Investment Rating - The report indicates a strong growth potential for the XBC curved photovoltaic tile industry, with a projected compound annual growth rate (CAGR) of 67.94% from 0.19GW in 2025 to 2.53GW by 2030 [4][24]. Core Insights - The XBC curved photovoltaic tile integrates amorphous silicon photovoltaic components with building roofing materials, offering advantages such as ease of installation, thermal insulation, and high energy efficiency. The XBC technology enhances aesthetic integration with architectural styles, representing a typical application of Building-Integrated Photovoltaics (BIPV) [4][5]. - The industry is characterized by significant technological advancements, particularly in efficiency breakthroughs and core processes such as passivation, patterning, and metallization, which are crucial for improving energy conversion efficiency [7][8]. - Despite the advantages, the market penetration of photovoltaic tiles remains low due to high costs compared to traditional components, lower energy conversion efficiency, and installation complexities [9][15]. Industry Definition - The XBC curved photovoltaic tile is defined as a building material that combines photovoltaic components with roofing materials, directly replacing traditional tiles while maintaining the same installation methods [5]. Industry Classification - The XBC curved photovoltaic tile industry is classified based on the substrate type into P-IBC and N-IBC categories, which utilize different types of back electrodes to enhance current collection efficiency [6]. Industry Characteristics - The industry features breakthroughs in efficiency, with the XBC technology achieving a theoretical energy conversion efficiency of 29.1%, significantly higher than other technologies [7]. - The application of XBC tiles is hindered by issues such as high costs, lower energy output per square meter compared to traditional components, and challenges in installation and maintenance [9]. Development History - The development of XBC curved photovoltaic tiles can be divided into three phases: the initial phase (1954-1979), the startup phase (1980-2011), and the rapid development phase (2011-present), with significant milestones including the introduction of the Tesla solar roof and the launch of the XBC aesthetic curved photovoltaic tile by Huabao New Energy [10][13]. Industry Chain Analysis - The industry chain consists of three main segments: upstream (raw material supply and equipment manufacturing), midstream (product manufacturing), and downstream (sales and application) [14][19]. Market Size and Growth - The market size for the XBC curved photovoltaic tile industry is expected to grow from 0.19GW in 2025 to 2.53GW by 2030, driven by increasing demand for integrated photovoltaic solutions [24][26]. Policy Analysis - Various policies are in place to support the growth of the photovoltaic industry, including initiatives to promote distributed energy generation and the integration of renewable energy in building designs [29][31]. Competitive Landscape - The competitive landscape is currently dominated by Huabao New Energy, which has introduced innovative products that combine aesthetic and functional aspects of photovoltaic tiles, reshaping the market dynamics [32][33].

其中，汇丰晋信低碳先锋股票A今年以来收益率1.25%，同类排名612(总1001)，汇丰晋信核心成长A今年以来收益率2.34%，同类排名2367(总4592)。 | 阶段涨幅 | 季度涨幅 | 今年以来各阶段业绩及同类排名 年度涨幅 | 四 下载 | App6.7.1: | | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 新功能:"小天 | | 阶段涨幅 | -5.21% | -6.18% | 7.21% | 型，智能问答 | | 同类平均0 | -1.71% | -0.13% | 8.00% | 准、专业的问 | | 沪深300 | -7.66% | -8.99% | -5.44% | | | 同类排名 3 | 982 1012 | 929 1012 | 463 1003 | | | 四分位排名 ● | | | | 图片来源:天天基金网 2025/4/7 | | | T- 1+ | T 1+ | Cl 47 | | 汇丰晋信低碳先锋股票A、汇丰晋信核心成长A基金经理为陆彬。 4月7日，华宝新能股票盘中跌停，今年来已跌去25.09%，深圳市华宝新能源 ...

