新疆机组效能释放，参股资产贡献增长 [Table_CoverStock] —皖能电力(000543)公司首次覆盖报告 [Table_ReportDate] 2025 年 04 月 01 日 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 皖能电力(000543) 投资评级 买入 上次评级 - [Table_BaseData] 公司主要数据 | 收盘价（元） | 7.46 | | --- | --- | | 52 周内股价波动区间 | 9.55-6.79 | | (元) | | | 最近一月涨跌幅(％) | 1.22 | | 总股本(亿股) | 22.67 | | 总市值(亿元) | 169.11 | | 流通 A 股比例(％) | 45.26 | | 资料来源：聚源，信达证券研发中心 | | 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's performance is under pressure due to declining electricity prices, with a focus on waiting for improvements in profit per kilowatt hour [1] - In 2024, the company reported a revenue of 57.16 billion yuan, a year-on-year decrease of 4.27%, and a net profit attributable to shareholders of 964 million yuan, a decrease of 1.07% [1][2] - The coal-fired power segment is significantly impacted by falling electricity prices, while renewable energy segments show growth potential [2][6] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 57.16 billion yuan, down 4.27% year-on-year, and a net profit of 964 million yuan, down 1.07% year-on-year [1][5] - The fourth quarter of 2024 saw a revenue of 14.64 billion yuan, up 0.75% year-on-year but down 10.93% quarter-on-quarter [1] - The company plans to distribute a cash dividend of 0.2 yuan per 10 shares, totaling 105 million yuan [1] Segment Analysis - The coal power segment reported a net profit of 278 million yuan, while the gas power segment reported 483 million yuan, and the renewable energy segment achieved a net profit of 171 million yuan [2] - The overall gross margin for electricity sales decreased by 1.14 percentage points year-on-year to 12.97% [2] Future Outlook - The company is expected to continue increasing its coal and gas power projects, with significant growth in gas power generation [3] - The average electricity price in Guangdong is projected to decline further in 2025, which may continue to pressure the company's performance [3][6] - The company is focusing on controlling costs, with a notable decrease in fuel costs expected to mitigate some of the pressure from falling electricity prices [4][6] Financial Projections - Revenue is projected to increase to 58.19 billion yuan in 2025, with a net profit of 878 million yuan, reflecting a year-on-year decrease of 8.9% [5][6] - The company's earnings per share (EPS) are expected to be 0.17 yuan in 2025, with a price-to-earnings (P/E) ratio of 26.90 times [5][6]

基础化工月报：溴素等价格上行，建议关注后续变化 [Table_ReportDate] 2025 年 4 月 1 日 [Table_ReportDate] 证券研究报告 行业研究 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 2025 年 3 月，在我们重点关注的近 600 种化工产品中，涨幅排名前十的产 品 分 别 为 ： 溴 素 （ 43.90% ）；硫酸（ 33.55% ） ； 双 季 戊 四 醇 （ 30.19% ） ； 硫 磺 （ 29.06% ） ； 氯 化 铵 （ 27.32% ） ； 脂 肪 醇 （13.94%）；六氟丙烯（11.43%）；磷酸一二钙（11.13%）；磷酸氢钙 （10.27%）；甲酸（9.68%）。 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电 ...

新疆机组效能释放，参股资产贡献增长 [Table_CoverStock] —皖能电力(000543)公司首次覆盖报告 [Table_ReportDate] 2025 年 04 月 01 日 证券研究报告 公司研究 [Table_ReportType] 公司首次覆盖报告 [Table_StockAndRank] 皖能电力(000543) 投资评级 买入 | 收盘价（元） | 7.46 | | --- | --- | | 52 周内股价波动区间 | 9.55-6.79 | | (元) | | | 最近一月涨跌幅(％) | 1.22 | | 总股本(亿股) | 22.67 | | 总市值(亿元) | 169.11 | | 流通 A 股比例(％) | 45.26 | | 资料来源：聚源，信达证券研发中心 | | 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc ...

基础化工月报：溴素等价格上行，建议关注后续变化 [Table_ReportDate] 2025 年 4 月 1 日 [Table_ReportDate] 证券研究报告 行业研究 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [基础化工月报： Table_Title] 溴素等价格上行，建议关注后续变化 [Table_ReportDate] 2025 年 4 月 1 日 本 ...

