Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 2.013 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders reached 390 million yuan, reflecting a significant increase of 163.56% [4]. - In Q1 2025, the company achieved a revenue of 353 million yuan, with net profit attributable to shareholders at 8 million yuan, marking year-on-year growth of 33.92% and 194.37% respectively [4]. - The growth in performance is primarily attributed to rising metal prices and the completion of technical upgrades at the Jinshan mine [4][5]. - The average spot prices for silver, gold, lead, and zinc increased by 30.94%, 23.87%, 9.67%, and 8.18% respectively in 2024 [4]. Financial Performance Summary - The company’s production figures for silver, gold, lead, and zinc were 138,590 tons, 125 tons, 13,406 tons, and 24,368 tons respectively, showing a decline of 4.48%, 15.38%, 0.42%, and 1.84% year-on-year [5]. - The gross profit for 2024 was 986 million yuan, an increase of 35.53% year-on-year, with contributions from lead concentrate, zinc concentrate, and silver ingots [5]. - The company has been actively acquiring quality asset stakes, including the remaining 47% stake in Honglin Mining and 33% in its subsidiary Jinshan Mining [5]. Growth Drivers - The Jinshan Mining subsidiary is expected to enter normal production in 2025 after completing technical upgrades, with an annual mining capacity of 480,000 tons [6]. - The company anticipates revenue growth to 2.749 billion yuan in 2025, representing a year-on-year increase of 36.56%, with net profit projected at 601 million yuan, a growth of 54.05% [6][9]. - Long-term growth is supported by the potential production from Dongsheng Mining, expected to commence in 2026, and the expansion of Jinshan Mining's capacity to 900,000 tons per year [6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 2.013 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders reached 390 million yuan, reflecting a significant increase of 163.56% [4][9]. - In Q1 2025, the company achieved a revenue of 353 million yuan, with net profit attributable to shareholders at 8 million yuan, marking year-on-year growth of 33.92% and 194.37% respectively [4][9]. - The growth in performance is primarily attributed to rising metal prices, completion of technical upgrades at the Jingshan mine, and compensation received from litigation [4][5]. - The average spot prices for silver, gold, lead, and zinc increased by 30.94%, 23.87%, 9.67%, and 8.18% respectively in 2024 [4][5]. Financial Performance Summary - The company’s production figures for silver, gold, lead, and zinc were 138,590 tons, 125 tons, 13,406 tons, and 24,368 tons respectively, showing a decline of 4.48%, 15.38%, 0.42%, and 1.84% year-on-year [5]. - The gross profit for 2024 was 986 million yuan, an increase of 35.53% year-on-year, with contributions from lead concentrate, zinc concentrate, and silver ingots [5][9]. - The company has been actively acquiring quality asset stakes, including the remaining 47% stake in Honglin Mining and 33% in its subsidiary Jingshan Mining, with a profit commitment of no less than 470 million yuan from 2025 to 2027 [5][6]. Growth Outlook - The Jingshan Mining subsidiary is expected to resume normal production in 2025, with an annual mining capacity of 480,000 tons, while Honglin Mining is projected to begin trial production in the second half of 2025 [6]. - Revenue projections for 2025, 2026, and 2027 are 2.749 billion yuan, 3.214 billion yuan, and 3.704 billion yuan respectively, with year-on-year growth rates of 36.56%, 16.91%, and 15.24% [6][9]. - The net profit attributable to shareholders is forecasted to be 601 million yuan, 778 million yuan, and 901 million yuan for the same years, reflecting growth rates of 54.05%, 29.41%, and 15.93% respectively [6][9].

证券研究报告：农林牧渔|深度报告 发布时间：2025-05-28 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2616.19 | | --- | --- | --- | | 52 | 周最高 | 2839.2 | | 52 | 周最低 | 2110.64 | 行业相对指数表现（相对值） -26% -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024-05 2024-08 2024-10 2025-01 2025-03 2025-05 农林牧渔 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 近期研究报告 《猪价偏弱运行，供应压力增大》 - 2025.05.26 出栏环比小降，产能僵持 ⚫ 4 月上市猪企出栏总结：价涨量减 4 月生猪养殖端利润尚可，但因对后市预期谨慎，上市猪企出栏 节奏、出栏体重、价格均小幅波动： 1）量：环比小降。19 家上市公司共出栏生猪 1671.5 万头，环比 下降 2.4%，同比增长 26.3% ...

