Investment Rating - The report maintains a "Buy-A" rating for the company with a 6-month target price of 12.07 CNY [7]. Core Views - The company has experienced a decline in chicken seedling sales in 2024, but Q4 saw a significant recovery in prices, contributing positively to profits. The total revenue for 2024 was 3.136 billion CNY, down 2.76% year-on-year, while net profit was 504 million CNY, down 6.84% year-on-year. In Q4 alone, revenue reached 982 million CNY, up 73.41% year-on-year, and net profit was 203 million CNY, up 242.33% year-on-year [1][4]. - The company is expected to see an increase in white feather chicken sales in 2025, with a projected growth in revenue from the white feather chicken business. The company sold 586 million white feather chicken seedlings in 2024, a decrease of 9.3% year-on-year, generating sales revenue of 2.385 billion CNY, also down 9.6% year-on-year [2]. - The company faces challenges due to outbreaks of highly pathogenic avian influenza in major breeding regions, which have led to a significant reduction in the supply of grandparent stock. In early 2025, the company imported 36,000 sets of grandparent chickens from France to alleviate supply issues [3]. Financial Summary - The company is projected to achieve revenues of 4.010 billion CNY, 4.340 billion CNY, and 4.520 billion CNY for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 27.9%, 8.2%, and 4.1% [4]. - Net profit is expected to reach 668 million CNY, 763 million CNY, and 772 million CNY for the same years, with growth rates of 32.5%, 14.2%, and 1.2% respectively [4]. - The company’s earnings per share (EPS) is projected to be 0.60 CNY, 0.69 CNY, and 0.70 CNY for 2025, 2026, and 2027 respectively [5].

2025 年 04 月 01 日 农林牧渔 养殖板块：生猪养殖建议关注【温氏股份】、【牧原股份】、【神农 集团】；白羽鸡板块建议关注【圣农发展】、【益生股份】、【民和 股份】、【仙坛股份】。 禽流感影响引种持续受限，关注白羽鸡 父母代价格 生猪养殖：短期内供需博弈，需关注体重端口反馈 价格端：本周生猪均价 14.66 元/kg，周环比+0.07%，两周环比+0.31%； 仔猪价格 647 元/头，周环比+2.70%，两周环比+3.50%。根据 iFinD 数据，本周猪肉批发价格 20.94 元/kg，周环比+0.96%。 供给端：本周生猪日均屠宰量为 16.40 万头，周环比变动-0.02%。 周观点：据涌益咨询显示，本周全国均维持窄幅波动，区域周均价表 现为北涨南降。北方养殖主体对价格下跌抵抗意愿较强，主要受益于 前期二育入场意愿维持，承接市场卖压。南方二育表现弱势，且随着 气温提升后的肥标价差收窄，散户及二育出栏意愿较强，叠加消费端 表现低迷，周内价格弱势走低。短期供需对抗激烈，现阶段需求端无 强力支撑，供应端大幅增量预期亦较薄弱，预期猪价缺乏持续性涨跌 带动。但通过体重端口反馈，体重增加仍是市场产能延后 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 29.94 yuan [6]. Core Insights - The company reported a total revenue of 63.8 billion yuan for 2024, representing a year-on-year increase of 6.20%. The net profit attributable to shareholders was 21.7 billion yuan, up 10.06% year-on-year, with a weighted average ROE of 8.09% [1]. - The company's self-operated business significantly contributed to its revenue, accounting for 50% of the total net income across five major business lines [3]. - The brokerage business saw a slight growth, with net income reaching 10.7 billion yuan, a 5% increase year-on-year, driven by a 22% rise in average daily trading volume in the market [2]. - The asset management business also showed steady growth, with net income of 10.5 billion yuan, up 7% year-on-year, and the company maintained the leading market share in private asset management at 13.43% [2]. - The investment banking segment faced challenges, with net income declining by 34% to 4.2 billion yuan, although it maintained the top position in both equity and bond underwriting in the domestic market [3]. - The company expects EPS for 2025 to be 1.80 yuan, with projections of 2.02 yuan and 2.22 yuan for 2026 and 2027, respectively [3]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 63.8 billion yuan and a net profit of 21.7 billion yuan, with an EPS of 1.41 yuan [1]. - The brokerage business generated 10.7 billion yuan in net income, while the asset management business brought in 10.5 billion yuan [2]. - The investment banking segment's net income was 4.2 billion yuan, and the self-operated business generated 26.3 billion yuan [3]. Business Segments - Brokerage: Net income of 10.7 billion yuan, up 5% YoY, with a significant increase in securities trading revenue [2]. - Asset Management: Net income of 10.5 billion yuan, with a leading market share in private asset management [2]. - Investment Banking: Net income of 4.2 billion yuan, down 34% YoY, but maintained top rankings in underwriting [3]. - Self-Operated Business: Net income of 26.3 billion yuan, up 21% YoY, contributing significantly to overall revenue [3]. Future Projections - The company projects EPS of 1.80 yuan for 2025, with further increases expected in subsequent years [3].