Investment Rating - The report assigns a rating of "Accumulate" for the company [1]. Core Views - The company is expected to see significant growth in nylon filament sales, with a strong performance in fabric and cloth sales. The first quarter of 2025 shows a slight increase in nylon volume, supported by government subsidies that enhance profits. The renewable project is anticipated to ramp up in 2025, gradually contributing to performance growth [2][11]. Financial Summary - **Revenue**: - 2023A: 5,094 million - 2024A: 7,120 million (up 39.8%) - 2025E: 8,583 million (up 20.5%) - 2026E: 9,814 million (up 14.3%) - 2027E: 10,721 million (up 9.2%) [4] - **Net Profit (attributable to parent)**: - 2023A: 449 million - 2024A: 726 million (up 61.6%) - 2025E: 899 million (up 23.8%) - 2026E: 1,064 million (up 18.4%) - 2027E: 1,207 million (up 13.5%) [4] - **Earnings Per Share (EPS)**: - 2023A: 0.50 - 2024A: 0.82 - 2025E: 1.01 - 2026E: 1.19 - 2027E: 1.36 [4] - **Return on Equity (ROE)**: - 2023A: 10.1% - 2024A: 14.5% - 2025E: 15.7% - 2026E: 16.2% - 2027E: 16.0% [4] Market Data - **52-week stock price range**: 9.09 - 13.10 [6] - **Total market capitalization**: 8,476 million [6] - **Total shares outstanding**: 890 million [6] Investment Recommendation - The report forecasts that the company will achieve an EPS of 1.01, 1.19, and 1.36 for the years 2025 to 2027, respectively. Given that the company is a leader in the nylon industry, a target price of 14.14 is set based on an industry average PE of 14 for 2025, maintaining the "Accumulate" rating [11].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined. In terms of size style, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter of 2025Q1 turned significantly positive from negative. In terms of major sectors, the growth rates of net profit attributable to the parent of the consumer and growth sectors led in 2025Q1, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. In terms of industries, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth [3][19][21]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [3][33]. - Some convertible bonds are recommended for investment. In the cyclical sector, it is recommended to overweight convertible bonds such as Guocheng, Huayou, and Guangda. In the consumer sector, it is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, as well as Zhongchongzhuan 2, Xinruzhuan, and Baolong. In the growth sector, it is recommended to overweight convertible bonds such as Weice, Haopeng, Guoli, and Weil [3][7][13]. Summary by Relevant Catalogs 1. 2025Q1 Performance Growth Convertible Bond Recommendations - Among the existing 472 convertible bonds, 372 achieved profitability in the single quarter of 2025Q1. After excluding those with a balance of less than 300 million yuan and a remaining term of less than 1 year, 109 convertible bonds remain. Some convertible bonds are recommended for investment based on factors such as the sustainability of the company's high performance growth and the current price and conversion premium rate of the convertible bonds [6]. - **Cyclical Sector**: It is recommended to overweight convertible bonds with mineral resource advantages such as Guocheng and Huayou, Guangda with a positive business trend, Dongcai, Dinglong, Anji, and Zhengfan that benefit from the domestic substitution of semiconductor materials, Keli and Bo 23 that benefit from the accelerated development of the robot and AI industries, and Polai that benefits from the recovery of consumer demand and domestic substitution [7]. - **Consumer Sector**: It is recommended to overweight convertible bonds in agriculture, forestry, animal husbandry, and fishery, including Muyuan, Juxing, Wenshi, Xiwangzhuan 2, and Hefeng. Also recommended are Zhongchongzhuan 2, the leading pet food company, Xinruzhuan, the leading regional dairy company, and Baolong, an automobile parts manufacturer [13]. - **Growth Sector**: It is recommended to overweight Weice, the leading domestic third-party integrated circuit testing service provider, Haopeng, a consumer battery manufacturer, Guoli, an electronic vacuum device manufacturer, and Weil, the global CIS leader [15]. 2. All A: Technology and Domestic Demand Lead, Midstream Cycle Warms Up - **Overall A-share Performance**: In 2025Q1, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A-shares turned positive from negative, and the year-on-year revenue growth rate slightly turned negative. After excluding finance and petroleum & petrochemicals, the year-on-year growth rate of single-quarter net profit attributable to the parent of all A non-financial and non-petroleum & petrochemicals also turned positive from negative, while the year-on-year revenue growth rate slightly declined [19]. - **Size Style Performance**: In 2025Q1, the year-on-year growth rates of CSI 500 and CSI 1000 in the single quarter turned significantly positive from negative, while the year-on-year growth rate of net profit attributable to the parent of SSE 50 slightly turned negative from positive [20]. - **Sector