Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [15]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 17.907 billion yuan, a year-on-year increase of 32.39%, and a net profit of 1.878 billion yuan, up 34.29% year-on-year [4][5]. - The overall gross margin and net margin for 2024 were 24.83% (up 1.40 percentage points year-on-year) and 10.49% (up 0.16 percentage points year-on-year), respectively [5]. - The company is capitalizing on opportunities arising from the growth in AI technology, the demand for high-speed network communication, and the ongoing trends in automotive electrification and intelligence [5]. - The company is focusing on digitalization and smart manufacturing to enhance operational efficiency and reduce costs [5]. Financial Performance Summary - In 2024, the PCB business generated revenue of 10.494 billion yuan, a 29.99% increase year-on-year, accounting for 58.60% of total revenue, with a gross margin of 31.62% [5]. - The IC substrate business reported revenue of 3.171 billion yuan, a 37.49% increase year-on-year, representing 17.71% of total revenue, with a gross margin of 18.15% [5]. - The electronic assembly business achieved revenue of 2.823 billion yuan, a 33.20% increase year-on-year, contributing 15.76% to total revenue, with a gross margin of 14.40% [5]. - The company’s operating expenses showed effective cost control, with sales, management, R&D, and financial expense ratios remaining within 1 percentage point of the previous year [5]. Future Projections - Revenue is projected to grow to 22.205 billion yuan in 2025, with a year-on-year growth rate of 24.0% [7]. - Net profit is expected to reach 2.609 billion yuan in 2025, reflecting a year-on-year increase of 38.9% [7]. - The gross margin is anticipated to improve to 25.5% in 2025, while the net margin is expected to rise to 11.7% [7]. Market Position and Strategy - The company is recognized as a leading domestic IC substrate enterprise, benefiting from domestic substitution trends [11]. - The company is actively expanding its production capabilities, including projects in Thailand and Nantong, to support future business growth [11]. - The company is focusing on enhancing its product offerings in the automotive electronics sector, with orders growing over 50% for three consecutive years [9].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance that exceeds market performance by 10% to 20% over the next six months [12]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 17.907 billion yuan, a year-on-year increase of 32.39%, and a net profit of 1.878 billion yuan, up 34.29% year-on-year [4][5]. - The overall gross margin and net margin for 2024 were 24.83% (up 1.40 percentage points YoY) and 10.49% (up 0.16 percentage points YoY), respectively [5]. - The company is capitalizing on opportunities arising from the growth in AI technology, electric vehicle trends, and the recovery of the general server market [5]. - The company is focusing on digitalization and smart manufacturing to enhance competitiveness and control costs [5]. Financial Performance Summary - **Revenue Breakdown**: - PCB business: Revenue of 10.494 billion yuan, up 29.99% YoY, accounting for 58.60% of total revenue with a gross margin of 31.62% [5]. - IC substrate business: Revenue of 3.171 billion yuan, up 37.49% YoY, accounting for 17.71% of total revenue with a gross margin of 18.15% [5]. - Electronic assembly business: Revenue of 2.823 billion yuan, up 33.20% YoY, accounting for 15.76% of total revenue with a gross margin of 14.40% [5]. - **Cost Control**: The company maintained stable expense ratios across sales, management, R&D, and financial expenses, all within a 1 percentage point change [5]. - **Future Projections**: The company expects continued revenue growth, with projected revenues of 22.205 billion yuan in 2025, 27.534 billion yuan in 2026, and 34.143 billion yuan in 2027, reflecting a compound annual growth rate of 24% [6][10]. Financial Ratios - **Profitability**: The projected gross margin is expected to improve to 25.5% in 2025 and 26.0% in 2026, with net margin reaching 11.7% and 12.5% respectively [10]. - **Return on Equity (ROE)**: Expected to increase from 12.8% in 2024 to 15.7% in 2025 and further to 18.8% by 2027 [10]. - **Valuation Metrics**: The price-to-earnings (P/E) ratio is projected to decrease from 37.9 in 2024 to 27.3 in 2025, indicating improving valuation as earnings grow [10].

