Investment Rating - The report maintains a "Recommended" investment rating for the company [1]. Core Views - The company achieved a revenue of 1.768 billion yuan in 2024, representing a year-on-year growth of 41.37%, and a net profit attributable to shareholders of 179 million yuan, a significant increase of 491.56% year-on-year [4][8]. - The company is positioned as a leader in the production of 8-inch conductive substrates, with a strong focus on high-quality silicon carbide substrates, and has established partnerships with over half of the top ten power semiconductor manufacturers globally [11]. Financial Summary - **Revenue and Profit Forecasts**: - 2024 revenue: 1.768 billion yuan, 2025 estimated revenue: 2.431 billion yuan, 2026 estimated revenue: 3.286 billion yuan, 2027 estimated revenue: 4.124 billion yuan [6][12]. - 2024 net profit: 179 million yuan, 2025 estimated net profit: 266 million yuan, 2026 estimated net profit: 440 million yuan, 2027 estimated net profit: 628 million yuan [6][12]. - **Profitability Ratios**: - Gross margin for 2024 is 25.9%, with a projected increase to 29.9% by 2027 [13]. - Net margin for 2024 is 10.1%, expected to rise to 15.2% by 2027 [13]. - **Earnings Per Share (EPS)**: - EPS for 2024 is projected at 0.42 yuan, increasing to 1.46 yuan by 2027 [12][13]. Market Position and Growth Potential - The company is actively expanding its market presence in the silicon carbide substrate sector, with a production capacity of 410,200 pieces in 2024, marking a 56.56% increase from 2023 [9]. - The introduction of the first 12-inch silicon carbide substrate in November 2024 is expected to enhance production efficiency and reduce costs, further driving market adoption [9].

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company is positioned as a key player in the domestic substitution of high-end CCL (Copper Clad Laminate), with new product launches contributing to revenue growth [3][4]. - The company reported a revenue of 20.39 billion yuan for 2024, a year-on-year increase of 22.9%, and a net profit of 1.739 billion yuan, up 49.4% year-on-year [3][4]. - The growth is driven by the recovery in traditional consumer electronics demand and the rise of AI and high-speed networking sectors, which are expected to sustain the company's performance [6][9]. Financial Summary - Revenue projections for 2025-2027 are 24.47 billion yuan, 28.05 billion yuan, and 32.17 billion yuan, respectively, with year-on-year growth rates of 20.0%, 14.6%, and 14.7% [5][10]. - Net profit estimates for the same period are 2.743 billion yuan, 3.337 billion yuan, and 3.923 billion yuan, reflecting growth rates of 57.8%, 21.6%, and 17.6% [5][10]. - The gross margin is expected to improve from 22.0% in 2024 to 24.5% by 2027, while the net margin is projected to increase from 8.5% to 12.2% over the same period [5][10]. Market Position and Innovation - The company has a comprehensive product matrix in the CCL sector, with significant R&D investments amounting to 1.157 billion yuan in 2024, a 37.6% increase year-on-year [6][7]. - The company has developed a full range of high-frequency and low-loss materials, achieving certifications from major domestic and international clients [6][7]. - The focus on high-end products and continuous innovation positions the company favorably in the market, with expectations for stable growth [6][9].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1][72]. Core Views - Precious Metals - Gold: Gold prices continue to reach new highs, with the COMEX gold futures contract rising by 2.97% to $3118 per ounce as of March 28. The SPDR Gold ETF increased by 0.2% to 931.94 tons. Concerns about re-inflation in the U.S. are growing, with the core PCE in February at 2.79% year-on-year. The manufacturing PMI for February is at 50.3, indicating continued economic activity. The expectation is for gold prices to remain strong in the medium to long term due to persistent re-inflation expectations and weakening dollar credit [4]. - Industrial Metals: The demand season is starting, and there is a focus on the rising prices of metals driven by supply and demand dynamics [5]. Summary by Sections Precious Metals - Gold prices have reached new highs, with significant increases noted in both futures and ETF holdings. The market is experiencing inflation concerns, which are expected to support gold prices in the long term [4][13]. Industrial Metals - **Copper**: As of March 28, SHFE copper futures fell by 0.2% to 80,450 CNY/ton. Domestic copper social inventory decreased by 11,900 tons to 334,500 tons. The demand is expected to recover as downstream operations resume. Supply disruptions are anticipated due to the suspension of operations at Glencore's Altonorte copper smelter, which has an annual capacity of 350,000 tons. The expectation is for copper prices to gradually rise due to tightening supply and increasing demand [6][8]. - **Aluminum**: SHFE aluminum futures fell by 0.6% to 20,580 CNY/ton. Domestic aluminum social inventory is at 802,000 tons, with demand recovering as downstream operations resume. The upcoming bidding for power grid projects is expected to increase orders, particularly for aluminum cables. The expectation is for aluminum prices to rise in the second quarter due to strong demand [6][8]. - **Tin**: SHFE tin futures rose by 2.22% to 282,290 CNY/ton. Domestic tin social inventory increased by 934 tons to 11,482 tons. The supply of tin is expected to tighten due to production issues at the Bisie mine. The demand is anticipated to recover as the semiconductor sector improves, leading to a potential increase in tin prices [7][8]. Investment Recommendations - The report suggests focusing on the copper, aluminum, and tin sectors. For copper, the recommendation is to pay attention to Zijin Mining due to recovering domestic demand and tightening supply. For aluminum, Tianshan Co. is recommended as prices are expected to rise. For tin, attention is drawn to Xiyang Co. due to ongoing supply constraints and increasing demand from AI applications [8][70].

