投资建议：25年行业需求25%增长预期，其中国内电动车25%增长、新兴市场和欧洲储 能翻倍以上增长。短期因为美国关税不确定性冲击，美国储能暂停，整体排产环比平稳，估 值已充分反应，且产业价格和盈利已触底，当前15倍PE安全边际足够，增长确定。首推格 局和盈利稳定龙头电池（宁德时代、比亚迪、亿纬锂能）、结构件（科达利）；并看好具备 盈利改善的材料龙头，首推（湖南裕能、富临精工、璞泰来、尚太科技、天奈科技、天赐材 料），关注中科电气，其次看好（新宙邦、容百科技、华友钴业、中伟股份、星源材质、恩 捷股份等）等；同时碳酸锂价格已见底，看好具备优质资源龙头，推荐（中矿资源、永兴材 料、赣锋锂业、雅化集团等；并看好优质零部件（中熔电气、浙江荣泰、威迈斯等）。 东吴证券发布电动车24年及25Q1财报总结：25Q1板块营收7902亿元，同环比 +9%/-26%，归母净利409亿元，同环比+38%/+41%，电池占利润比重38%（同-4pct），整车 37%（同-7pct），中游材料8%（同+0pct），碳酸锂4%（同+10pct），核心零部件9%（同 +0pct）。 上游资源和中游材料24Q4大幅计提减值，拖累板块利润增速， ...

| 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 000545 | 金浦钛 | 9.81 | 6.51 | 2.15 | 2.35 | 9.12 | | | 业 | | | | | | | 000863 | 三湘印 象 | 10.14 | 3.85 | 3.69 | 4.02 | 8.94 | | 300471 | 厚普股 份 | 8.78 | 10.22 | 9.18 | 9.91 | 7.94 | | 002975 | 博杰股 份 | 9.99 | 3.33 | 30.59 | 32.81 | 7.25 | | 300424 | 航新科 技 | 6.12 | 11.08 | 14.97 | 15.78 | 5.43 | | | 捷强装 | | | | | | | 300875 | 备 | 6.48 | 8.11 | 26.91 | 28.28 | 5.07 | | 600760 | 中航沈 飞 ...

主要宽基ETF中，A500指数ETF（159351）截至发稿涨0.84%，成交额快速突破3.2亿元。成分股中，星 源材质、迈为股份涨超6%，同花顺、洪都航空、岩山科技等多股跟涨。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） A500指数ETF（159351）紧密跟踪新一代标杆指数中证A500指数，该指数优选各行业市值代表性强、 表征行业龙头的500只股票，兼顾大市值的同时均衡覆盖A股各行业核心龙头资产。此外，该指数在电 子、电力设备、医药生物、计算机等行业权重较大，成长属性更强。A500指数ETF（159351）还配备 了场外联接基金（A类022453；C类022454）。 华泰证券指出，展望后市，中国股市风险溢价有望系统性下移，而无风险利率下降与资本市场制度改革 将成为增量入市的关键力量，接下来继续看好A股，把握做多窗口期。 5月7日，三大指数均大幅高开，金融、房地产等板块指数涨幅居前。 民生证券指出，2025年宏观经济波动率放大导致市场风格频繁切换，投资者应关注长效机制的构建，包 括中国新外需和内需的培育。消费行业（旅游休闲、乳制品、食品、啤酒等）将 ...

行业研究 邮箱：suqianye@hcyjs.com 执业编号：S0360523050001 证 券 研 究 报 告 电动车行业跟踪报告 4 月新势力交付同环比持续增长，零跑连续 推荐（维持） 两月稳居新势力交付榜首 电力设备及新能源 2025 年 05 月 06 日 华创证券研究所 证券分析师：苏千叶 证券分析师：黄麟 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 299 | 0.04 | | 总市值(亿元) | 47,031.12 | 4.86 | | 流通市值(亿元) | 41,360.01 | 5.39 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -8.6% | -9.5% | 1.9% | | 相对表现 | -4.9% | -6.5% | -2.7% | -18% -5% 8% 20% 24/05 24/07 24/09 24/12 25/02 25/04 2024-05- ...

