Investment Rating - The investment rating for the company is "Buy" [1][8] Core Views - The company is expected to achieve a significant increase in revenue and profit, with projected revenue of 32.09 billion yuan in 2024, 40.74 billion yuan in 2025, and 49.35 billion yuan in 2026. The net profit attributable to shareholders is forecasted to be 4.11 billion yuan in 2024, 4.96 billion yuan in 2025, and 6.09 billion yuan in 2026 [6][7] - The company is expanding its global production capacity, particularly in North America, Vietnam, and Thailand, to mitigate risks from trade investigations and enhance its competitive advantage in the golf cart market [6][7] - The company is leveraging its brand and distribution channels to capture market share in the North American golf cart market, which is expected to grow due to its recreational and low-speed transportation attributes [6][7] Financial Projections - The company's main revenue and profit projections are as follows: - 2022A: Revenue of 17.66 billion yuan, Net Profit of 2.06 billion yuan - 2023A: Revenue of 21.44 billion yuan, Net Profit of 2.80 billion yuan - 2024E: Revenue of 32.09 billion yuan, Net Profit of 4.11 billion yuan - 2025E: Revenue of 40.74 billion yuan, Net Profit of 4.96 billion yuan - 2026E: Revenue of 49.35 billion yuan, Net Profit of 6.09 billion yuan [6][7] Valuation Metrics - The company is expected to have a P/E ratio of 16.79 in 2024, 13.91 in 2025, and 11.32 in 2026, indicating a favorable valuation trend [6][7] - The projected price range for the stock in 2025 is between 72.96 and 82.08 yuan based on a P/E multiple of 16-18 times [6][7]

公司点评 深南电路(002916.SZ) | 2025 年 03 月 13 日 | | | --- | --- | | 评级 | 买入 | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 127.07 | | 52 周价格区间（元） | 83.01-160.55 | | 总市值（百万） | 65171.35 | | 流通市值（百万） | 65003.21 | | 总股本（万股） | 51287.75 | | 流通股（万股） | 51155.43 | 涨跌幅比较 % 1M 3M 12M 深南电路 -6.44 28.31 43.58 元件 2.04 11.69 45.88 何晨 分析师 执业证书编号:S0530513080001 hechen@hnchasing.com 袁鑫 研究助理 -12% 38% 88% 138% 2024-03 2024-06 2024-09 2024-12 深南电路 元件 yuanxin@hnchasing.com 相关报告 1 深南电路 2024 年三季报点评：营收保持高增 长，新项目爬坡拉低利润增速 2024-10-29 2 深南电路 2024 年半年报点 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 15% compared to the CSI 300 index [2][11]. Core Insights - The electric two-wheeler industry is experiencing improvements in both supply and demand, with a significant increase in the company's store count and revenue despite an overall industry decline [7][8]. - The company is expected to achieve revenues of 141.40 billion yuan in 2024, with a year-on-year growth of 38.63%, and a net profit of 10.53 billion yuan, reflecting an 81.90% increase [7][8]. - The introduction of new smart systems and innovative products is enhancing the company's competitive edge in the market [7][8]. Financial Projections - Revenue projections for the company are as follows: 141.40 billion yuan in 2024, 173.21 billion yuan in 2025, and 204.77 billion yuan in 2026 [6][8]. - The expected net profits are projected to be 10.53 billion yuan in 2024, 14.11 billion yuan in 2025, and 17.99 billion yuan in 2026 [6][8]. - Earnings per share (EPS) are forecasted to be 1.47 yuan in 2024, 1.97 yuan in 2025, and 2.51 yuan in 2026 [6][8]. Market Dynamics - The electric two-wheeler market is set to benefit from government policies promoting trade-in programs and increased subsidies, which are expected to stimulate consumer demand [7][8]. - The company is expanding its product lines, including robotic lawn mowers and all-terrain vehicles, which are anticipated to contribute to revenue growth [7][8]. Valuation - The report suggests a reasonable price range for the company's stock between 68.95 and 78.80 yuan based on a projected P/E ratio of 35-40 times for 2025 [8].

