Group 1 - "Deep-sea technology" has been included in the government work report for the first time in 2025, with recent supportive policies from regions like Shandong and Hainan to promote industry development [1] - The underwater robots are being tested for applications in offshore wind farm operations and submarine cable inspections, with ongoing tests on motion performance, underwater communication, and data transmission modules [3] - The underwater robots are already in practical use across various fields such as marine oil development, marine topography surveying, environmental monitoring, and rescue operations, with performance improvements expected due to advancements in AI and sensor technology [3] Group 2 - The Sanya Nanshan Port is China's first public scientific research port, facilitating research cooperation and resource sharing, significantly reducing travel time to deep-sea operation areas [6] - In 2024, Sanya Nanshan Port supported 1,416 scientific research voyages, with over 800 completed so far this year, enhancing the efficiency of marine research [6] - The marine acoustic sensor industry has seen substantial growth in both output and demand, primarily used for monitoring and collecting marine environmental data [6] Group 3 - China's marine economy has shown strong growth, surpassing 10 trillion yuan for the first time in 2024, representing a 5.9% increase from the previous year [9] - The marine engineering equipment manufacturing industry has maintained the largest global market share for seven consecutive years [7][9]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Viewpoints - The company has over 20 years of experience in the oil and gas industry and has entered the supply chain of global oil service leaders, establishing itself as a high-tech enterprise specializing in the research, production, and sales of oil and gas drilling equipment components [2][15]. - The oil service industry is expected to benefit from increased capital expenditure by oil and gas companies, particularly in deep-sea and unconventional oil and gas sectors, which are seen as long-term trends [3][50]. - The company currently has a low market share, indicating significant growth potential, especially as it aims to increase its market presence in deep-sea and fracturing equipment [4][67]. Summary by Sections Company Overview - The company, established in 1996, has developed a range of specialized components for oil and gas production systems, blowout preventers, and unconventional oil and gas extraction [15][20]. - The company has faced revenue fluctuations, with a projected revenue of 1.12 billion yuan in 2024, a decrease of 7% year-on-year, and a net profit of 90 million yuan, down 40% year-on-year, primarily due to external factors affecting export orders [2][28]. Industry Outlook - The global deep-sea oil and gas equipment market is projected to grow from $18.4 billion in 2023 to $26.5 billion by 2029, with a CAGR of 6.1% [4]. - The company is well-positioned to benefit from the increasing demand for deep-sea oil and gas extraction technologies, supported by government policies promoting deep-sea technology development [57][62]. Financial Projections - The company is expected to achieve net profits of 140 million yuan, 210 million yuan, and 260 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27, 18, and 14 [10]. - The company's revenue is anticipated to grow significantly in the coming years, driven by the release of scale effects and the ongoing domestic development of unconventional oil and gas [2][10]. Market Position - The company has established long-term strategic partnerships with major global oil service companies, with its top five customers accounting for over 70% of annual sales [23][24]. - The company aims to increase its market share in deep-sea equipment to 3%, translating to potential revenue of 2.9 billion yuan, and in domestic fracturing equipment to 40%, corresponding to 680 million yuan in revenue [4][67].

