风险提示 数据统计遗漏，政策超预期，资金面显著波动 敬请参阅最后一页特别声明 1 一、存量市场概览 上周地方政府债存量规模达到 50.34 万亿元。其中新增专项债规模占比超过 43%，再融资专项债占比为 21%。明确资 金用途的存量债中，棚户区改造、园区新区建设、乡村振兴是规模较大的投向领域，存量余额均在 1 万亿以上。其次 收费公路存量余额超过 8000 亿元，水利和生态项目存量余额也在 2000 亿以上。上周广东、江苏、山东地方债存量规 模仍位居三甲，三省地方债存量规模均超过 3 万亿元，其余 GDP 大省如四川、浙江、湖南、河南、河北、湖北存量规 模也位于 2 万亿以上。 二、一级供给节奏 上周地方政府债共发行 2006.16 亿元，与前一周基本持平。其中新增专项债 451.12 亿元，再融资专项债 1102.64 亿 元。募集资金用途方面，"普通/项目收益"和"偿还地方债券"是专项债资金的主要投放领域，"置换隐性债务"发 行规模有所提升。截止上周，4月特殊再融资专项债发行已有2560.39 亿元，占当月地方债发行规模的比例达到42.66%。 期限结构方面，上周 20-30 年地方债发行占比相对较高，读 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a profit increase in the coming years [5]. Core Viewpoints - The company is actively expanding into new business areas such as electric vehicle PTC, pre-plated nickel, and molten salt energy storage, which are expected to offset declines in the photovoltaic business and promote the layout of robotics-related businesses [5]. - The company's revenue for 2024 is projected to be 3.71 billion RMB, a decrease of 9.62% year-on-year, while the net profit attributable to the parent company is expected to be 318 million RMB, down 50.62% year-on-year [9]. - The company has successfully developed over 20 new customers in the home appliance PTC sector and is expanding into overseas markets for equipment, including molten salt energy storage and semiconductor heating [4]. Performance Summary - In 2024, the company reported revenues of 3.7 billion RMB, with a year-on-year decrease of 10%, and a net profit of 290 million RMB, down 29% year-on-year [2]. - For Q1 2025, the company reported revenues of 680 million RMB, a decrease of 22% year-on-year, and a net profit of 34 million RMB, down 59% year-on-year [2]. - The gross profit margin for 2024 was 23.35%, a slight decrease of 0.2 percentage points year-on-year, while the net profit margin was 7.8%, down 2.1 percentage points year-on-year [3]. Business Segment Analysis - The revenue breakdown for 2024 shows significant growth in electric vehicle PTC revenue, which increased by 73% year-on-year, while home appliance PTC revenue decreased by 10% [3]. - The gross profit margins for different segments in 2024 were as follows: home appliance PTC at 18.6%, electric vehicle PTC at 20.1%, new energy equipment at 32.8%, and optical communication at 10.6% [3]. Profit Forecast - The forecast for net profit attributable to the parent company for 2025, 2026, and 2027 is 292 million RMB, 394 million RMB, and 432 million RMB, respectively [5].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 451.79 RMB based on a valuation of 75 times earnings for 2025, resulting in a market capitalization of 542.35 billion RMB [6]. Core Insights - The company has shown rapid revenue growth, achieving 3.263 billion RMB in revenue for 2024, a year-on-year increase of 49.9%, and a net profit of 460 million RMB, up 271.7% [3][6]. - The company is positioned as a leader in low-power computing SoC chips, with a strong focus on AIoT applications, particularly in smart wearables and smart home devices [16][24]. - The global market for headphones and smart wearables is experiencing steady growth, with the company gaining market share in these segments [4][60]. Summary by Sections Company Overview - The company specializes in low-power AIoT technology, focusing on smart audio and video SoC chips used in various low-power scenarios, including smart wearables and smart home