[Table_Reportdate] 2025年4月7日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [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. Semicon展会中国半导体设备产 业光彩四溢，存储龙头释放涨价预 期——电子行业周报（2025/3/24- 2025/3/30） 2. 国内厂商AI投入持续高增，华为 发布全面搭载鸿蒙的首款阔折叠 Pura X——电子行业周报 （2025/3/17-2025/3/23） 3. 北方华创拟取得芯源微控制权， 关注GTC大会带来的AI产业链机遇 ——电子行业周报（2025/3/10- 2025/3/16） [Table_NewTitle] 美国关税超预期，长期半导体国产化有 望加速 ——电子行业周报2025/3/31-2025/ ...

[Table_Reportdate] 2025年04月07日 [table_invest] 标配 行 业 周 报 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 20% 30% 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 美容护理 沪深300 [相关研究 table_product] 1.2024年社零同比增长3.5%——美 容护理行业周报 (2025/1/13- 2025/1/17) ——美容护理行业周报(2025/3/31-2025/4/4) [table_main] 投资要点： ➢ 市场表现：（1）美容护理板块：本周沪深300指数下跌1.37%，申万美容护理指数上涨 1.18%，行业跑赢大盘2.55pcts，涨幅在全部申万一级行业中排第四位。（2）个股方面： 本周板块涨幅前五的个股分别为拉芳家化（25.62 ...

Group 1 - The US non-farm employment data for March 2025 exceeded expectations, with an increase of 228,000 jobs compared to the forecast of 135,000, although the previous value was revised down from 151,000 to 117,000 [6][9] - The unemployment rate rose slightly to 4.2%, up from the previous 4.1%, indicating a marginal increase in labor participation [8][9] - The service sector showed strong job growth, particularly in retail and leisure accommodation, contributing significantly to the overall employment increase [7][9] Group 2 - The recent sharp decline in oil prices is expected to impact the petrochemical industry, with a projected V-shaped recovery in oil prices throughout 2025, influenced by factors such as inflation control and manufacturing return to the US [14][16] - The report highlights the potential for domestic demand improvement and self-sufficiency in response to US tariff policies, suggesting that the impact on China will be limited [15][16] - The report recommends focusing on domestic bonds and equities, particularly in sectors that are self-sufficient and have low valuations, such as leading companies in the petrochemical industry [16][17] Group 3 - The Chinese government has strongly opposed the US's imposition of tariffs, stating that it violates international trade rules and disrupts global economic stability [17][18] - The State Council Tariff Commission announced a 34% additional tariff on all imports from the US, effective April 10, 2025, as a countermeasure to US tariffs [18][19] - The report notes that the US tariffs may lead to increased inflation in agricultural products, but the overall impact on domestic industries is expected to be manageable [15][21]

[Table_Reportdate] 2025年04月06日 策 略 研 究 [证券分析师 Table_Authors] 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师 张季恺 S0630521110001 zjk@longone.com.cn 联系人 陈伟业 cwy@longone.com.cn [table_main] 投资要点 ➢ 全球大类资产回顾：4月4日当周，全球股市整体下跌；黄金、原油、铝、铜也悉数收跌； 美元指数小幅下跌，人民币贬值，日元、欧元升值。1）权益方面：上证指数>科创50>沪 深300指数>深证成指>恒生指数>创业板指>恒生科技指数>英国富时100>道指>法国 CAC40>德国DAX30>日经225>标普500。2）原油价格大幅下跌，OPEC+增产协议超出市 场预期，此外美国"对等关税"落地，市场预期需求端下行；黄金避险价值短暂失效，或 因风险资产普遍大幅下跌导致 ...

