2025 年 05 月 15 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：73 分（较热） 最近一年大盘走势 10 15 20 (%) 沪深300 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 相关研究 | 1、《双融日报》2025-05-14 | | --- | | 2、《双融日报》2025-05-13 | | 3、《双融日报》2025-05-12 | ▌ 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 73 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：机器人、大数据、苹果链 1、机器人主题：五一假期期间，山岳型景区迎来大批游 客。在八达岭长城、黄山、泰山这些热门景点，游客们体验 到了一种别样的登山方式一穿戴外骨骼机器人登山。这种设 备被形容为"登山外挂"，通过机械结构或电机驱动，能够 降低 20%-40%的体能消耗，瞬间在户外圈爆火。相关标的： 伟思医疗(688580)、精工科技(002006) 2、大数据主题：近日，国务院常务会 ...

买入(维持) 事件 2025 年 05 月 14 日 盈利边际修复，经营环比改善 | 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 | 2025-05-13 | | --- | --- | | 当前股价（元） | 10.16 | | 总市值（亿元） | 57 | | 总股本（百万股） | 559 | | 流通股本（百万股） | 511 | | 52 周价格范围（元） | 5.97-11.77 | | 日均成交额（百万元） | 94.12 | 市场表现 -40 -20 0 20 40 60 (%) 煌上煌 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《煌上煌（002695）：经营状况 环比改善，毛利率同比提升》2024- 08-28 2、《煌上煌（002695）：毛利率提 升对冲费率上行，盈利能力相对平 稳》2024-04-30 3、《煌上煌（002695）：低基数下 业绩高增，经营提效拐 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company shows improvement in profit margins and successful client development, with a focus on cost reduction and efficiency optimization [1][5][6] - The product structure is continuously optimized, and the company is expected to benefit from capacity release and stable client development in the medium to long term [7][9] Financial Performance Summary - In 2024, the total revenue reached 405 million yuan, a year-on-year increase of 13%, with a net profit of 64 million yuan, also up 13% [4] - For Q1 2025, total revenue was 101 million yuan, reflecting a 10% year-on-year growth, while net profit increased by 37% to 18 million yuan [4] - The gross margin improved slightly, with 2024 and Q1 2025 gross margins at 38.70% and 39.21% respectively [5] - The net profit margin for 2024 and Q1 2025 was 15.78% and 17.42%, indicating a positive trend in profitability [5] Client Development and Product Performance - The company has successfully expanded its client base, particularly in the sauce and seasoning product lines, with significant revenue growth in the restaurant and food processing sectors [6] - Revenue from sauce products in 2024 was 319 million yuan, up 19%, while powdered seasoning products saw a decline of 6% [6] - The company is expected to enhance operational efficiency through automation in its new factory, set to be completed in the second half of 2025 [6] Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 0.81, 0.98, and 1.16 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 33, 27, and 23 times [9][11]

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company has shown steady revenue growth, with total revenue for 2024 reaching 2.651 billion yuan, a year-on-year increase of 12%. However, the net profit attributable to shareholders decreased by 23% to 233 million yuan due to a one-time government compensation received in the previous year [4][5] - The company is expanding its customer base rapidly, with significant contributions from new clients such as Yum and Domino's, while maintaining stable performance from existing clients [6] - The company is accelerating its channel expansion, particularly in the food service sector, and has begun initial collaborations with major retail channels like Sam's Club and Hema [7][8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 2.651 billion yuan, with a growth rate of 11.9%. The net profit attributable to shareholders was 233 million yuan, reflecting a decline of 22.5% [11] - For Q1 2025, total revenue was 669 million yuan, a 7% increase year-on-year, while net profit decreased by 4% to 58 million yuan [4][5] Revenue Breakdown - The company's revenue from the B-end business was 1.296 billion yuan in 2024, growing by 13%, while the light cooking solutions segment generated 1.130 billion yuan, up 10% [6] - The beverage and dessert ingredients segment saw revenue of 147 million yuan in 2024, with a 3% increase, and a significant 35% increase in Q1 2025 [6] Profitability Metrics - The gross margin for 2024 was 32.81%, slightly down by 0.3 percentage points year-on-year, while the net margin decreased by 3 percentage points to 10.08% [5] - The report forecasts EPS for 2025, 2026, and 2027 to be 0.69, 0.79, and 0.90 yuan respectively, with corresponding PE ratios of 19, 17, and 15 times [9][11] Market Position and Strategy - The company is positioned as a leader in the Western-style seasoning market, leveraging its R&D capabilities and expanding its customer base in the food service sector [9] - The ongoing optimization of the competitive landscape in the seasoning market is expected to enhance the company's growth potential [6]