证券研究报告 人形机器人系列专题（二） 执行系统之旋转关节：扭矩跃升，动力内核 电子行业 强于大市（维持） 证券分析师 徐碧云 投资咨询资格编号：S1060523070002 2025年3月17日 请务必阅读正文后免责条款 投资要点 风险提示：1）人工智能技术发展不及预期。2）行业竞争加剧风险。3）技术迭代不及预期。 1 执行器：驱动关节活动，电驱动已成主导。执行器即一体化关节，其本质是将电机的旋转运动转化为驱动连杆机构的运动。执行器当前占人形机器 人整体成本约55%，性能和成本主要取决于核心零部件。根据动力来源，执行器可分为液压、气动和电驱动三类，电驱动凭借成本低、控制精度高和 密闭性优等特点，成为主流方案。人形机器人躯干的执行器分为旋转执行器与线性执行器两类，不同之处在于传动机构：旋转执行器采用减速器， 而线性执行器采用行星滚柱丝杠，国内大部分本体厂以旋转执行器方案为主。从趋势上看，高性能、智能化、微型化的一体化关节模组是降低人形 机器人制造成本的关键。 电机：产生驱动转矩，无框力矩电机应用广泛。电机是将电能转换为机械能的动力源，是人形机器人中最常用的驱动器件之一。机器人自由度越高， 所需的电机数量越多。 ...

Economic Policy - The US has imposed a 25% tariff on steel and aluminum, effective March 12, with threats of additional tariffs on Canadian imports and a 200% tariff on EU wine[6] - February CPI and core CPI in the US recorded a month-on-month increase of 0.2%, both below expectations, with core CPI year-on-year at 3.1%, the lowest since April 2021[10] - The US PPI rose 3.2% year-on-year in February, also below expectations, marking the smallest increase since July of the previous year[11] Market Trends - The S&P 500, Dow Jones, and Nasdaq indices fell by 2.3%, 3.1%, and 2.4% respectively over the week, reflecting ongoing concerns about government shutdown risks and tariff threats[22] - The US 2-year Treasury yield increased by 3 basis points to 4.02%, while the 10-year yield decreased by 1 basis point to 4.31%[26] - Gold prices rose by 1.6% to $2978 per ounce, with spot gold reaching $3000 per ounce on March 14, driven by market uncertainty and tariff policies[29] Consumer Confidence - The US consumer confidence index for March dropped to 57.9, significantly below the expected 63.1, marking the lowest level since November 2022[14] - One-year inflation expectations among consumers rose from 4.3% in February to 4.9% in March, indicating growing concerns about future economic conditions[14] Global Economic Outlook - The European Central Bank (ECB) is considering pausing interest rate cuts if data supports it, amid ongoing inflation risks[19] - Japan's central bank governor indicated that potential inflation is expected to accelerate as the economy continues to recover, with companies committing to a 5.46% wage increase[21]

海外宏观 2025 年 3 月 17 日 海外宏观周报 美国通胀降温，关税威胁延续 证券分析师 | 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 | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | 平安观点： 宏 观 报 告 宏 观 周 报 证 券 研 究 报 告 FANCHENGKAI146@pingan.com.cn 海外经济政策。1）美国：政策方面，美国对钢铁和铝加征 25%关税于 3 月 12 日正式生效，本周曾威胁对加拿大钢铝加征额外 25%关税；特朗普威胁 将对欧盟葡萄酒征收 200%关税。特朗普团队倾向推荐鲍曼任美联储监管副 主席。美国参议院投票通过支出法案，避免政府停摆。经济数据方面，美国 2 月 CPI 和核心 CPI 环比均录得 0.2%、均低于预期。美国 2 月 PPI 同比上 涨 3.2 ...

证券研究报告 持续关注业绩确定性强的白马股 投资策略 基于可选消费修复逻辑，我们认为，服装制造及出口相关企业或将迎来机遇，且服装及家居出海企业或将延续红利。 同时，服装品牌企业经过估值调整后，或将迎来新一轮行情。投资主线如下： 主线一：自上而下，优选市场份额提升及具备估值性价比的细分赛道头部企业。其中，推荐关注服装制造相关的出 口企业的投资机会。建议关注：申洲国际、华利集团、伟星股份等。 主线二：自下而上，优选业绩确定性较强及股息率较高的白马股。其中，建议重点关注有边际改善的服装品牌企业， 以及分红派息率稳健的家纺头部企业。建议关注：安踏体育、波司登等。 2025年3月16日 请务必阅读正文后免责条款 周观点 轻工纺服行业 强于大市（维持） 平安证券研究所 新消费团队 分析师：王源 S1060524010001（证券投资咨询） 邮箱：WANGYUAN468@pingan.com.cn 本周涨跌幅 本周回顾 上周纺服板块+3.95%，轻工板块+1.76%，同期沪深300指数+1.59%；在申万一级行业中，所有28个板块上涨，有3个板块下跌， 纺织服装行业在31个一级行业中涨跌幅排名第4位，轻工制造行业涨跌幅排名 ...

