Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [6]. Core Views - The company has demonstrated strong performance in its financial results, with a projected revenue growth of 19% year-on-year for 2024, reaching 24,016 million yuan, and a net profit growth of 20% to 3,841 million yuan [4][2]. - The company is expected to benefit from the ramp-up of new production capacities, with four new factories launched in 2024, which will alleviate previous capacity constraints [4]. - The collaboration with major clients like Adidas is deepening, providing a robust growth driver as production ramps up [4]. Financial Summary - **Revenue Forecast**: The company’s revenue is projected to grow from 20,114 million yuan in 2023 to 32,153 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [2]. - **Net Profit Forecast**: The net profit is expected to increase from 3,200 million yuan in 2023 to 5,031 million yuan in 2026, with a CAGR of about 13% [2]. - **Earnings Per Share (EPS)**: EPS is forecasted to rise from 2.74 yuan in 2023 to 4.31 yuan in 2026 [2]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 24.1 in 2023 to 15.4 in 2026, indicating improving valuation as earnings grow [2]. Dividend Policy - The company plans to distribute a cash dividend of 20 yuan per 10 shares, amounting to a total payout of approximately 23.34 billion yuan, which represents 60.8% of the net profit [4].

Investment Rating - The report maintains a positive outlook on strong domestic automotive manufacturers, emphasizing the importance of complete vehicles, intelligent driving, and robotics for the year [5][6]. Core Viewpoints - The report continues to favor strong domestic automotive brands and highlights investment opportunities in complete vehicles and intelligent driving technologies for 2025 [5][6]. - The first quarter of 2025 is expected to see limited seasonal adjustments, with a focus on strong domestic brands and the robotics industry chain [6]. - The report suggests that the automotive sector will likely experience a reversal in order volumes, recommending continued attention to investment opportunities in the automotive sector for 2025 [6]. Market Tracking - Weekly core data indicates that total insurance volume for the week of March 3-9 was 360,000 units, below the 400,000 weekly threshold, with a year-on-year increase of 16% and a month-on-month decrease of 13% [6]. - New energy vehicle insurance volume for the same week was 200,000 units, showing a year-on-year increase of 52% and a month-on-month decrease of 8%, with a penetration rate of 56% [6]. - Exports in January totaled 380,000 units, reflecting a year-on-year increase of 7%, with expectations for continued high growth in domestic brands' overseas expansion [6]. Industry Prosperity - The report notes a recovery in orders post-Chinese New Year, with expectations for normalization by the end of March, particularly for brands like BYD, Geely, and Xiaomi [6]. - The report highlights that the penetration rate of new energy vehicles has rapidly increased, with a year-on-year growth of 3-17 percentage points [34]. - The report anticipates that the share of strong domestic brands will increase by 8-14% in 2025, with several strong domestic manufacturers expected to see significant opportunities for growth [6]. Stock Tracking - The report recommends focusing on stocks such as Xiaomi and BYD in the short term, while waiting for other automotive stocks to reach attractive valuation levels [6]. - Specific stock performance highlights include BYD's weekly delivery of 61,000 units and expected sales of 235,000 units in March, despite a year-on-year decrease of 10% [39]. - The report also notes that new energy vehicle brands like Li Auto and Xiaopeng are expected to see significant year-on-year increases in sales [39].

