证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-18 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 10.68 | | --- | --- | | 总股本/流通股本（亿股）24.46 | / 22.88 | | 总市值/流通市值（亿元）261 | / 244 | | 52 周内最高/最低价 | 15.60 / 6.53 | | 资产负债率(%) | 16.3% | | 市盈率 | 38.14 | | 第一大股东 | 陈宝珍 | 研究所 分析师:孙业亮 SAC 登记编号:S1340522110002 Email:sunyeliang@cnpsec.com 分析师:常雨婷 SAC 登记编号:S1340523080001 Email:changyuting@cnpsec.com 网宿科技(300017) CDN 龙头，有望受益 AI 产业发展 l 全面聚焦 CDN 及边缘计算，有望受益于 AI 发展 公司成立于 2000 年 1 月，致力于成为全球领先的 IT 基础平台 服务提供商。近年来，公司秉承深耕主业，精细化运营的经营思路进 行战略优化，全面聚焦 CDN 及边缘计算 ...

证券研究报告：国防军工|点评报告 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 1422.34 | | 52 周最高 | 1712.48 | | 52 周最低 | 1113.62 | 行业相对指数表现（相对值） 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:马强 SAC 登记编号:S1340523080002 Email:maqiang@cnpsec.com 近期研究报告 《中邮军工周报 4 月第 2 周：48 家军工 上市公司披露 2024 年年报，多家上市公 司公告回购或控股股东增持计划》 - 2025.04.14 关税冲击下，航材国产化趋势加强 ⚫ 事件 2025 年 4 月 10 日，美国政府宣布对中国输美商品征收"对等关 税"的税率进一步提高至 125%。根据《中华人民共和国关税法》、《中 华人民共和国海关法》、《中华人民共和国对外贸易法》等法律法规和 国际法基本原则，经国务院批准，国务院关税税则委员会公布公告， 自 2025 年 4 月 12 日起，调整《国 ...

Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - The domestic demand for aviation materials is expected to grow rapidly with the acceleration of the C919 aircraft production and delivery schedule. The maintenance and repair costs for major airlines in China are significant, with a total of approximately 34 billion yuan for the four major airlines in 2024 [4][8] - Developing domestic aviation materials will help achieve autonomy in the aviation manufacturing and maintenance supply chain, while also significantly reducing procurement costs. The procurement cost of aviation materials accounts for about 10% of the operating costs of airlines, and using domestic alternatives can reduce these costs by 30% to 70% [5] - The number of PMA and CTSOA certifications is increasing, leading to a higher proportion of domestic aviation materials being procured by airlines. The number of PMA products has increased from 219 in 2017 to 332 in 2023, while CTSOA projects have risen from 52 to 181 [5][8] - The recent tariff policy changes are expected to enhance the competitiveness of domestic aviation materials, leading to an increased procurement ratio in both aircraft manufacturing and maintenance markets. Relevant listed companies include Runbei Aviation Technology, Beimo High-tech, Jianghang Equipment, Sichuan Jiuzhou, and others [8] Summary by Sections Industry Overview - The closing index is at 1422.34, with a 52-week high of 1712.48 and a low of 1113.62 [1] Recent Events - On April 10, 2025, the U.S. government announced an increase in tariffs on Chinese goods to 125%, impacting the aviation materials market [3][4] Market Trends - The trend towards domestic aviation material procurement is strengthening due to tariff impacts, with a shift from low-value components to critical systems and high-value parts [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2]. Core Viewpoints - The company, Tianqin Equipment, has evolved from a single protective function product to a comprehensive range of defense products and equipment components, with a significant focus on ammunition packaging and protection [4][12]. - The company is expected to benefit from the increasing demand for ammunition packaging, with a projected market space of approximately 6 billion yuan in China [4][58]. - The company is expanding into the missile packaging sector, which is anticipated to provide long-term growth drivers [4][55]. Summary by Sections 1. Core Supplier in Equipment Protection - Tianqin Equipment was founded in 1996 and went public in 2020, focusing on protective devices for ammunition and related equipment [4][12]. - The main products include specialized protective devices, which accounted for 89% of revenue in 2024, with major clients being military industrial groups [18]. - The company has shown rapid growth in the past three years, with operating cash flow consistently exceeding net profit [21]. 2. Benefiting from Ammunition Demand - The ammunition packaging is crucial for ensuring the reliability and safety of ammunition storage and usage, with the market space for ammunition packaging in China estimated at 6 billion yuan [4][29]. - The company’s revenue from packaging boxes was 206 million yuan in 2024, with a gross margin of 32.63% [39]. - The domestic ammunition sector is expected to grow rapidly, driven by increased training intensity and military export demands [41]. 3. Expansion into Missile Packaging - The missile packaging market is projected to be significantly larger than the ammunition packaging market, with estimates suggesting a potential market size of 20-30 billion yuan [55]. - The company is actively developing various missile protective boxes and integrated launch tubes, with several projects already completing prototype development [53][55]. - The expansion into missile packaging is expected to provide new revenue growth points for the company [4][55]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 0.85 billion, 1.46 billion, and 2.05 billion yuan from 2025 to 2027, with growth rates of 104%, 72%, and 40% respectively [4][58]. - The current price-to-earnings ratios are estimated at 37, 21, and 15 times for the respective years [4][58].

