预告，公司预计2024年归母净利3.17~3.7亿元，我们测算24Q4净利约0.86～1.39亿元，同 比增长约95%～215%。我们预计一季报业绩表现亮眼。 ◆ 产能瓶颈突破，增长迎来新拐点 ➢ 自2023年三期产线建成后，公司产能逐步释放，三期满产后合计产能将有 ...

证券研究报告|公司动态报告 [Table_Date] 2025 年 02 月 27 日 [Table_Title] 业绩创历史新高，新兴业务助力业绩加速 [Table_Title2] 顺络电子(002138) [Table_Summary] 事件概述 公司发布 2024 年年报。2024 年公司实现营收 58.97 亿元， 同比+16.99%；归母净利润 8.32 亿元，同比+29.91%；扣非 归母净利润 7.81 亿元，同比+31.96%。 ► 业绩创历史新高 2024 年，公司全年销售收入创历史新高，第二、三、四季 度营收连续创造单季度历史新高。主要得益于：1）在手机 通讯、消费电子等传统存量市场应用领域内不断拓宽产品线 种类，新产品线延续了高速增长，份额提升明显。2）在汽 车电子、数据中心等新兴战略市场不断拓展客户，取得了多 位全球顶级客户的一致认可，实现了持续强劲的高速增长。 分季度看，24Q4 公司实现营收 17.02 亿元，同比+24.72%， 环比+13.16%；归母净利润为 2.08 亿元，同比+27.54%，环 比-18.77%。 分产品看，2024 年信号处理、电源管理、汽车电子或储能专 ...

Investment Rating - The report assigns a "Buy" rating to the company [5][8]. Core Views - The company has shown impressive performance with a revenue of 7.38 billion yuan in 2024, representing a year-on-year increase of 28.88%, and a net profit of 2.194 billion yuan, up 38.78% year-on-year [1][4]. - The growth is attributed to advancements in MLCC technology and increased demand for optical device products due to accelerated global data center construction [2][3]. - The company is continuously expanding its product offerings in new materials, products, and technologies, which supports its accelerated growth [3]. Summary by Sections Company Overview - The company, established in 1970 and listed in 2014, has become a leader in the electronic ceramic components industry, focusing on a diversified product structure that includes communication components, electronic components, and ceramic fuel cell parts [12]. Financial Performance - The company expects revenues for 2024-2026 to be 73.80 billion, 94.08 billion, and 119.90 billion yuan, with year-on-year growth rates of 28.87%, 27.48%, and 27.44% respectively [4][14]. - The projected net profits for the same period are 21.94 billion, 30.00 billion, and 39.93 billion yuan, with growth rates of 38.8%, 36.7%, and 33.1% respectively [4][16]. Product Development - The company has achieved significant breakthroughs in MLCC products, including a dielectric layer thickness of 1 micron and a stacking layer count exceeding 1000 layers, enhancing its market competitiveness [3][13]. - In the SOFC sector, the company developed a 50kW SOFC cogeneration system with a power density increase of 43% and an initial power generation efficiency of 65% [3]. Valuation Metrics - As of February 26, 2025, the company's stock price is 38.41 yuan, with corresponding PE ratios of 33.55x for 2024, 24.54x for 2025, and 18.44x for 2026 [4][16].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is experiencing short-term pressure on its business but has promising long-term expansion opportunities through acquisitions [3] - The company reported a revenue of 1.04 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 17.87%, while net profit decreased by 39.45% to 63 million yuan [2] - The company has established a comprehensive logistics service model for the automotive sector, serving major clients such as Xpeng, BYD, and Great Wall [2] - The company is actively expanding its automotive parts manufacturing business, acquiring an 83.401% stake in Wuhan Yuanfeng Automotive Parts Co., which adds new products to its portfolio [2] Summary by Sections Revenue and Profitability - Revenue for 2024 is projected to be 1.415 billion yuan, with a year-on-year growth of 10.9% [7] - Net profit for 2024 is expected to be 430 million yuan, reflecting a significant decline of 64.7% compared to the previous year [6][7] - The gross margin is forecasted to be 19.3% for 2024, down from 23.2% in 2023 [6][7] Financial Forecasts - Adjusted revenue forecasts for 2024-2026 are 1.415 billion, 1.528 billion, and 1.608 billion yuan respectively [3] - Adjusted net profit forecasts for the same period are 430 million, 460 million, and 500 million yuan respectively [3] - The earnings per share (EPS) is projected to be 0.32 yuan for 2024, increasing to 0.37 yuan by 2026 [6][7] Valuation Metrics - The price-to-earnings (PE) ratio is expected to be 54.03 for 2024, decreasing to 46.48 by 2026 [6][7] - The company’s total market capitalization is approximately 2.305 billion yuan [1]