元件 | | | 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 执业证书编号：S0740524030001 Email：liubw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 512.88 | | 流通股本(百万股) | 511.55 | | 市价(元) | 128.00 | | 市值(百万元) | 65,648.32 | | 流通市值(百万元) | 65,478.95 | 深南电路（002916.SZ） 证券研究报告/公司点评报告 2025 年 03 月 14 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 13,526 | 17,907 | 21,547 | 24,863 | 29,425 | | 执业证书编号：S07 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [9]. Core Views - The company is positioned as a leader in the integrated woolen fabric sector, with strong growth in new materials, particularly in ultra-high molecular weight polyethylene (UHMWPE) and nylon projects, which are expected to contribute significantly to revenue in the coming years [3][6]. - The company has faced challenges in its traditional woolen fabric business due to weak performance from downstream apparel brands, but it has managed to improve gross margins through cost control and enhanced product features [5][6]. - The company is actively expanding its production capacity and exploring new markets, including a joint venture in Indonesia to enhance its apparel manufacturing capabilities [5][6]. Financial Performance Summary - For 2024, the company reported revenue of 1.616 billion yuan, a slight increase of 0.98% year-on-year, while net profit attributable to shareholders decreased by 5.82% to 191 million yuan [5]. - The revenue from the woolen fabric segment declined by 9.54% to 810 million yuan, while the apparel segment grew by 4.45% to 610 million yuan [5]. - The UHMWPE business saw a remarkable revenue increase of 94.75% to 176 million yuan, driven by the full production capacity of its second phase project [5][6]. Earnings Forecast and Valuation - The company forecasts net profits of 259 million yuan in 2025, 345 million yuan in 2026, and 442 million yuan in 2027, with corresponding P/E ratios of 25, 19, and 15 [3][6]. - The projected revenue growth rates are 43% in 2025, 25% in 2026, and 18% in 2027, indicating a robust growth trajectory [3][6]. - The report highlights the strategic framework of "traditional woolen fabric as the base, new material fibers as the wings," aiming for a collaborative development across the entire industry chain [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][7]. Core Views - The company achieved a revenue of 32.98 billion yuan in 2024, reflecting a year-on-year growth of 13.2%, and a net profit attributable to shareholders of 6.34 billion yuan, up 12.2% year-on-year [3][4]. - The report highlights significant growth in the company's polyethylene and polypropylene sales, with increases of 36.4% and 54.7% respectively in 2024 [4]. - The company is expected to benefit from a decrease in coal prices, enhancing its competitive edge in the coal-to-olefins sector [4]. - The report projects a substantial increase in net profit for 2025 and 2026, estimating 12.48 billion yuan and 14.05 billion yuan respectively, with a corresponding P/E ratio of 10.3 and 9.1 [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 32,983 million yuan, with a year-on-year growth rate of 13% [2]. - The net profit attributable to shareholders for 2024 was 6,338 million yuan, showing a 12% increase year-on-year [2]. - The earnings per share (EPS) for 2024 is projected at 0.86 yuan, with significant growth expected in subsequent years [2][5]. Sales and Production - The company’s sales volume for polyethylene and polypropylene reached 1,135,200 tons and 1,164,900 tons in 2024, marking increases of 36.4% and 54.7% respectively [4]. - The report notes that the company’s production capacity is set to increase significantly, with new production lines coming online in 2024 and 2025 [4]. Market Conditions - The report indicates that the decline in coal prices has positively impacted the company's cost structure, allowing for improved margins despite fluctuations in product prices [4]. - The competitive advantage of the coal-to-olefins process is expected to be further enhanced due to the favorable pricing of raw materials [4]. Future Outlook - The company is projected to achieve a net profit of 12,475 million yuan in 2025 and 14,046 million yuan in 2026, with a continued focus on shareholder returns through high dividend payouts [4][5]. - The report anticipates that the company will maintain a strong growth trajectory, supported by ongoing projects and market conditions [4].

新材料业务增长强劲，25 年产能业绩齐放量 纺织制造 | 分析师：张潇 | | --- | | 执业证书编号：S0740523030001 | | Email：zhangxiao06@zts.com.cn | | 分析师：郭美鑫 | | 执业证书编号：S0740520090002 | | Email：guomx@zts.com.cn | | 分析师：邹文婕 | | 执业证书编号：S0740523070001 | | Email：zouwj@zts.com.cn | | 分析师：吴思涵 | | 执业证书编号：S0740523090002 | | Email：wush@zts.com.cn | | 基本状况 | | | --- | --- | | 总股本(百万股) | 412.23 | | 流通股本(百万股) | 412.23 | | 市价(元) | 15.99 | | 市值(百万元) | 6,591.54 | | 流通市值(百万元) | 6,591.54 | 1、《毛精纺一体化龙头，锦纶+超高 新材料加速成长》2025-02-21 南山智尚（300918.SZ） 证券研究报告/公司点评报告 2025 年 03 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [2][7]. Core Views - The company is expected to benefit from growth in its coal-to-olefins business, with significant production capacity increases planned for 2024-2025, positioning it as a leader in the domestic coal-to-olefins industry [4][5]. - The report highlights a strong financial performance in 2024, with revenue reaching 32,983 million yuan, a year-on-year increase of 13.2%, and a net profit of 6,338 million yuan, up 12.2% year-on-year [3][4]. - The company is projected to achieve substantial earnings growth, with estimated net profits of 12,475 million yuan in 2025 and 14,046 million yuan in 2026, reflecting a growth rate of 97% and 13% respectively [2][4]. Financial Summary - The company reported a total revenue of 32,983 million yuan for 2024, with a year-on-year growth rate of 13% [2][3]. - The net profit attributable to shareholders for 2024 was 6,338 million yuan, showing a 12% increase compared to the previous year [3][4]. - The earnings per share (EPS) for 2024 is projected at 0.86 yuan, increasing to 1.70 yuan in 2025 and 1.92 yuan in 2026 [2][5]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 22.7 in 2023 to 10.3 in 2025, indicating improved valuation as earnings grow [2][4]. Production and Sales Performance - In 2024, the company achieved polyethylene and polypropylene sales of 1,135,200 tons and 1,164,900 tons, representing year-on-year increases of 36.4% and 54.7% respectively [4]. - The report notes a significant recovery in production volumes following maintenance shutdowns and the successful trial production of new lines in Inner Mongolia [4][5]. - The company’s cash dividend for 2024 is projected at 30.1 billion yuan, with a payout ratio of 47.44%, reflecting a commitment to shareholder returns [4].

