Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 34.14 billion yuan for 2024, a year-on-year decrease of 4%, and a net profit attributable to shareholders of 1.22 billion yuan, a year-on-year increase of 1% [4][7] - The fourth quarter of 2024 saw revenue of 11.32 billion yuan, remaining stable year-on-year, with a net profit of 1.62 billion yuan, a significant year-on-year increase of 375% [7] - The company has improved its cost control and efficiency through innovation and supply chain optimization, enhancing its core profitability [7] - The domestic projection industry is showing signs of recovery, with a 3% year-on-year increase in sales volume for smart projectors in China [7] - The company is expanding its overseas market presence, particularly in Europe, North America, and Japan, leading to continuous growth in overseas revenue [7] - The company is actively advancing its automotive business, having secured seven contracts in this sector, which is expected to contribute to revenue growth in 2025 [7] - The profit forecast for 2024-2026 has been raised, with net profit estimates of 1.22 billion, 2.88 billion, and 3.95 billion yuan respectively, reflecting year-on-year growth rates of 1.6%, 135.5%, and 37.2% [7] Financial Data and Profit Forecast - Total revenue for 2023 was 35.57 billion yuan, with a projected increase to 40.71 billion yuan in 2025 and 44.21 billion yuan in 2026 [6][9] - The net profit for 2023 was 121 million yuan, with projections of 288 million yuan in 2025 and 395 million yuan in 2026 [6][9] - The gross margin is expected to improve from 32.6% in 2024 to 35.5% in 2026 [6]

业 及 产 业 建筑材料 研究支持 郝子禹 A0230524060003 haozy2@swsresearch.com 联系人 2025 年 02 月 26 日 行 业 研 究 / 行 业 点 评 证券分析师 任杰 A0230522070003 renjie@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 郭中伟 A0230524120004 郝子禹 A0230524060003 haozy2@swsresearch.com 郝子禹 (8621)23297818× haozy2@swsresearch.com 电子纱与电子布提价，玻纤盈利能力修复可期 看好 ——建材行业事件点评 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 证 券 研 究 报 告 相关研究 - ⚫ 事件：多家电子纱企业集中提价，电子布盈利中枢提升。2 月 24 日，包括中国巨石、 泰山玻纤、重庆天寰、光远新材在内的至少 9 家企业宣布对各类玻纤电子纱（G 系列） 提价 800 元/吨，对各类电子布提价 0.3 元/米。此轮提价主要因为电子纱与电子布价格 长期 ...

Investment Rating - The report maintains a "Positive" outlook on the automotive industry, indicating potential for significant investment opportunities in the "post-intelligent equity era" [2][3]. Core Insights - The automotive industry is undergoing notable transformations, particularly in smart driving, which is expected to drive new product planning and component demand as L3 policies are anticipated to be implemented [3][4]. - Companies like Tianzhun Technology and Li Auto are positioned to benefit from advancements in smart driving and robotics, with expectations of increased valuations and sales growth [5][6]. - The report highlights the potential of Robotaxi services, with companies like Xiaoma Zhixing and Luobo Kuaiyun making strides in commercial operations [4]. Summary by Relevant Sections Industry Overview - The automotive sector is entering a transformative phase with smart driving as a key trend, expected to enhance product planning and component demand [3][4]. - Robotaxi services are gaining traction, with companies initiating commercial operations in major cities [4]. Company Updates - **Tianzhun Technology**: Increasing investments in smart driving and robotics, with a focus on developing AI-supported robotic controllers [5][6]. - **Li Auto**: Anticipated sales of 650,000 to 670,000 vehicles by 2025, with a projected net profit of approximately 12.6 billion yuan, reflecting a PE ratio of about 19X [6]. - **Minshi Technology**: Positioned for a peak in order releases, with a focus on integrating advanced algorithms into automotive components, suggesting a significant growth opportunity [7]. - **Wuxi Zhenhua**: Expected to benefit from partnerships with major clients like SAIC and Xiaomi, with a projected net profit of 510 million yuan by 2025 [7]. - **Fuda Co., Ltd.**: Expanding capacity in crankshafts and electric drive gears, with a strong order backlog indicating potential revenue growth [8]. - **Xiaopeng Motors**: Successfully advancing its overseas expansion and dual focus on smart driving and robotics, with expectations of turning profitable [9]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD and Geely, as well as companies with strong growth potential in the component sector like Fuyao Glass and Xinquan Co., Ltd. [3][9].

