Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Photomask (688721.SH) [1] Core Views - The company's Q1 2025 performance was under pressure due to the new factory's depreciation and strategic price reductions, leading to a decline in revenue and net profit [5][6] - Despite the current challenges, the report anticipates a gradual improvement in revenue and profit as the new factory's capacity utilization increases and customer purchasing levels normalize [5][6] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 54.37 million yuan, a year-on-year decrease of 8.97% - The net profit attributable to the parent company was 17.33 million yuan, down 30.00% year-on-year - The basic earnings per share (EPS) was 0.13 yuan, a decline of 48.00% compared to the previous year [4][5] Future Projections - The company is expected to achieve revenues of 348 million, 509 million, and 788 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 41.0%, 46.6%, and 54.6% respectively - Net profits are projected to be 103 million, 162 million, and 263 million yuan for the same years, with growth rates of 11.8%, 57.6%, and 62.3% respectively [7][10] Valuation Metrics - The report provides projected EPS of 0.77, 1.21, and 1.97 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 59.8X, 38.0X, and 23.4X based on the closing price of 46.00 yuan on May 8 [7][10]

宏观策略 【山证宏观策略】降准降息落地，内需线或仍有可为 2025 年 5 月 8 日 策略研究/事件点评 配置建议：低波红利股→防御性基石，内需复苏线→进攻性抓手。在轮 动加快的结构市行情判断假设下，建议以低波动红利资产为防御性底仓夯实 收益安全垫，同时把握阶段性估值修复的窗口期，沿内需复苏及政策催化双 主线进行动态再平衡。 风险提示 事件回顾 5 月 7 日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预 期"有关情况。 投资要点： 发布会中宣布了哪些政策？ 分析师： 央行：量价协同精准施策，稳市促新强实体。围绕 "量价协同+精准滴 灌" ，通过降准降息释放万亿级流动性，同时创新结构性工具（科创再贷 款、消费养老再贷款）定向支持科技创新、普惠金融和消费升级领域。通过 调降再贷款利率和公积金利率降低社会融资成本，并强化资本市场维稳工具 （8000 亿证券基金保险互换额度），为实体经济与金融市场提供双重托底， 确保货币环境"适度宽松但精准有效"。 金融监管总局：稳楼市活股市扩险资，科创小微双护航。聚焦 "稳楼 市+活股市+促科创" 三角发力：优化房地产融资制度（白名单贷款扩容至 6.7 万亿）和保险 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [7]. Core Views - The company benefits from the increasing penetration of digital printing, with a growth strategy driven by an integrated "equipment + consumables" model. This positions the company well for future growth as it expands its production capacity and market reach [7][4]. - The company has seen significant revenue growth, with a reported revenue of 1.79 billion yuan in 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% [1][9]. - The company is focusing on both domestic and international markets, with domestic sales revenue reaching 850 million yuan (up 46.37% year-on-year) and international sales at 924 million yuan (up 37.60% year-on-year) in 2024 [4][1]. Financial Performance - In Q1 2025, the company reported revenue of 478 million yuan, a 29.79% increase year-on-year, and a net profit of 108 million yuan, up 25.20% [2]. - The company's digital printing equipment revenue reached 905 million yuan in 2024, growing by 47.84%, while ink revenue was 518 million yuan, up 26.15% [4]. - The company’s net profit margin for 2024 was 24.17%, with a gross margin of 44.95% [5]. Future Projections - The company is projected to achieve net profits of 550 million yuan, 700 million yuan, and 870 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 32.2%, 28.5%, and 23.5% [7][9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 3.1 yuan, 3.9 yuan, and 4.9 yuan, respectively [7]. Market Strategy - The company aims to consolidate its presence in traditional markets in South Asia, Southeast Asia, and Europe while focusing on expanding into new markets in South America and North America [4]. - The company is enhancing its "equipment first, consumables follow" business model, which is expected to strengthen its position in the digital printing industry [7].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [9]. Core Insights - The company is benefiting from the increasing penetration of digital printing, with a growth strategy focused on an integrated "equipment + consumables" model, which is expected to drive future growth [9]. - The company reported a revenue of 1.79 billion yuan for 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% year-on-year [1]. - The company aims to expand its market presence in South America and North America while consolidating its traditional markets in South Asia, Southeast Asia, and Europe [3]. Financial Performance - In 2024, the company achieved domestic sales revenue of 850 million yuan, a year-on-year increase of 46.37%, and international sales revenue of 924 million yuan, up 37.60% [3]. - The revenue from digital printing equipment reached 905 million yuan in 2024, growing by 47.84% year-on-year, while ink revenue was 518 million yuan, increasing by 26.15% [4]. - The company's net profit margin for 2024 was 24.17%, with a gross margin of 44.95% [5]. Future Projections - The company expects to achieve net profits of 550 million yuan, 700 million yuan, and 870 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 32.2%, 28.5%, and 23.5% [9]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.1 yuan, 3.9 yuan, and 4.9 yuan, respectively [9]. - The company plans to expand its production capacity to approximately 5,520 units, establishing itself as the largest digital printing equipment production base globally [9].

