丨证券研究报告丨 公司研究丨点评报告丨隆基绿能（601012.SH） [Table_Title] BC 销售占比持续提升，产业生态进一步完善 报告要点 [Table_Summary] 隆基绿能发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 825.82 亿元，同比下降 36%；归母净利-86.18 亿元，同比下降 180%，符合业绩预告区间；其中，2024Q4 实现收入 239.9 亿元，同比下降 32%；归母净利-21.13 亿元。2025Q1 实现收入 136.52 亿元，同比下降 23%；归母净利-14.36 亿元。 分析师及联系人 [Table_Author] 1 隆基绿能（601012.SH） cjzqdt11111 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com [Table_Title2] BC 销售占比持续提升，产业生态进一步完善 [Table_Summary2] 事件描 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Views - The company reported a revenue of 4.159 billion yuan for 2024, a year-on-year decrease of 23.54%, with a net profit attributable to shareholders of 394 million yuan, down 53.38% year-on-year [2][4]. - In Q4 2024, the revenue was 1.247 billion yuan, with a net profit of 37 million yuan [2][4]. - For Q1 2025, the revenue was 943 million yuan, an increase of 13.51% year-on-year, with a net profit of 111 million yuan, down 10.44% year-on-year [2][4]. - The data center business revenue for 2024 was 2.742 billion yuan, a year-on-year increase of 2.66%, while the renewable energy revenue was 1.379 billion yuan, a decrease of 49.50% [8]. - The gross margin for the data center business was 35.13%, a decrease of 2.25 percentage points year-on-year, while the gross margin for renewable energy was 16.70%, down 8.53 percentage points year-on-year [8]. - The company expects data center revenue growth of 20-30% in 2025, with renewable energy revenue expected to double year-on-year [8]. Summary by Sections Financial Performance - 2024 total revenue: 4.159 billion yuan, down 23.54% year-on-year [2][4]. - 2024 net profit: 394 million yuan, down 53.38% year-on-year [2][4]. - Q1 2025 revenue: 943 million yuan, up 13.51% year-on-year [2][4]. - Q4 2024 revenue: 1.247 billion yuan, net profit: 37 million yuan [2][4]. Business Segments - Data center revenue for 2024: 2.742 billion yuan, up 2.66% year-on-year [8]. - Renewable energy revenue for 2024: 1.379 billion yuan, down 49.50% year-on-year [8]. - Data center gross margin: 35.13%, renewable energy gross margin: 16.70% [8]. Future Outlook - Expected data center revenue growth in 2025: 20-30% [8]. - Anticipated doubling of renewable energy revenue year-on-year [8].

丨证券研究报告丨 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 公司研究丨点评报告丨阿特斯（688472.SH） [Table_Title] 积极应对美国关税壁垒，加强技术创新稳固光储 龙头地位 报告要点 [Table_Summary] 阿特斯发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 461.65 亿元，同比下降 10%；归母净利 22.47 亿元，同比下降 23%；其中，2024Q4 实现收入 119.87 亿元，同比下降 2%，环比下降 2%；归母净利 2.92 亿元，同比增长 363%，环比下降 59%。2025Q1 实现收入 85.86 亿元，同比下降 11%；归母净利 0.47 亿元，同比下降 92%。 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 阿特斯（688472.SH） cjzqdt11111 [Table_Title 积极应对美国关税壁垒，加强技术创新稳固 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (首次) [1] Core Views - Huabei Mining is a leading producer of coking coal in East China, with significant operational improvements following the acquisition and restructuring in 2018. The company has optimized its financial structure, reducing interest-bearing debt from 22.6 billion to 10 billion by Q1 2025, and decreasing the debt-to-asset ratio from 62% in 2020 to 46% in Q1 2025 [2][4][11] - The company possesses scarce coking coal resources, with over 80% of its total reserves consisting of high-quality coal types such as fat coal, coking coal, and lean coal. The total coal resource is approximately 4.49 billion tons, with an annual production capacity of 35.85 million tons [2][72] - The coking coal business has several competitive advantages, including superior coal quality, advanced washing technology, and a strategic focus on major clients, with over 90% of sales being long-term contracts [2][3][17] Summary by Sections Company Overview - Huabei Mining, formerly known as Lei Ming Ke Hua, transitioned to coal and coal chemical business after acquiring Huai Mining shares in 2018. The company is controlled by the Anhui Provincial State-owned Assets Supervision and Administration Commission [2][7] Coking Coal Market - The coking coal market in China faces structural shortages of high-quality resources, with only 19% of the total coal reserves being coking coal. The company’s resources are primarily low-carbon, low-ash, and ultra-low-phosphorus, making them environmentally friendly [2][65] Financial Performance - The company’s revenue is projected to reach 63.1 billion, 68 billion, and 70.1 billion yuan for 2025-2027, with net profits of 3.26 billion, 4.51 billion, and 4.75 billion yuan respectively. The estimated PE ratios are 10.2, 7.4, and 7.0 [2][4] Growth Potential - The company has significant growth potential in both its coal and coal chemical segments, with ongoing projects expected to enhance production capacity and profitability. The coal chemical business, including methanol and ethanol production, is set to expand with new projects coming online [2][3][25] Risk Factors - The report does not include risk factors, but it is noted that the company’s performance is closely tied to coking coal prices, which have shown volatility in recent years [11][71]

