证券研究报告 电新&公用 报告日期：2025 年 03 月 04 日 光伏组件涨势确立，奔驰全固态电池路测 ——电新&公用行业周报 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：S0230523110001 邮箱：yangy@hlzq.com 分析师：许紫荆 执业证书编号：S0230524080001 邮箱：xuzj@hlzq.com 相关阅读 《欧洲组件市场酝酿上涨，新能源电价 全面市场化—电新&公用行业周报》 2025.02.11 《12 月电力数据：光伏出力环比加快， 告》2025.01.23 动 7.65GW 海风竞配—电新&公用行业 周报》2024.12.25 | 重点公司 | 股票 | 2025/2/28 | | EPS（元） | | | | | PE | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 股价（元） | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E ...

证券研究报告 相关阅读 改善—食品饮料行业周报》2025.02.17 《春节旺季消费边际改善，白酒动销符 合预期—食品饮料行业周报》2025.02.11 《社零数据环比改善，关注旺季需求变 化—食品饮料行业周报》2025.01.22 华龙证券研究所 摘要： 2025.2.17-2025.2.28 申万食品饮料板块上涨 1.86%，跑赢上证指数 2.63pct，在 31 个申万一级行业中排名第四位，涨幅居前。提振消费 是当前宏观经济政策发力的重心，大力支持居民增收，提升居民的消 费能力和消费意愿，2025 年预计货币政策以宽松为主，叠加各地消费 券的发放，我们认为在扩大内需的积极政策导向下，食品饮料板块有 望迎来好转，我们维持行业"推荐"评级。 食品饮料 报告日期：2025 年 03 月 04 日 政策积极，静待复苏 ——食品饮料行业周报 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230520050001 邮箱：wangf@hlzq.com 分析师：王芳 白酒：2025.2.17-2025.2.28 申万白酒板块上涨 2.14%，飞天茅台（散 装）批价在 2200 元/瓶左右波动，飞天茅台（原装） ...

需求持续复苏，钢价短期震荡 ——钢铁行业周报 证券研究报告 钢铁 报告日期：2025 年 03 月 03 日 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 行业周报》2025.02.25 《节后开工：板材需求复苏好于长材— 钢铁行业周报》2025.02.18 《社会库存相对低位，节后钢价震荡偏 强—钢铁行业周报》2025.02.10 摘要： 请认真阅读文后免责条款 供给端：截至 2025 年 2 月 28 日，五大钢材合计产量 842.26 万吨， 周环比上升 0.75%，同比上升 2.66%;247 家钢铁企业铁水日均产 量 227.94 万吨，周环比上升 0.19%，同比上升 2.28%;247 家钢铁 企业高炉产能利用率 85.58%，周环比上升 0.17 pct，同比上升 2.24 pct;87 家独立电弧炉钢厂产能利用率 48.91%,周环比上升 8.81 pct,同比上升 19.80 pct。五大钢材中除线材及热轧卷板外， 其他钢 ...

偶倒 0680 2025 年第 36 期，总第 1835 期（电子版） 2025 年 3 月 3 日 星期一 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 单边下挫 等待机会 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3320.9 | -1.98 | | 深证成指 | 10611.24 | -2.89 | | 中小 100 | 6599.38 | -2.72 | | 创业板指 | 2170.39 | -3.82 | | 沪深 300 | 3890.05 | -1.97 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43840.91 | 1.39 | | 纳斯达克 | 18847.28 | 1.63 | | 标普 500 | 5954.5 | 1.59 | | 英国富时 100 | 8809.74 | 0.61 | | 日经 225 | 37376.72 | 0.6 | | 恒生指数 | 22941.32 | -3.28 | | | 货币市场 | | | ...

偶倒 0680 2025 年第 37 期，总第 1836 期（电子版） 2025 年 3 月 4 日 星期二 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 缩量冲高回落，跌破 60 日均线 〖资料来源：财联社 3 月 3 日电〗 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3316.93 | -0.12 | | 深证成指 | 10649.59 | 0.36 | | 中小 100 | 6612.98 | 0.21 | | 创业板指 | 2196.52 | 1.2 | | 沪深 300 | 3888.47 | -0.04 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43191.24 | -1.48 | | 纳斯达克 | 18350.19 | -2.64 | | 标普 500 | 5849.72 | -1.76 | | 英国富时 100 | 8871.31 | 0.7 | | 日经 225 | 37276.99 | -1.35 | | 恒生指数 | 23006 ...

偶倒 0680 2025 年第 35 期，总第 1834 期（电子版） 2025 年 2 月 28 日 星期五 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 1、市场综述 周四市场全天探底回升，三大指数涨跌不一，大消费股表现活跃。沪深 两市全天成交额 2 万亿，较上个交易日放量 662 亿。 海外市场指数 盘面上，主要集中在防御类板块，个股跌多涨少，全市场超 3000 只个 股下跌。 一、市场分析 寻找分歧后的博弈机会 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3388.06 | 0.23 | | 深证成指 | 10927.51 | -0.26 | | 中小 100 | 6783.67 | -0.38 | | 创业板指 | 2256.51 | -0.52 | | 沪深 300 | 3968.12 | 0.21 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43239.5 | -0.45 | | 纳斯达克 | 18544.42 | -2.78 | | 标普 500 | ...

