东吴证券晨会纪要-20250516

Macro Strategy - The report indicates a cautious outlook on the "loan off-season" and emphasizes the observation of the effects of monetary easing, with May to June being a critical period for assessing the impact of incremental policies [1][6][7] - Financial data from April 2025 shows an increase in social financing of 16.34 trillion yuan, a year-on-year increase of 3.61 trillion yuan, with the stock of social financing growing at a rate of 8.7% [6][7] - The report highlights that the average interest rate for new loans in April was approximately 3.2%, which is about 50 basis points lower than the same period last year, indicating a continued trend of low borrowing costs [6][7] Fixed Income - The report discusses the current state of China's sci-tech bond market, noting that it is in its early development stage compared to overseas markets, characterized by a smaller market size, shorter issuance periods, and higher ratings [2][8] - It is projected that as the sci-tech bond market matures, there will be significant growth in market size and a diversification of issuers, particularly from high-tech industries, which will better align funding durations with the longer R&D cycles of innovative enterprises [2][8][11] Industry Analysis Huada Technology (603358) - The company is positioned as a leading player in the automotive stamping industry, having acquired a 51% stake in Jiangsu Hengyi to enter the new energy sector, expanding its product offerings to include battery trays and motor housings [3][12] - Revenue forecasts for 2025-2027 are projected at 6.382 billion, 7.286 billion, and 8.599 billion yuan, with net profits expected to be 470 million, 584 million, and 733 million yuan respectively, indicating a strong growth trajectory [3][12][13] - The company is also exploring opportunities in the low-altitude economy and robotics, with strategic partnerships aimed at diversifying its growth avenues [3][12][13] Dajin Heavy Industry (002487) - The company has secured a contract worth approximately 1 billion yuan for the manufacturing and supply of large monopile foundations for a European offshore wind project, expected to commence delivery in 2027 [5][14] - The report notes that the UK government has allocated over 544 million pounds for offshore wind projects, which will support the company's growth in this sector [5][14] - Dajin Heavy Industry is the first company in the marine engineering sector to receive SBTi certification, enhancing its competitive edge in securing contracts and expanding market share [5][14]