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The major shareholder, Kunpeng Investment, has reduced its holdings significantly, cashing out a total of 19.08 billion from March 14 to May 21, 2025, with a total reduction of 74 billion over two years [3][6][15] - Despite the stock price reaching a new high, the first quarter report reveals two concerning signals: a decline in contract liabilities and cash flow [17][26] Summary by Sections Shareholder Actions - Kunpeng Investment, the third-largest shareholder, sold 7,167,800 shares during the period, with a total value of 19.08 billion [3][4] - The majority of the reduction was through block trades, accounting for 72.5% of the total shares sold [6][10] Financial Performance - The company reported a revenue increase of 40.6% in 2024, reaching 158.4 billion, and continued to grow by nearly 40% in the first quarter of 2025, achieving 48.5 billion [17][18] - The net profit for 2024 was 33.3 billion, a year-on-year increase of 63.1%, with the first quarter of 2025 showing a net profit of 9.8 billion, up 47.6% [18][24] Market Position - The company has established itself as a leader in the energy drink sector, with a market share exceeding 40% in 2024 [25] Warning Signals - Contract liabilities, which serve as a leading indicator of revenue, decreased from 47.61 billion at the end of 2024 to 38.70 billion by the end of the first quarter of 2025, indicating a potential slowdown [27][28] - The net cash flow from operating activities fell by 26.53% in the first quarter of 2025, raising concerns about cash collection despite increased sales [30][32]

Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [4] Core Views - The company focuses on high-quality development with stable capital expenditures and solid cost advantages, leading to a robust financial performance in 2024 and 2025 [2][11] - CNOOC's revenue for 2024 is projected at 420.5 billion RMB, a year-on-year increase of 0.94%, while the net profit attributable to shareholders is expected to reach 137.9 billion RMB, up 11.38% year-on-year [1][2] Financial Performance Summary - In Q1 2025, the company reported a revenue of approximately 106.9 billion RMB, a decrease of 4% year-on-year, with a net profit of 36.56 billion RMB, down 7.9% year-on-year [1][3] - The average realized oil price in Q1 2025 was 72.65 USD per barrel, a decline of 7.7% year-on-year, while natural gas prices increased by 1.2% to 7.78 USD per thousand cubic feet [3][10] - CNOOC's total oil and gas production for 2024 was 726.8 million barrels of oil equivalent, reflecting a year-on-year growth of 7.2% [2][10] Cost Management and Capital Expenditure - The company achieved a barrel of oil cost of 28.52 USD in 2024, a slight decrease from 28.83 USD in 2023, indicating improved cost management [10] - For 2025, CNOOC plans to maintain high capital expenditures between 125 billion to 135 billion RMB, focusing on exploration and production [11] Profitability Forecast - The forecast for net profit attributable to shareholders for 2025 is 139.76 billion RMB, with an expected EPS of 2.94 RMB [11][13] - The company is projected to maintain a stable net profit growth trajectory through 2027, with estimates of 143.45 billion RMB and 144.67 billion RMB for 2026 and 2027, respectively [11][13]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation of outperforming the benchmark index by 10%-20% in the next six months [1][19]. Core Insights - The company is expected to benefit from its investment in a city duty-free store in Guangzhou, capitalizing on the growth of inbound consumption and sharing in duty-free revenues [1]. - The report highlights the recovery of inbound tourism, with a significant increase in international visitors, which is projected to enhance the company's profitability [7]. - The establishment of a city duty-free store aligns with recent policy changes aimed at promoting duty-free shopping, which is expected to create synergies among various stakeholders involved in tourism and retail [7]. Financial Summary - Total revenue projections for the company are as follows: 2024A: 7,424 million, 2025E: 8,182 million, 2026E: 9,703 million, 2027E: 10,289 million, with growth rates of 15.4%, 10.2%, 18.6%, and 6.0% respectively [3][8]. - The net profit attributable to the parent company is forecasted to be: 2024A: 926 million, 2025E: 1,215 million, 2026E: 939 million, 2027E: 1,110 million, with growth rates of 109.5%, 31.3%, -22.7%, and 18.2% respectively [3][8]. - Earnings per share (EPS) are projected to be: 2024A: 0.39, 2025E: 0.51, 2026E: 0.40, 2027E: 0.47 [3][8]. - The target price for the company's stock is set at 11.5 yuan, representing a 23% upside from the current price of 9.35 yuan [3][7].

