泰恩康 20250312 摘要 • 何为整肠丸国产化受理是关键进展，预计 2025 年第三季度获批并量产， 解决市场缺货问题，毛利率有望从 80%提升至 90%以上，同时享受高新 技术企业 15%的企业所得税优惠。 • 公司已与分众传媒、小红书、抖音等平台签署战略合作协议，品牌推广费 用预计达 4,000 万元，重点在广东、广西、福建等优势区域推广，并逐步 扩展至全国市场，提升品牌影响力。 • 公司中期规划目标是肠胃药、两性健康用药、眼科用药三大板块收入均超 10 亿元。2025 年预计上市防脱发米诺地尔搽剂和治疗前列腺增生的非那 雄胺他达拉非复方胶囊。 • 针对良性前列腺增生，公司开发含微量他达拉非的非那雄胺复方胶囊，以 避免性功能障碍副作用，预计获批后 2-3 年内成为独家品种，利于品牌推 广。 • CKBA 白癜风软膏二期临床数据疗效趋势明确且安全性良好，预计 2025 年 4 月底完成所有病人出组，有望成为有效的维持治疗药物，减少复发率。 Q&A 虽然行政审批存在不确定性，但基于充分准备，公司对获批时间持乐观态度， 预计今年第三季度（2025 年）能够正式获批并进入量产阶段。一旦获批，将 立即投入生产 ...

Summary of Shennong Group Conference Call Company Overview - **Company**: Shennong Group - **Date**: March 12, 2025 Key Points Industry and Cost Management - In February, Shennong Group's total cost decreased to 12.4 CNY/kg, benefiting from a decline in feed costs, piglet costs, and other expenses, reflecting the results of reforms over the past one to two years, laying the foundation for an annual average cost target below 13 CNY/kg [2][3] - The company optimized supply chain management and utilized low-priced raw materials procured in the second half of the previous year to effectively counter the current rise in raw material prices, planning to further reduce feed costs by increasing feed mill capacity utilization [2][3] Production and Operational Efficiency - Shennong Group implemented a top-level design and standardized production operations, adopting a two-point production model, optimizing organizational structure, and upgrading hardware facilities, significantly improving efficiency metrics [2][6] - In February, the survival rate from weaning to market increased by 1% year-on-year, and the time required to reach 123 kg from weaning was shortened by 5-7 days to 148 days, indicating significant improvements in health management and genetic index [2][7][8] Organizational Management - The company enhanced systematic management between upstream breeding farms and downstream fattening farms, achieving efficient operations and innovating assessment mechanisms to align cost and quality goals across the supply chain [2][9][10] Future Projections - Shennong Group expects to exceed 3.2 million heads in market volume in 2025, approximately 4.5 million in 2026, and over 5 million in 2027, with a long-term goal of reaching 10 million heads by 2030 [4][15][16] - The average total cost target for 2025 is set below 13 CNY/kg, with aspirations to achieve 12.5 CNY/kg if feed raw material prices remain stable [14] Supply Chain and Procurement Strategy - The company has narrowed the gap in raw material procurement with leading enterprises due to scale enhancement and the maturity of its futures department, which is expected to further exploit advantages as market volume reaches 4-5 million heads [4][12] - The futures team, established in 2024, successfully locked in low prices for soybean meal, significantly improving procurement results compared to 2023 [18] Talent Development - Shennong Group places high importance on the cultivation of its leadership team and reserve talent, aligning with both domestic and international best practices to ensure effective execution of top-level design and strategy [13] Financial and Investment Updates - The total amount of funds raised through private placement is 290 million CNY, aimed at new pig farms, renovations, information technology projects, and working capital [19] Energy Costs and Market Position - Current energy costs have decreased to 12.4 CNY/kg, with ongoing efforts in top-level design and health management to maintain steady growth, positioning Shennong Group as a rare growth opportunity in the industry [21]

