研究早观点 2025 年 4 月 1 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,335.75 | -0.46 | | 深证成指 | | 10,504.33 | -0.97 | | 沪深 | 300 | 3,887.31 | -0.71 | | 中小板指 | | 6,570.50 | -1.16 | | 创业板指 | | 2,103.70 | -1.15 | | 科创 | 50 | 1,022.71 | -0.66 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证新股】新股周报（2025.03.31-2025.04.03）-3 月份双创板块新股 首日涨幅下降，科创板胜科纳米上市 【山证农业】农业行业周报（2025.03.24-2025.03.30）-水产饲料需求或有望 见底回升，看好海大集团的配置时机 【行业评论】化学原料：新材料周报（250324-03 ...

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating a positive outlook for the stock [3][7]. Core Views - The company reported a total revenue of 10.435 billion yuan in 2024, a year-on-year decrease of 9.09%, primarily due to a loss of 1.5 billion yuan in raw material prices in the pesticide industry [4][5]. - The implementation of the "One Certificate, One Product" policy by the Ministry of Agriculture and Rural Affairs is expected to reduce market homogenization and inefficient competition, benefiting the company's brand and product sales [5]. - The company's formulation sales reached 1.545 billion yuan, with a slight decrease of 7.78% year-on-year, but maintained profit levels from the previous year [5]. - The company is actively addressing challenges in overseas markets and has seen a 3.65% year-on-year increase in trade business sales, amounting to 2.306 billion yuan in 2024 [5][6]. Financial Performance - The company achieved a net profit of 1.202 billion yuan in 2024, down 23.19% year-on-year [4][9]. - The projected net profits for 2025, 2026, and 2027 are 1.408 billion yuan, 1.592 billion yuan, and 1.754 billion yuan, respectively, with corresponding P/E ratios of 15.5, 13.7, and 12.4 [7][9]. - The company's gross margin is expected to improve slightly, with projections of 24.1% in 2025 and 24.4% in 2026 [11][12]. Market Position - The top ten companies in the pesticide industry account for nearly 40% of total sales, indicating an increase in industry concentration [6]. - The company’s raw material sales volume reached 99,872.64 tons in 2024, reflecting a year-on-year growth of 3.50% [6].

2025 年 3 月 31 日 公司研究/公司快报 资料来源：最闻 李旋坤 执业登记编码：S0760523110004 王金源 邮箱：wangjinyuan@sxzq.com 其他化学制品Ⅲ 同益中（688722.SH） 买入-A(维持) 2024Q4 盈利水平提升，差异化产品矩阵不断丰富 | 市场数据：2025 年 3 月 | 31 日 | | | --- | --- | --- | | 收盘价（元）： | | 16.25 | | 年内最高/最低（元）： | | 19.29/9.57 | | 流通A股/总股本（亿）： | | 2.24/2.25 | | 流通 A 股市值（亿）： | | 36.42 | | 总市值（亿）： | | 36.51 | | 年 基础数据：2024 | 月 12 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.58 | | 摊薄每股收益(元)： | | | 0.58 | | 每股净资产(元)： | | | 6.31 | | 净资产收益率(%)： | | | 9.52 | 事件描述 3 月 29 日，公司发布《2024 ...

2025 年 3 月 31 日 行业研究/行业周报 化学原料行业近一年市场表现 资料来源：最闻 相关报告： 落地，国内民航 SAF 第二阶段试点启动- 新材料周报（250317-0321） 2025.3.24 行动计划，永成新材 T1100 碳纤维实现 量 产 - 新 材 料 周 报 （ 250310-0314 ） 2025.3.18 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（250324-0328） 领先大市-B(维持) 麦加芯彩取得 DNV 防污漆证书，赢创和科思创 IPDI 供应遭遇异常 摘要 二级市场表现 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为 1.33%，跑输创 业板指 0.21%。近五个交易日，合成生物指数下跌 0.46%，半导体材料下跌 3.22%， 电子化学品上涨 0.80%，可降解塑料下跌 2.05%，工业气体上涨 2.27%，电池化 学 ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company reported a revenue of 28.676 billion yuan for 2024, a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 3.013 billion yuan, a decrease of 5.5% [1][3] - The board proposed a final dividend of 20.73 cents per share, with a payout ratio of 50% for the year [1] - The overall retail sales remained stable, with online channels showing low double-digit growth while offline channels experienced a slight decline [3][4] Revenue and Profit Analysis - In 2024, revenue from footwear, apparel, accessories, and equipment was 14.3 billion, 12.05 billion, 2.325 billion, and a year-on-year growth of 6.8%, -2.9%, and 29.3% respectively [4] - The retail sales for running, fitness, basketball, and sports lifestyle categories accounted for 28%, 15%, 21%, and 33% of total sales, with year-on-year growth rates of 25%, 6%, -21%, and -6% respectively [4] - The company’s gross margin improved to 49.4%, up 1.0 percentage points year-on-year, primarily due to better margins in the e-commerce channel [5][7] Channel Performance - Direct sales revenue decreased by 0.3% to 6.883 billion yuan, with the number of direct stores declining by 13.4% to 1,297 [5] - Wholesale revenue increased by 2.6% to 12.957 billion yuan, with wholesale stores growing by 1.6% to 4,820 [5] - E-commerce revenue grew by 10.3% to 8.305 billion yuan, with significant improvements in customer traffic and conversion rates [5][8] Future Outlook - The company is expected to continue optimizing its channel structure and enhancing customer experience, which will support steady business growth [8] - Projected revenues for 2025-2027 are 29.093 billion, 30.177 billion, and 31.517 billion yuan, with year-on-year growth rates of 1.5%, 3.7%, and 4.4% respectively [8][10]

