Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][7][40]. Core Insights - The company reported a revenue of 152.5 billion yuan for 2024, representing a year-on-year growth of 26.4%, and a net profit attributable to shareholders of 22.5 billion yuan, up 25.1% year-on-year [7][40]. - The company's performance in Q4 2024 showed a revenue of 46.7 billion yuan, a year-on-year increase of 19.0%, and a net profit of 6.6 billion yuan, reflecting a year-on-year growth of 27.3% [7][40]. - The company is expanding its product boundaries in the micro-drive sector and has launched innovative solutions in the smart automotive field, which are now entering mass production [7][31]. Summary by Sections Company Overview - The company specializes in micro-drive and transmission systems, focusing on the intelligentization trend in various industries, including automotive, medical, and industrial automation [11][17]. - The company has established partnerships with major automotive manufacturers and is expanding its presence in overseas markets [31][40]. Financial Performance - The company achieved a revenue of 1,206 million yuan in 2023, with projections of 1,525 million yuan in 2024 and 1,820 million yuan in 2025, indicating a compound annual growth rate (CAGR) of 19% [2][39]. - The net profit attributable to shareholders is expected to grow from 180 million yuan in 2023 to 268 million yuan in 2025, with a CAGR of 19% [2][39]. Business Segments - The micro-drive system segment is projected to generate significant revenue, with expected growth rates of 20% to 30% from 2025 to 2027 [37][40]. - The precision components segment is also expected to grow at similar rates, benefiting from the overall expansion of the micro-drive business [37][40]. Market Position and Future Outlook - The company is well-positioned to benefit from the rapid growth in the humanoid robot market, with innovative products like the dexterous hand that features 17 degrees of freedom [32][38]. - The report anticipates that the company's strategic focus on expanding its product offerings and customer base will lead to robust growth in the coming years [31][40].

Investment Rating - The report maintains an "Overweight" rating for the industry [2] Core Insights - Precious metals and industrial metals have shown strong performance, while energy metals are under pressure [1] - The overall performance of the non-ferrous metal sector in 2024 saw a 32% increase, lagging behind the CSI 300 index by 115 percentage points [14] - In Q1 2025, the non-ferrous metal sector rose by 120%, outperforming the CSI 300 index by 132 percentage points, with precious metals increasing by 255% and industrial metals by 133% [14] Summary by Sections Market Overview - The total market capitalization of the industry is approximately 2,976.948 billion yuan, with a circulating market value of about 2,794.166 billion yuan [2] Precious Metals - In 2024, the average price of gold was 5,594 yuan per gram, a year-on-year increase of 242%, leading to a total revenue of 2,820 billion yuan and a net profit of 1,497.2 billion yuan, reflecting a 52% increase [18] - In Q1 2025, the average gold price reached 6,722 yuan per gram, up 37% year-on-year, with revenue of 818 billion yuan and a net profit of 473.1 billion yuan, marking a 47% increase [30] Copper - The average copper price in 2024 was 75,000 yuan per ton, a 103% increase year-on-year, with total revenue of 14,452 billion yuan and a net profit of 754.81 billion yuan, a 40% increase [34] - In Q1 2025, the copper price was 77,000 yuan per ton, up 11.4% year-on-year, with revenue of 3,357 billion yuan and a net profit of 233 billion yuan, a 50% increase [48] Aluminum - In 2024, the aluminum sector saw an average price of 20,000 yuan per ton, a 7.2% increase year-on-year, with total revenue of 4,207 billion yuan and a net profit of 410.28 billion yuan, a 27% increase [57] - In Q1 2025, the average aluminum price was 21,000 yuan per ton, with revenue of 1,032 billion yuan and a net profit of 109.75 billion yuan, a 29% increase [72] Lithium - The lithium sector faced significant