资料来源：最闻 相关报告： 漆证书，赢创和科思创 IPDI 供应遭遇异 常-新材料周报（250324-0328）2025.3.31 【山证新材料】嘉澳环保 SAF 适航认证 落地，国内民航 SAF 第二阶段试点启动- 新材料周报（250317-0321） 2025.3.24 冀泳洁 博士 化学原料行业近一年市场表现 新材料 新材料周报（250331-0404） 领先大市-B(维持) 中美关税政策危中有机，国产替代+自主可控重要性凸显 邮箱：wangrui1@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 2025 年 4 月 9 日 行业研究/行业周报 摘要 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为 2.82%，跑赢创 业板指 0.90%。近五个交易日，合成生物指数上涨 3.10%，半导体材料下跌 0.28%， 电子化学品上涨 0.52%，可降解塑料下跌 0.90%，工业气体上涨 4.31%，电池化 学品下跌 4.37%。 产业链周 ...

李召麒 执业登记编码：S0760521050001 研究早观点 2025 年 4 月 9 日 星期三 市场走势 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 | 3,145.55 | 1.58 | 道快速增长 | | 深证成指 | 9,424.68 | 0.64 | | | 沪深 300 | 3,650.76 | 1.71 | | | 中小板指 | 5,884.19 | -0.78 | | | 创业板指 | 1,840.31 | 1.83 | | | 科创 50 | 940.09 | 1.72 | | | 资料来源：最闻 | | | | 分析师： 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】电子：山西证券电子行业周跟踪-特朗普宣布实施"对等 关税"措施，看好电子行业自主可控机会 【行业评论】非银行金融：行业周报（20250331-20250406）：-监管持续细 化业务办法，关注极端事件冲击下波动 【公司评论】华鲁恒升(600426.SH)：华鲁恒升-化工巨头 ...

投资要点 电子行业近一年市场表现 资料来源：最闻 相关报告： 产设备技术突破密集落地-山西证券电子 行业周跟踪 2025.4.2 【山证电子】存储行业复苏信号持续放 大，华为 PuraX 阔折叠正式发布-山西证 券电子行业周跟踪 2025.3.25 高宇洋 电子 周跟踪（20250331-20250404） 领先大市-A(维持) 特朗普宣布实施"对等关税"措施，看好电子行业自主可控机会 2025 年 4 月 8 日 行业研究/行业周报 分析师： 研究助理： Omdia：人工智能催生强劲需求 2024 年半导体市场收入激增约 25%。2024 年是半导体市场创纪录的一年，Omdia 数据显示，半导体市场 2024 年的收入 激增约 25%，达到 6830 亿美元。这一急剧增长归功于人工智能相关芯片的强 劲需求，尤其是人工智能 GPU 中使用的高带宽内存(HBM)，这使得内存领域 的年增长率达到 74%。在经历了充满挑战的 2023 年之后，存储器的反弹帮助 提升了整体市场。特朗普宣布实施"对等关税"措施。美东时间周三(4 月 2 日)，美国总统特朗普在白宫签署两项关于所谓"对等关税"的行政令，宣布 美国对所有贸 ...

| 收盘价（元）： | 20.53 | | --- | --- | | 年内最高/最低（元）： | 31.90/19.73 | | 流通A股/总股本（亿）： | 21.19/21.23 | | 流通 A 股市值（亿）： | 435.07 | | 总市值（亿）： | 435.90 | | 资料来源：最闻 | | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 1.84 | | --- | --- | | 摊薄每股收益(元)： | 1.84 | | 每股净资产(元)： | 15.46 | | 净资产收益率(%)： | 12.73 | | 资料来源：最闻 | | 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 邮箱：wangjinyuan@sxzq.com 氮肥 华鲁恒升（600426.SH） 买入-B(维持) 化工巨头业绩稳健增长，荆州项目贡献增量 2025 年 4 月 8 日 公司研究/公司快报 事件描述 3 月 29 日，公司发布《2024 年年度公告》，2024 年实现营业总收入 342.26 亿元，同比+25.55%；归母净 ...

