Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company has experienced a significant increase in both gold production and prices, leading to strong financial performance. The report highlights the successful production breakthroughs at various mines and the ongoing expansion projects that are expected to enhance future profitability [4][5][9]. - The company is actively pursuing resource acquisitions and internal exploration to bolster its resource base, which is projected to translate into economic advantages [7][8]. Financial Performance Summary - For Q1 2025, the company anticipates a net profit attributable to shareholders between 950 million to 1.13 billion yuan, representing a year-on-year increase of 35.74% to 61.45% [4]. - In 2024, the company reported a revenue of 82.518 billion yuan, up 39.21% year-on-year, and a net profit of 2.952 billion yuan, up 26.80% year-on-year [4][11]. - The average gold price in 2024 was 559.11 yuan per gram, a 24.15% increase year-on-year, while the company's sales price for gold was 553.17 yuan per gram, up 22.69% year-on-year [5]. Production and Cost Analysis - In 2024, the company produced 46.17 tons of gold, a 10.51% increase year-on-year, with sales of 45.24 tons, up 14.18% year-on-year. The company also increased its external gold purchases significantly [5]. - The production cost for gold was reported at 292.91 yuan per gram, reflecting a 27.14% increase year-on-year [5][6]. Resource Expansion and Projects - The company completed several acquisitions, including a 70% stake in Baotou Changtai Mining, adding over 16 tons of gold resources, and the acquisition of exploration rights for the Xiling Gold Mine, which contains 592.186 tons of gold resources [7][8]. - Key projects such as the Jiaoji Mining Area integration and the New Town Gold Mine integration are underway, with significant investments planned to enhance production capacity [9]. Future Earnings Forecast - The company is projected to achieve revenues of 104.674 billion yuan, 118.117 billion yuan, and 127.484 billion yuan for 2025, 2026, and 2027, respectively. Net profits are expected to be 5.703 billion yuan, 7.756 billion yuan, and 8.613 billion yuan for the same years [11][12].

2025 年 04 月 20 日 行业研究 评级：推荐(维持) 证券分析师： 李永磊 S0350521080004 [Table_Title] 金属铬、原油、双酚 A 价格上涨， 证券分析师： 董伯骏 S0350521080009 重视芭田股份磷矿产能扩张 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | -7.8% | -0.5% | 0.1% | | 沪深 300 | -5.9% | -1.0% | 5.7% | 相关报告 《铬盐行业点评之四：新疆沈宏进入破产重整，铬 盐行业集中度有望提升（推荐）*基础化工*李永磊， 董伯骏，陈云》——2025-04-02 《基础化工行业周报：双季戊四醇、有机硅价格上 涨，关注铬盐在军工领域的应用（推荐）*基础化 工*李永磊，董伯骏》——2025-03-24 《铬盐行业点评之三：国防支出持续增长，铬盐需 求有望高增（推荐）*基础化工*李永磊，董伯骏》 ——2025-03-13 《基础化工行业周报：铬盐迎来重大机遇，化 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][14]. Core Insights - The company's Q1 2025 performance shows significant growth, with revenue reaching 1.172 billion yuan, a year-over-year increase of 39.15%, and a net profit of 343 million yuan, up 56.77% year-over-year [5][6]. - The growth is attributed to the recovery of the film market and an increase in the company's market share [6][9]. - The company continues to expand its cinema operations, with a steady increase in market share [7][10]. - The company has made breakthroughs in film investment and production, contributing to its strong performance [8][9]. Summary by Sections Recent Performance - In Q1 2025, the company reported a revenue of 1.172 billion yuan and a net profit of 343 million yuan, with gross margin at 36.12% and net margin at 29.25% [5][9]. - The film market's total box office reached 24.388 billion yuan in Q1 2025, a 49.1% increase year-over-year, with the Spring Festival box office hitting 9.51 billion yuan, up 18.7% [9]. Market Position - The company's direct cinema box office revenue was 883 million yuan in Q1 2025, reflecting a 55.73% year-over-year increase, with a market share of 4.01% [10]. - The company opened 5 new direct cinemas and added 32 screens, maintaining a steady expansion of its cinema network [10]. Future Outlook - The company is expected to achieve revenues of 2.729 billion yuan in 2025, with a projected net profit of 379 million yuan, indicating a strong recovery and growth trajectory [12][13]. - The company has a robust pipeline of films for 2025, including titles like "Mermaid 2" and "7 Days," which are anticipated to contribute to future revenues [11].

