买入 |首次覆盖 个股表现 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 -33% -25% -17% -9% -1% 7% 15% 23% 31% 39% 47% 三祥新材 基础化工 资料来源：聚源，中邮证券研究所 公司基本情况 发布时间：2025-04-28 | 最新收盘价（元） | 23.28 | | --- | --- | | 总股本/流通股本（亿股）4.24 | / 4.23 | | 总市值/流通市值（亿元）99 | / 99 | | 52 周内最高/最低价 | 27.94 / 12.52 | | 资产负债率(%) | 33.1% | | 市盈率 | 129.33 | | 第一大股东 | 日本永翔贸易株式会社 | 研究所 股票投资评级 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 证券研究报告：基础化工 | 公司深度报告 预 计 公 司 核级 锆 铪 项目 2025/2 ...

5 月行业配置关注：关税冲击修复与景气改善线索 20250427 摘要 • 财政政策更加落实，财政支出增速明显改善，为维持国内经济稳定提供支 撑，一季度消费边际改善，显示中国经济的韧性和结构性变化。 • 二季度出口受益于关税豁免期及转口贸易，预计基本面乐观。财政支出和 消费增速提升对股票市场有积极影响，内平准基金机制锁定向下空间，增 加市场向上弹性。 • 风险偏好回升依赖于人工智能、人形机器人、低空经济等新产业趋势的发 展，这些新兴产业为市场提供布局和投资机会，尤其在业绩真空期。 • 政治局会议强调稳定并活跃资本市场，支持未来积极变化预期。市场可能 向上突破，并体现为积极的产业趋势变化，特别是在 5 月份。 • 5 月份行业配置思路可从自上而下逻辑、八个维度打分模型及重点行业具 体推荐三方面分析，市场呈 V 型走势，消费和科技板块快速轮动。 • 一季度经济内生增长动能改善，消费服务表现突出，家电、汽车和通信器 材增长亮眼，受以旧换新及国补政策驱动。中高端制造业生产端保持较高 景气度。 • 5 月份市场偏好预计改善，布局关税影响趋缓及景气改善线索，关注前期 超跌且对美出口依赖度小的板块，以及受益于内需消费及自主 ...

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment sector [4] Core Insights - The report highlights the introduction of multiple new battery technologies by CATL, including the second-generation supercharging battery and a new sodium-ion battery brand, which are expected to enhance performance and safety in electric vehicles [6][12][13] - The lithium battery industry is anticipated to enter a 2-3 year upward cycle, with potential improvements in performance and valuation for key players like CATL and EVE Energy [6] - The energy storage sector is projected to see significant growth, with major companies like Sungrow expected to deliver 28GWh of energy storage systems in 2024, reflecting a 40.21% year-on-year revenue increase [23][24] - The report emphasizes the importance of new technologies in the photovoltaic sector, with ongoing price adjustments and market dynamics influencing the supply chain [34][35] Summary by Sections Lithium Battery Sector - CATL launched several new battery technologies, including a supercharging battery capable of charging to 80% in 15 minutes and a sodium-ion battery with a density of 175Wh/kg [12][13] - EVE Energy reported a revenue increase of 37.34% year-on-year for Q1 2025, with a net profit of 1.1 billion yuan [17] - The lithium battery industry is expected to experience a supply-demand turning point in 2025, leading to a favorable investment environment [6] Energy Storage Sector - Sungrow's energy storage system revenue for 2024 is projected at 24.959 billion yuan, with a gross margin of 36.69% [23] - The first batch of wind and solar projects in Hebei for 2025 is expected to require 896MW of energy storage capacity [26][27] Electric Power Equipment Sector - Oriental Electric reported a revenue increase of 16.47% year-on-year for 2024, with a net profit growth of 26.34% [28] - The report suggests focusing on high-voltage transmission projects and companies that are well-positioned to benefit from domestic demand [6] Photovoltaic Sector - The report notes a significant increase in photovoltaic installations, with 59.71GW added in Q1 2025, a 30.5% year-on-year growth [35] - The price of photovoltaic components continues to decline due to supply-demand imbalances, with expectations of a bottoming out in the market [35] Wind Power Sector - The report highlights ongoing projects in offshore wind power, with significant procurement activities in Liaoning and Shandong [44]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [6]. Core Insights - CATL leads in technological breakthroughs with the introduction of three disruptive battery products: sodium batteries, Xiaoyao dual-core batteries, and the second-generation Shenxing ultra-fast charging batteries. The application of self-generating negative electrode technology exceeds expectations, showcasing CATL's advanced R&D capabilities and commercial strength [1]. - Range-extended vehicles are expected to become the mainstay of electrification in the second half of the market. These vehicles combine the driving performance of pure electric vehicles with the range extender to alleviate long-distance range anxiety, making them suitable for global market expansion [2]. - The trend of large-capacity range-extended vehicles is emerging, with new models achieving over 400 km of pure electric range. The development trajectory of battery capacity may involve an initial increase followed by a decrease [3]. - The electrification of commercial vehicles, particularly heavy trucks, is accelerating. In 2024, the penetration rate of new energy commercial vehicles is projected to be 17.9%, with battery companies focusing on this sector to explore the full lifecycle value of batteries [4]. Summary by Sections Section 1: Technological Advancements - CATL's new products include sodium batteries and the Xiaoyao dual-core battery, which adapt to various scenarios and are positioned as a significant advancement before the commercialization of solid-state batteries [1]. - The second-generation Shenxing ultra-fast charging battery achieves a peak charging power of 12C with a range of 800 km, indicating a narrowing gap in fast-charging capabilities among battery brands [1]. Section 2: Market Trends - The sales volume of range-extended vehicles is expected to reach 1.167 million units in 2024, representing a year-on-year growth of 78.7%, outpacing the growth rates of pure electric and plug-in hybrid vehicles [2]. - The market share of range-extended vehicles in China is projected to increase from 3.6% to 9.1% between 2022 and 2024, indicating a growing acceptance of this technology [2]. Section 3: Commercial Vehicle Electrification - The report highlights the significant carbon emissions from commercial vehicles, which account for 56% of transportation emissions, and the need for effective electrification solutions [3]. - Companies like Huawei, BYD, and CATL are developing battery and charging solutions tailored for commercial vehicles, focusing on the entire lifecycle cost [4].

