Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company is experiencing pressure on profit margins but is expected to benefit from scale effects in the future [1] - The company reported a total revenue of 2.257 billion yuan in 2024, a year-on-year increase of 22%, and a net profit of 376 million yuan, up 14% year-on-year [4][9] - The report highlights the company's strategies to optimize costs through various measures, including locking in palm oil prices and increasing direct sourcing of key raw materials [5] Summary by Sections Financial Performance - In Q4 2024, total revenue was 652 million yuan, a 22% increase year-on-year, while net profit decreased by 14% to 99 million yuan [4] - For Q1 2025, total revenue was 504 million yuan, a 14% decrease, primarily due to the timing of the Spring Festival and a decline in traditional supermarket business [4] Cost and Margin Analysis - The gross margin for Q4 2024 and Q1 2025 decreased by 1 percentage point to 35.14% and 34.32%, respectively, mainly due to rising palm oil costs [5] - Selling expenses increased by 2 percentage points in Q4 2024 and 4 percentage points in Q1 2025, attributed to team expansion and increased marketing expenses [5] Product and Channel Growth - The company’s core products, including green peas, sunflower seeds, and broad beans, showed steady growth, with revenues of 524 million, 302 million, and 277 million yuan, respectively [6] - The comprehensive nut and bean product series generated 705 million yuan in revenue, a 40% increase, driven by product expansion and channel diversification [6] Market Expansion and Strategy - The company’s revenue from distribution and other channels reached 1.927 billion yuan and 81 million yuan, respectively, with significant growth in the snack wholesale channel [7] - E-commerce revenue for 2024 was 239 million yuan, an 11% increase, with plans to enhance product offerings and partnerships in 2025 [8] Earnings Forecast - The report projects EPS for 2025-2027 to be 4.38, 5.13, and 5.89 yuan, respectively, with corresponding PE ratios of 17, 14, and 13 times [9][11]

2025 年 04 月 22 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：83 分（过热） 3、农业主题：近日，中共中央、国务院印发《加快建设 农业强国规划(2024-2035 年)》。其中提到，推动种业自主 创新全面突破。深入实施种业振兴行动，加快实现种业科技 自立自强、种源自主可控。加强种质资源保护利用，建设国 际一流的国家农业种质资源保存、鉴定、创制和基因挖掘重 大设施，推进种质资源交流共享。相关标的：大北农 (002385)、丰乐种业(000713) 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 华鑫市场情绪温度指标：（过热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 83 分，市场情绪处于"过热"。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：跨境支付、虚拟电厂、农业 1、跨境支付主题：关税政策增加了贸易的不确定性和成 本，企业需要更高效、稳定的支付系统来应对复杂的贸易环 境。CIPS 系统功能不断 ...

2025 年 04 月 21 日 相关研究 究 报 告 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 1、《基础化工行业周报：冰晶石、 液化气等涨幅居前，建议继续关注 原油、钛白粉板块和轮胎板块》 2025-04-14 表现 1M 3M 12M 基础化工(申万) -6.0 -0.4 -1.0 沪深 300 -3.6 -1.6 6.5 市场表现 -20 -10 0 10 20 30 (%) 基础化工 沪深300 资料来源：Wind，华鑫证券研究 2、《基础化工行业周报：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》2025- 04-07 3、《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 ▌ 三氯乙烯、燃料油等涨幅居前，丁二烯、天然橡胶等跌幅 较大 本周涨幅较大的产品：三氯乙烯（华东地区，11.11%），燃 料油（新加坡高硫 180cst，7.01%），国际汽油（新加坡 ...

Investment Rating - The investment rating for Hunan Gold is "Buy" (maintained) [1] Core Views - Hunan Gold's performance has significantly improved due to rising gold and antimony prices, with a total revenue of 27.839 billion yuan in 2024, representing a year-on-year increase of 19.46%, and a net profit attributable to shareholders of 847 million yuan, up 73.08% year-on-year [1][2] Summary by Sections Production and Pricing - The production of gold decreased slightly to 46.33 tons, down 2.87% year-on-year, while self-produced gold dropped by 6.13% to 3.71 tons. Antimony production also fell by 6.15% to 29,209 tons, with self-produced antimony down 13.2% to 15,227 tons. In contrast, tungsten production increased by 7.12% to 1,008 standard tons, with self-produced tungsten concentrate rising significantly by 59.24% [2] - The average price of antimony in 2024 was 129,756 yuan per ton, a substantial increase of 59.3% year-on-year. The average price of gold rose to 548.49 yuan per gram, up 22.14% compared to the same period in 2023 [2] Earnings Forecast - Revenue forecasts for Hunan Gold are projected at 38.269 billion yuan, 39.209 billion yuan, and 40.619 billion yuan for 2025, 2026, and 2027 respectively. Net profits attributable to shareholders are expected to be 2.2 billion yuan, 2.286 billion yuan, and 2.392 billion yuan for the same years. The current stock price corresponds to a price-to-earnings ratio (PE) of 13.1, 12.6, and 12.0 for 2025, 2026, and 2027 respectively [3][10]

2025 年 04 月 21 日 相关研究 1、《有色金属行业周报：美国通胀 持续走弱，降息预期提升支撑金 价》2025-04-14 2、《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 3、《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 关税影响美国经济滞涨风险增大，金价支撑仍然 强劲 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) | -6.5 | 1.0 | -5.0 | | 沪深 300 | -3.6 | -1.6 | 6.5 | 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 行 ▌黄金：美国经济滞涨风险增大，金价支撑仍然强 劲 数据方面，美国 3 月制造业产出 ...