华宝新能新股发行费用总额为23,404.93万元，其中保荐机构华泰联合证券有限责任公司获得承销及保荐 费用20,431.41万元。 中国经济网北京4月3日讯华宝新能（301327）(301327.SZ)今日收报72.00元，跌幅12.54%。目前该股股 价处于破发状态。 华宝新能2023年5月20日披露2022年年度权益分派实施公告，公司2022年年度股东大会审议通过的利润 分配及资本公积金转增股本方案的具体内容：以2022年12月31日公司总股本96,000,000股为基数，向全 体股东按每10股派发现金股利20.83元(含税)，共计派发199,968,000.00元，不送红股，同时以资本公积 金向全体股东每10股转增3股股份，共计转增28,800,000股，转增后公司总股本增加至124,800,000股。剩 余未分配利润结转以后年度。在利润分配预案披露日至实施权益分派股权登记日期间，若公司总股本发 生变动，则以实施分配方案时股权登记日的总股本为基数，公司将按照"现金分红总额固定不变"的原则 对分配比例进行调整，并将遵循"资本公积金转增股本比例固定不变"的原则对转增股本总额进行调整。 华宝新能于2022年9 ...

Core Viewpoint - The company, Huaguang New Materials, showcases its commitment to sustainable development through its 2024 ESG report, highlighting achievements in technological innovation, green development, and social responsibility [1] Group 1: ESG Report Highlights - The 2024 ESG report marks the second consecutive year of public sustainability reporting by the company, reflecting its ongoing efforts and determination in the ESG field [1] - The report emphasizes significant achievements in green manufacturing, social responsibility, and corporate governance, alongside the company's exploration in the brazing materials sector [1] - The company aims to create long-term value for shareholders, customers, employees, and society by advancing sustainable practices [1] Group 2: Technological Innovation and Product Development - Huaguang New Materials has developed a diverse product matrix, including copper-based, silver-based, tin-based brazing materials, silver paste, and aluminum brazing materials, expanding applications into emerging fields such as renewable energy and AI [2] - As of the end of 2024, the company holds 123 patents, including 48 invention patents, with R&D investment reaching approximately 74.27 million yuan, accounting for 3.87% of main business revenue [2] - Collaborations with renowned domestic and international universities and research institutions have enhanced the company's R&D capabilities and promoted deep integration of industry, academia, and research [2] Group 3: Environmental Initiatives - In 2024, the company's total environmental investment reached 1.47 million yuan, with energy-saving measures reducing greenhouse gas emissions by 133.60 tons of CO2 equivalent [3] - The company established a wastewater reuse system, increasing water resource reuse rate to 20%, with plans to further enhance it to 50% or more [3] - The total amount of non-hazardous waste generated in 2024 was 112.87 tons, achieving 100% compliance in disposal [3] Group 4: Employee Development and Corporate Vision - The company prioritizes employee health and safety, offering comprehensive training programs that cover various aspects of professional development, achieving a training coverage rate of 100% in 2024 [3] - The chairman of the company emphasized the new development opportunities for brazing materials in the context of the global manufacturing industry's transformation towards intelligence and sustainability [3] - The company is committed to its corporate spirit of integrity, diligence, innovation, and dedication, focusing on low-carbon, health and safety, and social contribution [4]

证券代码：301327 证券简称：华宝新能 公告编号：2025-008 深圳市华宝新能源股份有限公司 2025年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会未出现否决议案的情况； 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 深圳市华宝新能源股份有限公司（以下简称"公司"）于2025年3月18日下午 15:00在公司会议室召开2025年第二次临时股东会。会议由公司董事会召集，董事长孙 中伟先生主持。 本次股东会采用现场表决与网络投票相结合的方式召开。通过深圳证券交易所交 易系统进行网络投票的具体时间为：2025年3月18日上午9:15~9:25，9:30~11:30和下午 13:00~15:00；通过深圳证券交易所互联网投票系统投票的具体时间为：2025年3月18 日上午9:15~下午15:00期间的任何时间。 本次会议的召集、召开与表决程序符合《中华人民共和国公司法》（以下简称 "《公司法》"）《上市公司股东大会规则》（以下简称"《股东大会规则》"） 《深圳 ...

