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 ...

点评： 1、一季度国内经济实现"开门红"，二季度将实施更加积极有为的宏观政策 会议对当前经济形势做出研判，指出"我国经济呈现向好态势"，但同时，"经济持续回升向 好的基础还需要进一步稳固，外部冲击影响加大"。从数据来看，2025年一季度GDP增长5.4%， 增速高于市场预期和全年增长目标，国民经济实现良好开局，经济面修复改善。宏观政策方面， 会议强调"要加紧实施更加积极有为的宏观政策，用好用足更加积极的财政政策和适度宽松的货 币政策"。财政政策方面，4月财政部启动今年1.3万亿元超长期特别国债和5000亿元中央金融机构 注资特别国债发行，加之会议提出"加快地方政府专项债券、超长期特别国债等发行使用"，预 计未来一段时间地方政府债券还会保持较快发行节奏。总体看，国内财政政策空间充足。货币政 策方面，由于一季度经济超预期，4月LPR继续保持不变。此外，目前我国经济修复动能呈现增强 趋势，A股市场整体表现较为韧性，人民币汇率短期面临一定压力，所以短期宽货币政策或有所 延后。但与此同时，受外部经贸环境变化影响，宏观政策助力稳增长的必要性上升，4月央行MLF 净投放达到5000亿元，为连续第二个月加量续作，此次会议也延 ...

房地产行业 公 司 点 增持（维持） 滨江集团（002244）2024 年年报点评 销售排名持续提升，业绩稳健 2025 年 4 月 28 日 投资要点： S0340513040001 电话：0769-22177163 邮箱：hmy@dgzq.com.cn | 分析师：何敏仪 | | | --- | --- | | SAC 执业证书编号： | | | S0340513040001 | | | 电话：0769-22177163 | 公 | | 邮箱：hmy@dgzq.com.cn | 司 研 | | 主要数据 2025 年 4 | 究 月 25 日 | | 收盘价(元) | 9.99 | | 总市值（亿元） | 310.83 | | 总股本(亿股) | 31.11 | | 流通股本(亿股) | 26.82 | | ROE（TTM） | 9.25% | | 12 月最高价(元) | 12.44 | | 12 月最低价(元) | 5.73 | | 股价走势 | 证 | | 券 | 研 究 | | 资料来源：东莞证券研究所，Wind | | 资料来源：东莞证券研究所，Wind 本报告的风险等级为中风险。 本报告的信息 ...

超配（维持） 政策预期强化，关注景气细分 食品饮料行业深度报告 2025 年 4 月 28 日 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 分析师：黄冬祎 SAC 执业证书编号： S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 食品饮料行业指数走势 资料来源：东莞证券研究所，同花顺 相关报告 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。 行 业 研 究 证 券 深 度 研 究 食品饮料行业 研 究 报 告 ◼ 外部不确定性增加+国内政策定调积极，行业重视度提升。近期外部 不确定性增加，提振内需或将成为推动国内经济增长的重要一环。叠 加国内消费定调积极，食品饮料业绩受海外市场影响较小，行业重视 度提升。 ◼ 白酒板块：根据酒业家调研数据显示，今年春节白酒动销同比下滑10% 左右。节后，步入酒企销售淡季，主要以控货挺价为主。从酒企 ...

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% over the next six months [1][8]. Core Insights - The company achieved a total revenue of 89.175 billion yuan in 2024, representing a year-on-year growth of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [5]. - In Q4 2024, the company reported a total revenue of 21.260 billion yuan, a 2.53% increase year-on-year, but a net profit decline of 6.17% due to increased support for receivables and consumer cultivation efforts [5]. - For Q1 2025, the company demonstrated resilience with a total revenue of 36.940 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.860 billion yuan, up 5.80% year-on-year [5]. - The company plans to align its 2025 revenue targets with macroeconomic indicators, maintaining a steady and rational operational goal [5]. - The company announced a year-end dividend of 31.69 yuan per 10 shares, totaling 12.301 billion yuan, with a dividend payout ratio of 70% [5]. Financial Summary - The company forecasts total revenues of 93.723 billion yuan for 2025, 99.159 billion yuan for 2026, and 105.406 billion yuan for 2027, with corresponding net profits of 33.527 billion yuan, 35.620 billion yuan, and 38.043 billion yuan respectively [6]. - The diluted earnings per share are projected to be 8.64 yuan for 2025 and 9.18 yuan for 2026, with price-to-earnings (PE) ratios of 15 times and 14 times respectively [5][6].

