图表 2:18家猪企销售量及环比变动情况 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | 1600 | | 20% | | 300 | | 20% | | 1400 | | 15% | | 250 | | 15% | | 1200 | | 10% | | 200 | | 10% | | 1000 | | 5% | | 150 | | 5% | | 800 | | 0% -5% | | 100 | | 0% | | 600 | | -10% | | 50 | | -5% | | 400 | | -15% | | 0 | | -10% | | | | | | | | | 来源：各公司公告， 年福证券研究所(注:18家猪企分别为较原股份、 温氏股份、正邦科技、新希望、大北农、ST 天邦、唐人神、金新农、罗 牛山、正虹科技、东瑞殿份、神农集团、京基督农、立年股份、天康生物、 中粮家住康、年统股份 ...

团队成员 分析师： 俞能飞(S0210524040008) ynf30520@hfzq.com.cn 分析师： 唐保威(S0210524050012) tbw30562@hfzq.com.cn 相关报告 1、渝厦高铁重庆东至黔江段全线轨道贯通，盘兴 铁路全线进入铺轨阶段——2024.12.22 2、1—11 月份全国铁路客货运量稳步增长 有效推 动经济持续回升向好——2024.12.14 3、铁路累计发送旅客超 40 亿人次创新高，京 滇 · 澜 湄 线 国 际 货 运 开 启 常 态 化 运 行 — — 2024.12.07 投资要点： 2022 年国务院印发《"十四五"现代综合交通运输体系发展规划》， 明确提出到 2025 年，铁路营业里程达到 16.5 万公里，其中高速铁路营 业里程达到 5 万公里；2020 年国铁集团出台《新时代交通强国铁路先 行规划纲要》，2021 年国务院印发《国家综合立体交通网规划纲要》， 两个文件均对 2035 年我国铁路网规模提出了一致要求：到 2035 年， 全国铁路网达 20 万公里左右，其中高铁 7 万公里左右。结合"十四五" 铁路网规模，若想达到 2035 年的目标 ...

机械设备 美拟造首个电网规模聚变电厂，俄创新型快中子反应堆 核燃料厂试运行 美计划建造世界上第一个电网规模的聚变发电厂 托木斯克州谢韦尔斯克，第四代实验示范能源综合体(ODEC)三座 设施中的首座——用于创新型快中子反应堆 BREST-OD-300 的核燃料 制造/再制造模块(NFR)已正式投入试运行。该模块是西伯利亚化工厂 (JSC)，即西伯利亚化学联合公司(Rosatom 燃料部门的一家企业)战略工 业项目"突破"的一部分，全球核工业中独一无二。该超现代化的全 自动化生产设施已成功生产出第一个采用 BREST-OD-300 核心设计的 原型燃料盒，燃料芯块由贫氮化铀制成。新工厂包括 4 条技术线：混 合铀和钚氮化物的碳热合成、燃料芯块的生产、燃料元件的生产以及 完整燃料盒的组装。所有生产区域均经过全面测试，核心技术人员将 清洁安全高效等特点使核电成为促进能源绿色转型的重要力量 证 券 研 究 报 告 1）佳电股份：产品主氦风机是四代堆-高温气冷堆一回路唯一的 动力设备，子公司哈电动装的核主泵产品在核电业务细分行业处于领 先地位； 2）国光电气：公司偏滤器和包层系统是 ITER 项目的关键部件； 3）兰石重 ...

诚信专业 发现价值 9 请务必阅读报告末页的声明 周废开工负荷 81.13% 148 合计 行业定期报告 | 基础化工 本周,化工板块涨幅前五的子行业分别为合成树脂(2.3%)、涤纶(1.88%)、轮胎 (1.3%)、橡胶助剂(0.42%)、复合肥(0.39%);化工板块跌幅前五的子行业分别为其他 塑料制品(-7.1%)、膜材料(-5.25%)、涂料油墨颜料(-4.95%)、有机硅(-4.39%)、粘胶 (-4.3%)。 图表 2:化工各子行业板块本周行情 5% 0% -5% -10% 农药 复合肥 钟殿 胶制品 缔约 近些塑料 钛白步 七学制品II 胶财煮 染化学。 非居 有机 化学原* 饲料添加 子化学。 f 油墨顏s 滕林 肥及磷化. 塑料制, 来源: Wind,华福证券研究所 1.2 化工板块个股表现 本周,化工板块涨幅前十的公司分别为:川环科技(28.47%)、华西股份(15.63%)、 吉华集团(13.5%)、润禾材料(13.27%)、锦鸡股份(10.68%)、科隆股份(9.51%)、黑猫 股份(8.88%)、正丹股份(7.84%)、安迪苏(7.56%)、瑞丰新材(6.97%)。 5 请务必阅读报 ...

