证券研究报告 | 年报点评报告 gszqdatemark 2025 04 27 年 月 日 明阳电气（301291.SZ） 业绩稳定兑现，后续双海+数据中心有望贡献增量业绩 事件：公司发布 2024 年年度报告与 2025 年一季度报告。2024 年全年实现： 1）营收 64.44 亿元，同比+29.62%；归母净利润 6.63 亿元，同比+33.8%； 扣非归母净利润 6.54 亿元，同比+33.57%。2）毛利率 22.29%，同比-0.4pct； 净利率 10.28%，同比+0.22pct。3）期间费用率为 8.38%（（售 /管理/研发/ 财务费用率分别为 3.36%、2.05%、3.27%、-0.3%，同比分别变动-0.3，-0.55， +0.02，-0.18pct），同比-1.01pct。2025 年 Q1 实现：1）营收 13.06 亿元， 同比+26.21%，环比-44.53%；归母净利润 1.12 亿元，同比+25.01%，环比 -50.51%。扣非净利润为 1.1 亿元，同比+23.07%，环比-50.78%。2）毛利 率 21.78%，同比-5.59pcts。净利率 8.6%，同比-0. ...

• 国能日新：作为软件公司，2026 年 PE 估值仍有 20 多倍空间，受益于能 源局 136 号文后各省对分布式能源的支持，其功率预测系统存在边际变化 机会，值得重点关注。 • 特锐德：2024 年业绩超预期，沙特国网项目预计二季度确认收入，一季 度费用前置影响已消除，充电网业务盈利改善，二季度及未来发展前景乐 观。 • 汉威科技：在电子皮肤、六维力传感器和 IMU 传感器领域领先，与多家客 户对接顺利，受益于动力电池新规增加的柔性传感器需求，在人形机器人 领域优势显著，股价表现优异。 • 普利特：传统改性塑料业务稳步增长，LCP 薄膜在智能手机应用及与海思 达合作的推动下，预计 2025 年盈亏平衡并实现良好业绩，边际改善明显， 估值合理，值得关注。 • 光伏行业：上下游账款拖欠明显，136 号文可能导致需求下降，加速行业 出清，现金流充裕公司或将脱颖而出。目前板块处于左侧或接近左侧位置， 价值投资者开始布局，欧洲户用储能需求增加，阳光电源储能和光伏逆变 器业务表现优秀。 Q&A 国能日新近期的业绩表现如何？是否仍有投资空间？ 国能日新在最近发布的一季度报告显示，其业绩超出预期。公司受益于分布式 功率预 ...