Investment Rating - The report maintains a "Strong Buy" rating for China National Offshore Oil Corporation (CNOOC) [4] Core Views - The financial indicators for 2024 show steady improvement, with a significant increase in net profit attributable to shareholders by 11.38% year-on-year, reaching 137.936 billion yuan [2][11] - The company focuses on its core oil and gas business, continuously increasing reserves and production, leading to a rise in oil and gas output and net profit margin despite fluctuations in international oil prices [2][11] - The average realized oil price for the first quarter of 2025 was 72.65 USD/barrel, a decrease of 7.7% year-on-year, while gas prices increased by 1.2% [3][11] Financial Performance Summary - In 2024, the operating revenue is projected to be 420.506 billion yuan, a year-on-year increase of 0.94%, with a net profit of 137.936 billion yuan [2][13] - The company achieved an oil and gas production of 726.8 million barrels of oil equivalent in 2024, a growth of 7.2% year-on-year, with a sales net profit margin of 32.81%, up by 3.02% [2][11] - The debt-to-asset ratio improved to 29.05%, a decrease of 4.53% year-on-year, indicating better financial stability [2][11] Cost Management - The average oil cost per barrel for 2024 was 28.52 USD, down from 28.83 USD in 2023, reflecting a solid cost advantage [10] - The company plans to maintain high capital expenditures in 2025, with a budget of 125 to 135 billion yuan, focusing on exploration and development [11][13] Production Goals - The production target for 2025 is set between 760 to 780 million barrels of oil equivalent, representing a year-on-year growth of 5.9% [11][13] - The company aims to pursue high-quality development and effective production growth [11]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price raised to RMB 147.19 [1][11]. Core Insights - The company is expected to solidify its leading position in the domestic EDA market, planning a full acquisition of Chip and Semiconductor to enhance its EDA product matrix. The change in control to China Electronics Group is anticipated to provide substantial industry resources, supporting long-term growth [1][12][14]. - Revenue projections for 2025-2027 are RMB 15.98 billion, RMB 21.37 billion, and RMB 27.55 billion, respectively, with EPS estimates of RMB 0.43, RMB 0.57, and RMB 0.72 [11][12]. - The company achieved a revenue of RMB 1.22 billion in 2024, a year-on-year increase of 20.98%, while net profit attributable to shareholders was RMB 109 million, down 45.46% due to increased share-based payment expenses and higher personnel costs [12][14]. Financial Summary - **Revenue**: - 2023A: RMB 1,010 million - 2024A: RMB 1,222 million (26.6% YoY) - 2025E: RMB 1,598 million (30.8% YoY) - 2026E: RMB 2,137 million (33.7% YoY) - 2027E: RMB 2,755 million (28.9% YoY) [3][8] - **Net Profit (Attributable to Shareholders)**: - 2023A: RMB 201 million - 2024A: RMB 109 million (-45.5% YoY) - 2025E: RMB 232 million (111.7% YoY) - 2026E: RMB 308 million (33.1% YoY) - 2027E: RMB 391 million (26.7% YoY) [3][8] - **EPS**: - 2023A: RMB 0.37 - 2024A: RMB 0.20 - 2025E: RMB 0.43 - 2026E: RMB 0.57 - 2027E: RMB 0.72 [3][8] - **R&D Investment**: - 2024 R&D investment grew by 26.77%, accounting for 71.02% of revenue [12][14]. Market Position - The company maintains a top market share among local EDA firms, with nearly 700 global clients and a strong demonstration effect in the industry. It has achieved coverage of the full analog circuit design process and supports advanced nodes like 5nm, 14nm, and 28nm [12][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company has strong revenue growth and is on the verge of breakthroughs in its clinical pipeline [4][5] - The recent licensing agreement with Pfizer for the PD1×VEGF dual antibody SSGJ707 is a significant milestone, with an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion, along with double-digit royalties on net sales [4][5] - The company is expected to achieve substantial revenue growth from its main business, with key products in late-stage clinical development [5] Financial Summary - Projected revenue for 2023A is 1,014 million, with a growth rate of 23% year-over-year; expected revenue for 2025E is 1,370 million, with a growth rate of 15% [3] - Projected net profit for 2023A is 295 million, with a staggering growth rate of 498% year-over-year; expected net profit for 2025E is 300 million, reflecting a decline of 57% [3] - Earnings per share (EPS) is projected to be 0.48 for 2023A and 0.49 for 2025E [3] Clinical Pipeline and Market Potential - The company has four mid-to-late stage clinical assets, each expected to generate over 1 billion in revenue, with the IL17 monoclonal antibody anticipated to be commercialized in 2025 [5] - The IL1β monoclonal antibody is expected to submit its NDA in 2025, targeting a large patient population with limited treatment options [5] Valuation Metrics - The company is projected to have a P/E ratio of 116.5 for 2025E and a P/B ratio of 6.1 for the same year [3] - The net asset return rate (ROE) is expected to be 5% for 2025E, with a net profit margin of 21.5% [7]