相关报告 食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.com 021-50586281 一季度环比改善，销售增长中枢下沉 ——泸州老窖(000568)业绩点评 | 收盘价(元) | 127.18 | | --- | --- | | 一年内最高/最低(元) | 192.74/100.02 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 3.73 | | 流通市值(亿元) | 1,868.48 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 34.08 | | 每股经营现金流(元) | 2.25 | | 毛利率(%) | 86.51 | | 净资产收益率_摊薄(%) | 9.16 | | 资产负债率(%) | 24.67 | | 总股本/流通股(万股) | 147,195.15/146,916.4 | | | 9 | 证券研究报告-年报点评 谨慎增持(首次) B 股/H 股(万股) 0.00/0.00 市场数据(2025-05-08) 资料来源：中原证券研究所，聚源 投资要点： 本报告版权属于中原证券股份有限公司 ...

种植业 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩短期承压，静待行业拐点 证券研究报告-公司点评报告 增持(维持) 市场数据(2025-05-08) | 收盘价(元) | 19.66 | | --- | --- | | 一年内最高/最低(元) | 32.44/5.12 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 5.84 | | 流通市值(亿元) | 31.58 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 3.37 | | 每股经营现金流(元) | 0.31 | | 毛利率(%) | 18.20 | | 净资产收益率_摊薄(%) | -0.81 | | 资产负债率(%) | 29.63 | | 总股本/流通股(万股) | 16,520.00/16,062.47 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：Wind、中原证券研究所，聚源 相关报告 《秋乐种业(831087)公司深度分析：乘政策东 风，做科技强企》 ...

种植业 资料来源：Wind、中原证券研究所，聚源 相关报告 《秋乐种业(831087)公司深度分析：乘政策东 风，做科技强企》 2024-12-24 《秋乐种业(831087)季报点评：公司业绩短期 承压，Q3 净利同比增长》 2024-10-29 《秋乐种业(831087)中报点评：玉米种子需求 承压，加强研发维持核心竞争力》 2024-09-05 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 业绩短期承压，静待行业拐点 证券研究报告-公司点评报告 增持(维持) 市场数据(2025-05-08) | 收盘价(元) | 19.66 | | --- | --- | | 一年内最高/最低(元) | 32.44/5.12 | | 沪深 300 指数 | 3,852.90 | | 市净率(倍) | 5.84 | | 流通市值(亿元) | 31.58 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 3.37 | | 每股经营现金流(元) | 0.31 | | 毛利率(%) | 18.20 | | 净资产收益率_摊薄(%) ...