Investment Rating - The report maintains a "Buy-B" rating for the company Hualu Hengsheng (600426.SH) [5][14]. Core Views - The chemical giant shows steady growth in performance, with the Jingzhou project contributing to incremental gains [6]. - In 2024, the company achieved total operating revenue of 34.226 billion yuan, a year-on-year increase of 25.55%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.14% year-on-year [7][9]. - The company has a strong sales channel, with stable growth in the sales volume of major products [10]. Financial Performance - For 2024, the company reported a total operating revenue of 342.26 billion yuan, with a gross margin of 18.71% and a net margin of 12.21%, both showing a decline compared to the previous year [9]. - The revenue breakdown by product includes new materials and renewable energy products at 16.433 billion yuan (up 6.19%), chemical fertilizers at 7.297 billion yuan (up 28.55%), acetic acid and derivatives at 4.070 billion yuan (up 98.34%), and organic amine products at 2.511 billion yuan (down 6.12%) [9]. - The company’s net asset return rate is 12.73% with a diluted earnings per share of 1.84 yuan [3]. Future Projections - The company is expected to achieve net profits of 4.258 billion yuan, 4.924 billion yuan, and 5.656 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 10, 9, and 8 times [12]. - The report highlights the company's integrated industrial chain layout and cost control advantages as key growth drivers for future performance [12]. Market Position - The company has significantly improved its market share in liquid ammonia and acetic acid, while maintaining a leading position in organic amine products [10]. - The company’s subsidiary in Jingzhou achieved a revenue of 7.498 billion yuan in 2024, marking a 501% year-on-year increase [11].

