Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 1146.01 billion CNY in 2024, a decrease of 1.31% year-on-year, while the net profit attributable to shareholders was 45.04 billion CNY, an increase of 64.30% year-on-year [2][3] - The feed business showed resilience with a market share increase, while the aquaculture segment turned profitable [3][4] - The company is focusing on a light-asset breeding model and has made significant progress in international markets, with overseas feed sales growing by approximately 40% [3][4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1146.01 billion CNY, with a year-on-year decline of 1.31%. The feed segment generated 957.75 billion CNY, down 4.82%, while the aquaculture segment saw revenue of 188.26 billion CNY, up 21.52% [2][3] - For Q1 2025, the company reported a revenue of 256.29 billion CNY, a year-on-year increase of 10.60%, and a net profit of 12.82 billion CNY, up 48.99% year-on-year [2] Business Segments - The feed business accounted for 83.57% of total revenue, with a gross margin of 9.94%, an increase of 1.12 percentage points year-on-year. The aquaculture business contributed 16.43% to total revenue, with a gross margin of 18.28%, up 12.05 percentage points [3] - The company sold 26.52 million tons of feed in 2024, a 9% increase year-on-year, with significant growth in poultry and aquaculture feed sales [3] Growth Strategy - The company is implementing a strategy that includes partnerships with large-scale farmers and food companies to expand market share. The international strategy has led to a notable increase in overseas sales, particularly in Vietnam, Indonesia, and Egypt [3][4] - The aquaculture segment has improved significantly, with the company focusing on shrimp and other specialty aquatic products, leading to a reduction in production costs [4] Profitability Forecast - The company expects revenue growth to continue, with projected revenues of 1288.84 billion CNY in 2025 and 1453.02 billion CNY in 2026. The net profit is forecasted to reach 50.98 billion CNY in 2025 and 55.78 billion CNY in 2026 [5][6] - The earnings per share (EPS) are projected to be 3.06 CNY in 2025 and 3.35 CNY in 2026, with a price-to-earnings (PE) ratio of 17 for 2025 [6][8]

证券研究报告|宏观点评报告 [Table_Date] 2025 年 04 月 21 日 [Table_Title] 资产配置日报：踏空也是风险 | [Table_Title2] | | --- | | 国内市场表现 | 复盘与思考: 4 月 18 日，科技与小微盘领衔，权益指数迎来普涨，债市在没有明显利空的情况下，各期限收益率齐上。 复盘各类资产表现，股市，大盘表现依旧稳定，上证指数、沪深 300 分别上涨 0.45%、0.33%，中证红利指 数小跌 0.14%；部分龙头企业业绩提振下，科技板块表现强势，科创 50、创业板指、恒生科技分别上涨 1.07%、 1.59%、1.90%；股市情绪回升也使中小盘更为受益，中证 1000、中证 2000、万得微盘股指分别上涨 2.07%、 2.29%、1.23%。债市，10 年、30 年国债活跃券收益率分别上行 1.6bp、2.3bp 至 1.66%、1.90%；10 年、30 年 国债期货主力合约分别下跌 0.22%、0.33%。 商品方面，近期美元连续走弱，美元指数已跌破 99 点，叠加特朗普政府有意更换美联储主席人选，加剧了美 元资产的避险情绪，贵金属价格持续破新 ...

Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company's Q1 2025 performance shows a revenue of 16.305 billion yuan, a year-on-year decrease of 15.57%, but a net profit attributable to shareholders of 469 million yuan, which is an increase of 23.53% year-on-year [1][2]. - The gross margin improved slightly to 12.41%, up 3.21 percentage points year-on-year, driven by product structure optimization [3]. - The company is leveraging AI technology to enhance consumer electronics, particularly in the XR and smart acoustic sectors, positioning itself for long-term growth [4]. Summary by Sections Financial Performance - Q1 2025 revenue was 16.305 billion yuan, down 15.57% year-on-year and down 47.92% quarter-on-quarter; net profit attributable to shareholders was 469 million yuan, up 23.53% year-on-year and up 46.59% quarter-on-quarter [1]. - The company reported an investment income of 144 million yuan from foreign exchange derivatives and joint ventures, a significant increase from a loss of 4 million yuan in the same period last year [2]. Profitability and Costs - The gross margin for Q1 2025 was 12.41%, reflecting a year-on-year increase of 3.21 percentage points and a quarter-on-quarter increase of 2.11 percentage points [3]. - The operating expense ratio was 10.88%, up 3.28 percentage points year-on-year, with R&D expenses increasing as the company focuses on enhancing its core competitiveness [3]. Growth Drivers - The company is enhancing its core competitiveness through both internal development and external investments, such as acquiring key technology firms [4]. - It has established partnerships with major clients like Meta, Pico, and Sony, capturing 80% of the global mid-to-high-end VR market share as of December 2022 [4]. - The smart acoustic segment is expected to grow due to AI-driven features like real-time translation and health monitoring, with collaborations with leading brands like Apple and Huawei [4]. Earnings Forecast - The revenue projections for 2025-2027 are adjusted to 99.51 billion, 112.29 billion, and 125.84 billion yuan, respectively, with expected net profits of 3.261 billion, 4.231 billion, and 5.260 billion yuan [8]. - The earnings per share (EPS) estimates for the same period are 0.93, 1.21, and 1.51 yuan, with a maintained "Accumulate" rating based on a target price of 21.34 yuan [8].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 12.702 billion yuan for 2024, representing a year-on-year increase of 15.28%, and a net profit attributable to shareholders of 784 million yuan, up 28.00% year-on-year [2] - The passenger vehicle business experienced rapid growth, with revenue reaching 7.090 billion yuan, a year-on-year increase of 30.63%, driven primarily by the performance of new energy vehicles [3] - The company's global expansion strategy has shown significant results, with North American revenue reaching 2.035 billion yuan, a year-on-year increase of 60.23%, and European revenue at 741 million yuan, up 17.16% [4] - The digital energy segment has accelerated growth, achieving revenue of 1.027 billion yuan, a year-on-year increase of 47.44%, with strong performance in data center cooling solutions [5] - The company's profitability continues to improve, with operating cash flow reaching 1.205 billion yuan, a year-on-year increase of 30.84%, and R&D investment of 573 million yuan, up 16.94% [6] - The company is proactively entering emerging fields such as robotics, having secured 10 patents in this area by the end of the reporting period [7] Financial Summary - The company forecasts revenues of 16.030 billion yuan for 2025, 18.883 billion yuan for 2026, and 21.574 billion yuan for 2027, with net profits expected to be 1.048 billion yuan, 1.251 billion yuan, and 1.503 billion yuan respectively [9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.26 yuan, 1.50 yuan, and 1.80 yuan respectively [11] - The company maintains a healthy financial position with a projected return on equity (ROE) of 12.6% for 2024, increasing to 15.0% by 2027 [11]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company achieved a revenue of 12.03 billion yuan in 2024, representing a year-on-year growth of 14.44%. The net profit attributable to shareholders was 1.472 billion yuan, with a year-on-year increase of 22.55% [2][3] - The company is a leader in lithium battery structural components, showcasing strong profitability and a high-quality customer base, including major clients like CATL, LG, and Tesla [4][9] - The company is expanding its production capacity both domestically and internationally, with 13 domestic and 3 European bases, enhancing its local supply capabilities [4] - The company is extending its business into the robotics sector, leveraging its expertise in precision manufacturing to create new growth opportunities [5][9] Financial Summary - In 2024, the company reported total revenue of 12.03 billion yuan, with a year-on-year growth of 14.4%. The net profit attributable to shareholders was 1.472 billion yuan, reflecting a year-on-year increase of 22.5% [11] - The projected revenues for 2025-2027 are 14.87 billion yuan, 18.12 billion yuan, and 21.88 billion yuan, with respective year-on-year growth rates of 23.6%, 21.9%, and 20.7% [9][11] - The projected net profits for the same period are 1.813 billion yuan, 2.196 billion yuan, and 2.671 billion yuan, with year-on-year growth rates of 23.2%, 21.1%, and 21.6% [9][11] - The company's gross margin is expected to improve from 24.4% in 2024 to 25.1% by 2027 [11] Business Development - The company is focusing on enhancing its robotics business through partnerships and investments in new technologies, which is expected to contribute positively to its performance [5][9] - The company is actively working on expanding its production capabilities, with ongoing projects in Shenzhen and overseas locations such as the United States and Hungary [4]

证券研究报告|行业研究周报 [Table_Date] 2025 年 04 月 21 日 猪肉猪价企稳回升，加强植物新品种保护 [Table_Title2] 农林牧渔行业周报第 14 期 [Table_Summary] 本周观点: 种植产业链：近日，国务院常务会议审议通过了《中华人民共 和国植物新品种保护条例（修订草案）》（以下简称《条 例》）。《条例》深入贯彻落实党中央、国务院关于种业振兴 和知识产权保护的决策部署，认真落实《中华人民共和国种子 法》（以下简称《种子法》）有关要求，对加强种业知识产权 保护、激励育种原始创新具有重要意义，为深入实施种业振兴 行动、加快实现种业科技自立自强提供坚实的法治保障。为切 实做好《条例》的贯彻落实，农业农村部将重点抓好以下几项 工作：加强宣传解读和培训指导；抓紧修订配套规章制度；加 快实施实质性派生品种制度；健全品种保护支撑体系；严格品 种权维权执法。在粮食安全背景下，转基因技术在提升单产方 面具有革命性作用，我们判断转基因商业化进程将继续扩面提 速，以通过提升单产从根本上提升关键品种自给率，同时，农 业农村部强调"加强植物新品种保护，赋能种业创新发展"， 也有利于转基因 ...

