证 券 研 究 报 告 产业链价格：本周电池原材料价格总体保持稳定，其中电池级碳酸锂价格 环比增加 0.13%；硫酸钴价格环比增加 0.61%；四氧化三钴价格环比减少 0.47%；6μm 铜箔价格环比减少 0.15%。其他如 9μm 湿法、16μm 干法 基膜、铁锂正极材料、负极材料、硫酸镍、氢氧化锂、12μm 铝箔、三元 正极 523、三元正极 622、三元正极 811、六氟磷酸锂电解液、三元/圆柱 /2600mAh 电解液的价格均环比持平。 ❑ 投资建议 行业研究 电力设备及新能源 2025 年 3 月 31 日 华创证券研究所 电动车行业周报（20250324-20250330） 瑞浦兰均年度营收创新高，宁德时代获得赴港上市 推荐（维持） 证券分析师：黄麟 批准 ❑ 新能源汽车产业跟踪： 邮箱：huanglin1@hcyjs.com 执业编号：S0360522080001 证券分析师：何家金 邮箱：hejiajin@hcyjs.com 执业编号：S0360523010001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 299 | 0.04 | | ...

特高压行业跟踪报告 25年国网第十二批采购（特高压项目第一次） 推荐（维持） 设备中标概览 ❑ 2025 年国网第十二批采购（特高压项目第一次设备招标采购）开标，主要涉 及 1 直 4 交特高压线路站内设备招标。2025 年 3 月 28 日，国家电网发布 2025 年第十二批采购（特高压项目第一次设备招标采购）中标候选人公告，本次采 购项目包括"烟威工程"、"平圩电厂四期 1000 千伏送出工程"、"大同~天津南"、 "陕北~安徽"和"阿坝~成都"共 5 条特高压线路；本次招标涉及总金额 19.6 亿元，其中烟威工程海阳西 1000 千伏开关站新建工程、平圩电厂淮南 1000 千伏变电站扩建工程、烟威工程昌乐 1000 千伏变电站扩建工程与烟威工程高 乡1000千伏变电站扩建工程为本次招标重点，分别占总中标金额64.9%、9.4%、 8.8%、8.3%。（注：部分共用包金额计入了第一个项目/工程） ❑ 主要设备中标情况： 1）1000kV 组合电器：总中标 14.13 亿元。其中山东电工 9.64 亿元（68.2%） 平高电气 3.00 亿元（21.2%）、新东北电气 1.49 亿元（10.6%）； 证 券 ...

证 券 研 究 报 告 【宏观快评】 强在中游，弱在建筑——3 月 PMI 数据点评 ❖ PMI 数据：制造业 PMI 继续回升 3 月制造业 PMI 为 50.5%，前值为 50.2%。具体分项来看：1）PMI 生产指数 为 52.6%，前值为 52.5%，回升 0.1 个百分点。2）PMI 新订单指数为 51.8%， 前值为 51.1%。PMI 新出口订单指数为 49.0%，前值为 48.6%。3）PMI 从业人 员指数为 48.2%，前值为 48.6%。4）供货商配送时间指数为 50.3%，前值为 51.0%。5）PMI 原材料库存指数为 47.2%，前值为 47.0%。 其他行业：1）建筑业：商务活动指数为 53.4%，比上月上升 0.7 个百分点。 2）服务业：3 月，服务业商务活动指数为 50.3%，比上月上升 0.3 个百分点。 3）综合产出：3 月，综合 PMI 产出指数为 51.4%，比上月上升 0.3 个百分点。 ❖ PMI 点评：强在中游，弱在建筑 （一）1 季度环比强度评估 PMI 作为环比指标，使用综合 PMI 指数可以观察经济整体环比状态。1 季度， 综合 PMI 指数为 50.9 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 52.2 CNY [2][6]. Core Views - The company achieved a revenue of 3.932 billion CNY in 2024, representing a year-on-year growth of 20.95%. The net profit attributable to shareholders reached 641 million CNY, a significant increase of 257.59% year-on-year [2]. - The company is leveraging AI technology to drive business transformation, particularly in its smart maintenance and intelligent energy sectors, which are expected to contribute to future growth [2][6]. - The report highlights the company's strategic initiatives, including the launch of an integrated AI and robotics solution, which aims to enhance operational efficiency and reduce costs for clients [2][6]. Financial Summary - **2024 Financial Performance**: - Total revenue: 3.932 billion CNY - Year-on-year growth: 20.95% - Net profit: 641 million CNY - Year-on-year growth: 257.59% - Earnings per share: 1.42 CNY [2][7] - **Future Projections**: - Expected revenue for 2025: 4.974 billion CNY (growth of 26.5%) - Expected net profit for 2025: 785 million CNY (growth of 22.5%) - Projected earnings per share for 2025: 1.74 CNY [2][7] - **Valuation Metrics**: - Price-to-earnings ratio for 2025: 30 times - Price-to-book ratio for 2025: 5 times [2][7] Business Segments - **Smart Maintenance**: - Revenue of 3.018 billion CNY in 2024, a growth of 13.93% year-on-year - Key products include automotive diagnostics and software upgrade services [2][6]. - **Intelligent Energy**: - Revenue from charging pile business reached 867 million CNY, with a growth of 52.98% year-on-year - The company is focusing on developing smart charging networks and energy management solutions [2][6]. - **AI and Robotics**: - The company introduced a new "AI + Robotics" strategy, aiming to integrate AI capabilities into various operational scenarios [2][6].

