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 [8][10]. Core Views - The company achieved a historical breakthrough in operating performance, with total revenue of 299.54 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit attributable to shareholders increased by 33.38% to 21.61 billion yuan [8][9]. - The marine engineering segment saw significant revenue growth, contributing 271.70 billion yuan, up 20.10% year-on-year, driven by high land construction workload and increased offshore installation activities [8][9]. - The company is expanding its traditional oil and gas engineering business while also increasing efforts in emerging sectors such as LNG and offshore wind power [8][9]. - The company plans to distribute a cash dividend of 2.01 yuan per share, totaling 889 million yuan, which represents 41.12% of the net profit attributable to shareholders for 2024 [8][9]. - Revenue forecasts for 2025-2027 are projected at 323.32 billion yuan, 343.38 billion yuan, and 361.70 billion yuan, respectively, with net profits expected to be 23.05 billion yuan, 24.89 billion yuan, and 27.11 billion yuan [8][9]. Summary by Sections Financial Performance - In 2024, the company reported total assets of 482.31 billion yuan and a net asset value of 262.67 billion yuan, with a debt-to-asset ratio of 41.38% [8][9]. - The overall gross margin for 2024 was 12.28%, an increase of 1.53 percentage points year-on-year [8][9]. Business Development - The company successfully delivered several significant projects, including Asia's first deep-water jacket "Hai Ji No. 2" and the first cylindrical offshore oil and gas processing plant "Hai Kui No. 1" [8][9]. - The total market contract value for 2024 reached 302.44 billion yuan, with a backlog of approximately 40 billion yuan, providing strong support for future business volume [8][9]. Dividend Policy - The company has maintained a consistent and relatively increasing profit distribution policy, with cumulative cash dividends over the past three years amounting to 1.98 billion yuan, representing 113.39% of the average annual net profit [8][9].

[Table_Reportdate] 2025年03月20日 [不降息，缓缩表，谨慎偏鸽 Table_NewTitle] ——海外观察：2025年3月美国FOMC会议 宏 观 简 评 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn 联系人 李嘉豪 lijiah@longone.com.cn 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 总 量 研 究 47.0 47.5 48.0 48.5 49.0 49.5 50.0 50.5 51.0 51.5 52.0 45 46 47 48 49 50 51 52 53 54 55 2021-01 2021-02 2021-03 2021-04 2021-05 2021-06 2021-07 2021-08 2021-09 2021-10 2021-11 2021-12 2022-01 2022-02 2022-03 2022-04 2022-05 2022-06 2022-07 2022- ...

[Table_Reportdate] 2025年03月20日 [晨会纪要 Table_NewTitle] 20250320 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@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 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] ➢ 1.1-2月叉车销量稳健增长，国内龙头加速出海——机械设备行业简评 ➢ 2.开门红已现，关注后续政策落实——国内观察：2025年1-2月经济数据 ➢ 1.欧元区2月CPI终值同比升2.3% 低于预期 ➢ 2.欧盟将从4月1日起收紧钢铁进口配额 ➢ 3.日本央行维持利率不变 ➢ 4.美联储继续按兵不动，鲍威尔强调经济前景不确 ...

[Table_Reportdate] 2025年03月18日 [table_invest] 超配 行 业 简 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn [table_stockTrend] -33% -22% -10% 2% 14% 26% 38% 24-03 24-06 24-09 24-12 申万行业指数:机械设备(0764) 沪深300 [1. table_product] 安徽合力（600761）：首次海外合 资建厂，全球化布局加速——公司简 评报告 2. 叉车全年销量保持增长，龙头企 业深入智能物流领域——机械设备 行业简评 行业简评 一、评级说明 3. 安徽合力（600761）：母公司与华 为合作深入，引领智能物流领域技术 升级——公司简评报告 [Table_NewTitle] 1-2月叉车销量稳健增长，国内龙头加速 出海 ——机械设备行业简评 [table_main] 投资要点： 评 机 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请 ...

➢ 1.2月全社会用电量同比增长8.6% 张季恺 S0630521110001 zjk@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 [Table_Reportdate] 2025年03月19日 [晨会纪要 Table_NewTitle] 20250319 [证券分析师： Table_Authors] 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] ➢ 1.1-2月叉车销量稳健增长，国内龙头加速出海——机械设备行业简评 ➢ 2.开门红已现，关注后续政策落实——国内观察：2025年1-2月经济数据 | 1. 重点推荐 | | 3 | | --- | --- | --- | | 1.1. 1-2 | 月叉车销量稳健增长，国内龙头加速出海——机械设备行业简评 | 3 | | 1.2. 开门红已现， ...

