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]

Investment Rating - The report maintains a "Recommended" rating for the humanoid robot industry [1] Core Insights - The humanoid robot industry is experiencing accelerated industrialization due to continuous technological iterations from robot manufacturers and supportive government policies [6][15] - Tesla's Optimus robot is expected to begin mass production in 2025, with anticipated shipment volumes and performance potentially exceeding market expectations [9][20] - The report highlights key players in the industry, recommending companies with strong certainty and significant value in the supply chain, such as Sanhua Intelligent Control, Top Group, Beite Technology, and Zhaomin Technology [9][24] Summary by Sections Section 1: Industry News - Notable developments include the attendance of Yushu Technology's CEO at a private enterprise symposium and the release of the Helix model by Figure AI, indicating a push towards humanoid robot industrialization [6][12] - The Chongqing government has launched a project to promote intelligent robots, while Shenzhen plans to introduce specific policies for humanoid robots [15][17] Section 2: Investment Recommendations - The report suggests focusing on companies that are likely to benefit from the development of the humanoid robot supply chain, particularly those connected to major manufacturers in the Sichuan-Chongqing region [24] - A list of recommended stocks includes Sanhua Intelligent Control, Top Group, Beite Technology, and Zhaomin Technology, with additional attention to companies like Shuanglin Co. and Sanlian Forging [24][9] Section 3: Market Performance - The humanoid robot sector saw a significant increase of 18.4% in stock performance over February, with notable gainers including Jingzhu Technology and Siling Co., both up by 34% [18][19]

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 ...

Investment Rating - The report maintains a "Buy" rating for Hesai Technology, indicating strong growth potential in the lidar market and expected revenue increases for 2025-2027 [8][12][32]. Core Insights - Hesai Technology reported a net revenue of RMB 2.077 billion (approximately USD 285 million) for 2024, marking a year-on-year growth of 10.7% and achieving a non-GAAP net profit of RMB 13.7 million, reversing a loss from the previous year [3][4]. - The company experienced a significant increase in gross margin, reaching 42.6% in 2024, up from 35.2% in 2023, primarily due to cost optimization and increased sales volume [4][5]. - Hesai's Q4 2024 performance was particularly strong, with net income of RMB 720 million (approximately USD 98.6 million), a year-on-year increase of 28.3%, and a non-GAAP net profit of RMB 170 million [4][5]. - The company anticipates a revenue of RMB 3-3.5 billion (approximately USD 411-480 million) for 2025, representing a growth of 44%-69% compared to 2024 [6][8]. Summary by Sections Hesai Technology - Hesai Technology is positioned as a leading player in the autonomous driving and advanced driver-assistance systems (ADAS) lidar market, with a projected shipment of 1.5 million units in 2025 [8]. - The company has secured exclusive design contracts with top European OEMs, indicating strong demand for its lidar products [6][7]. - Hesai's new product line, including the JT series of 3D lidar for robotics, is expected to enhance its market presence and revenue streams [7]. Ideal Automotive - Ideal Automotive is transitioning from an electric vehicle manufacturer to an artificial intelligence company, with plans to leverage AI in its product offerings [9][10]. - The company is expected to achieve significant revenue growth, with projected net profits of RMB 13.35 billion and RMB 19.18 billion for 2025 and 2026, respectively [11]. Energy and Aluminum Sector - The report highlights the robust performance of Electric Power Energy and Shenhua Co., with both companies benefiting from rising aluminum prices and stable coal operations [12][13]. - Electric Power Energy is noted for its strong cash flow and stable profit margins, while Shenhua Co. is expected to see enhanced earnings due to its high aluminum production capacity [14][15]. Chemical Industry - Baofeng Energy reported a revenue of RMB 32.983 billion (approximately USD 4.5 billion) for 2024, driven by increased production and sales of polyethylene and polypropylene [24][26]. - The company is expanding its coal-to-olefins project in Xinjiang, which is expected to significantly boost its production capacity and market competitiveness [30][31]. Defense and Alloy Market - The report indicates that increased defense spending in China is likely to drive demand for chromium salts and high-temperature alloys, benefiting companies in the materials sector [38][39].

