规模持续扩张，加速深加工转型。公司多项目稳步推进，根据年报，新项目中靖江甬金年加 工 40 万吨不锈钢板带生产线已投入试生产；新越科技年加工 8 万吨 BA 不锈钢带生产线已 投产，二期年加工 18 万吨 2B 不锈钢带生产线主设备已基本安装完成；河南中源钛业年产 1.5 万吨钛合金材料生产线已正式投产；浙江镨赛年产 7.5 万吨柱状电池专用外壳材料生产 线已基本调试完成，经小批量送样后正在进一步优化改进。公司未来产销量增长潜力大，目 前公司在建项目包括新越科技年加工 26 万吨精密不锈钢带项目（二期）年加工 18 万吨 2B 不锈钢带生产线预计 2025 年上半年试生产；浙江镨赛负责实施的年产 22.5 万吨柱状电池专 用外壳材料项目（二期）预计年底试生产；四川攀金新材年产 2 万吨钛合金新材料项目（一 期）按计划已开工建设，预计年底进入试生产阶段；泰国甬金年加工 26 万吨精密不锈钢板 带项目（一期）项目按计划开工建设，预计 2026 年三季度进入试生产阶段；土耳其项目尽 快完成前期审批工作，适时开工建设。除了传统主业不锈钢加工外，公司业务逐步向金属深 加工环节扩张，从专注钢铁行业逐步扩展到有色金属等领域 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved record high performance in 2024, with revenue reaching 6.278 billion yuan, a year-on-year increase of 23.67%, and a net profit of 1.03 billion yuan, up 71.57% year-on-year [1] - The company is focusing on three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing collaboration with industry leaders and increasing customer stickiness [1][3] - The company has optimized its product and market structure, resulting in significant cost reduction and efficiency improvements, with gross margin increasing by 3.28 percentage points to 31.1% in 2024 [1][4] Summary by Sections Financial Performance - In 2024, the optical components business generated revenue of 2.88 billion yuan, up 17.9% year-on-year, with a gross margin of 36.3%, an increase of 5.7 percentage points [2] - The thin-film optical panel segment reported revenue of 2.47 billion yuan, a 33.7% increase, with a gross margin of 26.7% [2] - The semiconductor optics segment achieved revenue of 130 million yuan, a 19.5% increase, with a gross margin of 40.3% [2] Business Segments - The automotive electronics segment generated revenue of 300 million yuan, a 3.0% increase, with a gross margin of 13.5% [2] - The company secured over ten key projects in the automotive optics sector, with HUD shipments nearing 300,000 units, indicating steady market share growth [3] - In the AR/VR sector, the company has developed a one-stop optical solution capability and is addressing mass production challenges [3][4] Research and Development - The company has significantly increased its R&D investment, with expenses rising from 160 million yuan in 2019 to 420 million yuan in 2023, and a total of 1.165 billion yuan allocated from 2022 to 2024 [4] - The focus of R&D has shifted to AR reflective waveguides, with efforts to resolve mass production issues [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 7.593 billion yuan, 9.020 billion yuan, and 10.355 billion yuan, respectively, with corresponding net profits of 1.269 billion yuan, 1.574 billion yuan, and 1.829 billion yuan [5][4] - The current stock price corresponds to a PE ratio of 19, 15, and 13 for the years 2025, 2026, and 2027, respectively [4]

证券研究报告 | 公司点评 gszqdatemark 2025 04 10 年 月 日 海大集团（002311.SZ） 公司发布 2025 年第一季度业绩预告，预计 2025 年第一季度实现归母净 利润 12-13 亿元，同比增长 39.42%-51.04%，扣非净利润 12-13 亿元， 同比增长 57.96%-71.13%，一季度业绩超预期。 业绩表现亮眼，饲料主业销量实现较好增长。一季度公司饲料外销量约 595 万吨，同比增长约 25%，同时公司积极开拓海外市场，通过在越南、 印尼、厄瓜多尔、埃及等目标市场当地建厂，海外业务不断取得进展。展 望未来，公司将坚定不移向短期 2025 年 300 万吨外销增量、中期 2030 年有望达到 5150 万吨，目标清晰，可兑现度高。 生猪利润超预期，养殖业务稳健推进。专业能力持续提升，公司摸索并推 行"外购仔猪公司+家庭农场、锁定利润、对冲风险"的运营模式，生猪 套保业务实现良好利润。在生猪养殖成本逐步下降下，2025 年全年公司 生猪养殖业务有望实现较好利润。 另外，公司饲料行业受关税政策对产业影响较少。近年来，饲料行业供应 链条安全、可控，原材料玉米以国内自产 ...