Performance**: In 2025Q1, the growth rates of net profit attributable to the parent of the consumer and growth sectors led, those of the cyclical and financial sectors slightly turned positive, and the negative growth rate of the stable sector significantly narrowed. The revenue growth rate of the growth sector led among all sectors [21][23]. - **Industry Performance**: In 2025Q1, the performance growth rates of the midstream cyclical, some consumer, and growth industries generally improved, with agriculture, forestry, animal husbandry, and fishery, household appliances, automobiles, electronics, and non-banking maintaining high-speed growth. In terms of ROE and other aspects, the ROE levels of most downstream cyclical and consumer sectors declined, the gross profit margins of the optional consumer sector generally declined, and the net profit margins of the midstream cyclical sector generally recovered. The top 30 sub-industries in terms of single-quarter profit growth rate in 2025Q1 were mainly concentrated in the electronics, computer, and media industries [25][28][32]. 3. Convertible Bonds: Narrowing Negative Profit Growth, Declining Revenue Growth Rate - As of May 5, 2025, the existing 472 convertible bonds covered 27 out of 30 CITIC first-level industries, and 92% of the underlying stocks of the convertible bonds had a market value of less than 3 billion yuan. In terms of size style, the issuers of convertible bonds were generally closer to small and medium-cap stocks [33]. - The average negative growth of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed, and the revenue growth rate declined. After excluding some extreme values, the average growth rate of the single-quarter net profit attributable to the parent of existing convertible bonds in 2025Q1 significantly narrowed from -42.76% in 2024Q4 to -2.23%, and the average growth rate of single-quarter revenue in 2025Q1 decreased from 8.51% in 2024Q4 to 5.36% [33].

从"五一"期间的新增信息推演，债市震荡如何破局 [Table_Authors] 唐元懋(分析师) 本报告导读： 经济和政策预示债市短期震荡，后续债市震荡破局关键在于广谱利率调降，重点关 注 5 月中下旬买断式逆回购窗口期。 投资要点： | | 021-38676666 | | --- | --- | | 登记编号 | S0880524040002 | | | 藏多(分析师) | | | 021-38676666 | | 登记编号 | S0880525040116 | | | 孙越(研究助理) | | | 021-38676666 | | 登记编号 | S0880123070142 | 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 债 券 研 究 市 场 策 略 周 市场策略周报 1. 五一期间的新增信息预示债市怎样的破局节奏？ 报 债券研究 /[Table_Date] 2025.05.05 [Table_Summary] 五一期间债市需关注的三个主要新增信息：1）中美关税表态边际变 化，海外风险资产大涨。5 月 2 日中国商务部表示"…美方高层多 次表态，表示愿与中方就关税问题进行谈判…对此，中方 ...

股票研究 /[Table_Date] 2025.05.04 外销全面增长，海外盈利有所改善 海信家电(000921) ——海信家电 2025Q1 财报点评 | | | | | ——海信家电 | 2025Q1 财报点评 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | | [table_Authors] 蔡雯娟(分析师) | 谢丛睿(分析师) | 李汉颖(分析师) | [Table_Target] 目标价格： | 42.00 | | 021-38676666 | 021-38676666 | 021-38676666 | | | | 登记编号 S0880521050002 | S0880523090004 | S0880524110001 | | | 本报告导读： 公司发布 25Q1 季报，外销维持高增趋势，盈利能力全面改善，看好公司在海外自 主品牌成长下的盈利进一步提升。 | 股东权益（百万元） | 16,565 | | --- | --- | | 每股净资产（元） | 11.95 | | 市净率（现价） | 2.3 | | 净负债率 | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected performance that will exceed the Shanghai and Shenzhen 300 Index by more than 15% [12][20]. Core Insights - The company's revenue has declined, primarily due to a reduction in digital marketing business, while profit remains relatively resilient. Future focus will be on the recovery of business operations and the implementation of poker production capacity and AI enhancements across various business lines [4][12]. - The projected earnings per share (EPS) for 2025-2027 are 1.46, 1.55, and 1.63 yuan, respectively, which have been adjusted downwards from previous estimates due to declines in marketing and gaming businesses. The target price has been revised to 35.04 yuan, down from 38.96 yuan [12][14]. Financial Summary - **Revenue**: The company reported a revenue of 3.271 billion yuan in 2024, a decrease of 24.04% year-on-year. The digital marketing segment saw a significant decline of 40.25%, contributing to the overall revenue drop [6][12]. - **Net Profit**: The net profit attributable to the parent company was 539 million yuan, down 4.17% year-on-year. Despite the revenue decline, the overall profit margin improved across various business segments [6][12]. - **Gross Margins**: The gross margins for digital marketing, gaming, and poker businesses were reported at 7.76%, 96.15%, and 30.40%, respectively, showing improvements compared to the previous year [12][13]. - **Cost Management**: Marketing, management, and R&D expenses have decreased, maintaining stable expense ratios of 8.04%, 8.36%, and 5.72% [12][13]. Business Development - The company is focusing on enhancing its leading position in the poker industry by advancing the construction of a production base with an annual capacity of 600 million decks of cards, expected to be operational by early 2027 [12][13]. - The company is also exploring business and technological innovations, including the development of a short video center and AI-driven enhancements in gaming and marketing sectors [12][13].