Summary of Shengquan Group Conference Call Company Overview - Shengquan Group is involved in the wind power and biomass sectors, with significant projects in Daqing and Yueyang [2][3][4]. Key Projects Daqing Wind Power Project - The Daqing wind power project has a total investment of approximately 1.1 to 1.2 billion yuan, with completion and operation expected by the end of 2025 [2][3]. - The project is anticipated to generate an annual net profit of around 100 million yuan, with revenue projections of approximately 320 million yuan from 1.1 billion kWh of electricity generated [23]. Yueyang Biomass Project - The Yueyang biomass project is a new focus area for Shengquan Group, with an estimated investment of 3 to 3.3 billion yuan [2][5][7]. - The project is still in the early stages, with a formal launch expected in 2026 or later [5][6]. Financial Health and Investment Plans - Shengquan Group has no significant financial pressure, with a combined investment requirement of about 4 billion yuan for both projects [2][6]. - Local governments and partners are expected to participate in funding, alleviating potential financial constraints [6][7]. Production and Capacity - In January and February, the company reported normal shipments for PPO, while OPE is operating at full capacity but remains in high demand [2][8]. - ODV production is also normal, with a notable increase in orders in February [8][11]. - OPE production is expected to resolve current capacity issues by the second quarter, with daily production increasing to over 30 tons [10][11]. Market Demand and Sales - The demand for resin materials is strong, with expected sales growth of 10% to 15% in 2025 [20]. - The company plans to expand its PPOOOOP production line to meet increasing demand [24]. Acquisition Plans - Shengquan Group is considering acquiring a new equipment company with a capacity of 50,000 to 60,000 tons, which could contribute approximately 10% to business growth [15][16]. Economic Outlook - The overall economic situation is improving, with the construction machinery and wind power industries showing strong demand [19]. Conclusion - Shengquan Group is strategically positioned for growth with significant projects in wind power and biomass, supported by a solid financial foundation and increasing market demand for its products [2][6][20].

Company and Industry Summary Company Overview - The company is expected to achieve double-digit revenue growth for the full year 2025, with a slight recovery in the first quarter, showing a year-on-year increase of 3-5 percentage points. The gross margin remains high, and profitability continues the trend from the fourth quarter [2][4]. Key Points Revenue and Growth Expectations - The company has set a high stock incentive target of 18% revenue growth, but due to unmet targets in previous years, the compound growth goal may still have a gap. The immediate goal is to achieve a 10% growth target [2][5]. - The company anticipates a stable consumer environment and national guidance to restore confidence, aiming for double-digit revenue growth [4]. Product Launches and Innovations - The company plans to launch the M beverage series and supplement its product line with dairy beverages and nutrient water (containing vitamins B, C, and E). Last year's new products, such as the Five Black series, generated sales of tens of millions, with some products exceeding 100 million in sales over the past two years [2][8]. - Nutrient water is targeted at young consumers, emphasizing health without additives, preservatives, or sugars, and is priced around five yuan for a 500ml bottle [9]. Inventory and Supply Chain Management - The company maintains a healthy inventory level of around 20 days and does not encourage stockpiling through incentives, ensuring product freshness and market movement [2][7]. Sales and Marketing Strategy - The sales team has undergone a youth-oriented and flat management restructuring, eliminating regional manager layers to enhance efficiency and optimize customer structure by clearing inactive clients and recruiting new ones [2][13][14]. - The company will reduce advertising budgets, focusing more on market terminal image and promotional activities, with overall expenses expected to decrease by about one percentage point compared to last year [22][26]. Channel Performance and Market Dynamics - The distribution channels are dominated by the circulation channel, accounting for over 50%, with breakfast at 18-19%, and e-commerce at about 5-6%. The circulation channel saw a decline last year, while snack wholesale and e-commerce channels experienced significant growth [3][17][18]. - The company expects at least 30% growth in snack wholesale and e-commerce channels this year, with breakfast and small dining channels also projected to grow by over 20% [19]. Financial Performance and Cost Management - The gross margin is expected to remain high, with a projected decrease in milk powder prices by 5-10 percentage points this year due to increased domestic milk powder usage [22][23]. - The company plans to maintain an 80% dividend payout ratio, consistent with previous years, supported by good cash flow and profitability [33]. Consumer Demographics - The core consumer demographic ranges from teenagers to those in their 30s, primarily consisting of students and young working professionals [31]. Production Capacity and Utilization - Current production capacity utilization is around 60%, indicating significant room for future capacity release [32]. Future Outlook - The company expresses confidence in achieving growth this year due to channel adjustments, new product launches, and a younger workforce, although further observation is needed to confirm trends [35].