宏观 降准降息落地，政策协同加强 ——"一揽子金融政策支持稳市场稳预期"新闻发布会点评 2025 年 5 月 7 日 宏观研究/事件点评 投资要点： 相关报告： 事件：2025 年 5 月 7 日，国新办举行新闻发布会，介绍"一揽子金融政 策支持稳市场稳预期"有关情况，邀请到的发言人包括中国人民银行行长潘 功胜，金融监管总局局长李云泽，中国证监会主席吴清。会议围绕推动经济 高质量发展、推进对外开放、维护金融市场及房地产市场平稳运行等，在金 融领域部署了一系列具体举措，政策协同性进一步增强。 分析师： 第一，推出一揽子货币政策，降准降息落地。（1）数量型政策包括：降 准 0.5 个百分点，预计将向市场提供长期流动性约 1 万亿元；阶段性将汽车 金融公司、金融租赁公司的存款准备金率从 5%调降为 0%。（2）价格型政策 包括：下调 7 天期逆回购利率 0.1 个百分点，预计将带动贷款市场报价利率 （LPR）同步下行约 0.1 个百分点；降低个人住房公积金贷款利率 0.25 个百 分点。（3）结构型政策包括：下调结构性货币政策工具利率 0.25 个百分点， 包括支农支小再贷款、科技创新和技术改造再贷款、碳减排支持工 ...

2025 年 5 月 7 日 行业研究/行业快报 非银行金融行业近一年市场表现 事件描述： 5 月 7 日，中国人民银行、国家金融监管总局、中国证监会主要负责人， 国新办新闻发布会介绍"一揽子金融政策支持稳市场稳预期"有关情况。 非银行金融 国新办发布会点评 领先大市-A(维持) 政策精准发力，全面完善资本市场机制 执业登记编码：S0760511050001 邮箱：liuli2@sxzq.com 完善资本市场"引长钱"，提升投资规模和占比。一是完善公募基金收 费管理，同日发布《推动公募基金高质量发展行动方案》，优化主动权益类 基金收费模式，浮动管理费收取，设立清晰的业绩比较基准，明确三年以上 考核权重不低于 80%，将投资者盈亏等指标纳入考核体系。二是扩大保险资 金长期投资试点范围，为市场引入更多增量资金，降低股票投资风险因子， 支持稳定和活跃资本市场。 事件点评： 吸引增量，培育"长钱长投"政策体系。政策进一步落实二十届三中全 会及中央经济工作会议相关会议精神，为资本市场建设指明方向，通过投资 请务必阅读最后股票评级说明和免责声明 1 电话：0351-8686900 资料来源：最闻 相关报告： 【山证非银行 ...

非银行金融行业近一年市场表现 事件描述： 5 月 7 日，中国人民银行、国家金融监管总局、中国证监会主要负责人， 国新办新闻发布会介绍"一揽子金融政策支持稳市场稳预期"有关情况。 资料来源：最闻 【山证非银行金融】政治局会议定调积 【山证非银行金融】明确五篇大文章指 加大宏观调控力度，出台一揽子货币政策措施。一是降准降息，降低存 款准备金率 0.5 个百分点，预计将向市场提供长期流动性约 1 万亿元；下调 政策利率 0.1个百分点，公开市场7 天期逆回购操作利率从 1.5%调降至 1.4%， 预计将带动贷款市场报价利率（LPR）同步下行约 0.1 个百分点。二是资本 市场支持工具扩容，优化两项支持资本市场的货币政策工具，互换便利和股 票回购增持再贷款两项工具贷款总额度 8000 亿元合并使用，互换便利由首 批 20 家扩大到 40 家，回购增持再贷款期限由 1 年延长到 3 年，自有资金使 用比例由 30%下降到 10%。三是创设科技创新债券风险分担工具，央行提供 低成本再贷款资金，可购买科技创新债券，提供共同担保等多样化的增信措 施，为科技创新企业和股权投资机构发行低成本、长期限科创债券融资提供 支持。 分 ...

