证券研究报告·公司深度报告 2025 年 1 月 21 日 江海证券研究发展部 医药行业研究组 执业证书编号：S1410524050001 | 投资评级： | 持有（首次） | | --- | --- | | 当前价格: | 9.39元 | | 总股本(百万股) | | 426.92 | | --- | --- | --- | | A 股股本(百万股) | | 426.92 | | B/H | 股股本(百万股) | -/- | | A | 股流通比例(%)） | 99.97 | | 12 | 个月最高/最低(元) | 14.77/5.74 | | 第一大股东 | 精华制药集团股份有限公司 | | | 第一大股东持股比例(%) | | 72.31 | | 上证综指/沪深 | 300 3244.38/3829.68 | | | 数据来源：聚源 | 注：2025 年 1 月 20 | 日数据 | | 近十二个月股价表现 | | | % 1 个月 3 个月 12 个月 相对收益 -4.27 -7.13 -10.26 绝对收益 -8.21 -2.90 6.15 数据来源：聚源 注：相对收益与北证 50 相比 相关研究报 ...

证券研究报告·行业点评报告 2025 年 1 月 22 日 江海证券研究发展部 执业证书编号：S1410525010001 联系人：黄燕芝 执业证书编号：S1410123120005 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6.95 -4.0 -29.42 绝对收益 -9.45 -6.43 -12.29 数据来源：聚源 注：相对收益与沪深 300 相比 注：2025 年 1 月 20 日数据 相关研究报告 消费行业研究组 分析师：张婧 2024 年 美 妆 数 据 出 炉 ， 锦 波 生 物 ProtYouth 5 款产品获得 FDA 认证 事件： 投资要点： 风险提示：行业竞争进一步加剧，宏观经济进一步下滑，需求不及预期。 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析的企业存在业务关系，并且继续寻求发展这些关系。因此，投资者应当考虑到本公司可能存在影响本报告客观性的 利益冲突，不应视本报告为投资决策的唯一因素。 敬请参阅最后一页之免责条款 根据青眼情报数据，2024 年中国护肤品市场规模为 4218.7 亿元，同比下降 12.54%。 行业评级：增持（维持） ...

证券研究报告·公司深度报告 2025 年 1 月 21 日 江海证券研究发展部 执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 | 投资评级： 买入 (首次) | | | --- | --- | | 当前价格: | 5.59元 | | 目标价格: | 7.58元 | | 目标期限: | 12 个月 | | | | | 总股本(百万股) | 3418.75 | | --- | --- | | A 股股本(百万股) | 3418.75 | | B/H 股股本(百万股) | -/- | | A 股流通比例(%)） | 40.33 | | 12 个月最高/最低(元) | 7.88/4.77 | | 第一大股东 | | | 第一大股东持股比例(%) | 41.01 | | 上证综指/沪深 300 | 3244.38/3829.68 | 数据来源：聚源 注：2025 年 1 月 20 日数据 % 1 个月 3 个月 12 个月 相对收益 -11.90 -10.90 -26.96 绝对收益 -14.40 -13.33 -9.84 数据来源：聚源 注：相对收益与沪深 30 ...

Investment Rating - The investment rating for the company is "Buy" (first coverage) [5] Core Viewpoints - The company specializes in enhanced heat transfer technology and high-efficiency heat exchanger manufacturing, providing energy-efficient and stable heat transfer solutions [5][8] - The market for heat exchange equipment in China is expected to continue growing, with a projected increase from 81.05 billion yuan in 2019 to 90.02 billion yuan in 2023, and an estimated compound annual growth rate of 3.29% until it reaches 99.21 billion yuan by 2026 [5][40] - The company has a strong competitive advantage in heat transfer solutions, focusing on technology-driven development and possessing multiple core technologies and patents [5][43] Company Overview - The company, Beijing Guangsha Huaneng Technology Co., Ltd., was established in 2001 and aims to become a global leader in enhanced heat transfer technology products [8] - The main products include high-flow heat exchangers, high-condensation heat exchangers, corrugated tube heat exchangers, and falling film evaporators, which are critical in various industrial applications [9][11] Financial Forecast - The company's total revenue is projected to grow from 524.38 million yuan in 2023 to 695.13 million yuan by 2026, with a compound annual growth rate of approximately 9.15% [4] - The net profit attributable to the parent company is expected to increase from 125.64 million yuan in 2023 to 176.35 million yuan by 2026, with a notable growth rate of 22.84% in 2024 [4] Industry Development Status - The heat exchange equipment market in China is experiencing steady growth, driven by stable demand from downstream industries such as refining, petrochemicals, and modern coal chemistry [40] - The company is well-positioned in the high-efficiency heat exchanger sector, having developed significant capabilities in research, design, and manufacturing over its 20 years of operation [42]

