证券研究报告 2025 年 03 月 03 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3320.90 | -1.98 | | 深证成指 | 10611.24 | -2.89 | | 创业板指 | 2170.39 | -3.82 | | 科创 50 | 1078.80 | -4.22 | | 北证 50 | 1306.98 | -4.32 | | 沪深 300 | 3890.05 | -1.97 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 634864 | 496352 | 11.82 | 1.25 | | 深证成指 | 223317 | 188999 | 21.90 | 2.26 | | 创业板指 | 60793 | 48327 | 33.08 | 4.21 | | 科创 50 | 37237 | 23840 | 52.15 | 4.56 | | 北 ...

策略点评 证券研究报告 全国两会召开临近，关注消费及顺周期方向 财信证券宏观策略周报（3.3-3.7） 2025 年 03 月 02 日 上证指数-沪深 300 走势图 -11% -1% 9% 19% 29% 2024-03 2024-06 2024-09 2024-12 上证指数 沪深300 黄红卫 分析师 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 相关报告 1 财信证券宏观策略周报（2.24-2.28）：如何看待 这一轮科技股行情的逻辑？2025-02-23 2 财信证券宏观策略周报（2.17-2.21）：DeepSeek 行情从普涨走向聚焦，关注传媒及 AI 应用 2025- 02-16 3 财信证券宏观策略周报（2.10-2.14）：春季躁动 行情开启，逢低配置科技成长 2025-02-09 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 上周（2.24-2.28)股指表现为，上证指数下跌 1.72%，收报 3320.9 点，深证成 指下跌 3.46%，收报 10611.24 点，中小 100 下跌 3.78%，创业板指下跌 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated significant revenue growth, achieving an operating income of 1.447 billion yuan in 2024, a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% [6][8] - The company continues to expand its product pipeline and market presence, launching innovative products such as the world's first eye area anti-aging regeneration material based on "self-assembly root technology" [6][8] - The company is actively pursuing international market opportunities, having secured patent authorizations in countries like the USA, South Korea, Japan, and Brazil, which enhances its global competitiveness [7][8] Financial Performance Summary - The company's main revenue is projected to grow from 3.90 billion yuan in 2022 to 24.05 billion yuan in 2026, with corresponding net profits increasing from 1.09 billion yuan to 12.04 billion yuan over the same period [4][8] - Earnings per share (EPS) are expected to rise from 1.23 yuan in 2022 to 13.60 yuan in 2026, reflecting strong growth potential [4][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 184.86 in 2022 to 16.77 in 2026, indicating improving valuation metrics as the company scales [4][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 85.40% and a net profit increase of 144.65% for the 2024 fiscal year [6] - The core product, Wei Yi Mei® recombinant type III humanized collagen dry fiber, has achieved over 2 million clinical injections since its launch in June 2021, demonstrating strong market validation [6] - The company is expanding its product pipeline and has launched the world's first eye anti-aging regeneration material based on "self-assembly root technology" [6] - The company is actively pursuing overseas market expansion and has secured patents in multiple countries, enhancing its global competitiveness [7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 14.44 billion, 19.03 billion, and 24.05 billion yuan, respectively, with year-on-year growth rates of 85.07%, 31.76%, and 26.42% [8] - Net profit projections for the same years are 7.29 billion, 9.44 billion, and 12.04 billion yuan, with growth rates of 143.14%, 29.54%, and 27.49% [8] - Earnings per share (EPS) are projected to be 8.24 yuan, 10.67 yuan, and 13.60 yuan for 2024, 2025, and 2026, respectively [8] Market Position - The company is positioned as a leader in the domestic recombinant collagen market, with a unique product offering and first-mover advantage [8] - The report highlights the company's ongoing efforts to diversify its collagen technology applications across various medical and aesthetic fields [6][8]

证券研究报告 2025 年 02 月 28 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3388.06 | 0.23 | | 深证成指 | 10927.51 | -0.26 | | 创业板指 | 2256.51 | -0.52 | | 科创 50 | 1126.29 | -0.05 | | 北证 50 | 1366.06 | 0.98 | | 沪深 300 | 3968.12 | 0.21 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 646460 | 506058 | 12.04 | 1.28 | | 深证成指 | 229592 | 194169 | 22.48 | 2.33 | | 创业板指 | 63044 | 50149 | 34.31 | 4.36 | | 科创 50 | 38783 | 24887 | 54.35 | 4.76 | | 北证 5 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the agricultural, forestry, animal husbandry, and fishery industry [2][7]. Core Insights - The sales volume and price of live pigs have both declined month-on-month, with a decrease in the average weight of pigs being sold [7]. - In January 2025, the overall slaughter volume of 15 listed pig companies was 8.1476 million heads, showing a year-on-year increase of 2.95% but a month-on-month decrease of 7.25% [7]. - The average selling price of commodity pigs in January was 15.62 yuan/kg, reflecting a month-on-month decline of 1.39% [7]. - The report suggests that the market for live pigs remains weak, particularly after the Spring Festival, which is traditionally a low season for pork consumption [7]. - Despite the decline in selling prices, the report indicates that quality pig companies can maintain good profitability due to low costs and efficiency advantages [7]. Summary by Sections Sales Performance - In January, the slaughter volume of commodity pigs was 7.001 million heads, down 9.08% month-on-month, with only one company, Huatuan Co., showing positive growth [7]. - The number of piglets sold was 540,000 heads, down 12.24% month-on-month, with some companies experiencing declines while others saw increases [7]. Price Trends - The average slaughter weight of pigs was 118.98 kg, down 4.31% month-on-month, indicating a faster slaughter pace due to market conditions [7]. - The report highlights that the combination of weak market demand and increased short-term supply has pressured pig prices, leading to a decline in average selling prices [7]. Investment Recommendations - The report recommends focusing on quality pig companies such as Muyuan Foods and Wens Foodstuffs, which are expected to maintain profitability in 2025 despite market challenges [7].

