报告要点 [Table_Summary] 公司发布 2025 年一季度业绩预告，预计 2025Q1 归母净利润为 7.6 亿元到 8.4 亿元，同比增 长 145%到 171%。预计 2025Q1 扣非净利润为 7.4 亿元到 8.2 亿元，同比增长 157%到 185%。 同时，巨化投资将 4 月 8 日起 3 个月内，增持的金额累计不少于人民币 5,000 万元（含本次）， 不超过人民币 10,000 万元（含本次）。 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 丨证券研究报告丨 公司研究丨点评报告丨巨化股份（600160.SH） [Table_Title] 业绩保持持续增长，制冷剂价格不断上行 research.95579.com 1 巨化股份（600160.SH） cjzqdt11111 [Table_Title2] 业绩保持持续增长，制冷剂价格不断上行 请阅读最后评级说明和重要声明 %% %% %% %% [Table_Summary2] 事件描述 公司发布 2025 年一季度业绩预告，预计 2025Q1 归母净利润为 7.6 亿元 ...

丨证券研究报告丨 %% %% 公司研究丨点评报告丨中国石油（601857.SH） [Table_Title] 无惧油价下跌，一体化优势助 2024 年业绩续创 新高 报告要点 [Table_Summary] 公司披露 2024 年年度报告，公司 2024 年度营业收入 29,379.81 亿元，同比下降 2.48%；归母 净利润 1,646.76 亿元，同比上升 2.02%；扣非净利润 1,732.87 亿元，同比下降 7.50%；其中 2024 年第四季度，公司单季度主营收入 6,817.02 亿元，同比下降 6.7%；单季度归母净利润 321.58 亿元，同比上升 8.05%；单季度扣非净利润 380.63 亿元，同比下降 27.95%。增储上 产效果显著，无惧油价下跌，油气和新能源业务业绩同比提升；炼油产品毛利收窄，化工业务 有所改善；销量增加及进口气成本降低，天然气销售业务盈利能力大幅提高。 分析师及联系人 [Table_Author] 魏凯 王岭峰 SAC：S0490520080009 SAC：S0490521080001 SFC：BUT964 请阅读最后评级说明和重要声明 %% %% 事件评论 r ...

丨证券研究报告丨 公司研究丨点评报告丨长江电力（600900.SH） [Table_Title] 来水改善业绩展望优异，利差高位突显投资价值 报告要点 [Table_Summary] 得益于来水同比改善，公司境内所属六座梯级电站总发电量约 576.79 亿千瓦时，较上年同期 增加 9.35%，在电量稳健增长的带动下公司水电经营性业绩展望积极。同时考虑参股水电公司 业绩也有望实现高增，公司一季度预计实现优异的业绩表现。截至 4 月 7 日，按照最新一期分 红比例以及 2024 年盈利预期，公司预期股息率与十年期国债到期收益率之差已经达到 2023 年 以来的 93%分位数，利差维度公司投资性价比极为突出，我们坚定看好公司作为稳健红利典范 的投资价值。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 [Table_Title 来水改善业绩展望优异， 2] 利差高位突显投资价 值 [Table_Summary2] 事 ...

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Investment Rating - The report maintains a "Positive" investment rating for the food and beverage industry [7]. Core Insights - The food and beverage industry is expected to have a stable start in Q1 2025, with improvements anticipated throughout the year [3][4]. - The retail sales of tobacco and alcohol in January-February 2025 increased by 5.5% year-on-year, slightly down from 5.7% for the entire year of 2024 [3][12]. - The report highlights a recovery in demand for consumer goods, with expectations for profit improvements [4][15]. Summary by Relevant Sections Alcohol Industry - The white liquor sector is expected to maintain a steady performance post-Spring Festival, with leading brands like Kweichow Moutai and Wuliangye recommended for investment [3][12][14]. - The average price index for white liquor in February 2025 was 99.94, indicating a slight decrease of 0.06% [3][12]. - The report anticipates a stable performance for high-end liquor, with Kweichow Moutai expected to achieve a revenue growth of around 8% in Q1 2025 [24][46]. Consumer Goods - The dairy sector saw a production decline of approximately 6.3% in January-February 2025, but demand is expected to stabilize due to recent policy incentives [4][15]. - The meat products sector is projected to perform steadily in Q1 2025, with a potential increase in sales due to traditional seasonal demand [17][18]. - The seasoning products sector is experiencing a gradual recovery, with companies like Haitian Flavoring and Seasoning expected to continue their growth trajectory [5][18]. Beer Industry - The beer sector is set to benefit from improved inventory management, with companies like Qingdao Beer and Yanjing Beer expected to see sales growth in Q1 2025 [19][20]. - The report notes that the beer industry is entering a phase of recovery after a period of inventory reduction [19][20]. Restaurant Supply Chain - The restaurant supply chain is showing signs of demand recovery, with a reported 4.3% increase in restaurant revenue in January-February 2025 [20][22]. - Companies like Baoli Food and Lihai Food are highlighted as key players in this sector, with expectations for revenue growth [22][20]. Key Stock Analysis - The report provides detailed forecasts for key companies, including revenue and profit growth expectations for major players in the alcohol, dairy, and seasoning sectors [24][29][46].

