宏观研究 一季度经济实现"开门红"，3 月结构分项均 超预期 3 月及一季度经济数据点评 2025 年 4 月 16 日 投资要点： 分析师：费小平 SAC 执业证书编号： S0340518010002 电话：0769-22111089 研究助理：叶子沛 SAC 执业证书编号： S0340123070035 电话：0769-22119276 邮箱： yezipei@dgzq.com.cn GDP 季度同比增速 资料来源：东莞证券研究所，iFinD 相关报告 n 1-3 月固定资产投资靠前发力，房地产销售继续回暖。1-3 月城镇固定 资产投资累计同比增长 4.2%，较 1-2 月回升 0.1 个百分点。分领域来 宏 观 研 究 证 券 研 究 报 告 本报告的风险等级为低风险。 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。 n 事件：统计局公布数据，2025 年一季度国内生产总值同比增长 5.4%，预 期值 5.2%，前值 5.2%。2025 年 3 月规上工业增加值同比增长 7.7%，预 期值 5.9%，前值 5.9%。1-3 月城镇固 ...

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][8] Core Views - The company reported a revenue of 6.267 billion yuan in 2024, a year-on-year decrease of 1.75%, and a net profit attributable to shareholders of 953 million yuan, down 33.49% year-on-year. Despite the overall decline, the fourth quarter showed a recovery with a revenue of 2.494 billion yuan, a quarter-on-quarter increase of 74.46% [6] - The company maintains a high gross profit margin of 41.97%, although it decreased by 2.61% compared to the previous year. The sales volume of pipes slightly increased, with a total production of 302,400 tons, a decrease of 0.02% year-on-year, while sales reached 300,400 tons, an increase of 2.3% year-on-year [6] - The company plans to distribute a cash dividend of 5.00 yuan per 10 shares (including tax), reflecting its commitment to shareholder returns [6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 6.267 billion yuan and a net profit of 953 million yuan, with basic earnings per share of 0.61 yuan, down 32.22% year-on-year. The fourth quarter showed a revenue of 2.494 billion yuan, down 5.26% year-on-year but up 74.46% quarter-on-quarter [6][7] - The company’s return on equity (ROE) for the trailing twelve months (TTM) is 18.71% [5] Sales and Margins - The sales revenue from PPR, PE, and PVC products were 2.938 billion yuan, 1.423 billion yuan, and 827 million yuan, respectively, with year-on-year changes of -1.72%, -6.9%, and -8.09% [6] - The gross profit margins for PPR, PE, and PVC were 56.47%, 31.4%, and 21.75%, respectively, showing a decline compared to the previous year [6] Expenses - Total sales expenses increased to 948 million yuan, a year-on-year increase of 14.04%. The overall expense ratio for 2024 was 22.17%, an increase of 2.34 percentage points from 2023 [6][7] Future Outlook - The company is positioned as a technological leader in the domestic PPR pipe industry, with a strong competitive moat. Future infrastructure investments and a recovery in the real estate market are expected to drive demand [6] - The company’s strategic planning aims to enhance market share and strengthen risk control, which is anticipated to lead to sustainable and steady growth [6]

