Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main products have seen an increase in sales, and its leading position in the industry continues to strengthen [6][9] - The company reported a revenue of 15.884 billion yuan in 2024, a year-on-year increase of 3.8%, and a net profit attributable to shareholders of 2.03 billion yuan, up 32.4% year-on-year [5][10] - The company is focusing on expanding its market share in the dye industry despite price declines, with a strategy to enhance its product offerings and control over the supply chain [9][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.884 billion yuan, with a net profit of 2.03 billion yuan, reflecting a significant increase in profitability [5][10] - The operating cash flow for 2024 was 9.265 billion yuan, indicating strong cash generation capabilities [10][24] - The fourth quarter of 2024 saw a revenue of 5.274 billion yuan, a year-on-year increase of 17.9% and a quarter-on-quarter increase of 44.3% [8][27] Product Segmentation - The dye segment generated revenue of 7.591 billion yuan in 2024, with a gross margin of 31.67%, while the intermediates segment brought in 3.282 billion yuan with a gross margin of 29.40% [6][13] - The real estate segment contributed significantly with a revenue of 2.482 billion yuan, marking an 87.26% increase year-on-year [6][13] Market Position and Strategy - The dye industry is currently experiencing intense competition, but the company has maintained its leading position by increasing sales volume, achieving a dye sales volume of 238,438 tons in 2024, up 7.17% year-on-year [7][9] - The company is implementing a vertical extension strategy, expanding from a single dye business to special chemicals, focusing on key intermediates [9][10] Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 16.350 billion yuan, 17.891 billion yuan, and 18.972 billion yuan respectively, with corresponding net profits of 2.171 billion yuan, 2.398 billion yuan, and 2.539 billion yuan [11][43] - The company plans to maintain a stable cash dividend policy, proposing a cash dividend of 2.50 yuan per 10 shares for 2024, totaling 813 million yuan [10][43]

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (0700.HK) [1][28] Core Insights - The core business continues to show strong growth, with operational leverage being released [1] - The report anticipates a revenue of 1,778 billion RMB for Q1 2025, representing a year-over-year increase of 11% [7][27] - The expected non-IFRS net profit for Q1 2025 is 617 billion RMB, reflecting a 23% year-over-year growth [7][27] Financial Forecasts - Revenue projections for 2025-2027 are 7,243 billion RMB, 7,891 billion RMB, and 8,604 billion RMB respectively [27][28] - Non-IFRS net profit estimates for the same period are 2,554 billion RMB, 2,891 billion RMB, and 3,235 billion RMB respectively [27][28] - The report predicts a non-IFRS EPS of 28 RMB, 31 RMB, and 35 RMB for 2025, 2026, and 2027 respectively [27][28] Business Segment Performance Gaming - Expected revenue growth of 18% year-over-year for Q1 2025, with domestic and overseas growth rates of 19% and 17% respectively [8][12] - Strong performance from long-standing games during the Spring Festival period [11][12] Marketing Services - Anticipated revenue growth of 20% year-over-year for Q1 2025, driven by strong performance in video accounts, mini-programs, and search ads [18][19] - AI continues to enhance marketing services, improving ad targeting and conversion rates [25] Financial Technology and Enterprise Services - Expected revenue growth of 5% year-over-year for Q1 2025, with improvements in payment services and healthy growth in wealth management and small loans [26] - Cloud business potential is expected to accelerate in Q2 2025 [26] Valuation and Target Price - The report assigns a target market value of 5.0 trillion RMB (5.4 trillion HKD) for Tencent Holdings, corresponding to a target price of 603 HKD [28][29]

2025 年 04 月 16 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 63 期 投资要点: 观点精粹: 最新报告摘要 内镜新品推陈出新，研发营销双发力--澳华内镜/医疗器械(688212/213705) 科创板公司普通报告 美国关税加码，全球资产"震颤"--行业周报 全产业链优势凸显，盈利能力逆势提升--圣农发展/养殖业(002299/211107) 公司点评 零跑 B10、比亚迪汉 L 上市，吉利星耀 8 开启预售，特斯拉拟在摩洛哥建厂--行业周报 风电轴承龙头产能释放在即，乘行业东风打开新增长极--新强联/风电设备(300850/216306) 公司深度研究 业绩增速稳健，产品结构继续升级--金徽酒/白酒Ⅱ(603919/213405) 公司点评 公司不断强化业务聚焦，有望受益特高压行业内需景气--许继电气/电网设备(000400/216308) 公司点评 转债再现"黄金坑"--固定收益点评 2024 年业绩增速 33%，"新品推广+设备更新"双轮驱动--思维列控/计算机设备(6 ...

