双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：63 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 2025 年 04 月 10 日 相关研究 | 1、《双融日报》2025-04-09 | | --- | | 2、《双融日报》2025-04-08 | | 3、《双融日报》2025-04-07 | ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 63 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：医疗器械、脑机接口、AI 1、医疗器械主题：国家药监局公开征求《关于优化全生 命周期监管 支持高端医疗器械创新发展的举措（征求意见 稿）》意见。加快发布医用外骨骼机器人、放射性核素成像 设备等相关标准。加快推进医用机器人、人工智能医疗器 械、高端医学影像设备等领域的基础、通用标准和方法标准 等制修订工作。相关标的：联影医疗（688271）、迈瑞医疗 （300760） 2、脑 ...

2025 年 04 月 09 日 瓷介电容器需求回暖，持续研发投入布局新业务 —鸿远电子（603267.SH）公司事件点评报告 买入(首次) 事件 鸿远电子发布 2024 年年度报告：公司 2024 年度实现营业收 入 14.92 亿元，同比减少 10.98%；实现归属于上市公司股东 的净利润 1.54 亿元，同比减少 43.55%；预计实现归属于上 市公司股东扣除非经常性损益后的净利润 1.02 亿元，同比减 少 43.55%。 投资要点 ▌ 2024 年瓷介电容器需求低迷，价格下滑利润端短 期承压 2024 年公司营业收入同比减少 10.98%，主要由于所处的电子 元器件行业下游市场复苏进展缓慢，自产业务项下的核心产 品高可靠瓷介电容器的客户需求持续低迷，销量及售价均出 现一定程度的下降。受价格下滑影响，高可靠瓷介电容器毛 利率下降，同时滤波器、微控制器及配套集成电路产品以及 微波模块等其他电子元器件产品毛利水平低，但收入结构占 比上升，进一步拉低了自产电子元器件产品整体毛利水平， 整体自产电子元器件产品销售毛利率下降 8.57 个百分点。 ▌ 2025Q1 客户需求回暖，瓷介电容器产能利用率回 升 20 ...

2025 年 04 月 09 日 业绩略超预期，全年稳健收官 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-04-09 | | --- | --- | | 当前股价（元） | 178.29 | | 总市值（亿元） | 942 | | 总股本（百万股） | 529 | | 流通股本（百万股） | 409 | | 52 周价格范围（元） | 140.6-280.38 | | 日均成交额（百万元） | 444.5 | 市场表现 -60 -40 -20 0 20 40 (%) 古井贡酒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《古井贡酒（000596）：业绩符 合预期，保持战略定力》2024-11- 01 2、《古井贡酒（000596）：业绩增 长稳健，全年目标达成可期》2024- 08-31 3、《古井贡酒（000596）：全国化 顺利推进，剑指三百亿新征 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][9]. Core Insights - The company, Ruifeng New Materials, is transitioning from single agents to composite agents in its lubricant additive business, with over 60% of its products now being composite agents. This strategic shift has proven effective, with composite agent revenue reaching 3.073 billion yuan, accounting for 97.32% of total revenue, and growing by 12.64% year-on-year [5]. - The company is focusing on global expansion by establishing overseas warehouses in locations such as Singapore, Dubai, and Belgium, enhancing its international brand presence and customer base. Domestic and foreign sales reached 932 million yuan and 2.226 billion yuan, respectively, with year-on-year growth of 22.82% and 8.20% [5]. - The company has increased its R&D investment to drive the advancement of composite agents, achieving significant progress in high-end formulations that have passed international testing and received multiple OEM certifications [7][8]. - The financial forecast predicts net profits of 866 million yuan, 1.069 billion yuan, and 1.289 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18.8, 15.2, and 12.6 [9][11]. Summary by Sections Market Performance - The company reported a total revenue of 3.157 billion yuan for 2024, a year-on-year increase of 12.14%, and a net profit of 722 million yuan, up 19.13% [4]. Financial Data - The current stock price is 55.73 yuan, with a total market capitalization of 16.3 billion yuan and a total share count of 292 million [1]. - The company’s cash flow from operating activities decreased by 31.89% year-on-year to 436 million yuan due to increased payment for goods and higher inventory levels [6]. Profit Forecast - The projected revenue growth rates for 2025, 2026, and 2027 are 22.4%, 23.9%, and 20.7%, respectively, with net profit growth rates of 19.9%, 23.4%, and 20.5% [11].

