[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 | | --- | --- ...

Key Recommendations - The food and beverage sector experienced a decline of 4.03% last week, underperforming the CSI 300 index by 1.74 percentage points, ranking 27th among 31 sectors [6] - The liquor segment is showing signs of improvement in supply-demand dynamics, with a year-on-year increase of 5.50% in retail sales of tobacco and alcohol for January-February 2025, despite a month-on-month decline of 4.90 percentage points [7] - The beer industry is expected to see demand improvements due to recent consumption-promoting policies, with stable or declining costs contributing positively to profitability [8] Food and Beverage Sector Insights - The liquor market is at a bottoming phase, with major brands maintaining stable pricing despite industry pressures, suggesting a potential recovery in demand [7] - The snack food sector is experiencing rapid growth due to diversified channels and innovative products, indicating continued industry growth potential [9] - The dairy sector is benefiting from policy support, with improving supply-demand dynamics for raw milk, suggesting a stabilization in milk prices [10] Pharmaceutical and Biotechnology Sector Insights - The pharmaceutical and biotechnology sector saw an overall decline of 1.41% last week, but has increased by 2.52% year-to-date, outperforming the CSI 300 index by 3.03 percentage points [12] - The basic medical insurance fund's total income and expenditure for 2024 were reported at 34,809.95 billion yuan and 29,675.92 billion yuan, respectively, indicating a year-on-year growth of 3.91% and 5.20% [13] - Future policies are expected to enhance the healthcare system's quality, with a focus on brand Chinese medicine, medical services, and innovative drug chains [14] Investment Recommendations - For the liquor sector, it is advised to focus on high-end brands and regional leaders such as Kweichow Moutai and Wuliangye [9] - In the beer sector, Qingdao Beer is highlighted as a core high-end investment target [8] - The snack food sector should consider companies with strong growth logic like Yanjinpuzi and Gan Yuan Food [10] - In the dairy sector, leading companies like Yili and New Dairy are recommended for investment [10] - The pharmaceutical sector suggests focusing on companies like Lingrui Pharmaceutical and Huaxia Eye Hospital for potential growth [15]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price over the next six months [1][10]. Core Insights - The company reported a total revenue of 2.007 billion yuan for 2024, representing a year-over-year increase of 40.04%. The net profit attributable to shareholders was 339 million yuan, up 149.13% year-over-year [6]. - The company plans to distribute a cash dividend of 6 yuan per 10 shares and a bonus issue of 4 shares for every 10 shares held [6]. - The growth in revenue is attributed to the digitalization and intelligence enhancement in smart home applications, as well as the expansion into non-smart home markets [6]. - The company is focusing on long-term growth with a stock incentive plan and aims for a compound annual growth rate (CAGR) of 19.92% in revenue by 2028 [6]. - The company is transitioning from a Wi-Fi solution provider to a System on Chip (SoC) provider, with plans to invest up to 1.778 billion yuan in Wi-Fi 7 technology and AI chip projects [6][7]. - The product matrix includes advancements in Wi-Fi and low-power Bluetooth technologies, with new products supporting the latest Bluetooth specifications [6][7]. - The company is adapting to AI market demands by integrating AI capabilities into its products, including cloud and edge solutions [7]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 43.91%, with a significant increase in quarterly gross margin in Q4 [6]. - The projected net profits for 2025, 2026, and 2027 are 466 million yuan, 624 million yuan, and 849 million yuan, respectively, with corresponding price-to-earnings ratios of 52.04, 38.91, and 28.58 [8]. Product Development - The company has launched new products that enhance its offerings in the IoT space, including chips that support low-power applications and advanced connectivity features [6][7]. - The integration of RISC-V architecture into its products is expected to reduce licensing costs and differentiate its offerings in the market [6][7]. Market Position - The company is experiencing rapid growth in non-smart home applications, indicating a diversification of its revenue streams [6]. - The ongoing development of AI capabilities in its products positions the company well for future market demands [7].

