Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is focusing on the import substitution of core components for seat adjustment systems, expanding market capacity, and developing assembly components [5] - In 2024, the company achieved revenue of 304 million yuan, a year-on-year increase of 18.04%, and a net profit attributable to shareholders of 79.13 million yuan, a year-on-year increase of 18.93% [6] - The company is leveraging growth opportunities from downstream customer demand, with several core products experiencing revenue growth [6] - The penetration rate of new energy vehicles in China continues to rise, with the company focusing on the new energy vehicle sector, where orders for new energy models account for 90% of total orders [6] - The company plans to expand its market and production capacity in 2025, with ongoing R&D efforts and significant investment progress in key projects [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 304 million yuan, with a year-on-year growth of 18.04% and a net profit of 79 million yuan, reflecting an 18.93% increase [6] - The company’s core products, including metal powder metallurgy parts and self-lubricating bearings, saw significant revenue increases [6] Market Opportunities - The Chinese automotive industry showed resilience in 2024, with production and sales reaching 31.28 million and 31.44 million vehicles, respectively, marking year-on-year increases of 3.70% and 4.50% [6] - The company is well-positioned to benefit from the growing demand for new energy vehicles, with strong partnerships with leading clients in the industry [6] Future Outlook - The company is expected to maintain high growth rates through horizontal expansion and continuous R&D optimization [6] - The projected net profits for 2025-2027 are estimated at 97 million, 119 million, and 146 million yuan, respectively, with corresponding EPS of 0.94, 1.15, and 1.42 yuan per share [8]

Investment Rating - The investment rating for the precious metals industry is "Positive" (maintained) [4][6] Core Viewpoints - The precious metals sector, particularly gold, has seen significant price increases, with London spot gold rising 8.22% to $3305.65 per ounce and Shanghai gold increasing 7.03% to ¥791.02 per gram over the past two weeks [5][10] - The recent surge in gold prices is attributed to the suspension of reciprocal tariffs by the U.S. government, which has alleviated systemic risks in the market [5][6] - The U.S. House of Representatives passed a budget plan that is expected to extend tax cuts from the Trump era, which could further support gold prices [5][6] - Strong retail sales data from the U.S. indicates economic resilience, contributing to bullish sentiment in the gold market [5][6] - The report suggests that the "Trump 2.0" narrative will be a key driver for gold trading in the coming months, with expectations of continued demand from central banks [5][6] Summary by Sections Price Trends - Over the last two weeks, gold prices have shown substantial increases, with London spot gold up 8.22% and Shanghai gold up 7.03% [10][11] - Silver prices have fluctuated, with London spot silver rising 3.10% while Shanghai silver fell by 1.52% [10][11] U.S. Economic Data and Federal Reserve Tracking - U.S. retail sales rose by 1.4% in March, marking the largest increase in nearly two years, driven by sales of automobiles and high-priced goods [5][6] Positions and Trading Volume - The report indicates an increase in trading volumes for both gold and silver, with Shanghai gold holdings rising 8.97% to 424,000 contracts [10][11] Internal and External Price Differences and Gold Benchmark Ratios - The internal-external price difference for gold is reported at ¥16.82 per gram, a decrease from two weeks prior [57] Futures Basis Situation - The international gold basis (spot-futures) is reported at -$35.65 per ounce, showing a decrease from two weeks ago [64]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - After a decline, copper prices may experience fluctuations, awaiting further macroeconomic catalysts. The rebound in copper prices is limited by the impact of tariffs on demand and expectations of a recession in the U.S. [5][6] - The aluminum market shows signs of bottom support with domestic inventory decreasing, while lithium prices continue to decline due to an oversupply situation [5][6] Summary by Sections 1. Industry Overview - **Important Information**: U.S. retail sales for March exceeded expectations, with a month-on-month increase of 1.4% [9] - **Market Performance**: The non-ferrous metals sector underperformed the Shanghai Composite Index, with a weekly increase of 0.91% compared to the index's 1.19% [13][14] - **Valuation Changes**: The PE_TTM for the non-ferrous metals sector is 19.17, with a decrease of 0.44, while the PB_LF is 2.08, down by 0.04 [22][25] 2. Industrial Metals - **Copper**: Copper prices fluctuated, with LME copper down 0.29% and SHFE copper up 1.21%. The copper smelting profit was -2261 CNY/ton, indicating an expanded loss [27] - **Aluminum**: LME aluminum decreased by 1.58%, while SHFE aluminum increased by 0.13%. The aluminum smelting profit rose to 3970 CNY/ton, up 8.78% [36] - **Lead and Zinc**: Lead prices increased slightly, while zinc prices fell. The smelting profit for zinc was -78 CNY/ton, indicating a loss [51][52] 3. Energy Metals - **Lithium**: Lithium prices continue to decline, with carbonate lithium down 0.21% to 71450 CNY/ton. The market remains oversupplied [78] - **Cobalt**: Domestic cobalt prices increased by 5.22% to 242000 CNY/ton, with domestic smelting profits rising by 41.71% to 40800 CNY/ton [88]

