2025 年 4 月 28 日 行业研究 低空经济叠加机器人的产业趋势下，轻量化材料的需求有望充分带动 ——基础化工行业周报（20250421-20250427） 要点 轻量化材料企业发展如火如荼，成果持续突破。"十四五"期间，随着半导 体、新能源汽车、商用大飞机等为代表的高新技术产业崛起，产业升级过程 对高性能材料的需求预计将持续增长，各家轻量化材料企业正顺应产业升级 的浪潮，不断发展壮大。24 年，中研股份在汽车领域通过了 ISO16949 认 证；在医疗领域，与西安康拓医疗技术股份有限公司、大博医疗科技股份有 限公司、广州迈普再生医学科技股份有限公司合作的产品成功获得Ⅲ类医疗 器械注册证；公司产品在胸外科、骨科和神经外科都有成功的合作经验，为 公司 PEEK 材料在医疗市场的拓展创建基础。24 年金发科技的改性塑料销量 再创新高，产成品销量 255.15 万吨，同比增长 20.78%。在特种工程塑料领 域，24 年金发科技主要产品实现销量 2.39 万吨，同比增长 16.59%。公司研 发了多个新规格 LCP，广泛应用于高速连接器、高转速散热风扇等核心部 件，保障 AI 服务器及数据中心高效传输与散热效 ...

2025 年 4 月 28 日 总量研究 市场波动温和提升，杠铃组合或占优 ——金融工程市场跟踪周报 20250428 要点 上周市场核心观点： 上周（2025.04.21-2025.04.25，下同）A 股窄幅震荡，市场整体表现不佳。主 要宽基指数量能维持近期低位，量能择时指标仍维持谨慎信号。资金面方面，ETF 资金周度净流出，大盘宽基 ETF 为净流出主要方向。市场波动方面，主要宽基 指数截面波动率、时序波动率环比上周皆有上升。 从市场大类因子表现来看，上周市场动量因子占优。结合上证 50 指数层面表现 的相对低迷来看，后市流动性延续宽松背景下，小市值或持续占优。确定性方面， 红利优势仍将维持。"红利+小盘"杠铃组合或为市场探寻方向背景下获取相对 收益的最优选择。 上周市场各指数涨跌不一，上证综指上涨 0.56%，上证 50 下跌 0.33%，沪深 300 上涨 0.38%，中证 500 上涨 1.20%，中证 1000 上涨 1.85%，创业板指上 涨 1.74%，北证 50 指数下跌 2.16%。 截至 2025 年 4 月 25 日，宽基指数来看，上证指数、上证 50、沪深 300、中证 500、中 ...

2025 年 4 月 28 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】特朗普释放和解信号，中国掌握谈判主导权——《大国博弈》系列第八十三 篇 近期美国资本市场对关税政策的负反馈，以及美国与其他国家的贸易谈判陷入停滞， 促使特朗普希望与中国达成预先和解，但其示好的筹码仅仅是美国对中国的关税将由 当前 145%的水平下降，而非降为零，且希望中国也做出实质性让步，诚意不足。总 体来看，中美贸易博弈已经走向间歇缓和的转折点。关税对决短兵相接，中国无论是 货币政策，还是财政政策均有对冲空间，谈判主导权掌握在中国手中。 【宏观】工业企业盈利恢复向好——2025 年 3 月工业企业盈利数据点评 受"两新"政策加力增效、"抢出口"等因素影响，一季度工业生产加快、利润率改 善，带动工业企业盈利恢复向好。二季度随着美国加征关税政策逐步落地，国内出口、 企业盈利和经营预期将面临一定程度的冲击。政策应对核心在于稳定和扩大国内市 场，加强制造业核心竞争力。当前伴随国内制造业高质量发展，装备制造和高技术制 造业利润已在持续改善，未来将成为工业企业利润增长的重要支撑。 【宏观】以高质量发展的确定性应对不确定性——2025 年 ...

2025 年 4 月 28 日 要点 公司研究 技术服务与智能设备双轮驱动，净利润同比高增 点评： ——南网科技（688248.SH）2025 年一季报点评 事件：公司发布 2025 年一季报：2025Q1，公司实现营业收入 5.1 亿元，同比 +0.87%，环比-43.61%；归母净利润 0.57 亿元，同比+35.66%，环比-33.31%； 扣非归母净利润 0.59 亿元，同比+47.05%，环比-15.28%。 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,537 | 3,014 | 4,009 | 5,012 | 6,090 | | 营业收入增长率 | 41.77% | 18.77% | 33.04% | 25.01% | 21.52% | | 净利润（百万元） | 281 | 365 | 481 | 623 | 774 | | 净利润增长率 | 36.72% | 29.79% | 31.73% | 29.60% | 24.21% | | EPS（元 ...

