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证券Ⅱ行业深度分析:国际投行全球布局的共性经验与个性选择
广发证券· 2025-01-10 03:48
[Table_Title] 证券Ⅱ行业 国际投行全球布局的共性经验与个性选择 [Table_Summary] 核心观点: | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-09 | [相对市场表现 Table_PicQuote] [分析师: Table_Author]陈福 SAC 执证号:S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师: 严漪澜 SAC 执证号:S0260524070005 0755-88286912 yanyilan@gf.com.cn -14% 1% 16% 30% 45% 60% 01/24 03/24 06/24 08/24 10/24 01/25 证券Ⅱ 沪深300 请注意,严漪澜并非香港证券及期货事务监察委员会的注 册持牌人,不可在香港从事受监管活动。 | [Table_ 相关研究: DocReport] | | | --- | --- | | 证券Ⅱ行业:从 ETF 视角看券 | 2024-12-1 ...
农林牧渔行业:从农作物国审新品种看种业发展趋势
广发证券· 2025-01-10 03:48
[Table_Page] 深度分析|农林牧渔 证券研究报告 [Table_Title] 农林牧渔行业 从农作物国审新品种看种业发展趋势 [Table_Summary] 核心观点: | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-09 | [Table_PicQuote] 相对市场表现 [分析师: Table_Author]钱浩 -24% -13% -2% 8% 19% 30% 01/24 03/24 06/24 08/24 10/24 01/25 农林牧渔 沪深300 | | SAC 执证号:S0260517080014 | | --- | --- | | | SFC CE No. BND274 | | | 021-38003634 | | | shqianhao@gf.com.cn | | 分析师: | 周舒玥 | | | SAC 执证号:S0260523050002 | | | 021-38003537 | | | zhoushuyue@gf.com.cn 请注意,周舒玥并非香港证券及期货事务监察委员会的注 ...
工程机械行业跟踪:小松开工小时数亮眼,传统需求指引乐观
广发证券· 2025-01-10 03:47
[Table_Page] 跟踪分析|机械设备 证券研究报告 [Table_Title] 工程机械行业跟踪 小松开工小时数亮眼,传统需求指引乐观 [Table_Summary] 核心观点: 偏弱的省份复苏,是 25 年挖机增速"上台阶"的关键;而小松开工数 据具有良好的前瞻意义。 | DocReport] [Table_ 相关研究: | | | --- | --- | | 机械设备行业周报:海外燃机 | 2025-01-07 | | 高景气,AI 敞口值得重点关注 | | | 机械设备行业周报:工业企业 | 2024-12-29 | | 利润降幅收窄,船价连续环比 | | | 回升 | | | 柴油发电机组行业跟踪报 | 2024-12-26 | | 告:AIDC 资本开支加速,带来 | | | 国产突破机遇 | | [联系人: Table_Contacts]张智林 021-38003744 gfzhangzhilin@gf.com.cn 识别风险,发现价值 请务必阅读末页的免责声明 1 / 4 ⚫ 12 月小松开工小时数同比高增,对传统需求指引乐观。根据小松官网, 24 年 12 月小松中国开工小时数为 10 ...
燃气轮机行业跟踪:海外数据中心需求高增,燃气轮机迎东风
广发证券· 2025-01-10 03:47
[Table_Title] 燃气轮机行业跟踪 海外数据中心需求高增,燃气轮机迎东风 [Table_Summary] 核心观点: [Table_Page] 跟踪分析|专用设备 证券研究报告 | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-09 | [Table_PicQuote] 相对市场表现 -30% -18% -6% 6% 18% 30% 01/24 03/24 06/24 08/24 10/24 01/25 专用设备 沪深300 | [分析师: Table_Author]代川 | | | --- | --- | | | SAC 执证号:S0260517080007 | | | SFC CE No. BOS186 | | | 021-38003678 | | | daichuan@gf.com.cn | | 分析师: | 孙柏阳 | | | SAC 执证号:S0260520080002 | | | 021-38003680 | | | sunboyang@gf.com.cn | | 分析师: | 汪家豪 | | ...
新集能源:Q4业绩预告好于预期,大股东增持彰显中长期发展信心
广发证券· 2025-01-09 07:52
[Table_Page] 公告点评|煤炭开采 证券研究报告 [Table_Title] 新集能源(601918.SH) Q4 业绩预告好于预期,大股东增持彰显中长期发展信心 [Table_Summary] 核心观点: | 前次评级 | 买入 | | --- | --- | | 报告日期 | 2025-01-09 | | [Table_PicQuote] 相对市场表现 | | | 80% | | -12% 6% 25% 43% 62% 80% 01/24 03/24 05/24 07/24 09/24 11/24 01/25 新集能源 沪深300 | [分析师: Table_Author] 沈涛 | | | --- | --- | | | SAC 执证号:S0260523030001 | | | SFC CE No. AUS961 | | | 010-59136686 | | | shentao@gf.com.cn | | 分析师: | 安鹏 | | | SAC 执证号:S0260512030008 | | | SFC CE No. BNW176 | | | 021-38003693 | | | anpeng@ ...
