2025 年 06 月 03 日 长城汽车(601633.SH) 新车持续发力，5 月新能源销量增长亮眼 事件：据长城汽车公告，5 月批发销量 10.2 万台、同比+12%、环比+2%。 5 月销量符合预期，哈弗、魏牌均有亮眼同比增长。 3） 魏牌：5 月销售 6161 台、同比+115%、环比+28%，预计系高山 8、9 上市贡 献增量。5 月 13 日全新高山正式上市，高山 8/9 上市价格分别为 30.98/35.38 万元，标配四驱、Coffee OS3.2 智能操作系统、Coffee Pilot Ultra 智能辅 助驾驶系统等，上市 24 小时大定突破 5900 台； 5 月销量符合预期，其中国内销售 6.8 万台、同比+19%、环比基本持平，预计 主要系坦克 300、二代枭龙 MAX 交付加速，高山 8/9、猛龙燃油版上市贡献增 量；新能源批发销量 3.3 万台、同比+32%、环比+13%，国内乘用车新能源渗透 率预计已达到 55%以上。 4） 欧拉：5 月销售 1961 台，同比-67%、环比+9%，2025 款好猫即将上市、有 望带动欧拉品牌销量回升； 1） 坦克：5 月销售 2.1 万台、 ...

证券研究报告 计算机 | IT 服务Ⅱ 北交所|首次覆盖报告 hyzqdatemark 2025 年 06 月 03 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 05 | 30 | 日 | | 月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | | 58.93 | | | 一 年 内 最 最 | 高 | / | | | | | | 低 | | | | | （元） | | | | | | | | | | | 75.21/17.50 | | 总市值（百万元） | | | | | | | | | | 2,294.82 | | | 流通市值（百万元） | | | | | | | | | | 1,038.56 | | | 总股本（百 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][8]. Core Views - The company is positioned as a "water seller" in the MASH (Metabolic Associated Steatotic Hepatitis) market, with significant growth potential expected in the coming years [7][8]. - The company has a comprehensive product portfolio that includes pharmaceuticals, diagnostic equipment, and medical services, focusing on liver health management [7][18]. - The demand for liver disease screening is anticipated to surge due to the emergence of new MASH drugs and the establishment of screening protocols in medical institutions [7][8]. Summary by Sections 1. Focus on Liver Disease - The company has over 20 years of experience in the liver disease sector and has actively pursued overseas acquisitions and global expansion [18]. - It offers a complete product/service combination of drugs (notably the patented Fufang Bie Jia Ruan Gan Pian), diagnostic devices (FibroScan series), and medical services [20][21][22]. 2. FibroScan and Market Potential - FibroScan is recognized as a leading diagnostic tool in the liver disease field, with over 5,200 clinical research publications supporting its efficacy [7][21][67]. - The global prevalence of liver diseases, particularly MASH, is significant, with early diagnosis being crucial for reversing liver fibrosis [43][44]. - The report highlights the rapid progress of MASH drug development, with several drugs expected to be approved soon, which will likely increase the demand for liver screening [54][60]. 3. Financial Projections - Revenue projections for the company are set at 16.77 billion yuan, 20.63 billion yuan, and 25.06 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.3%, 23.0%, and 21.4% [6][8]. - The net profit attributable to the parent company is expected to reach 2.21 billion yuan, 3.14 billion yuan, and 4.29 billion yuan for the same years, with growth rates of 95.5%, 41.6%, and 36.9% [6][8]. 4. Competitive Landscape and Market Strategy - The company is well-positioned in the academic field of liver disease diagnostics and has established a strong customer base in both domestic and international markets [7][8]. - The introduction of a pay-per-use model for FibroScan devices is expected to enhance market penetration, particularly in primary healthcare settings [36][70]. 5. Valuation - The company's reasonable market capitalization is estimated at 14 billion yuan, indicating a potential upside of approximately 48% relative to its market value as of May 30, 2025 [8].

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 个股表现 2024-06 2024-08 2024-10 2025-01 2025-03 2025-05 -12% 6% 24% 42% 60% 78% 96% 114% 132% 150% 168% 力源信息 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 9.57 | | --- | --- | | 总股本/流通股本（亿股）11.54 | / 10.48 | | 总市值/流通市值（亿元）110 | / 100 | | 52 周内最高/最低价 | 13.45 / 4.38 | | 资产负债率(%) | 36.6% | | 市盈率 | 112.19 | | 第一大股东 | MARK ZHAO | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 力源信息(300184) 电子元器件仓库 l 投资要点 国内头部电子元器件代理 ...

