电力及公用事业 电力月报 同步大市-A(维持) 电力及公用事业板块近一年市场表现 资料来源：最闻 相关报告： 【山证电力及公用事业】11 月用电量增 速回落，看好后续需求修复-【山证煤炭 公用】电力月报 2025.1.3 速回落，看好后续需求修复-【山证煤炭 公用】电力月报 2024.12.18 12 月当月用电量增速较 11 月有所增长，分部门除城乡居民用电量外当 月同比增速均实现环比回升。用电侧，12 月我国平均气温较历史同期偏高， 全社会及分部门用电增速均维持增长趋势但同比增速较去年同期有所放缓， 但随着经济活动复苏，分部门除城乡居民用电量外当月同比增速均实现环比 回升。长期来看，未来新质生产力发展及电能替代趋势推动下，用电量需求 或将进一步提升，且我们认为短期用电量增速或仍将高于 GDP 增速；其中 长三角及粤皖地区新兴产业布局较早、规模占比较高，且相关产业如光伏制 造、AI 数据中心等多为新高耗能产业，预期上述地区用电需求增长弹性较大。 发电侧，火电板块：短期来看，上游燃料价格大幅反弹可能性较弱，利好火 电板块成本端；水电对火电电量挤占影响进一步削弱，预计后续火电电量持 续向好；长期来看，煤电容量电 ...

消费者服务行业近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600754.SH | 锦江酒店 | 增持-A | | 600258.SH | 首旅酒店 | 增持-A | | 600138.SH | 中青旅 | 增持-B | | 300144.SZ | 宋城演艺 | 增持-A | | 603136.SH | 天目湖 | 增持-A | | 002707.SZ | 众信旅游 | 增持-B | 相关报告： 【山证社服】社会服务行业 2025 年度策 略：消费趋于理性，品质化与性价比需 求旺盛（2025.1.24） 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 张晓霖 执业登记编码：S0760521010001 邮箱：zhangxiaolin@sxzq.com 消费者服务 2025 年春节假期旅游市场点评 同步大市-A(维持) 首个非遗春节旅游市场平稳增长，反向出行拉升低线城市旅游热 2025 年 2 月 6 日 行业研究/行业快报 事件描述： 春节小长假旅游市场整体情况：春节假期 8 天，全国国内出游 ...

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Views - The company is expected to achieve significant growth in its annual performance, with projected net profits for 2024 ranging from 2.1 to 2.36 billion yuan, representing a year-on-year increase of 53.45% to 72.45% [3]. - The demand for the company's products in overseas markets remains strong, particularly for high-quality and high-performance tires, which are in short supply [4]. - The new factory in Morocco is anticipated to ramp up production significantly in 2025, contributing to further growth in the company's performance [5]. Summary by Sections Market Data - As of February 5, 2025, the closing price of the stock is 24.80 yuan, with a market capitalization of 25.678 billion yuan [1]. Financial Data - Basic earnings per share (EPS) for the company is projected at 2.13 yuan, with a return on equity (ROE) of 13.48% [2]. - The company’s revenue is expected to grow from 8.446 billion yuan in 2024 to 11.240 billion yuan in 2025, reflecting a year-on-year growth of 33.1% [10]. Performance Forecast - The company’s net profit is forecasted to be 2.229 billion yuan in 2024, increasing to 2.602 billion yuan in 2025, with corresponding P/E ratios of 11.5 and 9.9 [6][10]. - The gross profit margin is expected to be 32.5% in 2024, slightly decreasing to 29.7% in 2025 [10]. Industry Insights - The domestic tire market is experiencing a continuous boom, with tire production and exports showing significant year-on-year growth [4]. - The report highlights the ongoing cost pressures from raw material price increases, which have seen substantial fluctuations throughout 2024 [4].

