2025 年 03 月 31 日 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 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) 2.5 5.3 6.6 沪深 300 0.6 -0.5 10.7 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：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 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- 03-16 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- 03-10 ▌ 液氯、三氯乙烯等涨幅居前，合成氨、天然气等跌幅较大 本周涨幅较大的产品：液氯（华东地区，15.69%），三氯乙 烯（华东地区，11 ...

证 券 研 究 报 告 行业周报 重磅交易落地，分享全球市场机遇 医药行业周报 | 投资评级： | 推荐 （ 维持 | ） | | --- | --- | --- | | 报告日期： | 2025年03月31日 | | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1 . 合作窗口提前、巩固领先优势 继3月21日，和铂医药与阿斯利康达成一项战略合作之后，联邦制药和恒瑞医药也分别与海外MNC达成项目授权，其中联 邦制药授权的UBT251仍处于Ⅰ期临床阶段，为国内第一，全球第二的进入临床阶段的三靶点GLP-1，而恒瑞医药授权的 HRS-5346处于Ⅱ期临床阶段，为全球进展第二的口服小分子Lp(a) 靶向药物。合作窗口的提前，可见中国企业的研发质量 已经过多次检验，海外MNC对中国biotech企业的信任提升，同时MNC之间的竞争加剧，也积极锁定潜力资源，保持研发 管线的领先。虽然项目仍处于早期，后续临床的不确定性较大，但对于获得首付款的中国biotech企业已解决了临床持续投 入的问题，而且有MNC临床等多方资源的加持， ...

2025 年 03 月 31 日 市场表现 EVA 业务受光伏市场影响，新材料平台成长可期 —联泓新科（003022.SZ）公司事件点评报告 买入(维持) 事件 分析师：张涵 S1050521110008 zhanghan3@cfsc.com.cn | 基本数据 | 2025-03-28 | | --- | --- | | 当前股价（元） | 15.25 | | 总市值（亿元） | 204 | | 总股本（百万股） | 1336 | | 流通股本（百万股） | 1336 | | 52 周价格范围（元） | 12.01-18.04 | | 日均成交额（百万元） | 98.01 | -30 -20 -10 0 10 20 30 (%) 联泓新科 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《联泓新科（003022）：EVA 盈 利有望修复，新材料平台带来长期 成长》2024-04-01 2、《联泓新科（003022）：EVA 光 伏膜料销量大增，平台化发展稳步 推进》2023-04-01 联泓新科发布 2024 年年度报告：2024 年公司实现营业收入 62.68 亿元，同比下降 7.52%；实现 ...

2025 年 03 月 31 日 双融日报 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：28 分（较冷） 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 (000925)、首都在线(300846) 2、家电主题：2025 年 3 月 22 日，全国家电消费季启动 仪式在上海举行。商务部副部长盛秋平表示，家电以旧换新 工作利当前、促长远，稳增长、助转型，惠民生、利产业。 商务部将以此次活动为契机，统筹线上线下渠道，开展系列 活动，优化"政策+活动"驱动机制，鼓励厂商出新、平台 ...

证 券 研 究 报 告 行业周报 重磅交易落地，分享全球市场机遇 医药行业周报 | 投资评级： | 推荐 （ 维持 | ） | | --- | --- | --- | | 报告日期： | 2025年03月31日 | | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1 . 合作窗口提前、巩固领先优势 继3月21日，和铂医药与阿斯利康达成一项战略合作之后，联邦制药和恒瑞医药也分别与海外MNC达成项目授权，其中联 邦制药授权的UBT251仍处于Ⅰ期临床阶段，为国内第一，全球第二的进入临床阶段的三靶点GLP-1，而恒瑞医药授权的 HRS-5346处于Ⅱ期临床阶段，为全球进展第二的口服小分子Lp(a) 靶向药物。合作窗口的提前，可见中国企业的研发质量 已经过多次检验，海外MNC对中国biotech企业的信任提升，同时MNC之间的竞争加剧，也积极锁定潜力资源，保持研发 管线的领先。虽然项目仍处于早期，后续临床的不确定性较大，但对于获得首付款的中国biotech企业已解决了临床持续投 入的问题，而且有MNC临床等多方资源的加持， ...

