[Table_Reportdate] 2025年3月31日 [晨会纪要 Table_NewTitle] 20250331 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 王洋 S0630513040002 wangyang@longone.com.cn [table_main] 重点推荐 财经要闻 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 [Table_Report] ➢ 1.劲仔食品（003000）：鱼制品势能强劲，线下渠道稳健增长——公司简评报告 ➢ 2.AI大模型竞赛方兴未艾，OpenAI与DeepSeek引领行业生态重构——半导体行业深度报 告（十二） ➢ 1.国家主席习近平：中国对外开放的大门只会越开越大，利用外资的政策没有变也不会变。 ➢ 2.国常会审议通过《加快加力清理拖欠企业账款行动方案》 ➢ 3.证监会修改《证券发行与承销管理办法》 ➢ 4. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by at least 15% over the next six months [9][11]. Core Insights - The company has demonstrated strong revenue growth, with total revenue for 2024 reaching 48.30 billion yuan, a year-on-year increase of 9.5%. The net profit attributable to shareholders was 3.14 billion yuan, reflecting a 4.1% increase [9]. - The report highlights the company's strategic focus on technology-driven growth, with significant advancements in oil technology services contributing to a revenue increase of 7.4% in this segment [9]. - The international market strategy has proven effective, with overseas revenue surpassing 10.88 billion yuan, marking a 14.9% increase year-on-year, showcasing the company's competitive edge in global markets [9]. Summary by Sections Financial Performance - Total revenue for 2022 was 35.66 billion yuan, increasing to 44.11 billion yuan in 2023, and projected to reach 52.97 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 22.11% from 2022 to 2023 [8]. - The net profit for 2022 was 2.36 billion yuan, expected to grow to 4.23 billion yuan by 2025, indicating a robust growth trajectory [8]. - Earnings per share (EPS) are projected to increase from 0.49 yuan in 2022 to 0.89 yuan in 2025, reflecting strong profitability [8]. Business Segments - Drilling services generated 13.21 billion yuan in revenue for 2024, a 9.4% increase, despite a slight decrease in gross margin [9]. - Vessel services saw a significant revenue increase of 20.9%, reaching 4.77 billion yuan, driven by enhanced operational efficiency [9]. - Geophysical services reported a revenue of 2.67 billion yuan, up 14.1%, with substantial increases in operational capacity [9]. Strategic Initiatives - The company is committed to a technology-driven strategy, with notable advancements in oil technology services leading to increased revenue and improved profit margins [9]. - The international strategy has been successful, with a focus on expanding overseas contracts and enhancing market presence, contributing to a diversified revenue stream [9].

[Table_Reportdate] 2025年03月28日 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：原材料价格大幅波动；宏观需求不及预期；新品推广进度不及预期。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 2,411.94 | 2,788.68 | 3,251.67 | 3,752.26 | | 同比增速(%) | 16.79% | 15.62% | 16.60% | 15.39% | | 归母净利润(百万元) | 291.33 | 320.94 | 370.31 | 442.30 | | 同比增速(%) | 39.01% | 10.16% | 15.38% | 19.44% | | EPS（元/股） | 0.65 | 0.71 | 0.82 | 0.98 | | 市盈率（P/E） | 18.56 | 16.85 | 14.60 | 12.22 | | 市净率（P/B） | 3.80 | 3.50 | 3.20 ...

Investment Rating - The investment rating for the company is "Buy" [9] Core Views - The company has demonstrated strong revenue growth with a projected revenue of 52.98 billion yuan for 2025, reflecting a growth rate of 9.67% compared to the previous year [9] - The net profit attributable to the parent company is expected to reach 4.23 billion yuan in 2025, indicating a significant increase of 34.76% [9] - The company is focusing on technological advancements to drive growth, with a notable increase in its oil technology services revenue [9] - The international market strategy is yielding results, with overseas revenue surpassing 10.88 billion yuan, marking a 14.9% increase [9] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 48.30 billion yuan, a year-on-year increase of 9.5%, and a net profit of 3.14 billion yuan, up 4.1% [9] - The earnings per share (EPS) for 2024 is 0.66 yuan, with projections of 0.89 yuan for 2025 and 1.00 yuan for 2027 [10] Business Segments - Drilling services generated revenue of 13.21 billion yuan in 2024, with a growth of 9.4%, while ship services saw a 20.9% increase to 4.77 billion yuan [9] - The company has successfully expanded its oil technology services, achieving a revenue of 27.66 billion yuan, up 7.4% [9] Market Strategy - The company is implementing an international strategy, with a focus on expanding its overseas contracts, which currently amount to approximately 36.06 billion USD [9] - The company has made significant technological advancements, enhancing its competitive edge in the international market [9]

[Table_Reportdate] 2025年03月28日 [晨会纪要 Table_NewTitle] 20250328 [证券分析师： Table_Authors] 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 王敏君 S0630522040002 wmj@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.中下游强于上游，"两新"政策效果明显——国内观察：2025年1-2月工业企业利润数据 ➢ 2.卫星化学（002648）：产能落地助力一体化优势，高端新材料提供广阔成长性——公司 简评报告 ➢ 1.央行副行长宣昌能：明确适度宽松的货币政策，择机降准降息 ➢ 2.美国2024Q4GDP终值上修， ...

