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 汽车 报告日期：2025 年 05 月 12 日 吉利计划全资控股极氪，体系整合应对市场淘汰期 ——汽车行业周报 《问界 M8 上市 4 天大定 5 万台，关注 鸿蒙智行新车周期—汽车行业周报》 2025.04.21 《零跑 B10 上市，关注智驾硬件普及— 汽车行业周报》2025.04.14 《新势力 3 月销量同比+82.9%，看好后 续新品市场表现—新势力车企销量点评 月报》2025.04.03 摘要： 请认真阅读文后免责条款 5 . 本周观点：吉利计划全资控股极氪，体系整合应对市场淘汰期。 吉利汽车或计划对极氪进行私有化，有望实现内部资源整合，减 少关联交易，在当前乘用车市场淘汰期聚焦资源利用率的最大化。 私有化后，极氪及领克品牌自由度相对增强，吉利有望整合产业 链零部件公司，精简冗员的同时协同采购，释放规模效应；营销 体系和售后网络运营等由集团公司统一规划也有望提升当前极氪 独立运营下的效率。展望 2025 年，极氪&领克发力高端市场，吉 利银河新车储备丰富且均价较星愿等此前主销车型提升明显，新 车&私有化效率提升双重推动下公司单车盈利有望持续提升。 行业动态：行业要闻，一是阶段性将汽 ...

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 ...

《问界 M8 上市 4 天大定 5 万台，关注 鸿蒙智行新车周期—汽车行业周报》 2025.04.21 《零跑 B10 上市，关注智驾硬件普及— 汽车行业周报》2025.04.14 《新势力 3 月销量同比+82.9%，看好后 续新品市场表现—新势力车企销量点评 月报》2025.04.03 摘要： 证券研究报告 汽车 报告日期：2025 年 05 月 12 日 吉利计划全资控股极氪，体系整合应对市场淘汰期 ——汽车行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 联系人：李浩洋 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 本周观点：吉利计划全资控股极氪，体系整合应对市场淘汰期。 吉利汽车或计划对极氪进行私有化，有望实现内部资源整合，减 少关联交易，在当前乘用车市场淘汰期聚焦资源利用率的最大化。 私有化后，极氪及领克品牌自由度相对增强，吉利有望整合产业 链零部件公司，精简冗员的同时协同采购，释放规模效应；营销 体系和售后网络运营等由集团公司统一规划也有望提升当前极氪 独立 ...

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 请认真阅读文后免责条款 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 ...

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]