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 profit [2] - Revenue and net profit for 2024 were CNY 14.645 billion and CNY 1.115 billion, respectively, reflecting a year-on-year decrease 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 decline of 0.6 and 2.9 percentage points year-on-year [2] - The operating cash flow for 2024 was CNY 2.542 billion, a decrease of 18% year-on-year [2] - Contract liabilities increased to CNY 1.780 billion by the end of 2024, up CNY 0.168 billion 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 saw a revenue of CNY 8.592 billion, a decrease of 2.97% year-on-year, while economic products increased by 15.56% [3] Market Strategy - The company is focusing on expanding its presence in large cities and enhancing its product mix [9] - The non-immediate consumption channel has shown growth, while the immediate consumption channel faced short-term pressure [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]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [8]. Core Insights - The company has successfully turned around its performance, achieving profitability driven by rapid growth in its new energy transmission business [4]. - The company reported a revenue of 3.536 billion yuan in 2024, reflecting a year-on-year growth of 25.93%, and a net profit attributable to shareholders of 124 million yuan, marking a significant recovery from losses [3]. - The new energy transmission segment generated 1.776 billion yuan in revenue, up 15.09% year-on-year, with a net profit of 1.14 billion yuan, a staggering increase of 1065.97% [4]. - The touch display business also showed strong performance, with revenue reaching 1.760 billion yuan, a growth of 39.16% year-on-year, and a net profit of 39.64 million yuan [5]. - The company has made strategic investments in the robotics sector, acquiring a 4.3478% stake in Wuxi Quanzhibo, which specializes in robotic joints [6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3.536 billion yuan, with a growth rate of 25.9% [10]. - The net profit attributable to shareholders was 124 million yuan, with a projected growth rate of -134.0% for 2024, followed by 75.4% in 2025 [10]. - Earnings per share (EPS) are forecasted to be 0.19 yuan for 2024, increasing to 0.33 yuan in 2025 and 0.45 yuan in 2026 [10]. Business Segments - The new energy transmission business is expected to continue its rapid growth, with projected revenues of 4.511 billion yuan in 2025 and 5.561 billion yuan in 2026 [7]. - The touch display segment is also anticipated to grow, with revenues expected to reach 4.511 billion yuan in 2025 [10]. Strategic Initiatives - The company is focusing on expanding its footprint in the robotics industry through its investment in Wuxi Quanzhibo, enhancing its capabilities in robotic joints [6].

2025 年 04 月 08 日 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 21 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：21 分（较冷） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 1、《双融日报》2025-04-07 2、《双融日报》2025-04-03 3、《双融日报》2025-04-02 ▌ 华鑫市场情绪温度指标：（较冷） ▌ 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 202 ...

2025 年 04 月 07 日 财税垂类大模型+AI Agent 生态闭环，税友撬动 合规税优服务新蓝海 —税友股份（603171.SH）公司动态研究报告 ▌ AI Agent 驱动财税服务效率革命，率先构建生态 化服务体系 税友股份以 AI Agent 技术为核心重构财税服务生态，2024 年 前三季度实现营收 12.84 亿元，同比增长 7.38%，归母净利润 1.16 亿元，同比增长 12.06%。作为国内领先的财税信息化综 合服务提供商，税友深耕财税信息化领域二十余年，积极驱 动新技术与传统软件领域的融合与革命，已从财税 SaaS 行业 的领军者，转变为数智财税 AI 专家平台。截至 2024 年 6 月 底，公司数智财税服务平台活跃企业用户达 900 万户，付费 用户 615 万户，较 2023 年末分别增长 9.8%和 8.3%，市场占有 率持续提升。对标美国财税龙头 Intuit 的 AI 技术布局，其 AI 产品 Intuit Assist 月均交互量达 1200 万次，税友股份的 AI Agent 依托覆盖超 700 万家小微企业的规模化落地场景， 展现出广阔的成长空间。 ▌ "犀友"大模 ...