2025 年 04 月 21 日 社零数据超预期暨一季度业绩前瞻 推荐(维持) 投资要点 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 联系人：肖燕南 S1050123060024 xiaoyn@cfsc.com.cn 联系人：张倩 S1050124070037 zhangqian@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 食品饮料(申万) | 0.9 | 5.3 | -3.1 | | 沪深 300 | -3.6 | -1.6 | 6.5 | 市场表现 -30 -20 -10 0 10 20 30 (%) 食品饮料 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《食品饮料行业点评报告：内需 持续释放，3 月社零数据超预期》 2025-04-18 2、《食品饮料行业周报：外围环境 持续承压，期待消费需求回暖》 2025-04-13 3、《食品饮料行业周报：关税靴子 落地，白酒韧性凸显》2025-04-06 3 月社零增速超预期，连锁餐饮弹性充足。2025 年一季度社 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [10]. Core Views - The company has exceeded expectations in Q1 2025, benefiting from high demand in the ultra-high voltage sector [6][10]. - The company's revenue and profitability are expected to improve significantly due to the increasing proportion of high-margin products [6][10]. - The report highlights the company's strong market position in both internal and external markets, with significant breakthroughs in various projects [7][10]. - The investment outlook for the power grid remains positive, with expectations of a peak year for ultra-high voltage projects in 2025 [9][10]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 22.175 billion yuan, a year-on-year increase of 5.59%, and a net profit of 1.054 billion yuan, up 17.50% [5]. - For Q1 2025, the company reported revenue of 5.245 billion yuan, a year-on-year growth of 11.27%, and a net profit of 295 million yuan, up 42.10% [5]. Product Performance - The company's main business revenue for 2024 was 21.827 billion yuan, with a gross margin of 20.70%, an increase of 2.91 percentage points year-on-year [6]. - Revenue from transformers reached 9.218 billion yuan, growing 17.8% year-on-year, with a gross margin of 14.35% [6]. - The revenue from switches was 8.504 billion yuan, up 10.97%, with a gross margin of 26.52% [6]. Market Position - The company maintains the highest market share in the State Grid's centralized procurement market, achieving record high bidding volumes and market share [7]. - The company has made significant inroads into external markets, winning contracts in nuclear power and offshore wind power sectors [7]. Investment Outlook - The report forecasts the company's revenue for 2025-2027 to be 26.814 billion, 30.760 billion, and 34.670 billion yuan respectively, with corresponding EPS of 0.33, 0.40, and 0.46 yuan [10][12]. - The company is positioned to benefit from sustained high demand in the power grid investment sector, particularly in ultra-high voltage projects [9][10].

2025 年 04 月 21 日 关税影响美国经济滞涨风险增大，金价支撑仍然 强劲 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：美国通胀 持续走弱，降息预期提升支撑金 价》2025-04-14 2、《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 3、《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 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) | -6.5 | 1.0 | -5.0 | | 沪深 300 | -3.6 | -1.6 | 6.5 | 行 ▌黄金：美国经济滞涨风险增大，金价支撑仍然强 劲 数据方面，美国 3 月制造业产出 ...

2025 年 04 月 21 日 | 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 | 2025-04-18 | | --- | --- | | 当前股价（元） | 11.08 | | 总市值（亿元） | 35 | | 总股本（百万股） | 320 | | 流通股本（百万股） | 320 | | 52 周价格范围（元） | 6.79-11.46 | | 日均成交额（百万元） | 61.73 | 市场表现 -30 -20 -10 0 10 20 30 (%) 天润乳业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《天润乳业（600419）：二季度 经营承压，疆外市场开拓顺利》 2024-08-23 2、《天润乳业（600419）：利润端 承压，看好后续修复潜力》2024- 05-01 营收稳健彰显韧性，期待盈利能力修复 —天润乳业（600419.SH）公司事件点评报告 买入(维持) 事件 3、 ...

PAGE 2 诚信、专业、稳健、高效 请阅读最后一页重要免责声明 证 券 研 究 报 告 金融工程周报 被动外资增持港股， 推荐关注通信ETF ——指数基金投资+ 2025年4月21日 n 分析师：吕思江 n SAC编号：S1050522030001 n 联系人：武文静 n SAC编号：S1050123070007 市场观点和ETF交易机会 p 【国内市场跟踪】本周成交持续缩量，周五市场成交仅9493亿刷新924以来地量。宽基ETF放量买入+361 亿元，4月18日国务院常务会议首次将稳股市放在稳楼市之前，政策端维稳意愿仍强，上证指数或四月底 完成缺口回补。风格层面，当前中美关税摩擦依旧是交易核心，叠加市场量能持续萎缩以及对4月底国内 政策是否超预期转为谨慎，大盘及配置价值更高，成交下行使得中证2000等小盘标的博弈价值下降。超预 期内需刺激政策和宽松货币政策出台前，保持防御底仓。 p 【港股市场周观点】港股本周市场情绪延续看空，卖空成交占比边际下行但依旧处于16.17%的阶段性高 位。但外资数据回暖，主动外资净卖出规模收窄至上周的三分之一，被动外资转为大幅净买入，模型整体 信号转多。由于护盘资金较少，当前港 ...