东海证券：晨会纪要-20250305

Group 1: Thermal Interface Materials - The demand for thermal interface materials (TIM) is expected to increase due to rising heat dissipation needs, with the global market projected to exceed $7 billion by 2034, growing at a compound annual growth rate (CAGR) of over 10% from 2024 to 2034 [8][9]. - In China, the TIM market is anticipated to grow at a CAGR of 11.3% during the same period, driven by applications in consumer electronics, new energy vehicles, and communication technologies [8][9]. - The domestic market for TIM is currently dominated by foreign companies, which hold a market share of 45% to 50%, while the domestic production rate was only 23.1% in 2022 [9]. Group 2: Company Analysis - Tongli Co., Ltd. (834599) - Tongli Co., Ltd. reported a revenue of 6.185 billion yuan for 2024, marking a year-on-year increase of 5.53%, and a net profit of 778 million yuan, up 26.54% year-on-year [14][15]. - The growth in revenue is attributed to increased sales of new energy vehicles and autonomous driving models, with new energy products accounting for approximately 20% of total sales [15]. - The company is focusing on high-end products, such as large-tonnage rigid mining trucks, with plans to launch a 180-ton model and a 220-ton model in the near future [15][16]. Group 3: New Energy Power Industry - The demand for new energy power is recovering, with ongoing construction of offshore wind projects across multiple regions [19][21]. - The solar photovoltaic equipment sector saw a 2.84% increase, outperforming the CSI 300 index by 5.06 percentage points, indicating a positive market sentiment [19]. - The offshore wind power sector is expected to maintain high growth, with significant project developments in southern regions like Jiangsu and Hainan [21]. Group 4: Investment Recommendations - For TIM, companies leading in materials such as organic silicon, spherical alumina, and PI films are expected to benefit from domestic production and AI-driven demand [10]. - Tongli Co., Ltd. is recommended for investment due to its strong performance in new energy and autonomous vehicle sectors, with projected net profits of 778 million, 941 million, and 1.039 billion yuan for 2024-2026 [16]. - The offshore wind power sector is advised for investment, particularly companies like Dajin Heavy Industry and Dongfang Cable, which are well-positioned to capitalize on international market opportunities [21].