Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [5]. Core Views - The company is positioned as a global leader in the semiconductor display industry, with a robust business structure that includes a focus on IoT innovation and a comprehensive "1+4+N" ecosystem [1][4]. - The LCD business is expected to benefit from increasing average TV sizes and government subsidies, leading to a price recovery in the market [2]. - The OLED segment is experiencing growth across multiple fields, with a significant increase in market share and product optimization [3]. - The company is projected to achieve substantial revenue growth in the coming years, with expected revenues of 2159.96 billion, 2395.66 billion, and 2640.58 billion yuan for 2025, 2026, and 2027 respectively [9]. Summary by Sections Company Overview - The company has been deeply involved in the display industry for over 30 years, establishing itself as a global leader in semiconductor displays [1]. - It operates multiple manufacturing bases across China and has subsidiaries in 20 countries, providing a comprehensive service network [1]. LCD Business - The global average size of TV panels is projected to reach 51.5 inches in 2024, with a continued increase expected in subsequent years [2]. - The company holds a 25.2% global market share in the LCD sector, maintaining its position as the largest supplier with over 50 million units shipped [2]. OLED Business - The global OLED display panel shipment area is expected to grow at a CAGR of 15.62% from 2023 to 2027 [3]. - The company has surpassed South Korean competitors in the smartphone OLED panel market, achieving a 50.7% share in 2024 [3]. Non-Display Business - The company has developed a comprehensive business architecture centered around its display technology, extending into IoT and other innovative fields [4]. - The "1+4+N" strategy emphasizes the integration of semiconductor displays with IoT innovations, sensors, MLED, and smart medical engineering [4]. Financial Projections - The company is expected to see significant revenue growth, with projected revenues of 2159.96 billion, 2395.66 billion, and 2640.58 billion yuan for 2025, 2026, and 2027 respectively [9]. - The net profit is forecasted to reach 94.15 billion, 134.34 billion, and 155.38 billion yuan for the same years [9].

证券研究报告 | 行业专题研究 gszqdatemark 2025 04 25 年 月 日 农林牧渔 养殖减配明显，种植小幅减配——2025Q1 持仓分析 四季度重仓继续减配。截止 2025 年一季度，农林牧渔股重仓占比 0.92 %，环比下降 0.08pct，同比下降 0.74pct。第一季度农林牧渔重 仓占比低于行业平均配置比例 0.46pct，从 10 年历史平均来看农林牧渔重 仓占比约为 1.64%，目前配置水平远低于平均水平和标配水平，为近 3 年 来最低。 养殖减配为主，其他板块变化较小。分行业来看，养殖业 25Q1 重仓占比 0.45%，环比下降 0.06pct，同比下降 0.65pct，一季度周期方向不明，板 块随之减配；饲料、动物保健重仓占比分别下降 0.003pct、上升 0.003pct， 整体变化较小；种植业重仓占比下降 0.02pct，小幅减弱。 龙头重仓股减配，中宠股份增配。分公司来看，前 15 大重仓股中，大部 分公司有所减配，仅中宠股份增配约 0.03pct，海大集团、温氏股份、牧原 股份均小幅减配，环比减少 0.02pct、0.02pct、0.03pct。通过重仓持股市 值与 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company, BOE Technology Group Co., Ltd., has established itself as a global leader in the semiconductor display industry, with a comprehensive business structure centered around semiconductor displays and extending into IoT innovations, sensors, MLED, and smart medical integration [1][16]. - The company is expected to benefit from the recovery of the panel cycle, with projected revenues of 215.996 billion, 239.566 billion, and 264.058 billion yuan for the years 2025, 2026, and 2027 respectively, alongside net profits of 9.415 billion, 13.434 billion, and 15.538 billion yuan for the same years [9][10]. Summary by Sections Company Overview - BOE was founded in April 1993 and has over 30 years of experience in the display industry, becoming a leading global enterprise with manufacturing bases across multiple countries [1][16]. - The company has a robust global service system covering major regions including Europe, America, Asia, and Africa [1]. LCD Business - The average size of global TV panels is projected to reach 51.5 inches in 2024, with BOE maintaining the largest market share in LCD shipments, accounting for 25.2% globally [2]. - The company is expected to benefit from the recovery in panel prices due to increasing demand for larger sizes and favorable domestic policies [2][9]. OLED Business - The global OLED display panel shipment area is expected to grow at a CAGR of 15.62% from 2023 to 2027, with BOE achieving a 50.7% market share in smartphone OLED panel shipments in 2024 [3]. - The company is positioned to expand its production capacity with the upcoming launch of its 8.6 generation AMOLED production line in 2026 [3]. Non-Display Business - BOE has implemented a "1+4+N" ecosystem strategy, focusing on extending its value chain through IoT innovations, sensors, MLED, and smart medical applications [4][9]. - The company aims to enhance its platform capabilities and core competitiveness by leveraging advancements in AI and big data [4]. Financial Performance - In 2024, the company reported revenues of 198.381 billion yuan, a year-on-year increase of 13.66%, and a net profit of 5.323 billion yuan, reflecting a significant recovery from previous losses [29]. - The display device business remains the primary revenue source, contributing over 80% to total revenues, with notable growth in various segments [34].

