2025 年 03 月 25 日 大单品势能延续，全渠道渗透再拓空间 —劲仔食品（003000.SZ）公司事件点评报告 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 | 2025-03-25 | | --- | --- | | 当前股价（元） | 12.09 | | 总市值（亿元） | 55 | | 总股本（百万股） | 451 | | 流通股本（百万股） | 304 | | 52 周价格范围（元） | 10.19-15.89 | | 日均成交额（百万元） | 113.61 | 市场表现 -30 -20 -10 0 10 20 30 (%) 劲仔食品 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《劲仔食品（003000）：线上渠 道延续调整，品类迭代打开盈利空 间》2024-10-25 2、《劲仔食品（003000）：利润延 续高增，产品渠道持续发力》2024- ...

2025 年 03 月 26 日 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 44 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：44 分（中性） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 华鑫市场情绪温度指标：（中性） 今日热点主题：算力、家电、深海经济 1、算力主题：据媒体报道，我国全面启动"东数西算" 工程已满 3 年，三大运营商、数据中心服务商以及相关产业 链企业积极跟进，多领域发力，各地新型数字基础设施加速 建设，全国一体化算力体系加快形成。据 2024 中国算力大会 数据，我国在用算力中心机架总规模超 830 万标准机架，算 力总规模达 246EFLOPS，位居全球第二。据统计，2024 年我 国数字经济增加值占 GDP 比重已超过 45%，其中算力相关产 业 贡 献 了 约 三 分 之 一 的 增 量 。 相 关 标 的 ： 众 合 科 技 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][9] Core Views - The company is positioned as a leader in popular reading and is actively engaging in the construction of a culturally strong nation through its business strategies [2][9] - The company’s main revenue streams include book publishing and distribution, digital services, and urban cultural space operations, with total revenue for 2024 projected at 1.687 billion yuan, showing a slight decline of 1.72% year-on-year [4][9] - The company is leveraging AI technology to enhance its publishing capabilities and has seen significant growth in its IP-related businesses, particularly in the animation sector, which grew over 25% year-on-year in 2024 [5][9] Financial Performance - In 2024, the company reported total revenue of 1.687 billion yuan, with net profit attributable to shareholders at 119 million yuan, reflecting a year-on-year growth of 2.0% [11] - The company’s gross margin improved by 4.09 percentage points, driven by the application of digital technologies that enhance efficiency and reduce costs [4][9] - Forecasts for 2025-2027 indicate revenue growth to 1.739 billion yuan, 1.820 billion yuan, and 1.905 billion yuan respectively, with net profit expected to reach 163 million yuan, 202 million yuan, and 224 million yuan [9][11] Industry Insights - The overall book retail market in China is projected to decline slightly in 2024, with a total market value of 112.9 billion yuan, down 1.52% year-on-year [6] - The government is promoting reading through new regulations aimed at enhancing public access to reading facilities, which may provide growth opportunities for the company [6][9]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown improvement in operating margins, with a continuous optimization of gross profit margins. In 2024, total operating revenue was 238.87 billion yuan, a decrease of 5% year-on-year, primarily due to the impact of falling product prices outweighing sales growth. The net profit attributable to shareholders was 2.50 billion yuan, down 12% year-on-year, while the non-recurring net profit was 0.97 billion yuan, down 26% year-on-year [5] - The company is experiencing an increase in sales volume for its main products, with ample incremental channel space. In 2024, revenue from kitchen foods was 145.42 billion yuan, a decrease of 2% year-on-year, with sales volume of 24.07 million tons, an increase of 4% year-on-year. The company is focusing on high-end product development and expanding into the health sector to diversify its business [6] - The company is expected to recover further as raw material and end-product prices stabilize. The forecasted EPS for 2025-2027 is 0.52, 0.65, and 0.84 