农用化工 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 ——云天化(600096)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-03-26) | 收盘价(元) | 23.52 | | --- | --- | | 一年内最高/最低(元) | 24.00/18.49 | | 沪深 300 指数 | 3,919.36 | | 市净率(倍) | 1.93 | | 流通市值(亿元) | 431.43 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 12.19 | | 每股经营现金流(元) | 5.86 | | 毛利率(%) | 17.50 | | 净资产收益率_摊薄(%) | 23.85 | | 资产负债率(%) | 52.26 | | 总股本/流通股(万股) | 183,432.87/183,432.8 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -11% -5% 1% 8% 14% 20% 26% 32% 2024.03 2024 ...

分析师：张刚 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,368.70 | -0.04 | | 深证成指 | | 10,643.82 | -0.05 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,919.36 | -0.33 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,757.70 | -0.41 | | 中证 | 500 | 5,948.50 | 0.03 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,801.23 | 0.58 | | 资料来源：聚源，中原证券研究所 | | | | 国际市场表现 | 指数名称 | | 收盘 | 涨跌幅(%) | | --- | --- | --- | --- | | 道琼斯 | | ...

电力及公用事业 分析师：陈拓 登记编码：S0730522100003 证券研究报告-行业月报 强于大市(维持) 电力及公用事业相对沪深 300 指数表现 相关报告 《电力及公用事业行业点评报告：2025 年政 府工作报告电力及公用行业视角：积极稳妥推 进碳达峰碳中和》 2025-03-06 《电力及公用事业行业月报：2 月以来三峡水 情回暖，陆丰核电 1 号机组全面开工》 2025-02-26 《电力及公用事业行业月报：漳州核电及 TB、 硬梁包水电机组陆续投产》 2025-01-24 联系人：李智 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 投资要点： chentuo@ccnew.com 前两月风电发电量增速加快 ——电力及公用事业行业月报 发布日期：2025 年 03 月 26 日 需求端：2025 年前两月用电量微增，2 月份单月用电增速较高。根 据国家能源局数据，2025 年 2 月份全社会用电量 7434 亿千瓦时， 同比增长 8.6%。2025 年 1—2 月，全社会用电量累计 15564 亿千 瓦时，同比增长 1.3%。 供给端：2025 年前两月，我国规上工业发电量同比所有下降。 ...

化学纤维 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 行业景气低迷拖累业绩，尼龙行业龙头产 业布局不断完善 ——神马股份(600810)年报点评 证券研究报告-年报点评 增持(首次) 市场数据(2025-03-25) | 收盘价(元) | 8.48 | | --- | --- | | 一年内最高/最低(元) | 8.86/5.68 | | 沪深 300 指数 | 3,932.30 | | 市净率(倍) | 1.24 | | 流通市值(亿元) | 85.25 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.84 | | 每股经营现金流(元) | 0.31 | | 毛利率(%) | 11.19 | | 净资产收益率_摊薄(%) | 0.47 | | 资产负债率(%) | 59.83 | | 总股本/流通股(万股) | 101,510.11/100,527.5 | | | 1 | 盈利能力方面，原材料己二腈和氢气采购单价分别下 跌 7.68%和 15.44%，精苯和苯酚采购单价上涨 10.86%和 3.02%。原 ...

分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 行业景气低迷拖累业绩，尼龙行业龙头产 业布局不断完善 ——神马股份(600810)年报点评 证券研究报告-年报点评 增持(首次) 化学纤维 市场数据(2025-03-25) | 收盘价(元) | 8.48 | | --- | --- | | 一年内最高/最低(元) | 8.86/5.68 | | 沪深 300 指数 | 3,932.30 | | 市净率(倍) | 1.24 | | 流通市值(亿元) | 85.25 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.84 | | 每股经营现金流(元) | 0.31 | | 毛利率(%) | 11.19 | | 净资产收益率_摊薄(%) | 0.47 | | 资产负债率(%) | 59.83 | | 总股本/流通股(万股) | 101,510.11/100,527.5 | | | 1 | B 股/H 股(万股) 0.00/0.00 联系人：李智 | | | 发布日期：2025 年 03 月 26 日 事件：公司公布 20 ...