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [6] Core Views - The company achieved a strong start in Q1 2025, with total revenue of 3.827 billion yuan, a year-on-year increase of 6.69%, and a net profit attributable to shareholders of 165 million yuan, up 61.10% year-on-year [1] - The main product U8 continues to grow at over 30%, supported by high-quality development and strategic reforms [1][3] - The company is focusing on digital transformation and supply chain improvements to enhance profitability [2] Financial Performance - In Q1 2025, the gross margin was 42.79%, an increase of 5.61 percentage points year-on-year, attributed to the rapid growth of mid-to-high-end products [2] - The net profit margin increased by 1.46 percentage points to 4.32%, indicating a steady improvement in profitability [2] - The company forecasts net profits for 2025-2027 to grow by 37.1%, 23.9%, and 21.4% respectively, reaching 1.45 billion, 1.79 billion, and 2.18 billion yuan [3] Strategic Initiatives - The company is committed to high-quality development, focusing on optimizing product structure and sales channels, and enhancing high-end and youth-oriented strategies [3] - Digital empowerment and all-channel sales are key areas of focus, with expectations for improved operational efficiency [3] - The company aims to build a sustainable supply chain ecosystem through collaboration with upstream and downstream partners [2]

证券研究报告 | 行业专题研究 gszqdatemark 2025 04 25 年 月 日 农林牧渔 养殖减配明显，种植小幅减配——2025Q1 持仓分析 四季度重仓继续减配。截止 2025 年一季度，农林牧渔股重仓占比 0.92 %，环比下降 0.08pct，同比下降 0.74pct。第一季度农林牧渔重 仓占比低于行业平均配置比例 0.46pct，从 10 年历史平均来看农林牧渔重 仓占比约为 1.64%，目前配置水平远低于平均水平和标配水平，为近 3 年 来最低。 养殖减配为主，其他板块变化较小。分行业来看，养殖业 25Q1 重仓占比 0.45%，环比下降 0.06pct，同比下降 0.65pct，一季度周期方向不明，板 块随之减配；饲料、动物保健重仓占比分别下降 0.003pct、上升 0.003pct， 整体变化较小；种植业重仓占比下降 0.02pct，小幅减弱。 龙头重仓股减配，中宠股份增配。分公司来看，前 15 大重仓股中，大部 分公司有所减配，仅中宠股份增配约 0.03pct，海大集团、温氏股份、牧原 股份均小幅减配，环比减少 0.02pct、0.02pct、0.03pct。通过重仓持股市 值与 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 04 25 年 月 日 朝闻国盛 总量控制指标同比下滑，原料偏紧驱动钨价上移 今日概览 ◼ 重磅研报 【固定收益】高波动下保持长久期——债基 2025Q1 季报分析—— 20250425 【固定收益】攻守兼备之选——固收+系列之可转债基金——20250424 【固定收益】规模收缩，被动防守——货币基金 2025Q1 季报点评—— 20250424 【基础化工】量子计算：打破维度瓶颈，开启化学的"算力革命"—— 20250424 【电子】京东方 A（ 000725.SZ）-领跑全球半导体显示行业，多轮驱动构 筑平台化龙头厂商——20250425 ◼ 研究视点 【有色金属】总量控制指标同比下滑，原料偏紧驱动钨价上移—— 20250424 【家用电器】公牛集团 603195.SH）-传统业务稳健，新能源业务增速 较快——20250424 【国防军工】振华科技 000733.SZ）-2024 年归母净利润同比-63.83%， 预计 2025 年将迎来高增长——20250424 【钢铁】久立特材 002318.SZ）-一季度业绩亮眼，高增趋势有望延续 —— ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated a significant cost advantage in its integrated green aluminum layout, with a notable increase in production targets for 2025, including 1.41 million tons of alumina and 3.01 million tons of electrolytic aluminum [1][2] - The company is positioned as a leader in the domestic green aluminum industry, leveraging its resource advantages and cost efficiencies to achieve substantial growth through capacity realization and cost reduction [4] - The company aims to maintain a high proportion of clean energy in its production, targeting over 80% by 2024, which significantly reduces carbon emissions compared to traditional coal-powered aluminum production [3] Financial Performance - In Q1 2025, the company reported revenue of 14.41 billion yuan, a year-on-year increase of 27%, but a quarter-on-quarter decrease of 6%, with a gross margin of 10% [1] - The net profit attributable to shareholders was 0.974 billion yuan, down 16.3% year-on-year but up 65% quarter-on-quarter, with a net profit margin of 8% [1] - The projected net profit for 2025-2027 is expected to be 5.8 billion, 7.1 billion, and 8.0 billion yuan respectively, with corresponding P/E ratios of 9.0, 7.3, and 6.5 [4][5] Production and Resource Advantages - The company has a strong competitive advantage in resource