Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 5.229 billion yuan in 2024, representing a year-on-year increase of 19.1%, with a net profit of 840 million yuan, up 16% year-on-year [5] - The company continues to maintain high profitability levels despite a decline in average selling prices due to industry oversupply [5] - The company is actively expanding its production capacity and exploring international development strategies, including establishing production bases in Southeast Asia and Europe [5] Financial Performance Summary - Revenue Forecast: - 2023A: 4.391 billion yuan - 2024A: 5.229 billion yuan - 2025E: 7.226 billion yuan - 2026E: 9.205 billion yuan - 2027E: 11.380 billion yuan - Revenue Growth Rate: - 2023A: -8.18% - 2024A: 19.10% - 2025E: 38.18% - 2026E: 27.39% - 2027E: 23.62% [4][5] - Net Profit Forecast: - 2023A: 723 million yuan - 2024A: 838 million yuan - 2025E: 1.050 billion yuan - 2026E: 1.401 billion yuan - 2027E: 1.755 billion yuan - Net Profit Growth Rate: - 2023A: -43.94% - 2024A: 15.97% - 2025E: 25.27% - 2026E: 33.41% - 2027E: 25.26% [4][5] Market Position and Strategy - The company has achieved a sales volume of 216,500 tons in 2024, a year-on-year increase of 54%, with a high capacity utilization rate driven by a differentiated product strategy [5] - The company is focusing on R&D investments, with R&D expenses increasing to 3.4% of revenue, aiming to develop high-performance artificial graphite anode materials [5] - The company is also adjusting its production plans in response to market conditions, including a new project in Shanxi Province with an annual capacity of 200,000 tons of lithium-ion battery anode materials [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 362.01 billion yuan in 2024, a year-on-year decrease of 9.7%, while net profit attributable to shareholders was 50.75 billion yuan, an increase of 15.0% year-on-year [7][10] - Battery sales increased significantly, with a total of 475 GWh sold in 2024, representing a year-on-year growth of 22% [7][10] - The company is focusing on overseas capacity expansion and has a strong cash flow, with a cash dividend amounting to 19.976 billion yuan, resulting in a dividend yield of 2% [7][38] - The company is expected to maintain a strong market position with projected revenues of 444.78 billion yuan, 541.78 billion yuan, and 621.90 billion yuan for 2025, 2026, and 2027 respectively [7][10] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 362.01 billion yuan, down 9.7% year-on-year, while net profit attributable to shareholders was 50.75 billion yuan, up 15.0% year-on-year [7][10] - The average battery price in 2024 was 0.65 yuan/Wh, down from 0.89 yuan/Wh in 2023 [7][10] - The company’s net profit margin improved, with a net profit margin of 14.3% in Q4 2024, up 2.1 percentage points quarter-on-quarter [7][10] Capacity and Inventory - The company has ongoing construction projects worth 29.8 billion yuan in Q4 2024, a 19.0% increase year-on-year, to meet market demand [7][28] - Inventory at the end of 2024 was 59.8 billion yuan, reflecting an increase due to expanded sales and longer shipping times for some products [7][32] Market Position - The company’s global installed capacity reached 339.3 GWh in 2024, a year-on-year increase of 31.7%, capturing a market share of 37.9% [7][43] - In the domestic market, the company maintained a market share of 45.08% with an installed capacity of 246.01 GWh in 2024 [7][41] Cash Flow and Dividends - The operating cash flow for 2024 was 97 billion yuan, with a free cash flow of 60.2 billion yuan, up 46% year-on-year [7][38] - The company distributed cash dividends amounting to 19.976 billion yuan, representing 39% of net profit attributable to shareholders [7][38]

Group 1 - The core viewpoint of the report indicates that the supply pressure in the pig market has eased, leading to price fluctuations, while chicken prices are stabilizing and showing signs of recovery [1][5][30] - The report maintains a positive investment rating for the industry, suggesting a focus on efficiency improvements rather than just scale growth in the long term [5][15] - The report highlights that the agricultural sector has shown an overall increase, with the agricultural and forestry sector index rising by 2.84% week-on-week, outperforming the Shanghai and Shenzhen 300 index [10][11] Group 2 - In the pig farming segment, the number of breeding sows has decreased, with January's breeding sow inventory reported at 40.62 million heads, reflecting a month-on-month decline of 0.40% [17][18] - The price of commodity pigs as of March 13 was 14.57 CNY/kg, showing a week-on-week increase of 0.07%, while the average price of pork was 19.07 CNY/kg, up 0.53% [23][25] - The report notes that the cost of raw materials has shown mixed trends, with soybean meal, corn, wheat, and soy prices reported at 3,458 CNY/ton, 2,262 CNY/ton, 2,429 CNY/ton, and 3,857 CNY/ton respectively, indicating a week-on-week change of -5.05%, +1.50%, +0.20%, and 0.00% [26][27] Group 3 - In the poultry farming segment, the average price of white feathered broilers was 7.11 CNY/kg as of March 14, reflecting a week-on-week increase of 7.89%, while the profit from broiler farming was reported at -0.51 CNY/bird [30][35] - The report indicates that the supply of parent stock chicken is facing uncertainties due to ongoing avian influenza outbreaks abroad, which may support future prices of parent stock chicks [29][31] - The total inventory of grandparent stock chickens was reported at 2.0394 million sets, with a week-on-week increase of 0.24% [32][33]

