Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company has shown significant growth in 2024, with a projected continued increase in performance for Q1 2025, driven by AI and automotive business segments [3][8] - The company is expected to achieve revenues of RMB 166.97 billion, RMB 209.95 billion, and RMB 248.00 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 33.30 billion, RMB 44.24 billion, and RMB 51.48 billion [5][7] Financial Performance Summary - In 2024, the company achieved a revenue of RMB 13,342 million, representing a year-on-year growth of 49.3%, and a net profit of RMB 2,587 million, up 71.1% [7][8] - The company’s EBITDA for 2024 was RMB 3,231 million, with a projected EBITDA of RMB 4,405 million for 2025 [7][8] - The gross margin for 2024 was 34.54%, an increase of 3.37 percentage points year-on-year, while the net profit margin was 19.39%, up 2.47 percentage points [8] Revenue and Profit Forecast - The company forecasts a revenue of RMB 16,697 million for 2025, with a growth rate of 25.2% [7][8] - The projected net profit for 2025 is RMB 3,330 million, reflecting a growth rate of 28.7% [7][8] Market Position and Strategy - The company is focusing on the AI and HPC sectors, with a significant increase in revenue from AI server and HPC-related PCB products, which accounted for approximately 29.48% of total revenue in 2024 [8] - The automotive segment is also growing, with revenue expected to reach RMB 24.08 billion in 2024, a year-on-year increase of 11.61% [8]

宏观经济 | 证券研究报告 — 总量点评 2025 年 4 月 10 日 3 月通胀点评 内外部因素交织，共同影响 3 月物价 3 月 CPI 同比增速符合万得一致预期，PPI 同比增速低于万得一致预期，国 际油价下降对 CPI 和 PPI 都构成拖累；CPI 方面，食品价格偏弱仍是一个重 要影响因素，但季节性的出行服务价格回落是另一个重要影响；整体来看， 内需疲弱仍在拖累物价表现，但展望全年，内需、国内稳增长政策以及特朗 普的关税政策，都将是年内物价走势的重要影响因素。 相关研究报告 《家庭户二十年变迁》20250410 《黄金价格上涨的逻辑仍在》20250410 《关税冲击与中美债市》20250406 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师：张晓娇 xiaojiao.zhang@bocichina.com 证券投资咨询业务证书编号：S1300514010002 证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 3 月 CPI 环比下降 0.4%，同比下降 0.1%，核 ...

Investment Rating - The report maintains a rating of "Buy" for the company [1][5] Core Views - The company's performance is under pressure due to market competition and the bankruptcy of Northvolt, but the acceleration of new lithium battery materials' marketization is expected to improve future performance [3][8] - The company reported a net profit of 472 million RMB for 2024, a decrease of 75.48% year-on-year, with total revenue of 7.593 billion RMB, down 49.80% year-on-year [8][9] Financial Summary - The company’s revenue is projected to recover from 7.593 billion RMB in 2024 to 10.159 billion RMB in 2025, reflecting a growth rate of 33.8% [7] - The adjusted earnings per share (EPS) forecasts for 2025, 2026, and 2027 are 1.35 RMB, 1.68 RMB, and 2.06 RMB respectively, with corresponding price-to-earnings ratios of 27.0, 21.6, and 17.6 [5][10] - The company’s EBITDA is expected to increase from 571 million RMB in 2024 to 993 million RMB in 2025 [7][10] Market Performance - The company's stock has underperformed, with a year-to-date absolute return of -6.4% and a 12-month return of -30.5% [2] - The total market capitalization of the company is approximately 18.45 billion RMB [2]

石油石化 | 证券研究报告 — 调整盈利预测 2025 年 4 月 10 日 601857.SH 买入 原评级：买入 市场价格:人民币 7.54 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (14.0) (2.0) (14.5) (25.5) 相对上证综指 (11.7) 3.6 (13.7) (30.0) 发行股数 (百万) 183,020.98 流通股 (百万) 183,020.98 总市值 (人民币 百万) 1,379,978.17 3 个月日均交易额 (人民币 百万) 1,334.82 主要股东 中国石油天然气集团有限公司 82.46% (25%) (17%) (9%) (1%) 7% 15% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Feb-25 Mar-25 Apr-25 中国石油 上证综指 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 9 日收市价为标准 相关研究报告 《中国石油》20241031 《中国石油》20240902 《中国石油》2024 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company is expected to achieve steady revenue and profit growth in 2024, with a projected revenue of RMB 50.22 billion, representing a year-on-year increase of 11.1%, and a net profit of RMB 6.75 billion, reflecting a year-on-year increase of 36.2% [8] - The company is benefiting from a continuous optimization of its product structure and a sufficient order backlog, which supports production increases [5][8] - The report highlights the company's focus on emerging sectors such as new energy vehicles, artificial intelligence, and humanoid robots, which are expected to drive future growth [8] Financial Projections - Revenue projections for 2024, 2025, and 2026 are RMB 50.22 billion, RMB 62.51 billion, and RMB 75.01 billion, respectively [5][7] - Expected net profits for the same years are RMB 6.75 billion, RMB 8.52 billion, and RMB 10.47 billion, with corresponding EPS of RMB 0.94, RMB 1.18, and RMB 1.45 [5][7] - The report anticipates a PE ratio of 25.2 for 2024, 20.0 for 2025, and 16.2 for 2026, indicating a favorable valuation trend [5][7] Shareholder Information - The company has a total market capitalization of approximately RMB 17,015.16 million, with major shareholder Guangdong Shunde Holdings Group Co., Ltd. holding 23.71% [3]

