Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth, with a total operating income of 7.929 billion yuan in 2024, representing a year-on-year increase of 33.8%. The net profit attributable to shareholders improved by reducing losses to 2.505 billion yuan, a decrease in loss of 32.76% year-on-year [4][5] - The company is a leading global supplier of innovative display solutions, focusing on OLED technology for over 20 years. The demand for OLED smartphone panels has increased due to the recovery in the consumer electronics sector, leading to a substantial rise in product shipments and prices [5] - The construction of production lines is progressing smoothly, with the company's 6th generation flexible AMOLED production line operating at a high capacity. The company is also advancing the restructuring of its subsidiary, which will enhance its product offerings and competitive position in the display panel market [6] - A share buyback proposal has been made to enhance investor confidence, with a total buyback amounting to approximately 50 to 100 million yuan [7][8] - The company forecasts revenues of 9.007 billion yuan, 10.043 billion yuan, and 12.031 billion yuan for 2025, 2026, and 2027 respectively, with an expected improvement in profitability as production costs decrease [9][11] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 7.929 billion yuan, with a growth rate of 33.8%. The net profit attributable to shareholders was -2.505 billion yuan, reflecting a 32.8% reduction in losses [11] - The projected revenues for 2025, 2026, and 2027 are 9.007 billion yuan, 10.043 billion yuan, and 12.031 billion yuan respectively, with corresponding EPS of -1.45, -0.75, and -0.17 yuan [9][11] Product and Market Development - The company has optimized its product structure, significantly increasing the proportion of OLED products, which accounted for 74.94 billion yuan in revenue in 2024, a year-on-year increase of 46.01% [5] - The company ranks third globally in AMOLED smartphone panel shipments, with a year-on-year growth of 44.3% [5] Production Capacity and Restructuring - The company’s production capacity is being effectively utilized, with ongoing construction of the 8.6 generation flexible AMOLED production line, which is expected to enhance product variety and supply capabilities [6] - The restructuring of the subsidiary is aimed at improving the overall competitiveness in the display panel sector [6] Investor Confidence - The proposed share buyback is intended to bolster investor confidence and reflects the company's belief in its long-term value [7][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant revenue growth, with a total operating income of 7.929 billion yuan in 2024, representing a year-on-year increase of 33.8% [4][5] - The company's OLED product revenue reached 7.494 billion yuan, growing by 46.01% year-on-year, driven by increased demand in the consumer electronics sector [5] - The company is progressing well with its production line construction, particularly the 6th generation flexible AMOLED production line, which is expected to enhance its competitive position in the display panel market [6] - A share buyback proposal has been initiated to boost investor confidence, with a total buyback amount estimated between 50 million to 100 million yuan [7][8] - Future revenue projections for 2025-2027 are 9.007 billion, 10.043 billion, and 12.031 billion yuan respectively, with expected improvements in profitability as production costs decrease [9] Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 79.29 billion yuan, with a net profit attributable to shareholders of -2.505 billion yuan, marking a reduction in losses by 32.76% [4][11] - The forecast for 2025 indicates a revenue of 90.07 billion yuan, with an EPS of -1.45 yuan [9][11] Product Development - The company has optimized its product structure, significantly increasing the proportion of OLED products in its offerings, which has led to a substantial rise in shipment volumes [5] - The company ranks third globally in AMOLED smartphone panel shipments, with a year-on-year growth of 44.3% [5] Production Capacity - The company’s production capacity is being effectively utilized, with high operational rates ensuring quality delivery to key brand clients [6] - The construction of the 8.6 generation flexible AMOLED production line is underway, which is expected to further enhance the company's product offerings [6] Market Strategy - The company is actively pursuing a major asset restructuring to strengthen its market position and expand its product line [6] - The share buyback initiative is part of a strategy to enhance shareholder value and reflect confidence in the company's long-term growth potential [7][8]

