推荐（维持） 证券研究报告 | 行业定期报告 2025 年 05 月 07 日 整体业绩平淡，龙头强者恒强 调味品及餐饮供应链 24 年及 25 年一季报回顾 消费品/食品饮料 24 年看，整体需求弱复苏，企业普遍梳理渠道减轻库存压力。受益于成本下 行，板块毛利率改善，但竞争加剧下费用率有所提升，企业盈利分化。合并 24Q4+25Q1 看，板块受制于需求弱复苏及餐饮平淡，收入端相对承压，但海 天为代表的龙头企业率先完成调整，业绩更优。25 年看，预计成本端平稳，行 业费用投放相对稳定，若收入端加速复苏，则板块盈利能力有望进一步改善。 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 143 | 2.8 | | (%) 食品饮料 | | 沪深300 | | 总市值（十亿元） 30 | 5074.1 | 6.0 | | 流通市值（十亿 20 | 4823.6 | 6.2 | | 元） | | | 行业指数 0 % 1m 6m 12m 绝对表现 2.6 5.1 8.3 相对表现 4.0 10.5 4.1 资料来源：公司数据、招商证券 -30 -20 -10 May/2 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [4] Core Views - The company reported a significant increase in quarterly performance, with synthetic flavor contributions being notable [1] - The company's main products experienced a decline in average selling prices, but synthetic flavor sales saw substantial growth [7] - The company is actively advancing key project constructions and promoting lithium extraction technology [7] - Profit forecasts have been adjusted due to the weak market conditions for main products, with expected net profits for 2025-2027 being 275 million, 326 million, and 375 million respectively [7] Financial Performance - In 2024, the company achieved a revenue of 2.966 billion, a year-on-year increase of 14.22%, while net profit decreased by 10.18% to 227 million [1][8] - For Q1 2025, the company reported a revenue of 765 million, a year-on-year increase of 2.81%, but a quarter-on-quarter decrease of 1.54% [1] - The company’s gross margin for Q1 2025 was 21.9%, showing a year-on-year decrease of 0.4 percentage points but an increase of 1.7 percentage points from the previous quarter [7] Revenue and Profit Forecasts - Revenue forecasts for 2025-2027 are projected at 3.343 billion, 3.775 billion, and 4.188 billion respectively, with year-on-year growth rates of 13% for each year [3][15] - The expected earnings per share (EPS) for 2025-2027 are 1.43, 1.69, and 1.94 respectively [8][15] Key Financial Ratios - The company’s return on equity (ROE) is projected to improve from 8.9% in the latest period to 12.9% by 2027 [4][15] - The asset-liability ratio is expected to decrease from 36.8% to 36.3% over the same period [4][15]

证券研究报告 | 策略定期报告 2025 年 05 月 07 日 五一出行需求持续增长，3 月全球半导体销额同比增幅扩大 定期报告 ——行业景气观察（0507） 本周景气度改善的方向主要在消费服务和信息技术领域。上游资源品中，化工品、 金属价格多数下跌；中游制造领域，4 月重卡销量同比转正，3 月太阳能发电装 机容量累计同比增幅扩大。信息技术中，DDR4 价格上行，3 月全球半导体销售 额同比增幅扩大。消费服务领域，中药材、猪肉、肉鸡苗价格上行。五一假期期 间居民出行意愿处在高位，商品和文旅消费持续活跃。推荐景气较高或有改善的 化学制药、白色家电、旅游及景区、农林牧渔、半导体等。 风险提示：产业扶持度不及预期，宏观经济波动。 相关报告 《生鲜乳价格上行，3 月金属成形 机床产量同比增幅扩大（0424）》 《3 月社零总额当月同比增幅扩 大 ， 智 能 手 机 产 量 同 比 转 正 （0416）》 《2 月全球半导体销售额同比增 幅收窄，食糖价格指数上行 （0409）》 《3 月制造业 PMI 环比上行，2 月主要企业工程机械销售普遍 改善（0402）》 《"两新"领域生产端持续改善， 2 月 LCD 出货量 ...