-20% -10% 0% 10% 20% 30% 2024-03-26 2024-08-26 2025-01-26 沪深300指数 电力设备及新能源 证券分析师 电力设备及新能源 2025 年 3 月 30 日 行业周报 风电整机有望量利齐升，国内大储利用率改善 强于大市（维持） 行情走势图 | 皮秀 | 投资咨询资格编号 S1060517070004 | | --- | --- | | | PIXIU809@pingan.com.cn | | 苏可 | 投资咨询资格编号 | | | S1060524050002 | | | suke904@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | | | S1060524070005 | | | zhangzhiy ao757@pingan.com.cn | 平安观点： 本周（2025.3.24-2025.3.28） 新 能 源细 分 板 块 行情 回 顾 。风电指数 （866044.WI）下跌 2.24%，跑输沪深 300 指数 2.26 个百分点。截至本 周，风电板块 PE_TTM 估值约 20.78 倍。本周申万 光伏 设 备 指 数 （8 ...

2025 年 03 月 30 日 基金周报 港股医药相对抗跌，多只摊余成本法债基重启运作 证券分析师 | 郭子睿 | | 投资咨询资格编号 | | --- | --- | --- | | | | S1060520070003 | | | | GUOZIRUI807@pingan.com.cn | | 陈 | 瑶 | 投资咨询资格编号 | | | | S1060524120003 | | | | CHENYAO370@pingan.com.cn | 研究助理 | 任书康 | 一般证券从业资格编号 | | --- | --- | | | S1060123050035 | | | RENSHUKANG722@pingan.com.cn | | 胡心怡 | 一般证券从业资格编号 | | | S1060124030069 | | | HUXINYI184@pingan.com.cn | | 高 越 | 一般证券从业资格编号 | S1060124070014 GAOYUE384@pingan.com.cn 平安观点： 基 金 报 告 基 金 周 报 证 券 研 究 报 告 市场回顾：上周 A 股市场下行。上证指数周内下跌 ...

