食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 食饮行情回暖，要素价格延续回落态势 ——食品饮料行业 3 月月报 发布日期：2025 年 04 月 09 日 ⚫ 2025 年 3 月，食品饮料板块上涨 2.34%，板块连续两个月上涨。啤酒、白酒、 肉制品分别上涨 6.24%、2.68%和 2.08%，零食和调味品下跌 2.8%和 1.19%。同 期，沪深 300 下跌 0.07%，食品饮料板块跑赢大盘。2025 年 1 至 3 月，食饮板 块累计微涨：其中，白酒行情的持续性较好；零食、调味品回调；啤酒随着气 温升高有望持续表现。 证券研究报告-行业月报 同步大市(维持) 食品饮料相对沪深 300 指数表现 相关报告 《食品饮料行业点评报告：提振消费政策有望 持续催化板块行情》 2025-03-18 《食品饮料行业月报：食饮行情回暖，部分要 素价格节后回落》 2025-03-05 《食品饮料行业点评报告：供需正在趋于平 衡，原奶价格有望企稳》 2025-03-03 联系人：李智 本报告版权属于中原证券股份有限公司 www.ccnew.c ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index within the next six months [27]. Core Views - The company, AVIC Shenyang Aircraft Corporation (600760), reported a total revenue of 42.837 billion yuan in 2024, a year-on-year decrease of 7.37%, while the net profit attributable to shareholders increased by 12.86% to 3.394 billion yuan [3][4]. - The fourth quarter saw a significant recovery in orders, leading to a substantial increase in performance, with a quarterly revenue of 17.54 billion yuan, up 51% year-on-year, and a net profit of 1.58 billion yuan, up 145% [4]. - The company is positioned as a key player in China's aviation industry, with ongoing demand for main models and new products gaining attention, suggesting strong growth potential [11]. Financial Performance Summary - In 2024, the company achieved a gross margin of 12.47%, an increase of 1.52 percentage points year-on-year, and a net profit margin of 7.97%, up 1.46 percentage points [7]. - The company’s operating cash flow was negative at -3.742 billion yuan, an improvement from -4.393 billion yuan in the previous year [3][12]. - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares to all shareholders [3]. Business Segment Performance - The main subsidiary, Shenyang Aircraft Company, generated revenue of 41.34 billion yuan, down 8.8% year-on-year, while net profit increased by 12.7% to 3.34 billion yuan [5]. - Jihang Company reported a revenue of 1.52 billion yuan, a significant increase of 56.8%, with net profit soaring by 253% to 30 million yuan [5]. Future Outlook and Valuation - Revenue projections for 2025 to 2027 are estimated at 50.965 billion yuan, 58.610 billion yuan, and 65.654 billion yuan, respectively, with corresponding net profits of 4.063 billion yuan, 4.788 billion yuan, and 5.503 billion yuan [12][13]. - The company is expected to maintain a low valuation level historically, with a PE ratio projected to decrease from 28.49X in 2025 to 21.03X in 2027 [12].

Investment Rating - The investment rating for the company has been upgraded to "Buy" [9][36]. Core Views - The company is planning to acquire 100% equity of Chip and Semiconductor, which will enhance its capabilities in the EDA (Electronic Design Automation) sector [6][7]. - The acquisition is expected to solidify the company's position as a leader in the domestic EDA market, especially in the context of increasing demand for domestic software and hardware alternatives [7]. - The EDA industry is experiencing high growth, with the global EDA market projected to reach $3.227 billion in Q3 2024, reflecting an 8.0% year-on-year growth [7]. - The company aims to cover the entire EDA process and field to meet the needs of domestic substitution, leveraging the acquisition to fill product gaps and enhance efficiency [7]. - The financial performance of the company is expected to improve significantly post-acquisition, with projected revenues of 1.224 billion yuan in 2024 and 1.791 billion yuan in 2025, representing growth rates of 21.19% and 46.24% respectively [8]. Summary by Sections Market Data - The closing price of the company is 116.30 yuan, with a market capitalization of 30.508 billion yuan [2]. - The company has a price-to-book ratio of 12.87 and a net asset return rate of 1.19% [2]. Financial Projections - Revenue is projected to grow from 1.010 billion yuan in 2023 to 1.791 billion yuan in 2025, with a net profit forecasted to increase from 201 million yuan to 284 million yuan in the same period [8]. - The earnings per share (EPS) are expected to rise from 0.37 yuan in 2023 to 0.52 yuan in 2025 [8]. Industry Context - The EDA industry is witnessing consolidation, with major players like the company and others actively pursuing acquisitions to enhance their market positions [9]. - The acquisition of Chip and Semiconductor is seen as a strategic move to accelerate growth and improve product offerings in a competitive landscape [7][9].

