相关研究报告 《拟收购 Combi-Blocks，公司迈入发 展 新 阶 段 — 公 司 信 息 更 新 报 告 》 -2025.2.4 医药生物/医疗服务 毕得医药（688073.SH） 公司收入利润均加速增长，盈利能力持续改善 2025 年 04 月 24 日 投资评级：买入（维持） | 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 40.57 | | 一年最高最低(元) | 61.66/28.50 | | 总市值(亿元) | 36.87 | | 流通市值(亿元) | 17.54 | | 总股本(亿股) | 0.91 | | 流通股本(亿股) | 0.43 | | 近 3 个月换手率(%) | 193.45 | 股价走势图 数据来源：聚源 -30% 0% 30% 60% 90% 120% 2024-04 2024-08 2024-12 毕得医药 沪深300 《营收平稳增长，盈利能力同环比持 续提升 — 公 司 信 息 更 新 报 告 》 -2024.10.24 《海外贡献核心业绩增长，短期利润 承压—公司信息更新报告》-2024.9.1 余汝意（分析师） 聂媛媛（联 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in staple food business and rapid expansion in the domestic market. The revenue and net profit attributable to the parent company for 2024 are projected to be 4.465 billion and 394 million yuan, respectively, representing year-on-year increases of 19.15% and 68.89% [4][5] - The company has adjusted its profit forecasts for 2025-2026 upwards due to better-than-expected growth in staple food products, with net profits expected to reach 473 million, 561 million, and 655 million yuan for 2025, 2026, and 2027, respectively [4][5] Financial Performance - In Q4 2024, the company reported revenue and net profit of 1.276 billion and 112 million yuan, respectively, with year-on-year growth of 23.31% and 98.20% [4] - For Q1 2025, revenue and net profit are expected to be 1.101 billion and 91 million yuan, reflecting year-on-year growth of 25.41% and 62.13% [4] - The company's gross margin and net margin for 2024 are 28.16% and 9.33%, respectively, showing improvements from the previous year [5] Sales and Market Expansion - The company achieved a sales volume of 127,700 tons in pet food and supplies in 2024, a year-on-year increase of 28.24%, primarily driven by a significant increase in staple food production [6] - Domestic and overseas revenues for 2024 are projected to be 14.14 billion and 30.51 billion yuan, respectively, with year-on-year growth of 30.26% and 14.62% [7] - The company has established stable long-term partnerships with global clients, exporting products to 85 countries across five continents [7] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.60, 1.90, and 2.22 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 30.3, 25.6, and 21.9 [4][8] - The company's revenue for 2025 is estimated at 5.247 billion yuan, with a year-on-year growth rate of 17.5% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant revenue and profit growth in 2024, with revenue reaching 4.661 billion yuan, a year-on-year increase of 48.97%, and a net profit of 622 million yuan, up 74.73% year-on-year [4] - The company is expected to benefit from the trend of intelligent driving equality, which will drive long-term growth in the high-frequency and high-speed connector sector [4][5] - The first quarter of 2025 saw a revenue of 1.196 billion yuan, a 15.02% increase year-on-year, but net profit decreased by 23.80% due to increased depreciation from new facilities [4] - The automotive connector business grew by 77.42% in 2024, with a gross margin of 39.35%, indicating strong demand and capacity expansion [5] Financial Summary - In 2024, the company reported a gross margin of 33.64% and a net margin of 13.58%, both showing improvements from the previous year [4] - The projected net profits for 2025, 2026, and 2027 are 814 million yuan, 1.120 billion yuan, and 1.338 billion yuan respectively, with corresponding P/E ratios of 26, 19, and 16 [4] - The company maintained a strong focus on R&D, with R&D expense ratios of 8.53% in 2024 and 8.98% in Q1 2025, reflecting ongoing investment in innovation [6] - The financial metrics indicate a robust growth trajectory, with expected revenues of 5.960 billion yuan in 2025, a 27.9% increase from 2024 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a