Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - The government work report for 2025 first introduced the concept of "Deep Sea Technology," emphasizing its importance alongside commercial aerospace and low-altitude economy, indicating strong policy support for emerging industries [1] - Deep sea technology is seen as a strategic shift from a "maritime power" to a "maritime strong power," focusing on the comprehensive application of advanced technologies in deep sea exploration, resource development, and environmental research [1][2] - The deep sea technology sector is projected to contribute significantly to China's marine economy, with an expected market size exceeding 3.25 trillion yuan by 2025, accounting for over 25% of the marine production value [2] Summary by Sections Deep Sea Equipment Manufacturing - Deep sea equipment is crucial for technology implementation, with a high dependency on imports, making domestic substitution a key focus area. There is expected growth in demand for manned submersibles, underwater robots, and deep sea sensors [3] Deep Sea Resource Development - The deep sea holds vast resources such as combustible ice and polymetallic nodules. Current pilot projects for resource extraction technologies are underway, with a focus on mineral extraction, oil and gas exploration, and biomedicine [3] Marine New Infrastructure - Undersea data centers benefit from natural cooling, reducing energy consumption by 40% compared to land-based facilities. Innovations in deep sea communication and floating wind power platforms are also highlighted as areas of growth [3] Investment Recommendations - For deep sea equipment, recommended companies include China Shipbuilding, China Power, and China Heavy Industry, with additional attention to firms like CIMC and Tianhai Defense [4] - In deep sea information technology, key recommendations include China Marine Defense and Oriental Cable, with a focus on companies like Hengtong Optic-Electric [4] - For deep sea resource development and technical services, companies such as CNOOC Services and Offshore Engineering are recommended [4]

天振股份(301356) 报告日期：2025 年 03 月 16 日 PVC 地板龙头破局，涅槃开启新周期 ——天振股份深度报告 投资要点 ❑ PVC 地板龙头破局，涅槃开启新周期 天振股份成立于 2003 年，从竹地板制造转向 PVC 地板外贸代工，凭借技术迭代 （LVT→WPC→SPC→MGO）与强研发能力（34 项专利，发明专利 21 项）， 2018 年推出 MGO 地板获国际龙头 Shaw 认可，2019 年越南子公司投产应对中美 贸易摩擦，迅速跻身行业三强（2021 年全球市占率 7.14%）。近年受美国供应链 溯源影响业绩承压（2023 年营收仅 3 亿元），但海外产能布局深化（越南/美国 工厂）与 RPET 新品投放推动 2024 年订单加速修复，涅槃开启新一轮成长周 期。 ❑ 需求与供给：替代趋势明确，东南亚产能崛起 需求端：PVC 地板因环保、安装高效及性价比优势，加速替代传统地面材料。 美国为核心需求市场，2021 年进口占全球 67%，从美国市场看， LVT/WPC/SPC 为代表的片材 PVC 地板由于安装简便、成本低，近年来渗透率快速提升，从 2016 年 6.0%至 2022 年 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Insights - The offline cycle is approaching, supported by macroeconomic factors, pricing stability, and consumer policies, driving innovation and enhancing profitability [3][4] - Local life service consumption demand is strong, with intensified competition in same-city retail [3][4] - The leisure economy continues to thrive, with traffic consolidating on platforms, and the OTA landscape remains stable with ongoing growth and profitability [3][4] Summary by Sections 1. Travel Chain: Resilient Leisure Demand - Q1 travel volume increased while prices decreased, with 9.02 billion cross-regional trips during the Spring Festival, a year-on-year increase of 7.1% [2][9] - The hotel sector is expected to see a narrowing supply-demand gap, with a focus on leading hotel brands [2][11] - OTA platforms are experiencing high growth and strong barriers, with increased overseas investments [2][19] 2. Retail: Offline Cycle Reversal - CPI is marginally improving, which is expected to benefit same-store sales [4][24] - Retail adjustments are entering a verification phase, with significant renovations in major chains like Yonghui [4][29] 3. Local Life: Strong Service Consumption Demand - Service consumption expenditure is projected to increase, with a notable rise in the share of service consumption [3][33] - Competition in the takeaway market is intensifying, with platforms enhancing rider protections [3][35] 4. Comprehensive E-commerce: Emerging from Q1 Slump - E-commerce platforms are recovering from the Q1 slump, with macro pressures easing [4][45] - The focus is on optimizing the business environment and enhancing user experience, particularly through AI applications [4][48] 5. Key Investment Targets - Recommended stocks include Yonghui Supermarket, Meituan-W, Alibaba-W, and Huazhu Group among others [3][4]

