| 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | 买入(首次) 事件 2025 年 04 月 08 日 客户冲槽需求减少致使业绩承压 | 基本数据 | 2025-04-07 | | --- | --- | | 当前股价（元） | 16.3 | | 总市值（亿元） | 19 | | 总股本（百万股） | 119 | | 流通股本（百万股） | 83 | | 52 周价格范围（元） | 14.18-35.45 | | 日均成交额（百万元） | 30.37 | 市场表现 资料来源：Wind，华鑫证券研究 -60 -40 -20 0 20 40 (%) 康普化学 沪深300 相关研究 —康普化学（834033.BJ）公司事件点评报告 康普化学发布 2024 年度业绩报告：2024 全年实现营业总收入 3.30 亿元，同比下降 25.21%；实现归母净利润 0.80 亿元，同 比下降46.39%。其中2024Q4单季度实现营业收 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][10]. Core Views - The pesticide industry is currently in a downturn, leading to pressure on the company's performance as it enters a low-profit era [5]. - Despite challenges, the company has shown resilience through effective cost control and strategic adjustments in production structure, ensuring long-term stable operations [5]. - The company is positioned to benefit from the recovery of the pesticide industry, with projected revenue growth in the coming years [10]. Summary by Sections Market Performance - The company reported a total revenue of 10.435 billion yuan in 2024, a year-on-year decline of 9.09%, with a net profit of 1.202 billion yuan, down 23.19% [4][10]. Investment Highlights - In 2024, the company's raw material sales volume increased by 3.5% to 99,900 tons, while the sales revenue from raw materials decreased by 13% due to falling prices [5]. - The company maintained its leading position in the domestic market through deepened customer cooperation and innovative business models, resulting in a 4% increase in trade sales [5]. - The formulation business saw a slight sales volume increase of 1.77% to 36,300 tons, but sales revenue declined by 8% [5]. Financial Dynamics - The company's operating cash flow for 2024 was 2.155 billion yuan, a decrease of 9.99% year-on-year, primarily due to extended sales periods and reduced income [6]. - The company maintained stable expense ratios across sales, management, finance, and R&D, with slight increases in sales expenses attributed to customer management efforts [6]. R&D and Product Development - The company emphasizes dual-driven development in patented and non-patented products, aiming to penetrate high-end markets with innovative products [7][9]. - The company has made significant technological breakthroughs in pyrethroid products, filling 20 technical gaps and holding over 50 product varieties [9]. Profit Forecast - Revenue projections for 2025-2027 are 12.212 billion yuan, 13.825 billion yuan, and 14.908 billion yuan, respectively, with corresponding PE ratios of 13.6, 11.7, and 10.7 [10][12].

Investment Rating - The report maintains a "Buy" investment rating for Chongqing Beer [4] Core Views - The company's performance in 2024 met expectations, although profit was under pressure due to litigation provisions impacting net income [2] - Revenue and net profit for 2024 were CNY 14.645 billion and CNY 1.115 billion, respectively, reflecting a year-on-year decline of 1.15% and 16.61% [2] - The company anticipates improvements in performance moving forward, particularly with the implementation of its "Big City 2.0" plan [10] Summary by Sections Financial Performance - In 2024, the gross margin was stable at 49%, while the net margin was 15%, showing a slight decline year-on-year [2] - The operating cash flow for 2024 was CNY 25.42 billion, down 18% year-on-year, while sales collections increased slightly by 0.2% [2] - Contract liabilities at the end of 2024 were CNY 1.78 billion, up CNY 168 million from the previous quarter [2] Product Performance - Revenue from international and local brands in 2024 was CNY 5.308 billion and CNY 8.862 billion, respectively, with year-on-year changes of +0.6% and -3.3% [3] - High-end products drove volume growth, with sales and average price changes of +1.37% and -4.28% year-on-year [3] - The company is focusing on enhancing brand awareness through various marketing strategies for its premium products [3] Market Strategy - The company is advancing its "Big City" plan, aiming to enhance terminal execution and optimize product mix [9] - Non-immediate consumption channels have shown growth, while the immediate consumption channel faced short-term pressure [9] - The company plans to continue expanding its presence in high-potential markets with selective launches of mid-to-high-end products [9] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are CNY 2.62, CNY 2.74, and CNY 2.87, respectively, with corresponding price-to-earnings (PE) ratios of 22, 21, and 20 [10][12]

