本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件1： 高纯化学品和光刻胶持续放量，大额商誉减值及新增折旧拖累24年业绩 点击注册小程序 查看完整报告 特别申明： 公司发布2024年年报。2024年，公司实现营收14.35亿元，同比增长10.44%；实现归母净利润-1.80亿元， 同比减少1312%；实现扣非后归母净利润-1.71亿元，同比减少491%。2024Q4，公司单季度实现营收3.75 亿元，同比增长10.11%，环比增长2.21%；实现归母净利润-1.80亿元，同比亏损扩大2265%，环比由盈转 亏。 事件2： 公司发布2025年一季报。2025Q1，公司单季度实现营收3.70亿元，同比增长12.17%，环比减少1.27%；实 现归母净利润4350万元，同比增长582%，环比扭亏为盈。 点评： 拟发行股 ...

Core Viewpoint - 嘉亨家化 reported its worst financial results since going public, with significant declines in revenue and net profit due to weak demand in the domestic personal care market [1][2] Financial Performance - In 2024, 嘉亨家化 achieved revenue of 9.23 billion yuan, a year-on-year decrease of 9.13% [1][2] - The net profit attributable to shareholders was a loss of 23.7 million yuan, down 159.00% year-on-year [1][2] - The company's revenue and net profit have declined for three consecutive years, with 2020-2024 revenues of 9.69 billion, 11.61 billion, 10.52 billion, 10.16 billion, and 9.23 billion yuan, respectively [2][4] Market Demand and Client Dependency - The decline in performance is attributed to lower-than-expected demand in the skincare and beauty market, affecting major clients [4] - 嘉亨家化's revenue is heavily reliant on its top five clients, which accounted for 67.65% of total revenue in 2024 [4][5] - Major clients include Johnson & Johnson, Beitaini, and Shanghai Jahwa, with the largest client contributing 18.19% of total revenue [5] Product Sales Decline - The sales of cosmetics were 4.55 billion yuan, down 15.63% year-on-year, while plastic packaging container sales were 3.8 billion yuan, down 2.82% [1][5][6] Production Capacity Utilization - The actual capacity utilization for cosmetics was only 32.76%, and for household care products, it was 26.25% [7][8] - Low capacity utilization has led to increased fixed costs, negatively impacting the company's gross profit margin, which decreased by 4.55% [7][9] Asset Management - 嘉亨家化's fixed assets increased by 63% to 1.04 billion yuan due to the completion of construction projects [8] - The total asset turnover ratio has declined over the past three years, indicating weakening asset management efficiency [9]

China Oilfield Services (02883) Q1 2025 Earnings Call April 23, 2025 04:00 AM ET Moderator Good afternoon, investors and analysts. Thank you for joining us today for the China Oilfield Services Limited First Quarter twenty twenty five Earnings Conference Call. COSO is one of the world's largest oilfield service providers. Its services cover all stages of oil and gas exploration, development and production and are categorized into four main types: geophysical acquisition and surveying services drilling servi ...

点 击 蓝 字 关 注 我 们 本文全文共 2656 字，阅读全文约 9 分钟 2025年一季度全国规模以上工业产能利用率为74.1% 2025年一季度，全国规模以上工业产能利用率为74.1%，比上年同期上升0.5个百分点。 按消费类型分，3月份，商品零售额36705亿元，同比增长5.9%；餐饮收入4235亿元，增长5.6%。1— 3月份，商品零售额110644亿元，增长4.6%；餐饮收入14027亿元，增长4.7%。 按零售业态分，1—3月份，限额以上零售业单位中便利店、超市、百货店、专业店、品牌专卖店零售 额同比分别增长9.9%、4.6%、1.2%、6.7%、1.4%。 79.3%，有色金属冶炼和压延加工业为77.5%，通用设备制造业为78.1%，专用设备制造业为75.6%， 汽车制造 业为71.9% ，电气机械和器材制造业为71.7%，计算机、通信和其他电子设备制造业为74.7%。 (来源:国家统计局 ) 2025年3月份社会消费品零售总额增长5.9% 3月份，社会消费品零售总额40940亿元，同比增长5.9%。其中， 除汽车以外的消费品零售额36610亿 元，增长6.0%。 1—3月份，社会消费品零售 ...

