事件 4 月 8 日，国家金融监督管理总局发布《关于调整保险资金权益类资产监管比例有关事项的通知》。 核心内容 一是上调权益资产配置比例上限。简化档位标准，将综合偿付能力位于[150%，200%）、[250%，300%）、高于 350%的险 企的权益投资比例上限上调 5%，进一步拓宽权益投资空间。 二是提高投资创业投资基金的集中度比例，保险公司投资单一创业投资基金的账面余额占该基金实缴规模的比例不得 高于 30%（此前 20%），引导保险资金加大对国家战略性新兴产业股权投资力度，精准高效服务新质生产力。 三是放宽税延养老比例监管要求。明确税延养老保险普通账户不再单独计算投资比例，助力第三支柱养老保险高质量 发展。 分析解读 截至 2024Q4，财产险、人身险综合偿付能力分别为 238.5%、190.5%，对应权益投资上限分别可提升 0%、5%，因此本 轮政策增量资金预计主要源自人身险行业。1）简单测算，预计人身险行业权益配置上限的提升规模为 6461 亿元：① 截至 2024 年末，平安、太平、人保寿综合偿付能力充足率分别为 189%、298%、275%，对应权益配置上限提升 5%，对 应上限提升规模为 28 ...

食品安全风险；市场竞争加剧风险；内部改革不及预期风险 4 月 8 日公司发布年报，2024 年实现营收 55.19 亿元，同比+7.39%； 实现归母净利润 8.93 亿元，同比-47.37%；实现扣非归母净利润 6.71 亿元，同比+27.97%。24Q4 年实现营收 15.73 亿元，同比 +32.59%；实现归母净利润 3.17 亿元，同比-89.33%；实现扣非归 母净利润 1.19 亿元，同比+93.95%，业绩符合预期。 Q4 美味鲜收入同比+10.98%，主要系食用油翻倍增长驱动。1）24 年酱油 / 鸡 精 鸡 粉 / 食用油 / 其他分别 实现收入 29.82/6.74/5.67/6.31 亿元，同比-1.5%/-0.2%/+27.0%/-11.8%。 （Q4 同比+1.7%/-12.4/+106.1%/-7.9%）。全年主业增长仍有压力， 主要系下游需求较为疲软，叠加内部改革期需调整磨合，Q4 低基 数下呈修复态势。2）分区域来看，24 年东部/南部/中西部/北部 分别实现收入 11.83/20.34/10.08/6.29 亿 元 ， 同 比 +6.0%/+0.0%/-6.7%/-1.0% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company is expected to achieve a net profit of 85-100 billion RMB in Q1 2025, representing a year-on-year growth of 86.04%-118.88%, exceeding market expectations [1]. - Q1 passenger car sales reached 986,000 units, a year-on-year increase of 58.2%, with overseas sales growing by 110.2% to 205,800 units, accounting for 20.9% of total sales [1][2]. - The company has a strong cost advantage and profit release potential, which is expected to balance out operational profit losses in Q1 [2][3]. - The introduction of new models and aggressive pricing strategies are expected to enhance sales momentum, with a focus on addressing previous issues of high prices and low configurations [3]. Summary by Sections Q1 Performance - The company forecasts a Q1 net profit of 92.5 billion RMB, with a single vehicle net profit of 8,671 RMB, showing a quarter-on-quarter decrease of 7% but still outperforming expectations [1][4]. Sales and Market Strategy - The company has seen significant growth in export volumes, with a strong likelihood of meeting its annual export targets [2]. - New vehicle launches and aggressive subsidy policies are expected to drive sales, with a notable increase in the proportion of high-end brand sales [3]. Financial Projections - The company is projected to achieve net profits of 52.2 billion RMB, 62.7 billion RMB, and 82.4 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 20.9, 17.4, and 13.3 [4][8].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a revenue of 5.519 billion RMB for 2024, a year-on-year increase of 7.39%, while the net profit attributable to shareholders was 893 million RMB, a decrease of 47.37% [2]. - The company experienced a significant recovery in Q4 2024, with revenue reaching 1.573 billion RMB, up 32.59% year-on-year, and a non-GAAP net profit of 119 million RMB, up 93.95% year-on-year [2][4]. - The company is focusing on cost reduction and efficiency improvements, leading to a net profit margin of 13.9% for 2024, an increase of 2.6 percentage points year-on-year [4]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 5.519 billion RMB, with a growth rate of 7.39%. The net profit attributable to shareholders was 893 million RMB, reflecting a decline of 47.37% [2][9]. - The company’s Q4 2024 