Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report highlights a shift in national crop variety approvals from "quantity growth" to "quality breakthroughs," with a total of 1,379 new crop varieties approved [16] - The number of approved varieties has been declining since 2021 due to increased approval standards, which is expected to reduce market homogenization and competition intensity [16] - The report emphasizes the continuous increase in the number of high-quality, disease-resistant rice varieties, with the number of "three-good varieties" rising from 22 in 2022 to 31 in 2024 [31] - For corn, the focus has shifted to high-density, high-yield varieties suitable for mechanized harvesting, with 47 new varieties approved for planting densities of 5,500 plants per mu or more [31] Summary by Sections Section 1: Changes in National Variety Approvals - The report notes that the Ministry of Agriculture and Rural Affairs approved 405 rice varieties, 888 corn varieties, 50 cotton varieties, 34 soybean varieties, and 2 wheat varieties as of December 31, 2024 [16] - The approval process has become more stringent since 2021, leading to a significant decrease in the number of approved varieties [16][17] Section 2: Rice Variety Developments - The number of high-quality, disease-resistant rice varieties has been increasing, with 31 new varieties approved in 2024 [31] - Leading companies like Longping High-Tech and Qianyuan High-Tech have a significant share of the approved varieties, with 31 and 59 new rice varieties respectively [32] Section 3: Corn Variety Developments - The report indicates that since 2023, the main focus for corn breeding has been on high-density, high-yield varieties, with 47 new varieties approved for higher planting densities [31] - Leading companies have increased their share of approved varieties, with notable improvements in high-density performance [31] Section 4: Investment Recommendations - The report suggests focusing on leading companies such as Longping High-Tech, Denghai Seeds, Qianyuan High-Tech, and Kangnong Seeds due to their strong performance in new variety approvals [7]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The increase in Komatsu's working hours in December indicates a positive outlook for traditional demand in the engineering machinery sector. In December 2024, Komatsu's working hours in China reached 108 hours, a year-on-year increase of 19.5%, marking seven consecutive months of positive growth [6][7] - The recovery of excavator sales in 2024 is driven by new demand and replacement policies, with significant regional disparities. A total of 201,131 excavators were sold in 2024, representing a year-on-year increase of 3.13%, with domestic sales up by 11.7% [6][7] - The overseas market is also showing signs of recovery, with all regions reporting positive working hours in December 2024, which is significant for future demand [6][7] Summary by Sections Industry Overview - The report highlights that the recovery in excavator sales is crucial for the growth in 2025, with traditional sectors like infrastructure and real estate expected to drive demand [2][6] Market Performance - December 2024 saw a notable increase in working hours for Komatsu, which serves as a barometer for traditional demand in construction machinery [6][7] - The report indicates that the domestic excavator market has shown a clear turning point, with main manufacturers starting to realize profits [6][7] Company Recommendations - The report recommends investing in companies such as SANY Heavy Industry, XCMG, Zoomlion, LiuGong, and Hengli Hydraulic, while also suggesting to keep an eye on Shantui [6][7]

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The gas turbine industry is experiencing a favorable trend due to the high demand for overseas data centers, particularly in North America, where gas turbines are increasingly used as primary power sources due to the instability of the electric grid [8] - Major cloud service providers are significantly investing in data center construction, with Microsoft planning to invest approximately $80 billion in AI data centers for the fiscal year 2025 [8] - The global order volume for gas turbines is expected to increase by 50% by 2026, driven by the growth of data centers, with GE Vernova anticipating securing 20 GW of global gas turbine orders annually over the next four years [8] - The market for gas turbines is concentrated among a few global leaders, including Mitsubishi Heavy Industries, Siemens Energy, and GE Vernova, which together hold 76% of the market share [8] - Domestic manufacturers in China are primarily focused on light gas turbines, with ongoing efforts to replace heavy gas turbines, presenting significant opportunities for local suppliers of turbine components [8] Summary by Sections Industry Overview - Gas turbines are essential for large data centers in North America, which typically require medium (10-100 MW) or heavy gas turbines (over 100 MW) as primary power sources due to high electricity consumption [8] Market Dynamics - The demand for gas turbines is surging as major cloud companies ramp up data center construction, leading to a robust market environment [8] Company Recommendations - Recommended stocks include: - Yingliu Co., Ltd. (for gas turbine blades) - Liande Co., Ltd. (supplier of castings for Caterpillar gas turbines) - Haomai Technology (for gas turbine casings) - Attention is also advised for Zhenjiang Co., Ltd. (supplier of steel structures for Siemens gas turbines) [8]

[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@ ...

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]

Investment Rating - The report maintains an "Buy" rating for the environmental protection industry, consistent with the previous rating [2]. Core Insights - The 2025 policy emphasizes the expansion of equipment updates and the "old-for-new" program, encouraging resource recycling development through various measures, including financial support for high-level recycling projects and consumer subsidies for purchasing new appliances and vehicles [7]. - The establishment of the China Resource Recycling Group aims to integrate state-owned assets and promote the regularization of the recycling industry, enhancing the value-added and application fields of recycled products [7]. - The supply and marketing cooperative system is highlighted for its advantages in grassroots recycling networks, with significant sales and business volume in the recycling sector [7]. - Investment opportunities are identified in localized recycling channels and leading companies in deep processing of specific products [7]. Summary by Sections Policy Developments - The report discusses the 2025 policy that includes long-term special government bond funding for recycling projects, support for the establishment of a national recycling platform, and consumer subsidies for purchasing new appliances and vehicles [7]. Market Dynamics - The China Resource Recycling Group's formation is expected to drive the regularization and marketization of the recycling industry, with a focus on enhancing the efficiency of resource recovery and utilization [7]. Investment Opportunities - Key investment opportunities include leading companies in localized recycling channels and those involved in deep processing, such as Zhongzai Recycling and other specialized firms in hazardous waste and plastic recycling [7].

