一、上周新股表现情况 证券研究报告 2025 年 4 月 28 日 星期一 上周（4 月 21 日-4 月 25 日）共有 3 只新股上市，上市首日涨跌幅均 值为 94.00%。其中，有 1 只新股上市首日涨幅超 100%，为众捷汽车。上 周无新股首日破发。 【新股发行跟踪（20250428）】 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（4 月 21 日-4 月 25 日，下同）较上 上周（4 月 14 日-4 月 18 日，下同）相比，上市新股数量持平，首发募资 金额多 36.31 亿元。 从周度上市新股表现来看，上周与上上周均无新股首日破发，与上上 周相比，上周首日涨幅超 100%的新股数量有所减少，上市首日涨跌幅均 值有所下降。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。请务必阅读 末页声明。 1 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 301560.SZ 众捷汽车 2025-0 ...

2025 年 4 月 28 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 计算机行业深度报告 深 度 信创迎来发展新机遇，基础软件替换空间广阔 投资要点： S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 计算机行业 SAC 执业证书编号： 信创按照"2+8+N"节奏稳步推进，逐步向市场主导驱动过渡。当前， 我国信创产业落地节奏呈现"2+8+N"的发展态势，在党政信创的引领 下，我国信创产业已进入全面推广阶段，其中"2+8"行业是信创推动 的主力军。我国正逐步由政策驱动转向政策+市场双驱动，未来市场需 求将逐渐成为主导力量，推动信创进入高质量发展阶 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% within the next six months [5]. Core Insights - The company, Kangbiter (833429.BJ), reported a significant increase in sales of protein muscle gain products, with a 2024 revenue of 1.04 billion yuan, representing a year-on-year growth of 23.34%. The net profit attributable to shareholders was 89 million yuan, up 1.38% year-on-year [3][4]. - In Q1 2025, the company achieved a revenue of 194 million yuan, a year-on-year increase of 26.08%, with a net profit of 12 million yuan, reflecting a 9.66% growth compared to the same period last year [3]. - The company’s core products, including whey protein and energy gels, have seen substantial sales growth, with protein muscle gain products revenue reaching 529 million yuan in 2024, a 72.64% increase year-on-year [3][4]. Financial Summary - For 2024, the total revenue is projected at 1.04 billion yuan, with a net profit of 89 million yuan. The earnings per share (EPS) for 2025 and 2026 are estimated to be 0.89 yuan and 1.19 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26 and 19 [4]. - The company’s gross margin for Q1 2025 was 38.64%, showing a year-on-year decline of 9.03 percentage points, while the net profit margin was 6.21%, down 0.94 percentage points year-on-year [3].

Investment Rating - The report maintains an "Overweight" rating for the semiconductor equipment industry, highlighting the ongoing domestic substitution and demand growth driven by downstream capacity expansion [1][2]. Core Insights - Semiconductor equipment is a critical upstream segment of the semiconductor industry, with wafer fab expansions driving demand growth. Equipment investment accounts for 70%-80% of capital expenditures in an integrated circuit production line, and the market size is expected to grow faster than the overall semiconductor market [2][10]. - Domestic substitution of semiconductor equipment has made progress, particularly in etching, thin film deposition, and cleaning equipment, with domestic market share reaching over 20%. However, the localization rate for photolithography, measurement, coating, and ion implantation equipment remains low, indicating significant future potential for domestic substitution [2][36]. - Major US equipment manufacturers have a high revenue share from China, with over 35% of their revenue coming from the mainland. The new international trade landscape may lead to increased import costs for US equipment, providing opportunities for domestic manufacturers to accelerate substitution [2][52]. Summary by Sections 1. Semiconductor Equipment: Upstream Supportive Segment - Semiconductor equipment is essential for integrated circuit manufacturing and advanced packaging, directly influencing chip manufacturing capabilities and yield rates. The capital expenditure structure shows that equipment investment constitutes a significant portion of overall spending in the semiconductor industry [10][18]. 2. Progress in Domestic Substitution - The report notes that China's integrated circuit exports have outpaced imports, indicating initial success in domestic substitution. In 2024, China's integrated circuit imports were $358.6 billion, while exports reached $159.5 billion, with the export growth rate exceeding that of imports [36][37]. - The localization rates for various equipment types are as follows: photolithography (<3%), measurement (<5%), coating (<10%), and ion implantation (<10%). In contrast, etching and thin film deposition equipment have achieved around 20% localization [38][39]. 3. Company Introductions - Notable domestic companies include: - **North Huachuang (002371)**: A platform enterprise for semiconductor equipment, with a revenue increase of 39.51% in 2024 [46]. - **Zhongwei Company (688012)**: A leading etching equipment manufacturer, with a revenue increase of 36.27% [46]. - **Shengmei Shanghai (688082)**: A leader in semiconductor cleaning equipment, with a revenue increase of 44.62% [46]. - **Tuojing Technology (688072)**: A dual leader in thin film deposition and hybrid bonding, with significant revenue growth [46]. - **Changchuan Technology (300604)**: Comprehensive testing equipment layout with rapid profit growth [46]. - **Xinyuan Micro (688037)**: Leading in coating and developing equipment, facing profit pressure due to rising costs [46]. 4. Investment Recommendations - The report suggests focusing on companies such as North Huachuang, Zhongwei Company, Shengmei Shanghai, Tuojing Technology, Changchuan Technology, and Xinyuan Micro, which are well-positioned to benefit from the ongoing domestic substitution and demand growth in the semiconductor equipment sector [2][46].

