机械设备 | 证券研究报告 — 行业专题 2025 年 5 月 18 日 强于大市 机械设备行业 2024 年年报和 2025 年一季报综述 行业展现弱复苏迹象，关注结构性机会 我们选取申万机械设备行业分类（2021）作为统计样本，对机械设备行业及其细分子 行业的营业收入、归母净利润等财务指标进行分析。2024 年机械设备行业在下游需求 和投资强度不足的情况下，导致利润端有所承压，但是 2025 年一季度呈现出弱复苏 迹象，行业整体和部分细分子行业的财务指标均有所好转，我们预计未来国内需求在 稳地产、财政、大规模设备更新等一系列政策的推动下，有望筑底回升，机械设备行 业不改长期向好趋势，建议关注周期性改善、内需复苏、新技术等相关机会，维持行 业 强大于市 评级。 支撑评级的要点 投资建议 评级面临的主要风险 ◼ 国内外经济复苏不及预期的风险；产业政策调整的风险；地缘政治和贸易战的风 险；竞争加剧的风险；原材料价格波动的风险；技术快速迭代的风险。 相关研究报告 《可控核聚变行业深度报告》20250410 《《2025 年政府工作报告》机械设备行业相关 要点及解读》20250320 《机械设备行业 2025 年度 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Views - The company has shown significant improvement in profitability and sales growth in the energy storage inverter segment for Q1 2025, with a notable increase in net profit [4][10] - The report highlights a strong revenue growth forecast for the company, with expected revenue of RMB 7.91 billion in 2025, representing a 21% increase from 2024 [8][10] - The company’s earnings per share (EPS) estimates have been adjusted to RMB 2.63, RMB 2.98, and RMB 3.74 for 2025, 2026, and 2027 respectively, reflecting a positive outlook [6][8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 6.54 billion, a year-on-year increase of 7.23%, but the net profit decreased by 11.32% to RMB 691 million [10][11] - For Q1 2025, the company reported a revenue of RMB 1.52 billion, an 8.65% increase year-on-year, and a net profit of RMB 194.7 million, marking a substantial growth of 859.78% [10][12] Sales and Margins - The company sold 912,900 photovoltaic inverters in 2024, a 22.26% increase year-on-year, although the revenue from grid-connected inverters decreased by 6.70% [10][11] - The gross margin for the energy storage inverter segment was reported at 27.48%, down 9.60 percentage points year-on-year [10][11] Future Projections - The company is projected to achieve a revenue of RMB 9.14 billion in 2026 and RMB 10.81 billion in 2027, with growth rates of 15.5% and 18.3% respectively [8][10] - The report anticipates a recovery in net profit to RMB 1.05 billion in 2025, with a growth rate of 51.9% [8][10] Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 21.1, 18.6, and 14.9 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [6][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 55.51 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown significant improvement in profitability and sales growth in the energy storage inverter segment for Q1 2025, leading to a positive outlook [4][10]. - The forecasted earnings per share (EPS) for 2025-2027 have been adjusted to RMB 2.63, 2.98, and 3.74 respectively, reflecting a decrease from previous estimates due to market conditions [6][8]. - The company’s revenue is projected to grow significantly, with a 21% increase expected in 2025, driven by strong sales in the photovoltaic inverter and energy storage sectors [8][10]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 6,542 million, a year-on-year increase of 7.23%, but a decline in net profit to RMB 691 million, down 11.32% [10][11]. - For Q1 2025, the company achieved a revenue of RMB 1,518 million, up 8.65% year-on-year, with a remarkable net profit increase of 859.78% to RMB 195 million [10][12]. Sales and Growth - The sales volume of photovoltaic inverters reached 912,900 units in 2024, marking a 22.26% increase, while revenue from energy storage inverters grew by 30.37% to RMB 572 million [10][11]. - The household photovoltaic system segment saw a revenue increase of 22.65% to RMB 1,464 million, and the new energy power generation segment experienced a 110.99% revenue growth to RMB 617 million [10][11]. Valuation Metrics - The company’s projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21.1, 18.6, and 14.9 respectively, indicating a favorable valuation compared to industry peers [6][8]. - The estimated EBITDA for 2025 is RMB 2,364 million, with a corresponding growth rate of 29.8% [8][10].

