智通财经APP获悉，内险股午后涨幅扩大，截至发稿，中国人寿(02628)涨4.83%，报15.62港元；新华保 险(01336)涨4.63%，报31.65港元；中国平安(02318)涨3.55%，报48.15港元；中国太保(02601)涨3.82%， 报23.1港元。 中信建投表示，短期资负两端预计稳中向好，长期看好行业竞争格局优化，当前估值仍处低位，建议关 注。寿险：强监管下，头部险企优势凸显，市场集中度提升。银保渠道"报行合一"后价值贡献提升，头 部险企加大布局，一季度表现好，未来是价值增长引擎。代理人渠道推进"报行合一"和改革，短期有压 力，长期利于打造高质量队伍、优化产品结构、改善业务质量。财险：马太效应延续，头部险企盈利稳 健，低利率下高股息属性配置价值突出。 消息面上，5月7日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。申万 宏源指出，会议明确稳定和活跃资本市场、巩固房地产市场稳定态势的战略定位，对上市险企资产端构 成直接利好，下阶段建议关注三重积极因素的积累：1Q25长端利率上行影响下公允价值波动阶段性影 响利润表现，预计相应影响将在Q2得到缓解；预定利率调整预期下， ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, indicating challenges in the market and increased competition in the downstream new energy sector [1][2]. Financial Performance - For 2024, the company generated revenue of 478 million yuan, a year-on-year decrease of 9.6%, and a net profit of 49 million yuan, down 58.1% [1]. - In Q1 2025, revenue was 107 million yuan, a year-on-year decline of 3.6% but a quarter-on-quarter increase of 6.0%. The net profit was 20 million yuan, reflecting a year-on-year growth of 11.3% [1]. Industry Trends - The demand for testing power supplies in the downstream new energy sector is slowing, with 2024 revenue from testing power supplies at 365 million yuan, a mere 1% increase year-on-year, attributed to pressure on profitability for downstream new energy vehicle and energy storage manufacturers [2]. - The hydrogen energy testing power supply segment saw a revenue of 95 million yuan in 2024, down 15% year-on-year, with weak demand in the fuel cell sector but high growth in electrolyzer testing power supply demand [2]. Profitability Metrics - The gross margin for Q1 2025 was 37.6%, a decrease of 13.6 percentage points year-on-year due to industry price competition. The company maintained good control over expense ratios, with sales, management, R&D, and financial expense ratios at 12.9%, 10.8%, 16.4%, and -1.1%, respectively [3]. - The net profit margin for Q1 2025 was 19.0%, an increase of 2.6 percentage points year-on-year [3]. Profit Forecast and Valuation - Due to intense price competition, the net profit forecast for 2025 has been revised down by 4% to 109 million yuan, with a new estimate for 2026 at 170 million yuan. The current stock price corresponds to a P/E ratio of 20.2 for 2025 and 13.0 for 2026 [4]. - The company maintains an outperform rating and a target price of 30 yuan, implying a potential upside of 13.9% from the current stock price [4].

Core Viewpoint - The building materials industry, closely linked to real estate, has faced revenue and profit pressures since 2021, but is now showing signs of demand stabilization and potential profit recovery due to policy shifts and market dynamics [1][5]. Group 1: Demand Outlook - The demand for building materials is expected to decline in 2025, but the rate of decline is narrowing, with a positive second derivative indicating potential recovery [2][4]. - Infrastructure investment is anticipated to improve due to reduced local government debt pressures and a more favorable financing environment, with a notable decrease in the growth rate of municipal financing debt [2]. - The real estate sector is experiencing significant declines in new construction and completion areas, but overall sales are expected to turn positive, indicating a potential shift in demand for building materials [3]. Group 2: Industry Dynamics - The "anti-involution" policy introduced by the government aims to curb excessive competition in the building materials sector, which has seen profit margins reach historical lows [6]. - The competitive landscape is crucial for recovery; larger firms with better market positions can influence pricing more effectively, while smaller firms may struggle [6][9]. - Companies like Beixin Building Materials, with over 60% market share, have demonstrated resilience during demand downturns, maintaining profitability in their gypsum board business [7]. Group 3: Price Recovery and Elasticity - The price recovery in the fiberglass sector is leading the way, with price increases initiated in early 2025 due to better demand and competitive conditions [8]. - The cement industry, while facing weaker demand than fiberglass, has a favorable competitive structure, with significant price increases observed in early 2025 [9]. - The consumer building materials sector, although lagging behind in demand recovery, shows potential for higher market value elasticity as the industry undergoes consolidation [9]. Group 4: Investment Strategy - The building materials industry presents structural investment opportunities under the "anti-involution" policy, with profits at a bottom and companies collaborating on price increases [12].