Investment Rating - The report maintains a "Recommended" rating for the company Shengda Resources [1]. Core Views - The company's performance is driven by rising metal prices and the completion of technical upgrades, which are expected to enhance production capacity [1]. - In 2024, the company reported a revenue of 2.01 billion yuan, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders was 360 million yuan, an increase of 163.56% [4]. - The company is expected to see significant increases in silver and gold production in 2025 due to the completion of upgrades at its Jinshan Mining and the commencement of production at the Caiyuanzi Copper Gold Mine [5]. Financial Performance Summary - In Q1 2025, the company achieved a revenue of 350 million yuan, a year-on-year increase of 33.92%, and a net profit of 8.28 million yuan, compared to a loss of 8.78 million yuan in the same period last year [4]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares to all shareholders [4]. - The projected revenues for 2025, 2026, and 2027 are 3.02 billion yuan, 4.23 billion yuan, and 4.56 billion yuan, respectively, with corresponding growth rates of 50.10%, 39.97%, and 7.73% [6]. Production and Market Outlook - The company anticipates a significant increase in metal production, with silver output expected to rise to 177 tons in 2025 and 236 tons in 2026, representing year-on-year growth of 28.3% and 33.1% respectively [5]. - Gold production is projected to increase dramatically, reaching 707 kg in 2025 and 1,358 kg in 2026, reflecting a year-on-year growth of 461.0% and 92.1% [5]. - The completion of technical upgrades at Jinshan Mining is expected to enhance the company's production capabilities significantly [4][5]. Valuation Metrics - The report forecasts the company's net profit attributable to shareholders to be 625 million yuan in 2025, 983 million yuan in 2026, and 1.10 billion yuan in 2027, with corresponding EPS of 0.91, 1.30, and 1.45 [6]. - The projected P/E ratios for the same years are 15.53, 10.80, and 9.67, indicating a favorable valuation outlook [6].

⚫⚫⚫⚫⚫⚫ 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 -40% -20% 0% 20% 40% 60% 80% 100% 北证50 沪深300 ■北交所算数平均涨跌幅 ■Ａ股算数平均涨跌幅 7 6 5 4 3 2 l 0 -1 -2 -3 资料来源：iFinD，中国银河证券研究院 ■成交金额（合计/亿元) •换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 2 2017 23 20 32 - 322 03-23 Ox.O> Ox 02-05- 0:51 03:57:3 Ox 10 Ox 1,0 01-05 03-2-2 ","s 01:10 01:20 ing St 01-02 01-15 01:23 ar 2 o 25 O3, Ja fift 图1：北证成交额与换手率情况（截至 2025.04.30) 北交所日报 2 □国银河证券|CGS 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.04.30) 资料来源：iFinD，中国银河证券研究院 河证券|CGS 北交所日报 表 ...

# CGS 公司深度报告 · 化工行业 2025-04-25 相对沪深 300 表现图 芦田股份 120% 100% 80% 600% 400% 资料来源:iFind,中国银河证券研究院 芭田股份首次覆盖报告 2025 年 4 月 27 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3313.11 | 4941.22 | 5395.38 | 5926.05 | | 增长率% | 2.15 | 49.14 | 9.19 | 9.84 | | 归母净利润（百万元） | 409.14 | 1156.97 | 1408.35 | 1645.34 | | 增长率% | 57.67 | 182.78 | 21.73 | 16.83 | | 摊薄 EPS(元) | 0.42 | 1.20 | 1.46 | 1.71 | | PE | 23.50 | 8.31 | 6.83 | 5.84 | 资料来源：iFind，中国银河证券研究院 | 市场数据 | 2025-04-25 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company achieved a revenue of 36 billion yuan in 2024, reflecting a year-on-year growth of 12.8%, and a net profit of 12.2 billion yuan, with a growth rate of 17.3% [6]. - The first quarter of 2025 showed a strong start with a revenue of 16.5 billion yuan, up 7.7% year-on-year, and a net profit of 6.65 billion yuan, increasing by 6.2% [6]. - The company is expected to continue its steady growth trajectory, with projected revenues of 39.3 billion yuan in 2025, 43.2 billion yuan in 2026, and 46.9 billion yuan in 2027 [2][8]. Financial Performance Forecast - **Revenue Forecast**: - 2024A: 36,010.99 million yuan - 2025E: 39,328.45 million yuan - 2026E: 43,202.18 million yuan - 2027E: 46,878.90 million yuan - Revenue growth rates are projected at 12.79% for 2024, 9.21% for 2025, 9.85% for 2026, and 8.51% for 2027 [2][8]. - **Net Profit Forecast**: - 2024A: 12,242.88 million yuan - 2025E: 13,104.64 million yuan - 2026E: 14,532.14 million yuan - 2027E: 15,822.83 million yuan - Net profit growth rates are expected to be 17.29% for 2024, 7.04% for 2025, 10.89% for 2026, and 8.88% for 2027 [2][8]. - **Key Financial Ratios**: - Gross margin is projected to improve from 76.20% in 2024 to 78.06% in 2027, indicating a positive trend in profitability [2][8]. - The diluted EPS is expected to rise from 10.04 yuan in 2024 to 12.97 yuan in 2027, reflecting strong earnings growth [2][8]. Market Position and Strategy - The company ranks third in the industry by revenue size in 2024, with a strong performance in both domestic and international markets [6]. - The product mix is expected to continue evolving, with a focus on mid-to-high-end liquor products, which are projected to drive growth [6]. - The company is also anticipated to enhance its national presence, particularly in regions like the Yangtze River Delta and Pearl River Delta [6].