南都电源 20250126 摘要 • 南都电源 2024 年面临废旧电池价格高企、再生铅板块亏损、锂电订单选 择性放弃及海外发货延迟等多重挑战，同时计提了较大规模的资产减值准 备和或有负债。 • 公司采取"三化一融合"战略转型，包括产业一体化、消服一体化和产业 生态融合，加强锂电循环和海外销售服务布局，并投建风场项目，提升质 量管理和全球市场竞争力。 • 2025 年第一季度经营业绩触底反弹，尽管营收同比下降 60%，但整体经 营结果有所改善，主要得益于再生铅板块减产和战略转型带来的积极影响。 • 技术研发取得显著进展，包括高性能锂离子芯、电芯液冷集成系统和固态 电池重大研发项目，发布最新型号七八 3 系列产品，优化全流程节点管控， 提高质量管理水平。 • 公司大幅减产铅酸电池，转向锂电池，尽管导致营收显著下降，但代表了 经营质量的改善，预计全年营收将降至 20 亿以下，电池销售成为主要收 入来源。 • 2025 年第一季度季报显示有 9 亿多发出商品未确认收入，其中 7.3 亿已 收到资金作为合同负债，新型电力储能部分确认收入 7 亿元，毛利率在 30%至 45%之间，数据中心部分有 2 亿元发出商品未确认 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to hit a bottom in operations in 2024, with a potential recovery in 2025. The growth in new energy, smart distribution, and data center businesses is anticipated to contribute significantly to revenue [10][4]. Financial Performance Summary - In 2024, the company achieved total revenue of 4.24 billion yuan, a year-on-year decrease of 7.6%. The net profit attributable to shareholders was 310 million yuan, down 38.9% year-on-year, while the net profit excluding non-recurring items was 260 million yuan, a decline of 41.6% [2][4]. - For Q4 2024, the company reported revenue of 1.11 billion yuan, a decrease of 1.4% year-on-year and 0.1% quarter-on-quarter. The net profit attributable to shareholders was 1 million yuan, down 98.5% year-on-year and 98.0% quarter-on-quarter, with a slight loss in net profit excluding non-recurring items [2][4]. - The revenue breakdown by segment for 2024 shows: - Distribution electrical appliances: 2.759 billion yuan, down 1.8% - Terminal electrical appliances: 835 million yuan, down 23.9% - Control electrical appliances: 458 million yuan, up 3.9% - Electrical products: 156 million yuan, down 29.3% - Other businesses: 29 million yuan, up 67.1% [10]. - The gross margin for 2024 was 30.36%, a decrease of 2.09 percentage points year-on-year. The gross margin for Q4 2024 was 27.66%, down 1.35 percentage points year-on-year and 1.98 percentage points quarter-on-quarter [10]. - The total expense ratio for 2024 was 23.28%, an increase of 3.00 percentage points year-on-year, with specific increases in sales, management, and R&D expense ratios [10]. Future Projections - The company is projected to achieve a net profit of 450 million yuan in 2025, corresponding to a price-to-earnings ratio of approximately 20 times [10].

Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company is expected to experience rapid growth in its data center and computing power equipment-related businesses, driven by the booming AI applications and the adoption of liquid cooling solutions [1][4]. - The company has increased its R&D investment and capacity expansion, which is anticipated to lay a solid foundation for capturing opportunities in the AIDC industry cycle [3][4]. Summary by Sections Financial Performance - In Q1 2024, the company's revenue reached 4.589 billion RMB, a year-on-year increase of 30.04%, while the net profit attributable to the parent company was 453 million RMB, up 31.59% [1]. - The company's gross margin for Q1 2024 was 28.75%, reflecting a decline of 3.6 percentage points year-on-year, primarily due to accounting policy adjustments and rising commodity prices [3]. - The company’s revenue from the data center cooling business grew by 48.83% to 2.441 billion RMB in 2024, driven by high demand for data center construction [2]. Business Segments - The data center cooling business is expected to continue its rapid growth, benefiting from the high demand for AI and the introduction of liquid cooling technology [2]. - The cabinet cooling business also saw a year-on-year growth of 17.03% to 1.715 billion RMB, with the energy storage segment growing by 22% to 1.5 billion RMB [2]. Future Projections - The company’s net profit is projected to reach 6.29 billion RMB in 2025, 7.82 billion RMB in 2026, and 9.61 billion RMB in 2027, with a downward adjustment of 20% and 24% for 2025 and 2026, respectively [4]. - The target price for the company is set at 36.35 RMB, based on a PE ratio of 43 times for 2025 [4][7].

