Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company demonstrates steady performance with a revenue of 420.5 billion yuan in 2024, reflecting a year-on-year growth of 0.9% and a net profit of 137.9 billion yuan, up 11.4% year-on-year, indicating improved profitability [9] - The company has achieved a record high oil and gas net production of 727 million barrels of oil equivalent, showcasing its resource development capabilities as a leading offshore oil and gas player in China [9] - The company continues its high dividend policy, with A/H share dividends of 1.29 yuan/share and 1.40 HKD/share, corresponding to dividend yields of approximately 5.0% and 7.6% respectively, highlighting its long-term investment value [9] - Looking ahead to 2025, the company plans to maintain stable capital expenditures, focusing on deepwater oil and gas field development and new energy business layout, which is expected to enhance oil and gas production and release growth potential [9] Financial Performance Summary - Revenue (in million yuan): - 2023A: 416,609 - 2024A: 420,506 - 2025E: 429,067 - 2026E: 454,713 - 2027E: 481,992 - Year-on-year growth rates: - 2023A: -1.3% - 2024A: 0.9% - 2025E: 2.0% - 2026E: 6.0% - 2027E: 6.0% [7] - Net profit (in million yuan): - 2023A: 123,843 - 2024A: 137,936 - 2025E: 132,565 - 2026E: 142,004 - 2027E: 148,442 - Year-on-year growth rates for net profit: - 2023A: -12.6% - 2024A: 11.4% - 2025E: -3.9% - 2026E: 7.1% - 2027E: 4.5% [7] - Earnings per share (in yuan): - 2023A: 2.61 - 2024A: 2.90 - 2025E: 2.79 - 2026E: 2.99 - 2027E: 3.12 [7]

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看好（维持） 房地产行业 行业研究 | 行业周报 24 年行业整体亏损，进入结算压力期 ⚫ 第 13 周房地产板块指数弱于沪深 300 指数，弱于创业板指。房地产板块较沪深 300 指数相对收益为-1.7%。沪深 300 指数报收 3915.17，周度涨幅为 0.0%；创业板指 数报收 2128.21，周度涨幅-1.1%；房地产指数（申万）报收 2254.38，周度涨幅为 -1.7%。 ⚫ 地方性政策方面。宁波允许符合条件的缴存人提取公积金支付二手住房首付款；深 圳发布《关于规范城市更新实施工作的若干意见》的通知；青岛发布公积金新政 策，加大多子女家庭购房支持；安徽全面取消住房限制性措施推行"房票"货币化 安置；呼和浩特市优化住房公积金贷款提前部分还款条件，取消部分还本次数限 制；湖南优化现房销售试点，大力推行住房公积金"既提又贷"政策。 ⚫ 第 13 周新房销量较第 12 周增加，二手房销售量较第 12 周增加。第 13 周 44 大城 市新房销售为 2.7 万套，较 ...

Investment Rating - The report maintains a "Positive" investment rating for the real estate sector [7][56]. Core Insights - The real estate industry is expected to face overall losses in 2024, entering a period of settlement pressure. The performance of major companies shows a general decline in profits, with many firms reporting significant losses [2][7][48]. - New housing sales have increased compared to the previous week, with 27,000 new homes sold in 44 major cities, marking a 26.6% increase from the prior week. Second-hand home sales also rose by 4.1% [7][16]. - Local policies are being implemented to support home purchases, including allowing the withdrawal of housing funds for down payments and optimizing loan conditions [12][21]. Summary by Sections 1. Market Performance - The real estate sector index underperformed compared to the CSI 300 index, with a relative return of -1.7%. The CSI 300 index closed at 3915.17 with a weekly change of 0.0% [10][15]. 2. Sales Data - In the 13th week, new home sales in major cities reached 27,000 units, a 26.6% increase from the previous week. Second-hand home sales were 23,000 units, up 4.1% [16][23]. 3. Inventory and Land Market - As of the 13th week, inventory in 18 major cities decreased to 773,000 units, down by 87,000 units from the previous week. The inventory-to-sales ratio is now 20.7 months, a reduction of 2.1 months [23][28]. - The land market showed increased activity, with land transfer fees in 36 major cities totaling 18.989 billion yuan, an increase of 4.734 billion yuan from the previous week [28][37]. 4. Company Announcements - Several companies, including China National Trade and Poly Developments, have released their 2024 annual reports, indicating a general decline in revenue and profits across the sector [43][48].

