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

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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6] Core Views - The company has shown a significant recovery in performance, achieving a total revenue of 2.64 billion yuan in 2024, representing a year-on-year growth of 46.76%. The net profit attributable to shareholders turned positive at 100.55 million yuan, a substantial increase from a loss of 75.48 million yuan in the previous year [3][6] - The marine oil and gas development module is advancing towards high-end industry standards, with a notable increase in demand for FPSO (Floating Production Storage and Offloading) units, particularly in South America [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 revenue of 2,640.23 million yuan, with a growth rate of 46.76%. The net profit attributable to shareholders was 100.55 million yuan, marking a turnaround from a loss of 75.48 million yuan in 2023. The basic earnings per share (EPS) was 0.36 yuan [3][6] - Revenue projections for 2025-2027 are estimated at 3,387.80 million yuan, 4,639.28 million yuan, and 5,668.34 million yuan respectively, with corresponding net profits of 256.65 million yuan, 388.33 million yuan, and 532.84 million yuan [3][6] Market Position and Strategy - The company is capitalizing on the rising demand for FPSO units, with significant projects in Brazil and Guyana, which are key markets for FPSO development. The successful acquisition of the first FPSO project in Suriname marks a strategic expansion into the South American market [6] - The LNG module's revenue decreased to 234 million yuan in 2024, primarily due to geopolitical tensions affecting project progress. However, the company is focusing on leveraging its technical and design capabilities to secure future orders, particularly in the Middle East [6] Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 17.27, 11.41, and 8.32 respectively, indicating a favorable valuation outlook as earnings are expected to grow significantly [3][6]

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]