Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved significant growth in 2024, with total revenue reaching 21.61 billion yuan, a year-on-year increase of 42.95%, and a net profit attributable to shareholders of 5.87 billion yuan, up 117.01% year-on-year [4] - The first quarter of 2025 is expected to see a net profit of 1.8 billion to 1.9 billion yuan, representing a year-on-year growth of 107% to 118% [5] - The nutrition segment's performance was boosted by the release of new production capacity for methionine and a recovery in demand from the aquaculture industry, alongside supply constraints from major international manufacturers [6][7] Summary by Sections Financial Performance - In 2024, the nutrition segment generated revenue of 15.06 billion yuan, a 52.58% increase year-on-year, accounting for 69.67% of total revenue [6] - The average market prices for key products such as vitamins A, E, C, and methionine saw significant increases, supporting revenue growth [6] - The company expects net profits for 2025-2027 to be 6.52 billion, 7.33 billion, and 8.03 billion yuan respectively, with corresponding P/E ratios of 10, 9, and 8 [10] Production Capacity and Projects - The company has fully released its 300,000-ton methionine production capacity, contributing to profit growth [7] - Ongoing projects include an 18,000-ton liquid methionine project and various expansions in the flavor and fragrance segment [9] Market Dynamics - The recovery in the pig farming industry and significant export growth have notably increased demand for vitamins A, E, and C, with export volumes rising by 28.96%, 35.82%, and 5.58% respectively [6] - The company is actively expanding its product matrix and enhancing its core competitiveness through various projects [9]

证券研究报告 证券研究报告 证券研究报告 全球大储维系高增长，工商储户储需求回暖 华安电新 张志邦 SAC职业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年4月21日 敬请参阅末页重要声明及评级说明 华安证券研究所 敬请参阅末页重要声明及评级说明 证券研究报告 证券研究报告 要点总结 ➢需求侧 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 • 低ROE市场 • 国内：1）量：25年2月国内装机1.24GW/2.89GWh，工商储规模上升；2）先导指标：招标：25年3月国内储能招标规模为7.5GW/38.1GWh，容量同/环比+258%/+156%； 3）国内边际变化：百兆瓦时工商储表现亮眼，上量明显。 • 印度：1）量：3月底，储能系统装机0.4GWh；2）先导指标：招标：独储25年招标19GWh，光储项目招标2.65GWh；3）政策：光伏开启强制配储；4）展望：预计到 2025年Q2有1GWh容量并网，印度全年装机超2GWh；5） 2025-26财年印度要求并网4GW/17GWh的电化学储能项目，且不能有任何拖延。 • ...

华安电新 张志邦 SAC职业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 2025年4月21日 证券研究报告 证券研究报告 证券研究报告 全球大储维系高增长，工商储户储需求回暖 敬请参阅末页重要声明及评级说明 华安证券研究所 证券研究报告 证券研究报告 要点总结 ➢需求侧 敬请参阅末页重要声明及评级说明 敬请参阅末页重要声明及评级说明 华安证券研究所 敬请参阅末页重要声明及评级说明 • 低ROE市场 • 国内：1）量：25年2月国内装机1.24GW/2.89GWh，工商储规模上升；2）先导指标：招标：25年3月国内储能招标规模为7.5GW/38.1GWh，容量同/环比+258%/+156%； 3）国内边际变化：百兆瓦时工商储表现亮眼，上量明显。 • 印度：1）量：3月底，储能系统装机0.4GWh；2）先导指标：招标：独储25年招标19GWh，光储项目招标2.65GWh；3）政策：光伏开启强制配储；4）展望：预计到 2025年Q2有1GWh容量并网，印度全年装机超2GWh；5） 2025-26财年印度要求并网4GW/17GWh的电化学储能项目，且不能有任何拖延。 • ...

[Table_IndNameRptType] 基础化工 行业专题 以生物造万物，构建 AI+新质生产力新业态 ——合成生物深度系列报告之一 | [Table_IndRank] 行业评级：增持 | | --- | | 报告日期： 2025-04-21 | [Table_Chart] 行业指数与沪深 300 走势比较 -27% -15% -4% 8% 19% 31% 4/24 7/24 10/24 1/25 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com [Table_Report] 相关报告 1.合成生物学周报：科技部发 布重点新材料研发与科技专项 通知，中科院发布合成生物 AI 大语言模型 2025-04-20 主要观点： ⚫[Table_Summary] 合成生物学是生产力转型升级新方向 合成生物学是一门基于工程化的设计理念，结合生物学、化学、医 学、农学、 ...

