Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company has shown significant cost reduction effects, leading to a substantial increase in profits from its dual main businesses [1]. - In 2024, the company achieved a revenue of 17.725 billion yuan, a year-on-year increase of 15.44%, and a net profit of 1.521 billion yuan, turning from a loss in 2023 [1]. - For Q1 2025, the company reported a revenue of 4.086 billion yuan, up 11.60% year-on-year, with a net profit of 206 million yuan, a remarkable increase of 157.47% [1]. Summary by Sections Sales Performance - In 2024, the company sold 516 million yellow feathered chickens, a year-on-year increase of 12.95%, generating a revenue of 14.531 billion yuan, up 8.01% [2]. - For Q1 2025, the company sold 123 million meat chickens, a year-on-year increase of 8.69%, with a revenue of 3.018 billion yuan, down 5.42% [2]. Cost Management - The company has significantly improved its breeding costs, with the complete cost of yellow chickens at 5.9 yuan per pound in 2024, reduced to 5.5 yuan per pound in Q1 2025 [2]. - The slaughtering business saw over 60 million chickens processed in 2024, with expectations for a faster growth in the proportion of slaughtered products to better serve the fresh market [2]. Swine Business - In 2024, the company’s pig output reached 1.298 million heads, a year-on-year increase of 51.80%, with sales revenue of 2.927 billion yuan, up 76.51% [3]. - For Q1 2025, the company sold 483,700 meat pigs, a year-on-year increase of 150.49%, generating a revenue of 904 million yuan, up 178.15% [3]. - The complete cost of pig breeding was 7.46 yuan per pound in 2024, dropping below 7 yuan per pound by year-end, indicating significant cost optimization [3]. Profit Forecasts - The net profit forecast for 2025 has been raised to 1.741 billion yuan, an increase of 0.64% from previous estimates, and for 2026, it is projected at 2.270 billion yuan, up 92.70% [3]. - The report also introduces a new net profit forecast for 2027 at 2.536 billion yuan, with corresponding EPS estimates of 2.10, 2.74, and 3.06 yuan for 2025, 2026, and 2027 respectively [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown impressive performance in Q1 2025, with significant growth in revenue and net profit, indicating a strong recovery and growth trajectory [5][6] - The semiconductor design business, particularly in image sensor solutions, has become a major revenue driver, contributing to the overall growth of the company [6][7] - The automotive sector is expected to be a key growth area, benefiting from the increasing demand for advanced driver-assistance systems (ADAS) and the company's established market position [7] - The mobile phone business is also recovering, with a focus on high-end products, which is anticipated to return to positive growth by 2026 [8] - Emerging markets such as smart glasses and robotics are being explored, providing new growth opportunities for the company [9] Financial Performance Summary - In 2024, the company achieved revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, and a net profit of 3.323 billion yuan, up 498.11% [5] - For Q1 2025, revenue reached 6.472 billion yuan, reflecting a 14.68% increase, with net profit growing by 55.25% to 866 million yuan [5] - The gross margin for the main business improved to 29.36% in 2024, up 7.74 percentage points year-on-year, indicating enhanced profitability [6] Business Segment Performance - The image sensor solutions segment generated 19.190 billion yuan in revenue in 2024, a 23.52% increase, making up 74.76% of total revenue [6] - The automotive market contributed approximately 5.905 billion yuan to the image sensor business, marking a 29.85% year-on-year growth [7] - The mobile phone CIS segment saw revenue of 9.802 billion yuan in 2024, a 26.01% increase, driven by high-end product adoption [8] Profitability and Valuation - The report forecasts net profits of 4.363 billion yuan for 2025 and 5.324 billion yuan for 2026, with corresponding P/E ratios of 37X and 30X [10] - The company is expected to benefit from trends in automotive intelligence and high-end smartphone CIS, with long-term growth potential from various AI terminal products [10]