丨证券研究报告丨 公司研究丨点评报告丨福能股份（600483.SH） 张韦华 司旗 宋尚骞 刘亚辉 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 [Table_Title] 风电高增火电成本改善，一季度业绩展望优异 报告要点 [Table_Summary] 一季度用电需求边际转弱叠加风电大发挤压火电出力空间，公司火电发电量 34.06 亿千瓦时， 同比降低 10.71%。成本方面，一季度秦皇岛港 Q5500 动力末煤平仓价同比降低 180.52 元/吨， 成本的显著改善有望拉动公司火电经营性业绩表现稳健。来风延续改善趋势，一季度公司风电 发电量同比增长 27.96%，预计带动公司新能源业绩表现优异。同时，公司参股福建省新能源 资产有望与公司控股新能源业绩同步改善。在火电业务稳健、新能源与投资收益有望持续改善 的拉动下，公司一季度整体业绩仍有望实现优异的表现。 分析师及联系人 1 福能股份（600483.SH） cjzqdt11111 [Table_Tit ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - In 2024, the company achieved a total revenue of 28.87 billion yuan, representing a year-on-year increase of 10.2%. The net profit attributable to shareholders reached 3.50 billion yuan, up 50.1% year-on-year, while the adjusted Non-HKFRS net profit was 3.46 billion yuan, reflecting a 33.5% increase [2][5][8]. - The company has seen robust growth in innovative product revenues, which reached 12.06 billion yuan, a growth of 21.9%, accounting for 41.8% of total revenue. In 2024, six innovative products were approved for market launch, and 28 generic drugs were also approved [8]. - The oncology segment generated revenue of 10.73 billion yuan, up 22.0%, while the liver disease segment saw a decline of 10.1% to 3.44 billion yuan. The respiratory segment grew by 6.2% to 3.15 billion yuan, and the surgical/pain management segment increased by 18.9% to 4.46 billion yuan. However, the cardiovascular segment experienced a significant decline of 21.0% to 2.17 billion yuan [8]. - The company's gross margin for continuing operations improved to 81.5%, up from 81.0% in the previous year, while the selling and administrative expense ratio decreased by 0.1 percentage points, showcasing effective organizational integration and management strategies [8]. - The company is positioned as a benchmark for traditional pharmaceutical companies transitioning to innovation, with a clear inflection point in its fundamentals. The growth in innovative products and optimization of the entire operational chain support its strong long-term value [8]. - Profit forecasts indicate that the net profit attributable to shareholders is expected to be 2.655 billion yuan, 3.144 billion yuan, and 3.725 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.14 yuan, 0.17 yuan, and 0.20 yuan [8].

丨证券研究报告丨 公司研究丨点评报告丨锦江酒店（600754.SH） [Table_Title] 2024 年年报点评：境内酒店经营承压，时尚之 旅出售完成提高盈利能力 报告要点 [Table_Summary] 2024 年全年，公司实现营业收入 140.63 亿元，同比下降 4%，实现归母净利润 9.11 亿元，同 比下降 9.06%，实现扣非归母净利润 5.39 亿元，同比下降 30.32%。展望未来，短期内，公司 延续较高开店计划，预计 2025 年新增开业酒店 1300 家，新增签约酒店 2000 家，2024 年中 国区组织架构调整有望赋能管理效率提升。预计 2025-2027 年公司归母净利润分别为 13.26、 15.18、17.19 亿元，对应 PE 分别为 20/18/16X，维持"买入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锦江酒店（600754.SH） cjz ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The controlling shareholder, Lingyun Group, has shown confidence by planning to increase its stake in the company by 80 to 100 million yuan within the next six months. This reflects a long-term strategic shift towards new energy and a comprehensive reserve of lightweight products. The company is accelerating its global supply capabilities and enhancing its position in the global new energy lightweight market [2][10]. Summary by Sections Event Description - The company announced a plan for the controlling shareholder to increase its stake [4]. Event Commentary - Lingyun Group intends to increase its shareholding by no less than 80 million yuan and no more than 100 million yuan, which will not exceed 2% of the total share capital. After the increase, there will be no reduction in shareholding for six months [10]. - The company is deepening its layout in the new energy sector and enhancing its global supply capabilities. The automotive business is focusing on new energy components, with plans to develop various systems and technologies by 2025. The company is also improving operational quality and risk management in its overseas operations [10]. Investment Recommendations - The company is expected to see both performance and valuation improvements, anticipating a "Davis Double Play." In the short term, the peak of capacity investment has passed, and downstream demand is gradually increasing, which is expected to release profit elasticity. In the medium to long term, the strategic shift towards new energy is anticipated to yield significant growth potential [10]. - The company plans to distribute a cash dividend of 0.10 yuan per share for the first half of 2024, which accounts for 23.56% of the net profit attributable to shareholders for that period. The projected net profits for 2024-2026 are 630 million, 800 million, and 900 million yuan, respectively, with corresponding P/E ratios of 20.9X, 16.5X, and 14.7X [10].

[Table_Author] 丨证券研究报告丨 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 行业研究丨专题报告丨家用电器 [Table_Title] 如何看家电龙头机器人布局前景？ 报告要点 [Table_Summary] 近期家电龙头企业布局人形机器人赛道受到市场广泛关注。我们认为，家电龙头企业过往在工 业机器人、家居环境对应的 know-how 能力以及零部件制造环节等维度拥有深厚积淀。布局人 形机器人产业，或有望赋能家电企业产品的智能化进阶，于估值维度打开成长空间。与此同时， 家电龙头企业经营端表现稳健，经营质量优异，基于此推荐：美的集团、海尔智家、格力电器。 分析师及联系人 [Table_Summary2] 人形机器人星辰大海，龙头短期落地亦有抓手 人形机器人赛道广阔蓝海，有望分别于 2025-2028、2030-2035 年在工业场景和消费场景实现 经济可行性，未来销量有望达百万台。产品大范围落地的难点主要在于软件端的算法、算力有 待提升以及硬件端的成本有待下降，当前产业正看到积极变化。对于家电龙头而言，短期落地 亦有抓手：1）人形机器人有望率先在 ...