不得到的 2025 年 03 月 02 日 t the see the see the see the see the see the see the seen the s 朱珺逸 (8621)23297818× zhujy@swsresearch.com 申万宏源研究微信服务号 关注头部宠企产品迭代升级,左侧布局生猪产能去化 农林牧渔周观点（2025.02.24 -2025.03.02） 本期投资提示: 堂及花 请务必仔细阅读正文之后的各项信息披露与声明 证券分析师 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 盛瀚 A0230522080006 shenghan@swsresearch.com 朱珺逸 A0230521080004 zhujy@swsresearch.com 本周申万农林牧渔指数下跌 0.9%，沪深 300 下跌 2.2%。个股涨幅前三名：宏辉果蔬（12.1%）、 0 福成股份（8.7%）、雪榕生物（7.9%）, 跌幅前三名：神农科技（-10.6%）、荃银高 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a total revenue of 11.793 billion yuan for 2024, representing a year-on-year growth of 20.6%. The net profit attributable to the parent company was 204 million yuan, with a slight increase of 1.5% [7] - The flexible staffing business is expected to continue its high growth, leveraging AI tools to enhance efficiency and productivity. This segment remains the core growth driver for the company [7] - The digital transformation is progressing steadily, with the HeWa platform significantly improving job delivery capabilities through AI-driven resource integration [7] - AI technology is identified as a key driver for cost reduction and efficiency enhancement, optimizing recruitment processes and internal management [7] - The profit forecasts for 2025 and 2026 have been raised, with expected net profits of 298 million yuan and 376 million yuan, respectively [7] Financial Data and Profit Forecast - Total revenue projections are as follows: 2023: 9.778 billion yuan, 2024: 11.793 billion yuan, 2025: 15.444 billion yuan, 2026: 18.442 billion yuan [5][8] - The net profit attributable to the parent company is projected to grow from 204 million yuan in 2024 to 298 million yuan in 2025 and 376 million yuan in 2026 [5][8] - The company's gross margin is expected to stabilize around 7.2% to 7.3% over the forecast period [5]

行 业 及 产 业 基础化工 2025 年 03 月 02 日 浙江大厂上调制冷剂报价，工铵及 饲钙景气提升，重点关注低估值高 成长标的 看好 ——《化工周报 25/02/24-25/02/28》 证 券 研 究 报 告 证券分析师 马昕晔 A0230511090002 maxy@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 邵靖宇 A0230524080001 shaojy@swsresearch.com 任杰 A0230522070003 renjie@swsresearch.com 赵文琪 A0230523060003 zhaowq@swsresearch.com 周超 A0230123090004 zhouchao@swsresearch.com 李绍程 A0230124070001 lisc@swsresearch.com 联系人 马昕晔 (8621)23297818× maxy@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 业 点 评 相关研究 - ⚫ ...

