Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [2][10]. Core Insights - The company is positioned to benefit from the growth in the domestic instrumentation and automation industry, driven by policy support and high demand from downstream sectors such as petrochemicals and power [5]. - The company has a comprehensive product line and has made significant advancements in R&D, with a notable increase in new automation solutions and patents [6]. - The company is accelerating its global expansion, with a significant increase in export revenue and new orders, particularly in emerging markets [7][9]. Summary by Sections Market Performance - The company's stock price is currently at 21.88 CNY, with a total market capitalization of 112 billion CNY and a 52-week price range of 15.76 to 28.29 CNY [2]. Industry Dynamics - The instrumentation and automation industry in China reached a market size of 1.08 trillion CNY in 2024, showing a year-on-year growth of 4.3% [5]. - The domestic brands in the control valve industry accounted for 44.38% of the sales in 2022, indicating a strong trend towards domestic substitution [5]. Technological Development - The company invested 264 million CNY in R&D in the first half of 2024, representing a year-on-year increase of 4.67%, with a R&D expense ratio of 7.05% [6]. - The company has participated in the formulation of national and industry standards and has obtained 92 new patents during the reporting period [6]. Financial Forecast - Revenue projections for 2024, 2025, and 2026 are 79.24 billion CNY, 88.22 billion CNY, and 100.92 billion CNY, respectively, with corresponding EPS of 1.57 CNY, 1.77 CNY, and 2.07 CNY [10][12]. - The company is expected to maintain a strong growth trajectory, with a projected net profit growth rate of 28.5% in 2023 and 16.6% in 2026 [12].

2025 年 04 月 09 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：51 分（中性） ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 51 分，市场情绪处于"中性"。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：医疗器械、脑机接口、AI 1、医疗器械主题：国家药监局公开征求《关于优化全生 命周期监管 支持高端医疗器械创新发展的举措（征求意见 稿）》意见。加快发布医用外骨骼机器人、放射性核素成像 设备等相关标准。加快推进医用机器人、人工智能医疗器 械、高端医学影像设备等领域的基础、通用标准和方法标准 等制修订工作。相关标的：联影医疗（688271）、迈瑞医疗 （300760） 2、脑机接口主题：3 月 31 日，在 2025 中关村论坛年会 举行的脑机接口创新发展与应用论坛上，工业和信息化部科 技司相关人员表示，人工智能技术的快速演进正在推动脑机 接口等面向未来的智能技术和产品加速推进。接下来，工信 部将加强顶层设计，与有关部门加强协同，发布《关于推动 脑机接口产业创 ...

2025 年 04 月 09 日 优质内容促内需 横店具品牌优势 —横店影视（603103.SH）公司动态研究报告 买入(维持) 投资要点 分析师：朱珠 S1050521110001 zhuzhu@cfsc.com.cn | 基本数据 | 2 0 2 5-0 4-0 8 | | --- | --- | | 当前股价（元） | 13.83 | | 总市值（亿元） | 88 | | 总股本（百万股） | 634 | | 流通股本（百万股） | 634 | | 52 周价格范围（元） | 9.81-17.14 | | 日均成交额（百万元） | 81.18 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 横店影视 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《横店影视（603103）：2024 年 业绩承压落地看 2025 年内容新供 给》2025-01-18 2、《横店影视（603103）：2024 年 跨越低谷新增可期内容需求韧性持 续》2024-03-08 3、《横店影视（603103）：2023Q4 承压落地 2024 年跨越低谷新增可 期》2024-01-29 预 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for future performance [9]. Core Insights - The company's performance is under pressure due to a decrease in customer demand for metal extraction agents, which significantly impacts revenue [5]. - Despite the challenges, the company is enhancing its research capabilities and has initiated a share buyback plan, reflecting confidence in future growth [6][7]. - The importance of the company's metal extraction agents in the recycling of power batteries is expected to increase as the electric vehicle market evolves [9]. Financial Performance - In 2024, the company reported total revenue of 330 million yuan, a decline of 25.21% year-on-year, with a net profit of 80 million yuan, down 46.39% [4]. - The metal extraction agent segment generated 279 million yuan in revenue, accounting for 84.36% of total revenue, but saw a 31.97% decline due to reduced demand [5]. - The company’s other specialty surfactants contributed 51 million yuan in revenue, showing a growth of 60.92%, partially offsetting the decline in metal extraction agent revenue [5]. Expense Trends - The company experienced an increase in various expense ratios, particularly in management and research and development, due to the establishment of a new research institute and hiring of skilled personnel [6]. - The net cash flow from operating activities was negative 9 million yuan, primarily due to delayed customer payments [6]. Future Projections - Forecasts for the company's net profit for 2025, 2026, and 2027 are 132 million yuan, 162 million yuan, and 142 million yuan respectively, with corresponding price-to-earnings ratios of 14.8, 12.0, and 13.7 [9][11].

