Investment Rating - The report maintains a "Buy" rating for Xueda Education (000526.SZ) with a current price of 43.55 CNY and a target value of 59.99 CNY [4]. Core Views - The company's share buyback plan demonstrates confidence in its future development, aiming to repurchase shares worth 110 to 150 million CNY at a maximum price of 66.8 CNY per share, with the intention to cancel some of the repurchased shares [8]. - The repayment progress of the company's debts has exceeded expectations, with the remaining loan principal from Ziguang Zhuoyuan reduced from 614 million CNY at the beginning of 2024 to approximately 99 million CNY [8]. - The company is strategically positioned in personalized education and vocational training, maintaining high profitability levels, with revenue contributions from personalized, full-time, and vocational education at 81.4%, 14.0%, and 1.3% respectively in the first half of 2024 [8]. - The forecast for net profit attributable to shareholders for 2024-2026 is 200 million CNY, 284 million CNY, and 374 million CNY respectively, with a reference PE ratio of 26x for 2025, leading to a target value of 59.99 CNY per share [8]. Financial Summary - Revenue is projected to grow from 2,213 million CNY in 2023 to 4,189 million CNY in 2026, with growth rates of 23.1%, 23.9%, 25.9%, and 21.3% for the respective years [3][10]. - The EBITDA is expected to increase from 526 million CNY in 2023 to 728 million CNY in 2026, indicating a positive trend in operational efficiency [3]. - The net profit attributable to shareholders is forecasted to rise significantly from 154 million CNY in 2023 to 374 million CNY in 2026, reflecting a growth rate of 1,035.2% in 2023 [3][10]. - The earnings per share (EPS) is projected to grow from 1.31 CNY in 2023 to 3.03 CNY in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 38.28 to 14.35 [3][10].

[Table_Page] 投资策略报告|电力设备 证券研究报告 [Table_Title] 光储行业 2025 年投资策略 释放消纳潜力，夯实光储拐点 [Table_Summary] 核心观点： [Table_G rade] 行业评级 买入 前次评级 买入 报告日期 2025-01-06 [Table_PicQuote] 相对市场表现 [分析师： Table_Author陈子坤 ] SAC 执证号：S0260513080001 010-59136690 chenzikun@gf.com.cn 分析师： 纪成炜 SAC 执证号：S0260518060001 SFC CE No. BOI548 021-38003594 jichengwei@gf.com.cn 分析师： 陈昕 SAC 执证号：S0260522080008 010-59136699 gfchenxin@gf.com.cn 分析师： 高翔 SAC 执证号：S0260524070008 021-38003841 gaoxiang@gf.com.cn -20% -10% 0% 10% 20% 30% 01/24 03/24 05/24 08/24 10/ ...

Xml [Table_Page] 行业专题研究|国防军工 2025 年 1 月 6 日 证券研究报告 [Table_Title] 国防军工行业 新·视角：燃气轮机，清洁调峰驱动，AIDC 潜在看点，空间广阔 [Tabl e_Author] 分析师： 孟祥杰 分析师： 吴坤其 分析师： 邱净博 SAC 执证号：S0260521040002 SFC CE.no: BRF275 SAC 执证号：S0260522120001 SFC CE.no: BRT139 SAC 执证号：S0260522120005 010-59136693 010-59133689 010-59136685 mengxiangjie@gf.com.cn wukunqi@gf.com.cn qiujingbo@gf.com.cn 请注意，邱净博并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 [Table_Summary] 核心观点： | 相关研究 [Table_Report ： ] | | | --- | --- | | 国防军工行业:新·视角：装备维修，穿越周期、增强盈利、可预测的现金流 | 2025-01-06 | ...

[Table_Page] 投资策略周报|建筑装饰 证券研究报告 [Table_Title] 建筑装饰行业 24 年化债资金顺利落地，建筑行业传导几何？ [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-05 | [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 01/24 03/24 05/24 08/24 10/24 12/24 建筑装饰 沪深300 | [分析师： Table_Author]耿鹏智 | | --- | | SAC 执证号：S0260524010001 | | 021-38003620 | | gengpengzhi@gf.com.cn | | 分析师： 乔钢 | | SAC 执证号：S0260524100001 | | 021-38003769 | | qiaogang@gf.com.cn | | 分析师： 谢璐 | | SAC 执证号：S0260514080004 | | SFC CE No. BMB5 ...

