—景业智能（688290.SH）公司事件点评报告 景业智能 4 月 17 日发布 2024 年年度报告:2024 年实现营业 收入 2.76 亿元（同比增加 7.94%），归母净利润 0.38 亿元 (同比增加 8.40%)，扣非归母净利润 0.17 亿元(同比增加 5.67%)。 投资要点 ▌行业景气提升，政策与需求共振打开万亿空间 我国核能产业已迈入规模化、自主化与高质量发展并行的新 阶段，成为实现"双碳"目标的核心支撑。截至 2024 年底， 国内商运核电机组达 57 台，总装机容量 6083 万千瓦，叠加 国务院连续三年核准超 10 台机组，全国在运及在建机组总装 机容量突破 1.13 亿千瓦，规模全球第一。核技术应用领域， 《核技术应用产业高质量发展三年行动方案（2024-2026 年）》明确政策支持，行业产值预计从 2024 年 2400 亿元增 至 2026 年 4000 亿元，CAGR 达 15%-20%，核医学诊疗设备、 放射性药物及质子治疗中心等细分方向加速扩容。机器人及 智能装备方面，我国正处于技术突破、产业化加速与商业化 落地并行的关键阶段，2024 年特种机器人市场规模预计突破 24 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing pressure on profit margins but is expected to benefit from scale effects in the future [1] - The company reported a total revenue of 2.257 billion yuan in 2024, a year-on-year increase of 22%, and a net profit of 376 million yuan, up 14% year-on-year [4][9] - The report highlights the company's strategies to optimize costs through various measures, including locking in palm oil prices and increasing direct sourcing of key raw materials [5] Summary by Sections Financial Performance - In Q4 2024, total revenue was 652 million yuan, a 22% year-on-year increase, while net profit decreased by 14% to 99 million yuan [4] - For Q1 2025, total revenue was 504 million yuan, a 14% decrease, primarily due to the timing of the Spring Festival and a decline in traditional supermarket business [4] Cost and Margin Analysis - The gross margin for Q4 2024 and Q1 2025 decreased by 1 percentage point to 35.14% and 34.32%, respectively, mainly due to rising palm oil costs [5] - Selling expenses increased by 2 percentage points in Q4 2024 and 4 percentage points in Q1 2025, attributed to team expansion and increased marketing expenses [5] Product and Channel Growth - The company’s core products, including green peas, sunflower seeds, and broad beans, showed steady growth, with revenues of 524 million, 302 million, and 277 million yuan, respectively [6] - The comprehensive nut and bean product series generated 705 million yuan in revenue, a 40% increase, driven by product expansion and channel diversification [6] Market Expansion and Strategy - The company reported revenue growth in distribution channels, with sales from distributors and other channels increasing by 23% and 65%, respectively [7] - E-commerce revenue for 2024 was 239 million yuan, an 11% increase, with plans to enhance online collaboration for new product validation [8] Earnings Forecast - The report projects EPS for 2025-2027 to be 4.38, 5.13, and 5.89 yuan, respectively, with corresponding PE ratios of 17, 14, and 13 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing pressure on profit margins but is expected to benefit from scale effects in the future [1] - The company reported a total revenue of 2.257 billion yuan in 2024, a year-on-year increase of 22%, and a net profit of 376 million yuan, up 14% year-on-year [4][9] - The report highlights the company's strategies to optimize costs through various measures, including locking in palm oil prices and increasing direct sourcing of key raw materials [5] Summary by Sections Financial Performance - In Q4 2024, total revenue was 652 million yuan, a 22% increase year-on-year, while net profit decreased by 14% to 99 million yuan [4] - For Q1 2025, total revenue was 504 million yuan, a 14% decrease, primarily due to the timing of the Spring Festival and a decline in traditional supermarket business [4] Cost and Margin Analysis - The gross margin for Q4 2024 and Q1 2025 decreased by 1 percentage point to 35.14% and 34.32%, respectively, mainly due to rising palm oil costs [5] - Selling expenses increased by 2 percentage points in Q4 2024 and 4 percentage points in Q1 2025, attributed to team expansion and increased marketing expenses [5] Product and Channel Growth - The company’s core products, including green peas, sunflower seeds, and broad beans, showed steady growth, with revenues of 524 million, 302 million, and 277 million yuan, respectively [6] - The comprehensive nut and bean product series generated 705 million yuan in revenue, a 40% increase, driven by product expansion and channel diversification [6] Market Expansion and Strategy - The company’s revenue from distribution and other channels reached 1.927 billion yuan and 81 million yuan, respectively, with significant growth in the snack wholesale channel [7] - E-commerce revenue for 2024 was 239 million yuan, an 11% increase, with plans to enhance product offerings and partnerships in 2025 [8] Earnings Forecast - The report projects EPS for 2025-2027 to be 4.38, 5.13, and 5.89 yuan, respectively, with corresponding PE ratios of 17, 14, and 13 times [9][11]

