Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the sector [5][8]. Core Viewpoints - The company is recognized as a leading manufacturer of lithium battery roller press equipment in China, with a focus on dry electrode and solid-state battery technologies to drive innovation [5][7]. - The lithium battery roller press equipment market is expected to grow significantly, reaching 6 billion RMB by 2025, with the company holding the largest market share [7][10]. - The transition from wet to dry electrode manufacturing processes is anticipated to reduce overall lithium battery production costs by 10%-15%, positioning the company favorably in the market [10][11]. - The solid-state battery market is projected to expand, with potential market size reaching 20 billion RMB by 2030, creating new opportunities for the company's equipment [11][11]. Summary by Sections 1. Leading Position in Lithium Battery Roller Press Equipment - The company has achieved a compound annual growth rate (CAGR) of 113.18% in revenue from 2020 to 2023, establishing itself as the top player in the domestic market [10][19]. - In 2023, the Chinese lithium battery roller press equipment industry reached a scale of 4.47 billion RMB, reflecting a year-on-year growth of 39.6% [34]. 2. Transition from Wet to Dry Electrode Technology - The dry electrode manufacturing process is expected to become mainstream due to its efficiency and cost-saving benefits [10][11]. - The company has established a joint venture with Qingyan Electronics to enhance its technological advantages in dry electrode manufacturing [10][11]. 3. Promising Outlook for Solid-State Battery Market - Solid-state batteries are considered safer and more stable than traditional batteries, with a projected market size of 20 billion RMB by 2030 [11][11]. - The company is actively collaborating with the Sichuan New Energy Vehicle Innovation Center to develop key equipment and processes for solid-state battery production [11][11]. 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 164 million RMB, 194 million RMB, and 256 million RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 44.2, 37.2, and 28.3 [6][8].

证券研究报告 晨会 hyzqdatemark 2025 年 03 月 04 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年03月04日 华源晨会精粹 北交所 同力股份(834599.BJ)点评：预计 2024 年归母净利润 yoy+27%，静待大型 化、新能源政策落地。公司发布业绩快报，预计 2024 年实现营收 61.85 亿元 （yoy+5.53%）、归母净利润 7.78 亿元（yoy+26.54%）。公司归母净利润增长原 因为:1）2024 年不断推出或换代的大型化产品、新能源产品、无人驾驶产品等新产 品的毛利较高；2）不断优化工艺设计、优化人员配置、降本增效、规模化效应等都 取得一定效果，致使盈利能力不断提升。趋势：国内露天煤矿开采率有望提升，国 外宽体自卸车具备推广前景。看点：在刚性矿卡、新能源车型、无人驾驶车型方面 持续加大研发投入。公司属于非公路宽体自卸车的专业性厂商，近年来分红持续稳 定，具有较好成长性、优质经营质量和较高股东回报，我们看好其在国内存量替代 以及海外市场开拓方面所具备的较强竞争力。 风险提示：工程机械行业波动风险、无实际控制人风险、应收账款余额较大风险。 电子 ...