Core Viewpoint - The company is experiencing significant growth in 2024, driven by innovation and strong performance in its automotive parts business, which has established partnerships with major automotive manufacturers and emerging players in the industry [1][2]. Group 1: 2024 Performance Drivers - The automotive parts segment has seen rapid growth, contributing to both revenue and profit increases, with major clients including Geely, Changan, FAW, Chery, GAC, and BYD [1]. - The revenue share of major assembly projects has increased to 67.97%, with a focus on integrated and modular capabilities [1]. - The company has developed innovative products in line with automotive intelligence trends, such as smart cockpits, and has a robust supply chain management system [1]. - The oil and gas equipment business has maintained stable growth, with domestic oil production increasing for eight consecutive years, and the company holds a market share of over 80% in certain key technologies [1][4]. - The high-performance functional materials segment has expanded, with a 14.05% revenue increase, driven by partnerships with leading companies like BOE and BYD [1]. Group 2: 2025 Outlook - The company anticipates steady growth in 2025, supported by government subsidies for the automotive sector and a predicted 4.7% increase in total vehicle sales, with a 24.4% rise in new energy vehicle sales [2]. - The oil and gas equipment sector is expected to benefit from national strategies focusing on energy security and the development of deep-sea resources [2][4]. - The high-performance functional materials market is projected to grow, despite challenges in certain areas, as the company shifts focus to pressure testing membranes and other electronic materials [2]. Group 3: Strategic Initiatives - The company is enhancing its customer base in the new energy vehicle sector, with 72% of new projects related to this market [3]. - In deep-sea technology, the company has established long-term partnerships with major oil companies and is advancing key technologies for deep-sea oil and gas extraction [3][4]. - The company is implementing various measures for market value management, including governance improvements and investor relations strategies [4]. Group 4: Financial Performance - In Q1 2025, the company reported a main revenue of 2.155 billion yuan, a year-on-year increase of 13.66%, and a net profit of 186 million yuan, up 11.3% [5]. - The company maintains a debt ratio of 40.46% and has seen a 20.81% increase in net profit after deducting non-recurring items [5]. Group 5: Analyst Predictions - Analysts predict net profits of 902 million yuan for 2025, increasing to 1.108 billion yuan in 2026, with a target price set at 22.00 yuan [6].

Group 1: Company Overview - The company focuses on the research, production, and sales of sonar equipment in the national special electronic information industry [2][3] - Key products include signal processing platforms, sonar systems, underwater big data, simulation training systems, unmanned detection systems, and data computing centers [3] Group 2: Signal Processing Platform - The signal processing platform is the main information processing unit for sonar equipment, enabling real-time digital signal processing, multi-channel signal acquisition, and data communication [4] - Main customers include national special departments and large state-owned enterprises, with a focus on supporting sales to research institutions [5] Group 3: Market Trends and Development - The company anticipates a new round of development opportunities due to increased national defense investment and the growing demand for domestic products [6] - The order volume for the third-generation domestic underwater signal processing platform is steadily increasing, with significant revenue growth expected in 2024 compared to the previous year [6][7] Group 4: Competitive Advantages - The company has established long-term stable relationships with quality customers and possesses comprehensive industry qualifications and technical expertise [8] - Strong engineering design capabilities and experience allow the company to meet high reliability and compatibility requirements in harsh environments [8] Group 5: Simulation Training Systems - The sonar simulation technology is used for real-time or non-real-time simulation of sonar systems and underwater applications, primarily for training, decision-making support, and scenario simulation [9] - The company has developed a series of simulation training products, including a simulation evaluation platform and a simulation deduction system, which have been delivered [10] Group 6: Future Planning - The company plans to leverage its leading advantages in sonar equipment to expand applications in the deep-sea technology sector, which has been identified as a strategic emerging industry [11] - Collaboration with large domestic groups in technology, research, and services is planned to promote mutual development in the sonar equipment field [11]

5月20日，聚焦"'船'递价值，智领深蓝"主题，中船集团旗下中国船舶、中国重工、中国动力、中船防 务、中国海防、中船科技、中船应急、中国船舶租赁、久之洋、中船汉光、昆船智能、中船特气等12家 上市公司召开2024年度集体业绩说明会。 2025年一季度，中船集团取得"开门红"，集团营业收入同比增长4%，利润总额同比增长26.6%，民品产 业新接合同金额同比增长13.7%。同时，一季度集团造船完工量、新接订单量、手持订单量的国际市场 份额均位居全球造船集团第一。 中船集团总经理王国强表示，中船集团及控股上市公司将围绕"高端、绿色、智能、深海、极地"五个维 度，加快布局以科技创新为根本，发展战略性新兴产业和未来产业，着力打造具有中船特色的科技领军 企业。 2024年，中船集团创新提升船海产业全球竞争力，船海业务新接合同、手持订单、船舶完工交付持续保 持全球第一。王国强表示："作为海洋装备产业领域的国家队、主力军和排头兵，中船集团加快构建产 业结构合理、质量效益领先、国际竞争力强的世界一流船舶科技集团。" 提升投资价值强化投资回报 手持订单饱满加强科技攻关 中国船舶2025年经营目标为完成营业收入805亿元，计划完工 ...