2025年一季度，全国规模以上工业产能利用率为74.1%，比上年同期上升0.5个百分点。 分三大门类看，2025年一季度，采矿业产能利用率为74.6%，比上年同期下降0.4个百分点；制造业产能利用率为74.1%，上升0.3个百分点；电力、热力、燃 气及水生产和供应业产能利用率为73.6%，上升2.4个百分点。 分主要行业看，2025年一季度，煤炭开采和洗选业产能利用率为71.9%，食品制造业为69.3%，纺织业为77.8%，化学原料和化学制品制造业为73.5%，非金 属矿物制品业为60.9%，黑色金属冶炼和压延加工业为79.3%，有色金属冶炼和压延加工业为77.5%，通用设备制造业为78.1%，专用设备制造业为75.6%，汽 车制造业为71.9%，电气机械和器材制造业为71.7%，计算机、通信和其他电子设备制造业为74.7%。 | 2025年一季度规模以上工业产能利用率 | | --- | 产能利用率：是指实际产出与生产能力（均以价值量计量）的比率。 企业的实际产出是指企业报告期内的工业总产值；企业的生产能力是指报告期内，在劳动力、原材料、燃料、运输等保证供给的情况下，生产设备（机械） 保持正常运行，企业可实 ...

Summary of Conference Call Industry Overview - The conference call primarily discusses the coal machinery industry, focusing on the performance and outlook of coal machinery companies and their valuations [1][2][3]. Key Points and Arguments - Current valuations of coal machinery companies are generally low, with some trading at around six to seven times earnings and others below ten times [1]. - Dividend yields for these companies are attractive, with some offering yields around 7% and others around 5% [1]. - There is a market divide regarding the sustainability of earnings in the coal machinery sector, with concerns about entering a down cycle starting from the first half of 2024 [1][2]. - Recent surveys indicate that leading companies in the coal machinery sector have seen year-on-year growth in new orders, contradicting fears of a prolonged down cycle [2][3]. - The resilience of orders and earnings in the coal machinery sector appears to be better than market expectations [3]. Industry Dynamics - The coal machinery industry is closely linked to coal prices, which affect the profitability of coal enterprises and subsequently their capital expenditures [4]. - Historical data shows that coal prices have fluctuated significantly, impacting the demand for coal machinery. For instance, coal prices dropped from 800 RMB per ton in 2011 to around 400 RMB by the end of 2015, leading to a substantial decline in profit margins [5][6]. - The coal industry's capacity utilization rates have varied, with a notable drop to below 60% in 2016, which negatively impacted equipment demand [5][9]. - The current coal price is around 800 RMB per ton, with coal enterprises maintaining a profitability level close to 20%, which is relatively strong compared to historical standards [8][9]. Future Projections - The coal production target for 2024 is set at 4.76 billion tons, with a capacity utilization rate of 73%, indicating a healthy demand for coal machinery despite a slight decline in order growth [9][10]. - By 2027, the coal industry is expected to peak in production, with a target of 4.878 billion tons, which could sustain machinery demand if coal prices remain stable [10]. - The demand for coal machinery is anticipated to shift from new demand to replacement demand, with significant equipment needing replacement in the coming years due to their operational lifespans [11][12]. - The update cycles for different types of coal machinery vary, with hydraulic supports having a longer replacement cycle of 8 to 10 years compared to other equipment [13][14]. Investment Considerations - The coal machinery sector is viewed as a relatively stable investment within the A-share market, provided that capital expenditures do not decline significantly [17]. - The strong operational capabilities of low PE coal machinery companies, such as Zhengmei Machinery, enhance their attractiveness to investors [17][18]. - Overall, the resilience of orders and earnings, along with attractive dividend yields, positions the coal machinery sector favorably within the infrastructure investment landscape [18].