点评： 1、一季度国内经济实现"开门红"，二季度将实施更加积极有为的宏观政策 会议对当前经济形势做出研判，指出"我国经济呈现向好态势"，但同时，"经济持续回升向 好的基础还需要进一步稳固，外部冲击影响加大"。从数据来看，2025年一季度GDP增长5.4%， 增速高于市场预期和全年增长目标，国民经济实现良好开局，经济面修复改善。宏观政策方面， 会议强调"要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货 币政策"。财政政策方面，4月财政部启动今年1.3万亿元超长期特别国债和5000亿元中央金融机构 注资特别国债发行，加之会议提出"加快地方政府专项债券、超长期特别国债等发行使用"，预 计未来一段时间地方政府债券还会保持较快发行节奏。总体看，国内财政政策空间充足。货币政 策方面，由于一季度经济超预期，4月LPR继续保持不变。此外，目前我国经济修复动能呈现增强 趋势，A股市场整体表现较为韧性，人民币汇率短期面临一定压力，所以短期宽货币政策或有所 延后。但与此同时，受外部经贸环境变化影响，宏观政策助力稳增长的必要性上升，4月央行MLF 净投放达到5000亿元，为连续第二个月加量续作，此次会议也延 ...

房地产行业 公 司 点 增持（维持） 滨江集团（002244）2024 年年报点评 销售排名持续提升，业绩稳健 2025 年 4 月 28 日 投资要点： S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 分析师：何敏仪 | | | --- | --- | | SAC 执业证书编号： | | | S0340513040001 | | | 电话：0769-22177163 | 公 | | 邮箱：hmy@dgzq.com.cn | 司 研 | | 主要数据 2025 年 4 | 究 月 25 日 | | 收盘价(元) | 9.99 | | 总市值（亿元） | 310.83 | | 总股本(亿股) | 31.11 | | 流通股本(亿股) | 26.82 | | ROE（TTM） | 9.25% | | 12 月最高价(元) | 12.44 | | 12 月最低价(元) | 5.73 | | 股价走势 | 证 | | 券 | 研 究 | | 资料来源：东莞证券研究所，Wind | | 资料来源：东莞证券研究所，Wind 本报告的风险等级为中风险。 本报告的信息 ...

Investment Rating - The report suggests a focus on domestic companies such as Ruifeng New Material (300910) and Lianlong (300596) as potential investment opportunities in the lubricant additive sector [6]. Core Viewpoints - The global lubricant additive market reached a size of approximately $15.99 billion in 2023, with expectations to grow to $18.21 billion by 2030, reflecting a compound annual growth rate (CAGR) of 1.9% from 2024 to 2030 [6][23]. - In China, the apparent demand for lubricant additives was 950,100 tons in 2021, with a CAGR of 2.99% from 2013 to 2021 [6][23]. - The demand for lubricant additives is expected to remain stable in the short to medium term, driven by the growth in automotive and industrial machinery sales [6][61]. Summary by Sections 1. Introduction to Lubricant Additives - Lubricant additives constitute 2% to 30% of the total lubricant volume, enhancing performance and extending the lifespan of lubricants [13][15]. - The main application areas include automotive engine oils, industrial lubricants, and marine engine oils [13][15]. 2. Demand Side: Stable Growth Expected - The demand for lubricant additives is projected to remain stable, with significant contributions from automotive and industrial sectors [6][23]. - Approximately 70% of global lubricant additives are used in the automotive sector, with a notable increase in the penetration of plug-in hybrid vehicles [28][38]. - In China, the total lubricant demand is expected to be 6.39 million tons in 2024, with transportation lubricants accounting for 3.41 million tons [34][44]. 3. Supply Side: High Market Concentration and Domestic Replacement Potential - The lubricant additive market is highly concentrated, with four major international companies (Lubrizol, Infineum, Chevron Oronite, and Afton) controlling about 85% of the market [6][65]. - Domestic companies are expected to gain market share due to increasing focus on supply chain security amid trade tensions [6][72]. - China's lubricant additive production capacity is approximately 1 million tons, with domestic companies gradually increasing their market presence [72][73].

