[Table_Title] 关税升级难撼根基，回购浪潮彰显底气 ——电力设备新能源行业周报 [Table_Main] 行业研究|能源|新能源 证券研究报告 新能源行业周报、月报 2025 年 04 月 12 日 [Table_Summary] 报告要点： 周度行情回顾 2025 年 04 月 06 日至 04 月 11 日，上证综指下降 3.11%，深证成指 下降 5.13%，创业板指下降 6.73%。其中申万电力设备下降 9.10%， 较沪深 300 跑输 6.23pcts。细分子行业来看，申万光伏设备/风电设备 /电池/电网设备分别涨-9.57%/-8.87%/-10.52%/-5.71%。 重点板块跟踪 宁德时代：4 月 7 日，宁德时代新能源科技股份有限公司发布公告， 拟使用自有或自筹资金以集中竞价交易方式回购公司部分人民币普通 股 A 股股份。自公司董事会审议通过回购股份方案之日起 12 个月内， 拟使用不低于人民币 40 亿元（含本数）且不超过人民币 80 亿元（含 本数）自有或自筹资金，回购价格上限为 392.32 元/股，具体回购股 份的数量以回购结束时实际回购的股份数量为准。本次回购的股份将 ...

[Table_Main] 行业研究|有色金属 证券研究报告 行情回顾：近 2 周有色指数下降 7.27%，贵金属涨幅居前 近 2 周（2025.3.28 -2025.4.11），有色金属行业指数下降 7.27%，在 31 个申万一级行业中排名第十九。从细分领域看，贵金属涨幅 （9.56%）居前；工业金属和小金属跌幅分别为 10.58%、4.25%；能 源金属和金属新材料跌幅分别为 10.95%、7.48%。 金属价格：受美国关税影响，黄金持续上涨创历史新高 截至 4 月 11 日收盘， COMEX 黄金收盘价为 3254.90 美元/盎司，受 美国关税影响，避险情绪增加， 在上周回调后持续上涨，近 2 周上涨 4.39%，年初至今上涨 21.85%；COMEX 银收盘价为 31.91 美元/盎 司，近 2 周下跌 8.34%；中国稀土价格指数报 181.19，近 2 周下跌 0.08%，镨钕氧化物现价 42.80 万元/吨，近 2 周下跌 2.95%，氧化镧 现价 4400 元/吨，近 2 周价格保持稳定，氧化铈现价 13000 元/吨， 近 2 周持平，氧化镝现价 169.0 万元/吨，近 2 周上涨 2. ...

[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 食品、饮料与烟草行业 点评报告 [Table_Title] 关税对食饮成本影响可控，重视扩大内需 ——食品饮料行业点评 [Table_Summary] 报告要点： 3）肉制品及食品加工：我国猪肉消费总量中，约 4%来源于进口，2024 年自美国进口的猪肉占进口总量的约 18%，占猪肉消费总量比重极 低；同样的，2024 年我国鸡肉进口量占国内禽类总产量比重约 4%， 其中自美进口鸡肉仅占鸡肉进口总量的约 11%，2025 年前 2 个月该 比例已降至约 6%。 投资建议 在关税冲突与扩大内需共振的背景下，食品饮料行业的防御属性凸 显。白酒方面，去库存、稳渠道、促消费是白酒行业主线，2025 年合 理降速成为行业共识，当前主要酒企渠道库存已降至合理水平，随着 政策的不断发力和消费场景的改善，白酒需求有望温和恢复，建议关 注护城河宽阔，品牌、渠道力领先，韧性强的高端酒企，如贵州茅台、 五粮液、泸州老窖，以及竞争格局较好、势能向上的区域领先酒企。 大众品方面，乳业上游供给端产能去化有望加速，原奶价格后续有望 企稳回升，龙头乳企韧性较强；休 ...

