证券研究报告 证券研究报告 证券研究报告 海外市场多点开花，国内高景气持续 华安电新 张志邦 SAC职业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年3月31日 敬请参阅末页重要声明及评级说明 华安证券研究所 敬请参阅末页重要声明及评级说明 证券研究报告 证券研究报告 要点总结 ➢需求侧 ➢供给侧 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 • 低ROE市场 • 国内：1）量：1月储能装机2.87GW/8.23GWh，同比高增145%/142%；2）先导指标：①招标：1月储能招标规模为7.71GW/61.7GWh，同/环比高增1107%/93%，总规模 创历史新高；②构网型储能渗透率持续提升：2024年构网型储能招标渗透率超10%，构网型储能系统价格较跟网型同比+24%。3）政策：新能源上网电价市场化改革落 地，保障性强制配储取消，国内短期迎来抢装潮，长期看储能盈利模式改善，储能增长持续性进一步夯实。 • 印度：1）量：1月底，储能系统装机0.4GWh；2）先导指标：招标：独储25年招标18GWh，光储项目招标2.43G ...

| 华安研究 2025年4月金股组合 | 归母净利润（百万） | 归母净利润增速 | 营业收入（百万） | 营业收入增速 | eps | pe(pb有说明) | 行业 | 金股代码 | 金股 | 核心推荐逻辑 | 风险提示 | 研究员 | 报告依据 | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2023A | 2024E | 2025E | 2023A | 2024E | 2025E | 2023A | 2024E | 2025E | 2023A | 2024E | 2025E | 2023A | 2024E | 2025E | 2023A | 2024E | 2025E | 1 ...

[Table_StockNameRptType] 川仪股份（603100） 公司覆盖 工业自动化仪表领军者，内稳外拓竞争力持续提升 | [Table_Rank] 投资评级：买入（首次） | | | | --- | --- | --- | | 报告日期： | 2025-03-31 | | | [Table_BaseData] 收盘价（元） | | 21.47 | | 近 12 个月最高/最低（元） | 24.23/15.31 | | | 总股本（百万股） | | 513 | | 流通股本（百万股） | | 510 | | 流通股比例（%） | | 99% | | 总市值（亿元） | | 110.2 | | 流通市值（亿元） | | 109.5 | [公司价格与 Table_Chart] 沪深 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 川仪股份 沪深300 [Table_Author] 分析师：张帆 执业证书号：S0010522070003 2）工业自动控制系统装置业产品技术含量高，生产工艺复杂，高端市 场主要由大型国际跨国企业占据。以仪器仪表市场典型产品控制阀为 例进行国产化 ...

环旭电子（ [Table_StockNameRptType] 601231） 公司覆盖 SiP 技术引领，云端、汽车业务贡献成长新动能 | 投资评级：买入 [Table_Rank] | | | --- | --- | | 首次覆盖 | | | 报告日期： 2025-03-31 | | | [Table_BaseData] 收盘价（元） | 17.25 | | 近 12 个月最高/最低（元） | 20.17/12.87 | | 总股本（百万股） | 2,191 | | 流通股本（百万股） | 2,191 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 378 | | 流通市值（亿元） | 378 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% -4% 14% 31% 49% 4/24 7/24 10/24 1/25 环旭电子 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq. ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company has become a leading core supplier of copper-clad laminates over more than 30 years, with a wide range of applications [5]. - The production capacity of copper-clad laminates has increased from 600,000 square meters at the beginning to 120 million square meters in 2023 [5]. - The company ranks second globally in terms of sales of rigid copper-clad laminates according to Prismark [5][34]. Summary by Sections 1. Company Overview - Founded in 1985, the company integrates R&D, production, sales, and service, becoming a core supplier of electronic circuit substrates globally [5]. - The company has established subsidiaries in various locations, employing over 10,000 people [18]. - The main products are used in high-performance applications such as AI servers, 5G antennas, and automotive electronics [18][19]. 2. Industry Growth Opportunities - The global PCB market is expected to grow from $69.5 billion in 2023 to $90.4 billion in 2028, driven by 5G, AI, and automotive electrification [6]. - The demand for high-speed materials is increasing due to the rapid growth of AI applications and the automotive sector [6][8]. 3. Financial Performance - The company is projected to achieve revenues of 23.216 billion yuan, 26.481 billion yuan, and 29.456 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 2.370 billion yuan, 2.970 billion yuan, and 3.393 billion yuan [11]. - The company has shown steady revenue growth, with a revenue increase from 7.610 billion yuan in 2015 to 20.374 billion yuan in 2024 [30]. 4. Research and Development - The company has a strong focus on R&D, with 58 domestic patents and 5 overseas patents filed in 2024 [34]. - The company is recognized as a national-level engineering technology research center, focusing on key technologies in the electronic circuit substrate industry [39][43]. 5. Market Position - The company has maintained a solid market position, with a global market share of 14% in rigid copper-clad laminates as of 2023 [34]. - The company has established partnerships with major international brands, enhancing its competitive advantage [19].

