点击注册小程序 特别申明： 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： 2024年，公司实现营业收入777.73亿元，同比+6.22%；实现归母净利润59.75亿元，同比+31.98%；实现扣 非归母净利润53.34亿元，同比+21.55%。 收入实现稳定增长，盈利能力提升，经营现金流显著改善 24年，公司国内、海外业务营收分别为273.18、485.13亿元，同比-3.35%、+12.15%。公司经营现金流显 著改善，经营活动现金净流入148.14亿元，同比大增159.53%。伴随国内外市场结构及产品结构改善、降 本增效措施推进，公司盈利能力实现提升，销售毛利率、净利率分别为26.43%、7.83%，同比-1.28pcts、 +1.54pcts。此外，公司拟向全体股东每10股派发现金红利3.6元（含税 ...

Core Viewpoint - Yongmaotai is expanding its international presence by establishing a subsidiary in Indonesia to invest in a lightweight automotive parts precision processing production line, with a total investment of $50 million, aiming to produce approximately 5 million turbocharger housings annually [1][2]. Group 1: Investment and Expansion - The company plans to set up a wholly-owned subsidiary in Singapore through its subsidiary Anhui Yongmaotai Automotive Parts Co., Ltd. to facilitate the investment in Indonesia [1]. - The investment aims to transition from exporting parts to establishing overseas production capacity, reducing the impact of international trade policy changes on the company's supply chain [1][2]. - The new project will enhance the company's overseas market expansion and solidify relationships with international clients [1][2]. Group 2: Financial Performance - In 2024, the company reported a revenue of 4.1 billion yuan, a year-on-year increase of 15.9%, and a net profit of 37.51 million yuan, up 21.3% [2]. - The company's main product sales and revenue indicators reached historical highs, with a non-recurring net profit of 23.22 million yuan, reflecting a growth of 35.1% [2]. Group 3: Product Development and Market Strategy - Yongmaotai is actively exploring the application of aluminum alloy products in the robotics sector, collaborating with clients to develop related components [3]. - The company aims to become a quality supplier in the robotics parts industry by 2025, targeting the growing market demand [3]. - Additionally, there will be an increased focus on magnesium alloy materials, with efforts to enhance melting and forming processes while expanding the customer base [3].

持续推进区域化临床设计，例如汉斯状在美国和日本分别开展专门的桥接试验。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO早知道消息， 4月15日， 在 复宏汉霖举办 的 2025年"聚·创"全球研发日（R&D Day）活动 中，公司 管理层与来自业界的顶级专家学者、创新研发负责人 就 创新研发领域的最新进展、 国际 化等 未来战略规划以及前沿 领域布局等进行了深入探讨。 复宏汉霖执行董事、首席执行官朱俊博士表示： "复宏汉霖始终践行'以患者为中心'的核心理念，以 创新研发持续强化差异化竞争优势。公司持续推进H药 汉斯状、抗HER2单抗HLX22、PD-L1 ADC HLX43等核心创新产品的开发进程，有望革新肺癌和消化道肿瘤治疗格局。国际化布局方面，复宏 汉霖聚焦美国、欧盟、日本等关键市场，通过全产业链资源整合与国际合作深化，实现从产品出海到 全球价值链构建的战略跃升。 " 创新 HER2单抗及PD-L1 ADC的突破 在复宏汉霖的创新管线布局中， HLX22、HLX43等产品已进入临床后期阶段， 并已展现出 突破性 优势。 HLX43进入 II 期临床， HLX22联用 ...

4月15日晚，牧原食品股份有限公司（002714.SZ）发布公告称，为深入推进国际化战略，打造国际化资本运作平 台，公司拟发行境外上市外资股（H股）股票并在香港联交所主板挂牌上市。目前该公司董事会会议、监事会会 议已审议通过相关议案。 "当前公司海外业务团队正在熟悉当地市场及产业发展状况，将根据未来战略发展需求制定不同国家和地区的业务 发展方式及目标。牧原股份持续探索海外业务，拓宽公司发展空间，本次发行是出海战略的重要一步。"牧原股份 相关负责人接受《华夏时报》记者采访时表示。 对此，知名战略定位专家、福建华策品牌定位咨询创始人詹军豪接受《华夏时报》记者采访时表示，牧原股份赴 港上市意义重大。一方面，能拓宽融资渠道，引入国际资本，缓解资金压力，助力公司扩大生产规模、加大研发 投入；另一方面，可提升国际知名度，树立良好品牌形象，为国际化战略铺路。 "出海"有迹可循 据了解，牧原股份此次发行H股股票所得的募集资金在扣除发行费用后，将用于进一步推进国际化战略、研发创 新及公司运营等用途。 公告显示，牧原股份本次发行的H股股数不超过本次发行后公司总股本的8%（超额配售权行使前），并授予整体 协调人不超过前述发行的H股 ...

