SPC, A 乘 联 景：最具价值的汽车信息交流平台和行业研究机构 息 旨：为汽车企业服务 为中国汽车产业发展做贡献 ak 价值观:专业 共享 高效 创新 如有疑问或需求请联系秘书处 合上海市普陀区武宁路423号18号楼1103室 | 200062 ( 021-52680968 cpcanews@sxtauto.com.cn www.cpcaauto.com 致 敬 伟 大 的 劳 者 动 中国汽车流通协会乘用车市场信息联席分会 点 击 蓝 字 关 注 我 们 ...

首次覆盖：延续承压，期待改善 三全食品(002216) ——三全食品 2024 年年报及 2025 年一季报点评 本报告导读： 行业需求相对承压，同时竞争依然较大，导致公司业绩承压，公司在主要销售渠道 均有所侧重，期待后续经营改善。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 7,056 | 6,632 | 6,812 | 7,132 | 7,435 | | (+/-)% | -5.1% | -6.0% | 2.7% | 4.7% | 4.3% | | 净利润（归母） | 749 | 542 | 562 | 599 | 641 | | (+/-)% | -6.5% | -27.6% | 3.7% | 6.6% | 6.9% | | 每股净收益（元） | 0.85 | 0.62 | 0.64 | 0.68 | 0.73 | | 净资产收益率(%) | 17.3% | 12.3% | 12.0% | 12.0% | ...

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company achieved stable performance in 2024, focusing on the development of nuts and sunflower seeds, with strong performance in overseas and direct sales channels. However, the profitability faced significant pressure in Q1 2025, awaiting recovery in subsequent periods [2][10] - The company reported a revenue of 71.31 billion yuan in 2024, a year-on-year increase of 4.79%, with a gross margin rising by 2.02 percentage points to 28.78% [10] - The report revises the EPS forecast for 2025 and 2026 to 1.25 yuan and 1.71 yuan respectively, with a new forecast for 2027 EPS at 1.93 yuan [10] Financial Summary - Revenue for 2023 was 68.06 billion yuan, with a projected increase to 71.31 billion yuan in 2024, and further growth expected in subsequent years [4] - Net profit attributable to the parent company for 2023 was 803 million yuan, with a forecasted decline to 630 million yuan in 2025, followed by recovery to 975 million yuan in 2027 [4] - The company’s net asset return rate is projected to be 14.5% in 2023, increasing to 15.5% by 2027 [4] Market Data - The company's stock price has fluctuated between 23.89 yuan and 37.50 yuan over the past 52 weeks, with a total market capitalization of 12.085 billion yuan [5] - The report indicates a current price of 23.89 yuan, with a target price set at 28.13 yuan per share [10] Sales Performance - The company’s sales in the sunflower seed segment reached 4.38 billion yuan in 2024, with a year-on-year increase of 2.60%, while the nut segment achieved 1.924 billion yuan, up 9.74% [10] - Direct sales channels showed a significant increase of 38.29% year-on-year, contributing 1.462 billion yuan to revenue [10]

报告构建了消费金融行业研究框架，从行业概览、需求端、供给端、收入端和费用端等方面进行分析，探讨行业发展趋势、商业模式及风险因素。 1. 行业概览和监管历程：消费金融广义涵盖多种消费贷款，狭义剔除房贷，包括汽车金融等。行业发展历经线下展业、试点发展、整顿改革和常态化监管阶 段，现行政策聚焦扩大消费信贷供给等。监管政策形成全链条体系，《消费金融公司管理办法》等对行业准入、业务规范等进行明确，互联网金融业务全面 纳入牌照监管，推动行业从"规模驱动"转向"质量驱动" 。 5. 费用端： 成本包括获客、资金、信用和运营成本。获客成本与场景、生态、流量转化相关，线上第三方引流放款主导，获客策略多元化、合规化。融资 成本方面，消费金融公司构建双轮驱动融资体系，融资渠道多元。信用成本受风控能力影响，Vintage逾期率是重要风险指标，能评估资产质量、调整信贷 策略。"断直连"后，助贷、征信和金融机构形成新的放款模式和风险共担机制 。 CHD 中信建投证券 证券研究报告·深度报告 消费金融行业研究框架 | 首席分析师: 赵然 | 分析师:李 | | --- | --- | | zhaoran@csc.com.cn | lizi ...