证券研究报告：农林牧渔|深度报告 发布时间：2025-05-28 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2616.19 | | --- | --- | --- | | 52 | 周最高 | 2839.2 | | 52 | 周最低 | 2110.64 | 行业相对指数表现（相对值） -26% -22% -18% -14% -10% -6% -2% 2% 6% 10% 14% 18% 2024-05 2024-08 2024-10 2025-01 2025-03 2025-05 农林牧渔 沪深300 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 近期研究报告 《猪价偏弱运行，供应压力增大》 - 2025.05.26 出栏环比小降，产能僵持 ⚫ 4 月上市猪企出栏总结：价涨量减 4 月生猪养殖端利润尚可，但因对后市预期谨慎，上市猪企出栏 节奏、出栏体重、价格均小幅波动： 1）量：环比小降。19 家上市公司共出栏生猪 1671.5 万头，环比 下降 2.4%，同比增长 26.3%。4 月自繁自养生猪头均盈利 8 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11] Core Insights - The semiconductor business is driving revenue growth, with innovative materials achieving multiple breakthroughs. In 2024, the company is expected to achieve revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [3][10] - The CMP polishing pad business continues to solidify its leading position in domestic supply, with sales revenue of 716 million yuan in 2024, representing a year-on-year growth of 71.51% [4] - The company has diversified its semiconductor business layout, which is expected to enhance future performance after the conversion of R&D results [3] Company Overview - Latest closing price: 27.91 yuan - Total shares: 938 million, circulating shares: 728 million - Total market capitalization: 26.2 billion yuan, circulating market capitalization: 20.3 billion yuan - 52-week high/low: 31.55/18.38 - Debt-to-asset ratio: 34.1% - Price-to-earnings ratio: 49.84 - Largest shareholder: Zhu Shuangquan [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.053 billion yuan, 4.901 billion yuan, and 5.900 billion yuan respectively, with net profits of 701 million yuan, 959 million yuan, and 1.290 billion yuan [10][13] - The company’s earnings per share (EPS) are projected to be 0.75 yuan, 1.02 yuan, and 1.37 yuan for 2025, 2026, and 2027 respectively [13] Business Segments - CMP polishing liquid and cleaning liquid sales reached 215 million yuan in 2024, a year-on-year increase of 178.89% [5] - The semiconductor display materials segment achieved sales of 402 million yuan in 2024, a year-on-year increase of 131.12% [7] - The high-end wafer photoresist business is progressing rapidly, with over 20 products developed and 12 samples sent for client verification [8]

Group 1: Industrial Profit Recovery - In April, the total profit of industrial enterprises above designated size increased by 3% year-on-year, continuing the recovery trend, up 0.4 percentage points from the previous value[15] - From January to April, the cumulative year-on-year profit growth rate for industrial enterprises was 1.4%, an increase of 0.6 percentage points from the previous value[15] - Profit margin improvement is the core driver of profit recovery, primarily due to declines in sales and financial expenses, supported by policies aimed at reducing financing costs and logistics costs[15] Group 2: Production and Inventory Trends - Despite profit recovery, there has been no increase in production, with a passive destocking characteristic evident; the year-on-year growth rate of finished goods inventory from January to April was 3.9%, down 0.3 percentage points from the previous value[23] - The Producer Price Index (PPI) showed a cumulative year-on-year decline of 2.4% from January to April, further widening the drop compared to the previous value[23] - The cautious sentiment among market participants is reflected in the short-term production and investment strategies, leading to a contraction in production, investment, and consumption[3] Group 3: Economic Outlook and Policy Focus - Short-term PPI growth has not yet shown signs of a turning point, indicating that investment opportunities in upstream industrial raw materials may still need to wait[4] - Consumption promotion remains a key policy focus for the year, presenting potential investment opportunities[4] - The real estate policy is entering a phase of stock optimization, with a low probability of new incremental policies being introduced in the short term[4]