金发科技 20250311 摘要 • 金发科技将机器人业务视为重点发展方向，已实现部分批量供货，并积极 与下游客户合作开发，提供高温材料解决方案，尤其是在机器人外壳和面 罩材料方面。 • 公司在高分子材料领域具有优势，为机器人行业的传感器、摄像头、存储 器及外壳部件提供材料，并提供高性能增强材料替代金属方案，已成功应 用于自主机器人的结构件，实现轻量化。 • 金发科技目前批量供应 PC/ABS、ABS 类以及透明面罩用 PMMA 和 PC 等 外壳材料，并提供活性增强材料替代钢材，应用于自主机器人的结构件， 满足下游客户对轻量化的需求。 • 预计未来 1 到 2 年全能型隐形机器人的市场需求可能达到万台级别，到 2030 年全球需求量预计达到 50 万台左右，塑胶材料需求量可能达到 6,000 至 8,000 吨，产业链具有巨大发展潜力。 • 未来玻纤增强、碳纤维增强以及一些复合材料可能会替代现有的金属，具 有较大的发展潜力和增长空间，玻纤增强材料性价比较高，适用于大规模 应用。 Q&A 请介绍金发科技在机器人业务上的布局历史及最新进展情况。 金发科技在机器人业务上的布局已有一定基础。公司涉及的行业包括汽车电 ...

佳华科技 20250311 摘要 • 嘉华科技以数据为中心，利用智能终端采集数据，通过数据中台（包括数 据库、区块链和人工智能）进行处理，构建产品并以算法提供服务，主要 业务集中在智慧环保、智慧双碳及智慧城市综合应用领域。 • 公司在人工智能方面，通过视觉摄像机和 AI 分析自动捕捉污染事件，并启 动嘉华版多模态大模型，对接 DP 与模型接口，提升算法能力及业务表现， 为未来发展提供支持。 • 尽管环境信息化投入受宏观经济影响，但下游客户（地方环境局、能源发 电企业）的预算和 IT 支出基本稳定或增加，尤其是在 AI 领域投入意愿显 著提升。公司优化订单结构并积极推动 AI 相关项目。 • 公司通过剔除不良订单、优化订单和客户结构，确保基本面稳定。业绩预 告显示利润显著减亏。预计 2025 年传统信息化数据服务业务增长有限， 但优化结构和成本控制（如应用大模型）将带来改善。 • 智慧执法 SaaS 产品按年度或季度收费，定价约 100 万元以内，主要针对 市级环保主管部门。公司推出绿色资产管理平台，通过直销直营模式推广 执法平台、溯源平台等智能体。 Q&A 嘉华科技在环保监管的信息化领域的核心竞争力是什么？ ...

乱纪元下的牛市起手式 ——申万宏源·2025 资本市场春季 策略会 20250311 摘要 特朗普 2.0 政策对美国经济和全球市场有何影响？ Q&A 2025 年全球资产配置的核心逻辑是什么？ 2025 年全球资产配置的核心逻辑主要有两条：一是特朗普 2.0 带来的全球经 济及政治格局变化，二是人工智能产业链的发展趋势。这两者交织，对整个资 产配置产生了系统性的影响。 今年以来大类资产表现如何？ 今年以来，大类资产表现与去年相比发生了显著变化。去年美元资产明显占优， 美股领涨，美元指数上行，美债利率高企。然而，今年初开始，美元资产表现 落后，包括美元指数下行，中国科技股在 Deep Sik 推出后领涨全球，欧洲股 市表现也优于美股。这反映出特朗普政策和人工智能科技周期出现边际变化。 • 2025 年政府首要目标是提振消费和投资，内需型行业值得关注。十四五 规划收官年和十五五规划布局年，战略性新兴产业将成为重点，如人工智 能、低空经济等。 • 人工智能产业链处于第三波行情阶段性高波动区域，中期仍可期待后续行 情。计算机传媒互联网平台类应用端标的具有更高的投资回报弹性，关注 人形机器人和低空相关领域。 对未来的 ...

