Investment Rating - The investment rating for the company is "Buy-A" and is maintained [7] Core Views - The company has shown steady revenue growth, with a projected revenue of 1.13 billion yuan for 2024, representing a year-on-year increase of 10.8%. The net profit attributable to shareholders is expected to be 186 million yuan, up 15% year-on-year [7] - The revenue structure is continuously optimizing, with high growth contributions from testing instruments and professional instruments. The domestic market has seen significant expansion, achieving a revenue of 511 million yuan, a year-on-year increase of 20.7% [3][4] - The company is expected to benefit from supportive policies and increased capital expenditure in downstream sectors, which will bolster demand for instruments and new orders [5] Summary by Relevant Sections Financial Performance - For the reporting period, the company achieved an operating income of 1.13 billion yuan, a 10.68% increase year-on-year. The net profit attributable to shareholders was 186 million yuan, reflecting a 15% growth [3][4] - The gross profit margin has improved, driven by an increase in the sales proportion of mid-to-high-end products [4] Future Outlook - The company anticipates steady growth in 2025, driven by several factors including supportive government policies and the introduction of over 30 new instrument products planned for 2025 [5] - The completion of the Vietnam factory is expected to enhance international competitiveness, with large-scale production anticipated in Q2 to Q3 of 2025 [5] Valuation Metrics - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.67 yuan, 2.13 yuan, and 2.55 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.5, 18.4, and 15.4 [7][12]

Investment Rating - The investment rating for the company is "Buy-A" and is maintained [6] Core Views - The company reported a revenue of 1.13 billion yuan for the fiscal year 2024, representing a year-on-year growth of 10.80%. The net profit attributable to shareholders is expected to be 186 million yuan, with a year-on-year increase of 15.02% [1][6] - The company's revenue structure is continuously optimizing, with high growth contributions from testing instruments and professional instruments. The domestic market showed significant growth, achieving a revenue of 511 million yuan, up 20.70% year-on-year, while the overseas market revenue was 614 million yuan, up 3.53% year-on-year [2][3] Financial Performance - The company’s total market capitalization is 4.357 billion yuan. The gross profit margin has improved year-on-year, leading to a net profit growth rate that exceeds revenue growth [3] - The company plans to increase its revenue to 1.48 billion yuan by 2026, with net profits projected at 283 million yuan. The earnings per share (EPS) are expected to be 1.7, 2.1, and 2.6 yuan for the years 2024, 2025, and 2026 respectively [6][8] Strategic Outlook - The company is expected to achieve steady growth in 2025, driven by policies supporting capital expenditure and the acceleration of high-end product sales. The company has launched over ten new testing instruments since 2024 and plans to introduce more than 30 new products in 2025 [4] - The completion of the Vietnam factory is anticipated to enhance international competitiveness, with large-scale production expected to commence in the second to third quarter of 2025 [4]

Investment Rating - The report maintains a "Buy-A" investment rating for the company [7] Core Views - The company is expected to achieve steady revenue growth driven by high-end, specialized, and international strategies, with significant contributions from testing instruments and professional instruments [3][5] - The revenue structure is continuously optimizing, with an increase in the proportion of mid-to-high-end products, leading to a higher growth rate in net profit compared to revenue [4][5] Summary by Relevant Sections Financial Performance - For the fiscal year 2024, the company anticipates revenue of 1.13 billion yuan, a year-on-year increase of 10.8%, and a net profit of 186 million yuan, reflecting a 15% growth [7] - The company reported a revenue of 1.13 billion yuan for the reporting period, with a 10.68% increase in main business revenue, and a notable 20.7% growth in domestic market revenue [3][4] Revenue Structure - The revenue from testing instruments and professional instruments has outpaced overall growth, while general instruments and temperature/environment testing instruments have seen slower growth [4] - The company has increased its R&D investment, with R&D expenses rising by 13.63% year-on-year, which is expected to enhance long-term competitiveness despite short-term profit impacts [4] Future Outlook - The company is projected to continue its robust growth in 2025, supported by policies and increased capital expenditure in downstream sectors, as well as the introduction of over 30 new instrument products [5][7] - The completion of the Vietnam factory is expected to enhance international competitiveness, with large-scale production anticipated in mid-2025 [5]

