证券研究报告 策略专题 2025 年 03 月 17 日 上证指数-沪深 300 走势图 -11% -1% 9% 19% 29% 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 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 03-03 3 经济金融高频数据周报（02.24-02.28）2025- 02-24 经济金融高频数据周报（03.17-03.21） 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 03 月 14日波罗的海干散货指数 (BDI)当周平均值为 1547.6 点，较上周增加 257.20 点；通胀水平震 荡，CRB 商品价格指数当周平均值为 302.94 点，较上周增加 1.52 点。 国内经济及通胀：PMI 处于荣枯线以上，物价平稳。 房地产走强，2025 年 03 月 16 日 30 大中城市商品房周度日均成交 面积为 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The company has shown strong performance in its TIDES business, with significant growth in backlog orders [2][6] - The company expects a revenue growth of 10%-15% in 2025, driven by strong order backlog and new capacity [7][8] - The company plans to increase shareholder returns through a special dividend and share buyback program [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 403.41 billion - 2024A: 392.41 billion (down 2.73% YoY) - 2025E: 426.09 billion (up 8.58% YoY) - 2026E: 479.18 billion - 2027E: 535.53 billion [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion - 2026E: 129.68 billion - 2027E: 144.86 billion [2][9] - Earnings per share (EPS) are projected to increase from 3.33 in 2023A to 5.02 in 2027E [2][9] Business Segment Performance - The TIDES business (mainly oligonucleotides and peptides) achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY [6][7] - The chemical business generated revenue of 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific commercial production projects [6][7] - The testing business saw revenue of 56.71 billion in 2024, down 4.82% YoY, impacted by reduced industry demand and increased competition [6][7] Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to decrease from 19.25 in 2023A to 12.77 in 2027E [2][9] - The price-to-book (P/B) ratio is expected to decline from 3.35 in 2023A to 2.23 in 2027E [2][9] - The target price for the company is set between 72.00 and 80.00 per share based on a P/E of 18-20 for 2025 [8]

Investment Rating - The industry investment rating is maintained as "In line with the market" [2][24]. Core Viewpoints - The report highlights a slowdown in credit growth and weak financing demand from the private sector, indicating a need for improvement in credit structure, particularly in residential credit demand [6][24]. - The report notes that the M1 growth rate has declined, while M2 growth remains stable, reflecting insufficient monetary creation and a need to boost economic activity [19][24]. Summary by Sections Financing Demand and Loan Growth - As of the end of February 2025, the RMB loan balance reached 261.78 trillion yuan, with a year-on-year growth of 7.30%. In February, RMB loans increased by 1.01 trillion yuan, which is 440 billion yuan less than the previous year [6][7]. - The report indicates weak residential financing demand, with a net decrease of 389.1 billion yuan in residential loans in February, which is a year-on-year decline of 201.6 billion yuan [11][24]. - Corporate loans increased by 1.04 trillion yuan in February, but this was 530 billion yuan less than the previous year, with significant declines in medium to long-term loans [11][24]. Monetary Supply and Economic Activity - The M1 growth rate fell to 0.1% in February, down 0.3 percentage points from the previous month, indicating weak liquidity in the real economy [19][24]. - M2 growth remained at 7.0%, unchanged from the previous month, suggesting stable but low monetary growth due to slow fiscal fund injection [19][24]. Investment Recommendations - The report suggests that the government will implement more proactive fiscal policies, which are expected to boost M1 growth and improve social financing credit. It recommends focusing on state-owned banks with stable profits and high dividends, such as China Merchants Bank and Ningbo Bank, as potential investment opportunities [24].

Investment Rating - The report maintains a "Buy" rating for the company [1][10] Core Views - The company has shown strong performance in its TIDES business, with a significant increase in backlog orders [2][6] - The company expects a revenue growth of 10%-15% in 2025, driven by strong order backlog and new capacity [7][8] - The company plans to increase shareholder returns through a special dividend and share buyback program [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 403.41 billion - 2024A: 392.41 billion (down 2.73% YoY) - 2025E: 426.09 billion (up 8.58% YoY) [2][9] - Net profit projections are: - 2023A: 96.07 billion - 2024A: 94.50 billion - 2025E: 115.49 billion [2][9] - Earnings per share (EPS) are expected to increase from 3.33 in 2023A to 4.00 in 2025E [2][9] Business Segment Performance - The TIDES business achieved revenue of 58.00 billion in 2024, a 70.10% increase YoY, with backlog orders growing by 103.9% [6][7] - Chemical business revenue was 290.52 billion in 2024, with a slight decline of 0.41% YoY, but a growth of 11.20% when excluding specific projects [6][7] - Testing and biological services faced challenges, with revenues of 56.71 billion and 25.44 billion respectively, showing declines [6][7] Market Position and Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 16.01 in 2025, with a target price range of 72.00-80.00 per share based on a P/E of 18-20 [8][9]

