[Table_Reportdate] 2025年03月05日 标配 行 业 简 评 [证券分析师 Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn [table_stockTrend] -20% -11% -3% 5% 14% 22% 31% 24-03 24-06 24-09 24-12 25-03 申万行业指数:银行(0748) 沪深300 [相关研究 table_product] 银 行 [table_invest] ➢ 核心观点：3月5日，李强总理代表国务院在十四届全国人大二次会议上作《政府工作报告》。 报告延续此前"适度宽松"的货币政策基调，并继续在防范房地产、地方政府债务等重点 风险保持积极态度。我们认为，在积极的政策环境下，银行息差压力可控，规模增长有望 保持较快增长，房地产、城投领域风险有望继续收敛。 ➢ 货币政策延续"适度宽松"的基调，在存贷联动更加成熟背景下，息差压力趋缓。今年以 来，央行基于防范金融市场与汇率超调风险、宏观经济复苏及中美关系进展等因素相机抉 择，公开市场操作偏审慎，"宽松"进度慢于市场预期。尽管如此，我们认为， ...

zjk@longone.com.cn [Table_Reportdate] 2025年03月05日 标配 行 业 深 度 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 张季恺 S0630521110001 [table_stockTrend] -18% -10% -2% 7% 15% 23% 31% 24-02 24-05 24-08 24-11 申万行业指数:石油石化(0775) 沪深300 [相关研究 table_product] 1.原油延续震荡，下游有望迎来复苏 行情——原油及聚酯产业链月报 （2025年2月） 2.下游或需求复苏，看好利润空间修 复——原油及聚酯产业链月报（2025 年1月） 3.博迈科（603727）：行业景气上行 订单逐步释放，公司持续发力业绩迎 来反转——公司深度报告 [Table_NewTitle 复盘油价与周期， ] 2014-2015年间的国际 油价波动启示与未来展望 ——石油石化行业深度报告 [table_main] 投资要点： 石 油 证券研究报告 HTTP://WWW.LONGON ...

Group 1: Thermal Interface Materials - The demand for thermal interface materials (TIM) is expected to increase due to rising heat dissipation needs, with the global market projected to exceed $7 billion by 2034, growing at a compound annual growth rate (CAGR) of over 10% from 2024 to 2034 [8][9]. - In China, the TIM market is anticipated to grow at a CAGR of 11.3% during the same period, driven by applications in consumer electronics, new energy vehicles, and communication technologies [8][9]. - The domestic market for TIM is currently dominated by foreign companies, which hold a market share of 45% to 50%, while the domestic production rate was only 23.1% in 2022 [9]. Group 2: Company Analysis - Tongli Co., Ltd. (834599) - Tongli Co., Ltd. reported a revenue of 6.185 billion yuan for 2024, marking a year-on-year increase of 5.53%, and a net profit of 778 million yuan, up 26.54% year-on-year [14][15]. - The growth in revenue is attributed to increased sales of new energy vehicles and autonomous driving models, with new energy products accounting for approximately 20% of total sales [15]. - The company is focusing on high-end products, such as large-tonnage rigid mining trucks, with plans to launch a 180-ton model and a 220-ton model in the near future [15][16]. Group 3: New Energy Power Industry - The demand for new energy power is recovering, with ongoing construction of offshore wind projects across multiple regions [19][21]. - The solar photovoltaic equipment sector saw a 2.84% increase, outperforming the CSI 300 index by 5.06 percentage points, indicating a positive market sentiment [19]. - The offshore wind power sector is expected to maintain high growth, with significant project developments in southern regions like Jiangsu and Hainan [21]. Group 4: Investment Recommendations - For TIM, companies leading in materials such as organic silicon, spherical alumina, and PI films are expected to benefit from domestic production and AI-driven demand [10]. - Tongli Co., Ltd. is recommended for investment due to its strong performance in new energy and autonomous vehicle sectors, with projected net profits of 778 million, 941 million, and 1.039 billion yuan for 2024-2026 [16]. - The offshore wind power sector is advised for investment, particularly companies like Dajin Heavy Industry and Dongfang Cable, which are well-positioned to capitalize on international market opportunities [21].

王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师： 吴骏燕 S0630517120001 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 [Table_Reportdate] 2025年03月04日 [晨会纪要 Table_NewTitle] 20250304 [证券分析师： Table_Authors] 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.热界面材料受益散热需求提升，产业链基础助力国产化突破——基础化工行业深度报告 ➢ 2.英伟达Blackwell芯片需求高涨，小米新机与新车发布拉动市场热情——电子行业周报 (2025/2/24-2025/3/2) ➢ 3.同力股份（834599）："新能源+无人车+大型化"带动全年利润高增——公司简评报告 ➢ 4 ...

