Investment Rating - The investment rating for the company is "Increase Holding" [1][4] Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue of 818 million yuan, representing a year-on-year increase of 41% [4] - Despite the revenue growth, the company's net profit is forecasted to decline to 36 million yuan in 2024, a decrease of 33.64% year-on-year, primarily due to increased low-margin orders and higher impairment losses [4] - The company is actively expanding its PEEK material development, targeting high-end applications in medical and humanoid robotics, which may contribute to future revenue growth [4] Summary by Sections Financial Performance - Revenue for 2023 is reported at 580 million yuan, with a projected increase to 818 million yuan in 2024, and further growth expected to reach 1,277 million yuan by 2027 [1][5] - The company's net profit for 2023 was 54 million yuan, with a forecasted decline to 36 million yuan in 2024, followed by a recovery to 68 million yuan by 2027 [1][5] - The earnings per share (EPS) is expected to rise from 0.26 yuan in 2024 to 0.48 yuan by 2027 [1][5] Product Segmentation - In 2024, the modified engineering plastics segment is expected to generate 346 million yuan in revenue, with a year-on-year growth of 42.07% [4] - The styrene segment is projected to achieve 339 million yuan in revenue, reflecting a 33.74% increase [4] - The overall gross margin is anticipated to decline due to the rising proportion of low-margin orders from the home appliance sector [4] Research and Development - The company has increased its R&D investment by 35% in 2024, accounting for 3.38% of revenue, and has added four new invention patents [4] - New projects, including flame-retardant PC/ABS alloys and PBT, are entering trial production, which is expected to enhance the company's technological edge [4] Market Positioning - The company is focusing on expanding its presence in high-value sectors such as new energy, 5G communication, and humanoid robotics while maintaining its traditional markets [4] - The company aims to leverage its technological innovations and product upgrades to drive future growth [4]

评级：无评级 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 66 | | 行业总市值(亿元) | 2020.74 | | 行业流通市值(亿元) | 935.80 | 行业-市场走势对比 REITs 规模破 2000 亿，发行节奏有所加快 -公募 REITs 行业周报 20250608 相关报告 1、《热度延续，华泰苏州恒泰 REIT 上市涨停》2025-05-25 2、《华泰苏州恒泰 REIT 下周上市， 创 金 合 信 电 子 城 REIT 申 报 》 2025-05-18 3、《证监会：抓紧研究制定《公开 募集不动产投资基金监督管理暂行办 法》》2025-05-11 REITs 证券研究报告/行业定期报告 2025 年 06 月 08 日 报告摘要 本周行情回顾： 本周 REITs 指数上涨 1.58%，其中经营权类上涨 3.74%，产权类上涨 0.01%。沪深 300 累计上涨 0.88%，中证 500 指数上涨 1.60%，中证全债指数上涨 0.16%，中债 1 年期国债 ...

中央财政支持城市更新，一二手房成交量萎缩 ——20250606 房地产行业周报 房地产 证券研究报告/行业定期报告 2025 年 06 月 07 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 简称 | 股价 | | EPS | | | | PE | | | 评级 | | 分析师：由子沛 | | | (元) | 2023A | 2024A | 2025E | 2026E | 2023A | 2024A | 2025E | 2026E | | | 执业证书编号：S0740523020005 | | 保利发展 | 8.16 | 1.0 | 0.4 | 1.21 | 1.27 | 8.1 | 19.4 | 6.7 | 6.4 | 买入 | | Email：youzp@zts.com.cn | | 招商蛇口 | 8.66 | 0.7 | 0.4 | 1.07 | 1.15 | 13.3 | 23. ...

业绩持续稳定增长，聚焦主业与创新驱动双线并举 电网设备 东方电子（000682.SZ） 证券研究报告/公司点评报告 2025 年 06 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：苏仪 | | 营业收入（百万元） | | 6,478 | 7,545 | 8,815 | 10,277 | 11,926 | | | | 增长率 yoy% | | 19% | 16% | 17% | 17% | 16% | | 执业证书编号：S0740520060001 | | 归母净利润（百万元） | | 541 | 684 | 852 | 1,022 | 1,175 | | Email：suyi@zts.com.cn | | 增长率 yoy% | | 23% | 26% | 25% | 20% | 15% | | | | 每股收益（元） | | 0.4 ...

