[Table_Title] 食品饮料行业专题研究 魔芋行业专题：利于健康，潜力逐渐释 放 2025 年 05 月 27 日 [Table_Summary] 【投资要点】 魔芋产业链相关上市公司主要有一致魔芋、卫龙美味和盐津铺子： 【一致魔芋】魔芋粉为公司核心产品，其主要利润产品魔芋纯化微粉 （魔芋胶）市场需求旺盛，为公司长期发展和盈利能力提供有力保障。 公司通过设备租赁、技术输出等创新模式赋能上游，在实现原料端强 把控的同时也整合当地产业链协同发展。产能方面公司积极扩产， 2025 年投产项目将陆续落地，产能逐渐释放。 【卫龙美味】公司采用"多品类、大单品"策略，打造丰富的产品矩 阵。2024 年蔬菜制品快速起量，成为公司第一大品类，我们认为魔芋 24 年快速起量的原因在于公司的大单品基因以及聚焦魔芋产品进行 集中的费用投放。公司推新能力强，持续进行产品创新，麻酱魔芋爽 全国铺开后有望带来增量，营销和供应链方面亦有亮点。渠道上公司 通过辅销助销模式提高渠道把控，并积极拥抱量贩、抖音等新兴渠道。 【盐津铺子】公司以中式零食为特色，辣卤零食中休闲魔芋制品体量 最大、增速最快，其中包含新中式零食首个战略子品牌"大魔 ...

公 司 研 究 / 传 媒 互 联 网 / 证 券 研 究 报 告 [Table_Title] 中原传媒（000719）2024年报及2025年一季报点评 核心业务稳健，积极回馈股东 2025 年 05 月 16 日 [【投资要点】 Table_Summary] 公司发布 2024 年报及 2025 年一季报点评。 2024 年，公司实现营业收入 98.57 亿元，同比增长 0.24%；实现归母 净利润 10.30 亿元，同比下降 25.84%；实现扣非归母净利润 12.50 亿 元，同比增长 12.11%；主要系冲回 2023 年度确认的递延所得税资 产 2.27 亿元，造成的一次性调整。 2025 年一季度，公司实现营业收入 19.16 亿元，同比增长 1.04%；实 现归母净利润 1.10 亿元，同比增长 234.61%；实现扣非归母净利润 1.04 亿元，同比增长 244.22%。 公司发布 2024 年年度利润分配方案公告；2024 年度拟向全体股东 每 10 股派发现金红利 6.00 元（含税），共计派发现金 6.14 亿元，约 占归母净利润 59.61%。 挖掘价值 投资成长 [Table_Ra ...

[Table_Title] 新钢股份（600782）2024年年报及2025年一季报点评 Q1业绩阶段性承压，行业景气回升或带 动业绩修复 2025 年 05 月 14 日 [【投资要点】 Table_Summary] 挖掘价值 投资成长 [Table_Rank] 增持（首次） [Table_ 东方财富证券研究所 Author] 证券分析师：李淼 证书编号：S1160524120006 证券分析师：孟宪博 证书编号：S1160525030003 [Table_PicQuote] 相对指数表现 -28.10% -16.91% -5.73% 5.45% 16.64% 27.82% 5/13 7/13 9/13 11/13 1/13 3/13 5/13 | | | ] y s u d n _ e | [Table_ 基本数据Basedata ] | | | --- | --- | | 总市值（百万元) | 12676.98 | | 流通市值（百万元) | 12676.98 | | 52 周最高/最低（元） 4.76/2.59 | | | 52 周最高/最低（PE） 389.60/-26.18 | | | 52 周最 ...

[Table_Title] 电子行业深度研究 电子行业2024年年报及2025年一季报 总结：自主可控加速推进，AI驱动产业 创新升级 -13.79% -0.05% 13.70% 27.44% 41.19% 54.93% 5/13 7/13 9/13 11/13 1/13 3/13 电子 沪深300 [Table_Report] 相关研究 《中芯国际发布财报，持续关注自主 可控和 AI 端侧》 2025.05.12 2025 年 05 月 13 日 [Table_Summary] 【投资要点】 挖掘价值 投资成长 强于大市（维持） [Table_Author] 东方财富证券研究所 证券分析师：李双亮 证书编号：S1160524100007 联系人：姜倩慧 电话：021-23586475 [Table_PicQuote] 相对指数表现 《微软财报亮眼，重视自主可控和 AI 端侧》 2025.05.06 《一季报密集发布，持续看好自主可 控》 2025.04.28 《海外大厂或停产 DDR4 内存，关注 存储行业供需格局变化》 2025.04.28 《台积电展望 AI 需求乐观，继续看 好自主可控》 2025.0 ...