证券研究报告——晨会聚焦 2025 年 5 月 16 日 中银晨会聚焦-20250516 ■重点关注 【宏观经济】4 月金融数据点评*张晓娇 朱启兵。4 月新增社融和新增信贷 偏弱，主要是受美国关税政策冲击；但 4 月数据中仍反映出积极的财政政策 落地速度较快、居民购房需求仍在恢复趋势当中；5 月国内宏观政策加大宽 松力度、海外经贸形势出现较大变化，我们预计将提振二季度经济预期。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3380.82 | (0.68) | | 深证成指 | 10186.45 | (1.62) | | 沪深 300 | 3907.20 | (0.91) | | 中小 100 | 6321.96 | (1.34) | | 创业板指 | 2043.25 | (1.92) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 美容护理 | 3.68 | 计算机 | (2.97) | | 煤炭 | 0.42 | 通信 | (2.45) ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][6]. Core Views - The company has faced challenges in its zeolite and pharmaceutical segments due to weak downstream demand, but there is optimism regarding the growth potential from its various new material developments [4][9]. - The financial performance for 2024 shows a total revenue of RMB 3.693 billion, a decrease of 14.22% year-on-year, and a net profit attributable to shareholders of RMB 246 million, down 67.72% year-on-year [4][10]. - The report highlights the company's ongoing research and development efforts and the successful progress in new materials, which are expected to drive long-term growth [9][12]. Financial Summary - For 2024, the company reported total revenue of RMB 36.93 billion, with a significant decline in net profit to RMB 2.46 billion, reflecting a 67.72% decrease compared to the previous year [4][10]. - The first quarter of 2025 saw a revenue drop of 8.17% to RMB 861.23 million, with a net profit decrease of 18.76% to RMB 79.87 million [12]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 0.39, RMB 0.48, and RMB 0.56 respectively, with corresponding price-to-earnings (PE) ratios of 28.4, 23.1, and 19.6 [6][8]. Business Segment Performance - The functional materials segment generated RMB 30.19 billion in revenue for 2024, down 10.30% year-on-year, with a gross margin of 39.96% [9]. - The company has maintained its leading position in high-end liquid crystal monomer materials and has seen good development in OLED materials, while also making progress in semiconductor manufacturing materials [9][12]. - The life sciences and pharmaceutical business experienced a revenue decline of 28.65% to RMB 6.29 billion in 2024, although the gross margin improved to 38.16% [9]. Future Outlook - The company is expected to expand its production capacity in functional materials, with the first phase of the Penglai project set to gradually come online in the first half of 2025 [9]. - The report emphasizes the potential for growth in various new materials, including applications in the petrochemical sector and advancements in OLED and semiconductor materials [9][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown solid growth in its main relay business and steady development in its electrical products, with revenue and profit growth of 17.09% and 15.47% year-on-year for 2024 and Q1 2025 respectively [3][8] - The company is solidifying its market share and is actively advancing its overseas manufacturing capabilities, including the establishment of a factory in Germany and land acquisition in Indonesia [8] Financial Summary - The company’s revenue for 2024 is projected to be RMB 141.02 billion, with a year-on-year growth rate of 9.07% [9] - The net profit for 2024 is expected to reach RMB 16.31 billion, reflecting a growth of 17.09% [9] - For Q1 2025, the company achieved a revenue of RMB 39.83 billion, a year-on-year increase of 15.35% [10] - The earnings per share (EPS) for 2025 is adjusted to RMB 1.84, with corresponding price-to-earnings ratios of 18.2, 15.9, and 13.9 for 2025-2027 [5][11] Market Position - The company holds the largest market share in the relay product sector, with a 40% share in high-voltage direct current relays, and has seen a 1.7 percentage point increase in overall market share compared to 2023 [8] - The electrical products segment reported a revenue of RMB 7.92 billion in 2024, although it experienced a slight decline of 3.24% year-on-year [8] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of RMB 16.27 billion, RMB 18.79 billion, and RMB 21.71 billion for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate of approximately 15.4% [7][11] - The overseas business is anticipated to grow, supported by the establishment of new manufacturing facilities [5][8]

策略研究 | 证券研究报告 — 总量点评 2025 年 5 月 15 日 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐亚 策略点评 关注券商主题化演绎行情 短期建议关注仍有演绎空间的券商行情，指数是否存在所谓"上行风险"是 需要关心的问题，此外更需要关心行情斜率。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 （8621）20328506 ya.xu@bocichina.com 证券投资咨询业务证书编号：S1300521070003 《推动公募基金高质量发展行动方案》中所强调的业绩比较基准约束作 用，对于主动偏股型基金而言更多为中长期维度的合理引导，当前低配 行业的加速演绎，更类似于长逻辑投资思路下的短周期发酵，这比较符 合"主题投资"的特征，因此当前低配行业的加速演绎更类似一轮主题 化演绎行情。 这种主题化演绎行情，根据其演绎速度可能导致两种截然不同的市场 走势：一是延续"权重搭台"，随即"成长唱戏"，那么后续行情演 绎的节奏和空间都将为良性。第二种是向低配的权重行业/公司 ...