Investment Rating - Buy (Maintained Rating) [8][15] Core Views - The company's second-generation CGM (Continuous Glucose Monitoring) product has been approved domestically and is under FDA review, with catalysts both domestically and internationally expected to drive growth [5] - The second-generation CGM product features improved performance and user experience, utilizing third-generation direct electron transfer technology, which offers advantages such as low potential, oxygen independence, fewer interferences, better stability, and higher accuracy [5] - The product is designed for integration with Automated Insulin Delivery (AID) systems and targets the US market, which is the largest CGM market globally, with significant growth potential post-registration [4][14] - The company has secured a 7-year distribution agreement with a major European distributor, and both semi-automated and fully automated production lines are operational, positioning the company to capitalize on the global CGM market [6] Financial Performance and Projections - Revenue is projected to grow from 4,059 million RMB in 2023 to 5,928 million RMB in 2026, with a CAGR of 19% [7][10] - Net profit attributable to the parent company is expected to increase from 284 million RMB in 2023 to 635 million RMB in 2026, with a CAGR of 24% [7][10] - EPS is forecasted to rise from 0.50 RMB in 2023 to 1.13 RMB in 2026 [7][10] - The company's gross margin is expected to remain stable at around 54%, with net profit margin improving from 4.8% in 2023 to 11.0% in 2026 [10] Market and Industry Insights - The US CGM market is projected to grow from 2.7 billion USD in 2020 to 15.4 billion USD in 2030, with a CAGR of 19% [4] - The European CGM market is expected to expand from 1.2 billion USD in 2020 to 7.8 billion USD in 2030 [4] - The company's CGM product has received regulatory approval in China and is under FDA review in the US, with significant commercialization potential in the US market [13][14] Operational and Strategic Developments - The company has received regulatory approval for its CGM system in China, including an 8-day version for medical institutions and a 15-day version for home use [13] - The FDA has accepted the company's CGM product for substantive review, marking a key milestone in its US market entry [13] - The company has established both semi-automated and fully automated production lines, enhancing its capacity to meet global demand [6]

铁矿石 (1)进口方面:11月进口铁矿砂及其精矿 10,186 万吨,环比-198 万吨/-1.9%, 同比-88 万吨/-0.9%; 1-11 月累计进口铁矿砂及其精矿 112,424 万吨,同比+4.3%。 (2) 铁矿石库存: 截至 12月 20日,铁矿石主要港口库存(45 港口)合计 14,974 万吨,环比上周减少 93.0万吨。铁矿石日均疏港量(45 港口)合计 324 万吨,环比上 周减少 13.0 万吨。国内钢厂进口铁矿石平均库存可用天数 21 天,环比上周增加 2天。 120, 000 20 100,000 15 80,000 10 60,000 5 40,000 0 20,000 -5 石原矿累计产量(万吨) 一 累计同比(%) 图表 1: 铁矿石原矿产量（累计; 万吨） | --- | --- | |-------------------------------------------------------------------------|-------| | 来源: 同花顺 iFinD、华福证券研究所 \n图表 3: 铁矿石进口数量(累计; 万吨) | | | | | | 140 ...

