证券研究报告 4月十大金股推荐 平安证券研究所 2025年3月30日 请务必阅读正文后免责条款 1 0 核心观点 我们认为随着国内经济和上市公司业绩验证窗口期的到来，4月权益市场定价将进一步回归基本面，建议自下而上把 握一季报业绩指引，关注业绩预期向好的企业；中期国产科技创新主线行情仍有望延续，亦建议逢低布局。结构上看， 万得统计的部分A股行业盈利预期已有所改善：截至3月29日，可比口径下，近一个月非银金融、有色金属、汽车、建 筑材料行业的2025年盈利预期迎来上修，同期全A盈利预期下调0.7%。 资料来源：Wind，平安证券研究所 备注：A股行业分类为申万一级行业，本篇报告数据统计截至2025/3/28 2 证券代码 证券名称 申万一级行业 总市值 PE 推荐逻辑 （亿元） (TTM) 688131.SH 皓元医药 医药生物 87 43 前、后端业务齐发展，整体利润率有望改善 688519.SH 南亚新材 电子 84 161 乘国产算力之风，成长属性逐步凸显 688288.SH 鸿泉物联 计算机 34 -965 商用车行业景气度有望提升，eCall系统带来成长空间 688111.SH 金山办公 计算机 14 ...

证券研究报告 关注服装品牌二季度表现 轻工纺服行业 强于大市（维持） 平安证券研究所 新消费团队 分析师：王源 S1060524010001（证券投资咨询） 邮箱：WANGYUAN468@pingan.com.cn 2025年3月30日 请务必阅读正文后免责条款 周观点 投资策略 基于可选消费修复逻辑，我们认为，服装制造及出口相关企业或将迎来机遇，且服装及家居出海企业或将延续红利。 同时，服装品牌企业经过估值调整后，或将迎来新一轮行情。投资主线如下： 图表1 纺服及轻工行业年初至今市场表现 图表2 市场各行业周涨跌幅 主线一：自上而下，优选市场份额提升及具备估值性价比的细分赛道头部企业。其中，推荐关注服装制造相关的出 口企业的投资机会。建议关注：申洲国际、华利集团、伟星股份等。 主线二：自下而上，优选业绩确定性较强及股息率较高的白马股。其中，建议重点关注有边际改善的服装品牌企业， 以及分红派息率稳健的家纺头部企业。建议关注：安踏体育、波司登等。 本周涨跌幅 本周回顾 上周纺服板块-2.38%，轻工板块-1.81%，同期沪深300指数+0.01%；在申万一级行业中，所有4个板块上涨，有27个板块下跌， 纺织服装 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][3][7] Core Views - The company is positioned as a leading player in the high-end CCL (Copper Clad Laminate) market, benefiting from domestic substitution and new product launches that drive revenue growth [3][4][6] - The company reported a revenue of 20.39 billion yuan for 2024, a year-on-year increase of 22.9%, and a net profit of 1.739 billion yuan, up 49.4% year-on-year [3][6] - The growth is supported by a recovery in traditional consumer electronics demand and innovations in AI and high-speed networks, which are driving the demand for high-end CCL [6][7] Financial Summary - Revenue projections for 2025-2027 are as follows: 24.47 billion yuan in 2025, 28.05 billion yuan in 2026, and 32.17 billion yuan in 2027, with respective year-on-year growth rates of 20.0%, 14.6%, and 14.7% [5][8] - The net profit is expected to reach 2.743 billion yuan in 2025, 3.337 billion yuan in 2026, and 3.923 billion yuan in 2027, with year-on-year growth rates of 57.8%, 21.6%, and 17.6% respectively [5][8] - The gross margin is projected to improve from 22.0% in 2024 to 24.5% by 2027, while the net margin is expected to increase from 8.5% to 12.2% over the same period [5][8] Market Position and Strategy - The company has a comprehensive product matrix covering various types of CCL, supported by significant R&D investments, which reached 1.157 billion yuan in 2024, a 37.6% increase year-on-year [6][7] - The company is actively pursuing technological breakthroughs to overcome overseas patents and enhance its competitive edge in the high-end CCL market [6][7] - The report highlights the company's strong customer base and technological advantages, positioning it well for sustained growth in the high-end CCL sector driven by emerging fields like AI and high-speed communication [7][8]

石油石化 2025 年 3 月 30 日 石油石化周报 中东局势升温、美国对委内加征关税短期支撑油价 强于大市（维持） 行情走势图 -40% -20% 0% 20% 40% 24-01 24-04 24-07 24-10 25-01 沪深300 石油石化 基础化工 证券分析师 核心观点： 行 业 报 告 行 业 报 告 行 业 深 度 报 行 业 深 度 报 行 业 周 报 证 券 研 究 报 告 告 告 陈潇榕 投资咨询资格编号 S1060523110001 chenxiaorong186@pingan.com.cn 马书蕾 投资咨询资格编号 S1060524070002 mashulei362@pingan.com.cn 石油石化：中东地缘局势升温叠加美国对委内加征二次关税，短期支 撑油价。据 ifind 数据，2025 年 3 月 21 日-2025 年 3 月 28 日，WTI 原油期货收盘价(连续)上涨 0.99%，布伦特油期货价上涨 1.76%。地 缘：俄乌方面，近期乌克兰将举行总统选举，乌克兰总统泽连斯基处 境较为艰难，美国已多次要求乌克兰签署以 50%的矿产资源偿还军援 的协议，短期内俄乌冲突 ...