证券研究报告 | 公司深度 | 风电设备 大金重工(002487) 报告日期：2025 年 03 月 12 日 风电出海选塔桩，塔桩龙头看大金 ——大金重工深度报告 投资要点 ❑ 全球塔桩龙头企业，深耕海外订单亮眼 风电装机不及预期；行业政策不及预期；原材料价格波动；市场竞争加剧。 投资评级: 增持(首次) 分析师：邱世梁 执业证书号：S1230520050001 qiushiliang@stocke.com.cn 大金重工是风电塔桩出海龙头，高壁垒、高盈利率先享受出海红利。大金重工于 2000 年成立，坚持深耕风电装备制造领域，主要产品为塔筒、管桩、导管架、 浮式基础、过渡段等。实施"新两海"战略以来，成效显著，2023 年在欧洲市 场取得订单份额位居前列，是目前亚太区唯一实现向欧洲批量交付海上风电基础 结构的供应商。2021-2024H1，公司海外收入占比持续提升，从 2021 年的 16.4% 提升至 55.9%，受益于海外海上单桩产品占比持续提升，盈利能力显著提升。 ❑ 塔桩供需边际改善，量增价稳周期向上 1）量：欧洲方面，欧洲海风并网节点明确，塔桩需求逐步释放。欧洲能源安全 诉求加速海风迈入增长新周 ...

Group 1: Market Outlook - The foundation for the A-share bull market in 2025 may be a strong RMB environment, driven by domestic economic recovery exceeding expectations[3] - In Q2, the weak US economy and strong rate cuts are expected to continue, accelerating global capital inflow to China, maintaining an optimistic mid-term outlook[2] - The A-share market has shown resilience compared to global risk assets, with the RMB stabilizing around January 13, 2025, coinciding with A-share stabilization[3] Group 2: Sector Analysis - The TMT sector, particularly small-cap stocks, has been the focal point of the current market, but the strong RMB environment is anticipated to be the main catalyst for future growth[3] - As of March 7, 2025, retail trading activity has declined, indicating a shift from speculative to institutional investment, with public funds in the TMT sector reaching a historical peak of 29.08%[4] - Consumer sectors, especially food and beverage, have seen a decrease in allocation to 3.88%, suggesting a structural shift in market dynamics[4] Group 3: Economic Indicators - The GDPNOW model predicts a GDP growth rate of 4.1% for Q1 2025, indicating stable short-term macroeconomic conditions[8] - Prices in cyclical sectors such as food and beverage, steel, and chemicals have stabilized, with the cement price index increasing by 7.1% since February 21, 2025[5] - The second-hand housing market remains active, with transaction volumes in major cities rebounding to levels seen after policy interventions[5] Group 4: Investment Trends - Margin trading has shown a net inflow trend, with electronics and non-ferrous metals sectors seeing significant inflows of CNY 34.8 billion and CNY 33.8 billion respectively[13] - The market is currently favoring value over growth, with a preference for high EP value and dividend yield assets[14]

