2025 年 05 月 11 日 行业周报 看好/维持 电子 电子 太平洋电子周报（20250504-20250511）：数据安全发展大会举办 在即 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/5/13 24/7/24 24/10/4 24/12/15 25/2/25 25/5/8 电子 沪深300 相关研究报告 <<光峰科技：2025Q1 收入稳健增长， 车载业务进入量产交付阶段>>-- 2025-04-30 <<安克创新：2025Q1 业绩持续高增， 2024A 独 立 站 渠 道 表 现 靓 丽 >>-- 2025-04-29 <<25Q1 业绩增速靓丽，多元布局进展 显著>>--2025-04-29 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 一、本周投资要点 二、重点公司 ...

Investment Rating - The report maintains a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualan Biological Engineering, and others [4]. Core Viewpoints - The report highlights the investment opportunities in innovative drugs against the backdrop of global asset rebalancing, particularly focusing on KRAS G12C mutation in non-small cell lung cancer (NSCLC) [2][8]. - It emphasizes the potential for KRAS G12C inhibitors to advance to first-line treatment for NSCLC, with an estimated 30% of KRAS mutations in NSCLC being of the G12C subtype, leading to approximately 30,000 new cases annually in China [5][17]. Summary by Sections 1. Industry Viewpoints and Investment Recommendations - KRAS G12C inhibitors are progressing towards first-line treatment for NSCLC, with current standard therapies being PD1 ± chemotherapy [18]. - The report suggests focusing on innovative drugs, particularly in the context of increased liquidity and risk appetite in the market, with significant data releases expected from major conferences [6][32]. 2. Pharmaceutical Industry Market Performance - The pharmaceutical sector saw a 1.01% increase, slightly underperforming the CSI 300 index by 1.00 percentage points [39]. - Sub-sectors such as drug packaging and medical devices performed well, while innovative drugs lagged behind [39]. 3. Company Dynamics - Notable company activities include the approval of new drugs and clinical trial advancements, such as the successful Phase III trials for AstraZeneca's Breztri and Genmab's Epcoritamab [46]. - Companies like Junshi Biosciences and Innovent Biologics are highlighted for their leading positions in the KRAS G12C inhibitor market [22][23]. 4. Industry Dynamics - The report discusses the impact of patent expirations on raw material demand, projecting a significant increase in sales due to the expiration of patents for top-selling small molecule drugs [35]. - It also notes the improvement in demand for raw materials and the end of inventory destocking phases, suggesting a positive outlook for the raw material sector [35].

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [43] Core Viewpoints - In April, excavator sales both domestically and internationally performed well, and there is continued optimism for a resonance in demand throughout the year. In April 2025, a total of 22,142 excavators were sold, representing a year-on-year increase of 17.6%. Domestic sales reached 12,547 units, up 16.4%, while exports totaled 9,595 units, marking a 19.3% increase [5][12] - The average working hours for major engineering machinery products in April 2025 was 90.1 hours, reflecting a year-on-year growth of 3.20%, indicating the effectiveness of steady growth policies [5][12] - The first quarter of 2025 saw significant profit growth for major manufacturers, with SANY, XCMG, Zoomlion, LiuGong, and Shantui reporting net profits of 2.471 billion, 2.022 billion, 1.410 billion, 657 million, and 273 million yuan respectively, with year-on-year increases of 56.40%, 26.37%, 53.98%, 32%, and 13.63% [5][12] Summary by Sections Industry Opinion and Investment Suggestions - The report emphasizes the strong performance of excavator sales in April and maintains a positive outlook for the year, driven by domestic demand and export growth [12][5] Key Industry News - The report highlights the sales figures for excavators and loaders in April 2025, with excavator sales reaching 22,142 units and loader sales at 11,653 units, indicating robust growth in the engineering machinery sector [13] Company Announcements - The report includes significant announcements from companies such as Zhongli Group and Jinggong Technology regarding strategic partnerships and contracts, which are expected to enhance their market positions and operational capabilities [29][30]

