Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3][17]. Core Insights - The Taiwan PCB industry achieved a revenue of NT$ 598 billion in February, representing a year-on-year growth of 26% and a month-on-month decrease of 3%. Cumulative revenue from January to February reached NT$ 1,215 billion, with a year-on-year increase of 11% [9][10]. - The report highlights strong performance among high-layer and HDI-related companies, with significant revenue growth observed in February [11][17]. - The demand for high-end PCBs is expected to continue due to the needs of AI servers, high-speed communication devices, and automotive intelligence [17]. Summary by Sections Taiwan PCB Industry Revenue Situation - In February, the hardboard and carrier board manufacturers generated NT$ 447 billion, a 26% increase year-on-year and a 1% increase month-on-month. Cumulative revenue for the year reached NT$ 891 billion, also up 11% year-on-year. Softboard manufacturers reported NT$ 152 billion in revenue, a 29% year-on-year increase but a 12% decrease month-on-month, with cumulative revenue of NT$ 324 billion, reflecting an 11% year-on-year growth [10][11]. Revenue Performance of Related Companies - Notable revenue performances in February include: - Xinxing Electronics: NT$ 100 billion, up 21% year-on-year, up 5% month-on-month [11]. - Nandian: NT$ 28 billion, up 50% year-on-year, up 9% month-on-month [11]. - Jeng Shing Technology: NT$ 29 billion, up 30% year-on-year, up 14% month-on-month [11]. - Jentech: NT$ 53 billion, up 33% year-on-year, down 10% month-on-month [11]. - Huatong: NT$ 52 billion, up 21% year-on-year, down 2% month-on-month [11]. - Jinxiang Electronics: NT$ 39 billion, up 47% year-on-year, up 8% month-on-month, marking a new monthly revenue high [9][13]. Investment Recommendations - The report suggests focusing on leading technology firms such as Shenghong Technology, Shennan Circuit, and Huitian Technology, as the high-layer and HDI sectors are expected to maintain a favorable outlook [17][19].

行业点评 电子 证券研究报告 台湾 PCB 行业跟踪，金像电单月营收创新高 2025 年 03 月 14 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 电子 -1.07 5.19 38.05 沪深 300 -0.21 -2.90 8.73 何晨 分析师 执业证书编号:S0530513080001 -12% 8% 28% 48% 68% 2024-03 2024-06 2024-09 2024-12 电子 沪深300 | hechen@hnchasing.com | | | --- | --- | | 袁鑫 | 研究助理 | | yuanxin@hnchasing.com | | 相关报告 1 电子行业双周报：AI 板块催化消息不断，看 好 AI 应用端潜力释放 2025-03-13 2 行业事件点评：闪迪发布涨价函，行业有望进 入涨价周期 2025-03-10 3 行业事件点评：阿里巴巴资本开支乐观，AI 建设有望提速 2025-02-25 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 台湾 PCB 行业 2 月营收同比实现高增。台湾 PCB 厂商 2 月 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the agricultural, forestry, animal husbandry, and fishery industry [2] Core Viewpoints - The report highlights that the sales of commodity pigs are weakening, while the piglet market is entering a peak season for replenishment [8] - It notes that the overall sales volume of listed pig companies in February 2025 showed a year-on-year increase but a month-on-month decline, indicating a sluggish market [8] - The average selling price of commodity pigs decreased by 5.08% month-on-month, while the average slaughter weight increased by 2.73% [8] - The report suggests that despite the decline in commodity pig prices, quality pig companies can maintain good profit margins due to low costs [8] Summary by Sections Sales Data - In February 2025, the overall slaughter volume of 15 listed pig companies (excluding Muyuan Foods) was 7.2731 million heads, a year-on-year increase of 33.93% but a month-on-month decrease of 10.73% [8] - The cumulative slaughter volume for January-February 2025 was 29.1427 million heads, a year-on-year increase of 22.01% [8] Price Trends - The average selling price of commodity pigs in February was 14.73 yuan/kg, reflecting a month-on-month decline [8] - The average slaughter weight of pigs increased to 123.11 kg, indicating a slight recovery in weight despite the price drop [8] Investment Recommendations - The report recommends focusing on quality pig companies such as Muyuan Foods and Wens Foodstuffs, which are expected to maintain profitability in 2025 [8]