盈利水平表现亮眼，多维赛道齐驱并进 水晶光电发布 2024 年报，业绩创新高。2024 年，公司实现营收 62.78 亿元，同比增 长 23.67%，主因公司多个战略项目成功落地，业务规模创历史新高。公司盈利能力持 续增强，实现归母净利润 10.30 亿元，同比增长 71.57%；实现扣非归母净利润 9.55 亿 元，同比增长 82.84%。公司继续深耕消费电子、车载光学、AR/VR 三大赛道，与产业 链龙头合作愈发紧密，客户粘性持续增强，供应链地位持续提升。 证券研究报告 | 年报点评报告 gszqdatemark 2025 04 10 年 月 日 水晶光电（002273.SZ） 优化产品和市场结构，降本增效成果显著。利润率方面，公司 2024 年毛利率同比提升 3.28pcts 至 31.1%，净利率同比增长 4.5pcts 至 16.6%，公司各业务板块齐头并进， 通过不断优化产品和市场结构，盈利能力持续增强。在费用端，降本增效持续推进，取 得显著成效，公司销售费用率、管理费用率、研发费用均较 2023 年有所下降，其中管 理费用率从 2023 年的 6.97%下降至 5.81%。 消费电子：主业表现出 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 1.2 to 1.3 billion yuan in Q1 2025, representing a year-on-year growth of 39.42% to 51.04% [1] - The feed business has shown strong sales growth, with external feed sales reaching approximately 5.95 million tons in Q1 2025, a year-on-year increase of about 25% [1] - The company is actively expanding its overseas market presence by establishing local factories in countries such as Vietnam, Indonesia, Ecuador, and Egypt [1] - The pig farming business is expected to generate good profits in 2025 due to a decrease in breeding costs and the implementation of a risk-hedging operational model [1] - The company has a clear target for external sales growth, aiming for an increase of 3 million tons in the short term for 2025 and 51.5 million tons by 2030 [1] Financial Performance Summary - The company reported a revenue of 104.715 billion yuan in 2022, with projected revenues of 116.117 billion yuan in 2023 and 127.923 billion yuan in 2024, reflecting a growth rate of 21.6%, 10.9%, and 10.2% respectively [4] - The net profit attributable to shareholders was 2.957 billion yuan in 2022, with projections of 4.516 billion yuan in 2024 and 5.229 billion yuan in 2025, indicating a year-on-year growth of 64.8% and 15.8% respectively [4] - The earnings per share (EPS) is expected to increase from 1.78 yuan in 2022 to 3.14 yuan in 2025 [4] - The company maintains a healthy return on equity (ROE) of 20.3% in 2024, slightly decreasing to 20.2% in 2025 [4] Industry Insights - The feed industry is less affected by tariff policies due to a stable supply chain, with domestic corn production and diversified import channels for soybeans and soybean meal [2] - The company has developed various low-protein formula technologies and raw material substitution techniques, reducing reliance on imported soybeans [2]

朝闻国盛 证券研究报告 | 朝闻国盛 gszqdatemark 2025 04 10 年 月 日 【农林牧渔】牧原股份（002714.SZ）-3 月成本下降显著，年度目标可 期——20250409 我国货币政策的框架变迁—兼论今年降准降息节奏 今日概览 重磅研报 【宏观】我国货币政策的框架变迁—兼论今年降准降息节奏—— 20250409 【固定收益】适当防守，静待权益企稳——转债策略月报——20250409 【固定收益】信用行情逐步打开——4 月信用策略——20250409 【化工&建筑】中岩大地（003001.SZ）-三代传承，决胜"新基建"黄 金时代——20250409 研究视点 【煤炭】"中特煤"，以行动书写担当——20250409 【电力】密集增持回购，书写电企担当——20250409 【社会服务】金陵饭店（601007.SH）-2024 年业绩承压，关注酒店及食 品科技业务推进——20250409 【社会服务】首旅酒店（600258.SH）-盈利指标稳健，2025 年预计开店 提速，分红有所提升——20250409 【煤炭】兖矿能源（600188.SH）-向"3 亿吨"产能目标继续迈进—— 2025 ...

Investment Rating - The report assigns a "Buy" rating for key coal companies such as China Shenhua and China Coal Energy, indicating a positive outlook for their stock performance [9]. Core Viewpoints - The report emphasizes the strong support from state-owned enterprises for high-quality development of listed companies, highlighting the importance of maintaining stable profits and optimizing operational efficiency [3][6]. - It notes that despite cyclical fluctuations in coal prices, leading companies have managed to reduce costs and improve efficiency, resulting in performance declines that are significantly lower than the price drops [3]. - The report suggests that the current coal price is at a bottom range, with expectations of recovery driven by domestic policies aimed at stabilizing growth and boosting demand [5][10]. Summary by Sections Industry Overview - The coal mining sector is experiencing a significant adjustment, with major state-owned enterprises actively supporting their listed subsidiaries to enhance investor confidence and market stability [5][6]. - The report highlights the government's commitment to maintaining a stable economic environment, which is expected to benefit the coal sector [3]. Financial Performance - China Shenhua's coal production cost for 2024 is reported at 179 RMB/ton, remaining stable year-on-year, while China Coal Energy's cost is 282 RMB/ton, down 25 RMB/ton from the previous year [10]. - The report indicates that both companies are focusing on increasing shareholder returns through dividends and share buybacks, with China Shenhua planning a cash dividend of 2.26 RMB/share, representing a high payout ratio of 76.5% [10]. Investment Strategy - The report recommends several key stocks in the coal sector, including China Shenhua, China Coal Energy, and others, based on their strong financial performance and potential for future growth [9][10]. - It suggests that the coal sector is well-positioned to benefit from domestic policies aimed at stimulating investment and consumption, which could lead to improved demand for coal [5][10].

