[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 ...

Employment Data - In March 2025, the U.S. non-farm employment increased by 228,000, significantly exceeding the expected increase of 135,000[2] - The unemployment rate rose slightly to 4.2%, compared to the expected 4.1%[2] - The labor force participation rate increased to 62.5%, up from 62.4% in the previous month[2] Sector Performance - The retail sector added 24,000 jobs, while leisure and hospitality added 43,000 jobs, contributing significantly to the employment increase[2] - Government employment saw a slight rise, with state and local government jobs increasing by 6,000 and 17,000 respectively, despite a reduction of 4,000 in federal jobs[2] - The manufacturing sector experienced a modest decline, adding only 12,000 jobs, down from the previous month[2] Wage Growth - Average hourly earnings in retail and leisure/hospitality sectors increased by 0.7% and 0.6% month-over-month, indicating strong wage growth in these areas[2] - The overall wage growth in the durable goods manufacturing sector was the highest at 1.0% month-over-month[2] Market Impact - The release of the non-farm payroll data had a limited impact on the market, with U.S. Treasury yields and the dollar index showing only slight increases[2] - Federal Reserve Chairman Jerome Powell indicated that the Fed may hold off on policy adjustments, citing the need to assess the impact of tariffs on inflation[2] Risks - Potential risks include higher-than-expected inflation and a downturn in the U.S. economy[2]

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]

[Table_Reportdate] 2025年4月2日 [晨会纪要 Table_NewTitle] 20250402 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王洋 S0630513040002 wangyang@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. 新订单指数明显回升，高技术、装备制造有支撑——国内观察：2025年3月PMI ➢ 2. 从湘财合并大智慧，看中小券商与金融科技跨界整合新路径——非银金融行业简评 ➢ 1.央行：开展8000亿元买断式逆回购操作 ➢ 2.3月公开市场国债买卖情况 ➢ 3.南京全面取消商品房限售 | 1.1. 新订单指数明显回升，高技术、装备制造有支撑——国内观察：2025 年 3 | 月 | | --- | ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights a tightening supply-demand situation in the photovoltaic (PV) silicon wafer and battery cell markets, while the wind power installation scale remains high [4][6] - The report suggests that the domestic offshore wind power sector is expected to experience high growth due to increased installation activities [6][10] Summary by Sections 1. Investment Highlights 1.1 Photovoltaic Sector - The recent earthquake in Myanmar has exacerbated the supply-demand imbalance for silicon wafers, leading to a slowdown in component price growth [15] - Silicon material prices remain stable, with a decrease in overall transaction volume and a strong willingness from downstream companies to reduce inventory [15][16] - The silicon wafer market is experiencing a supply shortage due to strong demand from downstream battery manufacturers, with an overall operating rate of 56%-58% [15][16] - Battery cell prices are expected to rise in April, but may decline later in the month as domestic demand decreases [15][16] - Component prices have shown a weakening upward trend, with most distributed orders maintaining prices around 0.77 CNY/W [15][16] - Recommended companies to watch include Fulete, which benefits from scale advantages and improved cash flow [7][16] 1.2 Wind Power Sector - The bidding scale for onshore wind power projects continues to grow, with approximately 4980 MW of bids and 130 MW of openings reported [18] - The wind power equipment sector is entering the annual report disclosure period, with overall revenue trends upward but profitability under pressure [18][19] - The first quarter is traditionally a low season for the wind power industry, but demand remains strong, suggesting potential for performance recovery [18][19] - Offshore wind projects are seeing significant activity, with multiple projects in southern regions like Jiangsu and Guangdong starting construction [19][20] - The report anticipates a strong year for wind power installations in 2025, with projected new installations of 95 GW for onshore and 15 GW for offshore [20] - Recommended companies to watch include Dajin Heavy Industry and Dongfang Cable, both of which are positioned well in the offshore wind market [21] 2. Market Performance - The report notes that the photovoltaic equipment sector declined by 0.50%, underperforming the CSI 300 index by 0.51 percentage points, while the wind power equipment sector fell by 7.23% [5][23] - The top-performing stocks in the photovoltaic sector included Hengxing Technology, Quartz Co., and Jinlang Technology, while only Dajin Heavy Industry saw an increase in the wind power sector [5][23] 3. Industry Dynamics - The report includes various industry news and company updates, highlighting significant projects and developments in both the photovoltaic and wind power sectors [32][34]

[Table_Reportdate] 2025年04月01日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -30% -21% -11% -1% 9% 19% 29% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) [相关研究 table_product] 1.光伏硅片、电池片供需偏紧，风电 新增装机规模维持高位——新能源 电 力 行 业 周 报 （ 2025/03/17- 2025/03/21） 2.抢装带动中下游量价修复，国内海 风有望高景气发展——新能源电力 行业周报（2025/03/10-2025/03/14） 3.帝科股份（300842）： 业绩稳步发 展，高铜浆料有望量产——公司简评 报告 [Table_NewTitle 硅片 ...