2025 年 03 月 16 日 行业研究 评级：推荐(维持) 证券分析师： 陈晨 S0350522110007 [Table_Title] 供给约束大，非电需求未明显变化， 煤价窄幅波动 ——煤炭开采行业周报 最近一年走势 | 行业相对表现 | | 2025/03/14 | | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 煤炭开采 | -1.0% | -12.2% | -15.3% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《电投能源优质稳健有增量，神火股份铝价上涨业 绩增厚更佳——电投能源 VS 神火股份深度对比 （推荐）*煤炭开采*陈晨》——2025-03-13 《煤炭开采行业周报：进口约束提升、需求稳增， 后半周动力煤价格回暖（推荐）*煤炭开采*陈晨》 ——2025-03-10 《煤炭开采行业周报：协会倡议有效控制劣质煤进 口量，进口约束有望进一步提升（推荐）*煤炭开 采*陈晨》——2025-03-02 炼焦煤和焦炭来看，对于炼焦煤，本周生产基本保持稳定，样本煤矿本周产 能利用率环比下降 0.07pct 至 ...

2025 年 03 月 17 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 42 期 最新报告摘要 智元机器人更新不断，国产供应链企业提速推进产业布局--行业周报 英维克(002837.SZ)公司深度报告：精密温控领军企业，乘 AI 浪潮迎液冷机遇--英维克/专用设备 (002837/216402) 公司 PPT 报告 全极耳电池产业化加速，BC、HJT 接连明确领跑者提效方案--行业周报 2024 年业绩亮眼，线上业务高增--361 度/服装家纺(01361/213502) 点评报告（港股美股） 宇树科技 CEO 王兴兴出席民营企业座谈会，Figure AI 正式发布 Helix 模型——人形机器人行业 2025 年 2 月 月报--行业 PPT 报告 铝行业周报：库存持续去化，关注旺季需求提升--行业 PPT 报告 政府债券放量支撑社融增速--资产配置报告 2026 年中国 eVTOL 市场有望突破百亿元，小鹏人形机器人有望 2 年内量产--行业周报 欧美 MDI 厂商发布涨价函，关注 ...

证券研究报告 2025年03月15日 专用设备 英维克(002837.SZ)公司深度报告： 精密温控领军企业，乘AI浪潮迎液冷机遇 评级：买入(首次覆盖) 刘熹(证券分析师) S0350523040001 liux10@ghzq.com.cn 最近一年走势 -33% -4% 24% 53% 82% 110% 2024/03/11 2024/07/11 2024/11/11 英维克 沪深300 市场数据 2025/03/14 当前价格（元） 49.20 52周价格区间（元） 19.26-52.53 总市值（百万） 36,596.08 流通市值（百万） 31,813.80 总股本（万股） 74,382.27 流通股本（万股） 64,662.20 日均成交额（百万） 1,341.62 近一月换手（%） 4.68 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 英维克 | 22.7% | 45.4% | 97.8% | | 沪深300 | 1.7% | 1.9% | 12.5% | 请务必阅读报告附注中的风险提示和免责声明 2 核心提要 英维克 ...

Investment Rating - The report maintains a "Recommended" rating for the aluminum industry [1]. Core Views - The aluminum industry is experiencing a significant inventory reduction, with a focus on the upcoming peak demand season. The report suggests that the combination of inventory depletion and rising prices may lead to a favorable investment environment [12]. Summary by Sections Inventory - As of March 13, 2025, domestic electrolytic aluminum social inventory stood at 862,000 tons, reflecting a decrease of 6,000 tons from the beginning of the week. The inventory reduction trend is becoming clearer, with the traditional peak demand season approaching [8][12]. Production - In February 2025, electrolytic aluminum production was 3.34 million tons, a decrease of 357,000 tons month-on-month and a year-on-year decline of 222,000 tons. Conversely, alumina production was 6.935 million tons, showing a month-on-month decrease but a year-on-year increase of 215,000 tons [55][58]. Key Companies and Earnings Forecast - Key companies in the aluminum sector include: - Shenhuo Co., Ltd. (Stock Code: 000933.SZ) with a "Buy" rating - China Hongqiao Group (Stock Code: 1378.HK) with a "Buy" rating - Tianshan Aluminum (Stock Code: 002532.SZ) with a "Buy" rating - Aluminum Corporation of China (Stock Code: 601600.SH) with a "Buy" rating - Yunnan Aluminum (Stock Code: 000807.SZ) with a "Buy" rating - Earnings per share (EPS) forecasts for 2025 are as follows: - Shenhuo Co., Ltd.: 2.56 CNY - China Hongqiao Group: 2.26 CNY - Tianshan Aluminum: 0.97 CNY - Aluminum Corporation of China: 0.86 CNY - Yunnan Aluminum: 1.60 CNY [5]. Price Trends - As of March 14, 2025, the LME three-month aluminum closing price was $2,688.5 per ton, a slight decrease from the previous week. The Shanghai aluminum active contract closing price was 20,990 CNY per ton, reflecting an increase of 155 CNY week-on-week [23][24]. Demand - Demand is showing signs of recovery, particularly in the downstream processing industries. The opening rates for aluminum processing sectors are generally improving, with notable increases in demand from the new energy vehicle and battery sectors [8][12].

Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Insights - The new materials sector is positioned as a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The report emphasizes that "one generation of materials leads to one generation of industries," highlighting the foundational role of new materials in supporting other industries [4][18]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Significant developments include a strategic partnership between ASML and imec to advance semiconductor research and sustainable innovation, covering all of ASML's product lines [7][39]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fibers [9]. - The eVTOL (electric Vertical Take-Off and Landing) market is emerging as a new trend in aviation technology, with expectations for the Chinese market to reach nearly 1 billion yuan in 2023 and exceed 10 billion yuan by 2026 [10]. 3. New Energy Sector - The report highlights solar photovoltaic, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials as key focus areas [11]. - The U.S. solar market is projected to install nearly 50 GW in 2024, a 21% increase from 2023, with solar power accounting for 66% of new generation capacity [12]. 4. Biotechnology Sector - The focus is on synthetic biology and scientific services [13]. - Recent initiatives in Suzhou aim to accelerate the development of the biomanufacturing industry, particularly in biopharmaceuticals and bio-based materials [14]. 5. Energy Conservation and Environmental Protection Sector - Key materials include adsorbent resins, membrane materials, and biodegradable plastics [15]. - The Ministry of Industry and Information Technology has issued guidelines to promote high-quality development in the environmental protection equipment manufacturing sector [17]. 6. Key Company and Earnings Forecast - The report provides earnings forecasts for several key companies, indicating a positive outlook for companies like Ruihua Tai and Guangwei Composite, with expected EPS growth in the coming years [19].

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company achieved impressive revenue and profit growth in 2024, with total revenue reaching 10.07 billion RMB, a year-on-year increase of 19.6%, and net profit of 1.15 billion RMB, also up 19.5% year-on-year [5][8] - The online business showed significant growth, contributing to the overall performance, with e-commerce revenue of 2.61 billion RMB, accounting for 25.9% of total revenue, and a year-on-year growth of 12.2% [5][8] - The company is expected to continue its growth trajectory with a focus on product innovation and channel expansion, particularly in the online segment [8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 10.07 billion RMB, a 19.6% increase year-on-year, and a net profit of 1.15 billion RMB, reflecting a 19.5% growth [5][8] - The gross profit margin was 41.5%, an increase of 0.4 percentage points from the previous year, while the net profit margin remained stable at 11.4% [5][8] Business Segmentation - By product category, adult footwear revenue was 4.3 billion RMB, up 22.1% year-on-year, while adult apparel revenue reached 3.1 billion RMB, a 15.1% increase [5] - Children's footwear and apparel also saw growth, with revenues of 1.1 billion RMB (up 17.5%) and 1.2 billion RMB (up 22.6%) respectively [5] Cost Management and Expansion - The company maintained good cost control, with advertising and promotional expenses accounting for 12.8% of revenue, and R&D expenses at 3.4% [5] - As of the end of 2024, the company had 5,750 stores in mainland China, with a net increase of 16 stores year-on-year, indicating an active expansion strategy [5][8] Future Projections - Revenue is projected to grow to 11.33 billion RMB in 2025, with a year-on-year growth rate of 13%, and net profit is expected to reach 1.29 billion RMB, also reflecting a 13% increase [7][8] - The company is anticipated to maintain a stable ROE of 12% over the next few years, with P/E ratios decreasing from 7.8 in 2024 to 6.0 by 2027 [7][8]

