Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [30]. Core Viewpoints - The company, Zhongce Rubber (603049.SH), is a leading global tire manufacturer with a strong market presence and brand recognition, including well-known brands such as "Chaoyang" and "Goodride" [21][22]. - The company has shown consistent revenue growth, with projected revenues of CNY 318.89 billion, CNY 352.52 billion, and CNY 392.55 billion for the years 2022, 2023, and 2024, respectively, reflecting year-over-year growth rates of 4.21%, 10.55%, and 11.35% [7][25]. - The company is expanding its overseas production bases, which is expected to stabilize and enhance its future operations, with foreign sales accounting for 48.32% of revenue in 2024 [22]. Summary by Sections Basic Financial Status - The company achieved operating revenues of CNY 318.89 billion, CNY 352.52 billion, and CNY 392.55 billion for the years 2022, 2023, and 2024, with corresponding net profits of CNY 12.25 billion, CNY 26.38 billion, and CNY 37.87 billion [7][21]. - In Q1 2025, the company reported operating revenues of CNY 106.41 billion, a 17.06% increase year-over-year, while net profit decreased by 19.14% [7]. Industry Situation - The global tire market has maintained a scale of over USD 150 billion, with 2023 sales reaching USD 192 billion, driven by the essential nature of tires in automotive consumption [14][20]. - The Chinese tire market is expected to continue growing due to increasing vehicle ownership, with a projected vehicle count of 453 million by the end of 2024 [16][17]. Company Highlights - Zhongce Rubber has been in the tire manufacturing industry for over 60 years and ranks among the top ten global tire manufacturers, leading in sales within China [21][22]. - The company is expanding its overseas production capabilities, with new facilities in Thailand, Indonesia, and Mexico, which will help mitigate trade protectionism impacts and enhance profit margins [22]. Fundraising Project Investments - The company plans to invest in five projects through its IPO, including a green 5G digital factory for high-performance tires, which is expected to generate significant revenue and profit upon completion [23][24]. Peer Comparison - In 2024, Zhongce Rubber's revenue of CNY 392.55 billion and net profit of CNY 37.87 billion positioned it in the mid-high range compared to peers, although its sales gross margin was below the industry average of 21.29% [25][26].