2025 年 4 月 28 日 公司研究 Q1 归母净利润率创近 5 个季度新高，分红确定性增强提升中长期投资价值 ——宝钢股份（600019.SH）2024 年年报及 2025 年一季报点评 要点 事件： 2024 年实现营收 3221.16 亿元，同比-6.50%，归母净利润 73.62 亿元， 同比-38.36%；2024Q4 实现营收 792.60 亿元，环比-0.43%，同比-11.43%，归 母净利润 14.80 亿元，环比+10.63%，同比-58.82%；2025Q1 实现营收 728.80 亿元，环比-8.05%，同比-9.82%；归母净利润 24.34 亿元，环比+64.49%，同 比+26.37%。 2024 年公司钢材产量同比-1.02%，吨钢毛利-19.68%：2024 年度，钢材产品产 量 5141 万吨，同比-1.02%，其中冷热轧产量为 4206 万吨，同比-0.45%，长材 产量为 424 万吨，同比-7.42%，厚板产量为 428 万吨；2024 年钢材产品吨钢毛 利 167 元，同比-19.68%，其中冷热轧吨毛利为 193 元，同比-20.48%，长材吨 毛利为 8 元 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced significant impacts on its 2024 performance due to large goodwill impairments and plans to issue shares to acquire equity in Hubei Jingrui [1][9] - Despite the challenges faced in 2024, including a substantial net loss, the company is expected to see improvements in profitability starting from Q1 2025, driven by increased sales in high-purity chemicals and photoresists [5][11] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.435 billion yuan, a year-on-year increase of 10.44%, but reported a net loss of 180 million yuan, a decrease of 1312% compared to the previous year [5][11] - For Q1 2025, the company reported revenue of 370 million yuan, a year-on-year increase of 12.17%, and a net profit of 43.5 million yuan, marking a turnaround from losses [5][11] Business Segments - The high-purity chemicals segment generated revenue of 778 million yuan in 2024, up 11.9% year-on-year, with significant volume growth in products like high-purity hydrogen peroxide and sulfuric acid [6][11] - The photoresist business saw revenue of 198 million yuan, a growth of 27.61% year-on-year, with strong sales performance in positive photoresists [6][11] Goodwill Impairment and Asset Management - The company recorded a total goodwill impairment of 144 million yuan in 2024, with a remaining goodwill value of 28.35 million yuan at year-end, indicating manageable future impairment risks [7][11] - The increase in fixed asset depreciation by 76.14 million yuan in 2024 was attributed to new production lines coming online [7][11] Future Outlook - The company plans to acquire 76.0951% of Hubei Jingrui for 595 million yuan, which is expected to enhance its net profit after the acquisition [9][10] - Profit forecasts for 2025-2027 predict net profits of 101 million yuan, 134 million yuan, and 178 million yuan respectively, reflecting a positive growth trajectory [11][12]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance in 2024 and Q1 2025 is under pressure due to the decline in prices of industrial silicon and other products [1] - The company achieved a revenue of 26,692 million yuan in 2024, a year-on-year increase of 0.41%, but the net profit attributable to shareholders decreased by 33.64% to 1,740 million yuan [5] - The report highlights significant growth in industrial silicon production and sales, with a production increase of 38.1% to 1,870,000 tons in 2024 [6] - The company is focusing on optimizing production costs and expanding into high-value-added areas such as organic silicon deep processing and silicon-based new materials [9] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 266.92 billion yuan and a net profit of 17.40 billion yuan, with a significant decline in profitability due to lower product prices [5][9] - For Q1 2025, the company recorded a revenue of 52.28 billion yuan, a decrease of 3.47% year-on-year, and a net profit of 2.60 billion yuan, down 50.81% year-on-year [5][7] Production and Sales - The company’s industrial silicon revenue reached 138 billion yuan in 2024, a growth of 1.10%, while organic silicon revenue was 122 billion yuan, a decrease of 1.1% [6] - The production of industrial silicon in Q1 2025 was 36.2 million tons, a decrease of 17.1%, but sales volume increased by 53.2% [7] Cost and Margin Analysis - The overall gross margin for Q1 2025 was 14.6%, a decline of 8.3 percentage points year-on-year, primarily due to falling product prices [7] - The average selling price of industrial silicon in Q1 2025 was 9,342 yuan per ton, down 29.8% year-on-year [7] Future Outlook - The company is expected to face continued pressure on earnings due to declining prices of industrial silicon and organic silicon products, leading to revised profit forecasts for 2025-2027 [9][10] - The projected net profits for 2025, 2026, and 2027 are 1,897 million yuan, 2,600 million yuan, and 3,368 million yuan, respectively [10]

