Investment Rating - The report maintains a "Buy" rating for Tianshan Aluminum Industry (002532.SZ) [2][4] Core Views - The company's net profit has doubled due to rising prices of main products, with a significant increase in both revenue and profit margins [4] - The company achieved a total revenue of 28.09 billion yuan in 2024, a decrease of 3.06% year-on-year, while net profit reached 4.45 billion yuan, an increase of 102.03% year-on-year [4] - The report highlights the company's strong performance in Q4 2024, with a revenue of 7.29 billion yuan, up 10% year-on-year, and a net profit of 1.37 billion yuan, up 141.43% year-on-year [4] Summary by Relevant Sections Financial Performance - In 2024, the company reported a gross margin of 23.27%, an increase of 9.17 percentage points year-on-year, and a net margin of 15.86%, an increase of 8.25 percentage points year-on-year [4] - The production of electrolytic aluminum reached 1.18 million tons, a year-on-year increase of approximately 1%, while alumina production was 2.28 million tons, up 7.55% year-on-year [4] - The average selling price of self-produced electrolytic aluminum was approximately 19,800 yuan per ton, a year-on-year increase of about 6%, and the average selling price of self-produced alumina was approximately 4,000 yuan per ton, a year-on-year increase of about 40% [4] Industry Position and Strategy - The company has a significant advantage in its full industry chain development, achieving 100% self-sufficiency in core raw materials such as alumina and prebaked anodes [4] - The company has enhanced its supply chain autonomy with domestic and overseas resource guarantees, including its own bauxite mines in Guangxi and projects in Guinea and Indonesia [4] - The report emphasizes the company's technological advancements in high-purity aluminum production and its strategic partnerships in the downstream processing sector [4] Future Earnings Forecast - The forecast for earnings per share (EPS) is 1.03 yuan for 2025 and 1.22 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 7.39 and 6.24 times based on the closing price on April 18 [4][5]

食品饮料行业 超配（维持） 从台商脉络探产业发展系列报告六 软饮料行业深度报告 2025 年 4 月 21 日 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 食品饮料行业指数走势 资料来源：东莞证券研究所，同花顺 相关报告 投资要点： ◼ 风险提示：市场竞争加剧风险，食品质量安全风险，新品推广不及 预期，渠道开展不及预期，原材料价格波动风险等。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 深 度 研 究 行 业 研 究 证 券 研 究 报 告 | 1. 我国软饮料行业概况 | 4 | | --- | --- | | 1.1 我国软饮料行业简介以及发展历程 | 4 | | 1.2 我国软饮料行业市场规模 | 5 | | 1.3 我国软饮料行业销售渠道 ...

Market Overview - The market showed narrow fluctuations with the Shenzhen Component Index and ChiNext Index slightly rising, while the Shanghai Composite Index experienced a minor decline [1][3] - The trading volume in the Shanghai and Shenzhen markets reached 914.7 billion, marking a decrease of 84.8 billion from the previous trading day, indicating a year-to-date low [4] Sector Performance - The top-performing sectors included Communication (1.59%), Real Estate (1.53%), and Banking (0.78%), while the worst-performing sectors were Beauty Care (-2.46%), Social Services (-2.45%), and Textile & Apparel (-1.54%) [2] - Concept indices such as 6G Concept (3.18%) and Terahertz (3.07%) performed well, whereas sectors like China-Korea Free Trade Zone (-3.88%) and Dairy Industry (-3.69%) faced declines [2] Future Outlook - The report anticipates that with increased policy measures, the economy will stabilize and improve, suggesting a focus on the upcoming Politburo meeting for policy deployment [4] - The capital market is expected to see collective actions from various funds to stabilize and boost market confidence, although short-term fluctuations may persist due to external complexities and insufficient domestic demand growth [4] - Recommended sectors for attention include Finance, Public Utilities, Consumer, TMT (Technology, Media, and Telecommunications), and Non-ferrous Metals [4]

