证券研究报告 2025年3月25日 哪些涨价细分领域可以重点关注 胡国鹏(分析师) 袁稻雨(分析师) S0350521080003 hugp@ghzq.com.cn S0350521080002 yuandy@ghzq.com.cn 1 最近一年走势 相关报告 -14% -7% 0% 7% 14% 21% 2024/03 2024/05 2024/07 2024/09 2024/11 2025/01 沪深300 《我国财政货币双宽松下，大类资产如何配置*陈艺鑫，胡国鹏》——2025- 03-09 《1990年以来典型温和通缩案例及启示*崔莹，胡国鹏》——2025-02-25 《策略周报：两轮科技周期行业如何轮动*胡国鹏，袁稻雨》——2025-02-23 《主观与量化的共振：六因子行业配置模型2.0*袁稻雨，胡国鹏》——2025- 02-19 《策略周报：两次科技大周期的对比和启示*胡国鹏，袁稻雨》——2025-02- 17 相对沪深300表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 沪深300 | 1.2% | 1.2% | 10.9% | 请务必 ...

证券研究报告 2025年03月25日 元件 鹏鼎控股(002938.SZ)深度报告：AI端侧浪潮开启在即， PCB龙头显著受益 评级：买入(首次覆盖) 姚丹丹(证券分析师) 傅麒丞(证券分析师) 李晓康(联系人) S0350524060002 S0350524080001 S0350124080022 yaodd@ghzq.com.cn fuqc@ghzq.com.cn lixk02@ghzq.com.cn 最近一年走势 -21% 2% 25% 47% 70% 93% 2024/03/18 2024/06/16 2024/09/14 2024/12/13 2025/03/13 鹏鼎控股 沪深300 | 市场数据 | 2025/03/24 | | --- | --- | | 当前价格（元） | 37.05 | | 52周价格区间（元） | 20.91-44.66 | | 总市值（百万） | 85,902.68 | | 流通市值（百万） | 85,418.55 | | 总股本（万股） | 231,856.08 | | 流通股本（万股） | 230,549.40 | | 日均成交额（百万） | 492.81 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Insights - The core online travel agency (OTA) platform shows strong growth momentum, with notable performance in international business. In Q4 2024, the core OTA achieved revenue of 3.46 billion yuan (up 20% year-on-year) and an operating profit margin of 28.4% (up 4.8 percentage points year-on-year) [5]. - The company reported a total revenue of 4.24 billion yuan in Q4 2024, representing a year-on-year increase of 34.8%, and an adjusted net profit of 660 million yuan (up 36.8% year-on-year) [4][5]. - The company is focusing on vertical expansion in the vacation business, which contributed additional revenue, achieving 780 million yuan in Q4 2024 [5]. Financial Performance - For the fiscal year 2024, the company achieved a total transaction volume of 54.7 billion yuan (up 2.2% year-on-year) [4]. - The average monthly paying user count reached 41 million in Q4 2024, a year-on-year increase of 9.3%, with the total annual paying user count reaching 238 million (up 1.5% year-on-year) [5]. - The company’s revenue projections for 2025-2027 are adjusted to 19.5 billion, 22.8 billion, and 25.8 billion yuan respectively, with corresponding net profits of 2.56 billion, 3.08 billion, and 3.61 billion yuan [8]. Market Position - The company is positioned as a leading OTA platform in the lower-tier market, benefiting from the release of domestic travel demand, increased penetration in lower-tier markets, and the recovery of international business [8]. - The company’s market capitalization target for 2025 is set at 49.9 billion yuan, with a target price of 23 HKD per share [8].

