食品饮料 2025 年 03 月 20 日 三只松鼠(300783.SZ) | 行业 | 食品饮料 | | --- | --- | | 公司网址 | www.3songshu.com | | 大股东/持股 | 章燎源/40.37% | | 实际控制人 | 章燎源 | | 总股本(百万股) | 401 | | 流通 A 股(百万股) | 280 | | 流通 B/H 股(百万股) | . | | 总市值（亿元） | 116 | | 流通 A 股市值(亿元) | 81 | | 每股净资产(元) | 6.98 | | 资产负债率(%) | 38.9 | | 行情走势图 | | 助互联网渠道迅速崛起。在面对电商平台去中心化导致的营收负增长时， 公司及时进行战略转型，2022 年底首次提出走"高端性价比"之路。同时也 逐步拓展线下门店，发力线下分销，实现线上线下融合发展。当前，公司 已成为一家"全品类+全渠道"经营的企业，向消费者提供"高端性价比"的坚 果和好零食。 零食行业：行业景气度延续，新渠道新产品孕育新机遇。我国休闲零食行 业规模化始于上世纪 90 年代，根据灼识咨询，在 2023 年我国零食行业市 场规模已达 ...

银行 2025 年 3 月 20 日 消费金融系列报告（三） 从头部信贷科技平台看长尾客群变化 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业深度报告*银行*消费金融专题系 列（二）：线上模式：从获客和风控看互金平台入局 策略*强于大市 20241106 【平安证券】行业深度报告*银行*消费金融专题系 列（一）：于无色处见繁花，细分赛道大浪淘沙*强 于大市 20240906 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 研究助理 李灵琇 一般证券从业资格编号 S1060124070021 LILINGXIU785@pingan.com.cn | 图表 1 | 三家信贷科技平台在贷余额 4 | | --- | --- | | 图表 2 | 三家信贷科技平台撮合贷款规模 4 | | 图表 3 | 奇富贷款余额 5 | | 图表 ...

海外宏观 2025 年 3 月 20 日 2025 年 3 月美联储议息会议解读 "不变"应变 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG934@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 事项： 美国时间 2025 年 3 月 19 日，美联储公布 FOMC 会议声明和经济预测，鲍威 尔发表讲话。此后，市场交易风格类似"宽松交易"：10 年美债收益率下降 8BP 至 4.24%，美股三大指数上涨，美元指数下跌，黄金盘中升破 3050 美元/盎司。 平安观点： 宏 观 报 告 宏 观 动 态 跟 踪 报 告 证 券 研 究 报 告 会议声明及经济预测：如期不降息，仍预计年内降息 2 次。美联储 2025 年 3 月会议维持 ...

| 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3426 | -0.10 | 1.39 | | 深证成份指数 | 10979 | -0.32 | 1.24 | | 沪深300指数 | 4010 | 0.06 | 1.59 | | 创业板指数 | 2222 | -0.28 | 0.97 | | 上证国债指数 | 222 | -0.07 | -0.24 | | 上证基金指数 | 7202 | -0.14 | 0.76 | 资料来源:同花顺iFinD 其 他 报 告 2025年03月20日 晨会纪要 证 券 | 大宗商品 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 商品名称 | 收盘 | 1日 | 上周 | 研 究 报 告 | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24771 | 0.12 | -1.12 | | 中国香港国企指数 | 91 ...

其 他 报 告 2025年03月20日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3426 | -0.10 | 1.39 | | 深证成份指数 | 10979 | -0.32 | 1.24 | | 沪深300指数 | 4010 | 0.06 | 1.59 | | 创业板指数 | 2222 | -0.28 | 0.97 | | 上证国债指数 | 222 | -0.07 | -0.24 | | 上证基金指数 | 7202 | -0.14 | 0.76 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24771 | 0.12 | -1.12 | | 中国香港国企指数 | 9164 | -0.15 | -0.40 | | 中国台湾加权指数 | 21961 | -1.40 | -2.69 | | 道琼斯指数 | 41965 | 0.92 | - ...