[Table_Reportdate] 2025年03月18日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 19% 29% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) [相关研究 table_product] 1.帝科股份（300842）： 业绩稳步发 展，高铜浆料有望量产——公司简评 报告 2.光伏产业链价格企稳回升，关注全 国海风项目建设进程——新能源电 力行业周报（ 2025/03/03- 2025/03/07） 3.抢装带动行业需求回暖，多地海风 项目建设持续推进——新能源电力 行业周报（2025/02/24-2025/02/28） [Table_NewTitle 抢装带动中下游量价 ...

Investment Rating - The report assigns an "Overweight" rating for the food and beverage industry, indicating a positive outlook for the sector relative to the broader market [1]. Core Insights - The food and beverage sector has shown a strong performance, with a 6.19% increase last week, outperforming the CSI 300 index by 4.61 percentage points, ranking second among 31 sectors [6][9]. - Various sub-sectors, including processed foods and dairy, have performed well, with increases of 7.78% and 7.32% respectively [6][9]. - The report highlights a positive sentiment driven by government policies aimed at boosting consumption, particularly in the liquor and dairy segments [6][47]. Summary by Sections 1. Market Performance - The food and beverage sector's recent performance includes a notable increase, with top-performing stocks such as Gais Food (+22.06%) and Zhu Laoliu (+18.85%) leading the gains [6][9]. - The report notes that all sub-sectors experienced growth, with processed foods and dairy leading the way [6][9]. 2. Price Trends - The report provides detailed pricing data for key products, including liquor prices, which have shown slight fluctuations. For instance, the price of 2024 Moutai has decreased by 5 yuan week-on-week [20][21]. - Dairy prices are also discussed, with fresh milk retailing at 12.20 yuan per liter, showing a slight decrease compared to previous weeks [28]. 3. Industry Dynamics - The report emphasizes the impact of government policies, such as the introduction of child-rearing subsidies in Hohhot, which are expected to stimulate demand for dairy products [47]. - It also mentions the growth in the liquor market, particularly in Guangdong, where total liquor production is projected to decline, but beer production has seen a slight increase [47]. 4. Company Developments - Notable company actions include Luzhou Laojiao's plan to repurchase shares worth between 150 million and 300 million yuan, which is expected to boost investor confidence [50]. - The report also highlights legal challenges faced by Chongqing Beer, which may impact its financial performance [50]. 5. Investment Recommendations - The report suggests focusing on high-end liquor brands and regional leaders, recommending stocks such as Kweichow Moutai and Wuliangye [6]. - For the beer sector, it advises attention to premium brands like Qingdao Beer, while in the snack segment, companies like Yanjinpuzi are highlighted for their growth potential [6].

[证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 19% 29% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) [相关研究 table_product] [Table_Reportdate] 2025年03月18日 标配 1.帝科股份（300842）： 业绩稳步发 展，高铜浆料有望量产——公司简评 报告 2.光伏产业链价格企稳回升，关注全 国海风项目建设进程——新能源电 力行业周报（ 2025/03/03- 2025/03/07） 3.抢装带动行业需求回暖，多地海风 项目建设持续推进——新能源电力 行业周报（2025/02/24-2025/02/28） [Table_NewTitle 抢装带动中下游量价 ...

[Table_Reportdate] 2025年03月18日 超配 [证券分析师 Table_Authors] [相关研究 table_product] 1.扩内需促消费，政策催化持续—— 食品饮料行业周报（ 2025/3/3- 2025/3/9） 2.底部反弹，预期回暖——食品饮料 行业周报（2024/2/24-2025/3/2） 3.酒企积极停货稳价，政策驱动内需 复 苏 — — 食 品 饮 料 行 业 周 报 （2024/2/17-2025/2/23） [Table_NewTitle 政策力度加码，板块情绪回暖 ] ——食品饮料行业周报（2025/3/10-2025/3/16） 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn -30% -20% -10% 0% 10% 20% 30% 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 食品饮料(申万) 沪深300 [table_main] 投资要点： 行 业 研 究 品 饮 料 证券研究报告 HTTP://WWW ...

[晨会纪要 Table_NewTitle] 20250318 [Table_Reportdate] 2025年03月18日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@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 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.开门红已现，关注后续政策落实——国内观察：2025年1-2月经济数据 ➢ 2.海外数据波动与国内资产的确定性——资产配置周报（2025/03/10-2025/03/14） ➢ 1.国新办召开新闻发布会，介绍提振消费有关情况 ➢ 2.美国2月零售销售低于预期 ➢ 3.经合组织因贸易紧张局势下调全球经济增长展望 | 1.1. 开门红已现，关注后续政策落实——国内观察：2025 1-2 ... ...