Investment Rating - The report assigns an "Accumulate-A" rating for the company, indicating a positive outlook for the stock [1]. Core Views - The company has demonstrated stable growth in its main business and is leading the industry in the development of dexterous hands for robotics [1][5]. - The company is a global leader in micro transmission and drive system solutions, benefiting from trends in miniaturization, automation, and intelligence across various sectors including smart vehicles and medical technology [8]. Financial Performance - In 2024, the company achieved operating revenue of 1.525 billion yuan, a year-on-year increase of 26.42%, and a net profit of 225 million yuan, up 25.11% year-on-year [3]. - For Q1 2025, the company reported operating revenue of 368 million yuan, a year-on-year increase of 17.66%, but a slight decline in net profit by 1.19% [3]. Product and Market Analysis - The revenue from micro transmission systems reached 966 million yuan, contributing 63.34% to total revenue with a gross margin of 28.87%, while precision parts generated 467 million yuan, contributing 30.66% with a gross margin of 40.92% [4]. - The company's revenue from the new energy vehicle sector was 683 million yuan, reflecting a significant year-on-year growth of 48.71% [4]. Research and Development - The company has maintained a research and development expense ratio above 10% since 2021, with over 20% of its workforce dedicated to R&D [6]. - The company has made significant advancements in high-performance engineering plastics and precision gear technology, and has introduced over 4,700 advanced manufacturing devices to enhance product quality [6]. Dividend Policy - The company has consistently paid cash dividends since its listing, with a proposed cash dividend of 2.85 yuan per 10 shares for 2024, resulting in a cash dividend payout ratio of 30.41% [7][6]. Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.09 yuan, 1.38 yuan, and 1.77 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 122.8, 96.4, and 75.5 [9][8].

Investment Rating - The report maintains a "B" rating for the new materials sector, indicating a positive outlook for investment opportunities [3]. Core Insights - The new materials sector has shown a weekly increase of 3.51%, although it underperformed compared to the ChiNext Index by 0.62%. Key sub-sectors such as industrial gases and battery chemicals have seen significant gains, with increases of 5.09% and 4.85% respectively [6][17]. - The wind and solar power sectors have reached a cumulative installed capacity of 1.482 billion kilowatts, surpassing thermal power for the first time. This trend is expected to continue, with annual new installations projected to exceed 100 GW starting in 2025 [6]. Market Performance - The new materials index has outperformed the broader market indices, with specific sub-sectors like semiconductor materials and electronic chemicals showing strong performance, increasing by 3.67% and 3.22% respectively [17][18]. - The report highlights the price stability of various chemical raw materials, with amino acids and vitamins maintaining consistent pricing, while some biodegradable plastics have seen slight declines [4][18]. Price Tracking - The report provides a detailed weekly price tracking of key chemical products, noting that valine remains stable at 13,450 CNY/ton, while tryptophan has decreased by 2.15% to 45,500 CNY/ton [4]. - The price of PLA (biodegradable plastic) remains unchanged at 16,700 CNY/ton, indicating a stable market for this product [4]. Investment Recommendations - The report suggests focusing on the wind power industry supply chain, particularly companies like "Shidai New Materials" and "Maijia Xincai," which are expected to benefit from the ongoing growth in renewable energy installations [6].