yuan, respectively, with corresponding PE ratios of 62, 50, and 38 times [9] Summary by Sections Financial Performance - In Q4 2024, total operating revenue was 63.41 billion yuan, an increase of 1% year-on-year, with net profit attributable to shareholders of 1.07 billion yuan, up 49% year-on-year. The improvement was mainly due to better performance in the flour business and enhanced product profitability from the feed raw materials and oil technology industry chain [5] Sales and Market Expansion - The company is actively expanding its wholesale distribution channels and has established a dedicated team to tap into lower-tier markets. Additionally, rice oil products are being gradually introduced into overseas markets such as the US, Canada, and Japan, which is expected to contribute to performance growth [6] Profitability Forecast - The company is projected to see steady sales volume growth despite short-term revenue pressure from raw material cost fluctuations. The anticipated revenue growth rates for 2025-2027 are 7.3%, 8.0%, and 9.4%, respectively, with net profit growth rates of 12.4%, 24.6%, and 29.4% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company has shown improvement in operating margins, with a continuous optimization of gross profit margins. In 2024, total operating revenue was 238.87 billion yuan, a decrease of 5% year-on-year, primarily due to falling product prices outweighing sales growth. The net profit attributable to shareholders was 2.50 billion yuan, down 12% year-on-year, while the non-recurring net profit was 0.97 billion yuan, down 26% year-on-year [5][8] - The company's main product sales have increased, with ample incremental channel space. In 2024, the revenue from kitchen foods was 145.42 billion yuan, a decrease of 2% year-on-year, with sales volume at 24.07 million tons, an increase of 4% year-on-year. The company is focusing on high-end product development and expanding into the health sector to diversify its business [6][8] - The company is expected to recover further as market demand improves and raw material and end-product prices stabilize. The forecasted EPS for 2025-2027 is 0.52, 0.65, and 0.84 yuan, respectively, with corresponding PE ratios of 62, 50, and 38 times [8][10] Summary by Sections Financial Performance - In Q4 2024, total operating revenue was 63.41 billion yuan, an increase of 1% year-on-year, with net profit attributable to shareholders at 1.07 billion yuan, up 49% year-on-year. The non-recurring net profit was 0.73 billion yuan, up 78% year-on-year, mainly due to improved performance in the flour business and enhanced product profitability from the feed raw materials and oil technology industry chain [5][6] Revenue and Profit Forecast - The company is projected to achieve operating revenues of 256.33 billion yuan in 2025, 276.85 billion yuan in 2026, and 302.89 billion yuan in 2027, with growth rates of 7.3%, 8.0%, and 9.4%, respectively. The net profit attributable to shareholders is expected to be 2.81 billion yuan in 2025, 3.50 billion yuan in 2026, and 4.53 billion yuan in 2027, with growth rates of 12.4%, 24.6%, and 29.4%, respectively [10][11]

2025 年 03 月 25 日 硫酸、硫磺等涨幅居前，建议继续关注原油、 钛白粉板块和轮胎板块 2、《基础化工行业周报：硫酸、硫 磺等涨幅居前，建议继续关注原 油、钛白粉板块和轮胎板块》2025- 03-10 3、《基础化工行业周报：硫酸、硫 磺等涨幅居前，建议继续关注钛白 粉板块和轮胎板块》2025-03-02 ▌ 硫磺、硫酸等涨幅居前，苯酚、天然气等跌幅较大 本 周 涨 幅 较 大 的 产 品 ： 硫 磺 （ 温 哥 华 FOB 合同价， 16.44%），硫酸（杭州颜料化工厂 105%，12.86%），挂牌纯 MDI（烟台万华，6.98%），硝酸（安徽 98%，6.90%），合成 氨（江苏新沂，4.35%），国际石脑油（新加坡，2.99%）， 国际汽油（新加坡，2.16%），电石（华东地区，2.05%）， 甲醛（华东，1.74%），燃料油（新加坡高硫 180cst， 1.64%）。 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) 2.2 4.0 8.4 沪深 300 0.2 -1.3 ...

