证券研究报告·公司深度报告 2025 年 2 月 7 日 江海证券研究发展部 机械军工行业研究组 分析师：张诗瑶 执业证书编号：S1410524040001 | 投资评级： | 持有（首次） | | --- | --- | | 当前价格: | 11.06元 | | 市场数据 | | | --- | --- | | 总股本(百万股) | 136.70 | | A 股股本(百万股) | 136.70 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 65.88 | | 12 个月最高/最低(元) | 16.66/4.44 | | 广东博源基金管理有限公司- | | | 第一大股东 | | | | 业(有限合伙) | | 第一大股东持股比例(%) | 22.34 | | 上证综指/沪深 300 | 3241.82/3812.34 | 数据来源：聚源 注：2025 年 1 月 17 日数据 % 1 个月 3 个月 12 个月 相对收益 -7.60 27.47 70.04 绝对收益 -9.05 42.16 91.97 数据来源：聚源 注：相对收益与北证 50 相比 相关研究报告 | 江海 ...

证券研究报告·行业点评报告 2025 年 2 月 7 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：吴雁宇 执业证书编号：S1410124010015 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 10.76 10.15 21.24 绝对收益 12.56 5.16 41.32 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-传媒行业：12 月游戏版号下发，继续维持推荐 – 2025.01.03 2. 江海证券-行业点评报告-传媒行业：微 信小店风起，春节有望裂变 – 2025.01.03 3. 江海证券-行业点评报告-传媒行业：鼓 励发展首发经济，持续关注 AI – 2024.12.13 分析师：张婧 春节档票房新高，《哪吒之魔童闹海》 票房创影史记录 事件： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 传媒行业 ...

近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 11.03 13.08 24.2 绝对收益 11.56 9.29 43.55 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-自动化设备： 国内多家人形本体企业量产在即，2025 年 商业化落地将步入加速期 – 2025.01.03 2. 江海证券-行业点评报告-自动化设备： Omptius 灵巧手再进化，坚定看好明年人 形机器人量产落地 – 2024.12.03 3. 江海证券-行业点评报告-自动化设备： 全球人形机器人行业热度持续高涨，聚焦 加快行业发展步伐 – 2024.11.18 4. 江海证券-行业点评报告-自动化设备： 特斯拉"We，Robot"发布会上 Optimus Gen3 表现惊艳 – 2024.10.14 5. 江海证券-行业点评报告-自动化设备： 1X 推出家用人形机器人 NEO Beta，持续 关注产业链投资机会 – 2024.09.03 自动化设备行业 证券研究报告·行业点评报告 2025 年 2 月 6 日 江海证券研究发展部 执业证书编号：S1410524040001 | 投资建议 ...

证券研究报告·行业点评报告 2025 年 2 月 6 日 江海证券研究发展部 电子行业 执业证书编号：S1410525010001 联系人：刘瑜 执业证书编号：S1410123110011 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 6.6 6.87 42.9 绝对收益 7.13 3.07 62.25 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 2 月 5 日数据 投 资建 议： 2025 年 1 月 21 日， 幻方 量化旗 下 AI 公司 DeepSeek 发布 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 幻方量化旗下 AI 公司深度求索发布 DeepSeek-R1 模型。2025 年 1 月 21 日， 幻方量化旗下 AI 公司 DeepSeek 发布 DeepSeek-R1 模型，并同步开源模型权 重。Deepseek-R1 在数学、代码、 ...