宏观经济 | 证券研究报告 — 总量深度 2025 年 4 月 10 日 家庭户二十年变迁 从家庭户的变化看我国居民内需潜力 从 2000 年的全国第五次人口普查到 2020 年的全国第七次人口普查，我国家 庭户规模不断下降，同时主要家庭户类型也从二代三人户变为一代一人户， 家庭户变化的背后有人口流动、人口教育红利、少子老龄化等多方面因素的 影响，但从 2020 年七普数据细项来看，我国居民内需仍有较大释放空间。 相关研究报告 《关税冲击与中美债市》20250406 《策略周报》20250406 《周度金融市场跟踪》20250406 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师：张晓娇 xiaojiao.zhang@bocichina.com 证券投资咨询业务证书编号：S1300514010002 证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 从 2000 年的全国第五次人口普查，到 2020 年全国第七次人口普查，二 十年期间，我国家庭户数量增速快于总人口增速，但同时家庭 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 1,541.04 and a sector rating of "Outperform" [1][3]. Core Insights - The company has shown significant reform results in 2024, achieving a revenue of RMB 170.9 billion, a year-on-year increase of 15.7%, and a net profit attributable to shareholders of RMB 86.2 billion, up 15.4% year-on-year. For 2025, the company has set a revenue growth target of 9% [1][4][5]. Summary by Sections Financial Performance - In 2024, the company successfully completed its revenue growth target of 15%, with Q4 revenue reaching RMB 50.1 billion, a 12.8% increase year-on-year. The net profit for Q4 was RMB 25.4 billion, up 16.2% year-on-year [4][5]. - The company's revenue from Moutai liquor was RMB 145.9 billion, a 15.3% increase year-on-year, while the revenue from series liquor was RMB 24.7 billion, up 19.7% year-on-year [4][5]. - The overall gross margin for 2024 was 91.9%, with a net margin of 50.5%, indicating stable profitability [4][5]. Future Projections - For 2025, the company aims for a revenue growth of 9%, with strategies including adjusting product market allocation and enhancing product differentiation to meet diverse channel and customer needs [4][5]. - The projected earnings per share (EPS) for 2025 is RMB 74.46, with a corresponding price-to-earnings (P/E) ratio of 20.7 [4][6]. Market Position and Strategy - The company is actively expanding its international presence, with export revenue surpassing RMB 5.1 billion in 2024, a 19.3% increase year-on-year [4][5]. - The company plans to focus on the "one body, two wings" brand development strategy, centering on Moutai 1935 and including products like Han Sauce and Moutai Prince as supporting brands [4][5].

【电力设备】联泓新科*武佳雄。公司发布 2024 年年报，归母净利润同比下 降 47.45%，EVA 粒子涨价有望推动公司业绩提升，2025 年新装置投产为公 司再添动力。 【电力设备】盛弘股份*武佳雄。公司发布 2024 年年报，全年业绩同比增长 6.49%。公司充电桩业务增长明显，公司在低压电能质量领域处于领先地位， 未来有望形成新的业绩增长点。 【电子】中颖电子*苏凌瑶 。中颖电子发布 2024 年年报。2024 年末公司存 货 6.14 亿元，同环比均有所下降，随着存货金额的下降，公司毛利率有望回 升。公司 MCU+BMS 产品正在积极探索汽车、机器人、AI 等新兴领域的机 会，手机 AMOLED 驱动芯片在积极推进品牌客户的验证。 | 市场指数 | | --- | | 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3186.81 | 1.31 | | 深证成指 | 9539.89 | 1.22 | | 沪深 300 | 3686.79 | 0.99 | | 中小 100 | 5937.04 | 0.90 | | 创业板指 | 1858.36 | 0. ...

宏观经济 | 证券研究报告 — 总量点评 2025 年 4 月 10 日 黄金价格上涨的逻辑仍在 黄金价格点评及后续展望 近年来全球央行黄金储备的增加是推动本轮黄金价格上涨的重要因素，而实 际利率等传统因素对本轮金价上涨的解释力不足；2025 年一季度金价的上涨 则更多由于避险需求的支撑。未来全球央行黄金储备仍有增长空间，避险需 求对金价的推动短期并未结束，实际利率仍有向下的可能性，因此以伦敦现 货黄金度量的黄金价格上涨的逻辑仍在。 相关研究报告 《关税冲击与中美债市》20250406 《策略周报》20250406 《周度金融市场跟踪》20250406 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 黄金供求缺口与黄金价格缺乏相关性，即使从黄金需求中与金价相关度 较高的投资需求看，2023 年以来，黄金投资需求占比从高位回落，而金 价依然持续上涨。 实际利率逻辑可以部分解释近期金价的上涨。以美国 10 年期国债实际收 益率度量的实际利率在 2 ...

688126.SH 增持 电子 | 证券研究报告 — 调整盈利预测 2025 年 4 月 9 日 原评级：增持 市场价格:人民币 17.29 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (6.1) (15.9) (8.1) 32.9 相对上证综指 (2.5) (9.2) (5.5) 29.7 发行股数 (百万) 2,747.18 流通股 (百万) 2,720.30 总市值 (人民币 百万) 47,498.69 3 个月日均交易额 (人民币 百万) 456.55 主要股东持股比例（%） 国家集成电路产业投资基金股份有限 公司 20.64 资料来源：公司公告， Wind ，中银证券 (11%) 8% 27% 47% 66% 86% Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Mar-25 Apr-25 沪硅产业-U 上证综指 以 2025 年 4 月 8 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 电子：半导体 证券分析师：余嫄嫄 (8621)2032 ...