Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating a positive outlook despite short-term disturbances from trade tensions [4][6]. Core Insights - The report highlights that while short-term trade tensions may impact certain agricultural products, the long-term outlook remains manageable through diversification of import sources and enhancing self-sufficiency [6][14]. - The Chinese agricultural sector is expected to benefit from the implementation of the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024-2035)" which emphasizes food security and agricultural competitiveness [6][14]. Summary by Sections Trade Tensions - Recent data shows that the proportion of agricultural imports from the U.S. has decreased, with 2024 imports from the U.S. accounting for approximately 6.3% of total imports, down from 8.3% in 2017 [6][14]. - The report notes that most agricultural products have low import dependency, while a few, such as soybeans and sorghum, are more reliant on imports, particularly from the U.S. [6][14]. Meat Products - China is a major producer of pork, with a projected production of 57 million tons in 2025, accounting for nearly 50% of global production [18][20]. - The report anticipates a recovery in China's pig production capacity in 2025, with prices expected to fluctuate, initially declining before rising later in the year [39][40]. - Chicken production in China is projected to reach 15.5 million tons in 2025, with low import dependency, particularly from the U.S. [41][46]. Grain Products - China ranks second globally in corn production, with a projected output of 294.92 million tons in 2024/25, while maintaining a low import dependency [75][78]. - The report indicates that corn prices have shown signs of recovery, with domestic prices reaching 2285.29 yuan per ton as of April 2025 [79][80]. Investment Recommendations - The report suggests focusing on leading companies in the agricultural sector, including Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the sector's growth [6][14].

Group 1: Hydropower - The hydropower sector is supported by a series of policies aimed at promoting green and low-carbon energy transitions, with significant emphasis on the development of hydropower projects [11][12][13] - China's hydropower installed capacity is projected to grow from 370 million kilowatts at the end of 2020 to 436 million kilowatts by the end of 2024, reflecting a compound annual growth rate of 4% [12][15] - Major hydropower companies such as Yangtze Power, Huaneng Hydropower, and Yalong River Company have plans for new installations, indicating future growth potential in hydropower capacity [15][19] - The hydropower sector has maintained profitability, with a revenue of 178.7 billion yuan in 2023, a year-on-year increase of 22.51%, and a net profit of 47.9 billion yuan, up 20.18% [19][21] - Nine out of eleven listed hydropower companies have returned profits to shareholders through cash dividends, with significant payout ratios, indicating a commitment to sharing development results with investors [19][21] Group 2: Coal Power - The establishment of a coal power capacity price mechanism is expected to assist in the recovery of fixed costs for compliant coal power plants, with a standard fixed cost of 330 yuan per kilowatt per year [24][26] - The capacity price mechanism will allow coal power companies to recover a portion of their fixed costs, with most regions set to recover around 30% to 50% of these costs in 2024-2025 [26][27] - The auxiliary service market is being continuously improved, with policies in place to enhance the compensation mechanisms for various types of power auxiliary services [29][30] - The average price of thermal coal has decreased by 6.28% year-on-year, which is expected to positively impact the performance of coal power companies [38][39] Group 3: Natural Gas - The development of the industrial economy is anticipated to boost natural gas demand, with a projected consumption of 426.05 billion cubic meters in 2024, reflecting an 8% year-on-year increase [51][53] - A series of policies aimed at stimulating industrial growth are expected to enhance natural gas demand, with the 2025 government work report emphasizing the need to expand domestic demand [53][65] - The orderly advancement of the natural gas price linkage mechanism is expected to help gas companies manage procurement costs effectively, promoting healthy development in the gas sector [57][60]

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% in the next six months [5]. Core Insights - The company achieved a total revenue of 24.062 billion yuan in 2024, representing a year-on-year growth of 6.53%, and a net profit attributable to shareholders of 1.529 billion yuan, up 8.26% year-on-year. In Q1 2025, the revenue was 6.009 billion yuan, with a growth of 0.64%, and a net profit of 449 million yuan, increasing by 10.51% year-on-year [1][3]. - The company continues to expand its store network with a focus on regional advantages, adding 2,512 stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores. As of the end of Q1 2025, the total number of stores reached 14,694, with a net increase of 10 stores from the end of 2024 [3]. - The company has optimized its supply chain and product cost control, achieving a coverage rate of over 98% for national procurement catalog products by the end of 2024, with more than 2,800 SKUs introduced [3]. - The gross margin for 2024 improved by 1.9 percentage points to 40.12%, while the net margin slightly decreased by 0.1 percentage points to 6.87%. In Q1 2025, the gross margin was 39.64%, and the net margin increased by 0.7 percentage points to 8.21% [3]. Financial Projections - The company is projected to achieve total revenues of 28.248 billion yuan in 2025, 32.573 billion yuan in 2026, and 37.560 billion yuan in 2027. The net profit attributable to shareholders is expected to be 1.825 billion yuan in 2025, 2.143 billion yuan in 2026, and 2.464 billion yuan in 2027 [4]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2025 and 1.77 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 18 times and 16 times, respectively [3][4].

电力设备及新能源行业 2025 年 4 月 29 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱： liuxingwen@dgzq.com.cn S0340523080001 电话：0769-22110925 邮箱： suzhibin@dgzq.com.cn | 主要数据 | 2025 | 年 | 4 月 | 28 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价(元) | | | 8.96 | | | | 总市值（亿元） | | | 378.57 | | | | AH总股本(亿股) | | | 42.25 | | | | 流通股本(亿股) | | | 33.55 | | | | ROE（TTM） | | | 5.36% | | | | 12月最高价(元) | | | 11.88 | | | | 12月最低价(元) | | | 6.38 | | | 买入（维持） 风机盈利能力改善，在手订单创新高 公 司 点 评 金风科技（002202）2024 年年报及 2025 年一季报点评 事件 ...