证券研究报告 行业点评 农林牧渔 商品猪销售边际走弱，仔猪市场迎补栏旺季窗口 上市猪企 2025 年 2 月销售简报数据点评 资料来源： Wind ，财信证券 投资要点： 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 | 2025 年 03 月 14 日 | | | | --- | --- | --- | | 评级 | 同步大市 | | | | 评级变动： | 维持 | 行业涨跌幅比较 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com 相关报告 1 农林牧渔行业 2025 年 3 月月报：关注生物育 种产业化进程，重视后周期板块机遇 2025-03-04 2 中国对美农产品加征关税事件点评：大豆、玉 米价格波动或加剧，利好生物育种板块 2025-03-06 3 上市猪企 2025 年 1 月销售简报数据点评：生 猪销售量价环比齐跌，出栏体重环比下降 2025-02-27 | 重点股票 | 2023A | | 2024E | | 2025E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected return exceeding 15% compared to the CSI 300 index [54] Core Insights - The overall A-share market is experiencing a trend of shrinking volume and oscillation, with the gold sector performing well [6][8] - The report highlights that the market is transitioning from being driven by liquidity and policy to being driven by economic fundamentals in the upcoming months [10] Market Overview - As of March 19, 2025, the Shanghai Composite Index closed at 3429.76, up 0.11%, while the Shenzhen Component Index closed at 11014.75, up 0.52% [2] - The total market capitalization of the Shanghai Composite Index is 6533.01 billion, with a PE ratio of 12.30 and a PB ratio of 1.30 [3] Industry Dynamics - In February, the total electricity consumption in China increased by 8.6% year-on-year, with the secondary industry seeing a 12.4% increase [30] - The report notes that NVIDIA is expected to launch the GB300 chip in the second quarter of 2025, with significant improvements in performance metrics [32] - The National Development and Reform Commission has issued guidelines to promote the high-quality development of the green certificate market, aiming for a well-established trading system by 2027 [34] Company Tracking - New Industry (300832.SZ) has received a medical device registration certificate for its GP73 testing kit, enhancing its market competitiveness [36] - Wens Foodstuff Group (300498.SZ) reported a reduction in the comprehensive cost of pork to 6.3 yuan per jin, with a debt-to-asset ratio of 51%-52% [38] - WuXi AppTec (603259.SH) achieved a revenue of 39.241 billion yuan in 2024, with a projected growth of 10%-15% in 2025 [40][42] - Aojing Medical (688613.SH) has obtained registration for its artificial bone repair material in Vietnam, indicating potential for market expansion [43] - Shanghai Jahwa United Co., Ltd. (600315.SH) reported a revenue decline of 13.93% in 2024, primarily due to goodwill impairment [45]

证券研究报告 行业月度点评 证券Ⅱ 2025 年 03 月 16 日 评级 同步大市 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 证券Ⅱ 1.20 -6.17 27.29 沪深 300 2.60 1.87 12.15 -17% 3% 23% 43% 63% 2024-03 2024-06 2024-09 2024-12 证券Ⅱ 沪深300 | 周策 | 分析师 | | --- | --- | | 执业证书编号:S0530519020001 | | | zhouce67@hnchasing.com | | | 刘照芊 | 研究助理 | | liuzhaoqian@hnchasing.com | | 相关报告 1 证券行业深度：证券业并购潮起潮涌，复盘 剖析整合路径 2025-03-11 2 证券行业 2025 年 2 月月度报告：做好金融 五篇大文章，科技赋能行业高质量发展 2025- 02-18 3 证券行业点评：汇金接手三大 AMC 股权， 券商整合预期升温 2025-02-18 投资要点： 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 证券行业 2 月基本同步大市。上证综指 2 ...

