投资咨询业务资格:证监许可【2012】31号 | | C | | C | | | C | | | | C 宏观金融数据日报 | | 国贸期货研究院 宏观金融研究中心 郑雨婷 | | 期货执业证号:F3074875; 投资咨询证号: Z0017779 | | | 2025/4/30 | | --- | --- | --- | --- | --- | --- | --- | | | 品种 | 收盘价 | 较前一日变动 (bp) | 品种 | 收盘价 | 较前一日变 动(bp) | | | DRO01 | 1.54 | -5.09 | DR007 | 1.78 | 3.35 | | | GC001 | 1.61 | -28.50 | GC007 | 1.68 | -17.00 | | CCC | SHBOR 3M | 1.75 | 0.00 | LPR 5年 | 3.60 | 0.00 | | I | 1年期国债 | 1.46 | -0.50 | 5年期国债 | 1.51 | -2.00 | | 1 | 10年期国债 | 1.62 | -2.35 | 10年期美债 | 4.23 | -6.00 | | 品种 | 收 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11][28] Core Views - The company achieved a net profit attributable to shareholders of 246 million yuan in 2024, representing a year-on-year growth of 27%. In the first quarter of 2025, the net profit reached 81.4 million yuan, a significant increase of 52% [1][13] - The company’s revenue for 2024 was 1.152 billion yuan, up 32.64% year-on-year, with a gross profit margin of 33.65% [1][12] - The company is expanding its production capacity with new projects, including a 30,000-ton dietary fiber project and a 15,000-ton crystalline fructose project, which are expected to contribute to sustained revenue and profit growth [1][11][28] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.152 billion yuan, a 32.64% increase year-on-year, and a net profit of 246 million yuan, up 27.26% [1][12] - For Q1 2025, the company achieved revenue of 313 million yuan, a 24.27% increase year-on-year, and a net profit of 81.4 million yuan, reflecting a 52.06% growth [1][13] - The gross profit margin for 2024 was 33.65%, while for Q1 2025, it improved to 39.74% [1][13] Business Segments - The company’s main business segments include prebiotics, dietary fibers, healthy sweeteners, and other starch sugars. In 2024, the prebiotics segment generated 322 million yuan in revenue, a 25.43% increase, while the dietary fiber segment saw revenue of 624 million yuan, up 40.42% [2][21] - The healthy sweeteners segment, driven by increased demand for allulose in overseas markets, generated 156 million yuan, a 13.85% increase, with allulose accounting for 14.12% of total revenue [2][21] Expansion Projects - The company is actively advancing its "Functional Sugar Drying Expansion Project" and "Thailand Health Project," which are expected to enhance profitability. The functional sugar project aims to increase production capacity for isomaltulose and other products [3][25][26] - The Thailand production base project is in the planning stage and is expected to start construction in the second or third quarter of 2025, aiming to produce 12,000 tons of crystalline allulose and 7,000 tons of liquid allulose annually [4][26] Market Outlook - The global market for allulose has grown from 33 million USD in 2019 to 173 million USD in 2023, with a compound annual growth rate of 33.26%. It is projected to reach 545 million USD by 2030 [9][27] - The approval process for allulose as a new food ingredient in China is progressing, with significant policy support expected to boost the market further [9][27]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 ■ 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性 损益项目界定为经常性损益的项目的情形。 （三 ...

每经记者 吴永久 每经编辑 闫峰峰 4月的股市在今日收官，这也是五一假期前的最后一个交易日。在本月里，商业百货、环氧丙烷、电力股受到游资青睐，涨幅居前。其中，联合化学、国 芳集团、红宝丽涨幅位居前三名，本月涨幅分别为159%、117%、104%。 在每日经济新闻APP举办的掘金大赛中，第58期比赛于今日结束。其中冠军"每经网友84493"收益率45.25%，亚军"每经网友70369"收益率34.47%，季 军"八一哥龙虎榜"收益率30.88%。本期比赛共562名选手取得正收益，他们都将获得现金奖励。 从4月的月度积分王来看，选手"美工刀"以14分位居第一名，选手"小小天罡"以11分位居第二名，选手"每经网友84493"以10分位居第三名。根据比赛规 则，当月度总积分相同时，以当月最后一期比赛的收益率进行排名，前100名选手都将获得现金奖励。 如果您的税前获奖金额超出100元，则需要报税，需获奖用户提供真实姓名、身份证号和手机号等信息以便报税。本期比赛奖励将于5月6日发放，恭喜大 家获奖。奖励查询方式：在每日经济新闻APP的主页上，点击右上角的"个人中心"（右上角头像），在"我的钱包"就可查询奖励，支付宝提现。 ...