Investment Rating - The industry investment rating is "Overweight" (maintained) [2] Core Insights - The report highlights the release of multiple PC-level chips, indicating optimism for future PC replacement demand [4] - The annual shipment of VRMR devices has seen a year-on-year increase, with several manufacturers beginning to develop ARAI glasses [4] - The National Development and Reform Commission has announced subsidies for digital products such as mobile phones, while the penetration rate of AI smartphones continues to rise [4] Summary by Sections Industry Performance Over the Last Twelve Months - Relative returns over 1 month, 3 months, and 12 months are 0.86%, 6.99%, and 18.76% respectively - Absolute returns over the same periods are -2.51%, 4.11%, and 35.35% respectively [3] Investment Highlights - Black Sesame Intelligence and Nullmax jointly released a mass-production level advanced driving function based on the Wudang C1200 family of chips, with extensive testing completed across over 50 cities [6] - Texas Instruments launched a new generation of radar sensors supporting edge AI, achieving 98% accuracy in occupant detection and over 90% in unattended child recognition [6] - Arbe partnered with NVIDIA to enhance radar solutions for advanced driving assistance systems (ADAS) and autonomous driving scenarios [6] - Hesai showcased its upcoming automotive-grade LiDAR at CES, featuring significant performance improvements and reduced size [6] - SUTENG and Pony.ai announced a strategic partnership to enhance autonomous driving solutions for various applications [6] Investment Recommendations - The report suggests focusing on hardware companies within the supply chain related to advanced driving technologies, including Horizon Robotics and Black Sesame Intelligence, as well as LiDAR and related companies like SUTENG, Yongxin Optics, and Juguang Technology [8]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The report indicates that the national engineering machinery data is generally stable in 2024, with various infrastructure projects progressing in an orderly manner, showcasing strong resilience and vitality [5] - The Longjiang Economic Belt shows impressive construction rates, with six out of the top ten provinces in terms of construction rates located in this region, indicating a higher level of economic activity [7] - The report highlights that the demand for engineering equipment is expected to increase due to the growth of emerging industrial clusters in the central region, particularly in automotive and equipment manufacturing [7] - The Northeast region is experiencing a transformation in traditional industries, which is positively impacting the demand for engineering machinery, particularly in the context of the "ice and snow economy" [7] - Sales data for excavators in December showed positive growth, with a total of 201,131 units sold in 2024, reflecting a year-on-year increase of 3.13% [7] Summary by Sections Industry Performance - The report notes a relative return of 2.64% over one month, 2.33% over three months, and 3.34% over twelve months compared to the CSI 300 index [3] Regional Insights - The central region's comprehensive construction rate reached 56.22%, the highest among all regions, with Anhui province leading at 68.37% [7] - The Northeast region's construction equipment utilization rates are also strong, with specific equipment categories like crawler cranes achieving a utilization rate of 65.11% [7] Sales and Demand - Domestic excavator sales reached 100,543 units, a year-on-year increase of 11.7%, while external sales were 100,588 units, showing a decline of 4.24% [7] - The report anticipates continued recovery in domestic engineering equipment demand, driven by policies and the release of overseas demand [7] Investment Recommendations - The report suggests focusing on key companies such as Sany Heavy Industry, XCMG, and Zoomlion, among others, as potential investment opportunities in the engineering machinery sector [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to achieve a net profit of 101 to 108 million yuan in 2024, representing a year-on-year growth of 45.01% to 55.06%. This rapid growth is attributed to the company's strategic execution and the stable development of the global automotive aftermarket [5][8] - The automotive industry in China is experiencing record sales, with production and sales reaching 31.28 million and 31.44 million vehicles in 2024, respectively, marking year-on-year growth of 3.7% and 4.5% [8] - The independent aftermarket (IAM) share is gradually increasing, from approximately 35% in 2018 to about 46% in 2022, with a trend towards concentration among leading enterprises [8] Financial Forecasts - Revenue projections for 2024, 2025, and 2026 are 790.10 million yuan, 953.11 million yuan, and 1,110.17 million yuan, with year-on-year growth rates of 41.49%, 20.63%, and 16.48% respectively [7][8] - The forecasted net profit for the same years is 103.36 million yuan, 123.60 million yuan, and 145.12 million yuan, with growth rates of 48.40%, 19.58%, and 17.41% respectively [7][8] - The expected EPS for 2024, 2025, and 2026 is 1.60 yuan, 1.92 yuan, and 2.25 yuan, with corresponding P/E ratios of 18.12X, 15.16X, and 12.91X [8] Market Position and Strategy - The company is actively expanding its sales channels and has adopted a comprehensive marketing strategy that combines online and offline approaches, as well as domestic and international markets [8] - The company manages over 30,000 SKUs and introduces approximately 2,000 to 3,000 new product models annually, focusing on automotive electronic products and integrated "hardware and software" solutions [8]

