Investment Rating - The report maintains an "Accumulate-A" rating for the company Tianyue Advanced (688234.SH) [1] Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit attributable to shareholders of 179 million yuan, up 491.56% [2][3] - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to a significant increase in revenue and profitability [2][3] - The company is positioned as the second-largest global manufacturer of conductive silicon carbide substrates, with a market share of 22.80% [6][7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.768 billion yuan, with a net profit of 179 million yuan, marking a significant improvement from a loss in the previous year [2][3] - The gross margin for the year was 25.90%, an increase of 10.09 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][3] Product and Market Development - The main business segment, silicon carbide semiconductor materials, generated revenue of 1.474 billion yuan, accounting for 83.35% of total revenue, with a year-on-year growth of 35.72% [3] - The company has successfully expanded its international business, with overseas revenue reaching 840 million yuan, a 104.43% increase, representing 47.53% of total revenue [3] - The production capacity for silicon carbide substrates reached 410,200 pieces in 2024, a year-on-year increase of 56.56% [3] Future Projections - The company is expected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan in 2025, 2026, and 2027, respectively [7] - The projected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [7]

研究早观点 2025 年 3 月 31 日 星期一 市场走势 【今日要点】 【山证纺服】申洲国际 2024 年报点评 【公司评论】联瑞新材(688300.SH)：联瑞新材-高端产品销量持续提升，核 心技术储备丰富 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 | | 3,351.31 | -0.67 | | 深证成指 | | 10,607.33 | -0.57 | | 沪深 | 300 | 3,915.17 | -0.44 | | 中小板指 | | 6,647.84 | -0.58 | | 创业板指 | | 2,128.21 | -0.79 | | 科创 | 50 | 1,029.48 | -1.07 | 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 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 研究早观点 【今日要点】 【山证纺服】申洲国际 2024 年报点评 王冯 wan ...

Investment Rating - The report maintains a "Buy-A" rating for Shenzhou International (02313.HK) [1] Core Views - In 2024, the company's revenue reached 28.663 billion yuan, a year-on-year increase of 14.8%, while the net profit attributable to shareholders was 6.241 billion yuan, up 36.9% year-on-year [2][3] - The company is expected to continue benefiting from increased production capacity and improved operational efficiency, leading to a significant recovery in profitability [8] Revenue and Profit Analysis - In 2024, the company achieved a revenue of 28.663 billion yuan, with a volume increase of approximately 21% and a decrease in average selling price by 5% due to a shift in product mix towards lower-priced casual wear and underwear [3] - The gross profit margin improved by 3.8 percentage points year-on-year, driven by increased capacity utilization and a decrease in management expense ratio [6][7] Product Performance - Revenue growth in 2024 was led by casual wear and underwear, with respective year-on-year increases of 27.1% and 34.6% [4] - The company’s four core customers accounted for 80.7% of total revenue, with Uniqlo and Adidas showing significant growth [5] Market Performance - The company’s primary market is mainland China, followed by the US and Japan, with respective revenue growth rates of 13.2%, 18.9%, and 31.5% in 2024 [4] Future Projections - Revenue forecasts for 2025-2027 are 31.529 billion, 35.173 billion, and 38.883 billion yuan, with expected year-on-year growth rates of 10.0%, 11.6%, and 10.6% respectively [8][10] - Projected net profits for the same period are 6.520 billion, 7.284 billion, and 8.158 billion yuan, with growth rates of 4.5%, 11.7%, and 12.0% [8][10]