[Table_Reportdate] 2025年04月06日 [非农超预期，但对市场影响有限 Table_NewTitle] ——海外观察：美国2025年3月非农数据点评 [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 [table_main] 投资要点 宏 观 简 评 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 ➢ 事件：当地时间4月4日，美国非农就业数据发布，美国3月季调后非农就业人口增22.8万 人，预期增13.5万人，前值从增15.1万人修正为增11.7万人。3月失业率4.2%，预期4.1%， 前值4.1%。 ➢ 核心观点：美国3月非农新增就业大幅超预期，不过前值遭到下修。分行业来看，主要受 天气回暖、罢工恢复以及美国春假的影响，零售和休闲住宿就业新增强劲；另一方面，联 邦政府裁员规模边际减弱，同时，州/地方政府雇佣回升导致政府部门就业小幅上升；生产 部门就业普遍 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.746 billion yuan for 2024, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 940 million yuan, up 2.86% year-on-year [6] - The growth in revenue is primarily driven by the increase in small parts business orders and sales growth from key clients in the medium and large parts sector [6] - The company is expanding its global production capacity, with significant developments in its factories in Mexico and Malaysia [6] - The company is entering the robotics sector to cultivate a second growth engine, focusing on micro-motor and magnesium alloy die-casting technology [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with a year-on-year increase of 2.86% and a quarter-on-quarter increase of 2.72%. However, the net profit for the same quarter was 198 million yuan, down 37.39% year-on-year and 32.29% quarter-on-quarter [6] - The gross profit margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, with Q4 2024 gross margin at 23.72%, down 5.69 percentage points year-on-year [6][8] Business Segments - Automotive products generated revenue of 6.508 billion yuan in 2024, up 14.75% year-on-year, with the revenue share from new energy vehicle products exceeding 30% [6] - The company’s export revenue was 3.424 billion yuan, up 5.87% year-on-year, while domestic sales reached 3.256 billion yuan, up 21.72% year-on-year [6] Global Expansion - The company’s factories in China have completed construction and received property certificates, while the Malaysian factory has commenced production of zinc alloy products [6] - The first phase of the Mexican factory has turned profitable, and the second phase is expected to be completed in April 2025 [6] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.022 billion yuan, 1.299 billion yuan, and 1.541 billion yuan respectively [6] - The projected earnings per share (EPS) for 2025-2027 are 1.04 yuan, 1.32 yuan, and 1.56 yuan respectively, with corresponding price-to-earnings (PE) ratios of 16X, 13X, and 11X [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.746 billion yuan for 2024, representing a year-on-year increase of 13.24%, with a net profit attributable to shareholders of 940 million yuan, up 2.86% year-on-year [6] - The company is experiencing solid growth in its small and medium-sized component business, with the revenue share from new energy vehicle-related products continuing to rise, exceeding 30% [6] - The company is expanding its global production capacity, with the second phase of its factory in Mexico set to be operational in Q2 2025, focusing on components for new energy vehicles and robotics [6] - The company is entering the robotics sector to cultivate a second growth engine, establishing a subsidiary focused on robot components and wearable technology [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.772 billion yuan, with year-on-year and quarter-on-quarter growth of 2.86% and 2.72%, respectively [6] - The gross profit margin for 2024 was 27.65%, a decrease of 1.44 percentage points year-on-year, primarily due to rising raw material prices and accounting policy adjustments [6][8] Business Segments - Automotive products generated revenue of 6.508 billion yuan in 2024, reflecting a year-on-year growth of 14.75%, while industrial products saw a decline in revenue by 27.72% [6] - Domestic sales grew at a faster rate than exports, with domestic revenue reaching 3.256 billion yuan, up 21.72% year-on-year, while export revenue was 3.424 billion yuan, up 5.87% [6] Global Expansion - The company has completed the construction of its factories in China and Malaysia, with the latter already in production [6] - The first phase of the Mexico factory has turned profitable, and the second phase is expected to be completed in April 2025 [6] Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.022 billion yuan, 1.299 billion yuan, and 1.541 billion yuan, respectively [6] - The projected earnings per share (EPS) for 2025-2027 are 1.04 yuan, 1.32 yuan, and 1.56 yuan, with corresponding price-to-earnings (PE) ratios of 16X, 13X, and 11X [6][8]