1. Report Information - Report Title: Polyolefin Monthly Report [1] - Date: April 2, 2025 [2] - Research Team: Energy and Chemical Research Team [4] - Core View: Maintenance season eases supply pressure, while seasonal demand weakening brews downward risks [5] 2. Market Review - In February, plastics were slightly stronger than PP. In March, the peak season started, downstream开工 increased, and the demand side was strengthened. Mid - to late - March saw high - level maintenance ease supply pressure, and the cost side rebounded. PP05 was supported at 7300, and LLDPE fluctuated around 7700 [11]. - In the spot market, LLDPE monthly average price was 8197 yuan/ton, down 1.35% month - on - month and 0.91% year - on - year. LDPE was 9976 yuan/ton, down 1.60% month - on - month and up 7.80% year - on - year. HDPE prices varied. PP in East China had a drawstring average of 7347.25 yuan/ton, down 0.72% month - on - month and 1.38% year - on - year, and copolymer was 7593.25 yuan/ton, down 0.94% month - on - month and 0.04% year - on - year [12]. 3. Fundamental Analysis 3.1 Supply - In March 2025, PP production was estimated at 3.2833 million tons, up 11.52% month - on - month and 13.64% year - on - year. The cumulative production from January to March was 9.5209 million tons, up 12.13% year - on - year. The PP plant operating rate was estimated at 79.66%, up 0.58 percentage points from February [12]. - PE production in March was estimated at 2.6685 million tons, up 7.06% month - on - month and 12.1% year - on - year. The operating rate was estimated at 81.97%, down 1.72 percentage points from last month. There were some PE plant overhauls in March [13]. - New polyolefin production capacities are planned to be put into operation in 2025, with many concentrated in the first half of the year [25][26]. 3.2 Import and Export - In February 2025, PE imports were 1.3252 million tons, up 9.43% month - on - month and 27% year - on - year. PP imports were 307,900 tons, up 15.93% month - on - month. From January to February, PP exports increased significantly, while PE exports decreased [27]. - In March, the import window was difficult to open, and PP exports were expected to remain high [27]. 3.3 Inventory - Currently in the destocking cycle, inventory pressure was prominent in the early stage and eased in the middle and late stages. By the end of March, PP producer inventory decreased by 6.13% month - on - month, and trader inventory decreased by 16.46% month - on - month. PE social sample average inventory decreased by 2.69% month - on - month and 17.53% year - on - year [36]. 3.4 Cost and Profit - Coal: In the off - season, coal prices were under pressure, but there was support during the spring inspection in April [43]. - Crude oil: OPEC+ supply decreased, and US sanctions tightened supply. Oil prices were expected to bottom out and rebound [43]. - Oil - based production: Losses in oil - based PP decreased, and naphtha - based PE profits increased [44]. - Coal - based production: Profits of coal - based PP and PE increased [44]. - PDH - based production: Losses in PDH - based PP decreased [45]. 3.5 Downstream Demand - In March, downstream开工 continued to increase, but subsequent orders were insufficient. PP downstream开工 increased, but demand support was limited [51][54]. - From January to February 2025, the domestic sales market was good. After the national subsidy policy was extended, consumer sentiment was cautious. In April, the production of air - conditioners increased, while that of refrigerators decreased and that of washing machines slightly increased [62]. 4. Outlook - In the short term, it is a volatile market as maintenance eases supply pressure and cost support exists. In the long term, supply pressure and tariff impacts may drag down prices, so a short - selling strategy is recommended [7][70].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View of the Report The report indicates that the asphalt market shows an oscillating trend. The trend strength of asphalt is 0, suggesting a neutral market outlook [1][10]. 3) Summary by Relevant Catalog Fundamental Tracking - **Futures Market**: The closing prices of BU2504 and BU2505 were 3,620 yuan/ton and 3,627 yuan/ton respectively, with daily changes of 0.00% and 0.03%. The trading volumes of BU2504 and BU2505 decreased by 2,083 and 5,890 hands respectively, and the open interests decreased by 2,582 and 423 hands respectively. The total market asphalt warehouse receipts remained unchanged at 89,180 hands [1]. - **Spot Market**: The Shandong wholesale price was 3,600 yuan/ton, up 10 yuan/ton; the Yangtze River Delta wholesale price was 3,720 yuan/ton, remaining unchanged. The refinery operating rate was 31.36%, up 2.16% from the previous period, and the refinery inventory rate was 31.36%, down 0.50% [1]. - **Spread**: The basis (Shandong - 04) was -20 yuan/ton, up 10 yuan/ton from the previous day; the 04 - 05 inter - period spread was -7 yuan/ton, down 1 yuan/ton [1]. Market News - In the week of 20250319 - 0325, the capacity utilization rate of 69 domestic modified asphalt sample enterprises was 4.0%, up 1.0% month - on - month and down 0.3% year - on - year. With the improvement of construction conditions, some northern enterprises resumed production and increased supply [16]. - In the week of 20250320 - 0326, the capacity utilization rate of 77 domestic heavy - traffic asphalt enterprises was 26.7%, down 0.5% month - on - month. Although some refineries resumed production, others had temporary production transfers or shutdowns, leading to the decline [16].

