Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [7][11]. Core Insights - The company achieved a total revenue of 362.01 billion yuan in 2024, a decrease of 9.7% year-on-year, while the net profit attributable to shareholders was 50.75 billion yuan, reflecting a growth of 15.01% year-on-year [7][8]. - The company has maintained its leading position in the power battery sector, ranking first globally in both power battery usage and energy storage battery shipments for eight and four consecutive years, respectively [7][8]. - The company has a robust research and development framework, with over 20,000 R&D personnel and a total of 43,354 patents and patent applications, ensuring a comprehensive and advanced product matrix [7][8]. Financial Performance Summary - **Revenue Forecasts**: - 2023: 400.92 billion yuan - 2024: 362.01 billion yuan - 2025: 448.87 billion yuan - 2026: 544.16 billion yuan - 2027: 640.14 billion yuan [4][10] - **Net Profit Forecasts**: - 2023: 44.12 billion yuan - 2024: 50.75 billion yuan - 2025: 66.42 billion yuan - 2026: 81.44 billion yuan - 2027: 96.01 billion yuan [4][10] - **Earnings Per Share (EPS)**: - 2023: 10.02 yuan - 2024: 11.52 yuan - 2025: 15.08 yuan - 2026: 18.49 yuan - 2027: 21.80 yuan [4][10] - **Price-to-Earnings (P/E) Ratio**: - 2023: 26.15 - 2024: 22.74 - 2025: 17.37 - 2026: 14.17 - 2027: 12.02 [4][10] - **Price-to-Book (P/B) Ratio**: - 2023: 5.84 - 2024: 4.67 - 2025: 3.92 - 2026: 3.27 - 2027: 2.74 [4][10]

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]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3429.76, up 0.11%, while the Shenzhen Component Index rose by 0.52% to 11014.75 [2][4] - The total market capitalization of the Shanghai Composite Index is 6533.01 billion, with a price-to-earnings (PE) ratio of 12.30 and a price-to-book (PB) ratio of 1.30 [3] Financial Insights - The overall market is experiencing a shrinking trading volume, with the gold sector performing well amid ongoing market fluctuations [6][8] - The total trading volume across the market was 15642.22 billion, a decrease of 567.13 billion from the previous trading day [8] Industry Dynamics - The National Energy Administration reported a year-on-year increase of 8.6% in total electricity consumption for February, amounting to 7434 billion kWh [30] - The digital industry in China achieved a business revenue of 35 trillion yuan in 2024, reflecting a growth of 5.5% year-on-year [21] Company Updates - New Industry (300832.SZ) received a medical device registration certificate for its Golgi protein 73 testing kit, enhancing its market competitiveness [36] - Wens Foodstuff Group (300498.SZ) reported a reduction in the comprehensive cost of pork to 6.3 yuan per jin, with a debt-to-asset ratio of 51%-52% [38] - WuXi AppTec (603259.SH) achieved a revenue of 39.241 billion yuan in 2024, with a year-on-year growth of 5.20% when excluding specific commercial production projects [40][42] - Aojing Medical (688613.SH) obtained a registration certificate for its artificial bone repair material in Vietnam, indicating potential for clinical application [43] Strategic Insights - The report emphasizes the importance of technology and self-sufficiency in driving industry growth, particularly in sectors like AI, cloud computing, and defense [11] - The government is focusing on expanding domestic demand and supporting consumption in various sectors, including consumer electronics and home appliances [10]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3][17]. Core Insights - The Taiwan PCB industry achieved a revenue of NT$ 598 billion in February, representing a year-on-year growth of 26% and a month-on-month decrease of 3%. Cumulative revenue from January to February reached NT$ 1,215 billion, with a year-on-year increase of 11% [9][10]. - The report highlights strong performance among high-layer and HDI-related companies, with significant revenue growth observed in February [11][17]. - The demand for high-end PCBs is expected to continue due to the needs of AI servers, high-speed communication devices, and automotive intelligence [17]. Summary by Sections Taiwan PCB Industry Revenue Situation - In February, the hardboard and carrier board manufacturers generated NT$ 447 billion, a 26% increase year-on-year and a 1% increase month-on-month. Cumulative revenue for the year reached NT$ 891 billion, also up 11% year-on-year. Softboard manufacturers reported NT$ 152 billion in revenue, a 29% year-on-year increase but a 12% decrease month-on-month, with cumulative revenue of NT$ 324 billion, reflecting an 11% year-on-year growth [10][11]. Revenue Performance of Related Companies - Notable revenue performances in February include: - Xinxing Electronics: NT$ 100 billion, up 21% year-on-year, up 5% month-on-month [11]. - Nandian: NT$ 28 billion, up 50% year-on-year, up 9% month-on-month [11]. - Jeng Shing Technology: NT$ 29 billion, up 30% year-on-year, up 14% month-on-month [11]. - Jentech: NT$ 53 billion, up 33% year-on-year, down 10% month-on-month [11]. - Huatong: NT$ 52 billion, up 21% year-on-year, down 2% month-on-month [11]. - Jinxiang Electronics: NT$ 39 billion, up 47% year-on-year, up 8% month-on-month, marking a new monthly revenue high [9][13]. Investment Recommendations - The report suggests focusing on leading technology firms such as Shenghong Technology, Shennan Circuit, and Huitian Technology, as the high-layer and HDI sectors are expected to maintain a favorable outlook [17][19].

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3][17]. Core Insights - The Taiwan PCB industry achieved a significant revenue increase in February, with total revenue reaching NT$ 59.8 billion, a year-on-year growth of 26% [9][10]. - The report highlights strong performance among high-layer and HDI-related companies, with notable revenue growth from companies like Jinchang Electric, which reported a 47% year-on-year increase in February [9][17]. - The demand for high-end PCBs is expected to continue due to the needs of AI servers, high-speed communication devices, and automotive intelligence [17]. Summary by Sections 1. Taiwan PCB Industry Revenue Situation - In February, the Taiwan PCB industry generated NT$ 59.8 billion, reflecting a 26% year-on-year increase and a 3% decrease month-on-month. Cumulative revenue from January to February reached NT$ 121.5 billion, up 11% year-on-year [10][11]. 2. Revenue Performance of Related Companies - Notable revenue performances in February include: - Xinxing Electronics: NT$ 10 billion, up 21% year-on-year [11]. - Nandian: NT$ 2.8 billion, up 50% year-on-year [11]. - Jinchang Electric: NT$ 3.9 billion, up 47% year-on-year, setting a new monthly revenue record [11][13]. - Zhendin: NT$ 12.2 billion, up 42% year-on-year [13]. - Overall, the revenue of Taiwan PCB listed companies showed widespread growth, particularly in high-layer and HDI sectors [11][17].