Investment Rating - The industry investment rating is "Leading the Market" with the rating maintained [1][5] Core Viewpoints - The excavator market is experiencing a steady recovery in both domestic and foreign demand, supported by government policies and infrastructure projects [5] - The average working hours for major engineering machinery products increased by 70.3% year-on-year, indicating a robust operational environment [4] - The government plans to issue 4.4 trillion yuan in local government special bonds, which will boost urban renewal and infrastructure projects, further driving demand for excavators [4] - The export of second-hand excavators to emerging markets is increasing, stimulating domestic demand for new machines [4] - The industry is entering a phase of large-scale equipment updates, with many excavators reaching the end of their operational life cycle [4] Summary by Sections Industry Performance - The engineering machinery sector has shown a significant increase in sales, with excavator sales in February 2025 reaching 19,270 units, a year-on-year increase of 52.84% [4] - Domestic sales accounted for 11,640 units, up 99.42% year-on-year, while exports were 7,630 units, up 12.69% [4] Government Policies - The central government has emphasized rural revitalization and high-standard farmland construction, which will create substantial demand for excavators [5] - The issuance of special bonds and the focus on urban renewal projects are expected to enhance the operational environment for the engineering machinery sector [4] Market Trends - The excavator market is anticipated to see a rebound in both domestic and international demand due to favorable policies and market conditions [5] - The ongoing trend of equipment updates is expected to further drive the demand for new excavators as older models are phased out [4]

Investment Rating - The investment rating for the company is "Buy" [1][5][8] Core Views - The report emphasizes that the company is well-positioned to benefit from the recovery in demand in 2023, following a period of impairment adjustments. The anticipated growth in performance is supported by significant wind power tenders in 2024, setting the stage for a strong delivery year in 2025 [5][6][7] - The company is expanding its production capabilities, particularly in offshore high-end equipment manufacturing, which aligns with government policies promoting "deep-sea technology" and renewable energy [6][7] - The projected financial performance indicates a substantial increase in revenue and profit, with expected revenues of 12.5 billion, 60 billion, and 75 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 0.69 billion, 6.72 billion, and 8.23 billion yuan for the same years [5][6][7] Summary by Sections Investment Rating - The company maintains a "Buy" rating, indicating an expected return exceeding 15% compared to the CSI 300 index [1][8] Financial Projections - Main revenue is projected to grow from 16.33 billion yuan in 2022 to 60 billion yuan in 2025, and further to 75 billion yuan in 2026 [5][6] - The net profit is expected to recover from a loss of 0.88 billion yuan in 2023 to 6.72 billion yuan in 2025 and 8.23 billion yuan in 2026 [5][6] - Earnings per share (EPS) are forecasted to rise from -0.41 yuan in 2023 to 3.09 yuan in 2025 and 3.79 yuan in 2026 [5][6] Strategic Developments - The company has signed an investment agreement to establish a second phase of an offshore high-end equipment manufacturing export base, with a total investment of 2.5 billion yuan [6] - This project aims to enhance the company's product structure and technical competitiveness in offshore wind power equipment manufacturing [6][7]

Investment Rating - The investment rating for the company is "Buy" [2][6] Core Views - The company achieved a revenue of 5.229 billion yuan in 2024, representing a year-on-year growth of 19.10%, and a net profit attributable to shareholders of 838 million yuan, up 15.97% year-on-year [5] - The company sold 216,500 tons of anode materials in 2024, a year-on-year increase of 53.65%, driven by differentiated product strategies and improved operational efficiency [5] - The projected net profits for 2025, 2026, and 2027 are 1.057 billion yuan, 1.456 billion yuan, and 1.874 billion yuan respectively, with corresponding P/E ratios of 15.58, 11.31, and 8.79 [6][7] Financial Performance Summary - The company's main revenue is forecasted to grow from 4.391 billion yuan in 2023 to 12.068 billion yuan in 2027 [7] - The gross profit margin for 2024 is 25.72%, while the net profit margin is 16.03% [5] - The company plans to expand its production capacity significantly, with an expected effective capacity of over 500,000 tons of artificial graphite anode materials by 2027 [5]

