2025.04. 24 | 板块名称 | 涨幅 | 王力金额 | 板块名称 | 米喝合 | 一切金额 | | --- | --- | --- | --- | --- | --- | | PEEK材料 | +1.80% | -60377 | 新股与次新股 | -3.54% | -3.68 7. | | 电力 | +1.74% | +8.66 7. | 电子身份证 | -3.33% | -5.42 7 | | 美容护理 | +1.59% | +54187 | 华为盘古 | -3.25% | -7.02 Z | | 宠物经济 | +1.59% | +3.11 7. | 注册制次新股 | -3.17% | -3.68 Z | | NMN概念 | +1.22% | +2.36 7. | 通信服务 | -3.16% | -11.70 Z. | | 银行 | +1.06% | -3.27 7 | 软件开发 | -3.12% | -19.77 7 | | 保险 | +0.91% | +1.83 7. | 数据安全 | -3.10% | -29.95 7 | | 维牛麦 | +0.90% | +2.9617. | 科创次新股 ...

Core Viewpoint - The recent adjustment in the photovoltaic sector is primarily due to concerns over trade friction and a short-term decline in market conditions, but the export from Southeast Asia to the U.S. has not been significantly impacted, and the domestic installation slowdown is seen as a temporary fluctuation, suggesting a need for cautious optimism [1][2]. Investment Highlights - The current adjustment in the photovoltaic sector is attributed to two main factors: concerns over bilateral trade friction and worries about a short-term decline in the industry chain's market conditions. However, the export of photovoltaic products from Southeast Asia to the U.S. remains unaffected, and the recent decrease in domestic installation enthusiasm is expected to be a short-term fluctuation rather than a long-term trend [2]. - A joint statement from five government departments aims to promote the high-quality development of the green certificate market, with goals to establish a well-functioning trading system by 2027 and to ensure efficient operation by 2030. The guidelines include mandatory consumption requirements for green electricity and encourage the development of high-consumption green electricity factories and parks [2]. Price Trends - Prices for silicon wafers, batteries, and modules have mostly remained stable, with some experiencing slight declines. The average price of dense materials is 40.0 yuan/kg, while P-type 182 silicon wafers are priced at 1.15 yuan/piece, and N-type 182 silicon wafers have decreased by 0.100 yuan/W to 1.20 yuan/piece. PERC batteries are priced at 0.30 yuan/W, reflecting a decrease of 0.010 yuan/W [3]. Market Performance - The photovoltaic sector's performance has lagged behind the broader market, with a recent weekly decline of 1.04%, underperforming the CSI 300 index by 2.99 percentage points. The sector's TTM overall valuation as of April 18, 2025, stands at 17.29 times, ranking in the lower middle compared to other industry sectors. The valuation trend shows a continuous decline from the end of 2021 to the end of 2023, with a gradual increase starting in early 2024 [4].