2025 年 5 月 6 日 公司研究 25Q1 归母净利润同环比改善，产能建设稳步推进 ——多氟多（002407.SZ）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年度报告及 2025 年一季报。24 年公司实现营业收入 82.07 亿元，同比-31.25%，实现归母净利润-3.08 亿元，同比减少 8.18 亿元。 25Q1 公司实现营业收入 20.98 亿元，同比-2.09%，环比+57.68%；实现归母净 利润 0.65 亿元，同比+69.24%，环比增加 3.98 亿元。 公司 24 年归母净利润同比下降，25Q1 归母净利润同环比均改善明显。24 年公 司氟基新材料、电子信息材料、新能源材料、新能源电池分别实现营业收入 26.93、9.35、25.93、16.11 亿元，同比分别变动+20.42%、-24.52%、-45.93%、 -38.33%。24 年，公司归母净利润同比下滑，主要系公司对新能源电池板块中 部分产线进行了减值测试，叠加部分存货减值因素影响，减值总金额 3.67 亿元； 主要产品六氟磷酸锂、新能源电池等销售均价同比大幅下降，毛利不达预期所致。 2 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Railway Construction Corporation (601186.SH/1186.HK) with current prices at 7.81 CNY and 4.94 HKD respectively [1]. Core Views - The company experienced operational pressure in 2024, with a year-on-year decline in revenue and net profit. However, cash flow showed improvement in Q1 2025 [5][6]. - The company has a sufficient backlog of contracts, with a continuous optimization of contract structure, particularly in green and emerging industries [7]. - Despite the challenges, the company is expected to maintain a stable dividend policy, proposing a dividend of 3 CNY per 10 shares, reflecting an 18.34% payout ratio [8]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 1,067.17 billion CNY, a decrease of 6.2% year-on-year, with a net profit of 22.22 billion CNY, down 14.9% [5]. - For Q1 2025, revenues were 256.76 billion CNY, a decline of 6.6% year-on-year, with net profit at 5.15 billion CNY, down 14.5% [5]. Revenue Breakdown - The revenue from various segments in 2024 showed declines: Engineering Contracting (-5.7%), Planning and Design Consulting (-3.9%), Industrial Manufacturing (-2.5%), Real Estate Development (-13.7%), and Material Logistics (-9.4%) [6]. - The company’s domestic and overseas revenue in 2024 was 1,001.27 billion CNY and 65.90 billion CNY respectively, with a year-on-year change of -7.1% and +9.3% [6]. Contracting and Orders - New contracts signed in 2024 totaled 30,369.7 billion CNY, a decrease of 7.8% year-on-year, with overseas contracts growing by 23.4% [7]. - In Q1 2025, new contracts amounted to 4,928.5 billion CNY, down 10.5% year-on-year, but with significant growth in green and real estate projects [7]. Cash Flow and Expenses - The company faced significant cash outflows in 2024, with a net cash outflow of 31.42 billion CNY, but showed improvement in Q1 2025 with a net inflow of 3.95 billion CNY [8]. - The financial expense ratio increased due to foreign exchange losses, impacting net profit margins [8]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted to 22.33 billion CNY and 22.88 billion CNY respectively, reflecting a downward revision of 4% and 3% [8]. - The report maintains a "Buy" rating based on the company's strong contract backlog and ongoing structural improvements [8].

2025 年 5 月 5 日 公司研究 24 年业绩有所承压，25Q1 毛利率显著改善 ——海力风电（301155.SZ）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年报，2024 年实现营业收入 13.55 亿元，同比减少 19.63%；归母净利润 0.66 亿元，同比由亏转盈；扣非归母净利润 0.58 亿元， 同比由亏转盈；拟向全体股东每 10 股派发现金红利 0.9 元（含税）。公司同时 发布 2025 年一季报，2025Q1 实现营业收入 4.36 亿元，同比增长 251.50%， 环比增长 48.63%；归母净利润 0.64 亿元，同比减少 13.27%，环比由亏转盈。 24 年国内海风建设较缓，公司业绩有所承压。2024 年公司桩基业务实现营业收 入 8.54 亿元，同比减少 22.67%，毛利率同比下降 6.03pct 至 4.29%；风电塔 筒实现营业收入 3.20 亿元，同比减少 18.71%，毛利率同比上升 4.38pct 至 7.90%；导管架实现营业收入 1.38 亿元，同比增长 6.82%，毛利率同比上升 10.28pct 至 4.79%。24 年公 ...

2025 年 5 月 6 日 公司研究 经营持续调整，资产处置收益增厚 24Q4 利润 ——光明乳业（600597.SH）2024 年年报及 2025 年一季报点评 要点 事件：光明乳业发布 2024 年年报和 2025 年一季报，2024 全年实现营业收入 242.78 亿元，同比-8.33%；归母净利润 7.22 亿元，同比-25.36%；扣非归母净 利润 1.70 亿元，同比-67.48%。其中，24Q4 单季度实现营业收入 58.65 亿元， 同比+0.75%；归母净利润 6.06 亿元，同比-6.04%；扣非归母净亏损 0.43 亿元， 23 年同期为 2.11 亿元。25Q1 实现营业收入 63.68 亿元，同比-0.76%；归母净 利润 1.41 亿元，同比-18.16%；扣非归母净利润 1.90 亿元，同比+2.45%。 液态奶 25Q1 收入降幅环比收窄，饲料业务短期承压。分产品看，25Q1 液态奶/ 其他乳制品/牧业产品分别实现收入 32.92/24.15/2.11 亿元，同比-6.32%/ +11.10%/-55.40%。液态奶 25Q1 收入同比降幅环比收窄，牧业收入下降主要系 饲料业 ...