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Views - Refrigerant prices remain high, enhancing profitability; companies such as Juhua Co., Ltd. and Sanmei Co., Ltd. are recommended for attention [5] - The low-altitude economy and robotics industry are moving towards commercialization, increasing demand for new materials and lightweight materials such as carbon fiber and ultra-high molecular weight polyethylene [5] Summary by Sections 1. Key Sub-industry and Product Tracking - Refrigerants: Prices remain high, with R22 at 36,000 CNY/ton, R32 at 49,000 CNY/ton, R125 at 45,000 CNY/ton, R134a at 47,500 CNY/ton, and R142b at 27,000 CNY/ton, all stable compared to last week [3][12] - Vitamins: Prices continue to decline, with Vitamin A at 65 CNY/kg (down 4.41% week-on-week) and Vitamin E at 105 CNY/kg (down 1.41% week-on-week) [4][12] 2. Electronic Chemicals - The electronic chemicals sector is characterized by high technical barriers and a high degree of market segmentation, with a focus on wet electronic chemicals, photoresists, and CMP polishing materials [14][16] 3. New Quality Productivity - Carbon Fiber: A high-strength material with applications in wind power, photovoltaics, and aerospace, experiencing a price stabilization after a decline [35] - Ultra-high molecular weight polyethylene (UHMWPE): Known for its superior strength and durability, it is a high-tech product with significant technical barriers [39] - PEEK materials: Demand for PEEK has grown significantly, with a compound annual growth rate of 42.84% from 2012 to 2021 [40] 4. Lithium Battery/Storage Materials - Conductive agents: Prices for multi-walled carbon nanotube powder are at 64,000 CNY/ton, while conductive paste is at 27,500 CNY/ton, both showing a downward trend [43] - Sodium battery materials: Prices for Prussian blue compounds are at 45,000 CNY/ton, and hard carbon negative materials are at 70,000 CNY/ton, with recent price stability [45] 5. Photovoltaic/Wind Power Materials - EVA prices have shown slight rebounds, with the market average at 11,143 CNY/ton, indicating a stable market environment [50] 6. Bio-based Materials and Energy - Biodiesel prices are stable at 8,100 CNY/ton, while sustainable aviation fuel (SAF) is priced at 1,757 USD/ton [62] 7. Renewable and Modified Plastics - The demand for recycled plastics is increasing, with a notable rise in the proportion of recycled materials in plastic packaging from 4.8% in 2018 to 10.0% in 2021 [64] 8. Coatings, Inks, and Pigments - The demand for new functional coating materials is growing, driven by the rapid development of wearable devices and smart home appliances [71]

Investment Rating - The industry is rated positively, with expectations of overall returns exceeding the CSI 300 index by more than 5% in the next six months [37] Core Insights - China's defense budget has maintained a growth rate of around 7%, with defense spending accounting for less than 1.5% of GDP, which is below the average of major military powers. There is significant room for growth in defense spending, which is expected to outpace GDP growth in the long term. The year 2025 marks the end of the "14th Five-Year Plan," and the industry is anticipated to emerge from a two-year period of stagnation, entering a phase of comprehensive recovery. As orders normalize and are gradually released, the military industry sector may experience a "Davis Double Play" phase of performance improvement and valuation enhancement. It is recommended to focus on leading companies in advanced fighter jets, low-altitude economy, domestic large aircraft, satellite internet, and deep-sea technology, which have favorable competitive landscapes and high technological barriers [4][9] Summary by Sections Industry Insights - The defense budget growth rate is around 7%, with spending below 1.5% of GDP, indicating potential for significant growth. The military sector is expected to recover in 2025, with a focus on advanced technologies and leading companies [4][9] Market Performance - The aerospace and defense index increased by 7.95% this week, while the CSI 300 index rose by 2.00%. For the month, the aerospace and defense index saw an 18.24% increase compared to a 7.15% rise in the CSI 300 index [10] Industry News - India and Pakistan have agreed to a comprehensive ceasefire, which may impact regional defense dynamics [15] - The "China-Singapore Cooperation-2025" naval joint exercise has commenced, highlighting ongoing military collaborations [17] - NATO is conducting large-scale military exercises near the Russian border, involving approximately 16,000 troops from 12 countries [18] - The U.S. is providing decommissioned F-16s to Ukraine for parts, emphasizing ongoing military support amid the conflict [19] - Europe has initiated a project for future main battle tank technology, involving 26 military enterprises and research institutions [20] Company Tracking - Long光华芯 has received government subsidies totaling approximately 10.4 million RMB [23] - 派克新材 plans to reduce shareholding by up to 3% due to personal needs [24] - 亚光科技 signed a pre-production agreement worth 10.05 million RMB with a special institutional client [25] - 联创光电 has repurchased 113,400 shares, representing 0.03% of its total share capital [26] - 烽火电子 completed a share buyback of 1,344,300 shares, amounting to approximately 9.6 million RMB [27]

