新股研究 新股周报（2025.03.31-2025.04.03） 3 月份双创板块新股首日涨幅下降，科创板胜科纳米上市 2025 年 3 月 31 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，3 月份科创板新股首日涨幅下降但开板估值上升 周内新股市场活跃度下降，近 6 个月上市新股周内共有 11 只股票录得正涨幅(占比 22.45%，前值 26.09%)。 科创板：上周科创板胜科纳米上市，上市首日涨幅 241.41%，首日开板估值 154.01 倍。 周内先锋精科、思看科技录得周涨幅为正，胜科纳米录得周跌幅超-10%。 创业板：上周创业板浙江华业、浙江华远、矽电股份上市。周内惠通科技、博苑股份录 得周涨幅为正，弘景光电、浙江华业等录得周跌幅超-10%。 2025/01：思看科技（3D 视觉数字化产品/3D 扫描仪） 沪深主板：上周沪深主板无新股上市。周内天和磁材录得周涨幅超 10%，江南新材、新 亚电缆录得周跌幅约-10%。 山西证券新股研究团队 新股周期：2 月份无新股上市，创业板新股发行 PE 下降，主板新股发行 PE 上升。3 月 份科创板胜科纳米、创业板毓恬冠佳/常友科技/汉朔科技/弘景光 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][10]. Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit of 179 million yuan, up 491.56% [5][6]. - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to significant revenue growth and improved profit margins [6][7]. - The company is actively expanding its product applications into emerging fields, with notable revenue contributions from international clients [7][8]. Financial Performance - In 2024, the company reported a gross margin of 25.90%, an increase of 10.09 percentage points year-on-year, with a main business gross margin of 32.92%, up 15.39 percentage points [6][12]. - The company’s revenue for Q4 2024 was 487 million yuan, reflecting a 14.32% increase year-on-year, while the net profit for the same quarter was 36 million yuan, up 59.74% [5][6]. - The company’s silicon carbide substrate products generated 1.474 billion yuan in revenue, accounting for 83.35% of total revenue, with international business revenue reaching 840 million yuan, a 104.43% increase [7][9]. Product and Market Position - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has launched the industry's first 12-inch silicon carbide substrate [10][9]. - The company holds a 22.80% market share in the global conductive silicon carbide substrate market, ranking second worldwide [9][10]. - The company is expanding its product matrix to include larger substrates, with ongoing development in 8-inch and 12-inch products [8][9]. Future Projections - The company is projected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan for the years 2025, 2026, and 2027, respectively [10][12]. - The expected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [10][12].

Investment Rating - The report maintains an "Accumulate-A" rating for the company Tianyue Advanced (688234.SH) [1] Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit attributable to shareholders of 179 million yuan, up 491.56% [2][3] - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to a significant increase in revenue and profitability [2][3] - The company is positioned as the second-largest global manufacturer of conductive silicon carbide substrates, with a market share of 22.80% [6][7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.768 billion yuan, with a net profit of 179 million yuan, marking a significant improvement from a loss in the previous year [2][3] - The gross margin for the year was 25.90%, an increase of 10.09 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][3] Product and Market Development - The main business segment, silicon carbide semiconductor materials, generated revenue of 1.474 billion yuan, accounting for 83.35% of total revenue, with a year-on-year growth of 35.72% [3] - The company has successfully expanded its international business, with overseas revenue reaching 840 million yuan, a 104.43% increase, representing 47.53% of total revenue [3] - The production capacity for silicon carbide substrates reached 410,200 pieces in 2024, a year-on-year increase of 56.56% [3] Future Projections - The company is expected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan in 2025, 2026, and 2027, respectively [7] - The projected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [7]

研究早观点 2025 年 3 月 31 日 星期一 市场走势 【今日要点】 【山证纺服】申洲国际 2024 年报点评 【公司评论】联瑞新材(688300.SH)：联瑞新材-高端产品销量持续提升，核 心技术储备丰富 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,351.31 | -0.67 | | 深证成指 | | 10,607.33 | -0.57 | | 沪深 | 300 | 3,915.17 | -0.44 | | 中小板指 | | 6,647.84 | -0.58 | | 创业板指 | | 2,128.21 | -0.79 | | 科创 | 50 | 1,029.48 | -1.07 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@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】申洲国际 2024 年报点评 王冯 wan ...

纺织制造 申洲国际（02313.HK） 买入-A(维持) 2024 年业绩超预期，核心客户份额保持提升 2025 年 3 月 28 日 公司研究/公司快报 事件描述 3 月 25 日，公司披露 2024 年年报，2024 年，公司实现收入 286.63 亿元，同比增长 14.8%，实现归母净利润 62.41 亿元，同比增长 36.9%。公司董事会建议派发末期股息每 股 1.28 港元，全年派息率 55.8%。 公司近一年市场表现 事件点评 公司 2024 年营收增长超预期，展现业绩弹性。营收端，2024 年，公司实现收入 286.63 亿元，同比增长 14.8%。量价拆分看，2024 年，我们估算公司销量同比增长 21%，销售均 价下跌同比下跌 5%，均价下跌主要由于产品结构变化，均价相对更低的休闲服装及内衣 产品收入占比提升。业绩端，2024 年，公司实现归母净利润 62.41 亿元，同比增长 36.9%。 2024 年，公司业绩端表现显著好于收入端，主因产能利用率回升带动销售毛利率同比提 升、管理费用率同比下降、资产处置收益增加。2024 年，公司努力提升服务质量、拓展 市场需求；进一步扩充产能规模，提升 ...

