消费者服务行业 超配（维持） 消费者服务行业双周报（2025/4/11-2025/4/24） 2025 年一季度国内出游 17.94 亿人次，五一出游升温 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。 2025 年 4 月 25 日 分析师：邓升亮 SAC 执业证书编号： S0340523050001 电话：0769-22119410 邮箱： dengshengliang@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 消费者服务（中信）指数走势 相关报告 证 券 研 究 报 告 行 业 周 报 行 业 研 究 ◼ 行情回顾：2025年4月11日-2025年4月24日，中信消费者服务行业指数 整体回落3.86%，跑输同期沪深300指数约5.18个百分点。细分板块中， 综合服务、旅游休闲、酒店餐饮、教育板块涨跌幅分别为5.10%、-7.28%、 -4.38%、1. ...

医药生物行业 买入（维持） 持续增强内驱力 推动 Q1 业绩增速回升 公 2025 年 4 月 25 日 投资要点： 司 点 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn | 研 | | | --- | --- | | 究 | 报 告 | | 主要数据 2025 年 4 收盘价(元) 总市值（亿元） 总股本(百万股) 流通股本(百万股) ROE（TTM） 12 月最高价(元) 12 月最低价(元) 股价走势 资料来源：东莞证券研究所，iFind | 月 24 日 12.72 1,186.40 9,327.01 7,930.96 16.97% 19.09 证 9.05 券 | 股价走势 报 告 资料来源：东莞证券研究所，iFind 事件：公司发布了2024年报及2025年一季报。2024年，公司实现营业总收入 209.83亿元，同比增长3.02%；实现归母净利润35.56亿元，同比增长5.87%。 2025年一季度，公司实现营业总收入60.26亿元，同比增长15.97%；实现归母 净利润10.5亿元，同比增长16. ...

半导体行业 超配（维持） 半导体行业双周报（2025/04/11-2025/04/24） 行 业 半导体板块 Q1 业绩有望实现同比增长 投资要点： 风险提示：终端需求不及预期、国产替代不及预期、价格竞争加剧等。 2025 年 4 月 25 日 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。 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 周 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 行 资料来源：东莞证券研究所，iFind | 1.半导体行业行情回顾 | | 3 | 2.半导体产业新闻 | | 4 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 3.公司公告与动态 | | 5 | 4.半导体产业数据更新 | | 8 | | | | 4.1 | 智能手 ...

10% 医药生物 沪深300 医药生物行业 -5% 0% 5% 10% 医药生物 沪深300 超配（维持） 医药生物行业双周报（2025/4/11-2025/4/24） 福建省医疗设备集采结果公布 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。 -15% -10% -5% 0% 5% -25% -20% -20% -15% -10% 2025 年 4 月 25 日 -30% -25% -35% -35% -30% -25% -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 分析师：谢雄雄 SAC 执业证书编号： S0340523110002 电话：0769-22110925 邮箱： xiexiongxiong@dgzq.com.cn 分析师：魏红梅 SAC 执业证书编号： S0340513040002 ...

Market Performance - The major indices showed mixed performance with the Shanghai Composite Index closing at 3297.29, up by 0.03%, while the Shenzhen Component Index fell by 0.58% to 9878.32 [2] - The ChiNext Index decreased by 0.68% to 1935.86, and the STAR 50 Index dropped by 0.92% to 1003.32 [2] - The total trading volume in the Shanghai and Shenzhen markets was 1.11 trillion, a decrease of 120.7 billion from the previous trading day [6] Sector Performance - The top-performing sectors included Beauty Care (1.61%), Banking (1.16%), and Utilities (1.08%), while the worst-performing sectors were Computer (-2.36%) and Communication (-2.08%) [3] - Concept sectors such as PEEK Materials (3.70%) and Acrylic Acid (1.89%) performed well, whereas New and Next Shares (-3.24%) and Electronic ID (-3.20%) lagged [3] Market Outlook - The market is expected to stabilize as domestic macro policies are set to intensify in the second quarter, with potential monetary easing and fiscal stimulus [6] - The report highlights a shift towards a fundamentals-driven market as earnings reports are released and the political bureau meeting at the end of April clarifies future policy directions [6] - Defensive sectors like banking and electricity, along with consumer and technology sectors, are anticipated to perform well amid ongoing economic recovery [6]