Investment Rating - The industry rating is optimistic, expecting an overall return exceeding 5% above the CSI 300 index within the next six months [11]. Core Insights - The mechanical sector experienced a decline of 1.15% on May 9, 2025, with the CSI 300 index down by 0.17%, ranking 23rd among all primary industries. The engineering machinery sector saw the highest increase of 0.68%, while semiconductor equipment faced the largest drop of 2.96% [3]. - Notable individual stock performances included Yuanxin Industrial (+19.99%), Xinlei Co. (+19.82%), and Yuanda Intelligent (+10.08%) on the gainers' list, while Shankai Intelligent (-8.56%), Baoxin Technology (-7.97%), and Jinming Precision Machinery (-7.79%) led the decliners [3]. Market Performance - The report highlights the recent developments in the mechanical industry showcased at the 27th China Beijing International Science and Technology Industry Expo, emphasizing the role of robotics and advanced medical equipment in future industrial innovation [7]. - A significant innovation includes the development of the world's first magnetically controlled blood gel fiber robot, which can navigate complex environments for targeted drug delivery in brain tumor therapy [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 93.01, compared to the last closing price of 76.10 [1][5]. Core Views - The demand for construction machinery is recovering, and the linear actuator project is expected to ramp up production, creating new growth opportunities for the company [1][4]. - The company reported a revenue of 93.90 billion in 2024, a year-on-year increase of 4.51%, and a net profit of 25.09 billion, up 0.40% year-on-year [2][3]. - The company is actively pursuing international expansion and diversifying its product offerings to enhance competitiveness [2][4]. Revenue and Profitability - In 2024, the company achieved a revenue of 93.90 billion, with product breakdowns showing hydraulic cylinders at 47.61 billion (up 1.44%), hydraulic pumps and valves at 35.83 billion (up 9.63%), hydraulic systems at 2.96 billion (up 1.64%), and parts and castings at 6.84 billion (up 1.76%) [3]. - The company's gross margins for 2024 and Q1 2025 were 42.83% and 39.40%, respectively, reflecting a year-on-year change of +0.93 percentage points and -0.7 percentage points [3]. Market Outlook - The domestic excavator sales in 2024 are projected to reach 100,543 units, marking an 11.7% year-on-year increase, indicating a positive trend in domestic demand supported by policy initiatives [4]. - The company is expected to benefit from the ongoing recovery in the construction machinery sector and the anticipated growth in exports as it expands its international market presence [4]. Financial Projections - Revenue forecasts for 2025 to 2027 are 102.96 billion, 117.99 billion, and 139.34 billion, respectively, with net profits projected at 27.71 billion, 31.93 billion, and 37.76 billion [5][6]. - The expected revenue growth rates are 9.6% for 2025, 14.6% for 2026, and 18.1% for 2027, while net profit growth rates are projected at 10.5%, 15.2%, and 18.3% for the same years [6].