Investment Rating - The investment rating for the company is "Buy," indicating that the expected return over the next 6-12 months is greater than 15% compared to the relevant market index [28]. Core Viewpoints - The company, Youyou Green Energy (301590.SZ), specializes in the research, production, and sales of core components for direct current (DC) charging equipment for electric vehicles, with significant growth in revenue and profit over the past few years [7][21]. - The company has established itself as a major supplier in the domestic electric vehicle charging module sector, with a focus on high power density and high power output technologies [21][22]. - The company is actively expanding its product offerings to include small power DC charging products, V2G products, and energy storage charging products, which are currently in small-scale application stages [22]. Financial Performance - The company achieved revenues of 988 million yuan, 1.376 billion yuan, and 1.497 billion yuan for the years 2022, 2023, and 2024, respectively, with year-over-year growth rates of 129.44%, 39.24%, and 8.86% [8][4]. - The net profit attributable to the parent company was 196 million yuan, 268 million yuan, and 256 million yuan for the same years, with year-over-year growth rates of 325.30%, 36.84%, and -4.60% [8][4]. - For the first quarter of 2025, the company reported revenues of 361 million yuan, a 6.47% increase year-over-year, while net profit decreased by 14.66% to 61 million yuan [8]. Industry Overview - The charging module industry is a critical component of the electric vehicle DC charging equipment sector, benefiting from the growth of the electric vehicle and charging infrastructure markets [16][17]. - The market for charging modules is expected to grow significantly, driven by the increasing demand for high-power DC charging solutions as electric vehicle adoption rises [16][19]. - The company is positioned to capitalize on this growth, with a projected market share of 10.58% in the Chinese mainland charging module market for 2023 [21]. Company Highlights - The company has developed a range of charging modules, including 15KW, 20KW, 30KW, and 40KW, and is one of the first in the industry to introduce these power levels [21]. - The company has established long-term partnerships with leading firms in the industry, including ABB and Wanbang Digital, which hold equity stakes in the company [21]. - The company is recognized as a "specialized and innovative" small giant enterprise by the Ministry of Industry and Information Technology, highlighting its technical capabilities and market influence [7]. Investment Projects - The company plans to invest in two main projects through its IPO proceeds: the construction of a charging module production base and the establishment of a headquarters and R&D center [23][24]. - The production base project is expected to generate annual revenues of 4.675 billion yuan upon full production, while the R&D center will enhance the company's ability to keep pace with industry trends [23]. Peer Comparison - Compared to similar companies in the industry, Youyou Green Energy's revenue for 2024 is projected at 1.497 billion yuan, which is below the average revenue of 4.968 billion yuan for comparable companies [25][26]. - However, the company's sales gross margin is positioned in the mid-to-high range compared to its peers, indicating strong operational efficiency [25].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a significant increase in performance for Q1 2025, with revenue reaching 505 million yuan, a year-on-year increase of 97.54%, and a net profit attributable to shareholders of 56 million yuan, up 91.17% year-on-year [5] - The company is expected to benefit from the recovery of the wind power market, with a projected revenue of 1.967 billion yuan in 2024, a slight increase of 1.11% year-on-year, and a net profit of 173 million yuan, a decrease of 58.03% year-on-year [5] - The company is focusing on expanding its large casting and forging capacity to capture the growing offshore wind power market, with a projected increase in sales of wind power casting products by 71% year-on-year [5] - The company has the capability to produce core casting components for wind turbines ranging from 5MW to 25MW, with a monthly production rate reaching new highs [5] Financial Data and Valuation - The company’s projected revenue for 2025 is 2.737 billion yuan, with a year-on-year growth of 39.1%, and a net profit of 402 million yuan, reflecting a year-on-year increase of 132.5% [6] - The expected EPS for 2025 is 1.26 yuan per share, with a P/E ratio of 16 times [6] - The company’s gross margin is projected to be 27.4% in 2025, with a net margin of 14.7% [6] - The company’s total assets are expected to reach 8.575 billion yuan by 2025, with total liabilities of 2.145 billion yuan [7]

Investment Rating - The investment rating for the company is "Buy" (first coverage) [1] Core Views - The company has reached an inflection point in performance, with significant revenue and profit growth driven by its micro-prism and optical isolator products, indicating a strong potential for future expansion [1][6] - In 2024, the company achieved a revenue of 597 million yuan, a year-on-year increase of 69.20%, and a net profit attributable to shareholders of 55.82 million yuan, up 271.02% year-on-year [1][3] - The first quarter of 2025 continued this growth trend, with total revenue of 156 million yuan, a year-on-year increase of 26.88%, and a net profit of 20.10 million yuan, up 155.43% year-on-year [1][6] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 597 million yuan, with a year-on-year growth of 69.20%, and a net profit of 55.82 million yuan, marking a significant turnaround from losses in previous years [1][3] - The first quarter of 2025 showed continued growth with revenue of 156 million yuan, a 26.88% increase year-on-year, and a net profit of 20.10 million yuan, reflecting a 155.43% increase [1][6] Product Development and Market Position - The company specializes in precision optical components, with a strong position in the smartphone camera filter market, leading in infrared cutoff filter shipments in China [3][6] - The company has successfully expanded its product lines to include optical isolators and Z-block components, transitioning from the telecom market to the data communication market, which is expected to drive further revenue growth [4][6] Revenue Projections - Revenue projections for 2025-2027 are 978 million yuan, 1.45 billion yuan, and 1.97 billion yuan, respectively, with year-on-year growth rates of 63.8%, 48.3%, and 36.1% [5][7] - The net profit attributable to shareholders is projected to be 110 million yuan, 152 million yuan, and 206 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 96.8%, 38.2%, and 35.5% [5][7]

