Investment Rating - The report maintains a "Recommendation" rating for Longi Green Energy, with a target price of 18.01 CNY [2][8]. Core Views - The company is experiencing a phase of performance pressure, but the BC technology is expected to see significant growth in production [2][8]. - In 2024, the company reported total revenue of 82.58 billion CNY, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion CNY, marking a shift from profit to loss [4][8]. - The company is transitioning its production lines to the HPBC 2.0 technology, which has achieved a battery yield of approximately 97% and a maximum production efficiency of 24.8% [8]. - The company aims to ship 80-90 GW of components in 2025, with BC products expected to account for over 25% of this total [8]. - The company has a solid position in the silicon wafer market, with a strategy focused on cost control and efficiency improvements [8]. Financial Summary - For 2024, the company achieved a total revenue of 82,582 million CNY, with a gross margin of 7.44% and a net profit margin of -10.44% [4][8]. - The forecast for 2025-2027 indicates a gradual recovery, with net profits expected to be -2.27 billion CNY in 2025, 3.90 billion CNY in 2026, and 5.18 billion CNY in 2027 [4][8]. - The company's cash position is strong, with 51.48 billion CNY in cash as of the end of Q1 2025, providing a buffer for operations [8].

Investment Rating - The report upgrades the investment rating of Tianwei Food (603317) to "Strong Buy" [2][8] Core Views - The low point in operations has passed, and the company's value is becoming evident, with expectations for gradual recovery in business performance throughout the year [2][8] - The company is positioned as an industry leader, with potential for double-digit growth driven by both internal improvements and external acquisitions [8][9] - The current stock price has significantly corrected, providing an attractive entry point for investors, especially considering the high dividend yield and stable cash flow [8][9] Financial Summary - **Revenue Forecast**: Projected total revenue for 2024 is 3,476 million, with a growth rate of 10.4%. By 2027, revenue is expected to reach 4,426 million, with a growth rate of 9.8% [3][9] - **Net Profit Forecast**: Expected net profit for 2024 is 625 million, with a growth rate of 36.8%. By 2027, net profit is projected to be 801 million, with a growth rate of 13.8% [3][9] - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.59 in 2024, increasing to 0.75 by 2027 [3][9] - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 18 in 2024 to 14 in 2027, while the price-to-book (P/B) ratio is projected to decline from 2.5 to 2.3 over the same period [3][9] Business Strategy - The company is focusing on product innovation and market expansion, particularly in hot pot base materials and Chinese-style seasonings, to capture a broader consumer base [8][9] - There is an emphasis on enhancing sales channels and exploring new retail opportunities, including partnerships with new retail and customized meal enterprises [8][9] - The company aims to maintain a high dividend payout ratio, which has exceeded 90% in recent years, providing a stable return for investors [8][9]

公司研究 证 券 研 究 报 告 双良节能（600481）2024 年报及 2025 年一季报点评 推荐（维持） 一季度环比减亏，设备在手订单充足 目标价：5.53 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 13,038 | 15,097 | 18,561 | 21,692 | | 同比增速(%) | -43.7% | 15.8% | 22.9% | 16.9% | | 归母净利润(百万) | -2,134 | 214 | 691 | 1,138 | | 同比增速(%) | -242.1% | 110.0% | 222.8% | 64.8% | | 每股盈利(元) | -1.14 | 0.11 | 0.37 | 0.61 | | 市盈率(倍) | -4 | 40 | 12 | 8 | | 市净率(倍) | 1.8 | 1.7 | 1.5 | 1.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 ...