Investment Rating - The report maintains a "Buy" investment rating for Chongqing Beer [4] Core Views - The company's performance in 2024 met expectations, although profit was under pressure due to litigation provisions impacting net profit [2] - Revenue and net profit for 2024 were CNY 14.645 billion and CNY 1.115 billion, respectively, reflecting a year-on-year decrease of 1.15% and 16.61% [2] - The company anticipates improvements in performance moving forward, particularly with the implementation of its "Big City 2.0" plan [10] Summary by Sections Financial Performance - In 2024, the gross margin was stable at 49%, while the net margin was 15%, showing a decline of 0.6 and 2.9 percentage points year-on-year [2] - The operating cash flow for 2024 was CNY 2.542 billion, a decrease of 18% year-on-year [2] - Contract liabilities increased to CNY 1.780 billion by the end of 2024, up CNY 0.168 billion from the previous quarter [2] Product Performance - Revenue from international and local brands in 2024 was CNY 5.308 billion and CNY 8.862 billion, respectively, with year-on-year changes of +0.6% and -3.3% [3] - High-end products saw a revenue of CNY 8.592 billion, a decrease of 2.97% year-on-year, while economic products increased by 15.56% [3] Market Strategy - The company is focusing on expanding its presence in large cities and enhancing its product mix [9] - The non-immediate consumption channel has shown growth, while the immediate consumption channel faced short-term pressure [9] Earnings Forecast - The projected earnings per share (EPS) for 2025, 2026, and 2027 are CNY 2.62, CNY 2.74, and CNY 2.87, respectively, with corresponding price-to-earnings (PE) ratios of 22, 21, and 20 [10][12]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [8]. Core Insights - The company has successfully turned around its performance, achieving profitability driven by rapid growth in its new energy transmission business [4]. - The company reported a revenue of 3.536 billion yuan in 2024, reflecting a year-on-year growth of 25.93%, and a net profit attributable to shareholders of 124 million yuan, marking a significant recovery from losses [3]. - The new energy transmission segment generated 1.776 billion yuan in revenue, up 15.09% year-on-year, with a net profit of 1.14 billion yuan, a staggering increase of 1065.97% [4]. - The touch display business also showed strong performance, with revenue reaching 1.760 billion yuan, a growth of 39.16% year-on-year, and a net profit of 39.64 million yuan [5]. - The company has made strategic investments in the robotics sector, acquiring a 4.3478% stake in Wuxi Quanzhibo, which specializes in robotic joints [6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 3.536 billion yuan, with a growth rate of 25.9% [10]. - The net profit attributable to shareholders was 124 million yuan, with a projected growth rate of -134.0% for 2024, followed by 75.4% in 2025 [10]. - Earnings per share (EPS) are forecasted to be 0.19 yuan for 2024, increasing to 0.33 yuan in 2025 and 0.45 yuan in 2026 [10]. Business Segments - The new energy transmission business is expected to continue its rapid growth, with projected revenues of 4.511 billion yuan in 2025 and 5.561 billion yuan in 2026 [7]. - The touch display segment is also anticipated to grow, with revenues expected to reach 4.511 billion yuan in 2025 [10]. Strategic Initiatives - The company is focusing on expanding its footprint in the robotics industry through its investment in Wuxi Quanzhibo, enhancing its capabilities in robotic joints [6].

2025 年 04 月 08 日 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 21 分，市场情绪处于"较冷"。历史市场情绪趋势变化可参 考图表 1。 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：21 分（较冷） 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 相关研究 1、《双融日报》2025-04-07 2、《双融日报》2025-04-03 3、《双融日报》2025-04-02 ▌ 华鑫市场情绪温度指标：（较冷） ▌ 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、脑机接口主题：3 月 31 日，在 202 ...