2025 年 5 月 7 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】1-3 月全国太阳能发电量 同比增长 19.5%，产业链中下游价格下滑 2025.4.22 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 智元发布 AI 智能助行外骨骼机器人，光伏产业链价格下行 电力设备及新能源 行业周报（20250428-20250504） 同步大市-A(维持) 智元 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1][2]. Core Viewpoints - The report highlights a 19.5% year-on-year increase in solar power generation in the first quarter of 2025, with a notable decline in prices across the solar industry chain [3][5]. - The introduction of AI-powered exoskeleton robots by Zhiyuan Research Institute is noted, showcasing advancements in technology within the industry [1][4]. Summary by Sections Market Performance - The solar power generation capacity added in Q1 2025 reached 59.71 GW, with distributed solar accounting for 60.8% of the new capacity [5]. - The report indicates a downward trend in prices for polysilicon, silicon wafers, battery cells, and modules due to weak terminal demand and high production levels in April [6][7][8]. Preferred Stocks - The report lists preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A [3][10]. Price Tracking - Polysilicon prices are reported at 40.0 CNY/kg, with a 5.3% decrease in granular silicon prices to 36.0 CNY/kg [6][7]. - The average price of 182mm monocrystalline silicon wafers remains stable at 1.15 CNY/piece, while N-type wafers have seen a decline of 8.7% [7]. - Battery cell prices have decreased, with M10 cells averaging 0.29 CNY/W, reflecting a 1.7% drop [8]. Investment Recommendations - The report recommends focusing on companies with new technology directions such as Aishuo Co., Ltd. and Longi Green Energy, as well as those improving supply-side conditions like Fulete [10]. - It also suggests monitoring companies involved in exoskeleton robotics, including Jinggong Technology and Zhenjiang Co., Ltd. [10].

Group 1: Industry Overview - The AI and IoT industry is expected to experience significant growth due to accelerated AI penetration, with the industrial internet's total value in China projected to reach 5.31 trillion yuan by 2025, a year-on-year increase of 6.0% [8] - The AI wearable market is anticipated to grow to $120.7 billion by 2028, with a CAGR of 30.3% over four years [8] - The global AI toy market is expected to reach $35.11 billion by 2030, with an 8-year CAGR exceeding 16% [8] - The Chinese IoT market is projected to reach $326.47 billion by 2028, with a 5-year CAGR of 13.3% [8] Group 2: Company Analysis - Linglong Tire - Linglong Tire reported a revenue of 22.058 billion yuan for 2024, a year-on-year increase of 9.39%, and a net profit of 1.752 billion yuan, up 26.01% [9] - The company plans to invest 8.71 billion yuan in a new facility in Brazil to enhance its global competitiveness, with expected annual revenue of 7.758 billion yuan upon completion [9] - Linglong Tire's production volume reached 89.1223 million tires in 2024, a year-on-year increase of 12.65% [9] Group 3: Company Analysis - Longxin Technology - Longxin Technology's Q1 2025 revenue was 1.09 billion yuan, a 4.52% increase, while net profit decreased by 8.06% [13] - The company is focusing on high-definition display and automotive electronics, with a significant increase in R&D investment [13] - Longxin plans to build a new R&D base in Hefei with an estimated investment of 343 million yuan, expected to enhance its research capabilities [13] Group 4: Company Analysis - Shennong Group - Shennong Group achieved a revenue of 5.584 billion yuan in 2024, a year-on-year increase of 43.51%, and a net profit of 687 million yuan, marking a turnaround from a loss [20] - The company sold 2.2715 million pigs in 2024, a 49.40% increase, with a revenue of 3.798 billion yuan from pig sales [20] - The average cost of pig production in Q1 2025 was approximately 12.4 yuan per kilogram, indicating stable cost management [20] Group 5: Company Analysis - Chaohongji - Chaohongji reported a revenue of 6.518 billion yuan in 2024, a 10.48% increase, but a net profit decline of 41.91% due to asset impairment losses [21] - The company’s gross margin decreased to 23.6% in 2024, attributed to changes in product and channel mix [21] - In Q1 2025, the company achieved a revenue of 2.252 billion yuan, a 25.36% increase, with a net profit growth of 44.38% [21]