Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [5][8]. Core Views - The company reported a revenue of 1.461 billion yuan in Q1 2025, representing a year-on-year growth of 16.03%. The net profit attributable to the parent company was 233 million yuan, up 37.02% year-on-year, exceeding expectations [5]. - Emerging markets such as automotive electronics and data centers are showing significant growth, with automotive electronics and energy storage revenue increasing by 65.46% year-on-year [6]. - The company's gross margin remained stable at 36.6%, with effective cost control reflected in reduced management, sales, and R&D expense ratios [6][7]. Financial Performance - For the fiscal year 2025, the company is projected to achieve a net profit of 1.092 billion yuan, with earnings per share (EPS) of 1.35 yuan. The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20.8, 16.5, and 13.1, respectively [8][10]. - The company’s operating cash flow improved to 329 million yuan in Q1 2025, compared to 238 million yuan in Q1 2024, indicating better cash management [7]. - The company’s total revenue is expected to grow from 5.04 billion yuan in 2023 to 12.004 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 23.8% [10][12]. Market Performance - As of April 21, 2025, the company's closing price was 28.21 yuan, with a market capitalization of 22.746 billion yuan [3]. - The stock has seen a yearly high of 34.04 yuan and a low of 22.50 yuan, indicating volatility in its market performance [3]. Product Segmentation - In Q1 2025, the revenue breakdown by product was as follows: signal processing (34.9%), power management (34.8%), automotive electronics and energy storage (21.5%), and ceramics & PCB and others (8.7%) [6].

煤炭 行业周报（20250414-20250420） 同步大市-A(维持) 2025 年 4 月 22 日 行业研究/行业周报 相关报告： 【山证煤炭】海外煤价延续上涨，港口 库存继续走低-【山证煤炭】行业周报 （20250407-20250413）： 2025.4.14 【山证煤炭】国际关税争端加剧，关注 提振内需预期-【山证煤炭】行业周报 （20250331-20250404）： 2025.4.7 投资要点 动态数据跟踪 动力煤：海外煤价继续回升。本周产地煤矿生产基本维持正常水平。需 求方面，气温回升，居民用电淡季叠加新能源出力明显，发电煤耗继续下降； 下游复工及基建仍有待提高，工业原料用煤支撑减弱；北方港口煤炭调入高 于调出，北方港口煤炭库存回升；煤价方面，需求淡季下，港口仍以长协拉 运为主，港口煤价维持弱势。展望二季度，关税争端影响外贸，国内稳经济 政策或将继续出台，非电用煤需求或有所恢复；同时，海外煤价继续上涨， 叠加关税、海外煤炭生产国政策变化，预计国内进口煤或将减少，国内动力 煤价格中枢继续下降空间不大。截至 4 月 18 日，环渤海动力煤现货参考价 674 元/吨，周变化-0.30%；广州港山 ...

煤炭 行业周报（20250414-20250420） 同步大市-A(维持) 2025 年 4 月 22 日 行业研究/行业周报 相关报告： 【山证煤炭】海外煤价延续上涨，港口 库存继续走低-【山证煤炭】行业周报 （20250407-20250413）： 2025.4.14 【山证煤炭】国际关税争端加剧，关注 提振内需预期-【山证煤炭】行业周报 （20250331-20250404）： 2025.4.7 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 进口倒挂运价上涨，煤价底部震荡 投资要点 动态数据跟踪 动力煤：海外煤价继续回升。本周产地煤矿生产基本维持正常水平。需 求方面，气温回升，居民用电淡季叠加新能源出力明显，发电煤耗继续下降； 下游复工及基建仍有待提高，工业原料用煤支撑减弱；北方港口煤炭调入高 于调出，北方港口煤炭库存回升；煤价方面，需求淡季下，港口仍以长协拉 运为主，港口煤价维持弱势。展望二季度，关税争端影响外贸，国内稳经济 政策或将继续出台，非电用煤需求或有所恢复； ...

Investment Rating - The investment rating for the company is "Buy-A" (maintained) [1] Core Views - The company's sensor and optical connection businesses are experiencing high growth, and there is optimism regarding further improvement in profitability [1][6] - The company is a leading supplier of optical modules for data center construction in China and a leader in PTC and sensor technology for electric vehicles [8] Financial Performance - In 2024, the company achieved revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit of 1.221 billion yuan, up 21.17% year-on-year [4][9] - The company expects a net profit of 390 to 440 million yuan in Q1 2025, representing a year-on-year increase of 34.54% to 51.79% [4] Business Segments - The smart manufacturing, connection, and perception businesses generated revenues of 3.492 billion, 3.975 billion, and 4.095 billion yuan in 2024, with year-on-year growth rates of 9.45%, 23.75%, and 9.2% respectively [6] - The smart manufacturing segment focuses on new energy vehicles and shipbuilding, with significant order growth in these areas [6] - The optical connection segment has expanded its customer base and product offerings, achieving full coverage and mass production of various optical modules [7] - The sensor business has maintained rapid growth, with revenues of 3.668 billion yuan, a year-on-year increase of 12.93% [6] Profitability and Cost Management - The company's gross margin and net margin for Q4 2024 were 23.42% and 9.73%, respectively, with improvements from the previous quarter [8] - The overall expense ratio has decreased, with sales, management, and R&D expense ratios at 4.61%, 2.28%, and 7.49% respectively [8] Future Projections - The company forecasts net profits of 1.693 billion, 2.051 billion, and 2.552 billion yuan for 2025, 2026, and 2027, with year-on-year growth rates of 38.7%, 21.1%, and 24.4% respectively [8][9] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.68, 2.04, and 2.54 yuan [8]