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company, Tianqin Equipment, has evolved from a single protective function product to a comprehensive defense product supplier, with a significant focus on ammunition packaging and protective devices [4][12]. - The company is expected to benefit from the increasing demand for ammunition packaging, with a projected market space of approximately 6 billion yuan in China [4][58]. - The company is expanding into missile packaging, which is anticipated to provide long-term growth drivers [4][55]. Summary by Sections Company Overview - Tianqin Equipment was founded in 1996 and went public on the ChiNext board in 2020, initially focusing on moisture-proof seals for ammunition and gradually expanding its product range to include various defense equipment components [4][12]. - The company's main products include specialized protective devices and equipment components, with specialized protective devices accounting for 89% of revenue in 2024 [18]. Financial Performance - The company's performance bottomed out in 2022, with a recovery and growth expected in 2023 and 2024. The projected net profit for 2024 is 42 million yuan, a 29% increase year-on-year [4][21]. - The company has maintained positive net profits and strong operating cash flow, with cash flow consistently exceeding net profit [21]. Market Opportunity - The ammunition packaging market in China is estimated to be around 120 billion yuan, with packaging costs accounting for 5% of total ammunition costs, leading to a market space of approximately 6 billion yuan [4][30]. - The company is well-positioned to benefit from increased ammunition consumption due to heightened training intensity and military export trends [41]. Growth Strategy - The company is actively developing missile packaging solutions, which are expected to have a higher value and larger market potential compared to traditional ammunition packaging [55]. - Ongoing projects include various missile protective cases and integrated storage and launch systems, with several prototypes already completed [53][55]. Profit Forecast and Investment Advice - The company is projected to achieve net profits of 85 million, 146 million, and 205 million yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 104%, 72%, and 40% [4][58]. - The current price-to-earnings ratios are estimated at 37, 21, and 15 times for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [4][58].

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-04-17 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 16.83 | | --- | --- | | 总股本/流通股本（亿股）12.43 / 12.43 | | | 总市值/流通市值（亿元）209 / 209 | | | 52 周内最高/最低价 | 17.32 / 10.57 | | 资产负债率(%) | 50.0% | | 市盈率 | 28.65 | | 第一大股东 | 福建圣农控股集团有限 | | 公司 | | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 圣农发展(002299) 降本增效，业绩逆势增长 ⚫ 事件： 公司发布 2024 年年报，实现营业收入 185.86 亿元，同比增加 0.53%，实现归母净利润 7.24 亿元，同比增幅 9.03%。虽然 24 年鸡 肉、肉制品价格下降，但公司推进销售转型、精细化管理、着力提质 增效，24 年公司销量增长成本下降，实现了业绩的逐季增长。 ⚫ 家禽饲养加工行业：降本增效， ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [8][15]. Core Insights - The company achieved a revenue of 18.586 billion yuan in 2024, a year-on-year increase of 0.53%, and a net profit attributable to shareholders of 724 million yuan, reflecting a growth of 9.03% [4]. - Despite a decline in chicken and meat product prices in 2024, the company successfully implemented sales transformation and cost reduction strategies, leading to a sequential increase in performance [4]. - The poultry farming and processing sector saw a revenue of 10.356 billion yuan, down 1.53% year-on-year, primarily due to price declines. However, sales volume of chicken products increased by 14.72% to 1.4027 million tons [5]. - The company launched a new breeding combination, "Shengze 901plus," which significantly improved performance metrics and achieved over 30% growth in sales compared to the previous year [5]. - The meat products segment generated revenue of 701 million yuan, a year-on-year increase of 9.63%, with a gross margin improvement of 0.94 percentage points to 19.61% [6]. - For Q1 2025, the company expects a net profit of 130 to 160 million yuan, marking a substantial increase of 309.94% to 358.38% year-on-year, driven by further cost reductions [7]. Financial Projections - The company is projected to have earnings per share (EPS) of 0.92 yuan, 1.07 yuan, and 1.17 yuan for the years 2025, 2026, and 2027 respectively [8]. - Revenue forecasts for 2025, 2026, and 2027 are 19.214 billion yuan, 20.794 billion yuan, and 22.199 billion yuan, reflecting growth rates of 3.38%, 8.23%, and 6.76% respectively [11]. - The net profit attributable to shareholders is expected to reach 1.145 billion yuan, 1.329 billion yuan, and 1.451 billion yuan for the same years, with growth rates of 58.07%, 16.05%, and 9.24% respectively [11].