金龙汽车 20250311 摘要 • 金龙汽车 2023 年大中型客车销量 2.3 万辆，市场份额 25%，位居第二。 2024 年全年销量接近 5 万辆，海外市场收入占比首次超过国内，毛利率 达 17%，显著高于国内市场。 • 金龙汽车净利率低于宇通（10%）和中通（4-5%），但通过整合、降本 增效及原材料优化，未来提升空间大。原材料成本若下降 5%，毛利率有 望达 15.5%。 • 金龙汽车是国内最早布局无人驾驶巴士的公司之一，2018 年与百度合作 推出阿波龙，已迭代至第二代，并为香港机场设计无人驾驶小巴士，有望 受益于高阶智能驾驶渗透率快速上升。 • 中国客车行业处于向上周期的半山腰，2024 年销量约 52 万辆，低于 2014-2015 年 60 万辆的高点，但出口量大，本轮峰值或超上一轮，行业 仍具增长潜力。 • 金龙汽车完成对厦门金旅 100%控股，增强控制力，利于资源整合和运营 效率提升。高单价、高毛利产品占比从 2021 年的 23%提升至 2024 年的 36%。 Q&A 金龙汽车在国内客车市场的地位和表现如何？ 金龙汽车是国内客车行业的头部企业之一，与宇通、中通并列为知名品牌。金 龙 ...

大商股份 20250312 摘要 • 大商股份 2024 年第三季度收入 53 亿元，同比下降 7%，但净利润同比增 长 18%至 5 亿元，主要得益于费用收窄。百货、超市和家电三大业态收入 相对均衡，毛利率分别达到 50%、6.6%和 15%。 • 2024 年下半年，大商股份引入新管理层，战略调整显著，包括关闭亏损 门店、调整门店结构以提高毛利率，并计划进行品牌升级与替换，应对市 场挑战，提升市场关注度。 • 新任总经理陈德力具备丰富的商业地产管理经验，曾助力万达和新城控股 实现规模化扩张，并成功调改宝龙地产项目，预计将为大商股份带来新的 发展思路和资源。 • 大商股份未来发展方向包括品牌升级与替换，增加餐饮及配套体验，强化 夜经济，打造更多打卡点与爆款非购体验，以适应年轻消费者需求并提升 整体消费体验。 • 公司在品牌和业态调整方面采取个性化策略，根据不同门店需求进行提升， 引入高端美妆、儿童成长中心等业态，并通过 IP 活动提升品牌影响力，注 重区域市场需求的差异性。 Q&A 大商股份在 2024 年的财务表现如何？ 截至 2024 年第三季度，大商股份实现收入 53 亿元，同比减少 7%；净利润为 ...

• 黑芝麻智能产品布局迅速，2021 年升级 A1,000 Pro，2023 年发布武当 系列跨域芯片，2024 年底推出华山 2000 智能驾驶芯片，已获 16 家主机 厂及供应商 23 款车型意向订单，股东包括上汽、小米等主流主机厂。 • 黑芝麻智能目前处于发展早期，营收快速增长但仍亏损。预计 2024 年归 母净利润不低于 1 亿元，实现扭亏为盈，主要受益于产品放量及金融工具 公允价值变动调整。 • 自动驾驶芯片行业格局逐渐清晰，本土供应商包括华为、地平线和黑芝麻。 国内支架渗透率提升、主机厂对支架投入增加，以及 NOA 渗透率提高推 动行业发展。 • 黑芝麻智能在自动驾驶产品上覆盖 L2 至 L3 等级芯片，技术指标与地平线、 英伟达等竞争对手相当。公司在多域融合方面进展迅速，与安波福、斑马 智行等共建生态。 • 黑芝麻智能已与 65 家主机厂及 48 家软硬件生态商建立合作。预计 2024- 2026 年营收分别达 4.1 亿元、7.5 亿元和 12.5 亿元，同比增长 58%、83%和 68%。 Q&A 黑芝麻智能公司在自动驾驶芯片领域的主要发展历程和产品布局是怎样的？ 黑芝麻智能公司成立于 20 ...