交易数据 | 当前价格（元） | 256.00 | | --- | --- | | 52 周价格区间（元） | 169.00-299.00 | | 总市值（百万） | 1127269.10 | | 流通市值（百万） | 999054.42 | | 总股本（万股） | 440339.49 | | 流通股（万股） | 390255.63 | 涨跌幅比较 | 2025 年 03 月 17 日 | | --- | | | 宁德时代 | | 电池 | | | --- | --- | --- | --- | --- | | 84% | | | | | | 64% | | | | | | 44% | | | | | | 24% | | | | | | 4% | | | | | | -16% | | | | | | 2024-03 | 2024-06 | 2024-09 | 2024-12 | 2025-03 | | % | | 1M | 3M | 12M | | 宁德时代 | | -5.08 | -3.75 | 46.50 | | 电池 | | 1.79 | 1.09 | 25.99 | 杨鑫 分析师 执业证书编号:S05 ...

2025 年 03 月 20 日 证券研究报告 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3426.43 | -0.10 | | 深证成指 | 10979.05 | -0.32 | | 创业板指 | 2222.35 | -0.28 | | 科创 50 | 1076.94 | -1.18 | | 北证 50 | 1400.84 | -2.85 | | 沪深 300 | 4010.17 | 0.06 | A 股市场概览 晨会聚焦 一、财信研究观点 【市场策略】三大指数小幅收跌，北证 50 调整较大 【基金研究】基金数据日跟踪（20250319） 【债券研究】债券市场综述 二、重要财经资讯 【财经要闻】三部门印发《2025 年新能源城市公交车及动力电池更新补 贴实施细则》 【财经要闻】德国联邦议院通过巨额财政草案，允许放宽国防等债务限 制 三、行业及公司动态 【公司跟踪】铜峰电子（600237.SH）：2024 年实现归母净利润 9573.53 万元，同比增长 10.36% 四、湖南经济动态 【湘股动态】湖南发展（000722.SZ） ...

证券研究报告 | 邹建军 | 分析师 | | --- | --- | | 执业证书编号:S0530521080001 | | | zoujianjun@hnchasing.com | | | 黄静 | 分析师 | | 执业证书编号:S0530524020001 | | | huangjing48@hnchasing.com | | 晨会聚焦 一、财信研究观点 【市场策略】三大指数小幅收跌，北证 50 调整较大 【基金研究】基金数据日跟踪（20250319） 【债券研究】债券市场综述 二、重要财经资讯 【财经要闻】三部门印发《2025 年新能源城市公交车及动力电池更新补 贴实施细则》 【财经要闻】德国联邦议院通过巨额财政草案，允许放宽国防等债务限 制 三、行业及公司动态 【公司跟踪】铜峰电子（600237.SH）：2024 年实现归母净利润 9573.53 万元，同比增长 10.36% 2025 年 03 月 20 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3426.43 | -0.10 | | 深证成指 | 10979.05 ...