challenges in 2024, with the average price of battery-grade lithium carbonate dropping by 65.1% year-on-year, leading to a revenue decline of 48% [77] - In Q1 2025, the lithium sector showed signs of recovery, with revenue of 126 billion yuan and a net profit of 464 million yuan, reflecting a year-on-year increase of 159% [91] Rare Earth Permanent Magnets - In 2024, the rare earth sector experienced a decline, with total revenue of 600 billion yuan and a net profit of 121.1 billion yuan, a 67% decrease [101] - In Q1 2025, the sector showed recovery with revenue of 145 billion yuan and a net profit of 867 million yuan, a 221% increase year-on-year [130] Institutional Holdings - In Q1 2025, the allocation ratio for the non-ferrous metal sector was 434%, with significant increases in allocations for precious and industrial metals [141]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's main business performance is stable, with ongoing advancements in new audiovisual formats [7] - The company reported a total revenue of 979 million yuan for 2024, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of 400 million yuan, down 2.4% year-on-year [6][8] - The company is actively pursuing innovation and diversification in its business model, particularly in the IPTV sector and micro-short drama production [8] Financial Performance Summary - Revenue projections for the company are as follows: 1,017 million yuan in 2025, 1,055 million yuan in 2026, and 1,092 million yuan in 2027, with growth rates of 4%, 4%, and 3% respectively [2][8] - The net profit attributable to shareholders is expected to be 426 million yuan in 2025, 448 million yuan in 2026, and 470 million yuan in 2027, with growth rates of 6%, 5%, and 5% respectively [2][8] - The company plans to distribute a cash dividend of 210 million yuan in 2024, with a dividend payout ratio of 51.7% [8] Business Development Summary - The IPTV core business generated revenue of 795 million yuan in 2024, a slight increase of 0.02%, while value-added services contributed 139 million yuan [8] - The company is expanding its micro-short drama initiatives, collaborating with local governments and private enterprises to establish a production base and develop content across multiple platforms [8] - AI technology is being integrated into the company's operations, enhancing video production efficiency and reducing costs [8] Valuation Metrics - The company's P/E ratios are projected to be 24.5 in 2024, 23.1 in 2025, 21.9 in 2026, and 20.9 in 2027 [2] - The P/B ratios are expected to be 2.6 in 2024, 2.4 in 2025, 2.2 in 2026, and 2.0 in 2027 [2]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [3][14]. Core Views - The company reported a significant year-on-year increase in net profit for Q1 2025, achieving 1.33 billion yuan, which represents a 9680.17% increase, although it saw a quarter-on-quarter decline of 59.10% [3][4]. - The company is the only manufacturer in the industry capable of producing 20 million tons of welded steel pipes, with a strong brand presence and production bases across multiple regions in China [5]. - The overseas sales revenue surged by 724.07% in 2024, indicating a robust expansion strategy in international markets, particularly in Southeast Asia and the Middle East [5]. Financial Performance Summary - For 2023A, the company achieved a revenue of 60,918 million yuan, with a projected revenue of 58,111 million yuan for 2025E, reflecting a growth rate of 6% [3]. - The net profit attributable to the parent company is forecasted to be 607 million yuan in 2025E, with a significant growth rate of 43% compared to the previous year [3]. - The gross margin for Q1 2025 was reported at 3.32%, showing a year-on-year increase of 1.02 percentage points [5]. Future Projections - The company is expected to achieve net profits of 6.07 billion yuan, 7.09 billion yuan, and 8.07 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 14, 12, and 10 [6]. - The report anticipates a gradual recovery in profitability per ton of welded steel pipes, contributing to the overall financial performance improvement [6].

