[Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_MainInfo] 行业研究/公用事业 证券研究报告 行业周报 2025 年 03 月 13 日 [Table_QuoteInfo] -15.30% -10.37% -5.44% -0.51% 4.42% 9.35% 2023/4 2023/7 2023/10 2024/1 公用事业 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《广东电价好转，继续看好电价、煤价双 | | --- | | 提振》2025.03.03 | | 《电价企稳，煤价下跌，火电上涨》 | | 2025.02.27 | | 《深化新能源市场电价，促高质量发展》 | | 2025.02.16 | 分析师:吴杰 Tel:(021)23183818 Email:wj10521@haitong.com 证书:S0850515120001 分析师:傅逸帆 Tel:(021)23185698 Email:ys14098@haitong.com 联系人:胡鸿程 Tel:(021)23185962 Email:hhc1560 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company achieved a significant revenue growth of 25.41% year-on-year in Q4 2024, with a net profit increase of 437.24% [5] - The photovoltaic business saw a 73% increase in shipment volume, maintaining reasonable profitability [5] - The magnetic materials segment experienced a revenue increase of 17% with a solid market position [5] - The lithium battery business reported a 56% increase in revenue, benefiting from high capacity utilization [5] - The company is expected to see net profits of 19.23 billion, 22.67 billion, and 28.21 billion yuan for the years 2025 to 2027, respectively, with growth rates of 5.3%, 17.9%, and 24.5% [5] Financial Data and Forecast - Revenue for 2023 is projected at 197.33 billion yuan, with a year-on-year growth of 1.5% [4] - The net profit for 2023 is estimated at 18.18 billion yuan, reflecting an 8.9% year-on-year increase [4] - The company anticipates a revenue of 210.53 billion yuan in 2025, representing a 13.4% growth [6] - The gross profit margin is expected to be around 20.5% in 2025 [4] - The earnings per share (EPS) is projected to be 1.18 yuan in 2025 [4] Business Segmentation - The photovoltaic segment is expected to generate revenue of 128.86 billion yuan in 2025, with a year-on-year growth of 16.4% [6] - The magnetic materials segment is projected to achieve revenue of 40.02 billion yuan in 2025, with a growth of 5% [6] - The lithium battery segment is forecasted to reach 27.78 billion yuan in revenue in 2025, with a growth of 15% [6] - Other businesses are expected to contribute 13.88 billion yuan in revenue in 2025, with a growth of 10% [6]

Investment Rating - The report assigns an "Outperform" rating for the company [1]. Core Views - The company is a leading retail chain in the eyewear industry, focusing on providing fashionable and personalized eyewear products along with professional vision health solutions [6]. - The company is exploring the smart eyewear segment and has established partnerships with various brands to enhance its service offerings [6]. - The financial outlook indicates a positive growth trajectory, with expected revenue and profit increases in the coming years [10]. Financial Data and Forecast - Revenue is projected to grow from 1,176 million yuan in 2023 to 1,586 million yuan in 2026, with year-on-year growth rates of 22.2%, 7.1%, 12.2%, and 12.3% respectively [5]. - Net profit is expected to fluctuate, with estimates of 128 million yuan in 2023, 124 million yuan in 2024, 152 million yuan in 2025, and 172 million yuan in 2026, reflecting year-on-year growth rates of 68.9%, -3.2%, 22.3%, and 13.4% respectively [5][10]. - The company maintains a gross margin of approximately 61.8% to 63.1% over the forecast period, indicating strong profitability [5]. Business Segmentation and Growth - The company’s revenue from optical glasses and fitting services is expected to grow at a compound annual growth rate (CAGR) of 5% to 10% from 2023 to 2026 [8]. - Revenue from the ready-made glasses segment is projected to grow significantly, with a CAGR of 15% to 20% during the same period [8]. - The contact lens segment is also expected to see growth, with revenue increasing at a CAGR of 10% to 15% [8]. Market Position and Strategy - The company operates a diverse brand matrix with six major eyewear retail brands, each targeting different market segments [6]. - The company has established strong partnerships with large retail chains and public health institutions to enhance its market presence [6]. - The company is actively pursuing digital transformation and upgrading its operational capabilities to improve customer experience and service delivery [6].