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company achieved stable performance in 2024, focusing on the development of nuts and sunflower seeds, with strong performance in overseas and direct sales channels. However, the profitability faced significant pressure in Q1 2025, awaiting recovery in subsequent periods [2][10] - The company reported a revenue of 71.31 billion yuan in 2024, a year-on-year increase of 4.79%, with a gross margin rising by 2.02 percentage points to 28.78% [10] - The report revises the EPS forecast for 2025 and 2026 to 1.25 yuan and 1.71 yuan respectively, with a new forecast for 2027 EPS at 1.93 yuan [10] Financial Summary - Revenue for 2023 was 68.06 billion yuan, with a projected increase to 71.31 billion yuan in 2024, and further growth expected in subsequent years [4] - Net profit attributable to the parent company for 2023 was 803 million yuan, with a forecasted decline to 630 million yuan in 2025, followed by recovery to 975 million yuan in 2027 [4] - The company’s net asset return rate is projected to be 14.5% in 2023, increasing to 15.5% by 2027 [4] Market Data - The company's stock price has fluctuated between 23.89 yuan and 37.50 yuan over the past 52 weeks, with a total market capitalization of 12.085 billion yuan [5] - The report indicates a current price of 23.89 yuan, with a target price set at 28.13 yuan per share [10] Sales Performance - The company’s sales in the sunflower seed segment reached 4.38 billion yuan in 2024, with a year-on-year increase of 2.60%, while the nut segment achieved 1.924 billion yuan, up 9.74% [10] - Direct sales channels showed a significant increase of 38.29% year-on-year, contributing 1.462 billion yuan to revenue [10]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 39.96 CNY per share [5][11]. Core Insights - The company faced performance pressure in 2024 but has shown signs of recovery in Q1 2025. The overseas and innovation businesses have become significant growth pillars, and the future development is promising, especially with the emphasis on AI [2][11]. - In 2024, the company achieved a revenue of 92.5 billion CNY, a year-on-year increase of 3.5%, while the net profit attributable to the parent company was 11.98 billion CNY, a decrease of 15.1%. However, in Q1 2025, revenue reached 18.53 billion CNY, up 4.01%, and net profit was 2.04 billion CNY, up 6.41% [11]. - The combined revenue from overseas and innovation businesses exceeded 50% of total revenue for the first time in 2024, indicating a shift in the company's growth strategy [11]. Financial Summary - The company’s projected financials show a steady increase in revenue from 89.34 billion CNY in 2023 to 117.62 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [4][12]. - Net profit is expected to recover from 11.98 billion CNY in 2024 to 17.39 billion CNY by 2027, reflecting a significant growth trajectory [4][12]. - The earnings per share (EPS) is projected to increase from 1.30 CNY in 2024 to 1.88 CNY in 2027, with a price-to-earnings (P/E) ratio of 28 times for 2025 [11][12]. Business Performance - The company's main business segments, including PBG, EBG, and SMBG, experienced revenue declines in 2024, but the overseas and innovation segments showed strong growth, with overseas revenue at 25.99 billion CNY, up 8.39%, and innovation revenue at 22.48 billion CNY, up 21.19% [11]. - The AI initiatives are expected to enhance the company's capabilities, with advancements in multi-modal algorithms and applications in various sectors such as traffic congestion diagnosis and supply chain optimization [11].

