[Table_IndNameRptType] 电力设备 行业周报 锂电材料价格上涨，储能需求持续火热 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 电话：15652947918 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 [Table_IndRank] 行业评级：增持 报告日期： 2025-11-19 [Table_Chart] 行业指数与沪深 300 走势比较 -28% -11% 6% 23% 40% 57% 11/24 2/25 5/25 8/25 电力设备 沪深300 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 分析师：王璐 执业证书号：S0010525040001 电话：18301818122 [Table_Report] 相关报告 ⚫ 电网设备：关注"高比例新能源消纳"创新调控方向，烟威特高压登 州升压环评公示 新型电力系统从系统运行端看，需聚焦"高比例新能源消纳"，创新调控 模式。需通过提升惯 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with steady growth in profitability. For the first three quarters of 2025, the company achieved a revenue of 24.03 billion yuan, a year-on-year increase of 16.86%, and a net profit attributable to shareholders of 3.24 billion yuan, up 40.85% year-on-year [4][7] - The company is making significant progress in its humanoid robot actuator business, which is expected to become a second growth curve for the company [7] Financial Performance Summary - In Q3 2025, the company reported a revenue of 7.77 billion yuan, a year-on-year increase of 12.77%, and a net profit attributable to shareholders of 1.13 billion yuan, up 43.81% year-on-year [4][5] - The gross margin for Q3 2025 was 28.02%, showing a slight decrease compared to the previous year [5] - The company has increased its R&D expenditure, particularly in new business areas such as robotics [5] Business Segment Performance - The home appliance and automotive segments are performing steadily, with the company focusing on market strategy adjustments and enhancing its overseas market presence [6] - In the automotive parts business, the company is implementing cost reduction and efficiency improvement measures, achieving management effectiveness [6] - The humanoid robot actuator business has received high praise from clients, with several innovative achievements enhancing overall product capability [6] Profit Forecast - The company is expected to maintain a leading position in the thermal management field for new energy vehicles, with projected net profits attributable to shareholders of 4 billion yuan, 4.8 billion yuan, and 5.6 billion yuan for 2025, 2026, and 2027 respectively [7][9]

| [Table_BaseData] 收盘价（元） | 47.59 | | --- | --- | | 近 12 个月最高/最低（元） | 49.78/15.37 | | 总股本（百万股） | 2,001 | | 流通股本（百万股） | 1,472 | | 流通股比例（%） | 73.55 | | 总市值（亿元） | 952 | | 流通市值（亿元） | 701 | [公司价格与沪深 Table_Chart] 300 走势比较 -34% 9% 51% 94% 136% 11/24 2/25 5/25 8/25 天赐材料 沪深300 天赐材料（ [Table_StockNameRptType] 002709） 公司点评 充分受益锂电景气度上升，6F 涨价带动业绩回暖 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-11-18 | [Table_Author] 分析师：张志邦 | 执业证书号：S0010523120004 | | --- | | 邮箱： zhangzhibang@hazq.com | [Table_CompanyReport] 相关报告 1.25 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the third quarter of 2025 faced short-term pressure, with emerging businesses showing significant progress [4] - The company anticipates that the third quarter represents a relative low point for performance, with product upgrades and overseas expansion expected to drive growth [5] - The company has made substantial advancements in new business areas, including lithium iron phosphate, sodium batteries, and solid-state battery materials, indicating a robust platform strategy [6][7] - The company is positioned to benefit from its overseas capacity expansion and product upgrades, which are expected to lead to a return to growth [8] Financial Performance Summary - In the first three quarters of 2025, the company achieved operating revenue of 8.986 billion yuan, a year-on-year decrease of 20.64%, and a net profit attributable to shareholders of -204 million yuan, a year-on-year decrease of 274.96% [4] - The third quarter alone saw revenue of 2.737 billion yuan, down 38.29% year-on-year, with a net profit of -135 million yuan [4] - The company projects net profits of -111 million yuan, 679 million yuan, and 1.314 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18 and 9 for 2026 and 2027 [8][10]

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant future returns [8]. Core Insights - In the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 914 million yuan, a year-on-year decrease of 1.95%, while revenue reached 7.498 billion yuan, an increase of 11.93% [5]. - The third quarter of 2025 saw a revenue of 3.066 billion yuan, up 16.55% year-on-year and 34.16% quarter-on-quarter, with a net profit of 441 million yuan, reflecting a year-on-year increase of 53.12% and a quarter-on-quarter increase of 129.63% [5][6]. - The company has a robust order backlog of approximately 19.551 billion yuan as of October 23, 2025, with notable increases in orders for submarine cables and high-voltage cables [7]. Financial Performance - The company’s revenue is projected to grow to 12.01 billion yuan in 2025, 13.71 billion yuan in 2026, and 14.31 billion yuan in 2027, representing year-on-year growth rates of 32.0%, 14.2%, and 4.4% respectively [8]. - The net profit attributable to shareholders is expected to reach 1.55 billion yuan in 2025, 2.00 billion yuan in 2026, and 2.25 billion yuan in 2027, with year-on-year growth rates of 54.2%, 28.7%, and 12.6% respectively [8]. - The gross margin for the company is projected to improve from 22.6% in 2025 to 25.7% by 2027 [10]. Market Position - The company’s main business segments include power engineering and equipment cables, which accounted for 47.54% of revenue, and submarine cables and high-voltage cables, which contributed 47.71% [6]. - The company has seen a significant increase in the gross margin, which reached 22.60% in the third quarter of 2025, up 6.35 percentage points from the previous quarter [6].