Core Insights - The report indicates that the current market sentiment is at a high level, with a score of 83, categorizing it as "overheated" [5][10][22] - Recent market trends show a gradual upward movement supported by improved sentiment and favorable policies [10] Market Themes Tracking - **Cross-Border Payment**: The report highlights the increasing uncertainty and costs due to tariff policies, necessitating more efficient payment systems. The CIPS system is expanding its functionalities and business volume, providing secure and efficient cross-border payment services. Related companies include Cross-Border Communication (002640) and Qingdao Kingking (002094) [6] - **Duty-Free Shopping**: Following the announcement from the State Taxation Administration on promoting immediate tax refunds for outbound travelers, the duty-free shopping sector is expected to benefit significantly, especially in the context of the escalating US-China trade war. Key beneficiaries include China Duty Free Group (601888) and Gree Real Estate (600185) [6] - **Agriculture**: The report mentions the recent issuance of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" by the central government, emphasizing the need for independent innovation in seed industry and resource protection. Relevant companies include Dabeinong (002385) and Fengle Seed Industry (000713) [6] Major Capital Inflows and Outflows - The report lists the top ten stocks with the highest net inflows, with Sirius (601127) leading at 88149.11 million, followed by Cambricon Technologies (688256) at 38433.88 million [11] - Conversely, the top ten stocks with the highest net outflows include Luxshare Precision (002475) with -137531.30 million, indicating a bearish sentiment towards these stocks [13] Industry Insights - The report provides insights into the sectors experiencing the most significant net inflows, with non-ferrous metals, automotive, and pharmaceutical industries leading the way [17] - In contrast, the report notes that the electronic and computer sectors are facing substantial net outflows, suggesting a shift in investor sentiment away from these industries [18]

2025 年 04 月 14 日 -40 -30 -20 -10 0 10 20 30 (%) 神农集团 沪深300 成本优势地位稳固，定增扩产维持独一档负债率 表现 买入(维持) 事件 分析师：娄倩 S1050524070002 louqian@cfsc.com.cn 联系人：卫正 S1050124080020 weizheng2@cfsc.com.cn | 基本数据 | 2025-04-11 | | --- | --- | | 当前股价（元） | 30.26 | | 总市值（亿元） | 159 | | 总股本（百万股） | 525 | | 流通股本（百万股） | 523 | | 52 周价格范围（元） | 24.81-44.99 | | 日均成交额（百万元） | 124.77 | 市场表现 资料来源：Wind，华鑫证券研究 相关研究 1、《神农集团（605296）：业绩实 现高增长，成本优势持续巩固》 2024-08-29 2、《神农集团（605296）：养殖成 本行业领先，出栏量快速增长》 2024-08-07 —神农集团（605296.SH）公司事件点评报告 神农集团发布 2025 年 3 月养殖业务 ...

2025 年 04 月 14 日 盐湖提锂龙头主业承压，看好钾肥行业景气度回 升 买入(首次) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 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 | 2025-04-11 | | --- | --- | | 当前股价（元） | 16.57 | | 总市值（亿元） | 877 | | 总股本（百万股） | 5292 | | 流通股本（百万股） | 5292 | | 52 周价格范围（元） | 13.59-20.03 | | 日均成交额（百万元） | 694.88 | 市场表现 资料来源：Wind，华鑫证券研究 -20 -10 0 10 20 30 (%) 盐湖股份 沪深300 相关研究 —盐湖股份（000792.SZ）公司事件点评报告 ▌ 推动盐湖资源整合，夯实产业龙头地位 年内公司完成了股份过户， ...

分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-04-14 | | --- | --- | | 当前股价（元） | 3.93 | | 总市值（亿元） | 399 | | 总股本（百万股） | 10165 | | 流通股本（百万股） | 10165 | | 52 周价格范围（元） | 3.51-4.83 | | 日均成交额（百万元） | 206.72 | 市场表现 资料来源：Wind，华鑫证券研究 -20 -10 0 10 20 30 40 (%) 海油发展 沪深300 2025 年 04 月 14 日 增储上产助力营收增长，多元布局驱动未来发展 —海油发展（600968.SH）公司事件点评报告 买入(首次) 事件 相关研究 海油发展发布 2024 年度业绩报告：2024 全年实现营业总收 入 525.17 亿元，同比+6.51%；实现归母净利润 36.56 亿元， 同比+18.66%。其中 2024Q4 单季度实现营业收入 188.43 亿 元，同比+6.37% ...

