Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant decline in performance due to pressure on engineering business, while hydrogen energy orders have achieved breakthroughs [4][5] - The company expects net profits attributable to shareholders to be 8.19 billion, 9.00 billion, and 10.08 billion for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11x, 10x, and 9x [5] Financial Performance Summary - In 2024, the company achieved revenue of 91.13 billion, a year-on-year decrease of 13.31%, with a net profit attributable to shareholders of 7.04 billion, down 4.98% year-on-year [7] - For Q1 2025, the company reported revenue of 19.65 billion, a year-on-year decline of 32.25%, and a net profit of 1.29 billion, down 30.77% year-on-year [7] - The gross margin for 2024 was 19.18%, which improved by 0.86 percentage points year-on-year [7] Business Outlook - The hydrogen energy sector is expected to become a new growth point, with the company launching a 1500Nm3/h alkaline electrolyzer product and completing a 500MW hydrogen production equipment production base [7] - The company has secured significant orders, including a 2×100Nm³/h order from Shanghai Lianfeng and part of the world's largest green hydrogen ammonia integrated project [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 97.46 billion, 107.61 billion, and 119.30 billion respectively, with expected year-on-year growth rates of 6.9%, 10.4%, and 10.9% [8] - The net profit attributable to shareholders is projected to grow to 8.19 billion in 2025, 9.00 billion in 2026, and 10.08 billion in 2027, with corresponding net profit growth rates of 16.2%, 9.9%, and 12.0% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.43 billion yuan in Q1 2025, representing a year-over-year increase of 18.9%. The gross margin was 44.2%, up by 0.8 percentage points. Operating profit was 710 million yuan, down 4.05% year-over-year, while adjusted net profit was 590 million yuan, down 4.9% year-over-year, with an adjusted net profit margin of 13.3%, down 3.3 percentage points [5] - The company expects revenues of 20.54 billion, 24.43 billion, and 28.28 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 21%, 19%, and 16%. Adjusted net profits are projected to be 2.76 billion, 3.35 billion, and 4.06 billion yuan for the same years, with growth rates of 1%, 21%, and 21% respectively [6] Financial Performance - In Q1 2025, domestic revenue was 2.5 billion yuan, up 9.1% year-over-year, with same-store sales improving from a high single-digit decline to a mid-single-digit decline. The company is shifting from rapid store expansion to a focus on high-quality growth, resulting in a net reduction of 111 stores [9] - Overseas revenue reached 1.6 billion yuan in Q1 2025, a year-over-year increase of 30.3%, accounting for 36% of total revenue. The number of overseas stores increased to 3,213, with a net addition of 95 stores [9] - The company anticipates that as overseas operations become more refined, the net profit margin per store will have room for improvement despite initial pressure from upfront costs associated with rapid expansion [9] Financial Projections - The company forecasts total revenues of 16.99 billion, 20.54 billion, 24.43 billion, and 28.28 billion yuan for the years 2024A, 2025E, 2026E, and 2027E respectively, with corresponding year-over-year growth rates of 23%, 21%, 19%, and 16% [10] - Adjusted net profit is projected to be 2.72 billion, 2.76 billion, 3.35 billion, and 4.06 billion yuan for the same years, with adjusted net profit margins of 16%, 13%, 14%, and 14% respectively [11]

Investment Rating - Investment rating is maintained at "Accumulate" [1] Core Views - The company is actively expanding its semiconductor product offerings and market presence while demonstrating resilience in its photovoltaic business despite challenges [1][5] - In 2024, the company achieved a revenue of 2.7 billion yuan, a year-on-year increase of 60.74%, while the net profit attributable to shareholders decreased by 16.16% to 227 million yuan [3][4] - The semiconductor equipment revenue grew significantly by 168.44% to 327 million yuan, while photovoltaic equipment revenue increased by 52.94% to 2.29 billion yuan [5][6] Financial Performance Summary - For 2024, the company reported a gross margin of 39.99%, down 3.65 percentage points year-on-year, and a net profit margin of 8.40%, down 7.70 percentage points [3][4] - In Q4 2024, revenue reached 1.156 billion yuan, up 75.58% year-on-year, but net profit fell by 34.14% to 76 million yuan [4] - The first quarter of 2025 saw revenue soar by 198.95% to 510 million yuan, with net profit skyrocketing by 2,253.57% to 84 million yuan [4] Business Segment Insights - The