执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 证券研究报告 人形机器人 报告日期：2025 年 05 月 12 日 华为哈勃入股千寻智能，大厂加速人形机器人布局 ——人形机器人行业专题研究周报 华龙证券研究所 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 相关阅读 《整机&零部件&应用场景，车企多环节 布局机器人赛道—人形机器人行业专题 研究周报》2025.04.14 《应用端逐步落地，短期调整不改长期 趋势—人形机器人专题周报》2025.03.24 《智元推出通用具身大模型，重视人形 机器人大脑发展—人形机器人行业专题 研究周报》2025.03.11 请认真阅读文后免责条款 摘要： 5 . 投资评级：推荐（维持） 最近一年走势 行情回顾：2025 年 5 月 6 日至 2025 年 5 月 9 日，人形机器人指 数涨跌幅+2.63%。同期沪深 300 涨跌幅+2.00%，上证综指涨跌幅 +1.92%，深证成指涨跌幅+2.29%，创业板指涨跌幅+3.27%，科创 50 涨跌幅-0.60%。 分析师：杨阳 美的人形机器人进厂，单台可替代 3 名熟 ...

证券研究报告 钢铁 报告日期：2025 年 05 月 12 日 铁水日产高位微增，关注淡季需求支撑 ——钢铁行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 执业证书编号：S0230124010004 邮箱：pengy@hlzq.com 同推进化解过剩产能—钢铁行业周报》 2025.04.01 行业周报》2025.03.18 《以高质量供给引领需求，综合整治"内 卷式"竞争—钢铁行业点评报告》 2025.03.05 摘要： 供给端：截至 2025 年 5 月 9 日，五大钢材合计产量 874.17 万吨， 周环比下降 1.08%，同比下降 1.31%;247 家钢铁企业铁水日均产 量 245.64 万吨，周环比上升 0.09%，同比上升 4.75%;247 家钢铁 企业高炉产能利用率 92.09%，周环比上升 0.09 pct，同比上升 4.42 pct;87 家独立电弧炉钢厂产能利用率 55.08%,周环比下降 0.38 pct,同比上升 3.20 pct。本周五大钢材中除热轧冷轧卷板 外，其他钢材供给周环比下降 ...

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2]. Core Viewpoints - Geely plans to fully acquire Zeekr, aiming for internal resource integration to enhance efficiency during the current market elimination phase [5][15]. - The reduction of the reserve requirement ratio for automotive finance companies from 5% to 0% is expected to stimulate automotive consumption demand [16]. - The collaboration between Pony.ai and Uber to deploy Robotaxi services in the Middle East marks a significant step in the autonomous driving sector [17]. Summary by Sections Industry News - Geely's potential privatization of Zeekr is anticipated to maximize resource utilization and reduce related transactions during the market's elimination phase [5][15]. - The People's Bank of China has announced a temporary reduction in the reserve requirement ratio for automotive finance companies, which is expected to lower financing costs and enhance credit supply for automotive consumption [16]. - Pony.ai and Uber's partnership will introduce Robotaxi services in the Middle East, with plans for expansion into other international markets [17]. Market Performance - From May 6 to May 9, 2025, the automotive sector outperformed the CSI 300 index, with a gain of 2.03% compared to the index's 2.00% [33][34]. - The automotive sector's PE ratio (TTM) stands at 26.1, reflecting a decrease from the previous week [41]. Data Tracking - In March 2025, retail sales of passenger vehicles reached 1.9374 million units, marking a year-on-year increase of 14.25% [46]. - The retail penetration rate for new energy passenger vehicles reached 51.2% in March 2025, with retail sales of 991,200 units, up 38.78% year-on-year [58]. - The penetration rate for vehicles equipped with L2.5 and above intelligent driving systems reached a historical high of 17.10% in February 2025 [67].