Core Viewpoint - The company reported significant declines in revenue and net profit for 2024 and Q1 2025, primarily due to pressure on its main film business and substantial asset impairment losses [1][3]. Financial Performance - In 2024, the company achieved revenue of 2.591 billion yuan, a year-on-year decrease of 46.81%, with a net loss attributable to shareholders of 558 million yuan, resulting in a loss per share of 6.65 yuan [1]. - For Q1 2025, revenue was 316 million yuan, down 64.02% year-on-year and 41.37% quarter-on-quarter, with a net loss of 57 million yuan and a loss per share of 0.69 yuan, which was below expectations [1]. Business Trends - The film business faced significant challenges in 2024, with a drastic price drop leading to a sales average of 5.9 yuan per unit, a decrease of 31% year-on-year, and a revenue decline of 48% [1]. - The company opted to abandon low-priced orders, resulting in a decrease in shipment volume and market share, with 2024 sales volume at 420 million square meters, down 25% year-on-year [1]. - Due to falling prices of raw materials and film, some production lines were shut down, leading to a substantial asset impairment loss of 208 million yuan [1]. - The company is implementing a conservative strategy to optimize its asset structure, which has led to a reduction in accounts receivable risk and positive operating cash flow since Q2 2024 [1]. New Business Opportunities - The automotive materials business is expected to become a second growth curve for the company, with 2024 revenue of 20 million yuan, a year-on-year increase of 504.52%, and a gross margin of 28.22% [2]. - The company’s products in this segment include liquid crystal dimming films, XPO leather, and PVE glass glue films, all of which are proprietary technologies [2]. - The recent launch of the Zhiji L6 model, which uses the company's liquid crystal dimming film, indicates market acceptance and potential for further penetration into mid- to low-end models [2]. - The company anticipates batch supply of dimming films and XPO leather products in 2025, with PVE films expected to be promoted in the second half of the year [2]. Profit Forecast and Valuation - Due to low film prices and intense industry competition, the company’s ability to recover profits in the short term is limited, and the automotive materials business is still in its early stages with significant initial R&D and sales expenses [3]. - The net profit forecast for 2025 has been revised down by 286.5% to a loss of 291 million yuan, with an initial 2026 profit forecast of a loss of 65 million yuan [3]. - The target price has been reduced by 18.1% to 45.3 yuan, corresponding to 1.3 and 1.1 times P/S for 2025 and 2026, respectively, indicating a potential upside of 17.6% from the current stock price [3].

Group 1 - The article discusses recent updates on various sectors, including photovoltaic, biotechnology, and semiconductor testing equipment [1][2][3] - Key insights from the photovoltaic sector include the analysis of annual and quarterly reports of relevant companies [3] - A deep report on Innovent Biologics is scheduled, focusing on its current status and future prospects [8] Group 2 - The article highlights the recent developments in the semiconductor testing equipment industry, particularly focusing on Huafeng Measurement and Control, which is positioned as a leading domestic player [2][27] - The upcoming session on the review and update of industry allocation models indicates a strategic approach to investment in various sectors [2][8] - The discussion on the technological breakthroughs of Xiangcai Securities emphasizes the importance of technology collaboration in the financial sector [2][24]

Investment Rating - The report assigns a "Hold" rating for the company with a target price of 7.26 CNY based on a 2025 PE of 11x [7]. Core Insights - The company has achieved a revenue of 5.166 billion CNY in Q1-Q3 2024, representing a year-on-year growth of 8.76%, and a net profit of 910 million CNY, up 6.95% year-on-year, indicating stable performance [1][12]. - The company is actively expanding its global presence in the smart meter and energy storage sectors, with significant growth in overseas sales and a strong order backlog [2][4]. - The company is well-positioned in the photovoltaic industry, with a multi-segment strategy that includes upstream and downstream collaborations, particularly in the TOPCon technology [3][5]. Summary by Sections Smart Meter Business - The company maintains a stable market share in the domestic smart meter sector, with a 13% year-on-year increase in cumulative exports by November 2024, particularly strong growth in the Asia-Pacific and African markets [2][48]. - The company has diversified its product line and increased R&D investment, leading to significant achievements in global market penetration [2][12]. Photovoltaic Industry - The company has strategically positioned itself across multiple segments of the photovoltaic industry, benefiting from favorable policies and a growing market [3][5]. - The TOPCon production line has been successfully launched, with the first phase of a 20GW project completed in September 2023 [3][5]. Energy Storage Sector - The energy storage industry is rapidly developing due to policy support, with the company establishing a comprehensive supply chain and accumulating over 6GWh of project resources [4][5]. - The company has implemented a "3 + 2" strategy to expand its overseas market presence, particularly in collaboration with partners in Saudi Arabia [4][5]. Financial Performance - The company forecasts net profits of 1.229 billion CNY, 1.458 billion CNY, and 1.742 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 11.60, 9.79, and 8.19 [5][6]. - The company has shown a consistent ability to maintain high profitability and dividend payouts, with a dividend yield of 4.38% in 2024 [33][36].

