Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 9.092 billion yuan for 2024, representing a year-on-year growth of 5.98%, and achieved a net profit of 73.04 million yuan, marking a turnaround from losses [5] - The company has successfully met its annual target for pig production, with a significant increase in sales volume and a steady decline in costs, indicating operational efficiency [6] - A recent capital increase plan has been approved, which will raise up to 1.6 billion yuan to support new pig farm projects and repay bank loans, alleviating financial pressure [7] - The company is expected to see further improvements in profitability, with projected EPS of 0.40 yuan, 0.67 yuan, and 1.52 yuan for 2025, 2026, and 2027 respectively, indicating strong growth potential [8] Financial Summary - The company achieved a revenue of 9.092 billion yuan in 2024, with an expected revenue growth rate of 11.12% in 2025 [10] - The EBITDA for 2024 was 768.73 million yuan, with projections of 1.04119 billion yuan in 2025 [10] - The net profit attributable to the parent company is forecasted to grow significantly, reaching 253.64 million yuan in 2025, up from 73.04 million yuan in 2024 [10] - The company's asset-liability ratio was 72.4% in 2024, with a gradual decrease expected in the coming years [10]

Investment Rating - The investment rating for the company is "Buy" [7][15] Core Views - The company is expected to achieve total operating revenue of 31.196 billion yuan in 2024, with a year-on-year growth of 3.19% [3] - The company aims for steady growth in revenue for 2025, with projected revenues of 31.576 billion yuan, reflecting a growth rate of 1.22% [9] - The company plans to maintain a high dividend payout ratio, with a target of at least 65% of net profit distributed as dividends [8] Financial Performance Summary - For 2024, the company anticipates a gross profit margin of 87.54% and a net profit margin of 43.19%, with slight declines from the previous year [3] - In Q4 2024, the company reported a total operating revenue of 6.893 billion yuan, a decrease of 16.86% year-on-year [4] - The company achieved a significant increase in cash receipts, totaling 40.036 billion yuan for the year, up 26.74% year-on-year [3] Revenue Breakdown - In 2024, the company expects revenue from mid-to-high-end liquor to reach 27.585 billion yuan, with a year-on-year growth of 2.77% [5] - The company reported a total of 1,701 domestic distributors and 85 overseas distributors by the end of 2024, showing a slight decrease in numbers [5] Earnings Forecast - The company projects net profit for 2025 to be 13.585 billion yuan, reflecting a growth of 0.83% [11] - The expected earnings per share (EPS) for 2025 is 9.23 yuan, with a price-to-earnings (P/E) ratio of 13.61 [11]

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-04-29 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） | 26.68 | | --- | --- | | 总股本/流通股本（亿股）19.00 | / 16.64 | | 总市值/流通市值（亿元）507 | / 444 | | 52 周内最高/最低价 | 31.30 / 15.61 | | 资产负债率(%) | 47.3% | | 市盈率 | 24.93 | | 第一大股东 | 李金阳 | 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 赤峰黄金(600988) 25 年一季报点评：静待瓦萨成本企稳，金价上行 公司业绩释放有望加速 l 25 年 Q1 归母净利润 4.83 亿元，同比+141% 公司发布 2025 年一季报，受益黄金价格同比大幅上行，公司业 绩释放出色：营业收入 24.07 亿元，同比增长 3 ...

证券研究报告：有色金属 | 公司点评报告 发布时间：2025-04-29 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） | 26.68 | | --- | --- | | 总股本/流通股本（亿股）19.00 | / 16.64 | | 总市值/流通市值（亿元）507 | / 444 | | 52 周内最高/最低价 | 31.30 / 15.61 | | 资产负债率(%) | 47.3% | | 市盈率 | 24.93 | | 第一大股东 | 李金阳 | 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 赤峰黄金(600988) 25 年一季报点评：静待瓦萨成本企稳，金价上行 公司业绩释放有望加速 l 25 年 Q1 归母净利润 4.83 亿元，同比+141% 公司发布 2025 年一季报，受益黄金价格同比大幅上行，公司业 绩释放出色：营业收入 24.07 亿元，同比增长 3 ...

Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - Recent developments from Johnson & Johnson regarding PFA products indicate that domestic PFA brands are expected to enter a commercialization fast track in 2025, with significant growth potential in the market [5][6][17] - The medical biology sector has shown a weekly increase of 1.16%, outperforming the CSI 300 index by 0.77 percentage points, with the medical research outsourcing sector experiencing the highest growth of 6.34% [18][21] Summary by Sections Weekly Insights - Johnson & Johnson presented three key PFA products at the HRS2025 conference, showcasing their safety, effectiveness, and usability [14][15] - The domestic PFA market is projected to reach 1.3 billion yuan in 2025 and exceed 16.3 billion yuan by 2032, with a compound annual growth rate of 43.73% [17] Sector Performance - The medical research outsourcing sector had the highest weekly increase of 6.34%, while the vaccine sector saw the largest decline of 3.78% [7][21] - The report highlights a significant divergence in performance across sub-sectors, with the medical biology sector ranking 15th among 31 sub-industries [18][24] Recommended and Benefiting Stocks - Recommended stocks include Microelectrophysiology, Maipu Medical, and Yingke Medical [8] - Benefiting stocks include Huatai Medical, Weili Medical, and BGI Genomics [8][30] Market Trends - The report notes that the medical device sector is expected to benefit from policies promoting equipment upgrades and procurement, with a focus on AI integration in medical imaging and surgical applications [25][29] - The IVD sector is anticipated to see growth driven by AI-assisted diagnostics and favorable government policies [29] Specific Sector Analysis - The blood products sector is facing challenges due to high inventory levels and competitive pressures, but long-term demand for albumin remains stable [32] - The offline pharmacy sector is undergoing consolidation, with leading pharmacies expected to benefit from increased customer traffic and improved profit margins [33][34]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company is expected to achieve steady revenue growth in 2025, driven by solid domestic demand and strategic market development [4][9] - The revenue targets for 2025-2027 are projected at 255.05 billion, 280.64 billion, and 321.06 billion yuan, representing year-on-year growth rates of 8.17%, 10.03%, and 14.40% respectively [9][11] - The net profit attributable to the parent company is forecasted to be 60.75 billion, 68.27 billion, and 80.37 billion yuan for the same period, with growth rates of 10.11%, 12.38%, and 17.72% [9][11] Company Overview - The latest closing price of the company's stock is 167.11 yuan, with a total market capitalization of 883 billion yuan [3] - The company has a total share capital of 5.29 billion shares, with 4.09 billion shares in circulation [3] - The company's debt-to-asset ratio stands at 36.6%, and the price-to-earnings ratio is 16.01 [3] Financial Performance - In 2024, the company is projected to achieve total operating revenue of 235.78 billion yuan, a year-on-year increase of 16.41% [4][11] - The gross profit margin is expected to be 79.9%, with a net profit margin of 23.4% [4] - The company plans to distribute a total cash dividend of 31.72 billion yuan, with a dividend payout ratio of 57.49%, an increase of 5.66 percentage points year-on-year [4] Product and Channel Performance - For 2024, revenue from different product lines is expected to be 180.86 billion from aged original liquor, 22.41 billion from Gujing liquor, and 25.38 billion from other products [6] - Online and offline channels are projected to generate revenues of 7.72 billion and 228.06 billion yuan respectively, with year-on-year growth rates of 5.81% and 16.81% [6] - The number of distributors increased to 5,089, up by 448 year-on-year, indicating a strengthening distribution network [6] Earnings Forecast - The earnings per share (EPS) for 2025-2027 are estimated to be 11.49, 12.92, and 15.20 yuan, with corresponding price-to-earnings ratios of 15, 13, and 11 times [9][11] - The company is expected to maintain a healthy return on equity (ROE) of around 22.4% in 2024, gradually decreasing to 21.3% by 2027 [11][14]

证券研究报告：建筑材料 | 公司点评报告 发布时间：2025-04-28 股票投资评级 公司基本情况 | 最新收盘价（元） | 29.53 | | --- | --- | | 总股本/流通股本（亿股）16.90 / 16.32 | | | 总市值/流通市值（亿元）499 / 482 | | | 52 周内最高/最低价 | 36.03 / 23.20 | | 资产负债率(%) | 24.0% | | 市盈率 | 13.68 | | 第一大股东 | 中国建材股份有限公司 | 研究所 分析师:赵洋 SAC 登记编号:S1340524050002 Email:zhaoyang@cnpsec.com 北新建材(000786) Q1 石膏板保持韧性，一体两翼持续推进 买入|维持 个股表现 -28% -24% -20% -16% -12% -8% -4% 0% 4% 8% 2024-04 2024-07 2024-09 2024-12 2025-02 2025-04 北新建材 建筑材料 资料来源：聚源，中邮证券研究所 事件 公司发布 25 年一季报，25Q1 公司实现收入 62.46 亿元，同比 +5.09%；归母净利润 ...

分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 证券研究报告：固定收益报告 发布时间：2025-04-28 研究所 政治局会议明确以国内政策的确定性对冲外部不确定性。存在增 量的要点主要是：创设新的结构性货币政策工具，提及设立服务消费 与养老再贷款；设立新型政策性金融工具，用途是支持科技创新、扩 大消费、稳定外贸等；加大高品质住房供给；持续稳定和活跃资本市 场。所以，会议并未提到前期市场预期的财政政策的总量扩容，以加 快政策的落地实施为主，增量信息需要关注政策性金融工具等，以往 这一工具主要针对投资需求，并且历史上的"宽信用"效果较好，本 次针对科技、消费和外贸等发力。 MLF 操作和关键会议之后，债市对于货币宽松的想象空间反而缩 小了。MLF 和买断式回购可能对降准有替代作用，但其并未具备降准 在总量货币政策中的鲜明信号意义。会议之后，对于货币政策，依然 是降准可以期待，降息比较遥远的状态，对于债券交易而言，似乎与 会议前变化不大。 流动性维持稳定，短端不再调整，已经是后续想象中较为不错的 情况。银行负债和流动性内生环境的修复仍在继 ...

证券研究报告：有色金属 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 12.53 | | --- | --- | | 总股本/流通股本（亿股）17.76 | / 17.75 | | 总市值/流通市值（亿元）222 | / 222 | | 52 周内最高/最低价 | 15.53 / 9.75 | | 资产负债率(%) | 34.4% | | 市盈率 | 15.01 | | 第一大股东 | 国民信托有限公司-国 | | 民信托·恒盈 | 5 号事务 | | | 管理类集合资金信托计 | | 划 | | 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 兴业银锡(000426) 银锡产量延续增长，资源优势进一步加强 l 投资要点 事件：公司发布 2024 年年报和 2025 年一季报，2024 年公司实 现营业收入 42.70 亿元，同比增长 15.23%；实现归母净利润/扣非归 母净利润 15.30/15.39 亿元 ...