证券研究报告·行业点评报告 2025 年 1 月 3 日 江海证券研究发展部 执业证书编号：S1410524050002 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.41 8.36 -10.25 绝对收益 -6.63 3.44 2.56 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-机械设备行 业：原材料产业标准提升引领设备市场发 展 – 2024.12.19 2. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.12.02~2024.12.15） – 2024.12.18 3. 江海证券-行业点评报告-机械设备行 业：中小企业数字化赋能，带动数智化产 业链设备发展 – 2024.12.16 4. 江海证券-行业点评报告-机械设备行 业：新型城市基础设施建设，相关配套设 备市场有待发掘 – 2024.12.11 5. 江海证券-行业点评报告-机械设备行 业：冰雪经济助力东北振兴详细方案出炉， 具体设备产业发展前景落实 – 2024.12.09 机械军工行业研究组 分析师：任沐昕 加快低碳清洁氢能源应用，产氢用氢装 备市场预 ...

Investment Rating - The industry investment rating is maintained as "Overweight" [5] Core Insights - The humanoid robot industry is experiencing a surge in activity, with multiple domestic companies announcing plans for mass production in 2025, indicating a significant acceleration in commercialization [7] - Notable advancements in humanoid robot technology have been reported by both domestic and international companies, showcasing improved performance and capabilities [7] - The report highlights the potential for rapid growth in the humanoid robot sector, driven by technological advancements and increased market participation [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -3.97% over the past month, 12.9% over the past three months, and -8.38% over the past year compared to the CSI 300 index [3] Investment Highlights - Domestic humanoid robot companies are set to enter mass production in 2025, with several firms like Matrix Super Intelligence and GAC Group planning to launch their products [7] - International companies such as Samsung and Boston Dynamics are also making significant strides in humanoid robotics, enhancing their technological capabilities [7] - The report suggests that the commercialization process for humanoid robots is expected to accelerate, benefiting related companies in the supply chain [7][8] Recommendations - The report recommends focusing on companies involved in key components such as reducers, motors, sensors, and the humanoid robot body itself, indicating potential investment opportunities in these areas [8]

证券研究报告·行业点评报告 2025 年 1 月 3 日 江海证券研究发展部 执业证书编号：S1410524050001 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -5.85 -4.83 -28.63 绝对收益 -9.07 -9.75 -15.81 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：国家医保局与卫健委完善医药集中带 量采购政策 – 2024.12.13 2. 江海证券-行业点评报告-医药生物行 业：医保个人账户打破地域限制，"家庭 共济"模式升级 – 2024.12.06 3. 江海证券-行业点评报告-医药生物行 业：2024 年国家医保药品目录调整：创新 药企的新机遇与挑战 – 2024.12.05 4. 江海证券-行业点评报告-医药生物行 业：医保基金预付政策实施，关注医药行 业个股机会 – 2024.11.26 5. 江海证券-行业点评报告-医药生物行 业：国家医保药品目录调整顺利结束，新 版医保目录将于 2025 年 1 月正式实施 – 2024.11.12 医药生物行业 医药行业研究组 分析师：吴春红 瑞金医院与信 ...

Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Viewpoints - In 2024, COMAC delivered 12 C919 aircraft, achieving a fourfold increase compared to 2023, indicating a significant ramp-up in production capacity [7] - The C929 is currently in the detailed design phase, while the C939 has entered the preliminary research stage, suggesting a promising future for the C-series aircraft [7] - The C919 has commenced regular commercial flights, with plans to operate in Southeast Asia by 2026, contingent on obtaining European certification [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -5.26% compared to the CSI 300 index, with an absolute return of 6.23% [3] Delivery and Production Capacity - As of December 31, 2024, COMAC has delivered 12 C919 aircraft to China Eastern Airlines, China Southern Airlines, and Air China, marking a substantial increase in delivery volume [7] - The ramp-up in production capacity is supported by the launch of large aircraft series production projects in Shanghai [7] Future Prospects - The C919's international airworthiness certification is anticipated soon, which will facilitate its entry into international markets [7] - The C-series aircraft, including the C929 and C939, are expected to capture significant market share in the international aviation sector [7] Investment Recommendations - The report suggests focusing on companies such as AVIC Xi'an Aircraft Industry Group, AVIC Shenyang Aircraft Corporation, and others involved in the aviation supply chain [7]