Investment Rating - The report does not explicitly state an investment rating for the company Core Viewpoints - The company, Xiangtan Electric Chemical, is facing challenges due to competition from BYD in the lithium battery market for two-wheeled vehicles, which may impact its future growth prospects in manganese-based lithium materials [1][5][9] - The manganese-based cathode material market is characterized by a small scale and slow development, with the company potentially achieving a market share of 43.48% if it fully utilizes its production capacity by 2026 [7][8] - The company is heavily reliant on the electric manganese dioxide (EMD) segment, which contributes significantly to its revenue and has a higher profit margin compared to manganese lithium [9][10][12] Summary by Sections Industry Overview - Manganese has traditionally been used in the steel industry, but its application in lithium batteries is gaining attention due to the rapid growth of the power battery sector [3][4] - Manganese lithium batteries are expected to see increased demand in electric two-wheelers and low-speed electric vehicles, with a clear application scenario [4][5] Company Financials - The company plans to raise 487 million yuan through convertible bonds to fund a project for producing 30,000 tons of spinel manganese lithium battery materials [6][7] - The company's revenue for 2024 is projected to be 1.9 billion yuan, with EMD accounting for 67% and manganese lithium for 25% of the total revenue [9][12] - The gross margin for EMD is significantly higher at 37%, while manganese lithium has struggled with margins below 1% in recent years [9][10][19] Competitive Landscape - The manganese-based cathode material market is small, with few competitors, and the company is positioned as a potential leader despite the overall weak competitive environment [8][9][13] - The company faces challenges from the rising popularity of lithium iron phosphate (LFP) batteries, which may diminish the advantages of manganese lithium [25][26][30] Market Dynamics - The domestic market for electric two-wheelers is experiencing a decline, with sales expected to drop by 11.6% in 2024 compared to 2023 [33] - Despite the challenges, the demand for manganese lithium is projected to grow, with expected shipments of 115,000 tons in 2024, reflecting a 27.92% increase year-on-year [22][34] Investment and Returns - The company has a history of raising funds through multiple rounds of financing, totaling 1.72 billion yuan, but has provided only 354 million yuan in dividends to shareholders since its IPO [48][50]

证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 57.00 | | --- | --- | | 总股本/流通股本（亿股）1.16 | / 0.46 | | 总市值/流通市值（亿元）66 | / 26 | | 52 周内最高/最低价 | 68.23 / 29.90 | | 资产负债率(%) | 14.9% | | 市盈率 | 178.12 | | 第一大股东 | 朱敏 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 波长光电(301421) 半导体光学加速推进 l 投资要点 半导体光学加速推进。公司 2024 年半导体和泛半导体领域业务 收入达到 5100 万，较上年增加 82%。其中半导体业务包括光刻、封测 等场景，实现营收约 1770 万元，产品形态包括应用于成熟制程的平 行光源系统；先进制程光刻设备光源里的光学镜片（硅反射镜、硒化 锌聚焦镜）；照明系 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company is expected to enter a harvest period in 2025 due to the ramp-up of passenger car seat production and the integration of Grammer [2][5] - Positive changes observed in 2024 include the first annual breakeven for passenger car seats, asset divestiture from Grammer, and the growth of new products like hidden electric air vents and car refrigerators [5][6] Summary by Sections Company Overview - The company is a leading player in the automotive headrest market and is expanding into complete seat assemblies, creating a second growth avenue [15] - The company has evolved from a domestic headrest leader to a global interior supplier, with significant growth opportunities in the seat business [15][19] Passenger Car Seats - The passenger car seat market is projected to exceed 1 trillion yuan, driven by enhanced consumer demand and increased seat functionality [6][44] - The company has a robust order book with over 20 ongoing projects, expecting revenues from passenger car seats to reach 5-7 billion yuan in 2025 [6][9] Grammer Integration - The integration of Grammer has seen operational improvements in Europe and Asia, while the Americas have faced losses [6][22] - The company plans to divest the loss-making TMD assets in North America, which is expected to improve overall financial performance [6][22] Financial Projections - Revenue is forecasted to grow from 25.99 billion yuan in 2025 to 32.11 billion yuan in 2027, with a compound annual growth rate of 17% [8] - Net profit is expected to rebound significantly, reaching 631 million yuan in 2025 and 1.45 billion yuan by 2027 [8] Market Trends - The average value of passenger car seats is anticipated to rise to 5,000 yuan by 2025, with the domestic market size projected to reach 139.1 billion yuan [44] - The company is well-positioned to capitalize on the growing demand for advanced seat features and lightweight materials [43][44]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company focuses on its core lighting business and continues to enhance its high dividend attributes, with a cash dividend of 666 million yuan for 2024, representing a payout ratio of 73.8%, the highest since 2016 [6] - The company plans to maintain a cash dividend ratio of no less than 40% from 2025 to 2027, potentially increasing to 80% if it reaches a mature development stage without significant capital expenditure [6] - The company achieved a revenue of 1.49 billion yuan in Q1 2025, a year-on-year decrease of 5.8%, and expects a total revenue of 7.1 billion yuan for 2024, down 9.0% year-on-year [7] - The company is optimizing its channels and enhancing its competitive edge, focusing on smart, energy-saving, and health-oriented trends in the lighting industry [7] - Digital transformation efforts are aimed at reducing costs and increasing efficiency across various business segments [8] - Long-term, the company is expected to maintain its leading position in the lighting and electrical sector, with adjusted net profit forecasts for 2025 and 2026 at 933 million yuan and 1.03 billion yuan, respectively [8] Summary by Sections Financial Performance - The company reported a revenue of 7.1 billion yuan for 2024, with a projected revenue growth rate of -8.96% [9] - The net profit for 2024 is expected to be 903 million yuan, with a slight decrease of 2.28% year-on-year [9] - The earnings per share (EPS) for 2024 is projected at 1.21 yuan [9] Profitability and Valuation - The gross margin is expected to be 39.3% in 2024, with a slight increase to 39.8% by 2027 [20] - The company maintains a price-to-earnings (P/E) ratio of 14 for 2025, decreasing to 12 by 2027 [21] - The return on equity (ROE) is projected to be 13.4% in 2024, increasing to 14.0% by 2027 [20] Dividend Policy - The company plans to distribute a cash dividend of 9.0 yuan per 10 shares for 2024, with a total cash dividend of 666 million yuan [6] - The dividend payout ratio is set to increase, with a target of at least 40% from 2025 to 2027 [6]