28款车型齐聚，两款全球首秀 "这届上海车展上感觉有一半人都是国际友人。" 4月23日，时值2025（第21届）上海国际汽车工业展览会首日，一些参展的媒体人如此感慨。 展会上国际面孔的增多，一方面说明着中国的汽车开始更多被全球关注，另一方面，也是国际品牌们更 加重视中国市场的具体表现。其中，梅赛德斯-奔驰就以本次车展为契机，大秀新平台、新产品、新技 术，俨然将上海车展办成了奔驰的春晚。 从去年以来，针对竞争愈加激烈的中国市场，国际品牌们纷纷交出自己的应对答案，而这一次的上海车 展上的众多大招，便是奔驰应对中国市场变局、继续深度连接中国的答案。 本次上海车展，奔驰携旗下梅赛德斯-奔驰、梅赛德斯-AMG、梅赛德斯-迈巴赫和G级越野车全品牌共28 款车型亮相。 其中，MMA平台的首款国产车型——全新梅赛德斯-奔驰纯电长轴距CLA，以及面向未来的顶级豪华 MPV车型Vision V概念车在本次车展上完成全球首秀，全新梅赛德斯-AMG GT 63 4MATIC+正式上市。 全新纯电长轴距CLA车型是奔驰针对中国市场智能与豪华变革之下的答案之作。 在奔驰的体系中，这款车是迄今为止最智能的奔驰。新车搭载了奔驰自研全新架构M ...

Group 1 - Since April, the global capital markets have experienced significant volatility, with the A-share market showing recovery after a sharp decline on April 7. Sectors such as leisure food, general retail, beverage and dairy, and agriculture have seen cumulative gains exceeding 11% since April, marking them as bright spots in the market [1] - Multiple brokerage research teams have actively provided professional analysis and macroeconomic outlooks, indicating a strong belief that the upward trend in the Chinese stock market is far from over [1][2] - Central Huijin's liquidity support for stabilizing the stock market has been emphasized, with analysts expressing confidence in the government's commitment to maintaining market stability [2] Group 2 - Analysts predict that the funding environment will remain relatively loose in May, primarily driven by medium to long-term capital entering the market. The focus will shift to technology, green sectors, consumption, and infrastructure in the medium term [3] - The performance of recommended stocks by brokerages has been closely monitored, with 43 brokerages recommending 265 stocks in April, of which 120 stocks outperformed the Shanghai Composite Index, representing 45.28% [5] - Notably, three stocks have seen gains exceeding 50% in April, with Wanchen Group leading at 53.11%, followed by Kexing Pharmaceutical at 52.99%, and Xianda Co. at 51.76% [5][6] Group 3 - The most recommended stock in April was Qingdao Beer, which was recommended by nine brokerages, showing a modest gain of 1.51%. In contrast, Gree Electric, recommended by seven brokerages, experienced a slight decline of 0.53% [6] - The brokerage stock combination index reflects the "mining" capability of brokerage research teams, with only ten brokerage stock combination indices showing an increase since April [6]

