有色与新材料 2025 年 4 月 3 日 南大光电(300346.SZ) 前驱体产品销量高增，IC业务收入增幅显著 推荐（维持） 现价：37.26 元 主要数据 | 行业 | 电子化学品 | | --- | --- | | 公司网址 | www.natachem.com | | 大股东/持股 | 沈洁/9.75% | | 实际控制人 | -- | | 总股本(百万股) | 576 | | 流通 A 股(百万股) | 547 | | 流通 B/H 股(百万股) | -- | | 总市值（亿元） | 215 | | 流通 A 股市值(亿元) | 204 | | 每股净资产(元) | 5.90 | | 资产负债率(%) | 38.41 | 行情走势图 -50% 0% 50% 100% 24/01 24/04 24/07 24/10 25/01 25/04 沪深300 南大光电 相关研究报告 《南大光电(300346)公司首次覆盖报告：国 产先 进电 材引领者，含氟特气构筑新空间》2023-10-11 《南大光电(300346)公司2023年年报点评： 先进 前驱 体放量，拉动业绩正增长》2024-04-10 《南 ...

Investment Rating - The report maintains a "Recommended" investment rating for Haitian Flavor Industry Co., Ltd. (603288.SH) [1][8] Core Views - The company achieved a total revenue of 26.901 billion yuan in 2024, representing a year-on-year growth of 9.53%, and a net profit of 6.344 billion yuan, up 12.75% year-on-year [3][4] - The gross profit margin improved significantly to 37.00%, an increase of 2.26 percentage points, driven by lower raw material costs and production efficiency enhancements [6][8] - The product matrix continues to expand, with all categories showing effective growth, particularly soy sauce, which generated revenue of 13.758 billion yuan, up 8.87% year-on-year [6][8] - The company has optimized its channel network, achieving balanced revenue growth across different regions, with the southern region showing the fastest growth at 12.88% [6][8] Financial Performance Summary - In 2024, the company reported a revenue of 26.901 billion yuan, with a net profit of 6.344 billion yuan and a gross profit margin of 37.00% [3][6] - The forecast for 2025-2027 indicates a steady growth in net profit, with estimates of 7.004 billion yuan, 7.740 billion yuan, and 8.463 billion yuan respectively [8][10] - The earnings per share (EPS) are projected to increase from 1.14 yuan in 2024 to 1.52 yuan by 2027 [10][11] Financial Ratios - The net profit margin is expected to remain stable, with projections of 23.6% for 2025 and 24.2% for 2027 [10] - The return on equity (ROE) is forecasted to be 20.5% in 2024, gradually decreasing to 18.8% by 2027 [10] - The company's asset-liability ratio is projected to decrease from 23.1% in 2024 to 19.5% in 2027, indicating improved financial stability [10]

Investment Rating - The investment rating for the company is "Recommended" [1][3][10] Core Views - The company achieved a total operating revenue of 174.1 billion yuan in 2024, representing a year-on-year growth of 15.7%, and a net profit attributable to shareholders of 86.2 billion yuan, up 15.4% year-on-year, slightly exceeding the forecast [3][6] - The company aims for a stable growth target in 2025, with an expected revenue growth of around 9% [6][10] - The company is focusing on optimizing online marketing and expanding overseas markets, with domestic and overseas revenues expected to reach 165.7 billion yuan and 5.2 billion yuan respectively in 2024, reflecting year-on-year growth of 16% and 20% [6][10] Financial Performance Summary - In 2024, the company's white liquor revenue reached 170.6 billion yuan, a year-on-year increase of 15.9%, with Moutai liquor and series liquor contributing 145.9 billion yuan and 24.7 billion yuan respectively [6][10] - The gross profit margin for 2024 was 91.9%, with a net profit margin of 49.5% [8][10] - The company plans to distribute a cash dividend of 276.24 yuan per 10 shares, totaling 64.7 billion yuan, which accounts for 75% of the net profit attributable to shareholders [10] Revenue and Profit Forecast - The projected operating revenues for the next few years are as follows: - 2025: 187.6 billion yuan (growth of 9.8%) - 2026: 203.4 billion yuan (growth of 8.4%) - 2027: 218.9 billion yuan (growth of 7.6%) [5][11] - The net profit attributable to shareholders is expected to reach: - 2025: 94.8 billion yuan - 2026: 103.4 billion yuan - 2027: 111.6 billion yuan [5][11] Valuation Metrics - The company’s P/E ratio is projected to decrease from 22.6 in 2024 to 17.4 in 2027, indicating an improving valuation over time [5][11] - The P/B ratio is expected to decline from 8.3 in 2024 to 6.3 in 2027 [5][11]