光伏设备行业 硅料减产+多晶硅期货上市，光伏底部 企稳 证券研究报告·行业点评报告 2024 年 12 月 30 日 江海证券研究发展部 分析师：张诗瑶 特别声明 姓名：张诗瑶 江海证券有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。本研究报告仅供本公司的客户使用。 本公司不会因接收人收到本报告而视其为客户。本报告的信息均来源于公开资料，本公司对这些信息的准确性和完整性不作任 何保证，也不保证所包含信息和建议不发生任何变更。本公司已力求报告内容的客观、公正，但文中的观点、结论和建议仅供 参考，不包含作者对证券价格涨跌或市场走势的确定性判断。报告中的信息或意见并不构成所述证券的买卖出价或征价，投资 者据此做出的任何投资决策与本公司和作者无关。 本报告所载的资料、意见及推测仅反映本公司于发布本报告当日的判断，本报告所指的证券或投资标的的价格、价值及投资收 入可升可跌，过往表现不应作为日后的表现依据；在不同时期，本公司可以发出其他与本报告所载信息不一致及有不同结论的 报告；本报告所反映研究人员的不同观点、见解及分析方法，并不代表本公司或其他附属机构的立场；本公司不保证本报告所 含信息保持在最 ...

执业证书编号：S1410123090009 | --- | --- | --- | --- | |----------------|--------|--------------------|-----------| | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 1.33 | 8.09 | -8.37 | | 绝对收益 | 2.97 | 15.58 | 7.66 | | 数据来源：聚源 | | 注：相对收益与沪深 | 300 相比 | | 相关研究报告 | 注： | 2024 年 12 月 | 27 日数据 | 证券研究报告·行业点评报告 事件： 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 特别声明 具有丰富的研究经验。 分析师声明 本报告署名分析师声明，本人具有中国证券业协会授予的证券 投资咨询执业资格，勤勉尽责、诚实守信。本人 ...

证券研究报告·行业点评报告 2024 年 12 月 30 日 江海证券研究发展部 OpenAI 宕机引发对电源关注，重视数 据中心产业链投资机会 事件： 近十二个月行业表现 12 月 27 日凌晨，OpenAI 宣布，聊天机器人 ChatGPT、视频生成模型 Sora 和 API 产生了重大错误，大部分已经宕机数小时。据媒体此前报道，OpenAI 并未 具体说明与该问题相关的"上游提供商"，但其独家云提供商微软报告称，其一 个数据中心出现了"电源问题"。 投资要点： 智能算力的增长预计将成为整体算力需求增长的主要驱动力，AI 服务器、尤其 面向生成式 AI 的高性能服务器，将成为服务器市场增长的亮点。大模型和生成 式人工智能的发展显著拉动了人工智能服务器市场的增长。IDC 预计，全球人 工智能硬件市场（服务器）规模将从 2022 年的 195 亿美元增长到 2026 年的 347 亿美元，五年年复合增长率达 17.3%；在中国，预计 2023 年中国人工智能服务 器市场规模将达到 91 亿美元，同比增长 82.5%，2027 年将达到 134 亿美元， 五年年复合增长率达 21.8%。从算力规模而言，预计到 ...