2025 年 4 月 28 日 行业研究 2025 年 7 月国内空调排产同比增长 14%，线缆企业开工率续创年内新高 ——铜行业周报（20250421-20250425） 要点 本周小结： 7 月国内空调排产同比+14%、线缆企业开工率续创年内新高，看好 宏观预期改善后的铜价上行。截至 2025 年 4 月 25 日，SHFE 铜收盘价 77440 元 /吨，环比上周五+1.7%；LME 铜收盘价 9360 美元/吨，环比上周四+1.9%。当 前铜行业处于宏观压制与供需紧张的背离中。（1）宏观：贸易冲突对铜价的情 绪影响已基本反映，但涨幅或仍受制于关税对经济负面预期的压制。（2）供需： 国内线缆企业开工率续创年内新高，7 月空调排产延续高增长，国内延续去库。 铜价有望在国内刺激政策出台以及美国降息后逐步上行。 库存：国内铜社库环比-22%，LME 铜库存环比-6%。（1）国内港口铜精矿库存： 截至 2025 年 4 月 25 日，国内主流港口铜精矿库存 80.2 万吨，环比上周+13.5%。 （2）全球电解铜库存：截至 2025 年 4 月 18 日，全球三大交易所库存合计 50.7 万吨（近 6 年同期最 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.79 billion yuan in 2024, representing a year-on-year increase of 25.9%, with a net profit attributable to shareholders of 180 million yuan, up 16.8% year-on-year [5] - The company is expanding its personalized education services and accelerating acquisitions in vocational education, with the number of personalized learning centers increasing from over 240 to more than 300 [6] - The company has repaid a significant loan, improving its financial structure and reducing financial costs, which is expected to support future growth [9] Financial Performance - In Q4 2024, the company reported a revenue of 540 million yuan, a year-on-year increase of 28.6%, but a net profit of 3.96 million yuan, down 89.2% year-on-year [5] - For Q1 2025, the company achieved a revenue of 860 million yuan, up 22.5% year-on-year, with a net profit of 70 million yuan, an increase of 47% year-on-year [5][8] - The company's gross margin for 2024 was 34.56%, down 1.95 percentage points year-on-year, primarily due to the rapid expansion of personalized learning centers [7] Growth Strategy - The company is actively expanding its non-academic education business, which is showing good growth momentum [9] - The company plans to repurchase shares worth 110 to 150 million yuan, reflecting confidence in its long-term development [8] Profit Forecast and Valuation - The report adjusts the company's net profit forecasts for 2025 and 2026 to 255 million yuan and 311 million yuan, respectively, reflecting a decrease of 8% and 13% [10] - The company is projected to maintain a strong position in the high school one-on-one training sector, with continued demand in the industry [10]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company continues to show strong performance with a revenue growth of 33.4% and a net profit growth of 31.7% in 2024, maintaining a growth momentum into Q1 2025 with revenue and net profit increasing by 28% and 22.1% respectively [5][10] - The dual-brand strategy is effectively driving growth, with both main brands, Marubi and Lianhuo, achieving significant revenue increases of 31.7% and 40.7% respectively in 2024 [6][10] - The company has successfully optimized its product structure and cost control, leading to a gross margin increase of 3.0 percentage points to 73.7% in 2024 [8][11] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan and a net profit of 340 million yuan, with a proposed cash dividend of 0.5 yuan per share [5][10] - The quarterly revenue growth rates for 2024 were 38.7%, 18.6%, 25.8%, and 47.6% respectively, with net profit growth rates of 40.6%, 26.7%, 44.3%, and 20.1% [6] Brand and Product Performance - The Marubi brand generated 2.055 billion yuan in revenue, accounting for 69% of total revenue, while the Lianhuo brand contributed 905 million yuan, making up 30% of total revenue [6] - Key product lines such as eye care and skincare saw revenue growth of 60.8% and 21.6% respectively in 2024 [7] Channel Performance - Online sales accounted for 86% of total revenue in 2024, with a year-on-year growth of 35.8%, while offline sales grew by 20.8% [7] - The Marubi Tmall flagship store's GMV increased by 28%, and self-broadcasting and influencer sales on content platforms saw growth rates of 54% and 82% respectively [7] Cost and Margin Analysis - The gross margin for 2024 was 73.7%, with improvements across various product categories [8] - The company managed to reduce its expense ratio to 60.7% in 2024, with a notable decrease in management and R&D expenses [8] Future Projections - The company forecasts a net profit of 450 million yuan for 2025, with an expected EPS of 1.13 yuan, reflecting a continued growth trajectory [11][12] - The report anticipates a steady increase in revenue and net profit over the next few years, with projected growth rates of 27.7% and 32.9% for 2025 [12][11]