Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company reported a revenue of 6.017 billion yuan in 2024, representing a year-on-year growth of 11.30%, but the net profit attributable to shareholders decreased by 82.41% to 71 million yuan due to intense market competition and declining product prices [5][6] - The company is expected to see performance improvement in 2025, driven by stabilization in the downstream breeding sector and rapid growth in pet vaccine sales, which will be crucial for enhancing the company's valuation [8] Company Overview - The latest closing price is 7.23 yuan, with a total market capitalization of 7.4 billion yuan [4] - The company has a total share capital of 1.021 billion shares, with a debt-to-asset ratio of 26.5% and a price-to-earnings ratio of 104.18 [4] Financial Performance - The vaccine business showed stable revenue growth despite a significant drop in product prices, with revenue from the biological products sector reaching 1.014 billion yuan, a slight increase of 0.52% year-on-year, but with a gross margin decline of 8.98 percentage points to 37.14% [6] - The pharmaceutical segment achieved a revenue of 1.692 billion yuan, marking a year-on-year increase of 33.90%, with a notable sales volume increase of 35.58% [6] - The feed business generated revenue of 1.1 billion yuan, up 7.23% year-on-year, but with a profit margin decrease of 1.87 percentage points to 21.68% [6] - The trade business saw a volume increase of 17.17% year-on-year, totaling 381,700 tons [7] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.15 yuan, 0.25 yuan, and 0.35 yuan respectively, with expected revenue growth rates of 6.56%, 10.40%, and 11.55% [9][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][13]. Core Views - The company reported a revenue of 3.04 billion yuan for 2024, representing a year-on-year increase of 14.5%, with a net profit attributable to shareholders of 430 million yuan, up 6.5% year-on-year. The fourth quarter of 2024 saw revenues of 940 million yuan, a year-on-year increase of 41.7% [4][5]. - The growth in revenue is primarily driven by increased demand for energy quality management products due to the rise of intelligent computing centers and the growing investment in the charging pile industry [4][5]. - The charging pile business experienced significant growth, with revenues of 1.22 billion yuan in 2024, up 43% year-on-year, benefiting from the global investment in charging infrastructure [5]. - The energy storage business faced short-term pressure, with revenues of 860 million yuan, down 5.8% year-on-year, attributed to increased domestic competition [5]. - The energy quality equipment segment is expected to benefit from the booming intelligent computing center market, with revenues projected to reach 600 million yuan, a year-on-year increase of 13.1% [5][6]. Financial Summary - The company forecasts revenues of 3.85 billion yuan, 4.79 billion yuan, and 6.00 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 530 million yuan, 650 million yuan, and 757 million yuan for the same years [7][11]. - The projected PE ratios for 2025, 2026, and 2027 are 18, 15, and 13 respectively, indicating a favorable valuation trend [7][11].

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-04-15 股票投资评级 买入|维持 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 中牧股份(600195) 量增利减，业绩承压 ⚫ 事件： 公司发布 2024 年年报，实现营业收入 60.17 亿元，同比增长 11.30%，归母净利为 0.71 亿元，同比下降 82.41%。24 年公司积极开 拓新市场，核心业务均实现了收入的增长，但市场竞争激烈导致公司 产品价格大幅下降、公司毛利率下滑，故而利润同比下降。 ⚫ 销量增长，竞争激烈致利润率下降 个股表现 -33% -28% -23% -18% -13% -8% -3% 2% 7% 12% 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 中牧股份 农林牧渔 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） | 7.23 | | --- | --- | | 总股本/流通股本（亿股）10.21 / 10.21 | | | 总市值/流通市值（亿元）74 / 74 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company holds a significant market position in the almond milk sector, with a market share of 90%, and its main product, "Lulu" almond milk, accounts for 97.54% of its revenue [4][5] - The company is expected to benefit from a decrease in raw material costs, particularly for bitter almonds and sugar, which could improve its gross margin [5] - The introduction of a new series of health-oriented water products aligns with market trends and is expected to expand the company's market presence [6][7] - The company has set ambitious revenue and profit targets for 2024-2026, aiming for revenue of 3.171 billion, 3.451 billion, and 3.803 billion yuan, respectively, with corresponding net profits of 644 million, 713 million, and 777 million yuan [8][10] Company Overview - The latest closing price of the company's stock is 9.11 yuan, with a total market capitalization of 9.6 billion yuan [3] - The company has a debt-to-asset ratio of 25.3% and a price-to-earnings ratio of 14.93 [3] Financial Projections - Revenue is projected to grow at rates of 7.32%, 8.83%, and 10.19% for the years 2024, 2025, and 2026, respectively [8][10] - The expected earnings per share (EPS) for the same years are 0.61, 0.68, and 0.74 yuan, with corresponding price-to-earnings ratios of 15, 13, and 12 [8][10]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [13]. Core Insights - The company achieved a record high performance in 2024, with a net profit attributable to shareholders of 787 million yuan, representing a year-on-year increase of 28.7%. The total revenue reached 19.759 billion yuan, up 1.82% from the previous year [3][5]. - The mining segment has become the primary source of profit for the company, following a significant asset restructuring that allowed it to acquire 100% of Shuikoushan Company, enhancing its resource base [4][5]. - The report forecasts continued growth in net profit for the years 2025 to 2027, with expected figures of 939 million yuan, 1.053 billion yuan, and 1.185 billion yuan respectively, reflecting year-on-year growth rates of 19.41%, 12.16%, and 12.46% [8][10]. Company Overview - The latest closing price of the company's stock is 9.55 yuan, with a total market capitalization of 10.2 billion yuan and a circulating market capitalization of 7.2 billion yuan. The company has a debt-to-asset ratio of 50.8% and a price-to-earnings ratio of 14.47 [2]. - The company has maintained stable production levels in its smelting operations, with zinc and zinc alloy production at 642,500 tons and lead and lead alloy production at 102,800 tons in 2024 [4].

