1-4 月，top10 / top11~top20 / top21~top30 / top31~top50 / top51~top100 房 企的销售金额（操盘）同比增速分别为-11.1%/-7.5%/3.5%/7.3%/-6.2%。其中， 4 月单月同比增速分别为-16.9%/-24.8%/52.9%/16.2%/-5.0%。 1-4 月，top10 / top11~top20 / top21~top30 / top31~top50 / top51~top100 房 企的销售金额（操盘）分组累计占比分别为 49.4%/16.7%/8.7%/11.7%/13.4%。 去年同期，分组累计占比分别为 51.8%/16.9%/7.9%/10.2%/13.3%。 重点房企销售： 1-4 月，51 家主流房企中，销售金额（全口径）最大的 5 家房企为保利/华润/ 中海/招商/绿城，销售金额分别为 876.1/685/665.2/497.8/477.2 亿元。 1-4 月，51 家主流房企中，销售均价（全口径）最高的 5 家房企为滨江/越秀/ 绿城/金隅/保利置业，销售均价分别为 3.98/3.94/3.41/3.05/ ...

Investment Rating - The report maintains a "Strong Buy" rating for Foxit Software [2][13]. Core Views - Foxit Software achieved a turnaround in profitability for 2024, with a revenue of 7.11 billion yuan (up 16.44% year-on-year) and a net profit attributable to shareholders of 0.27 billion yuan (a significant increase of 129.64% year-on-year) [3][6]. - The company is transitioning from perpetual licensing to a subscription model, with subscription revenue reaching 3.51 billion yuan in 2024 (up 62% year-on-year) [4][5]. - The split of domestic and international operations is aimed at capturing opportunities in the domestic market, particularly in high-value sectors such as government and healthcare [5][6]. Revenue and Profitability - In 2024, Foxit Software's revenue and net profit were 7.11 billion yuan and 0.27 billion yuan, respectively, while the first quarter of 2025 saw revenue of 2.02 billion yuan [3][4]. - The company's gross margin for 2024 was 93.41%, indicating strong profitability despite a slight decline [6][14]. - The report forecasts net profits of 0.33 billion yuan, 0.64 billion yuan, and 1.31 billion yuan for 2025, 2026, and 2027, respectively [13][14]. Market Expansion - Foxit Software has expanded its market presence in the Asia-Pacific region, with revenue growth rates of 53% and 56% for 2024 and the first quarter of 2025, respectively [4][5]. - The company has successfully integrated its acquisition of Foxit Kunpeng, enhancing its capabilities in document technology [5][6]. Financial Projections - The report projects a revenue growth rate of 19.12% for 2025 and 22.70% for 2026, with a long-term growth trajectory expected to continue [14]. - The company's PE ratios are projected to be 180, 93, and 45 for 2025, 2026, and 2027, respectively, reflecting strong future earnings potential [13][14].

Investment Rating - The report maintains a "Strong Buy" investment rating for Conch Cement [2][11]. Core Views - The cement industry is experiencing continued weakness, but Conch Cement is leveraging both organic growth and overseas expansion to create new opportunities [5][11]. - In 2024, Conch Cement's revenue is projected to be CNY 91.03 billion, a year-on-year decline of 35.44%, with a net profit attributable to shareholders of CNY 7.70 billion, down 26.21% [3][12]. - The company has seen a recovery in profit margins due to price increases since the third quarter of 2024, despite a decline in sales volume [3][4]. Summary by Sections Financial Performance - In 2024, Conch Cement's self-produced cement sales volume was 268 million tons, a decrease of 5.96% year-on-year [3]. - The average selling price of cement in 2024 was CNY 214.17 per ton, down 21.68% year-on-year [3]. - The company's comprehensive gross margin for Q1 2025 was 22.88%, an increase of 5.13 percentage points year-on-year, which helped offset the impact of declining sales volume [4]. Market Position - Conch Cement has maintained a market share increase despite a 9.50% decline in national cement production in 2024, showcasing its scale cost advantages [4]. - The company is actively pursuing regional capacity consolidation and overseas expansion, with new production lines in Uzbekistan and Cambodia [5]. Profit Forecast - The forecasted net profits for Conch Cement from 2025 to 2027 are CNY 9.36 billion, CNY 10.40 billion, and CNY 11.64 billion, respectively, with corresponding EPS of CNY 1.77, CNY 1.96, and CNY 2.20 [5][12].