Investment Rating - The report maintains a "Buy" recommendation for Horizon Robotics (9660.HK) [1] Core Insights - The automotive industry is experiencing rapid growth driven by favorable policies and high demand, creating an ideal market environment for Horizon Robotics. The deployment of urban NOA solutions and the expansion of highway NOA are contributing to the company's increasing market share and average selling price (ASP). The number of L3 autonomous vehicles is expected to rise from 1.9747 million in 2024 (8.62% penetration) to between 5 million and 6 million in 2025 (30% penetration) [6][9] - Horizon Robotics achieved record performance in 2024, with revenue reaching 2.384 billion yuan, a year-on-year increase of 53.6%, and a three-year compound growth rate of 72.19%. Gross profit for the year was 1.841 billion yuan, up 68.3%, with a gross margin improvement from 70.88% in 2021 to 77.3% in 2024 [6][9] - The company holds over 40% market share in the ADAS market and has established partnerships with leading global companies to promote autonomous driving solutions. Product delivery reached 2.9 million units in 2024, with a cumulative total of 7.7 million units [7][9] Summary by Sections Market Performance - The report highlights the strong performance of the computer industry, with a 12-month increase of 21.4% compared to the Shanghai and Shenzhen 300 index [2][4] Revenue Structure and Growth - Horizon Robotics' revenue structure continues to optimize, with significant growth in both volume and profit. The smart driving solutions segment saw a revenue increase of 57.2% to 2.312 billion yuan, while the non-automotive solutions market generated 72 million yuan in its first year [6][9] Technological Advancements - The company has built a technological moat with its "Journey 6 chip + Tiangong toolchain + Tagger middleware," achieving an energy efficiency ratio of 5.6 TOPS/W. This positions Horizon Robotics as a key player in the realization of equitable autonomous driving [9][10] Investment Recommendations - The report suggests that investors should focus on Horizon Robotics' further developments in the smart driving sector, as well as the potential growth driven by major tech companies in AI and cloud computing, specifically mentioning Google and Microsoft [10]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9]. Core Views - The company is set to acquire Hunan Xingxin Aerospace New Materials Co., Ltd. through a cash transaction aimed at gaining control, with specific acquisition ratios to be determined through negotiations [4][5]. - Hunan Xingxin is a leader in aerospace thermal protection materials and has a strong focus on high-temperature resistant materials, with applications in major space missions [5]. - The acquisition is expected to create strategic synergies and enhance the company's market share in the aerospace and integrated equipment sectors, aiming to elevate its high-end cable integration and smart composite transmission business to world-class standards [5]. Summary by Sections Company Overview - Hunan Xingxin was established in 2003 and is recognized as a national high-tech enterprise, specializing in the development and production of high-temperature resistant materials and related products [5]. - The company reported revenues of 56.42 million yuan, 51.37 million yuan, and 68.15 million yuan for 2022, 2023, and 2024 respectively, with net profits of 23.63 million yuan, 22.46 million yuan, and 26.49 million yuan during the same period [5]. Market Dynamics - The report highlights the acceleration of satellite internet deployment in China, which is expected to significantly increase the demand for high-reliability, extreme-environment special cables [6][7]. - The company is well-positioned to benefit from the rapid development of the satellite internet sector, with its special cables being utilized in key projects such as the "Long March" series of rockets and the "Shenzhou" series of spacecraft [7]. Low-altitude Economy - The report discusses the establishment of a low-altitude economy development office by the government, which is expected to unlock significant airspace resources and create a market projected to reach 3.5 trillion yuan by 2035 [8]. - The company is poised to benefit from this development as a provincial state-owned enterprise, with its cable business expected to thrive in the low-altitude economy sector [8]. Financial Projections - Revenue forecasts for the company are projected at 39.94 billion yuan, 59.91 billion yuan, and 89.09 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.22, 0.32, and 0.48 yuan [9][11]. - The company is expected to maintain a strong growth trajectory, benefiting from trends in low-orbit satellites and the low-altitude economy [9].