Group 1: Policy Overview - The central bank announced ten policies to support market stability and expectations, leading to a steepening of the bond yield curve and a comprehensive rise in the stock market on May 7[2] - The "double reduction" policy was influenced by significant changes in macroeconomic conditions, including a notable decline in the manufacturing PMI and pressures on the real estate market[3] - The policy measures include quantity-type policies (e.g., reserve requirement ratio cuts), price-type policies (e.g., interest rate reductions), and structural policies (e.g., new financial tools)[4] Group 2: Interest Rate Adjustments - The policy interest rates were reduced by 10 basis points (BP), while structural policy rates were cut by 25 BP, enhancing the attractiveness of structural financing tools[6] - The personal housing provident fund loan rate was also reduced by 25 BP, reflecting the government's commitment to stabilizing the real estate sector[6] Group 3: Structural Tools and Support - Two significant structural tools were introduced: the "service consumption and pension re-loan" of 500 billion and the "technology innovation bond risk-sharing tool," aimed at boosting service consumption and supporting technological innovation[8] - The merger of two capital market support tools allows for greater support for listed companies without increasing the total quota, addressing the active financing needs of these companies[7] Group 4: Market Implications - The monetary policy easing is viewed as the beginning of a series of measures rather than a one-time action, with the next political bureau meeting in July expected to provide further strategies based on economic conditions[9] - The bond yield curve showed a clear "long end weak + short end strong" characteristic, indicating a need for short-term rates to lead the curve steepening in response to liquidity changes[9]

证券研究报告 | 策略专题报告 2025 年 05 月 07 日 "一揽子金融政策支持稳市场稳预期"发布有哪些增量信息？ ——政策专题（0507） "一揽子金融政策支持稳市场稳预期"发布会超预期部署超过 20 项增量政策， 落地全面降准降息、四月政治局会议提到的新增结构性货币政策工具、以及经 济主题记者会提到的公募基金改革方案等政策，诚意满满，有望推动市场风险 偏好持续上行。 ❑ 风险提示：政策理解不全面、经济数据及政策不及预期、海外政策超预期收 紧。 专题报告 相关报告 1、《四月政治局会议有哪些要 点？——政策专题（0425）》 2025-4-25 2、《历史上，我国出台过哪些 促消费政策 —— 扩内需政策 研究专题（一）》2025-04-07 3、《经济主题记者会值得重点 关注的 19 条重要增量信息—— 政策点评报告》2025-03-07 4、《2025 年政府工作报告怎么 看？对 A 股有什么影响？—— 政策专题》2025-03-05 张夏 S1090513080006 zhangxia1@cmschina.com.cn 郭佳宜 S1090525040003 guojiayi@cmschina.co ...

Investment Rating - The report maintains a rating of "Add" for the company [3] Core Views - The company achieved a revenue of 29.619 billion yuan in 2024, a year-on-year increase of 1.64%, and a net profit attributable to shareholders of 3.944 billion yuan, up 14.04% year-on-year [6][7] - In Q1 2025, the company reported a revenue of 7.337 billion yuan, a decrease of 9.09% year-on-year, and a net profit of 1.011 billion yuan, down 12.82% year-on-year [6][7] - The company's coal-fired power generation volume in 2024 was 58.623 billion kWh, an increase of 6.4% year-on-year, benefiting from increased electricity demand [6][7] - The company is accelerating its transition to renewable energy, with significant progress in wind and solar power projects [6][7] Financial Data and Valuation - The company is projected to achieve net profits of 4.109 billion yuan, 4.296 billion yuan, and 4.432 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4%, 5%, and 5% [6][7] - The current stock price corresponds to a PE ratio of 10.5x for 2025, 10.0x for 2026, and 9.7x for 2027 [6][7] - The company has a total market capitalization of 43.2 billion yuan and a circulating market capitalization of 43.0 billion yuan [3]

Investment Rating - The report maintains a rating of "Add" for Huaneng International [3] Core Views - The company's Q1 2025 revenue was CNY 60.335 billion, a year-on-year decrease of 7.7%, while net profit attributable to shareholders was CNY 4.973 billion, an increase of 8.19% [1][6] - The recovery in thermal power profitability continues, supported by a decline in fuel costs, despite a decrease in electricity generation and average on-grid electricity prices [6] - The overall profitability has improved significantly, with investment income further supporting earnings growth [6] Financial Data and Valuation - Projected total revenue for 2025 is CNY 230.528 billion, with a year-on-year decline of 6% [2] - Expected net profit attributable to shareholders for 2025 is CNY 11.540 billion, reflecting a year-on-year growth of 14% [2] - The current stock price corresponds to a PE ratio of 10.0x for 2025, 9.2x for 2026, and 8.5x for 2027 [6][9] Operational Performance - In Q1 2025, the company achieved an on-grid electricity generation of 1,066.33 billion kWh, a decrease of 5.66% year-on-year, with a corresponding average on-grid electricity price of CNY 488.19 per MWh, down 1.96% [6] - The coal power segment's profit totaled CNY 3.982 billion, a year-on-year increase of 40.96%, with a profit per kWh of CNY 0.048, up CNY 0.017 year-on-year [6] - The photovoltaic segment saw a significant increase in generation, with 4.871 billion kWh, a year-on-year growth of 51.18% [6] Shareholder Information - The major shareholder is Huaneng International Power Development Company, holding a 32.28% stake [3]

