Investment Rating - The report maintains an "Outperform" rating for Chart Industries, expecting a relative return exceeding 10% over the next 12-18 months [12]. Core Insights - Chart Industries reported slightly better-than-expected earnings for Q1 2025, driven by strong performance in specialty products and a solid backlog of orders, which reached a record high of $5.14 billion [2][3]. - The company reaffirmed its guidance for FY 2025, projecting revenues between $4.65 billion and $4.85 billion, with adjusted EBITDA expected to be between $1.175 billion and $1.225 billion [3]. - The company emphasized that the impact of tariffs is limited and can be offset by cost reductions, maintaining a positive outlook on liquefied natural gas contracts [2][3]. Summary by Sections Financial Performance - Adjusted net income for Q1 2025 was $84 million, slightly above the consensus estimate of $79 million, with revenues of $1.002 billion, close to the expected $1.01 billion [2]. - The adjusted EBITDA was $231 million, exceeding the consensus of $228 million, with a gross margin of 33.9%, aligning with the mid-point of the company's guidance [2][5]. Order Backlog - The backlog of orders reached a historic high of $5.14 billion, up from $4.85 billion in Q4 2024, with total orders for the quarter amounting to $1.32 billion [2][3]. Guidance Reaffirmation - The company reiterated its FY 2025 guidance, expecting adjusted earnings per share between $12 and $13, and free cash flow between $550 million and $600 million, compared to $388 million in FY 2024 [3]. - The net leverage ratio increased to 2.91 times, but the company remains confident in achieving its target leverage ratio of 2.0 to 2.5 times [3]. Mid-term Outlook - Chart Industries expects organic revenue growth to remain in the mid-teens, with gross margins maintaining in the mid-30% range and free cash flow conversion rates of 95%-100% [3].

PMI 虽有回落，政策积极发力 [Table_Authors] 侯欢(分析师) ——4 月全国 PMI 数据解读 本报告导读： 外部冲击影响加大，4 月 PMI 边际回落。接下来，或加力推动既定政策 落地见效，通过增强内需主动力作用应对外部不确定性。 投资要点： 登记编号 S0880525040074 证 券 研 究 报 告 宏观研究 /[Table_Date] 2025.04.30 2025-05-02 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 题 021-38676666 梁中华(分析师) 021-38676666 登记编号 S0880525040019 [Table_Summary] 2025 年 4 月，制造业 PMI 为 49.0%，比上月下降 1.5 个百分点；服 务业商务活动指数为 50.1%，比上月下降 0.2 个百分点；建筑业商务 活动指数为 51.9%，比上月下降 1.5 个百分点。 关税扰动，制造业 PMI 边际回落。制造业 PMI 由升转降，主因贸易 摩擦导致的外部环境急剧变化。不过，以内销为主的制造业经营相 对稳定，对 PMI 有所支撑。考虑到国内积极政策节奏加快，我 ...

Investment Rating - The report maintains a positive outlook on Clearway Energy, indicating strong performance and reaffirming its guidance for cash available for distribution (CAFD) [1][2]. Core Insights - Clearway Energy reported adjusted net income exceeding consensus expectations, with adjusted EBITDA of $252 million, surpassing the consensus estimate of $237 million. The company reaffirmed its CAFD guidance for fiscal year 2025 at $400 million to $440 million, with a long-term target of 5%-8%+ growth in CAFD per share post-2027 [1][2][3]. - The company is on track with its capacity expansion plans, maintaining guidance for 1.1 GW of commercial operation date (COD) capacity for fiscal year 2025 and 2.3 GW for fiscal years 2026-2027. All domestic equipment is in place, and funding for key projects has been secured [1][3]. Summary by Sections Financial Performance - Clearway Energy recorded revenue of $298 million for Q1 2025, aligning closely with consensus expectations. The company achieved a net income of $4 million, contrasting with a consensus loss of $30 million. The adjusted EBITDA margin was reported at 85% [2][4]. CAFD Guidance - The company reaffirmed its CAFD guidance for fiscal year 2025 at $400 million to $440 million, with a target of $2.40 to $2.60 per share by 2027, indicating no need for external equity financing to achieve this midpoint [2][3]. Capacity Expansion - Clearway Energy confirmed its capacity expansion plans, with 1.1 GW of COD capacity for fiscal year 2025 and ongoing progress on projects such as Rosamond South Phase I and Dan's Mountain. The company has also completed the acquisition of the Tuolumne project and signed a power purchase agreement for a 100 MW solar project in California [3].

[Table_Title] 研究报告 Research Report 1 May 2025 工业+能源 Industrials & Energy 国际工业+能源周报(04/26-05/02)：中国暂停波音交付引发产业链震荡； 俄罗斯拟重启美核军控谈判 Global industrials + Energy Updates: Global Supply Chains Rattled by China's Boeing Delivery Freeze; Russia Moves to Restart Nuclear Talks with US 杨斌 Bin Yang 明悦馨 Ella Ming 毛琼佩 Olivia Mao 杨钰其 Yuqi Yang bin.yang@htisec.com ella.yx.ming@htisec.com olivia.qp.mao@htisec.com yq.yang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 投 ...