SEMICON China 2025： 国产设备密集发布，替代迈向新台阶 [Table_ReportDate] 2025 年 3 月 31 日 证券研究报告 行业研究 [行业专题研究（普通） Table_ReportType] | [Table_StockAndRank] 半导体 | | --- | | 投资评级 看好 | | 上次评级 看好 | [Table_Author] 莫文宇 电子行业首席分析师 执业编号：S1500522090001 邮 箱：mowenyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅 大厦B座 邮编：100031 [Table_Title] SEMICON China 2025：国产设备密集发布，替 代迈向新台阶 [Table_ReportDate] 2025 年 03 月 31 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 本期内容提要: [Table_S [➢Table_Summary SEMICON China ummary] ] 大会如火如荼， ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The expansion pace of the HNB (Heated Not Burned) market in the US and UK is becoming clearer, with the company positioned as a core supplier benefiting from high growth rates [4] - The HNB industry has a long supply chain with few companies capable of integrated design and R&D, leading to high Know-How barriers and increasing patent restrictions [1][2] - The report anticipates significant growth in HNB product sales, particularly in the US market, with projections indicating a potential increase in HNB penetration to 20% by 2028 [3] Summary by Sections Company Overview - The company is recognized for its strong strategic positioning and substantial profitability in its other business segments, leading in R&D investment [2] Market Expansion - The report highlights the urgency for British American Tobacco to enhance its HNB product offerings, particularly with the anticipated launch of GLO HILO in 2024 [3][4] - The US market is crucial for British American Tobacco, contributing 44% of revenue and 54% of adjusted operating profit [3] Financial Projections - Revenue projections for 2024 to 2027 are as follows: 11,799 million, 12,011 million, 13,922 million, and 17,063 million respectively, with year-on-year growth rates of 6%, 2%, 16%, and 23% [7] - Adjusted net profit estimates for the same period are 1,303 million, 1,411 million, 2,337 million, and 3,032 million, with corresponding growth rates of -21%, 8%, 66%, and 30% [7][10] - The report projects EPS (Earnings Per Share) to increase from 0.21 in 2024 to 0.49 in 2027 [7][10]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the growing opportunities in humanoid robots and bottom-up investment prospects, highlighting the acceleration of R&D and industrialization by leading companies in the sector [4][11][62] - The report suggests focusing on companies with strong independent logic and performance, such as Hengli Hydraulic, Yizhiming, Fostar, and Sand Technology, which are expected to benefit from market recovery and growth in their respective fields [5][6][7][8][20][21][22][23] Summary by Sections 1. Core Viewpoints - Leading companies are actively advancing in the humanoid robotics sector, with significant developments from firms like vivo and ZhiYuan, indicating a robust pipeline of orders and innovations [11][18][62] - The report highlights the impact of U.S. tariff policies on the export chain, suggesting that companies with overseas production capabilities are better positioned to navigate these challenges [19] 2. Company Recommendations - Hengli Hydraulic is positioned to benefit from the recovery in the construction machinery sector, with ongoing projects in linear actuators expected to drive growth [5][20] - Yizhiming, as a leader in injection and die-casting machines, is anticipated to gain from macroeconomic recovery and market expansion [6][21] - Fostar is projected to achieve a net profit of 258-295 million yuan in 2024, reflecting a year-on-year growth of 34.97%-54.33% due to strong order backlogs and increasing overseas business [7][22] - Sand Technology is expected to see a significant increase in net profit, with projections of 138-152 million yuan in 2024, marking a growth of 156.81%-182.86% [8][23] - JiaoCheng Ultrasonic is focusing on ultrasonic equipment solutions, with a forecasted revenue of 580 million yuan in 2024, representing an 11.03% increase [12][24] 3. Industry Trends - The report notes a positive trend in the manufacturing sector, with the manufacturing PMI rising to 50.5% in March 2025, indicating continued recovery [32] - The report highlights the growth in the machine tool sector, with a 14.4% increase in metal cutting machine production in early 2025 [44] - The forklift market is also showing strong performance, with a 49.1% increase in sales in February 2025 [52] 4. Market Performance - The mechanical index has seen a decline of 3.56% recently, reflecting broader market trends [25][28] - The report provides insights into various sub-sectors within the machinery industry, noting fluctuations in performance across different categories [31]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The SEMICON China 2025 exhibition showcased a significant focus on domestic semiconductor equipment, with over 1,400 global companies participating, highlighting advancements in semiconductor equipment and materials [6][7] - The domestic semiconductor equipment sector is experiencing breakthroughs, with new products being launched that align with the expansion needs of local wafer fabs, driven by increasing demand due to U.S. semiconductor sanctions [36] - The emergence of new players like Xinkailai, which launched over 30 new products, indicates a competitive landscape that may further accelerate the domestic substitution process in semiconductor equipment [26][34] Summary by Relevant Sections SEMICON China 2025 Overview - The exhibition took place from March 26 to 28, 2025, covering an area of 100,000 square meters and featuring a wide range of sectors including chip design, wafer manufacturing, packaging testing, and semiconductor equipment [6][7] Key Product Launches - North Huachuang entered the ion implantation equipment market with the launch of its first ion implanter, Sirius MC 313, and a 12-inch electroplating device, Ausip T830, aimed at TSV copper filling [10][14] - Zhongwei Company introduced its 12-inch edge etching equipment, Primo Halona, which enhances production efficiency and cost-effectiveness [18][19] - Tuojing Technology unveiled its ALD series and advanced packaging equipment, showcasing innovations in semiconductor manufacturing [25] Market Trends and Projections - The global semiconductor market is projected to rebound with a 19% growth in 2024, reaching $628 billion, and is expected to continue growing in 2025, driven by advancements in AI technologies [7][8] - The ion implantation equipment market is anticipated to grow from $27.6 billion in 2024 to $30.7 billion by 2030, indicating significant market potential for domestic manufacturers [10] Investment Recommendations - The report suggests focusing on high-quality companies within the semiconductor equipment, components, and materials supply chain, including North Huachuang, Zhongwei Company, and Tuojing Technology [36][37]

赵丹晨 食品饮料行业分析师 执业编号：S1500523080005 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 金隅大厦 B 座 邮编：100031 公司研究 [Table_ReportType] 公司点评报告 [欢Ta乐ble家_StockAndRank] (300997) 投资评级 买入 执业编号：S1500523110003 邮 箱：chenglili@cindasc.com 证券研究报告 [Table_Title] 积极调整，利润环比改善 [Table_ReportDate] 2025 年 3 月 31 日 事件：公司发布 2024 年报，实现营收 18.55 亿元，同比-3.53%；归母净利 润 1.47 亿元，同比-47.06%。 点评： | | [T重a要bl财e_务P指ro标fit] | 2023A | 2024E | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | | 营业总收入(百万元) | 1,923 | 1,855 | 2,011 | 2,262 | 2,556 | ...