金价持续上行，动销拓店阶段承压 老凤祥(600612) ——老凤祥 2024 年业绩快报点评 批零贸易业[Table_Industry] /可选消费品 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | [Table_Target] | 上次评级: | 增持 | | 目标价格： | | 64.48 | | | 上次预测: | 61.12 | | Table_CurPrice] [当前价格： | | 53.23 | 本报告导读： 金价屡创新高，终端动销阶段承压，影响加盟商拿货意愿，2024Q4 动销拓店阶段承 压；2025Q2 有望迎来终端动销边际回温。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 63,010 | 71,436 | 56,793 | 59,937 | 64,155 | | (+/-)% | 7.4% | 13.4% | -20.5% | 5.5 ...

本周硫磺涨幅居前，关注周期与成长标的 [Table_Industry] 基础化工 基础化工《重点化工品价格每日跟踪数据库》 2025.03.15 基础化工《重点化工品价格每日跟踪数据库》 2025.03.15 基础化工《重点化工品价格每日跟踪数据库》 2025.03.15 基础化工《重点化工品价格每日跟踪数据库》 2025.03.12 基础化工《推动房地产市场回稳，地产链化工品 股 票 研 究 研 究 报 告 请务必阅读正文之后的免责条款部分 行 ——基础化工行业周报 | [table_Authors] 沈唯(分析师) | 钱伟伦(分析师) | 王瑞健(研究助理) | | --- | --- | --- | | 0755-23976795 | 021-38038878 | 021-38031022 | | shenwei024936@gtjas.com | | qianweilun027712@gtjas.com wangruijian028700@gtjas.com | | 登记编号S0880523080006 | S0880523040003 | S0880123070136 | 本报告导读： 政策端积极 ...

[Table_Invest] 评级： 增持 宠物经济蓬勃发展，关注新品推出动向 [Table_Industry] 农业 上次评级: 增持 行 业 种子：玉米现货价格继续上涨，关注春耕备货。宠物：看好宠物经济蓬勃发展，关 注国产品牌新品动向。养殖：供给累库形成，价格预期走弱。 投资要点： [种业： Table_Summary] 玉米现货价格继续上涨，关注春耕备货 上周玉米现货价格继续上涨，突破 2260 元/吨，延续年初以来的涨 势。2025 年在美国加征关税背景下，我国玉米粮食进口或进一步缩 减，看好 2025 年玉米粮价景气度回升。转基因技术应用推动种业格 局进一步改善，品种竞争力强、技术储备领先的公司有望受益。春 耕在即，建议关注种子经销商补货情况，具备强竞争力的品种或在 25Q1 再迎来一波销售增量。 宠物：看好宠物经济蓬勃发展，关注国产品牌新品动向。 国内领先宠物公司加大研发布局，看好国内品牌在宠物健康营养方 面取得突破。3 月 12 日，中宠股份与中国食品发酵工业研究院正式 签署战略合作协议，聚焦功能肽、胶原蛋白等核心技术在宠物食品 领域的创新应用。3 月 5 日乖宝宠物集团旗下自主品牌麦富迪正式 ...

国泰君安晨报 2025 年 03 月 18 日 国泰君安证券股份有限公司 研究所 [Table_Summary] 重点推荐： 1、策略，大国博弈的竞争已从经贸关系转向科技创新，将驱动投资逻辑和估值观念改变。2025 年投资的主战场在科技，中国科技资产迎来价值觉醒。 2、主动配置，调整战术性大类资产配置，上修 A 股至超配，下修原油至低配，维持黄金超配。 3、建筑，推荐低估值高股息央国企：中国交建/中国能建/中国建筑等。 4、建材，将水泥行业的供需收缩比喻成龟兔赛跑，需求只需要弱假设进入跌幅放缓区间，供给 优化的积累有望转化成盈利改善的确定性。 5、易鑫集团，公司是第三方汽车金融的领军者，包括交易平台业务和自营融资两种模式，渠道、 科技、资金三重优势下有望实现高增。 [周津宇 Table_Authors] 电话：021-38674924 邮箱：zhoujinyu011178@gtjas.com 登记编号：S0880516080007 A 股策略专题：《中国科技资产的价值觉醒》2025-03-14 方奕（分析师）021-38031658、田开轩（分析师）021-38038673、苏徽（分析师）021-386764 ...