星源材质 20250429 摘要 • 星源材质 2025 年一季度营收 8.89 亿元，同比增长 24.44%，但归母净利 润同比下降 56%至 4,670 万元，主要受行业竞争、隔膜价格下滑及财务 费用增加影响。公司预计全年出货量约为 50 亿平方米，湿法占比五成到 六成，海外出货维持在 10%-20%之间。 • 公司持续推进产能建设，佛山基地已落成，欧洲和东盟基地预计 2025 年 投产。自 2024 年 4 月起，星源材质成为行业中率先实现湿法产能满产的 企业，第五代超级湿法线单线产能已达设计年化产能 2.5 亿平方米。 • 星源材质在技术创新上取得突破，与泰和新材合作推出方轮系列隔膜，发 布二代纳米纤维产品，并积极布局固态电池领域，参股新元邦已实现氧化 物电解质百吨级产能和 10 吨级出货。 • 公司积极开拓海外客户，与三星 SDI、大众集团子公司等签署长远发展订 单，并战略合作 ice technology 布局半导体材料。瑞典星源因客户 Northvolt 破产导致应收账款和存货全额跌价准备计提约 6,500 万元人民 币。 Q&A 星源材质在 2024 年的财务表现如何？ 2024 年，星源材质 ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-04-30 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250428：25Q1 固收+基金转债持仓十大亮点 特征 1：2025Q1，固收+基金规模整体为净申购，其中二级债基和可转债 基金的基金规模增幅相对更明显，受益于优异的净值表现，尤其是可转债 基金在 2025Q1 表现突出，整体跑赢其他固收+基金和中证转债指数，与 等权指数相当。 特征 2：观察大类资产配置情况，固收+基金多数降低了 杠杆率以及含权资产整体仓位，对其中转债、股票的配置变化不一。具体 来看，一级债基和二级债基相对稳健，降低了整体含权仓位的比例；转债 基金降低了股票仓位但提高转债仓位；而偏债混和灵活配置型基金则降 低了转债仓位，增加了股票仓位，弹性诉求或更强。按照基金波动性划分 看，高波基金提高了转债仓位，略微降低股票仓位；中低波基金的含权仓 位整体下降。 宏观量化经济指数周报 20250427：如何理解新的结构性货币政策工具和 新型政策性金融工具 从"量"和"价"两个方面拓宽流动性投放空间，结构性政策工具的"量 增、价降"也是"适度宽松"的重要内容。 本 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 8.96 yuan [7]. Core Views - The company reported a revenue of 3.541 billion yuan for 2024, a year-on-year increase of 17.52%, but a net profit attributable to shareholders of 364 million yuan, a decrease of 36.87% [3]. - In Q1 2025, the company achieved a revenue of 889 million yuan, up 24.44% year-on-year, but the net profit attributable to shareholders fell by 56.39% to 47 million yuan [3]. - The company has significantly increased its production and sales of separator materials, with production reaching 4.05 billion square meters, a 56.25% increase year-on-year, and sales reaching 3.99 billion square meters, a 57.64% increase [4]. - The company is expanding into the semiconductor field, signing a strategic cooperation framework agreement with RS Technologies to enhance its position in the materials sector [5]. Financial Performance Summary - For 2024, the company reported total revenue of 3.541 billion yuan and a net profit of 364 million yuan, with a projected revenue growth of 26.1% in 2025, reaching 4.465 billion yuan [6][10]. - The net profit is expected to recover to 467 million yuan in 2025, reflecting a growth rate of 28.4% [6][10]. - The company’s earnings per share (EPS) is projected to increase from 0.27 yuan in 2024 to 0.35 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 33 to 26 [6][10]. Market Position and Strategy - The company has established strong partnerships with major domestic and international battery manufacturers, including CATL and LG Chem, enhancing its market presence [4]. - The company is focusing on technological upgrades and product innovation, particularly in functional films and high-safety separators, to maintain its competitive edge [4].

Core Viewpoint - The company, Xingyuan Material, plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital operations and support its global business development [1] Group 1: H-Share Issuance - Xingyuan Material has announced its intention to issue H-shares and apply for listing on the main board of the Hong Kong Stock Exchange [1] - The board of directors approved the proposal for the public issuance of H-shares during a meeting held on April 28, 2025 [1] - The company is currently in discussions with relevant intermediaries regarding the issuance and listing process, with specific details yet to be finalized [1] Group 2: Regulatory Approvals - The issuance and listing of H-shares require approval from the company's shareholders, the China Securities Regulatory Commission, the Hong Kong Stock Exchange, and other regulatory bodies [2] - There is significant uncertainty regarding whether the issuance will pass the necessary reviews and approvals [2] Group 3: Previous Fundraising Activities - Xingyuan Material was listed on the Shenzhen Stock Exchange's ChiNext board on December 1, 2016, with an initial public offering of 30 million shares at a price of 21.65 yuan per share, raising a total of 649.5 million yuan [2] - The company has conducted multiple fundraising activities, including issuing convertible bonds and non-public offerings, with total funds raised amounting to approximately 6.489 billion yuan across five fundraising events [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see a bottoming out of single-unit profitability, with stable profit growth anticipated in 2025 [1] - Revenue for 2024 is projected at 35.41 billion yuan, a year-on-year increase of 17.52%, while net profit is expected to decline by 36.87% to 3.64 billion yuan [9] - The company is expected to maintain a high growth rate in shipments, with a forecast of 25% growth in 2025, reaching 5 billion square meters [9] - The average selling price is expected to stabilize, with unit profitability projected to recover to 0.05-0.1 yuan per square meter in 2025 [9] Financial Projections - Total revenue is forecasted to grow from 30.13 billion yuan in 2023 to 61.93 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 19.99% [1][10] - The net profit is expected to recover from 3.64 billion yuan in 2024 to 6.90 billion yuan in 2027, reflecting a significant growth trajectory [1][10] - Earnings per share (EPS) are projected to increase from 0.27 yuan in 2024 to 0.51 yuan in 2027 [1][10] - The price-to-earnings (P/E) ratio is expected to decrease from 33.59 in 2024 to 17.72 in 2027, indicating improved valuation over time [1][10]