Core Viewpoint - Muyuan Foods (牧原股份) is seeking to list H-shares on the Hong Kong Stock Exchange to advance its international strategy and capital operations after terminating its listing on the Swiss Stock Exchange a year and a half ago [2][5]. Group 1: Company Overview - Founded in 1992, Muyuan Foods was listed on the Shenzhen Stock Exchange in 2014 and has developed a comprehensive pork industry chain that includes feed processing, pig breeding, pig farming, and slaughtering [4]. - The company aims to address urgent needs in the pig farming industry in Vietnam and Southeast Asia, focusing on disease prevention, farm renovation, hardware upgrades, and biosecurity systems [2][6]. Group 2: Financial Performance - In 2024, Muyuan Foods achieved a revenue of 137.947 billion yuan, representing a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, a significant increase of 519.42% compared to the previous year [10][11]. - The company reported a total pig output of 71.602 million heads in 2024, with an average breeding cost of approximately 14 yuan per kilogram [11]. - Since its listing, the company's revenue has grown approximately 52 times and net profit has increased about 222 times from 2014 [3][11]. Group 3: Future Projections - Muyuan Foods aims to reduce its average breeding cost to 12 yuan per kilogram by 2025, with a current cost of 12.5 yuan per kilogram as of March 2025 [12][15]. - The company expects to report a net profit of 4.5 to 5 billion yuan in the first quarter of 2025, a turnaround from a loss of 2.459 billion yuan in the same period last year [13].

4月15日晚间，"猪茅"牧原股份（002714.SZ）发布公告称，公司拟发行境外上市外资股（H股）并在香 港联合交易所主板挂牌上市。此举标志着，这家市值超2200亿元的A股巨头正式启动国际化资本运作。 | 证券代码:002714 | 证券简称:牧原股份 | 公告编号:2025-031 | | --- | --- | --- | | 债券代码:127045 | 债券简称:牧原转债 | | 牧原股份有关负责人回应南都·湾财社记者称，希望借助香港全球金融中心地位，打造国际化资本运作 平台，丰富融资渠道和工具，推进公司国际化战略布局、提升企业形象及国际知名度，招揽更多国际人 才，加速海外团队建设，加强与境外资本市场对接。 近年来，牧原股份已通过技术输出、合资建厂等方式布局海外市场。2024年9月，牧原与越南农业公司 BAF达成战略合作，为其提供猪场设计、生物安全等技术服务；2025年3月，子公司瑞谷国际在越南胡 志明市设立全资子公司，进一步深耕东南亚市场。 东南亚地区因其旺盛的猪肉需求成为牧原的重点目标。据媒体此前报道，越南是东南亚国家肉食消费中 猪肉占比较高的国家，越南猪肉产量占牲畜肉类总产量的60%左右，每年的生 ...

2025年4月15日晚间，牧原股份（002714.SZ）发布公告称，拟发行境外上市外资股（H股）并在香港联 交所主板挂牌上市，成为继A股上市后资本市场布局的又一重要举措。此次H股发行规模预计不超过总 股本的8%（超额配售权行使前），并可能额外增发15%的股份，募集资金将用于推进国际化战略、研 发创新及公司运营等领域。公司表示将结合市场环境及监管审批进展择机推进，上市计划需获股东大会 及境内外监管部门批准，最终实施仍存不确定性。 此次赴港上市被视为牧原股份国际化战略的核心一环。2024年，公司已与越南BAF公司达成合作，输出 养猪技术及管理方案，并在东南亚市场积累经验。H股平台不仅可拓宽融资渠道，更利于对接国际资 本，强化全球资源整合能力。盘古智库研究员余丰慧指出，此举既能响应国家支持香港金融中心的政策 导向，也可通过技术输出提升国际竞争力。 行业周期与风险提示 现金流与财务结构双重改善 牧原股份的财务健康度显著提升，2024年经营活动现金流净额同比激增279.50%至375.43亿元，创历史 新高，资产负债率下降3.43个百分点至58.68%。这一优化得益于固定资产折旧（141.61亿元）首超资本 开支（12 ...

