Investment Rating - The report assigns a rating of "Increase" for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [29]. Core Views - The company reported a revenue of approximately 549 million yuan for 2024, reflecting a year-on-year growth of 8.45%, while the net profit attributable to shareholders decreased by 18.73% to 49.32 million yuan [6][13]. - The recovery in the robotics and general automation industry has led to steady revenue growth, although increased R&D investments have impacted net profit [7][11]. - The company has established a comprehensive product line with proprietary intellectual property, including human-machine interfaces, programmable logic controllers, and servo systems, enabling it to provide automation solutions [7][9]. Summary by Sections Financial Performance - For 2024, the company expects revenues of 549 million yuan, with projections of 691 million yuan in 2025 and 839 million yuan in 2026, alongside net profits of 49 million yuan, 93 million yuan, and 132 million yuan respectively [13][16]. - The gross profit margin for 2024 is reported at 36.54%, with a diluted return on equity of 1.24% [2][19]. Market Position - The company holds a leading market share of 12% in the low-voltage DC servo market and 42% in the general automation sector, benefiting from the domestic demand for industrial automation and the trend of domestic substitution [10][11]. - The robotics sector accounted for approximately 38% of the company's revenue, with significant growth in the general automation and medical imaging equipment sectors as well [7][11]. Strategic Focus - The company is focusing on a "1+N" strategy centered around robotics, expanding into various sub-sectors while enhancing its core product lines [11][12]. - The company is actively developing humanoid robot markets and has established collaborations with multiple domestic and international clients [12].

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 聚焦机器人 1+N 战略，持续拓展机器人 核心部件及行业应用 通用设备 ——步科股份(688160)公司点评 证券研究报告-公司点评 增持(首次) 市场数据(2025-02-27) | 收盘价(元) | 105.88 | | --- | --- | | 一年内最高/最低(元) | 105.88/31.70 | | 沪深 300 指数 | 3,968.12 | | 市净率(倍) | 11.71 | | 流通市值(亿元) | 88.94 | | 基础数据(2024-09-30) | | | 每股净资产(元) | 9.04 | | 每股经营现金流(元) | 0.00 | | 毛利率(%) | 36.54 | | 净资产收益率_摊薄(%) | 1.24 | | 资产负债率(%) | 25.77 | | --- | --- | | 总股本/流通股(万股) | 8,400.00/8,400.00 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -32% -10% 1 ...

Investment Rating - The report does not explicitly state an investment rating for the chemical new materials industry. Core Insights - The chemical new materials industry is a crucial sector for strategic emerging industries such as high-end equipment, aerospace, new energy, electronic information, energy conservation, and biotechnology, serving as a foundational and leading industry for the national economy [1][11]. - The global market for chemical new materials is projected to grow at a compound annual growth rate (CAGR) of 4.40% from 2019 to 2025, reaching a market size of approximately 480 billion USD by 2025 [3][26]. - China's chemical new materials industry has seen rapid development, with significant breakthroughs in process technology since the 13th Five-Year Plan, although it still faces challenges such as structural oversupply in certain varieties and a reliance on imports for some high-end products [3][34]. Summary by Sections 1. Overview of the Chemical New Materials Industry - Chemical new materials encompass various new chemical materials with superior performance or special functions compared to traditional materials, including high-end polyolefin materials, engineering plastics, polyurethane materials, and more [1][12]. 2. Global Development Trends - The global chemical new materials industry is characterized by technological leadership from developed countries, with the U.S., Europe, and Japan at the forefront, while emerging economies like China are rapidly developing [26][29]. 3. China's Development Trends - China's chemical new materials consumption increased from 26.27 million tons in 2016 to 38.34 million tons in 2021, with a CAGR of 7.85%, outpacing the overall growth of the chemical industry [32][33]. - The self-sufficiency rate of China's chemical new materials has improved significantly, rising from 58.5% in 2016 to 77.3% in 2021 [32][33]. 4. Policy Support - The Chinese government has implemented various policies to support the high-quality development of the chemical new materials industry, aiming to strengthen and expand the sector towards high-end products [3][34]. 5. Development Status in Henan Province - Henan Province has prioritized the development of the chemical new materials industry, establishing a solid industrial foundation and achieving notable progress with leading companies emerging in various fields [3][34].