证券研究报告 如何看待核心城市土拍升温 地产行业周报 行业评级：地产 强于大市（维持） 平安证券研究所地产团队 2025年3月30日 请务必阅读正文后免责条款 1 核心摘要 2 周度观点：成交环比提升，深圳探索房票制度。随着供给端逐步放量，本周重点50城新房成交环比增长27.1%，3月前28天日均成交同 比降8.4%，但受制于2024年主流房企补货不足及工期影响，优质供给不足仍是制约新房成交重要因素。本周深圳出台关于规范城市更 新的若干意见，涉及房票补偿、容积率灵活调整、加大融资支持等方面，有望解决市场化主导下资金平衡问题，但后续仍需观察资金 落地、居民拆迁意愿等。 土拍升温，侧面印证"好房子+一二线核心区"率先止跌回稳。近期杭州、成都等地土拍市场升温，多宗土地楼面地价创新高。我们认 为房企年初补地一方面为应对2024年补货不足带来的可售货值下降；另一方面正如"春江水暖鸭先知"，核心城市优质地块升温正侧 面印证我们持续强调的"好房子+一二线核心区"率先止跌回稳逻辑。部分投资者担忧地价上升带来毛利率下滑，但我们认为核心地块 "去化流速"保障更为重要，同时"好房子"带来的产品溢价也将利于项目保持较高毛利率，实现毛 ...

证券研究报告 4月十大金股推荐 平安证券研究所 2025年3月30日 请务必阅读正文后免责条款 1 0 核心观点 我们认为随着国内经济和上市公司业绩验证窗口期的到来，4月权益市场定价将进一步回归基本面，建议自下而上把 握一季报业绩指引，关注业绩预期向好的企业；中期国产科技创新主线行情仍有望延续，亦建议逢低布局。结构上看， 万得统计的部分A股行业盈利预期已有所改善：截至3月29日，可比口径下，近一个月非银金融、有色金属、汽车、建 筑材料行业的2025年盈利预期迎来上修，同期全A盈利预期下调0.7%。 资料来源：Wind，平安证券研究所 备注：A股行业分类为申万一级行业，本篇报告数据统计截至2025/3/28 2 证券代码 证券名称 申万一级行业 总市值 PE 推荐逻辑 （亿元） (TTM) 688131.SH 皓元医药 医药生物 87 43 前、后端业务齐发展，整体利润率有望改善 688519.SH 南亚新材 电子 84 161 乘国产算力之风，成长属性逐步凸显 688288.SH 鸿泉物联 计算机 34 -965 商用车行业景气度有望提升，eCall系统带来成长空间 688111.SH 金山办公 计算机 14 ...

Core Insights - The report emphasizes that the apparel manufacturing and export sectors are expected to benefit from a recovery in discretionary consumption, with specific opportunities identified for companies in these segments [3][9] - It suggests that after valuation adjustments, apparel brand companies may enter a new market phase, highlighting the importance of selecting companies with strong market share and valuation appeal [3][10] Industry Overview - The apparel and light industry sectors have shown a decline, with the textile and apparel sector down by 2.38% and the light industry down by 1.81%, while the Shanghai and Shenzhen 300 index remained flat at +0.01% [5] - The report ranks the textile and apparel industry 25th out of 31 sectors in terms of performance, indicating a challenging environment [5] Key Companies in Apparel Manufacturing - **Shenzhou International**: Recognized as the largest vertically integrated garment manufacturer globally, benefiting from high production efficiency and strong management capabilities. The company is expected to maintain a high market share among core clients as orders recover [9] - **Huali Group**: A leading manufacturer of sports and leisure footwear, with advantages in capacity utilization and cost control. The company anticipates a recovery in order volume as major clients reduce inventory [9] - **Fuchun Dyeing and Weaving**: A top global sock yarn manufacturer, utilizing a warehouse-based production model to ensure cost control and stable delivery times, which supports long-term growth [9] - **Jiansheng Group**: A major manufacturer of cotton socks and seamless sportswear, expected to see improved order volumes as client inventory levels decrease and production capacity utilization increases [9] Key Companies in Apparel Branding - **Bosideng**: A leading domestic down jacket brand, focusing on product iteration and expanding its product matrix to include functional apparel, which is expected to drive sustainable growth [10] - **Hailan Home**: A prominent men's apparel brand with strong performance across both online and offline channels, and steady overseas market expansion. The company is expected to benefit from stable growth in its main brand [10] - **Baoxini**: A mid-to-high-end men's clothing brand with a well-established product matrix. The company is focusing on improving store efficiency and expanding its store network, which is anticipated to enhance overall performance [10] - **Fuanna**: A leading home textile company that is increasing its offline store presence, which is expected to contribute positively to its performance due to the growth of franchise store sales [10] Valuation Performance of Key Companies - The report includes a detailed valuation table for key companies in the apparel and light industry, providing insights into market capitalization, earnings per share (EPS), price-to-earnings (P/E) ratios, and dividend yields for various companies [12][14]

