Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [1][18]. Core Views - The company is projected to achieve a revenue of 47.426 billion yuan in 2024, representing a year-on-year growth of 14.32%. Operating profit is expected to reach 7.067 billion yuan, up 31.40% year-on-year, while net profit is forecasted at 6.082 billion yuan, a 26.99% increase year-on-year [3][8]. - The company benefits from a solid cost advantage in the light hydrocarbon sector, with new project capacities contributing to revenue growth. The production of multi-carbon alcohols and ethanol amines is set to enhance business scale and competitiveness [3][7]. - In Q4 2024, the company is expected to report a revenue of 15.151 billion yuan, a 42.87% increase year-on-year, and a net profit of 2.389 billion yuan, reflecting a 71.13% year-on-year growth [7][8]. - The company has a robust pipeline of new projects scheduled for production from 2025 to 2027, which will further drive growth and enhance its competitive position in the market [8]. Summary by Sections Financial Performance - The company reported a significant increase in Q4 2024 revenue and net profit, driven by improved product prices and new project contributions [7]. - The projected earnings per share (EPS) for 2024 and 2025 are 1.81 yuan and 2.06 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 11.76 and 10.33 [8][9]. Market Position - The company operates primarily in the C3 and C2 industrial chains, focusing on propylene and ethylene production, benefiting from low raw material costs [3][8]. - The light hydrocarbon processing route offers a significant cost advantage compared to oil-based processes, supported by favorable tariff policies [7][8]. Future Growth - The company has a strong project reserve, with several key projects expected to come online in the coming years, providing a solid foundation for future growth [8].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -15% -10% -5% 1% 6% 11% 16% 22% 2024.03 2024.07 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,316.93 | -0.12 | | 深证成指 | | 10,649.59 | 0.36 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,888.47 | -0.04 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,728.44 | 0.02 | | 中证 | 500 | 5,885.77 | 0.44 | | 中证 | 1000 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 电池医疗行业领涨 A 股震荡整固 ——市场分析 相关报告 《市场分析：酿酒采掘行业领涨 A 股宽幅震 荡》 2025-02-28 《市场分析：电池消费行业领涨 A 股震荡整 固》 2025-02-27 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政 策及经济复苏进度不及预期；宏观经济超预期扰动；政策超预期 变化；国际关系变化带来经济环境变化；海外宏观流动性超预期 收紧；海外波动加剧。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共7页 《市场分析：汽车机器人行业领涨 A 股震荡 上行》 2025-02-27 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 03 月 03 日 投资要点： ◼ A 股市场综述 周一（03 月 03 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指高 开后震荡上行，盘中股指在 3349 点附近遭遇阻力，午后股指震荡回 落，盘中电池、能源金属、化学制品以 ...

食品饮料 liuran@ccnew.com 021-50586281 供需正在趋于平衡，原奶价格有望企稳 ——食品饮料行业点评报告 证券研究报告-行业点评报告 同步大市(维持) 食品饮料相对沪深 300 指数表现 相关报告 《食品饮料行业点评报告：春江水暖，底部遍 寻，食饮或迎拐点》 2025-02-27 《食品饮料行业月报：春节消费支撑有限，节 后板块下跌较多》 2025-02-11 《食品饮料行业深度分析：国内奢侈品及高档 白酒消费变化》 2025-02-07 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共6页 分析师：刘冉 登记编码：S0730516010001 根据农业部的监测数据：2024 年奶牛存栏量同比减少 4.5%，原奶 产量同比下降 2.8%。根据 2023 年的情况推算，2024 年的奶牛存栏 量为 630 万头，原奶产量为 4161.13 万吨。2024 年，奶牛存栏和 原奶产量双双减少，为原奶价格企稳创造了条件。我们预计原奶价 格年内有望企稳。 ⚫ 投资建议：原奶上游供需平衡有利于行业整体的发展，乳制品行 ...