Investment Rating - The report maintains a "Recommended" investment rating for the automotive industry [2]. Core Viewpoints - Geely plans to fully acquire Zeekr, aiming for internal resource integration to address the current market elimination phase, focusing on maximizing resource utilization [5][15]. - The privatization of Zeekr is expected to enhance operational efficiency and reduce related transactions, allowing Geely to consolidate its supply chain and improve procurement collaboration [5][15]. - The automotive financial companies' reserve requirement ratio has been reduced from 5% to 0%, which is anticipated to stimulate automotive consumption demand [16][17]. - The report highlights the significant sales performance of new energy vehicles, with retail sales reaching 99.12 million units in March 2025, reflecting a year-on-year increase of 38.78% [58]. Summary by Sections Industry News - Geely's acquisition of Zeekr is a strategic move to enhance operational efficiency during a market consolidation phase [5][15]. - The reduction of the reserve requirement ratio for automotive financial companies is expected to lower financing costs and boost consumer demand [16]. - Partnerships such as the one between Pony.ai and Uber for deploying Robotaxi services in the Middle East are noted as significant developments in the industry [17]. Market Performance - The automotive sector outperformed the Shanghai and Shenzhen 300 Index, with a weekly increase of 2.03% from May 6 to May 9, 2025 [33]. - The report indicates that the price-to-earnings ratio (PE) for the automotive sector is currently at 26.1, showing a decrease from the previous week [41]. Data Tracking - In March 2025, retail sales of passenger vehicles reached 193.74 million units, marking a year-on-year increase of 14.25% [46]. - The penetration rate of new energy vehicles in retail sales reached 51.2%, indicating a growing trend towards electric vehicles [58]. - The report also notes that the sales of heavy trucks decreased by 3.69% year-on-year in March 2025, reflecting ongoing challenges in the freight market [79].

Investment Rating - The industry investment rating is "Recommended" (maintained) [2] Core Viewpoints - The report highlights a slight increase in daily molten iron production, indicating a focus on seasonal demand support during the off-peak period [1] - The industry is expected to maintain stability supported by the real estate sector and manufacturing [8] - The report emphasizes the necessity for industry consolidation and the exit of outdated capacity, leading to an increase in industry concentration and a shift towards high-quality product development [8] Supply Side - As of May 9, 2025, the total output of five major steel products was 8.7417 million tons, a week-on-week decrease of 1.08% and a year-on-year decrease of 1.31% [4][21] - The average daily molten iron production of 247 steel enterprises was 2.4564 million tons, a week-on-week increase of 0.09% and a year-on-year increase of 4.75% [4][21] - The capacity utilization rate of blast furnaces was 92.09%, up 0.09 percentage points week-on-week and up 4.42 percentage points year-on-year [4][21] Demand Side - The total consumption of five major steel products was 8.4520 million tons, a week-on-week decrease of 12.94% and a year-on-year decrease of 9.14% [4][27] - The daily transaction volume of construction steel by mainstream traders was 94,300 tons, a week-on-week decrease of 1.57% and a year-on-year decrease of 26.10% [4][27] - Monthly steel exports totaled 10.4563 million tons, with a month-on-month increase of 30.12% and a year-on-year increase of 5.75% [4][27] Inventory - As of May 9, 2025, the total social inventory of five major steel products was 10.3304 million tons, a week-on-week increase of 0.91% and a year-on-year decrease of 25.64% [4][43] - The total factory inventory was 4.4303 million