Investment Rating - The industry rating is "Recommended" [7] Core Views - The report highlights that the negative impacts on the company, such as penalties, goodwill impairment from lithium salt, and the sale of GGS, have already materialized in 2024, allowing for a potential profit rebound in 2025. The company is expected to leverage its advantages in Vietnam to gain market share amid trade tensions, with production capacity gradually increasing in 2024 and anticipated performance improvements in 2025. Additionally, the recent demand for ultra-high molecular weight polyethylene materials driven by robotics applications is seen as a thematic catalyst [2][16] - The report recommends several companies that are likely to benefit from the current tax increases and have significant overseas exposure, including Zhejiang Natural, Kairun Co., and Jian Sheng Group. It also notes that domestic high-end leisure brands may benefit if American brands like CK and TOMMY HILFIGER exit the Chinese market [3][17] Summary by Sections Industry Data Tracking - As of February 21, 2025, the China Cotton 3128B Index is at 14,965 RMB/ton, up 1.73% year-to-date. The medium import cotton price index is at 13,468 RMB/ton, down 1.01% year-to-date [6][33] - In December 2024, textile and apparel exports reached 28.07 billion USD, a year-on-year increase of 11.4%, with textile exports at 13.13 billion USD (up 17.4%) and apparel exports at 14.93 billion USD (up 6.6%) [49][50] Online Sales Performance - In January 2025, sales of sports categories on Douyin saw significant growth, with sports bags, shoes, and clothing increasing by 160.8%, 49.2%, and 49.0% year-on-year, respectively. Men's clothing outperformed women's clothing in growth [4][62] - On Taobao and Tmall, children's clothing sales increased by 13.93%, while women's clothing saw a slight recovery with a 3.14% increase [5][62] Market Trends - The report notes that the textile and apparel sector's performance is currently lagging behind the broader market indices, with the SW textile and apparel sector up 0.83%, which is lower than the Shanghai Composite Index's increase of 0.97% [18]

Demand Side - In 2024, global oil demand growth slows to 1.0%, reaching 103.1 million barrels per day, primarily due to a slowdown in China's oil demand growth, while non-OECD countries, particularly in Asia, contribute significantly to the increase [9][18][20] - The overall maritime oil trade volume is expected to decline by 0.7% year-on-year, but the oil ton-mile trade volume sees a 2.4% increase due to heightened cargo volumes on long-distance routes and geopolitical risks affecting shipping schedules [1][2] Supply Side - The global oil transportation market capacity increases slightly by 0.2% in 2024, but the capacity of VLCCs (Very Large Crude Carriers) continues to shrink, with only one new ship delivered throughout the year [2][3] - The aging fleet poses a significant challenge, with over 42% of oil tankers being over 15 years old, and a peak in scrapping expected post-2025, while current orders are insufficient to cover the capacity loss from older ships [2][3] 2025 Supply and Demand Outlook - The supply side for oil transportation in 2025 will be influenced by sanctions that could accelerate the clearing of effective capacity, leading to further shortages in fleet supply [3] - Demand growth in 2025 will hinge on India's economic development and China's economic recovery, with OPEC+'s production increase plans being critical [3][4] Investment Recommendations - In 2025, the recovery of demand will determine the extent of price increases in the oil shipping market, with international events influencing short-term price elasticity [4] - Beneficiary stocks include COSCO Shipping Energy (A/H) and China Merchants Energy Shipping (601872.SH) [4]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 02 月 20 日 [Table_Title] 资产配置日报：压力测试 | [Table_Title2] 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指 数 | 收 盘 | 涨 跌 | 幅度（%） | 五日走势 | | 上证指数 | 3350.78 | -0.76 | -0.02% | | | 沪 深300指 数 | 3928.90 | -11.26 | -0.29% | | | 中证可转债指数 | 431.03 | 1.03 | 0.24% | | | 7-10年国开债指数 | 265.29 | -0.41 | -0.15% | | | 3-5年隐含AA+信用指数 | 187.57 | -0.16 | -0.09% | | 1 复盘与思考: 2 月 20 日，股市动能减弱，债市全线下跌。A 股情绪转弱主要受到港股下跌牵连，小微盘和科技股仍然是领 涨品种；债市依然苦于与"紧资金"抗争。 复盘各类资产表现，股市，大盘股小幅回落，上证指数、沪深 300 指数下跌 0.02%、0.29%，红 ...