[Table_Title] Research Report 1 May 2025 道达尔能源 (TTE FP) 盈利能力和股息稳健；持续回购 Scott Darling Catherine Li scott.darling@htisec.com catherine.dy.li@htisec.com [Table_yemei1] Flash Analysis [事件Table_summary] 道达尔能源（海通国际未覆盖该公司）2025 年第一季度调整后净收入为 41.92 亿美元，尽管其略低于市场共识预 期，受电力、炼油/化工和营销部门业绩影响，但息税折旧摊销前利润超出预期，我们预计市场将普遍对其第一季 度业绩持积极态度。该公司宣布第一期中期股息为每股 0.85 欧元，同比增长 7.6%。公司还重申了 2025 财年资本支 出指引在 170 - 175 亿美元左右，以及每季度 20 亿美元的股票回购计划。 点评 EBITDA 超出预期，但净利润略低于预期：道达尔能源公布的调整后净收入为 41.92 亿美元，而市场共识预期为 43.89 亿美元，这是由于油价下跌和炼油利润率下降影响了其下游部门。净现金流为 20 ...

中国电子 China (Overseas) Technology 国产开源模型千帆竞发，阿里 Qwen-3、小米 MiMo、DeepSeek Prover 集中发布 A surge of domestic open-source models 姚书桥 Barney Yao 吴叡霖 Louis Ng wo[Table_Title] Research Report 30 Apr 2025 barney.sq.yao@htisec.com louis.yl.ng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件： 2025 年 4 月 28 日，阿里正式发布了新一代 Qwen-3 系列大语言模型（LLMs），包括从百亿参数到数十亿参数多个 量级的模型版本。2025 年 4 月 30 日，小米正式发布并开源了其首个专为推理任务设计的大语言模型——Xiaomi MiMo；DeepSeek 团队在 Hugging Face 平台发布了其最新的大语言模型——DeepSeek-Prover-V2-671B 点评： 阿里 Qwen-3： Qwen-3 系列具 ...

脂肪醇（酸）增收，橡胶项目增强竞争力 嘉化能源(600273) 嘉化能源 2024 年年报及 2025 年一季报点评 本报告导读： 2024 年公司脂肪醇（酸）系列收入增长明显；2025 年各项业务稳定开展。公司推出 高性能合成橡胶项目，进一步提升公司盈利能力。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 8,774 | 9,153 | 10,696 | 11,024 | 11,635 | | (+/-)% | -23.7% | 4.3% | 16.8% | 3.1% | 5.5% | | 净利润（归母） | 1,180 | 1,008 | 1,082 | 1,184 | 1,282 | | (+/-)% | -26.2% | -14.6% | 7.4% | 9.4% | 8.3% | | 每股净收益（元） | 0.85 | 0.72 | 0.78 | 0.85 | 0.92 | | 净资产收益率(%) | 1 ...

[Table_Title] 研究报告 Research Report 30 Apr 2025 全球工业与能源 Global Industrials & Energy 中国暂停波音交付：影响有限与再分配对冲分析 China Halts Boeing Deliveries: Limited Impact and Reallocation Hedge Analysis 杨斌 Bin Yang bin.yang@htisec.com 影响量化评估。根据市场数据及历史趋势，中国市场在波音年度飞机交付量中的贡献占比已从 2010-2019 年期间的平均 24%显著回落。当前时点，中国市场占波音 2025 年剩余计划交付量的约 6%，包含未确认订 单则最高可达 11%。展望至 2030 年的长期交付计划，中国市场的占比进一步降至约 4%。基于 Cirim 数 据，2025 年波音向中国确认的计划交付量为 29 架（主要为 737 MAX），占其 2025 年全球总交付计划的比 例较低。我们初步估算，此次暂停交付涉及的 2025 年计划交付飞机（共 29 架）可能影响的收入规模约为 35.3 亿美元。该金额占波音公司年度总收 ...

Investment Rating - The report maintains an "Outperform" rating for the company [4][10]. Core Insights - In 2024, the company's revenue and net profit attributable to shareholders both grow steadily, driven by stable material sales revenue, offsetting the decline in lithium project income. In Q1 2025, net profit attributable to shareholders continues positive growth. Expected net profit attributable to shareholders for 2025-2027 is 1.03, 1.26, and 1.50 billion RMB, with EPS of 2.02, 2.48, and 2.94 RMB. Based on comparable company valuation, a 26X PE for 2025 is assigned to reach a target price of 52.52 RMB [10]. Financial Summary - In 2024, total revenue is 2.55 billion RMB, up 2.62% YoY; net profit attributable to shareholders is 787 million RMB, up 9.79% YoY. In Q1 2025, total revenue is 577 million RMB, down 8.58% YoY; net profit attributable to shareholders is 193 million RMB, up 14.18% YoY [5][10]. - The metal resources sector's adsorbent material sales revenue is 256 million RMB, up 30% YoY; life sciences sector's adsorbent material sales revenue is 568 million RMB, up 28% YoY. Water treatment and ultrapure adsorption materials sales revenue is 688 million RMB, up 34% YoY; chemical and catalytic adsorption separation materials sales revenue is 202 million RMB, up 42% YoY [10]. Project Development - The Tibet lithium project is accelerating, with the Tibet Jieza Chaka 3300-ton lithium hydroxide production line under construction, expected to be the first compliant industrial salt lake lithium project in Tibet. The subsequent 6700-ton production line will accelerate construction if conditions permit [10].

研究报告 Research Report 30 Apr 2025 怡合达 Yiheda Automation (301029 CH) 一季度业绩回暖，毛利率显著改善 Earnings Started to Rise in 1Q25, Gross Margin Recovered [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb22.00 目标价 Rmb27.90 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb13.95bn / US$1.91bn 日交易额 (3 个月均值) US$32.67mn 发行股票数目 634.20mn 自由流通股 (%) 36% 1 年股价最高最低值 Rmb31.80-Rmb16.68 注：现价 Rmb22.00 为 2025 年 04 月 29 日收盘价 资料来源： Factset 1mth 3mth 1 ...