robust revenue growth of 28.9% year-on-year for 2024, reaching 5.3 billion yuan, with a net profit increase of 26.5% to 640 million yuan. For Q1 2025, revenue was 1.54 billion yuan, up 25.7%, and net profit was 180 million yuan, up 11.6% [4][5] - The company is experiencing strong growth in its new product categories, particularly in konjac products, and is expanding its channels, including initial overseas market entries, which opens up future growth potential [4][6] - The company’s gross margin was affected by channel structure adjustments, with Q4 2024 gross margin at 27.6%, down 3.4 percentage points year-on-year. However, the company is expected to maintain a healthy profit growth trajectory in the coming years [6][7] Financial Summary - For 2024, the company achieved a revenue of 5.3 billion yuan, with a year-on-year growth of 28.9%. The net profit for the same year was 640 million yuan, reflecting a growth of 26.5% [7] - The projected revenues for 2025, 2026, and 2027 are 6.72 billion yuan, 8.31 billion yuan, and 10.29 billion yuan, respectively, with expected growth rates of 26.7%, 23.7%, and 23.8% [7][9] - The company’s earnings per share (EPS) are projected to increase from 3.09 yuan in 2025 to 4.82 yuan in 2027, indicating a strong growth outlook [7][9]

房地产/房地产开发 陆家嘴（600663.SH） 2025 年 04 月 24 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 9.16 | | 一年最高最低(元) | 12.10/7.62 | | 总市值(亿元) | 461.22 | | 流通市值(亿元) | 289.06 | | 总股本(亿股) | 50.35 | | 流通股本(亿股) | 31.56 | | 近 3 个月换手率(%) | 15.33 | 股价走势图 -20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 2025-04 陆家嘴 沪深300 数据来源：聚源 相关研究报告 《营收增长利润微降，持有物业出租 率保持稳定—公司信息更新报告》 -2024.10.30 ——公司信息更新报告 | 齐东（分析师） 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | | qidong@kysec.cn huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 证书编号 ...

-20% 0% 20% 40% 60% 2024-04 2024-08 2024-12 2025-04 陆家嘴 沪深300 | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 9.16 | | 一年最高最低(元) | 12.10/7.62 | | 总市值(亿元) | 461.22 | | 流通市值(亿元) | 289.06 | | 总股本(亿股) | 50.35 | | 流通股本(亿股) | 31.56 | | 近 3 个月换手率(%) | 15.33 | 股价走势图 房地产/房地产开发 陆家嘴（600663.SH） 2025 年 04 月 24 日 投资评级：买入（维持） | 齐东（分析师） 胡耀文（分析师） | 杜致远（联系人） | | --- | --- | | qidong@kysec.cn huyaowen@kysec.cn | duzhiyuan@kysec.cn | | 证书编号：S0790522010002 证书编号：S0790524070001 | 证书编号：S0790124070064 | | 营收利润稳健增长，派息比例维持  | 50%，维持"买入 ...

金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 2025 年 04 月 24 日 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 何申昊（分析师） 证书编号：S0790524070009 陈 威（研究员） 证书编号：S0790123070027 蒋 韬（研究员） 证书编号：S0790123070037 相关研究报告 《4 月转债配置：看好平衡低估风格转 债—转债配置月报》-2025.4.21 《筹码结构视角下的动量反转融合— 开源量化评论（108）》-2025.4.17 《农业板块的资金行为监测—金融工 程定期》-2025.4.13 主动权益基金加仓消费板块，固收基金规 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 5.687 billion yuan in 2024, representing a year-on-year growth of 7.74%, and a net profit attributable to shareholders of 426 million yuan, up 17.61% year-on-year. The Q4 revenue was 1.422 billion yuan, with a slight year-on-year increase of 0.04% and a quarter-on-quarter decrease of 1.62%. The net profit for Q4 was 112 million yuan, showing a significant year-on-year increase of 41.32% and a quarter-on-quarter increase of 19.75%. The company plans to distribute a cash dividend of 0.37 yuan per share (tax included) [4][6] - The company is focusing on solidifying its operations in antioxidant agents, lubricant additives, and life sciences while advancing the localization of PI materials, aiming for multi-level high-quality development [4][6] Financial Summary - The total revenue for 2023 was 5.278 billion yuan, with a year-on-year growth of 9.0%. The projected revenue for 2024 is 5.687 billion yuan, with a growth rate of 7.7%, and for 2025, it is expected to reach 6.259 billion yuan, reflecting