Investment Rating - The report assigns an "Accumulate" rating for Postal Savings Bank of China (601658) [2][9]. Core Views - The bank's deposit absorption capability is relatively strong, and its corporate business is developing healthily, leading to the "Accumulate" rating. The bank's revenue for 2024 is projected to be 348.775 billion yuan, with a year-on-year growth of 1.83%, and a net profit attributable to shareholders of 86.479 billion yuan, reflecting a slight increase of 0.24% year-on-year [5][9]. Summary by Sections Recent Performance - Over the past year, Postal Savings Bank's stock has shown a performance of -2.4% over one month, -3.4% over three months, and a positive 18.2% over twelve months [3]. Financial Highlights - As of the end of Q4 2024, the bank's total assets exceeded 17.08 trillion yuan, with a year-on-year growth of 8.64%. The deposit balance grew by 9.54% year-on-year, while the loan balance increased by 9.38% [6][9]. Business Development - The bank's corporate loans increased by 13.5% year-on-year, indicating effective growth in corporate business. The bank's deposit growth outpaced loan growth, which is a unique position among state-owned banks [7][9]. Capital Increase - The bank announced a private placement of A-shares, raising a total of 1,175.80 billion yuan from the Ministry of Finance, China Mobile Group, and China Shipbuilding Group, which reflects confidence in the bank's future development [4][8]. Profit Forecast - The report forecasts that the bank's revenue will reach 350.547 billion yuan in 2025, with a growth rate of 0.51%. The net profit is expected to be 85.968 billion yuan, reflecting a slight decline of 0.59% [10][19]. Dividend Information - The bank plans to distribute a dividend of 0.2616 yuan per share for the year 2024, with a dividend payout ratio of 30% [11]. Valuation Metrics - The report provides valuation metrics, including a projected P/E ratio of 6.38 for 2025 and a P/B ratio of 0.58 [19].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company reported a revenue growth of 3.76% year-on-year for 2024, with a net profit growth of 2.33%. The dividend payout ratio was increased to 30.50%, reflecting strong support for the real economy and a decrease in deposit costs [6][8]. - The company's asset scale reached 9.53 trillion yuan by the end of 2024, with a year-on-year growth of 5.31%. Customer deposits totaled 5.78 trillion yuan, up 7.04% year-on-year [6][8]. - The non-performing loan ratio stood at 1.16%, showing stability in asset quality, while the provision coverage ratio decreased to 209.43% [6][8]. Summary by Sections Financial Performance - In 2024, the company achieved operating income of 213.65 billion yuan, with a net profit attributable to shareholders of 68.43 billion yuan. The quarterly revenue growth rate for Q4 was 3.56%, while the net profit growth rate for the same quarter was 7.49% [6][7]. - Interest income reached 146.68 billion yuan, growing by 2.19%, while non-interest income increased by 7.39% to 66.97 billion yuan, accounting for 31.3% of total revenue [6][8]. Asset Quality and Risk Management - The non-performing loan balance was 66.49 billion yuan, with a year-on-year increase of 2.60%. The company maintained a stable asset quality with a slight decrease in the non-performing loan ratio [6][8]. - The net interest margin was 1.77%, showing a minor decline of 1 basis point year-on-year, while the interest expense on customer deposits decreased by 10.16% [6][8]. Future Projections - The company forecasts operating revenues of 214.86 billion yuan for 2025, with a growth rate of 0.57%. The net profit is expected to reach 70.22 billion yuan, reflecting a growth rate of 2.40% [7][8]. - The report anticipates a gradual improvement in profitability metrics, with EPS projected to be 1.24 yuan in 2025, and P/E ratios expected to decrease over the next few years [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [1][18][48] Core Views - The company achieved a revenue of 28.396 billion yuan in 2024, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [6][8][18] - The company is transitioning towards new chemical materials, with special chemicals and fertilizers showing profit growth in 2024 [8][14][18] - The company has significant phosphate resource advantages and is expected to see new profit growth from new material projects [18][16] Financial Performance - In 2024, the company reported a gross profit margin of 19.52%, an increase of 3.35 percentage points year-on-year, and a net profit margin of 5.70%, up 0.77 percentage points year-on-year [6][8] - The company’s operating cash flow for 2024 was 1.589 billion yuan, a year-on-year increase of 18.90% [10][18] - The company plans to distribute a cash dividend of 10 yuan per 10 shares, amounting to approximately 1.103 billion yuan, which represents 68.89% of the net profit attributable to shareholders for 2024 [17][18] Product