电子行业近一年市场表现 投资要点 资料来源：最闻 电子 周跟踪（20250324-20250328） 领先大市-A(维持) NAND 价格 Q2 看涨，国产设备技术突破密集落地 2025 年 4 月 2 日 行业研究/行业周报 相关报告： 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 型 AI Agent，博通一季度业绩超预期-山 西证券电子行业周跟踪 2025.3.13 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.3.24-2025.3.28）市场大盘普遍下跌，上证指数跌 0.40%，深圳成指跌 0.75%，创业板指跌 1.12%，科创 50 跌 1.29%，申万电子 指数跌 2.07%，Wind 半导体指数跌 1.92%。外围市场，费城半导体指数跌 5.99%，台湾半导体指数跌 2.32%。细分板块中，周涨跌幅前三为电子化学品 （+2.43%）、半导体材料（-1.12%）、集成电路封测（-1.24%）。从个股看， 涨幅前五为泰凌微（+25.48% ...

电子 周跟踪（20250324-20250328） 领先大市-A(维持) NAND 价格 Q2 看涨，国产设备技术突破密集落地 2025 年 4 月 2 日 行业研究/行业周报 电子行业近一年市场表现 投资要点 资料来源：最闻 相关报告： 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 型 AI Agent，博通一季度业绩超预期-山 西证券电子行业周跟踪 2025.3.13 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.3.24-2025.3.28）市场大盘普遍下跌，上证指数跌 0.40%，深圳成指跌 0.75%，创业板指跌 1.12%，科创 50 跌 1.29%，申万电子 指数跌 2.07%，Wind 半导体指数跌 1.92%。外围市场，费城半导体指数跌 5.99%，台湾半导体指数跌 2.32%。细分板块中，周涨跌幅前三为电子化学品 （+2.43%）、半导体材料（-1.12%）、集成电路封测（-1.24%）。从个股看， 涨幅前五为泰凌微（+25.48% ...

半导体设备 珂玛科技（301611.SZ） 增持-A(首次) 半导体先进陶瓷结构件本土市场份额领先，模组产品放量贡献收入 2025 年 4 月 2 日 公司研究/深度分析 公司上市以来股价表现 投资要点： | 市场数据：2025 年 | 4 月 | 1 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 58.11 | | 总股本（亿股）： | | | 4.36 | | 流通股本（亿股）： | | | 0.60 | | 流通市值（亿元）： | | | 34.87 | | 基础数据：2024 年 9 月 | 30 日 | | | --- | --- | --- | | 每股净资产（元）： | | 3.40 | | 每股资本公积（元）： | | 1.21 | | 每股未分配利润（元）： | | 1.12 | | 资料来源：最闻 | | | 叶中正 执业登记编码：S0760522010001 电话： 邮箱：yezhongzheng@sxzq.com 谷茜 执业登记编码：S0760518060001 电话：0351-8686775 邮箱：guqian@sxzq.com 先进 ...

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [4]. Core Viewpoints - The company is a leading domestic player in advanced ceramic materials and components for semiconductor equipment, with a significant revenue contribution from its ceramic heater products expected to accelerate in 2024 [1][4]. - The domestic market for advanced structural ceramics has substantial room for domestic substitution, with the company holding an approximately 80% market share among local suppliers [2][4]. - The company has established strong partnerships with major domestic semiconductor equipment manufacturers, enhancing its competitive position in the market [3][4]. Summary by Relevant Sections 1. Leading Position in Advanced Ceramic Materials - The company is recognized as a top enterprise in the research, manufacturing, and sales of advanced ceramic materials and components for semiconductor equipment [17]. - The revenue from advanced ceramic components has shown stable growth, with a CAGR of 18% from 2021 to 2023 [1][24]. - The company’s ceramic heater products are expected to see significant volume growth in 2024, driven by increased demand from the semiconductor sector [1][24]. 2. Market Potential for Domestic Substitution - The global market for advanced structural ceramics is projected to reach 423 billion yuan by 2026, with a significant portion of demand coming from semiconductor and display panel equipment [2][58]. - The domestic market for advanced structural ceramics is expected to grow at a CAGR of 11% from 2022 to 2026, outpacing global growth rates [40]. - The company’s market share in the domestic advanced structural ceramics sector is approximately 80%, indicating a strong competitive advantage [2][4]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 845 million yuan, 1.06 billion yuan, and 1.24 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 75.96%, 25.40%, and 17.25% [7][8]. - The expected net profit for the same years is forecasted to be 311 million yuan, 431 million yuan, and 526 million yuan, reflecting substantial growth [7][8]. - The report anticipates that the company will maintain a robust gross margin, with a projected gross margin of 60.9% in 2024 [8].

Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][7] Core Views - The company has shown significant improvements in quality and efficiency, benefiting from the high demand in the downstream market [1][5] - In 2024, the company reported a revenue of 428.37 billion yuan, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders increased by 12.86% to 33.94 billion yuan [3][5] - The company is expected to continue benefiting from the urgent demand for new and upgraded equipment in the air force and navy aviation sectors [5] Financial Performance - In Q4 2024, the company achieved a revenue of 175.40 billion yuan, a year-on-year increase of 50.99%, and a net profit of 15.76 billion yuan, up 145.19% [5] - The gross margin improved by 1.52 percentage points to 12.47%, and the net margin increased by 1.46 percentage points to 7.97% in 2024 [5] - The company’s total liabilities reached 425.39 billion yuan, an increase of 8.49% year-on-year, while cash and cash equivalents decreased by 36.48% to 98.92 billion yuan [3][5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 1.47, 1.66, and 1.87 yuan respectively, with corresponding PE ratios of 30.3, 26.7, and 23.8 [7][9]

煤炭 煤炭进口数据拆解 同步大市-A(维持) 25 年前 2 月进口增速边际放缓 2025 年 4 月 2 日 行业研究/行业月度报告 煤炭板块近一年市场表现 相关报告： 【山证煤炭】年后二宗矿权交易达成， 一级市场估值维持强势-【山证煤炭】行 业周报（20250324-20250330）：2025.3.31 【山证煤炭】龙头股 2024 年度业绩好于 预 期 - 【 山 证 煤 炭 】 行 业 周 报 （20250317-20250323）： 2025.3.24 行业倡议书提及"限制劣质进口煤"，后续进口变化有待观察。2025 年 2 月 28 日，煤炭工业协会和运销协会发布《倡议书》，明确提出"发挥好进 口煤补充调节作用，有效控制劣质煤进口量"。我们认为当前进口煤已经对 国内市场形成冲击，未来进口量有望降低。 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 投资要点： 数据拆解： 资料来源：最闻 量价：前 2 月进口量同比增速边际放缓；前 2 月全口径煤炭进口价格较 去年同 ...

Investment Rating - The report maintains a "Buy-A" rating for AVIC Shenyang Aircraft Corporation (600760.SH) [1][6] Core Views - The company has shown significant improvements in quality and efficiency, benefiting from the high demand in the downstream market [1][4] - In 2024, the company experienced a revenue decrease of 7.37% due to external factors, but achieved a remarkable revenue growth of 50.99% in Q4 [4] - The company is expected to continue benefiting from the urgent demand for new and upgraded military aircraft in China's air force and navy [4] Financial Performance Summary - In 2024, the company's operating revenue was 428.37 billion, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders was 33.94 billion, an increase of 12.86% [3][4] - The company's gross profit margin improved by 1.52 percentage points to 12.47%, and the net profit margin increased by 1.46 percentage points to 7.97% in 2024 [4] - The company expects EPS for 2025-2027 to be 1.47, 1.66, and 1.87 respectively, with corresponding P/E ratios of 30.3, 26.7, and 23.8 [6][8]