研究早观点 2025 年 3 月 28 日 星期五 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】太阳能：202502 光伏行业月度报告-2025 年 1-2 月光伏新 增装机同比增长 7.5%，组件出口额同比下降 【山证煤炭】中国神华（601088.SH）年报点评：-运输板块部分弥补 煤价下行，业绩稳健分红可期 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 | | 3,373.75 | 0.15 | 效初显，降本增效推动业绩高增 | | 深证成指 | | 10,668.10 | 0.23 | | | 沪深 | 300 | 3,932.41 | 0.33 | | | 中小板指 | | 6,686.62 | 0.52 | | | 创业板指 | | 2,145.10 | 0.24 | | | 科创 | 50 | 1,040.57 | 1.12 | | 资料来源：最闻 分析师： 【公司评论】 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8] Core Views - The company has seen continuous growth in high-end product sales and possesses a rich reserve of core technologies [1] - The demand for powder products has surged due to the increasing need for computing power, driven by the explosion of AI technology and a rebound in storage chips [4] - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit of 251 million yuan, up 44.47% year-on-year [4] Financial Performance - The company’s gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, primarily due to the growth of high-margin spherical powder products [5] - The sales volume of spherical silicon micro-powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton, up 4.6% year-on-year [4][5] - The company’s R&D expenditure accounts for 6.3% of its revenue, with ongoing projects aimed at high-end applications in international markets [6] Future Projections - The company is expected to achieve net profits of 298 million yuan, 346 million yuan, and 381 million yuan for the years 2025, 2026, and 2027, respectively [8] - Corresponding to the closing price of 57.55 yuan on March 27, the projected P/E ratios for 2025, 2026, and 2027 are 36, 31, and 28 times, respectively [8] Market Position - The company is well-positioned to benefit from the ongoing demand in the semiconductor industry, with global semiconductor sales projected to reach 628 billion USD in 2024, a year-on-year increase of 19% [4]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][5] Core Views - The company achieved an annual revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit attributable to the parent company of 251 million yuan, up 44.47% year-on-year [1] - The demand for the company's spherical powder products has surged due to the increasing need for computing power, with global semiconductor sales projected to reach 628 billion USD in 2024, a 19% year-on-year increase [2] - The company has a strong pipeline of high-end products and a rich core technology reserve, with R&D expenses accounting for 6.3% of revenue [3] Financial Performance - In Q4 2024, the company reported a revenue of 267 million yuan, a quarter-on-quarter increase of 6.5%, while the net profit attributable to the parent company was 66 million yuan, a decrease of 1.3% quarter-on-quarter [1] - The company's gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, driven by the growth of high-margin spherical powders [2] - The projected net profits for 2025, 2026, and 2027 are 298 million yuan, 346 million yuan, and 381 million yuan, respectively, with corresponding P/E ratios of 36, 31, and 28 times based on the closing price of 57.55 yuan on March 27 [5][12] Product and Market Development - The company has successfully launched high-end products such as Lowα spherical silica and LowDf ultra-fine spherical silica, which have been certified by overseas clients for advanced packaging applications [2] - The sales volume of spherical silicon micro powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton [2] - The company is actively advancing research projects in high-end copper-clad laminates, packaging materials, and thermal conductive materials [3]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][9] Core Views - The company has enhanced its integrated supply chain advantages through new capacity and continuous R&D investment [2] - In 2024, the company achieved total revenue of 45.648 billion yuan, a year-on-year increase of 10.03%, and a net profit of 6.072 billion yuan, up 26.77% year-on-year [3] - The company’s sales gross margin and net margin improved to 23.57% and 13.28%, respectively, reflecting quality enhancement and product differentiation [5] Financial Performance - In 2024, the company’s revenue from functional chemicals, polymer materials, and new energy materials reached 21.707 billion, 11.987 billion, and 0.841 billion yuan, with growth rates of 1.96%, 0.60%, and 80.77% respectively [5] - The company’s R&D investment in 2024 was 1.75 billion yuan, a 7.7% increase, with a R&D expense ratio of 3.8% [7] - The company’s projected EPS for 2025-2027 are 2.19, 2.45, and 2.66 yuan, with corresponding P/E ratios of 10, 9, and 8 times [8][9] Capacity and Production - The company has established a complete industrial chain for acrylic acid and esters, enhancing its market influence [6] - New production capacities are being steadily deployed, including a 100,000-ton ethanolamine facility and an 800,000-ton multi-carbon alcohol project [6][7] Market Data - As of March 27, the closing price was 22.21 yuan, with a market capitalization of 74.818 billion yuan [5][6]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][9] Core Views - The company has enhanced its integrated advantages in the industrial chain through new capacity and continuous R&D investment [2] - In 2024, the company achieved total revenue of 45.648 billion yuan, a year-on-year increase of 10.03%, and a net profit of 6.072 billion yuan, up 26.77% year-on-year [3] - The company’s overall sales gross margin and net margin improved to 23.57% and 13.28%, respectively, reflecting quality enhancement and differentiated product development [5] Financial Performance - In 2024, the company’s functional chemicals, polymer materials, and new energy materials generated revenues of 21.707 billion, 11.987 billion, and 0.841 billion yuan, respectively, with new energy materials growing rapidly by 80.77% year-on-year [5] - The company’s R&D investment reached 1.75 billion yuan in 2024, a 7.7% increase year-on-year, with a focus on key strategic materials and cutting-edge new materials [7] - The company’s earnings per share (EPS) for 2025-2027 are projected to be 2.19, 2.45, and 2.66 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 times [8][9] Capacity Expansion and R&D - The company has made significant progress in its production capacity, including a 100,000-ton ethanolamine facility and an 800,000-ton multi-carbon alcohol project, enhancing its competitive edge in the acrylic acid and ester industry [6][7] - The company plans to invest 10 billion yuan in R&D over the next five years, focusing on catalyst, new energy materials, and polymer new materials [7]

