Investment Rating - The report maintains a "Buy" investment rating for the company [8]. Core Views - The company has turned its profit around, achieving a net profit of 1.46 billion yuan in 2024, compared to a loss of 0.66 billion yuan in 2023, despite a 12% decrease in revenue to 45.67 billion yuan [2]. - The company is focusing on brand cultivation and has seen a stabilization and recovery in its pig farming business, with a 3% increase in pig sales in early 2025 [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 45.67 billion yuan, down 12% year-on-year, primarily due to reduced pig sales from factory cleaning. The net profit was 1.46 billion yuan, a significant recovery from a loss of 0.66 billion yuan in 2023. The fourth quarter of 2024 saw a revenue of 10.92 billion yuan, a 13% decrease, with a net loss of 0.09 billion yuan [2]. - The gross margin improved by 8 percentage points to 20.87% in Q4 2024, driven by rising pig prices and falling wheat prices [2]. Business Strategy - The company is enhancing its product strategy, focusing on high-end soft and elastic noodle products, with a target to create a billion-yuan product in 2025. The revenue from instant food increased by 4% to 3.27 billion yuan in 2024 [3]. - The pig farming and slaughtering revenue decreased by 24% and 15% respectively, but early 2025 sales showed a recovery trend with 7.05 thousand pigs sold, a 3% increase [3]. Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.48 yuan, 0.54 yuan, and 0.64 yuan for 2025, 2026, and 2027 respectively, with a projected net profit growth rate of 12.8% in 2025 [4][10]. - The forecasted revenue for 2025 is 46.57 billion yuan, reflecting a 2% growth from 2024 [10]. Market Position - The company is actively reforming its distribution channels to improve efficiency, focusing on direct consumer engagement and expanding into new market segments [3]. - The current stock price is 10.07 yuan, with a total market capitalization of 35 billion yuan [4].

2025 年 03 月 24 日 业绩短期承压，期待企稳回升 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 | 2025-03-21 | | --- | --- | | 当前股价（元） | 58.71 | | 总市值（亿元） | 196 | | 总股本（百万股） | 333 | | 流通股本（百万股） | 333 | | 52 周价格范围（元） | 40.18-82.9 | | 日均成交额（百万元） | 630.28 | 市场表现 -60 -40 -20 0 20 40 (%) 舍得酒业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《舍得酒业（600702）：调整期 业绩承压，发布回购方案彰显信 心》2024-10-29 2、《舍得酒业（600702）：利润不 及预期，短期去库释放压力》2024- 08-22 3、《舍得酒业（600702）：收入符 合预期，利润略承压 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company reported a slight revenue growth of 0.05% and a net profit increase of 23.12% for 2024, with revenues and net profits reaching 13.521 billion and 1.637 billion respectively [4] - The gross margin improved to 47.31%, up by 2.66 percentage points, attributed to increased production from self-owned factories and reduced raw material costs [4] - The beverage business saw significant growth, with revenue increasing by 30.80%, while packaged drinking water revenue declined by 2.59% [5] - The company is actively expanding its national presence and increasing the proportion of self-owned production, aiming for over 60% self-owned capacity by the end of the current five-year plan [6] Financial Performance Summary - For 2024, the company expects revenues of 13.521 billion, with projected growth rates of 6.8%, 7.5%, and 7.7% for the years 2025 to 2027 [10] - The earnings per share (EPS) are projected to be 0.84, 0.97, and 1.12 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 16, 14, and 12 [8][10] - The company’s return on equity (ROE) is expected to remain stable around 14.5% to 15.1% over the forecast period [10] Market Position and Strategy - The company is focusing on enhancing its distribution channels, with a 15% increase in retail coverage and over 20% growth in commercial refrigeration units [6] - New product launches and flavor innovations are driving the beverage segment, with a 122% increase in sales volume for a key product line [5][8] - The company is also investing in expanding production capacity, adding 22 new production lines, which includes 14 high-speed water lines and 3 sterile beverage lines [6]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [9]. Core Views - The company experienced a revenue decline of 15.66% year-on-year in 2024, with total revenue reaching 1.861 billion yuan and a net profit of 340 million yuan, down 20.01% year-on-year [2][9]. - Despite short-term pressures in the coal industry, long-term resilience is expected due to policy support and