Investment Rating - The report maintains a "Buy-B" rating for Longi Green Energy (601012.SH) [4] Core Views - The company's performance has been negatively impacted by declining prices across the industry chain, with a significant drop in revenue and net profit in 2024. However, there is an expectation that the company's BC product shipment ratio will exceed 25% by 2025 [1][4] Financial Performance Summary - In 2024, the company achieved revenue of 82.58 billion yuan, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion yuan, down 180.2% year-on-year. For Q1 2025, revenue was 13.65 billion yuan, down 22.8% year-on-year and 43.1% quarter-on-quarter, with a net profit of -1.44 billion yuan, an increase of 38.9% year-on-year and 32.0% quarter-on-quarter [1][2] - The company's silicon wafer revenue in 2024 was 8.21 billion yuan, down 66.5% year-on-year, with a shipment of 108.46 GW. The revenue from modules and batteries was 66.33 billion yuan, down 33.1% year-on-year, with a battery module shipment of 82.32 GW [2] - The gross margins for silicon wafers and battery modules in 2024 were -14.3% and 6.3%, respectively, reflecting a year-on-year decline of 30.2 percentage points and 12.1 percentage points [2] Product and Technology Development - Longi Green Energy is a leading company in BC technology, with its HPBC 1.0 production line being upgraded to N-type HPBC 2.0 technology, achieving a battery yield of approximately 97%. The company expects its BC component shipments to reach 17.33 GW in 2024, a year-on-year increase of 191%, and 4.32 GW in Q1 2025 [3] - By the end of 2025, the company's BC production capacity is projected to increase to 50 GW, with an expected shipment ratio of BC products exceeding 25% for the year [3]

Investment Rating - The report maintains a "Buy-B" rating for the company [3][6] Core Views - The company's performance has been negatively impacted by declining prices across the industry chain, with a significant drop in revenue and profit margins [4][5] - The company is expected to increase its BC product shipment ratio to over 25% by the end of 2025, driven by advancements in technology and production capacity [5] Financial Performance Summary - In 2024, the company achieved revenue of 82.58 billion yuan, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion yuan, a year-on-year decline of 180.2% [3][4] - For Q1 2025, the company reported revenue of 13.65 billion yuan, down 22.8% year-on-year and 43.1% quarter-on-quarter, with a net profit of -1.44 billion yuan, an increase of 38.9% year-on-year and 32.0% quarter-on-quarter [3][4] - The company's silicon wafer revenue in 2024 was 8.21 billion yuan, down 66.5% year-on-year, while the revenue from modules and batteries was 66.33 billion yuan, down 33.1% year-on-year [4] Production and Capacity Insights - The company shipped 17.33 GW of BC modules in 2024, a year-on-year increase of 191%, and 4.32 GW in Q1 2025 [5] - By the end of 2025, the company's BC production capacity is expected to reach 50 GW, with the second-generation BC capacity projected to increase to 35 GW by mid-2025 [5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are -0.28 yuan, 0.32 yuan, and 0.60 yuan respectively, with corresponding PE ratios of -51.0, 45.3, and 23.9 [6][8]

地瓜机器人完成 1 亿美元 A 轮融资： 2025 年 5 月 28 日，地平线机 器人-W（9660.HK）旗下地瓜机器人宣布完成 1 亿美元 A 轮融资。本轮融 资获得海内外众多投资机构青睐，由高瓴创投、五源资本、线性资本、和暄 资本、九合创投、Vertex Growth 等投资机构共同参投，为地瓜机器人加速构 建具身智能生态版图注入强劲动力。为加速具身智能机器人落地进程，地瓜 机器人将在 6 月正式发售面向具身智能机器人的 RDK S100 机器人开发套 件。该平台具备百 TOPS 级算力，拥有强大的异构架构设计，是行业首款单 SoC 算控一体计算平台，可实现机器人感知与运控协同计算。 电力设备及新能源 行业周报（202526-20250601） 同步大市-A(维持) 上海成立具身智能数据联盟，硅料价格下行 2025 年 6 月 3 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | ...

电力设备及新能源 行业周报（202526-20250601） 同步大市-A(维持) 上海成立具身智能数据联盟，硅料价格下行 2025 年 6 月 3 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 资料来源：最闻 请务必阅读最后股票评级说明和免责声明 1 行业研究/行业周报 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】智元发布 AI 智能助行外 骨 骼机 器人 ， 光伏 产 业链 价格 下 行 2025.5.7 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiah ...

