Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong growth outlook due to continuous expansion in nuclear and renewable energy generation capacity [4][6]. Core Insights - In 2024, the company achieved a revenue of 77.27 billion yuan, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 17.38% to 8.77 billion yuan. For Q1 2025, revenue reached 20.27 billion yuan, up 12.70% year-on-year, with a net profit of 3.14 billion yuan, an increase of 2.55% [1][2]. - The total operational power generation in 2024 was 216.35 billion kWh, a 3.09% increase year-on-year, with nuclear power generation slightly declining by 1.80% to 183.12 billion kWh due to increased maintenance and typhoon impacts [2][3]. - The company is expanding its nuclear and renewable energy capacity significantly, with plans to commission 12 new nuclear units from 2025 to 2029 and a substantial increase in renewable energy capacity under construction [3][4]. Summary by Sections Financial Performance - The company reported a revenue of 77.27 billion yuan in 2024, with a growth rate of 3.09%. The net profit attributable to shareholders was 8.77 billion yuan, reflecting a decline of 17.38% [1][5]. - For Q1 2025, the revenue was 20.27 billion yuan, marking a 12.70% increase year-on-year, while the net profit was 3.14 billion yuan, up 2.55% [1]. Power Generation - In 2024, the cumulative operational power generation was 2163.49 billion kWh, with nuclear power generation at 1831.22 billion kWh, down 1.80% year-on-year. Renewable energy generation saw a significant increase of 42.21% to 332.27 billion kWh [2][3]. - For Q1 2025, the company generated 494.82 billion kWh from nuclear and 102.60 billion kWh from renewable sources, representing year-on-year growth of 13.30% and 38.35%, respectively [2]. Capacity Expansion - The company plans to expand its nuclear capacity with 12 new units scheduled for commissioning from 2025 to 2029. Additionally, it has 14.36 million kW of renewable energy capacity under construction, a 47.60% increase year-on-year [3][4]. - The recent approval of two new nuclear units in Zhejiang adds 2.43 million kW to the company's capacity [3]. Profitability and Valuation - The report projects a decrease in net profit estimates for 2025 and 2026 due to expected declines in long-term electricity prices, with revised net profit forecasts of 10.44 billion yuan and 11.26 billion yuan, respectively [4][5]. - The estimated EPS for 2025 is 0.51 yuan, with a corresponding P/E ratio of 18 [4][5].

2025 年 5 月 1 日 公司研究 存款定期化边际改善，财富管理收入转暖 ——招商银行（600036.SH）2025 年一季报点评 买入（维持） 当前价：40.74 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：董文欣 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 252.20 | | 总市值(亿元)： | 10,274.57 | | 一年最低/最高(元)： | 29.93/46.1 | | 近 3 月换手率： | 28.98% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -2.89 | 1.44 | 21.28 | | 绝对 | -5.89 | 0.22 | 25.89 | | 资料来源：Wind | | | | 要点 事件： 招商银行发布 2025 年一季度报告，报告期内 ...

分析师：董文欣 2025 年 5 月 1 日 公司研究 经营稳中有进，资产质量稳健 ——工商银行（601398.SH）2025 年一季报点评 买入（维持） 当前价：7.01 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 执业证书编号：S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 3,564.06 | | 总市值(亿元)： | 24,984.08 | | 一年最低/最高(元)： | 4.98/7.34 | | 近 3 月换手率： | 13.26% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.74 | 4.00 | 34.16 | | 绝对 | 1.74 | 2.79 | 38.77 | | 资料来源：Wind | | | | 要点 事件： 工商银行发布 2025 年一季度报告，报告期内实现营业收入 ...

Investment Rating - The report maintains a rating of "Buy" for CITIC Bank (601998.SH) [1] Core Views - CITIC Bank's Q1 2025 report shows a revenue of 51.77 billion, a year-on-year decrease of 3.7%, and a net profit attributable to shareholders of 19.51 billion, a year-on-year increase of 1.7% [3][4] - The bank's annualized weighted average return on equity (ROE) for Q1 2025 is 11.42%, down 1.15 percentage points year-on-year [3] Summary by Sections Financial Performance - Revenue, PPOP, and net profit growth rates for Q1 2025 are -3.7%, -3.9%, and 1.7% respectively, showing a decline compared to 2024 [4] - Net interest income and non-interest income growth rates are 2.1% and -14.4% respectively, with significant declines from 2024 [4] Asset Quality - The non-performing loan (NPL) ratio remains stable at 1.16%, with a provision coverage ratio of 207.1% [9][10] - The bank's NPL balance is 67.85 billion, an increase of 1.36 billion from the beginning of the year [9] Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio, tier 1 capital ratio, and total capital ratio are 9.45%, 10.9%, and 12.9% respectively, all showing a decline from the end of the previous year [10][30] Earnings Forecast and Valuation - The report forecasts EPS for 2025-2027 to be 1.25, 1.29, and 1.33 respectively, with current stock price corresponding to PB valuations of 0.54, 0.51, and 0.47 times [10][11]

Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (1299.HK) [1] Core Insights - In Q1 2025, AIA Group achieved a new business value of USD 1.5 billion, representing a year-on-year growth of 13% (fixed exchange rate) and 12.8% (actual exchange rate) [5][11] - The new business value margin reached 57.5%, an increase of 3.3 percentage points year-on-year, primarily due to product structure optimization [5][11] - Annualized new premiums amounted to USD 2.62 billion, reflecting a year-on-year increase of 6.9% [5][11] - Total weighted premium income was USD 12.68 billion, up 13.0% year-on-year [5][11] Market Performance - In the mainland China market, new business value grew by 8% year-on-year, with a new business value margin exceeding 50% [6] - The Hong Kong market saw a 16% year-on-year increase in new business value, benefiting from balanced growth in local and MCV businesses [6] - Southeast Asia markets, particularly Thailand and Singapore, experienced rapid growth in new business value, driven by regulatory changes and strategic partnerships [7] Share Buyback Plan - AIA Group announced a new USD 1.6 billion share buyback plan, expected to be completed within three months [8] Financial Forecasts - The report forecasts AIA Group's net profit for 2025-2027 to be USD 8.13 billion, USD 8.84 billion, and USD 9.75 billion respectively [11][12] - The projected price-to-earnings (P/E) ratios for 2025-2027 are 9.9, 9.1, and 8.2 respectively, indicating a favorable valuation [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [5][12]. Core Viewpoints - The company's revenue for 2024 is projected to decline slightly by 3.57% year-on-year to 16.91 billion yuan, primarily due to a decrease in overseas income [1][2]. - The company is expected to enter a recovery growth phase in 2025, with a forecasted revenue increase of 6.60% to 18.03 billion yuan [4][3]. - The global LED lighting market is anticipated to recover in 2025, driven by economic recovery and increasing demand for high-quality and healthy lighting solutions, with a projected market size of 56.63 billion USD [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 374 million yuan, down 13.06% from the previous year [1]. - For Q1 2025, the company reported a revenue of 38.86 billion yuan, a decrease of 2.82% year-on-year, with a net profit of 1.43 billion yuan, down 21.30% [1][2]. - The company's main brand, Langdawans, saw a revenue decline of 9.04% in 2024, while the domestic brand, Mulinsen, experienced slight growth [2]. Market Outlook - The traditional lighting market is expected to remain the dominant force in global lighting market growth, despite the rise of smart lighting [3]. - The report highlights the ongoing demand for upgrading traditional lighting in various sectors, including buildings and public facilities, which will sustain strong growth in this segment [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downwards to 681 million yuan (down 25.41%) and 1.04 billion yuan (down 9.75%), respectively [3][4]. - The report projects a net profit of 1.15 billion yuan for 2027, indicating a positive long-term growth trajectory for the company [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has a solid leading position in the market, with significant credit advantages due to reduced financing costs and improved debt structure [2][3]. - Despite a decline in revenue and net profit in 2024, the company showed a positive growth trend in the first quarter of 2025 [1][2]. Financial Performance Summary - In 2024, the company achieved total revenue of CNY 311.67 billion, a decrease of 10.14% year-on-year, with real estate sales at CNY 287.35 billion, down 10.90% [1]. - The net profit attributable to shareholders for 2024 was CNY 5.00 billion, a significant decline of 58.56% [1]. - For the first quarter of 2025, total revenue was CNY 54.27 billion, reflecting a year-on-year increase of 9.09%, while net profit was CNY 1.95 billion, down 12.27% [1]. Sales and Market Position - The company maintained its position as the industry leader with a signed area of 17.97 million square meters in 2024, a decrease of 24.7%, and a signed amount of CNY 323.0 billion, down 23.5% [2]. - The market share