Performance Overview - The Shanghai Composite Index has increased by 7.92% over the last 60 days and 2.02% year-to-date[3] - The China Securities Fund Index has risen by 3.31% over the last 60 days and 1.33% year-to-date[3] - Stock funds have shown a 9.08% increase over the last 60 days and 3.80% year-to-date, while mixed funds have increased by 8.30% and 4.58% respectively[3] - Bond funds have decreased by 0.32% in both the last 60 days and year-to-date[3] ETF Market Insights - There are over 70 listed science and technology ETFs with a total scale of nearly 3000 billion yuan, with the Sci-Tech 50 ETF accounting for over 60% of this scale[4][8] - The largest single fund is the Huaxia Sci-Tech 50 ETF, with a scale exceeding 900 billion yuan, representing about 31% of the total Sci-Tech ETF market[4][9] Sector Analysis - The Sci-Tech 50 Index is recommended for focus due to its strong market performance, particularly in sectors like semiconductors and aerospace equipment[5][13] - The Sci-Tech Chip Index shows a higher risk-reward ratio, favoring investments in semiconductor equipment and materials[5][16] - The Sci-Tech Biotech Index reflects a significant portion of the Sci-Tech board, with approximately 18% of companies in the biotech sector[19] Risk Considerations - Potential risks include changes in index compilation methods, underperformance of the macro economy, and escalation of US-China trade tensions[26] - Historical data does not guarantee future performance, and non-principal-protected products may face extreme scenarios where capital recovery is not assured[26]

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][10] Core Views - The company is expected to benefit from the ongoing demand in the AI-related industry for PCB products, and the strong domestic substitution demand for packaging substrates [8] - The company's PCB business achieved a revenue of 104.94 billion yuan in 2024, representing a year-on-year growth of 29.99% [6] - The packaging substrate business generated a revenue of 31.71 billion yuan in 2024, with a year-on-year increase of 37.49% [6] Financial Summary - The company's projected revenue for 2023A is 135.26 billion yuan, increasing to 179.07 billion yuan in 2024A, and expected to reach 215.05 billion yuan in 2025E [9] - The net profit attributable to the parent company is projected to grow from 13.98 billion yuan in 2023A to 18.78 billion yuan in 2024A, and further to 27.01 billion yuan in 2025E [9] - The earnings per share (EPS) is expected to rise from 2.73 yuan in 2023A to 3.66 yuan in 2024A, and to 5.27 yuan in 2025E [9] Business Performance - The company's PCB business is experiencing steady growth, driven by demand in the communication, data center, and automotive electronics sectors [6][7] - The gross margin for the PCB business in 2024 was 31.62%, an increase of 5.07 percentage points year-on-year [6] - The packaging substrate business is focusing on capability building and market development, with new product introductions ongoing [7]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected return exceeding 15% compared to the CSI 300 index [2][11]. Core Insights - The electric two-wheeler industry is experiencing improvements in both supply and demand, driven by new regulations and government incentives [7]. - The company has shown robust growth in its electric two-wheeler business, with a significant increase in store numbers and revenue despite a general industry decline [7]. - The company is expanding its product offerings in robotic lawn mowers and all-terrain vehicles, which are expected to contribute to future growth [8]. Financial Projections - The company’s projected revenue for 2024 is 141.40 billion yuan, with a year-on-year growth of 38.63%, and a net profit of 10.53 billion yuan, reflecting an 81.90% increase [7]. - Forecasted revenues for 2025 and 2026 are 173.21 billion yuan and 204.77 billion yuan, respectively, with corresponding net profits of 14.11 billion yuan and 17.99 billion yuan [8]. - Earnings per share (EPS) are expected to rise from 1.47 yuan in 2024 to 2.51 yuan in 2026 [8]. Market Performance - The company's stock has shown significant growth over the past year, with a 95.67% increase over 12 months [4]. - The current stock price is 59.38 yuan, with a 52-week price range of 27.33 to 62.03 yuan [2].