results showed a revenue of 1.573 billion RMB, with a year-on-year growth of 32.59% and a net profit of 317 million RMB, down 89.33% year-on-year [2][3]. Business Segments - The revenue from the main business segments in Q4 2024 included soy sauce at 2.982 billion RMB, chicken essence at 674 million RMB, cooking oil at 567 million RMB, and others at 631 million RMB, with cooking oil showing a significant increase of 27% year-on-year [3]. - The company added 470 new distributors in 2024, primarily in the central and northern regions, which is expected to support expansion in 2025 [3][4]. Profitability and Cost Management - The gross profit margin for 2024 was 37.0%, an increase of 4.3 percentage points year-on-year, attributed to optimized procurement costs and improved production efficiency [4]. - The company reported a significant increase in net profit margin in Q4 2024, reaching 11.8%, up 4.3 percentage points year-on-year [4]. Future Outlook - The company expects to see a net profit of 1.054 billion RMB in 2025, representing a growth of 18% year-on-year, and a net profit of 1.177 billion RMB in 2026, reflecting a growth of 12% year-on-year [5][9]. - The anticipated contribution from the recovery of minority interests in a subsidiary is estimated to be between 60 to 80 million RMB in 2025 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][10]. Core Insights - The company is expected to achieve a net profit of 85-100 billion RMB in Q1 2025, representing a year-on-year growth of 86.04%-118.88%, surpassing market expectations [1]. - The Q1 passenger car sales reached 986,000 units, a year-on-year increase of 58.2%, with overseas sales contributing significantly [1][2]. - The company has a strong cost advantage and profit release potential, which is expected to balance out operational profit losses in Q1 [2][3]. - New vehicle momentum is strong, with aggressive pricing strategies and improved product configurations addressing previous shortcomings [3]. - The company is entering a mid-term phase of volume and price increases, supported by scale effects and depreciation profit release [4]. Summary by Sections Q1 Performance - The company forecasts a Q1 net profit of 92.5 billion RMB, with a single vehicle net profit of 8,671 RMB, slightly down from the previous quarter [1]. - The overseas sales volume increased by 110.2% year-on-year, accounting for 20.9% of total sales [1]. Growth Drivers - The increase in export volume and the strong performance of high-end brands are key growth drivers [2]. - The company has implemented aggressive subsidy policies, enhancing its competitive position [3]. Financial Projections - The projected net profits for 2025-2027 are 52.2 billion, 62.7 billion, and 82.4 billion RMB, respectively, with corresponding PE ratios of 20.9, 17.4, and 13.3 [4][8].

事件 4 月 8 日，国家金融监督管理总局发布《关于调整保险资金权益类资产监管比例有关事项的通知》。 核心内容 一是上调权益资产配置比例上限。简化档位标准，将综合偿付能力位于[150%，200%）、[250%，300%）、高于 350%的险 企的权益投资比例上限上调 5%，进一步拓宽权益投资空间。 二是提高投资创业投资基金的集中度比例，保险公司投资单一创业投资基金的账面余额占该基金实缴规模的比例不得 高于 30%（此前 20%），引导保险资金加大对国家战略性新兴产业股权投资力度，精准高效服务新质生产力。 三是放宽税延养老比例监管要求。明确税延养老保险普通账户不再单独计算投资比例，助力第三支柱养老保险高质量 发展。 分析解读 截至 2024Q4，财产险、人身险综合偿付能力分别为 238.5%、190.5%，对应权益投资上限分别可提升 0%、5%，因此本 轮政策增量资金预计主要源自人身险行业。1）简单测算，预计人身险行业权益配置上限的提升规模为 6461 亿元：① 截至 2024 年末，平安、太平、人保寿综合偿付能力充足率分别为 189%、298%、275%，对应权益配置上限提升 5%，对 应上限提升规模为 28 ...

