[Table_Reportdate] 2025年01月06日 超配 业 周 报 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -27% -11% 5% 21% 37% 53% 69% 24-01 24-04 24-07 24-10 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.渠道产品转型深化，春回草木业态 复苏——人身险行业研究框架专题 报告 2.央企市值管理强化，偿二代二期延 长一年过渡期——非银金融行业周 报（20241216-20241222） 3.寿险改善财险稳健，业务重心转向 2025"开门红"预录——上市险企 2024年11月保费点评 [Table_NewTitle] SFISF扩容落地，把握板块回调后的配 置机遇 ——非银金融行业周报（20241230-20250105） [table_main] 投资要点： 行 业 研 究 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 行 非 ...

[Table_Reportdate] 2025年01月06日 标配 [证券分析师 Table_Authors] 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] -32% -21% -9% 3% 14% 26% 38% 24-01 24-04 24-07 24-10 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.天合光能（688599）：大浪识英雄， 组件龙头稳健跨越周期——公司深 度报告 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] 2024年电车销量优异，储能系统报价趋 稳 ——电池及储能行业周报（2024/12/30-2025/01/05） [table_main] 投资要点： ➢ 市场表现：本周（12/30-01/05）申万电池板块整体 ...

黄涵虚 S0630522060001 hhx@longone.com.cn 行 业 周 报 [证券分析师 Table_Authors] [Table_Reportdate] 2025年01月06日 [table_invest] 标配 1.理想加速AI布局，比亚迪无图城市 领航全国开通——汽车行业周报 （2024/12/23-2024/12/29） [table_stockTrend] -31% -19% -8% 3% 15% 26% 37% 24-01 24-04 24-07 24-10 申万行业指数:汽车(0728) 沪深300 [相关研究 table_product] [Table_NewTitle 新能源汽车市场圆满收官， ] 地方以旧换 新衔接政策集中推出 ——汽车行业周报（2024/12/30-2025/01/05） [table_main] 投资要点： 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 行 业 研 究 汽 车 ➢ 本周汽车板块行情表现：本周沪深300环比下跌5.17%；汽车板块整体下跌7.45%，在31个 行业中排第19。细分行 ...

[Table_Reportdate] 2025年01月06日 标配 行 业 深 度 [证券分析师 Table_Authors] ： 王鸿行 S0630522050001 whxing@longone.com.cn [table_stockTrend] -18% -7% 4% 15% 26% 37% 48% 24-01 24-04 24-07 24-10 申万行业指数:银行(0748) 沪深300 [相关研究 table_product] 1. M2与社融增速差逆转前后的形势 及逆转原因复盘——存款形势研究 （一） 2. 存款结构分化映射宏观变迁—— [Table_NewTitle 政策积极]效果渐显，量价修复进行时 ——存款形势研究（五） [table_main] 投资要点： 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 行 业 研 究 银 行 [table_invest] 存款形势研究（二） 3. 存款增量与结构再平衡——存款 形势研究（三） 4. 存款增长明显放缓，分化再度上 升——存款形势研究（四） 资料来源：人民银行，Wind，东海证券研究所 ...

[Table_Reportdate] 2025年1月6日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 [Table_NewTitle] 消费电子国补落地，关注AI主线下的 CES 2025 ——电子行业周报2024/12/30-2025/1/5 [table_main] 投资要点： 行 业 周 报 行 业 研 究 董经纬 djwei@longone.com.cn 电 子 [table_stockTrend] [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. 端侧AI眼镜持续催化，英伟达 B300设计调整将重新流片——电子 行业周报（2024/12/23- 2024/12/29） 2. 字节豆包视觉理解模型发布，美 光科技数据中心业务增长强劲—— 电子行业周报（2024/12/16- 2024/12/22） 3.文生视频模型Sora正式发布， Android XR引领端侧AI变革 ...

[table_main] 重点推荐 财经要闻 晨 会 纪 要 [Table_Reportdate] 2025年01月03日 [晨会纪要 Table_NewTitle] 20250103 [证券分析师： Table_Authors] 张季恺 S0630521110001 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 zjk@longone.com.cn [Table_Report] ➢ 1.天合光能（688599）：大浪识英雄，组件龙头稳健跨越周期——公司深度报告 ➢ 2.非制造业超季节性走强，制造业价格指标继续走弱——国内观察：2024年12月PMI ➢ 3.1月投资策略及金股组合 ➢ 1.国务院总理李强：今年要继续实施好消费品以旧换新这一政策 ➢ 2.央行启动了第二次互换便利操作 正文目录 | 1. 重点推荐 …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 3 | | --- | | 1.1. 天合光能 ...

