铭利达 摘要 • 铭利达预计 2025 年销售额将达历史新高，新能源汽车业务成最大增长点， 国内外客户均取得突破，夜冷会议相关业务也将贡献显著业绩。 • 公司战略聚焦产业升级、全球布局和新兴技术，加大对新能源汽车、智能 制造和机器人领域的投资，并扩展海外生产基地。 • 新能源车业务预计 2025 年收入占比最高，海外市场增长显著，预计增长 8 到 10 倍，已获多家头部车企全球供应商代码，国内市场预期盈利且销售 额翻倍。 • 海外生产的新能源车业务预计贡献总营收的五分之一至四分之一，虽然管 理难度大，但 2025 年已实现扭亏为盈，盈利能力显著提升，毛利率比国 内高 20 个百分点。 • 机器人业务方面，铭利达已布局两年，产品涵盖工业机器人和人形机器人， 并积极推进与国内外客户的合作，目标是在前 50 家客户中逐一推进。 • 数据中心液冷业务通过并购获得 40 项专利技术，毛利率高达 30%- 40%，远高于结构件，预计扩张后产能规模将达到 5 亿元左右。 • 光储业务主要客户为 H 公司和另一大客户，占总收入的 50%，预计 2025 年将有 3%到 40%的增长，美国亚特兰大工厂预计实现近 1 亿人民币销 ...

机器人近况解读 - 工控最强音 摘要 资源电信在机器人领域取得了显著的进展。2023 年 8 月，资源发布了第一代 原型机 AG bot，并在 2024 年底实现了九百多台的生产，截至 2025 年 1 月， 生产量达到了千台。资源成为国内首个达到千台量产能力的机器人公司之一， 并计划在 2025 年实现数千台的目标。此外，资源于 2024 年 12 月启动了位于 浦东临港的量产工厂，这是全球第二座专门生产人形机器人的工厂，仅次于美 国的一家类似工厂。 小米在机器人研发方面有哪些新动向？ 小米近期将在北京亦庄展示其第二代原型机 number one 铁大，该原型机将展 示柔性抓取和毫米级运动控制等技术升级，并计划于今年四月份实现量产。小 米的新一代机器人主要应用于家庭陪护、教育辅导以及制造产线等场景。自从 • 富林精工与致远合作成立合资公司安努智能，专注于机器人应用系统解决 方案、场景功能二次开发和本体定制化设计，并在汽车零部件和光伏领域 获得优先授权。 • 卧龙电驱采用低空经济与人形机器人双轮驱动战略，子公司希尔机器人涉 足工业及人形机器人领域，并牵头打造人工智能产业园，是致远的关键供 应商之一。 2022 ...

华友钴业 摘要 • 钴价跌至 20 年低位，主因铜钴矿和镍钴矿伴生开采导致供给刚性，叠加 磷酸铁锂路线挤压需求，三元电池高镍低钴趋势削弱钴需求。 • 刚果金控制全球钴供应，占全球产量 76%，新增量 87%，具备且有意愿 通过税收、出口限制等手段调控钴供应，以应对当前钴价低迷。 • 市场对华友钴业关注度较低，但刚果金政策干预及资源禀赋优势使其股价 上涨潜力巨大，禁令实施半月钴价已上涨 40%，市场反应积极。 • 动力电池和消费电子需求增长有限，钴价上涨难以显著提升企业盈利，需 关注供给及政策执行情况，库存是短期内反映市场状况的重要指标。 • 镍价下跌至 16,000 美元以下，印尼镍企面临亏损，印尼政府或将出台政 策干预，以稳定供给并避免进一步亏损。 • 华友钴业核心利润主要来自资源业务，尤其是镍业务，应将其视为周期类 公司，关注其在周期底部的盈利能力和成本控制。 • 华友钴业通过湿法冶炼降低镍成本至 11,000 美元/吨，显著低于行业平均 水平，且控股股东增持传递信心，预计 2025 年净利润可达 55 亿元，估 值具吸引力。 Q&A 华友钴业当前的投资机会如何？ 华友钴业目前处于山镍钴行情底部向上的阶段 ...

