山西证券：研究早观点-20250318

Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,426.13, up by 0.19%, benefiting from the expansion of the composite materials market [2] New Stock Market Insights - The new stock market activity has decreased, with 21 new stocks recording positive gains, accounting for 48.84% of the total, down from 60.98% previously [5] - The first-day listing gains and opening valuations for new stocks on the ChiNext and main boards have declined, while the first-day PE ratio for the Sci-Tech Innovation Board has increased [5] - Notable new stocks include Huanxun Technology, which had a first-day gain of 187.93% and an opening valuation of 47.09 times earnings [5] Coal Industry Insights - The coal market is experiencing a recovery, with domestic coal prices stabilizing and overseas coal prices rebounding [8] - As of March 14, the reference price for thermal coal in the Bohai Rim was 692 RMB/ton, showing a weekly change of -0.29% [9] - Metallurgical coal inventories are at low levels, and downstream demand is expected to improve, with the average price of metallurgical coke at Tianjin Port being 1480 RMB/ton, down by 3.27% [10] Solar Energy Industry Insights - The Ministry of Finance has released a management approach for special funds for clean energy development, indicating structural price increases for products [14] - The price of photovoltaic equipment and components has decreased by 13.0% year-on-year as of February, with expectations for a gradual recovery in prices due to improved supply-demand dynamics [15] - The average price of multi-crystalline silicon remains stable, while the prices of silicon wafers and battery cells are expected to rise due to increased demand [16] Company-Specific Insights - The company reported a revenue of 5.072 billion RMB for 2024, a year-on-year increase of 6.12%, with a net profit of 1.153 billion RMB, up by 11.75% [20] - The aerospace new materials business continues to grow steadily, with revenue reaching 4.969 billion RMB, a 6.37% increase year-on-year [20] - The company is expected to benefit from the strong recovery of commercial aviation and the booming low-altitude economy, with a focus on expanding its market share in civilian aviation and low-altitude industries [20]