Company Overview - Hangzhou Xingshuai Electric Co., Ltd. was listed on the Shenzhen Stock Exchange in April 2017 as a high-tech enterprise with strong innovation and independent R&D capabilities [4] - The company specializes in the R&D, production, and sales of various types of refrigeration compressor thermal protectors, starters, sealing terminal blocks, temperature controllers for small appliances, and various motor products [4] Financial Performance - In 2024, the company achieved a revenue of CNY 2.077 billion, with a net profit attributable to the parent company of CNY 144 million [4] - Revenue decreased compared to the previous year primarily due to the decline in demand in the photovoltaic market and the drop in the price of key raw materials (solar cells) [4] - The company recorded an asset impairment loss of CNY 42.53 million and interest expenses on convertible bonds of CNY 32.35 million, significantly impacting net profit [4] Strategic Adjustments - The company is confident in addressing external challenges and is actively restructuring its strategy, focusing on product mix adjustments and accelerating supply in new markets such as elevators, commercial compressors, and new energy vehicles [4] - The home appliance segment continues to provide stable customers and orders, indicating a robust and sustainable development capability [4] - Despite challenges in the photovoltaic industry, the company remains optimistic about its photovoltaic business, which continues to contribute to revenue and net profit [4] Product Development and R&D - The company plans to focus on R&D for new motor products and projects, increasing technical and financial support for its subsidiary Zhejiang Special Electric Motor [4][5] - Key R&D projects include high-efficiency permanent magnet motors and servo motors, with ongoing efforts to meet market demands and seek partnerships [5][7] - The company has established long-term collaborations with major universities to ensure product development and quality [7] Market Position and Competitiveness - Zhejiang Special Electric Motor has a strong technical foundation, with several research and development centers and partnerships with universities [7] - The company has a diverse product range, including energy-efficient three-phase motors, variable frequency motors, and specialized motors for various applications [6][9] - The company maintains a high domestic market share, with stable client orders and no significant impact from tariffs on exports [9]

Investment Rating - The report maintains an "Overweight" rating for the organic silicon industry [3] Core Viewpoints - The rapid expansion phase of production capacity in the organic silicon industry is nearing its end, and the supply-demand balance is expected to improve [3] - The demand for organic silicon materials is anticipated to maintain a growth rate of over 10% due to emerging sectors such as new energy vehicles, photovoltaics, and electronics [60] - The industry is characterized by high concentration, with the top three companies holding a market share of 45.93% and the top six companies holding approximately 69.19% [34] Summary by Sections 1. Wide Application of Organic Silicon Products - Organic silicon is widely used in various fields including aerospace, electronics, construction, transportation, chemicals, textiles, food, light industry, and medical applications [14] - The market share of organic silicon deep-processing products in China includes RTV (37.0%), HTV (29.4%), silicone oil (28.3%), LSR (3.6%), and silicone resin (1.8%) [18] 2. Supply Side: End of Rapid Capacity Expansion - As of 2024, China's organic silicon intermediate capacity is 3.44 million tons, with a compound annual growth rate of 17.82% from 2019 to 2024 [25] - The industry is currently experiencing losses due to previous overcapacity, and new capacity additions are expected to be limited, with only 100,000 tons planned for 2025 [34] 3. Demand Side: Strong Growth in Emerging Applications - The apparent consumption of organic silicon intermediates in China is projected to grow from 1.0615 million tons in 2019 to 1.8164 million tons in 2024, with a compound annual growth rate of 11.34% [39] - The demand for organic silicon in the new energy vehicle sector is expected to grow at a compound annual growth rate of 16.40% from 2024 to 2030 [45] 4. Key Companies - Hoshine Silicon Industry (合盛硅业) focuses on the research, production, and sales of silicon-based new materials, with an organic silicon monomer production capacity of 1.73 million tons as of June 2024 [63]

