2025 年 4 月 15 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：最闻 相关报告： 国产替代+自主可控重要性凸显-新材料 周报（250331-0404） 2025.4.9 漆证书，赢创和科思创 IPDI 供应遭遇异 常-新材料周报（250324-0328）2025.3.31 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com 摘要 二级市场表现 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为 4.91%，跑赢创 业板指 1.82%。近五个交易日，合成生物指数下跌 3.30%，半导体材料下跌 4.22%， 电子化学品下跌 3.17%，可降解塑料下跌 6.72%，工业气体下跌 4.87%，电池化 学品下跌 10.05%。 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(13650 元/吨，-0.73%)、精氨酸(29000 元/吨，-6.45%)、色 氨酸(46500 元/吨， ...

集成电路 晶晨股份（688099.SH） 买入-A(维持) 多产品线全面开花，AI 端侧产品陆续落地 2025 年 4 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司公布 2024 年年报。2024 年公司实现营收 59.26 亿元，同比+10.34%； 归母净利润 8.22 亿元，同比+65.03%；扣非后归母净利润 7.46 亿元，同比 +93.97%。 事件点评 市场数据：2025 年 4 月 14 日 收盘价（元）： 68.75 年内最高/最低（元）： 92.45/48.21 流通A股/总股本（亿）： 4.20/4.20 积极开拓市场，多产品线全面开花。公司 2024 年收入 59.26 亿元，同比 增长 10.34%，全年芯片销量超 1.4 亿颗，其中 W 系列接近 1400 万颗，产品 上市以来累计销量接近 3000 万颗。S 系列芯片在国内运营商招标中均取得最 大份额，竞争优势明显；T 系列销量同比超 30%，持续开拓全球市场；A 系 列导入国内外核心终端厂商，扩大 AI 端侧应用领域。 流通 A 股市值（亿）： 288.71 总市值（亿）： 288.71 基础数据：202 ...

集成电路 晶晨股份（688099.SH） 买入-A(维持) 多产品线全面开花，AI 端侧产品陆续落地 2025 年 4 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司公布 2024 年年报。2024 年公司实现营收 59.26 亿元，同比+10.34%； 归母净利润 8.22 亿元，同比+65.03%；扣非后归母净利润 7.46 亿元，同比 +93.97%。 事件点评 积极开拓市场，多产品线全面开花。公司 2024 年收入 59.26 亿元，同比 增长 10.34%，全年芯片销量超 1.4 亿颗，其中 W 系列接近 1400 万颗，产品 上市以来累计销量接近 3000 万颗。S 系列芯片在国内运营商招标中均取得最 大份额，竞争优势明显；T 系列销量同比超 30%，持续开拓全球市场；A 系 列导入国内外核心终端厂商，扩大 AI 端侧应用领域。 基础数据：2024 年 12 月 31 日 重视研发持续创新，AI 端侧产品陆续落地。公司 2024 年研发投入 13.53 亿元，多产品线保持行业领先地位，6nm 芯片 S905X5 系列端侧算力能力强 大，可实现本地同声翻译、同声字幕等功能，产品 ...