上 市 公 司 计算机 2025 年 03 月 02 日 柏楚电子 (688188) ——营收保持快速增长，盈利能力维持高位 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 02 月 28 日 | | --- | --- | | 收盘价（元） | 190.02 | | 一年内最高/最低（元） | 340.94/135.79 | | 市净率 | 7.4 | | 股息率%（分红/股价） | 1.70 | | 流通 A 股市值（百万元） | 39,041 | | 上证指数/深证成指 | 3,320.90/10,611.24 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 25.59 | | 资产负债率% | 6.43 | | 总股本/流通 A 股（百万） | 205/205 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 02-28 03-28 04-28 05-28 06-28 07-28 08-28 09-28 10-28 11- ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9][10] Core Views - The company reported a revenue of 905 million yuan for 2024, a year-on-year increase of 31.05%, and a net profit attributable to shareholders of 335 million yuan, up 33.05% year-on-year. The fourth quarter alone saw a revenue of 284 million yuan, growing 65.12% year-on-year, and a net profit of 122 million yuan, which is a 121.82% increase year-on-year [5][9] - The semiconductor industry is experiencing a recovery, with a projected 23% year-on-year growth in integrated circuit sales in Q1 2025, driven by demand from artificial intelligence and high-performance computing [9] - The company plans to issue convertible bonds to raise up to 1 billion yuan, with a significant portion allocated to the development of self-researched ASIC chip testing systems and the construction of a high-end SoC testing system manufacturing center [9] - The profit margin significantly improved in Q4 2024, with a net profit margin of 42.96%, an increase of 10.98 percentage points year-on-year, and is expected to continue rising in 2025 due to increased capacity utilization and domestic component sourcing [9] Financial Data and Earnings Forecast - The total revenue forecast for 2024 is 905 million yuan, with expected growth rates of 31.0% in 2024, 27.5% in 2025, and 30.8% in 2026 [7] - The net profit forecast for 2024 is 335 million yuan, with growth rates of 33.1% in 2024, 36.0% in 2025, and 34.3% in 2026 [7] - The projected earnings per share for 2024 is 2.47 yuan, increasing to 3.36 yuan in 2025 and 4.52 yuan in 2026 [7] - The report indicates a projected price-to-earnings ratio of 57 for 2024, 42 for 2025, and 31 for 2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in the earnings report was slightly below market expectations, with a revenue of 9.351 billion yuan for 2024, representing a year-on-year growth of 8.49%, and a net profit attributable to shareholders of 1.130 billion yuan, up 2.56% year-on-year [4][7] - The company is focusing on the integration of AI and robotics to accelerate growth in the process industry, with significant market share in various sectors [7] - The company has adjusted its profit forecast downwards due to the divestiture of its system engineering business and macroeconomic uncertainties, but it still maintains a high growth potential in the future [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 9.351 billion yuan, with a year-on-year growth rate of 8.5% [6] - Net profit for 2024 is expected to be 1.130 billion yuan, with a year-on-year growth rate of 2.5% [6] - The company’s earnings per share (EPS) for 2024 is estimated at 1.43 yuan [6] - The projected net profit for 2025 and 2026 is 1.371 billion yuan and 1.659 billion yuan, respectively, with corresponding PE ratios of 31 and 26 [6][7] Business Performance and Market Position - The company’s revenue growth has been impacted by the divestiture of its system engineering business and a slowdown in capital expenditure in downstream industries [7] - The company has launched an upgraded version of its TPT large model and plans to release a new management large model, enhancing its AI capabilities [7] - The company has a strong market presence, with a domestic market share of nearly 40% in DCS and over 55% in the chemical sector [7]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's long-chain dicarboxylic acid business is continuously recovering, and significant progress has been made in promoting the application of bio-based polyamide composites [1][8] - The company reported a substantial year-on-year revenue growth of 40% for 2024, driven by the recovery in demand for long-chain dicarboxylic acids, particularly the new product, decanedioic acid [8] - The company is actively expanding its bio-based materials ecosystem in collaboration with industry chain clients, with notable advancements in the promotion of bio-based polyamide composite materials [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 2,114 million, with a year-on-year decrease of 13.4%, while 2024 revenue is expected to rise to 2,956 million, reflecting a growth rate of 39.8% [7] - The net profit attributable to the parent company for 2024 is forecasted at 487 million, representing a year-on-year increase of 32.9% [7] - The company anticipates a significant increase in net profit to 698 million in 2025, with a projected growth rate of 43.3% [7][8]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The report highlights that the decline in valine prices has put pressure on profits, but there is potential for performance improvement with the ramp-up of new products [1][8] - The company is expected to see a turning point in performance in 2025 as new products are launched and valine prices stabilize [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,938 million in 2023 to 4,462 million by 2026, with a CAGR of approximately 36.8% [2] - The net profit attributable to the parent company is expected to decrease significantly in 2024 to 200 million, before rebounding to 363 million in 2025 and 565 million in 2026 [2] - The gross margin is forecasted to stabilize around 28.7% in 2025, with a slight increase to 29.7% by 2026 [2] Market Data - As of February 28, 2025, the closing price of the stock is 31.54 yuan, with a market capitalization of 7,202 million [3] - The stock has experienced a significant price fluctuation over the past year, with a high of 130.50 yuan and a low of 26.11 yuan [3] Company Performance Insights - The company reported a total revenue of 2.184 billion for 2024, reflecting a year-on-year growth of 12.7%, but a significant decline in net profit by 55.5% [8] - The report indicates that the decline in valine prices and increased competition have adversely affected profitability, but new product launches are expected to provide growth opportunities [8] - The company is actively working on ramping up production of new products such as arginine and tryptophan, which are anticipated to contribute positively to future revenues [8]

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 03 月 02 日 华特气体 (688268) 基础数据: 2024 年 09 月 30 日 每股净资产（元） 14.44 资产负债率% 39.53 总股本/流通 A 股（百万） 120/120 流通 B 股/H 股（百万） -/- 一年内股价与大盘对比走势： —— Q4 业绩环比改善，新产品、新项目有序推进 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 02 月 28 日 | | --- | --- | | 收盘价（元） | 48.36 | | 一年内最高/最低（元） | 65.20/38.97 | | 市净率 | 3.3 | | 息率（分红/股价） | 1.03 | | 流通 A 股市值（百万元） | 5,814 | | 上证指数/深证成指 | 3,320.90/10,611.24 | | 注："息率"以最近一年已公布分红计算 | | 02-28 03-28 04-28 05-28 06-28 07-28 08-28 09-28 10-28 11-28 12-28 01-28 02-28 -20% 0% 20 ...

证 券 研 究 报 告 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 行 业 及 产 业 石油石化 行 业 研 究 / 行 业 点 评 相关研究 联系人 陈悦 (8621)23297818× chenyue@swsresearch.com 2025 年 03 月 02 日 春旺将至，关注涤纶长丝的投资机 会 看好 ——石油化工行业周报(2025/2/24—2025/3/2) 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 - ⚫ 春旺将至，关注涤纶长丝的投资机会。涤纶长丝行业存在明显的季节效应，几乎每年在 "金三银四"和"金九银十"的旺季都有比较好的股价表现。开工率方面，由于 2025 年春节较晚，下游企业多数在元宵节后才开始复工复产，因此当前下游需求仍在持续复 苏之中，或导致春旺行情存在一定后延。库存方面，由于当前下游复苏较晚，因此涤纶 长丝仍处于淡季累库阶段，当前长丝库存 ...