证券研究报告 2025 年 4 月 16 日 星期三 【A 股市场大势研判】 指数探底回升，沪指尾盘转涨 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3267.66 | 0.15% | 4.85 | | | 深证成指 | 9858.10 | -0.27% | -26.20 | | | 沪深 300 | 3761.23 | 0.06% | 2.09 | | | 创业板 | 1930.40 | -0.13% | -2.51 | | | 科创 50 | 1006.34 | -0.78% | -7.94 | | | 北证 50 | 1306.14 | -0.34% | -4.49 | | 资料来源：东莞证券研究所，iFinD 数据 财富通每日策略 表示，将严格依法实施各项对美反制措施，以自身的确定性应对外部环境的不确定性；看 多、看好中国依然是众多外资企业的共识，中国进口增长空间巨大，海关将持续加大对重 点领域民营企业的培育力度，进一步做好智慧海关"建设""合作"两篇文章；中国-东 盟自贸区 3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has experienced rapid growth in operating performance, with a significant increase in the penetration rate of DDR5 memory interface chips [1][5] - The company reported a revenue of 3.639 billion yuan for 2024, representing a year-on-year growth of 59.20%, and a net profit attributable to the parent company of 1.412 billion yuan, up 213.10% year-on-year [3][6] - For Q1 2025, the company expects to achieve revenue of approximately 1.222 billion yuan, a year-on-year increase of about 65.78%, and a net profit of 510 to 550 million yuan, reflecting a growth of 128.28% to 146.19% year-on-year [3][6] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a total revenue of 3.639 billion yuan, with a net profit of 1.412 billion yuan, marking a significant increase from the previous year [3][7] - The company’s Q4 2024 revenue reached 1.068 billion yuan, a year-on-year increase of 40.43% and a quarter-on-quarter increase of 17.90% [3][6] Research and Development - The company invested 763 million yuan in R&D in 2024, accounting for 20.97% of its revenue, with a year-on-year increase of 11.98% [3][6] - The R&D team consists of 536 personnel, with 62.87% holding a master's degree or higher [3][6] Market Trends - The global demand for servers and computers has rebounded, leading to significant growth in the company's performance [5][6] - The company’s DDR5 memory interface chip shipments have surpassed those of DDR4, indicating a strong market position [5][6] Future Outlook - The company anticipates continued strong growth in 2025, driven by increased demand for DDR5 memory interface chips and high-performance chips [6][7] - Earnings per share are projected to be 1.72 yuan and 2.33 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 43 and 32 [6][7]

锂电池产业链 买入（维持） 归母净利润同比增三成，盈利能力保持韧性 公 司 点 评 2025 年 4 月 15 日 投资要点： 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。 事件：4月14日晚间，公司发布2025年一季度报告。 分析师：黄秀瑜 SAC 执业证书编号： 点评： ROE（%,TTM） 20.55 12 月最高价(元) 301.50 12 月最低价(元) 166.80 股价走势 资料来源：iFinD，东莞证券研究所 表 1：公司盈利预测简表（截至 2025/4/14） 宁德时代（300750）2025 年一季报点评 S0340512090001 电话：0769-22119455 邮箱：hxy3@dgzq.com.cn 主要数据 2025年Q1归母净利润同比增三成，现金流持续强劲。公司2025年Q1实现 营收847.05亿元，同比增长6.18%；实现归母净利润139.63亿元，同比增 长32.85%；扣非后净利润118.29亿元，同比增长27.92%。Q1公司锂电池 出货量超120GWh，同比增长超 ...

买入（维持） 神州数码（000034）2024 年报业绩点评 公 司 点 2024 年公司营收稳增，自有品牌快速发展 2025 年 4 月 15 日 投资要点： 计算机行业 本报告的风险等级为中风险。 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： S0340524100001 电话：0769-22119297 邮箱： 事件：公司发布2024年年报，2024年，公司实现营业收入1281.66亿元，同比 增长7.14%；归母净利润7.53亿元，同比减少35.77%；扣非后归母净利润10.15 亿元，同比减少19.68%。在扣除深圳市神州数码国际创新中心（IIC）负向影 响后，2024年公司实现净利润13.05亿元，保持正向增长。 评 luzhixin@dgzq.com.cn 点评： S0340520060001 chenweiguang@dgzq.com.cn | 收盘价(元) | 37.21 | | --- | --- | | 总市值（亿元） | 264.66 | | 总股本(亿股) | 7.11 | | ...

