Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a slight decline in performance, with Q1 2025 revenue at 1.608 billion yuan, down 16.53% year-on-year, and net profit attributable to shareholders at 90 million yuan, down 31.06% year-on-year. This decline is attributed to the company's ongoing channel restructuring and transformation efforts, which are currently facing transitional pressures [6] - The company is expected to achieve sequential revenue and profit growth throughout 2025, with a projected double-digit increase in net profit for the year. This growth is anticipated as the company enhances channel efficiency and brand value through its restructuring efforts [6] - The company is actively promoting its brand renewal and has launched various marketing initiatives to enhance product visibility and reach, particularly targeting younger demographics through platforms like Xiaohongshu and Bilibili [6] Financial Summary - Revenue projections for 2024 to 2027 are as follows: 8.401 billion yuan in 2024, 8.826 billion yuan in 2025 (up 5.06%), 9.770 billion yuan in 2026 (up 10.69%), and 10.753 billion yuan in 2027 (up 10.06%) [2][7] - Net profit attributable to shareholders is projected to grow from 648 million yuan in 2024 to 718 million yuan in 2025 (up 10.83%), 826 million yuan in 2026 (up 15.06%), and 962 million yuan in 2027 (up 16.39%) [2][7] - Earnings per share (EPS) is expected to increase from 0.86 yuan in 2024 to 0.95 yuan in 2025, 1.09 yuan in 2026, and 1.27 yuan in 2027 [2][7] - The price-to-earnings (P/E) ratio is projected to decrease from 17.94 in 2024 to 12.09 in 2027, indicating improving valuation metrics over the forecast period [2][7]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a significant increase in net profit attributable to shareholders, reaching 390 million yuan in 2024, a year-on-year increase of 164%. The non-recurring net profit was 260 million yuan, up 85.74% year-on-year, indicating strong overall growth in performance for 2024 [1][5] - The silver production remains stable with a slight decrease of 4.48% year-on-year, while the silver price has been favorable, contributing positively to the company's performance [2] - The company has seen a doubling of net profit from its main silver mine, Yindu, which reached 370 million yuan in 2024, compared to 160 million yuan in the previous year. The company expects significant profit release from the Jingshan mine in 2025 following a full acquisition [2][3] - The upcoming production of the Honglin Mining Caiyuanzi gold mine is anticipated to enhance the company's valuation, with trial production expected between July and September 2025 [3] - The company has ongoing projects such as Dongsheng and Deyun, which are expected to provide future production increases in silver and other metals [4] Financial Summary - The company is projected to achieve net profits of 600 million yuan, 901 million yuan, and 1,034 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 53.75%, 50.28%, and 14.69% [5][7] - Earnings per share (EPS) are expected to be 0.87 yuan, 1.31 yuan, and 1.50 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 16.18, 10.76, and 9.39 [5][7] - The target price for the company's stock is set at 17.4 yuan, based on a valuation of 20 times P/E, reflecting the company's strong position in the silver industry and potential growth in gold production [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - Standing at the end of April and looking forward to May, investors' preference for long - term and ultra - long - term bonds has increased, while their attention to credit products has decreased month - on - month, but there may be a characteristic of "being bullish but not taking action" [1][10]. - According to the bond market survey questionnaire results released at the end of April, six mainstream expectations of investors for the May bond market are summarized: preference for long - term and ultra - long - term bonds has increased significantly; Trump's tariff policy may promote the early implementation of reserve requirement ratio (RRR) and interest rate cut policies, and the positive impact on the bond market can continue; the current expectation of monetary easing is still strong, with most investors expecting an RRR cut in May - June and an interest rate cut more likely in the third quarter; most investors believe that the bond market will strengthen overall in May, and the probability of a bull - flattening curve is high; most investors' judgments on the operating ranges of 10 - year and 30 - year Treasury bond yields are narrow, and the market is expected to be mainly volatile; in terms of operations, most investors are neutral in practice and prefer to keep their positions basically stable, possibly showing "being bullish but not taking action" [1][10]. 3. Summary by Relevant Catalogs 3.1 Survey Background - A bond market questionnaire "What to expect from the May bond market?" was released on April 25, 2025, targeting the main concerns of the May 2025 bond market. As of 24:00 on April 27, a total of 331 valid questionnaires were received, covering various institutional investors such as bank self - operation, securities firm self - operation, public funds/special accounts, and individual investors [8]. 3.2 Expectations for Treasury Bond Yields - **10 - year Treasury Bond Yields**: 48% of investors think the lower limit of the 10 - year Treasury bond rate is below 1.60%, and 45% think it is between 1.60% - 1.70% (inclusive). 