Investment Rating - The report maintains a rating of "Outperform" for the electric equipment industry [4] Core Insights - The report highlights a potential supply-demand gap in the precision reducer market, driven by the increasing demand for humanoid robots, particularly from Tesla's Optimus project, which is expected to see production ramp up significantly in 2026 and 2027 [6][10] - The global market for precision reducers is projected to reach approximately 150 billion yuan by 2030, with a compound annual growth rate (CAGR) of 29% from 2024 to 2030 [6][10] - Domestic manufacturers are expected to accelerate their entry into the market as supply-demand gaps emerge, presenting opportunities for local firms in areas such as OEM, second-tier supply, and component supply [6][10] Summary by Sections 1. Reducer Types and Characteristics - Reducers are classified into three main types: planetary reducers, harmonic reducers, and RV reducers, each with distinct structural complexities and load capacities [10][16] - Planetary reducers are compact and efficient, commonly used in servo motors, while harmonic reducers are suitable for light-load applications, and RV reducers are designed for medium to heavy-load scenarios [10][16][19] 2. Market Space - The report estimates that the global market for precision reducers will reach 150 billion yuan by 2030, with a CAGR of 29% from 2024 to 2030 [6][10] - The demand for precision reducers is primarily driven by the industrial robotics sector, which is expected to grow steadily, with a projected CAGR of 4% from 2024 to 2027 [10][44] 3. Domestic Manufacturers and Investment Opportunities - Key domestic companies identified as beneficiaries include: 1. Zhongdali De: Mastering core technologies with a comprehensive product structure [2] 2. Fengli Intelligent: A leader in small modulus gears, with an increasing share of precision reducer business [2] 3. Green Harmonic: A domestic leader in harmonic reducers, expanding into global markets [2] 4. Slin Technology: Stable traditional automotive bearing business with potential breakthroughs in harmonic reducers [2] 5. Henggong Precision: Leading domestic market share with continuous casting technology [2] 6. Huandong Technology: A domestic leader in RV reducers [2] 4. Supply and Demand Dynamics - The report anticipates a supply-demand gap in the reducer market around 2027, as Japanese manufacturers are expanding capacity conservatively, leading to slower overall industry capacity growth [6][10] - The demand for reducers is expected to surge due to the anticipated production of humanoid robots, with Tesla's Optimus robot projected to require a significant number of reducers per unit [6][10]

Investment Rating - The report maintains a rating of "Outperform" for the electrical equipment industry [5]. Core Insights - The report highlights the high core barriers of six-dimensional force sensors, which are crucial for humanoid robots, and notes the emergence of domestic companies in this field [7][8]. - The potential market for six-dimensional force sensors is projected to exceed 10 billion yuan, driven by the commercialization of humanoid robots [7][8]. - The competitive landscape shows that foreign companies currently dominate the market, but domestic firms are gaining ground due to supply chain advantages and cost-effectiveness [7][8]. Summary by Sections 1. Sensor Overview - Sensors are essential for perceiving external information, serving as a bridge between software control and hardware components, and are key to achieving embodied intelligence [11][12]. 2. Force Sensors - Six-dimensional force sensors are the highest dimensional force sensors, capable of measuring forces and moments in three orthogonal directions, making them ideal for precise force control [22][23]. - The main applications of six-dimensional force sensors include collision testing in the automotive industry, aerospace, biomechanics, medical rehabilitation, and robotics [54][55]. - The report estimates that with a global annual production of 500,000 humanoid robots, the market space for six-dimensional force sensors could reach over 10 billion yuan [55][56]. 3. Competitive Landscape - The market for six-dimensional force sensors is concentrated, with foreign companies holding a significant share, but domestic companies are increasing their market presence [58][59]. - The top ten manufacturers in the domestic market accounted for nearly 70% of the market share in 2023, with domestic firms capturing 32.1% of the market [58][59]. - Key domestic players include Keli Sensor, Kailida, and Donghua Testing, which are recommended for investment due to their technological strengths and progress in sample delivery [102][103].

