Investment Rating - The report maintains a "Buy" rating for several companies, including Aishuo Co., Longi Green Energy, and others, with ratings ranging from A to B [1][8]. Core Insights - The solar industry is experiencing structural price increases in the supply chain, influenced by recent events such as the earthquake in Myanmar affecting silicon wafer production [1][6]. - The utilization rate of photovoltaic (PV) systems in February 2025 was reported at 93.4%, indicating strong performance in the sector [2][3]. - The Chinese government is enhancing policies for renewable energy pricing, aiming to optimize market mechanisms for electricity transactions [1][2]. Summary by Sections Investment Recommendations - Key stocks recommended for investment include Aishuo Co. and Longi Green Energy for new technology, and companies like Fulete and Hongdian Dongci for supply-side improvements [1][8]. Market Performance - The report notes that the solar industry has shown resilience, with a significant number of new PV projects being registered, totaling 4,000 in February 2025 [2][3]. Price Tracking - The average price of polysilicon remains stable at 40.0 CNY/kg, while silicon wafer prices have seen slight increases due to supply chain disruptions [4][6][7]. - The average price for M10 solar cells is reported at 0.31 CNY/W, with expectations for further price increases due to rising demand [7]. Policy Developments - The National Energy Administration has issued guidelines for renewable energy green power certificate issuance, which will impact the market dynamics for renewable energy projects [3].

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 2025 年 4 月 7 日 固定收益研究/定期报告 资金面边际转松，利率有望修复下行-2 月固定收益月报 2025.3.7 中短端修复可期，长端待政策指引-1 月 固定收益月报 2025.2.11 云水翻腾，债牛未尽-2025 年利率债投资 策略 2025.1.22 分析师： 王冠军 执业登记编码：S0760524040001 邮箱：wangguanjun@sxzq.com 研究助理： 王纯 邮箱：wangchun1@sxzq.com 投资要点： 相关报告： 观点展望 根据我们的利率互换降息模型，3 月利率互换曲线隐含的一年内政策利率的 降息幅度预期仍在 20-30bp，降息预期与 2 月相比变化不大，一定意义上表 明利率互换市场对未来降息仍保持较为稳定的预期，由此推断十年国债的 中枢在 1.7-1.8%是比较合理的水平。 3 月上旬，在政策变动、权益市场走强、部分资金获利了结等多重因素影响 下，债市出现较大回调，10Y/30Y 国债收益率出现明显上升；而在 3 月下 旬，长端利率的定价修复叠加央行的流动性投入，10/30Y 国债收益率有所 回落 ...

煤炭 行业周报（20250331-20250404） 同步大市-A(维持) 国际关税争端加剧，关注提振内需预期 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 焦、钢产业链：焦炭价格止跌，关注需求恢复。本周黑色产业链下游有 所恢复，"金三银四"需求旺季临近，但在关税政策影响下，外需预期偏弱， 焦炭价格仍显弱势，但宏观预期有望继续落地，外贸不振或提高内需刺激预 期，基建、地产施工高峰期临近，钢材需求刚性仍存，叠加低利润率下焦炭 供给收缩预期，而焦煤价格相对仍强势，成本支撑下焦炭价格预计下降空间 不大。截至 4 月 3 日，天津港一级冶金焦均价 1480 元/吨，周持平。中国螺 纹钢平均价格 3354 元/吨，周变化-0.36%。 煤炭运输：淡季需求减弱，沿海煤炭运价降低。本周电煤需求较弱，前 期集中拉运后，煤炭补库需求减弱，运输市场转淡，沿海煤炭运价继续回落。 截止 4 月 3 日，中国沿海煤炭运价指数 704.42 点，周变化-6.28%。4 月 4 日，环渤海四港货船比 30.9，周变化+43.06%。 煤炭板块行情回顾 本 ...

煤炭 行业周报（20250331-20250404） 同步大市-A(维持) 国际关税争端加剧，关注提振内需预期 2025 年 4 月 7 日 行业研究/行业周报 煤炭行业近一年市场表现 投资要点 动态数据跟踪 资料来源：最闻 相关报告： 【山证煤炭】煤炭进口数据拆解：25 年 前 2 月进口增速边际放缓 2025.4.2 动力煤：供需转淡，内贸煤价格趋稳。本周产地煤矿生产维持正常水平。 需求方面，气候偏暖，居民用电进入淡季，电厂整体负荷季节性回落，电煤 日耗较弱；下游复工及基建仍有待提高，工业原料用煤需求维持刚需；港口 疏港推进，本周煤炭调入小于调出，港口煤炭库存继续降低，综合影响下， 港口煤价继续小幅下行。展望二季度，关税不确定性影响外需，国内稳经济 政策或将继续出台，非电用煤需求预计继续恢复增长；同时，海外煤价企稳， 煤炭关税、贸易政策剧变，预计国内进口煤仍存变数，2025 年国内动力煤价 格中枢继续下降空间不大。截至 4 月 3 日，环渤海动力煤现货参考价 676 元 /吨，周持平；广州港山西优混 720 元/吨，周持平；欧洲三港 Q6000 动力煤 760.28 元/吨，周变化+5.67%。4 月 3 ...