Investment Rating - The report maintains a "Recommended" rating for the chromium salt industry, indicating a positive outlook based on the industry's fundamentals and performance relative to the market index [1][13]. Core Insights - Continuous growth in national defense spending is expected to drive high demand for chromium salts. The 2025 national defense budget is projected at 1,784.665 billion yuan, reflecting a 7.2% increase, marking three consecutive years of growth at this rate [4][5]. - The report highlights that the defense and aerospace sectors are likely to significantly boost the demand for chromium salt products, particularly in high-temperature alloys and military applications [5][9]. Summary by Sections Recent Trends - The basic chemical industry has shown a performance increase of 2.9% over the last month, while the Shanghai and Shenzhen 300 index has only increased by 0.2% [3]. Industry Demand Drivers - The report emphasizes that the growth in defense spending will enhance the demand for chromium salts, particularly in the context of military and aerospace applications [4][5]. - The commercial aerospace sector is also contributing to the rising demand for high-temperature alloys, with a growing number of market participants [6][9]. Key Companies and Forecasts - The report identifies Zhihua Co. as a key player in the chromium salt industry, with a projected earnings per share (EPS) of 1.07 for 2025 and a "Buy" rating based on its integrated advantages in the chromium salt supply chain [13].

证券研究报告 2025年03月13日 养殖业 神农集团(605296)公司报告： 轻舟浅澜敛锷待发，财裕降本开拓养殖新章 评级：增持(首次覆盖) 程一胜(证券分析师) 王思言(证券分析师) S0350521070001 S0350524010001 chengys01@ghzq.com.cn wangsy02@ghzq.com.cn | 最近一年走势 | | | | | --- | --- | --- | --- | | 83% | 神农集团 | 沪深300 | | | 62% | | | | | 42% | | | | | 22% | | | | | 1% | | | | | -19% | | | | | 2024/03/06 | | | 2025/03/06 | | 市场数据 | 2025/03/12 | | --- | --- | | 当前价格（元） | 28.51 | | 52周价格区间（元） | 24.54-45.67 | | 总市值（百万） | 14,963.16 | | 流通市值（百万） | 14,917.89 | | 总股本（万股） | 52,483.90 | | 流通股本（万股） | 52, ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported Q4 2024 total revenue of 4.85 billion RMB, a year-on-year increase of 25.2%, and a full-year revenue of 16.33 billion RMB, up 25.9% year-on-year [4][10] - Non-GAAP operating profit reached 131 million RMB in Q4 2024, a 61.0% increase year-on-year, with a Non-GAAP operating profit margin of 2.7% [4][8] - The company expects Q1 2025 revenue to be between 4.55 billion and 4.65 billion RMB, representing a year-on-year growth of 24.6% to 27.4% [4] Revenue Breakdown - In Q4 2024, the company's 1P product revenue was 4.46 billion RMB, up 26.6% year-on-year, driven by growth in recycling scale and online sales of second-hand consumer electronics [7] - The 3P service revenue was 390 million RMB, a 10.7% increase year-on-year, mainly supported by service income from the platform and multi-category recycling business [7] - The total number of offline stores reached 1,861, with 673 stores equipped for multi-category recycling capabilities [7] Profitability Metrics - The GAAP operating profit was 53 million RMB, compared to a loss of 17 million RMB in the same period last year, with a GAAP operating profit margin of 1.1% [7][8] - The company's gross margin for Q4 2024 was 19.5%, an increase of 0.8 percentage points year-on-year [7] Future Projections - The company forecasts revenues of 20.17 billion RMB, 24.34 billion RMB, and 28.59 billion RMB for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24%, 21%, and 17% [9][10] - Non-GAAP net profit is projected to be 453 million RMB, 660 million RMB, and 918 million RMB for the same years, with growth rates of 40%, 44%, and 46% respectively [9][10]