Investment Rating - The report maintains a rating of "Outperform the Market" for the automotive industry [4]. Core Insights - The automotive market in China is expected to achieve stable growth, driven by supportive consumption policies and continuous innovation from automakers. The total vehicle sales are projected to exceed 31.62 million units in 2025, with a year-on-year growth rate of 2% [67][68]. - The penetration rate of new energy vehicles (NEVs) is anticipated to reach 50% by 2025, with plug-in hybrid vehicles (PHEVs) leading the growth [71][73]. - The report emphasizes the importance of high-cost performance in urban Navigation on Autopilot (NOA) solutions as a competitive edge in the automotive industry [3][100]. Summary by Sections 1. Review of the Chinese Automotive Market in 2024 - In the first ten months of 2024, China's automotive production and sales reached 24.466 million and 24.624 million units, respectively, with year-on-year growth of 1.9% and 2.7% [20]. - Passenger vehicle sales reached 21.434 million units, up 3.7% year-on-year, with domestic brands capturing 64.6% of the market share, an increase of 9.3 percentage points from the previous year [26]. - Commercial vehicle sales faced pressure, totaling 3.19 million units, down 3.4% year-on-year, while new energy heavy trucks saw a remarkable increase of 143.5% [39][42]. 2. Outlook for the Chinese Automotive Market in 2025 - The overall automotive market is expected to achieve moderate growth, with NEV penetration rates continuing to rise, particularly for PHEVs [67][73]. - The report forecasts that NEV sales will exceed 15 million units in 2025, with a penetration rate of 50% [71][72]. 3. The Irresistible Trend of Automotive Intelligence - The penetration rate of L2 and above models reached 54.3% in 2024, with expectations for significant growth in high-level intelligent driving technologies [3][87]. - The report highlights the shift towards pure visual solutions in intelligent driving, with multiple brands adopting this approach to reduce costs and improve performance [102][107]. 4. Investment Recommendations - Recommended stocks in the passenger vehicle sector include Li Auto, Xpeng Motors, and BYD, while commercial vehicle recommendations include China International Marine Containers and FAW Jiefang [7][193]. - The report suggests focusing on the growth potential of electric intelligence, domestic brands, and hybrid vehicles, as well as the high-cost performance of advanced intelligent driving solutions [192]. 5. Key Trends in Automotive Components - The report notes the increasing importance of electronic components and intelligent chassis systems, with significant growth expected in the market for domain controllers and line-controlled braking systems [121][129]. - The penetration of air suspension systems is projected to rise to 15% by 2025, driven by the increasing adoption of electric vehicles and domestic high-end models [182][183]. 6. Future Growth Areas - The report identifies humanoid robots and flying cars as significant future growth areas for the automotive industry, indicating a broadening of investment opportunities [192].

Investment Rating - The report maintains an "Accumulate" rating for the company [2]. Core Viewpoints - The company is a leader in the tunnel boring machine (TBM) industry, with over 1,700 orders and more than 1,600 units delivered, achieving a tunneling mileage of over 5,000 kilometers. It holds a market share of over 60% in the domestic hydropower construction sector and approximately 85% in pumped storage power stations [1][4][127]. - The demand for tunnel boring machines is expected to grow, particularly in hydropower and mining sectors, driven by national strategies and infrastructure investments. The company is positioned to benefit from this growth due to its improved product structure and increased production of high-value TBM machines [1][4][10]. - The company is expected to return to a growth trajectory, benefiting from the high demand in hydropower and mining, as well as improvements in its overseas business and debt reduction policies [1][4][11]. Summary by Sections Company Overview - The company is a subsidiary of China Railway and specializes in high-end equipment manufacturing for tunnel engineering, with a strong market presence in TBM, railway switches, and steel structures [1][4][56]. Performance Analysis - The company's revenue grew from 17.9 billion yuan in 2018 to 30.07 billion yuan in 2023, with a CAGR of 10.9%. However, a decline of 5.6% was observed in the first three quarters of 2024 due to reduced domestic construction demand [1][4][59]. Market Demand - The market for TBMs is expanding, with a total market size of 24.3 billion yuan in 2022. The demand is shifting from traditional transportation projects to hydropower and mining applications, supported by government policies and infrastructure investments [1][4][74]. Product Structure Improvement - The company has improved its product structure, increasing the proportion of high-value TBM machines from 4.6% in 2015 to 7.3% in 2022. In 2023, the production of large-diameter TBMs increased by 69.7% [1][4][130]. Financial Forecast - The company is projected to generate revenues of 29.498 billion yuan, 32.539 billion yuan, and 34.281 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 1.583 billion yuan, 2.044 billion yuan, and 2.263 billion yuan [4][155]. Valuation Analysis - As of November 22, 2024, the company's PE and PB ratios are 11.53x and 0.77x, respectively, indicating a relatively low valuation compared to historical levels [4][158]. Investment Recommendation - The report suggests that the company's value is currently underestimated, maintaining an "Accumulate" rating based on expected growth in demand for TBMs and specialized machinery in hydropower and mining sectors [4][160].