宏观研究 证券研究报告：宏观报告 发布时间：2025-04-17 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《抢出口叠加低基数效应推升出口超 预期》 - 2025.04.16 超预期开局下的韧性突围，关注政策再平衡 核心观点 自去年四季度以来，稳增长政策持续发力，政策效果持续显现。 今年一季度我国经济实现了良好开局，经济增长 5.4%，好于市场预 期，环比增长 1.2%，呈现稳中向好的态势，供需两端回暖，需求改善 好于供给，供需缺口收窄，有效需求不足的矛盾有所缓解，其中，消 费成为拉动需求回暖的主要支撑，投资和出口亦保持相对平稳。不畏 浮云遮望眼，仍需理性看待当前形势。站在当前时点来看，需要关注 以下几个方面： 一是政策驱动型消费持续回升，叠加基数效应，短期消费对经济 支撑效应较为突出。尽管居民消费倾向回落对需求端形成制约，但当 前政策驱动型商品消费仍展现出超预期的恢复力，且居民收入短期具 有刚性特点 ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-04-17 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 3.45 | | --- | --- | | 总股本/流通股本（亿股）40.09 | / 40.08 | | 总市值/流通市值（亿元）138 | / 138 | | 52 周内最高/最低价 | 4.30 / 2.28 | | 资产负债率(%) | 33.1% | | 市盈率 | 19.17 | | 第一大股东 | 河南豫联能源集团有限 | | 责任公司 | | 研究所 本：2024 年电解铝/铝加工单位成本为 1.54/1.97 万元/吨，同 比上涨 20.14%/10.42%。 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 中孚实业(600595) 收购中孚实业股权，看好 25 年电解铝利润释放 l 投资要点 事件：公司发布 2024 年年报和 2025 年一季报，20 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [12]. Core Insights - The company reported a revenue of 1.281 billion yuan for 2024, representing a year-on-year growth of 15.57%. The net profit attributable to shareholders was 213 million yuan, up 13.94% year-on-year [3][5]. - The company's performance is driven by product structure optimization, with a focus on high-temperature alloys, semiconductors, and superconductors, despite challenges in the tantalum powder and wire market [3]. - The company has several projects underway, including the construction of new production lines and a digital factory, which are expected to enhance production capacity and efficiency [4]. - Research and development investments reached 91.72 million yuan in 2024, a year-on-year increase of 11%, with significant achievements in technology and patent applications [4]. Financial Summary - Projected revenues for 2025, 2026, and 2027 are 1.969 billion yuan, 2.522 billion yuan, and 2.822 billion yuan, respectively, with year-on-year growth rates of 53.72%, 28.12%, and 11.88% [5][8]. - The net profit attributable to shareholders is expected to be 291 million yuan in 2025, 371 million yuan in 2026, and 417 million yuan in 2027, with corresponding growth rates of 36.57%, 27.38%, and 12.36% [5][8]. - The company's earnings per share (EPS) are projected to be 0.58 yuan in 2025, 0.73 yuan in 2026, and 0.83 yuan in 2027 [5][8].