Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a leading performance compared to the market [1]. Core Insights - The new materials sector has shown resilience, with the new materials index rising by 0.86%, outperforming the ChiNext index by 2.54% during the week [3]. - The vitamin sector is experiencing a price surge due to geopolitical tensions in the Middle East, particularly affecting the Hormuz Strait, which has led to increased costs across the petrochemical supply chain [5]. - Key vitamin products such as Vitamin A and E have seen significant price increases, with Vitamin A reaching 110,000 CNY/ton (up 15.79% week-on-week) and Vitamin E at 101,000 CNY/ton (up 18.82% week-on-week) [5]. Summary by Sections Market Performance - The new materials sector has outperformed the broader market indices, with specific segments like battery chemicals rising by 10.69% and industrial gases by 1.78% [3][12]. - Over the past five trading days, the synthetic biology index fell by 0.92%, while semiconductor materials dropped by 2.80% [3][16]. Price Tracking - Amino acids have shown stable prices, with valine at 14,550 CNY/ton and arginine at 23,250 CNY/ton [4]. - The price of Vitamin A has increased significantly, reflecting a broader trend of rising prices in the vitamin sector due to supply constraints [4][5]. Investment Recommendations - The report suggests focusing on companies within the vitamin supply chain, such as New Hope Liuhe, Andis, Meihua Biological, and Zhejiang Medicine, as they are expected to benefit from the ongoing price increases [5][6].

新材料 新材料周报（260323-0327） 领先大市-B(维持) 2026 年 4 月 1 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：常闻 相关报告： 实质中断，关注维生素、氨基酸产业机 遇-新材料周报（260302-0306）2026.3.12 【山证新材料】北美 CSP 资本支出强劲 增长，建议关注上游 AI 新材料发展机遇 -新材料周报（260202-0206） 2026.2.11 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com 霍尔木兹海峡影响加剧，维生素"涨价潮"持续 产业链周度价格跟踪（括号为周环比变化） 氨基酸：缬氨酸(14550 元/吨，不变)、精氨酸(23250 元/吨，不变)、色氨酸 (37000 元/吨，1.37%)、蛋氨酸(49000 元/吨，20.99%) 【山证新材料】霍尔木兹海峡商业航运 可降解材料：PLA(FY201 注塑级)(17800 元/吨，不变)、PLA(REVODE 201 吹膜级)(16800 元/吨，不变)、PBS(17000 元 ...

Industry Overview - The coal industry is experiencing a comprehensive price increase in the domestic market, driven by heightened demand from downstream sectors such as chemicals due to rising oil prices influenced by geopolitical tensions in the Middle East [6][3]. - As of March 27, the spot reference price for thermal coal in the Bohai Rim was 762 RMB/ton, reflecting a weekly increase of 3.39%, while the Qinhuangdao port price was 761 RMB/ton, up 3.54% [6]. - The metallurgical coal market is also seeing price increases, with main coking coal prices at 1750 RMB/ton, up 8.02%, and 1/3 coking coal at 1380 RMB/ton, up 2.99% [6]. Company Analysis: Aimeike (300896.SZ) - Aimeike reported a revenue of 2.453 billion RMB for 2025, a decrease of 18.94%, and a net profit of 1.291 billion RMB, down 34.05% [9]. - The company’s product lines, particularly solution and gel products, saw significant revenue declines of 27.48% and 26.82% respectively, while new freeze-dried powder products generated 208 million RMB [9]. - Aimeike's gross margin was 92.7%, down 1.94 percentage points, and the net profit margin was 53.07%, down 11.59 percentage points, indicating increased operational costs [9]. Investment Recommendations - The projected earnings per share (EPS) for Aimeike from 2026 to 2028 are estimated at 5, 5.41, and 6.06 RMB, respectively, with a current closing price of 118.74 RMB [8]. - The company is focusing on enhancing its product portfolio through independent research and acquisitions, including a recent acquisition of 85% of South Korea's REGEN for 1.9 million USD, which will strengthen its position in the global aesthetic medicine market [7][9]. - Aimeike's strategic initiatives in R&D and mergers are expected to bolster its capabilities in the aesthetic medicine industry, making it a noteworthy investment opportunity despite current performance pressures [7][9].

