Investment Rating - The report rates the home appliance industry as "Leading the Market" with an expected growth exceeding the benchmark index by over 10% [3][40]. Core Insights - The domestic market for white goods is performing better than exports, with optimistic production forecasts for air conditioners from May to July, while refrigerator and washing machine production remains stable. The upcoming summer season is expected to boost air conditioner sales due to trade-in subsidies [3][11]. - The export growth rate for home appliances declined in April, influenced by a competitive overseas market and fluctuating tariff policies between China and the U.S. However, strong growth in emerging markets is alleviating some pressure from North America [3][21]. - Raw material costs are decreasing, which is expected to enhance profitability. Prices for rebar and ethylene are at low levels, and copper prices are stable, reducing cost pressures on the industry [4][27]. - Shipping costs are currently low, which may benefit home appliance companies by lowering transportation expenses. Recent trade talks have led to a temporary suspension of tariffs on Chinese goods, potentially causing fluctuations in shipping prices [4][31]. Summary by Sections White Goods Production - Air conditioner production is optimistic, with May production at 23.3 million units and growth rates of 9.9%, 14.1%, and 14.3% for the following months. Refrigerator production is stabilizing, while washing machine production is in a seasonal downturn [11][14][17]. Home Appliance Exports - In April, the export value of home appliances was $8.65 billion, a year-on-year decline of 2.89%, while the export volume was 385 million units, a 1.2% increase. The decline in value is attributed to intense market competition and pricing strategies [21][24]. Raw Materials - As of May 14, 2025, the LME copper price was $9,649.5 per ton, with rebar at 3,118 yuan per ton and ethylene at $781 per ton, all indicating a favorable cost environment for the industry [27][28]. Shipping Costs - The shipping cost indices for various routes are at low levels, which is beneficial for export-oriented home appliance companies. The recent trade agreement has led to a temporary suspension of tariffs, which may influence shipping dynamics [31][32]. Investment Recommendations - The report suggests four main investment themes: 1. Configuration type focusing on white goods with high dividend yields and limited valuation downside, including companies like Midea Group and Gree Electric. 2. Turning point type targeting small appliances and kitchen appliances expected to recover due to low baselines and stimulus policies. 3. Growth potential in black goods with technological upgrades and competitive advantages for domestic brands. 4. Thematic investments in the humanoid robot supply chain, which may benefit component manufacturers [5][35].

Investment Rating - The report rates the home appliance industry as "Leading the Market" with an expectation of exceeding the benchmark index by over 10% [3][39]. Core Insights - The domestic market for home appliances is showing optimism, particularly in air conditioning production, while export markets face challenges due to tariff uncertainties [3][5]. - The report highlights a positive outlook for air conditioning production in the upcoming months, driven by seasonal demand and government incentives for replacing old appliances [10][34]. - The report notes a decline in export growth for home appliances in April, attributed to intense competition and fluctuating tariff policies, although emerging markets are providing some relief [20][34]. - Raw material costs are decreasing, which is expected to enhance profitability for the industry, with stable prices for copper, rebar, and ethylene [26][34]. - Shipping costs are currently low, which benefits export-oriented home appliance companies, although there may be fluctuations due to potential "export rush" phenomena [30][34]. Summary by Sections 1. White Goods Production - Air conditioning production is optimistic with expected increases of 9.9%, 14.1%, and 14.3% from May to July 2025, while refrigerator and washing machine production remains stable [10][13]. - Domestic refrigerator production is gradually improving, while export production remains pessimistic due to tariff impacts [13][16]. - Washing machine production is in a seasonal downturn domestically, but export impacts from tariffs are minimal [16][34]. 2. Home Appliance Exports - In April 2025, home appliance exports fell by 2.89% year-on-year, with a total export value of $8.65 billion [20][34]. - The volume of exports increased by 1.2%, indicating a mixed performance influenced by competitive pricing and tariff fluctuations [20][34]. 3. Raw Materials - The report indicates that raw material costs are at low levels, with copper priced at $9,649.5 per ton, rebar at 3,118 yuan per ton, and ethylene at $781 per ton, which helps reduce cost pressures [26][34]. 4. Shipping Costs - Current shipping costs are low, which is advantageous for home appliance exporters, although potential fluctuations may arise from increased export activities [30][34]. 5. Investment Recommendations - The report suggests four main investment themes: 1. Configuration type focusing on white goods with stable performance and high dividends, including companies like Midea Group and Gree Electric [5][34]. 2. Turning point type targeting small appliances and kitchen appliances expected to recover [5][34]. 3. Growth potential in black goods with technological upgrades and competitive advantages for domestic brands [5][34]. 4. Thematic investments in the humanoid robot supply chain, which may benefit component manufacturers [5][34].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [1][6]. Core Insights - The company is transitioning to high-margin markets, leading to significant profit recovery. In Q1 2025, the company achieved a revenue of 503 million yuan, with a year-on-year growth of 4.8% and a quarter-on-quarter decline of 9.98%. The net profit attributable to shareholders was 36 million yuan, reflecting a year-on-year increase of 13.62% and a quarter-on-quarter increase of 218.29% [2][4]. - The gross profit margin for Q1 2025 was 16.74%, up by 1.09 percentage points year-on-year and 5.52 percentage points quarter-on-quarter, attributed to a shift towards high-margin orders and a decrease in shipping and raw material costs [4][6]. - The company is expected to benefit from the exit of competitors, particularly in the hot melt adhesive market, which is dominated by major foreign enterprises. The planned closure of nearly one-third of factories by a competitor will accelerate the company's global expansion [5][6]. Financial Performance and Projections - The company forecasts net profits of 150 million yuan, 185 million yuan, and 219 million yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings (PE) ratios of 17, 14, and 12 times [6][11]. - Revenue projections for the years 2023 to 2027 are as follows: 1,628 million yuan in 2023, 2,006 million yuan in 2024, 2,369 million yuan in 2025, 2,774 million yuan in 2026, and 3,246 million yuan in 2027, with year-on-year growth rates of 20.5%, 23.3%, 18.1%, 17.1%, and 17.0%, respectively [9][11].