increasing demand for intelligent mining solutions [2]. - The company is positioned as a leader in the unmanned intelligent mining control sector, benefiting from the ongoing industry upgrade trend [2][3]. Summary by Sections Industry Outlook - The coal industry is facing short-term challenges due to fluctuations in coal prices, but long-term demand is supported by capacity release and policy backing [2]. - The production of raw coal in China reached 4.76 billion tons in 2024, an increase of 1.3% year-on-year, marking a historical high [2]. Technology and Innovation - The company has established high technical barriers with 17 categories and 63 core technologies, including advancements in unmanned mining processes [3]. - R&D investment for 2024 is projected at 155 million yuan, representing 8.32% of revenue, with a focus on enhancing technological capabilities [7]. International Strategy - The company is expanding its international presence, achieving nearly 30 million yuan in overseas sales in 2024, a record high [8]. - Significant partnerships have been established with international clients, including a notable contract with a major Russian coal producer [8]. Financial Projections - Revenue forecasts for 2025-2027 are 1.822 billion yuan, 1.997 billion yuan, and 2.118 billion yuan, respectively, with expected EPS of 0.87, 0.98, and 1.08 yuan [9][11]. - The company anticipates a recovery in performance driven by international expansion and domestic policy support [9].

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [2][11]. Core Insights - New technology platforms are increasingly favored by multinational corporations (MNCs), leading to earlier collaboration opportunities. A notable example is the global strategic partnership between Heptares Therapeutics and AstraZeneca, which includes a $105 million equity investment [3]. - The weight loss market is seeing multiple business developments (BD) materialize, with significant sales growth reported by Novo Nordisk and Eli Lilly. Novo Nordisk's core products generated approximately $27.94 billion in sales, while Eli Lilly's tirzepatide saw a 124% year-on-year increase in sales to $11.54 billion [5]. - Progress in universal CAR-T and solid tumor cell therapies is ongoing, with global CAR-T sales projected at approximately $4.53 billion in 2024. Chinese companies are also participating in this market, with three domestic CAR-T products approved for sale [6]. - The CRO (Contract Research Organization) environment may experience changes, with potential supply flexibility due to the easing of U.S. bioterrorism law concerns. This could enhance the competitiveness of Chinese CROs [7]. - The active pharmaceutical ingredient (API) sector is exploring new applications, particularly in the nicotine tobacco production sector, leveraging synthetic biology technologies [8]. - Major hospitals are launching specialized AI models, indicating a rising trend in the integration of AI in healthcare, with collaborations between tech companies and healthcare providers [10]. Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.88 percentage points over the past week, ranking 20th among 31 primary industry indices [20]. 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's index has a current PE (TTM) of 30.95, which is below the five-year historical average of 32.98 [36]. 3. Recent Research Achievements - The research team has published several in-depth reports on various pharmaceutical sectors, highlighting trends such as the growth of blood products and the impact of policy support on inhalation drug industries [40]. 4. Important Industry Policies and News - Recent policy changes include the National Medical Products Administration's (NMPA) decision to abolish certain medical device standards to optimize the regulatory framework [42]. - Significant industry news includes the approval of several new drug applications and clinical trials by the NMPA, indicating a robust pipeline for pharmaceutical innovation [44][46].

2025 年 03 月 22 日 研 究 报 告 背靠施耐德拓展数据中心业务，厦门国资入主助 力公司新成长 买入(首次) 事件 | 分析师：任春阳 | S1050521110006 | | --- | --- | | rency@cfsc.com.cn | | | 分析师：傅鸿浩 | S1050521120004 | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | | 基本数据 | 2025-03-21 | | --- | --- | | 当前股价（元） | 14.45 | | 总市值（亿元） | 48 | | 总股本（百万股） | 333 | | 流通股本（百万股） | 255 | | 52 周价格范围（元） | 9.05-17.42 | | 日均成交额（百万元） | 152.35 | 市场表现 —电工合金（300697.SZ）公司事件点评报告 3 月 21 日晚公司发布 2024 年报：报告期内公司实现营收 25.93 亿元，同比增长 8.37%，实现归母净利润 1.31 亿元， 同比下降 3.62%。 ...