研究早观点 2025 年 4 月 7 日 星期一 市场走势 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,342.01 | -0.24 | | 深证成指 | | 10,365.73 | -1.40 | | 沪深 | 300 | 3,861.50 | -0.59 | | 中小板指 | | 6,453.32 | -1.62 | | 创业板指 | | 2,065.40 | -1.86 | | 科创 | 50 | 1,018.07 | -0.46 | 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 【今日要点】 【宏观策略】特朗普对等关税对我国经济和行业的影响及应对 【山证军工】中航西飞（000768.SZ）2024 年报点评-圆满完成经营计划， 把握民机发展机遇 资料来源：最闻 【山证专精特新】龙图光罩（688721.SH）2024 年报点评-产能瓶颈使 2024 年业绩增速放缓，静待珠海新工厂产能释放 国内市场主要指数 【行业评论】【山西 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][5]. Core Views - The company has successfully completed its operational plan for the year, capitalizing on opportunities in the civil aviation sector [4]. - The company reported a revenue of 43.216 billion yuan for 2024, reflecting a year-on-year growth of 7.23%, and a net profit of 1.023 billion yuan, up 18.87% year-on-year [3][4]. - The company is positioned as a leading supplier of major components for domestic civil aircraft, including the C919 and AG600, and is expanding its international subcontracting business [4]. Financial Performance - For 2024, the company achieved a net profit margin of 2.37%, an increase of 0.23 percentage points year-on-year [4]. - The company's total liabilities decreased by 13.99% to 52.786 billion yuan, while cash and cash equivalents decreased by 7.32% to 17.888 billion yuan [3][4]. - The earnings per share (EPS) for 2024 was reported at 0.37 yuan, with projections for 2025-2027 at 0.42, 0.48, and 0.57 yuan respectively [3][5]. Market Data - As of April 3, 2025, the closing price of the company's stock was 23.35 yuan, with a market capitalization of 64.954 billion yuan [2]. - The stock has seen a yearly high of 32.64 yuan and a low of 20.00 yuan [2]. Future Projections - The company expects to see continued revenue growth, with projected revenues of 45.590 billion yuan in 2025, 48.815 billion yuan in 2026, and 52.366 billion yuan in 2027, reflecting a compound annual growth rate [7][10]. - The projected net profit for 2025 is 1.168 billion yuan, with further increases expected in subsequent years [7][10].

Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Guozhao (688721.SH) [1][9] Core Views - The company's revenue for 2024 is projected to be 247 million yuan, representing a year-on-year growth of 12.92%, while the net profit attributable to the parent company is expected to reach 91.83 million yuan, a growth of 9.84% [2][4] - The growth rate of revenue and net profit for 2024 is significantly slower compared to 2023, primarily due to the saturation of production capacity at the Shenzhen factory. The new factory in Zhuhai is anticipated to release capacity and drive rapid growth in performance [4][5] - The company is focusing on the construction of a "high-end semiconductor chip mask manufacturing base" project, with major production equipment for the Zhuhai factory arriving and being installed since the end of Q1 2024 [4][5] Financial Performance Summary - In 2023, the company achieved revenue of 218 million yuan, a year-on-year increase of 35.13%, and a net profit of 83.61 million yuan, up 29.66% [4][11] - For 2024, the gross margin is expected to be 57.01%, slightly down by 1.86 percentage points from the previous year, while the net margin is projected at 37.25%, down by 1.05 percentage points [5][11] - The revenue contribution from quartz masks increased from 78.79% in 2023 to 81.31% in 2024, indicating a stable demand for this product line [5][11] Future Projections - The company is expected to achieve revenues of 348 million yuan, 509 million yuan, and 788 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41.0%, 46.6%, and 54.6% [7][11] - Net profits are projected to be 103 million yuan, 162 million yuan, and 263 million yuan for the same years, with growth rates of 12.3%, 57.0%, and 62.7% respectively [7][11]