Investment Rating - The report maintains a "Recommendation" rating for Longi Green Energy, with a target price of 18.01 CNY [2][8]. Core Views - The company is experiencing a phase of performance pressure, but the BC technology is expected to see significant growth in production [2][8]. - In 2024, the company reported total revenue of 82.58 billion CNY, a year-on-year decrease of 36.2%, and a net profit attributable to shareholders of -8.62 billion CNY, marking a shift from profit to loss [4][8]. - The company is transitioning its production lines to the HPBC 2.0 technology, which has achieved a battery yield of approximately 97% and a maximum production efficiency of 24.8% [8]. - The company aims to ship 80-90 GW of components in 2025, with BC products expected to account for over 25% of this total [8]. - The company has a solid position in the silicon wafer market, with a strategy focused on cost control and efficiency improvements [8]. - The report highlights that the company has made sufficient impairment provisions, with a total of 87 billion CNY in asset impairment recognized in 2024 [8]. Financial Summary - For 2024, the company achieved total revenue of 82.58 billion CNY, with a gross margin of 7.44% and a net margin of -10.44% [4][8]. - The forecast for 2025-2027 indicates a gradual recovery, with net profits projected at -2.27 billion CNY, 3.90 billion CNY, and 5.18 billion CNY respectively [8]. - The company's PE ratios are projected to be -51, 29, and 22 for the years 2025, 2026, and 2027 respectively [4][8].

❖ 风险提示：下游需求不及预期、公司新产品释放不及预期、竞争加剧风险。 公司研究 证 券 研 究 报 告 艾罗能源（688717）2024 年报及 2025 年一季报点评 推荐（维持） 新市场新产品不断突破，有望贡献业绩增量 目标价：63.24 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,073 | 3,753 | 4,398 | 5,004 | | 同比增速(%) | -31.3% | 22.1% | 17.2% | 13.8% | | 归母净利润(百万) | 204 | 405 | 592 | 731 | | 同比增速(%) | -80.9% | 98.8% | 46.2% | 23.4% | | 每股盈利(元) | 1.27 | 2.53 | 3.70 | 4.57 | | 市盈率(倍) | 43 | 21 | 15 | 12 | | 市净率(倍) | 2.0 | 1.8 | 1.6 | 1.4 | 资 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 5.53 yuan [2][8]. Core Views - The company reported a significant decrease in revenue for 2024, with total revenue of 13,038 million yuan, down 43.7% year-on-year. The net profit attributable to shareholders was -2,134 million yuan, marking a shift from profit to loss [8]. - The company's photovoltaic product business faced profitability challenges, but there was a notable reduction in losses in Q1 2025 compared to previous quarters. The company’s cash flow remained positive, and the impairment losses were significantly reduced [8]. - The equipment manufacturing segment showed strong order intake, indicating stable growth potential. The company secured substantial orders in various sectors, including a 9.5 billion yuan order for the bromine chiller division, reflecting a 23% year-on-year increase [8]. Financial Summary - For 2024, the company achieved total revenue of 13,038 million yuan, with a year-on-year growth rate of -43.7%. The net profit attributable to shareholders was -2,134 million yuan, with a year-on-year growth rate of -242.1% [4]. - The projected revenues for 2025, 2026, and 2027 are 15,097 million yuan, 18,561 million yuan, and 21,692 million yuan, respectively, with expected growth rates of 15.8%, 22.9%, and 16.9% [4]. - The company’s earnings per share (EPS) are projected to improve from -1.14 yuan in 2024 to 0.11 yuan in 2025, 0.37 yuan in 2026, and 0.61 yuan in 2027 [4].

