业绩简述 2025 年 3 月 28 日，公司发布 2024 年年度报告，2024 年全年公司 实现收入 12.06 亿元，同比+2%；归母净利润 5.02 亿元，同比+2%； 扣非归母净利润 3.96 亿元，同比-14%。 单季度来看，2024Q4 公司实现收入 2.37 亿元，同比-21%；实现归 母净利润-0.51 亿元；实现扣非归母净利润-1.06 亿元。 经营分析 全年展现稳健经营态势，国际业务拓展加速。按照业务来看，公 司主动脉支架类产品实现收入 9.04 亿元，同比-3.8%，主要系 2024 年下半年国家医保局对主动脉支架产品进行价格治理。外周及其 他产品实现收入 2.98 亿元，同比+20.6%。分区域来看，公司海外 区域实现销售收入 1.64 亿元，同比+99.4%。海外新增获得产品注 册证 20 余张，累计获得海外注册证 90 余张，国际业务拓展至欧 洲、拉美、亚洲 40 个国家和地区。 研发项目顺利推进，坚持技术创新发展路径。2024 年全年及 2025 年至今，公司共有 12 款新产品在国内外获批上市（包括 3 款代理 产品），在研产品研发进程有序推进，主动脉、外周血管及肿瘤疾 病一 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 284.4 billion RMB in 2024, a year-on-year increase of 10%, with a net profit attributable to shareholders of 10.2 billion RMB, reflecting a growth of 23.5% [2] - The company demonstrated resilience in express delivery growth, with a completion volume of 13.3 billion parcels, up 11.3% year-on-year [2] - The company’s gross profit margin improved to 13.9%, an increase of 1.1 percentage points year-on-year, indicating enhanced profitability [3] Performance Summary - Revenue growth by segment in 2024: - Express delivery: Revenue growth of 5.8%, volume growth of 12% [2] - Economic express: Revenue growth of 11.8%, volume growth of 18% [2] - Freight segment: Revenue growth of 13.8%, with cargo volume growth exceeding 20% [2] - Same-city segment: Revenue growth exceeding 22%, with net profit growth of 162% [2] - Supply chain and international segments: Revenue growth of 17.5%, with international express revenue growth exceeding 20% [2] Cost Management and Capital Expenditure - The company improved management efficiency through lean management, with a decrease in operating costs as a percentage of revenue [3] - Capital expenditure in 2024 was 9.9 billion RMB, down 27% year-on-year, indicating a focus on return on investment [3] - Free cash flow increased by 70% to 22.3 billion RMB, with a dividend payout ratio of 40%, up 5 percentage points [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 12.1 billion RMB, 14.3 billion RMB, and 16.3 billion RMB respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company, projecting revenue growth and profit increases over the next few years [4]. Core Insights - The company reported a revenue of 246.46 billion yuan for the year 2024, marking a year-on-year growth of 5.21%, and a net profit attributable to shareholders of 12.39 billion yuan, up 5.77% year-on-year [1]. - The railway equipment business is expected to benefit from increased demand, with a projected revenue of 110.46 billion yuan in 2024, reflecting a 12.50% increase, particularly driven by a 49.3% growth in the high-speed train segment [2]. - The company anticipates continued growth in maintenance and repair services for high-speed trains, with a revenue increase of 25.2% in 2024, and a rising share of maintenance revenue from 34.0% in 2023 to 37.8% in 2024 [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 93.87 billion yuan, a 2.9% increase year-on-year, but the net profit decreased by 7.51% to 5.14 billion yuan [1]. - The projected revenues for 2025 to 2027 are 266.71 billion yuan, 287.11 billion yuan, and 308.36 billion yuan respectively, with net profits expected to be 13.48 billion yuan, 14.67 billion yuan, and 15.94 billion yuan [4][6]. Market Outlook - The National Railway Group has set ambitious targets for 2025, including a passenger volume of 4.28 billion, a 4.9% increase, and infrastructure investments of 590 billion yuan, which are expected to drive demand for railway equipment [2]. - The company is well-positioned to capitalize on the policy encouraging the replacement of old diesel locomotives, which is expected to enhance revenue from railway equipment [3]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for the company are 16X for 2025, 14X for 2026, and 13X for 2027, indicating a favorable valuation trend [4].