2025 年 05 月 12 日 策略类●证券研究报告 降低关税大超预期，A 股可能突破上行 事件点评 投资要点 事件：2025 年 5 月 12 日，新华社发布中美日内瓦经贸会谈联合声明。 降低关税大超预期，经济基本面预期和市场情绪都可能大幅改善。（1）中美双方 大幅降低关税大超市场预期。一是对华加征关税由之前的 145%大幅降低到 30% （2、3 月的 20%+4 月对等关税的 10%），24%的关税在 90 天内暂停征收，4 月 8 日和 9 日加征的全部取消，这大幅低于之前市场普遍预期的降低到 50-60%的水 平，大超市场预期。二是相比于 2018 年连续 13 轮经贸会谈才达成三阶段协议， 本次一次会谈就达成超预期结果，主要还是因加征关税对美国经济和通胀的影响较 大，美方诉求较高。（2）超预期的降低关税将大幅改善经济基本面的预期。一是 将大幅改善之前因超高关税导致的出口大幅回落的预期：首先，加征关税对全年出 口的负面影响可能大幅回落；其次，4 月份出口增速依然较高，源于抢出口等因素， 加征关税大幅降低后，可能改善抢出口因素消失后出口可能大幅回落的担忧。二是 国内保增长政策大概率不会因此削弱：首先 ...

Investment Rating - The investment rating for the company is "Buy" (首次) [2][7] Core Views - The company has reached an inflection point in its performance, with significant revenue and profit growth driven by its micro-prism and optical isolator products [1][4] - In 2024, the company achieved a revenue of 597 million yuan, a year-on-year increase of 69.20%, and a net profit attributable to shareholders of 55.82 million yuan, up 271.02% year-on-year [1][4] - The first quarter of 2025 continued this growth trend, with total revenue of 156 million yuan, a year-on-year increase of 26.88%, and a net profit of 20.10 million yuan, up 155.43% year-on-year [1][4] Financial Performance - The company specializes in the research, production, and sales of precision optical components, with a focus on imaging optical components for camera modules and communication optical components for laser radar and optical communication devices [4][7] - The revenue forecast for 2025-2027 is 978 million yuan, 1.45 billion yuan, and 1.974 billion yuan, representing year-on-year growth rates of 63.8%, 48.3%, and 36.1% respectively [6][8] - The net profit attributable to shareholders is projected to be 110 million yuan, 152 million yuan, and 206 million yuan for 2025, 2026, and 2027, with corresponding year-on-year growth rates of 96.8%, 38.2%, and 35.5% [6][8] Market Position and Product Development - The company is a leading player in the domestic Android smartphone filter market, with its infrared cutoff filter component shipment volume ranking first in China [4][7] - The company has successfully expanded its product lines into the data communication market, with significant growth in sales of optical isolators and other components [5][7] - The company has invested in R&D, with a focus on laser radar optical components, Z-Block wavelength division multiplexing components, optical isolators, and mobile micro-prisms, increasing R&D expenses by 16.20% in 2024 [4][6]

Group 1: New Stock Market Performance - The average increase of new stocks listed since 2024 is approximately 3.0%, with about 82.9% of new stocks showing positive returns[1] - The average increase for new stocks on the North Exchange is 5.5%, with around 96.2% of new stocks experiencing gains[5] - The average issuance price-to-earnings ratio for new stocks last week was 24.2X, with a subscription success rate of 0.0267%[4] Group 2: Market Trends and Recommendations - The current market is in a transformation window, with significant policy clarity expected to gradually materialize, indicating a potential new active cycle[2] - Caution is advised due to ongoing external disturbances, including geopolitical tensions and tariff negotiations, which may lead to market fluctuations[2] - Focus should be on near-term new stocks that have undergone sufficient adjustment and offer relatively high cost-performance ratios, particularly those benefiting from hot themes or policy expectations[3] Group 3: Upcoming New Stocks - This week, five new stocks are set to complete subscriptions, including one from the Sci-Tech Innovation Board and two from the Growth Enterprise Market[7] - One stock, Guqi Down Material, is expected to start pricing inquiries, being a significant supplier of duck down and goose down materials[8]