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the agriculture, forestry, animal husbandry, and fishery industry [2][7]. Core Insights - The sales volume and price of live pigs have both declined month-on-month, with a decrease in the average weight of pigs being sold [7]. - In January 2025, the overall slaughter volume of 15 listed pig companies was 8.1476 million heads, showing a year-on-year increase of 2.95% but a month-on-month decrease of 7.25% [7]. - The average selling price of live pigs in January was 15.62 yuan/kg, reflecting a month-on-month decline of 1.39% [7]. - The report suggests that the market for live pigs remains weak, particularly after the Spring Festival, which is traditionally a low season for pork consumption [7]. - Despite the decline in selling prices, high-quality pig companies are expected to maintain profitability due to low costs and efficiency advantages [7]. Summary by Sections Sales Data - In January, the slaughter volume of commodity pigs was 7.001 million heads, down 9.08% month-on-month [7]. - The average slaughter weight of pigs was 118.98 kg, a decrease of 4.31% month-on-month [7]. Price Trends - The average selling price of commodity pigs decreased month-on-month, indicating a pressure on prices due to weak market demand and increased supply [7]. Investment Recommendations - The report recommends focusing on high-quality pig companies such as Muyuan Foods and Wens Foodstuffs, which are expected to maintain profitability in 2025 [7].

证券研究报告 策略专题 2025 年 02 月 24 日 上证指数-沪深 300 走势图 -10% 0% 10% 20% 30% 2024-02 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 上证指数 沪深300 叶彬 分析师 执业证书编号:S0530523080001 yebin@hnchasing.com 相关报告 1 经济金融高频数据周报（02.17-02.21）2025- 02-17 2 2025 年第一季度大类资产配置：A 股具备配 置价值，关注科技和扩内需方向 2025-02-13 3 经济金融高频数据周报（02.10-02.14）2025- 02-10 经济金融高频数据周报（02.24-02.28） 投资要点 全球经济及通胀：经济活跃度上行，通胀震荡走高。 全球经济活跃度有所上行，2025 年 02 月 21日波罗的海干散货指数 (BDI)当周平均值为 894.6 点，较上周增加 103.00 点；通胀水平震荡 走高，CRB 商品价格指数当周平均值为 314.99 点 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a strong performance in 2024, with total revenue reaching 104.906 billion yuan, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 9.245 billion yuan, up 244.68% year-on-year [6][7] - The pig farming segment has turned profitable, becoming the core driver of profit growth, with a total pig output of 30.1827 million heads, an increase of 14.93% year-on-year, and an average selling price of 16.71 yuan/kg, up 12.83% year-on-year [6][7] - The poultry segment demonstrated resilience, with chicken output of 1.208 billion heads, a year-on-year increase of 2.09%, despite a 4.60% decline in average selling price to 13.06 yuan/kg [6][7] Summary by Relevant Sections Financial Performance - The company forecasts revenue for 2024, 2025, and 2026 to be 104.402 billion yuan, 101.369 billion yuan, and 108.541 billion yuan respectively, with net profits of 9.257 billion yuan, 6.704 billion yuan, and 9.952 billion yuan respectively [4][7] - Earnings per share (EPS) are projected to be 1.39 yuan, 1.01 yuan, and 1.50 yuan for the years 2024, 2025, and 2026 respectively [4][7] Cost Management - The comprehensive cost of pig farming is expected to decrease further, with a target of 13 yuan/kg for 2025, providing a safety net for the company's performance amid price fluctuations [6][7] - In the poultry segment, the company managed to reduce costs more significantly than the decline in chicken prices, leading to profit growth despite market pressures [6][7] Market Outlook - The recovery of pig farming capacity is expected to be slow, limiting supply growth in 2025, which will constrain price adjustments [6][7] - The company aims to maintain its leading position in the industry through efficient production and cost management strategies [6][7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a strong performance in 2024, with total revenue reaching 104.906 billion yuan, a year-on-year increase of 16.66%, and a net profit attributable to shareholders of 9.245 billion yuan, up 244.68% year-on-year [6][7] - The pig farming segment has turned profitable, becoming the core driver of profit growth, with a total pig output of 30.1827 million heads, a year-on-year increase of 14.93% [6][7] - The company aims to maintain a competitive edge in pig farming costs, targeting an average comprehensive cost of 13 yuan per kilogram for 2025 [6][7] Summary by Sections Financial Performance - The company’s main revenue for 2022 was 83.708 billion yuan, projected to increase to 104.402 billion yuan in 2024 and 101.369 billion yuan in 2025 [4][9] - The net profit attributable to shareholders was -6.390 billion yuan in 2023, expected to recover to 9.257 billion yuan in 2024 and 6.704 billion yuan in 2025 [4][9] - Earnings per share (EPS) is projected to be 1.39 yuan in 2024, decreasing to 1.01 yuan in 2025, and then increasing to 1.50 yuan in 2026 [4][9] Business Segments - In the pig farming sector, the average selling price of pigs was 16.71 yuan per kilogram in 2024, a year-on-year increase of 12.83%, with comprehensive costs significantly reduced to 14.4 yuan per kilogram [6][7] - The poultry segment saw a slight increase in chicken output to 1.208 billion heads, despite a decrease in average selling price to 13.06 yuan per kilogram [6][7] Future Outlook - The company expects to maintain its profitability in the pig farming sector due to a slow recovery in production capacity, which will limit the supply growth in 2025 [6][7] - The company has set a target for pig output in 2025 to be between 33 million and 35 million heads, focusing on quality and steady growth [6][7]