证券研究报告 【另类资产观察】REITs供给加速， 权益回调为可转债提供加仓窗口 证券分析师 刘璐 投资咨询资格编号：S1060519060001 陈蔚宁 投资咨询资格编号：S1060524070001 2025年3月30日 2025年第6期总第121期 请务必阅读正文后免责条款 本周核心观点 市场回顾 REITs跑赢股票、债券。本期（3.14-3.28,以下同） REITs指数涨跌幅为2.35%，各指数涨跌幅表现：REITs>红利股>债券>可转债>沪深300。中 信建投明阳智能新能源REIT、华泰紫金南京建邺产业园REIT、华夏首创奥特莱斯REIT表现最好，涨跌幅分别为10.45%、9.65%、8.57%。 权益普跌，可转债下跌1.57%。本期权益释放调整压力，风格上大盘、价值相对抗跌，小盘、成长大幅调整，板块上，TMT股指大跌7%。可转债 下跌1.57%，考虑到Wind可转债正股等权指数仅下跌1.63%，本期可转债的跌幅较深。这主要是因为对正股下跌最为敏感的高价转债中，TMT、新 兴周期板块的余额占比较高。而这些板块本期正股大幅下跌，高价转债也随之下调，尤其是转债价格超过150元的转债，转债跌幅不弱于正股 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][13]. Core Views - The company achieved a revenue of 1.768 billion yuan in 2024, representing a year-on-year growth of 41.37%, and a net profit attributable to shareholders of 179 million yuan, a significant increase of 491.56% year-on-year [4][8]. - The company is positioned as a leader in the mass supply of 8-inch conductive substrates, with a focus on high-quality silicon carbide substrates, and is one of the few global players capable of mass-producing 8-inch silicon carbide substrates [9][8]. - The report anticipates continued strong demand for silicon carbide substrates in downstream applications, particularly in the electric vehicle, photovoltaic, energy storage, and AI sectors [8][9]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.768 billion yuan, with a gross margin of 25.9% and a net margin of 10.1% [8][11]. - The projected revenues for 2025, 2026, and 2027 are 2.431 billion yuan, 3.286 billion yuan, and 4.124 billion yuan, respectively, with corresponding net profits of 266 million yuan, 440 million yuan, and 628 million yuan [6][10]. Market Position - The company has established partnerships with over half of the top ten power semiconductor manufacturers globally and is actively expanding its market presence [9][8]. - The production capacity for silicon carbide substrates is expected to increase significantly, with a projected output of 410,200 pieces in 2024, marking a 56.56% increase from 2023 [9][10]. Future Outlook - The report adjusts profit expectations for 2025-2027, forecasting net profits of 266 million yuan, 440 million yuan, and 628 million yuan, respectively, with EPS of 0.62 yuan, 1.02 yuan, and 1.46 yuan [9][10]. - The company is expected to maintain a leading position in the silicon carbide substrate market, driven by ongoing demand and technological advancements [9][8].