Investment Rating - The investment rating for the construction decoration industry is "Positive" (maintained) [4] Core Viewpoints - Sichuan Road and Bridge is a leading enterprise in the infrastructure sector of Sichuan Province, benefiting from strong demand for infrastructure and fiscal support [5][8] - The company has a robust growth momentum, supported by the Sichuan provincial government's increasing investment in transportation infrastructure, with a compound annual growth rate (CAGR) of 10.89% from 2016 to 2023, significantly higher than the national average of 6.67% [5][8] - The "investment and construction integration" model adopted by Sichuan Road and Bridge enhances profitability by allowing the company to undertake large projects with minimal equity participation, avoiding multiple bidding processes [11][10] Summary by Sections Market Review - The construction decoration index increased by 0.70% during the week, while the Shanghai Composite Index fell by 1.72% [31] - The Sichuan Road and Bridge company is positioned to benefit from the growing infrastructure needs in the Chengdu-Chongqing economic circle, with significant project investments expected [8] Company Dynamics - Sichuan Road and Bridge has optimized its business structure by divesting non-core assets, which is expected to reduce losses by approximately 271 million yuan [15][14] - The company has increased its cash dividend payout ratio from 15.2% in 2019 to 50.0% in 2023, with a commitment to maintain a dividend ratio of no less than 60% from 2025 to 2027 [15][14] Financial Performance - The company’s revenue from its major shareholder, Shudao Group, has increased from 51.42% in 2021 to 62.81% in 2023, reflecting strong integration and support from the parent company [10][13] - The fixed asset investment by Shudao Group reached 1,969 billion yuan in 2023, with a significant portion allocated to highway investments [12][10] Industry Trends - The Sichuan provincial government plans to invest over 280 billion yuan in transportation infrastructure by 2025, further enhancing the growth prospects for Sichuan Road and Bridge [8][5] - The overall construction market remains robust, with several companies reporting significant contract wins and project expansions both domestically and internationally [24][29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The heparin raw material business is under short-term pressure, while the innovative nuclear medicine pipeline continues to advance [5] - The company reported a revenue of 2.87 billion yuan in 2024, a year-on-year decline of 12.4%, with a net profit attributable to the parent company of 180 million yuan, also down 12.4% [7] - The nuclear medicine business remains relatively stable, with a focus on building a comprehensive industrial chain from diagnostic to therapeutic nuclear medicines [7] Financial Performance Summary - Revenue forecast for 2023 is 3.28 billion yuan, with a year-on-year growth rate of -8.58%, and for 2024, it is expected to be 2.87 billion yuan, down 12.42% [6] - The net profit attributable to the parent company is projected to be 210 million yuan in 2023, decreasing by 31.75%, and is expected to recover to 247 million yuan in 2025, with a growth rate of 34.53% [6] - The earnings per share (EPS) is forecasted to be 0.25 yuan in 2023, increasing to 0.30 yuan in 2025 and 0.49 yuan in 2027 [6] Business Segment Performance - The raw material drug segment generated 1.26 billion yuan in revenue in 2024, down 25.2%, with heparin products alone contributing 840 million yuan, a decline of 36.3% due to price drops [7] - The nuclear medicine segment achieved 1.01 billion yuan in revenue, with key products like 18F-FDG showing a slight increase of 0.25% [7] - The formulation business reported 330 million yuan in revenue, down 18.7%, but the key product, N-acetylcysteine injection, saw a significant increase of 74.9% due to policy-driven sales volume growth [7] Future Outlook - The company is expected to see net profits of 250 million yuan in 2025, 330 million yuan in 2026, and 410 million yuan in 2027, with respective growth rates of 34.5%, 34.7%, and 22.0% [7] - The current price-to-earnings (P/E) ratios are projected to be 44, 33, and 27 for the years 2025, 2026, and 2027 respectively, reflecting the innovative potential of the nuclear medicine pipeline [7]

证券研究报告 晨会 hyzqdatemark 2025 年 03 月 03 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年03月03日 华源晨会精粹 交运 油价对制裁反应钝化，美国对伊制裁或加速——航运船舶市场系列（十）：2025 年 2 月 24 日，美国开展自该月 4 日以来针对伊朗石油销售实施的第二轮制裁，继续 加大对伊朗石油销售网络的制裁，17 家航运公司及 13 艘船舶被列入 OFAC 的特别 指定国民（SDN）名单。根据 OFAC 官方发布的表单显示，本次制裁覆盖伊朗石油 行业高层、终端运营企业、海外经纪商及运输船队。特朗普 2.0 要对伊"最大压力"， 具体措施较为谨慎。油价对新制裁反应钝化，美国或加速对伊制裁。若美国制裁加 速，伊朗原油出口量或可年底触底。2 月 4 日以来，伊朗原油出口量震荡下行。2025 年 1 月，伊朗原油出口为 150.8 万桶/日。参考"特朗普 1.0"时期，在特朗普持续 加强制裁的背景下，预计耗时 7-8 个月，即 2025 年底，伊朗原油出口或将重回 2019Q4 低位（约 35.5 万桶/日），较 2024 年下降 125 万桶/日。 风险提示： ...