Investment Rating - The report indicates a positive outlook for the real estate market, suggesting a recovery trend supported by policy measures and demand release [5][20]. Core Insights - The real estate market showed signs of stabilization and recovery in Q1 2025, driven by strong policy support and the release of housing demand [5][20]. - The secondary housing market has become the main driver of recovery, with significant increases in transaction volumes compared to new homes [6][21]. - New homes in first-tier cities exhibit resilience, particularly high-quality projects that continue to sell well despite overall market trends [7][25]. - The interaction between new home sales and land auctions has created a positive feedback loop, enhancing market confidence [11][34]. - Ongoing policy support, including the relaxation of purchase restrictions, has been crucial for market performance, especially in core cities [12][37]. Summary by Sections Secondary Housing Market - The secondary housing market has seen a notable increase in transaction activity, with a 45% year-on-year rise in transactions in first-tier cities from January to March 2025 [6][21]. - In March 2025, daily average transactions in Beijing, Shanghai, and Shenzhen showed significant growth compared to the previous year, indicating a strong recovery [21][22]. - Price stability in the secondary market is essential for boosting buyer confidence and overall market recovery [6][21]. New Housing Market - High-quality new homes in first-tier cities are performing well, with notable sales figures reported for premium projects [7][25]. - The shift in buyer preferences towards quality living spaces is evident, with safety, comfort, and sustainability becoming key considerations [7][25][28]. - New housing supply is increasingly focused on larger units, reflecting a growing demand for improved living conditions [31][32]. Market Dynamics - The recovery in new home sales has positively impacted land auction activities, leading to increased competition and higher land prices [11][34]. - The average premium rates for land auctions in major cities have risen significantly, indicating renewed confidence among developers [11][34]. Policy Support - The relaxation of purchase restrictions in core cities has played a vital role in the market's recovery, with significant increases in new home sales reported [12][37]. - The introduction of housing vouchers and urban village renovations is expected to further stimulate demand and improve market conditions [38][40].

2025 年 04 月 15 日 公司研究 评级：买入(维持) | 研究所： | | | | --- | --- | --- | | 证券分析师： | | 杨仁文 S0350521120001 | | | | yangrw@ghzq.com.cn | | 证券分析师： | | 谭瑞峤 S0350521120004 | | | | tanrq@ghzq.com.cn | | 联系人 | ： | 王春宸 S0350123070046 | | | | wangcc@ghzq.com.cn | [Table_Title] 经营情况平稳，新业态加速突破 ——皖新传媒（601801）2024 年报点评 公司 2025 年 4 月 12 日公告 2024 年度报告，2024 年实现收入 107.5 亿 元，yoy-4.4%，归母净利润 7 亿元，yoy-24.7%，扣非净利润 7.6 亿元， yoy+0.5%。 投资要点: 2024 年每股分红 0.2 元，含回购股息率达 4.2% 公司 2024 年期末拟每股分派股利 0.1 元，合计分红 1.96 亿元，2024 半年度已实现每股分红 0.1 元，因此年度分红总额为 3 ...

2025 年 04 月 15 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn [Table_Title] 2024 年业绩增速 33%， "新品推广+设备更新" 双轮驱动 ——思维列控（603508）2024 年年报点评 最近一年走势 | 相对沪深 | 300 表现 | | 2025/04/15 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 思维列控 | | 1.6% | 12.7% | 26.4% | | 沪深 300 | | -6.1% | -0.9% | 6.0% | | 市场数据 | 2025/04/15 | | --- | --- | | 当前价格（元） | 25.27 | | 周价格区间（元） 52 | 16.42-27.01 | | 总市值（百万） | 9,634.80 | | 流通市值（百万） | 9,634.80 | | 总股本（万股） | 38,127.44 | | 流通股本（万股） | 38,127.44 | | 日均成交额（ ...

2025 年 04 月 15 日 固定收益点评 研究所： 证券分析师： 靳毅 S0350517100001 jiny01@ghzq.com.cn 证券分析师： 范圣哲 S0350522080001 fansz@ghzq.com.cn [Table_Title] 转债再现"黄金坑" 固定收益点评 最近一年走势 相关报告 毅，范圣哲》——2024-10-27 《债券研究月报：高 YTM 转债配置正当时*靳毅， 范圣哲》——2024-08-25 《债券研究月报：转债如何有效择时？*靳毅，范 圣哲》——2024-07-28 投资要点: 国海证券研究所 请务必阅读正文后免责条款部分 《固定收益点评：指数新高，转债如何应对？*靳 毅，范圣哲》——2025-04-03 《债券研究月报：2025 转债年度策略*靳毅，范圣 哲》——2024-12-26 《债券研究月报：牛市，转债如何跟涨正股？*靳 另一方面，大行注资落地，打开利率下行空间。我们在《大行注资落地，如何影 响债市》中提到，本轮央行注资特别国债 5000 亿元对债市影响主要有两个方面： ①从供给端来看，发行期限主要为 5Y 和 7Y，在 4-6 月相对平滑发行，供给 ...