汽车 2025 年 03 月 30 日 华阳集团(002906.SZ) 行情走势图 证券分析师 汽车电子业务高增，业绩逐步兑现 推荐（维持） 股价：34.81 元 主要数据 | 行业 | 汽车 | | --- | --- | | 公司网址 | www.f oryougroup.com | | 大股东/持股 | 江苏华越投资有限公司/51.61% | | 实际控制人 | 邹淦荣,吴卫,张元泽,李道勇,陈世 | | | 银,李光辉,曾仁武,孙永镝 | | 总股本(百万股) | 525 | | 流通 A 股(百万股) | 525 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 183 | | 流通 A 股市值(亿元) | 183 | | 每股净资产(元) | 12.30 | | 资产负债率(%) | 46.8 | 公 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,137 | 10,158 | 12,026 | 14,947 | 17,785 | | ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1] Core Views - The company achieved a revenue of 7.52 billion yuan in 2024, a slight decrease of 1.86% year-on-year, with a net profit of 197 million yuan, down 0.49% year-on-year [4][9] - The company is focusing on upgrading its product and service capabilities towards AI, launching self-developed security models and enhancing its cloud computing offerings [10] - The cloud computing segment is becoming a new growth driver, with revenue from this segment increasing by 9.51% year-on-year to 3.384 billion yuan in 2024 [9][10] - The company has a strong market position in the hyper-converged infrastructure market, holding a 17.5% market share in China [10] Financial Performance Summary - Revenue and Profitability: - 2024 revenue: 75.20 billion yuan, down 1.86% YoY - 2024 net profit: 1.97 billion yuan, down 0.49% YoY - Expected revenue growth: 15.4% in 2025, 16.6% in 2026, and 17.0% in 2027 [8][12] - Margins: - Gross margin in 2024: 61.5%, down 3.7 percentage points YoY - Net margin in 2024: 2.6% [9][12] - Earnings Per Share (EPS): - 2024 EPS: 0.47 yuan - Expected EPS: 0.97 yuan in 2025, 1.25 yuan in 2026, and 1.65 yuan in 2027 [8][12] Business Segment Performance - Network Security: - Revenue: 3.629 billion yuan, down 6.75% YoY, accounting for 48.3% of total revenue [9] - Cloud Computing and IT Infrastructure: - Revenue: 3.384 billion yuan, up 9.51% YoY, accounting for 45.0% of total revenue [9] - Basic Network and IoT: - Revenue: 506 million yuan, down 25.53% YoY, accounting for 6.7% of total revenue [9] Market Position and Strategy - The company is recognized as a leading ICT provider in China, particularly in the network security sector [10] - The company is actively expanding its overseas market presence, achieving a 39.1% year-on-year revenue growth in international markets [9][10]

Investment Rating - The report maintains a "Recommended" investment rating for Huayang Group, indicating an expectation of strong performance in the next six months [10]. Core Views - The automotive electronics business of Huayang Group has shown rapid growth, with a revenue increase of 57.55% year-on-year, reaching 76.03 billion yuan in 2024. The gross margin for this segment is reported at 19.2% [7]. - The company achieved a total revenue of 101.58 billion yuan in 2024, reflecting a year-on-year growth of 42.33%, and a net profit attributable to shareholders of 6.51 billion yuan, up 40.13% from the previous year [4][6]. - The customer base is expanding, with significant revenue growth from major clients such as Geely, Chery, and others, and new projects with international car manufacturers [7]. Summary by Sections Financial Performance - In 2024, Huayang Group's revenue reached 101.58 billion yuan, with a net profit of 6.51 billion yuan, marking a 42.33% and 40.13% increase year-on-year, respectively [4][6]. - The company forecasts continued revenue growth, projecting 12.03 billion yuan in 2025 and 14.95 billion yuan in 2026, with net profits expected to reach 8.66 billion yuan and 10.97 billion yuan in the same years [6][8]. Business Segments - The automotive electronics segment is a key growth driver, with significant sales increases in products like HUD and wireless charging systems, leading to a substantial rise in profitability [7]. - The precision die-casting business also maintained stable profitability, contributing to the overall net profit increase [7]. Market Position - Huayang Group has achieved a leading market share in several automotive electronic products, including HUD and wireless charging, with over 1 million HUD units shipped in 2024 [7]. - The company has diversified its client base, securing new orders from both domestic and international automotive manufacturers, enhancing its competitive position in the market [7].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][7]. Core Views - The company is expected to benefit from the release of high-quality residential demand, with a projected revenue of 1429.9 billion yuan in 2024, representing a year-on-year growth of 6.4%. However, the net profit is forecasted to decline by 4.6% to 48 billion yuan [3][6]. - The company has a healthy land reserve structure and is actively expanding its land acquisition, ranking first among the top 50 real estate companies in terms of land acquisition sales amount and area in 2024 [6][7]. - The company has maintained a stable dividend payout, with a dividend of 1.2 HKD per share, resulting in a dividend rate of 52% based on net profit after deducting perpetual bond interest [6][7]. Financial Summary - Revenue and Profit Forecast: - 2024 Revenue: 1429.9 billion yuan, up 6.4% YoY - 2024 Net Profit: 48 billion yuan, down 4.6% YoY - Projected revenue growth rates for 2025-2027 are 5.8%, 5.2%, and 4.7% respectively [5][11]. - Profitability Metrics: - Gross Margin: 13.3% in 2024, up 2.2 percentage points YoY - Net Margin: 4.5% in 2024 - Return on Equity (ROE): 12.8% in 2024, declining gradually to 10.1% by 2027 [5][11]. - Valuation Ratios: - Price-to-Earnings (P/E) ratio is projected to be 6.3 for 2024, decreasing to 5.9 by 2027 - Price-to-Book (P/B) ratio is expected to decline from 0.8 in 2024 to 0.6 in 2027 [5][11]. Operational Insights - The company has a total land reserve value of 2210 billion yuan, with approximately 80% of the projects acquired since 2022 [6][7]. - The company is focusing on enhancing its core product offerings, particularly in competitive markets like Hangzhou, where it has established several benchmark projects [6][7].