2025 年 04 月 14 日 油气产量增长稳定，归母净利润创历史新高 —中国石油（601857.SH）公司事件点评报告 买入(维持) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 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 | 2025-04-11 | | --- | --- | | 当前股价（元） | 7.56 | | 总市值（亿元） | 13836 | | 总股本（百万股） | 183021 | | 流通股本（百万股） | 161922 | | 52 周价格范围（元） | 7.34-10.93 | | 日均成交额（百万元） | 1601.49 | 市场表现 ▌ 油气产量保持稳定增长，2025 年继续增储上产 公司 2024 年实现油气当量产量 17.97 亿桶，同比增长 2.2%，其中原油产量 9.42 亿桶，同比增长 0.5% ...

2025 年 04 月 14 日 相关研究 海油发展发布 2024 年度业绩报告：2024 全年实现营业总收 入 525.17 亿元，同比+6.51%；实现归母净利润 36.56 亿元， 同比+18.66%。其中 2024Q4 单季度实现营业收入 188.43 亿 元，同比+6.37%、环比+56.48%，实现归母净利润 9.68 亿 元，同比+3.41%、环比-9.70%。 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：覃前 S1050124070019 qinqian@cfsc.com.cn | 基本数据 | 2025-04-14 | | --- | --- | | 当前股价（元） | 3.93 | | 总市值（亿元） | 399 | | 总股本（百万股） | 10165 | | 流通股本（百万股） | 10165 | | 52 周价格范围（元） | 3.51-4.83 | | 日均成交额（百万元） | 206.72 | 市场表现 资料来源：Wind，华鑫证券研究 -20 -10 0 10 20 30 40 (%) 海油发展 沪深300 投资要点 ▌ 营收稳 ...

2025 年 04 月 14 日 油气产量增长稳定，归母净利润创历史新高 —中国石油（601857.SH）公司事件点评报告 买入(维持) 事件 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：张伟保 | S1050523110001 | | zhangwb@cfsc.com.cn | | | 联系人：高铭谦 | S1050124080006 | | gaomq@cfsc.com.cn | | -30 -20 -10 0 10 20 30 (%) 中国石油 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《中国石油（601857）：半年报 业绩增长，资本开支缩减，分红优 势显著》2024-08-27 2、《中国石油（601857）：盈利能 力持续提升，关注估值修复机会》 2023-05-30 中国石油发布年度业绩报告：2024 年全年公司实现营业收入 29379.81 亿元，同比下滑 2.48%；实现归母净利润 1646.76 亿元，同比增长 2.02% ，其中， 2024Q4 单季实现收入 6817.0 ...

2025 年 04 月 14 日 美国通胀持续走弱，降息预期提升支撑金价 推荐(维持) 投资要点 | 分析师：傅鸿浩 | S1050521120004 | | --- | --- | | fuhh@cfsc.com.cn | | | 分析师：杜飞 | S1050523070001 | | dufei2@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 有色金属(申万) -8.9 -0.1 -8.0 沪深 300 -6.4 -1.8 7.9 市场表现 -30 -20 -10 0 10 20 30 (%) 有色金属 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《有色金属行业周报：电解铝库 存去化叠加下游需求向好，铝价偏 强看待》2025-03-31 2、《有色金属行业周报：国内铜铝 下游开工处于节后回升阶段，铜铝 价格预计走势偏强为主》2025-03- 24 3、《有色金属行业周报：仍需关注 国内节后复工情况，铜铝价格震荡 为主》2025-02-24 ▌黄金：美国通胀持续走弱，降息预期提升支撑金 价 数据方面，美国 2 月消费信贷变动现值-8.1 亿美元，预期 150 亿美元 ...