Summary of Dongmu Co., Ltd. Conference Call Company Overview - Dongmu Co., Ltd. is a platform company with diversified customers and products, reducing risks associated with reliance on single clients or products [2][6] Key Points and Arguments - **Business Fundamentals**: Management believes the company's fundamentals are improving, with stock performance exceeding expectations post-merger suspension. The merger is expected to enhance consolidated earnings and resolve historical issues, such as commitments related to Shanghai Fuchi's spin-off listing [2][10] - **Future Growth**: The company anticipates continued growth, with new products being launched and operational capabilities improving by 2025. The management emphasizes that the overall business is functioning normally and positively [2][6] - **Shareholder Interests**: During merger negotiations, management focused on protecting minority shareholders' interests, ensuring minimal dilution effects (approximately 3%) and projecting profit growth of 1 to 2 billion RMB [2][7][10] - **Market Sentiment**: Despite recent market volatility and negative media coverage, the company maintains strong fundamentals and record-high performance. Investors are encouraged to focus on long-term growth rather than short-term fluctuations [3][8][9] - **Valuation**: The current P/E ratio is below 20, with a dividend yield of 2.6%. The company is considered undervalued, presenting a buying opportunity [11][22] Additional Important Insights - **M&A Progress**: The merger and asset restructuring were completed after a ten-day suspension, with performance exceeding initial expectations. The company has maintained confidentiality during negotiations [4][21] - **Technological Developments**: Dongmu is expanding into emerging technologies, including liquid metal and robotics, which are expected to contribute to future revenue growth [4][14][24] - **Market Dynamics**: The company has not experienced a decline in sales revenue, with a projected growth of over 10% this year. The MIM (Metal Injection Molding) sector is highlighted as a significant growth area due to its cost advantages over 3D printing [18][24] - **Investment Strategy**: Investors are advised to remain rational and base decisions on fundamentals rather than market emotions, as the company continues to achieve record performance [20][23] Conclusion Dongmu Co., Ltd. is positioned for significant growth with a strong focus on shareholder value, technological advancements, and a solid operational foundation. The current market conditions present a favorable investment opportunity, given the company's undervaluation and robust performance outlook.

高端制造与自主可控 ——申万宏源·2025 资本市场春季策 略会 摘要 • 汽车板块年初至今表现强势，涨幅显著高于沪深 300 指数，位列行业前茅， 但四季度基金持仓略有下降，反映市场对政策和需求透支的担忧，不过， 比亚迪、福耀和赛力斯等重点公司获增持。 • 新能源汽车渗透率预计 2025 年将达 60%-65%，补贴政策调整利好 15 万元以下车型，比亚迪、小鹏、吉利等车企积极推出新技术和智能化车型， 特斯拉 FSD 入华或将重塑市场竞争格局。 • 比亚迪智能化进展显著，通过清库存策略提升销量，但需关注三月底后订 单能否持续增长，若五月订单达 30-40 万台且折扣不变，则进入量价齐升 阶段，否则面临估值下调风险。 • 中国制造业能力外溢推动机器人产业发展，主机厂积极拥抱机器人，具备 AI 能力的企业将在该领域占据优势，零部件行业紧跟整车智能化趋势，域 控、传感器等领域国产替代加速。 • 低空经济迎来政策利好，多地政府积极响应并制定规划，低空经济司成立， 标志着国家层面的重视和推动，六个试点城市和 600 米以下空域授权地方 管理是重要突破。 Q&A 2025 年汽车行业的春季投资策略有哪些主要观点？ 20 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference primarily discusses the **oil and petrochemical industry**, with a focus on market trends, investment strategies, and specific companies within the sector [1][2][4][8]. Core Insights and Arguments - **Oil Price Forecast**: It is expected that oil prices will fluctuate between **$60 to $80** in 2025, influenced by supply dynamics from non-OPEC countries and potential adjustments in OPEC's production plans [1][2][4]. - **Petrochemical Sector Recovery**: The petrochemical industry is anticipated to see a recovery starting in 2025, with profit levels expected to rise due to lower oil prices benefiting cost structures [1][2][9]. - **Investment Opportunities**: Recommended companies include **Satellite Chemical, Tongkun Co., and Wankai New Materials**, which are expected to benefit from the industry's recovery [1][2][14]. - **Impact of Geopolitical Factors**: The geopolitical landscape, including U.S. tariffs and U.S.-Iran relations, is likely to affect oil demand and pricing [4][5]. - **Natural Gas Pricing**: Natural gas prices are expected to remain at a high bottom level, with a significant recovery not anticipated until 2027 [8]. Additional Important Content - **Supply and Demand Dynamics**: The oil market is projected to maintain a loose supply-demand balance, with non-OPEC countries like the U.S. and Brazil increasing production [4][7]. - **Middle Eastern Oil Production**: Countries like the UAE have strong production incentives due to lower fiscal balance pressures, while others may prioritize higher oil prices over increased production [6]. - **Chemical Industry Strategies**: Investment strategies in the basic chemical industry are divided into foreign trade and domestic demand, focusing on high-performance plastics and sectors with rising demand [16][17]. - **Market Performance**: The basic chemical sector has shown resilience, outperforming the Shanghai Composite Index by approximately **4.8%** in early 2025 [17]. - **Dividend Yields**: Companies like **CNOOC** are highlighted for their attractive dividend yields, making them appealing for bottom-fishing strategies [15]. Conclusion The conference call provides a comprehensive overview of the oil and petrochemical industry, highlighting key trends, investment opportunities, and the impact of geopolitical factors on market dynamics. The insights suggest a cautiously optimistic outlook for the sector, with specific companies positioned to benefit from the anticipated recovery in 2025.

