电力电子及自动化 英杰电气（300820.SZ） 增持-A(首次) 光伏周期导致业绩承压，半导体业务稳步提升 2025 年 5 月 19 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报及 2025 年第一季度报告。2024 年，公司实现营业 收入 17.8 亿元，同比+0.59%；实现归母净利润 3.23 亿元，同比-25.19%；扣 非归母净利润 3.07 亿元，同比-27.87%。25Q1 公司实现营业收入 3.25 亿元， 同比-13.30%；归母净利润 0.50 亿元，同比-36.84%。 事件点评 市场数据：2025 年 5 月 16 日 收盘价（元）： 44.67 年内最高/最低（元）： 73.50/34.14 流通A股/总股本（亿）： 1.11/2.22 流通 A 股市值（亿）： 49.59 总市值（亿）： 99.00 利润承压，主要系研发和资产减值增加等所致。2024 年，收入端小幅增 长 0.59%，毛利率 38.50%/yoy+1.27pct，销售净利率 18.84%/yoy-5.53pct。其 中，研发费用 1.37 亿元/yoy+40.18%，研发费用 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance [1]. Core Views - The company is expected to maintain growth momentum through both downstream expansion and overseas layout, with a projected increase in revenue and profit [1][9]. - The company is a leading domestic player in semiconductor cleanroom equipment and consumables, with strong prospects for technology expansion in various downstream applications and overseas markets [9]. Financial Performance Summary - In 2024, the company achieved operating revenue of 1.723 billion yuan, a year-on-year increase of 14.45%, and a net profit attributable to shareholders of 192 million yuan, up 10.83% year-on-year [3][5]. - For Q1 2025, the company reported operating revenue of 317 million yuan, reflecting a year-on-year growth of 16.02%, and a net profit of 42 million yuan, up 18.45% year-on-year [3]. Revenue Breakdown - Cleanroom air purification revenue reached 1.215 billion yuan in 2024, contributing 70.5% to total revenue, with a gross margin of 27.43% [4]. - Other industry revenues amounted to 508 million yuan, contributing 29.5% to total revenue, with a gross margin of 34.86% [4]. Cost and Efficiency - The company has improved its gross margin to 29.62% in 2024, an increase of 2.37 percentage points year-on-year, despite a slight decrease in net profit margin to 11.16% [5]. - Management expenses rose by 43.6% year-on-year, primarily due to increased land amortization and employee compensation [5]. Overseas Expansion - The company is accelerating its overseas expansion through acquisitions, including the purchase of Jiexinlong, which enhances its cleanroom solutions in Southeast Asia [6]. - The acquisition of Circul-Aire Inc. in Canada strengthens its upstream filter material capabilities and expands sales channels in North America and the EU [6]. - In 2024, overseas revenue reached 228 million yuan, a year-on-year increase of 33.38%, contributing 13.21% to total revenue [6]. Future Earnings Projections - The company is projected to achieve earnings per share (EPS) of 2.08, 2.73, and 3.49 yuan for the years 2025, 2026, and 2027, respectively [9]. - Corresponding price-to-earnings (P/E) ratios for these years are estimated at 16.6, 12.7, and 9.9 [9].

Group 1 - The new stock market activity has decreased, with the first-day gains and opening valuations of new stocks on the Sci-Tech Innovation Board and the Growth Enterprise Market both declining in May [2][3][14] - In the past week, 33 new stocks listed in the last six months recorded positive gains, accounting for 68.75%, down from 83.33% previously [2][14] - The first-day gain of Hanbang Technology on the Sci-Tech Innovation Board was 115.20%, with an opening valuation of 50.90 times [2][18] - The first-day gain of Zairun New Energy on the Growth Enterprise Market was 98.12%, with an opening valuation of 30.86 times [2][29] Group 2 - The first-day opening price-earnings ratio (PE) for new stocks on the Sci-Tech Innovation Board decreased to 50.90 times in May, down from 154.01 times in March [20] - The first-day opening PE for new stocks on the Growth Enterprise Market was 30.86 times in May, down from 58.65 times in April [30] - The first-day gains for new stocks on the Main Board were 197.82% in April, down from 289.09% in March [40] Group 3 - The report highlights key new stocks that have recently been listed, including Victory Nano (semiconductor third-party testing laboratory) and Silicon Electric (semiconductor probe station equipment) [5][58] - The report also identifies upcoming new stocks awaiting approval, such as Yitang Co., Ltd. (dry degluing/rapid heat treatment equipment) and Yingstone Innovation (consumer-grade panoramic cameras) [50][51] - The report emphasizes the competitive landscape in the blood purification market, where domestic manufacturers are gradually replacing foreign brands in the hemodialysis market [54][55]