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1]. Core Insights - The company has become a leading core supplier of copper-clad laminates over more than 30 years, with a wide range of applications [4][17]. - The production capacity of copper-clad laminates has increased from 600,000 square meters at the beginning to 120 million square meters in 2023, maintaining the second position globally in sales of rigid copper-clad laminates since 2013 [4][17]. - The global PCB market is expected to grow from $69.5 billion in 2023 to $90.4 billion in 2028, driven by factors such as 5G, AI, and electric vehicles [5]. - The demand for AI chips and the continuous iteration of chips will drive the demand for PCB products, which need to keep pace with the generational upgrades of server chips [6]. - The penetration of electric vehicles is significantly increasing the value of PCBs used in vehicles, with the average PCB value for pure electric vehicles being 5-6 times that of traditional fuel vehicles [7][8]. - The integration of generative AI in consumer electronics is expected to drive steady growth in demand for PCBs in this sector [9]. Financial Projections - The company is projected to achieve revenues of 23.216 billion yuan, 26.481 billion yuan, and 29.456 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 2.370 billion yuan, 2.970 billion yuan, and 3.393 billion yuan [10][12]. - The expected growth rates for net profit are 36.3%, 25.3%, and 14.2% for the years 2025, 2026, and 2027, respectively [10][12]. - The projected P/E ratios for the years 2025, 2026, and 2027 are 28.45, 22.70, and 19.87, respectively [10][12].

环旭电子（ [Table_StockNameRptType] 601231） 公司覆盖 SiP 技术引领，云端、汽车业务贡献成长新动能 | 投资评级：买入 [Table_Rank] | | | --- | --- | | 首次覆盖 | | | 报告日期： 2025-03-31 | | | [Table_BaseData] 收盘价（元） | 17.25 | | 近 12 个月最高/最低（元） | 20.17/12.87 | | 总股本（百万股） | 2,191 | | 流通股本（百万股） | 2,191 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 378 | | 流通市值（亿元） | 378 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% -4% 14% 31% 49% 4/24 7/24 10/24 1/25 环旭电子 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq. ...

[Table_StockNameRptType] 川仪股份（603100） 公司覆盖 工业自动化仪表领军者，内稳外拓竞争力持续提升 | [Table_Rank] 投资评级：买入（首次） | | | | --- | --- | --- | | 报告日期： | 2025-03-31 | | | [Table_BaseData] 收盘价（元） | | 21.47 | | 近 12 个月最高/最低（元） | 24.23/15.31 | | | 总股本（百万股） | | 513 | | 流通股本（百万股） | | 510 | | 流通股比例（%） | | 99% | | 总市值（亿元） | | 110.2 | | 流通市值（亿元） | | 109.5 | [公司价格与 Table_Chart] 沪深 300 走势比较 e_ummary ⚫ 公司总览：工业自动化仪表领军企业，营收净利稳步提升 川仪股份是国家重点布局的全国三大仪器仪表基地之一。公司主营工 业自动控制系统装置及工程成套，产品涵盖智能执行机构、智能调节 阀、智能变送器等，细分产品品类齐全。工业自动控制系统装置及工 程成套是公司收入主要来源，营收占比维持 80% ...

D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：招商局集团领航生物基聚酰胺创新 突破，连云港打造非粮生物合成产业聚集地 | | | 报告日期： 2025-03-31 [Table_Chart] 行业指数与沪深 300 走势比较 -29% -18% -6% 5% 17% 28% 4/24 7/24 10/24 1/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： [Table_Summary] 华安证券化工团队发表的《合成生物学周报》是一份面向一级市场、 二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全球并 加速融入经济社会发展，为人类应对生命健康、气候变化、资源能源 安全、粮食安全等重大挑战提供了崭新的解决方案。国家发改委印发 《"十四五" ...

D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：招商局集团领航生物基聚酰胺创新 突破，连云港打造非粮生物合成产业聚集地 | | | 报告日期： 2025-03-31 [Table_Chart] 行业指数与沪深 300 走势比较 -29% -18% -6% 5% 17% 28% 4/24 7/24 10/24 1/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： [Table_Summary] 华安证券化工团队发表的《合成生物学周报》是一份面向一级市场、 二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全球并 加速融入经济社会发展，为人类应对生命健康、气候变化、资源能源 安全、粮食安全等重大挑战提供了崭新的解决方案。国家发改委印发 《"十四五" ...