Investment Rating - The report initiates coverage with a "Buy" rating for Dong-E E-Jiao [1][8] Core Views - Dong-E E-Jiao is positioned as a leader in the health supplement industry, leveraging its strong brand and product portfolio to drive growth in both traditional and innovative health products [7][42] - The company has shown impressive financial performance, with a significant increase in revenue and net profit forecasted for the coming years, indicating robust growth potential [5][8] - The strategic focus on expanding product lines, particularly in the male health supplement sector, is expected to contribute positively to future earnings [7][42] Summary by Sections Company Overview - Dong-E E-Jiao, established in 1952, has evolved from a state-owned enterprise to a publicly listed company, becoming a standard-bearer in the industry [20] - The company is backed by state-owned assets, ensuring a stable shareholding structure and strategic focus on core products [22] Financial Performance - Revenue for 2024 is projected at 5,775 million yuan, with a year-on-year growth rate of 22.5% [5] - Net profit for 2024 is expected to reach 1,540 million yuan, reflecting a growth rate of 33.8% [5] - The company has maintained a gross margin of around 72.9% for 2024, indicating strong profitability [5] Product Strategy - The core product, E-Jiao blocks, maintains a market share of over 50%, supported by strong brand loyalty and digital marketing efforts [51][53] - The introduction of new health products under the "Royal Enclosure 1619" brand aims to capture the male health supplement market, further diversifying the product portfolio [7][42] - The "Compound E-Jiao Syrup" has seen a significant sales increase, with a 58.1% year-on-year growth in 2023, driven by favorable policy changes [62] Market Position - E-Jiao ranks first in sales among traditional Chinese medicine products, with a market value exceeding 60 billion yuan [45][47] - The overall market for health supplements has grown significantly, with a compound annual growth rate of 12.7% from 2020 to 2023 [47] Valuation - The report estimates a reasonable market capitalization of 482 billion yuan for 2025, indicating a potential upside of 29% from the current market value of 373 billion yuan [8]

证 券 研 究 报 告 2025.3.11 摘要 www.swsresearch.com 证券研究报告 2 ◼ 回顾美容护理板块表现：25年3月政府工作报告再次强调消费对经济的重要性，在政策催化下，预计25年板块将迎来业绩/估值 双击。同时，国货品牌间业绩分化预计将进一步加剧，稳贝塔+强阿尔法组合为板块投资首选。 ◼ 化妆品：国潮、细分、性价比，三大要素将为25年竞争重点。1）预计25年化妆品需求端增长提速但仍以稳健为主，性价比仍为 消费者考虑的重要因素，高性价比品牌预计受益。2）国潮概念持续发力，25年开年古法金、哪吒等国潮元素销售火热，美妆板 块毛戈平及重点国货品牌均在国潮及IP联名等方面及时布局，重点推广，预计将在"谷子"经济带动下业绩高增。3）细分领域 积极布局，形成品牌/品类矩阵，矩阵轮动抵抗经济与时尚周期。同时香氛、男士、线下等领域，预计25年将成为国货发力重点。 ◼ 医美：行业预计受益于居民收入预期的改善，看好医药械公司向日常化、平价化、细分化产品发力。医美药械市场蓝海转红，医 美重点标的产品布局与在研管线完善，在玻尿酸、胶原蛋白、肉毒素、体重管理、光电设备等全领域，自研+外购布局，预计将 超越 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a positive outlook on its future performance [5]. Core Viewpoints - The company is positioned as a refined phosphate chemical enterprise that balances resource utilization and innovation, with a strong focus on transitioning towards high-end new materials and renewable energy sectors. The core business of phosphate chemicals is expected to sustain high profitability, while the specialty chemicals segment is anticipated to gradually contribute to revenue growth [19][20]. - The company has a robust phosphate resource reserve, with current production capacity at 5.85 million tons per year and plans to exceed 10 million tons in the long term. The demand for phosphate is projected to grow at a compound annual growth rate (CAGR) of 4% due to the increasing use of phosphate iron [5][7]. - The specialty chemicals sector, particularly in wet electronic chemicals and phosphating agents, is expected to see significant growth, with the company investing heavily in research and development to enhance its product offerings [19][30]. Financial Data and Profit Forecast - The company’s total revenue for 2023 is projected at 28.105 billion yuan, with a year-on-year decline of 7.3%. However, a recovery is expected with revenues of 28.658 billion yuan in 2024, reflecting a growth rate of 2% [4]. - The net profit attributable to the parent company is forecasted to be 1.379 billion yuan in 2023, with a significant rebound to 1.850 billion yuan in 2024, marking a year-on-year growth of 34.2% [4][5]. - Earnings per share (EPS) are expected to increase from 1.25 yuan in 2023 to 1.68 yuan in 2024, with a three-year CAGR of 24% anticipated [5]. Market Position and Competitive Advantage - The company has established a comprehensive industrial chain that integrates phosphate, silicon, sulfur, salt, and fluorine, enhancing its competitive edge in the market [23][29]. - The company is recognized as a leader in the production of electronic-grade phosphoric acid and has a significant market share in specialty chemicals, which positions it favorably against competitors [30][31]. - The report highlights the company's strong focus on R&D, which has led to the development of high-value products and a robust pipeline for future growth [19][30]. Price Performance and Catalysts - The stock price is currently at 22.20 yuan, with a market capitalization of approximately 24.492 billion yuan. The report notes that the company’s dividend yield is 2.70%, which is attractive compared to industry peers [4][5]. - Potential catalysts for stock price appreciation include rising prices for phosphate, glyphosate, and organic silicon, as well as an increase in the company's dividend payout ratio [8].

