环保及公用事业 | 收盘价(元) | 10.72 | | --- | --- | | 一年内最高/最低(元) | 14.50/10.34 | | 沪深 300 指数 | 3,686.79 | | 市净率(倍) | 2.15 | | 流通市值(亿元) | 71.78 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 4.99 | | --- | --- | | 每股经营现金流(元) | 0.84 | | 毛利率(%) | 19.41 | | 净资产收益率_摊薄(%) | 13.93 | | 资产负债率(%) | 40.79 | | 总股本/流通股(万股) | 71,463.48/66,961.88 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -16% -11% -5% 0% 5% 11% 16% 21% 2024.04 2024.08 2024.12 2025.04 蓝天燃气 沪深300 资料来源：中原证券研究所，聚源 分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 城燃业务毛利率受未及时顺价影响 ...

市场数据(2025-04-09) | 收盘价(元) | 26.71 | | --- | --- | | 一年内最高/最低(元) | 26.71/11.78 | | 沪深 300 指数 | 3,686.79 | | 市净率(倍) | 3.10 | | 流通市值(亿元) | 136.77 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.61 | | 每股经营现金流(元) | 1.04 | | 毛利率(%) | 28.29 | | 净资产收益率_摊薄(%) | 2.58 | | 资产负债率(%) | 42.89 | | 总股本/流通股(万股) | 51,205.36/51,205.36 | | 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 相关报告 -13% 3% 18% 34% 50% 66% 81% 97% 2024.04 2024.08 2024.12 2025.04 妙可蓝多 沪深300 联系人：李智 | | | 食品饮料 分析师：刘冉 登记编码：S0730516010001 liuran@ccnew.co ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -14% -9% -3% 2% 7% 13% 18% 24% 2024.04 2024.08 2024.12 2025.04 上证指数 深证成指 | 国内市场表现 | | | | | | | --- | --- | --- | --- | --- | --- | | 指数名称 | | | 昨日收盘价 | 涨跌幅(%) | | | 上证指数 | | 3,223.64 | | | 1.16 | | 深证成指 | | 9,754.64 | | | 2.25 | | 创业板指 | | 2,022.77 | | -0.47 | | | 沪深 | 300 | 3,735.12 | | | 1.31 | | 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 | 3,576.84 | | | 1.35 | | 中证 | 500 | 5,544.06 | | | 1.92 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [13]. Core Views - In 2024, the company's cheese business revenue grew, with cheese revenue reaching 3.757 billion yuan, a year-on-year increase of 6.92%. Cheese accounted for 80.12% of total revenue, up 5.62 percentage points year-on-year [8]. - The gross margin for the cheese business declined to 35.04%, down 0.39 percentage points year-on-year, primarily due to the increased revenue share from the lower-margin catering segment [8]. - The ready-to-eat nutrition segment saw revenue growth of 3.17% to 2.05 billion yuan, but its gross margin decreased by 2.45 percentage points to 46.97% due to slowing sales growth [8]. - The company is expected to achieve earnings per share of 0.42 yuan, 0.58 yuan, and 0.74 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 63.75, 46.03, and 35.95 [8]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 4.844 billion yuan, a decrease of 8.99% year-on-year. The revenue growth rate is projected to rebound to 12.60% in 2025 and 12.30% in 2026 [9]. - The net profit for 2024 was 114 million yuan, with a significant increase projected to 215 million yuan in 2025, representing an 88.82% growth [9]. - The company’s gross margin for 2024 was 28.29%, with a net asset return of 2.58% [8]. Market Position - The company has expanded its presence in the catering supply sector, which is expected to enhance its business prospects and stabilize revenue growth [8]. - The stock's closing price on April 9, 2025, was 26.71 yuan, with a market capitalization of 13.677 billion yuan [8].

Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [1] Core Views - The company achieved an operating income of 20.891 billion yuan in 2024, a year-on-year increase of 5.40%, and a net profit attributable to shareholders of 10.386 billion yuan, up 18.51% year-on-year [5][8] - The company’s investment income (including fair value changes) significantly increased, contributing to a solid foundation for net profit recovery [6][22] - Despite a decline in market share for brokerage services, the company remains among the top five in key brokerage metrics [6][11] - The company is expected to benefit from government policies aimed at fostering strong firms and building a first-class investment bank [6][26] Summary by Sections Financial Performance - In 2024, the company reported a basic earnings per share (EPS) of 1.13 yuan, a 20.21% increase year-on-year, and a return on equity (ROE) of 8.82%, up 0.91 percentage points [5][8] - The proposed dividend for 2024 is 3.77 yuan per share (including tax), with a total dividend payout ratio of 40.02% of the net profit attributable to shareholders, an increase of 15 percentage points year-on-year [8] Business Segments - The proportion of brokerage and investment income increased, while the net income from investment banking and asset management decreased [5][9] - The company’s brokerage business net income increased by 11.79% year-on-year, despite a slight decline in market share [11][12] - The investment banking segment saw a significant decline in net income, down 34.25% year-on-year, due to a drop in equity financing [13] Investment Strategy - The company’s investment strategy focuses on high-dividend investments and diversified investment strategies, achieving a 33.23% year-on-year increase in investment income [22] - The company is actively developing capital intermediary transactions and quantitative strategies in its equity derivatives business [22] Future Projections - The company expects EPS of 1.16 yuan and 1.22 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 14.00 yuan and 14.79 yuan [6][26] - The price-to-book (P/B) ratios are projected to be 1.22 and 1.15 for 2025 and 2026, respectively, based on the closing price of 17.07 yuan on April 9 [6][26]

通信 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 AI 带动数据中心发展，OFC 2025 指明光 通信行业技术走向 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 《通信行业专题研究：算力基建带动光芯片需 求持续增长，河南省"追光逐芯"助力国产芯 片突围》 2025-03-28 《通信行业月报：Manus 在 AI Agent 领域实 现 技 术 突 破 ， AI 驱 动 智 算 中 心 升 级 》 2025-03-12 《通 信 行业 月 报： 三 大 运营 商 全面 接入 DeepSeek 开源大模型，数据要素产业化进程 加速》 2025-02-16 联系人：李智 投资要点： 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29页 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2页 / 共29页 发布日期：2025 年 04 月 10 日 -10% -2% 5% 13% 21% 28% ...