电力设备及新能源 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 电力设备及新能源相对沪深 300 指数表现 相关报告 《电力设备及新能源行业专题研究：BC 电池 平台型技术优势明显，关注龙头商业化进 程》 2025-02-19 《电力设备及新能源行业月报：宏观信心增 强，海外需求不减，关注输变电行业龙头》 2025-01-27 《电力设备及新能源行业月报：2024 年国内 新增光伏装机再创历史新高，光伏主产业链 价格企稳》 2025-01-27 投资要点： ⚫ 2 月光伏产业指数震荡走高，个股表现良好。受整体 A 股市场投资 风险偏好提升和光伏产品价格企稳等因素影响，本月光伏指数表现 良好。截至 2 月 27 日收盘，2 月光伏行业指数上涨 6.32%，跑赢 沪深 300 指数，全部细分子行业均实现上涨，大部分个股取得正向 收益。 证券研究报告-行业月报 强于大市(维持) 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共13页 深化新能源上网电价市场化改革政策 出台，光伏组件价格有所上调 ...

分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 研究助理：王兴广 登记编码：S0730123120001 wangxg1@ccnew.com 0371-65585753 证券研究报告-行业月报 同步大市(维持) 电气设备相对沪深 300 指数表现 资料来源：中原证券，聚源 -8% -3% 2% 7% 12% 17% 22% 28% 2024.02 2024.06 2024.10 2025.02 电气设备 沪深300 相关报告 《电气设备行业月报：宏观信心增强，海外 需求不减，关注输变电行业龙头》 2025-01- 27 《电气设备行业年度策略：电气设备行业三 大驱动：电网投资景气、配网智能升级、出 海机遇凸显》 2024-12-13 《电气设备行业月报：增量政策提振信心， 国际需求稳定增长，关注输变电行业龙头》 2024-12-03 联系人：李智 发布日期：2025 年 02 月 28 日 ⚫ 电气设备 2 月表现强于沪深 300 指数。截至 2 月 27 日收盘，电 气设备指数当月上涨 8.18%，跑赢沪深 300 指数(3.96%)4.2 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -14% -8% -3% 2% 8% 13% 19% 24% 2024.02 2024.06 2024.10 2025.02 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,388.06 | 0.23 | | 深证成指 | | 10,927.51 | -0.26 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,968.12 | 0.21 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,799.44 | 0.28 | | 中证 | 500 | 6,028.99 | -0.38 | | 中证 | 1000 ...

Market Overview - The A-share market experienced a slight rebound after a dip, with the index finding support around 3353 points during the trading session on February 27, 2025. The market showed a pattern of initial decline followed by recovery, with strong performances from sectors such as beverages, food and drink, energy metals, and batteries [3][6][15]. - The Shanghai Composite Index closed at 3388.06 points, up 0.23%, while the Shenzhen Component Index closed at 10,927.51 points, down 0.26%. The ChiNext Index fell by 0.52% [7][15]. Sector Performance - The beverage, food and drink, energy metals, and battery sectors showed notable gains, while sectors such as communication equipment, power equipment, photovoltaic equipment, and optical electronics underperformed [3][6][15]. - Over 50% of stocks in the two markets declined, with the commercial retail, food and drink, battery, beauty care, and tourism sectors leading in gains. Conversely, sectors like communication equipment, power equipment, and photovoltaic equipment saw significant outflows of capital [6][9]. Investment Recommendations - The current average price-to-earnings (P/E) ratios for the Shanghai Composite Index and ChiNext Index are 14.30 times and 39.79 times, respectively, indicating a suitable environment for medium to long-term investments [15]. - The total trading volume for the two markets reached 20,422 billion, above the median level for the past three years, suggesting robust market activity [15]. - The report suggests that investors should focus on structural opportunities while balancing defensive and growth strategies, particularly in sectors such as consumption, batteries, energy metals, and gaming [15].

