Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company's revenue remains stable, but profit margins are under pressure due to increased sales promotion efforts and changes in cost and channel structure. In 2024, total revenue and net profit attributable to shareholders were 1.855 billion and 147 million yuan, respectively, reflecting year-on-year declines of 4% and 47% [5] - The beverage segment, particularly coconut juice, shows resilience, while the canned food segment faces challenges. In 2024, beverage revenue was 1.105 billion yuan, down 3.31%, and canned food revenue was 665 million yuan, down 12.26% [6] - The company is expanding its e-commerce and snack channels, with significant growth in direct sales, which increased by 411.84% year-on-year [7] Summary by Sections Financial Performance - In 2024, the company's gross margin and net margin were 34% and 8%, down 4.7 and 6.5 percentage points year-on-year, respectively. The operating cash flow decreased significantly, with a net cash flow of 60 million yuan, down 83% year-on-year [5][10] - The company expects EPS for 2025-2027 to be 0.38, 0.46, and 0.53 yuan, corresponding to PE ratios of 38, 31, and 27 times, respectively [10] Product Segments - The beverage segment's revenue was primarily driven by coconut juice, which faced a decline in sales volume and price, leading to a gross margin drop to 40.18% [6] - The canned food segment's revenue was negatively impacted by a shift to snack channels, resulting in a gross margin of 28.90% [6] Market Channels - The company reported a significant increase in revenue from direct sales and e-commerce channels, with direct sales revenue reaching 1.85 billion yuan, a year-on-year increase of 411.84% [7] - The company has expanded its distributor network, increasing the number of distributors to 2,236 by the end of 2024 [9]

2025 年 03 月 31 日 液氯、三氯乙烯等涨幅居前，建议继续关注原 油、钛白粉板块和轮胎板块 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) 2.5 5.3 6.6 沪深 300 0.6 -0.5 10.7 市场表现 -30 -20 -10 0 10 20 30 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《基础化工行业周报：硫酸、硫 磺等涨幅居前，建议继续关注原 油、钛白粉板块和轮胎板块》2025- 03-25 2、《基础化工行业周报：硫酸、硫 磺等涨幅居前，建议继续关注原 油、钛白粉板块和轮胎板块》2025- 03-16 3、《基础化工行业周报：硫酸、硫 磺等涨幅居前，建议继续关注原 油、钛白粉板块和轮胎板块》2025- 03-10 ▌ 液氯、三氯乙烯等涨幅居前，合成氨、天然气等跌幅较大 本周涨幅较大的产品：液氯（华东地区，15.69%），三氯乙 烯（华东地区，11 ...

证 券 研 究 报 告 行业周报 重磅交易落地，分享全球市场机遇 医药行业周报 | 投资评级： | 推荐 （ 维持 | ） | | --- | --- | --- | | 报告日期： | 2025年03月31日 | | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1 . 合作窗口提前、巩固领先优势 继3月21日，和铂医药与阿斯利康达成一项战略合作之后，联邦制药和恒瑞医药也分别与海外MNC达成项目授权，其中联 邦制药授权的UBT251仍处于Ⅰ期临床阶段，为国内第一，全球第二的进入临床阶段的三靶点GLP-1，而恒瑞医药授权的 HRS-5346处于Ⅱ期临床阶段，为全球进展第二的口服小分子Lp(a) 靶向药物。合作窗口的提前，可见中国企业的研发质量 已经过多次检验，海外MNC对中国biotech企业的信任提升，同时MNC之间的竞争加剧，也积极锁定潜力资源，保持研发 管线的领先。虽然项目仍处于早期，后续临床的不确定性较大，但对于获得首付款的中国biotech企业已解决了临床持续投 入的问题，而且有MNC临床等多方资源的加持， ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's EVA business is currently under pressure due to the photovoltaic market, but there is potential for recovery as the market improves [5] - The new materials platform is expected to grow significantly, with various projects set to come online in the near future [6] - The company is positioned to enhance its competitive advantage by diversifying its product offerings in the photovoltaic sector [5][6] Summary by Sections Financial Performance - In 2024, the company reported revenue of 6.268 billion yuan, a year-on-year decrease of 7.52%, and a net profit of 234 million yuan, down 47.45% year-on-year [4][10] - The EVA product revenue was 1.458 billion yuan, a decline of 27.95% year-on-year, with a gross margin of 30.12%, down 10.83 percentage points [5] Capacity Expansion - The company has an existing EVA capacity of over 150,000 tons per year and is constructing a new 200,000 tons per year EVA facility, expected to be operational in 2025 [5] - The company has also launched a 90,000 tons per year VA facility, which began production in January 2024, allowing for self-supply of raw materials [5] New Material Projects - The company has initiated several projects, including a 20,000 tons per year UHMWPE facility and a 100,000 tons per year lithium carbonate solvent project, both of which are expected to enhance product offerings and market position [6] - The biodegradable materials segment includes PLA and PPC, with the PLA project expected to produce qualified products by August 2024 [6] Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are 68.53 billion yuan, 78.46 billion yuan, and 86.27 billion yuan, respectively, with corresponding EPS of 0.27 yuan, 0.47 yuan, and 0.57 yuan [8][10] - The current stock price corresponds to a PE ratio of 56.6 for 2025, 32.4 for 2026, and 26.7 for 2027, indicating potential for earnings recovery as the photovoltaic market stabilizes [8]