太阳能 福莱特（601865.SH） 买入-A(维持) 2025 年 Q1 业绩环比扭亏为盈，行业龙头地位稳固 2025 年 5 月 15 日 公司研究/公司快报 公司近一年市场表现 市场数据：2025 年 5 月 15 日 | 收盘价（元）： | | | | 15.27 | | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | | | | 30.31/14.60 | | 流 通 A 股 / | 总 | 股 | 本 | 19.00/23.43 | | （亿）： | | | | | | 流通 A 股市值（亿）： | | | | 290.14 | | 总市值（亿）： | | | | 357.76 | 基础数据：2025 年 3 月 31 日 | 基本每股收益(元)： | 0.05 | | --- | --- | | 摊薄每股收益(元)： | 0.05 | | 每股净资产(元)： | 9.31 | | 净资产收益率(%)： | 0.48 | 资料来源：最闻 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编 ...

通信 周跟踪（20250506-20250509） 领先大市-A(维持) 通信行业近一年市场表现 AI 物联网蓝海启程-AI 物联网行业深度 报告 2025.5.6 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 望不变，再论 AI 算力的需求逻辑-周跟 踪（20250428-20250504） 2025.5.9 邮箱：zhangtian@sxzq.com 孙悦文 邮箱：sunyuewen@sxzq.com ——北美光通信财报继续验证景气度，印巴冲突凸显军工通信体系化能力重要 2025 年 5 月 15 日 行业研究/行业周报 投资要点 行业动向： 1）北美 Coherent、Lumentum、AAOI、Fabrinet、Macom 等光通信企业财 报陆续发布，光模块上下游产品增长明显，叠加上周北美 CSP 资本开支积极指 引，我们认为光通信板块二季度具有较强补涨确定性。 资料来源：最闻 相关报告： 【山证通信】北美 CSP 资本开支展 1.1 Coherent 2025 财年第三季度营收 15 亿美元 ...

其他通用机械 绿的谐波（688017.SH） 增持-A(首次) 25Q1 业绩修复，关注公司产品和高端场景拓展 2025 年 5 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司披露 2024 年报和 2025 年一季报。2024 年实现营业收入 3.87 亿元， 同比+8.77%；归母净利润 0.56 亿元，同比-33.26%；扣非后归母净利润 0.46 亿元，同比-38.09%。24Q4 营业收入 1.11 亿元，同比+9.1%；归母净利润-0.03 亿元，同比-122.86%。25Q1 营业收入 0.98 亿元，同比+19.65%；归母净利润 0.20 亿元，同比+0.66%，环比实现扭亏。 事件点评 市场数据：2025 年 5 月 14 日 基础数据：2025 年 3 月 31 日 业绩承压，2024 年毛利率/净利率分别下滑 3.60/9.41pc ；25Q1 环比扭 亏 。 2024 年 ， 公 司 毛 利 率 / 净 利 率 分 别 为 37.54%/14.41% ， 同 比 分 别 -3.60pc /-9.41pc 。分行业，国内工业机器人行业需求回暖，公司工业及服务 机器 ...

公司披露 2024 年报和 2025 年一季报。2024 年实现营业收入 3.87 亿元， 同比+8.77%；归母净利润 0.56 亿元，同比-33.26%；扣非后归母净利润 0.46 亿元，同比-38.09%。24Q4 营业收入 1.11 亿元，同比+9.1%；归母净利润-0.03 亿元，同比-122.86%。25Q1 营业收入 0.98 亿元，同比+19.65%；归母净利润 0.20 亿元，同比+0.66%，环比实现扭亏。 事件点评 基础数据：2025 年 3 月 31 日 业绩承压，2024 年毛利率/净利率分别下滑 3.60/9.41pct；25Q1 环比扭 亏 。 2024 年 ， 公 司 毛 利 率 / 净 利 率 分 别 为 37.54%/14.41% ， 同 比 分 别 -3.60pct/-9.41pct。分行业，国内工业机器人行业需求回暖，公司工业及服务 机器人零部件收入 2.77 亿元/yoy+3.93%。分产品，谐波减速器及金属件收入 3.25 亿元/yoy+2.56%，收入贡献 84.00%，毛利率 36.13%/yoy-5.03pct；机电 一 体 化 产 品 收 入 0.53 亿 ...

