证券研究报告 1-2月逆变器出口数据月报：亚、非市场表现亮眼 证券分析师 张之尧 投资咨询资格编号：S1060524070005 皮 秀 投资咨询资格编号：S1060517070004 电力设备及新能源 强于大市（维持） 2025年4月2日 请务必阅读正文后免责条款 ※ 要点总结 2 逆变器1-2月出口金额同比略增。根据海关总署数据，2025年1-2月，我国逆变器出口金额共计77亿元，同比略增6.5%。2025年1-2月，国内 逆变器出口区域来看，亚洲、欧洲、拉丁美洲是我国出口逆变器的前三大市场，出口金额占比分别为38%/32%/13%。1-2月，我国出口亚洲/ 欧洲/拉美的逆变器金额分别为29/25/10亿元，同比分别+31%/-11%/-3%。亚洲取代欧洲，成为1-2月我国逆变器出口的第一大市场，出口金 额同比增长；欧洲、拉丁美洲分别为第二和第三大市场，需求规模同比有所下降。 亚洲：1-2月出口同比增长，南亚、中东、东南亚均表现亮眼。2025年1-2月，我国逆变器出口亚洲市场金额28.7亿元，同比增长31%。1-2月 累计出口规模来看，南亚的印度、巴基斯坦，中东的沙特阿拉伯、阿联酋是我国大陆逆变器出口亚洲 ...

Investment Rating - The report maintains a "Recommended" investment rating for Jiangbolong (301308.SZ) [1][9]. Core Views - Jiangbolong's enterprise-level storage continues to grow, and the recovery in storage prices has led to improved performance. In 2024, the company achieved revenue of 17.464 billion yuan, a year-on-year increase of 72.48%, and a net profit attributable to shareholders of 499 million yuan, up 160.24% year-on-year [4][8]. Summary by Sections Financial Performance - In 2024, Jiangbolong's revenue reached 17.464 billion yuan, with a year-on-year growth of 72.48%. The net profit attributable to shareholders was 499 million yuan, reflecting a significant increase of 160.24% year-on-year [4][8]. - The gross margin for 2024 was 19.05%, an increase of 10.86 percentage points year-on-year, while the net margin rose by 11.16 percentage points to 2.89% [8]. Business Growth - The enterprise-level storage segment saw a remarkable revenue increase of 666% year-on-year, reaching 922 million yuan. The company has launched multiple high-speed eSSD products, achieving compatibility with various domestic CPU platforms [8]. - The Brazilian subsidiary Zilia reported revenue of 2.312 billion yuan in 2024, a year-on-year growth of 120%, benefiting from Jiangbolong's market brand and technical resources [8]. - The Lexar brand continued its rapid growth, with global revenue increasing from 860 million yuan in 2019 to 3.53 billion yuan in 2024 [8]. Future Projections - The report projects net profits for 2025, 2026, and 2027 to be 639 million yuan, 887 million yuan, and 1.278 billion yuan, respectively. The estimates for 2025 and 2026 have been revised downwards due to expected fluctuations in net profit [9][11]. - The company is expected to benefit from a stable recovery in storage prices and strong demand for enterprise-level storage driven by AI and data center growth [9].

银行 2025 年 4 月 3 日 上市银行 2024 年年报综述 营收降幅收敛，分红稳定关注股息配置价值 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业动态跟踪报告*银行*上市银行 2024 年三季报综述：营收降幅趋缓，关注稳增长政 策发力*强于大市 20241104 证券分析师 | 投资咨询资格编号 | | --- | | S1060520080003 | | YUANZHEQI052@pingan.com.cn | | 投资咨询资格编号 | | S1060525020001 | | XUMIAO533@pingan.com.cn | | 袁喆奇 许淼 | 研究助理 李灵琇 一般证券从业资格编号 S1060124070021 LILINGXIU785@pingan.com.cn 平安观点： 行 业 报 告 行 业 动 态 跟 踪 报 证 券 研 究 报 告 告 截至 3 月末，已有 23 家上市银行披露 2024 年年报，根据已披露年报 23 家上市银行口径，24 年全年上市银行实现净利润同比增长 1.8%，增速较 前三季度提升 0.9pct。个股来看分化持续，部分银行盈利依然保持强劲增 长 ...