研究早观点 2025 年 3 月 28 日 星期五 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 市场走势 【今日要点】 【行业评论】太阳能：202502 光伏行业月度报告-2025 年 1-2 月光伏新 增装机同比增长 7.5%，组件出口额同比下降 【山证煤炭】中国神华（601088.SH）年报点评：-运输板块部分弥补 煤价下行，业绩稳健分红可期 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | --- | | 上证指数 | | 3,373.75 | 0.15 | 效初显，降本增效推动业绩高增 | | 深证成指 | | 10,668.10 | 0.23 | | | 沪深 | 300 | 3,932.41 | 0.33 | | | 中小板指 | | 6,686.62 | 0.52 | | | 创业板指 | | 2,145.10 | 0.24 | | | 科创 | 50 | 1,040.57 | 1.12 | | 资料来源：最闻 分析师： 【公司评论】 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8] Core Views - The company has seen continuous growth in high-end product sales and possesses a rich reserve of core technologies [1] - The demand for powder products has surged due to the increasing need for computing power, driven by the explosion of AI technology and a rebound in storage chips [4] - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit of 251 million yuan, up 44.47% year-on-year [4] Financial Performance - The company’s gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, primarily due to the growth of high-margin spherical powder products [5] - The sales volume of spherical silicon micro-powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton, up 4.6% year-on-year [4][5] - The company’s R&D expenditure accounts for 6.3% of its revenue, with ongoing projects aimed at high-end applications in international markets [6] Future Projections - The company is expected to achieve net profits of 298 million yuan, 346 million yuan, and 381 million yuan for the years 2025, 2026, and 2027, respectively [8] - Corresponding to the closing price of 57.55 yuan on March 27, the projected P/E ratios for 2025, 2026, and 2027 are 36, 31, and 28 times, respectively [8] Market Position - The company is well-positioned to benefit from the ongoing demand in the semiconductor industry, with global semiconductor sales projected to reach 628 billion USD in 2024, a year-on-year increase of 19% [4]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][5] Core Views - The company achieved an annual revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit attributable to the parent company of 251 million yuan, up 44.47% year-on-year [1] - The demand for the company's spherical powder products has surged due to the increasing need for computing power, with global semiconductor sales projected to reach 628 billion USD in 2024, a 19% year-on-year increase [2] - The company has a strong pipeline of high-end products and a rich core technology reserve, with R&D expenses accounting for 6.3% of revenue [3] Financial Performance - In Q4 2024, the company reported a revenue of 267 million yuan, a quarter-on-quarter increase of 6.5%, while the net profit attributable to the parent company was 66 million yuan, a decrease of 1.3% quarter-on-quarter [1] - The company's gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, driven by the growth of high-margin spherical powders [2] - The projected net profits for 2025, 2026, and 2027 are 298 million yuan, 346 million yuan, and 381 million yuan, respectively, with corresponding P/E ratios of 36, 31, and 28 times based on the closing price of 57.55 yuan on March 27 [5][12] Product and Market Development - The company has successfully launched high-end products such as Lowα spherical silica and LowDf ultra-fine spherical silica, which have been certified by overseas clients for advanced packaging applications [2] - The sales volume of spherical silicon micro powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton [2] - The company is actively advancing research projects in high-end copper-clad laminates, packaging materials, and thermal conductive materials [3]

3 月 24 日，公司发布《2024 年年度报告》，2024 年实现营业总收入 456.48 亿元，同比增长 10.03%；归母净利润 60.72 亿元，同比增长 26.77%。其中， 2024Q4 实现营业总收入 133.73 亿元，同环比分别+41.69%/+3.87%；归母净 利润为 23.79 亿元，同环比分别+75.09%/+45.33%。 其他化学原料 卫星化学（002648.SZ） 买入-B(维持) 新产能增强产业链一体化优势，研发投入持续加码 2025 年 3 月 27 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件点评 市场数据：2025 年 3 月 27 日 收盘价（元）： 22.21 年内最高/最低（元）： 22.36/14.65 流通A股/总股本（亿）： 33.66/33.69 流通 A 股市值（亿）： 747.70 提质增效，盈利水平整体提升。分板块来看，2024 年，公司功能化学品、 高分子材料、新能源材料分别实现收入 217.07、119.87、8.41 亿元，分别同 比增长 1.96%、0.60%、80.77%，新能源材料迅猛发展。其中，功能化学品 和高分子材料毛利 ...

其他化学原料 卫星化学（002648.SZ） 买入-B(维持) 新产能增强产业链一体化优势，研发投入持续加码 2025 年 3 月 27 日 公司研究/公司快报 公司近一年市场表现 事件描述 投资建议 预计公司 2025-2027 年 EPS 分别为 2.19/ 2.45/ 2.66，对应公司 3 月 27 请务必阅读最后股票评级说明和免责声明 1 3 月 24 日，公司发布《2024 年年度报告》，2024 年实现营业总收入 456.48 亿元，同比增长 10.03%；归母净利润 60.72 亿元，同比增长 26.77%。其中， 2024Q4 实现营业总收入 133.73 亿元，同环比分别+41.69%/+3.87%；归母净 利润为 23.79 亿元，同环比分别+75.09%/+45.33%。 事件点评 市场数据：2025 年 3 月 27 日 收盘价（元）： 22.21 年内最高/最低（元）： 22.36/14.65 流通A股/总股本（亿）： 33.66/33.69 流通 A 股市值（亿）： 747.70 提质增效，盈利水平整体提升。分板块来看，2024 年，公司功能化学品、 高分子材料、新能源材料分别实 ...