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,229.49, down by 0.65%, while the Shenzhen Component Index rose slightly by 0.08% to 10,164.22 [4]. Industry Commentary: Communication - The report highlights the dual advancements in model innovation and engineering optimization within the communication sector, particularly focusing on the "Stargate" supercomputing initiative announced by the U.S. government, which aims to invest $500 billion over four years [8]. - Meta's planned capital expenditure for AI-related projects is projected to be between $60 billion and $65 billion, significantly higher than previous estimates, indicating a strong commitment to enhancing AI capabilities [8]. - The report emphasizes the increasing demand for AI computing power, driven by the proliferation of AI applications and a competitive "AI arms race" among major cloud service providers [9]. Company Commentary: Juhua Co., Ltd. (600160.SH) - Juhua Co., Ltd. is expected to achieve a net profit attributable to shareholders of between 1.87 billion and 2.1 billion yuan for 2024, with a significant improvement in the refrigerant segment, which is projected to see a 22.61% increase in export volume [13]. - The company’s refrigerant sales are anticipated to reach 314.38 thousand tons, with a revenue increase of 29.84% year-on-year, driven by improved demand in the downstream appliance and automotive markets [13]. - The report notes that the supply of refrigerants is expected to remain tight due to quota optimization and increased demand, which will support pricing power in the market [17]. Investment Recommendations - The report suggests focusing on opportunities in the North American AI computing chain and related technological innovations, including AI infrastructure, power distribution, and cooling solutions [12]. - It also recommends attention to domestic computing investments, particularly in ASIC chips and high-density interconnects, as the demand for AI applications continues to grow [12]. - For Juhua Co., Ltd., the projected earnings per share (EPS) for 2024-2026 are estimated at 0.73, 1.16, and 1.34 yuan, respectively, with a "Buy-B" rating maintained based on the current market price [14].

Investment Rating - The report maintains a "Buy-B" rating for the company [4][8] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.87 to 2.1 billion yuan for 2024, with the fourth quarter projected to contribute 612 to 842 million yuan [5] - The supply tightness in the refrigerant market is expected to persist, driven by improved downstream demand and price increases [6][7] Market Performance - The company's stock closed at 25.66 yuan on February 5, 2025, with a yearly high of 26.72 yuan and a low of 14.25 yuan [2] - The circulating A-shares total 2.7 billion, with a market capitalization of 69.275 billion yuan [2] Financial Data - The company’s revenue is projected to grow from 20.655 billion yuan in 2023 to 24.515 billion yuan in 2024, reflecting a year-on-year increase of 18.7% [12] - The net profit is expected to rise significantly from 944 million yuan in 2023 to 1.984 billion yuan in 2024, marking a 110.3% increase [12] - The diluted EPS is forecasted to be 0.73 yuan in 2024, increasing to 1.16 yuan in 2025 and 1.34 yuan in 2026 [8][12] Supply and Demand Dynamics - The company’s main products are expected to see a 14.96% increase in external sales volume, reaching 3.1438 million tons in 2024 [6] - The average selling price of refrigerants is projected to rise by 32.69% year-on-year to 26,765 yuan per ton in 2024 [6] Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 35, 22, and 19, respectively, based on the closing price of 25.66 yuan [8]

Investment Rating - The report maintains an "A" rating for the communication industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The communication industry is experiencing significant capital investment, particularly in AI and computing power, driven by major players like Meta and the U.S. government's "Stargate" supercomputing initiative, which plans to invest $500 billion over four years [4][12]. - Domestic innovations, such as DeepSeekv3, demonstrate cost-effective advancements in AI model training, achieving global leadership with significantly reduced computational costs [5][13]. - The report highlights a dual approach in the industry, with North America focusing on large-scale innovations while domestic efforts emphasize optimization and cost reduction, suggesting a collaborative global investment trend in AI [6][15]. Summary by Sections Industry Dynamics - The U.S. has announced the "Stargate" supercomputing plan, with an initial investment of $100 billion and contributions from major companies like OpenAI and Oracle [4][12]. - Meta plans to invest $60 to $65 billion in AI-related capital expenditures, significantly higher than previous estimates [4][12]. - The demand for AI computing power is unprecedented, driven by the proliferation of AI applications across various sectors [4][12]. Domestic Innovations - DeepSeekv3, developed by a domestic company, features a model with 671 billion parameters and achieved training at a cost of approximately $558 million, significantly lower than comparable models [5][13]. - Innovations in system architecture and algorithms, such as multi-head latent attention and mixed expert models, have contributed to this cost efficiency [5][13]. Market Overview - The overall market saw an increase during the week of January 20-24, 2025, with the communication sector rising by 5.24% [7][17]. - The top-performing segments included liquid cooling, submarine cables, and IDC, with respective increases of 15.8%, 14.2%, and 13.1% [7][17]. Investment Recommendations - The report suggests focusing on North American AI infrastructure opportunities, including fiber optics, power distribution, and IT equipment [6][15]. - It also recommends monitoring domestic investments in ASIC chips, HBM, and AI IoT applications as potential growth areas [6][15]. Notable Companies to Watch - Key companies highlighted for investment consideration include: - Optical modules: Zhongji Xuchuang, Xinyi Technology - Copper connections: Wolong Materials, Dingtong Technology - Domestic AI: Cambricon, Shengke Communication [16].