分析师：张刚 登记编码：S0730511010001 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 03 月 26 日 投资要点： zhanggang@ccnew.com 021-50586990 机器人汽车行业领涨 A 股小幅整理 ——市场分析 相关报告 《市场分析：能源电力行业领涨 A 股小幅整 理》 2025-03-25 《市场分析：银行有色行业领涨 A 股小幅上 行》 2025-03-24 联系人： 李智 ◼ A 股市场综述 周三（03 月 26 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低 开后震荡上行，盘中股指在 3382 点附近遭遇阻力，午后股指维持震 荡，盘中机器人、光伏设备、汽车以及有色金属等行业表现较好； 船舶制造、银行、保险以及采掘等行业表现较弱，沪指全天基本呈 现小幅震荡整理的运行特征。创业板市场周三震荡回落，创业板成 分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周三 A 股市场冲高遇阻、小幅震荡整理，早盘股指低开后震荡上 行，盘中股指在 3382 点附近遭遇阻力，午后股指维持震荡，盘中机 器人、光伏设备、汽车以及有色金属等行业表现较 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -15% -10% -5% 1% 6% 11% 17% 22% 2024.03 2024.07 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,369.98 | -0.00 | | 深证成指 | | 10,649.08 | -0.43 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,932.30 | -0.06 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,773.13 | -0.09 | | 中证 | 500 | 5,946.95 | -0.37 | | 中证 | 10 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [17]. Core Views - The company has turned around its performance year-on-year, achieving a total revenue of 137.95 billion yuan, a 24.43% increase, and a net profit of 17.88 billion yuan, marking a significant recovery [4][11]. - The increase in revenue and profit is attributed to higher sales volume and prices in the pig farming business, alongside a decrease in breeding costs [4][8]. - The company plans to distribute a cash dividend of 5.72 yuan per 10 shares, reflecting confidence in its development [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 41.17 billion yuan, a 47.61% increase year-on-year, and a net profit of 7.4 billion yuan, indicating a strong recovery [4]. - The operating cash flow for 2024 reached 37.54 billion yuan, a remarkable increase of 279.50% year-on-year [4]. Industry Outlook - The pig farming industry is expected to see a dual increase in supply and demand in 2025, with the average price of pigs rising above the industry cost line [8]. - The scale of pig farming is projected to exceed 70% in 2024, indicating a trend towards increased industry concentration [8]. Cost Management - The company's breeding costs have decreased to approximately 12.9 yuan/kg as of February 2025, down from around 14 yuan/kg in 2024 [8]. - The slaughtering segment has shown improvement, with a reduction in average losses per head from 70 yuan in 2023 to about 50 yuan in 2024, achieving profitability in December [9]. Future Projections - The company anticipates a pig output of 72 million to 78 million heads in 2025, with a projected net profit of 20.55 billion yuan [11]. - The estimated earnings per share (EPS) for 2025 is projected at 3.76 yuan, with a corresponding price-to-earnings (PE) ratio of 10.26 [11].

登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 1、博鳌亚洲论坛旗舰报告指出，联合国、世界银行、国际货币基金组织 等国际机构普遍预计，今明两年世界经济将企稳甚至重新扩张。根据论坛 研究院的测算，2025 年亚洲经济增速预计将增至 4.5%，中国、印度等亚 洲经济体仍将保持 5%以上的较高增速。 分析师：张刚 资料来源：Wind,中原证券 -15% -10% -5% 1% 6% 11% 17% 22% 2024.03 2024.07 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,369.98 | -0.00 | | 深证成指 | | 10,649.08 | -0.43 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,932.30 | -0.06 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [1][20]. Core Views - The company is expected to recover from performance declines due to impairment and expense growth, with a projected revenue of 182.07 billion yuan for 2024, reflecting a year-on-year growth of 3.83% [5]. - The net profit attributable to shareholders is forecasted to be 13.03 billion yuan, a decrease of 22.49% year-on-year, primarily due to increased research and development expenses and asset impairment [5]. - The MDI market is anticipated to recover, driven by limited global capacity growth and increased demand from downstream sectors such as home appliances and automotive [8]. - The company's ethylene projects are expected to enhance profitability in its petrochemical business due to cost advantages over traditional oil routes [8]. - The company has a robust pipeline of new projects in fine chemicals and new materials, ensuring future growth potential [9]. Summary by Sections Financial Performance - The company reported a revenue of 182.07 billion yuan for 2024, with a net profit of 13.03 billion yuan, and basic earnings per share (EPS) of 4.15 yuan [5]. - The average prices for key raw materials such as pure benzene and propane have shown fluctuations, impacting overall profitability [5][6]. Market Outlook - The MDI industry is expected to see a recovery in demand, with price increases noted in 2025, which may improve industry profitability [8]. - The company is focusing on expanding its new materials business, with several projects set to launch in 2024, including a 20,000-ton POE and 48,000-ton citral facility [9]. Valuation Metrics - The projected EPS for 2024 and 2025 is 4.15 yuan and 5.39 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18.76 and 14.45 based on the closing price of 67.06 yuan [9].