证券研究报告 公用事业 | 燃气Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 市场表现： | 基本数据 | | | 年 | 04 | | 日 | 月 | | 2025 | 17 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 8.43 | | | | | | 一 年 内 最 低 | 最 | 高 | | | | | | / | | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 4,132.32 | | | | | | | 流通市值（百万元） | | | | | | 4,091.07 | | | | | | 总股本（百万股） | | | | | | 490.19 | | | | | ...

证券研究报告 建筑装饰 | 工程咨询服务 Ⅱ 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 | 收盘价（元） | | | | | | | 15.18 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 一 年 内 | | | | | | | | | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | 6,198.40 | | | 流通市值（百万元） | | | | | | | 6,070.45 | | | 总股本（百万股） | | | | | | | 408.33 | | | 资产负债率（%） | | | | | | | 53.78 | | | 每股净资产（元/股） | | | | | | | 6.74 | | | / 低 | 高 | 最 | | | | | 18.30/11.68 | | | 最 | | | | | | | | | | 基本数据 | | | 2025 | 年 | 04 | 月 | 18 | 日 | 地铁设计(003013.SZ) ——业绩提 ...

证券研究报告 晨会 hyzqdatemark 2025 年 04 月 18 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年04月17日 华源晨会精粹 固定收益 纯债基金久期估算-区分利率与信用——基于 K-means 聚类算法和加权 线性回归：久期是债券基金的核心风险指标，用于衡量投资组合对利率变动的敏感 性。我们基于债基净值回归法进行久期日频估算。本文测算债基久期中位数和公告 久期中位数误差较小，测算结果具有一定的准确性和稳定性。结果显示，样本中的 利 率 债 纯 债 券 型 基 金 / 信 用 债 纯 债 券 型 基 金 / 标 准 中 长 期 纯 债 基 金 分 别 有 57%/47%/55%测算误差在 0.4 年以内，验证了模型的有效性。2025 年 4 月上旬， 我们测算的利率债基久期中位数从 4 月 1 日的 3.44 年上升至 4 月 10 日的 3.79 年， 反映关税战使得债基普遍拉长久期；同时期，信用债基久期中位数则从 2.05 年升至 2.18 年。中美关税战出现缓和迹象，债市预计将调整。 风险提示：模型假设风险；数据质量风险；极端市场风险。 公用环保 光大环境(0025 ...

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 04 | 月 17 日 | | | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 25.50 | | | | 一 年 内 低 | 最 | 高 | / | | | | 最 | | 41.29/22.21 | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 10,369.83 | | | | 流通市值（百万元） | | | | | | | | 2,860.06 | | | | 总股本（百万股） | | | | | | | ...