2025 年 04 月 20 日 行业研究 评级：推荐(维持) | 研究所： | 证券分析师： | 李永磊 | S0350521080004 | | | --- | --- | --- | --- | --- | | liyl03@ghzq.com.cn | 证券分析师： | 董伯骏 | S0350521080009 | | | dongbj@ghzq.com.cn | 联系人 | ： | 王鹏 | S0350125040009 | | wangp05@ghzq.com.cn | | | | | [Table_Title] 中航工业"十四五"规划攻坚全面启动 ——新材料产业周报 最近一年走势 | 行业相对表现 | | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | -7.8% | -0.5% | 0.1% | | 沪深 300 | -5.9% | -1.0% | 5.7% | 相关报告 《基础化工行业周报：冰晶石、脂肪醇价格上涨， 重视芭田股份磷矿产能扩张（推荐）*基础化工*李 永磊，董伯骏》——2025-04- ...

其中，公司 2024Q4 实现营收 20.80 亿元，同比-0.7%，环比+4.9%；实 现归母净利润 0.28 亿元，同比-34.3%，环比+65.9%；ROE 为 1.88%， 同比下降 1.15 个百分点，环比增加 0.73 个百分点。销售毛利率 8.5%， 同比下降 2.1 个百分点，环比增加 1.5 个百分点；销售净利率 1.9%，同 比下降 0.2 个百分点，环比增加 1.1 个百分点。 投资要点: 2024 年公司实现稳健经营，出口量额齐升 | | 2025 | 年 月 04 | 日 20 | 公司研究 | 评级：买入(首次覆盖) | | --- | --- | --- | --- | --- | --- | | 研究所： 证券分析师： | | 李永磊 | S0350521080004 | [Table_Title] 营收稳步增长，出口量额齐增， | | | | | liyl03@ghzq.com.cn | | | | | 证券分析师： | | 董伯骏 | S0350521080009 | 加速完善全球农化流通服务网络 | | | | | dongbj@ghzq.com.cn | | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][15][49] Core Views - The company achieved a record high gross margin of 26.68% in Q1 2025, indicating strong profitability [7][10] - The company is recognized as a leading player in the specialty surfactants market, focusing on niche products and sustainable development [8][12] - The company reported a revenue of 2.333 billion yuan in 2024, a year-on-year increase of 23.17%, and a net profit of 398 million yuan, up 22.50% year-on-year [6][21] Financial Performance Summary - In Q1 2025, the company achieved revenue of 603 million yuan, a year-on-year increase of 13.47%, and a net profit of 102 million yuan, up 15.77% year-on-year [7][10] - The gross margin for Q1 2025 was 26.68%, an increase of 2.46 percentage points year-on-year, while the net profit margin was 16.87%, up 0.34 percentage points year-on-year [7][10] - For the full year 2024, the company reported a gross margin of 24.98%, a slight increase of 0.36 percentage points year-on-year, and a net profit margin of 17.05%, a decrease of 0.09 percentage points year-on-year [6][8] Growth Projections - The company expects revenues of 2.805 billion yuan in 2025, 3.144 billion yuan in 2026, and 3.564 billion yuan in 2027, with corresponding net profits of 501 million yuan, 571 million yuan, and 654 million yuan respectively [15][17][47] - The projected growth rates for revenue are 20% in 2025, 12% in 2026, and 13% in 2027, while net profit growth rates are expected to be 26%, 14%, and 15% respectively [15][17][47] Market Position and Strategy - The company is positioned as a leading domestic manufacturer of specialty surfactants, with a production capacity of nearly 300,000 tons [12][11] - The company is actively expanding into strategic emerging industries, focusing on functional new materials and high-end electronic chemicals [12][11] - The company has exited the production of large-volume products and is concentrating on niche markets to enhance profitability [10][11]