公 司 研 究 海螺水泥（600585.SH）：行业持续 低迷，内生外延和海外拓展新空间 2025 年 5 月 3 日 强烈推荐/维持 海螺水泥 公司报告 海螺水泥 2024 年实现营业收入 910.30 亿元，同比下降 35.44%；归属于母公 司所有者的净利润为 76.96 亿元，同比下降 26.21%，扣非后归母净利润为 73.65 亿元，同比下降 26.10%，实现 EPS 为 1.46 元。2025 年一季度营业收 入和归母净利润分别为 190.51 亿元和 18.10 亿元，分别同比下降 10.67%和增 长 20.51%。 点评： 行业需求低迷下销量下降影响营业收入，价格三季度以来回升带动利润增长转 正。公司 2024 年和 2025 年一季度营业收入均同比下降，共同原因主要是行 业需求低迷，导致销量出现同比下降。2024 年公司自产水泥销量为 2.68 亿吨， 同比下降 5.96%；2025 年一季度在企业错峰生产的影响下公司销量同比下降。 而 2024 年营业收入的大幅下降主要是价格大幅下降所致，2024 年海螺水泥销 售价格为 214.17 元/吨，同比下降 21.68%。2025 年一季 ...

看好公司主业长期发展。1）公司强化电力电子、构网支撑等技术前瞻性研究， 凭借低成本创新能力，不断推出性价比优势突出的电能变换产品，公司已建立 的渠道、品牌、产品力壁垒，构成了竞争护城河。2）公司发力光风储电氢多 个赛道，在光伏逆变器领域公司积累的技术、渠道等方面的协同将支持各项主 业共同发展，多点开花。 盈利预测：预计公司 2025-2027 年归母净利润分别为 118.74/135.87/155.41 亿元，EPS 分别为 5.73/6.55/7.50 元，当前股价对应 2025-2027 年 PE 值分别 为 10、9 和 8 倍。维持"推荐"评级。 风险提示：行业贸易壁垒增加；下游需求或不及预期；行业竞争加剧。 阳光电源（300274.SZ）：逆变器+ 储能出货持续增长，关税影响可控 ——2024 年年报及 25 年一季报业绩点评 财务要点：公司 24 年全年实现营业收入 778.57 亿，同比增长 7.76%，实现归 母净利 110.36 亿元，同比增长 16.92%。25 年 Q1 实现营业收入 190.36 亿元， 同比增长 50.92%，实现归母净利 38.26 亿元，同比增长 82.52%。 ...

Investment Rating - The report maintains a "Strong Buy" rating for Lier Chemical [2][4]. Core Views - Lier Chemical reported a significant year-on-year revenue growth of 49.99% in Q1 2025, reaching 2.086 billion yuan, and a net profit increase of 219.90%, amounting to 153 million yuan [3]. - The growth in performance is attributed to the increase in sales volume and prices of certain products, although the core product, glyphosate, remains at a low price level, awaiting recovery [3]. - The agricultural pesticide industry is currently at the bottom of its cycle, with increased competition and supply exceeding demand due to new production capacities and inventory buildup [3]. - Positive factors for the industry's healthy development are gradually increasing, with some product prices rising, but competition remains fierce for certain pesticide products [3]. - The report anticipates that after a period of capacity optimization and consolidation, companies without competitive advantages will exit the market, leading to increased industry concentration [3]. - The global agricultural pesticide supply chain is expected to be restructured with the integration of major agrochemical giants, providing new opportunities for second and third-tier companies [3]. Company Overview - Lier Chemical specializes in the research, production, and sales of efficient, low-toxicity, and low-residue pesticides, including herbicides, fungicides, and insecticides, with over 40 active ingredients and more than 100 formulations [7]. - The company is a leading player in the glyphosate market, with a significant focus on the precision glyphosate segment, which is expected to see increased demand due to its stronger efficacy and alignment with global agricultural trends [4]. - Lier Chemical has established long-term strategic partnerships with multinational companies to promote the development of precision glyphosate, positioning itself for greater market opportunities in the future [4]. Financial Forecasts - The report projects net profits for Lier Chemical to be 429 million yuan, 591 million yuan, and 766 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.54 yuan, 0.74 yuan, and 0.96 yuan [4][6]. - The current P/E ratios are forecasted to be 19, 14, and 11 for the years 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Strong Buy" rating for Meichang Co., Ltd. [2][6] Core Views - The company has demonstrated significant cost advantages and a substantial increase in dividend payout ratio despite a challenging market environment [5][6] - The decline in revenue and profit margins is attributed to both volume and price decreases, particularly in the photovoltaic industry [4][5] - The company maintains a strong cash position, enhancing its risk resilience, with cash and financial assets accounting for 52.63% of total assets [5] - The company is expected to increase its market share during the industry's downturn, benefiting from its cost advantages [5] Financial Performance Summary - In 2024, the company reported a revenue of 2.271 billion yuan, a decrease of 49.66% year-on-year, and a net profit of 145.52 million yuan, down 90.84% [3][12] - For Q1 2025, revenue was 423 million yuan, a decline of 50.61% year-on-year, with a net profit of 26 million yuan, down 86.46% [3][12] - The average selling price of diamond wire decreased by 48.78% to 17.67 yuan/km in 2024, while sales volume fell by 5.37% to 1.22 billion km [4] - The company's gross margin for 2024 was 17.34%, a decrease of 34.29 percentage points year-on-year [4][12] Future Earnings Forecast - The projected net profits for 2025, 2026, and 2027 are 134 million yuan, 222 million yuan, and 293 million yuan, respectively, with corresponding EPS of 0.28, 0.46, and 0.61 yuan [6][12] - The PE ratios for 2025, 2026, and 2027 are expected to be 65.20, 39.26, and 29.74, respectively [6][12]