医疗器械 爱美客（300896.SZ） 买入-A(维持) 短期业绩承压，看好公司自主研发+并购布局医美全产业链能力 2026 年 3 月 31 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2025 年财务报告，期内实现营收 24.53 亿元/-18.94%，归母净 利润 12.91 亿元/-34.05%，扣非归母净利润 10.99 亿元/-41.3%，EPS4.28 元。 其中 2025Q4 实现营收 5.88 亿元/-9.61%，归母净利润 1.98 亿元/-46.85%，扣 非归母净利润 1.22 亿元/-64.14%。公司拟向全体股东每 10 股派发现金红利 8 元（含税）。 事件点评 市场数据：2026 年 3 月 30 日 收盘价（元/股）： 118.74 年内最高/最低（元/股）： 202.88/116. 99 流通 A 股/总股本（亿股）： 2.04/3.03 流通 A 股市值（亿元）： 242.77 总市值（亿元）： 359.30 期内受宏观环境、行业竞争等因素影响，公司溶液类、凝胶类产品营收 呈现不同程度下降。公司溶液类与凝胶类注射产品营收分别为 12.65 亿元、 8. ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][7]. Core Insights - The company is facing short-term performance pressure but is expected to benefit from its capabilities in independent research and acquisitions across the entire medical beauty industry chain [1][3]. - The company reported a revenue of 2.453 billion yuan for 2025, a decrease of 18.94% year-on-year, with a net profit of 1.291 billion yuan, down 34.05% [3][9]. - The company is expanding its product matrix with new products in clinical trials and has made strategic acquisitions to enhance its global presence in the medical beauty market [5][9]. Financial Performance - The company’s revenue for Q4 2025 was 588 million yuan, reflecting a decline of 9.61% year-on-year, while the net profit for the same period was 198 million yuan, down 46.85% [3][4]. - The gross margin for the period was 92.7%, a decrease of 1.94 percentage points, and the net profit margin was 53.07%, down 11.59 percentage points [4][9]. - The company plans to distribute a cash dividend of 8 yuan per 10 shares to all shareholders [3]. Future Projections - The expected earnings per share (EPS) for 2026, 2027, and 2028 are projected to be 5.00 yuan, 5.41 yuan, and 6.06 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 23.7, 22.0, and 19.6 [7][9]. - Revenue is projected to recover to 2.702 billion yuan in 2026, with a year-on-year growth of 10.2% [9][11].

研究早观点 2026 年 3 月 31 日 星期二 市场走势 【今日要点】 【山证纺服】李宁 2025 年报点评-2025 年经营利润稳健增长，全渠道 库存保持健康可控水平 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,923.29 | 0.24 | | 深证成指 | | 13,726.19 | -0.25 | | 沪深 | 300 | 4,491.95 | -0.24 | | 中小板指 | | 8,366.35 | 0.07 | | 创业板指 | | 3,273.36 | -0.68 | | 科创 | 50 | 1,289.78 | -0.84 | 资料来源：常闻 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【山证纺服】李宁 2025 年报点评-2025 年经营利润稳健增长，全渠道库存保持健康可控水平 王冯 wangfeng@sx ...

Investment Rating - The investment rating for the company is "Buy-A" and is maintained [1] Core Insights - In 2025, the company achieved a revenue of 29.598 billion yuan, representing a year-on-year growth of 3.2%, while the net profit attributable to shareholders was 2.936 billion yuan, a decrease of 2.6% year-on-year [2][4] - The board proposed a final dividend of 0.2336 yuan per share, with a total payout ratio of 50% for the year [2] - The company's operating profit is expected to grow steadily in 2025, with a healthy and controllable level of inventory across all channels [9] Revenue and Profit Analysis - The company's revenue growth in 2025 was driven by the running and training categories, with total retail sales for running, sports leisure, basketball, and training categories accounting for 31%, 28%, 17%, and 16% of total sales, respectively [5][6] - The sales revenue for shoes, apparel, accessories, and equipment in 2025 was 14.651 billion, 12.327 billion, 2.621 billion, and 0.262 billion yuan, with year-on-year growth rates of 2.4%, 2.3%, 12.7% [5] - The company’s gross profit margin for 2025 was 49.0%, a slight decline of 0.4 percentage points year-on-year, attributed to a decrease in the proportion of revenue from direct sales channels and increased discounts [7] Channel Performance - Direct sales revenue decreased by 3.3% to 6.655 billion yuan in 2025, with a total of 1,238 direct stores, net closing 59 stores [6] - Wholesale channel revenue increased by 6.3% to 13.773 billion yuan, while e-commerce channel revenue grew by 5.3% to 8.743 billion yuan [6] - The company maintained a healthy inventory turnover with an inventory amount of 2.694 billion yuan at the end of 2025, a year-on-year increase of 3.7% [8] Future Outlook - The company is expected to achieve high single-digit revenue growth in 2026, with retail sales in January and February projected to show positive year-on-year growth [9] - Earnings per share (EPS) estimates for 2026, 2027, and 2028 are projected to be 1.16, 1.26, and 1.38 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 15.0, 13.8, and 12.6 times [9]