Group 1: Company Overview - The report highlights that 卓胜微 (300782) achieved a revenue of 4.487 billion yuan in 2024, representing a year-over-year increase of 2.48%, while the net profit attributable to shareholders was 402 million yuan, a decrease of 64.20% year-over-year [8][9] - The company's revenue from RF modules reached 1.887 billion yuan, up 18.58% year-over-year, increasing its share of total revenue from 36.34% in 2023 to 42.05% in 2024 [9] - The report indicates that the company faced significant depreciation costs and intense market competition, which pressured its gross margin and net profit [9][10] Group 2: Industry Insights - The report notes a growing supply-demand imbalance in the silicon wafer market, exacerbated by a recent earthquake in Myanmar, which is expected to lead to a slight increase in silicon wafer prices [15][17] - The wind power sector is experiencing a surge in bidding and project initiation, with approximately 4980 MW of onshore wind power units tendered and 130 MW opened for bidding as of March 28, 2025 [17][18] - The report suggests that the wind power industry may see improved profitability as bidding prices stabilize and demand for core components remains strong [17][19]

[Table_Reportdate] 2025年04月02日 [Table_invest] 买入（维持） 报告原因：业绩点评 [东方电缆（ Table_NewTitle] 603606）：公司业绩稳步提 升，在手订单再创新高 ——公司简评报告 [table_main] 投资要点 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,092.52 | 12,529.59 | 14,674.25 | 16,953.39 | | 同比增速 | 24.38% | 37.80% | 17.12% | 15.53% | | 归母净利润（百万元） | 1,008.16 | 1,761.69 | 2,131.23 | 2,536.72 | | 同比增速 | 0.81% | 74.74% | 20.98% | 19.03% | | EPS（元/股） | 1.47 | 2.56 | 3.10 | 3.69 | | 市盈率（P/E） | 34.65 | 19.83 | 16.39 | 13.77 | | 市净率（P/ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is steadily improving, with a record high in hand orders [1] - The company reported a total revenue of 9,092.52 million yuan in 2024, representing a year-on-year increase of 24.38% [5] - The net profit attributable to the parent company for 2024 was 1,008.16 million yuan, a slight increase of 0.81% year-on-year [5] - The company has a robust order backlog of 17.975 billion yuan as of March 21, 2025, with significant contributions expected from various projects [5] - The company is actively expanding its production capacity and has seen a substantial increase in overseas revenue, which grew by 480.54% year-on-year to 733 million yuan [5] Summary by Relevant Sections Financial Performance - Total revenue projections for 2025, 2026, and 2027 are 12,529.59 million yuan, 14,674.25 million yuan, and 16,953.39 million yuan, respectively, with year-on-year growth rates of 37.80%, 17.12%, and 15.53% [2] - The net profit attributable to the parent company is expected to reach 1,761.69 million yuan in 2025, 2,131.23 million yuan in 2026, and 2,536.72 million yuan in 2027, with growth rates of 74.74%, 20.98%, and 19.03% respectively [2] - Earnings per share (EPS) is projected to be 2.56 yuan in 2025, 3.10 yuan in 2026, and 3.69 yuan in 2027 [2] Order Backlog and Project Updates - The company has a total order backlog of 179.75 billion yuan, with 88.27 billion yuan from submarine cable systems, 63.53 billion yuan from land cable systems, and 27.95 billion yuan from marine engineering [5] - Recent project wins include significant contracts in both land and submarine cable systems, indicating a strong pipeline for future revenue [5] Market Position and Strategy - The company is positioning itself as a leader in the domestic and international offshore wind market, with ongoing investments in production capacity and strategic project developments [5] - The establishment of overseas subsidiaries has contributed to a significant increase in international revenue, highlighting the company's growth strategy [5]