市场数据(2025-04-09) | 收盘价(元) | 26.71 | | --- | --- | | 一年内最高/最低(元) | 26.71/11.78 | | 沪深 300 指数 | 3,686.79 | | 市净率(倍) | 3.10 | | 流通市值(亿元) | 136.77 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.61 | | 每股经营现金流(元) | 1.04 | | 毛利率(%) | 28.29 | | 净资产收益率_摊薄(%) | 2.58 | | 资产负债率(%) | 42.89 | | 总股本/流通股(万股) | 51,205.36/51,205.36 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -13% 3% 18% 34% 50% 66% 81% 97% 2024.04 2024.08 2024.12 2025.04 妙可蓝多 沪深300 联系人：李智 | | | 食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.co ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -14% -9% -3% 2% 7% 13% 18% 24% 2024.04 2024.08 2024.12 2025.04 上证指数 深证成指 | 国内市场表现 | | | | | | | --- | --- | --- | --- | --- | --- | | 指数名称 | | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 3,223.64 | | | 1.16 | | 深证成指 | | 9,754.64 | | | 2.25 | | 创业板指 | | 2,022.77 | | -0.47 | | | 沪深 | 300 | 3,735.12 | | | 1.31 | | 上证 | 50 | 2,443.97 | | -0.52 | | | 科创 | 50 | 891.46 | | | 0.14 | | 创业板 | 50 | 1,924.26 | | -0.67 | | | 中证 | 100 | 3,576.84 | | | 1.35 | | 中证 | 500 | 5,544.06 | | | 1.92 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [13]. Core Views - In 2024, the company's cheese business revenue grew, with cheese revenue reaching 3.757 billion yuan, a year-on-year increase of 6.92%. Cheese accounted for 80.12% of total revenue, up 5.62 percentage points year-on-year [8]. - The gross margin for the cheese business declined to 35.04%, down 0.39 percentage points year-on-year, primarily due to the increased revenue share from the lower-margin catering segment [8]. - The ready-to-eat nutrition segment saw revenue growth of 3.17% to 2.05 billion yuan, but its gross margin decreased by 2.45 percentage points to 46.97% due to slowing sales growth [8]. - The company is expected to achieve earnings per share of 0.42 yuan, 0.58 yuan, and 0.74 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 63.75, 46.03, and 35.95 [8]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 4.844 billion yuan, a decrease of 8.99% year-on-year. The revenue growth rate is projected to rebound to 12.60% in 2025 and 12.30% in 2026 [9]. - The net profit for 2024 was 114 million yuan, with a significant increase projected to 215 million yuan in 2025, representing an 88.82% growth [9]. - The company’s gross margin for 2024 was 28.29%, with a net asset return of 2.58% [8]. Market Position - The company has expanded its presence in the catering supply sector, which is expected to enhance its business prospects and stabilize revenue growth [8]. - The stock's closing price on April 9, 2025, was 26.71 yuan, with a market capitalization of 13.677 billion yuan [8].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company achieved an operating income of 20.891 billion yuan in 2024, a year-on-year increase of 5.40%, and a net profit attributable to shareholders of 10.386 billion yuan, up 18.51% year-on-year [5][8] - The company’s investment income (including fair value changes) significantly increased, contributing to a solid foundation for net profit recovery [6][22] - Despite a decline in market share for brokerage services, the company remains among the top five in key brokerage metrics [6][11] - The company is expected to benefit from government policies aimed at fostering strong firms and building a first-class investment bank [6][26] Summary by Sections Financial Performance - In 2024, the company reported a basic earnings per share (EPS) of 1.13 yuan, a 20.21% increase year-on-year, and a return on equity (ROE) of 8.82%, up 0.91 percentage points [5][8] - The proposed dividend for 2024 is 3.77 yuan per share (including tax), with a total dividend payout ratio of 40.02% of the net profit attributable to shareholders, an increase of 15 percentage points year-on-year [8] Business Segments - The proportion of brokerage and investment income increased, while the net income from investment banking and asset management decreased [5][9] - The company’s brokerage business net income increased by 11.79% year-on-year, despite a slight decline in market share [11][12] - The investment banking segment saw a significant decline in net income, down 34.25% year-on-year, due to a drop in equity financing [13] Investment Strategy - The company’s investment strategy focuses on high-dividend investments and diversified investment strategies, achieving a 33.23% year-on-year increase in investment income [22] - The company is actively developing capital intermediary transactions and quantitative strategies in its equity derivatives business [22] Future Projections - The company expects EPS of 1.16 yuan and 1.22 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 14.00 yuan and 14.79 yuan [6][26] - The price-to-book (P/B) ratios are projected to be 1.22 and 1.15 for 2025 and 2026, respectively, based on the closing price of 17.07 yuan on April 9 [6][26]

