渤海证券研究所晨会纪要-2025-03-26

Macro and Strategy Analysis - In January-February 2025, national general public budget revenue was 43,856 billion yuan, a year-on-year decrease of 1.6%, while expenditure was 45,096 billion yuan, an increase of 3.4% [3][4] - Tax revenue decreased by 3.9%, with corporate income tax down 10.4%, indicating pressure on corporate profitability [3][4] - Non-tax revenue increased by 11%, likely due to governments activating state-owned resources [3][4] Industry Review - The solid-state battery industry is gaining momentum, with a focus on different technological routes in China and abroad [7][8] - Tianjin is actively supporting the development of the new energy vehicle and battery industry, aiming to enhance production capacity and transition to solid-state battery technologies [7][8] Company Event Review: Luoyang Molybdenum Co., Ltd. - In 2024, Luoyang Molybdenum achieved revenue of 213.03 billion yuan, a year-on-year increase of 14.37%, and a net profit of 13.53 billion yuan, up 64.03% [9][10] - The company reported record high production for copper and cobalt, with copper production at 650,200 tons, a 54.97% increase [10][12] - Major construction projects are on track, with plans for further expansion in copper production capacity [12] Company Event Review: Haomai Technology - In 2024, Haomai Technology reported revenue of 8.813 billion yuan, a 22.99% increase, and a net profit of 2.011 billion yuan, up 24.77% [14][15] - The company is increasing R&D investment, with a focus on three main business segments showing strong growth [16][17] - The international capacity construction is progressing, with new factories in Thailand and Mexico enhancing production capabilities [17][18] Company Event Review: Zijin Mining Group - Zijin Mining reported 2024 revenue of 303.64 billion yuan, a 3.49% increase, and a net profit of 32.051 billion yuan, up 51.76% [19][20] - The company achieved stable growth in copper and gold production, with copper production at 1.07 million tons [20][21] - Plans for 2025 include further increases in copper and gold production, with a focus on cost reduction and efficiency [21]