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 [17]. Core Views - The company has turned around its performance year-on-year, achieving a total revenue of 137.95 billion yuan, a 24.43% increase, and a net profit of 17.88 billion yuan, marking a significant recovery [4][11]. - The increase in revenue and profit is attributed to higher sales volume and prices in the pig farming business, alongside a decrease in breeding costs [4][8]. - The company plans to distribute a cash dividend of 5.72 yuan per 10 shares, reflecting confidence in its development [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 41.17 billion yuan, a 47.61% increase year-on-year, and a net profit of 7.4 billion yuan, indicating a strong recovery [4]. - The operating cash flow for 2024 reached 37.54 billion yuan, a remarkable increase of 279.50% year-on-year [4]. Industry Outlook - The pig farming industry is expected to see a dual increase in supply and demand in 2025, with the average price of pigs rising above the industry cost line [8]. - The scale of pig farming is projected to exceed 70% in 2024, indicating a trend towards increased industry concentration [8]. Cost Management - The company's breeding costs have decreased to approximately 12.9 yuan/kg as of February 2025, down from around 14 yuan/kg in 2024 [8]. - The slaughtering segment has shown improvement, with a reduction in average losses per head from 70 yuan in 2023 to about 50 yuan in 2024, achieving profitability in December [9]. Future Projections - The company anticipates a pig output of 72 million to 78 million heads in 2025, with a projected net profit of 20.55 billion yuan [11]. - The estimated earnings per share (EPS) for 2025 is projected at 3.76 yuan, with a corresponding price-to-earnings (PE) ratio of 10.26 [11].

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 1、博鳌亚洲论坛旗舰报告指出，联合国、世界银行、国际货币基金组织 等国际机构普遍预计，今明两年世界经济将企稳甚至重新扩张。根据论坛 研究院的测算，2025 年亚洲经济增速预计将增至 4.5%，中国、印度等亚 洲经济体仍将保持 5%以上的较高增速。 分析师：张刚 资料来源：Wind,中原证券 -15% -10% -5% 1% 6% 11% 17% 22% 2024.03 2024.07 2024.11 2025.03 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 | | 3,369.98 | -0.00 | | 深证成指 | | 10,649.08 | -0.43 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,932.30 | -0.06 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 ...

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 [1][20]. Core Views - The company is expected to recover from performance declines due to impairment and expense growth, with a projected revenue of 182.07 billion yuan for 2024, reflecting a year-on-year growth of 3.83% [5]. - The net profit attributable to shareholders is forecasted to be 13.03 billion yuan, a decrease of 22.49% year-on-year, primarily due to increased research and development expenses and asset impairment [5]. - The MDI market is anticipated to recover, driven by limited global capacity growth and increased demand from downstream sectors such as home appliances and automotive [8]. - The company's ethylene projects are expected to enhance profitability in its petrochemical business due to cost advantages over traditional oil routes [8]. - The company has a robust pipeline of new projects in fine chemicals and new materials, ensuring future growth potential [9]. Summary by Sections Financial Performance - The company reported a revenue of 182.07 billion yuan for 2024, with a net profit of 13.03 billion yuan, and basic earnings per share (EPS) of 4.15 yuan [5]. - The average prices for key raw materials such as pure benzene and propane have shown fluctuations, impacting overall profitability [5][6]. Market Outlook - The MDI industry is expected to see a recovery in demand, with price increases noted in 2025, which may improve industry profitability [8]. - The company is focusing on expanding its new materials business, with several projects set to launch in 2024, including a 20,000-ton POE and 48,000-ton citral facility [9]. Valuation Metrics - The projected EPS for 2024 and 2025 is 4.15 yuan and 5.39 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.76 and 14.45 based on the closing price of 67.06 yuan [9].