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][3][7] Core Views - The company is positioned as a leading player in the high-end CCL (Copper Clad Laminate) market, benefiting from domestic substitution and new product launches that drive revenue growth [3][4][6] - The company reported a revenue of 20.39 billion yuan for 2024, a year-on-year increase of 22.9%, and a net profit of 1.739 billion yuan, up 49.4% year-on-year [3][6] - The growth is supported by a recovery in traditional consumer electronics demand and innovations in AI and high-speed networks, which are driving the demand for high-end CCL [6][7] Financial Summary - Revenue projections for 2025-2027 are as follows: 24.47 billion yuan in 2025, 28.05 billion yuan in 2026, and 32.17 billion yuan in 2027, with respective year-on-year growth rates of 20.0%, 14.6%, and 14.7% [5][8] - The net profit is expected to reach 2.743 billion yuan in 2025, 3.337 billion yuan in 2026, and 3.923 billion yuan in 2027, with year-on-year growth rates of 57.8%, 21.6%, and 17.6% respectively [5][8] - The gross margin is projected to improve from 22.0% in 2024 to 24.5% by 2027, while the net margin is expected to increase from 8.5% to 12.2% over the same period [5][8] Market Position and Strategy - The company has a comprehensive product matrix covering various types of CCL, supported by significant R&D investments, which reached 1.157 billion yuan in 2024, a 37.6% increase year-on-year [6][7] - The company is actively pursuing technological breakthroughs to overcome overseas patents and enhance its competitive edge in the high-end CCL market [6][7] - The report highlights the company's strong customer base and technological advantages, positioning it well for sustained growth in the high-end CCL sector driven by emerging fields like AI and high-speed communication [7][8]

Investment Rating - The report maintains a "Strong Buy" rating for the oil and petrochemical sector, indicating a positive outlook in the short term due to geopolitical tensions and U.S. tariffs on Venezuela [1]. Core Insights - The geopolitical situation in the Middle East is escalating, and U.S. tariffs on Venezuelan oil are providing short-term support for oil prices. WTI crude futures rose by 0.99% and Brent crude futures increased by 1.76% during the specified period [6]. - OPEC+ plans to increase production in May, despite new compensatory production cuts from Russia, Iraq, and Saudi Arabia. The overall production trend is expected to increase [6]. - The Chinese industrial profit data shows a slight decline of 0.3% for January-February, but the decrease is narrowing, which may improve market expectations for crude oil demand in China [6]. Summary by Sections Oil and Petrochemicals - The report highlights that the geopolitical risks in the Middle East and U.S. sanctions on Iranian and Venezuelan oil are likely to support oil prices in the short term. However, a long-term view suggests that oil prices may weaken as the fundamental outlook becomes more relaxed [7]. - The report suggests focusing on major domestic oil companies, referred to as the "Big Three" (China National Petroleum, Sinopec, and CNOOC), due to their relatively strong earnings resilience [7]. Fluorochemicals - Demand is driven by national subsidies, and supply is determined by sales, leading to a continued rise in refrigerant prices. The new subsidy policy for household appliances is expected to boost air conditioning consumption [6][7]. - The report indicates that the production of second-generation refrigerants will continue to decrease, while the increase in production quotas for third-generation refrigerants will be limited, supporting a favorable supply-demand balance [7]. Semiconductor Materials - The semiconductor sector is experiencing a positive trend with inventory reduction and improving end-market fundamentals. The report suggests focusing on companies benefiting from the cyclical upturn and domestic substitution [7].