[Table_Reportdate] 2025年03月13日 宏 观 简 评 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn 联系人 李嘉豪 lijiah@longone.com.cn [通胀压力短期缓解，关税压力仍存不确 Table_NewTitle] 定性 ——海外观察：2025年2月美国CPI 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 总 量 研 究 [table_main] ➢ 事件：2025年2月美国CPI同比上涨2.8%，预期2.9%，前值3.0%；环比上升0.2%，预期 0.3%，前值0.5%。2月美国核心CPI同比上涨3.1%，预期3.2%，前值3.1%；环比上涨0.2%， 预期0.3%，前值0.4%。 ➢ 核心观点：美国2月通胀低于预期，分项结构上反映出一些推升通胀的短期影响正在减退， 2月原油价格的下跌也影响能源涨幅回落，核心商品涨幅回落，但还未能反映加征 ...

[Table_Reportdate] 2025年03月13日 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： [晨会纪要 Table_NewTitle] 20250313 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 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 [Table_Report] ➢ 1.安徽合力（600761）：首次海外合资建厂，全球化布局加速——公司简评报告 ➢ 2.制冷剂价格稳步上行，未来空间广阔——氟化工行业月报 1.1.安徽合力（600761）：首次海外合资建厂，全球化布局加 速——公司简评报告 证券分析师：谢建斌，执业证书编号：S0630522020001； 联系人：商俭，shangjian@longone.com.cn 事件：根据 3 月 11 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has shown steady performance with a significant increase in revenue and a leading position in the photovoltaic conductive silver paste market. The company is expected to achieve mass production of high copper paste in the second half of the year [5][8] - The company reported a total revenue of 15.35 billion yuan for 2024, representing a year-on-year growth of 59.85%. However, the net profit attributable to the parent company was 360 million yuan, a decrease of 6.66% year-on-year [8] - The company maintains a strong market position with 89.10% of its conductive silver paste sales being used in N-type TOPCon batteries, indicating a robust demand for its products [8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.35 billion yuan, with a year-on-year growth of 59.85%. The net profit attributable to the parent company was 360 million yuan, down 6.66% year-on-year. The fourth quarter of 2024 saw a revenue of 3.84 billion yuan, up 9.57% year-on-year [8] - The company expects revenues of 17.08 billion yuan, 19.03 billion yuan, and 21.32 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.26%, 11.43%, and 12.03% [5][8] Market Position and Product Development - The company has a strong market presence in the photovoltaic sector, with 2037.69 tons of conductive silver paste sold in 2024, an increase of 18.91% year-on-year. The sales of TOPCon silver paste reached 1815.53 tons, accounting for 89.10% of total sales [8] - The company is collaborating with leading clients to develop high copper paste, which is expected to enter mass production in the latter half of the year. This development is anticipated to enhance the company's technological barriers and market competitiveness [8] Valuation Metrics - The projected earnings per share (EPS) for the company are 3.56 yuan, 4.34 yuan, and 4.99 yuan for 2025, 2026, and 2027 respectively. The corresponding price-to-earnings (P/E) ratios are 13.89x, 11.39x, and 9.92x [5][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady performance, with high copper paste expected to achieve mass production [1] - The company reported a revenue of 15.35 billion yuan for 2024, a year-on-year increase of 59.85%, while the net profit attributable to shareholders was 360 million yuan, a decrease of 6.66% [8] - The company maintains a leading position in the photovoltaic conductive silver paste market, with sales of 2,037.69 tons in 2024, an increase of 18.91% year-on-year [8] - The company is expected to benefit from ongoing technological advancements and new business developments, with projected revenues of 17.08 billion yuan, 19.03 billion yuan, and 21.32 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 11.26%, 11.43%, and 12.03% [8] Summary by Sections Financial Performance - The company achieved a total revenue of 15.35 billion yuan in 2024, with a year-on-year growth of 59.85% [8] - The net profit attributable to shareholders was 360 million yuan, down 6.66% year-on-year [8] - The company’s gross profit margin for 2024 was 9% [9] Sales and Market Position - The company sold 2,037.69 tons of photovoltaic conductive silver paste in 2024, with 1,815.53 tons (89.10%) used for N-type TOPCon batteries, maintaining industry leadership [8] - In Q4 2024, the company achieved sales of 456.53 tons of silver paste, with 429.13 tons (94.00%) being TOPCon silver paste [8] Technological Development - The company is collaborating with leading clients to develop high copper paste, which is expected to enter mass production in the second half of the year [8] - The company is enhancing its technological barriers through innovative designs and applications for high copper paste [8] Future Projections - The company is projected to achieve net profits of 501 million yuan, 611 million yuan, and 702 million yuan for 2025, 2026, and 2027 respectively [8] - The current P/E ratios are estimated at 13.89x for 2025, 11.39x for 2026, and 9.92x for 2027 [8]

[Table_Reportdate] 2025年03月13日 [晨会纪要 Table_NewTitle] 20250313 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 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 [Table_Report] ➢ 1.安徽合力（600761）：首次海外合资建厂，全球化布局加速——公司简评报告 ➢ 2.制冷剂价格稳步上行，未来空间广阔——氟化工行业月报 ➢ 1.国常会：讨论通过《国务院2025年重点工作分工方案》 ➢ 2.美国对所有进口钢铁和铝征收25%关税正式生效 ➢ 3.美国2月CPI及核心CPI低于预期 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 安徽合力 ...

