Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company has experienced a year-on-year increase in the production and sales volume of pesticide intermediates, despite a decline in revenue due to falling prices of its main products [4][3]. - The company plans to enhance its research and development efforts, with a focus on building a Shanghai R&D center and improving collaboration with the Chengdu center [5]. - The company aims to become a global leader in pesticides and fine chemicals, with several key projects expected to be completed and operational in 2025 [6]. Financial Performance - In 2024, the company reported total revenue of 7.311 billion yuan, a decrease of 6.88% year-on-year, and a net profit attributable to shareholders of 215 million yuan, down 64.34% year-on-year [3][10]. - The company’s production volume for pesticide and intermediates reached 151,600 tons in 2024, representing a year-on-year increase of 24.59%, while sales volume was 149,000 tons, up 23.94% year-on-year [4]. - The financial expense ratio increased due to rising interest expenses, with the company planning to increase effective R&D investment in the coming years [5]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 455 million yuan, 571 million yuan, and 703 million yuan respectively, with corresponding price-to-earnings ratios of 15.7, 12.5, and 10.2 [8][10].

Investment Rating - The report assigns a "Buy" investment rating for the company [9] Core Views - The company's main product prices have declined, leading to a decrease in revenue for 2024, with total revenue reported at 468 million yuan, down 25.72% year-on-year [4][5] - The company has completed trial production of its 8,800t/a piperazine series product project, which is expected to enhance its market position in the fine chemical sector [7] - Financial expenses have decreased year-on-year primarily due to increased interest income, with the financial expense ratio down by 2.23 percentage points [6] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 468 million yuan, a decrease of 25.72% year-on-year, and a net profit attributable to shareholders of 81 million yuan, down 42.68% year-on-year [4][8] - The fourth quarter of 2024 saw a revenue increase of 6.43% year-on-year and a net profit increase of 47.02% year-on-year [4] Product and Production - The piperazine series product's production volume increased by 1.11% year-on-year to 11,448.22 tons, while sales volume decreased by 7.45% year-on-year to 10,505.12 tons due to price reductions influenced by downstream demand [5] Future Outlook - The company forecasts net profits for 2025, 2026, and 2027 to be 116 million yuan, 131 million yuan, and 149 million yuan respectively, with corresponding price-to-earnings ratios of 24.9, 22.1, and 19.5 [8][11] - The company is expected to see a revenue growth rate of 18.0% in 2025, with a projected increase in net profit of 43.5% [11]

买入(首次) 事件 2025 年 03 月 29 日 业绩短期承压，期待原奶价格回升 | 当前股价 | （港元） | 1.13 | | --- | --- | --- | | 总市值 | （亿港元） | 89.4 | | 总股本 | （百万股） | 7,915.7 | | 流通股本 | （百万股） | 7,915.7 | | 52周价格区间 | （港元） | 0.6-1.31 | | 日均成交额 | （百万港元） | 8.6 | 市场表现 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 基本数据 资料来源：Wind，华鑫证券研究 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 现代牧业 恒生指数 相关研究 —现代牧业（1117.HK）公司事件点评报告 2025 年 3 月 25 日，现代牧业发布 2024 年年报。 投资要点 ▌ 利润短期承压，现金流表现较好 收入符合预期，非现金项目拖累利润。2024 年公司实现营收 132.54 亿元，同减 1.5%； ...

—莱茵生物（002166.SZ）公司事件点评报告 买入(维持) 事件 2025 年 3 月 27 日，莱茵生物发布 2024 年年报， 2024 年营 收 17.72 亿元（同增 19%），归母净利润 1.63 亿元（同增 98%），扣非净利润 1.51 亿元（同增 634%）。2024Q4 营收入 6.02 亿元（同减 1%），归母净利润 0.61 亿元（同增 48%），扣非净利润 0.47 亿元（同增 176%）。 2025 年 03 月 29 日 天然甜味剂稳健增长，合成生物再探空间 投资要点 ▌毛利率边际提升，原料价格低位回暖 2024Q4 公司毛利率同增 5pct 至 31.59%，主要系产品结构调 整与成本管控成效释放，目前罗汉果原料价格低位回暖，预 计利润结构持续向好，2024Q4 销售/管理费用率分别同增 1pct/ 0.3pct 至 3.51%/7.28%，费用投放相对稳定，净利率 同增 3pct 至 10.16%，盈利能力持续提升。 ▌天然甜味剂业务稳健增长，其他植提逐渐起势 2024 年公司植物提取产品营收 17.25 亿元（同增 16%）。其 中，天然甜味剂营收 9.52 亿元（同增 ...