消费电子组件 水晶光电（002273.SZ） 买入-A(维持) 业绩符合预期，积极布局海外交付能力 2025 年 4 月 15 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 年 月 市场数据：2025 | 4 | 日 14 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 18.51 | | 年内最高/最低（元）： | | | 27.77/12.63 | | 流通A股/总股本（亿）： | | | 13.58/13.91 | | 流通 A 股市值（亿）： | | | 251.35 | | 总市值（亿）： | | | 257.41 | | 年 基础数据：2024 | 月 12 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.75 | | 摊薄每股收益(元)： | | | 0.75 | | 每股净资产(元)： | | | 6.75 | | 净资产收益率(%)： | | | 11.13 | 资料来源：最闻 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sx ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of 6.278 billion yuan in 2024, representing a year-on-year increase of 23.67%, and a net profit attributable to shareholders of 1.03 billion yuan, up 71.57% year-on-year [3][9] - The optical components business continues to evolve, solidifying its core position in the client market, with revenue from optical components reaching 2.88 billion yuan, a growth of 17.92% year-on-year [4] - The film optical panel business is expanding steadily, with revenue of 2.47 billion yuan, an increase of 33.69% year-on-year, driven by deepening cooperation with major North American clients [4] - The automotive HUD business is performing well, with shipments nearing 300,000 units, and the company is actively investing in AR/VR business [5] Financial Data Summary - The company forecasts net profits for 2025-2027 to be 1.286 billion, 1.479 billion, and 1.711 billion yuan respectively, with corresponding EPS of 0.92, 1.06, and 1.23 yuan [6][9] - The projected revenue for 2025 is 7.365 billion yuan, with a year-on-year growth of 17.3% [9][11] - The gross margin is expected to improve, reaching 31.3% in 2025 [9][11]

研究早观点 2025 年 4 月 15 日 星期二 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 | 3,262.81 | 0.76 | | | 深证成指 | 9,884.30 | 0.51 | | | 沪深 300 | 3,759.14 | 0.23 | | | 中小板指 | 6,200.96 | 0.43 | | | 创业板指 | 1,932.91 | 0.34 | | | 科创 50 | 1,014.28 | 0.25 | 扩张 | | 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】 【山证新股】新股周报（2025.04.14-2025.04.18）-4 月份创业板新股开 板估值上升，主板新股开板估值下降 【山证煤炭】行业周报（20250407-20250413）：-海外煤价延续上涨， 港口库存继续走低 【行业评论】太阳能：两部委提出加快推进虚拟电厂发展指导意见， 产 ...

请务必阅读最后股票评级说明和免责声明 1 煤炭 行业周报（20250407-20250413） 同步大市-A(维持) 海外煤价延续上涨，港口库存继续走低 2025 年 4 月 14 日 行业研究/行业周报 煤炭行业近一年市场表现 投资要点 动态数据跟踪 资料来源：最闻 相关报告： 【山证煤炭】国际关税争端加剧，关注 提振内需预期-【山证煤炭】行业周报 （20250331-20250404）： 2025.4.7 动力煤：港口库存继续走低，坑口煤价反弹。本周产地煤矿生产维持正 常水平。需求方面，居民用电淡季，较大电厂轮机检修，负荷回落导致电煤 日耗较弱；下游复工及基建仍有待提高，工业原料用煤需求维持刚需；北方 港口煤价倒挂叠加疏港推进，本周煤炭调入继续小于调出，北方港口煤炭库 存降低；煤价方面，进口低卡煤继续倒挂，内贸需求增加，叠加部分产地安 检限产，坑口煤价有所反弹，但受下游需求影响，港口仍以长协拉运为主， 港口煤价维持弱势。展望二季度，关税争端影响外贸，国内稳经济政策或将 继续出台，非电用煤需求或有所恢复；同时，海外煤价继续上涨，叠加关税、 海外煤炭生产国政策变化，预计国内进口煤仍存变数，国内动力煤价格中枢 ...

太阳能 行业周报（20250407-20250413） 同步大市-A(维持) 两部委提出加快推进虚拟电厂发展指导意见，产业链价格基本持平 2025 年 4 月 14 日 行业研究/行业周报 太阳能行业近一年市场表现 投资要点 | 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】缅甸地震对硅片开工造 成影响，产业链中下游价格持续结构性 上涨 2025.3.31 价格追踪 分析师： 多晶硅价格：根据 Infolink 数据，本周致密料均价为 40.0 元/kg，较上周 持平；颗粒硅均价为 38.0 元/kg，较上周持平。本周多晶硅企业成交数量极少， 大多数企业反馈下游采购需求不足，4 月订单难以落地 ...