Investment Rating - The report maintains an "Overweight" rating for the food and beverage industry [1] Core Insights - The food and beverage industry is gaining attention due to increased external uncertainties and positive domestic policy signals, with a focus on boosting domestic demand as a key driver for economic growth [12][16] - The liquor sector is expected to show a "front low, back high" performance trend for the year, with a focus on inventory digestion in the first half and gradual demand recovery in the second half [17][32] - The consumer goods sector, particularly those related to the catering supply chain and benefiting from fertility policy catalysts, is highlighted for potential investment opportunities [39] Summary by Sections 1. Policy Expectations and Industry Focus - Increased external uncertainties have led to a heightened focus on domestic demand as a crucial element for economic growth [12] - Recent government policies aimed at boosting consumption have positively influenced market confidence, with a comprehensive action plan to enhance consumer spending [13][16] 2. Liquor Sector - Liquor sales during the Spring Festival saw a year-on-year decline of approximately 10%, with a focus on inventory management during the off-peak season [17] - High-end liquor demand remains stable, while mid-range and regional brands are experiencing varied performance based on market conditions [19] - Major liquor companies are engaging in share buybacks and increasing shareholdings to bolster market confidence [24][30] 3. Consumer Goods Sector - The report emphasizes the importance of sectors related to the catering supply chain, with specific attention to the seasoning, beer, dairy, and snack segments [39] - The seasoning sector is expected to benefit from a recovery in restaurant consumption, while the beer sector is poised for growth due to the resurgence of dining scenarios [40] - Dairy demand is anticipated to rise following the introduction of fertility subsidies in various regions, which could positively impact dairy company performance [39]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [1][8]. Core Insights - The company achieved a total revenue of 89.175 billion yuan in 2024, representing a year-on-year growth of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [5]. - In Q4 2024, the company reported a total revenue of 21.260 billion yuan, a 2.53% increase year-on-year, but a net profit decline of 6.17% due to increased support for receivables and consumer cultivation efforts [5]. - For Q1 2025, the company demonstrated resilience with a total revenue of 36.940 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.860 billion yuan, up 5.80% year-on-year [5]. - The company plans to align its 2025 revenue targets with macroeconomic indicators, maintaining a steady and rational operational goal [5]. - The company announced a year-end dividend of 31.69 yuan per 10 shares, totaling 12.301 billion yuan, with a dividend payout ratio of 70% [5]. Financial Summary - The company forecasts total revenues of 93.723 billion yuan for 2025, 99.159 billion yuan for 2026, and 105.406 billion yuan for 2027, with corresponding net profits of 33.527 billion yuan, 35.620 billion yuan, and 38.043 billion yuan respectively [6]. - The diluted earnings per share are projected to be 8.64 yuan for 2025 and 9.18 yuan for 2026, with price-to-earnings (PE) ratios of 15 times and 14 times respectively [5][6].

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [7] Core Insights - In Q1 2025, China Pacific Insurance achieved a significant increase in new insurance premiums through the bancassurance channel, with new single premiums growing by 130.7% year-on-year [7] - The company's total investment yield has declined, primarily due to fluctuations in bond rates affecting the fair value of FVTPL bond assets [7] - The report highlights a robust performance in life insurance, with a new business value (NBV) growth of 11.3% year-on-year, and a comparable growth of 39.0% [7] Summary by Relevant Sections Financial Performance - In Q1 2025, insurance service revenue reached 695.50 billion yuan, a year-on-year increase of 3.9%, while total revenue was 937.17 billion yuan, down 1.8% year-on-year. Net profit was 96.27 billion yuan, reflecting an 18.1% decline year-on-year [5] - The total investment assets amounted to 2.81 trillion yuan, growing by 2.8% from the previous year [7] Business Segments - Life Insurance: The scale premium reached 1,184.22 billion yuan, up 11.8% year-on-year, with new business value at 57.78 billion yuan, marking an 11.3% increase [7] - Property Insurance: The original insurance premium income was 631.08 billion yuan, a 1.0% increase year-on-year, with a combined underwriting cost ratio of 97.4%, down 0.6 percentage points [7] Investment Outlook - The report projects a net profit of 452.11 billion yuan for 2025, with a price-to-earnings value (PEV) of 0.53 as of April 25 [7][8]