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3429.76, up 0.11%, while the Shenzhen Component Index rose by 0.52% to 11014.75 [2][4] - The total market capitalization of the Shanghai Composite Index is 6533.01 billion, with a price-to-earnings (PE) ratio of 12.30 and a price-to-book (PB) ratio of 1.30 [3] Financial Insights - The overall market is experiencing a shrinking trading volume, with the gold sector performing well amid ongoing market fluctuations [6][8] - The total trading volume across the market was 15642.22 billion, a decrease of 567.13 billion from the previous trading day [8] Industry Dynamics - The National Energy Administration reported a year-on-year increase of 8.6% in total electricity consumption for February, amounting to 7434 billion kWh [30] - The digital industry in China achieved a business revenue of 35 trillion yuan in 2024, reflecting a growth of 5.5% year-on-year [21] Company Updates - New Industry (300832.SZ) received a medical device registration certificate for its Golgi protein 73 testing kit, enhancing its market competitiveness [36] - Wens Foodstuff Group (300498.SZ) reported a reduction in the comprehensive cost of pork to 6.3 yuan per jin, with a debt-to-asset ratio of 51%-52% [38] - WuXi AppTec (603259.SH) achieved a revenue of 39.241 billion yuan in 2024, with a year-on-year growth of 5.20% when excluding specific commercial production projects [40][42] - Aojing Medical (688613.SH) obtained a registration certificate for its artificial bone repair material in Vietnam, indicating potential for clinical application [43] Strategic Insights - The report emphasizes the importance of technology and self-sufficiency in driving industry growth, particularly in sectors like AI, cloud computing, and defense [11] - The government is focusing on expanding domestic demand and supporting consumption in various sectors, including consumer electronics and home appliances [10]

Investment Rating - The report maintains an "Outperform" rating for the electronic industry [3][17]. Core Insights - The Taiwan PCB industry achieved a revenue of NT$ 598 billion in February, representing a year-on-year growth of 26% and a month-on-month decrease of 3%. Cumulative revenue from January to February reached NT$ 1,215 billion, with a year-on-year increase of 11% [9][10]. - The report highlights strong performance among high-layer and HDI-related companies, with significant revenue growth observed in February [11][17]. - The demand for high-end PCBs is expected to continue due to the needs of AI servers, high-speed communication devices, and automotive intelligence [17]. Summary by Sections Taiwan PCB Industry Revenue Situation - In February, the hardboard and carrier board manufacturers generated NT$ 447 billion, a 26% increase year-on-year and a 1% increase month-on-month. Cumulative revenue for the year reached NT$ 891 billion, also up 11% year-on-year. Softboard manufacturers reported NT$ 152 billion in revenue, a 29% year-on-year increase but a 12% decrease month-on-month, with cumulative revenue of NT$ 324 billion, reflecting an 11% year-on-year growth [10][11]. Revenue Performance of Related Companies - Notable revenue performances in February include: - Xinxing Electronics: NT$ 100 billion, up 21% year-on-year, up 5% month-on-month [11]. - Nandian: NT$ 28 billion, up 50% year-on-year, up 9% month-on-month [11]. - Jeng Shing Technology: NT$ 29 billion, up 30% year-on-year, up 14% month-on-month [11]. - Jentech: NT$ 53 billion, up 33% year-on-year, down 10% month-on-month [11]. - Huatong: NT$ 52 billion, up 21% year-on-year, down 2% month-on-month [11]. - Jinxiang Electronics: NT$ 39 billion, up 47% year-on-year, up 8% month-on-month, marking a new monthly revenue high [9][13]. Investment Recommendations - The report suggests focusing on leading technology firms such as Shenghong Technology, Shennan Circuit, and Huitian Technology, as the high-layer and HDI sectors are expected to maintain a favorable outlook [17][19].

