Investment Rating - The investment rating for the company is "Accumulate" [8] Core Views - The company's 2024 performance is expected to meet forecasts, with revenue projected at 1.415 billion yuan, a year-on-year increase of 0.22%, and net profit at 224 million yuan, a year-on-year decrease of 5.55% [2][5] - The company is actively exploring new channels such as e-commerce, which saw a revenue increase of 90.46% in 2024, contributing to 5.4% of total revenue [3][5] - The new management is focusing on product innovation to attract younger consumers, with new products like AD Calcium Milk and Vitamin Water being introduced [5] Financial Performance Summary - For 2024, the company expects a net profit margin of 15.8%, down 1.0 percentage points year-on-year, but with a gross margin increase of 3.2 percentage points due to lower raw material costs [4] - The company plans to maintain a high dividend payout ratio of 87%, which is an increase of 6 percentage points year-on-year [2] - The projected revenue growth rates for 2025-2027 are 5%, 6%, and 6%, respectively, with net profit growth rates of 14%, 11%, and 8% [5] Product and Regional Performance - In terms of product performance, the revenue from dairy beverages is expected to decline by 2% in 2024, while other categories are projected to grow by 128% [3] - Regionally, the company expects stable performance in East and Southwest China, while Central and Northeast regions are experiencing significant declines [3] Valuation Metrics - The projected P/E ratios for 2025-2027 are 20X, 18X, and 17X, respectively, indicating a favorable valuation outlook [5] - The company's total market capitalization is approximately 5.16 billion yuan, with a current share price of 13.08 yuan [9]

公司报告 | 年报点评报告 新易盛（300502） 证券研究报告 25 年一季度再创新高，硅光产业线逐步丰富 事件：公司发布 24 年年报及 25 年一季报。24 年全年营业收入 86.47 亿元 （YoY +179.15%），归母净利润 28.38 亿元（YoY +312.26%）；25 年 Q1 营业 收入 40.52 亿元（YoY +264.13%），归母净利润 15.73 亿元（YoY +384.54%）。 硅光产业线逐步丰富：2024 年，子公司 Alpine 已完成技术产品 2 样品交付， 公司利用该样品进行硅光模块生产并于在 2025 年 OFC 发布及展示， Alpine2024 年业绩实现金额为 325 万美元。公司于 24 年成功推出基于硅光 解决方案的已成功推出基于硅光解决方案的 400G、800G 光模块产品及 400G ZR/ZR+相干光模块产品，在低功耗下实现高速率传输。 盈利预测：AI+云计算数据中心市场高速发展的双驱动背景下，公司客户 和产品结构不断优化，LPO+1.6T 为长期成长点。我们认为 AI 有望在中长 期拉动 800G 光模块需求增长，我们预测 25-27 年归母净 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 8.65 billion yuan (YoY +179.15%) and net profit of 2.84 billion yuan (YoY +312.26%). For Q1 2025, revenue was 4.05 billion yuan (YoY +264.13%) and net profit was 1.57 billion yuan (YoY +384.54%) [1][5]. - The company has made substantial progress in developing new products and technologies, particularly in the silicon photonics sector, which is expected to drive future growth [1][4]. - The company has successfully increased its overseas revenue to 6.81 billion yuan (YoY +162.31%) and domestic revenue to 1.84 billion yuan (YoY +265.95%) in 2024, indicating strong demand for its products [1]. Financial Performance - The company's Q1 2025 performance showed a quarter-on-quarter revenue increase to 4.05 billion yuan (QoQ +15.24%) and net profit of 1.57 billion yuan (QoQ +31.95%), with a notable improvement in net profit margin [3]. - The gross margin for 2024 improved by 13.73 percentage points, while the expense ratio increased slightly by 1.17 percentage points, indicating enhanced profitability despite rising costs [4]. - The company is expected to continue its growth trajectory, with projected net profits of 7.33 billion yuan, 11.62 billion yuan, and 14.40 billion yuan for 2025, 2026, and 2027 respectively [5][11]. Product Development and Market Position - The company has expanded its product line in the silicon photonics sector, successfully launching 400G and 800G optical modules, which are anticipated to meet increasing market demand [4]. - The establishment of a factory in Thailand is expected to enhance the company's production capabilities and supply chain stability, further supporting its growth strategy [2]. Market Outlook - The company is well-positioned to benefit from the rapid growth in the AI and cloud computing data center markets, which are expected to drive demand for its high-speed optical modules [5]. - The ongoing development of the 1.6T optical module is anticipated to contribute significantly to the company's long-term growth [5].