[Table_Reportdate] 2025年03月03日 标配 行 业 深 度 [证券分析师 Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 张晶磊 S0630524090001 zjlei@longone.com.cn [table_stockTrend] -23% -14% -5% 5% 14% 23% 33% 24-02 24-05 24-08 24-11 申万行业指数:基础化工(0722) 沪深300 [Table_NewTitle 热界面材料受益散热需求提升，产业链 ] 基础助力国产化突破 ——基础化工行业深度报告 [table_main] 投资要点： 2）企业从单一的热界面材料商向散热方案综合服务商发展，形成平台产品导入合力，绑 定下游龙头客户，开拓新客户，成长能力体现在业绩的稳定性、研发支出的高水平性、产 品矩阵的丰富性。建议关注：飞荣达，中石科技，思泉新材，苏州天脉。 ➢ 风险提示：下游消费电子等周期景气度恢复不及预期；主要客户订 ...

[Table_Reportdate] 2025年03月03日 超配 ——非银金融行业周报（20250224-20250302） [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 周 报 [证券分析师 Table_Authors] 陶圣禹 S0630523100002 tsy@longone.com.cn [table_stockTrend] -29% -13% 2% 18% 33% 49% 64% 24-03 24-06 24-09 24-12 申万行业指数:非银金融(0749) 沪深300 [相关研究 table_product] 1.资本市场助力书写金融"五篇大文 章"，险资投资黄金试点启动——非 银 金 融 行 业 周 报 （ 20250203- 20250209） 2.落实长周期考核，助力培育耐心资 本——中长期资金系列研究（一） 3.规范IPO中介机构行为，保险监管 评级发布助力高质量发展——非银 金 融 行 业 周 报 （ 20250113- 20250119） [Table_New ...

[Table_Reportdate] 2025年03月03日 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn [table_stockTrend] -23% -12% -1% 10% 21% 31% 42% 24-02 24-04 24-06 24-08 申万行业指数:电力设备(0763) 沪深300 [相关研究 table_product] 1.电车渗透率维持高位，国内储能市 场迎高质量发展——电池及储能行 业周报（2025/02/17-2025/02/23） 2.光伏政策推动排产回暖，2024年国 内新签风机订单量高增——新能源 电 力 行 业 周 报 （ 2025/02/17- 2025/02/21） 3.节后产业链整体维稳，新能源上网 电价市场化改革政策出台——新能 源 电 力 行 业 周 报 （ 2025/02/10- 2025/02/16） [Table_NewTitle 抢装带动行业 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company reported a stable revenue growth of 5.53% year-on-year, reaching a total revenue of 6.185 billion yuan in 2024, while net profit increased by 26.54% to 778 million yuan [7]. - The growth in revenue is primarily driven by the increase in sales of new energy vehicles, high unit prices, and the successful operation of autonomous driving vehicles [7]. - The company has successfully launched various new energy products, which now account for approximately 20% of total sales, contributing to higher gross margins [7]. - The company is advancing its international strategy, with exports of non-road dump trucks increasing by 13.7% in 2024, expanding its market presence in several countries [7]. Summary by Sections Financial Performance - Total revenue for 2023 was 5.860 billion yuan, with projections of 6.185 billion yuan for 2024, 7.051 billion yuan for 2025, and 7.756 billion yuan for 2026 [6]. - The net profit for 2023 was 614.67 million yuan, expected to rise to 777.81 million yuan in 2024, 940.83 million yuan in 2025, and 1.03875 billion yuan in 2026 [6]. - The diluted EPS is projected to increase from 1.34 yuan in 2023 to 2.27 yuan in 2026 [6]. Product Development - The company is focusing on large-tonnage rigid dump trucks, with a 180-ton model already in testing and plans for a 220-ton model in the design phase [7]. - The company has established deep strategic partnerships in the autonomous driving sector, enhancing its operational capabilities in this area [7]. Market Strategy - The company is leveraging its first-mover advantage in the autonomous driving field, aiming to play a pivotal role in the construction of unmanned mines [7]. - The international expansion strategy is being rapidly implemented, with products now exported to multiple countries, supported by a Singapore subsidiary as a global business platform [7].

[Table_Reportdate] 2025年03月03日 [table_invest] 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn 联系人 陈涛 cht@longone.com.cn -40% -20% 0% 20% 40% 2024-02 2024-04 2024-06 2024-08 2024-10 2024-12 2025-02 食品饮料(申万) 沪深300 [相关研究 table_product] 1.酒企积极停货稳价，政策驱动内需 复 苏 — — 食 品 饮 料 行 业 周 报 （2024/2/17-2025/2/23） 2.市场预期回暖，静待需求修复—— 食 品 饮 料 行 业 周 报 （ 2024/2/10- 2025/2/16） 3.春节动销符合预期，关注渠道变革 ——食品饮料行业周报（2024/2/3- 2025/2/9） ➢ 二级市场表现：上周食品饮料板块上涨1.77%，跑赢沪深300指数3.99个百分点，食品饮料 板块在31个申万一级板块中排名第3位 ...

[Table_Reportdate] 2025年3月3日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 [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. 阿里资本开支持续高增，马斯克 公布新一代AI模型Grok3——电子行 业周报（2025/2/17-2025/2/23） 2. 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） 3. 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） [Table_NewTitle] 英伟达Blackwell芯片需求高涨，小米新 机与新车发布拉动市场热情 ——电子行业周报2025/2/24-2025/3/2 [table_main] 投资要点： 行 业 研 究 ...