执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517030004 Email：daizf@zts.com.cn | | | 分析师：蒋峤 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn 分析师：葛玉翔 1、《1Q25 保险资金重仓流通股深度 通信》2025-05-08 | 上市公司数 | 84 | | --- | --- | | 行业总市值(亿元) | 69,371.23 | | 行业流通市值(亿元) | 66,910.47 | 2、《改革双刃剑：短期挑战长期价值》 2025-04-22 3、《预定利率研究值跌破 25bps 阈 值，4Q25 或迎产品切换》2025-04-22 非银金融 证券研究报告/行业点评报告 2025 年 05 月 13 日 【政策变化与影响】 请务必阅读正文之后的重要声明部分 锚定投资者利益，驱动行业升级——公募基金高质量行动方案解 读 报告摘要 【核心举措】 投资者利益保护。1、费率改革：新主动权益基金试点浮动管理费，头部机构 1 年 内 60%新发产品需采用；降 ...

政策催化产业破局，低空运营落地可期 ——低空经济政策与应用专题报告 评级： 增持（维持） 执业证书编号：S0740522040001 Email：duchong@zts.com.cn | 基本状况 | | | --- | --- | | 上市公司数 | 127 | | 行业总市值(亿元) | 32,722.44 | | 行业流通市值(亿元) | 30,360.12 | 设施有望迎来增量资金》2025-05-11 向好关注基础设施》2025-05-04 稳健配置价值不改》2025-04-27 交通运输 证券研究报告/行业专题报告 2025 年 05 月 13 日 报告摘要 请务必阅读正文之后的重要声明部分 分析师：杜冲 低空经济内涵不断深化，产业图谱日渐丰富：低空经济定义从早期通用航空拓展至覆 盖 0-3000 米空域的立体经济生态，以无人机、eVTOL、直升机为载体，牵引载人载 货、应急消防、文旅等多场景融合。1）应用场景不断丰富：低空旅游观光、低空通 勤、城市末端物流配送、文化赛事等领域已逐步展开试点；安防巡检、消防救援等通 航领域较成熟的应用场景或将在 eVTOL、无人机技术成熟后迎来革新。2）三大载体 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5][20] Core Views - The company has shown a profit turning point in Q1, with strong business growth and a reduction in losses from the Shandong project [1][4] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, while the net profit attributable to shareholders was 180 million yuan, a decrease of 44.5% [4][14] - In Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.2%, and a net profit of 91.88 million yuan, a year-on-year increase of 81.2%, marking a return to profitability [4][15] Summary by Relevant Sections Financial Performance - The company’s revenue for 2023 was 3.737 billion yuan, with a projected growth rate of 21% for 2024 and 2025 [1] - The net profit attributable to shareholders for 2023 was 329 million yuan, with a projected increase to 449 million yuan in 2025, reflecting a year-on-year growth of 27% [1] - The earnings per share (EPS) is expected to rise from 0.36 yuan in 2023 to 0.50 yuan in 2024 and 0.63 yuan in 2025 [1] Business Segments - The company’s electronic materials, new energy materials, optical film materials, electrical insulation materials, and environmental flame retardant materials achieved revenues of 1.07 billion, 1.38 billion, 1.13 billion, 470 million, and 150 million yuan respectively in 2024, with respective year-on-year growth rates of 30.0%, 5.61%, 17.37%, 29.9%, and 18.1% [4] - In Q1 2025, the electronic materials segment generated 310 million yuan, with a year-on-year growth of 37.5%, while the optical film materials segment saw a 42.7% increase [4] Future Outlook - The company is expected to maintain strong growth in the electronic resin business, driven by high-quality developments in emerging fields such as ultra-high voltage power grids and electric vehicles [4][5] - The company’s projects, including the 20,000-ton electronic materials project in Meishan, are anticipated to contribute significantly to future revenues, potentially generating around 2 billion yuan annually once fully operational [4][5]

Group 1: U.S.-UK Economic Prosperity Deal - The U.S.-UK Economic Prosperity Deal is largely a symbolic political gesture, failing to address core bilateral trade issues and structural barriers [14][16]. - The agreement allows the UK to reduce tariffs from 5.1% to 1.8%, while the U.S. maintains a 10% tariff on UK goods, indicating a continuation of U.S. protectionist policies [15][16]. - The deal focuses on traditional goods trade, avoiding sensitive structural issues such as digital trade and labor standards, which are crucial for long-term trade dynamics [16][16]. Group 2: U.S.-China Geneva Talks - The U.S.-China high-level economic talks in Geneva resulted in significant progress, establishing a negotiation mechanism for future discussions [4][18]. - Both parties agreed to modify tariffs on each other's goods by May 14, 2025, with the U.S. suspending 24% of tariffs initially and retaining 10% on certain products [19][20]. - The current stage of negotiations is focused on framework establishment, with future discussions expected to address more substantive issues like technology and investment [20][21]. Group 3: Pring Clock Analysis - The U.S. economic indicators suggest a potential move towards stage five of the Pring Clock, although stock indicators are deteriorating, with a current reading of 58% [6][24]. - China's economic indicators remain in stage three, but both stock and commodity indicators are declining, which is a negative signal during the recovery phase [33][33]. - The bond-stock ratio shows a downward trend, indicating that stocks may perform better than bonds in the short term [33][33].