非银行金融 行业周报（20250331-20250406） 领先大市-A(维持) 监管持续细化业务办法，关注极端事件冲击下波动 2025 年 4 月 8 日 行业研究/行业周报 非银行金融行业近一年市场表现 投资要点 资料来源：最闻 相关报告： 【山证非银行金融】券商业绩显著改善， 鼓 励 耐 心 资 本 入 市 - 行 业 周 报 （20250324-20250330）： 2025.4.1 【山证非银行金融】行业并购再推进， 关 注 券 商 业 绩 披 露 - 行 业 周 报 （20250317-20250323）： 2025.3.25 请务必阅读最后股票评级说明和免责声明 1 孙田田 执业登记编码：S0760518030001 电话：0351-8686900 邮箱：suntiantian@sxzq.com 刘丽 执业登记编码：S0760511050001 电话：0351--8686985 邮箱：liuli2@sxzq.com 研究助理： 李明阳 邮箱：limingyang@sxzq.com 灰犀牛冲击来袭，金融市场不确定性增加。针对美国对等关税 冲击，我国率先宣布反制措施，受关税"灰犀牛"冲击影响，全球 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1][10]. Core Viewpoints - The report highlights the increasing uncertainty in the financial market due to the "gray rhino" impact from U.S. tariffs, leading to a global asset value reassessment and heightened market volatility. However, China's monetary policy tools, such as reserve requirement ratio cuts and interest rate reductions, have sufficient room for adjustment, and fiscal policy aims to increase spending intensity and speed, which is expected to support market stability [3][10]. - Regulatory measures are being refined, particularly regarding the management of securities investment fund custody, which includes enhancing entry thresholds, strengthening operational compliance, and ensuring risk isolation. This regulatory approach aims to optimize the custody industry ecosystem and protect investor interests [4][10][29]. Summary by Sections 1. Investment Suggestions - The report discusses the impact of U.S. tariffs on the financial market, indicating that while there is potential for market disturbances, the first quarter's new fund issuance and equity financing have improved year-on-year, providing a solid foundation for industry performance [10]. 2. Market Review - During the week of March 31 to April 6, major indices experienced declines, with the Shanghai Composite Index down 0.28%, the CSI 300 down 1.37%, and the ChiNext Index down 2.95%. The non-bank financial index fell by 1.31%, ranking 23rd among 31 sectors [11][12]. 3. Key Industry Data Tracking - The report notes that the average daily trading volume in A-shares was 1.14 trillion yuan, a decrease of 9.84% week-on-week. The margin trading balance was 1.90 trillion yuan, down 1.01% [11][15]. 4. Regulatory Policies and Industry Dynamics - The report outlines the recent revisions to the Securities Investment Fund Custody Business Management Measures, emphasizing the need for compliance and risk management in the custody sector. It also mentions the importance of supporting the development of the private economy and enhancing the capital market's inclusivity and adaptability [29]. 5. Key Announcements from Listed Companies - Dongxing Securities reported a revenue of 9.37 billion yuan and a net profit of 1.544 billion yuan for 2024, reflecting year-on-year increases of 97.89% and 88.39%, respectively [30].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected performance that exceeds the benchmark index by more than 15% [1][11]. Core Insights - The company experienced a slight decline in revenue for 2024, with total revenue reported at 6.589 billion yuan, a decrease of 4.68% year-on-year. The net profit attributable to shareholders was 469 million yuan, down 44.10% year-on-year [1][3]. - The decline in revenue was primarily driven by a negative operating leverage effect, with online channels showing growth while offline direct and distribution channels saw revenue declines. The online channel revenue grew by 16.57% to 1.129 billion yuan, accounting for 17.14% of total revenue [3][4]. - The company plans to strengthen brand building and enhance operational efficiency in offline channels while focusing on online platforms like Xiaohongshu to maintain competitive advantages [9]. Financial Performance Summary - For 2024, the company reported a gross margin of 75.4%, an increase of 1.1 percentage points year-on-year. However, the net profit margin fell to 7.1%, down 5.0 percentage points year-on-year due to increased sales and management expense ratios [5][10]. - The company’s inventory increased by 36.4% year-on-year, reaching 1.572 billion yuan by the end of 2024. The net cash flow from operating activities decreased by 36.51% to 996 million yuan [5][10]. - The forecast for 2025-2027 indicates expected earnings per share (EPS) of 0.89, 1.00, and 1.09 yuan, with corresponding price-to-earnings (P/E) ratios of 7.9, 7.0, and 6.4 times [9][10]. Revenue Breakdown - By brand, La Koradior achieved revenue of 2.156 billion yuan, a decline of 9.68%, while NEXY.CO saw a slight increase of 0.79% to 1.012 billion yuan. The online channel's strong performance was attributed to platforms like Vipshop and Douyin [4][5]. - The offline channels reported a revenue of 5.172 billion yuan, down 6.97% year-on-year, while the distribution channel revenue fell by 25.17% to 287 million yuan [4][5]. Market Position and Strategy - The company is facing a challenging domestic consumption environment, with net store closures in direct and distribution channels. However, the rapid growth of online channels presents a potential for recovery and performance elasticity as the market stabilizes [6][9].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for the stock over the next 6-12 months [1][12]. Core Insights - The company experienced a slight revenue decline of 4.68% year-on-year in 2024, with total revenue reaching 6.589 billion yuan. However, the net profit attributable to shareholders fell significantly by 44.10% to 469 million yuan, primarily due to increased sales and management expenses [2][4]. - The online sales channel showed strong growth, contributing to the overall revenue despite declines in offline direct and distribution channels. Online revenue increased by 16.57% to 1.129 billion yuan, accounting for 17.14% of total revenue [3][4]. - The company plans to enhance brand value and operational efficiency in physical stores while focusing on online platforms like Xiaohongshu to maintain competitive advantages [10]. Revenue and Profitability - In 2024, the company's gross margin improved to 75.4%, up by 1.1 percentage points year-on-year. However, the net profit margin decreased to 7.1%, down by 5.0 percentage points due to rising expense ratios [4][11]. - The company reported a significant increase in inventory, which rose by 36.4% to 1.572 billion yuan by the end of 2024, indicating potential challenges in inventory management [4][11]. Financial Projections - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 0.89 yuan, 1.00 yuan, and 1.09 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 7.9, 7.0, and 6.4 [10][11]. - Revenue is expected to recover slightly in 2025, with projections of 6.962 billion yuan, representing a year-on-year growth of 5.7% [11][14]. Market Performance - The company's stock closed at 6.800 HKD, with a market capitalization of 4.788 billion HKD [8]. - The stock has seen a year-to-date high of 13.420 HKD and a low of 6.560 HKD, indicating significant volatility [8]. Brand Performance - The high-end brand La Koradior achieved over 10% revenue growth, while other brands like NEXY.CO and ELSEWHERE showed mixed results, with some brands experiencing declines [3][4]. - The company operates 1,444 direct stores and 395 distribution stores, with a net decrease in both types of stores over the year [3]. Conclusion - The report suggests that despite the current challenges in the domestic consumption environment, the company's focus on online growth and brand enhancement may provide resilience and potential for recovery in the coming years [5][10].

市场走势 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 | | 3,096.58 | -7.34 | | 深证成指 | | 9,364.50 | -9.66 | | 沪深 | 300 | 3,589.44 | -7.05 | | 中小板指 | | 5,930.53 | -8.10 | | 创业板指 | | 1,807.21 | -12.50 | | 科创 50 | | 924.17 | -9.22 | 资料来源：最闻 研究早观点 2025 年 4 月 8 日 星期二 【山证煤炭】行业周报（20250331-20250404）：-国际关税争端加剧，关注 提振内需预期 【公司评论】中控技术(688777.SH)：中控技术（688777.SH）：海外市场加 速拓展，工业 AI 进展迅速 【固定收益】3 月固定收益月报-震荡调整结束，债市仍有上涨空间 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 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 ...