Investment Rating - The report maintains a "Buy" rating for XPeng Motors (9868.HK) [1] Core Insights - XPeng Motors aims to become a global AI automotive company, with significant growth expected from new product launches and international expansion. The company plans to release seven new or updated models in 2025, potentially doubling its delivery volume to over 380,000 units [7][13] - The company is focusing on the European market, projecting that overseas sales could account for over 50% of total sales in the next decade. By 2030, XPeng's revenue from Europe could reach between 398 billion to 520 billion RMB, depending on the export strategy [8] - XPeng's autonomous driving technology is among the top tier in the industry, with plans to achieve a takeover every 100 kilometers by 2025. The company has established a significant computing power center and has extensive testing mileage [9][10] - The report suggests that the Robotaxi market may not replace private car ownership, and XPeng will focus on manufacturing Robotaxi vehicles rather than operating them. Estimated cumulative revenue from Robotaxi could reach 19.7 billion RMB from 2025 to 2030 [11] - The global humanoid robot market is projected to reach 109.5 billion RMB by 2030, and XPeng is expected to capture a significant market share due to its experience in automotive manufacturing [12] Summary by Sections Basic Information - XPeng Motors is positioned to become a leader in AI-integrated smart vehicles, with a focus on electric vehicle (EV) sales and technology development [19][30] Automotive Business - The company anticipates a new product cycle in 2025, with a focus on high-value models like the G6 and MONA M03. The delivery volume is expected to increase significantly, with a target of over 380,000 units [7][35] - XPeng's new vehicle architecture, SEPA2.0, is designed to reduce development time and costs, enhancing production efficiency [38] Intelligent Driving - XPeng's autonomous driving capabilities are leading in the industry, with a focus on high-level autonomous features and significant data collection for model training [9][16] Robotaxi Business - The report indicates that the Robotaxi market will not replace private vehicle ownership, and XPeng will concentrate on the production of Robotaxi vehicles [11][17] Humanoid Robots - The humanoid robot market is expected to grow significantly, and XPeng is leveraging its automotive expertise to enter this space [12] Financial Analysis - Revenue projections for XPeng Motors are optimistic, with expected revenues of 789.13 billion RMB in 2025, reflecting a 93% year-on-year growth [13][14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][13]. Core Views - The company has reported a revenue of 11.72 billion yuan for 2024, a year-on-year decrease of 3.6%, and a net profit attributable to shareholders of 1.27 billion yuan, down 46.5% year-on-year [6][8]. - The company plans to distribute a dividend of 0.31 yuan per share, with a total dividend amounting to 650 million yuan, resulting in a dividend payout ratio of 50.9%, an increase of 1.8 percentage points year-on-year [7][11]. - The company is expected to achieve revenue growth in the coming years, with projections of 11.98 billion yuan in 2025, 12.37 billion yuan in 2026, and 12.81 billion yuan in 2027, reflecting growth rates of 2%, 3%, and 4% respectively [11][12]. Summary by Sections Recent Performance - The company's stock performance relative to the CSI 300 index shows a decline of 0.1% over the past month, 2.0% over three months, and 4.4% over the past year [5]. - The current stock price is 9.81 yuan, with a 52-week price range of 9.23 to 14.20 yuan [5]. Financial Highlights - The company reported a non-net profit of 1.42 billion yuan for 2024, down 9.9% year-on-year, with a non-net profit margin of 12.1%, a decrease of 0.9 percentage points [8]. - The company had cash on hand of 10.6 billion yuan at the end of 2024 [9]. Business Segments - The educational materials segment generated 9.78 billion yuan in revenue for 2024, a year-on-year decrease of 2.5%, accounting for 62.8% of total revenue [12]. - The general book segment saw an increase in market share, with a real sales share of 1.7%, up 0.3 percentage points year-on-year, ranking 14th in the market [12]. Earnings Forecast - The company is projected to achieve a diluted earnings per share (EPS) of 0.75 yuan in 2025, 0.79 yuan in 2026, and 0.84 yuan in 2027 [11][13]. - The return on equity (ROE) is expected to improve to 10% by 2025 and remain stable thereafter [11][13].

2025 年 04 月 15 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 邱迪 S0350522010002 qiud@ghzq.com.cn 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn [Table_Title] 风电轴承龙头产能释放在即，乘行业东风打开新 增长极 ——新强联（300850）公司深度研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 新强联 | -1.4% | 40.5% | 12.7% | | 沪深 300 | -6.2% | -1.6% | 8.2% | | 市场数据 | | | 2025/04/14 | | 当前价格（元） | | | 26.00 | | 周价格区间（元） 52 | | | 13.68-30.28 | | 总市值（百万） | | | 9,327.37 | | 流通市值（百万） | | | 6,381.60 | | 总股本（万股） | | | 35,874.51 | | 流通股本 ...