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 [1][20]. Core Views - The company is expected to recover from performance declines due to impairment and expense growth, with a projected revenue of 182.07 billion yuan for 2024, representing a year-on-year growth of 3.83%. However, net profit is anticipated to decline by 22.49% to 13.03 billion yuan [5][10]. - The MDI market is expected to recover, driven by limited global capacity growth and increased demand from downstream sectors such as home appliances and automotive [8]. - The company has a rich pipeline of new projects, ensuring future growth, particularly in fine chemicals and new materials, with significant investments in various projects [9]. Summary by Sections Financial Performance - The company reported a revenue of 182.07 billion yuan for 2024, with a net profit of 13.03 billion yuan, down 22.49% year-on-year. The basic earnings per share (EPS) is projected at 4.15 yuan [5][10]. - The average price of key raw materials such as pure benzene increased by 14.49% year-on-year, while the prices of other materials showed mixed trends [5][6]. Market Outlook - The MDI industry is expected to see a recovery due to limited new capacity and increased demand from sectors benefiting from policy changes [8]. - The company's ethylene projects are anticipated to enhance profitability in its petrochemical business, leveraging cost advantages over traditional oil routes [8]. Growth Potential - The company is expanding its new materials business, with projects like 20,000 tons of POE and 48,000 tons of citral set to launch in 2024, contributing to rapid growth [9]. - Future projects include polyurethane upgrades and expansions in ethylene and POE production, which will support long-term growth [9].

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 能源电力行业领涨 A 股小幅整理 ——市场分析 投资要点： ◼ A 股市场综述 周二（03 月 25 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指平 开后震荡上行，盘中股指在 3376 点附近遭遇阻力，午后股指维持震 荡，盘中电力、光伏设备、煤炭以及化学原料等行业表现较好；船 舶制造、通信服务、互联网服务以及计算机设备等行业表现较弱， 沪指全天基本呈现小幅震荡整理的运行特征。创业板市场周二震荡 回落，创业板成分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周二 A 股市场冲高遇阻、小幅震荡整理，早盘股指平开后震荡上 行，盘中股指在 3376 点附近遭遇阻力，午后股指维持震荡，盘中电 力、光伏设备、煤炭以及化学原料等行业表现较好；船舶制造、通 信服务、互联网服务以及计算机设备等行业表现较弱，沪指全天基 本呈现小幅震荡整理的运行特征。当前上证综指与创业板指数的平 均市盈率分别为 14.32 倍、37.58 倍，处于近三年中位数平均水 平，适合中长期布局。两市周二成交金额 12878 亿元 ...

分析师：张洋 登记编码：S0730516040002 证券Ⅱ zhangyang-yjs@ccnew.com 021-50586627 券商板块 2025 年 2 月回顾及 3 月前瞻 ——券商板块月报 证券研究报告-行业月报 同步大市(维持) 发布日期：2025 年 03 月 25 日 -13% -3% 7% 17% 27% 37% 48% 58% 2024.03 2024.07 2024.11 2025.03 证券Ⅱ 沪深300 11723 风险提示：1.权益及固收市场波动导致证券行业基本面改善的程度不及 预期；2.股价短期波动风险；3.资本市场改革的政策效果不及预期 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11页 证券Ⅱ相对沪深 300 指数表现 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 券商板块 2025 年 2 月行情回顾：2 月券商指数整体处于横向窄幅 震荡整理，重心相较 1 月有所提高。中信二级行业指数证券Ⅱ全 月上涨 2.22%，跑赢 ...

分析师：张刚 相关报告 联系人： 李智 | 0371-65585629 | | --- | | 电话： | 地址： 郑州郑东新区商务外环路10 号18 楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 03 月 24 日 投资要点： 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 银行有色行业领涨 A 股小幅上行 ——市场分析 ◼ A 股市场综述 周一（03 月 24 日）A 股市场先抑后扬、小幅震荡上行，早盘股指平 开后震荡上行，盘中股指在 3376 点附近遭遇阻力，午后股指震荡回 落，尾盘企稳回升，盘中银行、保险、有色金属以及旅游酒店等行 业表现较好；互联网服务、软件开发、汽车零部件以及通用设备等 行业表现较弱，沪指全天基本呈现小幅震荡整理的运行特征。创业 板市场周一震荡上扬，创业板成分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周一 A 股市场先抑后扬、小幅震荡上行，早盘股指平开后震荡上 行，盘中股指在 3376 点附近遭遇阻力，午后股指震荡回落，尾盘企 稳回升，盘中银行、 ...

