Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [5][7]. Core Insights - The company achieved a total revenue of 11.546 billion yuan in 2024, representing a year-on-year increase of 14.31%, with a net profit attributable to shareholders of 3.412 billion yuan, up 8.8% year-on-year [1]. - The company plans to distribute a cash dividend of 1.2 yuan per share, totaling 1.496 billion yuan, with a corresponding payout ratio of approximately 43.85% [1]. - The first quarter of 2025 showed a total revenue of 5.099 billion yuan, a year-on-year increase of 9.17%, and a net profit of 1.644 billion yuan, up 7.27% year-on-year [1]. Revenue Breakdown - In 2024, revenue from different product categories was as follows: Special A+ products at 7.49 billion yuan (+15.2%), Special A products at 3.35 billion yuan (+16.6%), A products at 420 million yuan (+2.0%), and B products at 140 million yuan (-11.1%) [2]. - The company experienced a 19.5% increase in white liquor sales volume, while the average price decreased by 4.3% [2]. - Revenue from various regions in 2024 showed growth, with notable increases in provinces such as Jiangsu and Anhui [2]. Q1 2025 Performance - In Q1 2025, revenue from Special A+ products was 3.17 billion yuan (+6.6%), while Special A products saw a 17.4% increase to 1.65 billion yuan [3]. - The company’s market share in its home province continues to rise, with provincial revenue reaching 4.64 billion yuan (+8.5%) and non-provincial revenue at 440 million yuan (+19.0%) [3]. Profitability Metrics - The gross margin for 2024 was 74.7%, a decrease of 3.6 percentage points year-on-year, attributed to increased discounts and a shift in product mix [4]. - The net profit margin for 2024 was 29.6%, down 1.5 percentage points year-on-year [4]. - The company’s operating expenses as a percentage of revenue showed a decline, with sales expense ratio at 18.5% and management expense ratio at 4.4% for 2024 [4]. Financial Forecasts - The company targets a revenue growth of 5%-12% for 2025, with net profit growth slightly lower than revenue growth [5]. - The revised net profit forecasts for 2025 and 2026 are 3.66 billion yuan and 4.00 billion yuan, respectively, reflecting a downward adjustment of 12% and 14% from previous estimates [5]. - The estimated earnings per share (EPS) for 2025 is projected at 2.93 yuan, with a price-to-earnings (P/E) ratio of 16 times [5][6].

2025 年 5 月 7 日 本次一揽子金融政策力度较大，超预期细节较多。下一步市场交易政策预期的 重心会切换到增量财政政策的落地。随着 5 月份陆续公布 4 月份主要经济指 标，或将给出更多推演线索。具体到不同市场，A 股更可能进入偏强震荡走 势，债券收益率曲线大概率先陡峭化再平坦化。 总量研究 "双降"落地，如何交易？ ——《央行观察》系列第十二篇 作者 分析师：高瑞东 执业证书编号：S0930520120002 010-56513108 分析师：王佳雯 执业证书编号：S0930524010001 021-52523870 wangjiawen@ebscn.com 要点 事件：5 月 7 日上午 9 时，国新办举行新闻发布会，中国人民银行、国家金融 监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金融政策支持稳 市场稳预期"有关情况。 核心观点： 一、政策加力的"择时"考虑 4 月份以来，随着中美关税冲突加剧，市场较为期待出台较大力度的宏观政策 进行对冲。从 4 月底政治局会议通稿的措辞来看，"稳定"是当前政策的底线 诉求，更多以落实好已经出台的经济政策为主，一度打消了市场过于乐观的预 期。 然而， ...

Investment Rating - The industry is rated as "Accumulate" [5] Core Viewpoints - MXD6, a type of crystalline polyamide, has excellent strength and barrier properties, with commercial production starting in the 1980s. It offers lower water absorption, superior oxygen barrier capability, and higher thermal deformation and glass transition temperatures compared to Nylon 6, Nylon 66, and PET [1][2] - The MXD6 market is projected to grow from approximately $410 million in 2024 to $760 million by 2033, with a compound annual growth rate (CAGR) of about 7.1% [3] - Domestic suppliers are overcoming technical barriers, with companies like Sinochem International achieving stable polymerization processes and Qicai Chemical entering trial production for a 5,000 tons/year MXD6 project [3][4] Summary by Sections 1. Industry Overview - MXD6 is produced from MXDA and adipic acid, retaining the processability of aliphatic nylon while enhancing gas barrier properties and rigidity [1] - The material is suitable for high gas barrier applications in packaging and can be compounded with glass fibers, carbon fibers, and mineral fillers for engineering plastics [2] 2. Market Dynamics - The global MXD6 market is currently dominated by suppliers such as Mitsubishi Gas Chemical and Solvay, with domestic production expected to ramp up significantly [3] - The market size is expected to reach $410 million in 2024, with a forecasted increase to $760 million by 2033, indicating strong growth potential [3] 3. Investment Recommendations - The report suggests a positive outlook on domestic material companies benefiting from the trend of domestic substitution, particularly in semiconductor and panel materials [4] - It also highlights the potential benefits for companies in the pesticide and fertilizer sectors due to favorable monetary and fiscal policies [4]

