Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11]. Core Insights - The company reported a significant increase in new orders and revenue growth, driven by a diverse product sales strategy and the introduction of flexible automation production lines [8]. - The company received substantial government subsidies totaling 69.09 million yuan, which significantly boosted its profitability [8]. - The company is focusing on expanding its production capacity, with ongoing projects expected to alleviate production bottlenecks and support future revenue growth [8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 605.47 million yuan, a year-on-year increase of 33.88%, and a net profit of 130.45 million yuan, up 27.91% [8]. - The company’s diluted EPS for 2024 is projected at 1.28 yuan, with a P/E ratio of 58.70 [7][8]. Order Growth - New orders increased by approximately 24% year-on-year, with the majority coming from complete machine sales, which accounted for about 65% of the new orders [8]. - The aerospace and military sectors contributed significantly, with new orders in aerospace growing by about 10% [8]. Capacity Expansion - The company is making steady progress in its capacity expansion projects, with new production lines expected to start trial operations in early 2025 [8]. - The expansion is anticipated to release production capacity and support the fulfillment of existing orders, driving future growth [8].

Group 1: Oil and Petrochemical Industry - Brent crude oil maintained a fluctuating trend, closing around $77 per barrel at the end of January 2025, supported by geopolitical factors, with expectations of a V-shaped price movement throughout the year, projected to fluctuate between $55 and $80 per barrel [5][6] - OPEC+ countries extended voluntary production cuts of 2.2 million barrels per day until the end of April 2025 and additional cuts of 1.65 million barrels per day until 2026, indicating a continued effort to stabilize oil prices [5] - The oil service industry is expected to maintain stable capital expenditures, with domestic production growth and reserves being a focus, particularly for companies with advanced technology and significant overseas market potential [7] Group 2: Anhui Heli (600761) - Anhui Heli has deepened its cooperation with Huawei, focusing on digital transformation, smart logistics, and artificial intelligence, which is expected to enhance its technological capabilities in the logistics sector [9][10] - The partnership aims to create a closed-loop ecosystem combining logistics equipment with Huawei's AI, cloud computing, and IoT technologies, potentially leading to innovations such as unmanned forklifts and intelligent scheduling systems [10] - Anhui Heli is positioned as a leader in the forklift industry, with a full industrial chain manufacturing capability, and is expected to see significant profit growth, with projected net profits of 1.415 billion, 1.587 billion, and 1.866 billion yuan for 2024-2026 [11]

Investment Rating - The report assigns a standard investment rating for the industry [1] Core Insights - The battery sector shows significant growth potential, with a projected increase in new energy vehicle sales to 15 million units in 2025, representing a year-on-year growth of over 20% [4][12] - The energy storage market is transitioning to a high-quality development phase following the cancellation of mandatory storage requirements for new energy projects [6][16] Summary by Sections Battery Sector - The market performance for the battery sector saw an overall increase of 2.16% during the week of February 10-16, outperforming the CSI 300 index by 0.97 percentage points [20] - The supply side of the industry is adjusting orderly, with stable prices for lithium salts and other materials. The price of industrial-grade lithium carbonate is reported at 72,200 CNY/ton, showing a weekly decrease of 0.55% [13][23] - Notable companies to watch include CATL, which is expected to ship 480 GWh in 2024 with an estimated profit of 50.5 billion CNY [5][14] Energy Storage Sector - The energy storage bidding market has shown signs of recovery, with 7 new bidding projects and 6 winning projects reported, totaling a scale of 1.08 GW/2.85 GWh [6][15] - The average bidding price for energy storage EPC projects has increased by 31.8% week-on-week, indicating a rising trend in project costs [41] - Companies like Sangfor Electric have established a full industry chain layout in energy storage, leading in inverter shipments domestically [18] Industry Data Tracking - The lithium battery supply chain prices are being closely monitored, with the price of square lithium batteries reported at 0.35 CNY/Wh for lithium iron phosphate and 0.435 CNY/Wh for ternary batteries [23][40] - The average price for energy storage systems is currently at 0.44 CNY/Wh, reflecting ongoing price stability in the market [41]

[table_invest] 标配 [证券分析师 Table_Authors] [Table_Reportdate] 2025年02月17日 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 张帆远 S0630524070002 zfy@longone.com.cn 联系人 赵敏敏 zmmin@longone.com.cn [table_stockTrend] -21% -10% 1% 12% 23% 34% 45% 24-02 24-05 24-08 24-11 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.光伏节后产业链价格维稳，多地将 海风项目纳入重点建设清单——新 能源电力行业周报（ 2025/02/05- 2025/02/07） 2.光伏新技术产业化加快，电动车需 求恢复——电力设备新能源行业周 报（2023/6/26-2023/7/02） [Table_NewTitle 电车以旧换新效果显著 ] ，强制配储取 消，储能市场将迎高质量发展 ——电池及储能行业周报（2025/02/10-2025/02/1 ...