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][25] Core Viewpoints - The securities industry performed in line with the market in February, with the Shanghai Composite Index rising by 2.16% and the CSI 300 Index increasing by 1.91%. The Shenwan Securities Index rose by 2.14%, slightly underperforming the Shanghai Composite Index by 0.02 percentage points but outperforming the CSI 300 Index by 0.23 percentage points [8][9] - The valuation of listed securities firms has improved, with the PB ratio reaching 1.42 times as of March 14, up by 0.18 times from the end of January. Large securities firms have a PB ratio of 1.43 times, while small and medium-sized firms have a PB ratio of 1.40 times [11] - Continuous capital market reforms are laying a solid foundation for the growth of the securities industry. Key points from the government work report include stabilizing the real estate and stock markets, promoting long-term capital inflows, and optimizing the stock issuance and merger restructuring systems [24][39] - The upcoming earnings disclosure period is expected to gradually realize profit expectations for the sector, with a focus on quality leading securities firms and merger and acquisition opportunities [25] Summary by Sections Market Performance - In February, the securities industry performed similarly to the market, with the Shenwan Securities Index ranking 20th among 31 industry indices [8][9] - The top five performing listed securities firms in February included China Galaxy (19.26%), Xinda Securities (19.07%), and CICC (13.12%) [10][13] Market Factors Tracking - The average daily trading volume in the two markets significantly increased, with a total trading amount of 32.56 trillion yuan in February, representing a 52% month-on-month increase [14] - The margin financing balance turned from decline to increase, with a net increase of 124.3 billion yuan in February [14] Investment Recommendations - The report suggests focusing on high-quality leading securities firms and merger and acquisition opportunities. Recommended firms include CITIC Securities and Huatai Securities for their strong capital and innovative business layouts [25] - For merger and acquisition opportunities, the report highlights Guotai Junan, CICC, and China Galaxy as potential candidates [25]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][8]. Core Insights - The company is projected to achieve a significant increase in revenue and net profit over the next few years, with expected revenues of 32.09 billion yuan in 2024, 40.74 billion yuan in 2025, and 49.35 billion yuan in 2026. Corresponding net profits are forecasted at 4.11 billion yuan, 4.96 billion yuan, and 6.09 billion yuan respectively [6][7]. - The company is actively expanding its global production capacity, particularly in North America, Vietnam, and Thailand, to mitigate risks from trade investigations and enhance its competitive edge in the market [6]. - The golf cart market is expanding, with the company leveraging its brand advantages and distribution channels to capture market share, particularly in North America [6]. Financial Projections - The company's main financial metrics show a steady growth trajectory, with projected earnings per share (EPS) increasing from 3.78 yuan in 2024 to 5.61 yuan in 2026. The price-to-earnings (P/E) ratio is expected to decrease from 16.79 in 2024 to 11.32 in 2026, indicating improving valuation [6][7]. - The report highlights a significant expected growth in operating income from 21.44 billion yuan in 2023 to 40.74 billion yuan in 2025, reflecting a robust growth strategy [7]. Recent Developments - The company anticipates a net profit of 4.05 to 4.45 billion yuan for 2024, representing a year-on-year growth of 44.40% to 58.66%. The fourth quarter of 2024 is expected to show a net profit growth of 36.84% to 89.47% [6]. - The company plans to invest up to 9.5 million USD in Thailand to establish a production base, which will support its expansion in Southeast Asia [6].

证券研究报告 金工点评报告 财信金工三维情绪模型 金工成果回顾 2025 年 03 月 13 日 上证 50-沪深 300-中证 500 走势图 -18% -8% 2% 12% 22% 上证50 沪深300 中证500 指数估值 | 指数名称 | PE中位数 | PB 中位数 | | --- | --- | --- | | 上证 50 | 2.04 | 15.41 | | 沪深 300 | 2.09 | 19.15 | | 中证 500 | 2.18 | 22.13 | 刘飞彤 分析师 执业证书编号:S0530522070001 liufeitong@hnchasing.com 相关报告 1 金工成果回顾：财信金工行业轮动模型 2025-03-11 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 财信金工三维情绪模型设计核心解析：模型基于道氏理论的三重运动 原理，从情绪温度、情绪预期和情绪浓度三个维度构建信号体系，分 别对应市场的中高频（数天至数个星期）、中频（数个星期至数个月）、 低频（数个月至数年）三个维度，形成多层次、多维度的风险预警框 架。模型运用：财信金工三维情绪模型是一个以风险 ...

Investment Rating - The investment rating for the company is "Buy" [1][8] Core Views - The company is expected to achieve a significant increase in revenue and profit, with projected revenue of 32.09 billion yuan in 2024, 40.74 billion yuan in 2025, and 49.35 billion yuan in 2026. The net profit attributable to shareholders is forecasted to be 4.11 billion yuan in 2024, 4.96 billion yuan in 2025, and 6.09 billion yuan in 2026 [6][7] - The company is expanding its global production capacity, particularly in North America, Vietnam, and Thailand, to mitigate risks from trade investigations and enhance its competitive advantage in the golf cart market [6][7] - The company is leveraging its brand and distribution channels to capture market share in the North American golf cart market, which is expected to grow due to its recreational and low-speed transportation attributes [6][7] Financial Projections - The company's main revenue and profit projections are as follows: - 2022A: Revenue of 17.66 billion yuan, Net Profit of 2.06 billion yuan - 2023A: Revenue of 21.44 billion yuan, Net Profit of 2.80 billion yuan - 2024E: Revenue of 32.09 billion yuan, Net Profit of 4.11 billion yuan - 2025E: Revenue of 40.74 billion yuan, Net Profit of 4.96 billion yuan - 2026E: Revenue of 49.35 billion yuan, Net Profit of 6.09 billion yuan [6][7] Valuation Metrics - The company is expected to have a P/E ratio of 16.79 in 2024, 13.91 in 2025, and 11.32 in 2026, indicating a favorable valuation trend [6][7] - The projected price range for the stock in 2025 is between 72.96 and 82.08 yuan based on a P/E multiple of 16-18 times [6][7]