2025 年 5 月 7 日 公司研究 净利润大幅增长，新兴业务及海外市场持续突破 ——中联重科（000157.SZ、1157.HK）2025 年一季报点评 要点 净利润大幅增长，盈利能力持续提升 中联重科 2025Q1 实现营业收入 121.2 亿元，同比增长 2.9%；归母净利润 14.1 亿元，同比增长 54.0%；经营性现金流净额 7.4 亿元，同比增长 141.0%； 毛利率为 28.7%，同比上升 0.2 个百分点；净利率为 11.6%，同比上升 3.9 个百 分点。 新兴业务稳健发展，传统优势业务超预期复苏 2025Q1 公司新兴板块动能加速释放。土方机械、矿山机械、农业机械各自 行业地位不断提升，产品型谱迅速拓展，市场布局持续完善，为公司描绘出第二 增长曲线。公司土方机械国内中大挖市场企稳增长，市占率保持行业前列；海外 推出 11 款新品，大挖同比增长约 60%。高空机械保持热销全球，尤其是高米段 臂车产品在全球已具备领先优势。农业机械加速突破，拖拉机型谱拓展至 300 马力段，200 马力段中高端产品市占率进入国内行业前三；小麦机行业第二；烘 干机保持行业第一；水稻机销量大幅增长；海外出口连 ...

2025 年 5 月 7 日 公司研究 25Q1 业绩稳健，拟收购亿力科技加快产业优化 ——国网信通（600131.SH）2024 年年报暨 2025 年一季度报点评 要点 事件：公司发布 2024 年及 2025 年一季报公告。2024 年，公司实现营收 73.15 亿元，同比-4.67%；归母净利润 6.82 亿元，同比-17.60%。25Q1 公司实现营收 11.12 亿元，同比+9.14%；归母净利润 0.26 亿元，同比+117.20%。 24 年各板块表现迥异，强势板块有所突破。2024 年，公司营收占比较高的数字 化基础设施板块实现营收 33.65 亿元，同比+1.56%，主要系信息化集采业务营 收增长，毛利率水平有所下降（16.55%，同比-3.22pct）；公司毛利占比较高 的企业数字化应用板块收入 8.77 亿元，同比-20.20%，主要系财务、后勤领域 数字化应用业务收入规模下降，毛利率水平同比仍有所提升（28.79%，同比 +5.82pct）；电力数字化应用板块收入 22.54 亿元，同比+7.45%，主要系拓展 电网营销、电网安监、电网配电业务，毛利率有所提升（21.66%，同比+1 ...

2025 年 5 月 7 日 公司研究 经营韧性依旧，关注大单品表现 ——安井食品（603345.SH）2024 年年报及 25 年一季报点评 要点 事件：安井食品发布 2024年年报及2025年一季报，公司24年实现总营收151.27 亿元、同比增加 7.7%，归母净利润 14.85 亿元、同比略增 0.46%，扣非归母净 利润 13.6 亿元、同比略下滑 0.45%。25Q1 总营收 36.0 亿元、同比下滑 4.13%， 归母净利润 3.95 亿元、同比下滑 10.0%，扣非归母净利润 3.43 亿元、同比下滑 18.3%。公司公告拟每股派发现金红利 1.015 元（含税），24 年度累计分红（包 含回购）总额 10.4 亿元、分红率达到 70%。 24 年主业保持经营韧性。1）24 年速冻调制/速冻菜肴/速冻米面制品/农副产品 营收 78.4/43.5/24.7/4.5 亿元，同比+11.4%/+10.8%/-3.1%/-11.7%，速冻调制 食品保持稳健增长，估计锁鲜装收入保持较高增长。速冻菜肴制品收入亦有双位 数增长，估计小酥肉等单品增速较快。速冻米面制品收入同比下滑，估计与相应 渠道消费疲软、竞 ...

全球变局下的复盘与审视，哪些方向值得 坚守？——港股互联网行业策略报告 证券研究报告 2025年5月6日 付天姿 CFA FRM 研究所所长助理，海外组组长，海外TMT首席，执业证书编号： S0930517040002 赵越 海外&互联网分析师，执业证书编号： S0930524020001 杨朋沛 海外&互联网分析师，执业证书编号： S0930524070002 联系人：宾特丽亚 核心观点 重点标的更新：1、阿里巴巴-W：1）电商业务有望边际改善，淘天take rate有望呈止跌回升趋势，受益于全站推广的 渗透率提升和基础软件服务费的应用。后续AI 结合电商有助于改造电商消费入口，重点战略偏向提升变现效率和ROI， 利润有望稳中有增。2）云业务后续增速预期有望受益AI需求迎来上修，阿里大规模基础设施建设投入，Deepseek证 明AI需求。2、腾讯控股：游戏春节表现理想，关注《无畏契约手游》、《王者荣耀世界》等管线。广告受益于AI升级 技术平台，视频号加载率有望提升。capex投入逐步创造收入、元宝等AI应用驱动内部需求，企业服务收入预计增长。 3、网易-S：游戏未受关税影响，关注《七日世界》、《无限大》。快 ...