Investment Rating - The report maintains an "Outperform the Market" rating for companies such as Weichai Power and Dongpeng Beverage, indicating expected stock performance above the market benchmark [6][19][21]. Core Insights - The AIDC diesel generator market is projected to reach approximately 450 billion in 2023, with expectations to approach 1 trillion by 2030, highlighting significant growth potential in the sector [5][8]. - The railway fixed asset investment in China showed a year-on-year increase of 5.1% in January and February 2025, indicating sustained high demand in the railway sector [4][10]. - Dongpeng Beverage is experiencing rapid growth driven by its dual-engine strategy with "Special Drinks" and "Water Supply," forecasting revenue growth of over 20% for the next few years [19][21]. Summary by Sections AIDC Diesel Generators - The global market for AIDC diesel generator sets is expected to reach around 450 billion in 2023, with projections nearing 1 trillion by 2030 [5][8]. - The single-unit market is anticipated to approach 500 billion by 2030, indicating substantial room for domestic replacements against established foreign competitors like Cummins and Caterpillar [5][8]. Railway Investment - In January and February 2025, China's railway fixed asset investment totaled 685.4 billion, marking a 5.1% increase year-on-year, with February alone seeing a 7.4% increase [4][10]. - The railway sector is benefiting from high passenger and freight demand, with historical highs recorded during the Spring Festival period [11][12]. Key Companies - Weichai Power is recommended as a key player in the AIDC sector, alongside suggestions to monitor Yuchai International and Chongqing Machinery [5][8]. - Dongpeng Beverage is projected to achieve revenues of 206.50 billion, 258.13 billion, and 314.69 billion from 2025 to 2027, with net profits expected to grow significantly during the same period [19][21].

[Table_MainInfo] 政策研究 证券研究报告 联系人： 何韫露 Tel: (021)23185849 政策专题报告 2025 年 3 月 13 日 Email: hyl15943@haitong.com [Table_Title] 相关研究 | [Table_ReportInfo] 新质生产力与创新一体化共铸长三角区 | | --- | | 域经济高地——区域经济专题报告（5） | | 2024.10.10 | | 政策东风劲，创新楫高悬，生物医药竞逐 | | 全球浪尖——上海先导产业专题报告（1） | | 2025.02.07 | 分析师： 李明亮 Tel: (021)23185835 Email: lml@haitong.com 证书： S0850511010039 录 目 | 1. | 中美主导，生成式人工智能加速产业化………………………………………………………………………………………………………… 6 | | --- | --- | | 2. | 中国人工智能在国际上地位持续提升,但与美国差距依旧明显…………………… 7 | | | 2.1 基础研究存在产学研脱节现象 . | | | 2. ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4]. Core Views - The company reported a revenue of 4.672 billion yuan for 2024, representing a year-on-year growth of 19.6%. The net profit attributable to the parent company was 698 million yuan, reflecting a growth of 25% [3][4]. - The company is focusing on sustainable development and is actively adapting to industry trends, which has led to significant revenue growth in the first half of 2024 [4]. - The acquisition of land for production capacity optimization is a strategic move to enhance manufacturing capabilities and reduce costs [4]. - The company is expanding its global footprint, with ongoing projects in Vietnam and other regions, which supports its internationalization strategy [4]. - Profit forecasts for 2024-2026 indicate a net profit of 6.98 billion yuan in 2024, 7.97 billion yuan in 2025, and 9.40 billion yuan in 2026, with a target price range of 13.64 to 17.05 yuan for 2025 [4]. Financial Data and Forecasts - Key financial data for the company includes: - Revenue: 3.907 billion yuan in 2023, projected to grow to 4.672 billion yuan in 2024, 5.289 billion yuan in 2025, and 6.129 billion yuan in 2026 [3][8]. - Net Profit: 558 million yuan in 2023, expected to rise to 698 million yuan in 2024, 797 million yuan in 2025, and 940 million yuan in 2026 [3][8]. - EPS: Expected to increase from 0.48 yuan in 2023 to 0.60 yuan in 2024, 0.68 yuan in 2025, and 0.80 yuan in 2026 [3][8]. - Gross Margin: Projected to improve from 40.9% in 2023 to 42.5% in 2026 [3][8]. - Return on Equity: Expected to rise from 12.8% in 2023 to 19.8% in 2026 [3][8].