Investment Rating - The report maintains a "Buy" rating for Yunnan Energy Investment (002053) [1][7] Core Insights - The company achieved a record high revenue of 3,453 million yuan in 2024, representing an 18.90% year-on-year growth, with a net profit of 675 million yuan, up 39.97% year-on-year [4][5] - The main contributions to the company's performance in 2024 came from the new energy and salt sectors, with new energy generation capacity reaching 1,946,400 kW and a generation volume of 3,814 million kWh, an 81% increase year-on-year [5] - The company is focusing on optimizing its core business and resource allocation, planning to divest its natural gas business to enhance its core competitiveness in the new energy sector [6][7] Financial Performance - In Q1 2025, the company reported a revenue of 954 million yuan, a decrease of 2.12% year-on-year, and a net profit of 221 million yuan, down 38.03% year-on-year [4] - The projected net profits for 2025, 2026, and 2027 are 865 million yuan, 940 million yuan, and 1,045 million yuan, respectively, with corresponding PE ratios of 12, 11, and 10 [7][8] - The company’s revenue is expected to decline by 6.09% in 2025, followed by a recovery in subsequent years with growth rates of 6.23% and 5.57% in 2026 and 2027 [8] Business Segments - The company operates in three main sectors: new energy, salt, and natural gas, with significant achievements in the new energy and salt sectors in 2024 [5] - The salt segment achieved a record production and sales volume of 1.78 million tons in 2024, while the natural gas segment saw a 52% increase in sales volume to 386 million cubic meters [6]

Investment Rating - The industry rating is optimistic, expecting an overall return exceeding 5% above the CSI 300 index in the next six months [11]. Core Insights - On May 8, 2025, the CSI 300 index rose by 0.56%, while the machinery sector increased by 1.07%, ranking 6th among all primary industries. The photovoltaic equipment sub-sector saw the highest increase of 3.55%, while engineering machinery experienced the largest decline of 0.57% [3]. - Notable individual stock performances included Gaomei Co., Ltd. (+20.02%), Magu Technology (+20.01%), and Xinlei Co., Ltd. (+20.01%) on the gainers list, while Greebo (-6.70%), Gogo Technology (-6.22%), and Northern Co., Ltd. (-5.67%) led the decliners [3]. Sub-industry Summary - The humanoid robot industry is currently in a high prosperity cycle, representing a future trend in advanced products. Lenovo's entry into this market with its humanoid robot "Silicon-based Employee" aligns with industry trends, supported by a complete industrial chain [8]. - The SA750U large unmanned transport aircraft, developed by Shanhe Huayu Aviation Technology, successfully completed its first domestic test for autonomous multi-package air drop, marking a significant milestone in the development of large unmanned transport aircraft in China [9].

Investment Rating - The report indicates a positive outlook for the pharmaceutical raw materials sector, highlighting a significant profit growth in Q1 and an expected improvement in industry supply and demand dynamics [3][4]. Core Insights - The pharmaceutical raw materials sector experienced a revenue of CNY 1176.77 billion in 2024, a year-on-year increase of 6.74%, with a net profit of CNY 150.46 billion, reflecting a growth of 27.89% [3][4][21]. - In Q1 2025, the sector reported a revenue of CNY 295.46 billion, a slight decline of 0.48% year-on-year, but a net profit increase of 20.87% to CNY 45.62 billion [3][4][21]. - The profit growth is attributed to several factors, including a low base in H2 2023, the end of inventory destocking by global downstream manufacturers, and improved cost management [3][4][21][23]. Summary by Sections Q1 Profit Growth and Margin Improvement - The raw materials sector's revenue remained stable year-on-year in Q1 2025, with a slight increase of 5.77% quarter-on-quarter. The net profit and non-recurring net profit saw significant year-on-year growth of 20.87% and 21.98%, respectively [3][4][21][23]. - The gross margin for 2024 was 38.00%, up 1.58 percentage points year-on-year, while the net margin improved to 12.79%, an increase of 4.97 percentage points [4][24][25]. Industry Concentration and Top Companies - The top 10 companies in the raw materials sector contributed over 73.33% of total revenue in 2024, with significant contributions from companies like New and Cheng and Prolo Pharmaceuticals [31][33]. - In Q1 2025, the top 10 companies accounted for 73.19% of total revenue, with New and Cheng alone contributing over 10% [33][34]. Valuation and Construction Projects - The sector's valuation remains at historical lows, with a PE ratio of 30.26 times at the end of 2024, which is in the 14% historical percentile [5][42]. - As of Q1 2025, the construction projects in the sector totaled CNY 163.57 billion, a decrease of 4.31% year-on-year, indicating a slowdown in capacity expansion [9][44]. Investment Recommendations - The report suggests focusing on companies with strong performance in the formulation and CDMO sectors, such as Aorite and Prolo Pharmaceuticals, as well as those with significant new product pipelines like Tonghe Pharmaceuticals [10][6][10].