Core Viewpoint - New Dairy Industry reported a slight decline in revenue for 2024 but showed significant growth in net profit, indicating improved profitability despite revenue challenges [2][4]. Revenue Performance - In 2024, the company achieved total revenue of 10.665 billion, a year-on-year decrease of 2.93%. The net profit attributable to shareholders was 538 million, an increase of 24.80% year-on-year [2]. - For Q4 2024, revenue was 2.516 billion, down 9.94% year-on-year, while net profit was 64 million, up 28.08% year-on-year [2]. - In Q1 2025, revenue reached 2.625 billion, a slight increase of 0.42% year-on-year, with net profit rising to 133 million, up 48.46% year-on-year [2]. Product and Channel Analysis - Revenue from liquid milk, milk powder, and other products in 2024 was 9.836 billion, 71 million, and 758 million respectively, with liquid milk showing a growth of 0.83% [3]. - The e-commerce channel saw a significant revenue increase of 31.93% in 2024, contributing 1.161 billion to total revenue [3]. - Regional performance varied, with the Southwest region declining by 6.51%, while the Other region grew by 18.13% [3]. Profitability Metrics - The gross margin for 2024 was 28.36%, with Q1 2025 showing a gross margin of 29.50%, reflecting a year-on-year increase of 0.12 percentage points [4]. - The net profit margin for Q1 2025 was 5.08%, up 1.64 percentage points year-on-year, indicating enhanced profitability [4]. - Management and sales expense ratios showed mixed trends, with sales expense ratio for Q1 2025 at 17.01%, up from Q4 2024 [4].

风险分析： 畜禽价格不及预期；畜禽疫病大规模爆发；原材料价格大幅波动；关税不确定性风险。 发布日期： 2025-05-05 点击注册小程序 查看完整报告 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 24年生猪养殖业绩景气高增，25Q1盈利仍可观 （1）生猪行业盈利维持高位。24年前三季度，猪价震荡上行为板块带来利润修复，24Q4开始猪价进入下 行区间，24全年来看，上市猪企营业收入同比+2.53%，Q4虽然猪价出现回调，但养殖企业出栏量创历史 新高，带动营收大幅上升。24年板块毛利润共582.12亿元，同比+799.66%，归母净利润306.81亿元，同比 扭亏。25年Q1生猪养殖板块共实现营业收入961.67亿元，同比+19.99%，归母净利润76.15亿元，同比扭亏 （24Q1为-53.64亿元）。25Q1 ...

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 点击注册小程序 2025Q1，公司销量同比基本持平，销售均价（以美元计）同比下降4%。得益于前期高价库存的持续性消化， 25Q1公司新售出存货成本降低，从而使得公司整体毛利率显著改善。按人民币计，25Q1公司毛利率同比提升 2.9pct至27.2%。费用率方面，除管理费用率外，25Q1公司销售、研发、财务费用率均有所降低。由于"奋 进"转型计划的推进，公司相关的重组与咨询成本增加，导致管理费用率同比提升1.5pct至5.2%。25Q1，公司 销售、研发、财务费用率同比分别下降1.1pct、0.04pct、4.6pct。现金流方面，25Q1公司经营活动产生的现金 流量净额为-2.07亿元，同比增加5.28亿元，为2019年至今同期最好水平。 中国及北美区域销售额增长， ...