Investment Rating - The coal industry maintains a "Synchronize with the Market" rating [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved non-electric demand as summer approaches [1][10] - The report highlights that while coal prices have seen some decline, the potential for further decreases is limited due to upcoming summer stocking demands and improved international trade conditions [10] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][25] - **Metallurgical Coal**: The external trade environment is improving, leading to continued inventory reduction. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][37] - **Coke and Steel Industry Chain**: Increased operational rates have led to a slight decline in coke prices. The average price for first-grade metallurgical coke at Tianjin Port is 1480 CNY/ton, down 3.27% week-on-week [5][55] - **Coal Transportation**: There is an increase in stocking demand, with the coastal coal transportation price index at 661.75 points, up 3.34% [8][66] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in both coking coal and coke futures prices [68] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC Coal Index closed at 3244.52 points, with a weekly change of +1.65% [9][73] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [80][81] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [82] 4. Important Announcements from Listed Companies - Several companies have reported operational updates, including production adjustments and strategic asset acquisitions, reflecting ongoing developments in the coal sector [83][85] 5. Next Week's Outlook and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with minimal non-coal business exposure, such as Xinjie Energy and Huohua Energy [10]

电力电子及自动化 英杰电气（300820.SZ） 增持-A(首次) 光伏周期导致业绩承压，半导体业务稳步提升 2025 年 5 月 19 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年报及 2025 年第一季度报告。2024 年，公司实现营业 收入 17.8 亿元，同比+0.59%；实现归母净利润 3.23 亿元，同比-25.19%；扣 非归母净利润 3.07 亿元，同比-27.87%。25Q1 公司实现营业收入 3.25 亿元， 同比-13.30%；归母净利润 0.50 亿元，同比-36.84%。 事件点评 市场数据：2025 年 5 月 16 日 收盘价（元）： 44.67 年内最高/最低（元）： 73.50/34.14 流通A股/总股本（亿）： 1.11/2.22 流通 A 股市值（亿）： 49.59 总市值（亿）： 99.00 利润承压，主要系研发和资产减值增加等所致。2024 年，收入端小幅增 长 0.59%，毛利率 38.50%/yoy+1.27pct，销售净利率 18.84%/yoy-5.53pct。其 中，研发费用 1.37 亿元/yoy+40.18%，研发费用 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for its stock performance [1][10]. Core Insights - The company achieved a revenue of 1.723 billion yuan in 2024, representing a year-on-year increase of 14.45%, and a net profit of 192 million yuan, up 10.83% year-on-year [4]. - The company is focusing on the semiconductor sector while expanding into various application markets, maintaining a leading position in the domestic semiconductor cleanroom sector [5][10]. - The company is actively pursuing overseas expansion and has made acquisitions to enhance its supply chain and market reach, particularly in Southeast Asia and North America [7][10]. Financial Performance - In Q1 2025, the company reported a revenue of 317 million yuan, a year-on-year increase of 16.02%, and a net profit of 42 million yuan, up 18.45% year-on-year [4]. - The cleanroom air purification revenue for 2024 was 1.215 billion yuan, contributing 70.5% to total revenue, with a gross margin of 27.43% [5]. - The company’s gross margin and net margin for 2024 were 29.62% and 11.16%, respectively, showing a year-on-year increase of 2.37 percentage points and a slight decrease of 0.32 percentage points [6]. Market Position and Strategy - The company is recognized as a domestic leader in cleanroom equipment and consumables for the semiconductor industry, with a strong focus on technology development and market expansion [10]. - The company’s consumable products, particularly filters, have a replacement cycle that supports ongoing revenue generation, with consumable revenue accounting for over 30% of total revenue [9][10]. - The company’s overseas revenue reached 228 million yuan in 2024, marking a year-on-year increase of 33.38%, contributing 13.21% to total revenue [7][10]. Future Projections - The company is projected to achieve earnings per share (EPS) of 2.08, 2.73, and 3.49 yuan for the years 2025, 2026, and 2027, respectively [10]. - Revenue forecasts for the upcoming years are 2.377 billion yuan in 2025, 3.096 billion yuan in 2026, and 3.884 billion yuan in 2027, with expected year-on-year growth rates of 37.9%, 30.3%, and 25.4% [12].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][9]. Core Views - The company achieved a revenue of 10.02 billion yuan in 2024, representing a year-on-year growth of 9.87%, and a net profit attributable to shareholders of 868 million yuan, up 9.94% year-on-year [4]. - In Q1 2025, the company reported a revenue of 2.46 billion yuan, a 15.14% increase year-on-year, while the net profit attributable to shareholders reached 207 million yuan, marking a significant year-on-year growth of 50.46% [4][5]. - The sales volume of synthetic resin products has been steadily increasing, with a revenue of 5.34 billion yuan in 2024, up 4.33% year-on-year, and a sales volume of 695,600 tons, up 8.85% year-on-year [5][6]. Financial Performance - The company is projected to achieve revenues of 11.78 billion yuan, 13.05 billion yuan, and 14.22 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.6%, 10.7%, and 8.9% [9][11]. - The net profit attributable to shareholders is expected to be 1.18 billion yuan, 1.45 billion yuan, and 1.68 billion yuan for the same years, reflecting growth rates of 36.1%, 22.7%, and 16.0% [9][11]. - The report indicates an increase in gross margin from 23.0% in 2023 to 24.7% in 2025, with a projected net profit margin of 10.0% in 2025 [11][12]. Market Performance - As of May 16, 2025, the company's closing price was 26.95 yuan, with a year-to-date high of 32.01 yuan and a low of 17.14 yuan [3]. - The total market capitalization of the company is 22.81 billion yuan, with a circulating market value of 21.05 billion yuan [3].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][9]. Core Views - The company achieved a revenue of 10.02 billion yuan in 2024, representing a year-on-year growth of 9.87%, and a net profit attributable to shareholders of 868 million yuan, up 9.94% year-on-year [4]. - In Q1 2025, the company reported a revenue of 2.46 billion yuan, a 15.14% increase year-on-year, and a net profit of 207 million yuan, which is a significant growth of 50.46% year-on-year [4][5]. - The sales volume of synthetic resin products has been steadily increasing, with a revenue of 5.34 billion yuan in 2024, up 4.33% year-on-year, and a sales volume of 695,600 tons, up 8.85% year-on-year [5][6]. - The advanced electronic materials and battery materials sectors are experiencing rapid growth, driven by the demand for AI computing power and high-energy-density batteries [6][9]. Financial Data and Projections - The company is projected to achieve revenues of 11.78 billion yuan, 13.05 billion yuan, and 14.22 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.6%, 10.7%, and 8.9% [9][11]. - The net profit attributable to shareholders is expected to reach 1.18 billion yuan, 1.45 billion yuan, and 1.68 billion yuan for the same years, with growth rates of 36.1%, 22.7%, and 16.0% [9][11]. - The report indicates an increase in the gross profit margin from 23.0% in 2023 to 24.7% in 2025, reflecting improved operational efficiency [11][12].

