证券研究报告 上周资金净流出147亿元 ——立体投资策略周报 2025年3月31日 吴信坤 （策略首席分析师） 证书：S0850521070001 Tel：(021) 23154147 E-mail：wxk12750@haitong.com 余培仪（策略资深分析师） 证书：S0850523040002 Tel：021-23185663 E-mail：ypy13768@haitong.com 陆嘉瑞（联系人） Tel：021-23185659 E-mail： ljr16250@haitong.com 每周资金入市合计 上周（25/03/24-25/03/28，下同）资金净流出147亿元，而前一周 （25/03/17-25/03/21，下同）净流出118亿元。 2500 2700 2900 3100 3300 3500 3700 3900 -1000 -500 0 500 1000 1500 2000 2500 3000 19/07 19/09 19/11 20/01 20/03 20/05 20/07 20/09 20/11 21/01 21/03 21/05 21/07 21/09 21/11 22/01 2 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][7]. Core Insights - The report highlights that the wind power sector's performance is under pressure due to unfavorable wind conditions, while electricity prices have increased year-on-year [4][7]. - The company's revenue for 2024 is projected to be 37,070 million yuan, reflecting a year-on-year decrease of 2.6%, while net profit is expected to be 6,345 million yuan, showing a slight increase of 0.7% [5][10]. - The report anticipates a recovery in performance from 2025 onwards, with projected net profits of 6,813 million yuan in 2025, 7,308 million yuan in 2026, and 7,855 million yuan in 2027, indicating a growth trend [5][10]. Financial Performance and Forecast - The company's operating revenue is forecasted to decline slightly in 2024 to 37,070 million yuan, followed by a gradual increase to 41,009 million yuan by 2027 [5][10]. - The net profit margin is expected to remain stable, with a net profit margin of 17.1% in 2024, increasing to 19.2% by 2027 [10]. - The report projects earnings per share (EPS) to be 0.76 yuan in 2024, increasing to 0.94 yuan by 2027, reflecting a positive growth trajectory [5][10]. Market Comparison and Valuation - The report compares the company's valuation with peers, suggesting a price-to-earnings (PE) ratio of 20-22 times for 2025, which translates to a reasonable value range of 16.4 to 18.04 yuan per share [7][10]. - The average PE ratio for comparable companies in 2025 is estimated at 13 times, indicating that the company is positioned for a premium valuation due to its leadership in green energy and expectations of asset injections [8][10].

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业周报 2025 年 03 月 31 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《海外新能源车销量月报：2 月美国销量 同比+5%，欧洲销量同比+19%》 2025.03.25 《海通机械数据周报 20250324》 2025.03.24 《特斯拉人形机器人生产在即；1-2 月工 程机械进出口贸易额同比+7.27%》 2025.03.23 分析师 [Table_AuthorInfo] :赵玥炜 Tel:(021)23185630 Email:zyw13208@haitong.com 证书:S0850520070002 分析师:赵靖博 Tel:(021)23185625 Email:zjb13572@haitong.com 证书:S0850521100001 分析师:毛冠锦 Tel:(021)23183821 Email:mgj15551@haitong.co ...

[Table_MainInfo] 每日报告精选 证券研究报告 最新研究与资讯 2025 年 03 月 31 日 | [Table_Marketinfo] | 重要市场数据 | | | | --- | --- | --- | --- | | 名称 日涨跌% | | 周涨跌% | 年涨跌% | | 海通风格指数 | | | | | 大盘 100 | -0.50 | 0.51 | -3.37 | | 小盘 200 | -1.45 | -3.10 | 5.75 | | 表现最好前五行业 | | | | | 传媒指数 | 0.83 | -0.95 | 6.46 | | 有色金属 | 0.03 | 0.22 | 11.90 | | 公用事业 | -0.18 | -0.07 | -4.50 | | 房地产 | -0.19 | -1.07 | -2.03 | | 金融指数 | -0.35 | 0.43 | -1.08 | | 表现最差前五行业 | | | | | 化工指数 | -2.06 | -0.10 | 0.41 | | 旅游服务 | -1.61 | -0.31 | -3.61 | | 纺织服装 | -1.55 | -2 ...

相关研究 [Table_MainInfo] 宏观研究 证券研究报告 宏观专题报告 2025 年 3 月 31 日 [Table_ReportInfo] 《黄金多大空间：一个参考的数量模型— —全球货币变局研究三》2025.3.28 《"不同寻常"的黄金牛市——全球货币 变局研究二》2025.2.10 《"记账工具"：货币的进化历史——全球 货币变局研究一》2025.2.4 分析师:梁中华 Tel:(021)23219820 Email:lzh13508@haitong.com 证书:S0850520120001 "信任"渐退：全球贸易、货币的大迁徙 ——全球货币变局研究四 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 在 2018 年之后，全球经济体系、货币体系都在发生深度、快速的重构，而 这种重构是人类历史上从来没有经历过的。因为拉长历史周期来看，二战之 后的几十年是一段非常特殊的历史时期，各国经济深度绑定在一起，国际贸 易中使用的货币也统一到了一起，在人类历史上，各国之间的经济联系从来 没有像过去几十年那么紧密，国家间的支付结算、 ...