宏观研究 证 券 研 究 报 告 【宏观快评】 外资对国内经济的 5 大关注 ❖ 核心观点： 开年经济数据公布，本文关注外资的解读与后续关注点：1）总体超预期，主 流机构上修全年 GDP 至 4.5%~4.8%附近；2）认为出口是主要风险点，前期 20%关税或影响全年 GDP0.6~0.7 个百分点，且关税担忧也已从美国扩展到非 美经济体，从商品贸易扩展至非商品贸易；3）对消费看法稍有分歧，乐观者 看到政策表态积极，谨慎者看到尚无实质性措施；4）地产，多认为近期是结 构性、脉冲性修复，2025 年将延续偏弱；5）对科技态度偏积极，虽然 AI 等 硬科技投资的宏观意义有限，但或也足以驱动"动物精神"。 ❖ 关注 1：经济开门红，上调经济预测 多数外资认为，1-2 月经济数据超预期，驱动力来自政策靠前发力。 结构上：工增超预期，主要受设备更新政策拉动（德银、大摩）；服务业生产 指数维持在 5%以上，主要是受到科技、金融行业拉动（德银）；消费品补贴政 策下社零提速提升（德银、大摩）；政策支持下制造业投资与基建投资同样超 预期（大摩），但，地产偏弱，且尚未看到反弹迹象（德银，瑞银）；出口受关 税影响低于预期（大摩，瑞 ...

卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 证 券 研 究 报 告 自媒体热度持续低迷，杠杆资金春节以来首次净流出 ——投资者温度计第18期 2025年3月31日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 核心结论 证 券 研 究 报 告 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 • 上周市场小幅下行，自媒体热度整体持续低迷。 • 公募抱团趋势增强，风格偏向价值，行业偏向金融、消费；24/9/18至今公募重仓股两成领涨，行业集中于电子、 汽车、医药等。 • 最近一周以小单衡量的沪深两市A股散户资金净流入1660.3亿元，较前值减少322.3亿元，处过去五年89%分位， 净流入维持高位；融资资金净流出148.2亿元，为春节以来首次净流出。 1.1、牛市中的自媒体：热度持续低迷 证 券 研 究 报 告 • 上周市场 ...

证 券 研 究 报 告 中国铁建（601186）2024 年报点评 推荐（下调） 业绩阶段承压，未完合同额保障营收规模 目标价：10.0 元 事项： ❖ 公司发布 2024 年业绩报告，实现营收 10671.72 亿元，同比下降 6.22%；归母 净利润为 222.15 亿元，同比下降 14.87%；扣非归母净利润为 213.25 亿元，同 比下降 13.24%。 评论： ❖ 风险提示: 基建投资不及预期，回款不及预期，地产销售不及预期 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,067,171 | 1,085,310 | 1,103,847 | 1,123,973 | | 同比增速(%) | -6.2% | 1.7% | 1.7% | 1.8% | | 归母净利润(百万) | 22,215 | 22,613 | 23,097 | 23,484 | | 同比增速(%) | -14.9% | 1.8% | 2.1% | 1.7% ...

