[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告 / 债券研究报告 2025 年 4 月十大转债 ---东北固收转债分析 报告摘要： [Table_Summary] 本月十大转债如下： ①中特转债（AAA，3 月末收盘价 108.73 元，转股溢价率 101.35%，正 股 PE-TTM 12.2） ②山路转债（AAA，3 月末收盘价 110.8 元，转股溢价率 48.34%，正股 PE-TTM 3.9） ③合顺转债（AA-，3 月末收盘价 132.4 元，转股溢价率 8.99%，正股 PE-TTM 14.7） ④大元转债（AA-，3 月末收盘价 129.22 元，转股溢价率 15.75%，正股 PE-TTM 16.6） ⑤兴业转债（AAA，3 月末收盘价 117.65 元，转股溢价率 20.45%，正 股 PE-TTM 5.8） ⑥永和转债（AA-，3 月末收盘价 130.03 元，转股溢价率 13.37%，正股 PE-TTM 63.5） ⑦重银转债（AAA，3 月末收盘价 117.55 元，转股溢价率 20.05%，正 股 PE-TTM 6.6） ⑧北港转债（AAA，3 ...

[Table_Info1] 海南机场(600515) 房地产 [Table_Title] 证券研究报告 / 公司点评报告 控股股东受让增持优化治理结构、彰显信心 事件： [Table_Summary] 海南机场 3 月 28 日发布公告，为消除交叉持股情形，同时基于对公司未 来发展前景的信心及对公司价值的认可，公司控股股东海南机场集团以 大宗交易方式受让公司旗下 4 家子公司重整受偿的海南机场股票合计 41,792,448 股，交易价格确定为 3.69 元/股，交易总价款约人民币 1.54 亿 元。 点评： 控股股东的受让增持进一步优化了公司的治理结构，彰显了对于公司长 期经营的信心。本次交易完成后，上市公司实控人不变，海南机场集团 持股比例将提升至 24.87%，有利于强化公司治理结构的稳定性，维持公 司股价稳定，切实维护了广大投资者利益。 海南机场通过参股投资和收取租金的方式深度参与离岛免税业务，2024 年整体离岛免税销售承压，去年年底以来初见改善信号。根据海口海关 数据，2024 年离岛免税购物金额 309.4 亿元/-29%，购物人次 568 万/- 16%，购物件数 3308 万/-36%，客单价 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% over the next six months [8]. Core Insights - The company achieved a revenue of 135.91 billion RMB in 2024, a decrease of 5.51% year-on-year, while the net profit attributable to shareholders was 4.49 billion RMB, down 36.64% year-on-year [1][6]. - The company plans to distribute a cash dividend of 1.03 RMB per share (before tax) [1]. - The privatization of Xin'ao Energy is expected to enhance the company's earnings per share (EPS) by nearly 7% to 1.56 RMB per share, with a projected net profit increase of 81% post-privatization [3]. - The company has committed to a future cash dividend plan, with minimum cash dividends of 0.91 RMB, 1.03 RMB, and 1.14 RMB per share from 2023 to 2025, and a commitment to distribute at least 50% of core profits as dividends from 2026 to 2028 [4]. Financial Performance - In 2024, the total gas sales volume reached 39.22 billion cubic meters, a year-on-year increase of 1.4%, with platform trading gas and retail gas volumes growing by 10.3% and 4.2%, respectively [2]. - The company's asset-liability ratio decreased to 54.3% by the end of 2024, marking a continuous decline for four years and the lowest level in nearly a decade [2]. - The projected revenues for 2025, 2026, and 2027 are 143.0 billion RMB, 151.1 billion RMB, and 158.6 billion RMB, respectively, with net profits expected to be 5.35 billion RMB, 5.99 billion RMB, and 6.62 billion RMB [4][6]. Dividend and Cash Flow - The company reported a free cash flow of 5.82 billion RMB in 2024, exceeding the planned dividend payout of 3.16 billion RMB [4]. - The current dividend yield stands at 5.2%, indicating significant long-term investment value [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong potential for stock price appreciation in the next six months [3][15]. Core Insights - The company achieved a revenue of 3.885 billion yuan in 2024, representing a growth of 34.61% year-on-year, with a net profit attributable to the parent company of 881 million yuan, up 33.04% [9][10]. - The growth in revenue is driven by both makeup and skincare segments, with makeup revenue reaching 2.304 billion yuan, accounting for 59.31% of total revenue, and skincare revenue at 1.429 billion yuan, representing 36.78% [2][10]. - The company is expanding its presence in high-end department stores and has increased its number of self-operated counters to 378, with a steady expansion pace across over 120 cities [10][12]. Financial Summary - Revenue projections for the company are as follows: 5.224 billion yuan in 2025, 6.754 billion yuan in 2026, and 8.460 billion yuan in 2027, with corresponding net profits of 1.183 billion yuan, 1.525 billion yuan, and 1.939 billion yuan respectively [3][15]. - The company’s earnings per share (EPS) are projected to be 2.41 yuan in 2025, 3.11 yuan in 2026, and 3.96 yuan in 2027 [3][15]. - The company maintains a high gross margin of 84.37% in 2024, with a net profit margin of 22.67% [12][15]. Market Position and Strategy - The company is recognized as the only domestic high-end makeup brand, with strong brand and product recognition among high-net-worth clients [3][15]. - The strategy includes expanding product lines, increasing the number of counters, and enhancing consumer penetration, which is expected to provide significant long-term growth opportunities [3][15]. - The company has successfully entered the Hong Kong market, further enhancing its brand presence [10][12].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 176.22 over the next six months [6]. Core Insights - The company achieved a revenue of CNY 13.038 billion in 2024, representing a year-on-year growth of 106.9%, and a net profit of CNY 3.125 billion, up 188.77% [1][4]. - The gross profit margin improved by 5.5 percentage points to 66.8%, driven by increased revenue from the Greater China region and overseas markets, along with optimized supply chain cost control [1]. - The company’s overseas revenue surged by 375.2% to CNY 5.066 billion, with the overseas revenue share increasing by 22 percentage points to 38.9% [3]. - The company’s IP operations are strengthening, with four major IPs generating over CNY 1 billion in revenue in 2024, indicating a successful expansion of its IP matrix [4]. Financial Summary - For 2024, the company reported total revenue of CNY 13,038 million, with projections for 2025, 2026, and 2027 at CNY 17,634 million, CNY 21,978 million, and CNY 32,950 million respectively, reflecting growth rates of 35.25%, 24.63%, and 49.92% [5]. - The net profit attributable to the parent company for 2024 was CNY 3,125 million, with forecasts of CNY 4,016 million, CNY 5,214 million, and CNY 8,224 million for the following years, indicating growth rates of 28.51%, 29.82%, and 57.73% [5]. - The company’s earnings per share (EPS) are projected to be CNY 2.99, CNY 3.88, and CNY 6.12 for 2025, 2026, and 2027 respectively [5].