Core Viewpoint - In 2024, the company faced significant operational pressure, with a notable decline in both revenue and profit, indicating challenges in maintaining profitability amidst external market pressures [1][4]. Financial Performance - The company's total revenue for 2024 was 1.559 billion, a decrease of 3.70% from 1.619 billion in 2023 [4]. - Gross profit fell from 404 million in 2023 to 307 million in 2024, a reduction of 970 million [4]. - Net profit attributable to shareholders plummeted by 88.91%, from 1.03 billion in 2023 to 113.837 million in 2024 [4]. - The net profit after excluding non-recurring items turned into a loss of 2.703 million, a decline of 103.25% compared to a profit of 832.82 million in 2023 [4]. Market Challenges - The company is navigating external challenges such as sluggish global economic recovery, supply chain restructuring, and rising raw material costs [4]. - Despite efforts to optimize product structure and enhance cost control, the company’s performance remained unsatisfactory due to new business lines still in the ramp-up phase and increased costs related to asset impairment and convertible bond interest [4]. Strategic Initiatives - The company is focusing on emerging technologies, including IoT, AI, and electric vehicles, to drive demand for PCB products [5][6]. - It has initiated small-scale production of high-performance computing products, indicating a shift towards advanced technology applications [6]. - The product range includes HDI boards, thick copper boards, and semiconductor packaging, catering to diverse industries such as industrial control, healthcare, and telecommunications [6]. Cost Control and Digital Transformation - The company is actively implementing cost control measures and lean operations, aiming to enhance efficiency and reduce costs [7]. - It has optimized its supply chain management and improved digital procurement processes, leading to significant advancements in cost management and operational efficiency [7]. - The deployment of SAP and other systems across all factories has been completed, facilitating real-time monitoring of operations and enhancing data accuracy for better decision-making [7].

Primary Market - A total of 19 offshore bonds were issued this week, including 6 offshore RMB bonds, 6 USD bonds, 4 HKD bonds, and 3 EUR bonds, with issuance sizes of 54.2 billion RMB, 615 million USD, 798.8 billion HKD, and 1.9 million EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 1 billion RMB by the Asian Development Bank, while the highest coupon rate was 6.5% issued by Huangshi Chantuo Holdings Group [1] - In the USD bond market, the largest single issuance was 200 million USD by Chengdu Economic Development Investment Group, with the highest coupon rate of 7.0% from two issuers: Fuzhou Digital Economy Investment Group and Emei Mountain Modern Agriculture Development Group [1] Secondary Market - The yield on Chinese offshore USD bonds rose across the board this week, with the Markit iBoxx Chinese USD bond composite index increasing by 0.33% to 240.93 [2] - The real estate USD bond index saw a significant increase of 1.94%, closing at 180.28, while the city investment bond index rose by 0.14% to 148.05 [2] Price Movements - The largest weekly price increase in Chinese offshore bonds was for the MOLAND 8% 12/30/24 bond from Contemporary Land, which rose by 56% to 2.75 [3] - The largest weekly price drop was for the HONGSL 5% 8/19/29 bond from Hongyang Group, which fell by 125.84% to 6.72 [5] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 265.35 basis points, a decrease of 3.21 basis points from the previous week [6] Rating Changes - Moody's maintained the "A3" issuer ratings for China Railway Group and China Railway Construction, changing the outlook from "stable" to "negative" on April 24 [9] - Moody's also maintained the "Baal" issuer rating for China Communications Construction Group, adjusting the outlook to "negative" on April 25 [9] Defaults and Extensions - Xinyuan (China) Real Estate's bond "H20 Xinyuan 1" received approval for a 2-year extension, with the new maturity date set for November 13, 2027 [10] - Sunshine City Group failed to make timely payments on its 2020 first phase medium-term notes, with the company unable to raise sufficient funds by the accelerated maturity date [11] Market News - The issuance of the 2025 ultra-long special treasury bonds began on April 24, with a total planned issuance of 1.3 trillion RMB [12] - The first data center holding-type real estate ABS in the country was listed on the Shanghai Stock Exchange, raising a total of 1.6092 billion RMB [13] - The People's Bank of China conducted a 600 billion RMB MLF operation to maintain liquidity in the banking system [14] Overseas News - Some Federal Reserve officials hinted at the possibility of earlier interest rate cuts if economic conditions worsen [15] - Demand for US Treasury bonds from overseas reached a new low, with indirect bidders accounting for only 56.2% of the latest auction [16] Offshore Bond Alerts - Zhengrong Real Estate's proposal to extend the "H20 Zhengrong 2" bond was not approved, leading to a failure to repay interest [17] - Futong Group plans to pay interest on "H21 Futong 1" by April 28, 2025 [18] - The proposal for delisting 18 company bonds from AVIC Industrial was not approved, and the bonds will resume trading [19] - Aoyuan Group announced that three bonds, including "H20 Aoyuan 1," will be suspended from trading starting April 28 [20]