Investment Rating - The report maintains a standard rating for the non-ferrous metals and steel industry [2] Core Views - Multiple factors have converged, leading to international gold prices surpassing $3,300 [2] - The non-ferrous metals sector has seen a decline of 3.33% over the past two weeks, underperforming the CSI 300 index by 1.02 percentage points, ranking 16th among 31 sectors [6][13] - The steel sector has experienced a decline of 6.60% over the same period, underperforming the CSI 300 index by 4.29 percentage points, ranking 27th [6][13] - Gold prices have risen significantly due to geopolitical tensions, a weakening US dollar, and increased demand for gold investments [6][54] - The rare earth industry is expected to see growth due to new demand from emerging technologies and ongoing structural reforms in supply [6][55][56] - The aluminum industry is facing mixed demand, with strong growth in electric vehicles and photovoltaics, while construction demand remains weak [6][56] Summary by Sections Market Review - As of April 17, 2025, the non-ferrous metals industry has decreased by 5.27% this month, while the steel industry has dropped by 5.33% [13] - The gold price on COMEX reached $3,341.30 per ounce, marking a $192.8 increase since the beginning of the month [33][54] - The LME aluminum price is reported at $2,385 per ton, down approximately $120 since the start of the year [6][56] Industry News - The Ministry of Commerce and the General Administration of Customs announced export controls on certain heavy rare earth items, enhancing China's position in the global supply chain [45][55] - The Ministry of Industry and Information Technology initiated a program for energy conservation and carbon reduction diagnostics across various industries, including steel and aluminum [46] Company Announcements - Zijin Mining reported a net profit of 10.167 billion yuan for Q1 2025, a 62.39% increase year-on-year [48] - Shandong Gold expects a net profit increase of 35.74% to 61.45% for Q1 2025 [52] - Tianshan Aluminum anticipates a 46% increase in net profit for Q1 2025 [47] Weekly Insights - The report suggests focusing on companies such as Chifeng Jilong Gold Mining, Shandong Gold, and Zijin Mining due to their strong performance amid rising gold prices [54]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [6]. Core Insights - The company is projected to experience significant profit growth in 2024 and Q1 2025, with a 2024 revenue forecast of 5.022 billion yuan, representing an 11.13% year-on-year increase. The net profit attributable to shareholders is expected to reach 675 million yuan, a 36.17% increase year-on-year [2][3]. - For Q1 2025, the company anticipates a revenue of 1.217 billion yuan, up 11.33% year-on-year, with net profit attributable to shareholders expected to be 180 million yuan, reflecting a substantial 65.61% growth [2][3]. - The growth in performance is attributed to increased business volume, higher product prices, and gains from foreign exchange and investment income [3]. Financial Summary - The company's total revenue for 2024 is projected at 5,022.03 million yuan, with a net profit of 674.74 million yuan. For 2025, revenue is expected to rise to 6,247.73 million yuan, with net profit reaching 885.45 million yuan [4]. - The earnings per share (EPS) for 2025 and 2026 are estimated to be 1.23 yuan and 1.53 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 20 and 16 times [3][4]. - The company's gross margin for 2024 is forecasted at 23.09%, an increase of 1.77 percentage points year-on-year, while the net margin is expected to be 12.70%, up 2.37 percentage points [3]. Market Dynamics - The company is benefiting from dual market drivers, with significant growth in both overseas and domestic markets. It is expanding its customer base and optimizing product structure, successfully securing contracts with leading companies in various sectors [3]. - The domestic market focus includes key development areas such as new energy vehicles, low-altitude flying vehicles, and humanoid robots, supported by the backing of a state-owned enterprise, which enhances market penetration and customer structure optimization [3].

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [73]. Core Insights - The mechanical equipment sector has experienced a decline of 7.57% in the past two weeks, underperforming the CSI 300 index by 5.26 percentage points, ranking 29th among 31 sectors [13][29]. - The excavator domestic sales continue to show high demand due to factors such as stock replacement and increased funding for infrastructure projects, with expectations of continued recovery in April and May [6][70]. - The report highlights significant stock movements, with top gainers including Huicheng Vacuum (up 40.81%), Haineng Technology (up 29.03%), and Wantong Hydraulic (up 28.75%) [2][18]. Conversely, Zhejiang Huaye, Linzhou Heavy Machinery, and Ningbo Jingda saw declines of 30.13%, 24.10%, and 23.00% respectively [22][23]. Summary by Sections Market Review - The mechanical equipment sector has seen a year-to-date increase of 0.99%, outperforming the CSI 300 index by 5.12 percentage points, ranking 8th among 31 sectors [13][29]. - Among the five sub-sectors, the rail transit equipment II sector had the smallest decline of 2.47%, while automation equipment fell the most by 10.08% [16][17]. Valuation Situation - As of April 17, 2025, the overall PE TTM for the mechanical equipment sector is 25.82 times, with sub-sectors showing varied valuations: general equipment at 30.44 times, specialized equipment at 24.16 times, rail transit equipment II at 17.59 times, engineering machinery at 21.14 times, and automation equipment at 40.75 times [2][25]. Industry News - The report notes that approximately 70% of key products in the equipment industry saw production growth in Q1 2025, with a significant increase in exports of industrial robots by 67.40% [68]. - The participation of humanoid robots in the 2025 humanoid robot half marathon is expected to advance leg joint technology, indicating strong market potential for robotics [3][70]. Company Recommendations - The report suggests focusing on companies such as Sany Heavy Industry (600031), Hengli Hydraulic (601100), Huichuan Technology (300124), and Greening Harmonic (688017) due to their strong market positions and growth potential [6][71].