Segmentation - The special chemicals segment generated revenue of 5.278 billion yuan in 2024, a year-on-year increase of 4.97%, with a gross profit margin of 26.99% [8][21] - Fertilizer revenue reached 4.049 billion yuan, up 12.26% year-on-year, with a gross profit margin of 10.91% [8][21] - The pesticide segment saw revenue of 5.204 billion yuan, a 21.50% increase year-on-year, although the gross profit margin decreased by 17.78% [8][21] Future Outlook - The company forecasts revenues of 29.7 billion yuan, 31.9 billion yuan, and 33.8 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 2 billion yuan, 2.6 billion yuan, and 3.1 billion yuan [18][48] - The company is expected to benefit from the ongoing construction of key projects, enhancing its comprehensive strength in microelectronics new materials and green pesticides [14][15][18]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][8]. Core Insights - The company achieved a revenue growth of 0.87% year-on-year and a net profit increase of 0.93% for 2024, indicating stable financial performance [6][8]. - Asset quality has shown continuous improvement, with the non-performing loan (NPL) ratio decreasing to 1.31% and the provision coverage ratio rising to 201.94% [6][8]. - The company has effectively managed its funding costs, with a net interest margin that only slightly narrowed by 1 basis point year-on-year [8]. - The fourth quarter of 2024 saw a significant rebound in both revenue and net profit growth compared to the first three quarters of the year [6][8]. Financial Performance Summary - For 2024, the company reported total revenue of 259.83 billion yuan and a net profit attributable to shareholders of 93.59 billion yuan [7]. - The forecast for 2025-2027 indicates revenue growth rates of 2.88%, 4.19%, and 4.98%, respectively, with net profit growth rates of 1.50%, 2.82%, and 3.62% [7][8]. - The earnings per share (EPS) is projected to increase from 1.16 yuan in 2024 to 1.26 yuan by 2027 [7][8]. Asset Quality and Management - The company’s asset scale expanded to over 14.90 trillion yuan by the end of 2024, reflecting a year-on-year growth of 5.98% [6][8]. - The loan balance increased by 7.52% year-on-year, indicating a robust credit growth strategy [6][8]. - The improvement in asset quality is attributed to effective management of personal loans, with significant reductions in the delinquency and NPL rates [6][8]. Dividend Policy - The company declared a cash dividend of 0.379 yuan per share for 2024, representing a 1.07% increase from 2023 [6][13].

2025 年 04 月 02 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 李娟廷 S0350524090007 lijt03@ghzq.com.cn [Table_Title] 工程化工齐发展，新疆煤化工带来机遇 ——三维化学（002469）2024 年年报点评 最近一年走势 2024 年公司实现营业收入 25.54 亿元，同比下降 3.88%；实现归属 于上市公司股东的净利润 2.63 亿元，同比下降 6.92%。分板块看， 2024 年公司工程总承包业务实现营收 4.67 亿元，同比-1.32%，毛 利率 15.83%，同比减少 12.15 个百分点；工程设计实现营收 0.97 亿元，同比-19.79%，毛利率 48.58%，同比减少 1.01 个百分点；醛 醇酸酯类实现营收 14.08 亿元，同比+1.75%，毛利率 18.80%，同 比增加 4.73 个百分点；残液加工类实现营收 3.84 亿元，同比 -12. ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company achieved significant revenue and profit growth in 2024, with operating revenue reaching 20.388 billion yuan, a year-on-year increase of 22.92%, and net profit attributable to shareholders of 1.739 billion yuan, up 49.37% year-on-year [6][7]. - The demand for the company's products is driven by the growth in AI computing power needs, recovery in consumer electronics, and high demand in automotive electronics [7][8]. - The company is focusing on high-end product development to enhance its core competitiveness, with R&D expenses increasing by 37.57% to 1.157 billion yuan in 2024 [7][10]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 20.388 billion yuan, with a year-on-year growth of 22.92%. The revenue from copper-clad laminates and bonding sheets increased by 17.09%, accounting for 72.55% of total revenue, while the printed circuit board business saw a 43.04% increase, making up 21.99% of total revenue [6][7]. - The company sold 1.43 million square meters of copper-clad laminates, a year-on-year increase of 19.40%, and 1.88 billion meters of bonding sheets, up 11.50% year-on-year [7]. Profitability - The gross profit margin for 2024 was 22.04%, an increase of 2.80 percentage points year-on-year. The gross profit margin for copper-clad laminates and bonding sheets was 21.52%, up 1.41 percentage points, while the printed circuit board business saw a gross profit margin of 19.43%, an increase of 8.58 percentage points [7][10]. Future Outlook - The company has set ambitious sales targets for 2025, aiming to sell 12.6 million square meters of hard copper-clad laminates and 19.3 billion meters of bonding sheets, indicating a stable growth outlook [8][10]. - Revenue forecasts for 2025-2027 are projected at 22.718 billion yuan, 27.682 billion yuan, and 31.830 billion yuan, with year-on-year growth rates of 11%, 22%, and 15% respectively [9][10].