2025 年 03 月 20 日 发布激励计划，彰显发展信心 买入(维持) 事件 | 基本数据 | 2025-03-20 | | --- | --- | | 当前股价（元） | 16.32 | | 总市值（亿元） | 93 | | 总股本（百万股） | 569 | | 流通股本（百万股） | 569 | | 52 周价格范围（元） | 13.09-18.56 | | 日均成交额（百万元） | 61.21 | 市场表现 -30 -20 -10 0 10 20 30 (%) 广州酒家 沪深300 资料来源：Wind，华鑫证券研究 相关研究 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | 1、《广州酒家（603043）：营收增 速稳健，餐饮业务势能延续》2024- 09-08 2、《广州酒家（603043）：营收规 模稳健增长，餐饮业务贡献增量》 2024-04-26 3、《广州酒家（603043）：月饼平 稳放量，餐饮 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company is expected to see significant revenue growth in 2024, with a projected operating income of 135.85 billion yuan, representing a year-on-year increase of 67.60% [4] - The company has successfully reduced gold mining costs, with the average cost per gram dropping to 145.40 yuan in 2024 from 176.42 yuan in 2023 [6] - The company is expanding its operations internationally, having acquired 100% of Osino Resources Corp. for 1.90 CAD per share, which includes the Twin Hills gold project in Namibia [7] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 15.14 billion yuan, a year-on-year increase of 49.81% [5] - The net profit attributable to shareholders for Q4 2024 was 4.46 billion yuan, up 45.69% year-on-year [5] Cost Management - The company produced 8.04 tons of gold in 2024, with a forecast of at least 8 tons for 2025 [6] - The average gold price in Shanghai for 2024 was 556 yuan per gram, a 23.87% increase from 2023 [6] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 108.99 billion yuan, 122.10 billion yuan, and 135.64 billion yuan, respectively [10] - The net profit attributable to shareholders is projected to be 31.00 billion yuan, 37.33 billion yuan, and 43.67 billion yuan for the same years [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has launched a new stock option and restricted stock incentive plan, reflecting its confidence in future development [5] - The company aims for a revenue growth rate of no less than 16%/28%/40.85% from 2025 to 2027, with a target return on equity (ROE) of at least 12.58%/12.91%/13.17% during the same period [5] - The mooncake business is expected to benefit from both internal and external drivers, while the restaurant segment is projected to maintain steady growth through store expansion [6] - The company is leveraging its first-mover advantage in Guangdong to strengthen its market share in mooncakes and frozen products, with a focus on expanding into markets outside the province [7] Financial Forecasts - The company's main revenue is projected to grow from 4,901 million yuan in 2023 to 6,227 million yuan in 2026, reflecting a growth rate of 19.2% in 2023 and 8.9% in 2026 [11] - The diluted earnings per share (EPS) are adjusted to 0.91, 1.04, and 1.15 yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 18, 16, and 14 times [9][11] - The company anticipates a net profit of 626 million yuan in 2025, up from 550 million yuan in 2023, indicating a growth rate of 14.0% [11]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company is expected to see significant revenue growth in 2024, with a projected operating income of 13.585 billion yuan, representing a year-on-year increase of 67.6% [4][12] - The company has successfully reduced gold mining costs, with the average cost per gram dropping from 176.42 yuan in 2023 to 145.40 yuan in 2024 [6] - The company has initiated overseas gold mine acquisitions, specifically acquiring 100% of Osino Resources Corp. for 1.90 CAD per share, which includes the Twin Hills gold project in Namibia [7] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.514 billion yuan, a year-on-year increase of 49.81% [5] - The net profit attributable to shareholders for Q4 2024 was 446 million yuan, up 45.69% year-on-year [5] Cost Management - The company produced 8.04 tons of gold in 2024, with a sales volume of 8.05 tons, and expects to maintain production levels above 8 tons in 2025 [6] - The average gold price in 2024 was 556 yuan per gram, reflecting a 23.87% increase from 2023 [6] Profit Forecast - The forecast for operating income from 2025 to 2027 is 108.99 billion yuan, 122.10 billion yuan, and 135.64 billion yuan respectively [10] - The projected net profit attributable to shareholders for the same period is 31.00 billion yuan, 37.33 billion yuan, and 43.67 billion yuan respectively [10]