Investment Rating - The report maintains an "Add-A" rating for the company, with expected EPS growth of 0.96, 1.13, and 1.33 for 2025-2027, corresponding to PE ratios of 27.0, 23.1, and 19.5 respectively [18][20]. Core Insights - The company reported a revenue of 5.072 billion yuan for 2024, a year-on-year increase of 6.12%, and a net profit of 1.153 billion yuan, up 11.75% year-on-year [20]. - The aviation new materials business continues to grow steadily, benefiting from increased deliveries of prepreg and carbon brake products, achieving a revenue of 4.969 billion yuan in 2024, a 6.37% increase [20]. - The company is positioned to benefit from the strong recovery of commercial aviation and the booming low-altitude economy, with a focus on expanding its market in civil aviation and low-altitude industries [20]. Market Trends - The domestic coal market shows signs of stabilization, with the price of thermal coal at 692 yuan/ton, reflecting a slight decrease of 0.29% [9]. - Metallurgical coal inventories are at historically low levels, with downstream demand expected to improve due to macroeconomic policies [10]. - The coal sector has seen a rebound, with the CITIC coal index rising by 4.97% [11]. Solar Energy Sector - The Ministry of Finance has released a management approach for special funds for clean energy development, indicating structural price increases for products in the solar energy sector [14][15]. - The price of photovoltaic equipment and components has decreased by 13.0% year-on-year, but the decline is slowing, suggesting a potential stabilization in the market [15]. Investment Recommendations - The report suggests focusing on high-dividend stocks and stable high-dividend varieties, particularly recommending companies like China Shenhua, Shaanxi Coal, and China Coal Energy for their attractive valuations and dividend yields [12]. - In the solar energy sector, companies such as Aiko Solar and Longi Green Energy are highlighted for their innovative technologies and market positioning [16].

Investment Rating - The report maintains an "Accumulate" rating for the military industry [3] Core Insights - The military materials sector is expected to see demand recovery in 2025, driven by the release of pent-up demand and the completion of significant projects [11][12] - The report highlights the development of advanced ceramic matrix composites, which offer superior high-temperature resistance and weight reduction compared to traditional high-temperature alloys, making them ideal for aerospace applications [2][31] - The application of 3D printing technology is expanding in both military and civilian sectors, enhancing product performance and reducing costs [6][34] Summary by Sections Important Events and Announcements - The Sichuan Provincial Science and Technology Department plans to establish a technology innovation center for ceramic matrix composites, indicating a focus on advanced materials development [25] - OPPO's launch of the Find N5 smartphone, utilizing 3D printed titanium alloy components, showcases the integration of advanced manufacturing techniques in consumer electronics [26][32] Military Materials Industry Analysis - The military materials index outperformed the broader military industry index by 1.05 percentage points in February, indicating positive market sentiment [8][37] - The report notes that 2024 will be a challenging year for military materials companies, with a mixed performance in earnings forecasts [9][11] - The demand for high-end materials such as titanium alloys, carbon fibers, and high-temperature alloys is projected to grow significantly by 2028, with market sizes expected to exceed 200 billion, 300 billion, and 400 billion respectively [42][44] Capital Market Status - The military materials sector is experiencing a recovery phase, with a notable increase in orders and production capacity as companies adapt to market demands [11][12] - The report suggests that companies should focus on diversifying their supply chains and reducing reliance on single-source suppliers to mitigate risks [13][46] Investment Recommendations - The report recommends focusing on companies such as Guangwei Composite, Zhongfu Shenying, and Jialiqi in the carbon fiber sector, as well as Feishun Special Steel and Steel Research High-tech in the high-temperature alloy sector [20][48]