Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report indicates that the weakening US dollar has led to a general increase in metal prices, with specific attention to gold and silver as protective investments during potential stagflation [5] - The report highlights that copper prices are under pressure due to concerns over global demand amid trade barriers, while aluminum prices are steadily rising due to increased production and demand [6] - The report notes significant price increases in antimony and cobalt, driven by supply constraints and market dynamics, while tin prices are recovering due to seasonal demand [7][9] Summary by Sections Industry Overview - The closing index for the industry is at 4804.5, with a 52-week high of 4979.91 and a low of 3700.9 [2] Price Movements - Basic metals saw price increases: LME copper up 2.57%, aluminum up 3.26%, zinc up 3.00%, lead up 1.46%, and tin up 4.26% [21] - Precious metals also experienced gains: COMEX gold up 1.76%, silver up 3.82%, NYMEX palladium up 4.42%, and platinum up 1.06% [21] Inventory Changes - Global visible inventories showed a decrease: copper down 5792 tons, aluminum down 11189 tons, zinc down 5964 tons, lead down 7712 tons, and tin down 168 tons, while nickel saw an increase of 2569 tons [28]

Investment Rating - The report maintains a "Buy" rating for the company 卓胜微 (300782) [2] Core Insights - The company plans to raise 3 billion yuan to expand its RF chip production lines, addressing the urgent domestic demand for 5G RF front-end chips and modules, while also focusing on customized and modular new products [5] - The global RF front-end module market is projected to reach approximately 26.54 billion USD in 2024, indicating significant growth potential [5] - The company has successfully launched the L-PAMiD series products, which are crucial in the RF front-end field, and aims to enhance its market share and brand influence through continuous product optimization [6] Financial Projections - The company is expected to achieve revenues of 4.49 billion yuan, 5.21 billion yuan, and 6.10 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 431.58 million yuan, 481.87 million yuan, and 563.33 million yuan [7] - The projected growth rates for revenue are 2.58%, 16.01%, and 17.14% for the years 2024, 2025, and 2026 respectively [9] - The earnings per share (EPS) are forecasted to be 0.81 yuan, 0.90 yuan, and 1.05 yuan for the years 2024, 2025, and 2026 respectively [9]

证券研究报告：农林牧渔|行业周报 行业投资评级 强于大市|维持 行业基本情况 收盘点位 2498.43 52 周最高 2927.53 52 周最低 2110.64 行业相对指数表现 资料来源：聚源，中邮证券研究所 -19% -15% -11% -7% -3% 1% 5% 9% 13% 17% 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 农林牧渔 沪深300 研究所 近期研究报告 《猪价偏弱运行》 - 2025.03.03 农林牧渔行业报告 猪价窄幅震荡，白鸡引种开辟新渠道 ⚫ 行情回顾：顺势上涨 上周申万农林牧渔行业指数涨 1.04%，在申万 31 个一级行业中 涨幅排名第 20 位。市场情绪好转，农业板块亦有所反弹，其中动物 疫苗板块领涨，养殖行业依然平淡。 ⚫ 白羽鸡：价格反弹，转道法国引种 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com ⚫ 猪：窄幅震荡 适逢月初，企业出栏收紧，同时正月已过，消费有所回暖，故 近期猪价持续在区间震荡。本周全国生猪均价 14.56 元/公斤，较上 周下 ...

2025 年 3 月 10 日 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 2114.62 | | 52 | 周最高 | 2656.47 | | 52 | 周最低 | 1627.84 | 行业相对指数表现 -19% -14% -9% -4% 1% 6% 11% 16% 21% 26% 31% 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 房地产 沪深300 资料来源：聚源，中邮证券研究所 研究所 证券研究报告：房地产 |行业周报 分析师:高丁卉 SAC 登记编号:S1340524080001 Email:gaodinghui@cnpsec.com 近期研究报告 《核心城市土拍市场回暖明显》 - 2025.03.05 房地产行业报告 （2025.3.3-2025.3.9） 政策目标明确 稳住楼市写入总体要求 ⚫ 投资要点 3 月 5 日两会政府工作报告中指出，要持续用力推动房地产市场 止跌回稳，因城施策调减限制性措施，加力实施城中村和危旧房改造， 同时还提及优化城市空间结构和土地利用方 ...