Investment Rating - The report assigns a "Hold" rating for the company, marking its initial coverage [66]. Core Insights - The company specializes in providing electric adjustment solutions for automotive seats and is recognized as a "little giant" enterprise focusing on specialized and innovative products [66]. - The automotive seat market is projected to grow significantly, with the domestic market expected to reach 150 billion yuan by 2025, driven by the increasing market share of domestic passenger vehicles and the development of new energy vehicle brands [23][66]. - The company has established a strong position within the supply chains of major seat manufacturers, benefiting from high customer retention and a stable ownership structure [66]. Summary by Sections 1. Company Overview - The company focuses on high-performance, high-strength, and high-precision components for automotive seat adjustment systems, with a product range that includes self-lubricating bearings, transmission rods, powder metallurgy parts, and metal injection molded parts [61][66]. 2. Industry Development - The automotive parts industry in China is experiencing robust growth, with a projected revenue of over 4.8 trillion yuan by 2028 [4]. - The automotive seat industry is characterized by high value and concentrated market share among leading suppliers, with the top three suppliers holding 58% of the domestic market [114][119]. 3. Financial Performance - The company reported a revenue of 2.09 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 17.18%, and a net profit of 0.60 billion yuan, up 34.01% year-on-year [29]. - The company’s revenue is expected to grow to 3.15 billion yuan in 2024, with a compound annual growth rate of 22.71% from 2024 to 2026 [176]. 4. Product Segmentation - The company’s revenue is primarily derived from metal powder metallurgy parts, which accounted for 42.79% of total revenue in the first half of 2024, followed by self-lubricating bearings at 24.27% [94]. - The company is actively developing new products to enhance the value per vehicle, with current product values ranging from 30 to 40 yuan per unit [145]. 5. Customer Base - The company’s top five customers accounted for 65.90% of its revenue in 2023, indicating a concentrated customer base [111][176]. - The company has established long-term relationships with major automotive manufacturers, ensuring stable demand for its products [121][124].

电子行业 执业证书编号：S1410523100001 联系人：刘瑜 近十二个月行业表现 国产厂商在存储领域技术有所突破，关 注相关投资机会 事件： % 1 个月 3 个月 12 个月 相对收益 5.73 31.74 10.07 绝对收益 9.35 48.97 29.19 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------|-------|----------------------------------------| | 投资建议的评级标准 | | 评级 | 说明 | | | | 买入 | 相对同期基准指数涨幅在 15% 以上 | | | | 增持 | 相对同期基准指数涨幅在 5% 到 15% 之间 | | 评级标准为发布报告日后的 6 个月内公司股价 （或行业指数）相对同期基准指数的相对市场 | 股票评级 | 持有 | 相对同期基准指数涨幅在 -5% 到 5%之间 | | 表现。其中沪深市场以沪深 300 为基 ...

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [10]. Core Viewpoints - The company specializes in a wide range of prepared cold dishes, including algae, fungi, wild vegetables, fish roe, vegetables, and seafood delicacies, offering over 300 product categories and more than 1000 SKUs [10][16]. - The company has established a strong market presence both domestically and internationally, exporting products to over 60 countries and regions, including Japan, the USA, and Europe [10]. - The prepared dish industry in China is experiencing rapid growth, driven by urbanization and the rise of chain restaurants, with increasing competition and regulatory developments [10][21]. - The company has a robust product development pipeline, with numerous new products launched recently that have gained consumer popularity [10][57]. - Financial forecasts indicate a revenue growth of 18.76%, 17.89%, and 16.10% for 2024-2026, with net profit growth of 26.94%, 19.33%, and 16.71% for the same period [10][11]. Summary by Sections Company Overview - The company was established in 2002 and successfully listed on the Beijing Stock Exchange in 2021, becoming the first stock in the prepared cold dish sector [15][24]. - The company has a concentrated shareholding structure, with the largest shareholder holding 48.32% of the shares [35][62]. Industry Overview - The prepared dish industry is in a growth phase, with increasing competition and regulatory measures being introduced to standardize the market [10][21]. - The market for prepared dishes is expected to continue expanding, with significant potential for both domestic and international sales [10][38]. Financial Analysis - The company has shown a compound annual growth rate (CAGR) of 23.79% in revenue and 30.38% in net profit over the past seven years [22]. - The projected financials for 2024-2026 include revenues of 5.82 billion, 6.86 billion, and 7.96 billion, with corresponding net profits of 0.44 billion, 0.53 billion, and 0.62 billion [10][11]. Product and Market Strategy - The company is focusing on expanding its online channels and enhancing its brand presence through social media platforms like Douyin [41]. - The company has established long-term partnerships with major restaurant chains and food producers, enhancing its market position [10][45].