devices [3][16]. - The company has established a diverse customer base, including major Android phone brands, professional audio manufacturers, internet companies, and home appliance manufacturers [3][24]. Investment Logic - The headphone and smartwatch markets are developing steadily, with the company increasing its market share. IDC forecasts a 9% year-on-year increase in global headphone shipments for 2024 [4][60]. - The company has introduced advanced 12nm and 6nm wearable control chips, positioning itself at the forefront of innovation in the smart wearable sector [4][16]. Financial Forecasts and Valuation - The company is expected to achieve net profits of 4.60 billion RMB, 7.23 billion RMB, and 10.06 billion RMB for 2024, 2025, and 2026, respectively, with corresponding EPS of 3.84 RMB, 6.02 RMB, and 8.38 RMB [6][10]. - The report highlights a significant improvement in profitability, with a net profit growth rate of 272.35% anticipated for 2024 [10][34]. Market Trends - The global headphone market is recovering, with a projected shipment of 340 million units in 2024, reflecting a 9% increase year-on-year [47][60]. - The company is well-positioned to capitalize on the emerging AI glasses market, which is expected to become a significant growth driver [5][60].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company is a leading connector system manufacturer in China, focusing on electric vehicle electrification, intelligence, and battery-related fields, showcasing innovative technologies and products at the Shanghai International Auto Show [2]. - Revenue from new energy connectors has significantly increased, accounting for 90.28% of total revenue in 2024, up from 87.92% in 2023, with a year-on-year growth of 59.46% [3]. - The company has established a strong customer base, including major global clients such as BYD, Tesla, and NIO, positioning itself for continued growth as the penetration of new energy vehicles increases [3]. - The company is expanding into emerging fields such as AI servers, humanoid robots, and medical applications, supported by five production bases in China and abroad, which is expected to drive long-term growth [3]. Summary by Sections Revenue and Profit Forecast - The company is projected to achieve total revenue of 2.415 billion RMB in 2024, a year-on-year increase of 55.29%, with a net profit of 175 million RMB, reflecting a growth of 28.11% [4][9]. - Forecasted net profits for 2025, 2026, and 2027 are 211 million RMB, 340 million RMB, and 396 million RMB, respectively, with corresponding P/E ratios of 35, 22, and 19 [4][9]. Financial Metrics - The company’s diluted earnings per share (EPS) is expected to rise from 1.106 RMB in 2024 to 2.501 RMB in 2027 [9]. - Return on equity (ROE) is projected to improve from 8.36% in 2024 to 14.29% in 2027, indicating enhanced profitability [9].

业绩简评 2025 年 4 月 23 日，公司发布 2025 年一季报公告：25Q1 单季度收 入 55.06 亿元，同比+24.3%，归母净利润 3.62 亿元，同比+68.3%， 扣非归母净利润 2.51 亿元，同比+132.4%。25Q1 公司毛利率 18.54%，同比-0.89pct，环比+3.37pct。我们认为归母口径好于市 场预期，扣非口径基本符合市场预期，归母与扣非的 1.11 亿元的 差值主要为政府补助。 经营分析 （1）玻纤：传统业务淡季不淡、基本面改善，Low-Dk 需求快速扩 张。①单价方面，25Q1 全国缠绕直接纱 2400tex 均价为 3766 元/ 吨，同比+22.3%、环比+2.3%，价格环比继续修复，主因高端品风 电纱、热塑长协产品提价，风电纱产品复价预计 25Q1 逐步落地。 ②销量方面，参考卓创资讯库存数据，5Q1 期末行业库存为 79.8 万吨，环比 24Q4 末增加 1.95 万吨、垒库幅度仅 2.5%，我们预计 行业呈现淡季不淡的特征。③盈利能力方面，考虑到公司整体归母 净利同比+68%、扣非归母净利同比+134%，公司玻纤收入/利润占比 较高，同时结合行业其他头 ...