天然甜味剂稳健增长，合成生物再探空间 —莱茵生物（002166.SZ）公司事件点评报告 买入(维持) 事件 2025 年 3 月 27 日，莱茵生物发布 2024 年年报， 2024 年营 收 17.72 亿元（同增 19%），归母净利润 1.63 亿元（同增 98%），扣非净利润 1.51 亿元（同增 634%）。2024Q4 营收入 6.02 亿元（同减 1%），归母净利润 0.61 亿元（同增 48%），扣非净利润 0.47 亿元（同增 176%）。 投资要点 ▌毛利率边际提升，原料价格低位回暖 2024Q4 公司毛利率同增 5pct 至 31.59%，主要系产品结构调 整与成本管控成效释放，目前罗汉果原料价格低位回暖，预 计利润结构持续向好，2024Q4 销售/管理费用率分别同增 1pct/ 0.3pct 至 3.51%/7.28%，费用投放相对稳定，净利率 同增 3pct 至 10.16%，盈利能力持续提升。 ▌天然甜味剂业务稳健增长，其他植提逐渐起势 2024 年公司植物提取产品营收 17.25 亿元（同增 16%）。其 中，天然甜味剂营收 9.52 亿元（同增 5%），甜叶菊提取物 销量大幅提升 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [10]. Core Views - The company is experiencing short-term profit pressure but has strong cash flow performance. Revenue for 2024 was 13.254 billion, a decrease of 1.5%, while the net profit attributable to shareholders was -1.469 billion, compared to a profit of 0.185 billion in the previous year. The decline in profit was primarily due to losses from changes in the fair value of dairy cows and goodwill impairment [6]. - The profitability of raw milk continues to improve, with revenue from raw milk reaching 10.454 billion, an increase of 1.9%, and a gross margin of 31.2%, up by 2.8 percentage points. The company anticipates a gradual recovery in milk prices as the industry undergoes consolidation [7]. - The company is expanding its feed business and making breakthroughs in breeding, with comprehensive solutions for dairy farming generating 2.8 billion in revenue, despite a 12.4% decrease. The sales volume of feed has exceeded 1 million tons [8]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 132.54 billion, down 1.5%, and a net profit of -14.69 billion, compared to 1.85 billion in the previous year. The gross margin improved to 26.0%, an increase of 2.8 percentage points. Cash EBITDA was 29.86 billion, with a cash EBITDA margin of 22.5%, reflecting a year-on-year increase of 19.6% and 4.0 percentage points respectively [6]. - The operating cash flow for 2024 was 28.08 billion, up 17.3%, while capital expenditure decreased by 8.1% to 34.52 billion [6]. Raw Milk Business - Raw milk revenue was 104.54 billion, accounting for 78.9% of total revenue, with a gross margin of 31.2%. The production volume reached 3.01 million tons, an increase of 16.1%. The average selling price of raw milk was 3.61 yuan/kg, down 10.4% from the previous year, but still above the market price of 3.32 yuan/kg [7]. Future Outlook - The company expects revenue growth for 2025-2027 to be 139.50 billion, 147.80 billion, and 156.91 billion respectively, with EPS projected at 0.04, 0.10, and 0.15 yuan. The current stock price corresponds to PE ratios of 25, 11, and 7 times for the respective years [10].

2025 年 03 月 28 日 N 型出货占比持续提升，关注出海进度 —钧达股份（002865.SZ）公司事件点评报告 买入(维持) 事件 钧达股份发布 2024 年年度报告，2024 年公司实现营业收入 99.52 亿元，同比下滑 46.66%；实现归母净利润-5.91 亿 元，同比下滑 172.47%。 投资要点 ▌行业下行带来全年亏损，预计 25 年企稳回升 2024Q4 公司实现营业收入 17.5 亿元，实现归母净利润-1.7 亿元，主要是受制于行业处于去产能周期，产业链价格下 行，对公司经营业绩造成不利影响。目前，光伏行业去产能 周期进入后程，光伏行业供需关系逐步改善，产业链各环节 价格逐步提升。行业协会持续强化自律，呼吁光伏企业不得 低于成本销售与投标，防止"内卷式"恶意竞争，促进市场 优胜劣汰，一季度电池片价格已明显上涨，预计光伏行业企 稳回升。 ▌N 型电池出货提升，保持行业领先 公司于 2022 年底率先实现 N 型 TOPCon 电池大规模量产。截 至 2024 年底，公司已拥有 44GW N 型电池产能，2024 年公司 实现电池产品出货 33.74GW，同比增长 12.62%；其中 ...