Investment Rating - The report maintains a "Buy-B" investment rating for the company [1] Core Views - The company is transitioning from project-based software services to a platform-based energy operation model, focusing on AI-driven market transactions in the energy sector [2][7] - The company aims to leverage its strengths in energy digitalization and the energy internet to enhance its market position and operational efficiency [2][7] Financial Performance - In Q1 2025, the company reported a revenue of 670 million yuan, a slight decrease of 0.12% year-on-year, while achieving a net profit of 3 million yuan, a significant increase of 117.5% year-on-year [1] - The gross margin for Q1 2025 was 48.4%, reflecting a year-on-year increase of 3.2 percentage points and a quarter-on-quarter increase of 11.8 percentage points [1] - For the full year 2024, the company’s revenue was 4.48 billion yuan, down 5.24% year-on-year, with a net profit of -280 million yuan [2] Business Segments - The energy internet business is experiencing growth, with a revenue of 1.8 billion yuan in 2024, up 17.6% year-on-year, and a gross margin of 49.6%, an increase of 9.9 percentage points [3] - The company’s charging aggregation platform has over 18 million registered users and 1.6 million charging devices, with charging volume reaching 5.2 billion kWh, a year-on-year growth of approximately 30% [3] - The company’s virtual power plant platform has connected 25 GW of distributed photovoltaic capacity, growing rapidly to 37.7 GW in Q1 2025 [3] Market Outlook - The company anticipates a 50-fold increase in trading volume over the next three years due to the full liberalization of the electricity market [4] - The company has established a significant presence in multiple provinces, enhancing its competitive advantage in the electricity trading market [4] - The partnership with Ant Group aims to explore new financing channels and business models through asset tokenization [4] Financial Projections - The company expects net profits of 310 million yuan, 460 million yuan, and 940 million yuan for the years 2025, 2026, and 2027, respectively, with a dynamic P/E ratio of 51.5 for 2025 [7] - Revenue projections for 2025 to 2027 are 5.126 billion yuan, 6.414 billion yuan, and 8.363 billion yuan, reflecting a compound annual growth rate [9]

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company is transitioning from project-based software services to a platform-based energy operation model, focusing on AI-driven electricity market transactions [1][4] - The company aims to become a leading technology energy enterprise, linking electricity supply and demand while building an energy internet platform for efficient and green energy operations [10] Financial Performance - In Q1 2025, the company achieved revenue of 670 million yuan, a slight decrease of 0.12% year-on-year, while net profit attributable to shareholders was 3 million yuan, up 117.5% year-on-year [2] - The gross margin for Q1 2025 was 48.4%, an increase of 3.2 percentage points year-on-year and 11.8 percentage points quarter-on-quarter [2] - For the full year 2024, the company reported revenue of 4.48 billion yuan, a decline of 5.24% year-on-year, and a net profit of -280 million yuan [4] Business Segments - The energy internet business grew significantly, generating 1.8 billion yuan in revenue in 2024, a year-on-year increase of 17.6%, with a gross margin of 49.6% [4] - The company has seen substantial growth in its charging aggregation platform, with over 18 million registered users and 160,000 charging devices connected, achieving a charging volume of 5.2 billion kWh, a growth of approximately 30% year-on-year [4][5] Market Outlook - The company anticipates a 50-fold increase in electricity trading volume over the next three years, driven by the full liberalization of the electricity market [5] - By 2027, the expected electricity trading volume is projected to reach 100 billion kWh, supported by the conversion of 15 million commercial and industrial users [5] Financial Projections - The company forecasts net profits of 310 million yuan, 460 million yuan, and 940 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to a dynamic P/E ratio of 51.5 times in 2025 [10] - Revenue is expected to grow from 5.13 billion yuan in 2025 to 8.36 billion yuan in 2027, with a compound annual growth rate of 30.4% [12][16]

研究早观点 2025 年 5 月 15 日 星期四 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,403.95 | 0.86 | | 深证成指 | 10,354.22 | 0.64 | | 沪深 300 | 3,943.21 | 1.21 | | 中小板指 | 6,407.77 | 0.58 | | 创业板指 | 2,083.14 | 1.01 | | 科创 50 | 1,013.77 | 0.41 | 资料来源：最闻 分析师： 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】电子：山西证券电子行业周跟踪-电子板块景气复苏，围 绕 AI 和国产替代两大主线布局 【行业评论】计算机：机器人产业趋势持续强化，重视上下游投资机 会 【行业评论】非银行金融：行业周报（20250506-20250511）：-公募改 革持续推进，专项货币政策再扩容 【公司评论】时代新材(600458.SH)：时代新材 2024 年年报及 ...