Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of 9.24 billion yuan in 2024, marking a significant turnaround from losses in previous years [2] - Revenue for 2024 is projected to be 104.9 billion yuan, reflecting a year-on-year growth of 16.7% [2] - The comprehensive cost of raising pigs is expected to decrease to 14 yuan per kilogram in Q4 2024, with a significant improvement in core production indicators [2] - The company plans to increase its pig sales target for 2025 to between 33 million and 35 million heads, supported by a stable breeding stock [2] - The chicken output for 2024 is projected at 1.208 billion birds, with a target growth of over 5% for 2025 [4] Financial Summary - The company forecasts net profits of 9.25 billion yuan, 12.35 billion yuan, and 11.18 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 244.9%, 33.4%, and -9.4% [7] - The expected revenue for 2024 is 105.17 billion yuan, with a year-on-year increase of 17% [9] - The gross profit margin is projected to be 17% in 2024, with a return on equity (ROE) of 22.7% [9] - The earnings per share (EPS) are expected to be 1.39 yuan in 2024, increasing to 1.86 yuan in 2025 [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit of 9.24 billion yuan in 2024, marking a significant turnaround from losses in previous years. Revenue is projected to reach 104.9 billion yuan, reflecting a year-on-year growth of 16.7% [2] - The core production metrics are continuously improving, with the comprehensive cost of raising pigs dropping to 14 yuan per kilogram in Q4 2024. The company plans to increase its pig sales target for 2025 to between 33 million and 35 million heads [2][3] - The company has also seen a steady increase in chicken output, with a total of 1.208 billion chickens raised in 2024, a 2.1% increase year-on-year. The comprehensive cost of chicken production decreased to 11.4 yuan per kilogram in Q4 2024 [3][4] Financial Summary - The company forecasts pig output of 30.18 million heads in 2024, increasing to 34 million heads in 2025 and 37 million heads in 2026. Chicken output is expected to rise from 1.208 billion in 2024 to 1.332 billion in 2026. Corresponding net profits are projected at 9.255 billion yuan for 2024, 12.349 billion yuan for 2025, and 11.183 billion yuan for 2026, with year-on-year growth rates of 244.9%, 33.4%, and -9.4% respectively [7] - The company's revenue is expected to grow from 89.921 billion yuan in 2023 to 105.169 billion yuan in 2024, with a year-on-year growth of 17%. The gross profit margin is projected to improve to 17% in 2024 [9]

Investment Rating - Investment Rating: Buy (Maintained) [2] Core Views - The company achieved revenue of 77.34 billion yuan in Q4 2024, representing a year-over-year increase of 21.8%. Adjusted net profit was 4.52 billion yuan, up 181.4% year-over-year, with growth potential driven by AI in gaming and advertising [5] - The long-term operational capability of the game "Three Kingdoms: Strategy" has been preliminarily validated, supporting sustained growth in the gaming business. The global market for SLG games is estimated at 70 billion yuan, with an average game lifespan exceeding 5 years [6] - Advertising business continues to show high growth, supported by core user growth. The company reported a DAU of 103 million, up 2.9% year-over-year, and a MAU of 340 million. Daily average usage time increased by 4.2% to 99 minutes, with daily video views exceeding 4.8 billion [7] - Revenue projections for 2025, 2026, and 2027 are 306.6 billion yuan, 336.2 billion yuan, and 359.6 billion yuan respectively, with adjusted net profits of 18.8 billion yuan, 33.2 billion yuan, and 40.4 billion yuan [7] Financial Summary - Total revenue for 2024 is projected at 26,832 million yuan, with a growth rate of 19%. Adjusted net profit is expected to be 1,878 million yuan in 2025, a significant increase from a loss of 39 million yuan in 2024 [9] - The company is expected to achieve an EPS (NON-GAAP) of 4.46 yuan in 2025, with a P/E ratio of 37.32 [10] - The gross margin is projected to improve from 32.7% in 2024 to 39.1% by 2026, indicating enhanced profitability [11]