2025 年 04 月 20 日 公司研究 评级：买入(上调) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 厚积薄发，国产算力的"寒武纪"时刻 ——寒武纪（688256）2024 年年报和 2025 年一 季报点评 最近一年走势 | 相对沪深 | 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 寒武纪 | | -10.7% | 13.1% | 346.1% | | 沪深 300 | | -5.9% | -1.0% | 5.7% | | 市场数据 | 2025/04/18 | | --- | --- | | 当前价格（元） | 669.54 | | 周价格区间（元） 52 | 130.02-818.87 | | 总市值（百万） | 279,503.99 | | 流通市值（百万） | 279,503.99 | | 总股本（万股） | 41,745.68 | | 流通股本（万股） | 41,745.68 | | 日 ...

2025 年 04 月 20 日 公司研究 评级：买入(维持) 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 fangby@ghzq.com.cn 2025Q1 业绩高增，储备内容逐步释放 ——华策影视（300133）2024 年&2025Q1 业绩点评 最近一年走势 研究所： | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 华策影视 | -14.4% | -0.2% | -2.2% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | | | 2025/04/18 | | 当前价格（元） | | | 6.88 | | 周价格区间（元） 52 | | | 4.80-10.53 | | 总市值（百万） | | | 13,079.39 | | 流通市值（百万） | | | 11,172.03 | | 总股本（万股） | | | 190,107.37 | | 流通股本 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has experienced a significant improvement in its first-quarter performance for 2025, with expected net profit growth of 78.06% to 93.54% year-on-year [5][8] - The price of sugar substitutes is recovering, which is anticipated to positively impact the company's profitability [6][9] - The company is focusing on enhancing its production efficiency and reducing costs through technological advancements [8][9] Financial Performance Summary - In 2024, the company reported revenue of 5.303 billion yuan, a slight decrease of 0.15% year-on-year, and a net profit of 557 million yuan, down 20.94% year-on-year [4][6] - The fourth quarter of 2024 saw revenue of 1.261 billion yuan, a year-on-year increase of 3.52%, but a quarter-on-quarter decrease of 16.19% [5] - The company expects to achieve a net profit of 230 to 250 million yuan in the first quarter of 2025, marking a substantial increase compared to the previous year [5][8] Market Data Summary - As of April 18, 2025, the company's stock price is 23.99 yuan, with a market capitalization of approximately 13.67 billion yuan [3] - The company has shown a 12-month performance of 16.4%, outperforming the CSI 300 index, which increased by 5.7% [3] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 6.126 billion yuan, 6.536 billion yuan, and 7.366 billion yuan, respectively, with corresponding net profits of 1.006 billion yuan, 1.243 billion yuan, and 1.487 billion yuan [10][12] - The report anticipates a significant recovery in profitability, with net profit growth rates of 81% in 2025, 24% in 2026, and 20% in 2027 [10][12]

2025 年 04 月 19 日 公司研究 评级：买入(维持) 研究所： 投资要点: 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] AI 赋能显效，体检龙头迈向数智化健管时代 ——美年健康（002044）2024 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/18 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 美年健康 | -18.9% | 18.5% | 12.4% | | 沪深 300 | -5.9% | -1.0% | 5.7% | | 市场数据 | 2025/04/18 | | --- | --- | | 当前价格（元） | 5.19 | | 周价格区间（元） 52 | 3.22-7.79 | | 总市值（百万） | 20,314.98 | | 流通市值（百万） | 20,098.01 | | 总股本（万股） | 391,425.39 | | 流通股本（万股） | 387,244.87 | | 日均成交额（百万） | 311.03 | | ...