证券研究报告·行业点评报告 2025 年 1 月 15 日 江海证券研究发展部 医药生物行业 分析师：吴春红 上海市脑机接口政策将进一步激活其 市场应用空间 事件： 行业评级：增持（维持） 《上海市脑机接口未来产业培育行动方案（2025-2030 年）》（下文简称《行 动方案》）由上海市科学技术委员会于 2025 年 1 月 10 日正式印发。该方案旨 在加快颠覆性技术突破，抢抓脑机接口的发展机遇，培育未来产业。脑机接口 作为一种通过神经工程手段实现大脑与外部设备信息交互的前沿技术，在医疗、 康养、教育、娱乐等领域具有广阔的应用前景，已成为全球各国科技竞逐的重 要赛道。 投资要点： 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6.45 -3.44 -27.89 绝对收益 -11.8 -7.68 -14.54 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-医药生物行 业：养老服务改革深化，关注产业链与科 技创新机遇 – 2025.01.10 2. 江海证券-行业点评报告-医药生物行 业：DLL3 药物研发热情升温，国产 ADC 药物前景广阔 – 2025 ...

证券研究报告·行业点评报告 2025 年 1 月 15 日 江海证券研究发展部 电子行业 执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 1.5 13.3 15.97 绝对收益 -1.36 9.75 32.3 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-电子行业： VRMR 设备年出货量同比增长，多家厂商 开始布局 ARAI 眼镜 – 2025.01.13 2. 江海证券-行业点评报告-电子行业：发 改委表示将补贴手机等数码产品，AI 手机 渗透率持续提升 – 2025.01.07 3. 江海证券-行业点评报告-电子行业：国 产厂商在存储领域技术有所突破，关注相 关投资机会 – 2024.12.27 业链相关公司联想集团、雷神科技、英力股份、光大同创、春秋电子。 风险提示：AI PC 下游需求不足的风险；行业竞争加剧风险；宏观经济风险。 敬请参阅最后一页之免责条款 2 投资评级说明 | 投资建议的评级标准 | | 评级 | 说明 | ...

证券研究报告·行业点评报告 2025 年 1 月 13 日 江海证券研究发展部 电子行业 执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0.85 13.66 13.4 绝对收益 -6.5 9.68 27.05 数据来源：聚源 注：相对收益与沪深 300 相比 1. 江海证券-行业点评报告-电子行业：发 改委表示将补贴手机等数码产品，AI 手机 渗透率持续提升 – 2025.01.07 2. 江海证券-行业点评报告-电子行业：国 产厂商在存储领域技术有所突破，关注相 关投资机会 – 2024.12.27 3. 江海证券-行业点评报告-电子行业：可 穿戴设备市场三季度同比增长，智能眼镜 将成为 AI 端侧重要载体 – 2024.12.19 分析师：屈雄峰 VR/MR 设备年出货量同比增长，多家 厂商开始布局 AR/AI 眼镜 事件： 投资评级说明 | 投资建议的评级标准 | | 评级 | 说明 | | --- | --- | --- | --- | | | | 买入 增持 | 相对同期基准指数 ...