Group 1: Financial Data Overview - In April, new social financing (社融) amounted to 1.16 trillion yuan, an increase of 1.22 trillion yuan year-on-year, but a decrease of 4.73 trillion yuan compared to March, slightly below the consensus expectation of 1.26 trillion yuan[2] - The stock of social financing grew by 8.70% year-on-year, up 0.37 percentage points from March, but slightly below the expected 8.80%[2] - New RMB loans in April were 884 billion yuan, a decrease of 2.465 trillion yuan year-on-year and a decrease of 3.74 trillion yuan from March[2] Group 2: Impact of U.S. Tariffs - The weak demand for RMB loans in April was primarily influenced by the impact of U.S. tariff policies, affecting corporate operating expectations[2] - Government bond financing increased by 1.07 trillion yuan year-on-year, indicating a rapid implementation of proactive fiscal policies[2] - The April data reflects a recovery trend in residential housing demand, despite the overall financing environment being impacted by external factors[1] Group 3: Monetary Supply and Deposits - M2 growth in April was 8.0%, up 1.0 percentage points from March, while M1 growth was 1.5%, down 0.1 percentage points from March[2] - Total deposits decreased by 440 billion yuan in April, with household deposits down by 1.39 trillion yuan and corporate deposits down by 1.33 trillion yuan[2] - The decline in demand for short-term loans and residential loans indicates a weak financing demand in the real economy, influenced by external trade conditions[2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1][4]. Core Views - The company is experiencing a challenging year in 2024, but there is an improvement in Q1 2025 performance. The ongoing platform layout and new product development are expected to enhance competitive advantages [4]. - The integration of operations is progressing, and new businesses are anticipated to gradually contribute to performance growth [4][6]. Financial Summary - The company's revenue for 2024 is projected at RMB 13,448 million, a decrease of 12.3% year-on-year, while the net profit is expected to be RMB 1,191 million, down 37.7% year-on-year [9]. - For Q1 2025, the company reported revenue of RMB 3,215 million, a year-on-year increase of 5.96%, and a net profit of RMB 488 million, up 9.64% year-on-year [11]. - The projected earnings per share (EPS) for 2025 is RMB 1.14, with a corresponding price-to-earnings (P/E) ratio of 15.5 [6][8]. Business Segments - The company has a significant competitive advantage in the coating diaphragm segment, with a sales volume of 7,003 million square meters in 2024, representing a year-on-year growth of 32.85% [9]. - The negative electrode business faced challenges in 2024, with sales declining by 14.81% to 132,300 tons. However, new silicon-carbon anodes have begun small-scale shipments [9]. - New business lines, including an 8GWh slurry and electrode coating production line, have commenced operations and are expected to achieve scale production in 2025 [9].

电力设备 | 证券研究报告 — 调整盈利预测 2025 年 5 月 15 日 002202.SZ 增持 原评级：增持 市场价格:人民币 9.32 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.9) 14.4 2.4 15.9 相对深圳成指 (8.9) 9.7 5.6 9.6 发行股数 (百万) 4,225.07 流通股 (百万) 4,128.40 总市值 (人民币 百万) 39,377.63 3 个月日均交易额 (人民币 百万) 422.47 主要股东 香港中央结算(代理人)有限公司 18.28% (18%) (6%) 7% 20% 32% 45% May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Feb-25 Mar-25 Apr-25 May-25 金风科技 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 13 日收市价为标准 相关研究报告 《金风科技》20240829 《金风科技》20240403 《金风科技》20230827 中银国际证券股份有限公司 具备证券投 ...