Investment Rating - The investment rating for Qingdao Beer is "Buy" with a target price not specified [6][4]. Core Views - The company has shown steady revenue growth with Q1 2025 revenue at 10.446 billion yuan, up 2.91% year-on-year, and net profit at 1.710 billion yuan, up 7.08% year-on-year [1]. - The sales volume in Q1 2025 reached 2.261 million tons, an increase of 3.5% year-on-year, while the revenue per ton decreased by 0.6% to 4,620 yuan [2]. - The company is expected to benefit from cost reductions in barley and packaging materials, leading to improved gross margins and profit elasticity [3]. Financial Performance - Q1 2025 net profit margin increased by 0.7 percentage points to 16.6%, with gross margin up by 1.2 percentage points and ton cost down by 2.6% [3]. - Revenue growth forecasts for 2025-2027 are 4%, 2%, and 2%, respectively, with net profit growth of 12%, 8%, and 6% [4]. - The projected earnings per share (EPS) for 2025 is 3.58 yuan, with a price-to-earnings (P/E) ratio of 20.74 [11]. Market Position and Strategy - The company is focusing on upgrading its product structure, with mid-to-high-end product sales increasing by 5.3% year-on-year, accounting for 44.7% of total sales [2]. - The demand environment is expected to stabilize, aided by organizational improvements under the new chairman [4]. - Online sales have reached a historical high, indicating strong growth in instant retail [2].

Investment Rating - The investment rating for Qingdao Beer is "Buy" with a target price not specified [6][4]. Core Views - The company has shown steady revenue growth with Q1 2025 revenue at 10.446 billion yuan, up 2.91% year-on-year, and net profit at 1.710 billion yuan, up 7.08% year-on-year [1]. - The sales volume in Q1 2025 reached 2.261 million tons, an increase of 3.5% year-on-year, with the main brand's sales volume at 1.375 million tons, up 4.1% [2]. - Cost advantages are continuing, with a gross margin improvement of 1.2 percentage points year-on-year, and a decrease in ton cost by 2.6% [3]. Summary by Sections Financial Performance - Q1 2025 revenue was 10.446 billion yuan, a 2.91% increase year-on-year; net profit was 1.710 billion yuan, a 7.08% increase year-on-year; and non-recurring net profit was 1.603 billion yuan, up 5.95% year-on-year [1]. - Q1 sales volume was 2.261 million tons, a 3.5% increase year-on-year, with a ton revenue decrease of 0.6% to 4,620 yuan [2]. Cost and Profitability - The net profit margin increased by 0.7 percentage points to 16.6%, with a gross margin increase of 1.2 percentage points and a ton cost decrease of 2.6% [3]. - The company expects continued cost benefits from barley and packaging material, along with scale effects enhancing profit elasticity [4]. Future Outlook - The company anticipates continued growth in Q2 and Q3 due to low base effects, with expected revenue growth rates of 4%, 2%, and 2% for 2025-2027 [4]. - Forecasted net profit growth rates are 12%, 8%, and 6% for the same period, with corresponding P/E ratios of 21X, 19X, and 18X [4].