Investment Rating - The report suggests a "bullish" outlook for the tire industry, indicating a potential increase in stock prices and market performance over the next six months [61]. Core Insights - Rising raw material costs are prompting a new round of price increases in the tire industry, with some companies planning to raise prices by 3%-5% starting mid-March 2025 [61]. - The domestic tire production is expected to maintain high operational levels due to recovering demand, with a positive outlook for the replacement market as logistics and construction activities resume [61]. - Domestic brands are making significant strides in the high-end market, particularly in collaboration with premium automotive manufacturers [61]. Summary by Sections Cost Side - Raw material prices are fluctuating, with overall costs remaining relatively high historically. The shipping costs have decreased recently [62]. - Specific raw material prices in February 2025 include: - Butadiene at 11,833.33 CNY/ton, down 1.62% month-on-month but up 17.47% year-on-year - Natural rubber at 2,107.89 USD/ton, up 3.38% month-on-month and 33.89% year-on-year [6][7]. Production Side - Tire production in February 2025 saw a significant year-on-year increase, with the total output of rubber tires reaching 105.56 million units, a 21.51% increase compared to the previous year [26]. - The average operating rates for semi-steel tires and full-steel tires were 66.52% and 54.44%, respectively, showing increases of 18.02 percentage points and 26.67 percentage points year-on-year [30]. Demand Side - The logistics industry in China is recovering quickly, with the logistics prosperity index at 49.30 in February 2025, indicating a slight decrease but a year-on-year increase [44]. - The overseas replacement market remains strong, particularly in the U.S. and Europe, with a notable demand for replenishment as tariffs are gradually implemented [61]. Industry News - The U.S. Tire Manufacturers Association (USTMA) forecasts a 0.9% increase in U.S. tire shipments for 2025, reaching 340.4 million units [55]. - Several tire companies in China have announced price hikes across various tire categories, reflecting a collective adjustment in the market [55]. - New collaborations, such as the partnership between Sailun Tire and Xiaomi for high-performance tires, indicate a shift towards high-end market segments [56].

成本助推轮胎新一轮涨价，国产品牌进入高端市场 轮胎行业月报 证券分析师：吴骏燕 执业证书编号：S0630517120001 证券分析师：张晶磊 执业证书编号：S0630524090001 证券分析师：谢建斌 执业证书编号：S0630522020001 联系方式：wjyan@longone.com.cn 2025年3月12日 | | | 一、成本端：原材料涨跌互现，海运指数回落 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 二、生产端：产量同比高增，开工率回升超去年同期 三、需求端：国内运力供给快速回升，海外替换市场延续向好 四、行业重要新闻 五、月度总结及展望 六、风险提示 ● 2月轮胎上游原材料价格：2025年2月丁二烯均价11833.33元/吨，环比下降1.62%，同比上涨17.47%；天然橡胶均价 2107.89美元/吨，环比上涨3.38%，同比上涨33.89%；丁苯橡胶均价15039.29元/吨，环比下降1.21%，同比上涨 18.51%；炭黑均价7439.29元/吨，环比上涨8.94%，同比减少5.40%；锦纶帘子布均价20500.00元/吨 ...

[Table_Reportdate] 2025年03月12日 [晨会纪要 Table_NewTitle] 20250312 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 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 [Table_Report] ➢ 1."具身智能+煤炭"助推采煤迈入无人化智能时代——机械设备行业简评 ➢ 2.关注药品价格新趋势——医药生物行业周报（2025/3/3-2025/3/9） ➢ 3.光伏产业链价格企稳回升，关注全国海风项目建设进程——新能源电力行业周报 （2025/03/03-2025/03/07) ➢ 1.证监会：全力巩固市场回稳向好势头 ➢ 2.两部门发文要求做好运用地方政府专项债券支持土地储 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [1][11]. Core Insights - The company is establishing a joint venture in Thailand, marking its first overseas factory, which accelerates its global expansion strategy. The joint venture aims to produce 10,000 forklifts and 10,000 lithium battery packs annually [9]. - The partnership with Huawei is expected to enhance the company's capabilities in digital transformation and smart logistics, potentially reshaping the competitive landscape in the logistics sector [9]. - Domestic demand for forklifts is anticipated to improve due to favorable macroeconomic indicators, including a manufacturing PMI above the neutral line and a projected GDP growth of around 5% [9]. - The company is positioned as a leader in the domestic forklift market, with a comprehensive manufacturing capability across the entire supply chain, and is advancing strategies in globalization, electrification, and automation [9]. Financial Summary - The total revenue for 2023 is projected at 17,470.51 million, with a year-on-year growth rate of 10.76%. By 2026, revenue is expected to reach 22,888.21 million, reflecting a growth rate of 11.62% [6]. - The net profit attributable to the parent company is forecasted to grow from 1,278.13 million in 2023 to 1,865.54 million in 2026, with a compound annual growth rate of 17.57% [6]. - The diluted EPS is expected to increase from 1.43 in 2023 to 2.09 in 2026, indicating strong earnings growth [6]. - The company's P/E ratio is projected to decrease from 14.55 in 2023 to 9.97 in 2026, suggesting an attractive valuation as earnings grow [6].

[Table_Reportdate] 2025年03月12日 [晨会纪要 Table_NewTitle] 20250312 [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 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 [Table_Report] 采煤机器人是解决煤炭开采安全和招工难的最佳路径。煤炭在我国能源供给中发挥"压 舱石"作用，是我国基础能源，2024 年全国原煤产量 47.59 亿吨创历史新高。然而，我国 煤矿事故发生的概率持续增加，严重威胁煤矿安全生产。根据《2016—2022 年我国煤矿事 故统计与规律分析》的数据，2016-2022 年我国共发生 1026 起煤矿事故据，造成 1990 人 死亡。煤矿智能化无人 ...