Investment Rating - The report maintains a rating for the company [3] Core Views - The company is projected to experience significant revenue growth, with expected revenues of 3,321 million in 2024, increasing to 5,256 million by 2027, representing a compound annual growth rate (CAGR) of approximately 13.91% [10] - Net profit is forecasted to rise from 576 million in 2024 to 1,099 million in 2027, indicating a strong growth trajectory with a CAGR of 19.38% [10] - The company's gross margin is expected to remain stable, with a slight increase from 33.69% in 2024 to 34.50% in 2026 and 2027 [10] - The report highlights a decrease in the company's debt-to-asset ratio from 75.74% in 2024 to 58.61% in 2027, suggesting improved financial stability [10] Financial Summary - The company's total assets are projected to grow from 57 billion in 2024 to 77 billion in 2027 [9] - Current assets are expected to increase significantly from 2,219 million in 2024 to 5,912 million in 2027 [9] - The cash flow from operating activities is forecasted to rise from 827 million in 2024 to 1,206 million in 2027 [9] - Earnings per share (EPS) is anticipated to grow from 0.28 in 2024 to 0.52 in 2027 [10] - The price-to-earnings (P/E) ratio is projected to decrease from 15.74 in 2024 to 7.58 in 2027, indicating potential undervaluation [10]

Investment Rating - The report maintains a rating for the company [3] Core Views - The company is projected to experience revenue growth from 13,672.91 million in 2024 to 16,980.56 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 7.51% [8] - The net profit attributable to the parent company is expected to increase from 790.51 million in 2024 to 1,135.61 million in 2027, indicating a steady growth trajectory [8] - The report highlights a stable gross margin, with projections showing an increase from 16.31% in 2024 to 16.64% in 2027 [8] Financial Summary - **Income Statement**: - Revenue is forecasted to grow from 13,672.91 million in 2024 to 16,980.56 million in 2027, with operating profit increasing from 1,138.88 million to 1,594.47 million over the same period [8] - Net profit is projected to rise from 777.21 million in 2024 to 1,106.83 million in 2027, with an EPS increase from 0.31 to 0.44 [8] - **Balance Sheet**: - Total assets are expected to grow from 18,093.24 million in 2024 to 20,728.13 million in 2027, with total liabilities increasing from 8,737.58 million to 9,597.92 million [7] - The equity attributable to the parent company is projected to rise from 9,075.93 million in 2024 to 10,930.45 million in 2027 [7] - **Cash Flow Statement**: - Operating cash flow is expected to decrease from 2,286.26 million in 2024 to 1,533.87 million in 2027, while net cash increase is projected to rise from 2,353.82 million to 670.94 million [7] Key Financial Ratios - The report indicates a net profit margin improvement from 5.78% in 2024 to 6.69% in 2027, alongside a return on equity (ROE) increase from 8.71% to 10.39% [8] - The company's debt ratios are projected to remain stable, with a debt-to-equity ratio decreasing from 48.29% in 2024 to 46.30% in 2027 [8]

公司点评报告 · 银行业 存款成本优化，开门红信贷投放良好 沪农商行 2024 年年报与 2025 年一季报业绩点评 2025 年 4 月 30 日 核心观点 沪农商行(股票代码:601825) 推荐 维持 分析师 张一纬 ☎：010-8092-7617 网: zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn | 市场数据 | 2025-04-29 | | --- | --- | | 股票代码 | 601825 | | A 股收盘价(元) | 8.76 | | 上证指数 | 3286.65 | | 总股本(万股) | 964444.44 | | 实际流通 A 股(万股) | 931658.36 | | 流通 A 股市值(亿元) | 816.13 | 相对沪深 300 表现图 2025-04-29 40% 20% 0% -20% 相关研究 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 浄利润保持正增长 ...