Group 1: Macro Insights - Germany's new fiscal plan aims to break the "debt brake" mechanism, potentially increasing annual spending by approximately €100 billion, which could boost economic growth by 1-2 percentage points in the long term [7][8] - The EU's "rearmament of Europe" plan, amounting to €800 billion, includes a €1.5 billion loan tool backed by EU credit guarantees, which may increase defense spending by about €200 billion annually, contributing to a 1 percentage point increase in nominal GDP growth [8] - The positive shift in fiscal policy in Germany and the EU is expected to attract investment into Euro assets, particularly in defense and infrastructure sectors [9] Group 2: Inverter Export Data - In January-February 2025, China's inverter exports totaled ¥7.7 billion, a year-on-year increase of 6.5%, with Asia emerging as the largest market, accounting for 38% of exports [10][11] - The Asian market saw significant growth, with exports to India and Pakistan increasing by 74% and 63% respectively, while exports to the Middle East also showed strong growth [11][12] - European inverter exports declined by 11%, with Germany and the Netherlands being the main markets, indicating a shift in demand towards emerging markets [12][13] Group 3: Convertible Bond Strategy - The convertible bond market performed well in Q1 2025, driven by a surge in technology stocks, with convertible bonds gaining 60% compared to their underlying stocks [14][15] - The second quarter may face some consolidation pressure, but TMT convertible bonds are expected to have the highest elasticity and strong debt protection [15][16] - Investors are advised to accumulate positions in convertible bonds when the underlying technology stocks experience a decline of around 15% [16] Group 4: Company-Specific Insights - Vanke's 2024 annual report showed a revenue decline of 26.3% to ¥343.18 billion and a net loss of ¥49.48 billion, attributed to decreased settlement scale and gross margin in development business [22][23] - The company is actively restructuring and has achieved over 100% sales collection rate, with significant support from major shareholders to stabilize operations [24][25] - Hengsheng Electronics reported a revenue drop of 9.62% to ¥6.581 billion in 2024, with a net profit decrease of 26.75%, impacted by reduced technology investments from financial clients [27][28] Group 5: Pharmaceutical Sector Insights - Sinovac's international business is expected to grow significantly, with a target of 200%-400% increase in overseas sales by 2025 compared to 2023 [33] - The company is advancing its innovative drug pipeline, focusing on antibody drugs and utilizing AI for drug design, which may enhance its market position [34] - The forecast for Sinovac's revenue from 2024 to 2026 is projected at ¥1.568 billion, ¥2.071 billion, and ¥2.692 billion respectively, indicating strong growth potential [34]

宏观 2025 年 4 月 2 日 评《关于完善价格治理机制的意见》 新一轮供给侧改革思路渐明 证券分析师 钟正生 投资咨询资格编号 S1060520090001 ZHONGZHENGSHENG93 4@pingan.com.cn 2025 年 4 月 2 日，中共中央办公厅 国务院办公厅发布《关于完善价格治理 机制的意见》。对此，我们有以下理解： 第一，"稳物价"是 2025 年宏观政策的重点关注。2023 年以来，中国 GDP 平减指数持续承压，经济的量价背离已持续两年，这对居民信心、 企业利润 和政府收入都产生一定拖累，不利于经济内生活力的修复。2025 年《政府工 作报告》将 CPI 增速目标定在 2%左右，是 2003 年以来首次降到 3%以下， 且与此前日本"安倍经济学"的通胀目标和美联储的目标通胀率相 一致。更 加务实的 CPI 增速目标，体现出对名义经济增长更加重视。本次中共中央国 务院推出《关于推进价格机制改革的若干意见》，正是围绕"稳物价 "目标 的一项重要部署。 第二，本次价格机制改革与 2015 年有着相似韵脚。2015 年 10 月，《关于推 进价格机制改革的若干意见》发布，是第一次 ...

海外宏观 2025 年 4 月 2 日 宏观深度报告 从德国财政转向看欧洲"觉醒" 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG934@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 平安观点： 宏 观 报 告 宏 观 深 度 报 告 证 券 研 究 报 告 德国财政：打破紧缩教条。德国新政党推出新的财政计划，有三大核心内 容：1、打破国防开支约束，超过 GDP 1%的国防开支将排除在"债务刹 车"计算范围外。2、放宽地方债务限制，允许州举债至 GDP 的 0.35%。 3、设立 5000 亿预算外专项基金，将在 10 年内使用。初步估算，德国新 的财政计划之下，每年可能增加 1000 亿欧元的支出（占 GDP 的 2%左 右） ...