- The report tracks the recent IPO market performance, focusing on the Sci-Tech Innovation Board, ChiNext, and Main Board, assuming all stocks are successfully subscribed and sold at market average prices on the first listing day, ignoring lock-up restrictions. For 2025, as of November 14, the IPO yield for Class A accounts with a 2 billion scale is 2.70%, while Class B accounts with the same scale yield 2.28%. For accounts with a 10 billion scale, Class A yields 0.98%, and Class B yields 0.75%[2][10][39] - The report calculates theoretical IPO yields using Class A average winning rates. The formula for calculating full subscription yield is: $ Full subscription quantity = Maximum subscription limit × Class A average winning rate $ $ Full subscription yield = (First board price - IPO price) × Full subscription quantity $ The highest full subscription yields are 98.18 million yuan for Xi'an Yicai-U, 78.03 million yuan for Heyuan Bio-U, and 16.37 million yuan for Bibet-U[37][39][40] - The report measures IPO yields for different account scales, assuming Class A accounts participate in all IPOs, with Sci-Tech Innovation Board and ChiNext quotes fully included. For accounts with scales of 1.5 billion, 2 billion, 3 billion, 5 billion, and 10 billion, the yields for recent IPOs are calculated based on Class A average winning rates. For example, Xi'an Yicai-U yields 14.24 million yuan for 2 billion accounts and 94.91 million yuan for 10 billion accounts[39][41][42] - Monthly IPO yields for Class A accounts are tracked, assuming all quotes are included and funds are utilized at 90% efficiency. For 2025, the cumulative yield for 2 billion accounts is 2.70%, with monthly yields varying across different scales. For instance, in October 2025, the yield for 2 billion accounts is 61.05 million yuan, while for 10 billion accounts, it is 219.56 million yuan[42][43][44] - Class B accounts are also analyzed for IPO yields under similar assumptions. For 2025, the cumulative yield for 2 billion accounts is 2.28%. Monthly yields are calculated, such as 25.80 million yuan for 2 billion accounts in October 2025 and 60.53 million yuan for 10 billion accounts[46][47][48]