Group 1 - The new stock market shows a significant recovery in "profit-making effect," with an average first-day increase of 318% for four new stocks this week [1] - Hongjing Optoelectronics saw a first-day increase of 282.03%, with a single subscription profit close to 60,000 yuan, while Jiangnan New Materials surged 606.83%, marking the highest first-day increase for new stocks this year, with a single subscription profit of approximately 32,000 yuan [1] - Next week, three new stocks are scheduled for subscription, including Shihang New Energy, which is a leading global supplier of photovoltaic inverters [1][4] Group 2 - Shihang New Energy focuses on the research, production, sales, and service of new energy power equipment, specializing in solar energy conversion, storage, and management [5] - The company’s core products include string photovoltaic grid-connected inverters, photovoltaic energy storage inverters, storage batteries, and photovoltaic system accessories [5] - Shihang New Energy expects a net profit of 49 million to 55 million yuan for Q1 2025, with a year-on-year change of -0.10% to 12.14% [6] Group 3 - China Ruilin, established in 1957, is a key design unit in the non-ferrous metal industry, providing engineering design consulting and total contracting services [9] - The company serves major state-owned enterprises and large corporate groups in China, including China Nonferrous Mining, State Power Investment, and China Copper [1] - China Ruilin anticipates a net profit of 8.5 million to 11 million yuan for Q1 2025, with a year-on-year change of -0.16% to 29.21% [10] Group 4 - Taihong Wanli has over 20 years of experience in the automotive parts sector and has become a first-tier supplier for several well-known domestic and international automotive manufacturers [2] - The company actively collaborates with leading companies in the new energy vehicle sector, including NIO, Li Auto, and Xpeng Motors, and is a partner of major component suppliers like CATL [2] - Taihong Wanli projects a net profit of 38.8 million to 43.5 million yuan for Q1 2025, reflecting a year-on-year growth of 2.89% to 15.35% [11]

再次押对主线。 作者 | 市值风云基金研究部 编辑 | 小白 亮眼的业绩，带来的是大批资金的追随。 除了两只定开基金外，他旗下的其它产品年内均实现不同程度的份额增长，增幅最大的是其代表作万 家品质生活A（519195.OF），达76%。 莫海波咱们之前详细分析过，他是一个自上而下的选手，擅长择时，每年着重配置两三个更具性价比 的行业来轮动，超额收益有60%-70%是靠择时和行业选择贡献。 去年是莫海波峰回路转的一年，其在管基金规模逆势增长92%，来到了146亿。 （来源：Choice数据） 而背后，无非是业绩的增长和基民的蜂拥追买。 注：如无特殊说明，全文数据截止2025年1月21日。 押对方向！旗下基金平均回报33% 莫海波管理的6只基金在去年均获得30%以上的收益，平均回报33%，大幅跑赢沪深300指数（14. 7%），表现相当不错。 | | | | | 莫海波旗下基金(截至2025年1月21日) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 基金代码 | 基金名称 | 任职日期 | 24年合并规模 ...

股票简称：双元科技 股票代码：688623 浙江双元科技股份有限公司 Zhejiang Shuangyuan Technology Co., Ltd. （杭州市莫干山路 1418 号标准厂房 2 号楼（上城科技工业基地）） 首次公开发行股票 科创板上市公告书 保荐人（主承销商） （中国（上海）自由贸易试验区浦明路 8 号） 二零二三年六月七日 特别提示 浙江双元科技股份有限公司（以下简称"双元科技"、"本公司"或"发行 人"、"公司"）股票将于 2023 年 6 月 8 日在上海证券交易所科创板上市。本 公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素，在新股上 市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 1 第一节 重要声明与提示 一、重要声明 本公司及全体董事、监事、高级管理人员保证上市公告书所披露信息的真实、 准确、完整，承诺上市公告书不存在虚假记载、误导性陈述或重大遗漏，并依法 承担法律责任。 上海证券交易所、有关政府机关对本公司股票上市及有关事项的意见，均不 表明对本公司的任何保证。 本 公 司 提 醒 广 大 投 资 者 认 真 阅 读 刊 载 于 上 海 证 券 交 易 所 ...