有色金属 | 能源金属 非金融|首次覆盖报告 hyzqdatemark 2025 年 04 月 18 日 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 证券研究报告 赣锋锂业(002460.SZ) 投资评级： 增持（首次） ——锂一体化龙头，资源端放量穿越下行周期 投资要点： 风险提示。新建产能进度不及预期风险；新能源汽车需求不及预期风险；锂供给超预期释放 风险；市场空间测算偏差风险。 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 32,972 | 18,906 | 18,981 | 23,227 ...

Investment Rating - Investment Rating: Positive (Maintain) [1] Core Insights - The penetration rate of intelligent driving is continuously increasing, with a significant rise in high-level intelligent driving penetration [4][35] - Leading domestic and international automotive companies are focusing on the intelligent driving sector [4][35] - The intelligent driving chip market is expanding, with significant industry barriers [4][35] - Horizon Robotics is a leading domestic manufacturer of autonomous driving chips and intelligent driving solutions [4][35] - Black Sesame is making breakthroughs in high-end intelligent driving chips, with notable software optimization effects [4][35] Summary by Sections 1. Intelligent Driving Penetration - The global sales of high-level intelligent vehicles are accelerating, with an expected penetration rate of over 65% for high-level autonomous driving by 2030 [12][13] - In China, the penetration rate of intelligent vehicles is projected to reach 99.7% by 2030, with a compound annual growth rate (CAGR) of 48.1% for high-level autonomous driving from 2023 to 2030 [16][17] 2. Intelligent Driving Chip Market - The global ADAS SoC market reached 27.5 billion RMB in 2023, with China's market accounting for 14.1 billion RMB [85] - The market is expected to grow to 92.5 billion RMB globally by 2028, with a CAGR of 27.5% [85] 3. Key Players and Innovations - BYD is expected to lead in sales with 4.272 million units in 2024, showing a year-on-year growth of 41.1% [36] - The "Whole Vehicle Intelligence" strategy by BYD aims to integrate electric and intelligent technologies for enhanced safety and efficiency [39] - Tesla's Full Self-Driving (FSD) is seeing accelerated mileage growth, with significant improvements in AI training computing power [52][56] 4. Market Trends - The penetration rates of highway NOA and city NOA are steadily increasing, with domestic brands showing rapid growth compared to joint venture brands [28][29] - Huawei's QianKun ADS 3.0 architecture has been upgraded to enhance perception, decision-making, and control efficiency [66][67]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company's performance meets expectations, with both thermal and hydropower entering the production phase [5] - The significant increase in net profit for 2024 is primarily due to the transfer of 50% equity in Guodian Construction Investment, resulting in a one-time investment gain of approximately 4.6 billion [7] - The company plans to invest 74.1 billion in capital expenditures for 2025, with a focus on new energy projects [7] Financial Performance Summary - For 2023, the company reported revenue of 180.999 billion, a decrease of 7.02% year-on-year, and a net profit of 5.609 billion, an increase of 98.80% [6] - The projected revenue for 2024 is 179.182 billion, with a slight decrease of 1.00%, while the net profit is expected to rise to 9.831 billion, reflecting a growth of 75.28% [6] - The earnings per share (EPS) for 2024 is estimated at 0.55 yuan, with a projected price-to-earnings (P/E) ratio of 8.45 [6] Operational Insights - The company’s total installed capacity as of the end of 2024 is 111.7 million kilowatts, with thermal, hydropower, wind, and solar power capacities of 74.63 million, 14.95 million, 9.84 million, and 12.28 million kilowatts respectively [7] - The company achieved a total electricity generation of 436.7 billion kilowatt-hours in 2024, a year-on-year increase of 1.59% [7] - The average on-grid electricity price for 2024 is 429.82 yuan per megawatt-hour, a decrease of 7.97 yuan compared to 2023 [7] Future Projections - The forecasted net profit for 2025-2027 is 6.389 billion, 7.071 billion, and 7.247 billion respectively, with corresponding P/E ratios of 13, 12, and 11 [7] - The company is expected to maintain a dividend payout ratio of 36.28% for 2024, with a total dividend of 0.11 yuan per share [7]