2025 年 03 月 31 日 双融日报 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：28 分（较冷） 今日热点主题：算力、家电、深海经济 1、算力主题：据媒体报道，我国全面启动"东数西算" 工程已满 3 年，三大运营商、数据中心服务商以及相关产业 链企业积极跟进，多领域发力，各地新型数字基础设施加速 建设，全国一体化算力体系加快形成。据 2024 中国算力大会 数据，我国在用算力中心机架总规模超 830 万标准机架，算 力总规模达 246EFLOPS，位居全球第二。据统计，2024 年我 国数字经济增加值占 GDP 比重已超过 45%，其中算力相关产 业 贡 献 了 约 三 分 之 一 的 增 量 。 相 关 标 的 ： 众 合 科 技 (000925)、首都在线(300846) 2、家电主题：2025 年 3 月 22 日，全国家电消费季启动 仪式在上海举行。商务部副部长盛秋平表示，家电以旧换新 工作利当前、促长远，稳增长、助转型，惠民生、利产业。 商务部将以此次活动为契机，统筹线上线下渠道，开展系列 活动，优化"政策+活动"驱动机制，鼓励厂商出新、平台 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The report highlights the strengthening of leading advantages for Chinese biotech companies through early strategic collaborations with multinational corporations (MNCs), indicating a growing trust in their R&D capabilities [3] - Novo Nordisk's recent collaborations and the competitive landscape in the weight loss and diabetes treatment sectors are emphasized, showcasing opportunities for Chinese companies [4] - The optimization of drug procurement policies is expected to alleviate price pressures on traditional pharmaceutical companies, providing them with more time for operational adjustments [6] - Progress in CAR-T therapies and the potential for universal CAR-T treatments are noted, with significant sales growth projected in this area [8] - The report discusses the evolving landscape for Contract Research Organizations (CROs) and the potential for increased orders and profitability due to changes in the external environment [10] - The expansion of raw material applications, particularly in the nicotine sector, is highlighted as a new direction for raw material pharmaceutical companies [12] - The integration of AI in healthcare is accelerating, with major hospitals launching specialized AI models, indicating a transformative wave in the industry [14] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.97% over the past week, ranking first among 31 primary industry indices [26] - Over the past month, the pharmaceutical industry also outperformed the CSI 300 index by 1.75%, ranking 12th [29] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index has a current PE (TTM) of 31.27, which is below the historical average of 32.98 [49] 3. Recent Research Achievements - The report includes various deep-dive studies on the pharmaceutical industry, highlighting trends in supply and demand, regulatory support, and market opportunities [54] 4. Recent Industry Policies and News - Recent policy changes by the National Medical Products Administration aim to optimize the medical device standard system and enhance the quality of the medical device industry [56] - Significant collaborations and approvals in the pharmaceutical sector are reported, including licensing agreements and new drug approvals by major companies [58][59]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Views - The company has experienced rapid growth in new orders, with a significant increase in overseas market penetration, indicating a positive outlook for profitability recovery [7][8]. - The wind power industry is witnessing improved supply-demand dynamics, which is expected to enhance the company's profitability [7]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 22.198 billion yuan, a year-on-year increase of 18.54% - The net profit attributable to shareholders was 465 million yuan, up 12.24% year-on-year, with a non-recurring net profit of 353 million yuan, reflecting a 13.50% increase [6][7]. Business Segments - Wind turbine revenue reached 18.053 billion yuan, growing by 12.76%, with an export capacity of 11.62GW, a 37.22% increase year-on-year [7]. - The company also reported revenue from new energy engineering contracting services of 1.213 billion yuan and from new energy power station development and transfer of 1.689 billion yuan [7]. Order Growth - The company secured 30.89GW of new wind power equipment orders in 2024, representing a 96.65% year-on-year increase, with total orders on hand reaching 39.87GW [8]. - The overseas order volume has more than doubled, with significant breakthroughs in markets such as the Middle East and North Africa [8]. Profitability Forecast - Revenue projections for 2025, 2026, and 2027 are 25.912 billion yuan, 28.881 billion yuan, and 31.932 billion yuan, respectively, with corresponding EPS of 0.89 yuan, 1.21 yuan, and 1.45 yuan [9][11]. - The current stock price corresponds to PE ratios of 13.4, 9.9, and 8.3 for the years 2025, 2026, and 2027, respectively [9].