2025 年 03 月 02 日 汽车管路龙头，数据中心液冷业务蓄势待发 —川环科技（300547.SZ）公司动态研究报告 增持(首次) 投资要点 | 分析师：宝幼琛 | S1050521110002 | | --- | --- | | baoyc@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 分析师：林子健 | S1050523090001 | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 2-2 8 | | --- | --- | | 当前股价（元） | 39.92 | | 总市值（亿元） | 87 | | 总股本（百万股） | 217 | | 流通股本（百万股） | 177 | | 52 周价格范围（元） | 13.35-45.21 | | 日均成交额（百万元） | 299.79 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 250 (%) 川环科技 沪深300 相关研究 ▌汽车管路龙头，业绩稳步增长 公司主营业务为传统燃油汽 ...

2025 年 03 月 01 日 小米 SU7 Ultra 正式发布，Helix 带动 Figure 效率跃升 推荐(维持) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) 9.2 12.0 32.9 沪深 300 1.9 -0.7 10.0 市场表现 -20 -10 0 10 20 30 40 50 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《汽车行业周报：Figure 发布 VLA 大模型 HeHelix，尊界 S800 首 发六大智能化技术》2025-02-23 2、《汽车行业周报：宇树、Figure 迎新进展，比亚迪天神之眼开创全 民智驾时代》2025-02-17 3、《汽车行业深度报告：丝杠方法 论（二）：兵马已动，磨床先行》 2025-02-16 ▌ Helix 全面赋能，Figure 部署效率跃升 事件：Figure 通过其端到端神经网络能力，将机器人项目部 署周期从第一个客户（宝马）的 12 个月大幅缩短至第二个客 户（高频次物流客户）的 30 天。 软件升级带动硬 ...

相关研究 2025 年 03 月 02 日 政策催化消费，蜜雪申购超预期 推荐(维持) 投资要点 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | 4.1 | -4.9 | -8.4 | | 沪深 300 | 1.9 | -1.5 | 10.0 | 市场表现 -30 -20 -10 0 10 20 30 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 1、《食品饮料行业周报：淡季白酒 控货挺价，大众品需求持续磨底》 2025-02-23 2、《食品饮料行业周报：政策催化 板块上涨，关注后续落地情况》 2025-02-16 3、《食品饮料行业周报：白酒动销 表现 ...

汽车尼龙管路龙头，积极拓展数据中心业务 2025 年 03 月 02 日 —溯联股份（301397.SZ）公司动态研究报告 买入(首次) 投资要点 | 分析师：宝幼琛 | S1050521110002 | | --- | --- | | baoyc@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 分析师：林子健 | S1050523090001 | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 2-2 8 | | --- | --- | | 当前股价（元） | 37.43 | | 总市值（亿元） | 45 | | 总股本（百万股） | 120 | | 流通股本（百万股） | 55 | | 52 周价格范围（元） | 20.01-42.28 | | 日均成交额（百万元） | 61.06 | 市场表现 -40 -20 0 20 40 60 (%) 溯联股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌汽车尼龙管路龙头，业绩整体稳步增长 公司是一家专业从事汽车用尼龙流体 ...

2025 年 03 月 02 日 汽车管路龙头，数据中心液冷业务蓄势待发 —川环科技（300547.SZ）公司动态研究报告 | 分析师：宝幼琛 | S1050521110002 | | --- | --- | | baoyc@cfsc.com.cn | | | 分析师：任春阳 | S1050521110006 | | rency@cfsc.com.cn | | | 分析师：林子健 | S1050523090001 | | linzj@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 2-2 8 | | --- | --- | | 当前股价（元） | 39.92 | | 总市值（亿元） | 87 | | 总股本（百万股） | 217 | | 流通股本（百万股） | 177 | | 52 周价格范围（元） | 13.35-45.21 | | 日均成交额（百万元） | 299.79 | 市场表现 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 200 250 (%) 川环科技 沪深300 相关研究 ▌汽车管路龙头，业绩稳步增长 公司主营业务为传统燃油汽车、新能源汽车、摩托车用 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is under pressure, with a projected revenue of 2.408 billion yuan in 2024, a decrease of 2% year-on-year, and a net profit of 824 million yuan, down 0.3% year-on-year. However, the non-recurring net profit is expected to increase by 0.1% to 757 million yuan [5] - The company has completed organizational restructuring and is focusing on optimizing product and channel collaboration, which is expected to drive growth in the restaurant channel [6] - The company is actively addressing previous marketing and product strategy issues, leading to continuous improvement in performance, with a forecasted EPS of 0.71, 0.79, and 0.85 yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.408 billion yuan, a decrease of 1.7% from 2023, and a net profit of 824 million yuan, a decrease of 0.3% [11] - The company expects a revenue increase of 5.3% in 2025 and 6.1% in 2026, with net profit projections of 907 million yuan and 976 million yuan respectively [11] Profitability Metrics - The gross margin is expected to remain high at 52.6% in 2024, increasing to 54.5% by 2026 [12] - The net profit margin is projected to improve from 33.7% in 2023 to 36.3% in 2026 [12] Organizational Changes - The company has implemented a flat organizational structure and optimized its compensation system, which is expected to enhance collaboration and efficiency [6] - The company is focusing on product optimization and new product launches, with specific support for channel policies [6] Market Outlook - The company anticipates that the restaurant channel will continue to grow significantly, supported by the adaptability of its products [6] - The company has sufficient low-cost raw material inventory to support operations through Q2 2025, with additional storage capacity being developed [6]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is under pressure, with a projected revenue of 2.408 billion yuan in 2024, a decrease of 2% year-on-year, and a net profit of 824 million yuan, down 0.3% year-on-year. However, the non-recurring net profit is expected to increase by 0.1% to 757 million yuan [5] - The company has completed organizational restructuring and is focusing on optimizing product and channel collaboration, which is expected to drive growth in the restaurant channel [6] - The company is actively addressing previous marketing and product strategy issues, leading to continuous improvement in performance, with a forecasted EPS of 0.71, 0.79, and 0.85 yuan for 2024, 2025, and 2026 respectively [7] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 446 million yuan, a decrease of 11% year-on-year, and a net profit of 153 million yuan, down 8% year-on-year. The non-recurring net profit for the same period was 120 million yuan, a decrease of 22% [5] - The company expects to maintain a high gross margin despite the ongoing digestion of low-cost raw materials [5] Organizational Changes - The company has optimized departmental collaboration and completed a flat organizational structure reform, which is expected to enhance the adaptability of its products in the restaurant channel [6] - The company is increasing the speed of product optimization and new product launches, with specific support for channel policies [6] Earnings Forecast - The earnings per share (EPS) estimates have been adjusted to 0.71, 0.79, and 0.85 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 19, 17, and 16 times [7] - The company is expected to continue benefiting from a sufficient reserve of low-cost raw materials, which will help maintain high gross margins [7]