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [6]. Core Views - The company achieved a turnaround in profitability, reporting a revenue of 512.81 billion yuan (YoY +18%) and a net profit attributable to shareholders of 1.33 billion yuan, marking a return to profitability [1][2]. - The industrial operation segment benefited from improved profitability of Lenovo Group, contributing a net profit of 39.63 billion yuan (YoY +29%), with Lenovo Group's net profit increasing by 74% [1][2]. - The industrial incubation and investment segment saw a significant reduction in net losses to 22.16 billion yuan, despite challenges in the capital market and IPO pace [3]. Summary by Sections Industrial Operations - The industrial operations segment generated a revenue of 508.20 billion yuan (YoY +18%) and a net profit of 39.63 billion yuan (YoY +29%) [2]. - Key performance highlights include: - Lenovo Group's revenue increased by 19% to 468.89 billion yuan, with a net profit contribution of 34.40 billion yuan (YoY +74%) [2]. - Lenovo Hong Kong Group contributed a net profit of 0.70 billion yuan, while Jiawo Group faced expanded losses of 6.48 billion yuan due to rising costs and inflation [2]. Industrial Incubation and Investment - The segment reported a net loss of 22.16 billion yuan, significantly reduced from previous periods, with 13 portfolio companies successfully going public [3]. - The company focuses on strategic emerging industries, including advanced materials and innovative pharmaceuticals, with over 180 national-level specialized "little giant" enterprises [3]. Financial Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 0.23 yuan, 0.41 yuan, and 0.58 yuan respectively, with a target price of 10.47 HKD based on a P/B ratio of 0.42 for 2025 [3][4].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company reported a total revenue of 21.3 billion yuan for 2024, a year-on-year decrease of 7.21%, with a net profit attributable to shareholders of 5.7 billion yuan, down 7.50% year-on-year [1]. - The company is expected to benefit as a leading brokerage in a competitive industry, with projected EPS for 2025-2027 at 1.26 yuan, 1.51 yuan, and 1.72 yuan respectively [4]. Revenue Breakdown - The company's revenue from brokerage, investment banking, asset management, credit, and proprietary trading for 2024 was 4.3 billion yuan, 3.1 billion yuan, 1.2 billion yuan, -1.4 billion yuan, and 10.1 billion yuan respectively, showing declines of 6%, 16%, 0.3%, 4%, and 4% year-on-year [1]. - The stock business revenue fell by 15% to 4.4 billion yuan, while the profit margin increased by 1.72 percentage points to 74.76% [2]. - Fixed income revenue increased by 47% to 3.7 billion yuan, with a profit margin of 73.59%, driven by higher returns from debt investments [2]. Asset Management and Wealth Management - The asset management department's business scale reached 552 billion yuan by the end of 2024, with a total of 783 products managed [2]. - The company's wealth management product scale grew to nearly 370 billion yuan, with a total customer base of approximately 8.5 million, reflecting a 25% increase year-on-year [3]. IPO and Underwriting Performance - The domestic IPO business faced challenges, with the main underwriting IPO scale dropping to 3.59 billion yuan, a decrease of 89% year-on-year [3]. - In contrast, the company maintained a leading position in overseas underwriting, with a total of 3.835 billion USD in Hong Kong IPOs [3]. Financial Projections - The report projects total revenue for 2025 to be 26.5 billion yuan, with net profit expected to reach 7.3 billion yuan [12]. - The company's total assets are forecasted to grow from 674.7 billion yuan in 2024 to 708.5 billion yuan in 2025 [12].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a record high in 2024 with total revenue of 1325.55 billion yuan, representing a year-on-year increase of 85.3%, and a net profit attributable to shareholders of 262.29 billion yuan, up 201.1% year-on-year [1]. - New business value (NBV) reached 62.53 billion yuan, reflecting a significant year-on-year growth of 106.8% [2]. - The company has prudently adjusted the investment return assumptions for non-linked insurance funds to 4.0% and the risk discount rate to 8.5%, resulting in an embedded value of 2584 billion yuan at the end of 2024, an increase of 3.17% from the beginning of the year [1]. Summary by Sections Business Performance - The company reported original premium income of 1705.11 billion yuan in 2024, a year-on-year increase of 2.8%. Long-term insurance new single premiums were 388.11 billion yuan, down 5.1% year-on-year, while long-term insurance new single regular premiums increased by 15.6% to 272.20 billion yuan [2]. - The new business value rate improved significantly from 6.7% in 2023 to 14.6% in 2024, an increase of 7.9 percentage points [2]. - The personal life insurance business showed a 13-month continuation rate of 95.7%, up 5.9 percentage