a growth of 10.1% [6][8] - The net profit attributable to shareholders for 2023 was 362 million yuan, with a year-on-year decrease of 31.0%. The forecast for 2024 is 426 million yuan, up 17.6%, and for 2025, it is projected to be 516 million yuan, representing a growth of 21.0% [6][8] - The gross margin for 2024 is expected to be 21.2%, an increase of 1.46 percentage points year-on-year, while the net margin is projected to be 7.3%, up 0.51 percentage points year-on-year [6][8] Business Segmentation - In 2024, the company’s revenue from antioxidant agents, light stabilizers, U-pack, and lubricant additives was 1.730 billion yuan, 2.086 billion yuan, 614 million yuan, and 1.063 billion yuan respectively, with year-on-year growth rates of 7.99%, 11.31%, -3.77%, and 15.40% [4][6] - The sales volume for antioxidant agents and lubricant additives was 123,600 tons and 58,300 tons respectively, with year-on-year increases of 6.40% and 23.23% [4][6] - The life sciences business generated revenue of 3.63 million yuan, indicating a transition from research and development to dual-track operations involving both R&D and market [4][6] Valuation Metrics - The projected earnings per share (EPS) for 2025 is 2.25 yuan, with corresponding price-to-earnings (P/E) ratios of 12.6, 10.9, and 9.7 for 2025, 2026, and 2027 respectively [4][6][8] - The company’s return on equity (ROE) is expected to improve from 8.4% in 2023 to 10.4% by 2027 [6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company demonstrates significant cost advantages in breeding, and its high dividend payouts reflect its investment value. The company reported a revenue of 104.92 billion yuan in 2024, representing a year-on-year increase of 16.68%, and a net profit attributable to shareholders of 9.23 billion yuan, up 244.46% [4][5] - The company is expected to navigate through the industry cycle successfully, with an upward revision of profit forecasts for 2025-2026 and the introduction of a profit forecast for 2027. The projected net profits for 2025-2027 are 11.98 billion yuan, 13.26 billion yuan, and 19.36 billion yuan, respectively [4][5] Financial Performance Summary - In 2024, the company sold 30.18 million pigs, a 14.93% increase, with an average selling price of 16.71 yuan per kilogram, up 12.83% [5] - The total breeding cost for pigs in 2024 was 14.4 yuan per kilogram, a decrease of 2.4 yuan compared to the previous year, and it further declined to 12.6-12.8 yuan per kilogram in Q1 2025 [5] - The company plans to distribute a cash dividend of 1.32 billion yuan for 2024, which, along with share buybacks, totals 2.97 billion yuan, accounting for 32% of the net profit attributable to shareholders [6] Financial Forecasts - The company’s revenue is projected to reach 106.71 billion yuan in 2025, with a year-on-year growth of 1.7%, and net profit is expected to be 11.98 billion yuan, reflecting a 29.8% increase [7] - The gross margin is anticipated to improve from 17.4% in 2024 to 19.3% in 2025, while the net margin is expected to rise from 8.8% to 11.2% in the same period [7] - The earnings per share (EPS) are forecasted to be 1.80 yuan in 2025, 1.99 yuan in 2026, and 2.91 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 9.4, 8.5, and 5.8 [7]

| 日期 | 2025/4/23 | | --- | --- | | 当前股价(元) | 16.33 | | 一年最高最低(元) | 20.75/13.58 | | 总市值(亿元) | 864.11 | | 流通市值(亿元) | 864.10 | | 总股本(亿股) | 52.92 | | 流通股本(亿股) | 52.91 | | 近 3 个月换手率(%) | 46.0 | 股价走势图 2025 年 04 月 24 日 投资评级：买入（维持） ——公司信息更新报告 基础化工/农化制品 盐湖股份（000792.SZ） Q1 氯化钾价格上行助力业绩高增，五矿增持彰显发 数据来源：聚源 -20% -10% 0% 10% 20% 30% 2024-04 2024-08 2024-12 盐湖股份 沪深300 相关研究报告 《2024Q4 业绩超预期，2025Q1 业绩 同比预增，4 万吨锂盐产能将有序释放 —公司信息更新报告》-2025.3.31 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 xuzhengfeng@kysec.cn 证书编号：S079 ...