[Table_Reportdate] 2025年03月25日 公 司 简 评 买入（维持） 报告原因：业绩点评 [博迈科 Table_NewTitle] （603727）：业绩明显恢复，实现 ——博迈科（603727）公司简评报告 [table_main] 投资要点 ➢ 风险提示：全球上游资本开支不及预期风险；油价波动风险；地缘政治导致项目停工风险； 订单不及预期风险。 3.博迈科（603727）：行业景气上行 订单逐步释放，公司持续发力业绩迎 盈利预测与估值简表 | | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,216.87 | 1,798.99 | 2,640.23 | 3,387.80 | 4,639.28 | 5,668.34 | | 增长率（%） | -21.18% | -44.08% | 46.76% | 28.31% | 36.94% | 22.18% | | 归母净利润（百万元） | 64.62 | -75.48 | 1 ...

[Table_Reportdate] 2025年03月25日 [博迈科 Table_NewTitle] （603727）：业绩明显恢复，实现 ——博迈科（603727）公司简评报告 [table_main] 投资要点 ➢ 风险提示：全球上游资本开支不及预期风险；油价波动风险；地缘政治导致项目停工风险； 订单不及预期风险。 3.博迈科（603727）：行业景气上行 订单逐步释放，公司持续发力业绩迎 盈利预测与估值简表 | | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,216.87 | 1,798.99 | 2,640.23 | 3,387.80 | 4,639.28 | 5,668.34 | | 增长率（%） | -21.18% | -44.08% | 46.76% | 28.31% | 36.94% | 22.18% | | 归母净利润（百万元） | 64.62 | -75.48 | 100.55 | 256.65 | 388.33 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant recovery in performance, achieving a total operating revenue of 2,640 million yuan in 2024, representing a year-on-year growth of 46.76% [6] - The company has turned profitable with a net profit attributable to shareholders of 100.55 million yuan in 2024, a substantial increase from a loss of 75.48 million yuan in 2023 [6] - The marine oil and gas development module is advancing towards high-end industry standards, with a notable increase in FPSO demand driven by global offshore oil and gas resource development [6] - The liquefied natural gas (LNG) module is strategically positioned for growth despite recent challenges, with plans to focus on the Middle East market for future orders [6] Summary by Sections Financial Performance - In 2024, the company reported total operating revenue of 2,640 million yuan, a 46.76% increase from the previous year [3] - The net profit attributable to shareholders was 100.55 million yuan, marking a turnaround from a loss of 75.48 million yuan in 2023 [3] - The earnings per share (EPS) for 2024 was 0.36 yuan, compared to -0.27 yuan in 2023 [3] Revenue Breakdown - The marine oil and gas development module generated revenue of 2,388 million yuan in 2024, a 146.34% increase year-on-year, with a gross margin of 16.55% [6] - The LNG module reported revenue of 234 million yuan, a decrease of 71.03% year-on-year, primarily due to geopolitical tensions affecting project progress [6] Future Projections - Revenue projections for 2025, 2026, and 2027 are 3,388 million yuan, 4,639 million yuan, and 5,668 million yuan respectively [6] - Expected net profits for the same years are 256.65 million yuan, 388.33 million yuan, and 532.84 million yuan, with corresponding EPS of 0.91 yuan, 1.38 yuan, and 1.89 yuan [6]

[Table_Reportdate] 2025年03月25日 晨 会 纪 要 [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 [晨会纪要 Table_NewTitle] 20250325 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 lijiah@longone.com.cn [Table_Report] [table_main] 重点推荐 财经要闻 ➢ 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.光伏硅片、电池片供需偏紧，风电新增装机规模维持高位——新能源电力行业周报 （2025/03/17-2025/03/21） ➢ 1.财政部发布2025年1-2月财政收支情况 ➢ 2.央行：自3月起MLF将采用固定数量、利率招标、多重价位中标方式开展操作 ➢ 3.李强签署国务院 ...