石英股份 摘要 • 2024 年光伏石英砂需求大幅下滑 70%-80%，主要受下游干锅寿命延长 及价格战导致库存去化影响，但四季度需求有所恢复，2025 年一季度价 格出现上涨。 • 光伏石英砂行业竞争格局较高，小企业因资金实力不足逐步退出，供应端 集中度提升。国产纱依赖印度矿源，供应受扰动，导致国内矿石库存消耗 至极低水平，一季度中层砂价格上涨。 • 石英股份的光伏业务在 2024 年第四季度已经开始恢复，价格在 2025 年 第一季度实现上涨。未来随着下游装机量的增加，需求将持续增长。印度 矿源供应的不确定性可能会影响中层矿源的可用性，从而导致干锅寿命下 降，这反而可能促进印刷需求的增长。 • 石英股份半导体业务稳健增长，积极推进石英砂半导体认证，并增强提纯 技术和检测全球矿源积累经验。若认证成功，将有助于解决我国卡脖子环 节，提高公司估值。 • 石英股份预计 2025 年业绩预期可达到 6 亿元以上，半导体和光伏各占一 半。半导体业务估值较高，光伏业务也有一定利润空间，公司整体市值目 标为 200 亿元左右。 Q&A 光伏行业供需格局对石英股份产生了显著影响。从供给端来看，该行业维持较 高竞争格局，但由 ...