2025 年 5 月 7 日 事件：公司发布 2024 年及 2025 年一季报公告。2024 年，公司实现营收 73.15 亿元，同比-4.67%；归母净利润 6.82 亿元，同比-17.60%。25Q1 公司实现营收 11.12 亿元，同比+9.14%；归母净利润 0.26 亿元，同比+117.20%。 24 年各板块表现迥异，强势板块有所突破。2024 年，公司营收占比较高的数字 化基础设施板块实现营收 33.65 亿元，同比+1.56%，主要系信息化集采业务营 收增长，毛利率水平有所下降（16.55%，同比-3.22pct）；公司毛利占比较高 的企业数字化应用板块收入 8.77 亿元，同比-20.20%，主要系财务、后勤领域 数字化应用业务收入规模下降，毛利率水平同比仍有所提升（28.79%，同比 +5.82pct）；电力数字化应用板块收入 22.54 亿元，同比+7.45%，主要系拓展 电网营销、电网安监、电网配电业务，毛利率有所提升（21.66%，同比+1.12pct）。 前沿技术创新业务及能源创新服务业务营收均下行明显，同比-33.34%、 -18.20%，分别为 5.06、3.12 亿元。公司 ...

2025 年 5 月 7 日 公司研究 经营韧性依旧，关注大单品表现 ——安井食品（603345.SH）2024 年年报及 25 年一季报点评 要点 事件：安井食品发布 2024年年报及2025年一季报，公司24年实现总营收151.27 亿元、同比增加 7.7%，归母净利润 14.85 亿元、同比略增 0.46%，扣非归母净 利润 13.6 亿元、同比略下滑 0.45%。25Q1 总营收 36.0 亿元、同比下滑 4.13%， 归母净利润 3.95 亿元、同比下滑 10.0%，扣非归母净利润 3.43 亿元、同比下滑 18.3%。公司公告拟每股派发现金红利 1.015 元（含税），24 年度累计分红（包 含回购）总额 10.4 亿元、分红率达到 70%。 风险提示：物流持续受限，渠道拓展受阻，原材料成本上行。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 14,045 | 15,127 | 16,130 | 17,253 | 18,476 ...

Core Insights - The report highlights that Alibaba's e-commerce business is expected to see marginal improvement, with a potential recovery in take rate driven by increased penetration of full-site promotions and the application of basic software service fees [3] - Tencent's gaming performance during the Spring Festival was strong, with attention on upcoming titles like "Valorant Mobile" and "Honor of Kings World," while advertising revenue is expected to benefit from AI upgrades [3][4] - The report emphasizes that the overall adjustment in the internet sector is more influenced by liquidity and sentiment rather than fundamental factors, with a focus on Alibaba and Tencent as resilient players in the long-term AI narrative [4] Internet Sector Overview - The report indicates that the internet sector has experienced overall adjustments that are less related to fundamentals and more to liquidity and sentiment fluctuations, particularly amid concerns over US-China decoupling risks [4] - It is noted that Alibaba's cross-border e-commerce exposure to the US is relatively low, and Tencent's overseas gaming operations have not been affected by tariffs, suggesting a potential for recovery in stock prices for these companies [4] - The report maintains a "buy" rating for the internet media sector, highlighting the strong fundamentals of Alibaba and Tencent, which align with the long-term AI theme [4] Gaming Sector - The gaming market is projected to see high growth in early 2025, driven by the Spring Festival and the performance of evergreen games, with Tencent and NetEase being recommended for their strong game portfolios [27][28] - The report notes that the actual sales revenue of the Chinese gaming market reached 590.1 billion yuan in January-February 2025, reflecting a year-on-year increase of 19.9% [33] Advertising Sector - The advertising sector is expected to see cautious growth in Q1 2025, with a focus on loading rates, advertising technology, and the impact of e-commerce subsidies [34][36] - Tencent is highlighted as a key player in the advertising space, with AI applications expected to enhance targeting capabilities and drive revenue growth [36] E-commerce Sector - The report emphasizes that domestic competition in the e-commerce sector will remain a long-term theme, with Alibaba expected to improve its monetization capabilities amid competitive pressures [37][41] - The anticipated GMV growth rates for 2025 show a narrowing gap between traditional platforms like Alibaba and emerging platforms, indicating a potential return of merchants to traditional platforms [41] Online Music Sector - The online music industry is expected to continue growing, with Tencent Music maintaining a leading position and achieving a 25% revenue growth in subscription income [42] - NetEase Cloud Music is focusing on user base expansion, with a 22% growth in subscription revenue driven by scale, indicating potential for profit release through cost optimization [42]