基本内容 近期政策信号密集释放，增量政策的核心逻辑逐渐清晰： 第一，外交工作是应对关税冲击的头等大事。"对等关税"的本质不是贸易，而是博弈。中美分别作为最大制造国和 最大消费国，能否争取到更多第三方国家的支持决定了博弈的走向。中国与非美国家的外交成果将决定政策的目标， 是对冲短期的出口下滑，还是应对长期的外部风险。 第二，以加强预期管理和流动性管理为代表的政策时效性强，预计将靠前落地。重要性高的政策需要配合财政加码， 落地时点和出口数据走弱有关。 风险提示 增量政策不及预期，房地产下行压力超预期，出口变动超预期。 敬请参阅最后一页特别声明 1 扫码获取更多服务 宏观经济点评 美国"对等关税"落地以来，外部的关税博弈和内部的对冲政策成为影响市场走势的重要变量。随着近期政策信号密 集释放，增量政策的逻辑逐渐清晰。 第一，外交工作是应对关税冲击的头等大事。 4 月 9 日，美国对中国"对等关税"生效，同时宣布暂停其他国家和地区的"对等关税"90 天。"对等关税"的本质 不是贸易，而是博弈。中美分别作为最大制造国和最大消费国，能否争取到更多第三方国家的支持决定了博弈的走向。 在中国宣布反制"对等关税"之后，其他国家的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][11]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 18.887 billion RMB, up 116.26% year-on-year, and net profit at 2.764 billion RMB, up 69.18% year-on-year. The first quarter of 2025 also showed strong performance with revenue of 4.099 billion RMB, up 58.95%, and net profit of 708 million RMB, up 22.42% [2][5]. - The company has a strong cash flow position, with operating cash flow of 800 million RMB in Q1 2025, a 710% increase year-on-year, and a healthy cash and cash equivalents balance exceeding 10.5 billion RMB [3]. - The company is making strides in multiple sectors including photovoltaic, lithium battery, and semiconductor equipment, with a focus on global expansion and technological advancements [4]. Summary by Sections Performance Review - In 2024, the company achieved total revenue of 18.887 billion RMB, a year-on-year increase of 116.26%, and a net profit of 2.764 billion RMB, up 69.18%. For Q1 2025, revenue was 4.099 billion RMB, reflecting a 58.95% increase, and net profit was 708 million RMB, up 22.42% [2]. Operational Analysis - The company reported a positive cash flow situation with operating cash flow of 800 million RMB in Q1 2025, a significant improvement from the previous year. The contract liabilities at the end of 2024 were 13.1 billion RMB, showing a slight decrease of 8% by Q1 2025, indicating a solid order backlog [3]. - The company’s cash and cash equivalents, along with trading financial assets, exceeded 10.5 billion RMB, enhancing operational resilience [3]. Business Development - The company invested 650 million RMB in R&D in 2024, a 39% increase year-on-year, and made significant progress in photovoltaic technologies, including the mass production of HJT technology and the launch of new equipment for perovskite applications [4]. - The company is expanding its global footprint by establishing subsidiaries in Japan, Singapore, and Malaysia, enhancing its competitive edge in international markets [4]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downwards to 2.175 billion RMB and 1.046 billion RMB respectively, with an additional forecast for 2027 at 957 million RMB. The corresponding EPS for these years are projected at 6.256, 3.009, and 2.752 RMB, with current P/E ratios of 9, 18, and 20 times [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6][12]. Core Insights - The company reported a revenue of 6.44 billion RMB for 2024, a year-on-year increase of 29.6%, and a net profit attributable to shareholders of 660 million RMB, up 33.8% year-on-year [3]. - The company's three core product lines showed steady growth, driven by a high demand in the downstream renewable energy sector, with significant increases in revenue across all segments [4]. - The company is advancing its international strategy, focusing on renewable energy, data centers, and smart grids, with products now sold in over 60 countries [5]. Performance Summary - In Q1 2025, the company achieved a revenue of 1.31 billion RMB, reflecting a year-on-year growth of 26.2%, and a net profit of 110 million RMB, up 25.0% year-on-year [3]. - The company’s revenue projections for 2025-2027 are 8.32 billion RMB, 10.36 billion RMB, and 12.64 billion RMB, with expected growth rates of 29%, 25%, and 22% respectively [6]. - The gross profit margin for 2024 is projected to be 22.3%, with a slight increase from the previous year, indicating improved profitability [5]. Market Position and Strategy - The company is enhancing its product matrix and expanding into multiple downstream scenarios, which is expected to support future revenue growth [6]. - The company has successfully developed new products for offshore wind power systems, breaking international monopolies, and has secured significant orders from major internet clients for its data center products [5]. - The management has effectively controlled operational costs, leading to a slight improvement in profitability metrics, including a sales net profit margin of 10.3% for 2024 [5].