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Group 1 - The report highlights the ongoing advancements in AI technology, with companies like Alibaba, Tencent, and Xiaomi releasing new models, indicating a strong trend in the AI sector [2] - Investment recommendations include focusing on DeepSeek's breakthroughs in AI, the recovery of consumer stocks, and the rise of undervalued assets, which are influenced by the progress in the AI industry [2][31] - The report emphasizes the importance of valuation in the consumer sector, suggesting that the current low valuations, declining interest rates, and policy catalysts could lead to a recovery cycle [2][31] Group 2 - The report discusses the long-term logic of consumption driven by policy support and the potential for a fundamental turning point in the economy, with positive macro data signals [4][32] - It suggests a focus on sectors with clear policy support and financial performance improvements, particularly in domestic demand sectors [4][32] - The report identifies key sectors for investment, including those with enhanced domestic supply capabilities and those benefiting from accelerated capacity deployment [4][34] Group 3 - The report indicates a significant increase in the computer industry’s revenue growth, with a 20.4% year-on-year increase in Q1 2025, driven by strong performance in domestic computing and innovation sectors [10] - It highlights the profitability of companies in the domestic computing sector, with a notable increase in net profit margins and a significant number of companies returning to profitability [10] - The report anticipates continued growth in the domestic computing and AI application sectors, particularly in financial IT and cloud services [10] Group 4 - The report on Longxin General indicates a steady improvement in profitability, with a projected net profit of 1.12 billion yuan in 2024, reflecting a 93% year-on-year increase [11] - It notes the growing contribution of the Wujing brand to the company's motorcycle business, with overseas revenue accounting for 43% of total sales [11] - The report discusses the strategic integration of Longxin General with its major shareholder, which is expected to enhance operational synergies [11] Group 5 - The report on the chemical industry indicates a slight increase in the proportion of holdings in small and mid-cap stocks, reflecting a shift in market preference [20] - It highlights the financial stability of companies in the chemical sector, with a focus on high dividend payouts and low debt levels [21] - The report anticipates potential growth in high-end materials projects, which could significantly contribute to future earnings [21]

行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 19 周周报：它博会归来，如何看宠物经济发展新趋势？ 1、宠物板块：高景气延续，国产替代与消费升级共筑量价双升 1）它博会看点：①今年关注度再上一层。第五届 TOPS 它博会于本周在上海国家会展中心开幕，展会以超 10 万平展览面积、1200 余家展商、8000+ 品牌缔造行业盛况，折射宠物赛道强劲增长动能。展会首日观众数同比激增 43%，创历史新高，核心数据验证行业扩容。②产品和工艺趋势变化：宠 物主粮精细化趋势显著，分龄分阶喂养成为核心升级方向：幼年期主打高蛋白、原生营养（麦富迪奶弗羊奶肉主粮系列），老年期聚焦肠胃调理、关节 养护（麦富迪老年犬粮）；工艺革新驱动高端化：低温烘焙成军备竞赛焦点（领先烘焙鲜肉猫粮、弗列加特鲜肉烘焙粮），鲜粮/湿粮赛道崛起（ZEAL 新西兰进口主食罐），国产技术迭代创新，行业从"粗放供给"迈向"精准营养+体验升级"新周期；③部分参展公司亮点：外资品牌如皇家、渴望、 爱肯拿，国产头部品牌如麦富迪、鲜朗、蓝氏，以及国产宠物用品公司天元宠物等齐聚展会，其中国产品牌表现较为亮眼——麦富迪它博会以"超级 工厂+天性数据研 ...