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a revenue of 182.07 billion yuan for 2024, an increase of 3.83% year-on-year, while the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [7] - The polyurethane segment achieved a revenue of 75.84 billion yuan, up 12.55% year-on-year, with a gross margin of 26.15% [8] - The petrochemical segment generated a revenue of 72.52 billion yuan, a year-on-year increase of 4.60%, with a gross margin of 3.52% [9] - The company expects continued growth in production and sales in the polyurethane sector, supported by new projects coming online in 2025 and 2026 [12] - The projected net profits for 2025, 2026, and 2027 are 14.36 billion yuan, 16.50 billion yuan, and 17.37 billion yuan respectively, with corresponding P/E ratios of 12.02, 10.46, and 9.94 [13] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 43.07 billion yuan, a decrease of 6.70% year-on-year, while the net profit attributable to shareholders was 3.08 billion yuan, an increase of 25.87% year-on-year [7] - The company faced challenges in Q4 2024, with a revenue drop of 19.49% year-on-year and a net profit decline of 52.83% [7] Production and Sales - The total production and sales of polyurethane products reached 5.8 million tons and 5.64 million tons respectively, showing an increase of 810,000 tons and 750,000 tons year-on-year [8] - The petrochemical segment's production and sales were 5.44 million tons and 5.47 million tons, respectively, with year-on-year increases of 690,000 tons and 750,000 tons [9] Future Outlook - The company is set to complete the construction of a new TDI project in Fujian by May 2025, which will add 330,000 tons of annual capacity [8] - The company plans to introduce a strategic investor with rich LPG resources to ensure a stable supply of raw materials [9]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a revenue of 182.07 billion yuan for 2024, an increase of 3.83% year-on-year, while the net profit attributable to shareholders decreased by 22.49% to 13.03 billion yuan [7] - The polyurethane segment achieved a revenue of 75.84 billion yuan, up 12.55% year-on-year, with a gross margin of 26.15% [8] - The petrochemical segment generated a revenue of 72.52 billion yuan, a year-on-year increase of 4.60%, with a gross margin of 3.52% [9] - The company expects continued growth in production and sales in the polyurethane sector, supported by new projects coming online in 2025 and 2026 [12] - The projected net profits for 2025, 2026, and 2027 are 14.36 billion yuan, 16.50 billion yuan, and 17.37 billion yuan respectively, with corresponding P/E ratios of 12.02, 10.46, and 9.94 [13] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 43.07 billion yuan, a decrease of 6.70% year-on-year, while the net profit attributable to shareholders was 3.08 billion yuan, an increase of 25.87% year-on-year [7] - The company faced significant impairment losses and non-current asset write-offs, impacting overall profitability [8] Production and Sales - The company’s production and sales volumes for polyurethane and petrochemical segments showed steady growth, with total production volumes of 580,000 tons and 544,000 tons respectively in 2024 [8][9] - The company is expanding its production capacity with new projects, including a 33,000-ton TDI project expected to be operational in May 2025 [8][12] Market Outlook - The company anticipates that the polyurethane and new materials sectors will continue to grow, driven by new capacity and favorable market conditions [12] - The company is also exploring strategic partnerships to ensure stable supply of raw materials [9]

[Table_IndNameRptType]2 固定收益 固收周报 30Y 国债波动的背后 ——债市机构行为周报（4 月第 3 周） 报告日期： 2025-4-20 [Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 电话：13127532070 邮箱：yanzq@hazq.com 本周综述： ⚫[Table_Summary] "螺蛳壳里做道场"——本周利率震荡，但 30Y 走势偏弱 本周 30Y 国债的走势更加值得关注。周内长端利率在 1.65%附近震荡， 而超长债陆续上行约 5bp，当前 30Y 国债到期收益率达到 1.90%。30Y 走势为何相对疲软？一是关税反复、经济预期有所扰动，二是超长特别 国债发行计划落地，单券发行规模超预期。 [Table_Author] 研究助理：洪子彦 执业证书号：S0010123060036 电话：15851599909 邮箱：hongziyan@hazq.com 本周机构行为点评：30Y 国债"砸盘"或已接近尾声。从本周的二级现 券交易数据，对于 30Y 国债买入机构数量较多，农商行、保险、其他产 品类与理财是 4 大卖盘，而大行 ...

策略研究 周度报告 消费行业轮动，行至何阶段？ [Table_RptDate] 报告日期： 2025-04-20 [Table_Author] 分析师：郑小霞 执业证书号：S0010520080007 电话：13391921291 邮箱：zhengxx@hazq.com 分析师：刘超 执业证书号：S0010520090001 电话：13269985073 邮箱：liuchao@hazq.com 分析师：张运智 执业证书号：S0010523070001 电话：13699270398 邮箱：zhangyz@hazq.com 分析师：任思雨 执业证书号：S0010523070003 电话：18501373409 邮箱：rensy@hazq.com 相关报告 1.策略周报《科技是否迎来主线契机， 哪些消费行业尚未轮动？—20250413 第 15 周》2025-04-13 2.策略周报《关税加征能否改变市场 结构？—20250406 第 14 周》2025-04- 06 3.策略月报《风起浪动—2025 年 4 月 A 股市场研判及配置机会》2025-03-30 4.策略周报《历年二季度哪些板块容 易出现行情？—20 ...

甘源食品（ [Table_StockNameRptType] 002991） 公司点评 难关已过，静待修复 ——甘源食品 24 年报&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-04-20 | | [Table_BaseData] 收盘价（元） | 76.62 | | --- | --- | | 近 12 个月最高/最低（元） | 95.98/46.55 | | 总股本（百万股） | 93 | | 流通股本（百万股） | 50 | | 流通股比例（%） | 53.30 | | 总市值（亿元） | 71 | | 流通市值（亿元） | 38 | [公司价格与沪深 Table_Chart] 300 走势比较 -55% -34% -12% 10% 31% 4/24 7/24 10/24 1/25 甘源食品 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 1.甘源食品 24Q3：税收优惠贡献弹性 202 ...

-30% -20% -10% 0% 10% 20% 30% 40% 50% 国机通用 沪深300 [分析师：张帆 Table_Author] [Table_StockNameRptType] 国机通用（600444） 公司点评 业绩符合市场预期，主业持续稳健发展 | 投资评级：增持（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-18 | | 570 收盘价（元） | 14.41 | | 近 12 个月最高/最低（元） | 18.55/10.45 | | 总股本（百万股） | 146.42 | | 流通股本（百万股） | 146.42 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 21.10 | | 流通市值（亿元） | 21.10 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 相关报告 1.《聚焦流体机械，行稳致远，拾级而 上》2024-09-25 2.《聚焦核心业务，盈利能力持续改善》 2024-10-31 主要观点： ...