古麒绒材（001390.SZ） 新股覆盖研究 投资要点 下周二（5 月 13 日）有一家主板上市公司"古麒绒材"询价。 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 150.00 | | 流通股本（百万股） | | | 个月价格区间 12 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 2025 年 05 月 09 日 公司研究●证券研究报告 数据来源：聚源、华金证券研究所 相关报告 华金证券-新股- 新股专题覆盖报告（威高血 净）-2025 年第 34 期-总第 560 期 2025.4.29 华金证券-新股- 新股专题覆盖报告（天工股 份）-2025 年第 35 期-总第 561 期 2025.4.29 华金证券-新股- 新股专题覆盖报告（太力科 技）-2025 年第 33 期-总第 559 期 2025.4.27 华 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company's performance has significantly improved due to the rising prices of refrigerants, leading to a notable increase in revenue and profit margins [4][5] - The company reported a revenue of 24.462 billion yuan in 2024, a year-on-year increase of 18.43%, and a net profit of 1.960 billion yuan, up 107.69% year-on-year [4] - The first quarter of 2025 saw a revenue of 5.800 billion yuan, a 6.05% increase year-on-year, and a net profit of 808 million yuan, reflecting a 160.64% year-on-year growth [4] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 17.50%, an increase of 4.28 percentage points year-on-year [4] - The first quarter of 2025 showed a gross margin of 28.42%, up 13.67 percentage points year-on-year and 9.42 percentage points quarter-on-quarter [4] - Revenue projections for 2025-2027 are 29.522 billion yuan, 32.238 billion yuan, and 35.575 billion yuan, representing year-on-year growth rates of 20.7%, 9.2%, and 10.4% respectively [6] Market Dynamics - The company benefits from a favorable supply-demand balance in the refrigerant market, with significant price increases for second and third-generation refrigerants due to production quotas and improved downstream demand [4][5] - The average prices for refrigerants such as R22 and R32 have increased by 38.46% and 48.48% year-on-year respectively as of May 7, 2025 [5] Competitive Position - The company has a leading position in the fluorochemical industry, with substantial production quotas for refrigerants, holding 26.10% of the national HCFC-22 production quota and 39.6% of the HFCs production quota [5] - The acquisition of Feiyuan Chemical has enhanced the company's production capacity and product offerings, solidifying its market leadership [5] Investment Outlook - The company is expected to continue benefiting from the upward trend in refrigerant prices and strong market demand, with a forecasted net profit of 4.069 billion yuan in 2025, reflecting a 107.6% year-on-year increase [6]

2025 年 05 月 07 日 策略类●证券研究报告 政策强化股市震荡偏强的趋势 事件点评 投资要点 事件：2025 年 5 月 7 日，国新办举行新闻发布会，请中国人民银行、国家金融监 督管理总局、中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳市场稳 预期"有关情况。 发布会侧重落实政治局会议的政策方向，货币宽松和支持科技创新是重点。（1） 央行出台的 10 项政策措施主要集中在货币宽松、稳定楼市和消费、支持科技创新、 稳定股市：一是降准 0.5 个百分点释放长期流动性约 1 万亿、下调 7 天逆回购利率 0.1 个百分点、下调结构性货币政策工具利率 0.25 个百分点，这些均是为了给市场 增加长期流动性、降低融资成本；二是降低个人住房公积金贷款利率 0.25 个百分 点，目的是刺激居民购房需求、稳定楼市；三是设立 5000 亿服务消费与养老再贷 款，目的是进一步提振消费；四是将科技创新和技术改造再贷款额度由 5000 亿增 加到 8000 亿，同时创设科技创新债券风险分担工具，支持科技创新的政策导向明 确。五是将互换便利 5000 亿元和股票回购增持再贷款 3000 亿元额度合并使用， 总额度 ...