2025 年 04 月 22 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：83 分（过热） 3、农业主题：近日，中共中央、国务院印发《加快建设 农业强国规划(2024-2035 年)》。其中提到，推动种业自主 创新全面突破。深入实施种业振兴行动，加快实现种业科技 自立自强、种源自主可控。加强种质资源保护利用，建设国 际一流的国家农业种质资源保存、鉴定、创制和基因挖掘重 大设施，推进种质资源交流共享。相关标的：大北农 (002385)、丰乐种业(000713) 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 83 分，市场情绪处于"过热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：跨境支付、虚拟电厂、农业 1、跨境支付主题：关税政策增加了贸易的不确定性和成 本，企业需要更高效、稳定的支付系统来应对复杂的贸易环 境。CIPS 系统功能不断 ...

2025 年 04 月 21 日 相关研究 究 报 告 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 1、《基础化工行业周报：冰晶石、 液化气等涨幅居前，建议继续关注 原油、钛白粉板块和轮胎板块》 2025-04-14 表现 1M 3M 12M 基础化工(申万) -6.0 -0.4 -1.0 沪深 300 -3.6 -1.6 6.5 市场表现 -20 -10 0 10 20 30 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 2、《基础化工行业周报：硫磺、尿 素等涨幅居前，建议继续关注原 油、钛白粉板块和轮胎板块》2025- 04-07 3、《基础化工行业周报：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》 2025-03-31 ▌ 三氯乙烯、燃料油等涨幅居前，丁二烯、天然橡胶等跌幅 较大 本周涨幅较大的产品：三氯乙烯（华东地区，11.11%），燃 料油（新加坡高硫 180cst，7.01%），国际汽油（新加坡 ...

Investment Rating - The investment rating for Hunan Gold is "Buy" (maintained) [1] Core Views - Hunan Gold's performance has significantly improved due to rising gold and antimony prices, with a total revenue of 27.839 billion yuan in 2024, representing a year-on-year increase of 19.46%, and a net profit attributable to shareholders of 847 million yuan, up 73.08% year-on-year [1][2] Summary by Sections Production and Pricing - The production of gold decreased slightly to 46.33 tons, down 2.87% year-on-year, while self-produced gold dropped by 6.13% to 3.71 tons. Antimony production also fell by 6.15% to 29,209 tons, with self-produced antimony down 13.2% to 15,227 tons. In contrast, tungsten production increased by 7.12% to 1,008 standard tons, with self-produced tungsten concentrate rising significantly by 59.24% [2] - The average price of antimony in 2024 was 129,756 yuan per ton, a substantial increase of 59.3% year-on-year. The average price of gold rose to 548.49 yuan per gram, up 22.14% compared to the same period in 2023 [2] Earnings Forecast - Revenue forecasts for Hunan Gold are projected at 38.269 billion yuan, 39.209 billion yuan, and 40.619 billion yuan for 2025, 2026, and 2027 respectively. Net profits attributable to shareholders are expected to be 2.2 billion yuan, 2.286 billion yuan, and 2.392 billion yuan for the same years. The current stock price corresponds to a price-to-earnings ratio (PE) of 13.1, 12.6, and 12.0 for 2025, 2026, and 2027 respectively [3][10]

2025 年 04 月 21 日 相关研究 1、《有色金属行业周报：美国通胀 持续走弱，降息预期提升支撑金 价》2025-04-14 2、《有色金属行业周报：电解铝库 存去化叠加下游需求向好，铝价偏 强看待》2025-03-31 3、《有色金属行业周报：国内铜铝 下游开工处于节后回升阶段，铜铝 价格预计走势偏强为主》2025-03- 24 关税影响美国经济滞涨风险增大，金价支撑仍然 强劲 推荐(维持) 投资要点 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 有色金属(申万) | -6.5 | 1.0 | -5.0 | | 沪深 300 | -3.6 | -1.6 | 6.5 | 市场表现 -30 -20 -10 0 10 20 30 (%) 有色金属 沪深300 资料来源：Wind，华鑫证券研究 行 ▌黄金：美国经济滞涨风险增大，金价支撑仍然强 劲 数据方面，美国 3 月制造业产出 ...