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the next 12 months [9]. Core Viewpoints - The ongoing US-China trade tariff disputes have created opportunities for price increases in the company's main product, chlortetracycline, leading to both volume and price growth [2]. - The company holds a dominant position in the global chlortetracycline market, with a production capacity of 55,000 tons, accounting for approximately 50% of global capacity [2]. - The company is expected to benefit from a significant increase in sales in the US market, with a projected revenue growth of 32% year-on-year for its US subsidiary in the first three quarters of 2024 [2]. - The company plans to expand its product offerings, including a new chlortetracycline premix for sheep, which is expected to add over 20,000 tons in sales volume [3]. - The company has initiated a new production project that will add 60,000 tons of veterinary chemical capacity, further enhancing its growth potential [3]. - The company's vaccine business is also expected to grow, with a 3.75% increase in domestic vaccine revenue and an 18.29% increase in the US market [7]. - The environmental business segment is showing steady growth, with a 13.71% increase in revenue in the first half of 2024, contributing positively to overall profitability [8]. - Revenue forecasts for the company are projected to be 2.364 billion, 2.836 billion, and 3.398 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.19, 0.26, and 0.39 yuan [11]. Summary by Sections Market Dynamics - The US has imposed a total tariff increase of 104% on Chinese goods, which has implications for the company's export pricing strategy [1]. - The company is leveraging its market position to implement price increases for its chlortetracycline products in the US market [2]. Product Development - The company is expanding its product line with new veterinary vaccines and chlortetracycline products, which are expected to drive future revenue growth [7][3]. - The introduction of a new brucellosis vaccine is anticipated to become a core product in the vaccine segment [7]. Financial Performance - The company is projected to see significant revenue growth driven by its chlortetracycline and vaccine businesses, alongside its environmental segment [9][11]. - The forecasted growth rates for revenue and net profit indicate a strong upward trend, with net profit expected to grow by 68.5% in 2024 [11].

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the next 12 months [9]. Core Views - The ongoing US-China trade tariff disputes have created opportunities for price increases in the company's main product, chlortetracycline, leading to both volume and price growth [2]. - The company holds a dominant position in the global chlortetracycline market, with a production capacity of 55,000 tons, accounting for approximately 50% of global capacity [2]. - The company is expected to benefit from the high demand for chlortetracycline in the US market, where it plans to raise prices due to the lack of local competitors [2]. - The company is expanding its product offerings, including the introduction of new products such as sheep chlortetracycline premix, which is expected to contribute significantly to sales growth [3]. - The company's environmental business is also showing steady growth, with a reported revenue increase of 13.71% in the first half of 2024 [8]. Summary by Sections Market Dynamics - The US has imposed a total tariff increase of 104% on Chinese goods, which has implications for the company's export pricing strategy [1]. - The company is leveraging its market position to implement price increases for its chlortetracycline products in response to the tariffs [2]. Financial Performance - The company forecasts revenues of 2.364 billion, 2.836 billion, and 3.398 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.19, 0.26, and 0.39 yuan [9][11]. - The company expects a significant increase in net profit, projecting growth rates of 68.5% in 2024 and 38.9% in 2025 [11]. Product Development - The company is actively expanding its product line, with new vaccines and chlortetracycline products set to launch in 2025, which are anticipated to enhance revenue streams [7]. - The introduction of a new brucellosis vaccine is expected to become a core product for the company, contributing to its vaccine segment growth [7]. Operational Capacity - The company has initiated a new production project that will add 60,000 tons of veterinary chemical capacity, further supporting its growth strategy [3].