76% of investors believe the upper limit of the 10 - year Treasury bond rate may be within 1.80%, and 11% think it may be between 1.80% - 1.85% (inclusive). Most investors expect the bond market in May to trade around the tariff policy, and the 10 - year Treasury bond rate is unlikely to return to the previous high in April [11]. - **30 - year Treasury Bond Yields**: 41% of investors think the lower limit of the 30 - year Treasury bond operating range in May will be less than 1.8%, and 43% think it is between 1.80% - 1.85% (inclusive). 53% of investors believe the upper limit of the 30 - year Treasury bond operating range in May is between 1.90% - 2.00% (inclusive), and 31% think it is within 1.90%. The overall bond market in May may be volatile and slightly stronger [14]. 3.3 Expectations for the Second - Quarter Economic Trend - 62% of investors think the economic trend in the second quarter will be "both year - on - year and month - on - month weakening", a significant increase compared with the April questionnaire results. 22% of investors think it will show the characteristic of "year - on - year recovery but month - on - month weaker than the seasonal level". 10% of investors think it will be "year - on - year recovery and month - on - month in line with the seasonal level", and 5% think it will be "year - on - year recovery and month - on - month exceeding the seasonal level", a significant decrease compared with the April questionnaire results. The deviation between the economic fundamental expectation and the reality needs a certain verification period [19]. 3.4 Expectations for RRR and Interest Rate Cuts - **RRR Cut**: 66% of investors think an RRR cut will occur in May - June, and 17% think it will be in the third quarter. Investors have a high expectation for an RRR cut and expect it to happen earlier [21]. - **Interest Rate Cut**: 49% of investors think an interest rate cut will occur in the third quarter, 31% think it will be in May - June. 12% of investors think there will be no interest rate cut in 2025. Investors' expectation for an interest rate cut has further strengthened, and the proportion of those who think there will be no interest rate cut in 2025 has decreased significantly [21]. 3.5 Impact of Trump's Tariff Policy on the Bond Market - 46% of investors think it may promote the early implementation of RRR and interest rate cut policies, and the positive impact on the bond market can continue. 27% think the subsequent focus will be on the expectation of tariff policy cooling, and the positive impact on the bond market has ended. 15% think it may trigger non - US countries to impose tariffs on China, and the positive impact on the bond market can continue. 12% think it may strengthen the policy - makers' determination to stabilize the capital market, and the positive impact on the bond market has ended. Overall, investors generally think the subsequent impact of Trump's tariff policy on the bond market is still positive [23]. 3.6 Expectations for the May Bond Market行情 - 27% of investors think the interest rate curve will strengthen overall and show a bull - flattening trend in May. 26% think it will strengthen overall and show a bull - steepening trend. 16% think it is difficult to judge the trend of the interest rate curve in May. 10% think the short - end of the interest rate curve will be strong and the long - end will be weak, and 10% think the short - end will be weak and the long - end will be strong. Overall, more investors are optimistic about the May bond market, but there is some divergence between the expectations of a bull - flattening and a bull - steepening curve [25]. 3.7 Bond Market Operation Suggestions - 49% of investors think they should keep their positions basically stable. 23% think they should hold cash and wait, and then add positions after the market回调 to the expected level. 13% think they can start adding positions. 11% think they should take appropriate profits and reduce positions. 4% think they should reduce the duration to control risks. Most investors are neutral in practice, and keeping positions stable is the mainstream view [29]. 3.8 Preferred Bond Varieties in May - 18% and 17% of investors think the opportunities for long - term and ultra - long - term interest - rate bonds are relatively certain. 15%, 10%, and 10% of investors are more optimistic about medium - short - term interest - rate bonds, inter - bank certificates of deposit, and local government bonds respectively. About 9% of investors prefer medium - low - grade urban investment bonds. Investors have a higher preference for interest - rate products such as interest - rate bonds, certificates of deposit, and government bonds, and their preference for credit products has decreased month - on - month. The preferred varieties have shifted from the short - end to the long - end and ultra - long - end [32]. 3.9 Main Logic of Bond Market Pricing in May - 31% of investors think the central bank's monetary policy attitude and the trend of the capital market are still the main pricing logics for the May bond market. 16% and 15% of investors think fiscal stimulus, government bond issuance, and fundamental data such as real estate and PMI are the main pricing logics. 13% of investors think the implementation of the US tariff policy is the main pricing logic. The central bank's monetary policy attitude and the trend of the capital market are still the most concerned factors for investors [34].

