Investment Rating - The report adjusts the investment rating to "Recommendation" for the company, with a target price of 15.3 CNY based on a projected 30 times PE for 2025 [1][7]. Core Views - The company's main business is gradually recovering, with significant performance in the pet business. The report predicts a net profit of 177 million CNY for 2025 and 211 million CNY for 2026, with an EPS of 0.51 CNY and 0.61 CNY respectively [1][7]. Financial Performance Summary - For 2024, the company achieved a total revenue of 1,043 million CNY, a year-on-year decrease of 16.77%, and a net profit attributable to the parent company of 93 million CNY, down 46.82%. In Q1 2025, revenue reached 279 million CNY, up 18.32%, with a net profit of 53 million CNY, up 93.75% [1][3]. - The financial indicators forecast total revenue growth of 20.6% in 2025, 16.3% in 2026, and 13.3% in 2027. The net profit is expected to grow by 91.2% in 2025 and 19.1% in 2026 [3][8]. Business Segment Performance - The report highlights that the pig vaccine revenue for 2024 was 336 million CNY, down 22.58% year-on-year, while poultry vaccine revenue was 429 million CNY, up 3.31%. The pet business showed remarkable growth, with total revenue of 46.21 million CNY, up 125.16% [1][7]. - In Q1 2025, the pig vaccine revenue was 66.19 million CNY, down 11.64%, while poultry vaccine revenue increased by 33.80% to 123 million CNY. The pet business continued to perform well, with total revenue of 15.13 million CNY, up 90.58% [1][7]. Cost Control and Profitability - The company demonstrated effective cost control in Q1 2025, with a net profit margin of 18.99%, an increase of 7.39 percentage points year-on-year. The overall gross margin for 2024 was 61.09%, remaining stable despite pressures on pig vaccine margins [1][7]. Research and Innovation - The company continues to invest in research and development, enhancing its product matrix with new vaccines and medications. Recent approvals for important products are expected to open new market opportunities [1][7].

行业研究 证 券 研 究 报 告 工程机械行业点评报告 4 月挖机出口表现亮眼，看好海外需求加速 推荐（维持） 复苏 风险提示：国内经济复苏趋缓；市场竞争加剧；原材料价格波动。 重点公司盈利预测、估值及投资评级 邮箱：chenhongyang@hcyjs.com 执业编号：S0360524100002 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 三一重工 | 19.72 | 1.02 | 1.28 | 1.60 | 19.25 | 15.46 | 12.30 | 2.19 | 强推 | | 恒立液压 | 76.10 | 2.14 | 2.56 | 3.09 | 35.52 | 29.69 | 24.62 | 5.73 | 强推 | | 中联重科 | 7.63 | 0.58 | 0.70 | 0.8 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 15 CNY per share [2][9]. Core Insights - In 2024, the company reported a revenue of 28.056 billion CNY, a year-on-year decline of 14.52%, and a net profit attributable to shareholders of 108 million CNY, down 95.24% year-on-year. For Q1 2025, revenue was 5.955 billion CNY, a decrease of 16.71% year-on-year, with a net profit of 190 million CNY, down 44.68% year-on-year [2][9]. - The company is experiencing a gradual optimization of its channels and improvement in cash flow, despite the ongoing decline in the real estate sector [2][9]. Financial Performance Summary - **2024 Financials**: Total revenue of 28,056 million CNY, with a year-on-year growth rate of -14.5%. Net profit attributable to shareholders was 108 million CNY, with a growth rate of -95.2% [5]. - **2025 Projections**: Expected revenue of 29,877 million CNY, with a growth rate of 6.5%. Projected net profit attributable to shareholders is 1,438 million CNY, with a growth rate of 1,229.8% [5]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 0.60 CNY, increasing to 0.74 CNY in 2026 and 0.98 CNY in 2027 [5][9]. Business Segment Analysis - **Revenue Breakdown**: In 2024, retail business revenue was 10.2 billion CNY, accounting for approximately 36.39% of total revenue, with a year-on-year growth of 9.92%. The engineering channel and direct sales generated revenues of 13.4 billion CNY and 4.3 billion CNY, respectively [9]. - **Product Performance**: Revenue from waterproof membranes, coatings, mortar powder, and engineering construction was 11.8 billion CNY, 8.8 billion CNY, 4.2 billion CNY, and 1.6 billion CNY, respectively, with year-on-year changes of -11.45%, -8.96%, -1.06%, and -51.37% [9]. Cash Flow and Cost Management - **Cash Flow Improvement**: In Q1 2025, the company reported a net cash flow from operating activities of -0.81 billion CNY, an improvement of 56.98% compared to the previous period. The expense ratio decreased to 17%, down 3.4 percentage points year-on-year [9]. - **Cost Structure**: The company is optimizing its cost structure, with sales, management, R&D, and financial expense ratios reported at 9.1%, 6.1%, 1.7%, and 0.2%, respectively [9].