新股研究 新股周报（2025.03.31-2025.04.03） 3 月份双创板块新股首日涨幅下降，科创板胜科纳米上市 2025 年 3 月 31 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，3 月份科创板新股首日涨幅下降但开板估值上升 周内新股市场活跃度下降，近 6 个月上市新股周内共有 11 只股票录得正涨幅(占比 22.45%，前值 26.09%)。 科创板：上周科创板胜科纳米上市，上市首日涨幅 241.41%，首日开板估值 154.01 倍。 周内先锋精科、思看科技录得周涨幅为正，胜科纳米录得周跌幅超-10%。 创业板：上周创业板浙江华业、浙江华远、矽电股份上市。周内惠通科技、博苑股份录 得周涨幅为正，弘景光电、浙江华业等录得周跌幅超-10%。 沪深主板：上周沪深主板无新股上市。周内天和磁材录得周涨幅超 10%，江南新材、新 亚电缆录得周跌幅约-10%。 山西证券新股研究团队 新股周期：2 月份无新股上市，创业板新股发行 PE 下降，主板新股发行 PE 上升。3 月 份科创板胜科纳米、创业板毓恬冠佳/常友科技/汉朔科技/弘景光电/恒鑫生活/浙江华业/ 浙江华远/矽电股份、主板汇通控股/永杰 ...

煤炭 行业周报（20250324-20250330） 同步大市-A(维持) 2025 年 3 月 31 日 行业研究/行业周报 资料来源：最闻 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 年后二宗矿权交易达成，一级市场估值维持强势 相关报告： 【山证煤炭】龙头股 2024 年度业绩好于 预 期 - 【 山 证 煤 炭 】 行 业 周 报 （20250317-20250323）： 2025.3.24 静待需求恢复 2025.3.21 胡博 投资要点 动态数据跟踪 动力煤：淡季影响显现，内贸煤价格小幅回落。本周产地煤矿生产维持 正常水平。需求方面，供暖季节临近结束，居民用电进入淡季，电厂整体负 荷季节性回落，电煤日耗较弱；下游复工及基建仍有待提高，工业原料用煤 需求维持刚需；港口疏港推进，本周煤炭调入小于调出，北方港口煤炭库存 小幅降低，综合影响下，港口煤价继续小幅下行。展望二季度，稳经济政策 或将继续出台，非电用煤需求预计继续恢复增长；同时，海外煤价企稳，煤 炭关税、贸易政策近期多 ...

2025 年 3 月 31 日 行业研究/行业周报 太阳能行业近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】 1-2 月光伏新增装机 39.5GW，产业链价格持续结构性上涨 2025.3.24 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 请务必阅读最后股票评级说明和免责声明 1 价格追踪 分析师： 多晶硅价格：根据 Infolink 数据，本周致密料均价为 40.0 元/kg，较上周 持平；颗粒硅均价为 38.0 元/ ...

新股研究 新股周报（2025.03.31-2025.04.03） 3 月份双创板块新股首日涨幅下降，科创板胜科纳米上市 2025 年 3 月 31 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，3 月份科创板新股首日涨幅下降但开板估值上升 周内新股市场活跃度下降，近 6 个月上市新股周内共有 11 只股票录得正涨幅(占比 22.45%，前值 26.09%)。 科创板：上周科创板胜科纳米上市，上市首日涨幅 241.41%，首日开板估值 154.01 倍。 周内先锋精科、思看科技录得周涨幅为正，胜科纳米录得周跌幅超-10%。 创业板：上周创业板浙江华业、浙江华远、矽电股份上市。周内惠通科技、博苑股份录 得周涨幅为正，弘景光电、浙江华业等录得周跌幅超-10%。 2025/01：思看科技（3D 视觉数字化产品/3D 扫描仪） 沪深主板：上周沪深主板无新股上市。周内天和磁材录得周涨幅超 10%，江南新材、新 亚电缆录得周跌幅约-10%。 山西证券新股研究团队 新股周期：2 月份无新股上市，创业板新股发行 PE 下降，主板新股发行 PE 上升。3 月 份科创板胜科纳米、创业板毓恬冠佳/常友科技/汉朔科技/弘景光 ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][10]. Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit of 179 million yuan, up 491.56% [5][6]. - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to significant revenue growth and improved profit margins [6][7]. - The company is actively expanding its product applications into emerging fields, with notable revenue contributions from international clients [7][8]. Financial Performance - In 2024, the company reported a gross margin of 25.90%, an increase of 10.09 percentage points year-on-year, with a main business gross margin of 32.92%, up 15.39 percentage points [6][12]. - The company’s revenue for Q4 2024 was 487 million yuan, reflecting a 14.32% increase year-on-year, while the net profit for the same quarter was 36 million yuan, up 59.74% [5][6]. - The company’s silicon carbide substrate products generated 1.474 billion yuan in revenue, accounting for 83.35% of total revenue, with international business revenue reaching 840 million yuan, a 104.43% increase [7][9]. Product and Market Position - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has launched the industry's first 12-inch silicon carbide substrate [10][9]. - The company holds a 22.80% market share in the global conductive silicon carbide substrate market, ranking second worldwide [9][10]. - The company is expanding its product matrix to include larger substrates, with ongoing development in 8-inch and 12-inch products [8][9]. Future Projections - The company is projected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan for the years 2025, 2026, and 2027, respectively [10][12]. - The expected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [10][12].