Investment Rating - The industry investment rating is "Outperform the Market" [10] Core Viewpoints - The humanoid robot market is undergoing a transformation, with a potential market size of 12.8 trillion to 115.6 trillion, driven by long-term development trends and commercial applications [18][19] - Major international players are nearing mass production, with Tesla's Optimus expected to achieve small-scale production by 2025, indicating a significant industry breakthrough [18] - Domestic companies are expected to rise in the humanoid robot sector, with Huawei's technology capabilities positioning it as a strong competitor against international firms [19] Summary by Sections Market Review - The Wind humanoid robot index underperformed the market, declining by 4.12%, lagging behind the Shanghai Composite Index by 3.72 percentage points [15][16] - Key stocks in the humanoid robot sector, such as Reddick and Zhongdali, saw declines exceeding 10% [15] Industry Dynamics - Magic Atom announced plans to produce 400 humanoid robots this year and aims to establish 1,000 application scenarios through partnerships [20][22] - Audi FAW has begun trial operations of the humanoid robot Walker S1 in its production base for quality control tasks [24] - Haier Smart Home signed a strategic cooperation agreement with Star Motion Era to jointly develop household service robots [25] Financing Dynamics - Beijing Yunji Technology submitted a prospectus for an IPO, aiming to become the first publicly listed company in the robot service sector [29] - TARS completed a $120 million angel round financing, marking a record in China's embodied intelligence sector [29][30] Key Company Announcements - Sanhua Intelligent Control is focusing on electromechanical actuators in the bionic robot field, which is a core strategic area for the company [31] - Huapei Power has developed MEMS pressure chips and is seeking to extend its technology into six-dimensional torque sensors [32]