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1]. Core Insights - In the first two months of 2025, China's inverter export value reached 7.7 billion yuan, a slight increase of 6.5% year-on-year. Asia has overtaken Europe as the largest market for inverter exports, with significant growth in South Asia and the Middle East [2][13][16]. Summary by Sections Inverter Monthly Export Overview - The total inverter export value for January-February 2025 was 7.7 billion yuan, with Asia, Europe, and Latin America being the top three markets, accounting for 38%, 32%, and 13% of exports respectively [13][16]. Asia: Export Growth with Strong Performance in South Asia and the Middle East - In January-February 2025, inverter exports to Asia amounted to 2.87 billion yuan, a year-on-year increase of 31%. Key markets included India and Pakistan, with exports to India growing by 74% and to Pakistan by 63% [2][28][36]. Europe: Overall Decline in Exports - Exports to Europe totaled 2.46 billion yuan, a decrease of 11% year-on-year. The Netherlands and Germany were the main markets, with exports declining by 4% and 14% respectively [54][55]. Latin America & Africa: Mixed Performance - Exports to Latin America were 1.02 billion yuan, down 3% year-on-year, with Brazil being the largest market. In contrast, exports to Africa increased by 26%, totaling 660 million yuan, with South Africa and Nigeria showing significant growth [2][16][54]. Investment Recommendations - The report recommends focusing on leading companies in the overseas large storage and emerging market household storage sectors, highlighting companies like Sungrow Power Supply, Deye Technology, and Shuneng Electric as key players [2][9].

医药 2025 年 04 月 02 日 科兴制药(688136.SH) 出海业务有望保持高增长，创新药平台价值静待重估 推荐（维持） 股价：28.13 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kexing.com | | 大股东/持股 | 深圳科益医药控股有限公司/66.01% | | 实际控制人 | 邓学勤 | | 总股本(百万股) | 200 | | 流通 A 股(百万股) | 200 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 56 | | 流通 A 股市值(亿元) | 56 | | 每股净资产(元) | 8.09 | | 资产负债率(%) | 46.0 | 行情走势图 相关研究报告 【平安证券】科兴制药（688136.SH）*深度报告*多国 GMP验厂节奏符合预期，白紫出海欧盟确定性较强*推 荐20240509 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 研究助理 | ...

公 司 报 告 房地产 万科A(000002.SZ) 股东全方位积极支持，多措并举保稳定 推荐 ( 维持) 股价:7.11元 行情走势图 相关研究报告 【平安证券】万科A（000002.SZ）*季报点评*债务 压力减轻，多元业务稳增*推荐20241103 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 事项： 公司公布2024年年报，全年实现营业收入3431.8亿元，同比下降26.3%，归母 净利润-494.8亿元，同比下降506.8%，亏损额略高于业绩预告，拟不派发股 息，不送红股，也不进行资本公积转增股本。 平安观点： 证 券 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 465,739 | 343,176 | 268,707 | 209,054 | 156,791 | | YOY(%) | -7.6 | -26.3 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expected stock performance that will exceed the market by more than 20% within the next six months [1][13]. Core Views - The company continues to invest heavily in research and development, maintaining a high level of R&D expenditure to enhance its competitive edge in the market [1][9]. - Despite a decline in revenue and net profit for 2024, the company is expected to recover in the following years, with projected growth in net profit from 2025 to 2027 [5][9]. Financial Performance Summary - In 2024, the company reported a revenue of 6,581 million yuan, a decrease of 9.62% year-on-year, and a net profit of 1,043 million yuan, down 26.75% year-on-year [5][8]. - The company's gross margin for 2024 was 72.0%, reflecting a decline of 2.8 percentage points compared to the previous year, while the net margin was 15.9% [8][11]. - R&D expenses for 2024 were 2,458 million yuan, accounting for 37.4% of total revenue, indicating a commitment to innovation despite financial pressures [8][11]. Revenue Breakdown - The company's revenue from wealth technology services was 1,430 million yuan, down 17.50% year-on-year, which was the primary contributor to the overall revenue decline [8]. - Other revenue segments, including operational and institutional technology services, also experienced declines, with revenues of 1,289 million yuan and 1,568 million yuan, down 10.24% and 8.38% respectively [8]. Future Projections - The company anticipates a recovery in revenue, projecting 7,048 million yuan in 2025, followed by 7,691 million yuan in 2026 and 8,469 million yuan in 2027, with respective growth rates of 7.1%, 9.1%, and 10.1% [7][11]. - Net profit is expected to rise to 1,211 million yuan in 2025, 1,449 million yuan in 2026, and 1,756 million yuan in 2027, with growth rates of 16.0%, 19.7%, and 21.1% respectively [7][11]. Strategic Focus - The company is deepening its strategic focus by enhancing its core product competitiveness, launching new platforms in asset management, brokerage, and wealth management [9]. - The introduction of innovative systems such as the UF3.0 brokerage core system and the O45 asset management platform is aimed at optimizing client services and improving risk management capabilities [9].