Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The nuclear power sector is experiencing accelerated growth, with significant investment completion in the first four months of 2025 reaching 36.64% year-on-year [1][14] - The modular construction market for nuclear power is expected to expand significantly, with an estimated market size of approximately 86.4 billion yuan annually from 2025 to 2030 due to the introduction of third-generation nuclear technology [2][36] - The company is enhancing its modular production capacity through new investment projects, securing a competitive advantage in nuclear module orders [3][39] Summary by Sections Nuclear Power Market Outlook - The nuclear power investment completion in China reached 36.256 billion yuan in the first four months of 2025, marking a 36.64% year-on-year increase [1] - As of April 27, 2025, there are 102 nuclear power units in operation, under construction, or approved for construction, with a total installed capacity of 113 million kilowatts [14] - The third-generation nuclear power units are expected to enter a peak construction phase, with a focus on modular design to significantly reduce construction time from 50 months to 36 months [2][24] Modular Construction Advantages - The modular construction approach allows for a more efficient building process, with the potential to reduce construction costs and improve safety and quality control [28][29] - The average construction cost for a typical dual-unit third-generation nuclear power project is around 40 billion yuan, with engineering costs accounting for approximately 60% of the total project cost [35] - The company has secured a contract for the construction of modules for the Ningde Phase II project, marking its first application of modular technology in a third-generation nuclear power plant [3][42] Company Growth and Financial Projections - The company is expanding its production capacity through a new investment project that will enhance its ability to manufacture and transport large modules [39][41] - Financial projections indicate a net profit attributable to the parent company of 229.17 million yuan in 2025, with a corresponding PE ratio of 20.44 [5][4] - The company has a strong background in modular construction, having served numerous international clients and accumulated extensive project experience [43]

公司报告 | 公司专题研究 利柏特（605167） 证券研究报告 核电景气度加速上行，模块化建造市场前景广阔 核电景气度加速上行，投资完成额保持高速增长 核电景气度加速上行，2025M1-4 我国核电投资完成额 362.56 亿，累计同 比增长 36.64%，截至 2025 年 4 月 27 日，2023-2025 年累计核准 31 台核 电机组，中国在运、在建和核准建设的核电机组共 102 台、装机容量达到 1.13 亿千瓦，中国在建核电机组共 28 台，总装机容量达到 3365 万千瓦， 核电建设迎来新一轮景气周期。 三代核电站采用模块化设计施工技术，模块化建造市场空间广阔 近三年核准的机组大部分以第三代核电技术为主，国内典型的三代核电两 种机型是"国和一号"（CAP1000）和"华龙一号"（HPR1000），第三 代核电站采用的是现代化的模块设计技术，施工过程中引入大模块概念， 模块化建造技术可以使核电厂的建造周期从 50 个月压缩至 36 个月（从第 一罐混凝土至装料），同时便于核电机组建造的标准化、批量化，提升质 量减少事故发生。参考廉江核电项目，整个模块化施工规划占比达 64.2%， 目前国内三代 ...

公司报告 | 公司点评 真爱美家（003041） 证券研究报告 巩固一带一路客户优势 公司发布 24 年报和 25 年一季报 25Q1：营收 1.8 亿元，同比+13%；归母净利润 2.1 亿元，同比+689%；扣 非归母净利润 0.44 亿元，同比+155%；毛利率 20%，同比-4pct；净利率 115%， 同比+99pct。 24Q4：营收 2.6 亿元，同比+1%；归母净利润 0.2 亿元，同比-14%；扣非归 母净利润 0.2 亿元，同比+1806%；毛利率 19%，同比-1pct；净利率 8%， 同比-1pct。 24 年：营收 8.8 亿元，同比-8%；归母净利润 0.76 亿元，同比-28%；扣非 归母净利润 0.6 亿元，同比-35%；毛利率 19%，同比-3pct；净利润率 9%， 同比-2pct。此外，公司拟每 10 股派发现金红利 4 元(含税)，拟现金分红 0.58 亿元，派息率为 76%。 25 年一季度归母净利润增长主因真爱毯业原徐村厂区土地、建筑及附属物 征收补偿收益 2 亿元。 吨价下行拖累毛利率 24 年分市场，国外营收 7.9 亿元，占比 90%，同比-9%，毛利率 20 ...