semiconductor segment is rapidly developing, with a notable increase in revenue and a growing share of total business, rising from 7.27% in 2023 to 12.14% in 2024 [5][6] - The company has secured a total order backlog of 6.772 billion yuan, with significant contributions from both photovoltaic and semiconductor sectors [5] - The photovoltaic segment is focusing on risk management and technology upgrades, with successful advancements in TOPCon technology and a leading market share in the XBC field [7][8] Future Projections - Revenue forecasts for 2025-2027 are adjusted to 2.946 billion yuan, 3.332 billion yuan, and 3.589 billion yuan respectively, with net profits projected at 288 million yuan, 440 million yuan, and 497 million yuan [8][10] - The diluted EPS is expected to be 0.63 yuan, 0.96 yuan, and 1.09 yuan for the years 2025-2027 [8][10] - The current stock price reflects a P/E ratio of 46, 30, and 27 times for the years 2025-2027, indicating a favorable valuation given the company's leading position in the ALD field [8][10]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The offshore wind sector is entering a positive fundamental phase, with steady progress in offshore wind projects [6][20] - The energy bureau reported that from January to April 2025, national power industry investment reached 140.8 billion yuan, a year-on-year increase of 14.6%, indicating stable growth in grid investment [4][33] - The photovoltaic sector saw a significant increase in installed capacity, with 104.9 GW added in the first four months of 2025, a 75% year-on-year growth [12][6] - The battery storage market is experiencing a surge in overseas orders, particularly in Germany, indicating a trend towards large-scale applications in commercial storage [22][23] - The hydrogen energy sector is gaining momentum with supportive policies in Shanxi province, focusing on hydrogen production and storage [29][30] Summary by Sections Photovoltaics - The photovoltaic sector's weekly prices are stabilizing, with a notable increase in installed capacity [11][12] - The demand for photovoltaic products is expected to decline in the second half of 2025 due to the end of the "531" rush installation [13][18] - Investment recommendations include focusing on companies with high certainty in the BC technology trend, such as Longi Green Energy and Aiko Solar [18][13] Wind Power - The offshore wind projects are progressing steadily, with significant contracts awarded for major projects [20][21] - The cumulative installed capacity of wind power reached 540 million kilowatts by April 2025, reflecting an 18.2% year-on-year growth [20] - Investment suggestions include undervalued stocks like Mingyang Smart Energy and companies benefiting from offshore wind projects [21] Energy Storage - The energy storage market is witnessing a shift towards large-scale commercial applications, with significant projects being developed [22][23] - The Intersolar Europe 2025 event saw substantial orders signed, indicating strong market interest [27] - Investment focus should be on large-scale storage projects and innovative applications in the energy sector [23][27] Hydrogen Energy - Shanxi province is implementing supportive policies for hydrogen energy vehicles, including subsidies and toll exemptions [30][31] - The hydrogen sector is expected to accelerate with joint efforts from multiple ministries to promote green hydrogen applications [29][30] - Investment opportunities are highlighted in hydrogen production and storage technologies [29][30] Grid Equipment - The State Grid's investment in grid projects reached a historical high in the first four months of 2025, indicating robust growth in the sector [33] - The introduction of new 800V DC power products by ViDi is expected to enhance efficiency in power delivery [34] - Investment recommendations include focusing on undervalued companies in the grid equipment sector [34] Electric Vehicles - BMW has begun testing its first solid-state battery electric vehicles, marking a significant advancement in battery technology [35][36] - The inclusion of Contemporary Amperex Technology Co., Ltd. (CATL) in the MSCI index is expected to boost its market presence [36] - Investment strategies should continue to favor companies with stable profitability in the electric vehicle supply chain [35][36] Humanoid Robots - Tesla's Optimus robot is entering production, showcasing advancements in AI and robotics [37][39] - The humanoid robot sector is expected to see significant growth, with key players making strides in technology and production capabilities [39][42] - Investment focus should be on companies with strong technological barriers and those involved in the supply chain for humanoid robots [42]