2025 年 03 月 25 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 48 期 观点精粹: 最新报告摘要 2024 年归母净利润同比+77%，"汽车+航空航天+机器人"业务壮大公司增长引擎--豪能股份/汽车零部件 (603809/212802) 公司动态研究 2024 年营销改革激发长期纯销活力看好主业当下业绩拐点，子公司体外培育牛黄长期稳健增长--健民集团/ 中药Ⅱ(600976/213702) 公司点评 本周北证 50 指数有所回调，下周交大铁发上会--北交所行业普通报告 利润增长超预期，坚持长期高质量投入--拼多多/海外(PDD/2180) 点评报告（港股美股） 归母净利润高增，产品矩阵持续丰富--腾景科技/光学光电子(688195/212703) 科创板公司动态研究 双季戊四醇、有机硅价格上涨，关注铬盐在军工领域的应用--行业周报 致力于拓宽产品系列，东南亚收入高速增长--伟仕佳杰/IT 服务Ⅱ(00856/217103) 点评报告（港股美股） 2024 年业绩稳健增长，单品 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company achieved a revenue of 137.95 billion yuan in 2024, representing a year-on-year increase of 24.43%, and a net profit attributable to shareholders of 17.88 billion yuan, marking a turnaround from loss to profit [4][6] - The company sold 71.60 million pigs in 2024, including 65.48 million market pigs, 5.66 million piglets, and 0.465 million breeding pigs [6] - The company has optimized its breeding costs, with the total cost of pig farming reduced to approximately 13 yuan/kg by the end of 2024, and the average annual cost around 14 yuan/kg [6] - The company plans to distribute a cash dividend of 5.72 yuan per 10 shares, totaling 3.08 billion yuan, highlighting its investment value [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 137.95 billion yuan and a net profit of 17.88 billion yuan, with significant growth in both metrics [4][6] - The company has a breeding capacity of approximately 81 million pigs per year and has established 10 slaughterhouses with a capacity of 29 million pigs per year [6] Cost Management - The company has seen continuous optimization in breeding costs, with production indicators improving, including a PSY (Pigs Sold per Sow per Year) above 29 and a survival rate close to 86% [6] - The average daily weight gain for fattening pigs is around 800 grams, and the feed-to-meat ratio is approximately 2.8 [6] Dividend Policy - The company announced a total dividend of 7.58 billion yuan for 2024, reflecting its strong financial performance and commitment to returning value to shareholders [6] Earnings Forecast - The company is expected to generate revenues of 129.60 billion yuan, 133.01 billion yuan, and 158.85 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 16.61 billion yuan, 16.36 billion yuan, and 27.65 billion yuan for the same years [8][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The report highlights a turning point in the company's atomization business and expresses optimism about the future of its HNB (Heated Not Burned) business [1]. - The company reported a total revenue of 11.8 billion RMB for 2024, representing a year-on-year increase of 5.3%. However, net profit decreased by 20.8% to 1.3 billion RMB, with a net profit margin of 11.0% [4][6]. Summary by Sections Financial Performance - In 2024, the company's revenue was 11.8 billion RMB, with a gross margin of 37.4%, down 1.3 percentage points from the previous year. The net profit was 1.3 billion RMB, reflecting a decrease of 20.8% year-on-year [4][6][7]. - The company declared a final dividend of 0.05 HKD per share as of December 31, 2024 [4]. Revenue Breakdown - The self-owned brand business saw significant growth, with revenue reaching 2.48 billion RMB, up 34.0% year-on-year. Notably, revenue from Europe and other regions for electronic atomization products was 2.02 billion RMB, up 37.2% [6]. - Revenue from enterprise client business was 9.32 billion RMB, slightly down by 0.3%. The report anticipates that increased regulatory enforcement in the U.S. will enhance market share for compliant products [6]. Research and Development - The company maintained a high R&D expenditure, amounting to 1.57 billion RMB, which is 13.3% of total revenue. This includes 1.03 billion RMB for electronic nicotine delivery systems [6][7]. - Sales and distribution expenses rose significantly by 74.7% to 920 million RMB, attributed to increased marketing efforts for self-owned brands globally [6]. Future Projections - The company is projected to achieve revenues of 13.13 billion RMB in 2025, 15.27 billion RMB in 2026, and 17.54 billion RMB in 2027, with growth rates of 11%, 16%, and 15% respectively [9][10]. - Expected net profits for 2025, 2026, and 2027 are 1.63 billion RMB, 2.15 billion RMB, and 2.64 billion RMB, with growth rates of 25%, 32%, and 23% respectively [9][10].

2025 年 03 月 20 日 行业研究 评级：推荐(维持) 证券分析师： 陈梦竹 S0350521090003 [Table_Title] 中国大陆补贴与关税急单推升台厂景气， 存储涨势未歇 ——台股电子 2025 年 2 月报 《台股电子 2025 年 1 月报：AI 驱动的高速成长或 将持续，中国大陆补贴助攻部分台厂淡季不淡（推 荐）*陈梦竹》——2025-2-24 《台股电子 2024 年 12 月报：AI 仍是 2025 年台股 电子成长关键词（推荐）*陈梦竹》——2025-1-22 《台股电子月报：续乘 AI 之风，高歌向明天（推 荐）*陈梦竹》——2024-12-20 最近一年走势 《台股电子月报：AI 相关需求持续畅旺（推荐）* 海外*陈梦竹》——2024-11-19 相关报告 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 研究所： chenmz@ghzq.com.cn 联系人 ： 邱怡瑄 S0350124070030 qiuyx@ghzq.com.cn 行业相对表现 表现 1M 3M 12M 中国台湾电 子指数 沪深 300 1.8% 1.6% 12.1% -9.5% -7.1 ...