证券研究报告 实施提振消费专项行动，消费医疗有望迎来复苏 生物医药行业强于大市（维持） 平安证券研究所生物医药团队 分析师： 叶寅投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN.COM.CN 倪亦道投资咨询资格编号:S1060518070001邮箱：NIYIDAO242@PINGAN.COM.CN 韩盟盟投资咨询资格编号:S1060519060002邮箱：HANMENGMENG005@PINGAN.COM.CN 裴晓鹏投资咨询资格编号:S1060523090002邮箱：PEIXIAOPENG719@PINGAN.COM.CN 何敏秀投资咨询资格编号:S1060524030001邮箱：HEMINXIU894@PINGAN.COM.CN 王钰畅投资咨询资格编号:S1060524090001邮箱：WANGYUCHANG804@PINGAN.COM.CN 曹艳凯投资咨询资格编号:S1060524120001邮箱：CAOYANKAI947@PINGAN.COM.CN 研究助理：臧文清一般证券从业资格编号:S1060123050058邮箱：ZANGWENQING222@PINGAN.C ...

地产、建材 2025 年 03 月 17 日 行业点评 中央明确更好满足住房消费需求，推动家装等以旧换新 中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》. 平安观点： 行 业 报 告 行 业 点 评 地产：强于大市（维持） 建材：强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业年度策略报告*建材*弱现实与强预 期，关注供给侧变化——建材行业 2025 年年度策略 报告*强于大市 20241215 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com.cn 事项： 证 券 研 究 报 告 推动房地产止跌回稳基调延续，城改提速释放刚性及改善需求。方案整体 延续此前两会政府工作报告中关于房地产的整体基调，明确提出更好满足 住房消费需求，持续用力推动房地产市场止跌回稳，加力实施城中村和危 旧房改造，充分释放刚性和改善性住房需求潜力。2024 年12 月住建部工 作会议表明城中村改造扩围至 300 多个城市，全年实 ...

证券研究报告 策略周报：短期市场风格趋向均衡 证券分析师 | 魏伟 | 投资咨询资格编号：S1060513060001 | | --- | --- | | 陈骁 | 投资咨询资格编号：S1060516070001 | | 张亚婕 | 投资咨询资格编号：S1060517110001 | | 蒋炯楠 | 投资咨询资格编号：S1060524120002 | 2025年3月16日 请务必阅读正文后免责条款 1 1 近期动态|宏观数据：政府债带动社融多增，企业及居民信贷仍偏弱 2月金融数据：社融多增主要由政府债贡献，企业和居民信贷偏弱 | | | | | | | | 近六个月 | | | | | 上年同期 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 新增规模（亿元） | | | 同比变化 | 25/02 | 25/01 | 24/12 | 24/11 | 24/10 | 24/09 | 24/02 | 24/01 | 23/12 | 23/11 | ...

前瞻性产业研究 2025 年 3 月 16 日 养老金融双周报（2025.03.10-2025.03.16） 欧盟养老金扩大国防股投资 证券分析师 平安观点： 风险提示： 本期重点：欧盟养老金扩大国防股投资 第一，美共和党参议员拟禁止美国养老金投资中国。印第安纳州参议员和 众议员提出了一项名为《保护美国人退休储蓄法案》的法案，旨在禁止受 《雇员退休收入保障法》（ERISA）监管的退休计划对被视为"外国对手国 家"的公司进行未来投资，这些国家包括中国、俄罗斯、朝鲜和伊朗。 第二，纽约州参议员要求 NYSRF 出售特斯拉股权。纽约州20 多名参议员 致信纽约州审计长，敦促他开始剥离纽约州养老基金（NYSRF）直接拥有 的特斯拉股票。该信函指出，特斯拉因反工会行为、企业透明度不足以及 职场歧视或不当行为等指控而受到批评。同时，马斯克领导唐纳德·特朗 普总统的政府效率部（DOGE）期间，参与了各个联邦机构的大规模裁员和 预算削减，导致特斯拉在其最忠实客户群体中的声誉下降。根据 CNBC报 道，特斯拉在 2024 年 2 月股价暴跌 28%；且有消息称特斯拉 2024 年四 季度利润同比下降 71%。鉴于特斯拉的持续波 ...