行业跟踪报告 | 国防军工 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 02 月 19 日 相关研究 【兴证军工】"全国低空交通一张网"正 式启动，统一标准实现高水平布局- 2025.02.18 【兴证军工】体系梗阻破冰在即，结构 性反转可待-2025.02.09 【兴证军工】军用四足机器人行业催化 有力，上市公司紧锣密鼓布局- 2025.02.02 分析师：石康 S1220517040001 shikang@xyzq.com.cn 分析师：李博彦 S0190519080005 liboyan@xyzq.com.cn 分析师：徐东晓 S0190524070009 xudongxiao@xyzq.com.cn 战略看多航天精导产业链 投资要点： 据中国航天科工集团公众号，1 月 19 日—20 日，中国航天科工集团召开 2025 年工作会 议，集团公司党组书记、董事长提出了集团公司 2025 年"六个坚决完成"主要工作目标， 其中第一项是"坚决完成以重大工程、重点型号为代表的年度科研生产任务"。 多型航天精导产品已经亮相 2024 年中国航展。 航天精导产业链相关标的中，菲利华、高德红外、航天 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Boeing is a dual-monopoly enterprise in the aerospace sector, with operations spanning commercial airplanes (BCA), defense and space (BDS), and global services (BGS). Despite facing challenges in 2024, including a significant drop in delivery volumes and a net cash flow loss, the company demonstrates strong corrective capabilities and strategic management adjustments [5][6] - The report anticipates a recovery in revenue and profitability, projecting a revenue increase to $81.99 billion in 2025, with a return to profitability by 2025 [6] Summary by Sections Company Overview - Boeing operates in three major segments: BCA, BDS, and BGS, and is the largest commercial aircraft manufacturer globally. The company faced a 51% quarter-on-quarter drop in delivery volumes in Q4 2024 due to operational disruptions [5][6] Financial Performance - In 2024, Boeing reported revenues of $66.52 billion and a net loss of $11.82 billion. The BCA segment generated $22.86 billion in revenue but incurred an operating loss of $7.97 billion, primarily due to the 737-9 incident and labor strikes [6] - The company ended 2024 with cash and securities totaling $26.3 billion and reduced total debt to $53.9 billion [6] Market Demand and Orders - Global air travel demand has surpassed pre-pandemic levels, with Boeing's backlog reaching $521 billion, involving 5,500 aircraft. The International Air Transport Association (IATA) projects industry net profits of $31.5 billion in 2024 and $36.6 billion in 2025 [6] Management Strategy - The new CEO, Kelly Ortberg, is implementing significant reforms to address quality control issues and streamline operations. The company aims to vertically integrate its supply chain through the acquisition of Spirit AeroSystems, expected to complete in 2025 [6] Production Adjustments - Boeing has adjusted its production rates in response to safety investigations and labor strikes, with plans to ramp up production of the 737 series once conditions allow [6] Future Projections - The report forecasts a recovery in deliveries and revenues, with expected deliveries of 544, 656, and 786 aircraft from 2025 to 2027, respectively. Revenue is projected to grow to $81.99 billion in 2025, with a return to profitability anticipated by 2025 [6]

海外公司跟踪报告 | 美股 证券研究报告 | 2 月 18 日收盘价（美元） | 184.97 | | --- | --- | | 总市值（百万美元） | 138,741 | | 总股本（百万股） | 750 | | 来源：聚源，兴业证券经济与金融研究院整理 | | 相关研究 【兴证海外汽车】波音（BA.N）：工会罢 工冲击短期业绩，新 CEO 多举或解债务 难题-2024.11.01 【兴证海外汽车】波音（BA.N）：收购供 应商、管理层更换、生产恢复，百年波 音再启航-2024.08.05 | 公司评级 | 增持（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 19 日 | 基础数据 【兴证海外】波音 BOEING（BA.N) 2024Q1 业绩点评：额外安全检查影响交 付量、下半年产能有望恢复-2024.05.08 分析师：余小丽 S0190518020003 AXK331 yuxiaoli@xyzq.com.cn 分析师：张弘彬 S0190524080002 请注意: 张弘彬并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 zhangho ...

