Investment Rating - The report maintains a "Buy" rating for the company with a target price of 48.11 CNY, compared to the current price of 40.95 CNY [4][12]. Core Insights - The company is positioned as a leader in the domestic market for drug molecular building blocks, emphasizing a multi-dimensional approach to high-quality development, with an inflection point in performance now evident [2][10]. - The report highlights the company's continuous expansion of product varieties and quantities, with a current inventory of 130,000 types of ready-to-use products, capable of providing over 500,000 unique and functional drug molecular building blocks [10][11]. - The company has been increasing its R&D investment, with some products reaching international advanced levels while maintaining a price advantage, being priced at 1/5 to 1/10 of international leaders like Sigma-Aldrich [10][11]. - The overseas revenue for the company is projected to reach 616 million CNY in 2024, with a gross margin of 50.40%, significantly higher than domestic margins, and a compound annual growth rate (CAGR) of 43.52% from 2018 to 2024 [10][12]. Financial Summary - The company's total revenue is forecasted to grow from 1,102 million CNY in 2024 to 1,909 million CNY in 2027, with year-on-year growth rates of 0.9%, 21.4%, 20.0%, and 19.0% respectively [3][12]. - The net profit attributable to shareholders is expected to increase from 117 million CNY in 2024 to 214 million CNY in 2027, with growth rates of 7.2%, 24.1%, 22.9%, and 19.6% respectively [3][12]. - Earnings per share (EPS) are projected to rise from 1.29 CNY in 2024 to 2.36 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 32 to 17 [3][12]. Industry Context - The report notes a recovery in domestic market demand and an urgent need for domestic alternatives, driven by rising research funding and a shift towards local sourcing due to increased import costs [10][56]. - The overseas market is also showing signs of recovery, with an increase in demand from biopharmaceutical investments, creating significant growth opportunities for domestic companies [10][56].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's Q1 2025 performance showed slight pressure with a revenue of 14.3 billion yuan, down 0.1% year-on-year, and a net profit attributable to shareholders of 1.137 billion yuan, down 10.6% year-on-year. The forecast for net profit from 2025 to 2027 is maintained at 5.24 billion, 5.51 billion, and 5.82 billion yuan respectively, with corresponding EPS of 1.51, 1.59, and 1.68 yuan, indicating a stable investment opportunity [1][4] Summary by Sections Q1 Performance - In Q1 2025, the meat product segment generated revenue of 5.58 billion yuan, a decrease of 17.8% year-on-year, with sales volume and price at approximately 310,000 tons and 17.9 yuan/kg, down 17.4% and 0.5% respectively. This decline is attributed to insufficient consumer demand and inventory reduction in the market [2] - The profit per ton for meat products was approximately 4,729 yuan, down 5.3% year-on-year but still at a high level, with operating profit of 1.48 billion yuan, down 21.7%, and an operating profit margin of 26.5% [2] Slaughtering and Breeding Business - The slaughtering business achieved revenue of 7.0 billion yuan in Q1 2025, an increase of 6.1% year-on-year, with operating profit of 120 million yuan, up 24.7%, and an operating profit margin of 1.7%. Fresh product sales volume was about 450,000 tons, up 12.6% year-on-year [3] - The breeding business saw a revenue increase of 30.7% year-on-year, with a reduction in losses to 140 million yuan. The company plans to enhance management and cost control, expecting further improvement in operational performance throughout the year [3] Financial Summary and Valuation Metrics - The company’s projected revenues for 2025 to 2027 are 61.04 billion, 63.55 billion, and 65.83 billion yuan respectively, with a year-on-year growth of 2.2%, 4.1%, and 3.6% [4] - The net profit attributable to shareholders is forecasted to be 5.24 billion, 5.51 billion, and 5.82 billion yuan for the same period, with corresponding year-on-year growth rates of 5.0%, 5.1%, and 5.6% [4] - The company maintains a stable gross margin around 17.7% to 17.9% and a net margin of approximately 8.6% to 8.8% over the forecast period [9]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report highlights that the price of phosphate rock remains stable at a high level, while the volume of phosphate fertilizer and urea has increased but prices have declined. The company's debt-to-asset ratio continues to improve [1][8] - The company's Q1 2025 performance met expectations, with total revenue of 13,004 million yuan (YoY -6%, QoQ -12%) and net profit attributable to shareholders of 1,289 million yuan (YoY -12%, QoQ +42%) [8] - The report emphasizes the integrated advantages of the phosphate chemical enterprise and the ongoing optimization of its debt structure, alongside a strategic shift towards fine phosphate chemical business and efficient development of phosphate resources [8] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 61,336 million yuan, with a projected net profit of 5,518 million yuan, corresponding to an EPS of 3.01 yuan [7] - The company's gross margin is expected to improve slightly to 18.2% in 2025, with a return on equity (ROE) of 21.5% [7] - The debt-to-asset ratio is reported at 49.96%, down 2.30 percentage points from the end of 2024, indicating ongoing financial stability [8]

传媒/游戏Ⅱ 姚记科技（002605.SZ） 业绩具备韧性，关注休闲游戏新品类及卡牌业务 2025 年 05 月 05 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 27.07 | | 一年最高最低(元) | 37.66/16.50 | | 总市值(亿元) | 112.28 | | 流通市值(亿元) | 90.26 | | 总股本(亿股) | 4.15 | | 流通股本(亿股) | 3.33 | | 近 3 个月换手率(%) | 201.48 | 股价走势图 -40% -20% 0% 20% 40% 60% 2024-05 2024-09 2025-01 姚记科技 沪深300 数据来源：聚源 相关研究报告 《Q3 扣非归母净利润增速提升，关注 游戏和卡牌业务 —公司信息更新报 告》-2024.11.1 《三大业务技术优势持续深化，看好 主业回暖 —公司信息更新报告》 -2024.8.21 方光照（分析师） 田鹏（分析师） fangguangzhao@kysec.cn 证书编号：S0790520030004 tianpeng@kysec.c ...