points year-on-year, and a 25-month continuation rate of 86.2%, up 7.8 percentage points [2]. Agent and Channel Performance - The number of individual insurance agents decreased slightly to 136,000, down by 19,000 year-on-year, but the average monthly performance of agents improved by 41% year-on-year to 0.81 million yuan [3]. - The bancassurance channel generated premium income of 516.74 billion yuan, a year-on-year increase of 8.1%, with first-year premiums for long-term insurance reaching a historical high of 138.73 billion yuan, up 11.5% year-on-year [3]. Investment Performance - Total investment income surged by 251.6% year-on-year, with an overall investment return rate of 5.8%, up 4.0 percentage points year-on-year, and a net investment return rate of 3.2%, down 0.2 percentage points year-on-year [3]. - The proportion of bond investments increased by 2.0 percentage points to 52.1%, while stock investments rose significantly by 70.2% to 1807.95 billion yuan, accounting for 18.8% of total investment assets, an increase of 4.6 percentage points year-on-year [3]. Financial Projections - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be 8.80 yuan, 11.47 yuan, and 11.72 yuan respectively, with a target price of 57.61 yuan based on a 0.65x P/EV for 2025 [4][6].

Economic Recovery - In January-February, the revenue of industrial enterprises increased by 2.8% year-on-year, up by 0.7 percentage points compared to the entire year of 2024[4] - The profits of industrial enterprises decreased by 0.3% year-on-year, but this is an improvement of 3 percentage points compared to the entire year of 2024[4] - The manufacturing PMI for March was 50.5, a rise of 0.3 percentage points from the previous month, marking a nearly one-year high[6] Trade and Tariff Impact - The ongoing increase in U.S. tariffs has extended the "export rush" effect, supporting inventory replenishment and order increases for enterprises[2] - The upcoming U.S. tariff investigation results are expected to significantly impact global trade order and suppress market risk appetite[11] - The U.S. economy continues to weaken, with the Markit manufacturing PMI dropping to 49.8 in March, indicating a contraction[18] Market Trends - The equity market has seen a shift in style, with technology stocks experiencing notable adjustments and a reduction in trading volume, indicating a convergence of market divergence[2] - Risk appetite in the market is declining, with gold prices expected to remain high due to geopolitical uncertainties and economic cooling in the U.S.[22] - The performance of dividend and consumer sectors has been relatively strong as investors seek opportunities outside of technology stocks[11]

Investment Rating - The report assigns a "Buy-A" investment rating to Hisense Home Appliances, with a target price of 38.78 CNY over the next six months, representing a dynamic P/E ratio of 14 times for 2025 [3][5]. Core Views - Hisense Home Appliances reported a revenue of 92.75 billion CNY for 2024, reflecting a year-on-year increase of 8.3%, and a net profit of 3.35 billion CNY, up 18.0% year-on-year. The fourth quarter of 2024 saw a revenue of 22.17 billion CNY, a 7.1% increase year-on-year, and a net profit of 550 million CNY, up 34.9% year-on-year. The growth was attributed to the "old-for-new" policy and strong external sales performance in Q4 [1][2]. Summary by Sections Financial Performance - In Q4 2024, Hisense's air conditioning and refrigerator segments showed significant growth, with domestic sales increasing by 17.8% and 2.9% respectively, while external sales surged by 55.4% and 10.4% [1]. - The gross profit margin for Q4 2024 was reported at 19.7%, down 2.3 percentage points year-on-year, primarily due to increased domestic price competition and rising raw material costs. However, the net profit margin improved by 0.5 percentage points to 2.5% [2]. Market Position and Growth Potential - The central air conditioning market is identified as a growth sector within the home appliance industry, with Hisense expected to benefit from increased downstream demand. The integration of Sanlian Electric Holdings has led to improved profitability levels [3]. - Revenue projections for 2025 and 2026 are estimated at 102.59 billion CNY and 115.56 billion CNY respectively, with net profits expected to reach 3.83 billion CNY and 4.36 billion CNY [4][12]. Valuation Metrics - The report forecasts earnings per share (EPS) of 2.77 CNY for 2025 and 3.14 CNY for 2026, with a projected price-to-earnings (P/E) ratio decreasing from 14.8 in 2023 to 10.9 in 2025 [4][12]. - The net profit margin is expected to gradually improve from 3.6% in 2024 to 3.8% in 2026, indicating enhanced operational efficiency [4][12].