金融界 2025 年 4 月 25 日消息，国家知识产权局信息显示，湖南领湃科技集团股份有限公司;湖南领湃 锂能有限公司;衡阳高湃新能源科技有限公司;湖南领湃新能源研究院有限公司;湖南领湃储能科技有限公 司取得一项名为"一种固态电池负极制备装置"的专利，授权公告号 CN115275084B，申请日期为 2022 年 2 月。 天眼查资料显示，湖南领湃科技集团股份有限公司，成立于2002年，位于衡阳市，是一家以从事科技推 广和应用服务业为主的企业。企业注册资本17195.1354万人民币。通过天眼查大数据分析，湖南领湃科 技集团股份有限公司共对外投资了12家企业，参与招投标项目10次，财产线索方面有商标信息33条，专 利信息349条，此外企业还拥有行政许可25个。 湖南领湃锂能有限公司，成立于2019年，位于衡阳市，是一家以从事电气机械和器材制造业为主的企 业。企业注册资本38000万人民币。通过天眼查大数据分析，湖南领湃锂能有限公司共对外投资了2家企 业，参与招投标项目51次，专利信息368条，此外企业还拥有行政许可13个。 衡阳高湃新能源科技有限公司，成立于2022年，位于衡阳市，是一家以从事电气机械和器材 ...

证券研究报告 磷酸铁锂:攀枝花产能持续释放,25年有望实现盈利 当升科技 (300073 CH) 本报告来源于"慧博投研",请勿外传! 三元订单回暖,铁锂盈利有望修复 | 华泰研究 | 季报点评 | | --- | --- | | 2025年4月25日 中国内地 | 电力设备与新能源 | 公司 25Q1 收入 19.08 亿元,同/环比+25.80%/-7.73%. 25Q1 归母净利润 1.11 亿元,同/环比+0.22%/+1365.53%,扣非 0.67 亿元,同/环比 -36.13%/+236.08%。归母低于我们此前 1.32 亿的预测,主要系磷酸铁锂产 品的净利润因研发费用分摊而下滑。公司 25年海外三元订单有望回暖,铁 锂盈利逐步修复,积极布局钠电新技术,维持"增持"评级。 25Q1 三元正极量利均环比持平,铁锂受研发费用分摊盈利有所下滑 我们推测公司 25Q1三元正极出货量 1万吨,环比基本持平,单吨净利超 1 万元,环比微增,主要系国际客户的毛利情况好转及部分金属涨价带来库存 收益。我们推测公司 25Q1 磷酸铁锂出货量 2.4万吨,受淡季影响出货环比 有所下滑,单吨净利环比基本持平,受到子 ...

Core Viewpoint - The company continues to focus on its core business of water treatment agents, achieving a revenue of 2.358 billion yuan in 2024, a year-on-year increase of 6.93%, while net profit attributable to shareholders decreased by 14.99% to 121 million yuan [1] Group 1: Business Performance - The water treatment agent segment achieved a sales volume of 324,000 tons last year, representing a year-on-year growth of 16.67%, with domestic sales at 174,300 tons (up 19%) and international sales at 149,700 tons (up 14.11%) [2] - The newly built 80,000-ton HEDP production line commenced full production in October last year, achieving a capacity utilization rate of 93% in November and December, which helped reduce costs and enhance product profitability [2] Group 2: R&D and Future Projects - The company has completed its product range in water treatment agents and is now focusing on optimizing production processes and expanding into other fine chemical areas, including projects for chloracetyl chloride, trichloroacetic acid, zinc chloride, and lithium salts [2] - Successful attempts have been made to apply water treatment agents in high-end chemical fields, with ongoing efforts to explore more high-end applications [2] Group 3: Industrial Layout and Cost Management - The first phase of the chlor-alkali project was successfully launched in 2024, leading to a 46% reduction in depreciation and labor costs per ton, thereby enhancing cost competitiveness [3] - The new 80,000-ton phosphorus trichloride project has increased total capacity to 240,000 tons per year, saving approximately 22 million yuan in external procurement costs in 2024 [3] - The company is also focusing on solid-state battery materials, with projects for lithium sulfide and solid electrolyte materials currently in the pilot testing stage [3]

【DT新材料】 获悉，4月24日， 发布公告，2025年第一季度，公司实现营业收入为16.9亿元，同比上升5.83%；归母净利润为-4498.31万 元，同比 大幅下降375.01% ；扣非归母净利润为-8030.16万元元，同比 。 一季度，尽管 储能及动力电池 市场需求维持增长， 但行业 产能集中释放 导致竞争加剧，叠加上游原材料价格波动， 公司主营的锂离子电池产品价格 持续承压。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | (%) | | 营业收入(元) | 1.690.096.309.63 | 1,597,013,711.20 | 5.83% | | 归属于上市公司股东的净利 | -44.983.142.63 | 16, 356, 922. 23 | -375.01% | | 润(元) | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | -80,301,589.46 | 4.312.520.23 | -1.962.06% | | (元) | | | | | 经营活动产生的现金流量净 | -217 ...