2 餐饮行业研究框架 叶思嘉 2025/3/28 1 3 ➢ 品类：首选"长周期连锁餐饮"。中国餐饮市场超过5万亿，2015~2019CAGR 9.4%，24年同比增速5.4% ，长期来看， 家庭单元小型化、生活节奏加快、休闲享受需求增加，以及供给端物流仓储基础设施的完备均为外食率继续提升奠定基础。 但餐饮菜式+服务类型叠加后细分品类众多，二级市场投资主要关心能资本化的连锁餐饮，我们提出"长周期连锁餐饮=大 空间+高标准化+高普适度&复购度"的筛选公式。 ➢ 品牌：寻找单店*开店*时间的更优解。我们理解的餐饮品牌包含单店、开店、时间三方面，对经营者而言，单店意味着理 想UE，追求更高的收入、更低的成本来达成相对可观的餐厅层面利润；开店意味着努力通过门店数量的提升规模效应、强 化招牌效应，合理的目标+有序的节奏是关键；时间可能是朋友（如老字号品牌壁垒，抢占有限的点位形成先发优势， 餐 饮品牌赋能食品、酒店等其他业务），也可能是敌人，因为目标客群偏好的变化、生活方式的变化等面临品牌势能下降， UE可能偏离最初设定、开店空间可能无法最终达成，需要动态调优来应对。 ➢ 模式：直营与加盟之辨，无绝对优劣，适合最重要。直 ...

Investment Rating - The report provides a positive investment rating for the chemical industry, highlighting strong growth potential and favorable market conditions [6][16][19]. Core Insights - The chemical industry is experiencing significant demand growth driven by sectors such as agriculture, automotive, and electronics, with a focus on sustainable and innovative products [11][12][15]. - Key players in the industry are leveraging their resource advantages and technological capabilities to enhance production efficiency and market competitiveness [24][26][30]. - The report emphasizes the importance of supply chain integration and the strategic positioning of companies to capitalize on emerging market trends [38][39]. Summary by Sections Industry Overview - The chemical industry encompasses a wide range of products including fertilizers, plastics, and specialty chemicals, with applications across various sectors such as agriculture, construction, and automotive [7][15][19]. - The report identifies major raw materials and intermediates, including oil, natural gas, and various minerals, which are critical for production processes [22][25][28]. Key Companies and Their Strategies - Major companies like Yantai Wanhua (MDI), Jiangshan Chemical (BDO), and Hubei Yihua (urea) are highlighted for their competitive advantages and market leadership [24][26][30]. - Companies are focusing on resource expansion, cost-effective production methods, and diversification of product lines to enhance profitability [24][26][30]. Market Trends and Growth Drivers - The report notes a significant increase in demand for chemical products, particularly in the context of renewable energy and environmental sustainability [94][96]. - The growth of the electric vehicle market and advancements in photovoltaic technology are expected to further drive demand for specific chemical products [94][96]. Financial Performance and Market Dynamics - The report provides insights into the financial performance of key players, indicating substantial stock price increases and market capitalization growth due to favorable market conditions [38][39]. - It highlights the impact of supply and demand dynamics on pricing strategies and market positioning, with a focus on maintaining competitive advantages [40][49].