Investment Rating - The report suggests a positive outlook for the electronics sector, highlighting a moderate recovery in demand and recommending focus on specific investment themes such as AIOT and AI-driven technologies [4][5]. Core Insights - The report emphasizes the strong performance of major foundries like SMIC and Hua Hong, with SMIC achieving a revenue of $2.207 billion in Q4 2024, marking a year-on-year growth of 31.52% and a sequential growth of 1.66% [4][9]. - The upcoming launch of Apple's iPhone SE4 is anticipated to boost the supply chain, with Alibaba collaborating with Apple to provide AI functionalities [4][10]. - The overall electronics industry is experiencing a mild recovery, with specific attention on AIOT, AI-driven sectors, and consumer electronics [4][5]. Summary by Sections Company Performance - SMIC reported a total revenue of $8.03 billion for 2024, exceeding initial expectations, with a gross margin of 18% and wafer shipments surpassing 8 million pieces [4][9]. - Hua Hong's Q4 revenue was $539.2 million, reflecting an 18.4% year-on-year increase, while its full-year revenue decreased by 12.3% due to ASP declines [4][10]. Market Trends - The report notes that 40.2% of SMIC's Q4 revenue came from consumer electronics, with smartphones and computers contributing 24.2% and 19.1% respectively [4][9]. - The electronics sector underperformed the broader market, with the Shenwan Electronics Index rising only 0.27% compared to a 1.19% increase in the CSI 300 Index [4][21]. Investment Recommendations - The report recommends focusing on four main investment themes: AIOT, AI-driven innovations, upstream supply chain replacements, and consumer electronics recovery [4][5]. - Specific companies to watch include Lextar Technology, Cambrian Technology, and various semiconductor equipment and materials firms [4][5].

方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [Table_Reportdate] 2025年2月19日 标配 行 业 周 报 [Table_Authors] 证券分析师 [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 北美云厂商资本开支持续高增， 海外科技股24Q4业绩多数回暖—— 电子行业周报（2025/2/3- 2025/2/9） 2. 全球及国内2024Q4智能手机出货 量同比增长，行业弱复苏格局持续 ——电子行业周报（2025/1/13- 2025/1/19） 3. RTX 50系列GPU发布，台积电四 季度营收超预期——电子行业周报 （2025/1/6-2025/1/12） [Table_NewTitle] 大陆代工龙头Q4业绩符合指引，苹果即 将发布iPhone SE4 ——电子行业周报2025/2/10-2025/2/16 ...

Group 1: New Energy Industry - The overall stability of the industrial chain post-holiday, with the introduction of market-oriented pricing reforms for new energy grid connection electricity [6][9] - In the photovoltaic sector, prices for polysilicon and silicon wafers remain stable, with slight increases in orders and production expected in March [7][8] - The wind power sector is influenced by new pricing mechanisms, which may lead to a rush in installations before June 1, 2025, while long-term development is expected to improve overall industry quality [10][11] Group 2: Food and Beverage Industry - The food and beverage sector shows signs of recovery, with a 2.34% increase in the sector, outperforming the CSI 300 index by 1.15 percentage points [12][13] - The liquor segment is experiencing a rebound in sentiment, with a focus on high-end brands and regional leaders as the market adjusts [13][17] - The beer market is expected to see marginal improvements in demand, supported by cost reductions and policy stimuli [15][17] Group 3: Banking Sector - The credit market has shown strong performance in January 2025, with a record high of 5.13 trillion yuan in new loans, indicating a robust start to the year [19][20] - The average loan interest rate has decreased, aligning with benchmark rates, which may alleviate concerns about bank margins [23][24] - The focus on stable dividends and recovery potential in the banking sector suggests a favorable outlook for leading small and medium-sized banks [24] Group 4: Tire Industry - The tire industry concluded 2024 on a high note, with strong production and sales, and is expected to see a gradual recovery in demand post-holiday [25] - Companies with overseas production capabilities and competitive strengths are recommended for investment [25] Group 5: Nonferrous Metals Industry - Copper and aluminum prices have slightly declined, but production demand is gradually recovering, with expectations for price stabilization [28][30] - The importance of raw mineral resources is highlighted, with recommendations for companies with cost advantages in the mining sector [30]