Core Insights - The report highlights a potential recovery in demand for aquaculture feed, recommending Hai Da Group as a favorable investment opportunity [6][7] - The livestock sector is experiencing mixed price trends, with pig prices showing fluctuations and a general expectation of a prolonged profitability cycle in the pig farming industry [7][8] - The report emphasizes the importance of brand profitability in the pet food sector, suggesting that 2025 will be a critical year for leading domestic brands [8][9] Market Trends - The domestic market indices showed slight increases, with the Shanghai Composite Index closing at 3,429.76, up 0.11% [4] - The agricultural sector, particularly the aquaculture and poultry segments, has shown positive performance, with the agricultural and forestry sector index rising by 2.84% [7] - The overall market saw a 1.59% increase in the CSI 300 index during the week of March 10-16, 2025 [7][12] Livestock and Aquaculture Insights - As of March 14, 2025, the average price of live pigs in key provinces was reported at 14.65, 15.77, and 14.29 CNY/kg, with an average pork price of 20.79 CNY/kg, reflecting a slight decline [7] - The report notes that the self-breeding profit for pigs is 35.15 CNY per head, while purchasing piglets results in a loss of 34.44 CNY per head [7] - The white feather broiler price increased by 7.89% to 7.11 CNY/kg, indicating a positive trend in poultry prices [7] Industry Developments - The report discusses the upcoming GTC 2025 conference, where significant advancements in AI computing technology are expected to be showcased, particularly by Nvidia [9][11] - The introduction of new products such as the B300 and NVL288 is anticipated to drive demand in the AI computing sector [9][11] - The report highlights the potential for the CPO technology to enhance data center efficiency, indicating a shift towards more sustainable computing solutions [11] Consumer Market Analysis - The retail sales data for January-February 2025 shows a 4.0% year-on-year increase, with online sales outperforming traditional retail channels [15][16] - The report identifies a strong performance in the sports and entertainment goods sector, which grew by 25.0% year-on-year [16] - The jewelry sector also showed signs of recovery, with a 5.4% increase in retail sales, driven by wedding demand and high gold prices [16][17] Textile and Apparel Sector Insights - The textile manufacturing sector is expected to benefit from a recovery in consumer confidence, with companies like Huali Group and Weixing Co. projected to gain market share [21][23] - The report notes that Puma's sales for 2024 reached 8.817 billion euros, with a projected low to mid-single-digit growth for 2025 [19][21] - The apparel sector is facing challenges due to inventory adjustments and tariff uncertainties, but companies with strong customer ties are expected to perform better [21][23]

Investment Rating - The report maintains a "Buy" rating for the pig farming sector, highlighting potential recovery in profitability and market sentiment [7][8][25]. Core Insights - The pig farming industry is expected to enter a profitability cycle starting from Q2 2024, despite current high debt levels and a cautious approach to capacity expansion [7][8]. - The poultry sector, particularly chicken farming, is anticipated to benefit from a rebound in demand and lower raw material costs, with companies like Shengnong Development positioned well for growth [7][8]. - The aquaculture feed sector is projected to see a recovery, with Hai Da Group identified as a key investment opportunity due to its improving fundamentals and overseas business growth potential [7][8]. - The pet food market is expected to experience significant competition in 2025, with a focus on brands that can maintain profitability and market leadership [8]. Summary by Sections Market Trends - The domestic market indices showed positive movements, with the Shanghai Composite Index closing at 3,429.76, reflecting a 0.11% increase [4]. - The agricultural sector, particularly the pig farming and poultry segments, demonstrated resilience with notable price fluctuations in livestock [7]. Industry Analysis - The pig price in key provinces showed mixed results, with an average price of 20.79 CNY/kg, indicating a slight decline of 0.10% week-on-week [7]. - The average price for white feather broilers increased by 7.89% to 7.11 CNY/kg, while egg prices fell by 5.00% to 7.60 CNY/kg [7]. - The report emphasizes the cyclical nature of the pig farming industry, where production capacity and profitability are closely linked to market conditions and external factors [7]. Investment Recommendations - The report recommends investing in companies such as Wen's Food Group, Shennong Group, and New Hope, which are well-positioned in the pig farming sector [7][8]. - In the poultry sector, Shengnong Development is highlighted for its favorable performance outlook due to improving demand dynamics [7][8]. - Hai Da Group is recommended for its potential growth in the aquaculture feed market, supported by a recovery in demand and cost stabilization [7][8].