Xm l [Table_Page] 跟踪分析|房地产 [Table_Title] 房地产及物管行业 25 年第 1 周周报 网签稳定认购下行，房企分化格局加剧 证券研究报告 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 01/24 03/24 05/24 08/24 10/24 12/24 房地产 沪深300 | [分析师： Table_Author]郭镇 | | | --- | --- | | | SAC 执证号：S0260514080003 | | | SFC CE No. BNN906 | | 021-38003639 | | | guoz@gf.com.cn | | | 分析师： 邢莘 | | | | SAC 执证号：S0260520070009 | | 021-38003638 | | | | xingshen@gf.com.cn | | 分析师： 谢淼 | | | | SAC 执证号：S0260522070007 | | | SFC CE No. BVB342 | | 021-38003637 | | ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 北新建材发布股权激励，政策窗口期继续看好板块机会 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2025-01-05 | [Table_PicQuote] 相对市场表现 -30% -18% -6% 6% 18% 30% 01/24 03/24 05/24 08/24 10/24 12/24 建筑材料 沪深300 | [分析师： Table_Author]谢璐 | | --- | | SAC 执证号：S0260514080004 | | SFC CE No. BMB592 | | 021-38003688 | | xielu@gf.com.cn | | 分析师： 张乾 | | SAC 执证号：S0260522080003 | | 021-38003687 | | gzzhangqian@gf.com.cn | | 请注意，张乾并非香港证券及期货事务监察委员会的注册 | 持牌人，不可 ...

| [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-05 | [Table_PicQuote] 相对市场表现 [Table_Page] 深度分析|公用事业 证券研究报告 [Table_Title] 水电行业 24Q4 电量报告 蓄能与利率的良好开端，电量与估值的双重期待 [Table_Summary] 核心观点： 深度分析|公用事业 重点公司估值和财务分析表 | 股票简称 股票代码 货币 评级 | 最新 | 最近 | | EV/EBITDA(x) ROE(%) | | --- | --- | --- | --- | --- | | | | 收盘价 报告日期 （元/股 ） 2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E | | | | 长江电力 600900.SH CNY 29.00 2024/10/31 买入 | | | | 32.01 | | 华能水电 600025.SH CNY 9.24 2024/10/30 买入 | | 11.53 | | 17.77 9.03 ...

Xml [Table_Page] 行业专题研究|国防军工 2025 年 1 月 6 日 证券研究报告 [Table_Title] 国防军工行业 | | | | 新·视角：装备维修，穿越周期、增强盈利、可预测的现金流 | | | | --- | --- | --- | --- | --- | --- | | [Tabl 分析师： | 孟祥杰 | 分析师： | 吴坤其 | 分析师： | 邱净博 | | e_Author] | SAC 执证号：S0260521040002 | | SAC 执证号：S0260522120001 | | SAC 执证号：S0260522120005 | | | SFC CE.no: BRF275 | | SFC CE.no: BRT139 | | | | | 010-59136693 | | 010-59133689 | | 010-59136685 | | | mengxiangjie@gf.com.cn | | wukunqi@gf.com.cn | | qiujingbo@gf.com.cn | | | 请注意，邱净博并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受 ...

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 35.30 CNY and a fair value of 43.43 CNY [3]. Core Views - The company is expected to achieve significant revenue growth in 2024, with projected revenue between 3.8 billion to 4.0 billion CNY, representing a year-on-year increase of 16.9% to 23.0%. The net profit attributable to the parent company is forecasted to be between 620 million to 680 million CNY, reflecting a substantial increase of 245.9% to 279.4% [8][9]. - The company is actively expanding its AI applications, leveraging its experience in the automotive and drone sectors to develop intelligent inspection solutions for the energy and transportation industries [7][9]. Financial Forecasts - Revenue projections for 2024 to 2026 are as follows: - 2024: 3.9 billion CNY, growth rate of 20.0% - 2025: 4.6 billion CNY, growth rate of 18.3% - 2026: 5.3 billion CNY, growth rate of 14.5% [2]. - The net profit attributable to the parent company is expected to be: - 2024: 645 million CNY - 2025: 785 million CNY - 2026: 954 million CNY [2][11]. - Earnings per share (EPS) are projected to be: - 2024: 1.43 CNY - 2025: 1.74 CNY - 2026: 2.11 CNY [2][11]. Business Segments - The digital energy business is anticipated to generate revenue of 830 million to 890 million CNY in 2024, with a growth rate of 46.5% to 57.1%. The digital maintenance business is expected to achieve revenue of 2.95 billion to 3.09 billion CNY, with a growth rate of 9.9% to 15.1% [9][11].

[Table_Page] 跟踪分析|银行 证券研究报告 [Table_Title] 银行投资观察 20250105 无风险利率下行，回撤幅度有限 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -4% 5% 14% 22% 31% 40% 01/24 03/24 05/24 08/24 10/24 01/25 银行 沪深300 | [分析师： Table_Author]倪军 | | --- | | SAC 执证号：S0260518020004 | | 021-38003646 | | nijun@gf.com.cn | | 分析师： 许洁 | | SAC 执证号：S0260518080004 | | SFC CE No. BNU965 | | 021-38003625 | | xujie@gf.com.cn | | 请注意，倪军并非香港证券及期货事务监察委员会的注册 | 持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | --- | | 跨境流动性跟踪 20250105: | 2025-01-05 | | ...