国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 3,347.49 | -0.47 | 批，业绩有望迎来反转 | | 深证成指 | | 10,040.63 | -0.85 | | | 沪深 | 300 | 3,840.23 | -0.48 | | | 中小板指 | | 6,277.94 | -0.96 | | | 创业板指 | | 1,993.19 | -0.96 | | | 科创 | 50 | 977.03 | -0.94 | | | 资料来源：最闻 | | | | | 分析师： 研究早观点 2025 年 6 月 3 日 星期二 市场走势 资料来源：最闻 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：英伟达 computex 强调 边缘计算，超节点是国产算力重要元素 【公司评论】江铃汽车(000550.SZ)：江铃汽车 24 年报&25Q1 季报点评-持 续发力海外开拓市场空 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance in the near term [2][8]. Core Views - The company has shown significant revenue growth in 2024, achieving an operating income of 38.374 billion yuan, a year-on-year increase of 15.7%. However, the net profit for the same year was 1.537 billion yuan, reflecting a modest growth of 4.2% [2][3]. - The company is actively expanding its overseas market presence and advancing its transition to new energy and intelligent vehicles, which are expected to drive future growth [2][4][8]. Financial Performance - In 2024, the company's total vehicle revenue reached 34.702 billion yuan, up 14.32% year-on-year, with steady growth in SUV, pickup, and light passenger vehicle sales [3]. - The gross margin for 2024 was 14.13%, a decrease of 1.25 percentage points year-on-year, while the net margin was 3.14%, down 0.07 percentage points [3]. - For Q1 2025, the company reported an operating income of 7.967 billion yuan, a slight decrease of 0.09% year-on-year, and a net profit of 306 million yuan, down 36.56% [2][3]. Market Expansion - The company has made significant strides in international markets, with exports reaching 116,600 units in 2024, a year-on-year increase of 21.9%. It has established over 100 overseas dealers and showrooms, exporting to more than 100 countries [4][8]. - The collaboration with Ford has deepened, with a framework agreement for vehicle exports signed, enhancing the company's global footprint [4]. New Energy Strategy - The company is actively developing its new energy vehicle lineup, achieving sales of 10,900 units and generating revenue of 1.118 billion yuan from these products in 2024 [4][8]. - The introduction of new electric models is expected to strengthen the company's position in the new energy vehicle market [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 42.439 billion yuan, 48.208 billion yuan, and 55.728 billion yuan, respectively, with corresponding net profits of 1.6 billion yuan, 1.849 billion yuan, and 2.187 billion yuan [8][10]. - The report anticipates continued growth in earnings per share (EPS), with estimates of 1.85 yuan, 2.14 yuan, and 2.53 yuan for the same period [8][10].

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for the stock [7]. Core Views - The company experienced a decline in revenue and profit in 2024, with operating income of 20.998 billion yuan, down 16.30% year-on-year, and a net profit of 1.085 billion yuan, down 55.80% year-on-year. The first quarter of 2025 also showed a decline in revenue and profit [3][4]. - Despite challenges in the North American market, the domestic market showed resilience with a 12% increase in semi-trailer sales and a 16% increase in revenue, leading to an increase in market share [4]. - The company is focusing on high-end manufacturing transformation and digitalization to enhance long-term competitiveness, alongside significant investments in the new energy vehicle market [5]. Company Performance - The company's stock closed at 8.37 yuan on May 30, 2025, with a market capitalization of 156.86 billion yuan. The highest and lowest prices in the year were 13.15 yuan and 7.86 yuan, respectively [2]. - The basic and diluted earnings per share for the year ending March 31, 2025, were both 0.10 yuan, with a net asset return rate of 1.18% [2]. Financial Forecast - Revenue projections for 2025-2027 are 21.556 billion yuan, 22.811 billion yuan, and 24.892 billion yuan, respectively. Net profits are expected to be 1.151 billion yuan, 1.294 billion yuan, and 1.507 billion yuan for the same period [7][9]. - The report anticipates an increase in earnings per share (EPS) from 0.61 yuan in 2025 to 0.80 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 13 to 10 [7][9].