股票研究 /[Table_Date] 2025.03.16 2024 年收入稳健增长，至尊浓缩引领行业变革 蓝月亮集团(6993) ——蓝月亮集团更新报告 [Table_Industry] 耐用消费品 毛利率显著提升，推广开支增加拖累净利 2024.03.28 渠道改革成效渐显，有望重回增长轨道 2023.12.03 | 财务摘要（百万港元） | 2021 | 2022 | 2023 | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 7,597 | 7,947 | 7,324 | 8,503 | 9,389 | 10,381 | | (+/-)% | 8.6% | 4.6% | -7.8% | 16.1% | 10.4% | 10.6% | | 毛利润 | 4,439 | 4,595 | 4,540 | 5,187 | 5,727 | 6,332 | | 净利润 | 1,014 | 611 | 325 | -706.6 | 406.0 | 587.7 | | (+/-)% | -22.5% | -39. ...

股票研究 /[Table_Date] 2025.03.17 技术积累深厚的中科院环保平台 中科环保(301175) 其他公用事业 [Table_Industry] /公用事业 | [table_Authors] 徐强(分析师) | 邵潇(分析师) | 评级 | 增持 | | --- | --- | --- | --- | | 010-83939805 | 0755-23976520 | 目标价格 | 7.12 | | xuqiang@gtjas.com | shaoxiao@gtjas.com | | | | 登记编号 S0880517040002 | S0880517070004 | Table_CurPrice] [当前价格： | 5.63 | 请务必阅读正文之后的免责条款部分 [Table_Invest] 首次覆盖 [Table_Market] 交易数据 | 52 周内股价区间（元） | 4.20-6.14 | | --- | --- | | 总市值（百万元） | 8,287 | | 总股本/流通A股（百万股） | 1,472/622 | | 流通 B 股/H 股（百万股） | 0/0 | [Table ...

策 略 研 究 被动再度买入电子，延续流出主要宽基 [Table_Authors] 方奕(分析师) ——被动资金流动性周观察 本报告导读： 上周被动资金净流出继续收窄，成交占比下降，两融余额回落。科创 50/科创芯片/ 机器人等 ETF 净流入，沪深 300/上证 50/中证 500 等 ETF 净流出。行业层面，电子 时隔五周大幅净流出后，上周重启净流入且规模居首，此外计算机/机械也获净流入。 投资要点： 策略研究 /[Table_Date] 2025.03.16 | | 021-38031658 | | --- | --- | | | fangyi020833@gtjas.com | | 登记编号 | S0880520120005 | | | 田开轩(分析师) | | | 021-38038673 | | | tiankaixuan026724@gtjas.com | [Table_Report] 相关报告 外资交易热度抬升，杠杆资金延续流入 2025.03.14 促进企业温室气体信息自愿披露 2025.03.12 沪深 300ETF 延续流出趋势 2025.03.09 银行业保险业绿色金融高质量发展 2 ...