证 券 研 究 报 告 【华创策略】 DeepSeek 读 A500 年报——第一期 ❖ DeepSeek 读 A500 年报 中证 A500 指数从各行业选取市值较大、流动性较好的 500 只证券作为指数样 本，基本能反映各行业最具代表性上市公司证券的整体表现。我们将借助 AI， 以周频跟踪 A500 成分股年报当中对于行业趋势的判断和分析，系统提炼微观 主体视角下的行业动态与结构性变化。 我们将中证 A500 成分股 2024 年报（发布日期截至 2025/3/29，基于 166 家上 市公司年报）按照申万一级行业分批次投喂给 DeepSeek R1 模型学习，并要求 其对年报中涉及行业形势判断的内容进行总结。同时，为减少 AI 幻觉以及表 述性错误，我们针对生成的内容进行了人工校对与修订。 我们向 DeepSeek R1 提出的具体问题： "你是一名专业的证券分析师，请对以下几家____行业上市公司年报里关于所 处行业形势判断的内容进行综合分析，并总结为一段不超过 100 字的摘要（格 式为一段式）。请完全按照上传的内容进行总结、客观陈述，不要添加任何来 自其他途径的资料作为补充；请从____行业的视角 ...

Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) with a target price of 32.45 CNY [2][8]. Core Insights - CNOOC's 2024 annual report shows a revenue of 420.51 billion CNY, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion CNY, up 11.38% year-on-year. The company plans to distribute a final dividend of 0.66 HKD per share, leading to an expected payout ratio of 44.7% [2][4]. - The company achieved oil and gas sales revenue of approximately 355.62 billion CNY in 2024, reflecting an 8.4% year-on-year increase, primarily due to increased sales volume and exchange rate fluctuations [8]. - CNOOC's production volume reached 726.8 million barrels of oil equivalent in 2024, representing a 7.2% increase year-on-year, driven by contributions from domestic fields and international projects [8]. - The company has optimized its cost structure, with the main cost per barrel of oil at 28.52 USD, a decrease of 1.1% year-on-year [8]. - CNOOC's balance sheet has improved, with a capital debt ratio declining by 4.3 percentage points to 10.9%, and the company has committed to a dividend payout ratio of no less than 45% for the years 2025-2027 [8]. Financial Summary - For 2024, CNOOC's total revenue is projected at 420.51 billion CNY, with a growth rate of 0.9% [4]. - The net profit attributable to shareholders is expected to be 137.94 billion CNY, with a growth rate of 11.4% [4]. - Earnings per share (EPS) for 2024 is estimated at 2.90 CNY, with a price-to-earnings (P/E) ratio of 9 [4]. - The company anticipates a steady increase in revenue and profit over the next few years, with projected revenues of 431.35 billion CNY in 2025 and 443.31 billion CNY in 2026 [4]. Investment Recommendations - Based on current oil price trends and production growth, the report forecasts net profits of 140.3 billion CNY, 143.7 billion CNY, and 147.9 billion CNY for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 9 for 2025 and 2026, and 8 for 2027 [8].

Investment Rating - The investment rating for the company has been downgraded to "Recommended" [2][8][18] Core Views - The company reported a revenue of 107.8 billion yuan for 2024, a year-on-year decrease of 17%, and a net profit attributable to shareholders of 0.82 billion yuan, down 81% year-on-year [2][4] - The company is expected to face significant pressure in both its independent and joint ventures in 2024, but there are expectations for operational improvements in 2025 [2][8] - The target price for the company's A-shares is set at 9.9 yuan and for H-shares at 3.5 HKD, based on adjusted profit expectations for 2025-2027 [2][8] Financial Summary - Total revenue for 2024 is projected at 107.8 billion yuan, with a year-on-year growth rate of -16.9% for 2025, followed by positive growth rates of 8.4%, 13.0%, and 11.4% for 2026 and 2027 respectively [4][9] - The net profit attributable to shareholders is expected to recover from -0.82 billion yuan in 2024 to 1.19 billion yuan in 2025, with further increases to 2.32 billion yuan in 2026 and 3.14 billion yuan in 2027 [4][9] - The earnings per share (EPS) is projected to rise from 0.08 yuan in 2024 to 0.31 yuan in 2027 [4][9] Operational Insights - The company plans to launch over 20 new models in 2025, including 7 from its independent brand, aiming for total production and sales exceeding 1 million units [2][8] - The company is collaborating with Huawei, having invested 1.5 billion yuan to establish a new automotive venture focused on luxury smart electric vehicles [2][8] Market Performance - The company's stock price as of March 28, 2025, is 8.49 yuan, with a historical high of 10.69 yuan and a low of 7.13 yuan within the past 12 months [4][5]