司 研 华福证券 普洛药业（000739.SZ） 原料药-CDMO-制剂三维共振，业绩有望提速 投资要点： 原料药行业周期底部向上，多重催化下长期成长空间有望开启 2023 年国内原料药产业受 22 年疫情相关订单导致的高基数以及 下游制剂厂商消化疫情期间的库存影响，包括公司在内的多家原料药 企业业绩出现短期波动。当前原料药产量单月同比增长明显，24H1 国 内原料药产量同比回正，出口量持续增长，或意味着原料药去库存已 接近尾声，需求端有望提振。同时考虑到海外专利悬崖下仿制药原料 药及制剂出海空间巨大，原料药-制剂一体化企业有望充分受益。 原料药业务为基石，人用及兽用药双轮驱动 公司深耕原料药领域 30 余载，原料药、中间体业务近年来产销率 水平高，表现出良好的经营韧性。2024H1 公司该业务营收入达 47.0 亿元，同比增长 11.9%。公司产品品类丰富，领域涵盖人用、兽用药 物原料药和中间体，并陆续推出原料药新品种，2024H1 有 2 个 API 品种注册获批，20 个原料药品种新递交国内外 DMF。公司原料药产 品目前获美国DMF认证的原料药25个品种，目前处于有效期内的 CEP 证书 10 个，有 ...

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Investment Rating - The report assigns a "Hold" rating for the company, indicating a neutral outlook for the stock over the next 6 to 12 months [3][106]. Core Insights - The company has established itself as a leader in the smart display industry over nearly 30 years, with a focus on smart TVs and interactive display products [14][42]. - The report highlights the potential for growth in the overseas education interactive flat panel market, which remains significantly underpenetrated compared to domestic markets [65][71]. - The company is expected to achieve net profits of 860 million, 1.125 billion, and 1.351 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting a projected growth trajectory despite a decline in 2024 [103][106]. Summary by Sections Company Overview - The company has evolved from producing CRT displays to becoming a prominent player in smart TVs and interactive displays, with a commitment to innovation in AR, VR, and AI technologies [14][35]. - The main business segments include smart interactive display products, innovative display products, and smart TVs, with a focus on customized solutions for international brands [15][44]. Financial Performance - The company's revenue has shown a consistent upward trend, growing from 6.85 billion yuan in 2018 to 13.45 billion yuan in 2023, with a notable increase of 33% year-on-year in the first three quarters of 2024 [46][103]. - The net profit has experienced fluctuations, with a decline expected in 2024, followed by recovery in subsequent years [46][103]. Business Segments - Smart TVs remain the largest revenue contributor, accounting for 58% of total revenue, followed by smart interactive display products at 28% and innovative display products at 10% [23][46]. - The company has developed a strong manufacturing capability, enabling it to serve small-batch, multi-model orders effectively, particularly in emerging markets [7][60]. Market Outlook - The report anticipates that the smart TV market in emerging regions will continue to grow, driven by increasing penetration rates and consumer demand for larger screens [54][56]. - The education interactive flat panel market is viewed as a long-term growth opportunity, with significant potential for expansion in overseas markets [65][71]. Profitability and Valuation - The company is projected to maintain a gross margin of 14.3% in 2024, with expectations for gradual improvement in subsequent years as cost pressures ease [103][106]. - The report utilizes a comparable company valuation method, indicating a potential valuation premium for the company due to its growth prospects in smart TVs and interactive displays [106].

➢ 风险提示：宏观环境风险、市场竞争加剧风险、品牌运营与管理风险 诚信专业 发现价值 3 请务必阅读报告末页的声明 华福证券 公司首次覆盖 | 慕思股份 2018 至 2023 年，公司营业收人、归母净利年复合增长率分别为 11.8%、30%， 2023 年，公司实现营业收人 55.8 亿元、同比下降 4%，主要因当年停止欧派家居直 供业务影响所致；2023 年公司实现归母净利 8 亿元、同比增长 13.2%。2024 年前三 季度，公司营业收人、归母净利分别同比增长 1.9%、0.8%，作为以内销为主、零售 为主的家居企业，公司 24 年内销营收增速表现处于同行较好水平。 华福证券 图表：中国床垫渗透率仍有提升空间 图表：中国床垫更换周期仍有改善空间 数据来源：公司公告，iFind，华福证券研究所 数据来源：公司公告，华福证券研究所 盈利能力稳定，业务结构变化预计影响可控。近年公司虽然低毛利品类连带率持 续提升，但对净利率影响不大，主要得益于：1）核，产品床垫毛利率剔除直供客户 变化影响后整体仍稳定，公司持续加强降本增效；2）床架等品类规模扩张后对毛利 率也有一定拉动；3）管理&销售费用管控。 华福证券 0 ...