上海市锦天城（深圳）律师事务所 关于深圳市华宝新能源股份有限公司 法律意见书 深圳市福田中心区福华三路卓越世纪中心1号楼21、22、23层 www.allbrightlaw.com 上海市锦天城（深圳）律师事务所 法律意见书 上海市锦天城（深圳）律师事务所 关于深圳市华宝新能源股份有限公司 2025 年第二次临时股东会的 2025 年第二次临时股东会的 致：深圳市华宝新能源股份有限公司 上海市锦天城（深圳）律师事务所（以下简称"本所"）接受深圳市华宝新 能源股份有限公司（以下简称"华宝新能"或"公司"）委托，指派本所律师出席 公司 2025 年第二次临时股东会（以下简称"本次股东会"或"会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）《中 华人民共和国证券法》（以下简称"《证券法》"）《上市公司股东大会规则》 （以下简称"《股东大会规则》"）等法律、法规、部门规章和规范性文件以及 《深圳市华宝新能源股份有限公司章程》（以下简称"《公司章程》"）的规定， 就公司本次股东会的召集与召开程序、出席会议人员资格、召集人资格、会议 表决程序和表决结果的合法性等有关事宜，出具本法律意见书。 为出 ...

Investment Rating - The report maintains a "Buy" rating for several companies, including Century Internet, Huayi Group, and 361 Degrees, indicating a positive outlook for their future performance [19][25][31]. Core Insights - The report highlights significant growth in capital expenditure for Century Internet, projecting a 101-141% increase in 2025, driven by strong demand in the AIDC sector [15]. - The AI and cloud computing sectors are experiencing increased investment from both domestic and international giants, which is expected to accelerate AI application deployment [16]. - The report emphasizes the robust growth potential in the AIDC cloud computing market, with recommendations for various companies across different segments [17]. - Huayi Group is expected to see a revenue increase of 19.4% in 2024, with a focus on expanding production capacity and optimizing customer structure [19]. - 361 Degrees anticipates breaking the 10 billion yuan revenue mark in 2024, with a strong emphasis on exploring new retail formats [25]. - The report notes that the toy market, particularly in the building block segment, is rapidly growing, with a projected increase in market size from 773.1 billion yuan in 2023 to 993.7 billion yuan by 2028 [32]. - Shandong Pharmaceutical Glass is positioned to benefit from the increasing demand for borosilicate glass, with projected net profits growing significantly over the next few years [36][37]. Summary by Sections Technology Sector - The report discusses the trading congestion indicators for the technology sector, suggesting that high trading volumes may indicate a risk of price corrections [3]. - Relative valuation metrics show that technology growth stocks are not at historical extremes but are also not particularly cheap, with TMT and robotics sectors at high percentiles [4][5]. Communication Sector - Century Internet's capital expenditure is expected to reach 100-120 billion yuan in 2025, reflecting a strong growth trajectory in the AIDC market [15]. - The demand for AIDC services is anticipated to accelerate, supported by significant contracts from major clients [15]. Consumer Goods Sector - Huayi Group's new factory efficiency is expected to impact Q4 earnings positively, with optimistic projections for Adidas orders [19]. - 361 Degrees is actively exploring new retail formats and anticipates a revenue increase of 19.6% in 2024 [25]. Toy Industry - The report highlights the rapid growth of the building block toy market, with a significant market share held by companies like Bluko, which is leveraging a strong IP portfolio [31][32]. Pharmaceutical Glass Industry - Shandong Pharmaceutical Glass is expected to see substantial growth in net profits due to the increasing adoption of borosilicate glass in the pharmaceutical sector [36][37].