| 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | -23.8 | 0.7 | 12.5 | | 沪深 300 | -9.0 | -5.3 | 1.5 | 2025 年 04 月 08 日 Llama 4 多版本参数亮眼，DeepSeek 公布推理 时 Scaling 新论文 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 行业相对表现 市场表现 -40 -20 0 20 40 60 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业周报：阿里深夜开 源Qwen2.5-Omni，DeepSeek-V3上线 新版本》2025-04-05 2、《计算机行业点评报告：文远知 行（WRD.O）：收入承压与商业化突 破并行，自动驾驶长赛道静待拐 点》2025-04-04 3、《计算机行业点评报告：禾赛科 技（HSAI.O）：激光雷达龙头加速 业绩兑现，多元布局打开成长空 间》2025-04-04 ▌算力： Llama 4 多版本参数亮眼，2 万亿多模态巨 ...

-40 -20 0 20 40 60 (%) 计算机 沪深300 2025 年 04 月 08 日 资料来源：Wind，华鑫证券研究 Llama 4 多版本参数亮眼，DeepSeek 公布推理 时 Scaling 新论文 推荐(维持) 投资要点 分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | -23.8 | 0.7 | 12.5 | | 沪深 300 | -9.0 | -5.3 | 1.5 | 市场表现 相关研究 1、《计算机行业周报：阿里深夜开 源Qwen2.5-Omni，DeepSeek-V3上线 新版本》2025-04-05 2、《计算机行业点评报告：文远知 行（WRD.O）：收入承压与商业化突 破并行，自动驾驶长赛道静待拐 点》2025-04-04 3、《计算机行业点评报告：禾赛科 技（HSAI.O）：激光雷达龙头加速 业绩兑现，多元布局打开成长空 间》2025-04-04 ▌算力： Llama 4 多版本参数亮眼，2 万亿多模态巨 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The pesticide industry is currently in a downturn, leading to pressure on the company's performance as it enters a micro-profit era [5] - The company has shown resilience through effective cost control and adjustments in production structure, ensuring long-term stable operations despite declining product prices [5] - The company is positioned as a leading producer of raw materials and formulations in China, with expectations for revenue recovery in the coming years [10] Summary by Relevant Sections Market Performance - The company reported a total revenue of 10.435 billion yuan in 2024, a year-on-year decrease of 9.09%, and a net profit of 1.202 billion yuan, down 23.19% [4] Investment Highlights - In 2024, the company's raw material sales volume increased by 3.50% to 99,900 tons, while the sales revenue decreased by 13% due to price declines [5] - The formulation business saw a sales volume increase of 1.77% to 36,300 tons, but sales revenue fell by 8% [5] - The company has implemented innovative business models and strengthened customer management to enhance sales in its trade segment, which saw a 4% increase in sales revenue [5] Financial Dynamics - The company's operating cash flow for 2024 was 2.155 billion yuan, a decline of 9.99% year-on-year, primarily due to extended sales periods and reduced income [6] - The company maintained stable expense ratios across sales, management, finance, and R&D, with slight increases in sales expenses [6] Research and Development - The company is focusing on both patented and non-patented drug development, aiming to penetrate high-end markets with new products [7][9] - The company has made significant technological advancements, filling 20 technical gaps and holding over 50 product varieties [9] Profit Forecast - Revenue projections for 2025-2027 are 12.212 billion yuan, 13.825 billion yuan, and 14.908 billion yuan, respectively, with corresponding PE ratios of 13.6, 11.7, and 10.7 [10][12]