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 [2][9]. Core Insights - The company, Wens Foodstuff Group Co., Ltd. (温氏股份), reported a total operating revenue of 104.92 billion yuan for 2024, a year-on-year increase of 16.68%, and a net profit attributable to shareholders of 9.23 billion yuan, up 244.46% year-on-year. For Q1 2025, the company achieved a total operating revenue of 24.33 billion yuan, a growth of 11.37%, and a net profit of 2.00 billion yuan, reflecting a 261.92% increase year-on-year [3][6]. Summary by Sections Financial Performance - In 2024, the company sold 30.18 million pigs, a 14.93% increase year-on-year, with a market share of approximately 4.30%, ranking second among listed companies. The average selling price of live pigs was 16.71 yuan/kg, up 12.83% year-on-year, leading to a revenue of 64.86 billion yuan from the pork business, a 33.71% increase [6]. - The comprehensive cost of pig farming for 2024 was approximately 7.2 yuan/kg, down about 1.2 yuan/kg year-on-year. For Q1 2025, the company sold 8.59 million pigs, a 19.7% increase, generating revenue of 15.48 billion yuan, a 25.7% increase [6]. Chicken Farming Business - The chicken farming segment saw a slight decline in revenue, with 1.208 billion chickens sold in 2024, a 2.09% increase, and a market share of 8.41%. The average selling price for chickens was 13.06 yuan/kg, down 4.60%, resulting in revenue of 35.72 billion yuan, a decrease of 2.58% [6]. - The comprehensive cost of chicken farming decreased to around 6 yuan/kg, down 0.8 yuan/kg year-on-year. In Q1 2025, the company sold 281.59 million chickens, a 5.4% increase, with revenue of 6.84 billion yuan, a 10.5% decrease [6]. Earnings Forecast - The company forecasts EPS of 1.52 yuan and 1.56 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 11.19 and 10.88 [7].

Market Overview - The A-share market is experiencing fluctuations, with the ChiNext Index leading the gains [1] - The Shanghai Composite Index closed at 3296.36, down 0.10%, while the Shenzhen Component Index rose by 0.67% to 9935.80 [2] Sector Performance - The top-performing sectors include: - Automotive: +3.21% - Machinery: +2.47% - Communication: +1.73% - Power Equipment: +1.18% - Electronics: +0.91% [3] - The underperforming sectors include: - Retail: -1.85% - Agriculture: -1.39% - Real Estate: -1.38% - Non-ferrous Metals: -1.26% - Beauty Care: -0.95% [3] Concept Index Performance - The leading concept indices are: - Reducer: +5.18% - Humanoid Robots: +4.58% - Automotive Thermal Management: +3.67% - Flying Cars (eVTOL): +3.54% - Integrated Die Casting: +3.48% [4] - The lagging concept indices are: - Gold Concept: -3.44% - Corn: -2.88% - Dairy: -2.86% - Grain Concept: -2.82% - Community Group Buying: -2.68% [4] Future Outlook - The market is expected to focus on consumption, real estate stability, stock market stability, and support for private enterprises in the second quarter [6] - The upcoming Politburo meeting in April is seen as a critical observation window for new policy announcements [6] - The monetary policy is anticipated to shift from risk prevention to growth stabilization, especially if the Federal Reserve lowers interest rates [6]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1][5] Core Views - The company reported a significant increase in Q1 2025 performance, with revenue reaching 4.31 billion yuan, a year-on-year growth of 80.31%, and net profit increasing by 339.22% [2][3] - The strong performance is attributed to the surge in orders for high-value products and enhanced profitability, with Q1 gross margin at 33.37%, up 13.88 percentage points year-on-year [2][3] - The company is expected to benefit from the ongoing AI development opportunities, with plans to raise 1.9 billion yuan for capacity expansion projects in Vietnam and Thailand [2][3] Summary by Relevant Sections Financial Performance - In 2024, the company achieved a revenue of 10.73 billion yuan, a 35.31% increase year-on-year, and a net profit of 1.15 billion yuan, up 71.96% [2][4] - For Q1 2025, the company reported a net profit of 921 million yuan, reflecting a 339.22% increase compared to the previous year [2][4] Growth Drivers - The rapid growth in performance is driven by the company's focus on international top-tier clients and the mass production of PCB products in AI computing and data center sectors [2][3] - The company has strengthened cost management, contributing to improved profitability, with a gross margin of 22.72% in 2024, up 2.02 percentage points year-on-year [2][4] Future Outlook - The company has provided a positive Q2 guidance, expecting a net profit increase of no less than 30% quarter-on-quarter and over 360% year-on-year for H1 [2][3] - The anticipated EPS for 2025 and 2026 are projected to be 5.09 yuan and 6.90 yuan, respectively, with corresponding PE ratios of 15 and 11 [2][4]