通信 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 AI 带动数据中心发展，OFC 2025 指明光 通信行业技术走向 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 《通信行业专题研究：算力基建带动光芯片需 求持续增长，河南省"追光逐芯"助力国产芯 片突围》 2025-03-28 《通信行业月报：Manus 在 AI Agent 领域实 现 技 术 突 破 ， AI 驱 动 智 算 中 心 升 级 》 2025-03-12 《通 信 行业 月 报： 三 大 运营 商 全面 接入 DeepSeek 开源大模型，数据要素产业化进程 加速》 2025-02-16 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共29页 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第2页 / 共29页 发布日期：2025 年 04 月 10 日 -10% -2% 5% 13% 21% 28% ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase in stock price relative to the market index [6][26][33]. Core Views - The company achieved a revenue of 20.891 billion yuan in 2024, representing a year-on-year increase of 5.40%, and a net profit attributable to shareholders of 10.386 billion yuan, up 18.51% year-on-year [5][8]. - The report highlights that while the overall market share in equity trading has slightly declined, the brokerage business remains among the top five in the industry [6][26]. - The company is expected to benefit from government policies aimed at fostering strong firms and limiting weaker ones, positioning it well for future growth [6][26]. Summary by Sections Financial Performance - In 2024, the company reported a basic earnings per share (EPS) of 1.13 yuan, a 20.21% increase year-on-year, and a return on equity (ROE) of 8.82%, up 0.91 percentage points [5][8][31]. - The proposed dividend for 2024 is 3.77 yuan per share (before tax), with a total dividend payout ratio of 40.02% of the net profit attributable to shareholders, an increase of 15 percentage points year-on-year [8][31]. Business Segments - The brokerage and investment income (including fair value changes) have increased in proportion, while the investment banking and asset management segments have seen a decline in their revenue contributions [5][9]. - The company’s brokerage business net income increased by 11.79% year-on-year, despite a slight decrease in market share to 4.51% [11][12]. - The investment banking segment experienced a significant decline in revenue, with a 34.25% drop in net income from fees, attributed to a decrease in equity financing activities [13][26]. Investment Strategy - The company has successfully enhanced its investment strategies, focusing on high-dividend investments and diversified approaches, leading to a 33.23% increase in investment income [22][26]. - The report anticipates EPS of 1.16 yuan and 1.22 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 14.00 yuan and 14.79 yuan [6][26][31].

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [6][7]. Core Insights - The communication industry index underperformed the CSI 300 index in March 2025, with a decline of 3.51% [6][12]. - Telecom business revenue showed growth in January-February 2025, reaching CNY 295 billion, a year-on-year increase of 0.9% [6][36]. - The number of 5G mobile phone users reached 1.051 billion by February 2025, accounting for 58.6% of total mobile phone users [6][37]. - The domestic market for 5G mobile phones saw a year-on-year increase of 7.6% in January-February 2025, with 41.619 million units shipped [6][57]. - The export value of optical modules decreased by 5.7% year-on-year in January-February 2025, totaling CNY 5.61 billion [6][40]. - The report highlights the ongoing advancements in optical communication technologies, including the deployment of 800G and 1.6T optical modules [6][7]. Summary by Sections Market Review - The communication industry index fell by 3.51% in March 2025, underperforming compared to other indices [12][13]. - Sub-sectors such as other communication equipment and cables saw increases of 8.07% and 4.22%, respectively [13]. Industry Tracking - Global cloud infrastructure service spending grew by 20% year-on-year in Q4 2024, reaching USD 86 billion [18]. - The domestic ICT market is projected to reach USD 751.76 billion by 2028, with a CAGR of 6.5% [28]. - Telecom business revenue in China reached CNY 295 billion in January-February 2025, with a total business volume growth of 7.6% [36]. Telecom Industry Tracking - The number of fixed broadband users with gigabit access reached 214 million by February 2025, accounting for 31.7% of total users [40]. - The average monthly mobile internet access per user (DOU) was 16.64GB, reflecting a year-on-year increase of 11.3% [41]. Mobile Industry Tracking - Domestic smartphone shipments in January-February 2025 totaled 46.905 million units, with 88.7% being 5G phones [57]. - The share of domestic brand smartphones reached 86.6% in February 2025, with a year-on-year growth of 43.8% [62]. Optical Module Industry Tracking - The report notes a significant focus on high-bandwidth, low-power optical communication technologies, with ongoing innovations in silicon photonics [6][7].