Investment Rating - The report rates the food and beverage industry as "Outperforming the Market" [1] Core Views - Policy stimulus is boosting confidence in the food and beverage sector, leading to a recovery in market sentiment and highlighting investment opportunities in undervalued segments [1][5] - The food and beverage sector saw a weekly increase of 6.2%, ranking second among the Shenwan primary industries, with other alcoholic beverages showing significant gains [2][8] - The introduction of substantial childcare subsidies in Hohhot is expected to benefit the dairy sector, contributing to a notable year-to-date increase in stock prices [5] Market Review - The food and beverage sector's weekly performance was +6.2%, outperforming the CSI 300 index, which was +1.6% [8] - Sub-sectors such as other alcoholic beverages and pre-processed foods led the gains with increases of +8.4% and +7.8%, respectively, while seasoning and fermented products lagged behind with +2.6% and +1.5% [2][11] - As of March 14, the valuation of the liquor sector (PE-TTM) was 21.2X, while the overall food and beverage sector was at 22.1X [19] Industry Data - The average price of fresh milk in China was 3.08 RMB/kg as of March 7, showing a month-on-month decrease of 0.3% and a year-on-year decrease of 13.5% [38] - The price of live pigs was 7.42 RMB/jin as of March 14, reflecting a week-on-week increase of 0.8% and a year-on-year increase of 0.3% [42] - The report highlights the significant impact of government policies aimed at boosting birth rates and consumer spending, which are expected to positively influence the food and beverage sector [5][50]

Market Performance - The stock market showed strength with only 3 out of 31 sectors declining, while the large-cap stocks outperformed small-cap stocks, with the CSI 2000 rising by 1.3% and the CSI 1000 by 1.0%[1] - The Shanghai Composite Index increased by 1.6%, while the Hang Seng Index fell by 1.1% and the Hang Seng Tech Index dropped by 2.6%[1] - The food and beverage sector led gains, with Kweichow Moutai rising by 5.9%, marking its largest single-day increase since October 2024[1] Trading Volume and Valuation - Average daily trading volume decreased by 3% to 1.66 trillion yuan from 1.70 trillion yuan the previous week[1] - The price-to-earnings (P/E) ratio for the CSI 300 stood at 12.8, while the CSI 1000 had a P/E ratio of 39.7, indicating a Z-score of -0.3[1] - The valuation of the computer sector remains high with a Z-score of 1.2, while the food and beverage sector has a Z-score of -1.3 despite its recent gains[1] Bond Market and Economic Indicators - The bond market continued to adjust downwards, with the yield on 10-year government bonds rising by 8 basis points[3] - The overall liquidity in the market was balanced but slightly loose, influenced by central bank actions and market expectations[3] - The U.S. dollar index decreased by 0.2% to 103.7, while gold prices increased by 2.6% to $2984 per ounce[3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock price will outperform the benchmark index by over 20% in the next 6-12 months [1][4][15]. Core Views - The company is expected to achieve steady profit growth in 2024, with a strong performance in the fourth quarter. The integration of channels is nearing completion, and improvements in quality and efficiency are anticipated [3][7]. - The acquisition of a 51% stake in Kunming Huaren Shenghuo Pharmaceutical is a strategic move to address competition with Huaren Sanjiu and further expand into the health sector [7]. - The company's strategy of "big products + all channels + branding" is progressing, with significant channel integration completed, which is expected to enhance quality and efficiency [7]. Financial Summary - The company’s projected revenues for 2025, 2026, and 2027 are RMB 9.22 billion, RMB 10.29 billion, and RMB 11.27 billion, respectively, with growth rates of 9.8%, 11.6%, and 9.5% [6]. - The expected net profits for 2025, 2026, and 2027 are RMB 718 million, RMB 878 million, and RMB 1.067 billion, reflecting growth rates of 10.8%, 22.3%, and 21.6% [6][9]. - The earnings per share (EPS) are projected to be RMB 0.95, RMB 1.16, and RMB 1.41 for the years 2025, 2026, and 2027, respectively [4][6]. - The price-to-earnings (P/E) ratios for the same years are expected to be 18.1, 14.8, and 12.2 [4][9].

证券研究报告——晨会聚焦 2025 年 3 月 17 日 中银晨会聚焦-20250317 ■重点关注 【计算机】软通动力*杨思睿 郑静文。软通动力是国内 IT 服务领军企业， 收购同方计算机后开启"软硬一体"战略，在鸿蒙加速发展、信创政策落地、 人形机器人训练速度有望加快的背景下，软通动力有望迎来较大发展机遇。 市场指数 | 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3419.56 | 1.81 | | 深证成指 | 10978.30 | 2.26 | | 沪深 300 | 4006.56 | 2.43 | | 中小 100 | 6815.11 | 2.12 | | 创业板指 | 2226.72 | 2.80 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 食品饮料 | 5.41 | 钢铁 | (0.52) | | 非银金融 | 3.97 | 煤炭 | (0.12) | | 商贸零售 | 3.18 | 国防军工 | 0.13 | | 汽车 | 2.91 | 公用事业 ...

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Core Insights - The report highlights a strong performance forecast for the company in 2024, with expected revenue growth of 32.39% year-on-year, reaching 17.907 billion yuan, and a net profit increase of 34.29%, amounting to 1.878 billion yuan [6][5][7] - The PCB business is positioned to capitalize on structural opportunities, particularly in the AI computing and automotive electronics markets, with a revenue increase of 29.99% year-on-year, totaling 10.494 billion yuan [7][8] - The packaging substrate business is also expected to grow, with a revenue increase of 37.49% year-on-year, reaching 3.171 billion yuan, despite facing challenges such as rising raw material costs and fluctuating market demand [8][6] Summary by Sections Stock Recommendations - The report lists a selection of stocks to focus on, including Jitu Express (1519.HK), China Petroleum (601857.SH), and others, indicating a diversified investment strategy [1] Market Performance - The report provides an overview of market indices, noting a decline in major indices such as the Shanghai Composite Index, which closed at 3358.73, down 0.39% [3] Company Financials - The company is projected to achieve a gross margin of 24.83% in 2024, an increase of 1.40 percentage points year-on-year, and a net profit margin of 10.48%, up 0.15 percentage points [6][7] - In Q4 2024, the company is expected to report a revenue of 4.858 billion yuan, reflecting a year-on-year increase of 19.51% [6] Business Segments - The PCB segment is expected to see significant growth driven by demand in telecommunications and data centers, with a gross margin of 31.62% [7] - The packaging substrate segment is focusing on capability building and market development, with ongoing projects aimed at enhancing production capacity [8]