Investment Rating - Investment Rating: Buy (Maintain) [2] Core Views - The company reported significant growth in the first three quarters of 2025, with total revenue reaching 16.642 billion yuan, a year-on-year increase of 5.45%, and net profit attributable to shareholders of 5.321 billion yuan, up 33.37% year-on-year [5][6] - The performance was driven by the production of methionine and the recovery of vitamin prices, despite some pressure from BASF's restored supply [6][7] - The new materials and flavoring segments also showed steady growth, contributing to the overall performance [6][9] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 5.541 billion yuan, a year-on-year decrease of 6.66% and a quarter-on-quarter decrease of 2.11% [5] - The net profit for Q3 was 1.717 billion yuan, down 3.80% year-on-year and up 0.35% quarter-on-quarter [5] Segment Analysis - Nutritional Products: The segment faced price pressure due to increased supply from BASF but saw strong overseas demand, with export volumes for VE and VA increasing by 14.44% and 1.48% year-on-year, respectively [6] - New Materials: The company expects continued growth driven by demand in the new energy, semiconductor, and high-end manufacturing sectors [6][9] - Flavoring and Fragrance: The segment maintained steady growth through product optimization and cost control, resulting in a gross margin of 45.55% for the first three quarters of 2025, an increase of 3.77 percentage points from 2024 [6] Future Outlook - The company anticipates a marginal improvement in Q4 performance due to signs of recovery in vitamin prices and the ramp-up of methionine production [7][8] - The ongoing expansion across multiple segments is expected to open up further growth opportunities [9] Profit Forecast - Projected net profits for 2025, 2026, and 2027 are 6.519 billion yuan, 7.320 billion yuan, and 8.022 billion yuan, respectively, with corresponding P/E ratios of 12, 11, and 10 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance met expectations, with a significant increase in lithium hexafluorophosphate prices expected to drive the electrolyte market upward [5] - The company achieved a revenue of 6.616 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 16.75%, and a net profit attributable to shareholders of 748 million yuan, up 6.64% year-on-year [4][5] - The company is well-positioned to benefit from the booming terminal energy storage market, with a current production capacity of 24,000 tons of lithium hexafluorophosphate, which is expected to increase to 36,000 tons by the end of 2025 [5][8] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 2.368 billion yuan, a year-on-year increase of 13.60% and a quarter-on-quarter increase of 5.45% [4] - The net profit attributable to shareholders for Q3 2025 was 264 million yuan, showing a year-on-year decline of 7.51% but a quarter-on-quarter increase of 4.03% [4] Market Dynamics - The price of lithium hexafluorophosphate has increased significantly, with the average price reaching 116,500 yuan per ton as of November 5, 2025, a 94.17% increase from September 30, 2025 [5] - The average price of lithium battery electrolytes also rose to 27,100 yuan per ton, reflecting a 38.27% increase over the same period [5] Business Expansion - The company has completed the capacity construction for key fluorinated liquid products and plans to expand its production of high-end fluorinated fine chemicals to meet the growing demand in semiconductor and data center applications [7][8] - The acquisition of a 42.8% stake in Shilei Fluorine Materials enhances the company's supply chain security for core raw materials, significantly improving its market competitiveness [8] Profit Forecast - The company is expected to achieve net profits of 1.163 billion yuan, 1.447 billion yuan, and 1.851 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 42, 34, and 26 times [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.963 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.15%, and a net profit attributable to the parent company of 551 million yuan, a year-on-year decrease of 6.48%. In Q3 2025 alone, the revenue was 670 million yuan, a year-on-year increase of 7.7%, and the net profit was 185 million yuan, a year-on-year increase of 6.56% [4][5] - The company's main business has stabilized and is showing signs of recovery, with positive growth in both revenue and profit in Q3, primarily driven by the growth in revenue from growth hormones and antibody drugs. The decline in profit for the first three quarters is attributed to increased R&D investment, which reached 145 million yuan, a year-on-year increase of 13.08% [5] - The company has successfully introduced two significant long-acting products through business development (BD) collaborations, enhancing its market position in the fields of pediatric growth and assisted reproduction [6] - The company’s affiliate, Bosheng Jian, has made significant progress in its cell therapy platform, with the CD7 CAR-T (PA3-17 injection) being included as a breakthrough therapy and approved for key Phase II clinical trials [7] Financial Summary - The company expects revenues for 2025, 2026, and 2027 to be 2.677 billion yuan, 3.050 billion yuan, and 3.529 billion yuan, respectively, with year-on-year growth rates of 5.6%, 13.9%, and 15.7%. The net profit attributable to the parent company is projected to be 756 million yuan, 848 million yuan, and 987 million yuan for the same years, with year-on-year growth rates of 6.9%, 12.1%, and 16.4% [8][9] - Key financial metrics for 2025 include a gross margin of 78.4%, a return on equity (ROE) of 17.4%, and earnings per share (EPS) of 0.45 yuan [11]

Investment Rating - The industry investment rating is "Hold" [1] Core Insights - The down jacket market in China is expanding, with the market size increasing from 120.9 billion yuan in 2019 to 196 billion yuan in 2023, representing a CAGR of 12.84%. It is projected to reach 227 billion yuan in 2024 and exceed 330 billion yuan by 2028 [3][20][21]. Summary by Sections Market Overview - China is the largest consumer market for down jackets globally, showing steady growth and resilience within the apparel sector [20]. - The market's growth is driven by consumer upgrading trends and increasing demand for quality products [20]. Consumer Preferences - Over 53% of consumers prioritize quality when purchasing down jackets, followed by style (48.72%) and color (43.96%). Price (45.79%) and brand (44.51%) are also significant factors [4][21]. - The main purchasing channels include large shopping malls and e-commerce platforms, indicating a shift towards online shopping convenience [4][21]. Supply Side Dynamics - Consumer preferences for filling materials show that duck down is the most popular choice (53.3%), followed by down cotton (49.45%) and goose down (49.27%) [5][24]. - The price of down has seen a significant decline, with 95% white goose down prices dropping by 18.14% compared to the previous year [5][24]. Technological Innovations - Brands are focusing on technological innovations to enhance product performance. For instance, Gao Fan's "future wool" down jackets have advanced waterproofing and insulation capabilities [6][26]. - The industry is transitioning from a focus on material quantity to technological advancements, including eco-friendly materials and smart temperature control [6][29]. Competitive Landscape - The market exhibits a "head concentration, small dispersion" structure, with domestic brands like Bosideng and Gao Fan leveraging cost-effectiveness and channel advantages [8][30]. - Bosideng has shown robust growth, with revenue increasing from 13.517 billion yuan in 2020 to 25.902 billion yuan in 2024, achieving a CAGR of 17.66% [8][33]. Recent Market Performance - From November 10 to November 14, 2025, the textile and apparel sector saw a 4.41% increase, outperforming the broader market indices [9][37].