[Table_MainInfo] 每日报告精选 证券研究报告 最新研究与资讯 2025 年 03 月 31 日 | [Table_Marketinfo] | 重要市场数据 | | | | --- | --- | --- | --- | | 名称 日涨跌% | | 周涨跌% | 年涨跌% | | 海通风格指数 | | | | | 大盘 100 | -0.50 | 0.51 | -3.37 | | 小盘 200 | -1.45 | -3.10 | 5.75 | | 表现最好前五行业 | | | | | 传媒指数 | 0.83 | -0.95 | 6.46 | | 有色金属 | 0.03 | 0.22 | 11.90 | | 公用事业 | -0.18 | -0.07 | -4.50 | | 房地产 | -0.19 | -1.07 | -2.03 | | 金融指数 | -0.35 | 0.43 | -1.08 | | 表现最差前五行业 | | | | | 化工指数 | -2.06 | -0.10 | 0.41 | | 旅游服务 | -1.61 | -0.31 | -3.61 | | 纺织服装 | -1.55 | -2 ...

相关研究 [Table_MainInfo] 宏观研究 证券研究报告 宏观专题报告 2025 年 3 月 31 日 [Table_ReportInfo] 《黄金多大空间：一个参考的数量模型— —全球货币变局研究三》2025.3.28 《"不同寻常"的黄金牛市——全球货币 变局研究二》2025.2.10 《"记账工具"：货币的进化历史——全球 货币变局研究一》2025.2.4 分析师:梁中华 Tel:(021)23219820 Email:lzh13508@haitong.com 证书:S0850520120001 "信任"渐退：全球贸易、货币的大迁徙 ——全球货币变局研究四 [Table_Summary] 投资要点： 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 在 2018 年之后，全球经济体系、货币体系都在发生深度、快速的重构，而 这种重构是人类历史上从来没有经历过的。因为拉长历史周期来看，二战之 后的几十年是一段非常特殊的历史时期，各国经济深度绑定在一起，国际贸 易中使用的货币也统一到了一起，在人类历史上，各国之间的经济联系从来 没有像过去几十年那么紧密，国家间的支付结算、 ...

[Table_MainInfo] 公司研究/石油天然气 证券研究报告 中国海油（600938）公司年报点评 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 分析师:朱军军 Tel:(021)23185963 Email:zjj10419@haitong.com 证书:S0850517070005 分析师:张海榕 Tel:(021)23185607 Email:zhr14674@haitong.com 证书:S0850524070007 主要财务数据及预测 | [Table_FinanceInfo] | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 416609 | 420506 | 419081 | 420569 | 422716 | | (+/-)YoY(%) | -1.3% | 0.9% | -0.3% | 0.4% | 0.5% | | 净利润（百万元） | 123843 | 137936 | 115047 | ...

[Table_MainInfo] 公司研究/化工/基础化工材料制品 证券研究报告 联泓新科（003022）公司年报点评 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | 15.25 | | --- | --- | | 52 周股价波动（元） | 11.94-18.50 | | 总股本/流通 A 股（百万股） | 1336/1336 | | 总市值/流通市值（百万元） | 20367/20367 | 相关研究 [Table_ReportInfo] 《新材料项目有望陆续落地，扩充高毛利产 品》2024.05.05 市场表现 巩固 EVA 产品竞争优势，积极布局新材料 [Table_QuoteInfo] -29.66% -20.66% -11.66% -2.66% 6.34% 2024/4 2024/7 2024/10 2025/1 联泓新科 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | - ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's resilience in operations is evident, with 2024 Q3 performance surpassing industry standards [7] - The overall revenue for 2024 is projected to be 449.3 billion yuan, reflecting a year-on-year increase of 6.8% [7] - The company is expected to maintain long-term growth momentum due to policies favoring the replacement of old heavy trucks and trends towards high-end and refined logistics operations [7] Financial Performance Summary - Revenue and Profit Forecasts: - 2023 revenue: 42.07 billion yuan, with a year-on-year growth of 46.0% - 2024 revenue: 44.93 billion yuan, with a year-on-year growth of 6.8% - 2025 revenue forecast: 48.98 billion yuan, with a year-on-year growth of 9.0% [6][7] - Net Profit: - 2023 net profit: 1.08 billion yuan, with a year-on-year growth of 405.5% - 2024 net profit: 1.48 billion yuan, with a year-on-year growth of 37.0% - 2025 net profit forecast: 1.76 billion yuan, with a year-on-year growth of 18.6% [6][7] - Earnings Per Share (EPS): - 2024 EPS: 1.26 yuan - 2025 EPS forecast: 1.49 yuan [6][7] Business Segment Performance - Complete Vehicle Business: - 2024 sales volume reached 133,000 units, a year-on-year increase of 4.3%, while the overall heavy truck market saw a decline of 1% [7] - Parts Business: - 2024 parts revenue: 8.91 billion yuan, a year-on-year increase of 11.2% [7] - Axle Business: - 2024 axle revenue: 7.2 billion yuan, with a net profit of 770 million yuan, maintaining a profit margin of 10.8% [7] Valuation - The report estimates a reasonable valuation range for the company at 23.90 to 26.89 yuan based on a price-to-earnings (PE) ratio of 16-18 times for 2025 [7]