中美元首通话对市场影响几何？ 一、中美元首通话对市场影响几何？ 分析师：张文宇 证券研究报告/策略定期报告 2025 年 06 月 07 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740520120003 Email：zhangwy01@zts.com.cn 报告摘要 中美元首会谈如期举行。北京时间 2025 年 6 月 5 日晚，中国国家主席应约与美国总 统特朗普通电话。根据双方发布的通稿，双方同意"尽快举行新一轮会谈"，并互相 发出访问邀请。此次通话在当前中美关系复杂的背景下，为双边关系注入了稳定因素。 相关报告 短期内风险升级的概率较低。从中美元首通话的官方通稿来看，本轮沟通达成的直接 成果是双方同意"尽快举行新一轮会谈"。但通稿中并未提及新一轮的谈判时间或磋 商议题，表明双方在核心问题上仍需进一步沟通。因此，预计双方在近期内将以落实 现有共识和推进谈判为主，短期内进一步升级对抗的可能性较低。 中美双方结构性分歧依然存在。尽管双方同意重启谈判，但在关键性结构性问题上， 如稀土、TikTok、芬太尼税等，中方并未在通稿中做 ...

销售环比下滑，基本面压力仍大 ——房地产行业统计局数据点评 房地产 证券研究报告/行业定期报告 2025 年 06 月 06 日 | 增持（维持） 评级： | | | --- | --- | | | 简称 | | 分析师：由子沛 | | | 执业证书编号：S0740523020005 | | | Email：youzp@zts.com.cn | | | 分析师：侯希得 | 华润万象生 | | 执业证书编号：S0740523080001 | 活 | | Email：houxd@zts.com.cn | | | 基本状况 | | --- | | 上市公司数 | 102 | | --- | --- | | 行业总市值(亿元) | 11,106.98 | | 行业流通市值(亿元) | 10,690.57 | 行业-市场走势对比 量环比上升》2025-06-02 2、《城市更新稳楼市，周度一二手 房成交环比略有增长》2025-05-25 3、《中央发文推进城市更新，不同 能级城市销售分化》2025-05-17 | 重点公司基本状况 | | | | | | | | | | | | | | --- | --- | --- ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal demand is strengthening, with port inventories continuously decreasing. The recent stabilization in coal prices is driven by the upcoming peak summer demand and a contraction in supply [7][8]. - The report highlights that the daily coal consumption in coastal and inland provinces has increased, indicating a recovery in coal demand. As of June 5, the total daily consumption reached 4.854 million tons, a week-on-week increase of 7.46% and a year-on-year increase of 1.08% [7][8]. - The report suggests that the coal prices are expected to rebound as the summer peak demand approaches, with significant inventory reductions at ports [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 1,748.67 billion yuan and a circulating market capitalization of 1,709.58 billion yuan [2]. 2. Price Tracking - The report tracks various coal prices, including thermal coal and coking coal, indicating a recent decline in prices but a potential for recovery due to increased demand [8][9]. 3. Inventory Tracking - Port inventories are decreasing, with Qinhuangdao port's coal inventory dropping to 6.55 million tons as of June 6, a week-on-week decrease of 200,000 tons [7][8]. 4. Downstream Performance - The report notes improvements in downstream consumption, particularly in power plants, which are expected to drive coal demand higher in the coming months [7][8]. 5. Company Performance - Key companies such as China Shenhua, Shaanxi Coal, and Yancoal are highlighted for their strong performance and potential for growth, with recommendations for investment in these stocks [8][12].