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company achieved a revenue of 1.45 billion yuan in 2024, a year-on-year increase of 3.1%, with a net profit of 250 million yuan, a decrease of 15.8% year-on-year. The non-recurring net profit was 240 million yuan, an increase of 13.6% year-on-year. In Q1 2025, the company reported a revenue of 330 million yuan, a year-on-year increase of 9.0%, and a net profit of 60 million yuan, a year-on-year increase of 8.1% [3][4] - The single-walled carbon nanotube slurry has started to be shipped, which is expected to enhance profitability. The revenue from carbon nanotube conductive slurry in 2024 was 1.44 billion yuan, a year-on-year increase of 5.8%, with a gross margin of 35.1%, up 1.34 percentage points year-on-year [4][5] - The demand for carbon nanotube (CNT) industry is growing rapidly, with the company maintaining a market share of 53.2% in China for carbon nanotube conductive slurry in 2024, an increase of 6.5 percentage points from 2023. The compound annual growth rate (CAGR) for the period from 2024 to 2030 is expected to be 26.7% [5] Financial Performance - The company is projected to achieve net profits of 440 million yuan, 690 million yuan, and 850 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to a dynamic price-to-earnings (P/E) ratio of 36 times in 2025. The main business profitability is stable, and the new single-walled carbon nanotube products are expected to be a significant growth driver [6] - The financial data shows that the company’s revenue is expected to grow from 1.45 billion yuan in 2024 to 2.03 billion yuan in 2025, representing a year-on-year growth of 40.3% [9][10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][7]. Core Views - The company reported a revenue of 408 million yuan in Q1 2025, a decrease of 4.25% year-on-year, with a net profit attributable to the parent company of 9 million yuan, down 81.52% [4]. - Despite the decline in performance, the overall gross margin improved to 23.95%, an increase of 2.03 percentage points year-on-year, indicating a focus on core business and optimization of product structure [4][5]. - The company is actively expanding its production capacity and exploring applications of silicon carbide materials in the AI glasses sector, with a significant revenue contribution from its main business [5][6]. Financial Performance - The company achieved a revenue of 1.251 billion yuan in 2023, with a year-on-year growth of 199.9%, and is projected to reach 2.328 billion yuan in 2025, reflecting a growth rate of 31.7% [10]. - The net profit for 2023 was -46 million yuan, but it is expected to turn positive with 264 million yuan in 2025, showing a significant recovery [10]. - The gross margin is projected to improve from 15.8% in 2023 to 27.8% in 2025, indicating better cost management and product pricing strategies [10]. Market Position - The company ranks second globally in the production of conductive silicon carbide substrates, holding a market share of 22.80% [6]. - It is one of the few companies capable of mass-producing 8-inch silicon carbide substrates, which positions it favorably in the market as the industry shifts towards larger substrate sizes [6][7].

2025 年 5 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 电子化学品 天奈科技（688116.SH） 买入-A(维持) 单壁碳管开始出货，盈利能力回升 我们预计公司 2025-2027 年归母净利润分别为 4.4 亿元、6.9 亿元、 8.5 亿元，相当于 2025 年 36 倍的动态市盈率。考虑公司主业盈利能力稳 健，新增单壁碳纳米管产品盈利能力较强，应用市场范围宽广，成为公 司新的业绩增长点确定性较高，维持"买入-A"的投资评级。 | 市场数据：2025 | 年 | 月 | 日 | 5 | 12 | 收盘价（元）： | 45.28 | | --- | --- | --- | --- | --- | --- | --- | --- | | 年内最高/最低（元）： | 56.46/18.58 | | | | | | | | 流通A股/总股本（亿）： | 3.45/3.45 | | | | | | | | 流通 | 股市值（亿）： | A | 156.10 | | | | | | 总市值（亿）： | 156.10 | | | | | | | | 基础数据：2025 年 | 3 月 | 3 ...