证券Ⅱ / 行业投资策略周报 / 2025.03.17 关注政策托举及业内整合推进带来的估值催化 基金行业周度跟踪 ■ 证券研究报告 田 投资评级:看好(维持) 最近 12月市场表现 许盈盈 分析师 SAC 证书编号： S0160522060002 xuyy02@ctsec.com 分析师 刘金金 SAC 证书编号: S0160524050001 liujj01@ctsec.com 内容目录 | 1 重点数据跟踪 | | | --- | --- | | 1.1 | 市场行情：券商板块领涨权益市场，债券市场继续下跌 | | 1.2 | 市场活跃度：Ａ股及港股日均成交量环比下降但仍维持高位… | | 1.3 | 公募基金：主动权益基金年初至今同比转正 | | 2 本周热点事件 | | | 2.1 | 湘财股份拟换股吸收合并大智慧… | | 2.2 | 《提振消费专项行动方案》强调多措并举稳住股市 | | 3 券商 AI 大模型部署跟踪 | | | ব | 上市券商 2024 业绩快报/预告汇总… | | ഗ | 投资建议… | | 6 风险提示 | | 相关报告 1. 《股市支持力度加强,看好券商业绩 与估值双升 ...

银行 / 行业点评报告 / 2025.03.16 2025 年 2 月金融数据点评 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -12% -5% 3% 10% 18% 25% 银行 沪深300 分析师 刘斐然 SAC 证书编号：S0160522120003 liufr@ctsec.com 联系人 杨皓然 yanghr@ctsec.com 相关报告 1. 《2024 年四季度商业银行监管数据点 评》 2025-02-25 2. 《2025年1月金融数据点评》 2025- 02-16 3. 《高股息策略持续，关注经济复苏进 程》 2025-02-06 政府债支撑社融，信贷增长平稳 核心观点 请阅读最后一页的重要声明！ ❖ 事件：3 月 14 日，央行发布 2025 年 2 月金融统计数据。2 月新增社融 2.23 万亿元，同比多增 7374 亿元；社融存量同比增长 8.2%，环比+0.2pct。 ❖ 化债加速推进支撑社融，信贷数据回落。年后财政政策继续发力，债务置 换工作加速推进，2 月共发行置换隐债用途的地方政府债 7823 亿元，较 1 月 的 1719 亿元大幅增加，驱动 2 月直接融资新 ...

证券研究报告 投资评级:看好(维持) 轻工制造 / 行业投资策略周报 / 2025.03.16 家具出口额同比回落，深圳出台补贴细则 最近 12 月市场表现 -26% -17% -8% 1% 9% 18% 轻工制造 沪深300 分析师 吕明璋 SAC 证书编号：S0160523030001 lvmz@ctsec.com 分析师 何栋 SAC 证书编号：S0160524080002 hedong@ctsec.com 相关报告 1. 《政策定调积极，地产回稳趋势延续》 2025-03-09 2. 《稳地产+促消费，关注家居相关转 债》 2025-03-09 3. 《上海二手房成交亮眼，家居 315 营 销开启》 2025-03-02 轻工行业周报 核心观点 风险提示：地产销售下滑；原材料价格上涨；下游需求不及预期。 请阅读最后一页的重要声明！ 本周行情回顾：本周（2025.3.10-2025.3.14）申万轻工指数收报 2090.84 点， 周涨跌幅为+1.76%，跑赢沪深 300 指数 0.18pct，在 31 个申万一级行业中排名 第 16。本周轻工制造细分板块普涨，家居用品/包装印刷/文娱用品/造纸分别 + ...