Investment Rating - The report maintains a "Recommended" rating for the renewable energy sector, indicating that the industry index is expected to outperform the benchmark index by more than 10% [42]. Core Insights - The report highlights that the recent tariff upgrades in the U.S. will have limited impact on the photovoltaic sector due to established trade barriers and a shift in production to Southeast Asia and other emerging markets [4]. - The wind power sector is expected to benefit from strong domestic demand, with major manufacturers showing confidence through share buyback announcements [5]. - The electric vehicle supply chain in China continues to grow rapidly, with a focus on companies benefiting from low raw material prices and stable profitability [5]. Weekly Market Review - From April 6 to April 11, 2025, the Shanghai Composite Index fell by 3.11%, while the Shenzhen Component Index and the ChiNext Index dropped by 5.13% and 6.73%, respectively. The Shenwan Electric Power Equipment Index decreased by 9.10%, underperforming the CSI 300 by 6.23 percentage points [12]. - The sub-sectors of photovoltaic equipment, wind power equipment, batteries, and grid equipment saw declines of -9.57%, -8.87%, -10.52%, and -5.71%, respectively [12]. Key Sector Tracking - CATL announced a share buyback plan, intending to repurchase between RMB 4 billion and RMB 8 billion worth of shares at a maximum price of RMB 392.32 per share [3][25]. - The wind power sector's major players, including Goldwind and Envision Energy, have low exposure in the U.S. market, focusing instead on "Belt and Road" countries [5]. Investment Recommendations - For the photovoltaic sector, the report suggests that the impact of U.S. tariffs is minimal due to established trade barriers and a shift in production strategies [4]. - In the wind power sector, the report emphasizes the strong competitive advantage of China's domestic supply chain, with over 90% localization [5]. - In the electric vehicle sector, the report recommends focusing on companies that benefit from low raw material prices and stable profitability, such as CATL and other leading firms [5]. Industry News - The report notes significant developments, including the mass production of high-nickel battery precursors by Greeenme, which is expected to enhance its market position [19]. - The first quarter of 2025 saw a wind turbine bidding scale exceeding 38.5 GW, indicating a robust market outlook [22].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 大华股份(002236)公司点评报告 2025 年 04 月 12 日 [Table_Title] 营业收入基本持平，加大研发布局未来 ——大华股份(002236.SZ)2024 年年度报告点评 [Table_Summary] 事件： 公司于 2024 年 3 月 28 日收盘后发布《2024 年年度报告》。 点评： 营业收入同比基本持平，国内外诸多因素致净利润下滑 2024 年，公司坚持精细化管理和高质量发展的经营理念，实现营业收入 321.81 亿元，同比下降 0.12%；实现归母净利润 29.06 亿元，同比下降 60.53%，主要是 2023 年出售零跑股权对利润的影响导致；实现扣非归母 净利润 23.47 亿元，同比下降 20.74%；受需求收缩、竞争加剧影响，全年 实现毛利率 38.84%，同比下滑 2.8%。公司延续了费用结构强管控的策略， 全年三费总额 105 亿元，与 2023 年基本持平。受汇率波动影响，本年度汇 兑收益 0.37 亿元，较上年同期收窄 1.43 亿元，影响当期利润增速。 国内业务有所承压，海外及创 ...

[Table_Title] 利润实现快速增长，信创产品取得突破 ——普联软件(300996.SZ)2024 年年度报告点评 [Table_Summary] 事件： [Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 普联软件(300996)公司点评报告 2025 年 04 月 12 日 公司于 2025 年 3 月 31 日收盘后发布《2024 年年度报告》。 点评： 营业收入实现稳健增长，控费驱动利润释放 公司全年实现营业收入 8.36 亿元，同比增长 11.60%；实现归母净利润 1.21 亿元，同比增长 95.06%；实现扣非归母净利润 1.06 亿元，同比增长 123.43%。分行业来看，石油石化行业实现收入 4.45 亿元，同比增长 15.62%；建筑地产行业实现收入 1.53 亿元，同比增长 19.67%；金融行业 实现收入 0.71 亿元，受监管政策出台进度影响，同比下降 13.02%；煤炭 电力行业，持续拓展中国中煤、山东能源、冀中能源、陕煤集团、晋能控股、 深圳能源等客户群体，实现营业收入 0.89 亿元，同比增长 29.98%。公司 三项费用（销售费用、管理费用、研发费 ...