tons, a week-on-week increase of 4.63% and a year-on-year decrease of 10.57% [4][43] Cost - As of May 9, 2025, the price index for Australian iron ore (62% Fe) was 758.25 RMB/wet ton, a week-on-week decrease of 0.67% and a year-on-year decrease of 14.50% [4][66] - The comprehensive absolute price index for scrap steel was 2,426.44 RMB/ton, a week-on-week decrease of 0.05% and a year-on-year decrease of 16.09% [4][66] Price - As of May 9, 2025, the Mysteel absolute price index for ordinary steel was 3,453.7 RMB/ton, a week-on-week decrease of 0.85% and a year-on-year decrease of 13.76% [4][71] - The Mysteel absolute price index for special steel was 9,344.18 RMB/ton, a week-on-week increase of 0.09% and a year-on-year decrease of 2.54% [4][71]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company reported significant growth in performance and improved profitability, with a Q1 2025 revenue of 4.479 billion yuan, a year-on-year increase of 32.42%, and a net profit attributable to shareholders of 730 million yuan, a year-on-year increase of 108.52% [4][6] - The demand for fiberglass in the wind power and new energy vehicle sectors is strong, and price increases in fiberglass products are expected to enhance profitability in 2025 [6] - The company adheres to a strategic framework of "one core, two chains, three highs, and four transformations" to strengthen its core fiberglass business and build a comprehensive industrial ecosystem [6] Financial Performance Summary - Q1 2025 financial results: - Revenue: 4.479 billion yuan, up 32.42% year-on-year - Net profit: 730 million yuan, up 108.52% year-on-year [4][6] - Revenue growth forecast for 2025-2027: - 2025: 19.106 billion yuan (20.50% growth) - 2026: 20.633 billion yuan (7.99% growth) - 2027: 22.071 billion yuan (6.97% growth) [7] - Net profit forecast for 2025-2027: - 2025: 3.216 billion yuan - 2026: 3.592 billion yuan - 2027: 3.934 billion yuan [7] - Current price-to-earnings (P/E) ratios for 2025-2027 are projected at 14.6, 13.1, and 12.0 respectively [6][7] Comparable Company Valuation - The average P/E ratio for comparable companies is 58.3 times for 2025, indicating a significant valuation gap compared to the company's current P/E [8]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3][6]. Core Views - The company achieved a revenue of 3.524 billion yuan in 2024, representing a year-on-year growth of 3.4%. However, the net profit attributable to shareholders decreased by 22.08% to 249 million yuan [3][5]. - The company benefits from the domestic high-end and new high-temperature alloy production scale, with significant growth in overseas markets, particularly in sectors related to the Belt and Road Initiative, where revenue growth reached 54.08% [5][6]. - The industry outlook is positive, with a strong upward trend in demand for military and civil aviation engines, supported by a 7.2% increase in national defense spending in 2025 [5][6]. Financial Performance Summary - Revenue for 2024 was 3.524 billion yuan, with a growth rate of 3.4%. The forecast for 2025 is 3.824 billion yuan, reflecting an expected growth rate of 8.51% [7]. - The net profit for 2024 was 249 million yuan, with projections of 288 million yuan for 2025, indicating a recovery with a growth rate of 15.93% [7]. - The company's gross margin is expected to improve, with a forecasted gross margin of 30.40% in 2025 [10]. Market and Product Insights - The company focuses over 60% of its products on the aerospace sector, which is expected to see robust growth in both military and civil aviation engine demands [5][6]. - The company is actively expanding its domestic and international markets, with significant potential in low-altitude economy and gas turbine sectors [5][6]. - The product structure is anticipated to optimize further, enhancing overall profitability and net profit margins in the coming years [5][6].