Group 1: Market Trends - Emerging markets, particularly in Southeast Asia, are experiencing significant stock market volatility due to escalating U.S. tariff risks and weakening economic growth expectations[1] - The Jakarta Composite Index in Indonesia saw a drop of over 7.1% on March 18, marking its largest single-day decline since 2011, and has fallen more than 20% since its historical high in September 2024[1] - Thailand's SET Index has decreased by 20.5% since its peak in October 2024, indicating a move towards a technical bear market[1] Group 2: Economic Factors - Indonesia is facing fiscal deficits and policy changes that undermine investor confidence, with a rare budget deficit reported in February 2025 due to weak commodity prices and increased tariffs from the U.S.[1] - The new Indonesian president's social welfare policies require an annual expenditure of $28 billion, which, combined with significant infrastructure costs, is expected to strain the capital market in the short term[1] - Thailand's exports to the U.S. reached $54.95 billion in 2024, and potential U.S. tariff increases could significantly impact key sectors like electronics, automotive, and food[2] Group 3: Policy Responses - The Thai government has implemented several short-term measures to stabilize the stock market, including unconventional interest rate cuts and increased fiscal spending, but these have not effectively supported the market[2] - Both countries are likely to face challenges in attracting long-term capital inflows due to tightening dollar liquidity and the pressures of currency depreciation[3] - The effectiveness of unconventional market rescue policies may improve short-term market sentiment, but long-term trends will depend on the quality of economic growth and the implementation of measures to counter U.S. tariff impacts[3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.79 CNY [2][5] Core Insights - The company achieved a revenue of 20.686 billion CNY in 2024, representing a growth of 3.04%, and a net profit attributable to the parent company of 3.354 billion CNY, up by 0.45% [1][9] - In Q4 2024, the company reported a revenue of 6.591 billion CNY, marking a significant increase of 39.77%, and a net profit of 841 million CNY, which is an impressive growth of 88.79% [1][9] - The company plans to achieve a revenue of 20.6 billion CNY in 2025, a slight decrease of 0.41%, with a total profit of 3.8 billion CNY, reflecting a growth of 0.85% [9] Financial Performance Summary - The company's revenue for 2023 was 20.074 billion CNY, with a year-on-year growth of 26.7%, and is projected to reach 23.778 billion CNY in 2025, showing a growth of 14.9% [3][12] - The gross profit margin for 2024 is reported at 36.6%, down from 38.0% in 2023, while the net profit margin is at 16.2% for 2024 [3][12] - The earnings per share (EPS) for 2024 is 1.58 CNY, with projections of 1.77 CNY for 2025 and 2.08 CNY for 2026 [3][12] Business Development and Strategy - The company is focusing on expanding its capabilities in high-end interconnect technology and has completed several industrial parks to enhance production capacity [9] - The company aims to leverage opportunities in defense, civil aviation, satellite internet, and other emerging industries to drive future growth [9] - The company is positioned as a leader in military connectors, with a high market share, and anticipates a recovery in demand within the military sector [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.16 CNY based on a 32x PE valuation for 2025 [2][8]. Core Insights - The company achieved a record high quarterly revenue in Q4 2024, with a significant year-on-year growth of 34%, reaching 12.7 billion CNY. The net profit for Q4 2024 was 350 million CNY, marking a 92% increase year-on-year [7]. - The company is expanding its AI terminal product lines, including AI glasses, robots, foldable screens, and servers, with AI terminal-related revenue exceeding 40 billion CNY in 2024, a 33% increase from the previous year [7]. - The company is positioned to benefit from innovations in hardware functionality for major North American clients, which is expected to enhance the value and complexity of its components [7]. Financial Forecasts - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.38 CNY, 0.51 CNY, and 0.65 CNY respectively, with adjustments made to revenue forecasts and gross margin predictions [2][8]. - Revenue is expected to grow from 34.12 billion CNY in 2023 to 69.22 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.4% [4]. - The gross margin is projected to improve from 19.9% in 2023 to 18.2% in 2027, while the net profit margin is expected to increase from 6.0% to 6.6% over the same period [4].