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by over 10% [1]. Core Insights - Nvidia confirmed the smooth mass production of the Blackwell series and introduced NVLINK Fusion at the Computex event, with the GB200 system set for mass production by the end of 2024 and the GB300 expected in Q3 2025. The GB300 will have 1.5 times the inference performance and HBM capacity of the GB200, with communication bandwidth doubled to 800Gb/s [3][13]. - The report highlights the increasing demand for AI infrastructure, particularly in edge computing, as Nvidia launches products like DGX Spark and RTX PRO Server, which cater to various market segments including AI developers and enterprise applications [4][14]. - Huawei introduced the Ascend 384 supernode technology, significantly enhancing communication bandwidth and reducing latency, marking a substantial advancement in AI chip system design capabilities [5][15]. Summary by Sections Industry Dynamics - Nvidia's advancements in supernode technology and partnerships with major companies like Alchip and Marvell are expected to drive growth in the ASIC market and enhance the penetration of supernodes in non-Nvidia chips [3][13]. - The report anticipates a linear growth trend in capital expenditure within the optical module industry, with optimism for its beta in 2026 [3][13]. Market Performance - The overall market experienced a decline during the week of May 19-23, 2025, with the Shanghai Composite Index down by 0.57% and the Shenzhen Component Index down by 0.46%. However, the industrial internet sector saw a notable increase of 9.7% [6][17]. - Individual stock performance varied, with notable gains from companies like Dongtu Technology and Haige Communication, while others like Cambridge Technology and Aofei Data faced significant declines [6][32]. Recommended Companies - The report suggests focusing on companies in various sectors, including optical communication (e.g., Zhongji Xuchuang, New Yisheng) and AI IoT (e.g., Guanghetong, Yiyuan Communication) [6][17].

Investment Rating - The report upgrades the investment rating for the company to "Buy-B" [5][12]. Core Views - The company is expected to see a turnaround in performance due to the clearance of centralized procurement risks and the approval of the methylphenidate three-layer chip, which is anticipated to significantly boost revenue [6][12]. - The company reported a revenue of 1.518 billion yuan in 2024, a year-on-year decline of 20.11%, with a net profit of 161 million yuan, down 29.15% [6][12]. - In Q1 2025, the company achieved a revenue of 360 million yuan, a year-on-year increase of 7.98%, and a net profit of 38 million yuan, up 25.94% [6][12]. Financial Performance - The company’s gross margin improved to 69.16%, an increase of 17.68 percentage points year-on-year, while the net profit margin remained stable at 9.87% [6][12]. - The projected revenues for 2025, 2026, and 2027 are 1.919 billion yuan, 2.404 billion yuan, and 2.988 billion yuan, respectively, with corresponding net profits of 212 million yuan, 281 million yuan, and 370 million yuan [12][14]. - The earnings per share (EPS) are expected to be 1.11 yuan, 1.47 yuan, and 1.94 yuan for the years 2025, 2026, and 2027, respectively [12][14]. Market Dynamics - The company has seen significant growth in its industrial business, with an 18.92% increase in revenue, driven by the successful launch of several products [8][9]. - The approval of the methylphenidate three-layer chip is expected to open up a large market opportunity, with an estimated 23 million children and adolescents affected by ADHD in China [9][12]. - The company has established a strong position in the market with its proprietary controlled-release technology, which is a key competitive advantage [9][11].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected performance exceeding the benchmark index by over 10% [1]. Core Insights - NVIDIA confirmed the smooth mass production of the Blackwell series and introduced NVLINK Fusion at the Computex event, with the GB200 system set for mass production by the end of 2024 and the GB300 expected in Q3 2025. The GB300 will have 1.5 times the inference performance and HBM capacity of the GB200, with doubled communication bandwidth at 800Gb/s [3][4]. - The report highlights the increasing demand for AI infrastructure, particularly in edge computing, as NVIDIA launches products like DGX Spark and RTX Pro Server, which cater to various market segments including AI developers and enterprises [4][5]. - Huawei's Ascend Developer Conference 2025 showcased the 384 supernode cluster, emphasizing the importance of system design capabilities in next-generation AI chips. The cluster is the largest in the industry and can be expanded significantly [5][6]. Summary by Sections Industry Trends - NVIDIA's advancements in cloud infrastructure and the introduction of NVLINK Fusion are expected to drive growth in the optical module industry, with optimistic projections for 2026 [3][4]. - The report notes the competitive landscape, with NVIDIA leveraging its NVLINK advantages to penetrate the ASIC market and enhance the adoption of supernodes in non-NVIDIA chips [3][4]. Market Performance - The overall market experienced a decline during the week of May 19-23, 2025, with the Shanghai Composite Index down by 0.57% and the Shenzhen Component Index down by 0.46%. However, the industrial internet sector saw a notable increase of 9.7% [6][17]. - Specific stocks such as Dongtu Technology and Haige Communication showed significant gains, while others like Cambridge Technology faced declines [6][32]. Recommended Companies - The report suggests focusing on companies in various sectors, including optical communication (e.g., Zhongji Xuchuang, New Yisheng) and AI IoT (e.g., Guanghetong, Yiyuan Communication) [6][17].