[Table_Title] 政策驱动与去库共振，市场化交易实施 ——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 1 日 [Table_Summary] 报告要点： 周度行情回顾 2025 年 03 月 23 日至 03 月 28 日，上证综指下降 0.4%，深证成指下 降 0.75%，创业板指下降 1.12%。其中申万电力设备下降 0.75%，较 沪深 300 跑输 0.76pct。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 0.25%/-5.02%/-0.41%/-0.69%。 重点板块跟踪 2024 年度，新宙邦实现营业收入 78.47 亿元，同比增长 4.85%；归属 于上市公司股东的净利润 9.42 亿元，同比下降 6.83%；归属于上市公 司股东的扣除非经常性损益的净利润 9.50 亿元，同比下降 0.59%。 投资建议 光伏：24Q4 光伏企业充分计提资产减值轻装上阵，板块业绩底部夯 实。随着抢装潮来临 3 月排产提升，产业链各环节价格反弹、库存下 降趋势明确，行业积极信号持续酝酿，建议关 ...

[Table_Main] 行业研究|工业 证券研究报告 周度行情回顾 2025 年 3 月 23 日至 3 月 28 日，人形机器人概念指数下跌 3.90%， 相较沪深 300 指数跑输 3.91pct；年初至今累计涨跌幅来看，人形机 器人概念指数上涨 38.26%，相较沪深 300 指数跑赢 35.78pct。 周度热点回顾 工业行业周报、月报 2025 年 04 月 01 日 [Table_Title] 它石智航完成天使轮融资，宇树更新进 展 ——人形机器人产业周报 [Table_Summary] 报告要点： 政策端，商务部宣布第五届消博会将设立新消费科技展区，聚焦智能 网联新能源汽车、人工智能设备、智能机器人等前沿科技产品，国内 外最新人形机器人将同台竞技。重庆和广西分别发布政策文件，强调 智能车载操作系统研发、车路云网图协同等智能驾驶技术攻关，以及 大模型技术攻关和智能机器人产业发展。 产品技术迭代方面，1X 机器人向英伟达 CEO 赠送定制皮夹克，国产 人形机器人订单火爆，商汤与归墟机器人合作推出情感陪伴功能人形 机器人，宇树科技人形机器人 G1 完成高难度动作展现核心力量。投 融资领域，强瑞技术拟 ...

Investment Rating - The report recommends an initial investment rating of "Buy" for the semiconductor industry, particularly focusing on power semiconductors like IGBT and SiC [5]. Core Insights - The IGBT market is showing signs of recovery, with shipments expected to return to positive growth by Q2 2024, indicating the end of the industry downturn. IGBT prices have stabilized after a nearly 30% year-on-year decline in Q1 2024, suggesting a potential upward trend in both prices and shipments [1][11]. - China's IGBT self-sufficiency is improving, driven by capacity expansion and technological advancements among local manufacturers. The SiC market is anticipated to enter a phase of oversupply in 2024, leading to a decline in prices [2][12]. - Demand for IGBT is expected to rise due to increased sales of mid-range electric vehicles (EVs) and the penetration of 800V platforms, which will also accelerate the adoption of SiC in higher-end models [3][44]. Summary by Sections Overall Viewpoint - The IGBT market is transitioning from a downturn to a recovery phase, with improved shipment volumes and price stabilization indicating a potential market rebound [11][20]. IGBT Industry Improvement and SiC Adoption - The power semiconductor sector is critical for energy conversion and control in various applications, including EVs and industrial control. The market is expected to grow significantly, with IGBT shipments projected to increase as demand from the automotive sector rises [16][23]. Capacity Side: China's IGBT Self-Sufficiency and SiC Price Decline - China's IGBT production is forecasted to grow from 15.5 million units in 2019 to 39 million units by 2024, with a compound annual growth rate (CAGR) of 20.27%. However, the self-sufficiency rate remains below 35% as of 2023 [31][12]. - The SiC market is expected to experience oversupply in 2024, with a 50% increase in global production capacity compared to 2023, leading to a significant price drop [12][33]. Demand Side: Mid-Range Vehicle Demand Boosting IGBT and SiC Adoption - The global EV market is projected to grow from 3.31 million units in 2020 to 14.65 million units in 2023, with a CAGR of 64.2%. China's EV sales are expected to reach 12.86 million units in 2024, significantly boosting demand for power semiconductors [44][45]. - The penetration of SiC in high-voltage applications is increasing, with 800V platform vehicles expected to dominate the market, enhancing the efficiency and performance of EVs [50][49]. Competitive Landscape - The IGBT market is currently dominated by overseas manufacturers, but Chinese companies are gradually increasing their market share due to technological advancements and capacity expansions [13][15]. - The competitive landscape for SiC substrates is also shifting, with Chinese firms expected to gain a larger share as they ramp up production and improve technology [15][42].