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业月报 2025 年 03 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 轨交行业重点公司信息： 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] Email:oyty16226@haitong,com 市场表现 [Table_QuoteInfo] 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《财政政策持续加码；持续关注工程机 | | --- | | 械、人形机器人板块》2025.03.10 | | 《Figure 机器人进厂分拣物流快递；固态 | | 电池产业化持续推进》2025.03.02 | 分析师:赵玥炜 Tel:(021)23219814 Email:zyw13208@haitong.com 证书:S0850520070002 联系人:欧阳天奕 Tel:(021)23183327 轨交设备：2025 年 1-2 月全国铁路固定资 产投资同比+5.1%；春节客货运需求保持 高景气 [Table_Summary] 投资要点： 铁路投资：202 ...

股票数据 | 03[Table_StockInfo 月 11 日收盘价（元）] | 24.39 | | --- | --- | | 52 周股价波动（元） | 16.42-27.01 | | 总股本/流通 A 股（百万股） | 381/381 | | 总市值/流通市值（百万元） | 9299/9299 | | 市场表现 | | [Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 思维列控（603508）公司跟踪报告 2025 年 03 月 12 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_QuoteInfo] -26.81% -13.81% -0.81% 12.19% 25.19% 2024/3 2024/6 2024/9 2024/12 思维列控 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 1.2 | 12.5 | 6.9 | | 相对涨幅（%） | -0.3 | 6.9 | 8.1 | | 资料来源：海通证券研究所 | | | | | 分析 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][11] Core Insights - The company has demonstrated strong revenue and profit growth, with a projected revenue increase of over 20% for 2025 [6][11] - The dual-engine growth strategy through "Energy Drinks" and "Electrolyte Drinks" has significantly enhanced profitability [5][6] - The company is expanding its product matrix with innovative offerings across various beverage categories, including sugar-free tea and plant-based drinks [8][9] Financial Performance Summary - For 2023, the company reported revenue of 11,263 million yuan, with a year-over-year growth of 32.4% [5] - The projected revenue for 2024 is 15,839 million yuan, reflecting a growth of 40.6% [5] - Net profit for 2023 was 2,040 million yuan, with a year-over-year increase of 41.6% [5] - The projected net profit for 2024 is 3,327 million yuan, indicating a growth of 63.1% [5] - The company’s gross margin is expected to improve from 43.1% in 2023 to 48.4% by 2027 [5] Product Performance - The "Energy Drink" segment achieved revenue of 13,304 million yuan in 2024, with a year-over-year growth of 28.49% [7] - "Electrolyte Drink" sales reached nearly 1.5 billion yuan in 2024, marking a significant market entry [7] - Other beverage categories saw a revenue increase of 103.19% in 2024, with a gross margin improvement of 13.3 percentage points [8] Market Expansion - The company is actively pursuing a nationwide strategy, with significant revenue growth in various regions, including a 45.13% increase in East China [9] - Online sales channels have seen rapid growth, achieving 4.45 billion yuan in revenue, a year-over-year increase of 116.95% [9] - The company has established a comprehensive distribution network with over 3,000 distributors and nearly 4 million active retail outlets [10] Future Projections - Revenue projections for 2025, 2026, and 2027 are 20,650 million yuan, 25,813 million yuan, and 31,469 million yuan respectively [11] - Corresponding net profit projections for the same years are 4,594 million yuan, 6,076 million yuan, and 7,604 million yuan [11] - The estimated EPS for 2025 is 8.83 yuan per share, with a projected PE ratio of 30-35 times [11]

资料来源：潍柴动力官网，海通证券研究所 2 证券研究报告 （优于大市，维持） 请务必阅读正文之后的信息披露和法律声明 AIDC柴发：厚积薄发，国产加速 2025年3月12日 • AI推动柴油发电机行业发展。随着 AI的高速发展，数据中心（AIDC） 作为重要的AI基建，其建设数据也 较快。考虑到对使用时间、可考虑 的综合需求，我们认为柴油发电机 （以下简称AIDC柴发）仍将是数 据中心最核心的备用电源。 刘一鸣（汽车行业首席分析师） 张觉尹（汽车行业分析师） SAC号码：S0850522120003 SAC号码：S0850523020001 张予名（联系人） 潘若婵（联系人） 大马力发动机市场还在继续成长。根据潍柴动力2023年中报，高端大马力发动 机在数据中心、矿用应急电源、矿卡等高端市场，配套量节节攀升，成为企业新 的增长点。 根据中国信通院统计，截至2024年年中，我国在用数据中心机架规模达830万架， 总算力规模达246EFLOPS（FP32），2021-2023年的三年复合增长率约30%。 图：我国数据中心机架规模（万架） 资料来源：中国信通院，海通证券研究所 3 请务必阅读正文之后的信息披露和法律 ...