Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported better-than-expected performance, with 2024 revenue reaching 2.659 billion yuan, a year-on-year increase of 27%, and net profit attributable to shareholders of 207 million yuan, up 59% [4][5] - The company is benefiting from a recovery in industry demand and a continuous release of brand effects, leading to an increase in market share in the MSG sector [5] - The company's high-margin computing power business is progressing steadily, with a focus on cost control and efficiency improvements [6] Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 724 million yuan, a 49% increase year-on-year, and a net profit of 42 million yuan, an 18% increase [4] - For Q1 2025, the expected net profit is between 100 to 120 million yuan, representing a year-on-year growth of 103% to 144% [4] Market Position - The MSG market in 2024 grew by 13.7%, with the company holding over 25% market share, ranking first among top brands [5] - The company is the only one among the top five MSG brands to see a year-on-year increase in market share [5] Profitability Forecast - The report adjusts the EPS forecasts for 2024-2026 to 0.12, 0.22, and 0.29 yuan respectively, with corresponding PE ratios of 54, 28, and 21 times [7] - The company is expected to maintain strong growth in profitability due to internal reforms and expansion of the computing power business [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company reported better-than-expected performance, with a revenue of 2.659 billion yuan in 2024, representing a 27% year-on-year increase, and a net profit of 207 million yuan, up 59% year-on-year [4][5] - The company is benefiting from a recovery in industry demand and a strong brand effect, leading to an increase in market share in the seasoning industry [5] - The company's high-margin computing power business is progressing steadily, with a total collection of 2.7308 million yuan in March, optimizing the overall profitability structure [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.659 billion yuan, with a net profit of 207 million yuan, and a significant increase in net profit for Q1 2025 is expected to be between 100 to 120 million yuan, reflecting a year-on-year growth of 103% to 144% [4][10] Market Position - The company holds over 25% market share in the seasoning market, ranking first, and is the only brand among the top five to see a year-on-year increase in market share [5] Business Strategy - The company is committed to a "Brand Revival Strategy" to consolidate its leading position in the industry, benefiting from the overall market growth and increased market share [5] Profitability Forecast - The report adjusts the earnings per share (EPS) forecasts for 2024-2026 to 0.12, 0.22, and 0.29 yuan respectively, with corresponding price-to-earnings (PE) ratios of 54, 28, and 21 times [7][10]

Core Insights - The report indicates that the current market sentiment is rated at 31 points, categorizing it as "cold," which suggests a cautious investment environment [5][9]. - Key themes identified for investment opportunities include medical devices, brain-computer interfaces, and artificial intelligence (AI) [6]. Market Sentiment - The market sentiment temperature indicator shows a score of 31 points, indicating a "cold" market environment. Historical trends suggest that when sentiment is below or near 30 points, the market may find some support [5][9]. - Recent improvements in market sentiment and supportive policies are leading to a gradual upward trend in the market [9]. Hot Themes Tracking - **Medical Devices**: The National Medical Products Administration is seeking opinions on measures to optimize lifecycle supervision and support innovation in high-end medical devices. This includes accelerating the release of standards for medical exoskeleton robots and imaging equipment. Related companies include United Imaging Healthcare (688271) and Mindray Medical (300760) [6]. - **Brain-Computer Interfaces**: At the 2025 Zhongguancun Forum, officials indicated that advancements in AI are accelerating the development of brain-computer interface technologies. The Ministry of Industry and Information Technology plans to issue guidance to promote innovation in this sector. Related companies include Innovation Medical (002173) and Weisi Medical (688580) [6]. - **AI**: Following the release of OpenAI's GPT-4o, there has been a surge in AI-generated images on social media. This trend is expected to continue, with related companies being Shengtian Network (300494) and Aofei Entertainment (002292) [6]. Capital Flow Analysis - The report lists the top ten stocks with the highest net inflow of capital, with Yonghui Supermarket (601933) leading at approximately 107.74 million yuan [10]. - Conversely, the top ten stocks with the highest net outflow include Luxshare Precision (002475), with a net outflow of approximately -127.85 million yuan [12]. Industry Overview - The report highlights the sectors with significant net inflows and outflows, indicating investor sentiment towards various industries. The retail sector shows a positive net inflow, while the electronics sector experiences substantial outflows [16][22].

Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company's revenue from potassium and lithium segments has declined significantly due to falling sales prices [2][3] - The investment income from the giant copper mine has increased, contributing significantly to the company's overall profit [4] - Future growth in potassium and lithium production capacity is anticipated, supported by ongoing projects [9][10] Revenue and Profit Summary - In 2024, the company achieved a revenue of 3.251 billion yuan, a year-on-year decrease of 37.79%, with a net profit of 2.580 billion yuan, down 24.56% [1][11] - The average selling price of potassium chloride decreased by 14.91% to 2,115.25 yuan/ton, while the average selling cost increased by 7.18% to 1,167.04 yuan/ton [2] - For lithium carbonate, the revenue fell by 48.40% to 1.022 billion yuan, with the average selling price dropping by 60.81% to 75,200 yuan/ton [3] Copper Mine Investment - The company holds a 30.78% stake in Giant Copper, which produced 166,300 tons of copper in 2024, generating an investment income of 1.928 billion yuan, accounting for 74.72% of the company's net profit [4] - The investment income from Giant Copper increased by 48.72% year-on-year, indicating strong performance in the copper segment [4] Future Projections - Revenue projections for 2025-2027 are 3.307 billion yuan, 3.730 billion yuan, and 4.720 billion yuan respectively, with net profits expected to be 3.023 billion yuan, 4.336 billion yuan, and 5.220 billion yuan [11][13] - The company is expected to benefit from significant cost advantages in lithium extraction and anticipated increases in production capacity for both lithium and potassium [11] Project Development - The company is advancing multiple projects, including the development of potassium resources in Laos and lithium projects in Tibet, which are expected to enhance future production capacity [9][10]

2025 年 04 月 06 日 关税靴子落地，白酒韧性凸显 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 -30 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业周报：业绩密集 披露期，关注结构性机会》2025- 03-30 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | 3.4 | 5.9 | -8.3 | | 沪深 300 | -2.4 | 2.5 | 8.2 | 市场表现 -10 0 10 20 30 (%) 食品饮料 沪深300 ▌ 一周新闻速递 2、《食品饮料行业周报：春糖会反 馈符合预期，政策端持续加码消 费》2025-03-24 3、《食品饮料行业周报：地方促生 育 ...

2025 年 04 月 06 日 研 中国资产在全球比较中仍更有利 究 报 —定量策略周观点总第 157 周 投资要点 ▌本周建议一览 核心观点：美国关税超预期，短期固然带来资产配置上的 扰动，中长期来看反而拨开迷雾，将 2025 年宏观交易确 立为衰退和放水双主线。在这个双主线进程中，人民币资 产不管作为"美元资产系统外变量"提供避险价值，还是 考虑到中国可能的政策后手，带动下半年自然复苏，在全 球资产比较中都占据了更为有利的位置。从仓位、资金和 汇率数据看，二季度经过调整，我们认为 AH 股、国内债券 都同时具备配置和交易价值。 相关研究 1、《首批 12 只科创板综指 ETF 上 全天候多资产风险平价策略新 美股：流动性来看，上周继续回升，4 月 QT 开始放缓，但 注 意 TGA 账 户 收 税 带 来 的回 落 。 美 元 真 实 流 动 性 本 周 6.137 万亿→6.237 万亿，边际小幅上升。其中美联扩表 本周缩表 168.01 亿美元（上周缩表 157.29 亿美元）； TGA 账户变动-143.46 亿美元（上周-998.29 亿美元）， 余 额 小 幅 下 降 ； 隔 夜 逆 回 购 ...