公 司 报 告 2025年04月03日 计算机 中控技术(688777.SH) 公司业绩保持稳健增长，国际市场加速开拓 推荐 ( 维持) 股价:52.41元 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年报。2024年，公司实现营业收入91.39亿元，同比增长 6.02%；实现归母净利润11.17亿元，同比增长1.38%；实现扣非归母净利润 10.38亿元，同比增长9.51%。公司发布利润分配预案：以总股本785,715,016 为基数，拟向全体股东每10股派发现金红利7.10元（含税）。不进行资本公积 金转增股本，不送红股。 平安观点： 证 券 研究助理 王佳一 一般证券从业资格编号 S1060123070023 WANGJIAYI446@pingan.com.cn | | 2023A | 2024A | 2025 ...

研究助理 玫瑰园里的"贸易革命"对大类资产的影响 券分析师 | 刘璐 | 投资咨询资格编号 | | --- | --- | | | S1060519060001 | | | LIULU979@pingan.com.cn | 债券 2025 年 4 月 3 日 特朗普 2.0 实录 王佳萌 一般证券从业资格编号 S1060123070024 WANGJIAMENG709@pingan.com.cn 平安观点： 债 券 报 告 债 券 动 态 跟 踪 报 告 证 券 研 究 报 告 美东时间 4 月 2 日，特朗普在白宫玫瑰园发表讲话，把所有国家的基准关税 设定为 10%，同时对贸易逆差较大的国家（特朗普列出 50 个）征收更高的 对等关税。这 50 个国家占 24 年美国进口总额的 70%。其中，加征对等关税 较高的国家包括中国（34%）、 欧盟 （20%）、 越 南（46%）、中国台湾 （32%）、日本（24%）、印度（26%）、泰国（36%），重点受影响地区集中 在东南亚。对于中国，对等关税或与此前由于芬太尼问题加征的 20%累计， 总计达到 54%。 我们测算对等关税加征以后，美国平均关税税率总计提高 2 ...

公 司 报 告 食品饮料 2025年04月03日 海天味业(603288.SH) 强者恒强，盈利能力改善 推荐 ( 维持) 股价:40.84元 行情走势图 证券分析师 事项： 公司发布2024年报，全年实现营业收入269.01亿元，同比增长9.53%；归母净 利润63.44亿元，同比增长12.75%；扣非归母净利润60.69亿元，同比增长 12.51%。其中2024Q4实现营业收入65.02亿元，同比增长10.03%；归母净利 润15.29亿元，同比增长17.82%。拟向全体股东每10股派8.6元（含税）。 平安观点： 公 司 年 报 点 评 研 究 报 告 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | ...