公司报告 | 首次覆盖报告 海力风电（301155） 证券研究报告 海风迎新一轮景气周期，深远海+出口贡献新动力 公司深耕海上风电零部件制造领域超 15 年，是国内领先的海上风电装备供应商。 公司成立于 2009 年，以"海上+海外"双轮驱动战略为指引，构建设备制造、新 能源开发、施工及运维三大业务板块。主要产品为风电塔筒、桩基、导管架及升压 站等，尤以海上风电设备零部件产品为主。 海风在全球市场迎来中欧需求的共振，25 年或将开启新一轮装机景气度。 产能不断扩张，自有优质码头持续推进海风布局。公司目前确定了浙江温州、广东 湛江等多个省外基地以及江苏省盐城市滨海港、江苏省南通市小洋口海力如东、江 苏省启东市吕四港（二期）三个省内基地，叠加目前已建成投产的海力海上、海力 装备、海恒设备、海力风能、海力东营、海力乳山、启东吕四港（一期），已基本 完成基地布局。年生产能力已达 100 万吨，并计划在 2025 年前提升至 150 万吨。 深远海+出口贡献新动力。1）前瞻研发深远海市场产品，2024 年研发人员及费用 大幅增长，产品线方面，从单一风电零部件向多元化海工装备延伸，形成"大兆瓦 塔筒＋重型桩基+导管架+海 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company is expected to achieve a revenue of 409 million yuan in 2024, representing a year-on-year growth of 16.01%, and a net profit of 80 million yuan, with a slight increase of 0.31% [1] - The company is focusing on expanding its magnesium alloy die-casting business, which has seen significant revenue growth, particularly in the automotive and aerospace sectors [2][3] - The company is accelerating its capacity expansion both domestically and internationally, responding to the growing demand in Southeast Asia [3] Financial Performance Summary - In 2024, the company reported a revenue of 409 million yuan, with a net profit of 80 million yuan, and a net profit margin of 19.66% [1] - For Q1 2025, the company achieved a revenue of 88 million yuan, a year-on-year increase of 7.28%, but a decline in net profit to 17 million yuan, down 4.08% [1] - The company’s revenue from magnesium alloy die-casting reached 283 million yuan in 2024, accounting for 69.49% of total revenue, with a year-on-year increase of 9.16 percentage points [2] Growth and Profitability Forecast - The company is projected to achieve net profits of 94 million yuan, 119 million yuan, and 152 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 40.06, 31.62, and 24.78 [4] - The company’s EBITDA is expected to grow from 149 million yuan in 2024 to 241 million yuan in 2027, indicating a strong growth trajectory [4] Market Position and Strategy - The company is leveraging its first-mover advantage in the magnesium alloy die-casting market and is actively expanding its production capacity to meet increasing global demand [3] - The company has established partnerships with major automotive manufacturers, including BMW and Audi, to supply magnesium alloy components for electric and traditional vehicles [3]

公司报告 | 公司点评 真爱美家（003041） 证券研究报告 巩固一带一路客户优势 公司发布 24 年报和 25 年一季报 25Q1：营收 1.8 亿元，同比+13%；归母净利润 2.1 亿元，同比+689%；扣 非归母净利润 0.44 亿元，同比+155%；毛利率 20%，同比-4pct；净利率 115%， 同比+99pct。 24Q4：营收 2.6 亿元，同比+1%；归母净利润 0.2 亿元，同比-14%；扣非归 母净利润 0.2 亿元，同比+1806%；毛利率 19%，同比-1pct；净利率 8%， 同比-1pct。 24 年：营收 8.8 亿元，同比-8%；归母净利润 0.76 亿元，同比-28%；扣非 归母净利润 0.6 亿元，同比-35%；毛利率 19%，同比-3pct；净利润率 9%， 同比-2pct。此外，公司拟每 10 股派发现金红利 4 元(含税)，拟现金分红 0.58 亿元，派息率为 76%。 25 年一季度归母净利润增长主因真爱毯业原徐村厂区土地、建筑及附属物 征收补偿收益 2 亿元。 吨价下行拖累毛利率 在市场区域方面，公司主要出口中东、北非和南非等地区，包含"一带一路" 中西亚和 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company is experiencing revenue growth, with a projected revenue of 409 million yuan in 2024, representing a year-on-year increase of 16.01%. The net profit attributable to the parent company is expected to be 80.33 million yuan, a slight increase of 0.31% [1] - The company is expanding its magnesium alloy production capacity both domestically and internationally, responding to the growing demand in various sectors such as aerospace, automotive, and consumer electronics [2][3] - The company is focusing on innovation in magnesium alloy precision casting technology, aiming to enhance its market position and expand its applications in lightweight automotive components [2][3] Financial Performance Summary - In 2024, the company's revenue from magnesium alloy die-casting parts reached 283 million yuan, accounting for 69.49% of total revenue, with a year-on-year increase of 9.16 percentage points. Revenue from aluminum alloy die-casting parts was 102 million yuan, representing 24.91% of total revenue, with a year-on-year decrease of 6.98 percentage points [2] - The company's net profit margin for 2024 is projected to be 19.66%, a decrease of 3.08 percentage points year-on-year. For Q1 2025, the net profit margin is approximately 19.18%, a decrease of about 2.27 percentage points [1] - The company’s total revenue is expected to grow significantly from 352.22 million yuan in 2023 to 812.26 million yuan in 2027, with a compound annual growth rate of 27.42% [4] Capacity Expansion and Market Position - The company is accelerating its capacity expansion, with domestic sales revenue of 287 million yuan in 2024, a year-on-year increase of 12.66%, and export revenue of 122 million yuan, a year-on-year increase of 24.74% [3] - The company is leveraging its partnerships with major automotive manufacturers, including BMW and Audi, to meet the demand for magnesium alloy components in both traditional and new energy vehicles [3]