Core Insights - The report emphasizes the need for a "certain" approach to counter external "uncertainties" in the economic environment, highlighting the importance of stabilizing domestic demand and preparing for international trade challenges [5][12][13] - The first quarter of 2025 showed a GDP growth of 5.4%, surpassing the national target of 5% for 2024, indicating a positive economic trend [12][18] - The report outlines a collaborative effort between fiscal and monetary policies, with an emphasis on timely implementation and the introduction of new structural monetary policy tools [14][15] Market Analysis - The report notes that the A-share market has shown stability, with major indices experiencing slight increases during the observation period [21] - The industrial sector has seen a turnaround in profits, with Q1 2025 industrial profits increasing by 0.8% compared to a decline of 3.3% in 2024 [18][19] - The manufacturing sector, particularly high-tech manufacturing, has demonstrated significant profit growth, with high-tech manufacturing profits turning from a decline of 5.8% to an increase of 3.5% in Q1 2025 [19] Policy Recommendations - The report suggests focusing on sectors related to technological innovation and advanced manufacturing, particularly in electronics and digital economy [25] - It highlights the importance of expanding domestic demand, particularly in consumer goods such as home appliances and automobiles [25] - The report also emphasizes the need for risk mitigation in key areas such as real estate and capital markets, advocating for policies that stabilize these sectors [15][16]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved total operating revenue of 60.514 billion yuan in 2024, representing a year-on-year growth of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% year-on-year [4] - In Q1 2025, the company reported total operating revenue of 15.666 billion yuan, a year-on-year increase of 49.06%, and a net profit of 0.247 billion yuan, reflecting a year-on-year growth of 138.2% [4] - The company is the largest global producer of modified plastics, with a production capacity of 3.72 million tons per year, and achieved a sales volume of 2.5515 million tons in 2024, up 20.78% year-on-year [6][10] - The company is actively expanding its overseas business, with revenue from overseas operations reaching 8.792 billion yuan in 2024, a year-on-year increase of 10.73% [6][10] Summary by Relevant Sections Financial Performance - In 2024, the company generated revenue of 60.514 billion yuan, with significant contributions from modified plastics (32.075 billion yuan), materials trading (12.371 billion yuan), green petrochemical products (11.436 billion yuan), and new materials (3.654 billion yuan) [6] - The gross profit margins for these segments were 22.07%, 0.41%, -6.36%, and 15.83% respectively [6] - The company expects net profits to reach 1.451 billion yuan in 2025, with a projected growth rate of 75.95% [8] Market Position and Strategy - The company is leveraging its competitive advantages in modified plastics to capture opportunities in emerging fields such as smart driving and recycling [6][10] - The company is enhancing its local supply and service capabilities in overseas markets, significantly increasing its market share in regions like the US, Europe, and Southeast Asia [6][10] Future Outlook - The company is projected to achieve net profits of 2.069 billion yuan in 2026 and 2.460 billion yuan in 2027, with corresponding P/E ratios of 13.6 and 11.4 [8][10] - The company is also focusing on the domestic production of high-end materials, aligning with national strategies for industrial development [10]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved total operating revenue of 60.514 billion yuan in 2024, representing a year-on-year growth of 26.23%, and a net profit attributable to shareholders of 0.825 billion yuan, up 160.36% year-on-year [4] - In Q1 2025, the company reported total operating revenue of 15.666 billion yuan, a year-on-year increase of 49.06%, and a net profit of 0.247 billion yuan, up 138.2% year-on-year [4] - The company is the largest global producer of modified plastics, with a production capacity of 3.72 million tons per year, and achieved a sales volume of 2.5515 million tons in 2024, a growth of 20.78% year-on-year [6][10] - The company is expanding its overseas business, with revenue from overseas operations reaching 8.792 billion yuan in 2024, a year-on-year increase of 10.73% [6][10] Summary by Sections Financial Performance - In 2024, the company reported revenues of 60.514 billion yuan and a net profit of 0.825 billion yuan, with significant growth in various business segments [4][6] - The company forecasts revenues of 69.491 billion yuan for 2025, with a projected net profit of 1.451 billion yuan, indicating continued growth [8] Business Segments - The modified plastics segment generated 32.075 billion yuan in revenue, accounting for 53% of total revenue, with a year-on-year growth of 18.95% [6] - The green petrochemical segment reduced losses, contributing 11.436 billion yuan to revenue, with a year-on-year growth of 22.30% [6] Market Position and Strategy - The company is leveraging its competitive advantages in modified plastics to capture opportunities in emerging fields such as smart driving and recycling [6][10] - The company is enhancing its local supply and service capabilities in overseas markets, significantly increasing its market share [6][10]