Group 1 - The company achieved a revenue of 30.9 billion yuan in 2024, a year-on-year decrease of 21.9%, but net profit increased by 622% to 0.7 billion yuan, driven by revenue structure optimization and cost reductions from AI-enabled efficiency improvements [4][5] - The payment business showed marginal improvement with a revenue decline of 22.9% to 26.9 billion yuan, attributed to a 19% drop in total GPV and a slight decrease in payment rates [5][6] - The company’s overseas payment business expanded significantly, with transaction volume exceeding 1.1 billion yuan, a nearly fivefold increase year-on-year [5] Group 2 - The company reported a revenue of 31.48 billion yuan in 2024, a decrease of 17.2%, with a net profit of 2.34 billion yuan, down 68.98% [11][12] - The domestic acquiring business processed a total of 1.47 trillion yuan, maintaining stable monthly transaction volumes, while overseas market revenue reached 9.01 billion yuan, with a 63.61% increase in high-end market revenue [13][14] - The company’s AI digital employee product has been commercialized, with applications in digital marketing and e-commerce [15] Group 3 - China Aluminum reported a revenue of 237.07 billion yuan in 2024, an increase of 5.2%, and a net profit of 12.4 billion yuan, up 85.4% [16][17] - The increase in profits was primarily due to rising aluminum and alumina prices, with alumina revenue reaching 74 billion yuan, a 38.3% increase [18] - The company plans to distribute a cash dividend of 0.135 yuan per share, with a total dividend amount of 3.72 billion yuan, reflecting a payout ratio of 30.2% [20] Group 4 - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, with a net profit of 408 million yuan, up 85.51% [22][23] - The company’s online revenue reached 7.407 billion yuan, with significant growth in various channels, particularly Douyin [23][24] - The company is planning to issue H shares to enhance its brand and global supply chain capabilities [25][26] Group 5 - Kailai Ying reported total revenue of 5.805 billion yuan in 2024, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [27][28] - The small molecule business showed stable growth, with revenue of 4.571 billion yuan, reflecting an 8.85% increase when excluding large orders [28][29] - The emerging business segment achieved revenue of 1.226 billion yuan, a growth of 2.25% [29] Group 6 - Zhejiang Shuju reported a revenue of 3.097 billion yuan in 2024, a slight increase of 0.61%, with a net profit of 512 million yuan, down 22.84% [30][31] - The online gaming business generated 1.34 billion yuan in revenue, with a gross margin of 91.04% [33] - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling 203 million yuan [32] Group 7 - Zhongke Xingtou focuses on the space-earth big data industry, with a projected revenue of 40.78 billion yuan in 2025, increasing to 63.98 billion yuan by 2027 [38][41] - The company has established a comprehensive digital earth solution, integrating data collection, processing, and application [39][40] - The company aims to expand its business into low-altitude economy and commercial aerospace sectors [40] Group 8 - Yinghe Technology reported a revenue of 8.524 billion yuan in 2024, a decrease of 12.58%, with a net profit of 503 million yuan, down 9.14% [43][44] - The lithium battery equipment segment faced challenges, while the electronic cigarette segment showed strong performance with a revenue of 3.191 billion yuan [44][45] - The company expects growth in the lithium battery equipment market due to domestic production recovery and expansion into overseas markets [45][46] Group 9 - Meiya Optoelectronics achieved a revenue of 2.311 billion yuan in 2024, a decrease of 4.7%, with a net profit of 649 million yuan, down 12.8% [48] - The color sorting machine business grew by 9.9%, while the medical equipment segment faced a decline of 33.4% [49] - The company anticipates a recovery in the medical equipment sector due to ongoing