security, focusing on the development of bauxite resources in Yunnan province, which supports its green aluminum production [2] - The company has established a production capacity of 1.4 million tons of alumina and has successfully launched a joint venture for a 0.9 million tons per year anode carbon project [2][3] Strategic Initiatives - The company is actively pursuing projects to enhance its industrial development quality, including the construction of a comprehensive aluminum resource utilization project and upgrades to its alloy production lines [3] - The company is committed to integrating green development principles throughout its operations, aligning with national ecological civilization goals [3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 24.33 billion yuan in Q1 2025, representing a year-on-year growth of 11.37%, and a net profit attributable to shareholders of 2 billion yuan, up 261.9% year-on-year [1] - The average profit per head for pigs is estimated at 308 yuan, maintaining an industry-leading level due to a decrease in comprehensive breeding costs [1] - The company plans to distribute a cash dividend of 2 yuan per 10 shares for 2024, totaling 1.32 billion yuan, with a combined cash dividend and share buyback amounting to 2.92 billion yuan for 2024 [2] Financial Performance Summary - In 2023, the company had a revenue of 89.902 billion yuan, with a projected revenue of 100.236 billion yuan for 2025, reflecting a year-on-year decrease of 4.4% [3] - The net profit attributable to shareholders is expected to be 9.405 billion yuan in 2025, showing a slight increase of 1.9% compared to 2024 [3] - The earnings per share (EPS) for 2025 is projected to be 1.41 yuan, with a price-to-earnings (P/E) ratio of 12.0 times [3] Business Operations Summary - The company sold 8.174 million pigs in Q1 2025, a year-on-year increase of 13.8%, with an average selling price of 15.2 yuan/kg [1] - The chicken business saw a sales volume of 282 million birds in Q1 2025, up 5.4% year-on-year, but faced a loss of approximately 0.6 yuan per bird due to declining prices [1]

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company reported Q1 2025 results that exceeded expectations, with revenue of 6.67 billion yuan, a year-on-year increase of 37.8%, and a net profit attributable to shareholders of 1.58 billion yuan, up 56.8% year-on-year and 11.6% quarter-on-quarter [1]. - The company is expected to be among the first to achieve mass production of 1.6T optical modules, with a product structure upgrade to focus on 800G and 1.6T products by 2025 [2]. - Despite recent stock price adjustments due to macroeconomic factors and tariffs, the overall industry outlook and technological trends remain positive, with projected net profits for 2025-2027 of 8.18 billion, 10.55 billion, and 12.51 billion yuan, respectively [3]. Financial Summary - Revenue is projected to grow from 10.72 billion yuan in 2023 to 47.89 billion yuan in 2027, with a compound annual growth rate (CAGR) of 16.6% [5]. - Net profit is expected to increase from 2.17 billion yuan in 2023 to 12.51 billion yuan in 2027, reflecting a CAGR of 18.7% [5]. - The company's P/E ratio is projected to decrease from 42.4 in 2023 to 7.4 in 2027, indicating improving valuation metrics over time [5].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 24 年 月 日 中国中免（601888.SH） 口岸免税受益政策优化，期待市内免税增量 事件：1）3 月 28 日，公司发布 2024 年年报，2024 年实现营业收入 564.74 亿元/同比 -16.38%，归母净利润 42.67 亿元/同比-36.44%，扣非归母净利润 41.44 亿元/同比- 37.7%；其中 2024Q4 实现营业收入 134.53 亿元/同比-19.46%，归母净利润 3.48 亿 元/同比-76.93%，扣非归母净利润 2.71 亿元/同比-81.42%。2）发布 2024 年度利润 分配方案，拟每 10 股派发现金红利 10.5 元，共计 21.7 亿元，占据归母净利润 50.91%。 消费意愿阶段趋缓，离岛免税显著承压，口岸免税利润有所优化。2024 年海南接待游 客总人数 9721 万人次/同比+8.0%，全年离岛免税购物金额 309.4 亿元/同比-29.3%。 其中实际购物人次 568.3 万人次/同比-15.9%，据计算人均消费为 5444 元/同比- 15.9%。2024 全年公司实现营业 ...