2025 年 03 月 30 日 业绩短期承压，光伏玻璃龙头地位稳固 买入(维持) 事件 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 联系人：罗笛箫 | S1050122110005 | | luodx@cfsc.com.cn | | | 基本数据 | 2025-03-28 | | --- | --- | | 当前股价（元） | 18.58 | | 总市值（亿元） | 435 | | 总股本（百万股） | 2343 | | 流通股本（百万股） | 1900 | | 52 周价格范围（元） | 14.82-29.99 | | 日均成交额（百万元） | 439.61 | 市场表现 -60 -40 -20 0 20 40 (%) 福莱特 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《福莱特（601865）：三季度盈 利承压，供给缩量推动行业边际改 善》2024-10-31 2、《福莱特（601865）：海内外产 能加速扩张，龙头地位巩固》2024- 04-06 —福莱特（601865.SH）公司事件点 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [2][9]. Core Views - The company has experienced rapid growth in new orders, with a significant increase in overseas market penetration, indicating a positive outlook for profitability recovery [7][8]. - The wind power industry is witnessing improved supply-demand dynamics, which is expected to enhance the company's profitability [7]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 22.198 billion yuan, a year-on-year increase of 18.54% - The net profit attributable to shareholders was 465 million yuan, up 12.24% year-on-year, with a non-recurring net profit of 353 million yuan, reflecting a 13.50% increase [6][7]. Business Segments - Wind turbine revenue reached 18.053 billion yuan, growing by 12.76%, with an export capacity of 11.62GW, a 37.22% increase year-on-year [7]. - The company also reported revenue from new energy engineering contracting services of 1.213 billion yuan and from new energy power station development and transfer of 1.689 billion yuan [7]. Order Growth - The company secured 30.89GW of new wind power equipment orders in 2024, representing a 96.65% year-on-year increase, with total orders on hand reaching 39.87GW [8]. - The overseas order volume has more than doubled, with significant breakthroughs in markets such as the Middle East and North Africa [8]. Profitability Forecast - Revenue projections for 2025, 2026, and 2027 are 25.912 billion yuan, 28.881 billion yuan, and 31.932 billion yuan, respectively, with corresponding EPS of 0.89 yuan, 1.21 yuan, and 1.45 yuan [9][11]. - The current stock price corresponds to PE ratios of 13.4, 9.9, and 8.3 for the years 2025, 2026, and 2027, respectively [9].

2025 年 03 月 30 日 业绩边际承压，关注改革成效释放 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 | 2025-03-28 | | --- | --- | | 当前股价（元） | 13.82 | | 总市值（亿元） | 159 | | 总股本（百万股） | 1154 | | 流通股本（百万股） | 1149 | | 52 周价格范围（元） | 11.6-15.98 | | 日均成交额（百万元） | 182.52 | 市场表现 -20 -10 0 10 20 30 (%) 涪陵榨菜 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《涪陵榨菜（002507）：业绩边 际承压，推进产品与渠道结构优 化》2025-02-28 2、《涪陵榨菜（002507）：业绩边 际修复，改革成效释放》2024-11- 05 3、《涪陵榨菜（002507）：业绩表 现承压，持续 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company achieved a revenue of 3.476 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 625 million yuan, which is a 37% increase compared to the previous year [1] - The company is focusing on optimizing its product structure and controlling costs, leading to a gross margin increase of 1 percentage point to 40.84% in Q4 2024 [2] - The company is leveraging its brand in hot pot products and continuously developing its product categories, with hot pot seasoning revenue reaching 471 million yuan in Q4 2024, a 25% increase year-on-year [3] - The company is enhancing its market presence through team configurations and acquisitions, with offline channel revenue growing by 19% to 907 million yuan in Q4 2024 [4] Financial Performance - The company forecasts EPS of 0.67, 0.75, and 0.83 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 21, 19, and 17 times [8] - The projected revenue for 2025 is 3.943 billion yuan, reflecting a growth rate of 13.4% [10] - The company expects a net profit of 710 million yuan in 2025, indicating a growth rate of 13.7% [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported a total revenue of 1.671 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit attributable to shareholders of 277 million yuan, which is a 29% increase year-on-year [4] - The company is experiencing strong growth in the group meal channel, with sales reaching 116 million yuan in Q4 2024, a 30% increase year-on-year [6] - The company plans to continue increasing its investment in expenses, which is expected to enhance its profitability in the future [5] Summary by Sections Financial Performance - In Q4 2024, the company's total revenue was 461 million yuan, up 4% year-on-year, and the net profit was 82 million yuan, up 39% year-on-year [4] - The gross margin for Q4 2024 increased by 1 percentage point to 27.51%, with a net profit margin increase of 5 percentage points to 18.05% [5] Product and Channel Analysis - Food revenue in Q4 2024 was 418 million yuan, with noodle and filling products generating 191 million yuan and 127 million yuan, respectively, showing increases of 2% and 22% [6] - The company has closed 143 stores in Q4 2024, but the single-store performance is showing signs of recovery [6] Future Outlook - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected to be 1.04 yuan, 1.13 yuan, and 1.20 yuan for 2025, 2026, and 2027, respectively [8][10] - The company’s dividend payout ratio increased to 69% in 2024 from 47% in 2023, indicating a commitment to returning value to shareholders [5]