证 券 研 究 报 告 供给约束强化，关注春旺行情 2025年春季钢铁行业投资策略 证券分析师：郭中伟 A0230524120004 马焰明 A0230523090003 陈松涛 A0230523090002 研究支持： 郭中耀 A0230124070003 2025.03.12 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 展望2025年，我们认为钢铁行业有三重因素有望促进行业格局改善。 ◼ 1）供给端，政策限产+部分企业现金流压力推动行业供给加快出清。碳中和背景下， 政策端明确钢铁去产量为中长期基调，节能降碳要求有望加快落后产能出清，供给端 行业的兼并重组有望推动未来集中度的提升。 ◼ 2）需求端，制造业需求有韧性，支撑板材和特钢景气度。宏观政策利好助力建筑需求 企稳，同时制造业需求有较强韧性，未来仍然看好板材与特钢板块的盈利能力。 ◼ 3）成本端，原料价格中枢下行，产业链利润分配趋于合理。西芒杜铁矿预期将于 2025年投产，铁矿供给有较大增长，同时钢铁供给端承压制约铁矿需求，预计后续铁 矿石价格中枢回落，推动钢企利润修复。 ◼ 投资分析意见：我们分析认为，我国未来钢铁消费结构将 ...

证 券 研 究 报 告 聚焦景气，布局反转 2025年农林牧渔行业春季投资策略 证券分析师：盛瀚 A0230522080006 朱珺逸 A0230521080004 胡静航 A0230524090002 2025.3.12 内容提要：聚焦景气，布局反转 ◼ 宠物食品仍是核心聚焦：头部企业多品牌运作能力逐步显现，产品迭代升级驱动毛利率继续上行 ◼ 左侧布局养殖：Q2行业或陷入亏损，底部重视生猪养殖；行业亏损近2年，关注牧业周期反转 ◼ "顺周期"仍待验证：需求依然相对疲软，鸡肉价格绝对底部，关注消费复苏进展 www.swsresearch.com 证券研究报告 2 3 1. 宠物经济仍是核心聚焦 2. 博弈提前，左侧布局养殖 3. 关注顺周期，验证需求改善 4. 投资分析意见 5. 风险提示 1.1 "少子化"驱动养宠量增，仍是中国时代背景 图：中国新生人口数在2016年见顶后回落 图：预计中国应届毕业生数量在26-40年均将维持在1500万以上 -20% -15% -10% -5% 0% 5% 10% 15% 20% 0 500 1000 1500 2000 2500 3000 1980 1982 1984 ...

证 券 研 究 报 告 关注基本面反转趋势及"硬科技"带来的估值弹性 2025年医药行业春季投资策略 证券分析师：张静含 A0230522080004 2025.3.12 投资案件 www.swsresearch.com 证券研究报告 2 ◼ 基本面已初现反转趋势：至2025/3/10，医药生物(申万)指数累计全年涨跌幅为+3.0%，跑输大盘3.0pct；从估值百分位来看，医药生物指数目前市盈率百 分位在2016年以来的25.7%，同期万得全A(除金融石油石化)为50.4%，医药生物估值仍处于历史较低分位水平。医保基金运行方面，2024年中国医保基金 实现收支平衡、略有结余，总规模保持稳定增长，当期结余0.47万亿元，累计结存5.31万亿元，累计结存/当期支出比达1.79倍，为近年最高。行业运行方 面，2024年全年规模以上医药制造业企业营业收入规模持平；诊疗恢复方面，2024年全国医院诊疗人次和出院人次已恢复至正常增长，绝对人次上也已超 过2019年疫情前水平。从设备招投标、医药投融资等数据均可以看到医药生物行业已经出现回暖趋势，而目前公募基金在医药行业持仓则为近年来的最低 点。 ◼ AI带来医药医疗领域重 ...