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [7] Core Insights - In Q1 2025, China Pacific Insurance achieved a significant increase in new insurance premiums through the bancassurance channel, with new single premiums growing by 130.7% year-on-year [7] - The company's total investment yield has declined, primarily due to fluctuations in bond rates affecting the fair value of FVTPL bond assets [7] - The report highlights a robust performance in life insurance, with a new business value (NBV) growth of 11.3% year-on-year, and a comparable growth of 39.0% [7] Summary by Relevant Sections Financial Performance - In Q1 2025, insurance service revenue reached 695.50 billion yuan, a year-on-year increase of 3.9%, while total revenue was 937.17 billion yuan, down 1.8% year-on-year. Net profit was 96.27 billion yuan, reflecting an 18.1% decline year-on-year [5] - The total investment assets amounted to 2.81 trillion yuan, growing by 2.8% from the previous year [7] Business Segments - Life Insurance: The scale premium reached 1,184.22 billion yuan, up 11.8% year-on-year, with new business value at 57.78 billion yuan, marking an 11.3% increase [7] - Property Insurance: The original insurance premium income was 631.08 billion yuan, a 1.0% increase year-on-year, with a combined underwriting cost ratio of 97.4%, down 0.6 percentage points [7] Investment Outlook - The report projects a net profit of 452.11 billion yuan for 2025, with a price-to-earnings value (PEV) of 0.53 as of April 25 [7][8]

证券研究报告 2025 年 4 月 28 日 星期一 【A 股市场大势研判】 大盘冲高回落，三大指数涨跌不一 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 | 3295.06 | -0.07% | -2.23 | | | 深证成指 | 9917.06 | 0.39% | 38.74 | | | 沪深 300 | 3786.99 | 0.07% | 2.64 | | | 创业板 | 1947.19 | 0.59% | 11.33 | | | 科创 50 | 1004.57 | 0.13% | 1.26 | | | 北证 50 | 1300.19 | -1.11% | -14.54 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： 周五，市场全天冲高回落，三大指数涨跌不一。早盘三大指数集体高开后有所分化， 沪指全天小幅震荡，3300 点得而复失，深成指、创业板指冲高回落表现偏强。截至收盘， 三大指数涨跌不一，创业板指领涨。盘面上，电力股集体大涨，算力股展开反弹，统一大 市场概念股一度 ...

Investment Rating - The report assigns an "Accumulate" investment rating to the company, indicating an expected stock performance that will exceed the market index by 5%-15% over the next six months [3][9]. Core Insights - The company achieved significant growth in 2024, with total revenue reaching 2.417 billion yuan, a year-on-year increase of 25.49%. The net profit attributable to shareholders was 1.049 billion yuan, marking a remarkable year-on-year growth of 1,054.18% [7]. - New projects have shown impressive performance, with the Foshan project achieving profitability in its first year and the Three Gorges project generating over 1 billion yuan in revenue within 100 days of opening [7]. - The impact of the Huafang Group on profits has been largely eliminated, with the company's long-term equity investment balance stabilizing and the potential for further impairment provisions being minimal [7]. Financial Performance Summary - For 2024, the company reported total revenue of 2,417 million yuan and a net profit of 1,049 million yuan. The earnings per share (EPS) for 2025 and 2026 are projected to be 0.44 yuan and 0.52 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 21.77 and 18.37 [8][7]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares, totaling 525 million yuan, which represents 50.01% of the net profit for 2024, doubling the dividend amount from the previous year [7].