深 度 研 究 电力设备及新能源行业 超配（维持） 电力设备及新能源行业之风电支撑基础专题报告 纵横逸气宁称力，驰骋长途定出群 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 2025 年 4 月 29 日 投资要点： 分析师：刘兴文 SAC 执业证书编号： S0340522050001 电话：0769-22119416 邮箱：liuxingwen@dgzq.com.cn 分析师：苏治彬 SAC 执业证书编号： S0340523080001 电话：0769-22110925 邮箱：suzhibin@dgzq.com.cn 资料来源：东莞证券研究所，iFinD 风力发电系统支撑结构持续优化。风机大型化趋势要求提升塔筒高 度，传统钢塔难以满足风电产业对经济性的要求。同时，为实现高 度和稳定性的提升，塔筒类型由传统钢塔向多种技术路径方向转变。 与传统钢塔相比，钢混塔筒以其稳定性更强、承载力更强、性价比 更高等优势，逐步获得市场认可，2023年国内使用钢混塔筒的装机 量达到7.3GW，同比增长209%，未来混塔有望逐 ...

证券研究报告 2025 年 4 月 29 日 星期二 【A 股市场大势研判】 市场全天震荡调整，三大指数小幅下跌 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3288.41 | -0.20% | -6.65 | | | 深证成指 | 9855.20 | -0.62% | -61.86 | | | 沪深 300 | 3781.62 | -0.14% | -5.37 | | | 创业板 | 1934.46 | -0.65% | -12.73 | | | 科创 50 | 1002.83 | -0.17% | -1.74 | | | 北证 50 | 1277.03 | -1.78% | -23.16 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 银行 | 0.98% ...

一、上周新股表现情况 证券研究报告 2025 年 4 月 28 日 星期一 上周（4 月 21 日-4 月 25 日）共有 3 只新股上市，上市首日涨跌幅均 值为 94.00%。其中，有 1 只新股上市首日涨幅超 100%，为众捷汽车。上 周无新股首日破发。 【新股发行跟踪（20250428）】 资料来源：东莞证券研究所，iFinD 二、周度新股上市情况走势 从周度新股上市规模来看，上周（4 月 21 日-4 月 25 日，下同）较上 上周（4 月 14 日-4 月 18 日，下同）相比，上市新股数量持平，首发募资 金额多 36.31 亿元。 从周度上市新股表现来看，上周与上上周均无新股首日破发，与上上 周相比，上周首日涨幅超 100%的新股数量有所减少，上市首日涨跌幅均 值有所下降。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。请务必阅读 末页声明。 1 表 1：上周新股表现 股票代码 股票简称 上市日期 上市 板块 发行价 格（元） 发行市 盈率 证监会行业 首日收盘 涨跌幅(%) 301560.SZ 众捷汽车 2025-0 ...

2025 年 4 月 28 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 计算机行业深度报告 深 度 信创迎来发展新机遇，基础软件替换空间广阔 投资要点： S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 计算机行业 SAC 执业证书编号： 信创按照"2+8+N"节奏稳步推进，逐步向市场主导驱动过渡。当前， 我国信创产业落地节奏呈现"2+8+N"的发展态势，在党政信创的引领 下，我国信创产业已进入全面推广阶段，其中"2+8"行业是信创推动 的主力军。我国正逐步由政策驱动转向政策+市场双驱动，未来市场需 求将逐渐成为主导力量，推动信创进入高质量发展阶 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% within the next six months [5]. Core Insights - The company, Kangbiter (833429.BJ), reported a significant increase in sales of protein muscle gain products, with a 2024 revenue of 1.04 billion yuan, representing a year-on-year growth of 23.34%. The net profit attributable to shareholders was 89 million yuan, up 1.38% year-on-year [3][4]. - In Q1 2025, the company achieved a revenue of 194 million yuan, a year-on-year increase of 26.08%, with a net profit of 12 million yuan, reflecting a 9.66% growth compared to the same period last year [3]. - The company’s core products, including whey protein and energy gels, have seen substantial sales growth, with protein muscle gain products revenue reaching 529 million yuan in 2024, a 72.64% increase year-on-year [3][4]. Financial Summary - For 2024, the total revenue is projected at 1.04 billion yuan, with a net profit of 89 million yuan. The earnings per share (EPS) for 2025 and 2026 are estimated to be 0.89 yuan and 1.19 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 26 and 19 [4]. - The company’s gross margin for Q1 2025 was 38.64%, showing a year-on-year decline of 9.03 percentage points, while the net profit margin was 6.21%, down 0.94 percentage points year-on-year [3].

S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 超配（维持） 国产替代持续推进，下游扩产拉动需求增长 深 度 半导体设备专题报告 2025 年 4 月 28 日 SAC 执业证书编号： S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：Wind，东莞证券研究所 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 推荐 分析师：刘梦麟 SAC 执业证书编号： 分析师：陈伟光 半导体设备是产业链上游支撑性环节，晶圆厂扩产拉动需求增长。 半导体设备位于半导体产业链最上游，其技术水平直接决定芯片制 造的工艺能力与良率水平，是行业发展的支撑性环节。在一条集成 电路产线中，设备投资的资本开支占比可达70%-80%，其市场规模跟 随全球半导体市场规模实现提升，且增速高于同期半导体市场整体 增速。近年来，受益半导体市场规模增长、下游晶圆厂扩产以及内 资晶圆厂话语权提升 ...