[Table_MainInfo] 公司研究/石油天然气 证券研究报告 中国海油（600938）公司年报点评 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 分析师:朱军军 Tel:(021)23185963 Email:zjj10419@haitong.com 证书:S0850517070005 分析师:张海榕 Tel:(021)23185607 Email:zhr14674@haitong.com 证书:S0850524070007 主要财务数据及预测 | [Table_FinanceInfo] | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 416609 | 420506 | 419081 | 420569 | 422716 | | (+/-)YoY(%) | -1.3% | 0.9% | -0.3% | 0.4% | 0.5% | | 净利润（百万元） | 123843 | 137936 | 115047 | ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 联泓新科（003022）公司年报点评 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | 15.25 | | --- | --- | | 52 周股价波动（元） | 11.94-18.50 | | 总股本/流通 A 股（百万股） | 1336/1336 | | 总市值/流通市值（百万元） | 20367/20367 | 相关研究 [Table_ReportInfo] 《新材料项目有望陆续落地，扩充高毛利产 品》2024.05.05 市场表现 巩固 EVA 产品竞争优势，积极布局新材料 [Table_QuoteInfo] -29.66% -20.66% -11.66% -2.66% 6.34% 2024/4 2024/7 2024/10 2025/1 联泓新科 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | - ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's resilience in operations is evident, with 2024 Q3 performance surpassing industry standards [7] - The overall revenue for 2024 is projected to be 449.3 billion yuan, reflecting a year-on-year increase of 6.8% [7] - The company is expected to maintain long-term growth momentum due to policies favoring the replacement of old heavy trucks and trends towards high-end and refined logistics operations [7] Financial Performance Summary - Revenue and Profit Forecasts: - 2023 revenue: 42.07 billion yuan, with a year-on-year growth of 46.0% - 2024 revenue: 44.93 billion yuan, with a year-on-year growth of 6.8% - 2025 revenue forecast: 48.98 billion yuan, with a year-on-year growth of 9.0% [6][7] - Net Profit: - 2023 net profit: 1.08 billion yuan, with a year-on-year growth of 405.5% - 2024 net profit: 1.48 billion yuan, with a year-on-year growth of 37.0% - 2025 net profit forecast: 1.76 billion yuan, with a year-on-year growth of 18.6% [6][7] - Earnings Per Share (EPS): - 2024 EPS: 1.26 yuan - 2025 EPS forecast: 1.49 yuan [6][7] Business Segment Performance - Complete Vehicle Business: - 2024 sales volume reached 133,000 units, a year-on-year increase of 4.3%, while the overall heavy truck market saw a decline of 1% [7] - Parts Business: - 2024 parts revenue: 8.91 billion yuan, a year-on-year increase of 11.2% [7] - Axle Business: - 2024 axle revenue: 7.2 billion yuan, with a net profit of 770 million yuan, maintaining a profit margin of 10.8% [7] Valuation - The report estimates a reasonable valuation range for the company at 23.90 to 26.89 yuan based on a price-to-earnings (PE) ratio of 16-18 times for 2025 [7]

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 第 13 周新房成交同比增速回落，供销比回落 市场表现 | [Table_ReportInfo] 《第 12 周新房成交同比增速回落，供销 | | --- | | 比回落》2025.03.24 | | 《多项指标降幅收窄，高线城市市场活 | | 跃》2025.03.18 | | 《第 11 周新房成交同比增速回落，供销 | | 比回升》2025.03.16 | 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23185696 Email:xiey@haitong.com 证书:S0850511010019 [Table_QuoteInfo] -16.07% -5.94% 4.18% 14.31% 24.44% 34.57% 2024/4 2024/7 2024/10 2025/1 房地产 海通综指 资料来源：海通证券研 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown strong performance in Q1, driven by dual engines of computing power and data elements, positioning itself as a key player in Shanghai's computing power and big data services [3][6] - The company achieved a revenue of 5.623 billion yuan in 2024, representing a year-on-year growth of 6.82%, with a net profit of 202 million yuan, up 4.92% year-on-year [6] - The company is actively expanding its intelligent computing business and has initiated the second phase of the Songjiang Big Data Technology Center, which is a significant project for Shanghai's computing power infrastructure [6][7] Financial Data and Forecast - Key financial data and forecasts are as follows: - Revenue (million yuan): 2023: 5264, 2024: 5623, 2025E: 6417, 2026E: 7474, 2027E: 8858 - Year-on-year growth rates: 2024: 6.8%, 2025E: 14.1%, 2026E: 16.5%, 2027E: 18.5% [5][10] - Net profit (million yuan): 2023: 193, 2024: 202, 2025E: 243, 2026E: 297, 2027E: 371 - Year-on-year growth rates: 2024: 4.9%, 2025E: 20.0%, 2026E: 22.1%, 2027E: 25.2% [5][10] - Fully diluted EPS (yuan): 2024: 0.15, 2025E: 0.18, 2026E: 0.22, 2027E: 0.27 [5][10] Business Performance - The company's cloud computing and big data business generated revenue of 2.998 billion yuan in 2024, a year-on-year increase of 17.89%, while the intelligent products business saw a decline of 33.98% [6] - The company has become a major player in Shanghai's big data services, winning contracts for data operation services for the city’s big data center for six consecutive years [6][7] Strategic Initiatives - The company is focusing on enhancing its core business structure and optimizing its operations, including the transfer of equity in Shanghai Broadcasting Communication Technology Co., Ltd. [6] - The company is actively participating in the development of AI applications, particularly in government vertical models, and has been recognized as a leading unit in the Shanghai Computing Power Network Association [7] Valuation and Investment Recommendations - The company is expected to achieve steady revenue growth in 2024, with significant improvements in non-recurring profits, indicating enhanced operational efficiency [7] - Revenue projections for 2025, 2026, and 2027 are 6.417 billion yuan, 7.474 billion yuan, and 8.858 billion yuan respectively, with net profits of 243 million yuan, 297 million yuan, and 371 million yuan [7][10] - The report suggests a reasonable valuation range of 26.64 to 32.84 yuan based on PE and PS methods, maintaining the "Outperform the Market" rating [7][10]