证 券 研 究 报 告 机械行业周报（20250505-20250511） 4 月挖机出口提速，关注机器人三大方向 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 汇川技术 | 69.47 | 2.12 | 2.55 | 3.01 | 32.80 | 27.27 | 23.07 | 5.69 | 强推 | | 法兰泰克 | 10.79 | 0.66 | 0.85 | 1.04 | 16.26 | 12.74 | 10.33 | 2.21 | 强推 | | 信捷电气 | 59.54 | 2.05 | 2.57 | 3.11 | 29.06 | 23.18 | 19.15 | 3.36 | 强推 | | 欧科亿 | 17.62 | 0.71 | 1.02 | 1.25 | ...

证 券 研 究 报 告 【宏观快评】 金融政策率先启动——政策周观察第 29 期 4 月政治局会议后，货币金融政策率先启动。5 月 7 日，央行、证监会、金融 监管总局主要负责人出席国新办新闻发布会，介绍一揽子金融政策。参考点评 《为"确定性"护航——5 月 7 日"一揽子金融政策支持稳市场稳预期"学习 理解》。 1、央行潘行长公布了十项货币政策措施：①降低存款准备金率 0.5 个百分点； ②阶段性将汽车金融公司、金融租赁公司的存款准备金率从目前的 5%调降为 0%；③下调政策利率 0.1 个百分点；④下调结构货性货币政策工具利率 0.25 个百分点；⑤降低个人住房公积金贷款利率 0.25 个百分点；⑥增加 3000 亿元 科技创新和技术改造再贷款额度；⑦设立 5000 亿元"服务消费与养老再贷款"； ⑧增加支农支小再贷款额度 3000 亿元；⑨将证券基金保险公司互换便利和股 票回购增持再贷款的额度合并使用；⑩创设科技创新债券风险分担工具。 2、国家金融监督管理总局李局长公布了八项政策措施：①加快出台与房地产 发展新模式相适配的系列融资制度；②进一步扩大保险资金长期投资试点范 围；③进一步调降保险公司股票投资 ...

Investment Rating - The report maintains a "Recommendation" rating for the media industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [49]. Core Insights - The media sector is experiencing a resurgence in the film and gaming markets, driven by advancements in AI applications and cultural confidence stemming from popular IPs like "Nezha" [3][6]. - The report highlights the importance of AI applications in reshaping the industry landscape, with a focus on public cloud value reconstruction and the return to growth for related companies [6][9]. - The gaming market shows strong performance, with Tencent and NetEase leading in iOS sales rankings, indicating a healthy competitive environment [16][19]. - The film market is recovering, with total box office revenue reaching 239 billion yuan as of May 9, 2025, which is approximately 102% of the 2019 level [20][23]. Market Performance Review - The media (Shenwan) index rose by 1.40% last week, underperforming the CSI 300 index, which increased by 2.00%, resulting in a relative underperformance of 0.61% [9][10]. - The report notes that the media sector ranks 24th among all sectors in terms of performance [9]. Industry Highlights - The report emphasizes the potential of AI applications in various sectors, including gaming and education, suggesting a focus on companies like Huya, Giant Network, and Perfect World for gaming, and New Oriental and TAL Education for education [6][30]. - The film industry is expected to benefit from a strong pipeline of upcoming releases, with several key films set to debut in mid-May [29][30]. Company Announcements - Perfect World announced a 2025 employee stock ownership plan, indicating a commitment to employee engagement and retention [36]. - Wanda Film disclosed plans for a share reduction by a major shareholder, which may impact market sentiment [38].

债券研究 证 券 研 究 报 告 【债券周报】 按图索骥，利差压缩到哪一步？ ——债券周报 20250511 ❖ 一、债市再次进入无明显驱动的震荡期 1、基本面：目前已公布的 4 月经济数据表现分化，PMI 反应的预期下行，但 出口仅小幅回落表现依然强韧，外部谈判仍有不确定性，短期基本面处于观察 期。参考 2018 年贸易摩擦开启后 PMI 走势整体下行的特征，以及新出口订单 转弱对生产的传导或存在滞后效应，预计"抢转口"或难以完全对冲贸易摩擦 影响，二季度基本面仍面临一定扰动，但幅度取决于中美贸易谈判、国内政策 强度与对冲效果，基本面暂时进入观察期，短期对债市影响有限。 2、宽货币先行利好落地，资金宽松，但短端反应已较为充分。5 月初缴款扰 动相对有限，降准落地带动银行资金预期有明显缓和，资金中枢下台阶至 1.5% 附近，往后看或延续略偏高政策利率运行的状态，进一步向下突破仍待观察。 资金空间打开后，短端存在正 carry 的品种快速反应，收益率跟随下行。本周 短端主要买入力量集中在基金、货基、理财，其中基金以二永及普信债为主， 货基以短利率和存单为主，理财和其他产品类主要增配存单。 3、权益：相较于 24 ...