2025 年 03 月 16 日 | 分析师 | 沈皓俊 | 研究助理 | 张轩 | | --- | --- | --- | --- | | 邮箱 | shenhaojun@stocke.com.cn | 邮箱 | zhangxuan01@stocke.com.cn | | 证书编号 | S1230523080011 | | | 1 | | 【浙商金属】 | | 钢铁周度数据 | | （2025年3月16日） | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 价格 | | | | 周涨跌幅 | | 年初至今涨跌幅 | | | | 上证指数 | | 3 , | 420 | | 1 4% . | 2 . | 0% | | | 沪深300 | | 4 , | 007 | | 1 6% . | 1 . | 8% | | 板 | SW钢铁指数 | | 2 , | 319 | | 1 5% . | 10 . | 3% | | 块 | | SW普钢指数 | 2 , | 344 | | 0 8% . | 12 . | 4% | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's flexible OLED and automotive display segments are driving a recovery in operational performance, with significant improvements in profitability and revenue growth expected in the coming years [2][3][4] - The company achieved a revenue of 33.494 billion yuan in 2024, representing a year-on-year growth of 3.79%, and a notable reduction in net losses by 68.13% compared to the previous year [8][10] - The flexible OLED business is entering a phase of full-scale development, supported by a diversified customer base and improved production capabilities, leading to a significant increase in revenue contribution from mobile displays [2] - The automotive display segment is experiencing rapid growth, with a projected revenue increase of over 40% in 2024, and the company has secured record-high project values for automotive applications [3] - The IT business is also expanding, with an increase in market share for LTPS NB displays and successful delivery of new monitor products [4] Summary by Sections Mobile Segment - The mobile display business has optimized its structure, with a significant improvement in profitability driven by the flexible OLED segment, which now accounts for over 60% of mobile display revenue [2] Automotive Segment - The automotive display market is growing rapidly, with the company achieving the highest global shipment volumes in automotive displays and head-up displays, and entering large-scale deliveries in the automotive electronics sector [3] IT Segment - The IT business is focusing on high-end positioning, with LTPS LCD technology enhancing competitiveness and successful product launches, including a new 50" commercial display [4] Financial Performance - The company is expected to see revenue growth from 36 billion yuan in 2025 to 43.671 billion yuan in 2027, with net profits projected to turn positive by 2025 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's flexible OLED and automotive display segments are driving a recovery in operational performance, with significant improvements in profitability and revenue growth expected in the coming years [2][3][8] Summary by Sections Mobile Segment - The mobile display business has seen a notable improvement in profitability, with the flexible OLED segment entering a phase of full-scale development. The company has diversified its customer base and improved production capacity, leading to a substantial increase in revenue and profitability [2] Automotive Segment - The automotive display market is experiencing rapid growth, with the company achieving over 40% year-on-year revenue growth in 2024. The company holds the global leading position in automotive display shipments and has entered the automotive electronics sector, which is now in mass production [3] IT Segment - The IT business has strengthened its competitive position with LTPS LCD technology, achieving an increase in global market share for LTPS NB display products. The company has successfully launched its first large-screen commercial display product and is entering mass production for its IT products [4] Financial Performance - In 2024, the company achieved operating revenue of 33.494 billion yuan, a year-on-year increase of 3.79%. The net profit attributable to shareholders improved significantly, with a reduction in losses by 68.13% compared to the previous year [8][10]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company achieved better-than-expected performance in Q4, with a significant increase in net profit compared to the previous quarter [1] - The company is advancing in the wind, solar, and hydrogen sectors while maintaining a high level of profitability [1] - The engineering transmission business has expanded its layout, achieving growth in various traditional and new sectors [2] - The power supply sector is diversifying its product offerings, with promising prospects for data center power solutions [3] - The earnings forecast has been raised, with projected revenue growth for 2025-2027 [4] Financial Summary - In 2024, the company reported total revenue of 37.33 billion yuan, a year-on-year decrease of 0.50%, and a net profit of 4.41 billion yuan, down 12.28% year-on-year [1][6] - For Q4 2024, total revenue reached 14.22 billion yuan, up 25.05% year-on-year and 52.88% quarter-on-quarter, with a net profit of 1.87 billion yuan, an increase of 85.86% year-on-year and 90.04% quarter-on-quarter [1] - The company expects revenues of 51.21 billion yuan, 62.89 billion yuan, and 75.50 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 37.2%, 22.8%, and 20.1% [4][6] - The projected net profits for 2025, 2026, and 2027 are 6.10 billion yuan, 7.42 billion yuan, and 8.93 billion yuan, respectively, with corresponding year-on-year growth rates of 38.5%, 21.6%, and 20.4% [4][6]

Investment Rating - The report provides a positive outlook for the hotel industry, particularly for Junting Hotel, with a focus on differentiated product offerings and management strategies [4][5]. Core Insights - The report highlights that Junting Hotel is leveraging a "one store, one product" strategy to create a premium model, aiming for non-linear growth through various expansion methods including management contracts and franchising [4]. - The anticipated growth in the number of direct-operated and managed hotels is expected to drive revenue and profitability, with projections for revenue growth rates of 17.42%, 26.05%, and 30.42% from 2024 to 2026 [5]. - The insurance sector, particularly China Life Insurance, is noted for its strong performance, with expected revenue growth rates of 14%, 6%, and 8% from 2024 to 2026, driven by premium growth and cost optimization [6]. - Qingdao Bank is positioned for growth due to its focus on debt resolution and risk assessment improvements, with projected net profit growth from 2024 to 2026 [8]. Summary by Sections Junting Hotel - The company is expected to achieve a RevPAR decline of approximately 5% in 2024, followed by a recovery in subsequent years due to new brand launches and improved occupancy rates [5]. - Revenue projections for Junting Hotel are set at 627 million, 790 million, and 1,031 million yuan for 2024, 2025, and 2026 respectively, with net profit forecasts of 29 million, 65 million, and 144 million yuan [5]. China Life Insurance - The company is projected to have revenues of 630,610 million, 666,554 million, and 723,096 million yuan from 2024 to 2026, with net profits expected to be 42,874 million, 43,833 million, and 52,140 million yuan [6]. Qingdao Bank - The bank's net profit is forecasted to reach 4,264 million, 4,707 million, and 5,241 million yuan from 2024 to 2026, supported by improved credit growth and risk management [8]. Traditional Chinese Medicine - The report anticipates a performance turning point for the traditional Chinese medicine sector in Q2 2025, with strong brands expected to outperform due to limited impact from centralized procurement [9]. Industrial Metals - The report indicates a bullish outlook for copper prices, driven by macroeconomic policies and strong fundamentals, with expectations for price increases in Q2 [10].