2025 年 04 月 07 日 美国对中国开启"对等关税"，中国迅速开启反 制 推荐(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 (%) 电子 沪深300 相关研究 1、《电子行业周报：我国可控核聚 变技术再获突破，新凯来发布多款 新设备》2025-03-31 2、《电子行业周报：英伟达 GTC 大 会成功举办，腾讯混元推出深度思 考模型 T1 正式版》2025-03-24 3、《电子行业周报：北方华创拟受 让芯源微 9.49%股份，激光雷达龙头 禾赛科技公布财报》2025-03-16 —电子行业周报 ▌上周回顾 3 月 31 日-4 月 3 当周，申万一级行业整体处于下跌态势。其 中电子行业下跌 2.40%，位列第 27 位。估值前三的行业为计 算机、国防军工和电子，电子行业市盈率为 54.83。 电子行业细分板块比较，3 月 31 日-4 月 3 日当周，电子行业 细分板块整体处于下跌态势。其中 ...

Investment Rating - The report maintains a "Buy" rating for several companies including China Petroleum & Chemical Corporation, China National Offshore Oil Corporation, and others [9]. Core Viewpoints - The report highlights significant price increases in sulfur and urea, suggesting continued attention on the crude oil, titanium dioxide, and tire sectors [1][6]. - The impact of U.S. tariff policies has led to a rapid decline in crude oil prices, with WTI and Brent crude prices dropping by 10.63% and 10.93% respectively [6][22]. - The chemical sector is experiencing mixed performance, with some sub-sectors like tires and upstream mining showing strong results, while others are under pressure due to capacity expansions and weak demand [7][21]. Summary by Sections Chemical Industry Investment Suggestions - The report discusses the influence of U.S. tariffs on crude oil prices and recommends focusing on undervalued, high-dividend companies like Sinopec and CNOOC [6][22]. - It notes that the chemical product prices are rebounding as downstream demand improves, with significant increases in sulfur (9.17%) and urea (7.53%) [19][21]. - The report emphasizes the importance of identifying leading companies in sub-sectors that are likely to see valuation recovery, such as Wanhua Chemical and Longbai Group [8][21]. Price Movements - The report details the price movements of various chemical products, highlighting both increases and decreases in prices across different categories [19][21]. - It notes that while some products like sulfur and urea have seen price increases, others like methyl isocyanate and domestic naphtha have experienced declines [5][19]. Key Companies and Earnings Forecast - The report provides a detailed earnings forecast for key companies, indicating expected EPS growth and PE ratios for 2023 to 2025, with a consistent "Buy" rating across the board [9]. - Companies highlighted include Senqcia, Sinopec, and Yanguang Chemical, all of which are expected to show positive earnings growth in the coming years [9].

2025 年 04 月 07 日 美国对中国开启"对等关税"，中国迅速开启反 制 推荐(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 (%) 电子 沪深300 相关研究 —电子行业周报 ▌上周回顾 3 月 31 日-4 月 3 当周，申万一级行业整体处于下跌态势。其 中电子行业下跌 2.40%，位列第 27 位。估值前三的行业为计 算机、国防军工和电子，电子行业市盈率为 54.83。 电子行业细分板块比较，3 月 31 日-4 月 3 日当周，电子行业 细分板块整体处于下跌态势。其中，半导体设备、模拟芯片 设计板块有小幅上涨。估值方面，模拟芯片设计、数字芯片 设计、LED 估值水平位列前三，半导体材料、分立器件板块 估值排名本周第四、五位。 ▌美国对中国实施 34%的"对等关税"，中国迅速开 启反制措施，半导体国产化进程或将加速迈进 当地时间 4 月 2 日，美国总统特朗普在白宫宣布对贸易伙伴 征收所谓 ...