证券研究报告 医疗器械专题之基因测序 ——分子诊断掌上明珠，四代测序开启规模化应用时代 分析师：谭国超（S0010521120002） 邮箱：tangc@hazq.com 分析师：钱琨（S0010524110002） 邮箱：qiankun@hazq.com 2025年2月24日 华安证券研究所 证券研究报告 核心观点： ◼ 相关公司：华大智造（华大基因），贝瑞基因，迪安诊断，诺禾致源，康为世纪。 华安证券研究所 敬请参阅末页重要声明及评级说明 华安研究• 拓展投资价值 2 ◼ 中国基因测序市场规模预计在2030年超1500亿元，是目前体外诊断领域发展最快、技术最前沿的方向。基因测序 最初应用于科研和医学诊断，但最终的商业形态将成为由生物计算与合成生物学主导的精准医疗生态系统。由于 高通量测序（NGS）平台的技术壁垒和试剂消耗模式，进口厂商具有专利技术与先发优势。国产测序仪器和试剂 即便具备成本优势，短期内难以实现全面替代。 ◼ 由于技术不断突破，基因测序的性价比不断上升，应用场景逐渐扩大。目前全球以ONT为首已发展至第四代基因 测序，推动基因测序产业变革的关键在于技术突破，其中第四代测序技术正成为重要发展方向 ...

阿里巴巴[Table_StockNameRptType] -SW（9988.HK） 公司点评 FY25Q3 业绩点评：收入利润均超预期，云业务重返双位数增长 -30% 20% 70% 24/02 24/05 24/08 24/11 25/02 阿里巴巴-W 恒生指数 [Table_Author] 分析师：金荣 执业证书号：S0010521080002 邮箱：jinrong@hazq.com [Table_CompanyReport] 相关报告 1.FY25Q2 业绩点评：利润改善明显， 淘天货币化率企稳 2024-11-19 主要观点： | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-02-23 | | [收盘价（ Table_BaseData] 港元） | 138.50 | | --- | --- | | 近 12 个月最高/最低（港元） 138.5/63.2 | | | 总股本（百万股） | 19,008 | | 流通股本（百万股） | 19,008 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 26,32 ...

D [Table_IndNameRptType] 基础化工 -24% -13% -1% 10% 22% 33% 2/24 5/24 8/24 11/24 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 行业周报 合成生物学周报：英伟达等联合发布公开 AI 生物学大 模型 Evo2 ，金发科技推出新一代生物基 LCP 材料 [Table_IndRank] 行业评级：增持 报告日期： 2025-02-24 [Table_Chart] 行业指数与沪深 300 走势比较 主要观点： [Table_Summary] 华安证券化工团队发表的《合成生物学周报》是一份面向一级市场、 二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全球并 加速融入经济社会发展，为人类应对生命健康、气候变化、资源能源 安全、粮食安 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights the acceleration of AI development in China, with significant investments from cloud service providers driving downstream AI applications [3][4] - The performance of major indices shows a mixed trend, with the AI index experiencing a notable increase of 7.96% during the week [21] - The report emphasizes the importance of hardware investments in facilitating the deployment of cost-effective AI applications, particularly in the context of the ongoing US-China tech competition [4] Summary by Sections Market Review - From February 17 to February 21, 2025, the Shanghai Composite Index rose by 0.97%, while the ChiNext Index increased by 2.99%. The CSI 300 Index saw a 1% rise, and the Hang Seng Tech Index surged by 6.03% [21] - The AI index outperformed with a weekly increase of 7.96%, indicating strong market interest in AI-related stocks [21] AI Developments - On February 18, xAI launched the Grok3 model, which reportedly surpasses leading models like DeepSeekV3 and GPT-4o in core capabilities, with performance improvements of 16%-27% [3][38] - Tencent's AI application, Yuanbao, has seen a surge in downloads, reaching the second position in the Apple App Store in China, following the integration of the DeepSeek R1 model [3][39] Cloud Infrastructure Investment - Global cloud infrastructure spending is projected to grow by 20% year-on-year in Q4 2024, reaching $86 billion (approximately 623.48 billion RMB). Total spending for 2024 is expected to rise from $267.7 billion in 2023 to $321.3 billion (approximately 2.33 trillion RMB) [3] - The top three cloud service providers—AWS, Microsoft Azure, and Google Cloud—maintain a combined market share of 64%, with a year-on-year spending increase of 25% [3] Policy Support - The State-owned Assets Supervision and Administration Commission (SASAC) has emphasized the need for central enterprises to enhance AI development through increased funding and strategic investments [4] - Local governments, such as Shenzhen, are providing substantial financial incentives to support AI initiatives, including subsidies for training and model development [4] AI Hardware Innovations - Apple is set to launch the Apple Watch Ultra 3, which will be the company's first 5G-enabled smartwatch, enhancing its connectivity capabilities [41] - The price of quadruped robots is expected to drop to around 3,000-4,000 RMB, making them accessible to consumers [41]