Investment Rating - The report maintains a "Recommendation" rating for the basic chemical industry [1] Core Viewpoints - The easing of tariff conflicts between China and the US has led to a replenishment effect, with a notable increase in prices for butadiene (+17.8%), PX (+12.0%), and PTA (+8.5%) [4][12] - The chemical industry is currently experiencing a dual bottom in profitability and valuation, with the ROE-PB for 2024 at 6.19% and 1.77, and a recovery in Q1 2025 to 7.55% and 1.85 [4][12] - The report emphasizes the importance of new materials and self-sufficient opportunities in the growth sectors for Q2 and Q3, particularly in the context of supply chain resilience and market dynamics [4][12] Summary by Sections Investment Strategy - The report highlights a 90-day window for replenishment in trade following tariff reductions, with a significant rise in foreign trade inquiries and shipping prices [12] - The basic chemical industry index as of May 18 is 79.16, reflecting a 0.95% increase week-on-week but a 21.44% decrease year-on-year [12][13] - The report suggests focusing on growth opportunities in new materials and self-sufficient sectors, particularly in the context of ongoing supply chain challenges and market volatility [4][12] Price and Price Difference Changes - The report notes that the price percentile for the chemical industry is at 21.88% over the past decade, with a slight increase of 0.37% week-on-week [12] - The price differences in the industry are at a percentile of 0.78%, indicating a decrease of 0.88% week-on-week [12] Tracking of Sub-sectors - The report tracks various sub-sectors, including tire materials, agricultural chemicals, and coal chemicals, highlighting price fluctuations and market dynamics [6] - Specific attention is given to the coal chemical sector in Xinjiang, which is expected to see significant investment and development opportunities [19][20] Trading Data - The report provides detailed trading data, including price increases for butadiene, PX, and PTA, as well as decreases for other chemicals like ethylenediamine and phosphorous [13][15] - It also highlights the highest operating rates for certain products, indicating strong demand and production capabilities in specific areas [13]

行业研究 证 券 研 究 报 告 化工行业新材料周报（20250512-20250518） 4 月动力及其他电池同比+49%/环比-0.03%； 推荐（维持） 本周电子级氮气、氧气涨价 基础化工 2025 年 05 月 18 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：郑轶 邮箱：zhengyi@hcyjs.com 执业编号：S0360522100004 证券分析师：王鲜俐 邮箱：wangxianli@hcyjs.com 执业编号：S0360522080004 证券分析师：吴宇 邮箱：wuyu1@hcyjs.com 执业编号：S0360524010002 证券分析师：申起昊 邮箱：shenqihao@hcyjs.com 执业编号：S0360525030001 联系人：陈俊新 邮箱：chenjunxin@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 486 | 0.06 | | 总市值(亿元) | 42,655.61 | 4.31 | | 流通市值( ...

证 券 研 究 报 告 光伏行业周报（20250512-20250518） 4 月印度光伏装机同比高增，光伏玻璃价格 推荐（维持） 有所松动 光伏产业链价格： （1）主材环节：据 InfoLink Consulting，本周多晶硅致密料/颗粒料平均价 37.0/35.0 元/kg，环比上周-5.1%/持平。182-183.75mm/182*210mm /210mm 单 晶 N 型硅片平均价 0.95/1.10/1.30 元/片，环比上周-5.0%/-4.3%/-5.8%。182- 183.75mm/182*210mm/210mm TOPCon 电池片价格报 0.260/0.265/0.280 元/W， 环比上周-1.9%/持平/持平。本周 182-183.75mm TOPCon 双玻组件价格报 0.680 元/W，环比上周-1.4%；210mm HJT 双玻组件价格报 0.840 元/W，环比上周- 0.6%。182*182-210/210mmTOPCon 组件-美国/欧洲报价 0.270/0.088 美元/W， 环比上周持平/持平。 行业研究 太阳能 2025 年 05 月 18 日 华创证券研究所 证券分 ...

证 券 研 究 报 告 传媒行业周观察（20250512-20250516） 市场震荡下建议布局互联网/游戏/出版核心 推荐（维持） 资产，看好 AI/IP 产业逻辑不变 【市场观点】 【投资建议】 行业研究 传媒 2025 年 05 月 18 日 华创证券研究所 证券分析师：刘欣 电话：010-63214660 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 140 | 0.02 | | 总市值(亿元) | 15,522.06 | 1.56 | | 流通市值(亿元) | 14,078.84 | 1.78 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 4.1% | 1.0% | 19.1% | | 相对表现 | 1.0% | 3.0% | 12.3% | -19% -1% 18% 36% 24/05 24/07 24/10 24/12 25/03 25/05 2024-05-20~2025- ...