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Views - The report maintains a positive outlook on the AI industry as a key investment theme for the year, anticipating that 2025 may become a pivotal year for domestic AI infrastructure competition and application development [3][25] - The report highlights the strong performance of Alibaba and Tencent, driven by robust AI demand, with Alibaba's cloud revenue growing by 18% and Tencent's R&D spending increasing by 21% [3][17] - The report emphasizes the importance of monitoring AI industry dynamics and investment opportunities, particularly in the context of ongoing advancements in AI applications and infrastructure [3][25] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [4][28] - Switch server PCB: Recommended companies include Hudian Co., ZTE, and Unisplendour [4][28] - Low valuation, high dividend: China Mobile, China Telecom, and China Unicom are highlighted for resource revaluation [4][28] - AIDC & cooling: Key recommendations include Yingweike, Runze Technology, and Guanghuan New Network [4][28] - AIGC applications/edge computing: Focus on companies like Guohua Tong and Meige Intelligent [4][28] 2. Marine Wind Cable & Intelligent Driving - Marine wind cable: Recommended companies include Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [5][30] - Recovery in overseas markets: Key recommendations include Huace Navigation and Weisheng Information [5][30] - Intelligent driving: Suggested companies include Guanghuan Tong and Meige Intelligent [5][30] 3. Satellite Internet & Low-altitude Economy - The report notes the acceleration of national defense information construction and low-orbit satellite development, recommending companies like Huace Navigation and Haige Communication [6][31] 4. Recent Industry Dynamics - The report discusses the recent financial performance of Alibaba and Tencent, highlighting significant revenue growth driven by AI-related products [15][17] - It also mentions the U.S. decision to revoke AI chip export restrictions, which may impact the semiconductor industry [19][20] 5. Market Performance Review - The communication sector showed a slight increase of 0.22% during the week, underperforming compared to the CSI 300 index [32][33]

热点直击：近期，军工板块受到市场资金的关注和追捧。中国军贸出口全球市场份额有望提升。另外，当前军工板块业绩底部特征相对显著，叠加低 空经济、军费增长等利好，军工板块蓄势待发。 相关机会： 军工ETF（512660）：龙头属性尽显、规模同类第一 多重利好共振，军工蓄势待发 1、中国军贸出口全球市场份额有望提升 在百年未有之大变局的背景下，地缘冲突发生频率提升，国际形势对我国军工强实力的验证或为军贸奠定长逻辑基础。中国系统化的先进武器装备可 能成为其他国家优先考虑的选项，中国军贸出口全球市场份额有望提升。 注：数据来源Wind、银河证券 2、装备建设放量，军费稳健增长 当前国内正处于"十四五"的收官之年，此前积压的国防建设任务需要完成，另外还有2027年建军百年及2035年国防现代化等中长期目标，未来军工板 块装备建设需求有望得到释放。此外，我国军费占GDP比重低于世界主要军事大国的平均水平，国防支出仍有较大增长空间。 年初以来，低空经济、商业航天、深海科技、大飞机、军事智能化等主题高度活跃。展望后市，这些大军工新域新质主题仍将会不断深化、反复演 绎；同时，伴随着军工基本面有望迎来持续回暖，主题活跃+业绩提振，将 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 05 月 16 日 浙商早知道 2025 年 05 月 16 日 ： 张延兵 执业证书编号：S1230511010020 ： 021-80106048 ： zhangyanbing@stocke.com.cn 市场总览 ❑ 资金：周四沪深两市总成交额为 11524 亿元，南下资金净流出 2,21 亿港元。 浙商早报 1 市场总览 1、大势：周四上证指数下跌 0.7%，沪深 300 下跌 0.9%，科创 50 下跌 1.3%，中证 1000 下跌 1.7%，创 业板指下跌 1.9%，恒生指数下跌 0.8%。 重要观点 ❑ 【浙商宏观 李超/费瑾】宏观专题研究：4 月金融数据：金融数据回落中的结构性亮点——20250514 重要点评 ❑ 【浙商大制造中观策略 邱世梁/王华君/张菁】机械设备 行业深度：深海科技：政策东风起，聚焦深海装备、深 海信息技术、深海探测等——20250514 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：周四上证指数下跌 0.7%，沪深 300 下跌 0.9%，科创 50 下跌 1 ...