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [2] Core Views - The company is expected to face a significant decline in net profit for 2024, with projections of 64-93 million yuan, representing a year-on-year decrease of 70%-79%. However, revenue is anticipated to grow due to new store openings [5][6] - The company is expected to benefit from the opening of eight large new stores in 2025 and a favorable "double spring year" which is likely to boost wedding demand, leading to a substantial increase in revenue and profit [6][7] Company Overview - Latest closing price: 22.22 yuan - Total shares: 260 million, with a market capitalization of 5.8 billion yuan - 52-week high/low: 34.19/15.63 yuan - Debt-to-asset ratio: 43.8% - Price-to-earnings ratio: 18.99 [4] Financial Projections - Revenue growth rates for 2024-2026 are projected at 1.3%, 22.6%, and 15.0% respectively - Net profit growth rates are projected at -77%, 244%, and 53% respectively - Earnings per share (EPS) are expected to be 0.27, 0.93, and 1.43 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 82x, 24x, and 16x [7][10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to incur a net loss of 170 to 200 million yuan in 2024, primarily due to expenses related to the FCBGA packaging substrate business and losses from subsidiaries [4] - The overall investment in the FCBGA packaging substrate project has exceeded 3.5 billion yuan, with small-scale production currently underway [5] - The CSP packaging substrate business is showing signs of recovery, with an increase in value driven by improved market share from major storage clients [6] - The company aims to enhance its product structure and profitability by expanding its product lines and optimizing its operations [7] - The company is strategically investing in AI server and high-end PCB markets, with plans to increase production capacity for related products [8] Financial Projections - The company is projected to achieve revenues of 6 billion, 7 billion, and 8.1 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits expected to be -200 million, 60 million, and 400 million yuan for the same years [9] - The current stock price corresponds to a PE ratio of 56 times for 2026 [9] - The company’s revenue growth rates are forecasted at 12.31%, 17.02%, and 15.68% for the years 2024, 2025, and 2026 respectively [11]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights a significant opportunity for domestic gene sequencing manufacturers due to the recent inclusion of Illumina in China's unreliable entity list, which prohibits its export of sequencing instruments to China. This event is expected to reshape the domestic sequencing industry landscape, benefiting local manufacturers [3][4] - The market for gene sequencing instruments and consumables in China is projected to grow from approximately 1.7 billion yuan in 2015 to about 6.8 billion yuan in 2024, with a compound annual growth rate (CAGR) of approximately 16.7%. It is expected to reach around 20.6 billion yuan by 2030, with a CAGR of about 20.3% from 2024 to 2030 [3][4] - The report notes that the domestic market is currently characterized by a duopoly between Illumina and BGI, with Illumina holding a market share of 49.1% and BGI holding 25.7% as of 2023 [3][4] Summary by Sections 1. Weekly Insights: New Landscape for Domestic Gene Sequencing Manufacturers - The report emphasizes the favorable conditions for leading domestic sequencing manufacturers like BGI and Sansure Biotech, which are expected to capture market share as a result of the Illumina export ban [3][4] - BGI is positioned to expand its market share due to its leading advantages in sequencing technology and its rapid response in launching alternative sequencing platforms [4][14] - Sansure Biotech has received regulatory approval for its SansureSeq1000 sequencing instrument and is expected to leverage its marketing capabilities to gain market share [15][16] 2. Weekly Insights: Pharmaceutical Sector Performance - The pharmaceutical sector saw a weekly increase of 1.06%, underperforming the CSI 300 index by 0.32 percentage points, ranking 19th among 31 sub-industries [17][20] - The in-vitro diagnostics sector experienced the highest growth, increasing by 4.45%, while the offline pharmacy sector saw the largest decline, dropping by 0.59% [21][22] 3. Recommended and Beneficiary Stocks - Recommended stocks include BGI, Sansure Biotech, and other companies such as Xintai, Meinian Health, and Tianshili [5][26] - Beneficiary stocks include Yuyuan Medical, Weigao Medical, and Huada Gene, among others [5][26] 4. Sector Performance and Investment Opportunities - The report identifies three key investment themes: innovative drugs, low-value consumables, and AI in medicine, highlighting the potential for significant growth in these areas [22][24] - The report suggests that the medical device sector has considerable upside potential due to ongoing policy changes and market dynamics favoring domestic manufacturers [25][26] 5. Market Trends and Future Outlook - The report anticipates a recovery in the medical services sector as seasonal demand increases, particularly in comprehensive hospitals and health check-up services [35] - The report also notes that the traditional Chinese medicine sector is expected to recover as the impact of high base effects and price reductions from centralized procurement diminishes [36]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is focusing on the promotion of its latest Wi-Fi 7 PA module, which enhances signal transmission for AI glasses, improving user experience through stable data transmission [4] - The automotive communication market is expected to grow significantly, with the company developing new 5G RF front-end products to meet the increasing demand in this sector [5] - Revenue projections for the company are estimated at 2.1 billion, 2.42 billion, and 2.81 billion yuan for the years 2024, 2025, and 2026 respectively, with a forecasted net profit of -24.28 million, 72.51 million, and 101.64 million yuan for the same years [6][8] Company Overview - The latest closing price of the company's stock is 37.87 yuan, with a total market capitalization of 16.3 billion yuan [3] - The company has a total share capital of 430 million shares, with 114 million shares in circulation [3] - The company's largest shareholder is Gaintech Co. Limited [3] Financial Forecasts - The company is projected to experience a revenue decline of 29.46% in 2024, followed by a recovery with growth rates of 15% and 16% in 2025 and 2026 respectively [8] - The EBITDA for the years 2024, 2025, and 2026 is expected to be 1.0641 billion, 2.0965 billion, and 2.4691 billion yuan respectively [8] - The company's net profit margin is projected to improve from -1.2% in 2024 to 3.6% in 2026 [10]