Group 1: Lithium Battery - The lithium battery index decreased by 3.26%, underperforming the CSI 300 index which fell by 1.93% [3][16] - The macro policy encourages the development of the new energy vehicle industry, with significant growth in sales in February 2025 [17] - Short-term investment opportunities in the sector are suggested due to industry sentiment and market trends [17] Group 2: Chemical Industry - The CITIC basic chemical industry index fell by 1.86%, outperforming the CSI 300 index [4][19] - Among the tracked chemical products, 85 increased in price while 143 decreased, indicating a stronger performance compared to the previous week [20] - Investment focus is recommended on the potassium fertilizer and organic silicon sectors due to tightening supply and demand dynamics [22] Group 3: Securities - The securities index declined by 3.24%, underperforming the CSI 300 index by 1.31 percentage points [5][24] - The overall operating environment for the securities industry is expected to improve, with a potential new upward cycle [25] - The average P/B ratio for the securities sector is currently below the historical average, presenting a good opportunity for reallocation [25] Group 4: Photovoltaics - The photovoltaic industry index fell by 1.71%, slightly outperforming the CSI 300 index [6][26] - The sector is currently in a significant destocking and capacity reduction phase, with a need for time to achieve a supply-demand turnaround [29] - Mid-term focus is suggested on segments with clear capacity reduction expectations, such as photovoltaic glass and integrated component manufacturers [29] Group 5: Power and Utilities - The power and utilities sector increased by 0.73%, outperforming the CSI 300 index by 2.66 percentage points [7][31] - The national market-oriented electricity trading volume is projected to reach 6.2 trillion kWh by 2024, with a focus on renewable energy development [34] - Long-term investment in high-dividend, low-valuation assets is recommended, particularly in large hydropower and nuclear power enterprises [34] Group 6: Media - The media sector index decreased by 4.64%, underperforming the CSI 300 index by 2.71 percentage points [11][36] - The implementation of the "Consumption Promotion Special Action Plan" is expected to boost domestic consumption demand [37] - Investment focus is suggested on companies with a high proportion of consumer goods clients and stable channel growth [40] Group 7: Computer Industry - The computer industry index fell by 5.61%, ranking as the most volatile sector [12][42] - The recent NVIDIA chip launch met expectations without unexpected innovations, impacting short-term demand negatively [43] - Long-term prospects remain positive for platform companies in the AI application space, with significant capital expenditure expected [43] Group 8: Telecommunications - The telecommunications index decreased by 3.03%, underperforming the CSI 300 index [13][47] - The sector's transaction volume increased by 2.46%, indicating a slight uptick in activity [47] - Optimistic capital expenditure outlook for leading cloud vendors is expected to drive technological innovation in the sector [49]

汽车 分析师：龙羽洁 登记编码：S07 052 120001 longyj@ccnew.com 0 71-6558575 行业整体表现强劲，自主品牌占比持续 提升 ——汽车行业月报 证券研究报告-行业月报 强于大市(维持) 轻工制造相对沪深 00 指数表现 -12% -5% 2% 10% 17% 24% 2% 9% 2024.0 2024.07 2024.11 2025.0 汽车 沪深 00 1172 资料来源：中原证券，聚源 相关报告 《汽车行业月报：政策效能显著，12 月旺季 延续》 2024-12-24 《汽车行业年度策略：拥抱智能化行业变革， 把握全球化发展机遇》 2024-12-06 《汽车行业月报：广州车展自主表现亮眼，智 驾进展加速》 2024-11-22 联系人：李智 投资要点： 风险提示： ）政策落地不及预期的风险 1 ； 2）行业需求不及预期的 风险； ）行业竞争加剧的风险；4）智能化进展不及预期的风险。 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2 页 发布日期：2025 年 月 25 日 | 图 | 1：2025 年 | 月汽 ...

农林牧渔 分析师：张蔓梓 登记编码：S0730522110001 zhangmz@ccnew.com 13681931564 畜禽价格偏弱运行，宠物食品出口数 据迎来"开门红" ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 | 公司简称 | 25EPS | 25PE | 评级 | | --- | --- | --- | --- | | 牧原股份 | 3.68 | 11.71 | 增持 | | 海大集团 | 3.13 | 13.45 | 增持 | | 乖宝宠物 | 1.78 | 36.30 | 增持 | | 中宠股份 | 1.65 | 24.40 | 增持 | | 佩蒂股份 | 1.00 | 18.03 | 增持 | | 秋乐种业 | 0.48 | 27.20 | 增持 | 农林牧渔相对沪深 300 指数表现 相关报告 《农林牧渔行业月报：宠物饲料产量逆势增 长，"一号文件"首提"农业新质生产力"》 2025-02-27 《农林牧渔行业月报：猪价旺季不旺，宠物 食品出口数据持续向好》 2025-01-21 《农林牧渔行业月报：鸡价延续反弹趋势， 宠物食品出口数据维持同比增长 ...