水产饲料需求或有望见底回升，看好海大集团的配置时机 2025 年 3 月 18 日 行业研究/行业周报 本周（3 月 10 日-3 月 16 日）沪深 300 指数涨跌幅为+1.59%，农林牧渔 板块涨跌幅为+2.84%，板块排名第 8，子行业中水产养殖、肉鸡养殖、动物 保健、其他农产品加工、果蔬加工表现位居前五。 本周（3 月 10 日-3 月 16 日）猪价涨跌互现。根据跟踪的重点省市猪价 来 看 ， 截 至 3 月 14 日 ， 四 川 / 广 东 / 河 南 外 三 元 生 猪 均 价 分 别 为 14.65/15.77/14.29 元/公斤，环比上周分别-1.35%/+2.94%/-0.69%；平均猪肉 价格为 20.79 元/公斤，环比下跌 0.10%；仔猪平均批发价格 28.00 元/公斤， 环比上持平；二元母猪平均价格为 32.47 元/公斤，环比持平；自繁自养利润 为 35.15 元/头，外购仔猪养殖利润为-34.44 元/头。截至 3 月 14 日，白羽肉 鸡周度价格为 7.11 元/公斤，环比上涨 7.89%；肉鸡苗价格为 2.79 元/羽，环 比上涨 9.84%；养殖利润为-0.51 ...

Investment Rating - The report maintains an investment rating of "Buy-A" for Haida Group and "Buy-B" for Shengnong Development, Wen's Shares, and others [6][18]. Core Insights - The agricultural sector has shown resilience with a weekly increase of 2.84% in the agricultural sector, outperforming the Shanghai and Shenzhen 300 index which rose by 1.59% [3][18]. - The report highlights a potential recovery in aquaculture feed demand, particularly for Haida Group, as raw material costs stabilize and macroeconomic policies support growth [6][18]. - The pig farming industry is expected to enter a profitability cycle starting from Q2 2024, with a focus on debt reduction rather than rapid capacity expansion [5][6]. Summary by Sections Pig Farming - As of March 14, 2025, the average price of external three yuan pigs in Sichuan, Guangdong, and Henan was 14.65, 15.77, and 14.29 yuan/kg respectively, with a mixed trend in prices [4][25]. - The average pork price was 20.79 yuan/kg, showing a slight decrease of 0.10% [4][25]. - The self-breeding profit was 35.15 yuan/head, while the profit from purchasing piglets was -34.44 yuan/head [4][25]. Poultry Farming - The weekly price of white feather broilers was 7.11 yuan/kg, up by 7.89%, while the price of chicken seedlings rose by 9.84% to 2.79 yuan/seedling [34]. - The profit from broiler farming was reported at -0.51 yuan/seedling, and egg prices decreased by 5.00% to 7.60 yuan/kg [34]. Feed Processing - The total industrial feed production in 2024 was 31,503.1 million tons, a decrease of 2.1% from the previous year [36]. - The production of pig feed was 14,391.3 million tons, down by 3.9%, while pet feed saw an increase of 9.3% to 159.9 million tons [36]. Aquaculture - As of March 14, 2025, the price of sea cucumbers was 180.00 yuan/kg, while shrimp and bass prices remained stable at 300.00 yuan/kg and 50.00 yuan/kg respectively [42]. - Freshwater fish prices showed slight increases, with grass carp at 15.33 yuan/kg and crucian carp at 20.74 yuan/kg [42]. Crop and Oilseed Processing - As of March 14, 2025, soybean prices were 3,856.79 yuan/ton, with corn and wheat prices at 2,262.45 yuan/ton and 2,429.44 yuan/ton respectively, showing slight increases [47]. - The price of canola oil increased by 3.72%, while the price of sugar was reported at 6,214.00 yuan/ton, a marginal increase of 0.06% [47].