证券研究报告：宏观报告 发布时间：2025-05-28 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《5 月经济高频数据环比回暖》 - 2025.05.26 宏观研究 费用下行支撑盈利改善，关税分担恐倒压上游价格 核心观点 （1）工业企业利润延续修复，或因政策推动企业费用下降 4 月当月全国规模以上工业企业实现利润总额同比增速为 3%，保 持继续修复态势，较前值回升 0.4pct；1-4 月，全国规模以上工业企 业实现利润总额累计同比增速为 1.4%，较前值上涨 0.6pct。 从量、价、利润率分析，量价疲弱背景下，利润率改善成为利润 修复核心驱动力，而利润率改善主要来自于企业销售费用和财务费用 下降，一方面是央行着力推动降低全社会综合融资成本，社会广谱利 率下行，企业财务费用同比下降；另一方面，或是受益于降低全社会 物流成本专项行动，企业物流成本有所下降，进而推动企业销售费用 降低。 （2）利润改善并 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [11] Core Insights - The semiconductor business is driving revenue growth, with innovative materials achieving breakthroughs across multiple areas. In 2024, the company is expected to achieve revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [3][10] - The CMP polishing pad business continues to solidify its leading position in domestic supply, with sales revenue of 716 million yuan in 2024, representing a year-on-year growth of 71.51% [4] - The company is diversifying its semiconductor business, with significant advancements in CMP polishing liquids, cleaning liquids, and semiconductor display materials, all showing substantial revenue growth [5][7] Company Overview - The latest closing price is 27.91 yuan, with a total market capitalization of 26.2 billion yuan and a total share capital of 938 million shares [2] - The company has a debt-to-asset ratio of 34.1% and a price-to-earnings ratio of 49.84 [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.053 billion yuan, 4.901 billion yuan, and 5.900 billion yuan, respectively, with net profits of 701 million yuan, 959 million yuan, and 1.290 billion yuan [10][13] - The expected growth rates for revenue are 21.44%, 20.91%, and 20.39% for the respective years [13] Product Development - The company has made significant progress in high-end wafer photoresists, with over 20 products developed and 12 samples sent for client verification [8] - The semiconductor packaging materials, including PI and temporary bonding adhesives, have also seen initial orders, indicating a strong market entry [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next 6 to 12 months [15]. Core Insights - The company plans to acquire a 54.5% stake in Winshang Technology for 578 million yuan, which will enhance its growth trajectory and diversify its business [5][7]. - Winshang Technology is a leading domestic supplier of rotary transformers, crucial for the electric drive systems in new energy vehicles, with a market share exceeding 50% in 2022 [6]. - The acquisition is expected to create synergies between the two companies, leveraging Winshang's technical expertise and the company's established global customer base [7]. Financial Projections - Revenue forecasts for the company are projected at 8.67 billion yuan for 2025, 9.65 billion yuan for 2026, and 10.24 billion yuan for 2027, with corresponding net profits of 537 million yuan, 609 million yuan, and 672 million yuan respectively [8][10]. - The company's earnings per share (EPS) are expected to grow from 1.05 yuan in 2025 to 1.31 yuan in 2027, reflecting a positive growth trend [10][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 18.1 in 2025 to 14.4 in 2027, indicating potential value appreciation [10][11].

证券研究报告：汽车 | 公司点评报告 发布时间：2025-05-28 股票投资评级 买入|维持 个股表现 -17% -11% -5% 1% 7% 13% 19% 25% 31% 37% 2024-05 2024-08 2024-10 2025-01 2025-03 2025-05 亚普股份 汽车 亚普股份(603013) 拟收购赢双科技 54.5%股权，开辟成长新路径 ⚫ 事件 5 月 27 日晚，亚普股份公告拟以自有资金 5.78 亿元购买赢双科 技 54.5%股权，交易对方包括上海飞驰、融享贝盈等法人实体及凌世 茂等自然人。本次交易完成后，赢双科技将成为公司控股子公司，纳 入合并报表范围。截至 2025 年 3 月 31 日，亚普股份总资产为 68.97 亿元，资产负债率为 33.63%，账面货币资金 14.02 亿元。 ⚫ 点评 一、标的公司赢双科技是旋转变压器国产化替代头部供应商。 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.94 | | --- | --- | | 总股本/流通股本（亿股）5.13 / 5.13 | | | 总市值/流通市值（亿元）97 / 97 | ...