Investment Rating - The investment rating for the company is "Recommended (Maintain)" [4][11]. Core Views - The company achieved a revenue of 9.026 billion yuan in 2024, representing a year-over-year increase of 24.99%. The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-over-year [4][7]. - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) for 2024 [4]. - The company's gold production increased by 5.60% to 15.16 tons in 2024, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [7]. - The average selling price of gold reached 524.28 yuan per gram, a year-over-year increase of 20.32% [7]. - The company is expected to benefit from rising gold prices and has a cost advantage, leading to higher profitability compared to industry averages [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 90.26 billion yuan and a net profit of 17.64 billion yuan, with significant growth rates of 24.99% and 119.46% respectively [4][6]. - The projected net profits for 2025-2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [8][10]. Production and Cost Efficiency - The company’s gold sales cost was 278.08 yuan per gram in 2024, a decrease of 0.76% year-over-year [7]. - Production efficiency improved, with the processing capacity of the ore processing plant increasing from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a long-term upward trend in gold prices due to weakening dollar credit and increasing demand for gold as a safe-haven asset [8]. - The company is well-positioned to capitalize on this trend due to its high-quality gold business and ongoing expansion projects [8].

宏 2025 年 3 月 30 日 中国经济高频观察（2025 年 3 月第 4 周） 3 月高频数据表现如何 证券分析师 平安观点： 观 报 告 宏 观 周 报 证 券 研 究 报 告 钟正生 投资咨询资格编号 S1060520090001 zhongzhengsheng934@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 3 月以来，中国经济总体平稳，结构分化。支撑在于，基建重大项目推进较快， 以旧换新支撑家电、汽车销售，出口货运受低基数推升，且地产销售"金三" 成色尚可。拖累在于：家电、汽车等中下游行业生产增速放缓，房地产销售 的恢复尚未充分传导至房建施工，企业预期和信心有待巩固和提升。 1. 工业：3 月以来开工率分化，钢铁、水泥、纺织、光伏组件等生产同比回升， 汽车轮胎、冰箱、洗衣机、玻璃、沥青及多数化工品生产数据同比回落。具 体看：一是，钢铁、水泥前期库存较低，需求和盈利恢复对生产的带动较强。 二是，光 ...

证券研究报告 DeepSeek又迎更新， 通义千问发布新一代端到端旗舰模型 计算机行业 强于大市（维持） 平安证券研究所计算机团队 分析师：闫磊S1060517070006(证券投资咨询）YANLEI511@pingan.com.cn 黄韦涵S1060523070003(证券投资咨询）HUANGWEIHAN235@pingan.com.cn 研究助理：王佳一S1060123070023（一般证券从业资格）WANGJIAYI446@pingan.com.cn 2025年3月30日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评：1）DeepSeek又迎更新，通义千问发布新一代端到端旗舰模型。3月24日，DeepSeek上线了小版本更新后的 DeepSeek-V3模型DeepSeek-V3-0324。3月27日，阿里巴巴发布通义千问系列的最新旗舰模型Qwen2.5-Omni。2）ChatGPT文生图功 能迎重大升级，谷歌Gemini2.5 Experimental发布。OpenAI发布了GPT-4o image generation，图像生成技术模型。同日，谷歌 推出Gemini 2.5 Pro Experi ...

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 ...