证券研究报告 | 公司点评 | 中药Ⅱ 云南白药(000538) 报告日期：2025 年 04 月 29 日 业绩略超预期，持续挖潜增效 ——云南白药 2025 年一季报点评 投资要点 ❑ 风险提示：政策调整风险、成本波动风险、市场竞争加剧 | | | | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 40033 | 40691 | 42276 | 43753 | | (+/-) (%) | 2.36% | 1.64% | 3.90% | 3.49% | | 归母净利润 | 4749 | 5327 | 5945 | 6554 | | (+/-) (%) | 16.02% | 12.16% | 11.60% | 10.26% | | 每股收益(元) | 2.66 | 2.99 | 3.33 | 3.67 | | P/E | 21.76 | 19.40 | 17.38 | 15.76 | 资料来源：公司年报，浙商证券研究所 -17% -10% -3% 4% 12% 19 ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company reported Q1 2025 revenue of 7.77 billion yuan, a year-over-year decrease of 3% and a quarter-over-quarter decrease of 14%. The net profit attributable to shareholders was 710 million yuan, down 34% year-over-year and 17% quarter-over-quarter [1][3] - The company is a leading player in the coal chemical industry in China, with a significant low-cost moat. The extension of the industrial chain and product expansion at the Jingzhou base are expected to drive steady growth in performance. Projected net profits for 2025-2027 are 4.036 billion, 4.666 billion, and 5.120 billion yuan, with year-over-year growth rates of 3.41%, 15.62%, and 9.73%, respectively [3][4] - The company is experiencing pressure on profitability due to product price declines, but cost reductions are expected to improve product price differentials in Q2, driven by industry recovery [8][9] Financial Summary - For 2025, the company is expected to achieve revenue of 37.041 billion yuan, with a year-over-year growth of 8.22%. The net profit is projected to be 4.036 billion yuan, reflecting a year-over-year growth of 3.41% [4][9] - The company's earnings per share (EPS) for 2025 is estimated at 1.90 yuan, with a price-to-earnings (P/E) ratio of 10.59 [4][9] - The company’s gross margin and net margin for Q1 2025 were 16.3% and 9.9%, respectively, indicating a decline in profitability due to lower product prices [8][9]

证券研究报告 | 公司点评 | 饲料 佩蒂股份(300673) 报告日期：2025 年 04 月 29 日 发力自主品牌，全球化产能布局对冲扰动 ——佩蒂股份 2024 年报&2025 一季报点评 投资要点 佩蒂股份发布 2024 年报&2025 年一季报： 佩蒂股份 2024 年实现营业收入 16.59 亿元，同比增长 17.6%；归母净利润达 1.82 亿元，实现扭亏为盈。24 年毛利率提升至 29.4%，同比增加超过 10pct，得益于 产品结构优化、海外基地产能利用率提升。 分业务看，2024 年畜皮咬胶、植物咬胶、营养肉质零食、主粮和湿粮收入分别 为 5.05 亿元、6.08 亿元、4.03 亿元、1.18 亿元，同比+19.1%、+43.7%、 +26.6%、-43.6%。 分季度看，2024Q4 和 2025Q1 营业收入 3.36 亿元（同比-32.1%）和 3.29 亿元 （同比-14.4%），归母净利润分别为 0.27 亿元（同比+51.7%）和 0.22 亿元（同比 -46.7%），季度业绩受到客户订单波动影响。 海外产能利用率保持高位，全球化产能布局对冲扰动 | [Table_Forc ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - In Q1 2025, the company achieved over 5% growth in both revenue and profit, with significant increases in loans and deposits, while the generation of non-performing loans slowed down [1][2] - The revenue growth rate of 5.6% in Q1 2025 was a decrease of 2.6 percentage points compared to 2024, and the net profit growth rate of 5.8% was a decrease of 0.5 percentage points compared to 2024 [2] - The company is expected to achieve mid-to-high single-digit growth in revenue and profit for the year 2025, supported by strong loan and deposit growth in Q1 [2][3] Summary by Relevant Sections Performance Overview - Q1 2025 revenue was 18,495 million, up 5.6% year-on-year, while net profit was 7,417 million, up 5.8% year-on-year [1][13] - The non-performing loan ratio remained stable at 0.76% as of the end of Q1 2025, with a provisioning coverage ratio decreasing by 19 percentage points to 371% [1][5] Profitability Growth - The company's net interest margin decreased by 8 basis points to 1.78% in Q1 2025, primarily due to a larger