2025 年 3 月 2 日 证券研究报告：有色金属|行业周报 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4486.84 | | --- | --- | --- | | 52 | 周最高 | 4979.91 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-03 2024-05 2024-07 2024-10 2024-12 2025-02 -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 22% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 《稀土新规拟出台，提升战略属性》 - 2025.02.25 有色金属行业报告 （2025.2.24-20 ...

证券研究报告：电力设备|点评报告 2025 年 2 月 27 日 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7461.49 | | --- | --- | --- | | 52 | 周最高 | 8068.94 | | 52 | 周最低 | 5403.16 | 行业相对指数表现（相对值） 2024-02 2024-05 2024-07 2024-10 2024-12 2025-02 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《江苏绿电直连试点，有望提升绿电 溢价》 - 2025.02.20 蒙西电力现货市场转正，新能源全面入市的先验市 场 l 投资要点 事件：2025年 2 月 24日，蒙西电力现货市场转为正式运行。2022 年 6 月 1 日蒙西电力现货市场启动长周期不间断结算试运行以来，截 至 2025 年 1 月，已连续运行 32 个月。 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][7]. Core Views - The company is expected to accelerate profit release in 2025, benefiting from industry cycle adjustments and cost control measures [4]. - The implementation of AI technology is anticipated to enhance operational efficiency and reduce costs [5]. - The company is positioned to gain from policy changes in the Guangxi and Guangdong regions, which may lead to increased revenue [6]. Company Overview - Latest closing price: 15.07 CNY - Total shares: 1.139 billion, with a total market capitalization of 17.2 billion CNY - 52-week high/low: 23.79 CNY / 12.01 CNY - Debt-to-asset ratio: 67.1% - Price-to-earnings ratio: 14.63 [3]. Financial Forecast and Investment Recommendations - Revenue projections for 2024, 2025, and 2026 are 27.322 billion CNY, 30.147 billion CNY, and 33.330 billion CNY respectively, with net profits of 933.15 million CNY, 1.077 billion CNY, and 1.248 billion CNY [7][9]. - The expected growth rates for revenue are 11.38% in 2024, 10.34% in 2025, and 10.56% in 2026 [9]. - The current price-to-earnings ratios for the forecasted years are 17.8, 15.5, and 13.3 respectively [7].

证券研究报告：电力设备|点评报告 2025 年 2 月 27 日 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 7461.49 | | --- | --- | --- | | 52 | 周最高 | 8068.94 | | 52 | 周最低 | 5403.16 | 行业相对指数表现（相对值） 2024-02 2024-05 2024-07 2024-10 2024-12 2025-02 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《江苏绿电直连试点，有望提升绿电 溢价》 - 2025.02.20 蒙西电力现货市场转正，新能源全面入市的先验市 场 l 投资要点 事件：2025年 2 月 24日，蒙西电力现货市场转为正式运行。2022 年 6 月 1 日蒙西电力现货市场启动长周期不间断结算试运行以来，截 至 2025 年 1 月，已连续运行 32 个月。 ...

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（元） | 92.50 | | --- | --- | | 总股本/流通股本（亿股）4.82 | / 4.20 | | 总市值/流通市值（亿元）445 | / 388 | | 周内最高/最低价 52 | 92.50 / 43.09 | | 资产负债率(%) | 7.2% | | 市盈率 | 82.92 | | 第一大股东 | 北京屹唐盛芯半导体产 | | | 业投资中心(有限合伙) | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 北京君正(300223) NPU 助力定制化存储 l 投资要点 CUBE 助力变革边缘 AI 计算。华邦电子开发的创新型 CUBE （Customized Ultra Bandwidth Element，定制化超高带宽元件） 技术，作为客制化的高宽带存储芯片 3D TSV DRAM，专门为边缘 AI 运算装置所设计的存储架构，利用 3D 堆叠技术并结合异质键合技 术以提供高带宽、低功耗、单颗 256Mb 至 8Gb ...

证券研究报告：电子 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 92.50 | | --- | --- | | 总股本/流通股本（亿股）4.82 | / 4.20 | | 总市值/流通市值（亿元）445 | / 388 | | 周内最高/最低价 52 | 92.50 / 43.09 | | 资产负债率(%) | 7.2% | | 市盈率 | 82.92 | | 第一大股东 | 北京屹唐盛芯半导体产 | | | 业投资中心(有限合伙) | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 北京君正(300223) NPU 助力定制化存储 l 投资要点 CUBE 助力变革边缘 AI 计算。华邦电子开发的创新型 CUBE （Customized Ultra Bandwidth Element，定制化超高带宽元件） 技术，作为客制化的高宽带存储芯片 3D TSV DRAM，专门为边缘 AI 运算装置所设计的存储架构，利用 3D 堆叠技术并结合异质键合技 术以提供高带宽、低功耗、单颗 256Mb 至 8Gb 的存储芯片， ...