Investment Rating - The report gives an "Overweight" rating for the robotics industry, indicating that it is expected to outperform the overall market [1][8]. Core Insights - The robotics controller is crucial for the performance of the robot body and is a key factor in the future commercialization of robotics. Recent developments in the controller segment are noteworthy, including the release of the VLA model Helix and the 1X NEO intelligent upgrade [2]. - Robotics controllers can be categorized into "brain" and "cerebellum" based on functionality. The brain handles complex algorithms and data processing, while the cerebellum is responsible for motion control [2]. - The manufacturing difficulty and standards of robotics controllers place them between automotive domain controllers and industrial control systems, with the brain being significantly more valuable due to the cost of main control chips [2]. - Key companies in the robotics controller space include Tianzhun Technology, Zhiwei Intelligent, Desay SV, Gokong Technology, Leisai Intelligent, Rockchip, and Horizon Robotics, with a focus on their partnerships and technological capabilities [2]. Company Summaries - **Tianzhun Technology**: A key partner of NVIDIA, launched the first embodied intelligent controller with a computing power of 275 TOPS [2]. - **Zhiwei Intelligent**: Provides solutions for mobile robots and industrial robotic arms, with a dedicated platform for humanoid robots [2]. - **Desay SV**: A leading company in automotive domain controllers [2]. - **Gokong Technology**: Focuses on motion control systems with strong industrial control capabilities [2]. - **Leisai Intelligent**: Supplies core components and solutions for motion control [2]. - **Rockchip**: A supplier of SoC system chips [2]. - **Horizon Robotics**: A domestic supplier of domain control chips [2]. Valuation Summary - The report includes a valuation table for key companies, showing projected EPS and PE ratios for the years 2023 to 2026. For example, Tianzhun Technology has an estimated EPS of 1.62 CNY per share for 2025, with a PE ratio of 35 [3].

建筑装饰 2025 年 02 月 23 日 俄乌事态迎来转机，海外工程有望恢复 看好 ——申万宏源建筑周报（20250217-20250221） 本期投资提示： 证 券 研 yuanhao@swsresearch.com 唐猛 A0230523080003 tangmeng@swsresearch.com 研究支持 唐猛 A0230523080003 tangmeng@swsresearch.com 联系人 唐猛 (8621)23297818× tangmeng@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 行 业 及 产 业 行 业 研 究 / 行 业 点 评 究 报 告 证券分析师 袁豪 A0230520120001 ⚫ 一周板块回顾：板块表现方面，SW 建筑装饰指数 -0.45%，沪深 300 指数 +1.00% ，相对收益为-1.45pct，在 31 个板块排名中排第 19 位。周涨幅 最大的三个子行业分别为国际工程（+6.03%）、钢结构（+3.23%）、专 业工程（+3.05%），对应行业内三个公司：北方国际（+10.19%）、杭 萧钢构（+9.45%）、志特新材（+ ...

上 市 公 司 2025 年 02 月 25 日 莱特光电 (688150) —— OLED 终端材料先行者，持续受益产业国产化进程 报告原因：首次覆盖 增持（首次评级） | 市场数据： | 2025 年 02 月 24 日 | | --- | --- | | 收盘价（元） | 21.95 | | 一年内最高/最低（元） | 25.77/15.16 | | 市净率 | 5.0 | | 股息率%（分红/股价） | 0.82 | | 流通 A 股市值（百万元） | 3,925 | | 上证指数/深证成指 | 3,373.03/10,983.04 | | 注："股息率"以最近一年已公布分红计算 | | --- | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 4.38 | | 资产负债率% | 14.80 | | 总股本/流通 A 股（百万） | 402/179 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 02-26 03-26 04-26 05-26 06-26 07-26 08-26 09-26 10-26 ...