Group 1 - The stock of Chenghe Technology (688625) has a comprehensive score of 53.15, indicating a strong performance [1] - The main cost analysis shows the following prices: current main cost at 49.40 yuan, 5-day main cost at 48.70 yuan, 20-day main cost at 49.24 yuan, and 60-day main cost at 41.79 yuan [1][2] - There have been no instances of the stock hitting the upper or lower limits in the past year [1] Group 2 - The short-term pressure level is at 50.50 yuan, while the short-term support level is at 47.58 yuan [2] - The financial data reveals earnings per share of 0.53 yuan, operating profit of 0.83 billion yuan, and a net profit of 71,464,345.04 yuan [3] - The sales gross margin stands at 47.146% [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][11][28] Core Views - The company achieved a net profit attributable to shareholders of 246 million yuan in 2024, representing a year-on-year growth of 27%. In the first quarter of 2025, the net profit reached 81.4 million yuan, up 52% year-on-year [1][13] - The company’s revenue for 2024 was 1.152 billion yuan, a 32.64% increase compared to the previous year. In Q1 2025, revenue was 313 million yuan, growing 24.27% year-on-year [1][13] - The company is experiencing rapid growth in its dietary fiber and health sweetener segments, particularly with the increasing demand for resistant dextrin and polydextrose in the food and beverage industry [2][21] - The company is actively expanding its production capacity through projects such as the "Functional Sugar Drying Expansion Project" and the "Thailand Health Project," which are expected to enhance profitability in the future [3][26] Financial Performance Summary - In 2024, the company’s gross profit margin was 33.65%, an increase of 0.92 percentage points year-on-year, while the net profit margin was 21.33%, a decrease of 0.90 percentage points [1][13] - For Q1 2025, the gross profit margin improved to 39.74%, up 5.99 percentage points year-on-year, and the net profit margin increased to 25.99%, up 4.75 percentage points year-on-year [1][13] - The company’s revenue projections for 2025-2027 are 1.526 billion yuan, 1.829 billion yuan, and 2.140 billion yuan, respectively, with net profits expected to be 346 million yuan, 431 million yuan, and 503 million yuan [12][28] Business Segments Summary - The company’s main business segments include prebiotics, dietary fibers, health sweeteners, and other starch sugars. In 2024, the prebiotic segment generated 322 million yuan in revenue, a 25.43% increase, while the dietary fiber segment saw revenue of 624 million yuan, up 40.42% [2][21] - The health sweetener segment generated 156 million yuan in revenue, a 13.85% increase, with the contribution of allulose rising to 14.12% of total revenue, marking it as a significant source of income [2][21] - In Q1 2025, the prebiotic segment revenue was 85.8 million yuan, up 17.27%, while the dietary fiber segment revenue was 170 million yuan, up 25.40%. The allulose segment revenue surged to 49.8 million yuan, a remarkable increase of 105.31% [2][21] Future Growth Drivers - The company is investing in a new production base in Thailand, which is expected to enhance its brand, technology development, and market expansion capabilities, ultimately improving profitability and competitiveness [4][26] - The ongoing approval process for allulose in China and the steady growth of the overseas market are anticipated to further boost the company’s revenue and market presence [9][27]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][16] Core Views - The company is expected to see a recovery in performance due to the stabilization of its main business and a positive outlook for downstream demand, particularly in the construction sector [6][8] - The company achieved a revenue of 3.555 billion yuan in 2024, a slight decrease of 0.75% year-on-year, with a net profit attributable to shareholders of 96 million yuan, down 40.24% year-on-year [6][9] - In Q1 2025, the company reported a revenue of 682 million yuan, representing a year-on-year increase of 17.81%, and a net profit of 24 million yuan, up 15.36% year-on-year [6][9] Financial Performance Summary - The company's revenue and net profit forecasts for 2025-2027 are as follows: - 2025: Revenue of 3.839 billion yuan, net profit of 153 million yuan - 2026: Revenue of 4.247 billion yuan, net profit of 204 million yuan - 2027: Revenue of 4.963 billion yuan, net profit of 244 million yuan [6][9][11] - The earnings per share (EPS) for the same period are projected to be 0.35 yuan, 0.47 yuan, and 0.56 yuan respectively [6][9][11] Market and Product Insights - The company has seen a significant increase in the sales volume of high-performance water-reducing agents, with Q1 2025 sales up 27.68% year-on-year [7][8] - The company is expanding its market presence in domestic infrastructure projects and has established overseas subsidiaries in Singapore, the Philippines, and Saudi Arabia, enhancing its international footprint [8][9] Valuation Metrics - The current stock price of 7.92 yuan corresponds to a price-to-earnings (P/E) ratio of 22.4 for 2025, 16.8 for 2026, and 14.0 for 2027 [1][6][9] - The company's return on equity (ROE) is projected to improve from 3.6% in 2024 to 7.7% in 2027 [9][11][12]

4月30日，大庆华科今日收盘16.9元，上涨1.26%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到120.06倍，创19天以来新低，总市值21.91亿元。 从行业市盈率排名来看，公司所处的化学制品行业市盈率平均45.71倍，行业中值37.06倍，大庆华科排 名第152位。 截至2025年一季报，共有3家机构持仓大庆华科，其中其他3家，合计持股数8285.36万股，持股市值 14.06亿元。 大庆华科股份有限公司主营业务是石油化工产品的生产和销售，进出口业务及仓储保管服务等其它业 务。主要产品是C9系列石油树脂、C5系列石油树脂、精制乙腈、聚丙烯粉料、改性聚烯烃塑料等。公 司共获得国家专利13项，其中国家发明专利8项，已全部实现产业化，产品技术均处于国内领先水平， 公司C5石油树脂、C9石油树脂、加氢戊烯、精制乙腈、轻重芳烃等主要产品核心技术均为自有专利技 术，并实现产业化批量生产。 最新一期业绩显示，2025年一季报，公司实现营业收入5.02亿元，同比3.97%；净利润712.71万元，同 比93.95%，销售毛利率6.52%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)152大 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][5] Core Views - The company's main business is under pressure, but the COC (Cyclic Olefin Copolymer) industrialization is expected to take off, leading to a maintained "Buy" rating [4][5] - In 2024, the company achieved revenue of 466 million yuan, a year-on-year decrease of 13.14%, and a net profit attributable to shareholders of -19.65 million yuan, indicating a shift from profit to loss [4][5] - The first quarter of 2025 saw revenue of 106 million yuan, a year-on-year increase of 2.70%, but a net profit of -4.83 million yuan, again indicating a loss [4][5] - The company is facing intense competition in its main business of polyether amine products, leading to price declines and subsequent losses [4][5] - The COC production line is expected to officially start mass production in 2025, with significant market anticipation [5][6] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted downwards, with expected net profits of 21 million yuan, 105 million yuan, and 254 million yuan respectively [4][8] - The corresponding EPS (Earnings Per Share) is projected to be 0.23 yuan, 1.19 yuan, and 2.89 yuan for the years 2025-2027 [4][8] - The current stock price corresponds to P/E ratios of 201.0, 39.4, and 16.2 for the years 2025-2027 [4][8] - The company has signed a strategic cooperation agreement with Poly New Energy, which is expected to positively impact future operating performance [6][8]

Core Insights - The company reported a revenue of 882 million RMB for 2024, representing a year-on-year increase of 10%, and a net profit attributable to shareholders of 250 million RMB, up 11% year-on-year [1] - In Q1 2025, the company achieved a revenue of 220 million RMB, reflecting a 15% increase year-on-year, with a net profit of 71 million RMB, up 16% year-on-year [1] Revenue Breakdown - For FY 2024, the revenue from nucleating agents, synthetic hydrotalcite, NDO composite additives, and antioxidants was 510 million, 120 million, 60 million, and 70 million RMB respectively, with year-on-year changes of +24%, -1%, +28%, and -20% [2] - The gross profit margins for these products were 56%, 47%, 25%, and 15%, with year-on-year changes of -1, +3, -1, and -7 percentage points respectively [2] - The sales volume of nucleating agents reached 9,728 tons, marking a 32% increase year-on-year [2] Market Outlook - The national polypropylene production in 2024 is projected to be 34.72 million tons, a 7% increase year-on-year, with total capacity expected to reach 43.39 million tons, up 9% year-on-year [2] - The demand for nucleating agents is anticipated to grow due to the increasing application of polypropylene materials in emerging fields such as new energy and environmental protection [2] Strategic Acquisition - The company is planning to acquire at least 51% of YINGRI Technology, a leading manufacturer of ITO targets, with an estimated valuation of 1.8 billion RMB for 100% of the shares [3] - YINGRI Technology is recognized as a "national-level specialized and innovative small giant enterprise" and has achieved technical parity with foreign counterparts in large-size ITO target manufacturing [3] - The acquisition is expected to create synergies in customer resource sharing and brand influence, facilitating the company's entry into the display industry [3] Profit Forecast - The projected net profit attributable to shareholders for 2025-2027 is estimated to be 330 million, 440 million, and 540 million RMB respectively [4]