economic development and demographic trends [49]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company achieved a significant reduction in losses year-on-year, with a reported net profit of -4.23 billion yuan for 2024, compared to -8.17 billion yuan in 2023, indicating a substantial improvement in performance [4][10]. - The company is expected to see revenue growth from 132.12 billion yuan in 2024 to 154.55 billion yuan by 2027, with corresponding net profits projected to turn positive by 2025 [9][10]. - The report highlights the recovery of overseas capacity and a notable increase in passenger load factor, which rose to 82.8% in 2024, an increase of 8.4 percentage points year-on-year [5][10]. Financial Performance - In 2024, the company reported operating revenue of 132.12 billion yuan, a year-on-year increase of 16.1% [4]. - The operating cost for 2024 was 126.5 billion yuan, reflecting a 12.48% increase, but the seat kilometer cost decreased by 7.2% [6]. - The financial expenses decreased to 5.84 billion yuan in 2024, down by 6.9 billion yuan from the previous year, with interest expenses significantly reduced [6][10]. Future Projections - The company plans to increase its fleet size at a compound annual growth rate of 4.5% from 2024 to 2027, with a total of 804 aircraft by the end of 2024 [7][8]. - Forecasts for 2025-2027 indicate a net profit of 2.26 billion yuan in 2025, 4.11 billion yuan in 2026, and 7.87 billion yuan in 2027, with corresponding P/E ratios decreasing from 35.79 to 10.28 [9][10].

证券研究报告 2025年4月1日 基础化工 化工行业深度报告：六维力矩传感器对应的材料 ——AI赋能化工之五 评级：推荐(维持) | 李永磊(证券分析师) | 董伯骏(证券分析师) | 曾子华(联系人) | | --- | --- | --- | | S0350521080004 | S0350521080009 | S0350124080006 | | liyl03@ghzq.com.cn | dongbj@ghzq.com.cn | zengzh@ghzq.com.cn | 最近一年走势 相关报告 -21% -13% -4% 4% 12% 20% 2024/03/31 2024/06/30 2024/09/30 2024/12/31 2025/03/31 基础化工 沪深300 《有机硅行业动态研究之一：有机硅价格不断上涨，看好行业景气修复（推荐） *基础化工*李永磊，董伯骏》——2025-03-21 《新材料产业周报：2026年中国eVTOL市场有望突破百亿元，小鹏人形机器人 有望2年内量产（推荐）*基础化工*李永磊，董伯骏》——2025-03-16 《新材料产业周报：韩国拟建设全球最大的AI数据中心，S ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance relative to the market [10]. Core Insights - The company has shown strong revenue growth, with a 28.63% year-on-year increase in operating income for 2024, reaching 6.266 billion RMB, and a 21.37% increase in net profit attributable to shareholders, totaling 1.069 billion RMB [5]. - The growth in the konjac product category is significant, with the company’s vegetable products surpassing the traditional noodle products to become the largest category, accounting for 53.8% of total revenue in 2024 [6][9]. - The company is enhancing its multi-channel strategy, with offline and online sales contributing 88.8% and 11.2% of revenue respectively, showing a robust growth in both channels [6]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 6.266 billion RMB, with a breakdown of 2.667 billion RMB from noodle products, 3.371 billion RMB from vegetable products, and 229 million RMB from bean products [6]. - The second half of 2024 saw revenues of 3.327 billion RMB, reflecting a 30.73% year-on-year increase [5]. Profitability Metrics - The gross margin improved by 0.46 percentage points to 48.13% in 2024, driven by scale effects from revenue growth [6]. - The net profit margin for 2024 was 17.0%, with a decline in the second half to 13.6% due to increased costs and financial asset losses [7]. Future Projections - Revenue forecasts for 2025 to 2027 are 7.852 billion RMB, 9.275 billion RMB, and 10.617 billion RMB respectively, with corresponding net profits of 1.303 billion RMB, 1.585 billion RMB, and 1.911 billion RMB [8][10]. - The company is expected to maintain a sustainable growth trajectory, particularly in the konjac product line and new product launches [9]. Shareholder Returns - The company has a high dividend payout ratio of 99%, distributing 0.45 RMB per share, which reflects strong cash flow and commitment to shareholder returns [9].