证券研究报告|固收研究报告 [Table_Date] 2025 年 04 月 21 日 [Table_Title] 兼顾性价比和流动性 [Table_Title2] 信用周观察系列 [Table_Summary] 4月 14-18日，中美关税拉锯战进入中场休息时段，央行整体偏呵护， 资金面维持均衡，债市呈现震荡行情。信用债收益率普遍小幅上行， 信用利差表现分化，3-4 年利差多小幅收窄，7-10 年中高等级利差则 走扩。 从二级成交来看，信用债买盘继续降温，城投债和产业债 TKN 成交占 比和低估值占比均小幅下滑。分评级看，城投债变化不大，产业债成 交则明显下沉，AAA-及以上成交占比由 60%降至 50%。分期限结构 看，城投债和产业债成交均降久期。与此同时，一级市场发行情绪继 续走弱，城投债发行全场倍数 3 倍以上占比下降 10个百分点至 47%， 产业债全场倍数 3 倍以上占比由 26%降至 17%。 4 月以来，理财规模增长 1.7万亿元，但是与往年不同，理财规模回升 并未带动信用债利差快速收窄。原因可能在于，一方面，3 月中下旬 的行情导致信用利差迅速压至低位，性价比有所下降。另一方面，银 行理财今 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 21 日 [Table_Title] 鸡苗价格景气延续，25Q1 业绩同比大幅改善 [Table_Title2] 晓鸣股份(300967) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300967 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 27.47/8.15 | | 目标价格： | | 总市值(亿) | 37.53 | | 最新收盘价： | 20.01 | 自由流通市值(亿) | 24.97 | | | | 自由流通股数(百万) | 124.79 | [Table_Summary] 事件概述 公司发布 2024 年年报，报告期内，实现营业收入 9.71 亿元，同比增长 16.83%；实现归母净利润 4481.34 万 元，同比扭亏为盈，拟每 10 股派 2.0 元，合计派发现金红利 3713.37 万元。公司发布 2025 年一季报，2025Q1 实现营业收入 3.94 亿元，同比增长 125.09%；实现归母净利润 9902 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a slight decline in revenue but a significant increase in net profit for Q1 2025, with revenue at 473 million yuan, down 2.89% year-on-year, and net profit at 48.2 million yuan, up 38.72% year-on-year [2][3] - The increase in net profit is attributed to several factors, including the temporary shutdown of some production projects, a decrease in raw material costs, and capitalized interest on infrastructure projects leading to lower financial expenses [3] - The price of enoki mushrooms has been continuously declining, prompting the company to adjust production and optimize operations, which helped mitigate overall losses [4] - The company's button mushroom business remains profitable and stable, effectively offsetting losses from the enoki mushroom segment, with revenue from button mushrooms at 1.079 billion yuan, up 7.39% year-on-year, and a gross margin of 34.81% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved operating revenue of 473 million yuan, a slight decrease of 2.89% year-on-year, while net profit attributable to shareholders was 48.2 million yuan, an increase of 38.72% year-on-year [2][3] - For the full year 2024, the company reported total revenue of 1.935 billion yuan, a growth of 0.21%, with enoki mushroom revenue at 838 million yuan, down 8.06%, and button mushroom revenue at 1.079 billion yuan, up 7.39% [4][5] Production and Market Dynamics - The company has adjusted its production strategy in response to the declining prices of enoki mushrooms, which have seen a significant drop of 18% year-on-year to 5.14 yuan/kg in 2024 [4] - The button mushroom segment has a higher market share and profitability due to lower competition and higher barriers to entry, with a gross margin increase of 2.94 percentage points year-on-year [5] Investment Recommendations - The company is positioned as a leading player in the edible mushroom industry, with a projected revenue of 2.118 billion yuan for 2025, down from previous estimates of 2.734 billion yuan [6] - The forecast for net profit in 2025 has been adjusted to 186 million yuan, with EPS revised to 0.47 yuan, maintaining an "Accumulate" rating based on a PE ratio of 16 for 2025 [6]

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 21 日 [Table_Title] 鸡苗价格景气延续，25Q1 业绩同比大幅改善 [Table_Title2] 晓鸣股份(300967) | [Table_DataInfo] 评级： | 增持 | 股票代码： | 300967 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价： | 27.47/8.15 | | 目标价格： | | 总市值(亿) | 37.53 | | 最新收盘价： | 20.01 | 自由流通市值(亿) | 24.97 | | | | 自由流通股数(百万) | 124.79 | [Table_Summary] 事件概述 公司发布 2024 年年报，报告期内，实现营业收入 9.71 亿元，同比增长 16.83%；实现归母净利润 4481.34 万 元，同比扭亏为盈，拟每 10 股派 2.0 元，合计派发现金红利 3713.37 万元。公司发布 2025 年一季报，2025Q1 实现营业收入 3.94 亿元，同比增长 125.09%；实现归母净利润 9902 ...