Investment Rating - The report gives a "Buy" rating for the company [4]. Core Views - The company has a solid performance in the compound fertilizer sector, with significant growth driven by the release of high-quality phosphate resources [4]. - The company is well-positioned in the market due to its integrated phosphate chemical industry chain and strong brand recognition [4]. - The report anticipates continued growth in revenue and profit due to the expansion of phosphate production capacity and the increasing demand for new types of compound fertilizers [4]. Financial Forecasts - Revenue is projected to reach 33.13 billion CNY in 2024, with a growth rate of 2.15%, and is expected to increase to 49.41 billion CNY by 2025, reflecting a growth rate of 49.14% [2]. - Net profit attributable to shareholders is forecasted to be 4.09 billion CNY in 2024, with a significant increase of 57.67%, and is expected to rise to 11.57 billion CNY in 2025, marking a growth of 182.78% [2]. - The diluted EPS is expected to be 0.42 CNY in 2024, increasing to 1.20 CNY in 2025, with corresponding PE ratios of 23.50 and 8.31 [2]. Company Overview - The company has over 30 years of experience in the compound fertilizer industry and has established a comprehensive phosphate chemical industry chain [6]. - It is the first listed compound fertilizer company in China, with a production capacity of 1.91 million tons per year, ranking among the top in the domestic market [45]. - The company has a strong focus on R&D, with a significant number of patents and innovative technologies that enhance its competitive edge [45]. Industry Analysis - The compound fertilizer industry is undergoing a consolidation phase, with leading companies expected to strengthen their market positions as weaker players exit [29]. - The demand for compound fertilizers is anticipated to grow due to the increasing recognition of their benefits over traditional fertilizers [36]. - The phosphate market remains robust, with a tight supply-demand balance expected to continue, benefiting companies with integrated phosphate resources [51].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company achieved a revenue of 36 billion yuan in 2024, reflecting a year-on-year growth of 12.8%, and a net profit of 12.2 billion yuan, with a growth rate of 17.3% [6]. - The first quarter of 2025 showed a strong start with a revenue of 16.5 billion yuan, up 7.7% year-on-year, and a net profit of 6.65 billion yuan, increasing by 6.2% [6]. - The company is expected to continue its steady growth trajectory, with a projected revenue of 39.3 billion yuan in 2025, representing a growth rate of 9.21% [2][8]. Financial Performance Forecast - **Revenue Forecast**: - 2024A: 36,010.99 million yuan - 2025E: 39,328.45 million yuan - 2026E: 43,202.18 million yuan - 2027E: 46,878.90 million yuan - Revenue growth rates are projected at 12.79%, 9.21%, 9.85%, and 8.51% respectively [2][8]. - **Net Profit Forecast**: - 2024A: 12,242.88 million yuan - 2025E: 13,104.64 million yuan - 2026E: 14,532.14 million yuan - 2027E: 15,822.83 million yuan - Net profit growth rates are projected at 17.29%, 7.04%, 10.89%, and 8.88% respectively [2][8]. - **Earnings Per Share (EPS)**: - 2024A: 10.04 yuan - 2025E: 10.74 yuan - 2026E: 11.91 yuan - 2027E: 12.97 yuan [2][8]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratios are projected at 20.34, 19.00, 17.13, and 15.74 for the years 2024A to 2027E respectively [2][8]. Product and Market Dynamics - The company’s product structure is robust, with mid-to-high-end liquor sales reaching 26.5 billion yuan in 2024, a year-on-year increase of 14.3% [6]. - The company is experiencing a trend of upgrading product structures, particularly in domestic markets, with a revenue of 13.5 billion yuan from domestic sales, up 11.7% [6]. - The company is also expanding its presence in external markets, with a revenue of 22.4 billion yuan from outside the province, reflecting a growth of 13.8% [6]. Dividend Policy - The company announced a total dividend of 7.4 billion yuan for 2024, with a payout ratio of 60.4%, which is an increase of 9.3 percentage points from the previous year [6].

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [2]. Core Insights - In April, the breeding profits improved, and the pet food export volume increased by 20% in Q1 [1]. - The agricultural index outperformed the CSI 300 index, with a rise of 3.3% from early April to April 29, while the CSI 300 fell by 2.89% [5][12]. - The domestic pet food market continues to expand, with a Q1 export value increase of 12% [5]. Summary by Sections Price Indicators and Agricultural Performance - In March, the CPI was down 0.1% year-on-year, with a 46% reduction in agricultural trade deficit [7]. - The total market value of the agriculture, forestry, animal husbandry, and fishery sector was 12,849.69 billion yuan, accounting for 1.38% of the total A-share market value [12]. Breeding Profits and Pet Food Exports - The breeding profits for pigs improved in April, with the price on April 23 being 15.09 yuan/kg, down 7.2% from the end of 2024 [5][31]. - The number of reproductive sows was 40.39 million, a 1% decrease from the previous quarter [34]. - The pet food market reached a scale of 107.2 billion yuan in 2024, with a CAGR of 12.7% from 2017 to 2024 [5]. Investment Recommendations and Stock Pool - Focus on leading pig farming companies with strong cost control and healthy financial conditions, such as Muyuan Foods and Wens Foodstuffs [5]. - The report suggests monitoring the poultry industry, particularly the yellow-feathered chicken sector, due to potential price increases [5]. - Attention is also drawn to feed industry leaders like Haida Group and animal vaccine companies such as Reap Bio and Kexin Bio [5].