证券研究报告 策略专题 2025 年 03 月 17 日 上证指数-沪深 300 走势图 -11% -1% 9% 19% 29% 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 上证指数 沪深300 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 相关报告 03-03 3 经济金融高频数据周报（02.24-02.28）2025- 02-24 经济金融高频数据周报（03.17-03.21） 投资要点 全球经济及通胀：经济活跃度上行，通胀震荡走高。 全球经济活跃度有所上行，2025 年 03 月 14日波罗的海干散货指数 (BDI)当周平均值为 1547.6 点，较上周增加 257.20 点；通胀水平震 荡，CRB 商品价格指数当周平均值为 302.94 点，较上周增加 1.52 点。 国内经济及通胀：PMI 处于荣枯线以上，物价平稳。 房地产走强，2025 年 03 月 16 日 30 大中城市商品房周度日均成交 面积为 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The company has shown strong performance in its TIDES business, with significant growth in backlog orders [2][6] - The company expects a revenue growth of 10%-15% in 2025, driven by strong order backlog and new capacity [7][8] - The company plans to increase shareholder returns through a special dividend and share buyback program [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 403.41 billion - 2024A: 392.41 billion (down 2.73% YoY) - 2025E: 426.09 billion (up 8.58% YoY) - 2026E: 479.18 billion - 2027E: 535.53 billion [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion - 2026E: 129.68 billion - 2027E: 144.86 billion [2][9] - Earnings per share (EPS) are projected to increase from 3.33 in 2023A to 5.02 in 2027E [2][9] Business Segment Performance - The TIDES business (mainly oligonucleotides and peptides) achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY [6][7] - The chemical business generated revenue of 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific commercial production projects [6][7] - The testing business saw revenue of 56.71 billion in 2024, down 4.82% YoY, impacted by reduced industry demand and increased competition [6][7] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.25 in 2023A to 12.77 in 2027E [2][9] - The price-to-book (P/B) ratio is expected to decline from 3.35 in 2023A to 2.23 in 2027E [2][9] - The target price for the company is set between 72.00 and 80.00 per share based on a P/E of 18-20 for 2025 [8]

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][24]. Core Viewpoints - The report highlights a slowdown in credit growth and weak financing demand from the private sector, indicating a need for improvement in credit structure, particularly in residential credit demand [6][24]. - The report notes that the M1 growth rate has declined, while M2 growth remains stable, reflecting insufficient monetary creation and a need to boost economic activity [19][24]. Summary by Sections Financing Demand and Loan Growth - As of the end of February 2025, the RMB loan balance reached 261.78 trillion yuan, with a year-on-year growth of 7.30%. In February, RMB loans increased by 1.01 trillion yuan, which is 440 billion yuan less than the previous year [6][7]. - The report indicates weak residential financing demand, with a net decrease of 389.1 billion yuan in residential loans in February, which is a year-on-year decline of 201.6 billion yuan [11][24]. - Corporate loans increased by 1.04 trillion yuan in February, but this was 530 billion yuan less than the previous year, with significant declines in medium to long-term loans [11][24]. Monetary Supply and Economic Activity - The M1 growth rate fell to 0.1% in February, down 0.3 percentage points from the previous month, indicating weak liquidity in the real economy [19][24]. - M2 growth remained at 7.0%, unchanged from the previous month, suggesting stable but low monetary growth due to slow fiscal fund injection [19][24]. Investment Recommendations - The report suggests that the government will implement more proactive fiscal policies, which are expected to boost M1 growth and improve social financing credit. It recommends focusing on state-owned banks with stable profits and high dividends, such as China Merchants Bank and Ningbo Bank, as potential investment opportunities [24].

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The company has shown strong performance in its TIDES business, with a significant increase in backlog orders [2][6] - The company expects a revenue growth of 10%-15% in 2025, driven by strong order backlog and new capacity [7][8] - The company plans to increase shareholder returns through a special dividend and share buyback program [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 403.41 billion - 2024A: 392.41 billion (down 2.73% YoY) - 2025E: 426.09 billion (up 8.58% YoY) [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion [2][9] - Earnings per share (EPS) are expected to increase from 3.33 in 2023A to 4.00 in 2025E [2][9] Business Segment Performance - The TIDES business achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY, with backlog orders growing by 103.9% [6][7] - Chemical business revenue was 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific projects [6][7] - Testing and biological services faced challenges, with revenues of 56.71 billion and 25.44 billion respectively, showing declines [6][7] Market Position and Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 16.01 in 2025, with a target price range of 72.00-80.00 per share based on a P/E of 18-20 [8][9]