Investment Rating - The investment rating for the company is "Buy-A" with a 12-month target price of 14.8 CNY per share [8][12]. Core Views - The company reported a revenue of 22.255 billion CNY in 2024, a year-on-year increase of 3.17%, but a net loss attributable to shareholders of 567 million CNY, a significant decline of 378.01% year-on-year [1]. - The company is expected to rebound in 2025, with the seat business showing strong growth potential after achieving breakeven in 2024 [5]. - The company has a backlog of 21 seat orders, with projected cumulative revenue of 90 billion CNY from these orders [5]. Summary by Sections Financial Performance - In 2024, the parent company achieved a revenue of 6.431 billion CNY, a year-on-year increase of 60.27%, and a net profit of 279 million CNY, up 41.82% year-on-year [2]. - The seat business generated revenue of 3.11 billion CNY with a sales volume of 333,000 units, achieving breakeven for the first time [2]. - The company’s Q4 2024 revenue was 5.349 billion CNY, a decrease of 5.03% year-on-year and a 9.33% decline quarter-on-quarter [3]. Business Segments - The smart air vent business generated 405 million CNY in revenue with an EBIT of 44 million CNY, indicating significant profitability [2]. - The car refrigerator business contributed approximately 121 million CNY in revenue in its first year, also achieving profitability [2]. - Traditional businesses, such as headrests and armrests, saw revenues of about 2.9 billion CNY, down 5% year-on-year, attributed to declining sales in domestic markets [2]. Future Outlook - The company is expected to see a net profit increase of approximately 200 million CNY in 2025 following the divestiture of the TMD business, which had incurred losses [5]. - The projected net profits for 2025, 2026, and 2027 are 640 million CNY, 930 million CNY, and 1.18 billion CNY, respectively, with corresponding PE ratios of 23, 16, and 12 [12]. - The company’s revenue is forecasted to grow from 22.626 billion CNY in 2024 to 30.27 billion CNY by 2027, reflecting a robust growth trajectory [12].

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [7]. Core Viewpoints - The electric two-wheeler industry is expected to experience high growth driven by the old-for-new policy, which opens up long-term demand [19][24]. - The industry structure is continuously upgrading, with significant potential in the high-end market [2][3]. - The company has a strong foundation in two-wheeler manufacturing, with robust R&D, product, and marketing capabilities [4][5]. Summary by Sections 1. High Growth Driven by Old-for-New Policy - The electric two-wheeler industry is significantly influenced by policies, with a forecast for high growth in 2025 due to the old-for-new subsidy program [19][24]. - The expected annual replacement demand is around 50-60 million units, alongside new demand, indicating a larger potential market [19][34]. - The new national standard slightly increases production costs but is not expected to suppress demand due to the essential nature of electric two-wheelers [26][27]. 2. Continuous Upgrade of Industry Structure - The electric two-wheeler market has historically faced issues such as limited range and slow charging, but advancements in technology are facilitating a shift towards high-end products [2][3]. - Companies like Niu and Ninebot have successfully tapped into high-end consumer demand, indicating a growing acceptance of premium products [2][3]. - The market share of high-end products (priced above 3500 yuan) is projected to increase from 5% in 2023 to 10-15% by 2028, with a corresponding CAGR of 18-28% [2]. 3. Industry Concentration Expected to Increase - The competitive landscape of the electric two-wheeler industry is currently dominated by three major players, with a CR3 of 62.6%, reflecting a 25 percentage point increase since 2019 [3]. - The industry is likely to see further concentration as leading brands leverage their channel and brand advantages [3]. - The high-end market is expected to flourish with various brands, including traditional manufacturers and new entrants, each carving out their niche [3][4]. 4. Strong R&D and Marketing Capabilities of the Company - The company has a deep accumulation of experience in two-wheeler manufacturing, with a strong ability to develop and market new products [4]. - The launch of the high-end electric motorcycle brand "Jike" has positioned the company as a leader in the high-end electric motorcycle segment [4][5]. - The company has expanded its offline store presence significantly, with over 800 stores as of March 2025, enhancing its sales capabilities [12][33]. 5. Accelerated Product and Channel Development - The company has seen a remarkable increase in electric motorcycle sales, with a 642.6% year-on-year growth in 2024 [12]. - The introduction of new products and the expansion of the product matrix are expected to drive further sales growth [12][5]. - The company is benefiting from a strong new product cycle in its electric bicycle segment, with significant consumer interest in new models [12][5].