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 1 日 [Table_Title] 运营商资本开支向算力倾斜，关注 OFC 开幕催化 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.3.24-2025.3.28）上证综指回调 0.40%，深证 成指回调 0.75%，创业板指回调1.12%。本周申万通信回调 3.87%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.3.24-2025.3.28）通信板块三级子行业中， 其他通信设备回调幅度最低，跌幅为 3.15%，通信工程及服务回调幅 度最高，跌幅为 8.41%，本周各细分板块主要呈回调趋势。 个股方面：本周（2025.3.24-2025.3.28）通信板块涨幅板块分析方 面，*ST 九有（8.09%）、ST 路通（7.37%）、东土科技（5.68%） 涨幅分列前三。 运营商 CAPEX 变局：整体"瘦身"，算力投资"不设限" 3 月 31 日消息，三 ...

[Table_Title] 海内外模型端加速迭代，关注业绩披露情况 ——传媒行业周报（2025.3.24-2025.3.30） [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.3.24-2025.3.30，下同）：传媒行业（申万）下跌 1.39%，排名子行业第 13 名，同期沪深 300 涨 0.01%，上证指数跌 0.40%，创业板指跌 1.12%，恒生科技指数跌 2.89%。本周，传媒（申 万）行业中，读客文化、果麦文化、ST 联合、新华文轩和读者传媒表 现最好，周内分别实现涨幅+21.60%、+15.16%、+14.53%、+11.69% 和+10.86%；涨跌幅后 5 名为返利科技（-18.54%）、浙文互联（- 15.35%）、卓创资讯（-12.82%）、大晟文化（-12.14%）和福石控股（- 9.49%）。港股方面，恒生科技成分股网易-S、百度集团-SW 表现较好。 行业重点数据及动态更新 AI 应用： 阿里、腾讯、字节互联网平台竞争 AI 超级 app。最新一周 （3.24 至 3.30）七麦预估 iphone 端 Deepseek 下载量为 209.1 万， 环 ...