Investment Rating - The investment rating for Ping An Bank is "Accumulate" with a target price of 13.85 CNY, maintaining the previous rating of "Accumulate" [2][3]. Core Views - The report indicates that Ping An Bank's revenue growth for 2024 is in line with expectations, while the growth rate of net profit attributable to shareholders is slightly lower. The asset quality remains stable, and the peak risk pressure in retail has passed. The target price is maintained at 13.85 CNY, with an "Accumulate" rating [3][4]. Financial Summary - **Revenue**: - 2023A: 164,699 million CNY - 2024A: 146,695 million CNY (down 8.4%) - 2025E: 140,552 million CNY (down 10.9%) - 2026E: 143,905 million CNY (down 4.2%) - 2027E: 150,694 million CNY (up 2.4%) [5] - **Net Profit (attributable to shareholders)**: - 2023A: 46,455 million CNY - 2024A: 44,508 million CNY (down 4.2%) - 2025E: 44,645 million CNY (up 0.3%) - 2026E: 46,557 million CNY (up 4.3%) - 2027E: 49,408 million CNY (up 6.1%) [5] - **Net Asset Value per Share**: - 2023A: 20.74 CNY - 2024A: 21.89 CNY - 2025E: 23.46 CNY - 2026E: 25.15 CNY - 2027E: 26.97 CNY [5] - **Return on Equity**: - 2023A: 11.4% - 2024A: 10.1% - 2025E: 9.6% - 2026E: 9.3% - 2027E: 9.3% [5] Market Data - **Current Price**: 11.97 CNY - **Market Capitalization**: 232,289 million CNY - **52-week Price Range**: 9.65 - 12.88 CNY [6] Asset Quality - The non-performing loan (NPL) ratio at the end of Q4 is 1.06%, consistent with the three-stage ratio. The attention rate and overdue rate have decreased slightly, indicating a stabilization in asset quality [18][19].

收购星鑫航天，拓展上游航天新材料布局 华菱线缆(001208) [Table_Industry] 资本货物/工业 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | [Table_Target] | 上次评级: | 增持 | | 目标价格： | | 14.07 | | | 上次预测: | 11.36 | | Table_CurPrice] [当前价格： | | 10.88 | 本报告导读： 公司计划收购上游星鑫航天新材料控股权，借助星鑫航天技术、渠道优势，拓展上 游高附加值耐高温防热材料领域布局。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 3,015 | 3,470 | 3,997 | 4,620 | 5,295 | | (+/-)% | 18.6% | 15.1% | 15.2% | 15.6% | 14.6% | | 净利润（归母） | 110 | 87 ...

Investment Rating - The report assigns a rating of "Increase" for the stock of Hongjing Optoelectronics, indicating a potential upside of over 15% relative to the CSI 300 index [45]. Core Viewpoints - Hongjing Optoelectronics (301479.SZ) is a leading global supplier of optical lenses and camera modules, with a strong market position in automotive cameras and emerging consumer sectors [3][7]. - The company achieved revenues and net profits of 773 million and 116 million RMB respectively in 2023, with a compound annual growth rate (CAGR) of 75.24% and 176.24% from 2021 to 2023 [9][13]. - The global optical lens market reached 68.28 billion RMB in 2023, with significant growth driven by advancements in smart vehicles and smart home applications [24][25]. Summary by Sections Company Overview - Hongjing Optoelectronics specializes in the research, design, manufacturing, and sales of optical lenses and camera modules, with a focus on automotive and emerging consumer markets [3][7]. - The company has established strong partnerships with major automotive brands and has a notable market share in the global automotive optical lens market, ranking sixth with a 3.70% share [7][30]. Financial Performance - The company reported revenues of 251.72 million RMB in 2021, 446.50 million RMB in 2022, and 773.02 million RMB in 2023, with a projected revenue of 450.25 million RMB for the first half of 2024 [9][13]. - The net profit figures for the same years were 15.26 million RMB, 56.45 million RMB, and 116.43 million RMB, with a forecast of 68.52 million RMB for 2024H1 [9][13]. Market Dynamics - The global optical lens market is expected to grow significantly, driven by the integration of digital technologies such as 5G, AI, and IoT, with a projected CAGR of approximately 18% from 2015 to 2023 [24][25]. - The automotive sector is anticipated to see a surge in demand for optical lenses, with the penetration rate of smart connected systems in vehicles expected to reach 83% by 2025 [25][27]. Competitive Landscape - The report identifies key competitors in the optical lens market, including Sunny Optical Technology, Yutong Optical, and others, highlighting the competitive nature of the industry [31]. - Hongjing Optoelectronics has a competitive edge due to its established relationships with Tier 1 automotive suppliers and its innovative product offerings in the smart home sector [30][31]. IPO and Fundraising - The company plans to issue 15.89 million shares, raising approximately 488 million RMB to enhance production capabilities and R&D efforts [32][33]. - The funds will be allocated to capacity expansion projects, the establishment of a research center, and working capital [33][34].