偶倒 0680 2025 年第 35 期，总第 1834 期（电子版） 2025 年 2 月 28 日 星期五 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 寻找分歧后的博弈机会 周四市场全天探底回升，三大指数涨跌不一，大消费股表现活跃。沪深 两市全天成交额 2 万亿，较上个交易日放量 662 亿。 海外市场指数 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3388.06 | 0.23 | | 深证成指 | 10927.51 | -0.26 | | 中小 100 | 6783.67 | -0.38 | | 创业板指 | 2256.51 | -0.52 | | 沪深 300 | 3968.12 | 0.21 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43239.5 | -0.45 | | 纳斯达克 | 18544.42 | -2.78 | | 标普 500 | 5861.57 | -1.59 | | 英国富时 100 | 8756.21 | 0.28 | ...

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The company achieved a total operating revenue of 381 million yuan in 2024, representing a year-on-year growth of 18.99%. However, the net profit attributable to shareholders decreased by 27.68% to 41.57 million yuan [3][5] - The company is focusing on the domestic industrial software sector and is a leader in domestic CAE software. It is actively pursuing a domestic substitution strategy [5] - The company plans to acquire 51% of Likong Technology, which is expected to enhance its business layout and core competitiveness in the industrial software field [5] - The upcoming launch of physical AI products is anticipated to contribute to revenue growth, with a significant market opportunity in the high-demand sectors of robotics and autonomous driving [5] Financial Performance Summary - In 2024, the company reported total revenue of 381 million yuan, with a growth rate of 18.99%. The net profit attributable to shareholders was 41.57 million yuan, down 27.68% [5][7] - The projected compound annual growth rate (CAGR) for revenue from 2024 to 2026 is approximately 39% [5] - The expected net profits for 2024, 2025, and 2026 are 42 million yuan, 84 million yuan, and 138 million yuan, respectively [6][7] - The earnings per share (EPS) for the same period are projected to be 0.47 yuan, 0.95 yuan, and 1.55 yuan [6][7] Market Data - As of the report date, the current stock price is 76.30 yuan, with a market capitalization of 6.799 billion yuan [3][4] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 163.5, 80.5, and 49.3, respectively [6][7]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The company achieved a total operating revenue of 381 million yuan in 2024, representing a year-on-year growth of 18.99%. However, the net profit attributable to the parent company decreased by 27.68% to 41.57 million yuan [3][5] - The company is focusing on the domestic industrial software sector and is a leader in domestic CAE software. It is actively pursuing a domestic substitution strategy [5] - The company plans to acquire 51% of Likong Technology, which is expected to enhance its business layout and core competitiveness in the industrial software field [5] - The upcoming launch of physical AI products is anticipated to contribute to revenue growth, with a significant market opportunity in the overseas sector [5] Financial Summary - The company reported a total revenue of 381 million yuan for 2024, with a projected compound annual growth rate (CAGR) of approximately 39% for revenue from 2024 to 2026 [5][7] - The expected net profits for 2024, 2025, and 2026 are 42 million yuan, 84 million yuan, and 138 million yuan, respectively [6][7] - The earnings per share (EPS) for the years 2024, 2025, and 2026 are projected to be 0.47 yuan, 0.95 yuan, and 1.55 yuan, respectively [6][7] - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 163.5, 80.5, and 49.3, respectively [6]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3][6]. Core Views - The company achieved a total operating revenue of 381 million yuan in 2024, representing a year-on-year growth of 18.99%. However, the net profit attributable to the parent company decreased by 27.68% to 41.57 million yuan [3][5]. - The company is focusing on the domestic industrial software sector and is a leader in domestic CAE software. It is actively pursuing a strategy of domestic substitution [5]. - The planned acquisition of 51% of Likong Technology is expected to enhance the company's business scope and improve its financial statements. Likong Technology specializes in industrial software for intelligent manufacturing [5]. - The upcoming launch of physical AI products is anticipated to provide significant growth opportunities, with the company positioned to benefit from the high demand in this sector [5]. Financial Summary - The company reported a total revenue of 381 million yuan for 2024, with a projected compound annual growth rate (CAGR) of approximately 39% for revenue from 2024 to 2026 [5][7]. - The forecasted net profits for 2024, 2025, and 2026 are 42 million yuan, 84 million yuan, and 138 million yuan, respectively [6][7]. - The earnings per share (EPS) for the same period are expected to be 0.47 yuan, 0.95 yuan, and 1.55 yuan, with corresponding price-to-earnings (P/E) ratios of 163.5, 80.5, and 49.3 [6][7].