电力设备/电池 华宝新能（301327.SZ） 差异化新品有望带动便携储能份额提升，移动家储产 2025 年 03 月 13 日 品或逐步切户储蛋糕 投资评级：买入（维持） ——公司深度报告 | 日期 | 2025/3/12 | | --- | --- | | 当前股价(元) | 74.29 | | 一年最高最低(元) | 102.00/49.00 | | 总市值(亿元) | 92.71 | | 流通市值(亿元) | 25.73 | | 总股本(亿股) | 1.25 | | 流通股本(亿股) | 0.35 | | 近 3 个月换手率(%) | 143.06 | 股价走势图 -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 2025-03 华宝新能 沪深300 数据来源：聚源 相关研究报告 | 吕明（分析师） 周嘉乐（分析师） 林文隆（分析师） | | | | --- | --- | --- | | lvming@kysec.cn zhoujiale@kysec.cn linwenlong@kysec.cn | | | | 证书编号：S0790520030002 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The company is expected to see significant improvement in performance in 2024 due to the introduction of differentiated new products, inventory clearance, and cost control measures [7][15] - The company has established a product matrix that includes high-end household storage, family backup power, and portable series to meet various scenario needs [7] - The portable energy storage market is anticipated to grow, with the company's market share expected to rebound due to the launch of new products with competitive advantages [7][23] Summary by Sections 1. Performance Review - In 2023, the company faced challenges due to high inventory, intensified competition, and decreased capacity utilization, leading to a significant decline in revenue and profit [14] - The company’s revenue in 2023 was 2,314 million yuan, down 27.8% year-on-year, and the net profit was -174 million yuan [9] - The company is expected to recover in 2024, with revenue projected to reach 3,586 million yuan, a 55% increase year-on-year [9] 2. Portable Energy Storage Sector - The portable energy storage industry is returning to normalized growth after rapid expansion from 2018 to 2021, with a projected global shipment of over 8 million units in 2023 [17][21] - The company is expected to regain market share, particularly in the U.S. market, with sales share increasing from 5% in Q1 2022 to 24% by Q4 2024 [23] - The company has launched several new products, including the v2 series, which emphasizes portability and differentiation [27][30] 3. Mobile Home Storage Sector - The mobile home storage products are designed to meet both outdoor and household emergency backup needs, offering advantages over traditional home storage products [8] - The company plans to introduce the 5000 Plus mobile home storage product in H2 2024, which is easier to install and priced lower than traditional home storage systems [8] - The traditional home storage market is substantial, with potential for brand-oriented companies to capture market share through more cost-effective mobile home storage solutions [8] 4. Financial Summary and Valuation Metrics - The company’s projected net profits for 2024, 2025, and 2026 are 234 million yuan, 407 million yuan, and 537 million yuan, respectively [9] - The expected earnings per share (EPS) for the same years are 1.87 yuan, 3.26 yuan, and 4.31 yuan, with corresponding price-to-earnings (P/E) ratios of 39.6, 22.8, and 17.3 [9] - The company’s gross margin is expected to stabilize around 44.3% to 44.5% from 2024 to 2026 [9]

华泰联合证券有限责任公司 关于深圳市华宝新能源股份有限公司 核查意见 部分募投项目结项、延期及调整实施地点和内部投资结构 的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐机构"） 作为深圳市华宝新能源股份有限公司（以下简称"华宝新能"或"公司"）首次 公开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所创业板股票上市规则》《上市公司监管指引第 2 号——上市公司募集资金 管理和使用的监管要求》《深圳证券交易所上市公司自律监管指引第 13 号—— 保荐业务》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》等法律、法规和规范性文件的规定，华泰联合证券对华宝新能本次部 分募投项目结项、延期及调整实施地点和内部投资结构的事项进行了审慎核查， 具体核查情况如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意深圳市华宝新能源股份有限公司首次 公开发行股票注册的批复》（证监许可〔2022〕1175 号）同意注册，公司首次公 开发行人民币普通股（A 股）股票 24,541,666 股，发行价格为人民币 237.50 元/ 股，募集资金总额 ...