[Table_Reportdate] 2025年03月31日 [table_invest] 超配 行 业 周 报 非 银 金 融 [证券分析师 Table_Authors] 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 行 业 研 究 ➢ 行情回顾：上周非银指数下跌0.1%，相较沪深300超跌0.1pp，其中券商与保险指数表现有 所分化，分别为-0.51%和0.63%，保险指数有一定超额收益。市场数据方面，上周市场股 基日均成交额14950亿元，环比上一周降低16.5%；两融余额1.92万亿元，环比上一周小 幅降低0.8%；股票质押市值2.79万亿元，环比上一周降低1.5%。 ➢ 券商：投资改善驱动2024年报业绩改善，券商+金融科技开启跨界组合新路径。1）中证协 披露2024年证券行业数据，全年实现净利润1673亿元，同比增长21.3%，其中经纪、投行、 资管、利息、自营分别同比+17%、-36%、+7%、-6%、+43%，权益市场改善推动经纪、 资管、自营收入高增，而一二级市场逆周期调节下的投行收入大幅压缩也较符合预期；2） 截至上周末，已有28家 ...

[Table_Reportdate] 2025年3月31日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 国内厂商AI投入持续高增，华为 发布全面搭载鸿蒙的首款阔折叠 Pura X——电子行业周报 （2025/3/17-2025/3/23） 2. 北方华创拟取得芯源微控制权， 关注GTC大会带来的AI产业链机遇 ——电子行业周报（2025/3/10- 2025/3/16） 3. AI Agent产品Manus亮相，AI眼 镜驱动消费电子新一轮增长——电 子行业周报（2025/3/3-2025/3/9） [Table_NewTitle] Semicon展会中国半导体设备产业光彩 四溢，存储龙头释放涨价预期 ——电子行业周报2025 ...

公 司 简 评 买入（维持） 报告原因：业绩点评 ——公司简评报告 [Table_Reportdate] 2025年03月31日 [table_main] 投资要点 ➢ 事件：公司发布2024年年度报告，受下游需求疲软影响、公司主营产品市场价格走低，年 度业绩承压，四季度盈利端环比有所改善。2024年全年公司实现营收132.09亿元，同比- 8.1%；归母净利润2.85亿元，同比-73.0%；毛利率7.6%，同比-6.8pct；净利率2.2%，同 比-5.3pct。2024Q4单季度公司实现营收27.35亿元，同比-15.2%、环比-17.5%；归母净利 润1.02亿元，同比-45.9%、环比+122.0%；毛利率10.3%，同比-4.9pct、环比+4.1pct；净 利率3.6%，同比-2.5pct、环比+2.2pct。 电 力 设 备 与 新 能 源 [数据日期 Table_cominfo] 2025/03/28 收盘价 2.89 总股本(万股) 929,497 流通A股/B股(万股) 929,060/0 资产负债率(%) 16.08% 市净率(倍) 2.10 净资产收益率(加权) 1.50 12个月内最 ...

[Table_Reportdate] 2025年3月31日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [Table_NewTitle] Semicon展会中国半导体设备产业光彩 四溢，存储龙头释放涨价预期 ——电子行业周报2025/3/24-2025/3/30 [table_main] 投资要点： 电 子 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 行 业 研 究 [table_stockTrend] [table_product] 相关研究 1.8月国内手机出货量同比上升 26.7%，联想发布多款AIPC新 品 — — 电 子 行 业 周 报 （20240923-20240929） 1. 国内厂商AI投入持续高增，华为 发布全面搭载鸿蒙的首款阔折叠 Pura X——电子行业周报 （2025/3/17-2025/3/23） 2. 北方华创拟取得芯源微控制权， 关注GTC大会带来的AI产业链机 ...

Group 1: Key Recommendations - The report highlights the strong growth potential of Jin Zai Food (003000) in the fish product sector, with a robust offline channel performance [8] - In 2024, Jin Zai Food achieved a total revenue of 2.412 billion yuan, representing a year-on-year increase of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% year-on-year [8] - The revenue from fish products exceeded 1.5 billion yuan for the first time, with a significant growth rate of 18.76% [9] Group 2: Financial Performance - In Q4 2024, Jin Zai Food reported a revenue of 640 million yuan, reflecting an 11.92% year-on-year increase, while the net profit was 77 million yuan, a slight increase of 0.31% [8] - The gross profit margin for 2024 was 30.47%, an increase of 2.3 percentage points year-on-year, driven by lower raw material costs and improved production efficiency [11] - The company expects stable raw material costs in 2025, which will support profitability [11] Group 3: Market Dynamics - The online sales of Jin Zai Food decreased by 6.15% year-on-year to 391 million yuan in 2024, while offline sales increased by 22.58% to 2.021 billion yuan [10] - The company plans to focus on high-potential channels in 2025, enhancing traditional distribution and optimizing product offerings for modern channels [10] - The number of distributors increased to 3,406, with a net growth of 349 distributors across seven major regions [9] Group 4: Industry Insights - The global AI market is projected to reach 6.16 trillion yuan in 2024, growing at a rate of 30.1% year-on-year, with expectations to expand to 11.64 trillion yuan by 2027 [15] - The report indicates that the AI large model industry is expected to grow at a CAGR of 36.23% over the next five years, with increasing competition among leading firms [16] - AI large models are becoming central to the AI industry chain, with applications in natural language processing, image recognition, and voice recognition [16]

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]

Group 1: Industry Overview - The profit growth of industrial enterprises in China showed improvement in January-February 2025, with total profits down by 0.3% year-on-year, an improvement from the previous decline of 3.3% [6][7] - The revenue growth rate slightly declined, with the profit margin experiencing a seasonal drop greater than in previous years, influenced significantly by the Spring Festival [6][7] - The "Two New" policy has had a noticeable impact on certain industries, including automobiles and smart consumer devices, with expectations for gradual effects from policies supporting consumption upgrades [6][8] Group 2: Company Analysis - Satellite Chemical (002648) - Satellite Chemical reported a total revenue of 45.648 billion yuan in 2024, a year-on-year increase of 10.03%, and a net profit of 6.072 billion yuan, up 26.77% [9][10] - The company achieved significant growth in its new energy materials segment, with an 80.77% increase in revenue, while functional chemicals and high polymer materials also showed positive growth [10][11] - The successful launch of an 800,000-ton multi-carbon alcohol project has strengthened the company's integrated supply chain, enhancing its market influence in the acrylic acid sector [11][12] Group 3: Financial Projections - Revenue projections for Satellite Chemical from 2025 to 2027 are estimated at 58.839 billion yuan, 68.197 billion yuan, and 78.811 billion yuan respectively, with net profits expected to reach 7.221 billion yuan, 9.246 billion yuan, and 11.778 billion yuan [13] - The company anticipates continuous improvement in product price differentials for its C2 and C3 products, contributing to its economic benefits [13]

[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 ...