2025 年 04 月 21 日 社零数据超预期暨一季度业绩前瞻 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | 0.9 | 5.3 | -3.1 | | 沪深 300 | -3.6 | -1.6 | 6.5 | 市场表现 -30 -20 -10 0 10 20 30 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业点评报告：内需 持续释放，3 月社零数据超预期》 2025-04-18 2、《食品饮料行业周报：外围环境 持续承压，期待消费需求回暖》 2025-04-13 3、《食品饮料行业周报：关税靴子 落地，白酒韧性凸显》2025-04-06 3 月社零增速超预期，连锁餐饮弹性充足。2025 年一季度社 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Views - The company has exceeded expectations in Q1 2025, benefiting from high demand in the ultra-high voltage sector [6][10]. - The company's revenue and profitability are expected to improve significantly due to the increasing proportion of high-margin products [6][10]. - The report highlights the company's strong market position in both internal and external markets, with significant breakthroughs in various projects [7][10]. - The investment outlook for the power grid remains positive, with expectations of a peak year for ultra-high voltage projects in 2025 [9][10]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 22.175 billion yuan, a year-on-year increase of 5.59%, and a net profit of 1.054 billion yuan, up 17.50% [5]. - For Q1 2025, the company reported revenue of 5.245 billion yuan, a year-on-year growth of 11.27%, and a net profit of 295 million yuan, up 42.10% [5]. Product Performance - The company's main business revenue for 2024 was 21.827 billion yuan, with a gross margin of 20.70%, an increase of 2.91 percentage points year-on-year [6]. - Revenue from transformers reached 9.218 billion yuan, growing 17.8% year-on-year, with a gross margin of 14.35% [6]. - The revenue from switches was 8.504 billion yuan, up 10.97%, with a gross margin of 26.52% [6]. Market Position - The company maintains the highest market share in the State Grid's centralized procurement market, achieving record high bidding volumes and market share [7]. - The company has made significant inroads into external markets, winning contracts in nuclear power and offshore wind power sectors [7]. Investment Outlook - The report forecasts the company's revenue for 2025-2027 to be 26.814 billion, 30.760 billion, and 34.670 billion yuan respectively, with corresponding EPS of 0.33, 0.40, and 0.46 yuan [10][12]. - The company is positioned to benefit from sustained high demand in the power grid investment sector, particularly in ultra-high voltage projects [9][10].

Investment Rating - The report maintains a "Recommended" investment rating for the gold industry, copper industry, aluminum industry, tin industry, and antimony industry [10][11]. Core Views - The report highlights that the risk of stagflation in the US economy is increasing due to tariffs, while gold prices remain strongly supported [4]. - It notes that the US Federal Reserve is expected to cut interest rates four times in 2025, totaling a reduction of 100 basis points [4]. - The report emphasizes that while copper and aluminum prices may experience fluctuations, the overall demand is improving, leading to a positive outlook for these metals [7][8]. Summary by Sections Market Performance - The non-ferrous metals sector (Shenwan) experienced a decline of 6.5% over the past month, while the CSI 300 index fell by 3.6% [1]. Economic Data - In March, US manufacturing output increased by 0.3%, retail sales rose by 1.4%, and industrial production decreased by 0.3% [3][4]. - China's March imports decreased by 4.3% year-on-year, while exports increased by 12.4% [5][27]. Gold Market - The report indicates that gold prices are expected to maintain an upward trend due to the ongoing interest rate cuts by the Federal Reserve [10]. Copper and Aluminum Market - Copper prices are expected to remain stable with short-term demand improving, despite tariff impacts yet to fully transmit to upstream materials [7]. - Aluminum prices are projected to be strong due to high operational rates in the processing sector [8]. Tin and Antimony Market - Tin prices are expected to trend higher due to supply disruptions, while antimony prices are anticipated to rise due to tight raw material availability [10][11]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and others [11].