Economic Outlook - The Federal Reserve's interest rate cut expectations have weakened, and the risk of increased tariffs under the Trump administration poses constraints on China's monetary policy and exports[1] - Global inflation is expected to rise due to the impact of Trump's de-globalization policies, with the Fed's rate cuts in 2025 likely to be less than market expectations[1] - Domestic economic growth faces pressures from inventory, equipment, and real estate cycles, necessitating stronger policy measures to stabilize growth and mitigate risks[1] Policy Recommendations - A focus on "two new" initiatives (new infrastructure and new energy vehicles) is seen as the optimal solution for balancing growth and quality development in the current environment[1] - The central government's fiscal stimulus is expected to strengthen, with special bonds and targeted subsidies aimed at key industries such as transportation equipment and consumer electronics[1] - The combination of strong fiscal and loose monetary policies is anticipated to persist, enhancing the impact of central fiscal investments on economic growth[1] Market Insights - In the global asset landscape, the US economy is projected to outperform the Eurozone, potentially driving the US dollar index above 100 in 2025[1] - Domestic assets, particularly bonds and equities, are expected to offer better allocation value in a low-interest-rate environment, with structural opportunities in "two new" related sectors[1] - The anticipated long-term recovery cycle in China will favor bond assets due to sustained monetary easing and expectations of further declines in policy rates[1] Risks and Challenges - Increased external pressures and uncertainties in US-China and US-EU relations could further complicate the economic landscape[2] - The risk of a hard landing for the US economy and potential unexpected rate cuts by the Fed could disrupt China's monetary policy[2]

Investment Rating - The report maintains a rating of "Accumulate" for the company [7]. Core Viewpoints - The company is expected to benefit from the increasing automation and digitalization in the coal mining industry, with the technology contribution rate in the coal sector rising to 60% in 2023, a 10 percentage point increase since 2014 [2]. - The company has developed new solutions that significantly improve coal recovery rates and production efficiency, with specific applications leading to a 4% increase in recovery rates and a reduction of coal pillars by 50% [3]. - The growth in coal production in Xinjiang is anticipated to drive demand for coal mining equipment, with Xinjiang's coal output increasing by over 13% year-on-year in the first half of 2023 [4]. - The company is positioned as a leading brand in the intelligent coal mining control sector and is expected to benefit from the ongoing industry trends, with projected net profits of 4.25 billion, 4.67 billion, and 5.12 billion yuan for 2024-2026 [11]. Summary by Sections Industry Overview - The coal mining industry is experiencing a significant transformation towards automation and digitalization, with a projected continuous increase in the intelligentization rate of coal mining operations [2]. Company Performance - The company focuses on the research, production, and sales of unmanned intelligent mining control technologies and equipment, which positions it well to capitalize on the growing demand for such solutions in the coal industry [2][4]. Financial Projections - The company's projected revenues for 2024, 2025, and 2026 are 2,101.97 million, 2,309.77 million, and 2,499.64 million yuan, respectively, with corresponding net profits of 424.81 million, 466.83 million, and 512.48 million yuan [12].