Investment Rating - The report maintains a "Buy" rating for the company, considering a slight profit increase in 2024 and projecting net profits of 5.31 billion CNY in 2025 and 9.2 billion CNY in 2027 [3][6]. Core Insights - The company is expected to return to positive revenue and profit growth in Q4 2024 and Q1 2025, with significant contributions from its energy storage segment and continued growth in consumer and power battery sectors [1][2]. - In 2024, the company anticipates a slight decline in revenue to 48.61 billion CNY, with a projected net profit of 4.08 billion CNY, followed by a strong recovery in 2025 with revenues reaching 65.63 billion CNY and net profits of 5.32 billion CNY [4][11]. - The company achieved a remarkable 91.90% year-on-year increase in energy storage battery shipments, solidifying its position as the second-largest global supplier in this segment [10]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2023: Revenue of 48.78 billion CNY, net profit of 4.05 billion CNY - 2024: Revenue of 48.61 billion CNY, net profit of 4.08 billion CNY - 2025E: Revenue of 65.63 billion CNY, net profit of 5.32 billion CNY - 2026E: Revenue of 88.60 billion CNY, net profit of 6.99 billion CNY - 2027E: Revenue of 115.18 billion CNY, net profit of 9.16 billion CNY [4][11][12]. - **Growth Rates**: - Revenue growth rates are projected at -0.35% for 2024, 35% for 2025, and 30% for 2026 [4][11]. - Net profit growth rates are expected to be 0.63% in 2024, 30.43% in 2025, and 31.42% in 2026 [4][11]. - **Key Financial Ratios**: - The company’s P/E ratio is projected to decrease from 21.88 in 2023 to 9.68 by 2027, indicating improved valuation over time [4][12]. - The net profit margin is expected to stabilize around 7.95% by 2027 [12]. Segment Performance - **Consumer Batteries**: - The consumer battery segment is expected to generate 103 billion CNY in revenue in 2024, with a year-on-year growth of 23% and a gross margin of 27.6% [10]. - **Energy Storage Batteries**: - The energy storage segment is projected to achieve 190 billion CNY in revenue in 2024, with a gross margin of 14.7% [10]. - **Power Batteries**: - The power battery segment is forecasted to generate 192 billion CNY in revenue in 2024, despite a year-on-year decline of 20% [10].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The construction sector has outperformed the market recently, with a 2.23% increase compared to the 2.09% rise in the CSI 300 index, indicating a positive trend in the industry [1] - Significant price increases in cellulose-related products have been observed, highlighting the potential for domestic substitution to drive performance and valuation catalysts, with a strong recommendation for Sanwei Chemical [1][24] - The issuance of special bonds remains high, suggesting a focus on the conversion rhythm of physical construction work in the future [4] Summary by Sections 1. Progress of Domestic Substitution for Cellulose Products - Acetic cellulose (CA) is primarily used in tobacco filters, with China consuming approximately 300,000 tons annually, and Sichuan Pushi, holding a 67% stake by Yibin Paper, has a leading position in the production of diacetate and triacetate [2] - The prices of CAB (cellulose acetate butyrate) and CAP (cellulose acetate propionate) have significantly increased, with imported CAB prices ranging from 188,000 to 200,000 yuan/ton, while domestic prices are between 90,000 and 115,000 yuan/ton, a notable rise from 58,000 yuan/ton in March 2025 [2][24] - Domestic production capabilities for CAB and CAP have been historically monopolized by foreign companies, but local firms like Wuxi Chemical Research Institute and Fujian Hongyan Chemical are developing their production capabilities [3] 2. High-Level Special Bond Issuance and Focus on Infrastructure Work - In April 2025, new local special bonds totaled 230.144 billion yuan, with a cumulative issuance of 1.1904 trillion yuan from January to April, marking a year-on-year increase of 467.9 billion yuan [4][29] - The cement shipment rate was reported at 48.07%, with a slight decrease, while the asphalt plant operating rate was 28.8%, indicating a gradual recovery in construction activity [4][29] 3. Market Review - The construction index rose by 2.23% during the week of May 5-9, outperforming the CSI 300 index, with notable gains in construction decoration and design sectors [5][36] - Key stocks that performed well included Shanshui Bide (+28.1%), ST Saiwei (+21.7%), and ST Chuangxing (+21.5%) [5][36] 4. Investment Recommendations - The report suggests focusing on traditional construction blue-chip stocks, particularly in infrastructure sectors like water conservancy, railways, and aviation, with a recommendation for companies like Sichuan Road and Bridge, Zhejiang Jiaoke, and Anhui Construction [41] - It also highlights opportunities in cyclical engineering stocks, particularly in coal chemical projects, recommending companies like Sanwei Chemical and China Chemical for their strong technical capabilities [42]