[Table_StockNameRptType] 策略研究 月度报告 静水流深 [Table_RptDate] 报告日期： 2025-02-23 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号： S0010523070001 电话：13699270398 邮箱： zhangyz@hazq.com 分析师：任思雨 执业证书号： S0010523070003 电话：18501373409 邮箱： rensy@hazq.com 相关报告 3.策略周报《外部风险缓释提振市场， 弹性成长和季节性基建正当时》2025- 02-04 4.策略月报《正值春光好时节》2025- 01-26 主要观点： [Table_Summary] ⚫ 市场对"两会"政策的预期将回归现实，预计政府工作报告总体定 调将符合市场预期，同时经济基本面边际变化微弱，海外风险扰动 有限，因此市 ...

[Table_IndNameRptType] 农林牧渔de 行业周报 1 月能繁母猪存栏环比下降，白羽祖代更新量仅 1 万套 [Table_IndRank] 行业评级：增持 报告日期： 2025-2-22 行业指数与沪深 [Table_Chart] 300 走势比较 [Table_Author] 分析师：王莺 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1.华安农业周报：1 月生猪补栏积极 性继续疲弱，美欧高致病性禽流感频 发 2025-2-8 2.华安农业周报：全国能繁母猪存栏 环比微降，出栏均重连续五周大降 2025-1-25 主要观点： _S本周生猪价格上涨 1%，1 月能繁母猪存栏量环比下降 0.39% ①本周生猪价格涨 1%至 14.73 元/公斤。本周六，全国生猪价格 14.73 元/公斤，周环比上涨 1%。涌益咨询（2.14-2.20）：全国 90 公斤内生猪出栏占比 4.34%，维持低位；50 公斤二元母猪价格 1641 元/头，连续四周持平；规模场 15 公斤仔猪出栏价 594 元/ 头，周环比下跌 5.7%；② ...

[Table_IndNameRptType] 农林牧渔 行业专题 猪价步入下行周期，成本下降仍是重中之重 [Table_IndRank] 行业评级：增持 报告日期： 2025-2-21 [Table_Chart] 行业指数与沪深 300 走势比较 执业证书号：S0010520070003 邮箱：wangying@hazq.com [Table_Report] 相关报告 1、生猪养殖行业系列报告十一：产能恢 复持续偏弱，2025 年猪价获有力支撑 20241116 2、生猪养殖行业系列报告十：产能恢复 明 显 偏 弱 ， 2025 年 猪 价 获 支 撑 20240926 3、生猪养殖行业系列报告九：产能去化 影响逐步显现，产能恢复明显偏弱 20240819 主要观点： ⚫[Table_Summary] 产能恢复明显偏慢，产业重组、融资稳步推进 本轮补栏积极性持续偏弱，从统计局数据看，2024Q2-Q4 全国能繁母 猪存栏量累计增幅 2.1%，2025 年 1 月全国能繁母猪存栏月环比下降 0.39%。上市猪企已成为新增产能主力军，2024 年 12 月末，牧原、 温氏的能繁母猪存栏量分别为 351.2 万头、 ...