Core Viewpoint - The company reported a slight increase in revenue for 2024, driven by a recovery in domestic wind power demand, but faced pressure on profitability due to low wind turbine prices and rising costs in the industry [2][3]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 4.696 billion yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 624 million yuan, up 29.55% year-on-year [2]. - The first quarter of 2025 saw a revenue of 1.301 billion yuan, representing an 86.41% year-on-year increase, although it decreased by 13.94% compared to the previous quarter [2]. - The net profit for Q1 2025 was 121 million yuan, a 39.14% increase year-on-year, with a slight quarter-on-quarter growth of 2.97% [2]. Group 2: Market and Product Performance - The company experienced a 9.58% increase in sales of casting products, totaling 490,400 tons, while revenue from ductile iron products decreased by 5.30% to 4.266 billion yuan [3]. - The gross margin for the company declined by 1.32 percentage points year-on-year to 17.34% in 2024, and further decreased by 6.24 percentage points to 15.53% in Q1 2025 [3]. Group 3: Capacity Expansion and Future Outlook - The company has established an annual casting capacity of 700,000 tons and a precision processing capacity of 420,000 tons by the end of 2024, with plans to increase precision processing capacity to 540,000 tons [4]. - The company aims to benefit from the accelerated wind power construction in 2025, leveraging its sufficient production capacity [4]. Group 4: Business Diversification - The company is actively expanding into nuclear power and alloy steel sectors, with ongoing research in nuclear fuel storage and high-end alloy steel markets [5]. - In 2024, revenue from the alloy steel business reached 78 million yuan, a year-on-year increase of 50.71%, with a gross margin increase of 1.35 percentage points to 4.73% [5].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, indicating significant growth in revenue and net profit, driven by its semiconductor design and automotive businesses [3][4]. Financial Performance - In 2024, the company achieved revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, and a net profit attributable to shareholders of 3.323 billion yuan, up 498.11% [3]. - For Q1 2025, the company reported revenue of 6.472 billion yuan, a 14.68% increase, and a net profit of 866 million yuan, up 55.25% [3]. Business Segments Semiconductor Design - The image sensor solutions segment generated revenue of 19.190 billion yuan in 2024, a 23.52% increase, accounting for 74.76% of total revenue [4]. - The display solutions segment saw a revenue decline of 17.77% to 1.028 billion yuan, representing 4.01% of total revenue [4]. - The analog solutions segment achieved revenue of 1.422 billion yuan, a 23.18% increase, making up 5.54% of total revenue [4]. Automotive Business - Revenue from the automotive market for image sensors reached approximately 5.905 billion yuan in 2024, a year-on-year increase of 29.85%, with a growing market share [5]. - The demand for in-car camera systems is increasing due to the acceleration of advanced driver-assistance systems (ADAS) and the penetration into mid-to-low-end models [5]. - The company has a rich product matrix in the automotive CIS field, with significant growth expected in automotive analog ICs, projected to increase by 37.03% year-on-year in 2024 [5]. Mobile Business - The mobile CIS segment generated revenue of 9.802 billion yuan in 2024, a 26.01% increase, benefiting from a mild recovery in the smartphone market [6]. - The company’s high-end strategy is showing results, with products like OV50H gaining market share against foreign competitors [6][7]. Emerging Businesses - The company is strategically investing in emerging markets such as smart glasses, robotics, and action cameras, leveraging advancements in AI technology [8]. - Collaborations with major clients are expected to drive growth in the wearable business, particularly with the upcoming release of AI glasses in 2025 [8].

查看完整报告 特别申明： 点击注册小程序 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 （孙伟风/陈奇凡） 2025-05-056 【农林牧渔】养殖业绩持续高增，后周期板块回暖——光大证券农林牧渔行业2024年报暨2025一季报总结 生猪养殖板块，结合前期新生仔猪量来看，25年商品猪出栏压力较大。节奏上，当前均重已处于偏高水 平，5月有望迎来库存拐点，届时板块有望开启去产能交易。 24年生猪养殖业绩景气高增，25Q1盈利仍可 观。 （李晓渊） 2025-05-05 您可点击今日推送内容的第1条查看 【安道麦A（000553.SZ）】25Q1扭亏为盈，行业景气回升可期——2025一季报点评 2025Q1，公司单季度实现营收71.73亿元，同比减少4.48%；实现归母净利润1.51亿元，同比扭亏为盈。 2025 ...