www.swsresearch.com 证券研究报告 2 证 券 研 究 报 告 破茧与新生 2025年春季电新行业投资策略 证券分析师：朱栋 A0230522050001 研究支持： 曾子栋 A0230123070004 .. 25年电新趋势研判 ◼ 站在新起点，拥抱新浪潮 资料来源：申万宏源研究 • 新能源两年多的价格战硝烟已近散去，在这轮角逐中，我们看到了头部企业的强力、终端需求的韧性以 及技术创新的广度，当前二八分化的格局已更加清晰，行业前行的主变量正更多依托优势型企业在产品、 市场端的不断探索，政策环境的冷热变化只是一时之虞，新技术和新市场的破冰值得更多关注。 • 25年我们建议重点把握2条主线——1）强业绩-宁德时代/科达利/珠海冠宇/湖南裕能/阳光电源/阿特斯 等；2）强技术-厦钨新能/信德新材/盛弘股份等。 • 风险提示：1）政策变化及贸易战的风险；2）竞争激烈导致价格超预期下降的风险；3）技术路线迭代 的风险。 主要内容 1. 储能：由政策到市场，网荷侧需求涌现 2. 锂电：价格筑底，新技术交相辉映 3. 投资分析意见与风险提示 3 1.1 国内电力市场趋势分析 1 用电增速趋缓，暂别电荒 ...

重视险资入市蓝海，看好银行绝对收益 2025春季银行业投资策略 证券分析师： 郑庆明 A0230519090001 林颖颖 A0230522070004 冯思远 A0230522090005 研究支持：李禹昊 A0230123070008 联系人： 郑庆明 A0230519090001 2025.03.11 投资要点 www.swsresearch.com 证券研究报告 2 ◼ 年初以来银行板块表现相对跑输行业，但也能看到，在科技主线演绎背景下，银行也并未出现明显回调，其背后也反映出银行股配置价值也在逐步 被重视。现阶段银行股估值修复方兴未艾，核心有三：1）银行板块长期收益率基本与ROE一致，而2020-24年化收益率（约5.8%）明显低于ROE （稳定超10%），均值回归存在必然性。2）2025年以险资为代表的中长期资金入市将带来银行资金蓝海。3）银行基本面"稳"字当头，向下，不 会有更深的负向边际；向上，持有银行就是拥有经济向好的向上期权，继续看好银行的绝对收益表现。 ◼ 息差稳：2025年银行息差尽管仍需消化现有政策影响，但总体表现或好于预期。央行潘功胜行长提出"适时降息"也存在"结构性货币工具资金利 ...

证 券 研 究 报 告 环保红利与化债共振，生物航煤引领成长 2025年春季环保行业投资策略 证券分析师： 王璐 A0230516080007 莫龙庭 A0230523080005 2025.3.11 投资分析意见 主要内容 3 1. 市政环保：红利与化债共振，报表修复凸显投资价值 2. 生物航煤：航空减碳元年开启，生物航煤爆发在即 3. 重点公司估值表及风险提示 1 市政环保：稳健经营，港股高股息表现亮眼 表：环保行业高分红高股息公司汇总（亿元，%, A股为人民币，港股为港币） | 日期 | 证券 | 企业 | 市值 | | PE | | | 归母净利 | | | 分红率 | | | 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/3/10 | | | | 2023 | 2024E | 2025E | 2023 | 2024E | 2025E | 2023 | 2024E | 2025E | 2023 | 2024E | 2025E ...

证 券 研 究 报 告 盈利稳定性提升 公用红利价值持续 2025年公用事业春季投资策略 证券分析师：王璐 A0230516080007 朱赫 A0230524070002 2025.3.11 投资分析意见 www.swsresearch.com 证券研究报告 2 ◼ 电力：水电及部分火电盈利能力具备提升空间，新能源入市新规下海风优势凸显。长周期来看，新增清洁能源装机将贡献我国主要用电增量， 火电在新一轮供给扩张后彰显调节价值。2025年全国年度长协电价普遍下降，煤价中枢下移后火电成本改善，电价下降较低的区域的火电盈利 能力有望进一步提升。各地区电力消纳竞争格局各异，供需紧张省份的火电企业运营效率及上网电价稳定性将优于行业平均。2024年底水电大 水库均保持较高蓄能。大水电梯级联调作用下，一季度发电无虞。枯丰价差拉大有利于大水电调节发电结构，提升综合盈利能力。2024年绿电 消纳形势进一步严峻。新能源全面入市后增量项目（2025年6月1日后）电价下降风险增加。跨省新能源及竞配海风消纳稳定、交易不受新能 源入市新规影响，项目收益率有保障。我们看好海风运营商成长性。利率下行阶段，我们继续看好公用事业高分红的股息价 ...