证券研究报告 机械设备 | 工程机械 北交所|公司点评报告 hyzqdatemark 2025 年 03 月 03 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 02 | 28 | | 日 | 月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 16.50 | | | | 一 年 高 / 低 | 内 | 最 | | | | | | | | | （元） | | | | | | | | | | | 总市值（百万元） | | | | | | | 7,549.16 | | | | 流通市值（百万元） | | | | | | | 5,619.57 | | | | 总股本（百万股） | | | | | | | 457.53 | | | | 资产负债率（%） | | | | | | | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on expected operational improvements and capacity expansion [5][29]. Core Views - The PCB industry is expected to return to growth, with the global market projected to reach USD 96.8 billion by 2025, driven by demand from AI technology, new energy, and next-generation communication technologies [7][20]. - The company has established a strong position in the high-end PCB sector, with significant technological advantages and a stable order base from leading clients in high-growth areas such as 5G communication and automotive electronics [7][10]. - The company is expected to achieve revenue growth in 2024, with a forecasted turnaround to profitability in Q4 2024, driven by ongoing product and customer structure optimization [7][19]. Summary by Sections Financial Performance and Forecast - Revenue for 2022 was CNY 3,054 million, with a projected decline to CNY 2,624 million in 2023, followed by a recovery to CNY 2,963 million in 2024 and further growth to CNY 3,646 million in 2025 [6][28]. - The company is expected to report a net profit of CNY -0.83 million in 2024, with significant growth anticipated in subsequent years, reaching CNY 1.40 million by 2026 [8][28]. Industry Outlook - The global PCB market is anticipated to recover from a downturn in 2023, with a projected compound annual growth rate (CAGR) of 6%-8% from 2023 to 2028, particularly benefiting high-end products like HDI and multi-layer boards [7][20]. - The domestic PCB market is expected to grow from CNY 363.26 billion in 2023 to CNY 433.32 billion by 2025, indicating a robust recovery and growth trajectory [21][22]. Company Strategy and Competitive Position - The company focuses on high-end PCB products, leveraging its technological capabilities and expanding production capacity at its new facility in Zhuhai [10][24]. - The company has established strong relationships with major clients, ensuring stable order flows and enhancing its competitive position in the market [27].

证券研究报告 近 50%消费服务产业企业利润正增长，锦波生物、一致魔芋等业绩高增长 ——北交所消费服务产业跟踪第八期（20250302） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 近 50%企业在 2024 年实现归母净利润正增长。截至 2025 年 2 月 28 日，北交所消 费服务产业 35 家企业已经全部发布业绩快报。2024 年营收规模大于 8 亿元的企业 共有 5 家，分别为锦波生物、骑士乳业、康比特、青矩技术、欧福蛋业。2024 年营 收 yoy 大于 25%的企业共有 8 家，其中佳合科技、锦波生物共 2 家企业的营收 yoy 大于 50%。2024 年归母净利润大于 6000 万元的企业共有 9 家，其中锦波生物、青 矩技术、瑞华技术共 3 家企业的 2024 年归母净利润超过 1 亿元。49%的企业在 2024 年实现归母净利润正增长。综合 2024 年营收和归母净利润的成长性而言，我们发现 锦波生物、康比特、康农种业、路斯股份、一致魔芋等企业成长性表现优异。其中， 锦波生物 2024 年归母净利润达 73346 万元（yoy+144.65%），主要系公司积极研 发新产 ...

证券研究报告 公用事业 投资评级： 看好（维持） ——公用事业 2025 年第 9 周周报（20250302） 投资要点： 证券分析师 2025 年能源工作指导意见发布 新能源有望迎高质量发展 2 月 27 日，国家能源局发布《2025 年能源工作指导意见》。主要变化如下： （一）电源装机目标明确，传统电网有望迎投产高峰。2025 年全国发电总装机达到 36 亿千瓦以上，新 增新能源发电装机规模 2 亿千瓦以上，非化石能源发电装机占比提高到 60%左右，据此推算 2025 年燃 煤+燃气增加约 10135 万千瓦，2025 年是火电投产大年。 行业定期报告 hyzqdatemark 2025 年 03 月 03 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 联系人 板块 ...

证券研究报告 晨会 hyzqdatemark 2025 年 03 月 02 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年02月28日 华源晨会精粹 固定收益 制造业 PMI 改善明显——2025 年 2 月 PMI 点评：2 月制造业 PMI 环比上 升 1.1pct 至 50.2%。春节过后制造业陆续复工复产叠加增量政策持续发力，制造业 需求明显改善，价格指数上升，大型企业景气水平明显回升，中小企业节后恢复相 对滞后。制造业 PMI 各分项指标超季节性回升，说明年后恢复较好。2 月非制造业 商务活动指数为 50.4%，环比上升 0.2pct。春节错位等因素导致 2025 年 1 月生产收 缩后，2 月制造业 PMI 升至 50.2%，或因企业加速复工复产、增量政策发力及出口 预期企稳改善，供需回暖超预期。非制造业中，建筑业 PMI 或因基建开工等因素回 升至 52.7%，但服务业或受节后消费回落拖累降至 50.0%。整体来看，1 月制造业 PMI 超季节性回落与 2 月企稳回升合并观察更合理，反映 Q1 经济修复趋势。未来 需关注政策落地及外部风险，需求不足或仍是核心矛盾。 风险提示：财政 ...