公司发布2024年年报及2025年一季报，2024年实现营业收入8.04 亿元（YOY+ 5.75%），实现归母净利润 1.06 亿元（YOY-21.01%），实现扣非归母净利润0.83亿元（YOY-26.88%）；2025 年第一季度公司实现 营业收入1.76 亿元（YOY-4.37%），实现归母净利润0.07亿元（YOY- 67.32%），实现扣非归母净利润 0.05亿元（YOY- 75.34%），业绩略低于我们此前预期。 受行业周期影响，业绩阶段性承压 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相关人员为光大 证券的客户。 报告摘要 事件： 24年由于生物医药行业整体周期性影响，临床外包行业整体面对多重考验和竞争压力，对公司业绩造成压 力。行业内竞争加剧导致公司订单价格波动，因此24年全年毛利率同比 ...

Core Viewpoint - The article discusses the financial performance and operational goals of Conch Cement for Q1 2025, highlighting a decline in revenue but an increase in net profit and cash flow [3][4][5]. Financial Performance - In Q1 2025, Conch Cement reported total revenue of 19.1 billion yuan, a decrease of 11% year-on-year, while net profit attributable to shareholders increased by 21% to 1.8 billion yuan, and net profit excluding non-recurring items rose by 22% to 1.7 billion yuan [3]. - The gross margin improved to 22.9%, up by 5.1 percentage points year-on-year, contributing to a net profit margin of 9.5%, which is an increase of 2.5 percentage points [4]. Cash Flow Analysis - The net cash flow from operating activities for Q1 2025 was 500 million yuan, an increase of 340 million yuan year-on-year, attributed to a significant reduction in procurement expenses [5]. - The cash collection ratio for Q1 2025 was 111%, down by 7 percentage points year-on-year, with accounts receivable at 11.1 billion yuan, a decrease of 100 million yuan year-on-year but an increase of 1.4 billion yuan quarter-on-quarter [5]. Operational Goals - For the full year of 2025, Conch Cement aims to maintain net sales of cement and clinker at 268 million tons, with capital expenditures planned at 11.98 billion yuan, primarily funded by internal resources [6]. - The company expects to add 19.6 million tons of aggregate capacity (up 12% year-on-year) and 27.8 million cubic meters of ready-mixed concrete capacity (up 54% year-on-year) [6].

Core Viewpoint - The company, Tianwei Foods, reported a significant decline in revenue and net profit for Q1 2025, attributed to seasonal factors and high base effects from the previous year [3][4][6] Financial Performance - Q1 2025 revenue was 642 million yuan, down 24.80% year-on-year; net profit attributable to shareholders was 75 million yuan, down 57.53% year-on-year; and net profit excluding non-recurring items was 51 million yuan, down 65.41% year-on-year [3] - The combined revenue and net profit for Q4 2024 and Q1 2025 showed a slight decline of 0.8% and 14.5% respectively [3] Product Performance - Revenue from various product lines in Q1 2025: hot pot condiments (173 million yuan, -41.05% YoY), Chinese cuisine condiments (434 million yuan, -12.24% YoY), sausage and cured meat condiments (15 million yuan, -55.77% YoY), and others (17 million yuan, -44.13% YoY) [4] - The decline in revenue across all product lines was primarily due to intensified industry competition, changes in expense policies, and the timing of the Spring Festival [4] Channel Performance - Revenue from offline and online channels in Q1 2025 was 435 million yuan (-39.54% YoY) and 204 million yuan (+54.03% YoY) respectively [4] - The significant growth in online revenue was attributed to the continued rapid growth of the "Shicui" business and contributions from the "Jia Dian Zi Wei" brand [4] Regional Performance - Revenue changes by region in Q1 2025: Eastern region (+9.3% YoY), Southern region (-22.82% YoY), Western region (-26.86% YoY), Northern region (-43.61% YoY), and Central region (-41.06% YoY) [4] - The company had a total of 3,115 distributors by the end of Q1 2025, an increase of 98 from the beginning of the year, with most new distributors located in the Eastern, Southern, Northern, and Central regions [4] Profitability - The gross profit margin for Q1 2025 was 40.74%, a decrease of 3.32 percentage points year-on-year [5] - The operating expense ratio increased to 30.39%, up 7.51 percentage points year-on-year, with sales expense ratio at 22.26% (+5.24 pcts) and management expense ratio at 7.06% (+1.99 pcts) [5] - The net profit margin attributable to shareholders was 11.65%, down 8.98 percentage points year-on-year due to the combined effects of declining gross margin and rising expense ratios [5] Future Outlook - For 2025, the company plans to focus on a big product strategy, emphasizing core products like sauerkraut fish and handmade hot pot, while also expanding into seasonal products like crayfish condiments and new categories like fresh soup materials [6] - The company aims to enhance channel operations with a strategy of "expanding stores and increasing products," focusing on deeper market penetration [6] - Attention will be on the performance during the crayfish season in Q2 and the traditional peak season in the second half of the year [6]