[Table_Reportdate] 2025年03月28日 ——公司简评报告 食 品 饮 料 [Table_invest] 买入（维持） 报告原因：业绩点评 [劲仔食品（ Table_NewTitle] 003000）：鱼制品势能强劲， 线下渠道稳健增长 [table_main] 投资要点 ➢ 风险提示：原材料价格大幅波动；宏观需求不及预期；新品推广进度不及预期。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 2,411.94 | 2,788.68 | 3,251.67 | 3,752.26 | | 同比增速(%) | 16.79% | 15.62% | 16.60% | 15.39% | | 归母净利润(百万元) | 291.33 | 320.94 | 370.31 | 442.30 | | 同比增速(%) | 39.01% | 10.16% | 15.38% | 19.44% | | EPS（元/股） | 0.65 | 0.71 | 0 ...

[Table_Reportdate] 2025年03月27日 [晨会纪要 Table_NewTitle] 20250327 [证券分析师： Table_Authors] 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 证券分析师： 王敏君 S0630522040002 wmj@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [table_main] 重点推荐 财经要闻 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 晨 会 纪 要 [Table_Report] | 1.1. 巨星农牧（603477）：成本控制优异，出栏成长可期——公司简评报告 3 | | | | --- | --- | --- | | 1.2. 乐鑫科技（688018）：产品矩阵已布局 AI 云与端，拟定增加码 WiFi7 与 AI 端 | | | | 侧芯片——公司简评报告 | | 4 | | 1.3. 博迈科（603 ...

[Table_Reportdate] 2025年03月26日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [巨星农牧（ Table_NewTitle] 603477）：成本控制优异，出 栏成长可期 ——公司简评报告 [数据日期 Table_cominfo] 2025/03/25 收盘价 20.12 总股本(万股) 51,007 流通A股/B股(万股) 51,007/0 资产负债率(%) 61.91% 市净率(倍) 3.07 净资产收益率(加权) 15.64 12个月内最高/最低价 37.49/15.48 [Table_profits] [table_main] 投资要点 [Table_QuotePic] -71% -55% -40% -25% -10% 5% 20% 35% 24-03 24-06 24-09 24-12 巨星农牧 沪深300 [相关研究 Table_Report] 《巨星农牧（603477）：成本保持低 位，产能稳健增加——公司简评报 告》 2024.11.04 《巨星农牧（603477）：猪价回暖二 季度扭亏，成本表现优异——公司简 评报 ...

[Table_Reportdate] 2025年03月26日 公 司 简 评 农 林 牧 渔 [Table_invest] 买入（维持） 报告原因：业绩点评 [巨星农牧（ Table_NewTitle] 603477）：成本控制优异，出 栏成长可期 ——公司简评报告 [table_main] 投资要点 [Table_QuotePic] -71% -55% -40% -25% -10% 5% 20% 35% 24-03 24-06 24-09 24-12 巨星农牧 沪深300 [相关研究 Table_Report] 《巨星农牧（603477）：成本保持低 位，产能稳健增加——公司简评报 告》 2024.11.04 《巨星农牧（603477）：猪价回暖二 季度扭亏，成本表现优异——公司简 评报告》 2024.09.05 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 公 司 研 究 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn [数据日期 Table_cominfo] 2025/03/ ...

[Table_Reportdate] 2025年03月26日 [晨会纪要 Table_NewTitle] 20250326 [证券分析师： Table_Authors] 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.糖酒会符合预期，关注底部机会——食品饮料行业周报（2025/3/17-2025/3/23） ➢ 2.关注医疗体系高质量发展——医药生物行业周报（2025/3/17-2025/3/23） ➢ 1.央行公开市场开展3779亿元7天期逆回购操作，操作利率1.50% ➢ 2.2025年亚洲经济体股票市场指数多数将保持上升态势 ➢ 3.商务部召开扩消费专题新闻发布会 | 1. 重点推荐 | 3 | | --- | --- ...