Summary of Conference Call for Wangbian Electric Company Overview - **Company**: Wangbian Electric - **Industry**: Electrical Equipment and Distribution Key Points and Arguments Industry Performance - The distribution segment has underperformed due to fluctuations in copper prices and a slowdown in industrial projects, leading the company to proactively reduce certain projects and real estate orders to manage accounts receivable risk [2][4] - The company uses approximately 11,000 tons of copper annually, accounting for 30-40% of the domestic market [2][4] Silicon Steel Segment - The silicon steel segment has seen a recovery in production rankings but faces pressure from domestic competitors, resulting in limited price increases [2][4] - The company anticipates a demand increase for high-grade oriented silicon steel, although price recovery to 2019 levels may take time due to downstream transformer manufacturers being affected by copper prices [2][7] Market Transformation - The company is actively transforming its market structure, shifting focus from industrial and real estate sectors to new energy and smart grid sectors, collaborating with major oil companies and telecom operators [2][4] - The railway sector is expected to grow at a rate of 15-20% in 2024-2025 [2][4] Data Center Business - The data center business primarily collaborates with major telecom operators, with current orders totaling over 100 million yuan, which is a small portion of overall revenue [5][6] - Future plans include expanding partnerships with large internet companies to increase revenue contribution from this segment [6] New Product Development - The company has launched new products for smart power distribution, expecting sales to exceed 2 billion yuan over the next three years, with overall growth in the power distribution business projected at 20-30% [3][10] - The complete equipment segment is expected to see a doubling in growth due to the introduction of high-margin new products [11][12] Financial Performance and Projections - The company achieved revenue of approximately 1.3 billion yuan in 2024, below the expected 1.7-1.8 billion yuan due to project delays and reduced orders [13] - The revenue target for 2025 is set at 4.5 billion yuan, representing a year-on-year growth of about 35% [14][20] Profitability Insights - The overall profitability is influenced by the market absorption of high-margin products, with expectations of improving gross margins through product structure optimization [15][17] - High-margin products include those related to new energy, while data center projects have lower margins around 17-18% [16] International Market Performance - The company’s export revenue from the power distribution business exceeded 100 million yuan in 2024, with strong performance in Southeast Asia achieving around 35% profit margins [18] - Plans to expand international markets include both independent efforts and following existing projects [18] Future Outlook - The company anticipates 2024 as a low point, with a projected improvement in profitability by the second half of 2025 as order volumes increase and production capacity rises [19] - Long-term revenue goals remain uncertain due to pending project approvals, but the immediate target for 2025 is clear [20] Competitive Advantages - The company maintains a comprehensive product line and full industry chain layout, providing cost control advantages and enhancing overall competitiveness compared to peers [21][22]

新化股份 摘要 • 2025 年上半年脂肪胺市场表现良好，但受草甘膦等农药需求低迷影响， 脂肪酸盐全年积极性不明显。脂肪酸盐市场已触底反弹，下游维生素 C、 电解液需求逐步释放，农药板块需求增加推动价格回升。 • 公司 2024 年产能 13.5 万吨，产量约 12 万吨，同比增长近 2 万吨。 2025 年产量预计继续增长，但综合毛利率在 15%-20%之间，异丙酮价 格因原料丙酮下跌而下降，影响盈利能力，目前异丙酮毛利约为 1,000 元/ 吨。 • 预计 2025 年主业板块与去年基本持平，若下半年草甘膦市场好转或有上 涨空间，但总体利润或有小幅下降。异丙醇市场预计也将比去年有所下降。 公司整体开工情况、下游库存及需求状况与去年同期差别不大。 • 2024 年香料业务表现良好，盐城工厂超负荷运转，净利润超 1 亿元，创 历史最佳。宁夏工厂因产能爬坡问题亏损约 2000 万元。2025 年盐城工 厂预计保持稳定，宁夏工厂有望实现盈亏平衡并盈利 2000 万元左右。 • 公司计划 2025 年 7 月新增 1.8 万吨香料产能试生产，效益将在 2026 年 显现。宁夏二期项目将于 2025 年下半年开始建设 ...

旭日东升——申万宏源·2025 资本市场春季策略会 摘要 • 中国正积极推动互联网、大数据、人工智能与实体经济融合，培育智能产 业，升级生产力，为高质量发展提供新动能，并力求在前沿技术领域实现 从跟随者到引领者的转变。 • 申万宏源证券将发挥研究、投资及投行优势，服务新产业、新业态、新技 术，推动科技产业金融良性循环，提升资产定价交易等专业能力，满足投 资者需求。 • 国内房地产市场企稳，股市趋势向好，为中国资本市场提供机会。政府关 注民生，提高人民生活品质，稳定经济增长，防范系统性风险。 • 国产大模型 Deep Seek 在金融投资研究方面潜力巨大，可提高数据分析 和预测精准度，辅助分析师进行复杂数据处理，但需不断创新思维应对市 场变化。 • 证券研究需具备宏观经济视角，将公司研究置于行业、产业链和全球经济 背景下，理解总供给、总需求和总支出关系，以及各类经济循环。 • 中国 2024 年进出口总额达 50 万亿元，统一大市场建设依赖于内外部循 环，需从宏观财务学和会计学入手理解数据，掌握内在关系。 • 2025 年中国经济增长目标定在 5%左右，政府强调民营经济发展、教育和 科研科技，从根源上提升创新能 ...