相对沪深300表现 《宇树机器人亮相2025年春晚，特斯拉2024Q4业绩会介绍机器人进展—— 人形机器人行业2025年1月月报（推荐）*汽车*吴铭杰，戴畅》——2025- 02-09 戴畅(证券分析师) 吴铭杰(证券分析师) S0350523120004 S0350524090003 daic@ghzq.com.cn wumj@ghzq.com.cn 《上海、安徽、杭州发布机器人支持政策，特斯拉、宇树科技更新机器人产品 进展视频——人形机器人行业12月月报（推荐）*汽车*戴畅》——2025-01- 04 证券研究报告 2025年03月16日 汽车 最近一年走势 相关报告 《华为具身智能中心正式启动，特斯拉机器人发布灵巧手最新视频——人形机 器人行业11月月报（推荐）*汽车*戴畅》——2024-12-01 宇树科技CEO王兴兴出席民营企业座谈会，Figure AI正式发布Helix模型 ——人形机器人行业2025年2月月报 评级：推荐(维持) -19% -9% 1% 11% 21% 31% 汽车 沪深300 2024/03 2024/05 2024/07 2024/09 2024/11 2025/01 | 表 ...

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The photovoltaic industry is experiencing a surge in demand, with domestic component production expected to reach 50-55GW in March, a month-on-month increase of over 20% [3] - The report highlights the acceleration of the all-tab battery industrialization, with significant advancements in efficiency and technology [8] - The report emphasizes the positive changes and potential catalysts across various sectors within the power equipment industry, maintaining an overall "Recommended" rating for the sector [9] Summary by Sections Photovoltaic Sector - The report notes that the HJT companies have released a clear roadmap to improve component efficiency from 23.5% to over 25% [3] - The report anticipates a significant increase in distributed installation, expected to exceed 70% in the first half of the year [3] - It suggests focusing on companies like Tongwei Co., Aiko Solar, and Xinyi Solar due to their strong market positions [3] Energy Storage - The report indicates that the commercial energy storage market in China is projected to grow by 4GW/10GWh in 2025 [7] - It highlights the increasing acceptance of energy storage systems in Europe, driven by favorable policies and the need for self-sufficient power solutions [7] Wind Power - The report mentions that the first quarter of 2025 is expected to see a significant increase in wind turbine installations, driven by favorable policies and market conditions [6] - It suggests monitoring companies involved in wind turbine components, as they are likely to benefit from this growth [6] High Voltage Direct Current (HVDC) and Digitalization - The report discusses the ongoing development of HVDC technology and its integration into AI applications within the power sector [8] - It highlights the potential for increased demand for AI solutions in the energy sector, suggesting a focus on companies like Southern Power Grid Technology [8] Lithium Battery Sector - The report notes the rapid industrialization of all-tab batteries, with significant advancements in production efficiency and technology [8] - It emphasizes the trend towards fast-charging batteries, with major players like CATL and BYD leading the way [8]

国海证券股份有限公司 2025 年 03 月 14 日 行业研究 评级：推荐(维持) | 研究所： | | | --- | --- | | 证券分析师： | 李航 S0350521120006 | | | lih11@ghzq.com.cn | | 证券分析师： | 邱迪 S0350522010002 | | | qiud@ghzq.com.cn | | 证券分析师： | 李铭全 S0350523030001 | | | limq@ghzq.com.cn | [Table_Title] 智元机器人更新不断，国产供应链企业提速推进 产业布局 ——人形机器人行业周报（0310-0316） 本周重要事件与核心观点: 产业动态： 《广东省推动人工智能与机器人产业创新发展若干政策措施》印发。 据广东省人民政府，《广东省推动人工智能与机器人产业创新发展 若干政策措施》印发。其中提到，支持企业、高校、科研院所等各 类创新主体开展联合攻关，围绕人工智能与机器人产业链上下游组 建产业创新联盟，加快构建全过程创新链。组织实施省重点领域研 发计划"新一代人工智能""智能机器人"等旗舰项目、重大专项， 在人工智能与机器人领域部署一批 ...