Investment Rating - The investment rating for Fuyao Glass is "Recommended" (maintained) [1][10]. Core Views - Fuyao Glass reported a revenue of 39.252 billion RMB for 2024, representing a year-on-year increase of 18.37%, and a net profit of 7.498 billion RMB, up 33.20% year-on-year [4]. - The company is benefiting from an increase in both the volume and price of automotive glass, with a sales volume growth of 11.2% in area, reaching 155.9 million square meters [9]. - The introduction of high-value-added products such as smart panoramic glass and adjustable light glass has increased their proportion in sales by 5.02 percentage points [9]. - The company is expected to maintain a high dividend payout ratio due to its strong market position and profitability in the automotive glass sector [9]. Financial Summary - Revenue projections for Fuyao Glass are as follows: 45.844 billion RMB in 2025, 53.205 billion RMB in 2026, and 62.149 billion RMB in 2027, with year-on-year growth rates of 16.8%, 16.1%, and 16.8% respectively [6]. - Net profit forecasts are 8.933 billion RMB for 2025, 10.401 billion RMB for 2026, and 12.078 billion RMB for 2027, with year-on-year growth rates of 19.1%, 16.4%, and 16.1% respectively [6]. - The gross margin is projected to improve to 36.8% in 2025 and 37.0% in 2026, while the net margin is expected to reach 19.5% in both years [6]. - The company’s return on equity (ROE) is forecasted to be 22.4% in 2025, 23.3% in 2026, and 24.1% in 2027 [6]. Production Capacity and Market Position - The new production facilities in Hefei and Fuzhou are expected to enhance regional supply capabilities, with the Hefei facility projected to produce 4 million sets of automotive glass annually, contributing an estimated annual output value of 6 billion RMB [9]. - Fuyao Glass holds a strong market share and significant bargaining power within the automotive supply chain, benefiting from the ongoing increase in automotive glass demand [9].

Investment Rating - The investment rating for the company is "Recommended" [1][9]. Core Views - The report highlights that Fuyao Glass has experienced a significant increase in both volume and price of automotive glass, strengthening its bargaining power within the industry [8]. - The company reported a revenue of RMB 39.252 billion for 2024, representing a year-on-year increase of 18.37%, and a net profit of RMB 7.498 billion, up 33.20% year-on-year [4]. - The report emphasizes the ongoing growth in the automotive glass market, driven by increased vehicle glass area and higher prices, benefiting Fuyao Glass due to its global leadership and strong profitability [8]. Financial Summary - For 2024, the company achieved a revenue of RMB 39.252 billion, with a projected revenue growth of 16.8% for 2025, reaching RMB 45.844 billion [6]. - The net profit for 2024 was RMB 7.498 billion, with forecasts of RMB 8.933 billion for 2025, indicating a year-on-year growth of 19.1% [6]. - The gross margin for the company improved to over 36%, with a net margin exceeding 19% [8]. - The report projects a consistent increase in earnings per share (EPS), estimating RMB 3.42 for 2025 and RMB 4.63 for 2027 [6]. Production and Market Position - The automotive glass sales volume increased by 11.2% to 155.9 million square meters, with a 7.4% rise in average selling price to RMB 229.1 per square meter [8]. - The company is set to enhance its regional supply capabilities with the upcoming production facilities in Hefei and Fuzhou, expected to generate an annual output value of RMB 6 billion [8]. - Fuyao Glass's overseas subsidiary in the U.S. reported a revenue of RMB 6.31 billion with a net profit margin of 9.9% for 2024 [8].

