行业周报 | 社会服务 证券研究报告 相关研究 【兴证社服】国务院国资委部署深化中央 企业"AI+"专项行动，阿里巴巴财报超 预期-2025.02.23 【兴证社服&零售&美护】行业周报 （2025.2.10-2025.2.14）东盟旅游团免签 助力云南游，万豪 2024 年客房净增 6.8%-2025.02.17 【兴证社服&零售&美护】行业周报 （2025.2.3-2025.2.7）春节期间全国重点 零售餐饮销售额+4.1%，两家教育上市公 司接入 DeepSeek-2025.02.12 S0190519050001 daiky@xyzq.com.cn 分析师：代凯燕 分析师：熊超 S0190517080005 xiongchao@xyzq.com.cn 分析师：金秋 S0190520080004 jinqiu@xyzq.com.cn 分析师：张彬鸿 S0190523010001 zhangbinhong@xyzq.com.cn 研究助理：陆焱 luyan23@xyzq.com.cn pengxinyao@xyzq.com.cn 行业评级 推荐（维持） 报告日期 2025 年 03 月 02 日 胖东来+ ...

行业周报 | 汽车 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 02 日 相关研究 【兴证汽车】周动态：上汽与华为签署 深度合作协议，人形机器人巨头 Figure 重磅发布 Helix-2025.02.24 【兴证汽车】周动态：比亚迪宣布全系 车型将搭载高阶智驾，华为上汽或合作 敲定鸿蒙智行新品牌-2025.02.17 【兴证汽车】Deepseek 赋能，智能化平 权加速来临-2025.02.11 分析师：董晓彬 S0190520080001 dongxiaobin@xyzq.com.cn 分析师：王凯丽 S0190522070001 wangkaili@xyzq.com.cn 分析师：于鹏亮 S0190524030006 yupengliang@xyzq.com.cn 分析师：刘馨遥 S0190524070005 liuxinyao@xyzq.com.cn 周动态：特斯拉 FSD 正式入华，小米新车 SU7 Ultra 上市订单超预期 投资要点： 表1、重点指数周表现（2025.02.22-2025.02.28） | 指数 | 周涨跌幅 | | 周成交额（亿元） 年初至今涨跌幅 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to see a recovery in profitability driven by accelerated global expansion, domestic capacity release, and optimization of customer structure [4][41] - The company is actively expanding into the humanoid robot sector, with significant potential for domestic substitution in precision gear components [39][40] Financial Summary - Total revenue projections for 2023A, 2024E, 2025E, and 2026E are 2103 million, 2040 million, 2550 million, and 3040 million respectively, with year-on-year growth rates of 16.3%, -3.0%, 25.0%, and 19.2% [3] - Net profit attributable to shareholders is projected to be 238 million, 165 million, 251 million, and 312 million for the same years, with growth rates of -3.9%, -30.7%, 52.6%, and 24.3% respectively [3] - The company’s PE ratios for the years 2023E, 2024E, 2025E, and 2026E are 25.2, 36.4, 23.8, and 19.2 [3] Capacity Expansion and Global Layout - Domestic capacity is being released, and overseas expansion is progressing smoothly, with the Thai factory expected to begin production in Q2 2025 [4][37] - The Moroccan factory is positioned as a key overseas capacity layout, leveraging local automotive industry advantages to serve European and North American markets [16][20] Humanoid Robot Business Development - The company is making significant strides in developing core components for humanoid robots, with a focus on planetary gear reducers [39][40] - The global market for planetary reducers is expected to grow at a compound annual growth rate of 10% from 2024 to 2029, indicating substantial market potential [39][40] Investment Recommendations - The company is well-positioned for mid-term performance improvement, with expected net profits of 165 million, 251 million, and 312 million for 2024-2026 [41] - The report emphasizes the potential for new revenue streams from the humanoid robot sector and the benefits of global capacity optimization [41]

行业周报 | 建筑材料 证券研究报告 | 行业评级 | 推荐（维持） | | | | --- | --- | --- | --- | | 报告日期 | 2025 | 03 | 03 | 相关研究 -2024.12.29 -2024.12.24 -2024.12.15 分析师：季贤东 S0190522100003 jixiandong@xyzq.com.cn ⚫ 请阅读最后评级说明和重要声明 1/25 ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ ⚫ | | 4 | | 4 | | | | | --- | --- | --- | --- | --- | --- | --- | | | 5 | | 6 | | | | | 2025 | | 7 | 250224-250228 | | 9 | | | | 10 | 250224-250228 | | 10 | | | | + | 250224-250228 | | 12 | 250224-250228 | | 15 | | 250224-250228 | | 17 | | 21 | | | | | 24 | | | | | | | 1 | | 9 | | --- | --- | --- ...

行业周报 | 环保 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 03 月 02 日 | 相关研究 【兴证环保】环保周报：上海 2026 年底 前实现固体废物近零填埋目标，山东试 点危废定向利用-2025.02.23 【兴证环保】环保周报：重庆提出 2025 年新增污水处理能力 50 万吨/天以上，陕 西全面推进美丽陕西建设-2025.02.16 【兴证环保】环保周报：广东提出推动 加快设立省属回收循环利用平台企业， 四川全面推进美丽四川建设-2025.02.09 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：李静云 S0190522120001 lijingyun@xyzq.com.cn 分析师：史一粟 S0190523110001 shiyisu@xyzq.com.cn 分析师：朱理显 S0190525010004 zhulixian@xyzq.com.cn | 图 1、 | 欧盟碳排放配额交易结算价 | 3 | | --- | --- | --- | | 图 2、 | 欧盟碳排放配额交易成交量 | ...