[Table_Title] 晨会纪要 2025 年 03 月 20 日 晨会纪要 ——2025 年第 45 期 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn 1、最新报告摘要 1.1、基本面阶段性探底，等待供需回暖--行业动态研究 分析师：陈晨 S0350522110007 联系人：张益 S0350124100016 事件： 2025 年 3 月 17 日，国家统计局发布 2025 年 1-2 月能源生产情况： 煤炭：原煤生产增速加快。1-2 月份，规上工业原煤产量 7.7 亿吨，同比增长 7.7%，增速比上年 12 月份加快 3.5pct；日均产量 1297 万吨。 电力：规上工业电力生产略有下降。1-2 月份，规上工业发电量 14921 亿千瓦时，同比下降 1.3%；日均发电 252.9 亿千瓦时，同比增长 0.4%。分品种看，1-2 月份，规上工业风电增速加快，水电、核电、太阳能发电同 比增速放缓，火电降幅扩大。其中，规上工业火电发电量同比下降 5.8%，降幅比上年 12 月份扩大 3.2pct； 规上工业水电增长 4.5%，增速放缓 1.0pct；规上 ...

Investment Rating - The report maintains a "Buy" rating for China Hongqiao [1][10] Core Views - The company's revenue for 2024 reached 156.17 billion RMB, a year-on-year increase of 16.9%, while the net profit attributable to shareholders was 22.37 billion RMB, up 95.2% year-on-year [4][6] - The significant growth in performance is attributed to increased sales volumes and prices of aluminum and alumina, alongside a decrease in procurement costs for coal and anodes [6] - The company plans to distribute a total dividend of 1.61 HKD per share for 2024, resulting in a dividend payout ratio of nearly 63% and a dividend yield of approximately 10.7% [6][9] Summary by Sections Financial Performance - In 2024, aluminum alloy product sales were approximately 5.837 million tons, up 1.5% year-on-year, with a unit price of 17,550 RMB/ton, a 6.6% increase, and a unit cost of 13,233 RMB/ton, down 2.7%, leading to a unit gross profit of 4,317 RMB/ton, up 50.8% [6] - Alumina sales reached about 10.921 million tons, a 5.3% increase, with a unit price of 3,420 RMB/ton, up 33.6%, and a unit cost of 2,208 RMB/ton, down 2.9%, resulting in a unit gross profit of 1,212 RMB/ton, up 324.7% [6] Future Projections - Revenue projections for 2025-2027 are 156.65 billion RMB, 162.26 billion RMB, and 166.81 billion RMB, with growth rates of 0.3%, 3.6%, and 2.8% respectively [9] - Net profit attributable to shareholders is forecasted to be 25.21 billion RMB, 27.52 billion RMB, and 30.02 billion RMB for the same years, with growth rates of 13%, 9%, and 9% respectively [9] Valuation Metrics - The report indicates a current P/E ratio of 5.23 for 2025, decreasing to 4.39 by 2027, reflecting the company's strong earnings growth potential [9][10] - The projected ROE remains stable at around 22% for the next few years, indicating consistent profitability [10]

Investment Rating - The report gives a "Buy" rating for Huafeng Measurement Control in the semiconductor industry, and for Maogeping in the cosmetics sector, as well as for China Hongqiao in the industrial metals sector, and for Xunlei in the overseas market [5][10][14][20] Core Views - Huafeng Measurement Control's Q4 net profit increased significantly, with a year-on-year growth of 121.30% and a revenue increase of 65.08% [3][4] - Maogeping's product sales strategy has shifted to bundled offerings, enhancing sales efficiency, with a revenue growth of 41% in H1 2024 [8][9] - China Hongqiao's revenue reached 1561.7 billion RMB, a year-on-year increase of 16.9%, driven by higher aluminum and alumina sales [11][12] - Xunlei's total revenue was 3.24 billion USD, with a focus on increasing membership revenue, despite a decline in cloud computing and live streaming services [15][17] Summary by Sections Huafeng Measurement Control / Semiconductor - The company achieved a revenue of 905 million RMB in 2024, a 31.05% increase year-on-year, with a net profit of 334 million RMB, up 32.69% [3] - The testing system revenue grew by 37.52% to 815 million RMB, with the core product STS8300 seeing significant sales growth [4] - The company is expanding high-end production capacity and has plans to raise up to 1 billion RMB for R&D and manufacturing projects [5] Maogeping / Cosmetics - The company launched a new product combination strategy, which is expected to enhance sales efficiency [8] - Revenue and net profit growth rates for 2021-2023 were 35% and 41% respectively, with a gross margin of 84.9% in H1 2024 [9] - The company has a strong product development capability with 387 products and a robust channel management strategy [9] China Hongqiao / Industrial Metals - The company reported a significant increase in net profit to 223.7 billion RMB, a 95.2% year-on-year growth [11] - The increase in aluminum and alumina sales, along with a decrease in raw material costs, contributed to the profit growth [12] - The company plans to maintain a high dividend payout ratio of nearly 63% [13] Xunlei / Overseas - The company reported a total revenue of 3.24 billion USD, with a focus on membership services which grew by 12% [15][17] - The decline in cloud computing revenue was attributed to increased competition and pricing pressures [17] - Xunlei is expected to benefit from the acquisition of Hupu and the upcoming IPO of Ying Shi Innovation [19][20]