执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.96 -1.25 -24.29 绝对收益 -7.29 -5.31 -6.33 数据来源：聚源 注：相对收益与沪深 300 相比 证券研究报告·行业点评报告 2025 年 2 月 6 日 江海证券研究发展部 特别声明 1. 江海证券-行业点评报告-食品饮料行 业：微信小店开启"送礼物"功能，茅台、 五粮液召开经销商大会 – 2024.12.27 2. 行业点评报告-食品饮料行业：5 月生鲜 乳价格延续下跌趋势，5 月啤酒产量同比 下降 4.5% – 2024.06.28 3. 行业点评报告-食品饮料行业：茅台、 古井贡酒股东大会表态积极，一季度规模 以上白酒企业利润同比+13.1% – 2024.06.05 消费行业研究组 分析师：张婧 12 月规模以上企业啤酒产量同比增 长，燕京啤酒发布 2024 年业绩预告 事件： 投资要点： 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report emphasizes the potential benefits of integrating "Artificial Intelligence + Consumption" across various sectors, highlighting four key areas: AI smart glasses, AI education, cross-border e-commerce, and smart home technology [3][4] - The report notes that the Ministry of Commerce plans to implement effective policies to boost consumption, including upgrading product consumption, expanding service consumption, fostering new consumption types, and innovating consumption scenarios [4] Performance Overview - Over the past twelve months, the industry has shown a relative return of -3.5% over one month, 16.14% over three months, and -5.33% over twelve months compared to the CSI 300 index [2] - Absolute returns were -7.38% over one month, 13.01% over three months, and 9.64% over twelve months [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Viewpoints - The recent implementation of the "Management Measures" aims to promote the healthy and sustainable development of distributed photovoltaic power generation [4] - As of the end of 2024, the cumulative installed capacity of distributed photovoltaic power generation reached 370 million kilowatts, which is 121 times that of the end of 2013, accounting for 42% of total photovoltaic installed capacity and 11% of the national power generation capacity [4] - In 2024, the newly installed capacity of distributed photovoltaic power generation reached 120 million kilowatts, accounting for 43% of the newly installed photovoltaic capacity that year [4] - The price of photovoltaic modules has dropped from around 5 yuan per watt in 2013 to approximately 0.7 yuan per watt currently, indicating that the renewable energy sector, including distributed photovoltaic power, has entered a market-oriented development phase without subsidies [4] - The emergence of negative electricity prices in Zhejiang reflects the challenges of power consumption and pricing faced by photovoltaic projects, highlighting the need for better integration with energy storage technologies to enhance the flexibility and regulation capabilities of the power system [4] Summary by Sections Industry Performance - Over the past 12 months, the industry has experienced a relative return of -42.38% compared to the CSI 300 index, with absolute returns of -24.69% [3] Recent Developments - The "Management Measures" redefine distributed photovoltaic power generation in terms of definition, classification, and grid connection methods, emphasizing user-side development and the need for improved grid integration capabilities [4] - The report highlights the urgent need to adjust management strategies to address the main challenges posed by the explosive growth of distributed photovoltaic power generation, particularly in terms of grid connection and consumption [4] Investment Recommendations - The report recommends prioritizing investments in energy storage inverters, with specific companies such as Sungrow Power Supply, Jinlang Technology, GoodWe, and Airo Energy suggested for attention [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][9] Core Views - The company is expected to see a significant increase in net profit for the year 2024, with estimates ranging from 145 to 155 million yuan, representing a year-on-year growth of 172.04% to 190.80% [4] - The growth is primarily driven by the expanding application scenarios for lithium primary batteries and the increasing market scale, alongside a reduction in raw material costs and an increase in production and sales volume [4][7] - The company has established a strategic cooperation agreement with Saiterwell for lithium battery products used in security and fire protection, indicating a broadening customer base and application fields [7] Financial Summary - The total revenue for 2024 is projected to be 546.14 million yuan, with a growth rate of 57.67% compared to 2023 [6] - The net profit for 2024 is forecasted at 147.58 million yuan, with a growth rate of 176.88% [6] - The earnings per share (EPS) for 2024 is expected to be 1.46 yuan, with corresponding price-to-earnings (P/E) ratios of 16.71 for 2024, 13.46 for 2025, and 11.10 for 2026 [6][7] Market Performance - The company's stock has shown strong relative performance, with a 12-month relative return of 104.90% and an absolute return of 115.99% [2][6] - The current stock price is 24.74 yuan, with a 12-month high of 32.30 yuan and a low of 9.32 yuan [4] Production Capacity - The company is currently facing a supply-demand imbalance, with existing production capacity unable to meet downstream demand [7] - A new high-performance lithium battery production project is expected to increase capacity to 180 million units, with completion anticipated in the second half of 2025 [7]

Investment Rating - The industry rating is maintained at "Overweight" [6] Core Insights - In 2024, China's shipbuilding industry maintained its global leadership for the 15th consecutive year, with completion volume, new orders, and hand-held orders accounting for 55.7%, 74.1%, and 63.1% of the global market share respectively, showing steady growth [6] - The new orders and hand-held orders in 2024 reached historical highs, with completion volume at 48.18 million deadweight tons (DWT), up 13.8% year-on-year, new orders at 113.05 million DWT, up 58.8%, and hand-held orders at 208.72 million DWT, up 49.7% [9] - The global new ship market remains robust, with an increasing aging issue for dry bulk and oil tanker fleets, leading to heightened pressure for fleet renewal [9] - In 2024, orders for alternative fuel vessels reached record levels, with a total of 65.325 million DWT, up 68.0% year-on-year, indicating a strong trend towards green ship transformation [9] Summary by Sections Industry Performance - The industry has shown relative returns of -4.58% over one month, -9.98% over three months, and -8.73% over twelve months compared to the CSI 300 index [3] Market Dynamics - The shipbuilding market is expected to maintain high prosperity, with the delivery volume of new ships anticipated to increase further in 2025 [9] - The aging of the global fleet, particularly in dry bulk and oil tankers, is projected to accelerate, necessitating a shift in strategies for leasing older vessels [9] Future Outlook - The demand for green ships is expected to rise due to ongoing environmental policies, with China positioned to leverage its technological and production advantages in the shipbuilding sector [9]

Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The pet food companies Zhongchong Co. and Petty Co. have released their 2024 earnings forecasts, with Zhongchong expected to achieve a net profit of 360-400 million yuan, a year-on-year increase of 54.40%-71.55% [6] - Petty Co. anticipates a net profit of 181-205 million yuan for 2024, recovering from a loss of 11.09 million yuan in the previous year [6] - The total export volume of pet food in China reached 33.52 million tons in 2024, a year-on-year increase of 26.01%, with an export value of 1.48 billion USD, up 20.72% [6] Summary by Sections Industry Performance - The relative returns over the past month, three months, and twelve months are -4.14%, -1.78%, and -24.85% respectively, while absolute returns are -6.57%, -4.39%, and -7.64% [3] Company Performance - Zhongchong Co. aims for a domestic growth target of 30% and an overseas target of 8% for 2024, with a net profit target growth of 28.64% compared to 2023 [6] - Petty Co. is focusing on expanding its main food products and has seen significant growth in its self-owned brand revenue [6] Market Trends - Domestic pet food brands are gradually dominating the market, with local brands consistently ranking in the top five on platforms like Tmall and Douyin [6] - The report highlights the importance of overseas factory establishment and expansion for Chinese pet food companies in response to potential tariff increases [6]