Investment Rating - The report rates the industry as "Outperforming the Market" [8] Core Insights - On March 30, 2025, major state-owned banks including China Construction Bank, Bank of China, Bank of Communications, and Postal Savings Bank announced plans to issue A-shares to specific investors, with a total fundraising target of 520 billion yuan, marking a historical high for a single batch of fundraising [3][4][19] - The issuance prices reflect a premium over market trading price-to-book (PB) ratios, with premiums of 0.06, 0.07, 0.11, and 0.14 times for the respective banks [4][19] - The current operational status of state-owned banks is strong, with net profits for six major banks showing year-on-year growth, and asset quality improving for most banks [4][19] Summary by Sections 1. Background of the Capital Increase - The capital increase is characterized by a significant total amount of 520 billion yuan, with the Ministry of Finance expected to subscribe for 500 billion yuan [3][4][19] - The issuance prices are set above the market PB ratios, indicating a premium [4][19] - The operational conditions of state-owned banks are currently favorable, contrasting with past capital increases aimed at addressing specific risks [4][19] 2. Real-World Implications - Strengthening bank capital allows for greater leverage in supporting larger-scale lending, especially as smaller banks face increasing pressure [5][28] - The share of credit balance held by the six major banks has increased from 43.9% to 46.5% since 2020, highlighting their growing role in supporting the real economy [5][28] - The capital increase is expected to enhance the stability of dividend rates and improve the banks' ability to withstand risks [5][28] 3. Impact on Dividends and Stock Prices - Short-term effects include a slight decrease in dividend yields for the banks, with pre-issuance yields of 4.7%, 4.4%, 5.1%, and 5.0% dropping to 4.5%, 4.0%, 4.3%, and 4.2% post-issuance [6][36] - Long-term benefits from the capital increase are anticipated to outweigh the short-term negative impact on dividend yields, as it enhances the banks' risk resilience [6][36] - The report suggests that the long-term positive effects of capital strengthening are more significant than the minor short-term declines in dividend yields [6][36]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 5.252 billion yuan, a year-on-year increase of 40.92%. The net profit attributable to shareholders was 39 million yuan, up 20.72% year-on-year, while the net profit excluding non-recurring items surged by 165.90% to 26 million yuan [1][2] - The coach aircraft business is rapidly developing, with overseas revenue increasing significantly. In 2024, the coach aircraft segment generated 1.647 billion yuan in revenue, a year-on-year growth of 86.66%. Other aviation products contributed 3.583 billion yuan, up 27.45% year-on-year. Domestic revenue was 3.922 billion yuan, an 11.77% increase, while overseas revenue skyrocketed by 547.79% to 1.324 billion yuan [1][3] - The company is diversifying its product offerings, focusing on coach aircraft, missiles, and drones. It is the only domestic company capable of developing and manufacturing a full range of training aircraft. The L15 advanced trainer has strong sales prospects both domestically and internationally. The company is also actively expanding its drone and missile businesses [3] - The company anticipates rapid growth in 2025, with expected related party transactions amounting to 14.902 billion yuan, a 145.46% increase from 6.071 billion yuan in 2024. Sales to related parties are projected to reach 8.970 billion yuan, up 102.39% from 4.432 billion yuan in 2024 [3] Financial Summary - The company forecasts revenues of 8.970 billion yuan, 11.890 billion yuan, and 14.786 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 171 million yuan, 259 million yuan, and 349 million yuan for the same years, with corresponding EPS of 0.24, 0.36, and 0.49 yuan [4][5] - The gross margin for 2024 is projected at 3.43%, with a slight year-on-year decrease of 0.04 percentage points. The net profit margin is expected to be 0.75%, down 0.13 percentage points year-on-year. The total expense ratio is significantly reduced to 1.98%, a decrease of 1.35 percentage points year-on-year [2]

Investment Rating - The report assigns a "Buy" rating for Postal Savings Bank of China (601658) [1][4] Core Insights - The bank's net interest margin has narrowed, but both revenue and net profit have increased. In 2024, the bank achieved operating income of 348.775 billion yuan, a year-on-year increase of 1.83%, and a net profit attributable to shareholders of 86.479 billion yuan, up 0.24% year-on-year [1][4] - The bank's interest income grew slightly, while non-interest income saw a significant decline. Interest income for 2024 was 286.123 billion yuan, a 1.53% increase year-on-year, accounting for 82.04% of total revenue. Non-interest income fell by 10.51% to 25.282 billion yuan, primarily due to a 55.75% drop in agency business income [2][3] - The bank's loan and deposit scales have steadily increased, maintaining its advantage in retail banking. By the end of 2024, the loan scale reached 8.91 trillion yuan, a 9.38% increase year-on-year, with personal loans accounting for 53.53% of the total [2][3] Financial Performance Summary - The bank's net interest margin for 2024 was 1.87%, a decrease of 0.14 percentage points year-on-year, but the decline has narrowed compared to the previous quarter [3][14] - The non-performing loan ratio slightly increased to 0.90%, up 0.07 percentage points year-on-year, while the capital adequacy ratios showed a slight increase [3][15][17] - Forecasted net profits for 2025 to 2027 are expected to be 87.829 billion yuan, 89.693 billion yuan, and 92.701 billion yuan, representing year-on-year growth of 1.56%, 2.12%, and 3.35% respectively [4][20] Market Data - As of March 27, 2025, the closing price was 5.33 yuan, with a total market capitalization of approximately 528.53 billion yuan [6]

请务必阅读正文后的声明及说明 [Table_Info1] 美丽田园医疗健康(02373.HK) 医疗美容/美容护理 [Table_Date] 发布时间：2025-03-28 [Table_Title] 证券研究报告 / 港股公司报告 内生外延双轮驱动，市场领导地位持续强化 美丽田园医疗健康公布 2024 年度业绩，2024 年公司实现营业收入 25.72 亿元/+19.91%，归母净利润 2.28 亿元/+5.94%。2024H2 公司实现营业收 入 14.35 亿元/+29.44%，归母净利润 1.13 亿元/+8.87%。拟每股派发现金 红利 0.48 元。 点评： 内生+外延双轮驱动，收入维持快速增长。2024 年公司实现营业收入 25.72 亿元/+19.91%，分项目看：1）美容和保健服务营收 14.43 亿元/占 比 56.11%/+20.91% ； 包 括 高 端 美 容 直 营 收 入 11.44 亿 元 / 占 比 44.46%/+5.91%；高端智能美养服务直营收入 1.62 亿元/占比 6.30%；加 盟商及其他收入 1.38 亿元/占比 5.35%/+20.87%；高端美容服务单店继续 ...