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company's sensor and optical connection businesses are experiencing high growth, with expectations for further improvement in profitability [1][6] - The company achieved a revenue of 11.709 billion yuan in 2024, a year-on-year increase of 13.57%, and a net profit of 1.221 billion yuan, up 21.17% year-on-year [4][8] - The company is a leading supplier of optical modules for data center construction and a leader in PTC and sensor technology for electric vehicles [8] Financial Performance - In 2024, the company reported revenues of 11.709 billion yuan, with a net profit of 1.221 billion yuan, and a non-recurring net profit of 0.897 billion yuan [4] - The fourth quarter of 2024 saw a revenue of 2.707 billion yuan, a year-on-year decrease of 10.24% and a quarter-on-quarter decrease of 28.78% [4] - The company expects a net profit of 0.390-0.440 billion yuan for Q1 2025, representing a year-on-year increase of 34.54%-51.79% [4] Business Segments - The smart manufacturing, connection, and perception businesses generated revenues of 3.492 billion, 3.975 billion, and 4.095 billion yuan in 2024, respectively, with year-on-year growth rates of 9.45%, 23.75%, and 9.2% [6] - The smart manufacturing segment focuses on new energy vehicles and has seen significant order growth, particularly in the new energy vehicle sector with a 33% increase [6] - The optical connection segment has expanded its customer base and product offerings, achieving full coverage and mass production of various optical modules [7] Profitability and Cost Management - The company's gross margin and net margin for Q4 2024 were 23.42% and 9.73%, respectively, with quarter-on-quarter increases of 5.80 and 1.47 percentage points [8] - The overall expense ratio decreased, with sales, management, and R&D expense ratios at 4.61%, 2.28%, and 7.49%, respectively [8] Future Projections - The company is projected to achieve net profits of 1.693 billion, 2.051 billion, and 2.552 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 38.7%, 21.1%, and 24.4% [8][9] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.68, 2.04, and 2.54 yuan, respectively [8][9]

执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 研究早观点 2025 年 4 月 22 日 星期二 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,291.43 | 0.45 | | 深证成指 | | 9,905.53 | 1.27 | | 沪深 | 300 | 3,784.88 | 0.33 | | 中小板指 | | 6,185.22 | 1.35 | | 创业板指 | | 1,944.32 | 1.59 | | 科创 | 50 | 1,019.41 | 1.07 | | 资料来源：最闻 | | | | 分析师： 李召麒 【山证新股】新股周报（2025.04.21-2025.04.25）-新股市场活跃度上升， 4 月份创业板/主板新股首发 PE 均下降 【公司评论】三一重工(600031.SH)：三一重工 2024 年报点评-稳健经营， 现金流大幅改善 【公司评论】宁德时代(300750.SZ)：宁德时代业绩点评-龙头地位稳固，业 绩稳 ...

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the upcoming months [5][13]. Core Insights - The company reported a revenue of 78.38 billion yuan for 2024, reflecting a year-on-year increase of 5.90%. The net profit attributable to shareholders was 5.98 billion yuan, up 31.98% year-on-year [6][15]. - The company has shown significant improvement in cash flow, with net cash flow from operating activities reaching 14.81 billion yuan, a substantial increase of 159.53% year-on-year [9]. - The company is focusing on high-quality development and has proposed a cash dividend of 3.6 yuan per 10 shares, totaling 3 billion yuan, with a dividend payout ratio of 50.78% [9]. Financial Performance - The company achieved a basic earnings per share (EPS) of 0.71 yuan for 2024, with a projected EPS of 1.01 yuan for 2025 [4][15]. - The return on equity (ROE) for 2024 was 8.35%, with expectations to rise to 10.7% by 2025 [4][15]. - The gross profit margin for 2024 was reported at 27.0%, with projections for slight improvements in the following years [15][19]. Market Position and Growth - The company has maintained its position as the domestic sales champion for excavators for 14 consecutive years, contributing 40% to its revenue [7]. - The international business segment generated 48.5 billion yuan in revenue, accounting for 64% of the main business, with a year-on-year growth of 12.15% [8]. - The company is leading in low-carbon and intelligent development, with revenue from new energy products reaching 4.03 billion yuan, a year-on-year increase of 23% [8]. Future Projections - Revenue is expected to grow to 88.74 billion yuan in 2025, with a projected net profit of 8.54 billion yuan, reflecting a year-on-year growth of 42.9% [15][19]. - The company anticipates a steady increase in its market share and profitability, with a projected PE ratio decreasing from 27.3 in 2024 to 19.1 in 2025 [15][19].