行业周报 | 社会服务 证券研究报告 相关研究 【兴证社服】国务院国资委部署深化中央 企业"AI+"专项行动，阿里巴巴财报超 预期-2025.02.23 【兴证社服&零售&美护】行业周报 （2025.2.10-2025.2.14）东盟旅游团免签 助力云南游，万豪 2024 年客房净增 6.8%-2025.02.17 【兴证社服&零售&美护】行业周报 （2025.2.3-2025.2.7）春节期间全国重点 零售餐饮销售额+4.1%，两家教育上市公 司接入 DeepSeek-2025.02.12 分析师：代凯燕 S0190519050001 daiky@xyzq.com.cn 分析师：熊超 S0190517080005 xiongchao@xyzq.com.cn 分析师：金秋 S0190520080004 jinqiu@xyzq.com.cn 分析师：张彬鸿 S0190523010001 zhangbinhong@xyzq.com.cn 研究助理：陆焱 luyan23@xyzq.com.cn pengxinyao@xyzq.com.cn 行业评级 推荐（维持） 报告日期 2025 年 03 月 02 日 胖东来+ ...

行业周报 | 汽车 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 03 月 02 日 S0190520080001 dongxiaobin@xyzq.com.cn 相关研究 分析师：王凯丽 【兴证汽车】周动态：上汽与华为签署 深度合作协议，人形机器人巨头 Figure 重磅发布 Helix-2025.02.24 S0190522070001 wangkaili@xyzq.com.cn 分析师：于鹏亮 【兴证汽车】周动态：比亚迪宣布全系 车型将搭载高阶智驾，华为上汽或合作 敲定鸿蒙智行新品牌-2025.02.17 【兴证汽车】Deepseek 赋能，智能化平 权加速来临-2025.02.11 分析师：董晓彬 分析师：刘馨遥 S0190524070005 liuxinyao@xyzq.com.cn 研究助理：刘思仪 liusiyi23@xyzq.com.cn 表1、重点指数周表现（2025.02.22-2025.02.28） S0190524030006 yupengliang@xyzq.com.cn 周动态：特斯拉 FSD 正式入华，小米新车 SU7 Ultra 上市订单超预期 投资要点： 周度 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to see a recovery in profitability driven by accelerated global expansion, capacity release, and optimization of customer structure, alongside new business development in humanoid robotics [41] - The company’s 2024 performance will be impacted by a decline in sales from major overseas clients, convertible bond expenses, foreign exchange gains, and increased depreciation from capacity investments [4][37] - The company is positioned to benefit from the growing domestic and international demand for its products, particularly in the electric vehicle sector and humanoid robotics [41] Financial Summary - Total revenue for 2023 is projected at 2,103 million yuan, with a year-on-year growth of 16.3%. However, a decline of 3.0% is expected in 2024, followed by a recovery with growth rates of 25.0% and 19.2% in 2025 and 2026 respectively [3] - Net profit attributable to shareholders is forecasted to be 238 million yuan in 2023, decreasing to 165 million yuan in 2024, but recovering to 251 million yuan in 2025 and 312 million yuan in 2026 [3] - The company’s price-to-earnings ratio is projected to decrease from 25.2 in 2023 to 19.2 by 2026, indicating an improving valuation as earnings recover [3] Capacity Expansion and Global Layout - The company is accelerating domestic capacity release and overseas expansion, with the Thai factory expected to commence production in Q2 2025, which will enhance profitability due to lower labor costs and pricing advantages [4][37] - The Moroccan factory is identified as a key focus for future overseas capacity, leveraging the country's automotive industry advantages to serve European and North American markets effectively [16][37] Humanoid Robotics Business Development - The company is actively developing core components for humanoid robots, with significant potential for domestic substitution in the planetary gearbox market, driven by supportive national policies and a mature automotive supply chain [39][40] - The global market for planetary gearboxes is expected to grow at a compound annual growth rate of 10% from 2024 to 2029, indicating a robust demand environment for the company's new product lines [39][40] Investment Recommendations - The report suggests that the company’s profitability is likely to recover due to global expansion, capacity release, and optimization of customer structure, with projected net profits of 165 million yuan, 251 million yuan, and 312 million yuan for 2024, 2025, and 2026 respectively [41]

行业周报 | 环保 证券研究报告 | 报告日期 | 2025 年 03 月 02 日 | | --- | --- | | 行业评级 | 推荐（维持） | 相关研究 【兴证环保】环保周报：上海 2026 年底 前实现固体废物近零填埋目标，山东试 点危废定向利用-2025.02.23 【兴证环保】环保周报：重庆提出 2025 年新增污水处理能力 50 万吨/天以上，陕 西全面推进美丽陕西建设-2025.02.16 【兴证环保】环保周报：广东提出推动 加快设立省属回收循环利用平台企业， 四川全面推进美丽四川建设-2025.02.09 分析师：蔡屹 S0190518030002 caiyi@xyzq.com.cn 分析师：李静云 S0190522120001 lijingyun@xyzq.com.cn 分析师：史一粟 S0190523110001 shiyisu@xyzq.com.cn 分析师：朱理显 S0190525010004 zhulixian@xyzq.com.cn 湖北印发《2025 年全省生态环境保护工作要 点》，努力完成"十四五"碳排放强度目标 投资要点： 图1、欧盟碳排放配额交易结算价 图2、欧盟碳排 ...