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, indicating a positive outlook based on high industry growth potential driven by AI, 5.5G, and satellite communications [2]. Core Insights - Several companies in the telecommunications sector have reported significant profit increases for Q1 2025, with notable growth attributed to the deployment of AI infrastructure. For instance, Ruijie Networks is expected to see a net profit increase of approximately 4142.15% to 5310.90% year-on-year [2]. - The report highlights that companies like Meige Intelligent, Hengtong Optic-Electric, and Chaoxun Communication have announced share buyback and stock purchase plans, reflecting confidence in the industry's future prospects [2]. - The telecommunications industry is benefiting from sustained high demand, particularly in AI and IoT sectors, with companies like Yiyuan Communication projecting a net profit increase of about 265.19% for Q1 2025 [2]. Summary by Sections Industry Performance - The telecommunications sector has shown a strong performance with a 7.67% decline in the industry index during the week of April 7-11, 2025, while the broader market indices also experienced declines [11]. - Among sub-sectors, "Other Communication Equipment" had the lowest decline at 5.85%, while "Communication Network Equipment and Devices" faced the highest decline at 11.74% [14]. Company Announcements - Key announcements from the telecommunications sector include: - Ruijie Networks expects a net profit of 98 million to 125 million CNY for Q1 2025, marking a significant increase due to strong demand in the AI computing market [27]. - Yiyuan Communication anticipates a net profit of around 200 million CNY for Q1 2025, reflecting a growth of approximately 265.19% [27]. - Meige Intelligent has implemented a share buyback plan, purchasing 568,500 shares for approximately 17.95 million CNY [26]. Market Trends - The report notes that the global AI IT investment is projected to reach 315.8 billion USD in 2024, with a compound annual growth rate (CAGR) of 32.9% expected to continue through 2028 [3]. - In China, AI investment is expected to exceed 100 billion USD by 2028, with a CAGR of 35.2%, indicating strong growth potential in the AI sector [3][19].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company reported a slight decline in revenue for 2024, with total revenue at 32.18 billion yuan, down 0.12% year-on-year, and a significant drop in net profit by 60.53% to 2.91 billion yuan, primarily due to the impact of selling equity in 2023 [1][2]. - Despite domestic business challenges, overseas and innovative segments showed resilience, with overseas revenue growing by 6.31% to 16.29 billion yuan and innovative business revenue increasing by 13.44% to 5.57 billion yuan [2][3]. - The company continues to invest heavily in R&D, with expenditures reaching 4.21 billion yuan, representing 13.09% of revenue, focusing on AI and other advanced technologies [3][4]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 32.18 billion yuan, with a net profit of 2.91 billion yuan and a non-recurring net profit of 2.35 billion yuan, reflecting a year-on-year decline of 20.74% [1][7]. - The gross margin for the year was 38.84%, down 2.8% from the previous year, influenced by demand contraction and increased competition [1][2]. Business Segments - Domestic revenue fell by 5.95% to 15.89 billion yuan, with government business down 6.37% to 4.06 billion yuan due to low investment and local debt pressures [2]. - The enterprise business also saw a decline of 4.15% to 8.71 billion yuan, while the overseas business showed growth, reaching 16.29 billion yuan [2]. R&D and Innovation - The company maintained a strong focus on R&D, with a budget of 4.21 billion yuan, up 6.20% year-on-year, emphasizing AI and multi-dimensional perception technologies [3]. - The company is advancing its AI capabilities with the launch of various models, including visual, language, and multi-modal AI models [3]. Profit Forecast - The forecast for 2025-2027 indicates revenue growth to 34.53 billion yuan in 2025, with net profit expected to rise to 3.19 billion yuan in 2025, reflecting a recovery trend [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [6][10]. Core Insights - The company achieved a robust revenue growth of 11.60% year-on-year, reaching 836.13 million yuan, while the net profit attributable to shareholders surged by 95.06% to 121.25 million yuan, driven by effective cost control [1][4]. - The company has made significant breakthroughs in its Xinchuang ERP financial product series, successfully landing multiple projects with major clients, which sets a solid foundation for future growth opportunities from 2025 to 2027 [2]. - The treasury management business is progressing well, with the company actively responding to the State-owned Assets Supervision and Administration Commission's initiatives, enhancing its service offerings to major clients [3]. Financial Performance Summary - For 2024, the company reported a total revenue of 836.13 million yuan, with a year-on-year growth of 11.60%. The net profit attributable to shareholders was 121.25 million yuan, reflecting a significant increase of 95.06% [1][7]. - The company forecasts revenue growth for the years 2025 to 2027, estimating revenues of 946.27 million yuan, 1.05753 billion yuan, and 1.16714 billion yuan, respectively, with corresponding net profits of 151.96 million yuan, 172.04 million yuan, and 193.42 million yuan [4][7]. - The earnings per share (EPS) are projected to increase from 0.60 yuan in 2024 to 0.96 yuan in 2027, with a decreasing price-to-earnings (P/E) ratio from 36.90 to 23.13 over the same period [4][7].

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [30]. Core Insights - The humanoid robot concept index experienced a decline of 6.94% from April 6 to April 11, 2025, underperforming the CSI 300 index by 4.07 percentage points. However, year-to-date, the humanoid robot index has increased by 23.53%, outperforming the CSI 300 index by 25.35 percentage points [2][11]. - The first batch of national standards for humanoid robots has been officially established, focusing on technical requirements such as dexterous operation, leg movement, dual-arm operation, and multi-machine collaboration [3][19]. - Despite a recent collective pullback in the humanoid robot industry due to global tariff increases, the long-term growth trend remains positive, with key components like linear and rotary joints stabilizing and cost reduction progressing as expected [5]. Weekly Market Review - From April 6 to April 11, 2025, the humanoid robot concept index fell by 6.94%, while the year-to-date performance shows a rise of 23.53% [11]. - The report highlights significant developments in the policy sector, including the establishment of national standards for humanoid robots and a symposium on embodied intelligence in Shenzhen [3][19]. - In terms of product technology, Fourier has launched its first open-source humanoid robot, and there are plans for a robot boxing live stream by Yushu Technology [3][23]. Key Company Announcements - Junpu Intelligent and Zhiyuan Robotics have established a joint venture with an expected annual production capacity of 1,000 units [4][25]. - Sanhua Intelligent has repurchased 1.5068 million shares at a cost of approximately 35.97 million yuan [4][26]. - Silver Wheel's chairman proposed a share buyback plan with a total amount not less than 50 million yuan [4][27]. Investment Opportunities - The report suggests focusing on companies such as Fengli Intelligent, Hanwei Technology, and Leisai Intelligent, which are expected to benefit from the ongoing development in the humanoid robot industry [5].