❖ 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- ...

Investment Rating - The report maintains a positive outlook for the automotive industry, with an optimistic sales forecast for the year, expecting a retail growth rate of 5.2% and a wholesale growth rate of 8.4% [2]. Core Insights - The automotive industry experienced a recovery in sales in May, with expectations for continued strong performance driven by economic stability, policy support, and new vehicle launches. Notably, demand for high-end brands priced above 200,000 yuan is anticipated to rebound, with a forecasted wholesale growth rate of 31% for new energy passenger vehicles, providing a solid foundation for the performance of both vehicle manufacturers and parts suppliers [2][6]. Data Tracking - In April, wholesale sales of passenger vehicles reached 2.22 million units, showing a year-on-year increase of 11.0% but a month-on-month decrease of 10.0%. The export volume for passenger vehicles was 430,000 units, reflecting a year-on-year growth of 0.4% and a month-on-month increase of 5.0% [4]. - New energy vehicle sales in April were particularly strong, with BYD delivering 380,000 units (up 21% year-on-year), and other new players like Leap Motor and Xpeng showing significant growth [4][21]. - The average discount rate in early May was 7.2%, slightly down from the previous month, with an average discount amount of 10,613 yuan [4]. Market Performance - The automotive sector saw a weekly increase of 2.71%, ranking first among 29 sectors. The performance of the automotive index outpaced other indices, with the passenger vehicle segment rising by 3.90% [9][31].

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 significant price increases observed in 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 dropping to 6.19% and 1.77, while the Q1 2025 ROE-PB has rebounded to 7.55% and 1.85 [4][12] - The report suggests a focus on growth sectors, particularly in new materials that are self-sufficient and critical, as they present investment opportunities [4][12] Summary by Sections Investment Strategy - The report highlights a 90-day replenishment window in Sino-US trade following tariff reductions, leading to increased foreign trade inquiries and rising shipping prices [12] - The 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 emphasizes the importance of new materials and suggests focusing on companies that have achieved valuation advantages after years of adjustment [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 week-on-week increase of 0.37% [12] - Significant price increases were recorded for butadiene, PX, and PTA, while declines were noted for ethylenediamine and other chemicals [13] Tracking of Sub-sectors - The report tracks various sub-sectors, including tire materials, agricultural chemicals, and coal chemicals, highlighting investment opportunities in Xinjiang's coal chemical projects [6][19] - It suggests that the agricultural chemical sector is seeing price increases due to rising demand during the spring farming season [15][16] - The report also identifies potential beneficiaries in the coal chemical sector, particularly companies involved in project investments and services in Xinjiang [20][21]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 21 yuan [2][9]. Core Views - The medical device sector faced temporary pressure, while the pharmaceutical equipment segment showed steady growth. The company reported a slight increase in total revenue for 2024, reaching 10,021 million yuan, up by 0.09% year-on-year, and a net profit of 692 million yuan, up by 5.75% year-on-year [2][9]. - The company plans to distribute a cash dividend of 0.25 yuan per share (before tax) to all shareholders [2]. Financial Performance Summary - **2024 Financial Results**: - Total revenue: 10,021 million yuan - Net profit attributable to the parent: 692 million yuan - Non-recurring net profit: 623 million yuan - Q4 2024 revenue: 2,597 million yuan (down 3.63% QoQ) - Q1 2025 revenue: 2,308 million yuan (down 8.74% YoY) [2][4]. - **Revenue Breakdown**: - Medical device revenue: 3,735 million yuan (down 10.37%) - Pharmaceutical equipment revenue: 2,171 million yuan (up 12.90%) - Medical trade revenue: 3,125 million yuan (up 8.04%) - Medical services revenue: 834 million yuan (down 9.51%) [9]. - **Profitability Metrics**: - Overall gross margin for 2024: 26.06% (down 1.31 percentage points) - Net profit margin for 2024: 6.90% (up 0.14 percentage points) [9]. Future Projections - **Earnings Forecast**: - Expected net profit for 2025: 798 million yuan (up 15.4%) - Expected net profit for 2026: 928 million yuan (up 16.2%) - Expected net profit for 2027: 1,027 million yuan (up 10.7%) [4][9]. - **Earnings Per Share (EPS)**: - 2025: 1.32 yuan - 2026: 1.53 yuan - 2027: 1.69 yuan [4][9]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025: 12 times - Price-to-Book (P/B) ratio for 2025: 1.1 times [4][9].

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved in MET ADCs for NSCLC treatment. Core Insights - The first MET ADC, telisotuzumab vedotin, has been approved for treating EGFR wild-type NSCLC, marking a significant advancement in targeted therapies for this cancer type [20][24]. - MET overexpression is the most common form of MET dysregulation in NSCLC, with rates ranging from 13.7% to 63.7% in different patient populations [14]. - The report highlights the clinical significance of MET alterations, particularly in relation to poor prognosis and resistance mechanisms to existing therapies [14][19]. Summary by Sections Section 1: Focus on Innovative Drugs - The report discusses the recent approval of telisotuzumab vedotin as the first MET ADC for NSCLC, emphasizing its unique mechanism of action targeting MET-expressing cells [19][24]. - It reviews the clinical trial data from the LUMINOSITY study, which demonstrated an overall response rate (ORR) of 34.6% in patients with high MET expression [23][24]. Section 2: MET Targeted Therapy - The report outlines various MET-targeted therapies that have been approved, including small molecule inhibitors and ADCs, noting that most current therapies are effective only for a small subset of patients with specific MET alterations [19][30]. - It details the competitive landscape of MET ADCs, with several candidates in various stages of clinical development, including ABBV-400 and RC108 [30][31]. Section 3: Clinical Data and Efficacy - The report presents efficacy data from clinical trials, indicating that telisotuzumab vedotin shows promise in treating previously treated MET-overexpressing NSCLC patients, with a median duration of response of 9.0 months [24][29]. - It also discusses the combination therapy of telisotuzumab vedotin with osimertinib, showing a 50% ORR in patients with EGFR mutations who progressed on prior osimertinib treatment [26][29]. Section 4: Market Dynamics - The report highlights the increasing interest and investment in MET-targeted therapies, driven by the high prevalence of MET dysregulation in NSCLC and the need for effective treatment options [19][31]. - It notes the strategic collaborations and clinical trials being conducted to explore the potential of combining MET ADCs with other therapies to enhance treatment efficacy [36].