山西证券研究早观点-20250416

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,267.66, up by 0.15%, while the Shenzhen Component Index fell by 0.27% to 9,858.10 [2] Non-Bank Financial Sector - The first quarter earnings for several brokerage firms are expected to increase significantly, with some reporting a year-on-year profit growth of up to 400%. Eight firms reported over 50% growth [6] - Multiple brokerages announced share buybacks to stabilize stock prices amid market volatility, reflecting management confidence in future growth [6] Electronics Industry - The overall market saw declines, with the Shanghai Composite Index down 3.11% and the Shenzhen Component Index down 5.13% during the week of April 7-11, 2025. The semiconductor sector showed mixed results, with the Philadelphia Semiconductor Index rising by 10.93% [5] - The recent U.S. tariff exemptions on certain products are expected to benefit sectors previously impacted by tariffs, although future policy changes remain uncertain [8] Chemical Raw Materials - The discovery of high-purity quartz mines in China is expected to reduce reliance on imports, as the country has historically depended on foreign sources for high-purity quartz [11] - Various vitamins have been included in the tariff exemption list, indicating limited impact on exports despite increased tariffs on other products [11] Company Insights - For Crystal Morning Co., the 2024 annual report indicated a revenue of 62.78 billion yuan, a year-on-year increase of 23.67%, and a net profit of 10.30 billion yuan, up 71.57% [15] - The company is actively expanding its market presence and product lines, with significant growth in AI edge products and a strong focus on R&D [16] Investment Recommendations - The report suggests focusing on domestic high-purity quartz production and the vitamin industry, particularly companies like New and Cheng, as they are expected to benefit from tariff exemptions and reduced import reliance [11][21] - For Crystal Morning Co., projected net profits for 2025-2027 are 12.86 billion, 14.79 billion, and 17.11 billion yuan, with a corresponding PE ratio indicating a "buy" rating [17]