Report Information - Report Title: Weekly Report on Basic Chemical Industry: Continuous Increase in Urea Price [1] - Report Date: March 30, 2025 [1] - Analyst: Chen Shuxian, CFA [1] - Research Assistant: Zhou Shaowen [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The report presents the weekly data of the basic chemical industry, including the price and profit changes of various chemical products, as well as the performance of related listed companies [2][8][10] Summary by Directory 1. Basic Chemical Weekly Data Briefing - **Related Company Performance** - The basic chemical index had a 0.0% change in the past week, 0.9% in the past month, 2.8% in the past three months, 9.6% in the past year, and 5.3% since the beginning of 2025 [8] - Among related companies, Satellite Chemical had a significant increase in stock price, with a 7.2% increase in the past week, 6.8% in the past month, 23.9% in the past three months, and 38.1% in the past year [8] - The report also provides the profit tracking data of related companies, including total market value, net profit attributable to the parent company, PE, and PB [8] - **Polyurethane Industry Chain** - The average prices of pure MDI, polymer MDI, and TDI this week were 17,870 yuan/ton, 16,280 yuan/ton, and 11,983 yuan/ton respectively, with a week-on-week change of -170 yuan/ton, -420 yuan/ton, and +18 yuan/ton [2][8] - The corresponding gross profits were 3,971 yuan/ton, 3,407 yuan/ton, and 199 yuan/ton, with a week-on-week change of -100 yuan/ton, -336 yuan/ton, and -44 yuan/ton [2][8] - **Oil, Gas, and Olefin Industry Chain** - The average prices of ethane, propane, steam coal, and naphtha this week were 1,531 yuan/ton, 4,523 yuan/ton, 540 yuan/ton, and 4,593 yuan/ton respectively, with a week-on-week change of -34 yuan/ton, +165 yuan/ton, +0 yuan/ton, and +35 yuan/ton [2][8] - The theoretical profits of ethylene production from ethane cracking, CTO, and naphtha cracking were 1,162 yuan/ton, 2,055 yuan/ton, and -197 yuan/ton respectively, with a week-on-week change of +76 yuan/ton, +47 yuan/ton, and -4 yuan/ton [2][8] - The theoretical profits of propylene production from PDH, CTO, and naphtha cracking were -333 yuan/ton, 1,610 yuan/ton, and -453 yuan/ton respectively, with a week-on-week change of -159 yuan/ton, +0 yuan/ton, and -49 yuan/ton [2][8] - **Coal Chemical Industry Chain** - The average prices of synthetic ammonia, urea, DMF, and acetic acid this week were 2,671 yuan/ton, 1,905 yuan/ton, 4,150 yuan/ton, and 2,642 yuan/ton respectively, with a week-on-week change of -29 yuan/ton, +64 yuan/ton, +110 yuan/ton, and -25 yuan/ton [2][10] - The corresponding gross profits were 725 yuan/ton, 218 yuan/ton, -291 yuan/ton, and 12 yuan/ton, with a week-on-week change of +50 yuan/ton, +68 yuan/ton, +213 yuan/ton, and -28 yuan/ton [2][10] 2. Basic Chemical Weekly Report - **2.1 Basic Chemical Index Trend** - Not provided in the report - **2.2 Polyurethane Sector** - The report shows the price and profit trends of pure MDI, polymer MDI, and TDI [2][8] - **2.3 Oil, Gas, and Olefin Sector** - It presents the price trends of raw materials such as ethane, propane, and naphtha, as well as the profit comparison of different production processes [2][8] - **2.4 Coal Chemical Sector** - The report shows the price and profit trends of coal chemical products such as synthetic ammonia, urea, and DMF [2][10]

在外人看来，投行是一个非常令人向往的行业。然而，只有真正在投行里爬摸滚打过的人才知道，干投 行其实是件苦力活， 不仅压力大、强度大、挑战大，而且需要法律、财务、业务全方位发展，非常不容 易。 特别对于投行新人来说，如果没有靠谱的前辈领路，很难快速找到适合自己的成长路径，基本要在繁琐 的基础工作中耗费几年光阴。 为了帮助投行新人或者想要进入投行的其他人士详细了解投行的工作内容、知识框架、专业技能等，我 们 上线了 —— 投行成长学习包 学习包内容 1.纸质资料《投行成长笔记》 ▲点击图片可放大▲ 第一、二章主要介绍了我们入职投行前需要知道的基本事项，包括投行具体部门的划分、监管法规体 系、职业基本技能、具体项目分类、日常工作内容、人员来源和未来转型、行业未来趋势等。 2.线上课程《如何评估企业上市可行性》 3.梧桐定制笔记本1个 投行成长学习包 扫码领券，立减 30元 /套 《投行成长笔记》共有312页、12多万字、9个章节。 内容很实在，既介绍了 投行的职业规划和行业情况， 也讲解了 行研、尽调、财务、估值、承揽 等投行 人必备的工作技能，此外，还针对IPO业务，补充了 当前上市审核的关注重点和企业各部门在I ...