Summary of Key Points Core Viewpoint - The report highlights the current trends in various sectors, including liquidity, infrastructure, real estate, industrial products, and export chains, providing insights into price movements, production levels, and economic indicators. Group 1: Liquidity - The London gold spot price decreased by 2.66% week-on-week [2] - The BCI small enterprise financing environment index for February 2025 is at 46.65, down 0.86% from the previous month [2] - The M1 and M2 growth rate difference was -6.6 percentage points in January 2025, with a month-on-month increase of 0.5 percentage points [2] Group 2: Infrastructure and Real Estate Chain - In mid-February, the average daily crude steel output of key enterprises reached a six-month high of 2.13 million tons [3] - Price changes for key materials include rebar down 2.65%, cement price index down 0.01%, rubber down 1.73%, coke down 3.60%, coking coal down 1.64%, and iron ore down 3.59% [3] - The national blast furnace capacity utilization rate increased by 0.17 percentage points, while the cement and asphalt operating rates changed by +1.00 percentage points and -2.3 percentage points, respectively [3] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass changed by +1.38% and -0.74% respectively, with flat glass gross profit at 36 yuan/ton and titanium dioxide at -1015 yuan/ton [4] - The operating rate for flat glass this week remained stable at 76.09% [4] Group 4: Industrial Products Chain - The PMI new orders index for February is at 51.10%, an increase of 1.9 percentage points month-on-month [5] - Major commodity prices showed mixed results, with cold-rolled steel up 0.06%, copper down 0.80%, and aluminum down 1.01% [5] - The national semi-steel tire operating rate is at 82.51%, up 2.16 percentage points [5] Group 5: Subcategories - Iron ore prices have retreated from a seven-month high [6] - The price of graphite electrodes is stable at 18,000 yuan/ton, while electrolytic aluminum is at 20,620 yuan/ton, down 1.01% [6] - The price of tungsten concentrate is at 142,500 yuan/ton, down 0.70% from last week [6] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore is 4.03 this week [7] - The price difference between hot-rolled and rebar steel is 170 yuan/ton, while the price difference between Shanghai cold-rolled and hot-rolled steel is 620 yuan/ton, down 50 yuan/ton [7] - The price difference between盘螺 (mainly used in real estate) and rebar (mainly used in infrastructure) is 290 yuan/ton, up 11.54% from last week [7] Group 7: Export Chain - The new export orders PMI for China in February 2025 is at 48.60%, an increase of 2.2 percentage points [9] - The CCFI comprehensive index for container shipping rates is at 1250.65 points, down 5.16% [9] - The U.S. crude steel capacity utilization rate is at 74.50%, down 0.50 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 2.22%, with the best-performing cyclical sector being ordinary steel, which increased by 5.34% [10] - The PB ratio of ordinary steel and industrial metals relative to the CSI 300 PB is 38.89% and 58.02%, respectively [10] - The current PB ratio of the ordinary steel sector relative to the CSI 300 PB is 0.54, with the highest value since 2013 being 0.82 [10]

Financial Data and Key Metrics Changes - Revenue for Q2 2024 was $1.901 billion, an increase of 8.6% sequentially [5] - Gross margin was 13.9%, up 0.2 percentage points sequentially [5] - Profit from operations was RMB 87 million, and EBITDA was RMB 1.056 billion with an EBITDA margin of 55.5% [6] - For the first half of 2024, revenue was RMB 3.651 billion, up 20.8% year over year, while gross margin decreased by 6.8 percentage points to 13.8% [8] Business Line Data and Key Metrics Changes - Wafer revenue accounted for 93% of total revenue, with smartphone applications contributing 32%, followed by consumer electronics at 36% [14] - 8-inch wafer shipments increased by 18% sequentially, while blended ASP declined by 8% due to product mix changes [13] - Revenue from the BCD platform increased by over 20% sequentially, and RF CMOS platform revenue increased nearly 30% sequentially [15] Market Data and Key Metrics Changes - Revenue distribution by region was 80% from China, 16% from America, and 4% from New Asia [13] - The overall utilization rate increased by 4 percentage points to 85% due to recovery in demand and new capacity being put into production [12] Company Strategy and Development Direction - The company aims to achieve annual revenue growth that exceeds the industry average and expects second-half revenue to surpass first-half revenue [18] - Focus on wafer manufacturing while balancing short-term objectives with long-term development [19] - The company plans to increase overall capacity by around 60,000 12-inch wafers per month by the end of the year [18] Management's Comments on Operating Environment and Future Outlook - Management noted a gradual recovery in mid and low-end consumer electronics, leading to increased inventory restocking by customers [10] - Geopolitical disruptions have created opportunities for customers to penetrate the industrial chain, resulting in incremental demand [10] - The company remains cautiously optimistic about Q4, despite uncertainties in the external environment [17] Other Important Information - Total assets at the end of Q2 were RMB 47.4 billion, with total cash on hand of RMB 13 billion [6] - The company generated $19 million in cash from operating activities in Q2 [7] Q&A Session Summary Question: Inquiry about revenue growth expectations - Management expects revenue growth in Q3 2024 to be between 13% to 15% sequentially, with gross margin projected to be in the range of 18% to 20% [8][16] Question: Impact of geopolitical factors on demand - Geopolitical impacts have accelerated localization demand, leading to tight capacity in certain 12-inch nodes and upward price trends [16] Question: Clarification on capacity expansion plans - The company plans to expand capacity significantly, focusing on high-value-added 12-inch capacity [18]