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company achieved a revenue of 28.68 billion RMB in 2024, reflecting a year-on-year growth of 3.9%, while the net profit attributable to the parent company decreased by 5.5% to 3.01 billion RMB [6]. - The company is expected to increase investments starting from 2025 to pursue long-term high-quality development [1]. - The target price is set at 21.19 HKD, based on a 20x PE valuation for 2025 [2][7]. Financial Performance Summary - **Revenue**: - 2022: 25.80 billion RMB - 2023: 27.60 billion RMB - 2024E: 28.68 billion RMB (3.9% growth) - 2025E: 28.95 billion RMB (0.9% growth) - 2026E: 31.32 billion RMB (8.2% growth) [2][9] - **Net Profit**: - 2022: 4.06 billion RMB - 2023: 3.19 billion RMB - 2024E: 3.01 billion RMB (5.5% decline) - 2025E: 2.56 billion RMB (15.0% decline) - 2026E: 2.99 billion RMB (16.5% growth) [2][9] - **Earnings Per Share (EPS)**: - 2022: 1.57 RMB - 2023: 1.23 RMB - 2024E: 1.17 RMB - 2025E: 0.99 RMB - 2026E: 1.15 RMB [2][9] - **Profitability Ratios**: - Gross Margin: - 2024E: 49.4% - 2025E: 49.5% - 2026E: 49.9% [2][9] - Net Margin: - 2024E: 10.5% - 2025E: 8.9% - 2026E: 9.5% [2][9] - Return on Equity (ROE): - 2024E: 11.9% - 2025E: 9.0% - 2026E: 0.0% [2][9] Market Position and Strategy - The company is focusing on optimizing its direct sales channels and has seen good performance in e-commerce, with a projected revenue growth of 10.3% in 2024 [6]. - The company plans to leverage its role as the official sportswear partner for the Chinese Olympic Committee and the Chinese sports delegation from 2025 to 2028 to enhance brand strength [6].

24 年业绩符合预期，25 年起加大投入追求 中长期高质量发展 核心观点 盈利预测与投资建议 ⚫ 根据业绩公告，我们调整 24-26 年盈利预测，预计 24-26 年 EPS 分别为 1.17、0.99 和 1.15 元（原 1.2、1.37 和 1.54 元），参考可比公司，给予 2025 年 20 倍的 PE 估 值，目标价为 21.19 港币（1 人民币=1.07 港币），维持"买入"评级。 风险提示：运动服饰消费低于预期、终端去库存进度和新产品推广不及预期等 公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21 ...

领益智造 002600.SZ 公司研究 | 年报点评 季度营收新高，AI 终端布局百花齐放 核心观点 ⚫ 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.38/0.51/0.65 元（原 25/26 年预测分别为 0.46/0.56 元，主要上调收入预测，下调毛利率预测），根据可比公司 25年 32倍 PE 估值，对应目标价为 12.16 元，维持买入评级。 风险提示 ⚫ 北美大客户出货量不及预期风险；新业务整合与拓展不及预期风险；汇兑损失风 险；资产减值风险 1 周 1 月 3 月 12 月 绝对表现% 0.33 -5.76 7.26 69.15 相对表现% 0.32 -6.41 8.91 57.95 沪深 300% 0.01 0.65 -1.65 11.2 | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | | 执 ...

Investment Rating - The report maintains a "Positive" investment rating for the media industry as of March 31, 2025 [5]. Core Insights - The AI industry is experiencing a new cycle driven by advancements in computing power, algorithms, and applications, leading to a recommendation to increase allocations in the Hong Kong internet sector [3]. - Key companies recommended for investment include Alibaba-W (09988, Buy), Kuaishou-W (01024, Buy), and Tencent Holdings (00700, Buy) due to their strong positions in the AI value chain [3]. Summary by Sections AI Developments - Alibaba has released two significant multimodal models: QvQ-Max for video reasoning and Qwen2.5-Omni for comprehensive multimodal processing, showcasing advancements in AI capabilities [8][13]. - Kuaishou's Keling 1.6pro has achieved the top position in global video generation models, with a cumulative revenue exceeding 100 million RMB as of February 2025, indicating strong commercial traction [26][27]. Industry Dynamics - Shanghai has announced policies to enhance the intelligent computing cloud industry, aiming for a scale exceeding 200 billion RMB by 2027 [28][29]. - Strategic partnerships between China Mobile, China Unicom, and Alibaba have been established to enhance AI data center construction and cloud computing capabilities [30][31]. Model Upgrades - Deepseek V3 has undergone a significant upgrade, enhancing its reasoning and coding capabilities, positioning it among the top models in the industry [36][37]. - The launch of the Mureka O1 music reasoning model by Kunlun Wanwei has set a new standard in music generation, utilizing innovative reasoning techniques [40][41]. Market Trends - The report highlights the increasing integration of AI technologies across various sectors, with a focus on enhancing user engagement and operational efficiency [3][28]. - The overall AI application landscape is expanding, with notable advancements in multimodal capabilities and commercial applications across different industries [8][26].