2025 年 03 月 28 日 N 型出货占比持续提升，关注出海进度 —钧达股份（002865.SZ）公司事件点评报告 买入(维持) 事件 钧达股份发布 2024 年年度报告，2024 年公司实现营业收入 99.52 亿元，同比下滑 46.66%；实现归母净利润-5.91 亿 元，同比下滑 172.47%。 ▌海外销售占比增长，关注公司出海节奏 目前海外光伏电池产能较为短缺，海外优质光伏电池产能存 在明显缺口，成为制约海外光伏本土产业链形成和发展的关 键。公司海外销售占比从 2023 年 4.69%大幅增长至 2024 年 的 23.85%，其中，印度、土耳其、欧洲等主要海外市场占有 率行业领先。除电池出口业务市场拓展以外，公司拟进一步 通过产能出海形式，构建海外稀缺电池产能，辐射海外高价 值市场需求，增强公司全球市场电池产品供应能力。 ▌盈利预测 预测公司 2025-2027 年收入分别为 132.32、170.37、204.42 亿元，EPS 分别为 3.87、6.67、8.15 元，当前股价对应 PE 分别为 14.6、8.4、6.9 倍，我们认为，公司 N 型电池出货行 业领先，出海持续推进，看好公 ...

Investment Rating - The report maintains a "Buy" recommendation for Meituan-W (3690.HK) [8] Core Insights - Meituan's core business shows robust growth, with local commerce revenue reaching 656 billion CNY, a year-on-year increase of 18.9%, and operating profit rising by 60.9% to 129 billion CNY [4][6] - The instant retail sector in China is undergoing a technological transformation, with the order volume expected to reach 482.8 billion orders in 2024, reflecting a 17.6% year-on-year growth [4] - The company is focusing on AI and autonomous delivery technologies, with a planned capital expenditure shift towards AI in 2025 [7][8] Summary by Sections Instant Retail Growth - The instant delivery industry in China is projected to exceed 1 trillion orders by 2030, maintaining an average annual growth rate of 13.1% over the next six years [4] - Autonomous delivery methods are being implemented to reduce labor costs and enhance efficiency, with successful trials of autonomous vehicles and drones in various regions [4] Core Business Performance - The local commerce segment's revenue growth is driven by synergies between food delivery, flash purchase, and in-store services, with peak daily orders reaching 98 million [4] - New business revenue increased by 23.5% to 229 billion CNY, with operating losses narrowing to 22 billion CNY, resulting in a loss rate improvement to 9.6% [6] AI Strategy - Meituan's AI strategy focuses on three core areas: internal efficiency, product intelligence upgrades, and self-developed large models [7] - The company plans to launch an AI-native product called "Life Assistant" to integrate digital services with physical consumption scenarios [7] Investment Outlook - The report suggests that Meituan is well-positioned for continued growth in the AI sector and instant retail market, making it a compelling investment opportunity [8]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint As of March 27, 2025, the total planned issuance of local government bonds in the second quarter is 162.06 billion yuan, with new special bonds accounting for 44% (70.78 billion yuan). The planned issuance in April, May, and June accounts for 37% (60.7 billion yuan), 29% (46.51 billion yuan), and 34% (54.84 billion yuan) respectively, and the proportion of new special bonds in each month is 31% (21.67 billion yuan), 35% (24.97 billion yuan), and 34% (24.14 billion yuan) respectively [2]. 3. Summary by Relevant Catalogs 3.1 Overall Planned Issuance of Local Government Bonds in the Second Quarter - The total planned issuance of local government bonds in the second quarter is 162.06 billion yuan, with new general bonds, refinancing general bonds, new special bonds, refinancing special bonds, and unclassified refinancing bonds accounting for 5% (7.44 billion yuan), 21% (34.57 billion yuan), 44% (70.78 billion yuan), 18% (28.36 billion yuan), and 13% (20.91 billion yuan) respectively [2]. 3.2 Monthly Planned Issuance of Local Government Bonds - In April, the planned issuance is 60.7 billion yuan, accounting for 37% of the second - quarter total, with new special bonds accounting for 31% (21.67 billion yuan). - In May, the planned issuance is 46.51 billion yuan, accounting for 29% of the second - quarter total, with new special bonds accounting for 35% (24.97 billion yuan). - In June, the planned issuance is 54.84 billion yuan, accounting for 34% of the second - quarter total, with new special bonds accounting for 34% (24.14 billion yuan) [2]. 3.3 Regional Planned Issuance of Local Government Bonds - The top regions in terms of the planned issuance of local government bonds in the second quarter are Shandong Province (19.17 billion yuan), Zhejiang Province (16.82 billion yuan), Anhui Province (12.88 billion yuan), Guizhou Province (12.05 billion yuan), and Guangxi (10.49 billion yuan) [3]. 3.4 Regional Planned Issuance of New Special Bonds - The top regions in terms of the planned issuance of new special bonds in the second quarter are Zhejiang Province (15.3 billion yuan), Shandong Province (9.35 billion yuan), Guangxi (7.68 billion yuan), Anhui Province (5.83 billion yuan), and Fujian Province (5.56 billion yuan) [4].