Investment Rating - The report maintains a "Recommendation" rating for Daqin Railway (601006) [1] Core Views - The coal transportation volume is under pressure, leading to a decline in performance, but the company’s core asset value remains promising [1] - In April, the Daqin line's transportation volume turned positive, indicating potential recovery [1] - The company is viewed as a high-dividend stock with significant allocation value, especially given its core asset's strategic importance in China's energy transportation system [6] Financial Summary - For 2024, total revenue is projected at 74,627 million, a year-on-year decrease of 7.9%, with net profit at 9,039 million, down 24.2% [2][6] - The first quarter of 2025 shows a revenue of 17,801 million, a decline of 2.56%, and a net profit of 2,571 million, down 15.61% [6] - The company’s earnings per share (EPS) for 2025 is estimated at 0.49, with a price-to-earnings (P/E) ratio of 13 [2][6] Operational Performance - The freight business, which is the main revenue source, generated 53,441 million in 2024, a decrease of 12.73%, accounting for 72.88% of total revenue [6] - The company transported 70,622 million tons of goods in 2024, down 2.7% year-on-year [6] - Passenger transport revenue increased by 12.23% in 2024, reaching 10,010 million, with 46.41 million passengers transported [6] Investment Recommendations - The report suggests adjusting profit forecasts for 2025-2026 to 99,520 million and 103,360 million respectively, with a new forecast for 2027 at 104,260 million [6] - The target price is set at 7.7 yuan, indicating a potential upside of 16% from the current price of 6.66 yuan [2][6] - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 4.3% based on 2025 earnings [6]

行业研究 上周量化私募超额有所回升，中性策略正收益。上周样本量化私募收益及超额如下： 1）300 增强策略周/月/年初以来平均收益分别为-0.4%/-1.3%/-1.8%，周/月/年初以来平均 超额分别为+0.1%/+0.9%/+3.3%；2）500 增强策略周/月/年初以来平均收益分别为+0.4%/- 1.7%/+2.3%，周/月/年初以来平均超额分别为+0.3%/+2%/+7.1%；3）A500 增强策略周/月 /年初以来平均收益分别为-0.2%/+1.5%/+5.6%，周/月/年初以来平均超额分别为- 0.1%/+4.1%/+11%；4）1000 增强策略周/月/年初以来平均收益分别为+0.7%/-1.2%/+5.4%， 周/月/年初以来平均超额分别为+0.5%/+3%/+9.2%；5）空气指增策略周/月/年初以来平均 收益分别为+0.8%/-0.2%/+7.8%；6）市场中性策略周/月/年初以来平均收益分别为 +0.2%/+0.8%/+4.4%。 指数收益情况：1）沪深 300 相对中证 500 周/月/年初以来超额收益分别为-0.4%/- 0.2%/+1.9%；2）中证 1000 相对中证 500 ...

Investment Rating - The report maintains a "Recommendation" rating for the communication industry, suggesting an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [28]. Core Viewpoints - The ongoing escalation of the India-Pakistan conflict highlights the importance of military and satellite sectors, with a recommendation to focus on these areas for potential investment opportunities [14][20]. - The communication industry has shown resilience, with a 4.96% increase in the past week, outperforming the Shanghai and Shenzhen 300 index by 2.95 percentage points [7][8]. - The report emphasizes the growing significance of national defense and military capabilities, particularly in the context of low-orbit satellites, which have gained attention during the recent conflict [20]. Industry Overview - The communication industry consists of 124 listed companies with a total market capitalization of approximately 45,863.87 billion and a circulating market value of about 20,038.81 billion [3]. - The industry has experienced a year-to-date decline of 3.21%, underperforming the Shanghai and Shenzhen 300 index, which has decreased by 2.26% [7]. Stock Performance - The top five performing stocks in the communication sector for the week include Jialitu (+27.01%), Youfang Technology (+23.40%), and Xinyi Technology (+21.63%) [11]. - Conversely, the stocks with the largest declines include Aojie Technology-U (-12.69%) and Shengke Communication-U (-6.81%) [11]. Investment Recommendations - Key recommendations include major operators such as China Mobile, China Telecom, and China Unicom [21]. - For optical modules and related components, the report recommends Xinyi Technology, Tianfu Communication, and Zhongji Xuchuang, while suggesting attention to Yuanjie Technology and Shijia Photon [21]. - In the military/satellite communication sector, the report highlights Haige Communication, Shanghai Hanhua, and Qiyi Er as key investment opportunities [21].