[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 | ...

Investment Rating - The report assigns a rating of "Buy" to the company [3]. Core Views - The company is a leading provider of space measurement and control services, with significant growth potential in both special and commercial satellite constellations [2][7]. - The company has a strong foundation in special aerospace fields and is expanding its services to cover the entire lifecycle of spacecraft management, benefiting from its state-owned background and technological advantages [7]. - The report highlights the company's unique business model, which is characterized by high barriers to entry, stable cash flow, and strong profitability [7]. Financial Forecast - Revenue is projected to grow from 229 million yuan in 2023 to 459 million yuan in 2026, with growth rates of 61.9%, 25.5%, 27.0%, and 25.8% respectively [3]. - EBITDA is expected to increase from 69 million yuan in 2023 to 155 million yuan in 2026 [3]. - Net profit attributable to shareholders is forecasted to rise from 63 million yuan in 2023 to 139 million yuan in 2026, with growth rates of 23.4%, 33.2%, 28.3%, and 30.0% respectively [3]. - The earnings per share (EPS) is anticipated to reach 1.27 yuan by 2026, with a price-to-earnings (P/E) ratio of 34.74 [3]. Company Overview - The company specializes in space measurement and control management, leveraging its proprietary technology to support the entire lifecycle of aerospace missions [7][14]. - It has expanded its operations from special aerospace fields to include civil and commercial aerospace sectors, driven by its core technology team and high standards in delivering national aerospace projects [14][20]. Market Space - The aerospace industry is experiencing rapid growth due to increased international competition and advancements in satellite applications [35]. - The global space economy market is projected to reach 462 billion USD in 2023, with significant contributions from satellite services [37][38]. - The company is well-positioned to benefit from the growing demand for commercial satellite constellations and the expansion of ground control systems [7][44]. Competitive Advantages - The company operates a unique "shovel seller" business model, providing essential tools and services to downstream satellite users, which results in high barriers to entry and stable demand [7]. - Its strong technological capabilities and state-owned background provide a competitive edge in the rapidly evolving aerospace market [7][49].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - Three major trends are driving industry growth: the popularity of "Black Myth: Wukong" is enhancing interest in console and PC games, the competitive landscape of mobile games is improving with rich new product reserves, and mergers and acquisitions are crucial for growth in the gaming sector [7] - A-share companies are expected to experience a product cycle that could lead to a performance turnaround, with several new games showing strong initial performance [7] - Mergers and acquisitions are enhancing company value, with successful integration and new product releases expected to yield positive effects [7] - AI is increasingly empowering the sector, with diverse applications in gameplay and support functions, which could drive valuation increases [7] - Investment recommendations include companies like KAEI Network, Perfect World, and others, with a focus on their upcoming product launches and market performance [7] Summary by Sections Domestic Game Market Revenue - The domestic game market is projected to reach CNY 325.78 billion in 2024, a year-on-year growth of 7.53%, with user numbers reaching 674 million, up 0.94% [17] - Mobile games dominate the market, accounting for 73.12% of total revenue, with actual sales expected to hit CNY 238.22 billion, a 5.01% increase [19][25] Mergers and Acquisitions - Mergers and acquisitions are vital for growth, as seen in the cases of Take Two and Century Huatong, which have successfully driven company growth and performance recovery [7][10] AI and Gaming - AI is being integrated into gameplay, enhancing user experience and driving innovation in game design, with significant potential for market expansion [7][10] Investment Recommendations - The report recommends focusing on companies with strong product pipelines and market potential, including KAEI Network, Perfect World, and others, highlighting their upcoming releases and market strategies [7][8]

Investment Rating - The industry investment rating is "Hold" [2] Core Viewpoints - The 2025 old-for-new policy is expected to boost household appliance demand, with an increase in the number of supported product categories and funding scale [6][15] - The central government has allocated 81 billion yuan for the 2025 old-for-new policy, which will support the replacement of eight major household appliances and expand the subsidy to additional products [6][15] - In 2024, over 36 million consumers purchased more than 56 million units of major appliances, generating sales of 240 billion yuan, indicating significant market activity [6][16] - The leading companies in the industry are expected to benefit more from the policy due to their better product positioning and wider distribution channels [6][33] - Investment recommendations include Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances for white goods, as well as Aima Technology and Ninebot for two-wheeled vehicles [6][44] Summary by Sections Policy Review and Outlook - The 2025 old-for-new policy will continue to support eight categories of household appliances, with subsidies remaining consistent with 2024 levels and additional support for air conditioning products [15] - The funding for the 2025 policy is significantly increased compared to the previous year, with 81 billion yuan allocated to support local implementation [15] Investment Recommendations - White goods are expected to see stable growth, with companies like Midea Group, Gree Electric Appliances, Haier Smart Home, and Hisense Home Appliances recommended for investment due to their stable ROE and high dividend advantages [44] - Recommendations also include leading companies in two-wheeled vehicles and black goods, such as TCL Electronics and Hisense Visual [44]