2025 年 05 月 14 日 双融日报 --鑫融讯 今日热点主题：机器人、大数据、苹果链 1、机器人主题：五一假期期间，山岳型景区迎来大批游 客。在八达岭长城、黄山、泰山这些热门景点，游客们体验 到了一种别样的登山方式一穿戴外骨骼机器人登山。这种设 备被形容为"登山外挂"，通过机械结构或电机驱动，能够 降低 20%-40%的体能消耗，瞬间在户外圈爆火。相关标的： 伟思医疗(688580)、精工科技(002006) 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：64 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 (%) 沪深300 相关研究 | 1、《双融日报》2025-05-13 | | --- | | 2、《双融日报》2025-05-12 | | 3、《双融日报》2025-05-09 | ▌ 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 64 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 2、大数据主题：近日，国务院常 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company's revenue growth in 2024 was driven by capacity expansion and increased sales volume, with total operating income reaching 7.701 billion yuan, a year-on-year increase of 16.51%. However, the net profit attributable to shareholders decreased by 32.34% to 307 million yuan [1][2] - The company is facing challenges due to a decline in prices for key products such as MTBE and is adapting its production capacity to optimize product structure and mitigate risks associated with price declines [2][8] - The operating cash flow has come under pressure, with a net cash flow of 154 million yuan, down 77.14% year-on-year, primarily due to reduced net profit [3] Summary by Sections Revenue and Profitability - In 2024, the company achieved total operating income of 77.01 billion yuan, up 16.51% year-on-year, while the net profit attributable to shareholders was 3.07 billion yuan, down 32.34% [1][11] - The fourth quarter of 2024 saw a single-quarter operating income of 20.10 billion yuan, a year-on-year increase of 3.43% and a quarter-on-quarter increase of 2.43% [1] Production Capacity and Market Conditions - The company’s main products, including isooctane, MTBE, and succinic anhydride, had capacity utilization rates of 97.00%, 106.36%, and 106.42% respectively, indicating strong production capabilities [2] - The domestic BDO industry is facing structural oversupply, with existing capacity at 4.801 million tons per year and over 4 million tons of new capacity planned for the next five years [4][8] Cost Management and Operational Efficiency - The company has improved its cost control, with sales, management, financial, and R&D expense ratios decreasing year-on-year [3] - The company has achieved a reduction in operating expenses, contributing to enhanced operational efficiency [3] Future Outlook - The company forecasts net profits of 466 million yuan, 537 million yuan, and 656 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 8.8, 7.7, and 6.3 [9][11] - The company is focusing on upgrading its product structure and developing high-value-added products to counteract the impact of declining traditional markets [8]

2025 年 05 月 13 日 农药景气低迷，公司业绩承压 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-05-12 | | --- | --- | | 当前股价（元） | 10.93 | | 总市值（亿元） | 99 | | 总股本（百万股） | 910 | | 流通股本（百万股） | 910 | | 52 周价格范围（元） | 9.62-15.15 | | 日均成交额（百万元） | 92.92 | 市场表现 -40 -30 -20 -10 0 10 20 (%) 广信股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《广信股份（603599）：2024Q1 业绩环比改善，静待行业景气度改 善》2024-04-29 2、《广信股份（603599）：打造光 气一体化平台，看好新项目放量》 2023-12-28 —广信股份（603599.SH）公司事件 ...

2025 年 05 月 13 日 天然碱产能释放驱动增长，高股息提升投资性价 比 买入(维持) 事件 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn | 基本数据 | 2025-05-12 | | --- | --- | | 当前股价（元） | 5.18 | | 总市值（亿元） | 194 | | 总股本（百万股） | 3739 | | 流通股本（百万股） | 3318 | | 52 周价格范围（元） | 4.97-8.14 | | 日均成交额（百万元） | 272.29 | 市场表现 -40 -30 -20 -10 0 10 20 (%) 远兴能源 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《远兴能源（000683）：业绩逆 势增长，新项目续力成长曲线》 2024-12-12 —远兴能源（000683.SZ）公司事件点评报告 远兴能源发布 2024 年年报及 2025 年一季度报：2024 全年公 司实现营业总收入 132.64 亿元，同比增长 10.13%；实现归 母净 ...

2025 年 05 月 13 日 行业相对表现 表现 1M 3M 12M 基础化工(申万) 5.8 1.7 -1.5 沪深 300 3.7 -0.4 6.2 市场表现 -30 -20 -10 0 10 20 (%) 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：硫酸、天 然气等涨幅居前，建议关注进口替 代、纯内需、高股息等方向》2025- 05-06 天然气、二甲苯等涨幅居前，建议关注进口替 代、纯内需、高股息等方向 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn 2、《基础化工行业周报：三氯乙 烯、燃料油等涨幅居前，建议关注 进口替代、纯内需、高股息等方 向》2025-04-28 3、《基础化工行业周报：三氯乙 烯、燃料油等涨幅居前，建议继续 关注原油、钛白粉板块和轮胎板 块》2025-04-21 推荐(维持) 投资要点 ▌ 天然气、二甲苯等涨幅居前，合成氨、煤焦油等跌幅较大 本 周 涨 幅 较 大 的 产 品 : 天然气 (NYMEX 天然气 ...

2025 年 05 月 13 日 农药景气低迷，公司业绩承压 买入(维持) 事件 | 分析师：张伟保 | S1050523110001 | | --- | --- | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | | 基本数据 | 2025-05-12 | | --- | --- | | 当前股价（元） | 10.93 | | 总市值（亿元） | 99 | | 总股本（百万股） | 910 | | 流通股本（百万股） | 910 | | 52 周价格范围（元） | 9.62-15.15 | | 日均成交额（百万元） | 92.92 | 市场表现 -40 -30 -20 -10 0 10 20 (%) 广信股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《广信股份（603599）：2024Q1 业绩环比改善，静待行业景气度改 善》2024-04-29 2、《广信股份（603599）：打造光 气一体化平台，看好新项目放量》 2023-12-28 —广信股份（603599.SH）公司事件 ...