证券Ⅱ 分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 财富管理指标稳固，方向自营表现优异 ——招商证券(600999)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-09) | 收盘价(元) | 17.07 | | --- | --- | | 一年内最高/最低(元) | 22.84/13.49 | | 沪深 300 指数 | 3,686.79 | | 市净率(倍) | 1.29 | | 总市值(亿元) | 1,484.50 | | 流通市值(亿元) | 1,484.50 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 13.24 | | 总资产(亿元) | 7,211.60 | | 所有者权益(亿元) | 1,301.79 | | 净资产收益率(%) | 8.82 | | 总股本(亿股) | 86.97 | | H 股(亿股) | 12.75 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -10% 2% 14% 25% 37% 49% 60% ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [6][7]. Core Insights - The communication industry index underperformed the CSI 300 index in March 2025, with a decline of 3.51% [6][12]. - Telecom business revenue showed growth in January-February 2025, reaching CNY 295 billion, a year-on-year increase of 0.9% [6][36]. - The number of 5G mobile phone users reached 1.051 billion by February 2025, accounting for 58.6% of total mobile phone users [6][37]. - The domestic market for 5G mobile phones saw a year-on-year increase of 7.6% in January-February 2025, with 41.619 million units shipped [6][57]. - The export value of optical modules decreased by 5.7% year-on-year in January-February 2025, totaling CNY 5.61 billion [6][40]. - The report highlights the ongoing advancements in optical communication technologies, including the deployment of 800G and 1.6T optical modules [6][7]. Summary by Sections Market Review - The communication industry index fell by 3.51% in March 2025, underperforming compared to other indices [12][13]. - Sub-sectors such as other communication equipment and cables saw increases of 8.07% and 4.22%, respectively [13]. Industry Tracking - Global cloud infrastructure service spending grew by 20% year-on-year in Q4 2024, reaching USD 86 billion [18]. - The domestic ICT market is projected to reach USD 751.76 billion by 2028, with a CAGR of 6.5% [28]. - Telecom business revenue in China reached CNY 295 billion in January-February 2025, with a total business volume growth of 7.6% [36]. Telecom Industry Tracking - The number of fixed broadband users with gigabit access reached 214 million by February 2025, accounting for 31.7% of total users [40]. - The average monthly mobile internet access per user (DOU) was 16.64GB, reflecting a year-on-year increase of 11.3% [41]. Mobile Industry Tracking - Domestic smartphone shipments in January-February 2025 totaled 46.905 million units, with 88.7% being 5G phones [57]. - The share of domestic brand smartphones reached 86.6% in February 2025, with a year-on-year growth of 43.8% [62]. Optical Module Industry Tracking - The report notes a significant focus on high-bandwidth, low-power optical communication technologies, with ongoing innovations in silicon photonics [6][7].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 外盘反弹提振 A 股持续上行 ——市场分析 《市场分析：军工半导体行业领涨 A 股先抑 后扬》 2025-04-09 《市场分析：农业消费行业领涨 A 股小幅上 行》 2025-04-08 《市场分析：观望情绪提升 A 股宽幅震荡》 2025-04-07 联系人： 李智 | | | 证券研究报告-市场分析 发布日期：2025 年 04 月 10 日 投资要点： ◼ A 股市场综述 周四（04 月 10 日）A 股市场高开高走、震荡上行，早盘股指高开后 震荡上行，盘中股指在 3239 点附近遭遇阻力，随后股指维持震荡， 盘中食品饮料、贵金属、消费电子以及电子元件等行业表现较好； 银行、船舶制造、电力以及航空机场等行业表现较弱，沪指全天基 本呈现小幅震荡上行的运行特征。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 相关报告 周四 A 股市场高开高走、震荡上行，早盘股指高开后震荡上行，盘 中股指在 3239 点附近遭遇阻力，随后股指维持震荡，盘中食品饮 料 ...

分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 电子 布局具身智能多维产品矩阵，打开传感器 业务未来成长空间 ——汉威科技(300007)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-09) | 收盘价(元) | 30.41 | | --- | --- | | 一年内最高/最低(元) | 50.90/12.04 | | 沪深 300 指数 | 3,686.79 | | 市净率(倍) | 3.51 | | 流通市值(亿元) | 86.05 | | 基础数据(2024-12-31) | | 事件：近日公司发布 2024 年年度报告，2024 年公司实现营收 22.28 亿元，同比-2.61%；归母净利润 0.77 亿元，同比-41.38%；扣非归母 净利润 0.06 亿元，同比-89.97%。 投资要点： 个股相对沪深 300 指数表现 -17% 22% 60% 99% 137% 176% 214% 253% 2024.04 2024.08 2024.12 2025.04 汉威科技 沪深300 资料来源：中原证券研究所 ...