其他军工Ⅱ 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 经营质量逐步提升，新型号产品开启公司 新成长 ——中航沈飞(600760)2024 年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-08) | 收盘价(元) | 42.00 | | --- | --- | | 一年内最高/最低(元) | 61.07/34.36 | | 沪深 300 指数 | 3,650.76 | | 市净率(倍) | 6.78 | | 流通市值(亿元) | 1,152.79 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.20 | | 每股经营现金流(元) | -1.36 | | 毛利率(%) | 12.47 | | 净资产收益率_摊薄(%) | 19.88 | 投资要点： 中航沈飞（600760）4 月 1 日披露 2024 年年度报告。2024 年，公司实现 营业总收入 428.37 亿元，同比下降 7.37%；归母净利润 33.94 亿元，同 比增长 12.86%；扣非净利润 33.73 亿元，同比增长 ...

计算机软件 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 并购优质 EDA 标的，加速打造全流程能 力 ——华大九天(301269)公司点评报告 证券研究报告-公司点评报告 买入(上调) 市场数据(2025-04-08) | 收盘价(元) | 116.30 | | --- | --- | | 一年内最高/最低(元) | 149.54/70.06 | | 沪深 300 指数 | 3,650.76 | | 市净率(倍) | 12.87 | | 流通市值(亿元) | 305.08 | | 基础数据(2024-09-30) | | | 每股净资产(元) | 9.03 | | 每股经营现金流(元) | -0.08 | | --- | --- | | 毛利率(%) | 91.86 | | 净资产收益率_摊薄(%) | 1.19 | | 资产负债率(%) | 7.17 | | 总股本/流通股(万股) | 54,294.18/26,232.14 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -13% 1% 16 ...

Core Insights - The report highlights the ongoing tension between the US and China regarding tariffs, with the US threatening to impose a 50% tariff on Chinese goods, which China firmly opposes [5][8] - The financial regulatory authority has adjusted the investment ratios for insurance funds, allowing for a higher allocation to equity assets and easing restrictions on pension funds [5][8] - The central government has announced financial support for urban renewal projects, with specific funding caps based on regional classifications [5][8] Domestic Market Performance - The Shanghai Composite Index closed at 3,145.55, up 1.58%, while the Shenzhen Component Index closed at 9,424.68, up 0.64% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 13.20 and 31.47, respectively, indicating a suitable environment for medium to long-term investments [9][14] - The trading volume in the two markets was 16,536 billion, above the three-year average [9][14] International Market Performance - Major international indices showed mixed results, with the Dow Jones down 0.67% and the Nikkei 225 up 0.62% [4] - The S&P 500 and Nasdaq also experienced slight declines of 0.45% and 0.15%, respectively [4] Industry Analysis - The semiconductor industry in China faced a decline of 5.66% in March, while global semiconductor sales continued to grow year-on-year by 17.1% [17][19] - The AI computing chip market is expected to grow significantly, driven by the demand for AI applications, with a projected compound annual growth rate of 50% from 2023 to 2030 [25][30] - The report emphasizes the importance of domestic semiconductor production in light of the US's tariff policies, suggesting a focus on CPU, AI computing chips, and semiconductor equipment [18][19] Investment Recommendations - The report suggests focusing on sectors with high dividend yields and defensive characteristics, such as banking and utilities, while also considering opportunities in the technology sector due to valuation corrections [12][28] - Specific companies in the AI computing chip space, such as Cambrian and Haiguang Information, are highlighted as potential investment opportunities [28]

专用机械 煤机后市场空间巨大，专业化服务龙头市 场份额有望不断提升 ——速达股份(001277)2024 年报点评 证券研究报告-年报点评 增持(首次) 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 市场数据(2025-04-07) | 收盘价(元) | 33.71 | | --- | --- | | 一年内最高/最低(元) | 43.57/30.89 | | 沪深 300 指数 | 3,589.44 | | 市净率(倍) | 1.69 | | 流通市值(亿元) | 6.40 | 基础数据(2024-12-31) | 每股净资产(元) | 19.91 | | --- | --- | | 每股经营现金流(元) | 2.10 | | 毛利率(%) | 24.52 | | 净资产收益率_摊薄(%) | 9.27 | | 资产负债率(%) | 23.99 | | 总股本/流通股(万股) | 7,600.00/1,900.00 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -29% -21% -12% -4 ...

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 [28]. Core Insights - The coal machinery aftermarket presents significant growth opportunities, with the leading specialized service providers expected to continuously increase their market share [12][13]. - The company's revenue for 2024 was reported at 1.17 billion yuan, a decrease of 6.9% year-on-year, while the net profit attributable to shareholders was 140 million yuan, down 13.6% year-on-year [6][7]. - The decline in revenue and profit is primarily attributed to falling coal prices in 2023, leading to reduced maintenance budgets among coal enterprises [7][10]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.17 billion yuan, a decline of 6.9% year-on-year, and a net profit of 140 million yuan, down 13.6% year-on-year [6][7]. - The operating cash flow net amount was 159 million yuan, reflecting a growth of 2.4% year-on-year [6]. - The earnings per share (EPS) for the year was 1.85 yuan [6]. Business Segments - The maintenance and remanufacturing business generated 360 million yuan in revenue, a decrease of 22.26% year-on-year, accounting for 30.89% of total revenue [10]. - The spare parts supply management business achieved 387 million yuan in revenue, down 0.88%, representing 33.13% of total revenue [10]. - The second-hand equipment rental and sales business saw significant growth, with revenue reaching 161 million yuan, up 69.26% year-on-year [10]. - The fluid connector segment reported revenue of 179 million yuan, a decline of 17.02% [10]. Profitability Metrics - The company's gross margin for 2024 was 24.52%, down 2.84 percentage points year-on-year, while the net margin was 12.16%, down 0.8 percentage points [11]. - The gross margin for the maintenance and remanufacturing business was 12.19%, a decrease of 9.82 percentage points year-on-year [11]. - The gross margin for the second-hand equipment rental and sales business improved to 25.41%, an increase of 16.93 percentage points [11]. Market Outlook - The coal machinery aftermarket is estimated to have a market size of over 300 billion yuan annually, driven by increasing demand for maintenance and parts [12][13]. - The report highlights that the industry is evolving towards a more professional service model, which is expected to benefit larger service providers [13]. Revenue Forecast - Revenue projections for the company are 1.33 billion yuan in 2025, 1.53 billion yuan in 2026, and 1.78 billion yuan in 2027, with corresponding net profits of 166 million yuan, 202 million yuan, and 248 million yuan respectively [14][15].

登记编码：S0730511010001 分析师：张刚 zhanggang@ccnew.com 021-50586990 农业消费行业领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：观望情绪提升 A 股宽幅震荡》 2025-04-07 《市场分析：消费物流行业领涨 A 股低开高 走》 2025-04-03 《市场分析：成长行业领涨 A 股小幅整理》 2025-04-02 联系人： 李智 | | | 证券研究报告-市场分析 发布日期：2025 年 04 月 08 日 投资要点： ◼ A 股市场综述 周二（04 月 08 日）A 股市场冲高遇阻、小幅震荡上行，早盘股指低 开后震荡上行，盘中股指在 3128 点附近遭遇阻力，随后股指震荡回 落，尾盘再度上扬，盘中农牧饲渔、商业百货、食品饮料以及工程 咨询服务等行业表现较好；消费电子、电机、汽车零部件以及纺织 服装等行业表现较弱，沪指全天基本呈现小幅震荡上行的运行特 征。创业板市场周二冲高回落，创业板成分指数全天表现与主板市 场基本同步。 ◼ 后市研判及投资建议 周二 A 股市场冲高遇阻、小幅震荡上行，早盘股指低开后震荡上 行，盘中股指在 3128 点附近遭遇 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 美国"对等关税"政策落地，关注半 导体自主可控方向 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 第 1 页 / 共 45 页 半导体相对沪深 300 指数表现 发布日期：2025 年 04 月 08 日 -11% 1% 13% 25% 37% 48% 60% 72% 2024.04 2024.08 2024.12 2025.04 半导体 沪深300 资料来源：聚源，中原证券研究所 相关报告 《半导体行业深度分析：AI 算力芯片——AI 时代的引擎》 2025-04-03 《半导体行业深度分析：AI 算力芯片是"AI 时代的引擎"，河南省着力布局》 2025-03- 20 《半导体行业月报：国内 RISC-V 生态加速 发展，存储器价格有望逐步回升》 2025-03- 10 联系人：李智 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 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10号 18楼 地址： 上海浦 ...