证券研究报告：电子 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 124.60 | | --- | --- | | 总股本/流通股本（亿股）1.06 | / 1.06 | | 总市值/流通市值（亿元）132 | / 132 | | 周内最高/最低价 52 | 128.00 / 56.95 | | 资产负债率(%) | 8.8% | | 市盈率 | -194.69 | | 第一大股东 | 王楠 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 普冉股份(688766) 端侧 AI 推动 Nor 容量提升，M4 MCU 逐步起量 2025 年 2 月 27 日 股票投资评级 买入 |维持 个股表现 2024-02 2024-05 2024-07 2024-10 2024-12 2025-02 -12% 0% 12% 24% 36% 48% 60% 72% 84% 96% 普冉股份 电子 资料来源：聚源，中邮证券研究所 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 已陆续完成 AEC-Q100 认证，未来公司将逐步推 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as one of the first domestic operators in the代运营 (agency operation) sector, with a business model that integrates brand management, proprietary brands, and代运营 services, leading to accelerated revenue growth [3]. - The company has shown significant growth in its proprietary brand "绽家" and is making strides in the high-end home cleaning market, while its new brand "斐萃" is expected to create a second growth curve in the female oral beauty segment [3][4]. - The company’s revenue and net profit for 2023 were reported at 1.366 billion yuan and 54 million yuan, respectively, with year-on-year growth of 12.3% and 60.8% [3]. Summary by Sections Company Overview - The company was established in 2011 and is one of the first代运营 service providers in China, ranking fifth in the industry. It has diversified into proprietary brands and brand management, with a revenue structure comprising 50%代运营, 28% brand management, and 22% proprietary brands as of the first half of 2024 [3][6][24]. Financial Analysis - The company has seen a return to high growth in revenue and profitability since 2023, with a projected net profit for 2024 expected to be between 90 million and 120 million yuan, representing a year-on-year increase of 66% to 121% [3][18]. - The gross margin and net profit margin have improved, with the gross margin at 46.5% and net profit margin at 5.0% for the first three quarters of 2024 [18]. Business Analysis - The company’s revenue from代运营, brand management, and proprietary brands for the first half of 2024 was 3.9 billion yuan, 2.2 billion yuan, and 1.8 billion yuan, respectively, indicating a growing contribution from proprietary brands [24]. - The proprietary brand "绽家" has rapidly gained market share, with a revenue increase of over 60% in 2023 and maintaining a growth rate of 67% in the first half of 2024 [40][41]. Industry Insights - The high-end home cleaning market is experiencing significant growth, with the overall market size projected to reach approximately 1.3 trillion yuan in 2024, driven by a trend towards premiumization and refinement in consumer preferences [32][35]. - The company is well-positioned to capitalize on the high-end market, which currently lacks strong competitors, allowing it to leverage its first-mover advantage and unique product offerings [39].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within six months [2][14]. Core Insights - The company is projected to incur a net loss of between 180 million to 200 million yuan in 2024, primarily due to a decline in revenue from defense products as customer plans have been postponed [5][6]. - The company has a backlog of defense product orders totaling approximately 1.49 billion yuan, with expectations for a turnaround as certain models are set to complete development and begin mass production [6]. - A proposed capital increase of up to 1.02 billion yuan aims to enhance capabilities in high-performance optical materials and advanced components, as well as digital R&D for precision-guided products [6]. - Strategic cooperation between major defense groups is anticipated to enrich the asset base available to the company as a listed platform [7]. - Forecasted net profits for 2024-2026 are projected at -188 million yuan, 7.6 million yuan, and 15 million yuan, respectively, with corresponding price-to-earnings ratios of 85 and 43 for 2025-2026 [7]. Financial Summary - The company’s revenue is expected to decline from 2.201 billion yuan in 2023 to 1.537 billion yuan in 2024, before rebounding to 2.432 billion yuan in 2025 and 3.075 billion yuan in 2026, reflecting a growth rate of -12.43%, -30.13%, 58.18%, and 26.45% respectively [10][13]. - The EBITDA is projected to shift from 127.08 million yuan in 2023 to -91.23 million yuan in 2024, then recover to 187.28 million yuan in 2025 and 266.36 million yuan in 2026 [10][13]. - The company’s net profit attributable to shareholders is forecasted to be 69.17 million yuan in 2023, dropping to -188.25 million yuan in 2024, and then recovering to 76.21 million yuan in 2025 and 150.24 million yuan in 2026 [10][13].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][7]. Core Insights - The company is expected to face a loss in 2024, with a projected net profit attributable to shareholders ranging from -200 million to -180 million yuan, primarily due to a decline in defense product revenues [5][6]. - The company has a backlog of defense product orders totaling approximately 1.49 billion yuan, with expectations for a turnaround in military product performance and growth in civilian product sales [6][7]. - A planned capital increase of up to 1.02 billion yuan aims to enhance production capabilities in high-performance optical materials and advanced components, as well as digital R&D for precision-guided products [6]. - Strategic cooperation between major defense groups is anticipated to enrich the asset base available to the company, enhancing its market position [7]. - Forecasted net profits for 2024-2026 are -188 million yuan, 76 million yuan, and 150 million yuan, respectively, with corresponding price-to-earnings ratios of 85 and 43 for 2025-2026 [7]. Company Overview - The latest closing price of the company's stock is 12.52 yuan, with a total market capitalization of 6.4 billion yuan [4]. - The company has a total share capital of 509 million shares, with a debt-to-asset ratio of 38% and a current price-to-earnings ratio of 92.06 [4].