证券研究报告 2025 年 03 月 17 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3419.56 | 1.81 | | 深证成指 | 10978.30 | 2.26 | | 创业板指 | 2226.72 | 2.80 | | 科创 50 | 1088.11 | 1.72 | | 北证 50 | 1409.76 | 3.17 | | 沪深 300 | 4006.56 | 2.43 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 651122 | 511742 | 12.23 | 1.30 | | 深证成指 | 231394 | 195700 | 22.64 | 2.34 | | 创业板指 | 62418 | 49673 | 33.23 | 4.27 | | 科创 50 | 37344 | 24115 | 52.03 | 4.57 | | 北证 50 | ...

证券研究报告 2025 年 03 月 17 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3419.56 | 1.81 | | 深证成指 | 10978.30 | 2.26 | | 创业板指 | 2226.72 | 2.80 | | 科创 50 | 1088.11 | 1.72 | | 北证 50 | 1409.76 | 3.17 | | 沪深 300 | 4006.56 | 2.43 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 651122 | 511742 | 12.23 | 1.30 | | 深证成指 | 231394 | 195700 | 22.64 | 2.34 | | 创业板指 | 62418 | 49673 | 33.23 | 4.27 | | 科创 50 | 37344 | 24115 | 52.03 | 4.57 | | 北证 50 | ...

策略点评 上证指数-沪深 300 走势图 证券研究报告 -12% -2% 8% 18% 28% 2024-03 2024-06 2024-09 2024-12 上证指数 沪深300 大盘蓝筹开始补涨，关注顺周期及消费板块 黄红卫 分析师 财信证券宏观策略周报（3.17-3.21） 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 2025 年 03 月 16 日 1 财信证券宏观策略周报（3.10-3.14）：行情仍有 延续性，关注顺周期及两会热点方向 2025-03-09 2 财信证券宏观策略周报（3.3-3.7）：全国两会召 开临近，关注消费及顺周期方向 2025-03-02 3 财信证券宏观策略周报（2.24-2.28）：如何看待 这一轮科技股行情的逻辑？2025-02-23 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 上周（3.10-3.14)股指表现为，上证指数上涨 1.39%，收报 3419.56 点，深证 成指上涨 1.24%，收报 10978.3 点，中小 100 上涨 1.22%，创业板指上涨 0.97%； 行业板块方面 ...

Market Overview - The Shanghai Composite Index rose by 1.39% to close at 3419.56 points, while the Shenzhen Component Index increased by 1.24% to 10978.3 points during the week of March 10-14, 2025 [5][7][14] - The average daily trading volume in the Shanghai and Shenzhen markets was 16139.72 billion, reflecting a decrease of 2.52% compared to the previous week [5][14] - Large-cap stocks showed relative strength, with the SSE 50 Index rising by 2.18% and the CSI 500 Index increasing by 1.43% [5][14] Investment Strategy - The report emphasizes a shift towards cyclical and consumer sectors, suggesting that large-cap blue-chip stocks are beginning to catch up [5][14] - The current yield of the entire A-share market exceeds the yield of 10-year government bonds by 0.51%, indicating that the equity market is undervalued compared to the bond market [5][14] - The Hang Seng-Hushen Connect AH Premium Index stabilized around 130 points, suggesting a potential shift in investment strategy between A-shares and Hong Kong stocks [5][14] Consumer Sector Insights - The government work report highlights the need to stimulate domestic demand, particularly in the consumer sector, with expectations for policies to extend beyond subsidies to areas like childcare and elderly care [5][18] - Specific initiatives include a one-time childcare subsidy of 10,000 yuan for the first child and up to 100,000 yuan for the third child, aimed at promoting population growth [5][18] Sector Performance - The top-performing sectors included beauty care, food and beverage, and coal, indicating strong market interest in these areas [5][17] - The report suggests that the consumer sector will see new breakthroughs in health, elderly care, and digital consumption, driven by government policies [5][18] Valuation Metrics - The current price-to-earnings ratio of the entire A-share index is 19.21 times, which is at the 57.96 percentile of the past decade, indicating that valuations have largely normalized [5][14][24] - The report anticipates that market indices will require support from economic fundamentals and corporate earnings recovery for further upward movement [5][14] Future Outlook - The market is expected to transition from being driven by liquidity and policy to being driven by economic fundamentals in the coming months [5][23] - Investment opportunities are identified in sectors such as consumer electronics, household appliances, and automobiles, as well as cyclical sectors like non-ferrous metals and construction materials [5][24]