[Table_MainInfo] 行业研究/房地产 证券研究报告 行业周报 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 第 13 周新房成交同比增速回落，供销比回落 市场表现 | [Table_ReportInfo] 《第 12 周新房成交同比增速回落，供销 | | --- | | 比回落》2025.03.24 | | 《多项指标降幅收窄，高线城市市场活 | | 跃》2025.03.18 | | 《第 11 周新房成交同比增速回落，供销 | | 比回升》2025.03.16 | 分析师:涂力磊 Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 分析师:谢盐 Tel:(021)23185696 Email:xiey@haitong.com 证书:S0850511010019 [Table_QuoteInfo] -16.07% -5.94% 4.18% 14.31% 24.44% 34.57% 2024/4 2024/7 2024/10 2025/1 房地产 海通综指 资料来源：海通证券研 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company has shown strong performance in Q1, driven by dual engines of computing power and data elements, positioning itself as a key player in Shanghai's computing power and big data services [3][6] - The company achieved a revenue of 5.623 billion yuan in 2024, representing a year-on-year growth of 6.82%, with a net profit of 202 million yuan, up 4.92% year-on-year [6] - The company is actively expanding its intelligent computing business and has initiated the second phase of the Songjiang Big Data Technology Center, which is a significant project for Shanghai's computing power infrastructure [6][7] Financial Data and Forecast - Key financial data and forecasts are as follows: - Revenue (million yuan): 2023: 5264, 2024: 5623, 2025E: 6417, 2026E: 7474, 2027E: 8858 - Year-on-year growth rates: 2024: 6.8%, 2025E: 14.1%, 2026E: 16.5%, 2027E: 18.5% [5][10] - Net profit (million yuan): 2023: 193, 2024: 202, 2025E: 243, 2026E: 297, 2027E: 371 - Year-on-year growth rates: 2024: 4.9%, 2025E: 20.0%, 2026E: 22.1%, 2027E: 25.2% [5][10] - Fully diluted EPS (yuan): 2024: 0.15, 2025E: 0.18, 2026E: 0.22, 2027E: 0.27 [5][10] Business Performance - The company's cloud computing and big data business generated revenue of 2.998 billion yuan in 2024, a year-on-year increase of 17.89%, while the intelligent products business saw a decline of 33.98% [6] - The company has become a major player in Shanghai's big data services, winning contracts for data operation services for the city’s big data center for six consecutive years [6][7] Strategic Initiatives - The company is focusing on enhancing its core business structure and optimizing its operations, including the transfer of equity in Shanghai Broadcasting Communication Technology Co., Ltd. [6] - The company is actively participating in the development of AI applications, particularly in government vertical models, and has been recognized as a leading unit in the Shanghai Computing Power Network Association [7] Valuation and Investment Recommendations - The company is expected to achieve steady revenue growth in 2024, with significant improvements in non-recurring profits, indicating enhanced operational efficiency [7] - Revenue projections for 2025, 2026, and 2027 are 6.417 billion yuan, 7.474 billion yuan, and 8.858 billion yuan respectively, with net profits of 243 million yuan, 297 million yuan, and 371 million yuan [7][10] - The report suggests a reasonable valuation range of 26.64 to 32.84 yuan based on PE and PS methods, maintaining the "Outperform the Market" rating [7][10]

、[Table_MainInfo] 基金研究 证券研究报告 基金周报 2025 年 3 月 30 日 风险提示：本报告业绩回顾部分是基于基金历史表现进行的客观分析点评， 涉及的基金不构成投资建议；投资建议部分，需要警惕货币政策、证券市场 相关政策的不确定性以及人民币汇率波动影响。 高级分析师:谭实宏 Tel:(021)23185671 Email:tsh12355@haitong.com 证书:S0850521110001 联系人:舒子宸 Tel:(021)23185679 Email:szc14816@haitong.com 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 上周市场回顾：A 股调整，医药生物、农林牧渔和食品饮料等行业表现较优。 上周（20250324-20250328），A 股震荡回调。全周申万一级行业分类下仅 有 4 个行业上涨，表现居前的行业为医药生物、农林牧渔和食品饮料。债市 方面，上周，1-2 月工业企业利润增速较去年 12 月回落，虽然有去年同期高 基数的影响，但核心问题还在于量和利润率的下滑，债市上涨。海外市场中， 上周，关税政策加大市场对美国持续通 ...

[Table_MainInfo] 公司研究/食品/食品加工 证券研究报告 天味食品（603317）公司年报点评 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | | 13.90 | | --- | --- | --- | | 52 周股价波动（元） | | 8.50-15.78 | | 总股本/流通 A 股（百万股） | | 1065/1065 | | 总市值/流通市值（百万元） | | 14805/14803 | | 相关研究 | | | | [Table_ReportInfo] 《营收增速恢复双位数，盈利高增超预期》 | | | | 2024.10.25 | | | | 《Q2 收入短期承压，扣非净利率持续提升》 | | | | 2024.09.01 | | | | 《毛利率持续提升，盈利端表现亮眼》 | | | | 2024.04.30 | | | | 市场表现 | | | | [Table_QuoteInfo] 天味食品 | 海通综指 | | -33.96% -22.96% ...

腾景科技（688195）公司年报点评 2025 年 03 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 [Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 股票数据 | 03[Table_StockInfo 月 28日收盘价（元）] | 38.79 | | --- | --- | | 52 周股价波动（元） | 20.33-52.13 | | 总股本/流通 A 股（百万股） | 129/129 | | 总市值/流通市值（百万元） | 5017/5017 | | 相关研究 | | | [Table_ReportInfo] 《把握 AI光通信行业机遇，Q3业绩加速向好》 | | 2024.10.29 《AI 驱动光通信业务向好，经营拐点已至》 2024.10.11 市场表现 [Table_QuoteInfo] -23.82% -2.82% 18.18% 39.18% 60.18% 81.18% 2024/4 2024/7 2024/10 2025/1 腾景科技 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | ...