查看完整报告 特别申明： 点击注册小程序 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。 今 日 聚 焦 （孙伟风/陈奇凡） 2025-05-056 【农林牧渔】养殖业绩持续高增，后周期板块回暖——光大证券农林牧渔行业2024年报暨2025一季报总结 生猪养殖板块，结合前期新生仔猪量来看，25年商品猪出栏压力较大。节奏上，当前均重已处于偏高水 平，5月有望迎来库存拐点，届时板块有望开启去产能交易。 24年生猪养殖业绩景气高增，25Q1盈利仍可 观。 （李晓渊） 2025-05-05 您可点击今日推送内容的第1条查看 【安道麦A（000553.SZ）】25Q1扭亏为盈，行业景气回升可期——2025一季报点评 2025Q1，公司单季度实现营收71.73亿元，同比减少4.48%；实现归母净利润1.51亿元，同比扭亏为盈。 2025 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance as domestic offshore wind construction is expected to accelerate [4]. Core Views - The company reported a significant improvement in gross margin in Q1 2025, with a year-on-year increase of 10.00 percentage points to 15.05% [3]. - The company’s revenue for 2024 was 1.355 billion yuan, a decrease of 19.63% year-on-year, but it turned a profit with a net profit of 66 million yuan [1][2]. - The offshore wind construction is anticipated to ramp up in 2025-2026, providing strong momentum for the company's performance recovery [3]. Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 1.355 billion yuan, down 19.63% year-on-year, while net profit was 66 million yuan, recovering from a loss [1]. - For Q1 2025, the company reported operating revenue of 436 million yuan, a year-on-year increase of 251.50% and a quarter-on-quarter increase of 48.63% [1]. Business Segments - The pile foundation business generated revenue of 854 million yuan in 2024, down 22.67%, with a gross margin decline of 6.03 percentage points to 4.29% [2]. - The wind tower segment saw revenue of 320 million yuan, a decrease of 18.71%, but with a gross margin increase of 4.38 percentage points to 7.90% [2]. - The jacket structure segment achieved revenue of 138 million yuan, up 6.82%, with a gross margin increase of 10.28 percentage points to 4.79% [2]. Future Outlook - The report forecasts that the company will achieve net profits of 668 million yuan, 884 million yuan, and 1.113 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 3.07, 4.07, and 5.12 yuan [4][5]. - The company is actively expanding its production capacity and planning new export bases to enhance its market presence [3].

Core Viewpoint - The wind power sector is experiencing a significant upward trend in demand and profitability, with a notable performance turnaround in Q1 2025, indicating a potential industry inflection point [1][2]. Group 1: Industry Performance - In Q1 2025, new wind turbine tenders reached 28.6 GW, a year-on-year increase of 23%, reflecting sustained high demand [1][2]. - The wind power equipment sector achieved revenues of 37.2 billion yuan in Q1 2025, up 15.4% year-on-year, and a net profit attributable to shareholders of 1.25 billion yuan, an increase of 2.8%, marking the first positive year-on-year growth in net profit for Q1 in three years [1][2]. - The overall industry is expected to see a revenue of 192 billion yuan in 2024, a decrease of 3.5% year-on-year, and a net profit of 5.75 billion yuan, down 26.6% year-on-year, indicating a challenging year ahead despite the positive Q1 performance [2]. Group 2: Manufacturing and Profitability - The profitability of the complete machine manufacturing segment is stabilizing, with a slowdown in power station transfers impacting earnings, highlighting the growing importance of manufacturing profitability [2]. - The average sales price of wind turbines for leading companies is projected to decrease to 1,550 yuan/kW in 2024, with limited further decline expected [2]. - The first quarter of 2025 saw a significant recovery in the performance of casting and forging companies, driven by revenue structure adjustments and fixed cost amortization during a traditionally low-demand season [3]. Group 3: Investment Recommendations - The industry is expected to continue its upward trajectory in revenue and profitability, with key recommendations focusing on companies benefiting from domestic price stabilization and increased revenue from offshore projects, such as Goldwind Technology, Yunda Co., and Mingyang Smart Energy [4]. - Companies in the subsea cable and foundation segments, like Dongfang Cable and Haile Wind Power, are also recommended due to their potential for profit growth driven by high demand [4]. - The casting and blade segments, including Jinlei Co. and Riyue Co., are highlighted for their significant performance elasticity due to supply-demand tightness and price increases [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is a leader in wind power aerial work equipment, holding the top market share in the wind power segment. The continuous release of domestic wind power projects is expected to drive growth in the supply chain, significantly benefiting the company. Additionally, with controllable expenses and the expansion into non-wind power businesses, the company's profitability is anticipated to continue improving [2][4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.299 billion yuan, representing an 18% year-on-year increase. The net profit attributable to shareholders was 315 million yuan, up 52% year-on-year. In Q4 2024, revenue was 365 million yuan, down 10% year-on-year, and net profit was 77 million yuan, down 13% year-on-year. In Q1 2025, revenue reached 317 million yuan, a 32% increase year-on-year, with net profit at 99 million yuan, up 69% year-on-year [4]. Business Segments - Wind power sales accounted for 97% of the company's main business revenue in 2024, totaling 1.25 billion yuan. The company is actively expanding into international markets and focusing on steady growth in its core business. Non-wind power sales were 35 million yuan, making up 3% of main business revenue. The company is also innovating in non-wind sectors, including industrial and construction lifting equipment and safety protection products [9]. Cost Management - The company has shown significant cost control, with a decrease in sales, management, and R&D expenses in 2024. Total expenses for sales, management, and R&D were 127 million, 118 million, and 85 million yuan respectively, with a combined year-on-year growth of only 0.7%. The expense ratio dropped to 25.4%, a decrease of 4.2 percentage points year-on-year. The net profit margin in Q1 2025 reached 31.1%, an increase of approximately 7 percentage points year-on-year and 10 percentage points quarter-on-quarter [9]. International Expansion - The company is enhancing its international presence, having established wholly-owned subsidiaries in the USA, Germany, India, Japan, and Brazil. It has a dedicated overseas sales team and local teams in key regions to meet global customer needs. In 2024, overseas business revenue was 650 million yuan, a year-on-year increase of 19.1%, accounting for 50% of the company's main business revenue [9]. Future Outlook - The company is expected to achieve net profits of 400 million yuan and 480 million yuan in 2025 and 2026, respectively, corresponding to a price-to-earnings ratio of 14 and 11 times [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth in Q1, with a year-on-year increase of 86.4% [7] - The company is expected to reach a profit turning point due to the ongoing development of wind farms and the tight supply of large wind power castings [7] - The profit forecast for 2025 and 2026 has been raised, with expected net profits of 9.0 billion and 10.6 billion respectively, reflecting a year-on-year growth of 45.0% and 16.7% [7] Financial Summary - Total revenue for 2024 is projected at 46.96 billion, with a year-on-year growth of 0.87% [8] - The net profit attributable to the parent company for 2024 is expected to be 6.24 billion, representing a year-on-year increase of 29.55% [8] - The earnings per share (EPS) for 2025 is estimated at 0.88 yuan, with a corresponding P/E ratio of 13.55 [8] - The company's gross margin for 2024 is forecasted to be 17.34%, with a net profit margin of 13.28% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue growth in Q1, with a year-on-year increase of 86.4% [7] - The company is expected to reach a profit turning point due to the ongoing development and transfer of wind farms, which will contribute to investment returns in the next 2-3 years [7] - The forecast for net profit attributable to shareholders is adjusted upwards for 2025 and 2026, with expected figures of 900 million and 1.06 billion respectively, reflecting a year-on-year growth of 45% and 16.7% [7] Financial Summary - Total revenue for 2024 is projected at 4.696 billion, with a year-on-year growth of 0.87% [1] - Net profit attributable to shareholders for 2024 is forecasted at 623.81 million, representing a year-on-year increase of 29.55% [1] - The earnings per share (EPS) for 2024 is estimated at 0.61 yuan, with a price-to-earnings (P/E) ratio of 19.64 [1] - The company’s gross margin for 2024 is expected to be 17.34%, with a net profit margin of 13.28% [8] - The company’s total assets are projected to reach 13.679 billion by 2024, with total liabilities of 3.461 billion [8]

A股公司2024年年报披露基本完毕。据证券时报记者统计，截至4月29日19时，已披露年报的上市公司近5300家。上 述公司合计实现营业收入70.6万亿元，合计实现归母净利润5.25万亿元。近六成A股公司营收保持增长，近八成公司 盈利，净利润超过千亿元的企业增至10家，营收超千亿元的企业达到117家创出新高。 2024年，智能网联汽车、低空经济、人工智能、人形机器人行业蓬勃发展，半导体、计算机设备等板块增收又增 利。如从事高性能光模块业务的新易盛去年营收达到86.5亿元，同比大增179%；实现归母净利润28.4亿元，同比大 增312%。 畜牧养殖、乘用车等板块收入利润增速也居前列。养殖行业迎来显著回暖，相关企业大面积扭亏。Wind数据统计显 示，申万二级行业中，养殖业去年净利润整体同比增长328%。不过，各行业表现依然分化明显，房地产、钢铁、煤 炭、纺织服装等板块整体收入同比有所下滑。 截至记者发稿，逾5100家A股公司披露了2025年一季报，其中，超六成企业一季度营收实现增长。进入今年一季度， 多个行业经营再上新台阶，也有部分行业经营下滑趋势得到扭转。如去年下滑明显的影视院线行业，今年一季度业 绩大幅回暖。风 ...

截至记者发稿，逾5100家A股公司披露了2025年一季报，其中，超六成企业一季度营收实现增长。进入 今年一季度，多个行业经营再上新台阶，也有部分行业经营下滑趋势得到扭转。如去年下滑明显的影视 院线行业，今年一季度业绩大幅回暖。风电设备行业去年净利润下滑逾20%，但随着去年四季度风电单 价探底回升，风电设备需求迎来高增长。今年一季度，该板块营收同比增长超36%，净利润同比增长近 23%。行业龙头金风科技单季营收逼近百亿元。 去年，比亚迪以542亿元的研发投入，成为A股新的研发投入冠军。在研发投入强度方面，排名前20中 科创板公司占据19席，创新药企业"霸榜"。 在一系列政策的支持和引导下，去年A股公司增持、回购、分红积极性显著提升。截至记者发稿，已有 3550家上市公司披露2024年年度现金分红方案，占比近七成，分红总金额1.59万亿元。统计显示，2024 年，A股公司分红频率明显提升，三七互娱、雅戈尔、玲珑轮胎等公司一年分红达到4次，另有59家公 司一年实施3次分红。 （文章来源：证券时报） A股公司2024年年报披露基本完毕。据证券时报记者统计，截至4月29日19时，已披露年报的上市公司 近5300家。上述 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the stock will outperform the market index by more than 15% over the next six months [2][8]. Core Insights - The company's wind turbine business shows improved profitability, with a record high backlog of orders. The 2024 annual report and the 2025 Q1 report highlight significant growth in revenue and net profit [2][6]. - In 2024, the company achieved a revenue of 566.99 billion yuan, a year-on-year increase of 12.37%, and a net profit attributable to shareholders of 18.60 billion yuan, up 39.78% year-on-year. For Q1 2025, revenue reached 94.72 billion yuan, reflecting a 35.72% year-on-year growth, with net profit increasing by 70.84% to 5.68 billion yuan [6][9]. - The company's gross margin for 2024 was 13.80%, a decrease of 3.34 percentage points, while the net margin improved by 0.25 percentage points to 3.27% [6]. Summary by Sections Financial Performance - The company reported a total revenue of 566.99 billion yuan in 2024, with a net profit of 18.60 billion yuan, and for Q1 2025, revenue was 94.72 billion yuan with a net profit of 5.68 billion yuan [6][9]. - The gross margin for 2024 was 13.80%, and the net margin was 3.27% [6]. Order Backlog and Sales - The company achieved a record high order backlog of 47.4 GW by the end of 2024, with external orders accounting for approximately 45.1 GW [6]. - The sales of wind turbines and components contributed 68.65% to total revenue in 2024, with a significant increase in the sales capacity of large wind turbines [6]. International Business and R&D - The international business generated revenue of 120.08 billion yuan in 2024, a year-on-year increase of 53.14%, with a gross margin of 13.84% [6]. - R&D investment reached 28.03 billion yuan in 2024, representing 4.94% of total revenue, aimed at enhancing technological and product competitiveness [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for 2024 is projected to be 17.79 billion yuan, representing a year-on-year growth of 19.1%, while the net profit attributable to shareholders is expected to decline by 9.7% to 1.81 billion yuan [8] - The gross margin for 2024 is forecasted at 16.9%, a slight decrease of 0.1 percentage points year-on-year [8] - The company has achieved record high domestic new orders exceeding 20GW in 2024, with nearly 2GW of new project contracts signed overseas [8] - The company anticipates an improvement in wind turbine gross margins in the coming quarters due to increased shipment proportions of new models and cost reductions in the supply chain [8] Financial Projections - Total revenue projections for the company are as follows: - 2023: 14.939 billion yuan - 2024: 17.792 billion yuan - 2025: 21.474 billion yuan - 2026: 25.459 billion yuan - 2027: 28.769 billion yuan - Net profit attributable to shareholders is projected to be: - 2023: 2.007 billion yuan - 2024: 1.812 billion yuan - 2025: 2.125 billion yuan - 2026: 2.658 billion yuan - 2027: 3.162 billion yuan - The earnings per share (EPS) estimates are: - 2023: 1.64 yuan - 2024: 1.48 yuan - 2025: 1.73 yuan - 2026: 2.17 yuan - 2027: 2.58 yuan [1][9]