分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 证券研究报告 信用业务周报 货币与资本市场政策落地后市场或如何演绎？ 2025年5月12日 中泰证券研究所 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 2 数据来源：Wind，中泰证券研究所 【市场观察】一季报落地后市场或如何演绎？ 3 • 一、5月货币与资本市场政策落地后市场或如何演绎？ • 政策面上，上周三国新办会议延续"预期管理"思路，更加重视资本市场。在此次会议中，央行推出包 括数量型政策、价格型政策和结构型政策共三大类十项货币政策措施，三类政策呈现由大到小，从总 量到结构的特征。 • 金融监管总局提出八项举措全力巩固经济回升向好的基本面。八项政策围绕地产、二级市场和实体经 济融资各方面提出了政策支持，覆盖较为全面，或反映出监管部门工作更加重视经济发展，监管力度 或呈现阶段性宽松。 • 证监会提出三大举措持续稳定和活跃资本市场。证监会提出将全力巩固市场回稳向好势头、突出服务 新质生产力发展的重要着力点、大力推进中长期资金入市。新质生产力方面，会议提出三大方 ...

Investment Rating - The report maintains an "Overweight" rating for the industry [6][18]. Core Insights - The global manufacturing PMI is weakening, indicating a potential economic turning point, leading to a weak performance in basic metals [6][11]. - Despite short-term price weakness in basic metals, the long-term supply-demand dynamics suggest limited downside potential, particularly for rigid supply varieties like aluminum and copper [6][11]. Summary by Sections Market Overview - The industry comprises 142 listed companies with a total market value of 29,468.06 billion and a circulating market value of 27,667.90 billion [3]. - The A-share market overall rose, with the non-ferrous metals sector outperforming the Shanghai Composite Index by 0.07 percentage points [21][25]. Economic Factors - The April manufacturing PMI in China fell to 49, indicating contraction, with new orders PMI at 49.2 [36]. - The U.S. manufacturing PMI also declined to 48.7, reflecting similar trends [38]. - The Eurozone's economic sentiment index dropped significantly to -18.5 [47]. Basic Metals Analysis - **Aluminum**: Trade uncertainties and weak demand expectations have led to a decline in aluminum prices post-holiday. The operating capacity for electrolytic aluminum remains stable at 43.835 million tons [9][55]. - **Alumina**: The supply-demand balance is tight, with production decreasing and some companies reportedly violating production regulations, creating short-term bullish sentiment [12]. - **Copper**: The processing fees for copper concentrate are declining, while domestic refined copper production is increasing, indicating a deepening conflict in the mining and metallurgy sectors [14]. - **Zinc**: Domestic refined zinc production is growing, with social inventories at historically low levels [16]. Inventory and Pricing - Overall inventory levels for basic metals are low, with specific metrics indicating a decrease in aluminum ingot inventory to 694,000 tons [10][57]. - The current price for electrolytic aluminum is around 19,550 yuan per ton, reflecting a 2.49% decrease [57].