2025 年 04 月 06 日 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) -4.2 14.7 24.3 沪深 300 -2.4 2.5 8.2 市场表现 -20 -10 0 10 20 30 40 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 Optimus 下一代执行器即将发布，自主车企 3 月 销量表现亮眼 推荐(维持) 投资要点 相关研究 1、《汽车行业周报：丝杠产能紧缺 之际，强调磨床设备投资机会》 2025-03-30 2、《汽车行业周报：Tesla 机器人 生产节奏进一步明确，多家车企密 集宣布 L3 级自动驾驶量产计划》 2025-03-23 3、《汽车行业周报：智元灵犀 X2 与 GO-1 大模型亮相，FigureBotQ 推 动机器人商业落地》2025-03-16 ▌下一代执行器即将发布，重点关注 T 链机器人标 的 事件：马斯克发推展示 Optimus 行走视频，并配文"精确的 执行器加速自动化"。 Optimus 强化学习效果显著，行走步态更为精细。Optimus 在视频行走过程 ...

2025 年 04 月 06 日 包装设备领军企业，开拓机器人新赛道 —永创智能（603901.SH）公司动态研究报告 买入(首次) 投资要点 | 分析师：林子健 | S1050523090001 | | --- | --- | | linzj@cfsc.com.cn | | | 分析师：吕卓阳 | S1050523060001 | | lvzy@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 4-0 3 | | --- | --- | | 当前股价（元） | 9.48 | | 总市值（亿元） | 46 | | 总股本（百万股） | 488 | | 流通股本（百万股） | 484 | | 52 周价格范围（元） | 5.54-11.3 | | 日均成交额（百万元） | 124.6 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 (%) 永创智能 沪深300 相关研究 ▌包装设备行业龙头企业，业绩持续增长 公司主营业务聚焦于包装设备领域，是国内液态食品包装行 业的龙头企业，已实现饮料、液态奶、啤酒、白酒等包装业 务的全覆盖。公司产品体系丰富，涵盖标准单机设备 ...

2025 年 04 月 06 日 关税靴子落地，白酒韧性凸显 推荐(维持) 投资要点 相关研究 1、《食品饮料行业周报：业绩密集 披露期，关注结构性机会》2025- 03-30 2、《食品饮料行业周报：春糖会反 馈符合预期，政策端持续加码消 费》2025-03-24 | 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) | 3.4 | 5.9 | -8.3 | | 沪深 300 | -2.4 | 2.5 | 8.2 | 市场表现 -10 0 10 20 30 (%) 食品饮料 沪深300 -30 资料来源：Wind，华鑫证券研究 3、《食品饮料行业周报：地方促生 育政策发布，有效提振 ...

中国资产在全球比较中仍更有利 究 报 —定量策略周观点总第 157 周 投资要点 ▌本周建议一览 核心观点：美国关税超预期，短期固然带来资产配置上的 扰动，中长期来看反而拨开迷雾，将 2025 年宏观交易确 立为衰退和放水双主线。在这个双主线进程中，人民币资 产不管作为"美元资产系统外变量"提供避险价值，还是 考虑到中国可能的政策后手，带动下半年自然复苏，在全 球资产比较中都占据了更为有利的位置。从仓位、资金和 汇率数据看，二季度经过调整，我们认为 AH 股、国内债券 都同时具备配置和交易价值。 2025 年 04 月 06 日 研 相关研究 1、《首批 12 只科创板综指 ETF 上 全天候多资产风险平价策略新 美股：流动性来看，上周继续回升，4 月 QT 开始放缓，但 注 意 TGA 账 户 收 税 带 来 的回 落 。 美 元 真 实 流 动 性 本 周 6.137 万亿→6.237 万亿，边际小幅上升。其中美联扩表 本周缩表 168.01 亿美元（上周缩表 157.29 亿美元）； TGA 账户变动-143.46 亿美元（上周-998.29 亿美元）， 余 额 小 幅 下 降 ； 隔 夜 逆 回 购 ...