公 司 报 告 食品饮料 2025年04月03日 贵州茅台(600519.SH) 24年业绩略超预告，25年目标稳中求进 推荐 ( 维持) 股价:1549.02元 行情走势图 贵州茅台发布年报，2024年实现营业总收入1741亿元，同比增长15.7%，归 母净利862亿元，同比增长15.4%，收入与利润略超预告（预告营业总收入 1738亿元，归母净利857亿元）；4Q24实现营业总收入510亿元，同比增长 12.8%，归母净利254亿元，同比增长16.2%。 平安观点： 证 券 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 147,694 | 170,899 | 187,647 | 203,410 | 218,869 | | YOY(%) | 19.0 | 15.7 | 9.8 | 8.4 | 7.6 | | 净利润(百万元) | 74,734 | 86,228 | 94,832 | 103,381 | 111,597 | | YOY(%) | 19 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [3][13]. Core Views - The company's operating conditions improved in the second half of 2024, with a notable performance from its subsidiary, Electric Science and Technology JinCang [1][8]. - Despite a decline in annual revenue and net profit compared to the previous year, the company is focusing on market expansion and project delivery to enhance its core business [8][9]. - The company is actively participating in digital transformation projects across various sectors, including government and enterprise, which positions it well for future growth [9]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 7.836 billion yuan, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 191 million yuan, down 49.08% [3][8]. - The revenue breakdown shows that the cloud and data services segment grew by 12.34% to 1.173 billion yuan, while other segments experienced declines [8][9]. - The company’s profit distribution plan includes a cash dividend of 0.925 yuan per 10 shares [3]. Revenue and Profit Forecast - The forecast for 2025 estimates revenue to rise to 9.831 billion yuan, with a projected net profit of 249 million yuan, reflecting a recovery trend [7][11]. - The expected earnings per share (EPS) for 2025 is 0.40 yuan, with a price-to-earnings (P/E) ratio of 62.2 times based on the closing price on April 2 [9][11]. Business Segments and Market Strategy - The company is enhancing its digital government initiatives and has secured contracts for various projects, including disaster prevention and monitoring systems [9]. - In the digital enterprise sector, the company continues to provide services to major clients and is expanding its customer base by integrating emerging technologies [9]. - The subsidiary, Electric Science and Technology JinCang, reported a revenue increase of 16.02% to 432.59 million yuan, indicating strong performance in the database sector [9][10]. Financial Ratios and Metrics - The company’s gross margin for 2024 was 24.1%, with a net margin of 2.4% [11]. - The return on equity (ROE) is projected to improve from 3.6% in 2024 to 6.3% by 2027, reflecting enhanced profitability [11]. - The asset-liability ratio stands at 65.0%, indicating a stable financial structure [11].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [14]. Core Views - The innovative value of KC1036 is expected to be reassessed, with the company preparing for a lighter load in 2025 after recognizing goodwill impairment in 2024. The report anticipates that the progress in innovation will support this reassessment [8][9]. - The company has made significant advancements in the clinical trials of KC1036, a first-in-class drug with independent intellectual property rights, targeting multiple indications including advanced esophageal squamous cell carcinoma and thymic cancer [8]. - The report highlights a substantial unmet clinical need in the treatment of advanced esophageal squamous cell carcinoma, suggesting a broad market opportunity given the high incidence of the disease in China [8]. Financial Summary - The company is projected to achieve a net profit of 44 million to 55 million yuan in 2024, a decline of 63% to 73% year-on-year, primarily due to goodwill impairment [8]. - Revenue forecasts for 2024, 2025, and 2026 are 868 million yuan, 990 million yuan, and 1,131 million yuan respectively, with a year-on-year growth of -5.7%, 14.1%, and 14.3% [7][12]. - The net profit for 2025 is expected to rebound to 133 million yuan, reflecting a significant recovery from the anticipated low in 2024 [7][12]. Clinical Development Progress - KC1036 has shown promising progress in clinical trials, with nearly 300 subjects enrolled across various studies. Key milestones include the completion of the first subject enrollment for the phase II trial in adolescents with advanced juvenile sarcoma [4][8]. - The report notes that the company is also advancing other projects, including KC1086 and KC3001, with potential IND submissions expected in 2025 [8].

公 司 报 告 食品饮料 2025年04月03日 重庆啤酒(600132.SH) 短期业绩承压，期待后续改善 推荐 ( 维持) 相关研究报告 【平安证券】重庆啤酒（600132.SH）*季报点评*需 求端承压，静待结构改善*推荐20241031 【平安证券】重庆啤酒（600132.SH）*半年报点评* 直面外部扰动，展现经营韧性*推荐20240815 证券分析师 事项： 重庆啤酒发布2024年年报，2024年实现营收146.4亿元，同比-1.1%，归母净 利11.1亿元，同比-16.6%，收入符合快报，利润低于快报（2024年收入146.4 亿元，归母净利12.5亿元）；4Q24实现营收15.8亿元，同比-11.5%，归母净 利-2.2亿元，去年同期亏损0.1亿元。 平安观点： 司 年 报 点 评 股价:59.4元 行情走势图 证 券 研 究 报 告 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S10605231 ...