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 外盘反弹提振 A 股持续上行 ——市场分析 《市场分析：军工半导体行业领涨 A 股先抑 后扬》 2025-04-09 《市场分析：农业消费行业领涨 A 股小幅上 行》 2025-04-08 《市场分析：观望情绪提升 A 股宽幅震荡》 2025-04-07 联系人： 李智 | | | 证券研究报告-市场分析 发布日期：2025 年 04 月 10 日 投资要点： ◼ A 股市场综述 周四（04 月 10 日）A 股市场高开高走、震荡上行，早盘股指高开后 震荡上行，盘中股指在 3239 点附近遭遇阻力，随后股指维持震荡， 盘中食品饮料、贵金属、消费电子以及电子元件等行业表现较好； 银行、船舶制造、电力以及航空机场等行业表现较弱，沪指全天基 本呈现小幅震荡上行的运行特征。创业板市场周四震荡上扬，创业 板成分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 相关报告 周四 A 股市场高开高走、震荡上行，早盘股指高开后震荡上行，盘 中股指在 3239 点附近遭遇阻力，随后股指维持震荡，盘中食品饮 料 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating an expected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [2][10][19]. Core Views - The company reported a revenue of 2.228 billion yuan for 2024, a decrease of 2.61% year-on-year, and a net profit attributable to shareholders of 77 million yuan, down 41.38% year-on-year [2][10]. - The company is focusing on enhancing its sensor business and expanding its product matrix in embodied intelligence, which is expected to open up future growth opportunities [7][9]. - The company has established a comprehensive IoT ecosystem centered around sensor technology, which includes chip design, sensitive materials, manufacturing processes, and testing technologies, maintaining its leading position in the gas sensor market [7][9]. Financial Performance - The company's gross margin for 2024 was 29.85%, a decline of 0.37% year-on-year, while the net profit margin was 2.41%, down 3.4% year-on-year [7][10]. - Research and development expenses increased by 10.36% year-on-year to 211 million yuan, accounting for 9.48% of total revenue [7][10]. - The company forecasts revenues of 2.539 billion yuan, 2.851 billion yuan, and 3.185 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 114 million yuan, 139 million yuan, and 165 million yuan [10][11]. Business Development - The company is deepening its presence in security and environmental protection sectors, improving the performance of gas sensors and expanding into new markets such as energy storage and smart safety [9][10]. - In the automotive sector, the company is collaborating with several well-known manufacturers, which has led to steady growth in product orders [9][10]. - The company is also advancing its smart instrument business, enhancing its product lineup in gas measurement and safety instruments, thereby solidifying its leading position in the industry [9][10].

Investment Rating - The report assigns an "Add" rating for the company, indicating a potential price increase of 5% to 15% relative to the CSI 300 index over the next six months [30]. Core Insights - The company achieved a total revenue of 10.506 billion yuan in 2024, representing a year-on-year growth of 28.89%, and a net profit attributable to shareholders of 461 million yuan, up 27.45% from the previous year [7][8]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, totaling approximately 229 million yuan, which accounts for 49.64% of the net profit attributable to shareholders [7]. - The company is focusing on strengthening its traditional business while expanding into new energy and low-altitude economy sectors [1]. Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 13.58%, a slight decrease of 0.97 percentage points year-on-year, while the net profit margin increased by 0.13 percentage points to 4.78% [9]. - The company’s operating revenue for the fourth quarter was 3.102 billion yuan, a year-on-year increase of 36.39%, with a non-recurring net profit of 74 million yuan, recovering from a loss of 51 million yuan in the same period last year [8]. Business Segments - General Machinery: Sales reached 4.8345 million units, a growth of 37.34%, with revenue of 5.226 billion yuan, up 35.33%, and net profit of 359 million yuan, increasing by 39.33% [12]. - Motorcycle Engines: Sales of 2.9852 million units, a growth of 18.44%, with revenue of 3.824 billion yuan, up 13.68%, and net profit of 153 million yuan, an increase of 18.84% [12]. - New Energy: Revenue reached 579 million yuan, a significant growth of 334.84% [12]. - High-end Components: Revenue of 506 million yuan, a growth of 7.05% [12]. Cost Management - The company effectively managed its expenses, with total expense ratios decreasing by 1.73 percentage points to 8.41% [10][13]. Strategic Positioning - The company is enhancing its traditional business through technological innovation and product upgrades, while also expanding its supply chain resilience and integrating its industry chain [14]. - The new energy business is positioned for growth, with a focus on electric drive systems, energy storage, and hydrogen energy products [15]. Earnings Forecast - Revenue projections for 2025 to 2027 are 12.293 billion yuan, 14.195 billion yuan, and 16.155 billion yuan, respectively, with corresponding net profit forecasts of 603 million yuan, 768 million yuan, and 968 million yuan [16][18].