[Table_Reportdate] 2025年01月03日 [table_invest] 标配 [证券分析师 Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人 陈芯楠 cxn@longone.com.cn [table_stockTrend] -34% -22% -10% 2% 14% 26% 38% 24-01 24-04 24-07 24-10 申万行业指数:汽车零部件(072802) 沪深300 [Table_NewTitle] EMB量产渐近，线控制动国产替代加速 ——汽车行业深度报告 [table_main] 投资要点： 行 业 研 究 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 行 业 深 度 汽 车 零 部 件 [table_product] ➢ 线控制动主要包括EHB、EMB和HBBW三大类。汽车制动系统分为驻车制动和行车制动 两大主要类型。其中，驻车制动主流方案为集成式EPB。行车制动系统由纯机械制动、液 压制动、电液制动系统向线控制动发展，而线控制动可分为液压式线控 ...

晨 会 纪 要 [Table_Report] [Table_Reportdate] 2025年01月02日 [晨会纪要 Table_NewTitle] 20250102 [证券分析师： Table_Authors] 张季恺 0630521110001 zjk@longone.com.cn [table_main] 重点推荐 ➢ 1.非制造业超季节性走强，制造业价格指标继续走弱——国内观察：2024年12月PMI ➢ 2.1月投资策略及金股组合 ➢ 1.央行：将于近期开展第二次证券、基金、保险公司互换便利操作 财经要闻 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 ➢ 2.国家主席习近平：实施更加积极有为的宏观政策，推动经济持续回升向好 正文目录 1.1. 非制造业超季节性走强，制造业价格指标继续走弱——国内观察：2024 年 12 | --- | |------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company is positioned as a leading player in the photovoltaic industry, focusing on integrated solutions across the solar energy value chain, including photovoltaic products, systems, and smart energy solutions [44][46] - The company has diversified its business model, contributing to its performance resilience, with significant growth in its distributed systems and energy storage segments [12][32] - The photovoltaic industry is experiencing short-term supply-demand imbalances, but long-term demand growth remains intact, with industry self-discipline expected to facilitate capacity clearing [37][40] Summary by Sections Company Overview - The company has a robust operational history of 27 years, with a diversified development strategy that has allowed it to navigate through various market cycles [9] - As of the end of 2024, the company reported a total share capital of 217.937 million shares and a debt-to-asset ratio of 74.57% [10] Industry Analysis - The photovoltaic industry is currently facing short-term challenges due to overcapacity and price declines, but long-term demand is projected to grow, driven by global energy transition trends [58][65] - The report highlights the importance of industry self-regulation to address supply-demand imbalances and stabilize pricing [63][65] Business Segments - The company's revenue from its component business was 300.57 billion yuan in H1 2024, accounting for 69.95% of total revenue, while the photovoltaic systems segment generated 108.46 billion yuan, representing 25.24% of total revenue [32] - The energy storage segment is expected to see rapid growth, with projected shipments of 5 GWh for the full year 2024 [12] Financial Performance - In H1 2024, the company reported a revenue of 429.68 billion yuan, a decrease of 12.99% year-on-year, and a net profit of 5.26 billion yuan, down 85.14% year-on-year [28] - The company’s sales gross margin for the component business was 11.13% in H1 2024, reflecting a decline compared to the previous year [57]

Group 1: Company Overview - The report highlights that博迈科 (603727) is experiencing a turnaround in performance due to the rising industry demand and the gradual release of orders, particularly in the FPSO (Floating Production Storage and Offloading) sector, which is expected to see stable and long-term investment growth from 2024 to 2028 with an anticipated addition of 48 new FPSO orders globally [7][8][30] - The company achieved a record high in new FPSO orders amounting to approximately 3.703 billion yuan in 2023, indicating a strong future performance rebound expected in 2025 due to the lagging effect of order signing on revenue and profit [8][30] - 博迈科 is also diversifying its operations by expanding into the LNG sector, with significant projects in Russia, which are expected to enhance its market recognition and order volume [29] Group 2: Industry Trends - The domestic offshore wind market is rapidly developing, with 东方电缆 (603606) positioned as a leader in the submarine cable sector, having secured nearly 3 billion yuan in offshore cable projects in Europe since December 2020, primarily in the UK and Scotland [12][34] - The report anticipates that the offshore wind sector will see accelerated construction from 2024 to 2025, with a significant increase in project approvals and construction activities, particularly in coastal provinces [18][39] - The global demand for offshore wind cables is expected to remain strong, with a projected supply shortage in the submarine cable market until 2031, positioning China as a key player in alleviating this gap [33][34] Group 3: Financial Performance - The financial performance of 博迈科 shows steady growth, with a cumulative revenue of approximately 6.689 billion yuan for the first nine months of 2024, representing a year-on-year increase of 25.18%, and a net profit of about 932 million yuan, up 13.41% [12] - The report projects that 东方电缆 will achieve revenues of 8.858 billion yuan, 11.839 billion yuan, and 13.649 billion yuan from 2024 to 2026, with net profits expected to reach 1.269 billion yuan, 1.922 billion yuan, and 2.376 billion yuan respectively [34]