Investment Rating - The report maintains a "Synchronize with the market - A" rating for the solar energy industry [2]. Core Viewpoints - In the first two months of 2025, the domestic photovoltaic (PV) installed capacity reached approximately 39.47 GW, representing a year-on-year growth of 7.5%, although it saw a month-on-month decline of 44.2% compared to December 2024 [12][2]. - The export value of PV components in January and February 2025 was 164.6 billion and 119.6 billion respectively, showing a year-on-year decline of 31.6% for the cumulative export value [15][3]. - The solar power generation in the first two months of 2025 increased by 27.4% year-on-year, accounting for 4.85% of the total national power generation [37][5]. Summary by Sections 1. Installed Capacity - The domestic PV installed capacity for January and February 2025 was approximately 39.47 GW, with a year-on-year increase of 7.5% and a month-on-month decrease of 44.2% [12][2]. 2. Exports - The export value of PV components in January and February 2025 was 164.6 billion and 119.6 billion respectively, with year-on-year declines of 24.1% and 39.8% [15][3]. - The cumulative export value for the first two months was 284.2 billion, reflecting a year-on-year decrease of 31.6% [15][3]. 3. Inverter Exports - In January and February 2025, the inverter export value was 44.1 billion and 32.6 billion respectively, with year-on-year increases of 9.7% and 2.5% [26][4]. - The cumulative export value for inverters in the first two months was 76.7 billion, showing a year-on-year growth of 6.5% [26][4]. 4. Solar Power Generation - The solar power generation in the first two months of 2025 was 724.1 billion kWh, marking a year-on-year increase of 27.4% [37][5]. - This generation accounted for 4.85% of the total national power generation, which was 14,921 billion kWh, reflecting a year-on-year decrease of 1.3% [37][5]. 5. Investment Recommendations - Key recommendations include focusing on new technology directions with companies like Aiko Solar and Longi Green Energy, supply-side improvements with companies like Flat Glass Group, and overseas expansion with companies such as Hengdian Group and Sungrow Power Supply [41][5].

太阳能 202502 光伏行业月度报告 同步大市-A(维持) 2025 年 1-2 月光伏新增装机同比增长 7.5%，组件出口额同比下降 2025 年 3 月 27 日 行业研究/行业月度报告 太阳能板块近一年市场表现 投资要点： 国内光伏新增装机：1-2 月新增装机同比增长，环比有所下滑。根据国 家能源局数据，2025 年 1-2 月国内光伏新增装机约 39.47GW，同比增长 7.5%， 环比 2024 年 12 月下降 44.2%。 组件出口：根据海关总署数据，2025 年 1、2 月组件出口额分别为 164.6 亿元、119.6 亿元，同比分别-24.1%、-39.8%，环比分别+17.1%、-27.4%。 1-2 月累计出口额 284.2 亿元，同比-31.6%。根据 Infolink，2024 年 12 月国 内光伏组件出口量 16.63GW，同比+3%，环比+9%。12 月全球前五大单一出 口市场依序为巴西、荷兰、印度、沙特与西班牙，单月合计出口量约占全球 市场的 42%。2024 年 1-12 月国内组件累计出口 235.93GW，同比+13%。 相关报告： 逆变器出口：1、2 月逆变器出口额 ...