公司报告 | 首次覆盖报告 海力风电（301155） 证券研究报告 海风迎新一轮景气周期，深远海+出口贡献新动力 公司深耕海上风电零部件制造领域超 15 年，是国内领先的海上风电装备供应商。 公司成立于 2009 年，以"海上+海外"双轮驱动战略为指引，构建设备制造、新 能源开发、施工及运维三大业务板块。主要产品为风电塔筒、桩基、导管架及升压 站等，尤以海上风电设备零部件产品为主。 海风在全球市场迎来中欧需求的共振，25 年或将开启新一轮装机景气度。 产能不断扩张，自有优质码头持续推进海风布局。公司目前确定了浙江温州、广东 湛江等多个省外基地以及江苏省盐城市滨海港、江苏省南通市小洋口海力如东、江 苏省启东市吕四港（二期）三个省内基地，叠加目前已建成投产的海力海上、海力 装备、海恒设备、海力风能、海力东营、海力乳山、启东吕四港（一期），已基本 完成基地布局。年生产能力已达 100 万吨，并计划在 2025 年前提升至 150 万吨。 深远海+出口贡献新动力。1）前瞻研发深远海市场产品，2024 年研发人员及费用 大幅增长，产品线方面，从单一风电零部件向多元化海工装备延伸，形成"大兆瓦 塔筒＋重型桩基+导管架+海 ...

行业报告 | 行业研究周报 基础化工 证券研究报告 前 4 月化学原料和化学制品制造业利润总额 1150 亿 元，TDI、百草枯价格上涨 上周指 25 年 5 月 19-25 日（下同），本周指 25 年 5 月 26 日-6 月 1 日（下同）。 本周重点新闻跟踪 5 月 27 日，国家统计局发布数据，1—4 月份，全国规模以上工业企业实现利润总 额 21170.2 亿元，同比增长 1.4%。其中，1—4 月份，采矿业实现利润总额 2875.0 亿元，同比下降 26.8%；制造业实现利润总额 15549.3 亿元，增长 8.6%；电力、热 力、燃气及水生产和供应业实现利润总额 2745.8 亿元，增长 4.4%；化学原料和化 学制品制造业营业总额为 29439.3 亿元，利润总额为 1150 亿元，下降 4.4%。 本周重点产品价格跟踪点评 本周 WTI 油价下跌 1.2%，为 60.79 美元/桶。 重点关注子行业：本周 TDI/醋酸价格分别上涨 2.9%/1.3%，VE/橡胶/VA/电石法 PVC/ 轻 质 纯 碱 / 乙 二 醇 / 氨 纶 / 乙 烯 法 PVC/ 聚 合 MDI 价 格 分 别 下 ...

$$\overline{{{\prod_{i\in\mathbb{N}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}$$ 制作：产品中心 证券研究报告 | 2025 年 06 月 05 日 重点推荐 《策略|"特朗普不确定"再起——政策与大类资产配置月观察》 上周（5.26-5.30）海外政策聚焦于美国国际贸易法院此前做出禁止执行 特朗普对等关税，但随后被联邦上诉法院暂时搁置; 5 月 30 日特朗普宣布 将钢铝关税提高至 50%，司法不确定下后续贸易谈判不确定性上升。1、 权益：A 股方面，5 月受一揽子稳预期措施加码落地以及特朗普"对等关 税"有所缓和影响，5 月三大指数普遍集体反弹明显，其中创业板和深证 综指分别反弹 2.32%和 2.94%。万得微盘股指数 5 月累计反弹超过 10%。2、 固收：受二季度国债加速发行可能挤占银行流动性影响，央行 5 月再度净 投放资金 5998 亿元（含国库现金）。DR007 月末有所收 ...