老牌矿服龙头、在手订单充足，并购雪峰增厚业绩 广东宏大以矿服业务起家，2023 年市占率已达 28%，公司矿服业 务以金属矿为主，深度合作紫金矿业等金属矿头部业主。 2024 年 7 月，广东宏大以现金方式收购雪峰科技 21%股权、收购 对价 22.06 亿元，2025 年 2 月股权转让完毕。2023 年雪峰科技营 收 70.21 亿元，归母净利 8.54 亿元，目前工业炸药产能 11.75 万 吨/年。收购雪峰、打开新疆区域增长空间：①打造"广东+新疆" 跨省国资委合作新模式，②有望实现核心原材料硝酸铵自供。2025 年起宏大并表雪峰归母净利的 21%，增厚业绩。 聚焦新疆、西藏、出海高景气市场 （1）新疆：煤化工发展有利消纳疆煤，需求从"煤化工->煤矿-> 民爆"逐级传导。公司将闲置/收购产能转移至富矿区域新疆。 （2）西藏：区域基建弹性突出，水电+铜矿增强民爆需求预期。 （3）海外：矿企+建筑央企拥有全球市场布局优势，民爆企业"借 船出海"具备优势，2020-2024 年公司海外业务收入 CAGR 达 76.8%， 除矿服业务外，公司在赞比亚+秘鲁同步布局炸药产能。 军工防务"1+N"战略布局 公司军 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant price appreciation in the next 6-12 months [6]. Core Insights - The company announced a share buyback plan with a total fund of up to 3.6 billion RMB and a minimum of 1.8 billion RMB, aimed at enhancing investor confidence and demonstrating long-term growth prospects [3][4]. - The domestic excavator market is recovering faster than expected, with Q1 2025 sales reaching 19,517 units, a year-on-year increase of 28.5%, indicating a positive trend for the company as a leading player in the industry [4]. - The company holds a strong market position, leading in various segments such as truck cranes, road rollers, and concrete machinery, with several products ranked first globally [5]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 90.317 billion RMB, 100.662 billion RMB, and 115.458 billion RMB, respectively, with corresponding net profits of 5.946 billion RMB, 7.799 billion RMB, and 10.263 billion RMB [6][11]. - The company is expected to achieve a PE ratio of 16, 12, and 9 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation trend [6].

业绩简评 2025 年 4 月 8 日，公司发布 2025 年一季报预增公告：25Q1 公司 预计实现归母净利 7.01-7.36 亿元，同比+100-110%；扣非归母净 利 7.06-7.57 亿元，同比+320-350%。我们认为 Q1 业绩表现靓丽， 主因玻纤下游应用需求增加，Q1 产品销量同比提升，同时自去年 以来、玻纤价格逐步走出周期底部，同比明显修复。 经营分析 （1）粗纱：淡季不淡，基本面继续逐季改善。①单价方面，25Q1 全国缠绕直接纱 2400tex 均价为 3766 元/吨，同比+22.3%、环比 +2.3%。价格同比高增，主因近期玻纤粗纱价格低点在 24Q1，随后 龙头企业调整策略、引领行业复价，我们认为此举是巨石在行业定 价权的体现。价格环比继续修复，主因高端品风电纱、热塑长协产 品提价，2024 年 11 月中国巨石等玻纤企业发布复价函，对公司全 系列风电纱产品复价 15-20%，预计 25Q1 逐步落地； ②销量方面，25Q1 公司销量同比提升，根据卓创资讯数据，25Q1 期末行业库存为 79.8 万吨，环比 24Q4 末增加 1.95 万吨、垒库幅 度仅 2.5%，行业呈现淡季 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 29.838 billion RMB for 2024, reflecting a year-on-year growth of 35.14%, and a net profit of 5.693 billion RMB, up 46.01% year-on-year [3][5]. - For Q1 2025, the company anticipates revenue between 7.340 billion and 8.980 billion RMB, representing a growth of 23.35% to 50.91% year-on-year, with net profit expected to be between 1.420 billion and 1.740 billion RMB, a year-on-year increase of 24.69% to 52.79% [3]. - The company is positioned to benefit from the domestic semiconductor equipment market, with expectations of increased market share due to the ongoing trend of domestic substitution [4]. Performance Analysis - The company is expected to see continuous growth in revenue and profit, with projections for 2024-2026 showing revenues of 29.838 billion, 38.836 billion, and 46.902 billion RMB, respectively, and net profits of 5.693 billion, 7.668 billion, and 9.809 billion RMB [5][10]. - The company has successfully developed new products, enhancing its product matrix and solidifying its position as an industry leader [4]. Market Position and Strategy - The company is recognized as a leading domestic semiconductor equipment manufacturer, with a strong competitive edge in various core process equipment [4]. - The ongoing expansion plans of domestic storage manufacturers and advanced process technology are expected to provide the company with repeat order capabilities, contributing to significant revenue growth [4].