Market Performance - The three major indices continued their rebound, with the Shanghai Composite Index closing at 3262.81, up 0.76% [2] - The Shenzhen Component Index closed at 9884.30, up 0.51%, while the CSI 300 Index rose 0.23% to 3759.14 [2] - The ChiNext Index and the STAR 50 Index also saw increases of 0.34% and 0.25%, respectively [2] Sector Rankings - The top five performing sectors included Textiles and Apparel (up 2.56%), Coal (up 2.50%), and Nonferrous Metals (up 2.46%) [3] - The sectors that experienced declines were Household Appliances (down 0.60%) and Food and Beverage (down 0.36%) [3] - Notable concept indices with significant gains included Hainan Free Trade Zone (up 5.71%) and Football Concept (up 5.34%) [3] Market Outlook - The market showed strong performance with over 4500 stocks rising, and more than a hundred stocks hitting the daily limit up for five consecutive trading days [4] - In Q1, China's export scale exceeded 6 trillion yuan, achieving a growth rate of 6.9%, indicating strong resilience [4] - The export of high-end, intelligent, and green products, such as wind turbines and lithium batteries, saw significant growth, with wind turbine exports increasing by 43.2% [5] - The People's Bank of China reported a social financing scale increase of 15.18 trillion yuan in Q1, indicating ample monetary policy space [5] - The report suggests focusing on sectors such as finance, public utilities, consumption, TMT (Technology, Media, and Telecommunications), and nonferrous metals for potential investment opportunities [5]

证券研究报告 2025 年 4 月 14 日 星期一 【新股发行跟踪（20250414）】 一、上周新股表现情况 上周（4 月 7 日-4 月 11 日）共有 3 只新股上市，上市首日涨跌幅均值 为 310.26%。其中，有 3 只新股上市首日涨幅超 100%，为泰禾股份、泰鸿 万立、中国瑞林。上周无新股首日破发。 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（4 月 7 日-4 月 11 日，下同）较上上 周（3 月 31 日-4 月 4 日，下同）相比，首发募资金额多 13.23 亿元。 | 表 | 2：周度新股上市概况 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 期间 | 新股上市数（主 | 首发募资 | 首日破 | 首日涨超 | 首日涨跌幅范围 | 首日涨跌幅 | | | | 板/双创） | （亿元） | 发率 | 100%数量 | | 均值 | | 4-7 至 | 4-11 | 3 (2/1) | 18.10 | 0% | 3 | (253.95%，386.84 ...

锂电池产业链 超配（维持） 3 月动力电池装车量同环比快速增长 锂电池产业链跟踪点评 事 件 点 评 事件： 2025 年 3 月新能源汽车产销量及动力电池装车量数据公布。 点评： 3月新能源汽车产销同环比快速增长。根据中汽协数据，2025年3月新能源汽车产销分别完成127.7万 辆和123.7万辆，同比分别增长47.9%和40.1%，环比分别增长43.81%和38.68%。其中，纯电动销量80.6 万辆，同比增长42.5%，环比增长48.16%；插电式混动销量43.1万辆，同比增长35.8%，环比增长23.85%。 1-3月新能源汽车产销分别完成318.2万辆和307.5万辆，同比分别增长50.4%和47.1%。其中，纯电动 销量192.8万辆，同比增长47.7%；插电式混动销量114.5万辆，同比增长46.1%。3月新能源汽车渗透 率42.4%，环比上升0.5pct；1-3月渗透率41.2%。3月新能源汽车出口15.8万辆，同比增长26.8%，环 比增长20.1%，占出口总量的31.2%；1-3月出口44.1万辆，同比增长43.9%，占出口总量的31%。 行 业 研 究 3月动力电池装车量同环比快速增长， ...

基础化工行业 | 司 点 评 买入（维持） 2025 年 4 月 14 日 | 公 | 基础化工行业 年一季度业绩预告点评 一季度制冷剂价格继续上涨，公司业绩大幅预增 | 三美股份（603379）2025 投资要点： | | --- | --- | --- | --- | | 分析师：卢立亭 |  | 公司发布2025年一季度业绩预告，预计公司2025年一季度实现归属于上 | | | SAC 执业证书编号： | | 市公司股东的净利润为36,938.69万元到42,848.89万元，同比增长 | | | S0340518040001 | | 139.41%到177.71%；实现归属于上市公司股东的扣除非经常性损益的净 | | | 电话：0769-22177163 | | 利润为36,467.63万元到42,377.83万元，同比增长136.29%到174.58%。 | | | 公 邮箱： | | | | | 司 luliting@dgzq.com.cn |  | 制冷剂产品2025Q1继续涨价，公司业绩同比大幅预增。2025年，第二代 | | | 研 | | 氟制冷剂（HCFCs）生产配额进一步削减，第三 ...