Core Insights - The report maintains a positive outlook on the HIV sector, highlighting Gilead's long-acting therapy, Lenacapavir, as a potential game-changer in HIV treatment and prevention [1][3]. Group 1: HIV Mechanism and Treatment - HIV is a retrovirus that selectively targets CD4+ cells, integrating its genetic material into the host's genome, leading to viral replication [5][7]. - The primary treatment for AIDS is the "cocktail therapy," which combines multiple antiviral drugs to minimize resistance and maximize viral suppression [5][7]. Group 2: Lenacapavir's Impact - Lenacapavir is Gilead's first long-acting HIV capsid inhibitor, showing promising results in clinical trials for treating multi-drug resistant HIV in adults [9][11]. - In the CAPELLA study, 83% of participants using Lenacapavir achieved a viral load of less than 50 copies/mL after 52 weeks, compared to only 11% in the placebo group [13][14]. - Lenacapavir has significant potential in post-exposure prophylaxis (PrEP), with studies indicating a 100% reduction in HIV infection risk among participants receiving biannual injections [20][21]. Group 3: Market Potential and Future Developments - The global HIV infection rate in 2023 was approximately 39.9 million, with a significant portion of the population being women [15][18]. - Lenacapavir's approval for PrEP is anticipated to set a new standard in HIV prevention, potentially generating substantial revenue for Gilead [23]. - Other recent advancements in HIV treatments include Merck's dual-drug therapy achieving positive results in Phase III trials and ViiV Healthcare's long-acting antibody therapy showing good efficacy [24][26].

深南电路(002916) / 元件 / 公司点评 / 2025.03.14 产线爬坡短期承压，AI 驱动构筑长期成长动能 证券研究报告 投资评级:增持(维持) 核心观点 | 基本数据 | 2025-03-13 | | --- | --- | | 收盘价(元) | 128.00 | | 流通股本(亿股) | 5.12 | | 每股净资产(元) | 28.50 | | 总股本(亿股) | 5.13 | 最近 12 月市场表现 -11% 10% 31% 52% 73% 94% 深南电路 沪深300 元件 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com ❖ 事件：2024 年，公司实现营收 179.07 亿元，同比+32.39%；实现归母净利润 18.78 亿元，同比 34.29%；扣非后净利润 17.40 亿元，同比+74.34%。 ❖ 由于新产线爬坡等因素短期业绩承压：公司 2024 第四季度实现收入 48.58 亿元，同比+19.51%，环比+2.74%；归母净利润 3.90 亿元，同比-20.50%，环 比-22.22%；扣非净利润 3.64 亿元，同比 ...

宏观深度报告 / 2025.03.14 ■ 证券研究报告 陈兴 分析师 SAC 证书编号:S0160523030002 chenxing@ctsec.com 分析师 谢钰 SAC 证书编号:S0160523080003 xieyu01@ctsec.com 相关报告 1. 《对等关税,影响了谁? -- "特朗 普经济学"系列之十三》 2025-03-07 2. 《黄金热,谁在买 ?-- 大宗商品分 析框架系列之五》 2025-03-01 3. 《特朗普新政:花钱与省钱 -- "特 朗普经济学"系列之十二》 2025-02- 核心观点 2024年四季度,M1 增速出现反弹趋势,但在年初春节效应下,M1 再度回落。 那么,到底是哪些因素推动着 M1 的增速变化,展望未来. M1 是否开启了新 一轮的上行趋势呢? M1 有什么新变化?M1 同比增速自 2024年 10 月开始反弹,并于 12 月转 of 正至 1.2%,而 2025年 1月放缓。一方面,2024年8月开始,政府债发行提 速,资金进入使用环节后通过财政支出进入实体,拉动 M1回升:另一方面, 年初 M1 增速放缓受春节错位的影响。对比新老口径 M1,个 ...

投资评级:增持(首次) 核心观点 | 基本数据 | 2025-03-12 | | --- | --- | | 收盘价(元) | 6.19 | | 流通股本(亿股) | 78.82 | | 每股净资产(元) | 2.15 | | 总股本(亿股) | 78.82 | 最近 12 月市场表现 -12% 0% 11% 22% 33% 44% 桂冠电力 沪深300 上证指数 电力 分析师 张一弛 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 联系人 任子悦 renzy01@ctsec.com 桂冠电力(600236) / 电力 / 公司深度研究报告 / 2025.03.13 大唐旗下水电上市平台 高 ROE 水电标的 证券研究报告 相关报告 盈利预测： | [Table_FinchinaSimple] | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 10625 | 8091 | 9576 | 11220 | 12083 | | 收入增长率( ...