证券研究报告 2025 年 4 月 18 日 星期五 【下周策略】 ◆本周走势回顾 本周沪指延续反弹走势，周 K 线涨超 1%。本周沪指延续上周的 反弹走势，沪指一度走出八连涨，虽量能有所回落，但表现仍偏强。 从周 K 线来看，上证指数上涨 1.19%，深证成指下跌 0.54%，创业板 指下跌 0.64%，科创 50 指数下跌 0.31%，北证 50 指数上涨 3.48%。 个股板块涨多跌少，银行、房地产、综合、煤炭、石油石化等板块 表现靠前，机械设备、汽车、计算机、农林牧渔、国防军工等板块 表现靠后。 ◆下周大势研判：震荡反复 从本周市场来看： 首先，一季度经济实现"开门红"，3 月经济数据均超预期。 其次，3 月出口超市场预期，信贷数据呈现总量扩张态势。 最后，增量政策或推出在即，各方积极维稳资本市场。 总体来看，本周沪指延续上周的反弹走势，沪指一度走出八连 涨，虽量能有所回落，但表现仍偏强。从海外环境来看，美联储近 期强调目前政策处于良好位置，等待更明确的经济数据再考虑调整 政策立场，释放一定的鹰派信号。从国内环境来看，一季度经济实 现"开门红"，3 月经济数据均超预期，出口超市场预期，信贷数 据呈现总 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% in the next six months [10]. Core Insights - The company, Keda Li (科达利), is a leading enterprise in the global battery precision structural components sector, benefiting from the continuous growth in electric vehicle sales and increasing demand for power batteries. The company has seen a sustained increase in orders while effectively controlling costs, leading to rapid growth in performance [7]. - In 2024, the company achieved a revenue of 12.03 billion yuan, a year-on-year increase of 14.44%, and a net profit attributable to shareholders of 1.472 billion yuan, up 22.55% year-on-year. The gross margin was 24.36%, an increase of 0.78 percentage points year-on-year [7]. - The company is expanding into the humanoid robotics sector, establishing partnerships to create joint ventures focused on robotic joint components, which is expected to create a second growth curve for the company [7]. Summary by Sections Financial Performance - For 2024, the company reported a revenue of 12.03 billion yuan, a 14.44% increase year-on-year, and a net profit of 1.472 billion yuan, reflecting a 22.55% growth. The operating cash flow increased by 187.35% to 2.148 billion yuan [7]. - In Q4 2024, the company achieved a revenue of 3.438 billion yuan, a 25.32% year-on-year increase, and a net profit of 455 million yuan, up 12.15% year-on-year [7]. Cost Management - The company effectively controlled its expenses, with total expense ratios decreasing by 0.54 percentage points year-on-year to 9.43%. The sales, management, R&D, and financial expense ratios were 0.37%, 2.64%, 5.32%, and 1.10%, respectively [7]. Market Position and Strategy - Keda Li has deepened its strategic partnerships with major clients such as CATL and ACC, securing a 100% supply share for certain battery components over the next five years. The company is also expanding its production capacity both domestically and internationally, with plans for new facilities in the U.S. and Malaysia [7]. - The company is focusing on high-end markets and has established multiple production bases, including 13 in China and three overseas in Germany, Sweden, and Hungary [7]. Future Outlook - The report projects earnings per share (EPS) of 6.70 yuan and 8.07 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 17 times and 14 times [7].

计算机行业 2025 年 4 月 18 日 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 计算机行业双周报（2025/4/4-2025/4/17） 行 业 新形势下凸显科技自立自强紧迫性，信创产业或迎来发展新机遇 投资要点： 证 券 研 究 报 告 资料来源：iFinD，东莞证券研究所 相关报告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 卢芷心 SAC 执业证书编号： 计 算 机 行 业 指 数 涨 跌 幅 及 估 值 ： 申 万 计 算 机 板 块 近 2 周 （2025/4/7-2025/4/17）累计下跌6.70%，跑输沪深300指数4.39个百分 点，在31个申万一 ...

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/4/4-2025/4/17） 行 业 外部冲击有限 关注内需市场 2025 年 4 月 18 日 投资要点： 资料来源：iFinD ，东莞证券研究 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 SW农林牧渔行业跑赢沪深300指数。2025年4月4日-2025年4月17日，SW农 林牧渔行业上涨2.64%，跑赢同期沪深300指数约4.96个百分点。细分板块 中，仅动物保健录得负收益，下跌5.69%；种植业、饲料、养殖业、农产 品加工和渔业均录得正收益，分别上涨5.5%、3.53%、2.79%、2.66%和1.74%。 估值方面，截至2025年4月17日，SW农林牧渔行业指数整体PB约2.6倍，近 两周有所回升。目前行业估值处于行业2006年以来的估值中枢约57.6%的 分位水平，仍处于历史低位。 ...