Core Insights - The report highlights a positive outlook for NAND Flash prices in Q2 2025, driven by production cuts and inventory replenishment in the consumer electronics sector [5][8] - The semiconductor equipment industry is witnessing significant technological breakthroughs from domestic companies, reshaping the global market landscape [5][8] - The coal import data indicates a marginal slowdown in growth, with a notable decrease in import prices compared to the previous year [7][9] Industry Commentary - **Electronics**: The NAND Flash prices are expected to rise in Q2 2025 due to reduced production and increased demand from consumer electronics brands [5] - **Coal**: The coal import volume for January-February 2025 shows a year-on-year increase of 2%, but the average import price has decreased by 11.14% compared to the previous year [9][10] Company Analysis - **Guanghe Technology (001389.SZ)**: The company reported a revenue of 3.734 billion yuan in 2024, a year-on-year increase of 39.43%, driven by the growing demand for AI infrastructure [13][14] - **Babi Foods (605338.SH)**: The company achieved a revenue of 1.671 billion yuan in 2024, with a net profit increase of 29.42%, supported by the expansion of franchise stores and large customer channels [16][17] - **Kema Technology (301611.SZ)**: The company leads the domestic market in advanced ceramic components for semiconductors, with a revenue CAGR of 18% from 2021 to 2023 [20][21] - **ZTE Corporation (000063.SZ)**: The company reported a revenue of 121.299 billion yuan in 2024, a decrease of 2.38%, with a focus on expanding its AI and edge computing business [25][28] Investment Recommendations - The report suggests focusing on storage chip design and packaging leaders due to the anticipated price recovery in NAND Flash [8] - It recommends investing in domestic semiconductor equipment and materials companies, as well as those involved in AI infrastructure [8] - For coal companies, it highlights the potential for stable high-dividend stocks and suggests monitoring companies like China Shenhua and Shaanxi Coal and Energy [12]

PCB 广合科技（001389.SZ） 增持-A(维持) 算力基础设施需求增长为重要驱动，泰国工厂投产加速全球化布局 2025 年 4 月 2 日 公司研究/公司快报 事件描述 公司发布 2024 年报，2024 年公司实现营业收入 37.34 亿元，同比增长 39.43%；实现归母净利润 6.76 亿元，同比增长 63.04%；实现扣非归母净利 润 6.78 亿元，同比增长 55.83%；实现基本每股收益 1.66 元，同比增长 52.29%。 事件点评 2024 年公司营收及归母净利润实现快速增长，主要受益于 AI 技术发展 所驱动的算力基础设施需求增长。2024 年公司实现营业收入 37.34 亿元，同 比增长 39.43%；实现归母净利润 6.76 亿元，同比增长 63.04%。驱动公司营 收利润增长的主要因素是 AI 技术发展所驱动的算力基础设施需求增长，公 司所处的算力供应链需求旺盛。2024 年，公司在 AI 服务器、高端交换、新 代际通用服务器产品、AIPC、高端显示、汽车等产品领域不断取得技术突破， 成功配合客户完成新产品开发。其中，公司在多高层 PCB 及高阶 HDI 类 PCB 产品持续 ...

Investment Rating - The investment rating for the company is "Accumulate-B" [1][10]. Core Views - The company reported a revenue of 1.671 billion yuan for 2024, representing a year-on-year growth of 2.53%. The net profit attributable to the parent company was 277 million yuan, up 29.42% year-on-year, with a basic earnings per share (EPS) of 1.12 yuan, reflecting a growth of 30.23% [6][10]. - The company has successfully expanded its franchise store business and deepened its relationships with major clients, achieving positive growth in revenue and net profit despite intensified industry competition [6][10]. - The company plans to achieve revenues of 1.823 billion yuan, 2.015 billion yuan, and 2.236 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 268 million yuan, 293 million yuan, and 315 million yuan [10][12]. Financial Performance - In 2024, the company's gross profit margin improved to 26.71%, an increase of 0.36 percentage points year-on-year, while the net profit margin rose to 16.75%, up 3.54 percentage points year-on-year [7]. - The company completed 75 lean improvement projects in 2024, which contributed to enhanced production efficiency and reduced costs [7]. - The company’s total assets are projected to grow from 28.81 billion yuan in 2023 to 37.84 billion yuan by 2027, indicating a steady increase in financial strength [15][16]. Sales and Market Expansion - The company opened 1,026 new franchise stores in 2024, expanding its market presence in regions such as East China and North China [6]. - The sales revenue from franchise stores, direct stores, and group meal services for 2024 was 1.246 billion yuan, 21 million yuan, and 380 million yuan, respectively, with varying year-on-year changes [6][10]. - The company has developed over 300 new major clients in 2024, enhancing its customer service capabilities and product offerings [6].