"一利稳定增长，五率持续优化"，着力提高央企控股上市公司质量，强化投资者回报。24 年初，《学习时报》刊发国务院国资委党委署名文章《以新担当新作为开创国资央企高质量 发展新局面》。文章提出"贯彻落实中央经济工作会议对今年经济工作的总体要求，国务院 国资委对中央企业总体保持"一利五率"目标管理体系不变，具体要求是"一利稳定增长， 五率持续优化"，即推动中央企业效益稳步提升，利润总额、净利润和归母净利润协同增长， 净资产收益率、全员劳动生产率、营业现金比率同比改善"。 考虑到煤价属周期波动，煤炭企业或通过加大成本管控力度，保证企业效益稳步提升。以神 华、中煤两大央企为例，在 24 年煤价中枢明显下移的背景下，其业绩降幅显著低于煤价降 幅，降本增效成效显著，诚意满满。 增持（维持） 证券研究报告 | 行业点评 gszqdatemark 2025 04 09 年 月 日 煤炭开采 "中特煤"，以行动书写担当 事件：两大煤炭央企发声"积极支持控股上市公司高质量发展"。 基本面方面，把握行业本质属性，坚定信心、坚守定力。 多部委机构打出稳市组合拳，场外增量资金充足，我们认为"财务报表优异，低资本开支& 现金流充裕，具备高 ...

证券研究报告 | 行业点评 gszqdatemark 2025 04 09 年 月 日 电力 密集增持回购，书写电企担当 国资委全力支持央企上市公司增持回购，中国诚通提出千亿增持计划。国 务院国资委 4 月 8 日表示，将全力支持推动中央企业及其控股上市公司主 动作为，不断加大增持回购力度，切实维护全体股东权益，持续巩固市场 对上市公司的信心，努力提升公司价值，充分彰显央企责任担当。作为国 资委旗下重要国有资本运营平台，4 月 8 日，中国诚通控股集团有限公司 董事会决定，根据中国人民银行、金融监管总局和中国证监会关于股票回 购增持再贷款的相关规定，中国诚通拟使用股票回购增持再贷款资金 1000 亿元，用于增持上市公司股票。4 月 7 日，其旗下诚通金控和诚旸投 资已增持央企股票及 ETF，明确表态将"当好长期投资者"，支持央国企高 质量发展。 电力央企密集响应，增持回购彰显行业信心。多家电力央企发布增持公告， 具体包括： 电力作为"中特估"核心资产有望直接受益，重塑估值空间。当前市场波 动下，公用事业防御属性优势凸显，高股息标的的市场认同度再度提升， 作为"中特估"核心资产，估值有望重塑。2024 年，中央 ...

Investment Rating - The report maintains a "Buy" rating for Yanzhou Coal Mining Company [4] Core Views - Yanzhou Coal Mining Company is progressing towards its goal of 300 million tons of production capacity through the acquisition of a 51% stake in Northwest Mining for a cash consideration of 14.066 billion yuan [1][11] - The acquisition is expected to significantly enhance the company's coal resource volume, reserves, and production capacity, adding approximately 6.35 billion tons of resources and 3 million tons of commodity coal production [11] - The company anticipates achieving net profits of 9.895 billion yuan, 11.902 billion yuan, and 13.755 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 12.8X, 10.7X, and 9.2X [9] Summary by Sections Acquisition Details - Yanzhou Coal plans to acquire 51% of Northwest Mining, with cash payments of 4.09 billion yuan for a 2.24% stake and 93.18 billion yuan for capital increase [1] - The acquisition will increase Northwest Mining's registered capital from 5 billion yuan to 7.551 billion yuan [1] Resource and Production Capacity - Northwest Mining has a total of 12 coal enterprises and holds 14 mining rights, with a total mining resource of 4.86 billion tons and a recoverable reserve of 2.69 billion tons [7] - The company has a current production capacity of approximately 33.8 million tons per year for thermal coal and 2.25 million tons per year for coking coal [7] Financial Performance - The report projects a decline in revenue from 150.068 billion yuan in 2023 to 127.382 billion yuan in 2025, with a subsequent recovery in 2026 and 2027 [10] - The net profit is expected to decrease from 20.144 billion yuan in 2023 to 9.895 billion yuan in 2025, before recovering in the following years [10] Valuation Metrics - The report provides a valuation with P/E ratios projected to decrease from 6.3 in 2023 to 9.2 in 2027, indicating a potential for growth in the company's earnings [10]