丨证券研究报告丨 公司研究丨点评报告丨天合光能（688599.SH） [Table_Title] 坚定转型解决方案服务商，现金储备充足助力穿 越周期 报告要点 [Table_Summary] 天合光能发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 802.82 亿元，同比下降 29%；归母净利-34.43 亿元，同比下降 162%；其中，2024Q4 实现收入 171.34 亿元，同比下 降 47%；归母净利-25.97 亿元，同比下降 672%。2025Q1 实现收入 143.35 亿元，同比下降 21%；归母净利-13.2 亿元，同比下降 356%。 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 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 天合光能（688599.SH） cjzqdt11111 [Table_Title 坚定转型解决方案服务商，现金储备充足助力 2] 穿越周期 ...

公司研究 证 券 研 究 报 告 中天科技（600522）2024 年报及 2025 年一季报点评 推荐（维持） 25 年海风景气向好，能源业务出海可期 目标价：15.6 元 事项： 公司发布 24 年年度报告及 25 年一季度报告。2024 年报告期，公司实现营业 收入 480.55 亿元，同比+6.63%；归母净利润为 28.38 亿元，同比-8.94%；扣非 归母净利润 25.45 亿元，同比-4.78%。25Q1 报告期，公司实现营业收入 97.56 亿元，同比+18.37%；归母净利润 6.28 亿元，同比-1.33%；扣非归母净利润 5.97 亿元，同比+20.45%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 48,055 | 57,514 | 59,521 | 61,945 | | 同比增速(%) | 6.6% | 19.7% | 3.5% | 4.1% | | 归母净利润(百万) | 2,838 | 3, ...

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" with a target price of 14.1 CNY [1][7]. Core Views - The company has shown signs of recovery with a significant increase in revenue in Q1 2025, achieving 77.04 billion CNY, a year-on-year increase of 51.78% [1][7]. - The company is expected to benefit from accelerated domestic offshore and onshore order deliveries, leading to a recovery in manufacturing profitability [7][8]. - The forecasted earnings per share (EPS) for 2025-2027 are 0.71 CNY, 0.94 CNY, and 1.16 CNY respectively, with corresponding price-to-earnings (PE) ratios of 15, 11, and 9 [7][8]. Financial Performance Summary - For the fiscal year 2024, the company reported total revenue of 271.58 billion CNY, a decrease of 3.43% year-on-year, and a net profit attributable to shareholders of 3.46 billion CNY, down 8.12% year-on-year [1][3]. - The company’s revenue from wind turbine and accessory business in 2024 was 208.33 billion CNY, a decline of 12.4% year-on-year, with a sales volume of 10.82 GW, an increase of 11.66% year-on-year [7][8]. - The gross margin for the manufacturing segment in 2024 was -0.46%, reflecting a year-on-year decrease of 3.61 percentage points [7][8]. Future Outlook - The company has a backlog of orders amounting to approximately 42.22 GW, with over 3 GW being international orders, indicating strong future revenue potential [7][8]. - The report anticipates that the manufacturing profitability will turn positive as the average bidding price stabilizes and increases, particularly with the contribution from high-margin overseas orders [7][8].

上 市 公 司 公 司 研 究 / 公 司 点 评 计算机 2025 年 05 月 23 日 新大陆 (000997) ——"网号网证"相关政策发布，公司核心受益！ 报告原因：有信息公布需要点评 买入（维持） | 2025年05月23日 | | --- | | 市场数据： | 2025 年 05 月 23 日 | | --- | --- | | 收盘价（元） | 29.30 | | 一年内最高/最低（元） | 32.20/11.85 | | 市净率 | 4.2 | | 股息率%（分红/股价） | 1.88 | | 流通 A 股市值（百万元） | 30,074 | | 上证指数/深证成指 | 3,348.37/10,132.41 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 6.90 | | 资产负债率% | 40.61 | | 总股本/流通 A 股（百万） | 1,032/1,026 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 05-23 06-23 ...

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].

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 46.165 billion yuan for 2024, a decrease of 10% year-on-year, with a net profit attributable to shareholders of 2.247 billion yuan, down 23% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 11.987 billion yuan, a decline of 2% year-on-year and quarter-on-quarter, while net profit reached 292 million yuan, a significant increase of 363% year-on-year but a decrease of 59% quarter-on-quarter [2][4]. - For Q1 2025, the company reported a revenue of 8.586 billion yuan, down 11% year-on-year, and a net profit of 47 million yuan, down 92% year-on-year [2][4]. Financial Performance Summary - The company sold 31 GW of components in 2024, with North America accounting for approximately 28% of sales, and the gross margin for component products was 12.75%, a decrease of 2.95 percentage points year-on-year [9]. - The company sold approximately 6.5 GWh of energy storage in 2024, with a gross margin of 30.84%, an increase of 13.74 percentage points year-on-year, attributed to declining cell costs and scale effects [9]. - The company expects a net profit of 2 billion yuan for 2025, corresponding to a PE ratio of 18 times [6]. Strategic Outlook - The company is actively responding to U.S. tariff barriers by utilizing Southeast Asia and other supply chains during the tariff exemption period, shifting manufacturing and procurement to low-tariff regions, leveraging domestic production advantages, sharing tariff costs with customers and suppliers, and seeking tariff exemptions or reductions for specific products [9]. - The company is enhancing its technological innovation, with HJT battery pilot average efficiency at 27.1% and plans to launch HJT components for commercial use with an efficiency of 23.9% [9].

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]