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil production cost decreasing to $28.52 per barrel of oil equivalent, maintaining a competitive edge in profitability [5] - CNOOC's capital expenditure for 2024 reached RMB 132.7 billion, aimed at sustaining production growth and infrastructure development [6][7] - The company has shown resilience against external challenges, maintaining stable operations and proposing a dividend of HKD 0.66 per share for 2024 [8] - Profit forecasts for CNOOC indicate a net profit of RMB 150 billion in 2025, with a corresponding price-to-earnings ratio of 7.7 [9] Summary by Sections Market Performance - CNOOC's stock price is currently at RMB 24.34, with a market capitalization of RMB 115.69 billion [1] Financial Highlights - In 2024, CNOOC reported total revenue of RMB 420.51 billion, a year-on-year increase of 0.94%, and a net profit of RMB 137.94 billion, up 11.38% from the previous year [4] - The company achieved a sales volume of 563 million barrels of oil equivalent, reflecting a 9.4% increase in demand [5] Production and Cost Management - CNOOC's proven oil and gas reserves reached 7.27 billion barrels of oil equivalent, with a reserve replacement ratio of 167% [5] - The company maintained stable operating costs, with the oil production cost remaining flat at $7.61 per barrel of oil equivalent despite a 9.8% increase in overall operating expenses [5] Future Outlook - CNOOC aims to produce between 760 to 780 million barrels of oil equivalent in 2025, with continued capital expenditure to support this target [7] - The forecasted net profits for 2025-2027 are RMB 150 billion, RMB 159.7 billion, and RMB 173.1 billion, respectively, indicating a steady growth trajectory [9][11]

利润边际修复，成本低位企稳 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-04-08 | | --- | --- | | 当前股价（元） | 11.59 | | 总市值（亿元） | 56 | | 总股本（百万股） | 483 | | 流通股本（百万股） | 398 | | 52 周价格范围（元） | 7-11.59 | | 日均成交额（百万元） | 71.37 | 市场表现 2025 年 04 月 09 日 -50 -40 -30 -20 -10 0 10 20 30 (%) 晨光生物 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《晨光生物（300138）：营收规 模边际增长，计提资产减值损失致 使亏损》2024-10-27 2、《晨光生物（300138）：价格下 跌共振拖累经营，主业市占率延续 提升》2024-08-28 3、《晨光生物（30013 ...

Investment Rating - The report maintains a "Buy" investment rating for China National Offshore Oil Corporation (CNOOC) [1] Core Views - CNOOC achieved record high oil and gas production and reserves in 2024, with a total production of 727 million barrels of oil equivalent, representing a year-on-year increase of 7.2% [5] - The company has demonstrated strong cost control, with the average oil equivalent cost decreasing to $28.52 per barrel, maintaining a competitive edge in profitability [5] - CNOOC's capital expenditure for 2024 reached RMB 132.7 billion, aimed at sustaining production growth and infrastructure investment [6][7] - The company has shown resilience against external challenges, maintaining stable operations and proposing a dividend of HKD 0.66 per share for 2024 [8] - Profit forecasts for 2025-2027 indicate a steady growth in net profit, with estimates of RMB 150 billion, RMB 159.7 billion, and RMB 173.1 billion respectively [9] Summary by Sections Market Performance - CNOOC's stock price is currently at RMB 24.34, with a market capitalization of RMB 115.69 billion [1] Financial Highlights - In 2024, CNOOC reported total revenue of RMB 420.51 billion, a year-on-year increase of 0.94%, and a net profit of RMB 137.94 billion, up 11.38% from the previous year [4] Production and Cost Management - The company achieved a total oil and gas production of 727 million barrels of oil equivalent, with a sales volume of 563 million barrels, reflecting a 9.4% increase in demand [5] - The average realized oil price was $76.75 per barrel, a decrease of approximately 1.6% year-on-year, while the average realized natural gas price was $7.72 per thousand cubic feet, down 3.3% [5] Capital Expenditure and Future Outlook - CNOOC plans to maintain a capital expenditure level similar to 2024 to support production growth, with a target production of 760 to 780 million barrels of oil equivalent for 2025 [7] Profitability and Shareholder Returns - The company aims to maintain a dividend payout ratio of no less than 45% from 2025 to 2027, enhancing shareholder returns [8]

2025 年 04 月 09 日 利润边际修复，成本低位企稳 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-04-08 | | --- | --- | | 当前股价（元） | 11.59 | | 总市值（亿元） | 56 | | 总股本（百万股） | 483 | | 流通股本（百万股） | 398 | | 52 周价格范围（元） | 7-11.59 | | 日均成交额（百万元） | 71.37 | 市场表现 -50 -40 -30 -20 -10 0 10 20 30 (%) 晨光生物 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《晨光生物（300138）：营收规 模边际增长，计提资产减值损失致 使亏损》2024-10-27 2、《晨光生物（300138）：价格下 跌共振拖累经营，主业市占率延续 提升》2024-08-28 3、《晨光生物（30013 ...