电子行业周报：人工智能自立自强，是年轻的事业也是年轻人的事业 [Table_IndRank] 行业评级：增持 报告日期：2025-05-05 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 5/24 8/24 11/24 2/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 [Table_IndNameRptType] 电子 行业周报 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点： ⚫[Table_Summary] 本周行情回顾 从指数表现来看，本周（2025-04 ...

[相Ta关bl报e_告CompanyReport] 神[Ta农ble集_Sto团ckN（ameRptType] 605296） 公司点评 [Table_Title] 生猪出栏量快速增长，25Q1 成本降至 12.4 元 | 报告日期： | 2025-5-5 | | --- | --- | | [收Ta盘bl价e_（Ba元se）Data] | 29.21 | | 近 12 个月最高/最低（元） | 45.67/24.54 | | 总股本（百万股） | 524.84 | | 流通股本（百万股） | 523.25 | | 流通股比例（%） | 99.7 | | 总市值（亿元） | 153 | | 流通市值（亿元） | 153 | [分Ta析bl师e_：Au王th莺or] 执业证书号：S0010520070003 电话：18502142884 司回购股份 2024-10-29 持低位 2024-8-29 3. 神农集团（605296）深度报告：生 本优势 2024-8-7 [T投a资ble评_R级an：k]买入（维持） 主要观点： [T2a0b2le5_QSu1m归m母ar净y]利润 2.29 亿元，一季末资产负债率 ...

[Table_IndNameRptType] 电子 行业周报 电子行业周报：人工智能自立自强，是年轻的事业也是年轻人的事业 [Table_IndRank] 行业评级：增持 报告日期：2025-05-05 [Table_Chart] 行业指数与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 5/24 8/24 11/24 2/25 电子(申万) 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com [Table_Author] 分析师：李美贤 执业证书号：S0010524020002 邮箱：limeixian@hazq.com [Table_Author] 分析师：刘志来 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_Author] 分析师：李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点： ⚫[Table_Summary] 本周行情回顾 从指数表现来看，本周（2025-04 ...

Investment Rating - The investment rating for Shanxi Fenjiu is "Buy" (maintained) [2] Core Views - The company demonstrates steady growth momentum in revenue [6] - Profit growth is driven by product mix upgrades [7] - The quality of financial reports indicates a strong willingness to collect payments [8] Financial Performance Summary - For Q1 2025, revenue reached 16.523 billion yuan (up 7.72%), with net profit attributable to shareholders at 6.648 billion yuan (up 6.15%) [9] - In Q4 2024, revenue was 4.653 billion yuan (down 10.24%), with net profit at 893 million yuan (down 11.32%) [9] - For the year 2024, revenue totaled 36.011 billion yuan (up 12.79%), with net profit at 12.243 billion yuan (up 17.29%) [9] - Q1 2025 product revenue growth: Fenjiu series +8.2%, other series -15.5% [9] - In 2024, mid-to-high-end and other liquor revenues grew by 14.4% and 9.4% respectively [9] Profitability and Margins - Q1 2025 gross margin improved by 1.3 percentage points to 78.8% due to product mix enhancement [9] - For 2024, gross margin increased by 0.9 percentage points to 76.2% [9] Investment Recommendations - The company is expected to achieve total revenue of 39.497 billion yuan, 43.546 billion yuan, and 48.149 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.7%, 10.3%, and 10.6% [11] - Net profit forecasts for the same years are 13.390 billion yuan, 14.810 billion yuan, and 16.500 billion yuan, with growth rates of 9.4%, 10.6%, and 11.4% [11] - Current price-to-earnings ratios are projected at 19, 17, and 15 for the years 2025, 2026, and 2027 respectively [11]

്‌科新材: AI 驱动芯片电感业绩高增, 25 年产能有望持续释放 公司点评 报告日期:2025-05-04 | 收盘价（元） | 40.45 | | --- | --- | | 近 12 个月最高/最低（元） | 59.30/36.20 | | 总股本(百万股) | 288 | | 流通股本(百万股) | 230 | | 流通股比例 (%) | 79.86 | | 总市值(亿元) | 116.7 | | 流通市值 (亿元) | 92.84 | 公司价格与沪深 300 走势比较 300/ 20% 10% -20% 分析师:陈耀波 铂科新材（300811） 投资评级:增持(维持) 执业证书号: S0010523060001 邮箱: chenyaobo@hazq.com 分析师:李元晨 执业证书号: S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点: ● 事件点评: 铂科新材发布 2024年度及 2025 第一季度报告 公司 2024 年实现营业收入约 16.6 亿元,同比增长约 43.5%;实现归母 净利润约 3.8 亿元，同比增长约 46.9%;实现毛利率约 40.7%,同 ...