Group 1: Desai Xiwai (002920.SZ) Annual Report Summary - The company achieved operating revenue of 27.618 billion yuan in 2024, a year-on-year increase of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [8][9] - The core business segments, including high-end smart cockpits and smart driving products, have shown significant growth, with the smart cockpit segment generating revenue of 18.230 billion yuan, a 15.36% increase [10] - The company has successfully expanded its international market, with overseas order volume exceeding 5 billion yuan, representing a growth of over 120% [11][12] Group 2: Chip Motion Technology (688582.SH) Annual Report Summary - The company reported operating revenue of 405 million yuan in 2024, a year-on-year increase of 27.57%, and a net profit attributable to shareholders of 222 million yuan, up 34.33% [14][15] - The main products, including MEMS gyroscopes and accelerometers, have shown stable growth, with MEMS gyroscope revenue reaching 351 million yuan, a 34.76% increase [15][16] - The company has maintained a strong focus on R&D, with R&D expenses increasing by 36.52% to 109 million yuan, which has supported product innovation and competitiveness [16][17] Group 3: Non-Bank Financial Industry Overview - The total scale of non-monetary market funds reached 9.5 trillion yuan, with equity funds accounting for 4.9 trillion yuan, of which stock index funds held 1.7 trillion yuan [20][21] - The growth of bond and other funds has driven the expansion of non-monetary market funds, with a 7.6% increase in the scale of non-monetary market funds from the first half of 2024 [20] - The performance of stock index funds has been strong, with a 25.3% increase in the scale of stock index funds in the second half of 2024 [21][22]

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights the trend of mergers and acquisitions (M&A) in the medical aesthetics industry, particularly focusing on major global players like Allergan Aesthetics and Galderma, which have expanded their product lines through strategic partnerships and acquisitions [3][9]. - The report emphasizes the importance of product efficacy and the optional consumption nature of medical aesthetic products, which drives companies to pursue M&A to enhance their market presence and product offerings [40][42]. - The report suggests that the domestic company, Aimeike, is expected to continue its M&A activities and product development, with recent acquisitions aimed at expanding its product matrix and market reach [3][43]. Summary by Sections 1. M&A History of International Medical Aesthetic Giants - Allergan Aesthetics has grown into a leading medical aesthetics supplier primarily through acquisitions, with significant products like Botox and Juvederm contributing to a substantial portion of its revenue [11][14]. - Galderma has similarly enriched its product portfolio through acquisitions and collaborations, with key products like Dysport and Restylane being developed through strategic partnerships [24][27]. 2. Reasons for Frequent M&A in Medical Aesthetic Products - The lengthy approval process for medical aesthetic products necessitates companies to seek M&A as a strategy to expedite market entry and reduce development risks [35][39]. - The dual nature of medical aesthetic products, which require both scientific expertise and market insight, makes them more suitable for specialized companies to develop and then partner with larger platforms for commercialization [40][42]. 3. Recent M&A Activities of Aimeike - Aimeike has recently acquired an 85% stake in the South Korean company REGEN Biotech, Inc. for approximately $190 million, aiming to enhance its product offerings and market capabilities [43].

证券研究报告 核心摘要 本月观点：3月（截至14日）重点50城新房日均成交环比升9.7%，随着重点城市推盘量逐步增加，成交有望逐步改善。当前房地产市场已经从 解决"有没有"转向"好不好"，2024年多地出台建筑新规，随着2025年高品质住宅集中入市，"好房子"有望率先企稳形成价格锚，观察3、 4月"好房子"去化表现。中期房地产市场或迎来产品革新与周期底部共振的战略机遇。当前多数"第四代住宅"主要以赠送面积、结构优化 为主的"技术性创新"，尚未真正实现政府工作报告强调的"安全、舒适、绿色、智慧"四维升级目标。正如电梯技术普及加速楼梯房向高层住 宅的普及。未来若真正出现"四维升级"的"好房子"，或将催生新一轮改善型需求释放。同时当前楼市量价较2021年高点已明显回落，短期 楼市或已步入筑底修复期。产品迭代叠加周期底部或蕴含新一轮发展机遇，历史包袱轻、库存结构优、产品力强的房企有望率先受益。个股建 议关注：1）历史包袱较轻、库存结构优化、产品力强的房企如中国海外发展、华润置地、绿城中国、建发国际集团、滨江集团、越秀地产、保 利发展等；2）估值修复房企如万科A、金地集团、新城控股等；3）同时建议关注经纪（贝壳）、物管 ...