锂电池 宁德时代（300750.SZ） 买入-A(维持) 龙头地位稳固，业绩稳健增长 2025 年 4 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件：4 月 14 日，公司披露 2025 年一季报，25Q1 公司实现营业收入 847.0 亿元，同比增长 6.2%，实现归母净利润 139.6 亿元，同比增长 32.9%。 2024年全年公司实现营业收入3620.1亿元，同比下滑9.7%，归母净利润507.4 亿元，同比增长 15.0%，符合预期。公司 2024 年股利支付率为 50%。 事件点评 市场数据：2025 年 4 月 18 日 锂电池盈利稳定，产能扩张有提速迹象。2024 年公司动力电池实现收入 2530.4 亿元，同比下降 11.3%，毛利率 23.9%，同比增长 5.8pct。储能电池实 现收入 572.9 亿元，同比下降 4.4%，毛利率 26.8%，同比增长 8.2pct。2024 年公司实现锂离子电池销量 475GWh，同比增长 21.8%，其中，动力电池系 统销量 381GWh，同比增长 18.9%；储能电池系统销量 93GWh，同比增长 34.3%。我们估算公司锂 ...

其他石化 恒力石化（600346.SH） 买入-B(维持) 业绩稳步增长，全产业链发展领先优势 2025 年 4 月 21 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 2024 年报，实现营业收入 2362.73 亿元，同比增长 0.63%； 实现归属于上市公司股东的净利润 70.44 亿元，同比增长 2.01%。其中，Q4 实现营业收入 585.44 亿元，同比-5.12%，环比-10.29%，实现归母净利润为 19.39 亿元，同比+61.03%，环比+78.39%。 事件点评 原油走低带动公司成本降低，纺服链复苏带动民用丝需求快速增长。从 成本端来看，原油价格有所回落，2024 年原油价格呈现前高后低、宽幅震 荡走势。全年布伦特原油均价 80 美元/桶，同比下降 2.8%；WTI 原油均价 76 美元/桶，同比下降 2.3%。全年煤炭供需处于宽松状态，库存维持高位， 价格震荡下行，2024 公司煤炭平均进价 692.68 元/吨，同比-14.69%。在居民 收入及消费信心趋稳、国家促消费政策逐步显效等因素的支撑下，我国纺服 内销市场稳中有增，2024 年 1-12 月限额以上服装鞋帽 ...

Investment Rating - The report indicates an overall positive sentiment towards the new stock market, with an increase in activity and performance metrics for newly listed stocks [2][3][14]. Core Insights - The new stock market has seen increased activity, with 23 stocks recording positive weekly gains, representing 45.10% of newly listed stocks over the past six months, a significant increase from the previous 14.00% [2][14]. - In April, the ChiNext board saw an increase in first-day gains and opening valuations, while the main board experienced a decrease in these metrics [3][30]. - The report highlights specific stocks with notable performance, such as Honggong Technology on the ChiNext board, which had a first-day gain of 171.43% and an opening valuation of 26.23 times earnings [26][30]. Summary by Sections New Stock Market Activity - The report notes that in April, the ChiNext board's first-day gains and opening valuations increased, while the main board's first-day gains and valuations decreased [3][30]. - The report details that the main board's new stocks had an average first-day gain of 252.76% in April, down from 289.09% in March [38]. Key Newly Listed Stocks - The report lists key newly listed stocks since January 2023, including: - Xidian Co., Ltd. (semiconductor probe equipment) - Shengke Nano (third-party semiconductor testing laboratory) - Hongjing Optoelectronics (sports cameras and automotive optical lenses) [48][50]. Upcoming and Approved New Stocks - As of April 18, 2025, 18 companies have received approval from the China Securities Regulatory Commission, including: - Weigao Blood Purification (medical blood purification products) - Yitang Co., Ltd. (dry glue removal and rapid heat treatment equipment) [46][47]. - The report also mentions that there are currently no newly issued stocks awaiting listing [47]. Performance Metrics - The report provides various performance metrics, including: - The ChiNext board's first-day price-to-earnings (P/E) ratio decreased to 14.18 times in April from 17.56 times in March [30]. - The main board's first-day P/E ratio was 15.13 times in April, down from 18.17 times in March [38]. Market Trends - The report indicates that the near-term newly listed stock index is at a discount compared to the ChiNext board, with a ratio of 0.86, down from 0.90 [43]. - The report emphasizes the upward trend in the ChiNext board's valuation metrics, contrasting with the downward trend in the main board's metrics [43].