伊利股份（600887.SH） 减值落地轻装上阵，盈利能力稳步提升 2025 年 05 月 05 日 投资评级：买入（维持） 食品饮料/饮料乳品 | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 29.76 | | 一年最高最低(元) | 31.96/21.13 | | 总市值(亿元) | 1,894.49 | | 流通市值(亿元) | 1,885.14 | | 总股本(亿股) | 63.66 | | 流通股本(亿股) | 63.34 | | 近 3 个月换手率(%) | 48.02 | 股价走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-05 2024-09 2025-01 伊利股份 沪深300 相关研究报告 《2024Q3 利润超预期，盈利能力有望 稳 步 提 升 — 公 司 信 息 更 新 报 告 》 -2024.11.3 《短期调整下业绩承压，期待下半年 环 比 改 善 — 公 司 信 息 更 新 报 告 》 -2024.8.31 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 圣湘生物(688289) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 呼吸道产品需求持续，业绩实现高速增 长 分子诊断龙头峥嵘初露，力寻平台化发 展 呼吸道产品需求提升，2023 年常规试剂 收入翻倍增长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 检测试剂收入增长 63%，内生+外延打造诊疗 闭环 [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公司发布 ummary]2 ...

2025 年 05 月 05 日 股权激励提升团队凝聚力，数据中心液冷产品打 造第二增长曲线 买入(维持) 事件 市场表现 -40 -20 0 20 40 60 (%) 溯联股份 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《溯联股份（301397）：汽车尼 龙管路龙头，积极拓展数据中心业 务》2025-03-02 —溯联股份（301397.SZ）公司事件点评报告 公司近期公告：1）2024 年报：报告期内公司实现营收 12.42 亿元，同比增长 22.89%，实现归母净利润 1.23 亿元，同比 下降 18.72%；2）2025 一季报：报告期内公司实现营收 3.39 亿元，同比增长 47.22%，实现归母净利润 3351.22 万元，同 比增长 3.08%；3）拟向激励对象以 17.35 元/股价格授予限制 性股票；4）每 10 股派发现金红利 8 元，以资本公积金每 10 股转增 3 股。 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 分析师：林子健 S1050523090001 linzj@cfsc.com.cn | 基本数据 | 2025-04-3 ...

晶科科技（601778.SH）2024 年年报及 2025 年一季报点评 自持规模持续增长，海外电站建设提速 2025 年 05 月 04 日 ➢ 事件：2025 年 4 月，公司发布 2024 年年度报告以及公司 2025 年一季报， 根据公告，2024 年全年公司实现营业收入 47.75 亿元，同比+9.25%，实现归母 净利润 3.24 亿元，同比-15.39%，实现扣非归母净利润 1.48 亿元，同比-41.00%。 分季度看，24Q4 公司实现营业收入 8.85 亿元，同比+2.07%，环比-54.99%， 实现归母净利润 1.05 亿元，扣非归母净利润-1.37 亿元；25Q1 公司实现营业收 入 11.12 亿元，同比+43.00%，环比+25.65%，实现归母净利润-0.35 亿元，扣 非归母净利润-0.34 亿元。公司 24 年营业收入增长主要系公司自持电站装机规 模增加致发电量和发电收入提升，同时户用光伏电站滚动开发业务营收规模增长 所致，归母净利润下降主要系报告期内光伏行业弃光限电率进一步提升，同时受 制于电力市场政策环境变化，公司处置长期股权投资产生的投资收益下降所致。 ➢ 自持规模稳 ...

证券研究报告·公司点评报告·中药Ⅱ 方盛制药（603998） 2024年报&25年一季报点评：业绩符合预期， 多产品矩阵保障业绩平稳 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1,629 | 1,777 | 2,015 | 2,277 | 2,562 | | 同比（%） | (9.12) | 9.15 | 13.36 | 12.99 | 12.54 | | 归母净利润（百万元） | 186.82 | 255.22 | 309.13 | 376.74 | 450.44 | | 同比（%） | (34.64) | 36.61 | 21.12 | 21.87 | 19.56 | | EPS-最新摊薄（元/股） | 0.43 | 0.58 | 0.70 | 0.86 | 1.03 | | P/E（现价&最新摊薄） | 22.82 | 16.71 | 13.79 | 11.32 | 9.47 | [Table_Tag ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 联美控股(600167) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 [Table_Author 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com [Table_OtherReport] 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 清洁能源主业稳中向好，高分红彰显股东回 [Table_ReportDate] 2025 年 ...