Financial Performance - The company's annual revenue for 2024 was CNY 394,532.18 million, representing a year-on-year increase of 9.4% [2] - The net profit attributable to shareholders for 2024 was CNY 13,854.55 million, showing a year-on-year growth of 36.40% [3] - In Q1 2025, the company achieved a revenue of CNY 74,658.69 million, up by 10.86% compared to the previous year [4] - The net profit attributable to shareholders in Q1 2025 was CNY 4,079.24 million, reflecting a year-on-year increase of 32.32% [4] Industry Outlook - The shipbuilding market is currently in a relatively prosperous cycle, with a clear demand for fleet renewal after 15 years since the last peak [5] - International Maritime Organization's guidelines on low-carbon emissions are expected to drive shipowners to adjust their fleet structures towards cleaner energy vessels [5] - Despite uncertainties from U.S. tariffs and investigations, the global supply chain is stable, and shipping remains irreplaceable by other transport modes [5] - The emphasis on deep-sea technology in government reports indicates a growing focus on deep-sea development, which aligns with the company's expertise in marine engineering vessels [5] - Future demand for new ship types may arise from breakthroughs in deep-sea aquaculture, floating wind power technology, and traditional marine engineering vessels [5]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report emphasizes the importance of developing deep-sea technology as a new engine for economic growth, with the deep-sea technology-related industries expected to exceed 3.25 trillion yuan by 2025, accounting for over 25% of the marine economy [5][14] - The report highlights the strategic shift of China from a "maritime power" to a "maritime strong power," with deep-sea technology becoming a key focus of national strategy [12][14] - The report identifies four major directions for deep-sea technology: marine resource development, marine technology, marine environmental protection, and marine rights protection [19][57] Summary by Sections What is Deep-Sea Technology? - Deep-sea technology refers to advanced technologies and related disciplines used for exploring, developing, and utilizing deep-sea resources and studying the deep-sea environment [4] Why Develop Deep-Sea Technology? - It is crucial for economic structural transformation and national security, with deep-sea technology expected to play a significant role in safeguarding national interests and resource rights [5] Directions of Deep-Sea Technology - Key areas include marine resource development (renewable energy, deep-sea mining, fisheries, oil and gas), marine technology (carriers, sensors, special materials), environmental protection (green ships, island engineering), and rights protection (polar engineering, integrated information networks) [6][19] Investment Recommendations - Focus on sectors with production material or new infrastructure attributes, specifically deep-sea equipment, deep-sea information technology, deep-sea exploration, and deep-sea special materials [7][59] - Recommended companies include: - Deep-sea equipment: Yaxing Anchor Chain, Zhenhua Heavy Industries, China Shipbuilding, China Power, China Shipbuilding Defense [7][59] - Deep-sea information technology: Zhongtian Technology, Oriental Cable [9][59] - Deep-sea exploration: China Marine Defense, Weiguang Co., Ltd. [9][59] - Deep-sea materials: BaoTi Co., Ltd., Western Materials, Western Superconducting [9][59]