in 38 core cities reached 7.1%, an increase of 0.3 percentage points from 2023, with 14 cities achieving over 10% market share [2]. Financing and Debt Structure - By the end of 2024, the company's direct financing balance was CNY 69.9 billion, accounting for 20.03% of interest-bearing liabilities, an increase of 3.72 percentage points year-on-year [3]. - The long-term debt (maturing in over three years) amounted to CNY 138.1 billion, with a significant increase in proportion to total debt [3]. - The average cost of interest-bearing liabilities decreased to 2.92%, marking a historical low [3]. Profit Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to CNY 5.50 billion and CNY 5.87 billion, respectively, with a new forecast for 2027 at CNY 6.11 billion [4]. - The current stock price corresponds to a PE ratio of 18.2, 17.1, and 16.4 for 2025, 2026, and 2027, respectively [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company reported a revenue of 164.9 billion, a year-on-year increase of 2.6%, while the net profit attributable to shareholders was 54.4 billion, a decrease of 2.9% [4] - The weighted average return on equity (ROE) was 9.09%, down 0.77 percentage points year-on-year [4] - Non-interest income accounted for 34.7% of total revenue, an increase of 5.9 percentage points compared to the previous year [5] Revenue Performance - In Q1 2025, the revenue growth rate improved by 1.4 percentage points compared to the previous year, with non-interest income contributing positively [5] - The year-on-year growth rates for net interest income and non-interest income were -4.4% and 18.9%, respectively [5] - The main contributors to revenue growth were scale expansion and non-interest income, contributing 13.8 and 14.6 percentage points to performance growth [5] Asset and Loan Growth - As of the end of Q1 2025, interest-earning assets and loans grew by 7.3% and 8.3% year-on-year, respectively [6] - The loan-to-interest-earning asset ratio increased by 1.1 percentage points to 65% [6] - The company focused on key areas for credit support, with significant growth in loans for technology finance, small and micro enterprises, and green credit [6] Liability and Deposit Growth - Interest-bearing liabilities and deposits grew by 6.9% and 6.1% year-on-year, respectively [7] - The proportion of deposits in interest-bearing liabilities increased by 1.9 percentage points to 79.9% [7] Net Interest Margin - The net interest margin for Q1 2025 was 1.29%, down 11 basis points from 2024, but the decline was less than the previous year [8] - The yield on interest-earning assets decreased to 2.96%, primarily due to LPR adjustments and the rolling repricing of existing loans [8] Non-Interest Income - Non-interest income grew by 18.9% year-on-year, with net fee and commission income increasing by 2.1% to 25.65 billion [9] - The significant growth in foreign exchange net income and other business income contributed to the overall increase in non-interest income [9] Asset Quality - The non-performing loan (NPL) ratio remained stable at 1.25% as of the end of Q1 2025 [10] - The provision coverage ratio was 198%, indicating a reasonable and sufficient risk buffer [10] Capital Adequacy - The capital adequacy ratio decreased to 17.98% as of the end of Q1 2025, with core tier 1 capital ratio at 11.82% [10] - The company is expected to enhance its capital base following a planned 165 billion capital increase [10] Earnings Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 has been adjusted to 0.76, 0.79, and 0.81 yuan, respectively [11] - The current stock price corresponds to a price-to-book (PB) ratio of 0.68, 0.63, and 0.59 for the respective years [11]

2025 年 5 月 1 日 燃料电池系统销量阶段性承压，持续重视技术研发。 公司研究 在行业整体销量不及预期叠加公司在资金周转压力下采取审慎拓展的市场策略 因素影响下，2024 年公司燃料电池系统销量同比减少 60.95%至 742 套，营业 收入同比减少 61.94%至 2.73 亿元，毛利率则在燃料电池系统价格下降和成本 降幅趋缓的背景下同比减少 21.19 个 pct 至 11.70%。2024 年公司零部件收入 同比增长 14.60%至 0.35 亿元，毛利率同比增长 4.06 个 pct 至 16.67%，技术 开发及服务营业收入同比增长 15.34%至 0.25 亿元，毛利率同比增长 15.51 个 pct 至 21.33%。经营承压背景下公司持续重视技术研发，2024 年公司研发投入 同比减少 18.37%至 1.39 亿元，占营业收入的比例提升 16.68 个 pct 至 37.99%。 燃料电池系统销量阶段性承压，旭阳集团有望助力公司迎来新发展 2025Q1 公司营业收入和毛利率环比均有一定程度下滑，我们认为主要系行业季 节性波动带来的交付和收入确认因素影响。根据中汽协公布的数据，燃料电池 ...