天风证券：晨会集萃-20250319

Group 1: Macro Strategy and Policy Insights - The 2025 fiscal work meeting emphasizes support for expanding domestic demand, modern industrial system construction, improving people's livelihoods, urban-rural integration, ecological civilization, and high-level opening-up [3] - In March 2025, the social financing scale reached 22,333 billion, with a year-on-year growth of 8.2%, indicating a rebound in financing [3] - The report anticipates a rotation in major asset classes, with a focus on equities and bonds, particularly convertible bonds, as fiscal expansion and moderate monetary easing are expected to counteract external shocks [3][30] Group 2: Industry and Company Analysis - The government work report includes "deep-sea technology" for the first time, indicating potential policy support for this emerging sector, which includes offshore wind power and undersea cables [4] - The white liquor sector is expected to see valuation recovery driven by consumption-boosting policies, with a notable increase of 6.66% in the sector this week [5] - The report highlights the collaboration between Kid King and ByteDance to establish an AI incubator, which aims to enhance the development of AI in the consumer market [20][42] Group 3: Financial Performance and Projections - The report indicates that the company achieved a revenue of 9.19 billion in 2024, with a year-on-year decline of 4.6%, but a net profit increase of 42% [42] - The company anticipates a net profit of 25 billion in 2025, benefiting from the growing demand in the deep-sea technology sector [40] - The cement company is projected to see profit elasticity in 2025 due to expected price increases, despite a decline in 2024 revenue and net profit [33][35]