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 行业筑底企稳，坚守人工智能产业趋势 ——2024年&25Q1计算机行业总结 2 0 2 5 . 0 6 . 0 5 分析师：闻学臣 执业证书编号：S0740519090007 分析师：刘一哲 执业证书编号：S0740525030001 分析师：何柄谕 执业证书编号：S0740519090003 分析师：王雪晴 执业证书编号：S0740524120003 分析师：苏仪 执业证书编号：S0740520060001 分析师：蒋丹 执业证书编号：S0740525030004 2024年与25Q1计算机板块回顾 ◼ 强预期与弱现实彼此交织，计算机板块波动加剧。过去一年多以来，计算机板块经历了2024年初小微盘股流动性危机 下的暴跌与暴涨式修复，宏观影响下Q2板块基本面持续承压带来的指数持续下探与机构持续减仓，924以来信心修复 与流动性增多带来的估值提升，以及2025年初Deepseek重新推动中国科技重估带来的新一轮上涨。宏观经济增长放缓、 下游支出力度受限带来的基本面承压（弱现实），与AI、自主可控主题在当前全球 ...

宏观局势反复，基本金属价格区间震荡 有色金属 证券研究报告/行业定期报告 2025 年 06 月 04 日 | 增持（维持） | 报告摘要 | 评级： | 【本周关键词】：美联储对降息持谨慎态度，法院叫停关税后被上诉暂缓，美国对钢 |  | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 铁及铝追加关税至 | 50%。 | 分析师：谢鸿鹤 | 投资建议：趋势的延续，维持行业"增持"评级。 |  | | | | | | | | | | | | 最新美联储会议纪要显示，面对不确定性，采取谨慎的货币政策是适当的，降息概率 | 执业证书编号：S0740517080003 | 下降。与此同时，美国关税政策变数不断，市场普遍抱有观望和担忧的心态。宏观局 | Email：xiehh@zts.com.cn | | | | | | | | | | | | | 势反复叠加基本面缺乏方向指引，预计短期基本金属价格区间震荡。长期在供需格局 | 分析师： ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [3] Core Insights - The report emphasizes the arrival of a new era for innovative drugs, highlighting the strong performance of the sector in May 2025, with a 6.4% increase in the pharmaceutical and biotechnology sector, outperforming the CSI 300 index by 4.6% [10][22] - It suggests a focus on companies transitioning from biotech to biopharma and those in traditional pharma that are innovating [9] - The report identifies significant investment opportunities in AI-driven healthcare and medical services, indicating that the industry is just beginning to harness the potential of artificial intelligence [9] - The report anticipates a recovery in performance and valuation for CRO&CDMO, upstream research, and specialty raw materials, with Q2 performance expected to improve [9][11] Summary by Sections June Industry Investment Outlook - The report encourages embracing the innovative drug era and actively positioning for Q2 performance [9] - It highlights key recommended stocks for June, including WuXi AppTec, Sangamo Therapeutics, Changchun High-tech, Betta Pharmaceuticals, Nanwei Medical, Kunming Pharmaceutical, Nuotai Biological, Dian Diagnostics, Tianyu Co., and Boan Biotechnology [12] Market Dynamics - In May 2025, the pharmaceutical sector saw all sub-sectors increase, with chemical pharmaceuticals rising by 9.77%, biological products by 7.29%, and medical services by 6.00% [10][22] - The report notes that the pharmaceutical sector's valuation is currently at 23.4 times PE, with a premium of 29.3% over the broader A-share market [27] Key Company Performances - The report highlights the record-breaking BD transaction of 1.25 billion USD by Sangamo Therapeutics, which has catalyzed investment enthusiasm in innovative drugs [10] - It mentions that 71 original research results from Chinese pharmaceutical companies were presented at ASCO, showcasing their growing international competitiveness [10] Investment Recommendations - The report recommends focusing on companies with strong growth potential, such as WuXi AppTec, Sangamo Therapeutics, and Changchun High-tech, among others [12][14] - It also suggests monitoring companies in the AI healthcare sector and those poised for recovery in the traditional pharmaceutical space [9][11]