青岛啤酒（ [Table_StockNameRptType] 600600） 公司点评 | 成本红利兑现 | | --- | ——青岛啤酒 25Q1 点评 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-05-04 | [Table_BaseData] 收盘价（元） | 74.40 | | --- | --- | | 近 12 个月最高/最低（元） | 86.18/53.20 | | 总股本（百万股） | 1,364 | | 流通股本（百万股） | 709 | | 流通股比例（%） | 51.97 | | 总市值（亿元） | 1,015 | | 流通市值（亿元） | 528 | [公司价格与沪深 Table_Chart] 300 走势比较 -46% -28% -10% 8% 26% 5/24 8/24 11/24 2/25 青岛啤酒 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 [Table_CompanyReport] 相关报告 ⚫ 投 ...

公司点评 产销量大幅增长，持续优化生产 | [Table_Rank] | 投资评级：买入（维持） | | | --- | --- | --- | | 报告日期： | 2025-05-05 | | | [Table_BaseData] 收盘价（元） | | 23.29 | | 近 12 个月最高/最低（元） | 27.85/15.97 | | --- | --- | | 总股本（百万股） | 3,615 | | 流通股本（百万股） | 3,615 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 842 | | 流通市值（亿元） | 842 | [公司价格与沪深 Table_Chart] 300 走势比较 北方稀土（ [Table_StockNameRptType] 600111） -26% -7% 12% 30% 49% 4/24 7/24 10/24 1/25 4/25 北方稀土 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：牛义杰 执业证书号：S0010524050005 邮箱：niuyj ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of approximately 5.47 billion yuan for 2024, representing a year-on-year growth of about 42.6%. The net profit attributable to shareholders was approximately 530 million yuan, a year-on-year increase of about 31.5%. The gross profit margin was approximately 26.0%, a decrease of about 1.1 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 680 million yuan, a year-on-year growth of about 14.9%, but a quarter-on-quarter decline of about 65.6%. The net profit attributable to shareholders was approximately 30 million yuan, a year-on-year increase of about 38.2%, but a quarter-on-quarter decline of about 82.5% [5] - The company's revenue growth in 2024 was attributed to enhanced market competitiveness, increased market share of existing products and services, rapid growth in OPEX-related business, and expansion into new markets such as renewable energy and new materials [5] - The non-equipment business segment has become a significant driver of the company's sustained growth, with its revenue share reaching 31.0% in 2024 and further increasing to 43% in Q1 2025 [6] - The company is actively expanding into emerging markets in advanced manufacturing, particularly in renewable energy and new materials, with a market share growth to 11.5% in these sectors [6] Financial Summary - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be approximately 716 million, 986 million, and 1.32 billion yuan, respectively, with a downward adjustment compared to previous forecasts [7] - The projected P/E ratios for 2025, 2026, and 2027 are 15.16, 11.01, and 8.25 times, respectively, maintaining the "Accumulate" rating [8] - Key financial indicators for 2024 include a revenue of 5.47 billion yuan, a net profit of 528 million yuan, and a gross margin of 26.0% [10]

在手订单充足，2025 年营收目标稳健 | 投资评级：买入（维持） | | --- | 公司点评 -20% -10% 0% 10% 20% 30% 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 国电南瑞 沪深300 分析师：张志邦 国电南瑞（600406） | 报告日期： | 2025-05-03 | | --- | --- | | 收盘价（元） | 22.15 | | 近 12 个月最高/最低（元） 30.44/21.31 | | | --- | --- | | 总股本（百万股） | 8,032 | | 流通股本（百万股） | 7,996 | | 流通股比例（%） | 99.55 | | 总市值（亿元） | 1,779 | | 流通市值（亿元） | 1,771 | 公司价格与沪深 300 走势比较 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 主要观点： ...

[Table_StockNameRptType] 恒立液压（601100） 公司点评 业绩稳健发展，线性驱动项目未来可期 | [Table_Rank] 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-05 | | 570 收盘价（元） | 74.42 | | 近 12 个月最高/最低（元） | 99.47/41.55 | | 总股本（百万股） | 1340.82 | | 流通股本（百万股） | 1340.82 | | 流通股比例（%） | 100% | | 总市值（亿元） | 997.84 | | 流通市值（亿元） | 997.84 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 恒立液压 沪深300 ⚫ 国际化初显成效，线性驱动项目加速发展 [Table_Summary] ⚫ 公司发布 2024 年年报和 2025 年一季报 2024 年公司实现营业收入 93.90 亿元（+4.51%）；归属于上市公司股东的 净利润 25.0 ...