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company faces short-term performance pressure due to declining photovoltaic glass prices, with a 13.20% year-on-year decrease in revenue to 18.683 billion yuan and a 63.52% drop in net profit to 1.007 billion yuan in 2024 [5] - Despite the challenges, the company's leading position in the photovoltaic glass industry remains solid, with a market share exceeding 50% when combined with a competitor [6] - The company is expected to see gradual improvement in profitability starting in 2025, with projected revenues of 21.067 billion yuan and earnings per share (EPS) of 0.74 yuan [7] Summary by Sections Financial Performance - In 2024, the company's core product revenue from photovoltaic glass was 16.816 billion yuan, down 14.54% year-on-year, leading to a gross margin of 15.50%, a decrease of 6.30 percentage points [5] - The company sold approximately 1.265 billion square meters of photovoltaic glass in 2024, a 3.70% increase year-on-year [5] Market Position - The company has a total production capacity of 19,400 tons per day as of the end of 2024, with plans to expand operations in Indonesia [6] - Revenue from the North American market reached 1.114 billion yuan in 2024, a significant increase of 231.64% year-on-year, indicating enhanced international influence [6] Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 21.067 billion yuan, 23.854 billion yuan, and 26.479 billion yuan, respectively, with corresponding EPS of 0.74 yuan, 1.08 yuan, and 1.31 yuan [7][9]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company reported a revenue of 2.387 billion yuan in 2024, a decrease of 3% year-on-year, with a net profit of 799 million yuan, also down by 3% [4][9] - The decline in performance is attributed to adjustments in the purchasing rhythm of distributors [4] - The company is focusing on product and channel structure optimization to improve performance [4][5] Summary by Sections Market Performance - The company's stock price is currently at 13.82 yuan, with a total market capitalization of 15.9 billion yuan [1] Financial Performance - In Q4 2024, the company achieved a revenue of 425 million yuan, down 15% year-on-year, and a net profit of 129 million yuan, down 23% [4] - The gross margin decreased by 7 percentage points to 43.38% in Q4 2024, primarily due to price discounts on terminal products [5] - The company expects a marginal recovery in gross margin in 2025 due to stable terminal sales and sufficient low-cost raw material reserves [5] Product Performance - Revenue from the main product, pickled vegetables, was 2.044 billion yuan, down 2%, while the revenue from pickled radish was 46 million yuan, down 24% [6] - The company saw a 2% increase in revenue from pickled cabbage, reaching 230 million yuan, driven by a 16% increase in sales volume [6] Channel Strategy - Revenue from direct sales and distribution channels was 151 million yuan and 2.232 billion yuan, respectively, both showing a decrease [7] - The company is expanding its restaurant channel and optimizing its internal assessment methods to better align with market demands [7] Earnings Forecast - The company anticipates EPS of 0.76, 0.81, and 0.85 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 17, and 16 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported a total revenue of 1.671 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit attributable to shareholders of 277 million yuan, which is a 29% increase year-on-year [4] - The company is experiencing strong growth in the group meal channel, with sales reaching 116 million yuan in Q4 2024, a 30% increase year-on-year [6] - The company plans to continue increasing its investment in expenses, which is expected to enhance its profitability in the future [5] Summary by Sections Financial Performance - In Q4 2024, the company's total revenue was 461 million yuan, up 4% year-on-year, and the net profit was 82 million yuan, up 39% year-on-year [4] - The gross margin for Q4 2024 increased by 1 percentage point to 27.51%, with a net profit margin increase of 5 percentage points to 18.05% [5] Product and Channel Analysis - Food revenue in Q4 2024 was 418 million yuan, with noodle and filling products generating 191 million yuan and 127 million yuan, respectively, showing increases of 2% and 22% [6] - The company has closed 143 stores in Q4 2024, but the single-store performance is showing signs of recovery [6] Future Outlook - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected to be 1.04 yuan, 1.13 yuan, and 1.20 yuan for 2025, 2026, and 2027, respectively [8][10] - The company’s dividend payout ratio increased to 69% in 2024 from 47% in 2023, indicating a commitment to returning value to shareholders [5]