行业点评 电子 证券研究报告 台湾 PCB 行业跟踪，金像电单月营收创新高 2025 年 03 月 14 日 评级 领先大市 评级变动： 维持 行业涨跌幅比较 % 1M 3M 12M 电子 -1.07 5.19 38.05 沪深 300 -0.21 -2.90 8.73 何晨 分析师 执业证书编号:S0530513080001 -12% 8% 28% 48% 68% 2024-03 2024-06 2024-09 2024-12 电子 沪深300 | hechen@hnchasing.com | | | --- | --- | | 袁鑫 | 研究助理 | | yuanxin@hnchasing.com | | 相关报告 1 电子行业双周报：AI 板块催化消息不断，看 好 AI 应用端潜力释放 2025-03-13 2 行业事件点评：闪迪发布涨价函，行业有望进 入涨价周期 2025-03-10 3 行业事件点评：阿里巴巴资本开支乐观，AI 建设有望提速 2025-02-25 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 台湾 PCB 行业 2 月营收同比实现高增。台湾 PCB 厂商 2 月 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the Market" for the agricultural, forestry, animal husbandry, and fishery industry [2] Core Viewpoints - The report highlights that the sales of commodity pigs are weakening, while the piglet market is entering a peak season for replenishment [8] - It notes that the overall sales volume of listed pig companies in February 2025 showed a year-on-year increase but a month-on-month decline, indicating a sluggish market [8] - The average selling price of commodity pigs decreased by 5.08% month-on-month, while the average slaughter weight increased by 2.73% [8] - The report suggests that despite the decline in commodity pig prices, quality pig companies can maintain good profit margins due to low costs [8] Summary by Sections Sales Data - In February 2025, the overall slaughter volume of 15 listed pig companies (excluding Muyuan Foods) was 7.2731 million heads, a year-on-year increase of 33.93% but a month-on-month decrease of 10.73% [8] - The cumulative slaughter volume for January-February 2025 was 29.1427 million heads, a year-on-year increase of 22.01% [8] Price Trends - The average selling price of commodity pigs in February was 14.73 yuan/kg, reflecting a month-on-month decline [8] - The average slaughter weight of pigs increased to 123.11 kg, indicating a slight recovery in weight despite the price drop [8] 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 [8]

证券研究报告 行业点评 农林牧渔 商品猪销售边际走弱，仔猪市场迎补栏旺季窗口 上市猪企 2025 年 2 月销售简报数据点评 资料来源： Wind ，财信证券 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 | 2025 年 03 月 14 日 | | | | --- | --- | --- | | 评级 | 同步大市 | | | | 评级变动： | 维持 | 行业涨跌幅比较 刘敏 分析师 执业证书编号:S0530520010001 liumin83@hnchasing.com 相关报告 1 农林牧渔行业 2025 年 3 月月报：关注生物育 种产业化进程，重视后周期板块机遇 2025-03-04 2 中国对美农产品加征关税事件点评：大豆、玉 米价格波动或加剧，利好生物育种板块 2025-03-06 3 上市猪企 2025 年 1 月销售简报数据点评：生 猪销售量价环比齐跌，出栏体重环比下降 2025-02-27 | 重点股票 | 2023A | | 2024E | | 2025E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected return exceeding 15% compared to the CSI 300 index [54] Core Insights - The overall A-share market is experiencing a trend of shrinking volume and oscillation, with the gold sector performing well [6][8] - The report highlights that the market is transitioning from being driven by liquidity and policy to being driven by economic fundamentals in the upcoming months [10] Market Overview - As of March 19, 2025, the Shanghai Composite Index closed at 3429.76, up 0.11%, while the Shenzhen Component Index closed at 11014.75, up 0.52% [2] - The total market capitalization of the Shanghai Composite Index is 6533.01 billion, with a PE ratio of 12.30 and a PB ratio of 1.30 [3] Industry Dynamics - In February, the total electricity consumption in China increased by 8.6% year-on-year, with the secondary industry seeing a 12.4% increase [30] - The report notes that NVIDIA is expected to launch the GB300 chip in the second quarter of 2025, with significant improvements in performance metrics [32] - The National Development and Reform Commission has issued guidelines to promote the high-quality development of the green certificate market, aiming for a well-established trading system by 2027 [34] Company Tracking - New Industry (300832.SZ) has received a medical device registration certificate for its GP73 testing kit, enhancing its market competitiveness [36] - Wens Foodstuff Group (300498.SZ) reported a reduction in the comprehensive cost of pork to 6.3 yuan per jin, with a debt-to-asset ratio of 51%-52% [38] - WuXi AppTec (603259.SH) achieved a revenue of 39.241 billion yuan in 2024, with a projected growth of 10%-15% in 2025 [40][42] - Aojing Medical (688613.SH) has obtained registration for its artificial bone repair material in Vietnam, indicating potential for market expansion [43] - Shanghai Jahwa United Co., Ltd. (600315.SH) reported a revenue decline of 13.93% in 2024, primarily due to goodwill impairment [45]