Investment Rating - The report maintains an investment rating of "Outperform" for the agriculture, forestry, animal husbandry, and fishery industry [8] Core Insights - The report highlights that the pet food production has shown counter-cyclical growth, with a 9.3% increase in pet feed production in 2024, reaching 1,599,000 tons [27][28] - The "No. 1 Document" for 2025 introduces the concept of "new agricultural productivity," emphasizing the need for technological advancements in agriculture [29][30] Summary by Sections Market Review - In January 2025, the agriculture, forestry, animal husbandry, and fishery index fell by 2.12%, outperforming the CSI 300 index, which dropped by 2.99% [10] - The pet food sector showed strong performance, while the aquatic processing sector faced declines [10] Livestock Industry Data Tracking - In January 2025, the average price of live pigs was 15.77 yuan/kg, with a month-on-month decrease of 0.25% but a year-on-year increase of 10.82% [14] - The white feather chicken price averaged 3.65 yuan/kg, showing a slight decline [22] - The report indicates a rebound in the price of piglets, with a 12.57% month-on-month increase [14] Pet Food - Pet food exports showed significant growth, with a 31.6% year-on-year increase in quantity and a 14.7% increase in value in December 2024 [26] - The overall feed production in China decreased by 2.1%, but pet feed production increased, indicating a shift in consumer preferences [27][28] Policy Developments - The 2025 "No. 1 Document" emphasizes stabilizing grain planting areas and improving yield and quality, which is crucial for food security [29] - The document introduces "new agricultural productivity," focusing on the application of biotechnology and digital technologies in agriculture [30] Price Tracking of Major Agricultural Products - The report notes that corn prices stabilized in January 2025, while soybean meal prices saw a rebound [32][33]

Economic Performance and Comparison - In 2024, China's GDP reached 13,490.84 billion yuan, growing by 5.0% year-on-year, with the growth target achieved under supportive policies [6][9] - Henan Province's GDP reached 635.90 billion yuan, with a year-on-year growth of 5.1%, ranking sixth nationally and first in Central China [6][16] - The industrial production in Henan accelerated, with a significant increase in the added value of industries above designated size, growing by 8.1% [18][19] Macro Policy Tracking - In 2024, a series of policies were introduced to promote economic stability, improve the capital market, and deepen reforms [6][29] - Henan's government implemented policies to stabilize the economy and support technological innovation, including plans for logistics and consumption upgrades [36][37] Securities Market Performance - In 2024, the Henan Index increased by 5.36%, underperforming compared to the Shanghai Composite Index and the CSI 300 Index [6] - The top three A-share performers in Henan were Hengtuo Kaiyuan (141.24%), Yutong Bus (114.67%), and Huifeng Diamond (112.36%) [6] Listed Companies - By the end of 2024, Henan had 137 listed companies, with a total market value of 1,397.33 billion yuan, reflecting a 2.98% increase from the previous year [6][19] - In 2024, two companies completed their IPOs in Henan, while ten companies withdrew their applications [6][20] Investment Recommendations - In 2025, it is recommended to focus on investment opportunities in companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange, as well as those with merger and acquisition potential [6][19]

Investment Rating - The industry investment rating is "In line with the market," indicating that the industry index is expected to fluctuate between -10% to 10% relative to the CSI 300 index over the next six months [13]. Core Insights - The food and beverage sector has shown a significant recovery since February 6, with an overall increase of 3.29% by February 25, outperforming the CSI 300 index, which rose by 2.16% during the same period [7][8]. - The recovery in the food and beverage sector is attributed to macroeconomic factors, including government policies aimed at stimulating consumption, such as promoting new energy vehicles and supporting tourism and housing improvements [7]. - Key segments within the food and beverage industry, such as dairy products, liquor, snacks, and health products, have shown notable performance, with many small-cap stocks being particularly sensitive to market sentiment [8][10]. Summary by Sections Market Performance - From February 6 to February 25, various consumer sectors, including food and beverage, have outperformed the CSI 300 index, with notable increases in consumer electronics (14.33%), passenger vehicles (12.45%), and media (11.32%) [7]. - The food and beverage sector's performance is supported by a healthy inventory level in the dairy sector, which is maintained at around 20 days [8]. Investment Recommendations - Despite a general slowdown in high growth within the food and beverage industry compared to a decade ago, emerging markets present new investment opportunities. Recommended sectors for 2025 include soft drinks, pre-mixed beverages, snacks, and yeast products [10]. - Specific companies highlighted for potential investment include Jingzai Foods, Lihigh Foods, Qianwei Central Kitchen, Angel Yeast, Xianle Health, Zhongjing Foods, and Yingjia Gongjiu [10].