公 司 研 究 扬农化工（600486.SH）：一季度业 绩增长，项目建设有序推进 2025 年 4 月 30 日 强烈推荐/维持 扬农化工 公司报告 扬农化工发布 2025 年 1 季报：公司 1 季度实现营业收入 32.41 亿元， YoY+2.04%，归母净利润 4.35 亿元，YoY+1.35%。 农药产品销量增长，但价格小幅下滑，带动公司整体实现增长。分板块看，① 原药：1 季度公司原药产品价格同比下滑 8.77%，销量同比增长 14.82%，带 动营收同比增长 4.75%至 18.06 亿元；②制剂：1 季度公司制剂产品价格同比 下滑 1.63%，销量同比增长 2.77%，带动产品营收同比增长 1.10%至 8.71 亿 元。从利润端看，公司综合毛利率同比小幅增长 0.3 个百分点至 24.64%，带 动净利润增长。 行业尚处周期底部，但是绿色化、国际化与集中度提升也孕育着新机遇。首先， 国家高度重视粮食安全，持续推出农业利好政策以及有利于农药行业创新、绿 色、高质量发展的法律法规。其次，虽然 2024 年全球粮食价格处于周期底部， 但粮食需求中长期需求明确，广大发展中地区居民饮食结构仍有较大改善 ...

阳光电源（300274.SZ）：逆变器+ 储能出货持续增长，关税影响可控 ——2024 年年报及 25 年一季报业绩点评 看好公司主业长期发展。1）公司强化电力电子、构网支撑等技术前瞻性研究， 凭借低成本创新能力，不断推出性价比优势突出的电能变换产品，公司已建立 的渠道、品牌、产品力壁垒，构成了竞争护城河。2）公司发力光风储电氢多 个赛道，在光伏逆变器领域公司积累的技术、渠道等方面的协同将支持各项主 业共同发展，多点开花。 盈利预测：预计公司 2025-2027 年归母净利润分别为 118.74/135.87/155.41 亿元，EPS 分别为 5.73/6.55/7.50 元，当前股价对应 2025-2027 年 PE 值分别 为 10、9 和 8 倍。维持"推荐"评级。 风险提示：行业贸易壁垒增加；下游需求或不及预期；行业竞争加剧。 财务指标预测 财务要点：公司 24 年全年实现营业收入 778.57 亿，同比增长 7.76%，实现归 母净利 110.36 亿元，同比增长 16.92%。25 年 Q1 实现营业收入 190.36 亿元， 同比增长 50.92%，实现归母净利 38.26 亿元，同比增长 8 ...

Investment Rating - The report maintains a "Strong Buy" rating for Meichang Co., Ltd. [2][6] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 2.271 billion yuan, down 49.66% year-on-year, and net profit at 145.52 million yuan, down 90.84% year-on-year [3][4] - Despite the downturn in the photovoltaic industry, the company is expected to maintain profitability due to its cost advantages, which may lead to an increase in market share [5][6] - The company has a strong cash position, with cash and trading financial assets totaling 7.06 billion yuan and 3.020 billion yuan respectively, enhancing its risk resistance [5] Financial Performance Summary - Revenue for 2024 is projected to be 2.271 billion yuan, a decrease of 49.66% from 2023, with a slight recovery expected in 2026 and 2027 [12] - The net profit for 2025 is estimated at 133.71 million yuan, reflecting an 8.12% decline from 2024, but is expected to grow in subsequent years [12] - The company's gross margin for 2024 is forecasted to be 17.34%, down 34.29 percentage points year-on-year, indicating significant pressure on profitability [4][12] - The earnings per share (EPS) for 2025 is projected at 0.28 yuan, with a PE ratio of 65.20 [6][12] Market Position and Outlook - The company is positioned as a leader in the diamond wire manufacturing sector, with the highest global market share in the photovoltaic crystalline silicon cutting industry [7] - The current market downturn is seen as an opportunity for the company to increase its market share, as competitors may struggle with profitability [5][6] - The report anticipates that the company's strong cash flow and high dividend payout ratio, which increased from 4.53% in 2023 to 214.36% in 2024, will support its long-term growth [5][6]