通信 周跟踪（20250310-20250316） 领先大市-A(维持) —— GTC 前瞻另一个视角：重视推理与端侧 2025 年 3 月 18 日 行业研究/行业周报 通信行业近一年市场表现 相关报告： 跟踪：AGI 第三阶段初见端倪，算力 token 消耗量快速提升 2025.3.11 【山证通信】——DeepSeek 发布推 理系统概览，再论算力的上限和下限-周 跟踪（20250224-20250302） 2025.3.7 分析师： 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 执业登记编码：S0760524060001 1.2 NVL288：英伟达将推出 NVL144&NVL288 作为下一代超节点创新产品， 且在散热和超节点通信方面或采用 UBB+OAM、正交背板连接等新系统设计。 1.3 CPO：英伟达将与台积电合作推出基于 COWOS 封装的 CPO 交换芯片， CPO 交换机有助于解决传统可插拔光模块在带宽、延迟和能耗的瓶颈。 1.4 电源设计：面对 ...

Investment Rating - The report maintains an "A" rating for the communication industry, indicating an expected outperformance compared to the benchmark index by over 10% [1]. Core Insights - The upcoming GTC2025 conference is anticipated to showcase significant advancements in technologies such as CPO, NVL144/288, and powerrack, with market expectations already high [2][14]. - The demand for computing power is shifting primarily towards inference-driven applications, with NVIDIA's chip iterations reflecting new inference needs [4][15]. - NVIDIA's edge chips are expected to lead a new wave of edge computing devices, aligning with current trends in model optimization and cost-effective deployment [8][17]. Summary by Sections Industry Trends - GTC2025 is expected to highlight NVIDIA's product advantages and new product roadmaps, which could catalyze investor sentiment [2][14]. - The B300/GB300 is projected to enhance computing power by 50% compared to B200, featuring 288G memory and 8TB/s bandwidth [1][14]. - NVIDIA's collaboration with TSMC on CPO technology aims to address bandwidth, latency, and energy consumption challenges in traditional optical modules [3][15]. Market Performance - The overall market saw an increase during the week of March 10-14, 2025, with the CSI 300 index rising by 1.59% [9][18]. - The top-performing sectors included liquid cooling (+7.94%), submarine cables (+3.85%), and wireless RF (+3.53%) [9][18]. Company Focus - Recommended companies for investment include domestic players like Unisplendour, Ruijie Networks, and overseas firms such as NewEase and Tianfu Communication, particularly in the computing power and edge AI sectors [8][18].

Investment Rating - The report maintains a "Leading the Market-B" rating for the new materials sector [2]. Core Insights - The new materials sector has shown an upward trend, with the new materials index increasing by 0.48%, although it underperformed compared to the ChiNext index by 0.49% [2]. - The wind power sector is expected to maintain high growth, with a record bidding volume of 224.8GW in 2024, leading to a projected installation of 105-115GW in 2025 [5]. - The report highlights a recovery in profitability for companies in the wind power sector, as the price decline of wind turbines has stabilized [5]. Summary by Sections 1. Market Performance - The new materials sector index rose by 0.48%, while the synthetic biology index increased by 3.16%. In contrast, semiconductor materials and electronic chemicals saw declines of 4.18% and 2.64%, respectively [2][15]. - The overall market performance for the week showed that the basic chemicals and new materials sectors both experienced gains [11]. 2. Price Tracking - Amino acids prices showed mixed results, with valine at 14,500 RMB/ton (up 1.75%) and methionine at 21,250 RMB/ton (up 0.47%) [3]. - Prices for biodegradable plastics remained stable, with PLA (injection grade) at 18,000 RMB/ton [3]. 3. Industry News - The Ministry of Industry and Information Technology announced the first batch of advanced applicable technologies, which includes a 400,000-ton adiponitrile project by Haichen Chemical [2]. - The report notes the production of T1100 carbon fiber by Yongcheng New Materials, marking a significant milestone in the new materials sector [2]. 4. Investment Recommendations - The report suggests focusing on companies such as "Shidai New Materials" and "Maijia Xincai" due to their potential for growth in the wind power sector [5].