Investment Rating - The report maintains a "Buy" rating for the company [11][18]. Core Views - The company's stable growth in magnetic materials provides a solid performance foundation, while the doubling of radiation protection materials showcases its competitive cost advantage in lead-free products and first-mover advantage in a blue ocean market. The acquisition of Jin Nan Magnetic Materials is expected to broaden the product range [4][11]. Financial Summary - For the fiscal year 2024, the company achieved revenue of 886 million yuan, a year-on-year increase of 14.9%, and a net profit attributable to the parent company of 145 million yuan, up 5.2% year-on-year. The fourth quarter of 2024 saw revenue of 234 million yuan, a year-on-year increase of 12.7% [5][11]. - The first quarter of 2025 reported revenue of 207 million yuan, a year-on-year increase of 8.6%, but a quarter-on-quarter decrease of 11.7% [11]. - The earnings per share (EPS) for 2025 is revised to 1.61 yuan, down from the previous estimate of 1.77 yuan, with a target price adjusted to 51.52 yuan based on a 32x PE valuation for 2025 [11]. Product Performance - The magnetic adhesive materials segment achieved production and sales of 25.41 million square meters and 24.47 million square meters, respectively, representing year-on-year increases of 12.2% and 8.6%. The electronic ceramic components segment produced and sold 1.66 billion and 1.62 billion units, respectively, with a gross margin of 32.7%, which improved by 3.5 percentage points year-on-year despite adverse raw material price conditions [11]. - The high-energy radiation protection materials segment saw production and sales of 348,000 and 344,000 square meters, respectively, reflecting year-on-year increases of 159% and 152%, with a gross margin of 55.9% [11]. Acquisition Impact - The planned acquisition of 100% equity in Jin Nan Magnetic Materials is expected to significantly enhance the company's product offerings. Jin Nan is the largest and fastest-growing manufacturer of rubber magnets globally, with annual sales exceeding 15,000 tons, capturing over 65% of the global market share [11].

Investment Rating - The report maintains an "Accumulate" rating for the company [3][11]. Core Views - The company is expected to achieve an EPS of 1.29 yuan and 1.34 yuan for 2025 and 2026 respectively, with a target price set at 25.78 yuan based on a 20X PE for 2025 [3][11]. - The company aims to leverage strategic opportunities in Beijing to enhance its core competitiveness, focusing on the renovation and upgrade of the China World Trade Center area [11]. Financial Summary - For 2024, the company reported a revenue of 39.12 billion yuan, a slight decrease of 1.05% year-on-year, while the net profit attributable to shareholders was 12.62 billion yuan, an increase of 0.25% [11][13]. - The company plans to distribute a cash dividend of 1.1 yuan per share (including tax) for 2024, resulting in a payout ratio of 88% and a dividend yield of 4.88% based on the closing price on April 23, 2025 [11]. - The revenue from property leasing and management for 2024 was 33.86 billion yuan, a marginal increase of 0.04%, with a gross margin of 66.04%, slightly down by 0.37 percentage points from 2023 [11][12]. Revenue Breakdown - In 2024, the company's rental income from various segments was as follows: office buildings (15.11 billion yuan), shopping malls (12.86 billion yuan), apartments (1.87 billion yuan), hotels (5.26 billion yuan), and others (4.02 billion yuan) [11]. - The average rental rates for 2024 were 639 yuan/sqm/month for office buildings (up 1 yuan), 1309 yuan/sqm/month for shopping malls (up 30 yuan), and 367 yuan/sqm/month for apartments (down 3 yuan) [11]. Market Data - The company's total market capitalization is 22.785 billion yuan, with a total share capital of 1,007 million shares [6]. - The stock price has fluctuated between 20.79 and 27.59 yuan over the past 52 weeks [6]. Financial Forecast - The company forecasts revenues of 40.36 billion yuan for 2025, with a slight increase in net profit to 12.98 billion yuan [5][12]. - The projected net profit margin for 2025 is expected to be around 32.2% [12]. Key Financial Ratios - The return on equity (ROE) is projected to be 12.9% for 2025, with a net asset return rate of 12.8% for 2027 [5][12]. - The company maintains a net debt ratio of -30%, indicating a strong financial position [7].

Investment Rating - The investment rating for the company is "Accumulate" [2][10] Core Views - The company achieved a net profit of 87.92 million yuan after deducting non-recurring items, representing a year-on-year growth of 23.91%. The total cash dividend proposed is 20.34 million yuan for 2023 [3][10] - The company is accelerating its modern agriculture layout by launching comprehensive solutions for cost reduction and yield increase [3][10] Financial Summary - In 2024, the company is expected to achieve operating revenue of 1.235 billion yuan, a year-on-year increase of 17.79%, and a net profit attributable to shareholders of 93.59 million yuan, a year-on-year increase of 30.81% [10] - The projected net profits for 2025, 2026, and 2027 are 157 million yuan, 200 million yuan, and 259 million yuan, respectively, with corresponding EPS of 0.54 yuan, 0.69 yuan, and 0.90 yuan [10][11] - The company’s net asset return rate is expected to increase from 5.4% in 2023 to 13.6% in 2027 [11] Business Development - The company’s revenue from domestic additives reached 358.38 million yuan, a year-on-year increase of 4.93%, while overseas additives revenue grew by 12.48% to 544.09 million yuan [10] - The modern agriculture segment achieved revenue of 206.61 million yuan, a significant year-on-year increase of 169.05% [10] - The company has successfully launched several new products in the field of biological pest control and fertilizers, enhancing market conversion efficiency [10]