Market Overview - The market showed mixed performance with the three major indices fluctuating, where the Shanghai Composite Index rose by 0.25% to close at 3299.76, while the Shenzhen Component Index fell by 0.36% to 9870.05 [2][4] - The total trading volume in the Shanghai and Shenzhen markets reached 1.09 trillion, an increase of 48.6 billion compared to the previous trading day [6] Sector Performance - The top-performing sectors included retail trade (1.03%), building materials (1.02%), and transportation (0.90%), while the weakest sectors were media (-1.08%), telecommunications (-0.97%), and machinery (-0.80%) [3][4] - Concept indices that performed well included supply and marketing cooperatives (3.93%), cross-border payment (CIPS) (3.65%), and glyphosate (3.57%), whereas sectors like humanoid robots (-1.59%) and NVIDIA concept (-1.48%) lagged [3][4] Future Outlook - The market is expected to maintain resilience due to government support and the anticipation of policy measures aimed at stimulating consumption and infrastructure investment [6] - The upcoming May Day holiday is likely to boost consumer spending, and the market is advised to focus on opportunities in consumption recovery, technological independence, and high-dividend defensive stocks [6] Policy Developments - Recent policies include the issuance of a plan to enhance cross-border financial services in Shanghai, which aims to support the internationalization of the Shanghai Gold Exchange and expand the application of the RMB benchmark price in global markets [5] - The central government has also emphasized the development of smart connected vehicles and the establishment of civilian drone testing bases in free trade zones [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10] Core Views - The company achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%. The net profit attributable to shareholders was 583 million yuan, with a year-on-year increase of 29.89% [5][8] - The company is a leading player in the domestic high-precision satellite navigation and positioning industry, with competitive advantages in various high-precision positioning navigation intelligent equipment and multi-application system solutions [8] Financial Performance Summary - Revenue Breakdown: - Resource and Public Utilities: 1.425 billion yuan, up 26.41% - Construction and Infrastructure: 1.053 billion yuan, up 8.97% - Geospatial Information: 589 million yuan, up 38.44% - Robotics and Autonomous Driving: 185 million yuan, up 15.53% [5][8] - Profitability Metrics: - Overall gross margin for the year was 58.13%, an increase of 1.07 percentage points year-on-year - Domestic market revenue was 2.313 billion yuan, up 18.07% - International market revenue was 938 million yuan, up 30.39%, with an international business gross margin of 77.60%, an increase of 5.64 percentage points year-on-year [8] Earnings Forecast - The projected earnings per share (EPS) for 2025 and 2026 are 1.35 yuan and 1.78 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 30 and 23 times [8][9]