Core Insights - The report emphasizes the resilience and potential of China's economy, highlighting the need to balance achievements with challenges, and the importance of transforming positive factors into tangible development results [8][5][4] Domestic Market Performance - The A-share market has shown volatility, with the Shanghai Composite Index closing at 3,320.90, down 1.98%, and the Shenzhen Component Index at 10,611.24, down 2.89% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are at 14.33 and 39.58 respectively, indicating a suitable environment for medium to long-term investments [9][10][12] Economic Indicators - China's official manufacturing PMI for February is reported at 50.2, up from 49.1, while the non-manufacturing PMI is at 50.4, indicating a slight improvement in economic activity [5][8] - The report notes a significant increase in the pet food production sector, with a 9.3% growth in 2024, despite a general decline in the industry [27] Industry Analysis - The new materials sector has outperformed the broader market, with a 12.12% increase in the new materials index compared to a 3.96% rise in the CSI 300 [14][16] - The semiconductor market continues to grow, with global sales reaching $56.97 billion in December 2024, a 17.1% year-on-year increase [15] - The electric equipment sector has also shown strong performance, with an 8.18% increase in the index, driven by advancements in robotics and steady growth in power grid construction [19][21] Investment Recommendations - The report maintains a "stronger than market" rating for the new materials and electric equipment sectors, suggesting that these industries will benefit from ongoing technological advancements and market demand [16][21] - Investors are advised to focus on structural opportunities in sectors such as consumption, mining, and small metals, while also considering defensive growth in technology and renewable energy [11][12][19]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 酿酒采掘行业领涨 A 股宽幅震荡 ——市场分析 相关报告 《市场分析：电池消费行业领涨 A 股震荡整 固》 2025-02-27 《市场分析：汽车机器人行业领涨 A 股震荡 上行》 2025-02-27 《市场分析：电子汽车行业领涨 A 股震荡整 理》 2025-02-25 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 02 月 28 日 投资要点： ◼ A 股市场综述 周五（02 月 28 日）A 股市场低开低走、宽幅震荡，早盘股指低开后 震荡上行，盘中股指在 3381 点附近遭遇阻力，午后股指震荡回落， 盘中酿酒、采掘以及化肥等行业表现较好；通信设备、机器人、半 导体以及软件开发等行业表现较弱，沪指全天基本呈现宽幅震荡的 运行特征。创业板市场周五震荡回落，创业板成分指数全天表现弱 于主板市场。 ◼ 后市研判及投资建议 周五 A 股市场低开低走、宽幅震荡，早盘股指低开后震荡上行，盘 中股指在 3381 点附近遭遇阻力，午后股指震荡回落， ...

新材料 shily@ccnew.com 0371-86537085 AI+新材料推动行业创新发展，日本 EDP 公司开发出 30x30mm 金刚石单晶 ——新材料行业月报 证券研究报告-行业月报 强于大市(维持) 资料来源：中原证券研究所，聚源 相关报告 《新材料行业月报：中国团队研发钻石薄膜制 备新技术，力量钻石半导体高功率散热片金刚 石项目建成投产》 2025-01-20 《新材料行业年度策略：赋能制造业，把握国 产替代和自主创新机会》 2024-12-05 《新材料行业月报：商务部等四部门公布两用 物项出口管制清单，10 月中国新能源车零售 同比增长 56.7%》 2024-11-28 联系人：李智 投资要点： 风险提示：技术进展不及预期；上游原材料价格大幅波动；下游需求 不及预期；地缘政治因素影响。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共21页 发布日期：2025 年 02 月 28 日 分析师：石临源 登记编码：S0730525020001 新材料相对沪深 300 指数表现 -60% -50% -40% -30% -20% -10% 0 ...