2025 年 04 月 07 日 财税垂类大模型+AI Agent 生态闭环，税友撬动 合规税优服务新蓝海 —税友股份（603171.SH）公司动态研究报告 ▌ AI Agent 驱动财税服务效率革命，率先构建生态 化服务体系 税友股份以 AI Agent 技术为核心重构财税服务生态，2024 年 前三季度实现营收 12.84 亿元，同比增长 7.38%，归母净利润 1.16 亿元，同比增长 12.06%。作为国内领先的财税信息化综 合服务提供商，税友深耕财税信息化领域二十余年，积极驱 动新技术与传统软件领域的融合与革命，已从财税 SaaS 行业 的领军者，转变为数智财税 AI 专家平台。截至 2024 年 6 月 底，公司数智财税服务平台活跃企业用户达 900 万户，付费 用户 615 万户，较 2023 年末分别增长 9.8%和 8.3%，市场占有 率持续提升。对标美国财税龙头 Intuit 的 AI 技术布局，其 AI 产品 Intuit Assist 月均交互量达 1200 万次，税友股份的 AI Agent 依托覆盖超 700 万家小微企业的规模化落地场景， 展现出广阔的成长空间。 ▌ "犀友"大模 ...

2025 年 04 月 07 日 硫磺、尿素等涨幅居前，建议继续关注原油、钛 白粉板块和轮胎板块 推荐(维持) 投资要点 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) -1.0 6.9 1.2 沪深 300 -2.1 1.7 8.2 市场表现 -30 -20 -10 0 10 20 30 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《基础化工行业周报：液氯、三 氯乙烯等涨幅居前，建议继续关注 原油、钛白粉板块和轮胎板块》 2025-03-31 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- 03-25 3、《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- 03-16 ▌ 硫磺、尿素等涨幅居前，MDI、涤纶工业丝等跌幅较大 本周涨幅较大的产品：硫磺（温哥华 FOB 合同价，9.17%）， 尿素（浙江巨 ...

2025 年 04 月 07 日 美国对中国开启"对等关税"，中国迅速开启反 制 推荐(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 (%) 电子 沪深300 相关研究 1、《电子行业周报：我国可控核聚 变技术再获突破，新凯来发布多款 新设备》2025-03-31 2、《电子行业周报：英伟达 GTC 大 会成功举办，腾讯混元推出深度思 考模型 T1 正式版》2025-03-24 3、《电子行业周报：北方华创拟受 让芯源微 9.49%股份，激光雷达龙头 禾赛科技公布财报》2025-03-16 —电子行业周报 ▌上周回顾 3 月 31 日-4 月 3 当周，申万一级行业整体处于下跌态势。其 中电子行业下跌 2.40%，位列第 27 位。估值前三的行业为计 算机、国防军工和电子，电子行业市盈率为 54.83。 电子行业细分板块比较，3 月 31 日-4 月 3 日当周，电子行业 细分板块整体处于下跌态势。其中 ...

2025 年 04 月 07 日 美国对中国开启"对等关税"，中国迅速开启反 制 推荐(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 市场表现 资料来源：Wind，华鑫证券研究 -20 0 20 40 60 (%) 电子 沪深300 相关研究 —电子行业周报 ▌上周回顾 3 月 31 日-4 月 3 当周，申万一级行业整体处于下跌态势。其 中电子行业下跌 2.40%，位列第 27 位。估值前三的行业为计 算机、国防军工和电子，电子行业市盈率为 54.83。 电子行业细分板块比较，3 月 31 日-4 月 3 日当周，电子行业 细分板块整体处于下跌态势。其中，半导体设备、模拟芯片 设计板块有小幅上涨。估值方面，模拟芯片设计、数字芯片 设计、LED 估值水平位列前三，半导体材料、分立器件板块 估值排名本周第四、五位。 ▌美国对中国实施 34%的"对等关税"，中国迅速开 启反制措施，半导体国产化进程或将加速迈进 当地时间 4 月 2 日，美国总统特朗普在白宫宣布对贸易伙伴 征收所谓 ...