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The offshore wind sector is entering a positive fundamental phase, with steady progress in offshore wind projects [6][20] - The energy sector is witnessing stable growth in grid investment, with a reported investment of 140.8 billion yuan in the first four months of 2025, a year-on-year increase of 14.6% [4][33] - The electric vehicle market is advancing with BMW's solid-state battery electric vehicles undergoing road tests, indicating significant technological progress [35][36] - The hydrogen energy sector is receiving increased support from policies, particularly in Shanxi province, which is promoting hydrogen fuel trucks [29][30] Summary by Sections 1.1 Photovoltaics - In the first four months of 2025, the newly installed photovoltaic capacity reached 104.9 GW, a year-on-year increase of 75% [12] - The price trend in the photovoltaic industry is stabilizing, with expectations of a slight downward pressure due to potential demand weakness in the second half of the year [13][18] - Investment recommendation includes focusing on companies with high certainty in the BC technology sector, such as Longi Green Energy and Aiko Solar [18] 1.2 Wind Power - The offshore wind projects are progressing steadily, with significant contracts awarded for major projects [20][21] - The cumulative installed wind power capacity reached 540 million kW by the end of April 2025, reflecting a year-on-year growth of 18.2% [20] 1.3 Energy Storage - There is a growing trend in large-scale commercial energy storage projects, with significant orders and contracts signed recently [23][27] - The energy storage market is expected to expand, driven by new applications and increased demand for commercial storage solutions [22] 1.4 Hydrogen Energy - Shanxi province is implementing supportive policies for hydrogen fuel trucks, including subsidies and toll exemptions [29][31] - The hydrogen energy sector is accelerating, with a focus on hydrogen production, storage, and transportation [29][30] 1.5 Grid Equipment - The State Grid has achieved a record high in fixed asset investment in the first four months of 2025, indicating strong growth in the grid sector [33] - The introduction of new 800V DC power products by ViDi is expected to enhance infrastructure for AI data centers [34] 1.6 Electric Vehicles - BMW's solid-state battery electric vehicles are being tested, marking a significant advancement in battery technology [35] - CATL's H-shares are set to be included in the MSCI index, reflecting its growing market presence [36] 1.7 Humanoid Robots - Tesla's Optimus robot is showcasing advanced capabilities, indicating a strong potential for the humanoid robot market [37][39] - The humanoid robot sector is expected to enter a production phase in 2025, with significant advancements in technology and applications [42]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Short - term, the bond market is difficult to break out of the shock range. After the deposit rate cut, the pressure on the bank's liability side has increased, and large - banks' capital lending is still scarce. The flow of deposits to non - bank institutions is beneficial to the bond market. The main concerns of the bond market are economic data such as May PMI, supply pressure, and the tightness of the capital side. However, it is difficult to have unexpected factors or trend - type market conditions. Investors should maintain the duration and increase the weight of band trading in the environment of low coupon and expensive funds [2]. - The overall view of fixed - income buyers is neutral to bullish. The sentiment in the Treasury futures market has increased significantly, and there is a positive arbitrage opportunity. Sellers' view is that the interest - rate cut is difficult to boost bond - market sentiment, and the bulls are further loosening, with more than 60% holding a neutral view. Buyers' view is that the proportion of institutions seeing a shock in the market has also increased [3]. 3. Summaries According to the Directory 3.1 Seller and Buyer Markets 3.1.1 Seller Market Sentiment Index and Interest - rate Bonds - The weighted tracking index this week is 0.19, with a neutral - to - bullish market view, up 0.01 from last week. The unweighted tracking index is 0.28, remaining unchanged from last week. Currently, 30% of institutions are bullish, 63% are neutral, and 7% are bearish [12]. 3.1.2 Buyer Market Sentiment Index and Interest - rate Bonds - The tracking sentiment index this week is 0.23, with a neutral - to - bullish market view, up 0.05 from last week. Currently, 35% of institutions are bullish, 62% are neutral, and 3% are bearish [13]. 