牧原股份:24年出栏突破7100万头,业绩表现符合预期
广发证券· 2025-01-09 07:52
Investment Rating - The report assigns a "Buy" rating to Muyuan Foods (002714 SZ) with a target price of 49 34 RMB [3] Core Views - Muyuan Foods achieved a net profit of 17 6-19 billion RMB in 2024, representing a year-on-year growth of 498 7%-522 2% [7] - The company's 2024 slaughter volume exceeded 71 million heads, successfully meeting the annual target with a 12 2% year-on-year increase [7] - Muyuan Foods' breeding efficiency continues to improve, with PSY reaching over 29 and a complete breeding cost of 13 1 RMB/kg in November 2024 [7] - The company's sow inventory increased by 196,000 heads in Q4 2024, supporting future slaughter volume growth [7] Financial Performance - Revenue is projected to grow from 110 861 million RMB in 2023 to 149 413 million RMB in 2026 [2] - Net profit is expected to recover significantly from -4 263 million RMB in 2023 to 26 755 million RMB in 2026 [2] - EPS is forecasted to increase from -0 79 RMB in 2023 to 4 90 RMB in 2026 [2] - ROE is projected to improve from -6 8% in 2023 to 22 5% in 2026 [2] Operational Highlights - Muyuan Foods' slaughter volume reached 21 46 million heads in Q4 2024, a 27 7% year-on-year increase [7] - The company's complete breeding cost decreased to 13 1-13 3 RMB/kg in Q4 2024, maintaining industry leadership [7] - Muyuan Foods aims to reduce the complete breeding cost to 12 RMB/kg in 2025 [7] Valuation Metrics - The company's P/E ratio is expected to decrease from 19 58x in 2022 to 7 61x in 2026 [2] - EV/EBITDA is projected to decline from 22 09x in 2023 to 4 08x in 2026 [2] - The target price of 49 34 RMB is based on a 15x PE multiple for 2025 [7]
环保行业政策跟踪:以旧换新2025新政发布,多维度鼓励资源循环发展
广发证券· 2025-01-09 07:51
[Table_Page] 跟踪分析|环保 证券研究报告 [Table_Title] 环保行业政策跟踪 以旧换新 2025 新政发布,多维度鼓励资源循环发展 [Table_Summary] 核心观点: | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-09 | [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 01/24 03/24 06/24 08/24 10/24 01/25 环保 沪深300 | [Table_Author 分析师: ]郭鹏 | | | --- | --- | | | SAC 执证号:S0260514030003 | | | SFC CE No. BNX688 | | | 021-38003655 | | | guopeng@gf.com.cn | | 分析师: | 陈龙 | | | SAC 执证号:S0260523030004 | | | 021-38003623 | | | shchenlong@gf.com.cn | | 分析师: | 荣凌琪 ...
石头科技:石头新品发布,Z70搭载首创仿生机械手
广发证券· 2025-01-09 02:56
[Table_Page] 跟踪研究|小家电 证券研究报告 [Table_Title] 石头科技(688169.SH) 石头新品发布,Z70 搭载首创仿生机械手 [Table_Summary] 核心观点: | 盈利预测: | | --- | | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 6,629 | 8,654 | 10,566 | 12,836 | 15,454 | | 增长率 ( % ) | 13.6% | 30.5% | 22.1% | 21.5% | 20.4% | | EBITDA(百万元) | 1,424 | 2,227 | 2,432 | 2,768 | 3,204 | | 归母净利润(百万元) | 1,183 | 2,051 | 2,124 | 2,329 | 2,708 | | 增长率 ( ) % | -15.6% | 73.3% | 3.5% | 9.7% | 16.3% | | EPS(元/股) | 9.04 | ...
星图测控:航天测运控领先者,特种及商业星座空间广阔
广发证券· 2025-01-09 02:56
[Table_Page] 公司深度研究|国防军工 证券研究报告 | [Table_Title] 星图测控(920116.BJ) | | --- | 航天测运控领先者,特种及商业星座空间广阔 [Table_Summary] 核心观点: 盈利预测: [Table_Finance] 2022A 2023A 2024E 2025E 2026E 营业收入(百万元) 141 229 287 365 459 增长率( % ) 35.7% 61.9% 25.5% 27.0% 25.8% EBITDA(百万元) 40 69 92 119 155 归母净利润(百万元) 51 63 83 107 139 增长率( % ) 45.6% 23.4% 33.2% 28.3% 30.0% EPS(元/股) 0.68 0.79 0.76 0.97 1.27 市盈率(P/E) - - 57.97 45.17 34.74 ROE(%) 44.0% 28.0% 27.2% 18.5% 19.4% EV/EBITDA - - 51.40 38.78 29.42 数据来源:公司财务报表,广发证券发展研究中心 识别风险,发现价值 请务必阅读末页的免责声 ...
传媒行业深度分析:2025A股游戏板块前瞻:产品周期、AI赋能、并购扩张
广发证券· 2025-01-09 02:54
[Table_Page] 深度分析|传媒 证券研究报告 [Table_Title] 传媒行业 2025A 股游戏板块前瞻:产品周期、AI 赋能、并购扩张 [Table_Summary] 核心观点: | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-08 | [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 01/24 03/24 06/24 08/24 10/24 01/25 传媒 沪深300 | [分析师: Table_Author]旷实 | | | --- | --- | | | SAC 执证号:S0260517030002 | | | SFC CE No. BNV294 | | | 010-59136610 | | | kuangshi@gf.com.cn | | 分析师: | 章驰 | | | SAC 执证号:S0260523080001 | | | 021-38003814 | | 请注意,章驰并非香港证券及期货事务监察委员会的注册 | gfzhangc@g ...