Investment Rating - The report maintains a "Buy" rating for China Feihe (6186.HK) with a projected PE of 13, 12, and 12 times for the years 2025, 2026, and 2027 respectively, indicating a favorable outlook compared to the Hang Seng Index [5][7]. Core Insights - In 2024, China Feihe achieved a revenue of 20.749 billion yuan, representing a year-on-year increase of 6.23%, and a net profit attributable to shareholders of 3.570 billion yuan, up 5.31% [1][2]. - The company plans to distribute a final dividend of 0.1632 HKD per share, totaling approximately 2.72 billion yuan, with a payout ratio of about 76.19% [1]. - The infant formula segment showed steady recovery with revenues of 19.062 billion yuan, reflecting a growth of 6.63% year-on-year [2]. Revenue Breakdown - Offline and online revenues for 2024 were 15.997 billion yuan and 4.751 billion yuan, respectively, with year-on-year growth rates of 2.89% and 19.25% [2]. - The company reported revenues from its infant formula business in mainland China, the United States, and Canada of 20.546 billion yuan, 164 million yuan, and 39 million yuan, respectively, with growth rates of 6.52%, -20.61%, and 1.90% [2]. Production Capacity and Margins - By the end of 2024, the company's production capacity increased to over 365,000 tons, marking an annual growth of over 11.62% [2]. - The gross margin improved to 66.34%, up 1.51 percentage points year-on-year, primarily due to a 15% decrease in raw milk prices and product mix upgrades [2][3]. Profitability Metrics - The net profit margin for 2024 was 17.21%, a slight decrease of 0.15 percentage points year-on-year, attributed to reduced government subsidies and increased minority interest losses [3]. - Management expenses decreased, with the management expense ratio at 8.10%, down 0.92 percentage points year-on-year [3]. Market Outlook - The infant formula market is expected to stabilize gradually, supported by newborn support measures, with China Feihe positioned as a leading player due to its strong R&D capabilities and brand recognition [4]. - The high-end infant formula segment is anticipated to drive continued growth, supported by rising disposable income and demand for premium products [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved total revenue of 556 million yuan in 2024, representing a year-on-year increase of 25.19%, and a net profit attributable to the parent company of 124 million yuan, up 35.94% [2] - The growth in human nutrition and animal nutrition businesses is driven by increased customer demand due to new national standards and successful collaborations with major international clients [3] - The company's gross margin improved to 43.61% in 2024, an increase of 1.22 percentage points year-on-year, primarily due to enhanced capacity utilization [4] - The demand for ARA and DHA products is expected to grow due to the implementation of new standards for infant formula and the expiration of key patents held by competitors [5] Financial Summary - The company forecasts net profits of 151 million yuan, 182 million yuan, and 216 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 21.19%, 20.84%, and 18.80% [6] - The projected P/E ratios for the company are 28, 23, and 19 times for 2025, 2026, and 2027, respectively, with a market capitalization of 4.2 billion yuan [6] - The company reported a gross margin of 52.42% in Q4 2024, reflecting a significant increase of 6.69 percentage points year-on-year [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits of 5.36 billion, 7.04 billion, and 9.06 billion for the years 2025, 2026, and 2027 respectively, reflecting growth rates of 31.45%, 31.26%, and 28.85% [5] Core Insights - The company achieved total revenue of 10.622 billion in 2024, a year-on-year increase of 49.30%, and a net profit of 408 million, up 85.51% year-on-year [1] - The company's strategy of "high-end cost performance" continues to deepen, with significant growth in e-commerce channels, particularly through Douyin, which generated 2.188 billion in revenue, a year-on-year increase of 81.73% [2] - The company plans to issue H shares and list on the Hong Kong Stock Exchange, with the proposal already approved by the board [3] Revenue and Profitability - In Q4 2024, the company reported total revenue of 3.453 billion, a year-on-year increase of 36.35%, and a net profit of 67 million, up 32.63% year-on-year [1] - The gross profit margin for 2024 was 24.25%, an increase of 0.92 percentage points year-on-year, attributed to improved supply chain efficiency [4] - The company’s net profit margin for 2024 was 3.84%, reflecting a year-on-year increase of 0.75 percentage points [4] Sales Channels and Product Development - The third-party e-commerce platform revenue reached 7.407 billion, accounting for 69.73% of total revenue, with significant contributions from Douyin, Tmall, and JD.com [2] - The company launched over 1,000 SKUs in 2024, successfully creating more than 20 billion-level single products [2] - The company’s sub-brands, including "Little Deer Blue Blue," generated 794 million in revenue, a year-on-year increase of 35.03% [3] Future Projections - The company is projected to achieve revenues of 13.668 billion, 17.041 billion, and 20.609 billion for the years 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 28.67%, 24.68%, and 20.94% [7] - The expected earnings per share for 2025, 2026, and 2027 are 1.34, 1.75, and 2.26 respectively [7]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025, 2026, and 2027 projected at 51.88 billion, 54.58 billion, and 56.88 billion respectively, reflecting year-on-year growth of +3.98%, +5.21%, and +4.21% [4] Core Insights - In 2024, the company achieved total revenue of 597.15 billion (down 0.64%) and a net profit attributable to shareholders of 49.89 billion (down 1.26%), with a cash dividend of 0.75 per share [1] - The company reported a recovery in sales volume in Q4 2024, with total external sales of meat products reaching 83.12 million tons, an increase of 9.47% year-on-year [2] - The gross profit margin for the company was 17.69%, an increase of 0.64 percentage points year-on-year, driven by improvements in the gross profit margins of packaged meat and poultry products [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved total revenue of 156.03 billion (up 13.46%) and a net profit of 11.85 billion (up 63.27%) [1] - The total external sales volume of meat products for 2024 was 318 million tons, a decrease of 1.67% year-on-year, primarily due to declines in packaged meat and fresh pork products [2] - The company’s revenue from packaged meat products, fresh pork, and other products for 2024 was 247.88 billion, 269.30 billion, and 79.97 billion respectively, with year-on-year changes of -6.16%, +1.12%, and +13.42% [2] Profitability - The profit margin for the packaged meat segment increased by 14% to 4699 yuan per ton, while the profit margin for fresh pork decreased by 32.61% to 324 yuan per ton [3] - The company’s net profit for 2024 was 49.89 billion, with a year-on-year decrease of 1.26% [1] Growth Prospects - The company plans to expand its direct sales and distribution network, with direct sales revenue increasing by 6.11% to 143.81 billion and the number of distributors growing by 19.83% to 21,282 [2] - Future net profit projections for 2025, 2026, and 2027 indicate a steady growth trajectory, with corresponding P/E ratios of 18, 17, and 16 [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025, 2026, and 2027 being 50.85 billion, 56.38 billion, and 60.58 billion respectively, indicating significant growth potential [6][8]. Core Insights - The company reported total revenue of 886.75 billion in 2024, a decrease of 10.09% year-on-year, with a net profit of 1.05 billion, down 97.83% [2]. - The company plans to distribute a cash dividend of 0.509 per share, totaling 19.94 billion, with a payout ratio of 45% [2]. - The decline in revenue was primarily due to impairment losses related to Bellamy and the joint venture Modern Dairy, which impacted profits significantly [4]. Revenue Breakdown - In 2024, revenue from liquid milk, ice cream, milk powder, cheese, and other businesses was 730.66 billion, 51.75 billion, 33.20 billion, 43.20 billion, and 27.94 billion respectively, with year-on-year changes of -10.97%, -14.12%, -12.66%, -0.86%, and +17.99% [3]. - The second half of 2024 showed improvements with liquid milk and milk powder revenue declines narrowing, while ice cream and cheese businesses experienced growth [3]. Profitability Analysis - The company's gross margin for 2024 was 39.57%, an increase of 2.42 percentage points year-on-year, mainly due to lower raw milk prices [4]. - The net profit margin was 0.12%, a decrease of 4.76 percentage points, primarily due to significant impairment losses [4]. Strategic Positioning - The company is leveraging its channel advantages and rapidly iterating new products to meet diverse consumer needs, positioning itself for recovery in the liquid milk segment [5]. - The company is expected to further increase its market share in the medium to long term due to its leading channel advantages and swift product innovation [5].