衰退担忧明显升温 ——点评 2025 年 2 月美国 CPI 数据 证券研究报告/宏观事件点评报告 2025 年 03 月 13 日 分析师：杨畅 执业证书编号：S0740519090004 Email：yangchang@zts.com.cn 分析师：夏知非 执业证书编号：S0740523110007 2 月美国 CPI 环比增长 0.2%（前值 0.5%），同比增长 2.8%（前值 3.0%）。住房租金 是 CPI 环比增长的较大贡献项，汽油和运输服务是较大拖累项。 相关报告 总体来看，美国通胀在 2 月有所降温，特朗普关税对物价的影响或尚未完整展现，仍 需一定传导时间。2 月中旬以来，美国多项经济指标走弱，叠加关税政策以及债务上 限谈判的不确定性，美国经济衰退担忧明显升温，这也导致近期美股出现回调。2 月 偏弱的 CPI 数据或有助于缓解近期市场的滞胀担忧，但考虑到关税的不确定性仍将持 续对美股情绪构成压制，风险偏好修复或仍需等待。CPI 数据公布后，美联储 2025 年降息预期变化不大，从 3.0 次/74.3bps 升至 3.1 次/78.4bps，仍定价美联储将在 3 月和 5 月的会议上按兵不动 ...

消费电子 执业证书编号：S0740522080001 Email：yaowei@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 459.29 | | 流通股本(百万股) | 459.29 | | 市价(元) | 18.60 | | 市值(百万元) | 8,542.82 | | 流通市值(百万元) | 8,542.82 | 股价与行业-市场走势对比 1、《【中泰家电】光峰科技：真实经 营质量优于表观》2024-09-01 2、《【中泰家电】光峰科技：车载业 务突破持续加速》2024-05-30 3、《【中泰家电】光峰科技：优化资 产结构，发力成长业务》2024-04-13 光峰科技（688007.SH） 证券研究报告/公司点评报告 2025 年 03 月 12 日 | 增持 评级： | | 公司盈利预测及估值 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2022A | 2023A | | 2024E | 2025E | 202 ...

【中泰研究丨晨会聚焦】资产配置何佳烨：国内普林格阶段三真的来了？ 研究分享>> 【资产配置】何佳烨：国内普林格阶段三真的来了？——中美普林格时 钟 3 月资产配置月报 [Tab[ble__SMuyain] 今日预览 执业证书编号： 今日重点>> S0740517030004 电话： 【固收】周冰倩：2024 年各省市经济财政债务"成绩单" Email： 欢迎关注中泰研究所订阅号 晨报内容回顾： [分[TTa析balb师e_l：eT_i戴tlIen志]d锋ustry] 今日重点 证券研究报告 2025 年 3 月 12 日 【资产配置】何佳烨：国内普林格阶段三真的来了？——中美普林格时钟 3 月资产配置月报 "两会"落地，从财政发力方向看配置策略 2025 年政府工作报告主要聚焦经济目标、财政政策与货币政策三大要点。2025 年稳增长难度较 大，主要依靠更加积极的财政政策发力，并辅以适度宽松的货币政策。增长目标方面，2025 年 政府工作报告将 GDP 增速目标设定为 5%左右，与 2024 年目标持平，但实现难度显著增加。特 朗普 2.0 时代带来的贸易摩擦升级、全球产业链重构压力，叠加我国房地产风险和地方财 ...