| 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,352.00 | 0.28 | | 深证成指 | | 10,197.66 | 0.93 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,852.90 | 0.56 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,697.15 | 0.58 | | 中证 | 500 | 5,773.81 | 0.41 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0.58 | | 资料来源：聚源，中原证券研究所 | | | | 分析师：张刚 登记编码：S0730511010001 国际市场表现 指数名称 收盘 涨跌幅(%) 道琼斯 30,772.79 -0.67 标普 500 3, ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 通信传媒行业领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：防御行业走强 A 股震荡上行》 2025-05-07 《市场分析：成长行业领涨 沪指突破 3300 点》 2025-05-06 11793 《市场分析：成长行业领涨 A 股小幅整理》 2025-04-30 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 05 月 08 日 投资要点： ◼ A 股市场综述 周四（05 月 08 日）A 股市场低开高走、小幅震荡上行，早盘股指低 开后震荡上行，盘中沪指在 3359 点附近遭遇阻力，午后股指维持震 荡，盘中通信设备、文化传媒、电池以及酿酒等行业表现较好；贵 金属、化肥、航运港口以及珠宝首饰等行业表现较弱，沪指全天基 本呈现震荡上扬的运行特征。创业板市场周四震荡上扬，创业板成 分指数全天表现强于主板市场。 ◼ 后市研判及投资建议 周四 A 股市场低开高走、小幅震荡上行，早盘股指低开后震荡上 行，盘中沪指在 3359 点附近遭遇阻力 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 防御行业走强 A 股震荡上行 ——市场分析 相关报告 《市场分析：成长行业领涨 沪指突破 3300 点》 2025-05-06 《市场分析：成长行业领涨 A 股小幅整理》 2025-04-30 《市场分析：汽车互联网行业领涨 A 股震荡 整固》 2025-04-29 联系人： 李智 风险提示：海外超预期衰退，影响国内经济复苏进程；国内政 策及经济复苏进度不及预期；宏观经济超预期扰动；政策超预期 变化；国际关系变化带来经济环境变化；海外宏观流动性超预期 收紧；海外波动加剧。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共7页 11784 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 05 月 07 日 投资要点： ◼ A 股市场综述 周三（05 月 07 日）A 股市场高开低走、小幅震荡上行，早盘股指高 开后震荡回落，盘中沪指在 3328 点附近获得支撑，午后股指维持震 荡，尾盘再度回升，盘中航天航空 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [12][39]. Core Views - The company's performance is under short-term pressure, with expectations for recovery in the first quarter of 2025 [4][8]. - The company focuses on the research and industrialization of fluorine, lithium, silicon, and boron, with a strong emphasis on new materials for energy and electronics [8][10]. - The demand for electrolyte solutions is expected to continue growing, driven by the increasing sales of new energy vehicles in China [8][10]. Summary by Sections Financial Performance - In 2024, the company reported revenue of 8.207 billion yuan, a year-on-year decline of 31.25%. Operating profit was -389 million yuan, down 161.29%, and net profit was -308 million yuan, down 160.36% [8][15]. - The first quarter of 2025 showed signs of recovery with a net profit of 64.73 million yuan, a year-on-year increase of 69.24% [13][15]. Product Segments - New energy materials, including lithium hexafluorophosphate, saw sales of 43,300 tons in 2024, generating revenue of 2.593 billion yuan, a decline of 45.93% [10][11]. - The electronic information materials segment achieved revenue of 935 million yuan in 2024, down 24.52%, but is expected to recover in 2025 due to advancements in production technology [10][11]. Market Outlook - The report highlights a significant growth in China's new energy vehicle sales, with a total of 12.859 million units sold in 2024, representing a year-on-year increase of 36.10% [8][10]. - The company is well-positioned in the fluorine chemical industry, with a complete industrial chain from fluorine resources to lithium battery production, which is expected to support future growth [10][11]. Valuation Metrics - The report forecasts diluted earnings per share of 0.23 yuan for 2025 and 0.31 yuan for 2026, with corresponding price-to-earnings ratios of 50.79 and 38.42, respectively [13][15].

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][14]. Core Insights - The company experienced a significant recovery in Q1 2025, with a 23.23% year-on-year increase in revenue to 4.709 billion yuan and a 154.72% increase in net profit to 830 million yuan [6][9]. - The overall film market in 2024 was weak, with a 22% decline in box office revenue and attendance, impacting the company's screening business, which saw a 20.82% revenue drop [9]. - The company maintained its leading position in the industry with a 15.2% market share, continuing to expand its direct cinema operations [9]. - Non-ticket revenue strategies have been upgraded, leading to a 60.70% gross margin in advertising revenue, which increased by 12.48 percentage points year-on-year [9]. - The content business remains stable, with significant growth in the gaming sector, where revenue increased by 54.71% to 583 million yuan [9][10]. - The first quarter of 2025 showed a strong performance in the film market, with box office and attendance growth exceeding 40%, benefiting the company's screening and merchandise sales [10]. Financial Performance Summary - In 2024, the company reported a revenue of 12.362 billion yuan, a decrease of 15.44% year-on-year, and a net loss of 940 million yuan, a decline of 203.05% [6][11]. - The projected earnings per share (EPS) for 2025-2027 are 0.52 yuan, 0.66 yuan, and 0.78 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.39, 17.07, and 14.37 [11][12].

半导体 分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 ——恒玄科技(688608)24 年报及 25Q1 季报点评 证券研究报告-季报点评 买入(维持) 市场数据(2025-05-06) | 收盘价(元) | 437.59 | | --- | --- | | 一年内最高/最低(元) | 449.60/119.24 | | 沪深 300 指数 | 3,808.54 | | 市净率(倍) | 7.83 | | 流通市值(亿元) | 525.31 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 55.86 | | 每股经营现金流(元) | 0.03 | | --- | --- | | 毛利率(%) | 38.47 | | 净资产收益率_摊薄(%) | 2.84 | | 资产负债率(%) | 6.41 | | 总股本/流通股(万股) | 12,004.56/12,004.56 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -14% 23% 61 ...