Group 1 - The core viewpoint of the article emphasizes the financial performance and growth prospects of various companies based on their recent annual and quarterly reports [4][5][6][7][8][9]. Group 2 Binjiang Group (002244.SZ) - In 2024, the company achieved total revenue of 69.152 billion yuan, a year-on-year decrease of 1.83%, with real estate sales at 68.876 billion yuan, also down 1.83%. The net profit attributable to shareholders was 2.546 billion yuan, an increase of 0.66% year-on-year [4]. - For Q1 2025, the company reported total revenue of 22.508 billion yuan, a year-on-year increase of 64.27%, and a net profit of 976 million yuan, up 47.88% year-on-year [4]. China Chemical (601117.SH) - In 2024, the company reported revenue of 185.84 billion yuan, net profit of 5.69 billion yuan, and net profit after deducting non-recurring gains and losses of 5.51 billion yuan, with year-on-year increases of 4.2%, 4.8%, and 6.0% respectively [5]. - For Q1 2025, the company achieved revenue of 44.5 billion yuan, net profit of 1.44 billion yuan, and net profit after deducting non-recurring gains and losses of 1.41 billion yuan, with year-on-year changes of -1.0%, +18.8%, and +22.6% respectively [5]. Lu'an Environmental Energy (601699.SH) - In 2024, the company reported revenue of 35.85 billion yuan, a year-on-year decrease of 16.9%, and a net profit of 2.45 billion yuan, down 69.1% year-on-year [6]. - For Q1 2025, the company achieved revenue of 6.97 billion yuan, a year-on-year decrease of 19.5%, and a net profit of 660 million yuan, down 49.0% year-on-year [6]. Longi Green Energy (601012.SH) - In 2024, the company reported revenue of 82.582 billion yuan, a year-on-year decrease of 36.23%, and a net loss attributable to shareholders of 8.618 billion yuan, down 180.15% year-on-year [7]. - For Q1 2025, the company achieved revenue of 13.652 billion yuan, a year-on-year decrease of 22.75%, and a net loss of 1.436 billion yuan, with a reduction in losses compared to the previous quarter [7]. Longhua Technology (300263.SZ) - In 2024, the company reported revenue of 2.711 billion yuan, a year-on-year increase of 9.87%, and a net profit of 131 million yuan, up 3.37% year-on-year [8]. - For Q1 2025, the company achieved revenue of 639 million yuan, a year-on-year decrease of 0.46%, and a net profit of 45 million yuan, down 18.12% year-on-year [8]. Tianwei Foods (603317.SH) - For Q1 2025, the company reported revenue of 642 million yuan, a year-on-year decrease of 24.80%, and a net profit of 75 million yuan, down 57.53% year-on-year [9]. - The combined performance for Q4 2024 and Q1 2025 showed revenue and net profit changes of -0.8% and -14.5% year-on-year respectively [9]. United Imaging Healthcare (688271.SH) - In 2024, the company reported revenue of 10.3 billion yuan, a year-on-year decrease of 9.7%, and a net profit of 1.262 billion yuan, down 36.1% year-on-year [9]. - For Q1 2025, the company achieved revenue of 2.478 billion yuan, a year-on-year increase of 5.4%, and a net profit of 370 million yuan, up 1.87% year-on-year [9].