decline in asset yields compared to improvements in liability costs [4] - The increase in impairment losses was significant, with a year-on-year growth of 26.5% in Q1 2025 [2][4] Loan and Deposit Growth - In Q1 2025, the net increase in loans and deposits accounted for 73% and 128% of the total net increase for the entire year of 2024, respectively [3] Asset Quality - The generation of non-performing loans showed a slowdown, with the TTM non-performing loan generation rate decreasing by 9 basis points to 1.18% [5] Earnings Forecast and Valuation - The forecast for net profit growth from 2025 to 2027 is 7.71%, 7.83%, and 8.69%, respectively, with corresponding BPS of 34.19, 37.93, and 42.00 [6] - The target price is set at 34.19 CNY per share, corresponding to a PB of 1.00 for 2025, indicating a potential upside of 41% from the current price [6]

Q1 业绩同比微增，农药景气有望触底回升 ——扬农化工一季报点评 事件： ❑ 公司发布 2025 年一季报，实现营收 32.4 亿元，同比增长 2%，归母净利润 4.3 亿元，同 比增长 1%。 点评： ❑ 公司主要产品销量稳增，Q1 业绩增速同比转正 25Q1公司原药和制剂业务收入分别为 18.1（yoy+4.75%）和 8.7（yoy+1.10%）亿元，其中 原药销量 2.87 万吨（yoy +14.82%），均价 6.30 万元/吨（yoy -8.77%），制剂销量 1.54 万 吨（yoy +2.77%），均价 5.66 万元/吨（yoy -1.63%）。整体而言，随着公司产品产能逐步 释放，公司销量稳步增长，但产品价格受行业景气影响依旧低迷。公司持续降本增效，期 间费用率较去年同期下降 0.3pcts 至 7.0%，公司一季度毛利率和净利率分别为 24.6%和 13.4%，较去年同期分别增长 0.3pcts 和下降 0.1pcts。 ❑ Q1 核心产品价格继续下滑，去库尾声农药景气度有望回升 ❑ 风险提示 产品价格下滑超预期、葫芦岛及优嘉项目进展不及预期、安全生产风险 财务摘要 | [Table_F ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 2.002 billion yuan in Q1 2025, representing a year-on-year increase of 32.14% and a quarter-on-quarter decrease of 8.13%. The net profit attributable to the parent company was 230 million yuan, up 39.3% year-on-year but down 4.45% quarter-on-quarter [1] - The growth in organic fluorine and the increase in electrolyte volume, despite a price drop, have contributed to the company's resilient performance [2] - The company is deepening its international market presence and expects accelerated growth in organic fluorine products, particularly following the exit of 3M from the fluorinated liquid production [3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 2.002 billion yuan, a 32% increase year-on-year, driven by the growth in capacitor chemicals, electrolytes, and organic fluorine sales [2] - The average price of electrolytes in Q1 2025 was 19,400 yuan per ton, a decrease of 7.7% year-on-year, while the gross profit margin was 24.55%, down 2.7 percentage points year-on-year [2] Market Position and Strategy - The company has invested in key raw materials such as lithium hexafluorophosphate and is expanding its global footprint with a new electrolyte base in Malaysia, enhancing its ability to respond to international customer demands [3] - The company anticipates significant growth in its fluorinated liquid products due to the closure of 3M's production capacity [3] Profit Forecast and Valuation - The projected net profit attributable to the parent company for 2025-2027 is 1.198 billion, 1.541 billion, and 1.949 billion yuan, respectively, with corresponding P/E ratios of 19.1, 14.8, and 11.7 [4]

证券研究报告 | 公司点评 | 中药Ⅱ 业绩符合预期，期待三九赋能 ——天士力 2025 年一季报点评 投资要点 财务摘要 | [Table_Forcast] (百万元) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 8498 | 9043 | 9914 | 10847 | | (+/-) (%) | -2.03% | 6.41% | 9.63% | 9.41% | | 归母净利润 | 956 | 1165 | 1411 | 1677 | | (+/-) (%) | -10.78% | 21.87% | 21.13% | 18.87% | | 每股收益(元) | 0.64 | 0.78 | 0.94 | 1.12 | | P/E | 23.20 | 19.04 | 15.72 | 13.22 | 资料来源：wind，公司财报，浙商证券研究所 天士力(600535) 报告日期：2025 年 04 月 29 日 投资评级: 买入(维持) 分析师：吴天昊 执业证书号：S1230523120004 wutianhao ...