3.1.3 Credit Bonds - Market hot - topics are deposit rate cuts and science - and - technology bond support policies. Deposit rate cuts may cause deposit transfers and benefit short - and medium - term credit bonds. The science - and - technology bond support policy promotes issuance and improves liquidity [18]. 3.1.4 Convertible Bonds - This week, institutions generally hold a neutral - to - bullish view. 27% of institutions are bullish, and 73% are neutral [19]. 3.2 Treasury Futures Tracking 3.2.1 Futures Trading - Futures prices have risen across the board. As of May 23, the prices of TS/TF/T/TL contracts are 102.41 yuan, 106.05 yuan, 108.85 yuan, and 119.60 yuan respectively, up 0.03 yuan, 0.33 yuan, 0.37 yuan, and 0.69 yuan from last Friday. - Treasury futures' open interest has increased across the board. As of May 23, the open interest of TS/TF/T/TL contracts is 101,000 lots, 119,000 lots, 164,000 lots, and 89,000 lots respectively, with an increase of 17,269 lots, 39,584 lots, 64,352 lots, and 38,747 lots from last Friday. - Treasury futures' trading volume has decreased across the board. As of May 23, from a 5 - day moving average perspective, the trading volumes of TS/TF/T/TL contracts are 100.7 billion yuan, 77.3 billion yuan, 108.6 billion yuan, and 112.3 billion yuan respectively, with a decrease of 32.2 billion yuan, 21.2 billion yuan, 22.5 billion yuan, and 43.3 billion yuan from last Friday. - The trading - to - open - interest ratio of Treasury futures has decreased across the board. As of May 23, from a 5 - day moving average perspective, the trading - to - open - interest ratios of TS/TF/T/TL contracts are 0.53, 0.80, 0.86, and 1.78 respectively, down 0.48, 0.17, 0.17, and 0.80 from last Friday [24][25]. 3.2.2 Spot Bond Trading - The turnover rate of 30 - year Treasury bonds has increased. On May 23, the turnover rate was 2.63%, up 0.31 percentage points from last week and from Monday, with a weekly average turnover rate of 2.50%. - The turnover rate of interest - rate bonds has decreased. On May 23, the turnover rate was 0.84%, down 0.05 percentage points from last week and 0.16 percentage points from Monday. - The turnover rate of 10 - year China Development Bank bonds has decreased. On May 23, the turnover rate was 5.09%, down 0.71 percentage points from last week and 1.15 percentage points from Monday [36][38]. 3.2.3 Basis Trading - In terms of basis, the basis of the T main contract has narrowed, while the basis of other main contracts has widened. As of May 23, the basis (CTD) of TS/TF/T/TL main contracts are - 0.10 yuan, + 0.21 yuan, - 0.08 yuan, and + 0.46 yuan respectively, compared with - 0.03 yuan, + 0.16 yuan, - 0.18 yuan, and + 0.29 yuan from last Friday. - In terms of net basis, the net basis of main contracts has widened. As of May 23, the net basis (CTD) of TS/TF/T/TL main contracts are - 0.10 yuan, - 0.14 yuan, - 0.07 yuan, and - 0.04 yuan respectively, compared with - 0.05 yuan, - 0.17 yuan, - 0.09 yuan, and - 0.07 yuan from last Friday. - In terms of IRR, the IRR of main contracts has increased. As of May 23, the IRR (CTD) of TS/TF/T/TL main contracts are 1.90%, 2.00%, 1.82%, 1.67% respectively, up 0.11%, 0.69%, 0.36%, 0.29% from last Friday. The basis of the TS main contract is negative this week, and the weekly average of IRR is 1.82%, at a relatively high level. With the overall phased relaxation of the capital side this week, the weekly average of DR007 is 1.58%. Attention can be paid to the positive arbitrage strategy of the TS contract [43][46]. 3.2.4 Inter - delivery Spread and Inter - variety Spread - In terms of inter - delivery spread, the spreads of main futures contracts have widened. As of May 23, the spreads of TS/TF/T/TL contracts (near - month - far - month) are - 0.16 yuan, - 0.30 yuan, - 0.28 yuan, - 0.68 yuan respectively, compared with - 0.05 yuan, - 0.10 yuan, - 0.11 yuan, - 0.34 yuan from last Friday. - In terms of inter - variety spread, the spreads of 2*TF - T and 3*T - TL contracts have widened, while the spreads of other main futures contracts have narrowed. As of May 23, 2*TS - TF, 2*TF - T, 4*TS - T, 3*T - TL are 98.76 yuan, 103.24 yuan, 300.75 yuan, 206.97 yuan respectively, compared with - 0.28 yuan, + 0.31 yuan, - 0.26 yuan, + 0.47 yuan from last Friday. Currently, the downward space of long - term interest rates is limited. If the central bank takes measures to ease liquidity, there may be a downward opportunity for the medium - and short - term. There is considerable gaming space in short - term Treasury futures. It is recommended to continue to pay attention to the strategy of going long on the short - end and short on the long - end to steepen the yield curve [53].