研究早观点 2026 年 3 月 30 日 星期一 市场走势 资料来源：常闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,913.72 | 0.63 | | 深证成指 | | 13,760.37 | 1.13 | | 沪深 | 300 | 4,502.57 | 0.56 | | 中小板指 | | 8,360.24 | 1.30 | | 创业板指 | | 3,295.88 | 0.71 | | 科创 | 50 | 1,300.76 | 0.93 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【行业评论】煤炭：煤炭进口数据拆解 26 年 1-2 月：海外局势复杂， 进口煤有望收缩 【行业评论】锂电设备：固态电池设备专题报告-产业量产加速可期， 关注设备端投资机会 【行业评论】通信：通信周跟踪（20260316-2026032 ...

相关报告： 【山证煤炭】煤炭月度供需数据点评 26 年 1-2 月：海外局势紧张，进口煤开始收 缩 2026.3.26 煤炭板块近一年市场表现 资料来源：常闻 报（20260316-20260322） 2026.3.23 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 程俊杰 执业登记编码：S0760519110005 煤炭 煤炭进口数据拆解 领先大市-A(维持) 26 年 1-2 月：海外局势复杂，进口煤有望收缩 2026 年 3 月 27 日 行业研究/行业月度报告 投资要点： 数据拆解： 首选股票 评级 26 年 1-2 月进口煤小幅增加，进口煤价下降。进口量方面，26 年 1-2 月 进口煤 0.77 亿吨，累计增速 1.5%，其中 1 月进口煤同比增 10.82%、环比降 21.02%，2 月进口煤同比降 9.95%、环比降 33.15%。分煤种来看，四大煤种 虽然有所分化，但 2 月当月所有煤种同比均有所下降。动力煤印尼和俄罗斯 的减量主要由外蒙古和澳大利亚弥补；炼焦煤主要增量来源为外蒙古，而美 国进口焦煤仍未恢复进口；尽管褐煤同比小幅增加，但 2 月印度尼西 ...

Investment Rating - The report rates the solid-state battery equipment sector as "Outperform" with a target price indicating significant growth potential [1]. Core Insights - The solid-state battery technology is gradually focusing on sulfide electrolytes as the mainstream choice, with major global manufacturers concentrated in China, Japan, South Korea, and the United States [1][2]. - The demand for solid-state batteries is bolstered by favorable policies and emerging applications, with a target to establish 3-5 leading companies by 2027 in China [2][3]. - The equipment value for solid-state batteries is significantly higher than that of traditional liquid batteries, with an expected market size of 107.9 billion yuan by 2030 [3]. Summary by Sections 1. Overview of Solid-State Batteries - Solid-state batteries are a new energy storage technology that replaces liquid electrolytes with solid electrolytes, enhancing safety and energy density [9][12]. - The development history of solid-state batteries dates back to the mid-20th century, with significant advancements leading to commercial viability in recent years [15][16]. 2. Technology Route Focus - The solid electrolyte is the core component of solid-state batteries, with sulfide, halide, oxide, and polymer routes being explored, with sulfide emerging as the most promising [19][20]. - The consensus is forming around the development of high-nickel ternary cathodes transitioning to lithium-rich manganese-based materials for better performance [29][30]. 3. Demand Side: Favorable Policies and Emerging Applications - Global policies are strongly supporting the development of solid-state batteries, with initiatives in the US, EU, and Japan focusing on enhancing energy density and safety [37][38]. - In China, a comprehensive support system has been established to promote solid-state battery technology, with significant government backing and a focus on industrialization [39][40]. 4. Supply Side: Transition to Mass Production - The solid-state battery sector is in a critical transition phase towards mass production, with expectations for small-scale production by 2027 and full-scale production by 2030 [2][4]. - The equipment requirements for solid-state batteries are higher than for liquid batteries, leading to increased investment in specialized manufacturing equipment [3][5]. 5. Equipment Demand and Market Potential - The equipment cost for solid-state batteries is projected to be 4-5 times higher than that for liquid batteries, indicating a substantial market opportunity [3]. - Key companies to watch include leading equipment manufacturers and those specializing in specific segments of solid-state battery production [3].