2025 年 02 月 24 日 蓝思科技 (300433) 公 司 研 究 / 公 司 点 评 《蓝思科技（300433）深度：高订电子外 观，为苹果作嫁衣（AIPC 系列 8 暨苹果 AI 系列 6）》 2024/07/05 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 报告原因：有信息公布需要点评 买入（维持） | 市场数据： | 2025 年 02 月 21 日 | | --- | --- | | 收盘价（元） | 28.96 | | 一年内最高/最低（元） | 29.68/11.65 | | 市净率 | 3.1 | | 息率（分红/股价） | 1.04 | | 流通 A 股市值（百万元） | 143,790 | | 上证指数/深证成指 | 3,379.11/10,991.37 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 9.49 | | 资产负债率% | 41.34 | | 总股本/流通 A 股（百万） | 4,983/ ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Insights - The company is positioned to benefit from the PHEV wave, with its crankshaft business expected to grow alongside new ventures in electric drive gears and robotics, creating new growth ceilings [6][7]. - The company has a strong customer base, including major players like BYD and Geely, and is expanding its production capacity to meet increasing market demand [6][7]. - The financial forecasts indicate significant growth in revenue and net profit over the next few years, driven by the transition to PHEV and the expansion into new product lines [6][7]. Financial Data and Profitability Forecast - Total revenue is projected to grow from 1,352 million yuan in 2023 to 3,288 million yuan by 2026, with a compound annual growth rate (CAGR) of 24.8% [4]. - Net profit attributable to shareholders is expected to increase from 104 million yuan in 2023 to 394 million yuan in 2026, reflecting a CAGR of 40.8% [4]. - The earnings per share (EPS) is forecasted to rise from 0.16 yuan in 2023 to 0.61 yuan in 2026 [4]. Business Overview - The company has been a key supplier of crankshafts, with 59% of its revenue coming from this segment in 2023 [6][15]. - The transition to PHEV vehicles has led to a shift in the market dynamics, with an increasing trend towards outsourcing crankshaft production [6][52]. - The company is also diversifying into electric drive gears and robotics, leveraging its existing capabilities and customer relationships to capture new market opportunities [6][7]. Market Potential - The domestic market for crankshafts is estimated to be around 22.4 billion yuan in 2024, with significant demand from both passenger and commercial vehicles [6][47]. - The PHEV segment is expected to drive further growth, with the company positioned to capitalize on this trend due to its established relationships with leading manufacturers [6][52]. Valuation and Target Price - The report suggests a target price based on a 31x price-to-earnings (PE) ratio for 2025, indicating a potential upside of 33% from the current market price [6][7].

Investment Rating - The report maintains a "Positive" outlook on the defense and military industry, suggesting an increase in focus on this sector [1][3]. Core Insights - The report highlights that military orders are gradually improving, transitioning from "point" orders to "line" orders, with expectations for a full-scale "surface" order explosion soon [3][4]. - The military AI and robotics themes are gaining traction, driven by evolving market conditions and increasing risk appetite, making it an optimal time to focus on military investments [3][4]. - The report emphasizes the importance of satellite internet and rocket deployment, noting advancements in China's satellite internet capabilities and the acceleration of constellation deployment [3][4]. - It suggests increasing attention on two categories of core targets: elastic varieties (consumable weapons and military electronics) and value varieties (stable performance manufacturers) [3][4]. Market Performance - Last week, the Shenwan Defense and Military Index rose by 2.74%, outperforming the Shanghai Composite Index and the CSI 300 Index [1][4]. - The top five performing stocks in the defense sector included Hailanxin (up 45.5%), Donghua Testing (up 25.03%), and Hangjin Technology (up 23.07%) [1][4][9]. - The report notes that the military sector's PE valuation is currently in the upper range historically, with a PE-TTM of 66.89, indicating a strong market position [10][11]. Valuation Changes - The report indicates that the military sector's PE valuation is at a historical high, with significant differentiation among sub-sectors, particularly in aerospace and aviation equipment [10][11]. - Key valuation metrics for specific companies are provided, showing projected net profits and PE ratios for the coming years [16][18].

Investment Rating - The report gives a positive outlook on the AI glasses industry, indicating an "Overweight" investment rating, suggesting that the industry is expected to outperform the overall market [2][8]. Core Insights - The launch of Rokid Glasses is expected to catalyze investment sentiment in the AI glasses sector, with features such as lightweight design, AI capabilities, and a competitive price point of 2499 yuan [2]. - The rapid development of domestic AI models like Doubao and DeepSeek is anticipated to accelerate the application of AI glasses, enhancing their market viability [2]. - Essilor Luxottica plans to significantly expand its smart glasses production capacity, aiming for an annual output of 10 million units by the end of 2026, reflecting optimistic market demand [2]. - The establishment of industry standards by the China Academy of Information and Communications Technology is expected to support sustainable development in the AI glasses sector [2]. - The report forecasts a substantial increase in AI glasses sales, projecting 1.52 million units globally in 2024, with expectations for rapid growth driven by new product launches and advancements in AI technology [2]. Summary by Sections Industry Overview - The AI glasses industry is positioned for significant growth, driven by technological advancements and increasing consumer interest [2]. Key Companies - Notable companies in the sector include 康耐特光学 and 明月镜片, which are highlighted for their strong manufacturing capabilities and market positioning [3]. Financial Projections - 明月镜片 is projected to achieve a net profit of 2.07 billion yuan in 2025, reflecting a 15% year-on-year growth [3]. - 康耐特光学 is expected to see a net profit of 5.00 billion yuan in 2025, with a 20% year-on-year increase [3].