证券研究报告 | 公司点评报告 2025 年 05 月 07 日 惠泰医疗（688617.SH） 业绩符合预期，PFA 等新品获批进军房颤治疗领域 消费品/生物医药 公司发布 2024 年年度报告：2024 年实现营业收入 20.66 亿元，同比增长 25.18%；归母净利润 6.73 亿元，同比增长 26.08%；扣非归母净利润 6.43 亿 元，同比增长 37.29%。 其中，2024 年第四季度营业收入 5.41 亿元，同比增长 23.93%；归母净利润 1.45 亿元，同比增长 10.96%；扣非归母净利润 1.35 亿元，同比增长 24.69%。 同日，公司发布 2025 年第一季度报告：2025 年一季度实现营业收入 5.64 亿元， 同比增长 23.93%；归母净利润 1.83 亿元，同比增长 30.69%；扣非归母净利润 1.81 亿元，同比增长 32.23%。 ❑ 电生理手术量受益于集采持续增长，血管介入产品不断迭代入院率提升。 电生理业务：2024 年实现营业收入 4.40 亿元（yoy+19.73%），公司完成三 维电生理手术 15,000 余例，同比增长 50%。可调弯十极冠状窦导管在 ...

Investment Rating - The report maintains a rating of "Add" for the company [3] Core Views - The company achieved an operating revenue of 84.492 billion yuan in 2024, representing a year-on-year increase of 8.12%, and a net profit attributable to shareholders of 32.496 billion yuan, up 19.28% year-on-year [7] - In Q1 2025, the company reported an operating revenue of 17.015 billion yuan, a year-on-year increase of 8.68%, and a net profit attributable to shareholders of 5.181 billion yuan, up 30.56% year-on-year [7] - The favorable water conditions contributed to the increase in hydropower generation, with a total generation of 295.904 billion kWh in 2024, a year-on-year increase of 7.11% [7] - The company is actively developing pumped storage and renewable energy projects, with significant progress in various initiatives, including the Gansu Zhangye project and the Yunnan solar projects [7] - The company's profitability improved, with a gross margin of 59.13% and a net margin of 38.97% in 2024, reflecting effective cost reduction measures [7] Financial Performance Summary - The company plans to distribute a total dividend of 0.943 yuan per share for 2024, with a payout ratio of 71% [7] - The projected net profits for 2025-2027 are 34.638 billion yuan, 35.623 billion yuan, and 36.300 billion yuan, respectively, indicating growth rates of 7%, 3%, and 2% [7][8] - The current stock price corresponds to a PE ratio of 20.6x for 2025, 20.0x for 2026, and 19.7x for 2027 [7][8] Key Financial Metrics - The company reported a total market capitalization of 71.4 billion yuan and a circulating market capitalization of 70.05 billion yuan [3] - The return on equity (ROE) for the trailing twelve months (TTM) is 15.6% [3] - The debt-to-asset ratio stands at 59.6% [3]

证券研究报告 | 公司点评报告 2025 年 05 月 07 日 中直股份（600038.SH） 24 年实现营收稳增，盈利能力预计持续提升 中游制造/军工 公司实现营业收入 297.66 亿元，同比增长 11.93%，完成年度预算 97%；实现 归母净利润 5.56 亿元，同比-7.98%，完成年度预算 78%；扣非归母净利润 4.82 亿元，同比 19.68%。 2025 年财务预算：预计实现营收 302.49 亿（同比+1.63%），预计实现归母 净利润 6.04 亿（同比+8.66%），据此计算净利率预计达到 2%左右，同比提 升 0.38 pct。 ❑ 盈利预测：预计公司 2025/2026/2027 年归母净利润为 6.12/7.23/8.50 亿元， 强烈推荐（维持） 目标估值：NA 当前股价：35.83 元 基础数据 | 总股本（百万股） | 820 | | --- | --- | | 已上市流通股（百万股） | 669 | | 总市值（十亿元） | 29.4 | | 流通市值（十亿元） | 24.0 | | 每股净资产（MRQ） | 20.9 | | ROE（TTM） | 3.7 | | 资 ...