Investment Rating - The report maintains an "Accumulate-A" rating for Tianyue Advanced (688234.SH) [4] Core Views - The company is expected to achieve revenue of 2.328 billion, 2.896 billion, and 3.487 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 264 million, 323 million, and 394 million yuan [4] - The earnings per share (EPS) are projected to be 0.62, 0.75, and 0.92 yuan for the same years, leading to price-to-earnings (PE) ratios of 95.8X, 78.4X, and 64.3X respectively based on the closing price of 58.92 yuan on May 12 [4] - The company is focusing on enhancing its core product capacity and exploring new applications in the AI glasses sector, which could further expand its market [6][8] Financial Performance - In Q1 2025, the company reported a revenue of 408 million yuan, a decrease of 4.25% year-on-year, and a net profit of 9 million yuan, down 81.52% year-on-year [5] - The overall gross margin for Q1 2025 was 23.95%, an increase of 2.03 percentage points year-on-year, despite the decline in net profit [5] - The company’s main business, silicon carbide semiconductor materials, achieved a revenue of 1.474 billion yuan in 2024, representing a year-on-year growth of 35.72% [6] Market Position - Tianyue Advanced is one of the few companies globally capable of mass-producing 8-inch silicon carbide substrates, holding a market share of 22.80% in this segment [7] - The company is actively pushing its leading customers to transition to 8-inch substrates and has introduced the industry's first 12-inch silicon carbide substrate [7]

太阳能 爱旭股份（600732.SH） 买入-B(维持) 事件：4 月 30 日，公司披露 2024 年年报及 2025 年一季报，2024 年公 司实现营业收入 111.6 亿元，同比下降 58.9%，归母净利润亏损 53.2 亿元。 25Q1 公司实现营业收入 41.4 亿元，同比增长 64.5%，归母净利润亏损 3.0 亿元，毛利率 0.53%，环比上升 13.46pct，超市场预期。 公司近一年市场表现 | 年 月 市场数据：2025 5 | 日 12 | | | --- | --- | --- | | 收盘价（元）： | | 11.36 | | 年内最高/最低（元）： | | 17.18/7.36 | | 流通A股/总股本（亿）： | | 15.98/18.28 | | 流通 A 股市值（亿）： | | 181.58 | | 总市值（亿）： | | 207.62 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.16 | | 摊薄每股收益(元)： | | | -0.16 | | 每股净资产 ...

咨询实施及其他服务 新致软件（688590.SH） 买入-A(首次) 净利润短期承压，AI 商业化进展迅速 2025 年 5 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 5 | 月 | 12 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 21.66 | | 年内最高/最低（元）： | | | 27.68/9.48 | | 流通 A 股/总股本（亿 | | | 2.63/2.63 | | 股）： | | | | | 流通 A 股市值（亿）： | | | 56.94 | | 总市值（亿）： | | | 56.94 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.06 | | 摊薄每股收益(元)： | | | 0.06 | | 每股净资产(元)： | | | 6.21 | | 净资产收益率(%)： | | | 0.76 | | 资料来源：最闻 | | | | 方闻千 执业登记编码：S0760524050001 ...

太阳能 爱旭股份（600732.SH） 买入-B(维持) 2025 年 5 月 13 日 公司研究/公司快报 公司近一年市场表现 | 年 月 市场数据：2025 5 | 日 12 | | | --- | --- | --- | | 收盘价（元）： | | 11.36 | | 年内最高/最低（元）： | | 17.18/7.36 | | 流通A股/总股本（亿）： | | 15.98/18.28 | | 流通 A 股市值（亿）： | | 181.58 | | 总市值（亿）： | | 207.62 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.16 | | 摊薄每股收益(元)： | | | -0.16 | | 每股净资产(元)： | | | 2.66 | | 净资产收益率(%)： | | | -6.44 | 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com ...

净利润短期承压，AI 商业化进展迅速 2025 年 5 月 13 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 5 | 月 | 12 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 21.66 | | 年内最高/最低（元）： | | | 27.68/9.48 | | 流通 A 股/总股本（亿 | | | 2.63/2.63 | | 股）： | | | | | 流通 A 股市值（亿）： | | | 56.94 | | 总市值（亿）： | | | 56.94 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.06 | | 摊薄每股收益(元)： | | | 0.06 | | 每股净资产(元)： | | | 6.21 | | 净资产收益率(%)： | | | 0.76 | | 资料来源：最闻 | | | | 咨询实施及其他服务 新致软件（688590.SH） 买入-A(首次) 方闻千 执业登记编码：S0760524050001 ...