行业[Table_IndRank] 评级：增 持 [Table_IndNameRptType] 轻工纺服 行业周报 智能赋能，开启健身器材行业增长新引擎 [Table_Report] 相关报告 《行业周报：英美烟草新品市场扩 张，Glo Hilo 即将在日本上市_20250 519》 《行业周报：新消费崛起，包装行业 迎来增长动力_20250512》 报告日期： 2025-05-25 [行业指数与沪深 Table_Chart] 300 走势比较 -15% -10% -5% 0% 5% 10% 轻工制造（申万） 纺织服饰（申万） 沪深300 [分析师：徐 Table_Author] 偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 执业证书号：S0010524040004 邮箱：yuqianying@hazq.com 主要观点： ⚫[Table_Summary] 周专题：智能赋能，开启健身器材行业增长新引擎 我国健身训练器材市场持续扩容，下游需求端情况稳步向好。2019- 2023 年我国健身训练器材市场规模从约 439 亿元增长至约 708 亿 元，CAGR 为 ...

[Table_StockNameRptType] 徐工机械(000425) 多品类稳中有升，全球化发展迅速 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-05-26 | | 570 收盘价（元） | 8.31 | | 近 12 个月最高/最低（元） | 9.65/5.95 | | 总股本（百万股） | 11759.65 | | 流通股本（百万股） | 8063.58 | | 流通股比例（%） | 68.57 | | 总市值（亿元） | 977.23 | | 流通市值（亿元） | 670.08 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 40% 徐工机械 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 公司点评 相关报告 1.《国企改革焕新能，新兴业务+出海 双成长》2024-10-06 2.《国际化+高端化持续推进，盈利能 力增强》2024-11-07 主要观点： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92% year-on-year, and a net profit attributable to the parent company of 848 million yuan, down 15.86% year-on-year. The first quarter of 2025 saw a revenue of 1.406 billion yuan, a decline of 6.70%, and a net profit of 167 million yuan, down 26.99% year-on-year [4][5] - The company is actively promoting the industrialization of complete filtration equipment and expanding its overseas market presence, with products being sold to multiple countries including the USA, Japan, and several European nations [6] - The company has adjusted its revenue forecasts for 2025-2027 to 6.323 billion, 6.812 billion, and 7.565 billion yuan respectively, with net profit forecasts of 861 million, 949 million, and 1.078 billion yuan for the same years [7] Financial Performance Summary - In 2024, the company achieved a revenue of 6.129 billion yuan, with a year-on-year revenue change of -1.9%. The net profit attributable to the parent company was 848 million yuan, reflecting a -15.9% change year-on-year. The gross margin was 29.1% [9][12] - For 2025, the expected revenue is 6.323 billion yuan, with a projected year-on-year growth of 3.2%. The net profit is expected to be 861 million yuan, with a slight increase of 1.5% year-on-year [9][12] - The company’s cash flow from operating activities showed significant improvement, with a net cash flow of 10.41 billion yuan in 2024, an increase of 288.21% [4][5] Future Outlook - The company is focusing on the industrialization of complete filtration equipment, with ongoing projects that are progressing smoothly, which supports its long-term strategic transformation [6] - The company aims to enhance its global brand recognition and expand its sales and after-sales service networks in overseas markets [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 6.129 billion yuan in 2024, a decrease of 1.92%, and a net profit attributable to shareholders of 0.848 billion yuan, down 15.86% [4][5] - The first quarter of 2025 saw a revenue of 1.406 billion yuan, a decline of 6.70%, and a net profit of 0.167 billion yuan, down 26.99% [4][5] - The company is actively promoting the industrialization of complete filtration equipment and expanding its overseas market presence [6][7] Financial Performance Summary - In 2024, the company achieved a net cash flow from operating activities of 1.041 billion yuan, an increase of 288.21% [4][5] - The weighted average return on equity (ROE) for 2024 was 18.82%, a decrease of 4.71 percentage points year-on-year [4] - The company forecasts revenues of 6.323 billion yuan, 6.812 billion yuan, and 7.565 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 0.861 billion yuan, 0.949 billion yuan, and 1.078 billion yuan for the same years [7][9] Market and Industry Outlook - The filtration equipment market is facing increased competition due to a slowdown in demand from the renewable energy sector and a lack of significant order growth from other industries [5] - The company is focusing on enhancing its product technology and expanding its market share in various countries, including the USA, Japan, and several European and Asian nations [6][7]