| 日期 | 2025/5/30 | | --- | --- | | 当前股价(元) | 41.86 | | 一年最高最低(元) | 56.84/11.00 | | 总市值(亿元) | 61.22 | | 流通市值(亿元) | 20.07 | | 总股本(亿股) | 1.46 | | 流通股本(亿股) | 0.48 | | 近 3 个月换手率(%) | 739.25 | 北交所研究团队 布局新产品打开增长第二曲线，芳纶纸国产替代有望加速 ——北交所公司深度报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 北交所公司深度报告 民士达（833394.BJ） 2025 年 06 月 03 日 投资评级：买入（维持） 2025Q1 公司实现营收 1.15 亿元（+27.43%），归母净利润 0.31 亿元（+49.92%） 2025 年一季度公司实现营收 1.15 亿元，同比增长 27.43%，实现归母净利润 3055.05 万元，同比增长 49.92%。下游需求高增，我们维持 2025-2027 年盈利预 测，预计公司 2025-2027 年的归母净利润分别为 1 ...

广联达（002410.SZ）公司动态报告 触底反转，向 AI 而生 2025 年 06 月 03 日 ➢ 核心业务稳步发展，2024 年业绩大幅改善。1）核心业务稳步发展：数字成 本业务持续从单岗位工具向成本全过程应用场景升级，传统造价工具续费率、应 用率保持稳定，成本测算产品深耕大客户、应用率不断提升；数维设计业务方面， 数维房建完成多个价值标杆打造，数维道路设计方案能力全面覆盖路桥隧专业， 截至 2024 年应用项目数量增长至 1440 家。数字施工业务主动调整经营思路， 从追求经营规模转向对利润和现金流的管理。2）毛利率上升、费用端持续优化， 推动 2024 年净利润快速回暖：2024 年公司归母净利润 2.5 亿元，同比增长 116.19%。实现扣非归母净利润 1.74 亿元，同比增长 219.92%。 ➢ 政策有望推动下游景气度回暖，SaaS 龙头有望开启发展新征程。1）政策推 动下游回暖：2024 年 9 月，中国央行会同国家金融监督管理总局出台四项金融 支持房地产政策；《2025 年国务院政府工作报告》提出，持续用力推动房地产市 场止跌回稳，有序搭建相关基础性制度，加快构建房地产发展新模式。公司 ...