证 券 研 究 报 告 饲料 行业专题报告 2025年猪饲料行业量价齐升有望兑现 寻找腰部规模企业销量翻倍机会 投资评级： （ ） 报告日期： 推荐 首次 2025年02月27日 ◼ 分析师：娄倩 ◼ SAC编号：S1050524070002 ◼ 联系人：卫正 ◼ SAC编号：S1050124080020 投 资 要 点 1、中国饲料行业集中度与规模效应稳步提升，未来仍有上升空间，CR10有望从2023年的48%提 升至2027年的63% 2、2025年猪饲料行业有望兑现量价齐升，业绩增长预计2025Q1就将显现 3、预计未来中国饲料行业头部产能将以10%-15%的年增速扩张产能，寻找更具成长弹性的腰部 规模饲料企业投资机会 4、邦基科技客户结构转变和产能扩张双重催化下，未来3年内有望实现饲料销量翻倍增长，重点 推荐邦基科技 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 重点关注公司及盈利预测 | 公司代码 | 名称 | 2025-02-27 股价 | | EPS | | PE | | | 投资评级 | | --- | --- | --- | --- | --- | --- | --- | --- ...

Investment Rating - The report assigns a "Buy" investment rating for the company [2][7]. Core Insights - The company is experiencing growth in its new materials business, particularly in UHMWPE fibers and nylon filament, which are expected to drive future profitability [6][7]. - Despite a slight decline in revenue and net profit in Q3 2024 due to the traditional worsted wool business being impacted by weak performance in end-brand apparel, the company has managed to maintain stable net profit through product structure adjustments [4]. - The company has optimized its expense structure, leading to significant improvements in cash flow, with a net cash flow from operating activities of 0.31 billion yuan in Q3 2024, an increase of 0.52 billion yuan year-on-year [5]. Financial Performance - For the first nine months of 2024, the company achieved total revenue of 1.163 billion yuan, a year-on-year increase of 3.52%, and a net profit attributable to shareholders of 0.125 billion yuan, up 3.83% year-on-year [4]. - The company forecasts net profits of 0.212 billion yuan, 0.265 billion yuan, and 0.326 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.58, 0.69, and 0.85 yuan [7][10]. Business Segments - The new materials segment is entering a rapid growth phase, with the nylon filament project expected to be fully operational by the end of 2024, targeting high-growth markets such as sportswear and sun-protective clothing [6]. - The company has achieved full production capacity of 3,600 tons for UHMWPE, maintaining a balance between production and sales while exploring new applications in robotics and protective materials [6]. Market Position - The company's stock price is currently at 20.67 yuan, with a total market capitalization of 7.9 billion yuan and a 52-week price range of 7.1 to 21 yuan [2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [9]. Core Insights - The company achieved a total revenue of 748 million yuan in 2024, representing a year-on-year growth of 26.9%, and a net profit attributable to shareholders of 89 million yuan, up 9.91% year-on-year [3][9]. - The growth is driven by two main business segments: high-end electronic coatings and automotive coatings, with the electronic segment generating 608 million yuan in revenue, a 26.96% increase, and the automotive segment achieving 130 million yuan, a 31.96% increase [4]. - The company is expanding its PVD (Physical Vapor Deposition) technology, which is expected to replace traditional water electroplating methods, thus opening new growth avenues, particularly in the smart driving sector [6][9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 748 million yuan, with a growth rate of 26.8% projected for 2025 and 34.8% for 2026 [11]. - The net profit forecast for 2024 is 89 million yuan, with significant growth expected in subsequent years, reaching 209 million yuan by 2026 [11]. Business Segments - The high-end electronic coatings segment is a key growth driver, benefiting from increased demand and a rising market share [4]. - The automotive coatings segment has also shown strong performance, supported by an effective marketing structure that enhances connections with domestic and international clients [4]. Technological Advancements - The company's PVD technology is positioned to replace environmentally harmful water electroplating, offering superior coating properties and potential applications in emerging fields such as smart driving [6].