Summary of JinTian Co., Ltd. Conference Call Company Overview - JinTian Co., Ltd. reported a main business revenue of 112.99 billion yuan, a year-on-year increase of 11% [2][3] - The total sales volume of core materials reached 1.8144 million tons, consolidating its leading scale advantage [2][3] - The company occupies 9% of China's comprehensive copper processing material production, becoming the largest producer of copper and copper alloy new materials in the country [2][4] Key Points and Arguments Internationalization Strategy - JinTian has established 16 overseas subsidiaries in Germany, Japan, Thailand, and Vietnam, with overseas assets growing to 12.1 billion yuan, a 26% increase year-on-year [2][5] - Overseas sales reached 169,900 tons, a year-on-year increase of 20.58%, with overseas revenue averaging nearly three times the domestic revenue [2][5] - The company plans to increase the proportion of overseas revenue from approximately 10% to 20% in the coming years, significantly enhancing overall profit margins [3][12] Focus on Emerging Industries - The company is focusing on strategic emerging industries such as new energy vehicles and clean energy, with related product sales reaching 205,900 tons, a 13% year-on-year increase [2][6] - JinTian has become the world's first supplier of 1,000-volt drive motor wires, maintaining a competitive advantage in flat wire materials and import substitution capabilities [2][6] Recycling and Green Initiatives - JinTian is one of the largest users of recycled copper in China, establishing a comprehensive product matrix for recycled copper, including copper rods, electronic wires, and copper tubes [2][7] - The company has formed partnerships with world-class clients, with processing costs for recycled materials exceeding 10,000 yuan, three times higher than for primary materials [2][11] Product and Customer Upgrades - The company is upgrading its product offerings and eliminating low-margin customers to improve quality and efficiency [3][9] - In 2024, the company’s operational performance showed a significant recovery, with an increase in the proportion of exports exceeding 20% [3][9] Market Challenges and Responses - JinTian is monitoring the impact of the US-China tariff disputes on downstream industries, with new capacities in Vietnam and Thailand expected to alleviate some tariff pressures [3][15] - The company has ceased using materials sourced from the US, mitigating potential impacts from trade tensions [3][16] Future Development Directions - JinTian aims to transition from scale to quality improvement by 2025, focusing on internationalization and emerging strategic fields [2][8] - The company plans to enhance its sales, production, and procurement capabilities to provide good returns to investors [2][8] Financial Outlook - The company expects revenue and profit margins to improve in 2025, despite uncertainties from the US-China trade relations [3][14] - The overall profit and net profit are anticipated to steadily increase, even if production volume does not show significant growth [3][13] Additional Important Information - The company is actively expanding its production capacity in Vietnam and Thailand, with projects expected to contribute to output in 2026 [3][17] - The renewable energy sector, including photovoltaic and wind power, has seen a 9% year-on-year decline in sales, indicating a need for strategic adjustments [3][18] - JinTian's metal materials export ratio has decreased from over 50% to about 20%, with major export regions being Europe and Russia [3][27] This summary encapsulates the key insights from JinTian Co., Ltd.'s conference call, highlighting its strategic initiatives, market positioning, and financial outlook.

4月15日，国内生猪养殖行业龙头牧原股份（002714）发布系列公告，宣布拟发行H股股票并在香港联 合交易所上市。 公告显示，牧原股份本次发行的H股股数不超过本次发行后公司总股本的8%(超额配售权行使前)，并授 予整体协调人不超过前述发行的H股股数15%的超额配售权。公司将选择适当的时机和发行窗口完成本 次H股上市，具体发行时间将由股东大会授权董事会及其授权人士根据国际资本市场状况和境内外监管 部门审批、备案进展情况及其他相关情况决定。 今年以来，牧原股份持续探索海外业务，拓宽公司发展空间，而本次发行H股即是其出海战略的重要一 步。15日晚间公告中牧原股份也表示，本次募集资金将用于(包括但不限于)进一步推进国际化战略、研 发创新及公司运营等用途。 据此前公开信息，早在2024年，牧原就与越南本土养殖公司BAF达成合作协议，为其提供养猪技术服务 方案、硬件支持、人员培训等，致力于提升越南当地生猪养殖企业的养殖水平和管理能力。 近期牧原股份也曾披露，为推进公司国际化进程，支撑海外业务布局，子公司瑞谷国际农产有限公司投 资设立境外全资子公司越南牧原有限公司，主要经营业务为提供生猪养殖方面的技术服务、智能化养殖 设备 ...

Group 1 - The core point of the article is that Muyuan Foods has announced its plan to launch an IPO in Hong Kong, aiming to enhance its international strategy and expand future growth opportunities [1][3][5] - The company plans to issue H-shares not exceeding 8% of its total share capital post-issuance, with an overallotment option of up to 15% [1][3] - The funds raised from the IPO will be used to further advance the company's international strategy, research and development, and operational purposes [3][5] Group 2 - Muyuan Foods has been actively exploring overseas markets, particularly in Vietnam, where it has established a wholly-owned subsidiary and signed strategic cooperation agreements [2][4] - The company has a significant market presence in China, accounting for over 10% of the national pig output, and is shifting its operational strategy towards internal optimization [5] - In 2024, Muyuan Foods plans to slaughter approximately 71.6 million pigs, with projections for 2025 ranging from 72 million to 78 million [5] Group 3 - The demand for pork in Southeast Asia, particularly in Vietnam, is robust, with pork accounting for 62.1% of the total livestock meat production [6] - The population of Vietnam reached 100.3 million in 2023, indicating a strong market potential for pork products [6]