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for future performance [9]. Core Views - The company's performance is under pressure due to a decrease in customer demand for metal extraction agents, which significantly impacts revenue [5][4]. - Despite the challenges, the company is enhancing its research capabilities and has initiated a share buyback plan, reflecting confidence in future growth [6][7]. - The importance of the company's metal extraction agents in the recycling of power batteries is expected to increase as the electric vehicle market evolves [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 330 million yuan, a decline of 25.21% year-on-year, with a net profit of 80 million yuan, down 46.39% [4]. - The revenue from metal extraction agents was 279 million yuan, accounting for 84.36% of total revenue, with a year-on-year decline of 31.97% [5]. - The company’s other specialty surfactants generated 51 million yuan in revenue, showing a growth of 60.92% [5]. Research and Development - The company has increased its R&D expenses, with a notable rise in management and R&D expense ratios, attributed to the establishment of a new research institute and recruitment of high-qualification personnel [6]. Shareholder Returns - The company initiated a share buyback program and distributed a cash dividend of 2 yuan per 10 shares, totaling 18 million yuan, demonstrating a commitment to shareholder returns despite performance pressures [7]. Profit Forecast - The forecast for net profit from 2025 to 2027 is 132 million, 162 million, and 142 million yuan respectively, with corresponding P/E ratios of 14.8, 12.0, and 13.7 [9][11].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Views - The pesticide industry is currently in a downturn, leading to pressure on the company's performance as it enters a low-profit era [5]. - Despite challenges, the company has shown resilience through effective cost control and strategic adjustments in production structure, ensuring long-term stable operations [5]. - The company is positioned to benefit from the recovery of the pesticide industry, with projected revenue growth in the coming years [10]. Summary by Sections Market Performance - The company reported a total revenue of 10.435 billion yuan in 2024, a year-on-year decline of 9.09%, with a net profit of 1.202 billion yuan, down 23.19% [4][10]. Investment Highlights - In 2024, the company's raw material sales volume increased by 3.5% to 99,900 tons, while the sales revenue from raw materials decreased by 13% due to falling prices [5]. - The company maintained its leading position in the domestic market through deepened customer cooperation and innovative business models, resulting in a 4% increase in trade sales [5]. - The formulation business saw a slight sales volume increase of 1.77% to 36,300 tons, but sales revenue declined by 8% [5]. Financial Dynamics - The company's operating cash flow for 2024 was 2.155 billion yuan, a decrease of 9.99% year-on-year, primarily due to extended sales periods and reduced income [6]. - The company maintained stable expense ratios across sales, management, finance, and R&D, with slight increases in sales expenses attributed to customer management efforts [6]. R&D and Product Development - The company emphasizes dual-driven development in patented and non-patented products, aiming to penetrate high-end markets with innovative products [7][9]. - The company has made significant technological breakthroughs in pyrethroid products, filling 20 technical gaps and holding over 50 product varieties [9]. Profit Forecast - Revenue projections for 2025-2027 are 12.212 billion yuan, 13.825 billion yuan, and 14.908 billion yuan, respectively, with corresponding PE ratios of 13.6, 11.7, and 10.7 [10][12].

Investment Rating - The report maintains a "Buy" investment rating for Chongqing Beer [4] Core Views - The company's performance in 2024 met expectations, although profit was under pressure due to litigation provisions impacting net income [2] - Revenue and net profit for 2024 were CNY 14.645 billion and CNY 1.115 billion, respectively, reflecting a year-on-year decline of 1.15% and 16.61% [2] - The company anticipates improvements in performance moving forward, particularly with the implementation of its "Big City 2.0" plan [10] Summary by Sections Financial Performance - In 2024, the gross margin was stable at 49%, while the net margin was 15%, showing a slight decline year-on-year [2] - The operating cash flow for 2024 was CNY 25.42 billion, down 18% year-on-year, while sales collections increased slightly by 0.2% [2] - Contract liabilities at the end of 2024 were CNY 1.78 billion, up CNY 168 million from the previous quarter [2] Product Performance - Revenue from international and local brands in 2024 was CNY 5.308 billion and CNY 8.862 billion, respectively, with year-on-year changes of +0.6% and -3.3% [3] - High-end products drove volume growth, with sales and average price changes of +1.37% and -4.28% year-on-year [3] - The company is focusing on enhancing brand awareness through various marketing strategies for its premium products [3] Market Strategy - The company is advancing its "Big City" plan, aiming to enhance terminal execution and optimize product mix [9] - Non-immediate consumption channels have shown growth, while the immediate consumption channel faced short-term pressure [9] - The company plans to continue expanding its presence in high-potential markets with selective launches of mid-to-high-end products [9] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are CNY 2.62, CNY 2.74, and CNY 2.87, respectively, with corresponding price-to-earnings (PE) ratios of 22, 21, and 20 [10][12]