公司近一年市场表现 | 年 月 市场数据：2025 5 | 日 16 | | | --- | --- | --- | | 收盘价（元）： | | 31.39 | | 年内最高/最低（元）： | | 38.21/18.19 | | 流通A股/总股本（亿）： | | 1.16/1.93 | | 流通 A 股市值（亿）： | | 36.32 | | 总市值（亿）： | | 60.69 | 其他电子零组件Ⅲ 路维光电（688401.SH） 买入-A(首次) | 基础数据：2025 年 | 3 月 31 日 | | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.26 | | 摊薄每股收益(元)： | | 0.26 | | | 每股净资产(元)： | | | 7.47 | | 净资产收益率(%)： | | | 3.40 | | 资料来源：最闻 | | | | 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记编码：S0760523110003 邮箱：fushengsheng@sxzq.com 新产能 ...

其他电子零组件Ⅲ 路维光电（688401.SH） 买入-A(首次) 公司近一年市场表现 | 年 月 市场数据：2025 | 5 | 日 16 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 31.39 | | 年内最高/最低（元）： | | | 38.21/18.19 | | 流通A股/总股本（亿）： | | | 1.16/1.93 | | 流通 A 股市值（亿）： | | | 36.32 | | 总市值（亿）： | | | 60.69 | | 基础数据：2025 | 年 | 月 | 日 | 3 | 31 | 基本每股收益(元)： | 0.26 | | --- | --- | --- | --- | --- | --- | --- | --- | | 摊薄每股收益(元)： | 0.26 | | | | | | | | 每股净资产(元)： | 7.47 | | | | | | | | 净资产收益率(%)： | 3.40 | | | | | | | 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 傅盛盛 执业登记 ...