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 | 02 | 17 | 相关研究 Deepseek -2025.02.11 - 2025.02.10 1 - 2025.02.09 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 研究助理：刘思仪 liusiyi23@xyzq.com.cn 投资要点： 1 | 指数 | 周涨跌幅 | 周成交额（亿元） | 年初至今涨跌幅 | | --- | --- | --- | --- | | 上证综指 | 1.3% | 33299 | 4.2% | | 创业板指 | 1.9% | 25286 | 9.9% | | SW 汽车 | 1.2% | 4806 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company is positioned for high growth through dual drivers in home appliances and automotive components, with a focus on expanding its product offerings and customer base [4][6] - The company has established a solid foundation in the vacuum cleaner OEM business and is diversifying into various small home appliances, benefiting from strong partnerships with key clients [14][62] - The automotive motor segment is expected to see significant growth due to domestic substitution opportunities and increasing order volumes [4][14] Summary by Sections Company Overview - The company was founded in 2002, initially focusing on small appliance motor R&D and manufacturing, and has since expanded into OEM for home appliances and automotive motors, primarily selling in the European and American markets [4][14] - The company has experienced steady revenue growth, with a CAGR of 18.0% from 2017 to 2023, increasing from 1.03 billion to 2.78 billion yuan [4][19] Home Appliance Business - The vacuum cleaner segment is solid, with a strong partnership with TTI, contributing to a revenue increase from 0.95 billion to 1.63 billion yuan from 2017 to 2023, with a CAGR of 9.5% [4][47] - The diversified small appliance segment has seen rapid growth, with revenue increasing from 0.07 billion to 0.82 billion yuan from 2019 to 2023, achieving a CAGR of 82.8% [4][62] - The company is expanding its product categories and customer base, with new clients like HOT and Shark Ninja contributing to growth [62] Automotive Motor Business - The automotive motor market is expected to grow, with the EPS motor market in China projected to exceed 5.71 billion yuan by 2025, with a CAGR of approximately 5.7% from 2022 to 2025 [4][14] - The company has secured 30 project designations, with expected revenues exceeding 2.3 billion yuan from 2024 to 2026 [4][14] Financial Forecast and Valuation - Revenue forecasts for 2024-2026 are 39.65 billion, 50.63 billion, and 62.46 billion yuan, respectively, with net profits of 4.08 billion, 5.06 billion, and 6.37 billion yuan [4][14] - The company’s dynamic PE ratios are projected to be 23.2, 18.7, and 14.9 for 2024, 2025, and 2026, respectively [4][14]

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Viewpoints - The report highlights the regulatory push for long-term funds to enter the market, with specific measures aimed at increasing the proportion of insurance funds and public funds invested in the stock market [5][6] - The marginal allocation space for bonds is narrowing, leading to a shift towards equity investments as a viable option for brokers [6][12] - The use of OCI accounts to allocate high-dividend assets is becoming a strategy for brokers to manage profit volatility while increasing equity investments [9][12] Summary by Sections Regulatory Environment - On January 22, 2025, the Central Financial Office and six departments issued a plan to promote long-term funds entering the market, encouraging insurance funds to invest 30% of new premiums in the stock market annually and increasing the proportion of equity funds [5][6] Market Dynamics - The report notes that the 10-year government bond yield has dropped to 1.70% as of February 18, 2025, indicating a low platform for long-term interest rates, which constrains the capital gains potential for bond investments [6][12] - Brokers are facing limitations on the growth of bond assets due to risk control indicators, making equity investments a more attractive option [6][8] Investment Strategies - Brokers are increasingly using OCI accounts to invest in high-dividend assets, which helps mitigate profit volatility from equity investments. As of mid-2024, the fair value of stock assets in OCI accounts for participating brokers ranges from 3.8% to 17.5% of their net assets [9][14][15] - The report estimates that the potential allocation space for equity assets could reach 0.24 trillion to 1.20 trillion yuan, depending on various assumptions about asset allocation [16][17] Financial Metrics - The report provides metrics indicating that the average yield spread for short-term financing is approximately 3.07%, while for long-term financing, it is about 3.17%, suggesting favorable conditions for brokers to invest in high-dividend assets [12][16]