Investment Rating - The report maintains a "Buy-A" rating for China Mobile (600941.SH) [1] Core Views - The company is focusing on new business areas such as 5.5G, inference computing, and AI investments to open up new market opportunities [1] - In 2024, China Mobile achieved a revenue of 1,040.8 billion yuan, a year-on-year increase of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [1][9] Summary by Sections C+H Segment - In the personal market, the total number of mobile customers reached 1.004 billion, with a net increase of 13 million in 2024. The number of 5G network customers reached 552 million, with a net increase of 8.8 million, achieving a penetration rate of 55.0% [2] - The personal mobile cloud revenue was 8.9 billion yuan, up 12.6% year-on-year, while the mobile ARPU was 48.5 yuan, down 0.8 yuan [2] B+N Segment - In the enterprise market, revenue reached 209.1 billion yuan, an increase of 8.8% year-on-year, with a total of 32.59 million enterprise customers [3] - The mobile cloud revenue exceeded 100 billion yuan, growing by 20.4% year-on-year, and the company secured over 700 large-scale 5G DICT projects [3][6] Capital Expenditure - Capital expenditure in 2024 was 164 billion yuan, down 9.0% year-on-year, with a focus on new areas such as 5.5G and AI [7] - The planned capital expenditure for 2025 is 151.2 billion yuan, a decrease of 7.8% year-on-year [7] Dividend Policy - The company plans to increase its dividend, with a total dividend of 5.09 HKD per share for 2024, a year-on-year increase of 5.4% [8] - The payout ratio for 2024 is set at 73%, with plans to increase it to over 75% in the next three years [8] Financial Forecast and Valuation - The forecasted net profit for 2025-2027 is 147.8 billion yuan, 156.2 billion yuan, and 164.5 billion yuan, respectively, with corresponding EPS of 6.85, 7.24, and 7.62 yuan [9][11] - The report indicates that the company will continue to maintain steady growth, and the valuation still has room for improvement compared to international peers [9]

Investment Rating - The report maintains a "Buy-A" rating for China Mobile (600941.SH) [1] Core Views - In 2024, China Mobile achieved revenue of 1,040.8 billion yuan, a year-on-year increase of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [2][3] - The company is focusing on new business areas such as 5.5G, AI, and reasoning computing, which are expected to drive future growth [10] - The report anticipates steady growth in the company's overall business, with a projected net profit of 147.8 billion yuan in 2025, reflecting a growth rate of 6.8% [12] Summary by Sections Personal Market - As of December 31, 2024, the total number of mobile customers reached 1.004 billion, with 5G network customers increasing to 552 million, a penetration rate of 55.0% [3] - The personal mobile cloud revenue grew by 12.6% year-on-year to 8.9 billion yuan, while the mobile ARPU decreased slightly by 0.8 yuan to 48.5 yuan [3][4] Family Market - The number of broadband customers reached 315 million, with gigabit broadband customers increasing by 25.0% to 99 million [4] - The family customer ARPU increased by 0.7 yuan to 43.8 yuan, indicating a positive trend in the family market [4] Business and New Markets - The enterprise market revenue reached 209.1 billion yuan, up 8.8% year-on-year, with a significant increase in mobile cloud revenue, which surpassed 100 billion yuan, growing by 20.4% [6][9] - Emerging markets, including international business and digital content, saw revenue growth of 8.7% year-on-year, with international business revenue at 22.8 billion yuan [9] Capital Expenditure - Capital expenditure for 2024 was 164 billion yuan, a decrease of 9.0% year-on-year, with a focus on new areas such as 5.5G and AI [10] - The company plans to invest 98 billion yuan in 5G-A in 2025, reflecting a significant increase of 227% [10] Dividend Policy - The company plans to increase its dividend payout, with a total dividend of 5.09 HKD per share for 2024, a year-on-year increase of 5.4% [11] Financial Forecasts - The report forecasts net profits of 147.8 billion yuan, 156.2 billion yuan, and 164.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.85, 7.24, and 7.62 yuan [12][14]