Investment Rating - The report assigns a rating of "Increase" for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [29]. Core Views - The company reported a revenue of approximately 549 million yuan for 2024, reflecting a year-on-year growth of 8.45%, while the net profit attributable to shareholders decreased by 18.73% to 49.32 million yuan [6][13]. - The recovery in the robotics and general automation industry has led to steady revenue growth, although increased R&D investments have impacted net profit [7][11]. - The company has established a comprehensive product line with proprietary intellectual property, including human-machine interfaces, programmable logic controllers, and servo systems, enabling it to provide automation solutions [7][9]. Summary by Sections Financial Performance - For 2024, the company expects revenues of 549 million yuan, with projections of 691 million yuan in 2025 and 839 million yuan in 2026, alongside net profits of 49 million yuan, 93 million yuan, and 132 million yuan respectively [13][16]. - The gross profit margin for 2024 is reported at 36.54%, with a diluted return on equity of 1.24% [2][19]. Market Position - The company holds a leading market share of 12% in the low-voltage DC servo market and 42% in the general automation sector, benefiting from the domestic demand for industrial automation and the trend of domestic substitution [10][11]. - The robotics sector accounted for approximately 38% of the company's revenue, with significant growth in the general automation and medical imaging equipment sectors as well [7][11]. Strategic Focus - The company is focusing on a "1+N" strategy centered around robotics, expanding into various sub-sectors while enhancing its core product lines [11][12]. - The company is actively developing humanoid robot markets and has established collaborations with multiple domestic and international clients [12].

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 聚焦机器人 1+N 战略，持续拓展机器人 核心部件及行业应用 通用设备 ——步科股份(688160)公司点评 证券研究报告-公司点评 增持(首次) 市场数据(2025-02-27) | 收盘价(元) | 105.88 | | --- | --- | | 一年内最高/最低(元) | 105.88/31.70 | | 沪深 300 指数 | 3,968.12 | | 市净率(倍) | 11.71 | | 流通市值(亿元) | 88.94 | | 基础数据(2024-09-30) | | | 每股净资产(元) | 9.04 | | 每股经营现金流(元) | 0.00 | | 毛利率(%) | 36.54 | | 净资产收益率_摊薄(%) | 1.24 | | 资产负债率(%) | 25.77 | | --- | --- | | 总股本/流通股(万股) | 8,400.00/8,400.00 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -32% -10% 1 ...

Investment Rating - The report does not explicitly state an investment rating for the chemical new materials industry. Core Insights - The chemical new materials industry is a crucial sector for strategic emerging industries such as high-end equipment, aerospace, new energy, electronic information, energy conservation, and biotechnology, serving as a foundational and leading industry for the national economy [1][11]. - The global market for chemical new materials is projected to grow at a compound annual growth rate (CAGR) of 4.40% from 2019 to 2025, reaching a market size of approximately 480 billion USD by 2025 [3][26]. - China's chemical new materials industry has seen rapid development, with significant breakthroughs in process technology since the 13th Five-Year Plan, although it still faces challenges such as structural oversupply in certain varieties and a reliance on imports for some high-end products [3][34]. Summary by Sections 1. Overview of the Chemical New Materials Industry - Chemical new materials encompass various new chemical materials with superior performance or special functions compared to traditional materials, including high-end polyolefin materials, engineering plastics, polyurethane materials, and more [1][12]. 2. Global Development Trends - The global chemical new materials industry is characterized by technological leadership from developed countries, with the U.S., Europe, and Japan at the forefront, while emerging economies like China are rapidly developing [26][29]. 3. China's Development Trends - China's chemical new materials consumption increased from 26.27 million tons in 2016 to 38.34 million tons in 2021, with a CAGR of 7.85%, outpacing the overall growth of the chemical industry [32][33]. - The self-sufficiency rate of China's chemical new materials has improved significantly, rising from 58.5% in 2016 to 77.3% in 2021 [32][33]. 4. Policy Support - The Chinese government has implemented various policies to support the high-quality development of the chemical new materials industry, aiming to strengthen and expand the sector towards high-end products [3][34]. 5. Development Status in Henan Province - Henan Province has prioritized the development of the chemical new materials industry, establishing a solid industrial foundation and achieving notable progress with leading companies emerging in various fields [3][34].