Group 1: Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,250.60, down 0.06%, and the Shenzhen Component Index at 10,156.07, down 1.33% [4] - The overall trend indicates a slight decline in major indices, particularly in the ChiNext Index, which fell by 2.73% [4] Group 2: Coal Industry Insights - In December, coal imports decreased month-on-month, but the overall import volume for 2024 is projected to reach 543 million tons, a year-on-year increase of 14% [8] - The average import price for coal in 2024 is expected to be $96 per ton, down 13.84% from the previous year, with December's price at $88 per ton, reflecting a 19.64% year-on-year decline [8] - The structure of coal imports remains stable, with coking coal's proportion increasing while anthracite's share is decreasing [8] Group 3: Solar Energy Sector - The National Energy Administration forecasts that 2024 will see an addition of 277.17 GW of solar photovoltaic capacity, bringing the total installed capacity to 88.66 million kW by the end of 2024 [11] - The distributed solar photovoltaic capacity is expected to reach 120 GW in 2024, accounting for 43% of the new installations [11] - The price of polysilicon remains stable, with the average price for dense material at 39.0 RMB/kg and granular silicon at 36.0 RMB/kg [11] Group 4: Company-Specific Developments - The report highlights Pingmei Shenma Group's acquisition of a 60% stake in Wusu Sike Coal Co., which is expected to enhance the company's resource base in Xinjiang [17] - The target company reported a revenue of 43.886 million RMB and a net profit of 11.950 million RMB in 2023, with significant coal reserves that will bolster the acquirer's sustainable development capabilities [17] - The acquisition is projected to increase the company's coal resource holdings in Xinjiang to over 1.732 billion tons, representing 59.19% of its total resources [17]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [3][7]. Core Views - The company is continuing to expand its coal resources in Xinjiang, which will enhance its sustainable development capabilities [3][4]. - The acquisition of a 60% stake in Wusu Sike Tree Coal Co., Ltd. is expected to strengthen the company's resource layout in Xinjiang, with the target company generating significant revenue and profit [4][5]. - The company has a strong commitment to high dividend payouts, planning to distribute at least 60% of its distributable profits in cash annually [5]. Market Performance - As of January 27, 2025, the company's closing price is 9.03 yuan, with a yearly high of 15.05 yuan and a low of 7.84 yuan [2]. - The circulating A-share market value is 222.98 billion yuan, while the total market value is 223.51 billion yuan [2]. Financial Data and Projections - The company reported a basic and diluted earnings per share (EPS) of 0.84 yuan for the year ending September 30, 2024 [2]. - The projected EPS for 2024, 2025, and 2026 are 1.12 yuan, 1.31 yuan, and 1.42 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 8.1, 6.9, and 6.3 [6][9]. - The company's revenue for 2024 is estimated at 29.994 billion yuan, with a net profit of 2.768 billion yuan, reflecting a year-on-year decline [9][12]. Resource and Production Capacity - The target company, Wusu Sike Tree Coal Co., Ltd., had a revenue of 43.886 million yuan and a net profit of 11.950 million yuan in 2023 [4]. - The company’s coal reserves in Xinjiang are expected to exceed 1.732 billion tons, representing 59.19% of its total resources as of the end of 2023 [4].