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a Q1 2025 revenue of 4.479 billion yuan, a year-on-year increase of 32.4%, and a net profit attributable to shareholders of 730 million yuan, up 108.5% year-on-year [2] - The company is experiencing a recovery in gross profit margins, with Q1 2025 gross margin at 30.53%, up 10.40 percentage points from the bottom in Q1 2024 [3] - The pricing power in the industry is evident as the company has successfully implemented price increases for its products, particularly in the high-end segments [3][4] Summary by Sections Performance Review - Q1 2025 revenue reached 4.479 billion yuan, with a net profit of 730 million yuan, and a non-recurring net profit of 744 million yuan, showing significant year-on-year growth [2] Operational Analysis - **Fiberglass Yarn**: The average price for 2400tex yarn in Q1 2025 was 3,766 yuan/ton, reflecting a 22.3% year-on-year increase. The company’s inventory decreased by 6.7% from Q4 2024, indicating a positive inventory trend [3] - **Electronic Fabric**: The average price for 7628 electronic fabric in Q1 2025 was approximately 4.14 yuan/meter, up 22.8% year-on-year, driven by strong downstream demand and limited supply [4] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 3.531 billion yuan, 4.210 billion yuan, and 4.590 billion yuan, respectively, with corresponding PE ratios of 14x, 11x, and 10x [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [6]. Core Views - The company reported a revenue of 6.44 billion RMB for 2024, a year-on-year increase of 29.6%, and a net profit attributable to shareholders of 660 million RMB, up 33.8% year-on-year [3]. - The company's three core product lines are experiencing steady growth, driven by a high demand in the downstream wind and solar energy sectors [4]. - The company is actively pursuing international expansion and has made significant strides in the renewable energy, data center, and smart grid sectors [5]. - Profitability has slightly improved due to effective internal management and cost control, with a gross margin of 22.3% and a net profit margin of 10.3% for 2024 [5]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 1.31 billion RMB, a 26.2% increase year-on-year, and a net profit of 110 million RMB, up 25.0% year-on-year, aligning with market expectations [3]. Operational Analysis - The company’s core product lines saw robust growth: revenue from box-type substations reached 4.24 billion RMB (up 22.6%), complete switchgear revenue was 670 million RMB (up 32.6%), and transformer revenue was 1.07 billion RMB (up 56.1%) [4]. - The domestic installed capacity for solar and wind power increased by 278 GW and 80 GW respectively, with new energy storage projects reaching a cumulative installed capacity of 41.54 GW [4]. International Strategy - The company is implementing a dual strategy of "indirect overseas expansion + global layout," with products sold in over 60 countries [5]. - It has developed a low-frequency power boosting system for deep-sea offshore wind power, breaking international monopolies [5]. Profit Forecast and Valuation - Revenue projections for 2025-2027 are 8.32 billion RMB, 10.36 billion RMB, and 12.64 billion RMB, with year-on-year growth rates of 29%, 25%, and 22% respectively [6]. - The estimated net profit for the same period is 880 million RMB, 1.13 billion RMB, and 1.41 billion RMB, with growth rates of 32%, 29%, and 25% respectively [6].