证券研究报告：有色金属 | 公司点评报告 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） | 9.55 | | --- | --- | | 总股本/流通股本（亿股）10.73 | / 7.52 | | 总市值/流通市值（亿元）102 | / 72 | | 52 周内最高/最低价 | 11.75 / 6.79 | | 资产负债率(%) | 50.8% | | 市盈率 | 14.47 | | 第一大股东 | 湖南水口山有色金属集 | | 团有限公司 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 株冶集团(600961) 24 年报点评：矿山端量价齐升，创历史最好业绩 l 24 全年归母净利润 7.87 亿元，同比+28.7% 公司发布 2024 年年报：2024 年公司在矿产端实现增利增收，铜 铅锌精矿、黄金等产品产量均创新高，创造了历史最好业绩：实现营 业收入 197.59 亿元 ...

- The report discusses two main quantitative models: the Diffusion Index Model and the GRU Factor Model[3][5][6] Diffusion Index Model 1. **Model Name**: Diffusion Index Model 2. **Model Construction Idea**: The model is based on the principle of price momentum, capturing industry trends by observing the diffusion index of various sectors[5][6] 3. **Model Construction Process**: - Calculate the diffusion index for each industry based on price momentum - Rank industries by their diffusion index values - Select top-ranked industries for portfolio construction - Formula: $ \text{Diffusion Index} = \frac{\text{Number of stocks with positive momentum}}{\text{Total number of stocks}} $ 4. **Model Evaluation**: The model has shown varying performance over different years, with notable returns in some periods and significant drawdowns in others[24][25] 5. **Model Test Results**: - 2025 YTD excess return: -3.78%[23] - April 2025 average return: -4.42%, excess return: -0.59%[28] GRU Factor Model 1. **Model Name**: GRU Factor Model 2. **Model Construction Idea**: The model leverages GRU (Gated Recurrent Unit) deep learning networks to analyze minute-level price and volume data, aiming to capture short-term trading signals[6][13] 3. **Model Construction Process**: - Collect minute-level price and volume data - Train a GRU network to predict industry performance - Rank industries based on GRU factor scores - Select top-ranked industries for portfolio construction 4. **Model Evaluation**: The model has been effective in capturing trading signals in short cycles but has shown mixed performance in longer cycles[30][31] 5. **Model Test Results**: - 2025 YTD excess return: -3.82%[30] - April 2025 excess return: 0.33%[33] Model Performance Metrics 1. **Diffusion Index Model**: - 2025 YTD excess return: -3.78%[23] - April 2025 average return: -4.42%, excess return: -0.59%[28] 2. **GRU Factor Model**: - 2025 YTD excess return: -3.82%[30] - April 2025 excess return: 0.33%[33]

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-04-14 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 华利集团 纺织服饰 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） | 56.14 | | --- | --- | | 总股本/流通股本（亿股）11.67 | / 11.67 | | 总市值/流通市值（亿元）655 | / 655 | | 52 周内最高/最低价 | 79.34 / 48.22 | | 资产负债率(%) | 23.4% | | 市盈率 | 17.06 | | 第一大股东 | 俊耀集团有限公司 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 华利集团(300979) 新锐客户增长强劲，积极扩张产能 l 事件点评 销量快速增长，新客户表现靓丽。分量价来看，公司 24 年销售 运动鞋 2.23 亿双，同增 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [2]. Core Insights - The company specializes in vacuum coating equipment and has expanded its product applications over the years, serving various industries including consumer electronics, automotive, and optical components [4]. - The company has established itself as a supplier for major clients such as Foxconn and Apple, contributing to its revenue growth and market presence [4]. - The domestic market for vacuum coating equipment is expected to grow significantly, with a projected compound annual growth rate (CAGR) of 7.0% from 2018 to 2025 [5]. - The company reported a revenue of 431 million yuan in the first three quarters of 2024, reflecting a year-on-year increase of 10.99%, and a net profit of 64 million yuan, up 22.31% year-on-year [4]. Financial Performance - The company is projected to achieve revenues of 571 million yuan, 715 million yuan, and 896 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 76 million yuan, 120 million yuan, and 180 million yuan [8][10]. - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated to be 126, 79, and 53 respectively, indicating a potential for growth in earnings [8][10]. - The company's revenue growth rates are expected to be 9.31% in 2024, 25.34% in 2025, and 25.25% in 2026 [10].

证券研究报告：纺织服饰 | 公司点评报告 发布时间：2025-04-14 股票投资评级 买入 |维持 个股表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -23% -18% -13% -8% -3% 2% 7% 12% 17% 22% 27% 华利集团 纺织服饰 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） | 56.14 | | --- | --- | | 总股本/流通股本（亿股）11.67 | / 11.67 | | 总市值/流通市值（亿元）655 | / 655 | | 52 周内最高/最低价 | 79.34 / 48.22 | | 资产负债率(%) | 23.4% | | 市盈率 | 17.06 | | 第一大股东 | 俊耀集团有限公司 | 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com l 盈利预测及投资建议 公司新客户扩展顺利+老客户份额提升，积极扩张产能满足客户 需求，精细化管理下盈利稳健，在贸易摩擦下仍具增长韧性。我们预 计公司 25 年- ...