Investment Rating - The report maintains a "Buy" rating for Zhuhai Guanyu (688772) [2][12] Core Views - The company is expected to achieve steady growth in 2024, with projected total revenue of 11.545 billion yuan, a year-on-year increase of 0.87%, and a net profit attributable to shareholders of 434 million yuan, a year-on-year increase of 26.22% [6][7] - The company has effectively expanded its market share, reduced costs through refined management, and increased foreign exchange gains due to the rising USD/RMB exchange rate [7] - The rise of AI is expected to stimulate demand in the consumer electronics sector, with the company increasing its supply ratio in consumer PACK business [8][11] Company Overview - Latest closing price: 17.07 yuan - Total shares: 1.128 billion; Total market capitalization: 19.2 billion yuan - 52-week high/low: 19.22/11.64 yuan - Debt-to-asset ratio: 66.4%; P/E ratio: 55.06 [4] Financial Performance - For 2024, the company anticipates total revenue of 11.545 billion yuan, with a growth rate of 0.87% [16] - The net profit attributable to shareholders is projected to be 434 million yuan, reflecting a growth rate of 26.22% [16] - The company expects to achieve net profits of 4.3 billion yuan, 9.0 billion yuan, and 13.9 billion yuan for 2024, 2025, and 2026 respectively [12] Market Trends - The global notebook market is projected to grow by 5% in 2024, with the company increasing its sales volume of lithium batteries for laptops by 10.51% in the first half of 2024 [8] - The smartphone market is also expected to grow, with a projected increase of 7.1% in global smartphone shipments in 2024, leading to a 13.09% increase in the company's smartphone battery sales [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7]. Core Insights - The company is experiencing significant growth in the smart wearable market, with a projected revenue of 3.263 billion yuan in 2024, representing a year-on-year increase of 49.94%. The net profit attributable to the parent company is expected to reach 460 million yuan, a remarkable growth of 271.70% [5][7]. - The company is heavily investing in R&D, with an estimated R&D expenditure of 621 million yuan in 2024, an increase of approximately 12.93% year-on-year. This investment is aimed at advancing low-power SoC technology and enhancing product capabilities [6][7]. Financial Performance Summary - The company’s revenue is projected to grow from 2.176 billion yuan in 2023 to 3.263 billion yuan in 2024, with a growth rate of 46.57% in 2023 and 49.94% in 2024 [8][10]. - The net profit attributable to the parent company is expected to increase from 124 million yuan in 2023 to 460 million yuan in 2024, reflecting a growth rate of 271.70% [8][10]. - The earnings per share (EPS) is forecasted to rise from 1.03 yuan in 2023 to 3.83 yuan in 2024 [8][10].