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a strong outlook for the sector [2]. Core Insights - The report highlights a structural trend of "increasing volume and decreasing price" in coal imports since 2025, suggesting an oversupply in the international market. Despite increased imports, domestic prices have not risen significantly, indicating a loose supply-demand balance globally [4][52]. - The report notes that only thermal coal imports have shown a year-on-year decline, while imports of anthracite coal have increased significantly. The report also mentions the impact of geopolitical factors on coal imports from various countries [4][52]. - A recent initiative from the coal industry associations aims to limit the import of low-quality coal, which may lead to a reduction in future import volumes [4][52]. Summary by Sections Coal Import Volume Data Breakdown - In the first two months of 2025, coal and lignite imports totaled 76 million tons, a year-on-year increase of 2%. In February alone, imports reached 34.36 million tons, up 1.81% year-on-year but down 17.72% month-on-month [3][12]. - Thermal coal imports decreased by 7.59% year-on-year in January and February, with a total of 26.2 million tons imported. Notably, imports from Indonesia saw a significant decline [17][21]. - Coking coal imports increased by 5% year-on-year, totaling 18.77 million tons in the same period, with notable growth from Russia and the U.S. [21][25]. - Lignite imports rose by 8% year-on-year, primarily driven by Indonesia [25][27]. - Anthracite coal imports surged by 41% year-on-year, with Russia being the main contributor [27][28]. Coal Import Price Data Breakdown - The average import price for coal in the first two months of 2025 was $85 per ton, down 11.14% from the previous year. In February, the price dropped to $82 per ton, reflecting a 21.33% year-on-year decline [33][38]. - Thermal coal prices averaged $85 per ton, down 8.49% year-on-year, while coking coal prices averaged $127 per ton, down 16.44% year-on-year [40][45]. - Lignite and anthracite coal prices also saw declines, with lignite averaging $55 per ton and anthracite at $121 per ton, both reflecting significant year-on-year decreases [45][47]. Commentary and Investment Recommendations - The report suggests that the coal sector is currently experiencing a favorable environment for high-dividend stocks, recommending companies like China Shenhua, Shaanxi Coal, and Zhongmei Energy for stable high-dividend investments. For more elastic high-dividend stocks, Huabei Mining and Pingmei Shenma are highlighted [5][53]. - The report emphasizes the importance of resource pricing in guiding the valuation of coal companies, suggesting a focus on undervalued stocks with strong performance support [5][53].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][9]. Core Views - The company's operator business is under pressure from external environmental factors, while computing power and end-side businesses are opening new growth avenues [1][6]. - The company reported a revenue of 121.3 billion yuan in 2024, a year-on-year decrease of 2.38%, and a net profit of 8.43 billion yuan, down 9.66% year-on-year [3][10]. - The operator business revenue for 2024 was 70.3 billion yuan, down 15.02% year-on-year, while the government and enterprise business grew by 36.68% to 18.57 billion yuan [5][9]. Financial Performance - The company achieved a gross margin of 37.91% in 2024, a decrease of 3.62 percentage points year-on-year [3]. - The fourth quarter of 2024 saw a revenue of 31.25 billion yuan, down 10.34% year-on-year but up 13.41% quarter-on-quarter [3]. - The company expects net profits to grow to 9.26 billion yuan in 2025, reflecting a year-on-year increase of 9.9% [9][10]. Business Segments - The operator business is facing challenges due to a decline in overall investment from domestic operators as 5G network construction matures [5]. - The government and enterprise business has seen significant growth due to increased R&D investment, with revenues doubling in key sectors [5][6]. - The consumer business reported a revenue increase of 16.12% to 32.41 billion yuan, driven by growth in home terminals and mobile internet products [5][6]. Market Position and Strategy - The company is actively expanding its computing power segment, achieving breakthroughs in servers, storage, and data centers [8]. - The company is implementing a dual-brand strategy in international markets, leveraging innovative technologies to capture emerging market demands [8][9]. - The company maintains strict cost control, with a declining debt-to-asset ratio of 64.7% in 2024, marking six consecutive years of improvement [8][9].

研究早观点 2025 年 4 月 2 日 星期三 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,348.44 | 0.38 | | 深证成指 | 10,503.66 | -0.01 | | 沪深 300 | 3,887.68 | 0.01 | | 中小板指 | 6,568.47 | -0.03 | | 创业板指 | 2,101.88 | -0.09 | | 科创 50 | 1,024.38 | 0.16 | 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 市场走势 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：OFC2025 即将召开， 关注财报季高景气板块 【行业评论】计算机：AutoGLM 沉思重磅发布，集深度思考与强工具 使用能力于一体 【行业评论】非银行金融：行业周报（20250324-20250330）：-券商业 绩显著改善，鼓励耐心资本入市 【山证纺服】老铺黄金 2024 年报点评 【山证军工】航天电器（00202 ...