证 券 研 究 报 告 行业周报 | 投资评级： | 推荐 | （ | 维持 | ） | | --- | --- | --- | --- | --- | | 报告日期： | 2025年04月07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 . 对美出口药品部分列入豁免清单，贸易冲突升级或影响供应格局 根据美国对等关税政策的附录豁免清单，大部分的原料药和制剂未被纳入，但大部分医疗器械未被豁免。药品之所以被豁 免，主要是目前美国仍高度依赖于全球药品供应链，尤其是仿制药，同时，因为监管原因制药产业链重建周期非常长，而 且目前美国仍面临药品供应紧缺的状况。未来是否针对药品另行加税或者针对中国原产地的药品器械仍存在不确定性，但 考虑中国企业已在全球药品和器械供应链占据优势地位，部分原料药品种掌握定价权，即使加税也能有效转移。4月4日中 国关税委员会公告对原产于美国的进口商品加征34%的关税，目前尚未有豁免清单。药品和医疗器械是美国出口到中国的 重要商品，占据重要比重，而且大部分被国产和欧洲企业所替代，我 ...

证 券 研 究 报 告 行业周报 贸易冲突加剧，关注供给变化 医药行业周报 | 投资评级： | 推荐 | （ | 维持 | ） | | --- | --- | --- | --- | --- | | 报告日期： | 2025年04月07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 . 对美出口药品部分列入豁免清单，贸易冲突升级或影响供应格局 根据美国对等关税政策的附录豁免清单，大部分的原料药和制剂未被纳入，但大部分医疗器械未被豁免。药品之所以被豁 免，主要是目前美国仍高度依赖于全球药品供应链，尤其是仿制药，同时，因为监管原因制药产业链重建周期非常长，而 且目前美国仍面临药品供应紧缺的状况。未来是否针对药品另行加税或者针对中国原产地的药品器械仍存在不确定性，但 考虑中国企业已在全球药品和器械供应链占据优势地位，部分原料药品种掌握定价权，即使加税也能有效转移。4月4日中 国关税委员会公告对原产于美国的进口商品加征34%的关税，目前尚未有豁免清单。药品和医疗器械是美国出口到中国的 重要商品，占据重要 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Insights - The company has shown impressive growth in overseas markets, particularly in data centers and other downstream sectors, despite facing challenges in the domestic renewable energy segment [4][5] - The company achieved a revenue of 6.901 billion yuan in 2024, representing a year-on-year growth of 3.50%, and a net profit of 574 million yuan, which is a 13.82% increase compared to the previous year [3][4] - The company is expected to see significant revenue growth in the coming years, with projections of 8.435 billion yuan in 2025, 10.350 billion yuan in 2026, and 12.758 billion yuan in 2027 [7][9] Summary by Sections Revenue and Profitability - The company's main business revenue for 2024 was 6.843 billion yuan, a year-on-year increase of 3.27% [4] - Export revenue reached 1.981 billion yuan, growing by 68.26%, while domestic sales fell by 10.78% to 4.862 billion yuan due to a decline in renewable energy income [4] - The renewable energy segment generated 3.008 billion yuan, down 19.20%, while non-renewable sectors saw a 31.02% increase in revenue to 3.712 billion yuan [4] Orders and Capacity - The company secured sales orders totaling 8.900 billion yuan in 2024, a 13.63% increase year-on-year, with export orders growing by 66.92% to 3.324 billion yuan [5] - The company has a backlog of orders worth 6.509 billion yuan, up 35.49% year-on-year, which sets a solid foundation for 2025 [5] - The company is expanding its global production capacity, including the completion of a base in Mexico and preparations for a transformer factory in the United States [5] Earnings Forecast - The earnings per share (EPS) are projected to be 1.74 yuan in 2025, 2.33 yuan in 2026, and 2.96 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 21.9, 16.4, and 12.9 [7][9] - The company is expected to maintain a net profit growth rate of 38.9% in 2025 and 33.5% in 2026 [9]