1、静待 DR007 向 OMO 回归 在《"适时降准降息"对债市有何影响？——2025 年 4 月 25 日利率债观察》中， 我们曾判断"当前债券收益率正处于上行空间相对较小、下行概率相对较大的状 态，投资者可以较今年一季度乐观一些"。4 月 30 日，10Y 和 30Y 国债收益率 已分别较 4 月 25 日下行了 3.6bp 和 10.4bp，这与我们的判断一致。 在该篇报告中，我们也曾指出"在不远的未来 DR007 终将稳健回落至 OMO 利 率附近"。报告发布后，较多投资者对我们的判断表示质疑，认为 DR007 很难 进一步下行。 现阶段，人民银行主要通过货币政策工具调节银行体系流动性，释放政策利率调 控信号，在利率走廊的辅助下，引导市场基准利率以政策利率为中枢运行，并通 过银行体系传导至贷款利率。7D OMO 利率是当前的政策利率，DR 是我国货币 市场的基准利率。 从实证上看，自 2018 年以来的大多数时段 DR007 皆是以 7D OMO 利率为中枢 平稳运行的。当然，在一些极端情况下 DR007 也是会阶段性偏离 7D OMO 利率 的。例如，2020 年和 2022 年我国经济运行受到疫 ...

2025 年 5 月 6 日 晨会速递 分析师点评 市场数据 总量研究 【宏观】非农暂时稳定，缓和市场衰退担忧——2025 年 4 月美国非农数据点评 2025 年 4 月美国新增就业回落，但高于市场预期。从结构看，关税扰动下零售业、 休闲酒店业就业转弱，显示美国经济承压，4 月运输和仓储行业新增就业大幅回升， 部分对冲了关税对就业数据的影响。尽管美国经济承压，但高于预期的非农数据减弱 了市场对美国经济衰退的担忧，美联储或保持更多耐心。 【宏观】关税滞胀效应显现，美国经济增速转负——2025 年一季度美国经济数据点 评 美国一季度 GDP 环比增速转负，消费环比增速回落，显示关税扰动下美国经济明显 承压，库存与出口的变化也同样反映了关税冲击。从降息角度来看，美国经济增速转 负，但物价指数回升，"滞"与"胀"组合放大美联储决策压力，美联储降息路径或 需依赖 4 月经济数据。 【金工】基金抱团减弱，市场情绪降温——金融工程量化月报 20250503 截至 2025 年 4 月 30 日，沪深 300 指数上涨家数占比指标近一个月环比上月下降， 上涨家数占比指标低于 60%，市场情绪有所降温；从动量情绪指标走势来看 ...

2025 年 5 月 6 日 ——八方股份（603489.SH）2024 年年报及 2025 年一季报点评 公司研究 业绩短期承压，中长期电踏车需求无虞 公司盈利预测与估值简表 要点 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,648 | 1,357 | 1,480 | 1,687 | 1,924 | | 营业收入增长率 | -42.18% | -17.66% | 9.09% | 13.99% | 14.03% | | 归母净利润（百万元） | 128 | 64 | 110 | 142 | 179 | | 归母净利润增长率 | -75.03% | -50.06% | 72.04% | 29.23% | 26.16% | | EPS（元） | 0.76 | 0.27 | 0.47 | 0.60 | 0.76 | | ROE（归属母公司)（摊薄） | 4.65% | 2.41% | 4.02% | 5.04% | 6.12% | | P/E | 35 | 99 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company reported a significant improvement in net profit for Q1 2025, with a net profit of 0.65 billion yuan, a year-on-year increase of 69.24% and a quarter-on-quarter increase of 3.98 billion yuan [1][2]. - The company is experiencing a steady capacity expansion and has a complete industrial chain from fluorine resources to lithium battery production, which is expected to drive long-term growth [3][4]. - The company has increased its profit forecasts for 2025-2027, projecting net profits of 0.281 billion yuan (up 79.5%), 0.336 billion yuan (up 34.3%), and 0.446 billion yuan respectively [4]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 8.207 billion yuan, a decrease of 31.25% year-on-year, and a net profit attributable to shareholders of -0.308 billion yuan, down by 8.18 billion yuan [1][2]. - The Q1 2025 operating income was 2.098 billion yuan, a decrease of 2.09% year-on-year but an increase of 57.68% quarter-on-quarter [1]. Revenue Breakdown - In 2024, the revenue from various segments was as follows: fluorine-based new materials (2.693 billion yuan, +20.42%), electronic information materials (0.935 billion yuan, -24.52%), new energy materials (2.593 billion yuan, -45.93%), and new energy batteries (1.611 billion yuan, -38.33%) [2]. Capacity Expansion - The company has a total existing capacity of 330,000 tons/year for anhydrous aluminum fluoride, 65,000 tons/year for lithium hexafluorophosphate, and 60,000 tons/year for electronic-grade hydrofluoric acid, with several projects under construction [3]. Research and Development - The company is increasing its R&D investment in the lithium battery sector, focusing on safety and efficiency improvements in its products, which are gaining traction in various applications [4]. Profit Forecasts - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of 0.281 billion yuan, 0.336 billion yuan, and 0.446 billion yuan respectively, indicating a positive outlook for future profitability [4][5].