此外， 在手机部件及组装业务领域 ，比亚迪将持续加强核心技术研发及高端制造创新能力，进一步提升垂直整合优势，全方位深化大客户战略合作。 此外，AI数据中心、AI服务器等新兴业务有望快速推进，开启新的成长曲线。 国泰海通证券认为，比亚迪一季度业绩符合预期。该机构表示，公司出海战略与中高端品牌持续发力，提供了强劲的业绩增长动力。同时，公司新发布 的超级e平台、兆瓦闪充等技术，有望继续夯实纯电市场技术领先地位。 【DT新材料】 获悉，4月25日， 比亚迪 披露2025年一季报，公司实现营业收 入1703.6亿元，同比增长36.35%；归母净利润91.55亿元，同比增长 100.38%。截至报告期末， 比亚迪总资产为8405.27亿元。 今年一季度，比亚迪累计新能源汽车销量为100.08万辆，同比增长59.81%， 再创同期历史新高 。其中，公司的海外市场表现尤为亮眼。1-3月，比亚 迪的海外销量分别为66336辆、67025辆、72723辆，较2024年的月度海外销量有明显增长。 | | 本报告期 | 上年同期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减(% ...

点击 上方 硬AI 关注我们 亚马逊高管称，亚马逊的数据中心计划并没有太大的变化，继续看到非常强劲的需求。英伟达高管称未看到任何回撤，计 算和能源的需求只会因为AI而增长。 硬·AI 作者 | 李 丹 编辑 | 硬 AI 亚马逊和供应商英伟达一同反驳科技巨头放缓甚至撤销部分人工智能（AI）数据中心项目的传闻。 当地时间4月24日周四，在美国俄克拉荷马州立大学研究所哈姆美国能源研究所主办的会议上，亚马逊和 英伟达的高管表示，AI数据中心的建设并未放缓。相反，他们只发现，源于AI的用电需求在增长。 亚马逊全球数据中心的副总裁Kevin Miller表示，亚马逊的数据中心计划并没有太大的变化。他说： "实际上并没有显著的变化。我们继续看到非常强劲的需求，从未来几年以及长期来看，我们预计需 求的数字只会上升。" 英伟达的企业可持续发展高级总监Josh Parker表示，英伟达也没有看到任何放缓的迹象，称"我们还未看 到任何回撤。" 今年1月推出推理模型R1后，中国AI新星DeepSeek月末火速在海外走红，DeepSeek仅以一小部分计算能 力就能提供与GPT-4o相当的性能，冲击了依靠昂贵GPU和大型数据中心开发顶 ...

4月23日，汇绿生态（001267）(001267.SZ)披露2024年年报及2025年第一季度报告。在园林行业整体承 压的背景下，公司凭借"主业稳盘+跨界拓新"双轮战略实现经营质效提升。 数据显示，汇绿生态2024年营收5.87亿元；归母净利润6530万元，同比增长13.85%；经营活动现金流净 额则同比增长13.3%至7362.78万元，呈现出"营收降、利润升、现金流稳"的韧性特征。 在强化园林主业精细化管理的同时，汇绿生态也在前瞻布局第二增长曲线。目前，公司已完成对武汉钧 恒科技有限公司(以下简称"武汉钧恒")的控股收购，正式切入光模块赛道。新业务并表后，推动汇绿生 态一季度营收大增210.40%至3.09亿元，归母净利润达1983.26万元，同比增幅高达549.69%。净利回 增，降本增效稳主业 眼下，园林绿化行业正从"摊大饼"式扩张转入"精耕细作"的存量时代，汇绿生态凭借齐全的专业资质、 充足的人才储备等优势，通过强化成本管控、加强项目结算等举措持续提升经营质效。 "公司将以'稳健发展'为核心战略，稳定推进现有项目的同时，优先选择回款周期短、现金流稳定、毛 利率合理的优质项目。并在巩固现有市场份额的 ...