Investment Rating - The report gives a "Bullish" rating for the tire industry, indicating a positive outlook for the next six months [55]. Core Insights - The tire industry experienced strong performance in 2024, with production and sales reaching high levels, and exports hitting a five-year peak. The market is expected to gradually recover post-holiday, particularly in export orders as overseas distributors replenish stock [55]. - The report highlights the mixed trends in raw material prices and an increase in shipping indices, which could impact cost structures in the industry [5][14]. Cost Side - In January 2025, the average price of key raw materials showed mixed trends: - Butadiene: 12,028.26 CNY/ton, up 15.42% month-on-month and 36.08% year-on-year - Natural rubber: 2,038.95 USD/ton, down 1.82% month-on-month but up 31.83% year-on-year - Styrene-butadiene rubber: 15,223.91 CNY/ton, up 2.66% month-on-month and 25.28% year-on-year - Carbon black: 6,829.03 CNY/ton, down 6.24% month-on-month and down 10.24% year-on-year - Nylon cord fabric: 20,500.00 CNY/ton, down 1.74% month-on-month and down 7.87% year-on-year [5][6]. Production Side - The tire production in December 2024 reached 105.56 million units, a year-on-year increase of 21.51% and a month-on-month increase of 2.04%. However, January 2025 saw a decline in production, with full steel tire production down 30.19% month-on-month and 24.86% year-on-year [23]. - The average operating rates for semi-steel tires and full-steel tires in January 2025 were 65.88% and 46.28%, respectively, both showing declines compared to the previous month and year [26]. Demand Side - Domestic demand experienced a seasonal decline due to holiday factors, but is expected to improve post-holiday as production resumes [40]. - Overseas demand remains strong, particularly in the replacement market in Europe and North America, with significant replenishment needs anticipated [56]. Industry News - Notable developments include the IPO approval for Zhongce Rubber, which aims to raise 4.85 billion CNY for various projects, and a 7.3% increase in rubber tire imports in the U.S. in 2024 [50][51]. - Goodyear reported a turnaround in 2024, achieving a net income of 70 million USD, indicating improved profitability [51].

Investment Rating - The report maintains a bullish outlook on the industry, indicating a potential rise in the market index over the next six months [67]. Core Insights - The report highlights a gradual recovery in production demand for non-ferrous metals, particularly copper and aluminum, despite recent price declines [1][61]. - It emphasizes the importance of upstream resource availability and stable mining reserves, recommending companies with rich mineral resources [61]. - The report notes that while there is a short-term rebound in copper prices, the overall demand from downstream sectors may continue to contract [61]. Summary by Sections Commodity, Supply and Production - In January 2025, China's electrolytic copper inventory was approximately 115,600 tons, showing a decline of over 73% since June 2024, contributing to price instability [9]. - The global electrolytic copper inventory reached 1.53 million tons by December 2024, with a month-on-month increase of 7.3% and a year-on-year growth of 13.5% [9]. - China's electrolytic copper production in January 2025 was 1.0578 million tons, while consumption in December 2024 was 1.4205 million tons, indicating a persistent consumption gap [9]. Metal Industry Chain - The report indicates that the average capacity utilization rate for copper processing enterprises with a monthly capacity of over 60,000 tons was 109% in December 2024, reflecting an improvement in operational efficiency [13]. - In January 2025, China's electrolytic aluminum production was 3.766 million tons, with consumption at approximately 3.936 million tons, indicating a narrowing demand gap [20]. Conclusion and Investment Recommendations - The report suggests focusing on companies with integrated production chains that can benefit from cost advantages, such as Yunnan Copper and Jiangxi Copper [61]. - It also highlights the continued strong demand for electrolytic aluminum, recommending companies like Xinjiang Zhonghe and Yun Aluminum [61]. - The report anticipates a recovery in aluminum prices within the year, benefiting companies with rich mineral resources, such as Tianshan Aluminum [61].

金属铜、铝价小幅走低 生产需求持续缓慢回暖 有色金属及产业链月报（2025年2月） 证券分析师：张季恺 执业证书编号：S0630521110001 证券分析师：谢建斌 执业证书编号：S0630522020001 联系人：陈伟业 邮箱：cwy@longone.com.cn 2025年2月18日 目 录 一、商品、供需及生产 二、金属产业链 三、结论与投资建议 四、风险提示 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 金属铜供需基本面：国内铜供需及全球消费库存 资料来源：钢联数据， 东海证券研究所 0 5 10 15 20 25 30 35 40 45 0 20 40 60 80 100 120 140 160 2022 2023 2024 2025 电解铜实际消费量 电解铜产量 现货库存(右轴，万吨） 国内铜矿供需及电解铜消费和库存量（万吨） 资料来源：钢联数据， 东海证券研究所 100 110 120 130 140 150 160 150 170 190 210 230 250 270 2021 2022 2023 2024 电解铜产量 电解铜消费 ...