Investment Rating - Industry Investment Rating: Recommended (Maintain) [1] Core Insights - The report highlights the recent share transfer of three major Asset Management Companies (AMCs) to Central Huijin, which is expected to strengthen their policy functions and refocus on core business areas [4] - The restructuring aims to clarify the roles of regulators and shareholders, promoting AMCs to return to their primary function of managing non-performing assets [4] - The expansion of the "Huijin system" in the brokerage sector may lead to increased market expectations for consolidation among brokerages [4] Summary by Sections Section: Recent Developments - On February 14, 2025, announcements were made regarding the transfer of shares from the controlling shareholders of China Cinda, China Orient, and China Great Wall to Central Huijin, enhancing the AMCs' focus on their main business [4] Section: Policy Implications - The share transfer is part of a broader reform to improve the management of state-owned financial capital, allowing Central Huijin to focus on capital operations while the Ministry of Finance returns to a regulatory role [4] Section: Market Outlook - The report suggests that the restructuring will provide a foundation for industry consolidation, particularly in investment banking, asset management, and wealth management sectors, creating potential trading opportunities [4]

行业深度报告 | 电力设备 证券研究报告 | 行业评级 | 推荐（维持） | | --- | --- | | 报告日期 | 2025 年 02 月 19 日 | 相关研究 【兴证电新】阿里巴巴与苹果有望合作 开展 AI 业务，持续看好 AIDC 电源设备- 2025.02.16 【兴证电新】DeepSeek 带动推理需求， 持续看好 AIDC 电源设备-2025.02.08 【兴证电新】"星际之门"5000 亿美元 规划加速 AI 建设，英伟达机器人副总裁 访华推动深化合作-2025.01.26 分析师：王帅 S0190521110001 wangshuai21@xyzq.com.cn 分析师：李峰 S0190524030001 lifengyjy@xyzq.com.cn 机器人业务打开锂电精密加工企业成长空间 投资要点： 请阅读最后评级说明和重要声明 1/32 ⚫ 众多厂商布局人形机器人业务，人形机器人大规模落地在即。2021 年 8 月特 斯拉发布 Optimus 机器人后，产业链快速发展，海外厂商波士顿动力、Figure， 国内宇树科技、智元、傅利叶、小米等公司均已公布机器人产品。2025 年 1 月 ...

Investment Rating - The industry investment rating is maintained as "Recommended" [1] Core Viewpoints - Short-term favorable conditions have been realized, with a focus on the strength of seasonal demand [3] - The steel industry is experiencing a recovery in macroeconomic sentiment, which is expected to support steel prices [3] - The release of new regulatory guidelines for the steel industry is likely to enhance market optimism and could lead to a long-term shift in supply-demand dynamics [4] Summary by Sections Market Performance - The steel sector increased by 0.72%, underperforming the Shanghai Composite Index by 0.58 percentage points [10] - Notable stock performances include Hangang Co., Ltd. with a weekly increase of 60.98% [10] Fundamental Tracking - National steel prices have generally declined, with average prices for rebar at 3,295 CNY in Beijing, down by 15 CNY [11] - Iron ore inventory has increased, indicating a supply-demand imbalance [11][13] - The profit margins for hot-rolled steel have decreased to 60 CNY per ton, down by 24 CNY [6][26] Industry Dynamics - The high furnace operating rate remains stable at 77.98%, with a slight increase in production across five major steel products [6][28] - Social and factory inventories have risen, indicating a potential oversupply situation [31] - Demand for construction steel remains weak, impacting overall consumption [34] Regulatory Developments - The Ministry of Industry and Information Technology has issued new guidelines for the steel industry, emphasizing ultra-low emissions and stricter environmental standards [4] - The guidelines are expected to influence the long-term supply-demand balance in the steel sector [4] Investment Opportunities - The report suggests focusing on valuation recovery opportunities in steel stocks, particularly Baosteel, Nanjing Steel, and Hualing Steel [4] - The dual business model of iron ore and copper mining at Hebei Steel Resources is highlighted as a potential investment opportunity due to rising copper prices [4]