Market Sentiment - The current market sentiment score is 38, indicating a "cold" market environment. Historical trends suggest that when the sentiment score is below or near 30, the market tends to find support, while scores above 90 may indicate resistance [6][9]. Hot Themes Tracking 1. **Computing Power Theme**: The "East Data West Computing" project has been fully launched for three years, with significant participation from major telecom operators and data center service providers. As of 2024, China's computing power centers have a total scale of over 8.3 million standard racks, with a total computing power of 246 EFLOPS, ranking second globally. The computing power-related industries contributed about one-third of the digital economy's growth, which accounted for over 45% of GDP [7]. - Related stocks: Zhonghe Technology (000925), Capital Online (300846) [7]. 2. **Home Appliances Theme**: The national home appliance consumption season was launched on March 22, 2025, in Shanghai. The Ministry of Commerce aims to stimulate growth and transformation through a series of activities, encouraging manufacturers to innovate and platforms to offer discounts, thereby releasing consumption potential [7]. - Related stocks: Haier Smart Home (600690), TCL Smart Home (002668) [7]. 3. **Deep Sea Economy Theme**: The "Mingyuan Plan," initiated by Chinese scientists, has marked a significant advancement in deep-sea life science research, establishing the world's largest abyssal biological database. This research is supported by deep-sea equipment innovations, such as the "Fendouzhe" [7]. - Related stocks: Jiexun Feihong (300213), CIMC Environmental Protection (301559) [7]. Capital Flow Analysis - The top ten stocks with the highest net inflow include Wolong Electric Drive (600580) with a net inflow of 883.65 million, and Fenda Technology (002681) with 866.80 million [10]. - The top ten stocks with the highest net outflow include Runhe Software (300339) with a net outflow of -632.45 million, and Dongfang Caifu (300059) with -631.20 million [12]. - The top ten stocks with the highest net buy in financing include Zijin Mining (601899) with 413.43 million, and Hainan Huatie (603300) with 242.90 million [12]. Industry Insights - The report highlights the performance of various industries, with significant net inflows observed in sectors such as non-ferrous metals and banking, while industries like machinery and electronics experienced substantial net outflows [16][22].

Investment Rating - The report maintains a "Buy" recommendation for Horizon Robotics (9660.HK) [1] Core Insights - The automotive industry is experiencing rapid growth driven by favorable policies and high demand, creating an ideal market environment for Horizon Robotics. The deployment of urban NOA solutions and the expansion of highway NOA are contributing to the company's increasing market share and average selling price (ASP) [6][9] - In 2024, Horizon Robotics achieved record revenue of 2.384 billion yuan, a year-on-year increase of 53.6%, with a three-year compound growth rate of 72.19%. The gross profit reached 1.841 billion yuan, up 68.3% year-on-year, with a gross margin improvement from 70.88% in 2021 to 77.3% in 2024 [6][9] - The company holds over 40% market share in the ADAS market and has established partnerships with top global companies to promote autonomous driving solutions [7] Summary by Sections Industry Performance - The computer industry has shown varied performance over different time frames, with a 12-month increase of 21.4% [2] Market Performance - The report highlights the significant growth in the intelligent driving sector, with revenue from automotive solutions increasing by 57.2% year-on-year to 2.312 billion yuan in 2024 [9] Financial Highlights - Horizon Robotics' product delivery reached 2.9 million units in 2024, with cumulative deliveries of 7.7 million units. The company is set to scale production of the Horizon SuperDrive by Q3 2025 [7][9] Strategic Positioning - The company has built a technological moat through its integrated hardware and software solutions, with the J6M chip expected to capture over 50% market share [9] Future Outlook - The report anticipates continued strong growth for Horizon Robotics, driven by its leading position in the next-generation technology and the ongoing development of the global autonomous driving industry [10]