Investment Rating - The report provides a positive investment rating for the liquor industry, particularly high-end liquor brands, indicating a favorable outlook for investment opportunities in this sector [6][39]. Core Insights - The liquor industry, especially high-end liquor, is characterized by strong brand power and pricing power, with a significant portion of the market dominated by a few key players [9][38]. - The market dynamics have shifted from government and business consumption to personal consumption, which is now the primary driver of growth in the liquor sector [23][50]. - The report highlights the importance of macroeconomic factors, such as GDP growth and fixed asset investment, in influencing the liquor industry's performance [12][19]. Summary by Sections Market Segmentation - The liquor market is segmented into high-end, mid-range, and low-end categories, with high-end liquor brands like Moutai and Wuliangye holding a monopoly in their price segments [6][9]. - The report identifies the market share of different liquor types, with strong dominance of the strong aroma liquor at approximately 60% in 2022 [6]. Historical Performance - The report outlines three historical phases of the liquor industry from 2003 to 2014, detailing the impact of macroeconomic conditions on high-end liquor prices and market dynamics [14][17]. - The industry experienced a significant downturn in 2013-2014 due to regulatory changes and market corrections, leading to a period of stabilization starting in 2015 [19][23]. Consumption Trends - The report notes a decline in the core drinking demographic (ages 15-64) since 2014, indicating a potential challenge for future growth in liquor consumption [25]. - The correlation between liquor consumption and restaurant revenue is emphasized, suggesting that the liquor industry is closely tied to the dining sector [27]. Brand Dynamics - High-end liquor brands benefit from strong brand loyalty and pricing power, with consumers valuing the cultural and emotional significance of these products [29][34]. - The report discusses the challenges faced by mid-range and low-end brands due to weaker consumer loyalty and intense competition [38]. Inventory and Financial Metrics - The report categorizes the liquor inventory cycle into three stages: accumulation, pressure, and destocking, indicating that many companies are currently in the destocking phase [33]. - The liquor industry boasts high gross margins, with the liquor sector leading the food and beverage industry in profitability metrics [34][39]. Valuation and Investment Considerations - The report suggests that high-end liquor companies like Moutai are suitable for DCF valuation models due to their stable cash flows and growth prospects [39][41]. - It highlights the influence of macroeconomic conditions and policy risks on the valuation of liquor companies, particularly in relation to government consumption trends [43][50].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company achieved a revenue of 6.266 billion CNY in 2024, representing a year-on-year growth of 28.63%, and a net profit attributable to shareholders of 1.069 billion CNY, up 21.37% year-on-year [2]. - The growth in revenue and profit is driven by the recovery in the noodle products segment and accelerated sales in vegetable products, with significant increases in online and offline sales channels [3][4]. - The company is expected to benefit from the growth of the konjac product category and its diversified channel strategy, which includes traditional and emerging sales channels [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 48.1%, with a slight increase of 0.5 percentage points year-on-year, although the second half of the year saw a decline due to rising costs [4]. - The company’s net profit margin for 2024 was 17.1%, down 1.0 percentage points year-on-year, impacted by a one-time loss from financial assets [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.3 billion, 1.6 billion, and 1.96 billion CNY, respectively, with growth rates of 22%, 24%, and 22% [5][10].

摘要 近年来，中国海洋经济发展迅速，相关政策也持续发力。上海、广东、青岛、漳州等多个沿海省市相继加大对海洋经 济的支持力度，推动海洋新能源、深海科技、海洋生物医药等新兴产业发展，并出台相关政策。这些政策的实施旨在 通过完善产业体系、加强科技创新、规范用海管理等措施，推动我国海洋经济的高质量发展。海洋传统产业保持稳步 增长，海洋渔业现代化、海洋油气开采、船舶制造等行业持续推进。同时，海洋工程装备、海洋电力等新兴产业快速 崛起，海上风电发电量同比增长近 30%，海洋生物医药企业加快创新步伐，行业竞争力不断提升。2024 年全国海洋生 产总值突破 10.54 万亿元，占 GDP 比重达 7.8%，成为经济增长的重要驱动力。 因此，海洋经济相关产业链也受到了金融市场的关注。本文从模型的角度出发，给出"海洋经济"产业链图谱结果， 并提供概念股相关标的结果。同时，我们基于量价数据构造了领涨因子与尖峰右偏因子，在以上概念股池中筛选出因 子得分前五的股票作为"海洋经济"概念增强组合。 风险提示 "海洋经济"热点解析 大语言模型输出结果具有一定随机性的风险，模型迭代升级、新功能开发可能会导致结论不同。新闻可能包含误导性 的信息 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected significant profit growth in the coming years [4]. Core Insights - The company reported a revenue of 1.768 billion RMB for 2024, representing a year-on-year increase of 41.37%, and a net profit attributable to shareholders of 179 million RMB, a substantial increase of 491.56% year-on-year [1]. - The company has significantly enhanced its production capacity and efficiency, achieving a record high production of 410,200 SiC substrates in 2024, up 56.56% year-on-year [2][3]. - The company is recognized as the second-largest global manufacturer of conductive SiC substrates, holding a market share of 22.8% [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 487 million RMB, a year-on-year increase of 4.32%, and a net profit of 36 million RMB, up 59.74% year-on-year [1]. Operational Analysis - The company has improved its core product capacity, with the Jinan plant steadily increasing output and the Shanghai plant achieving its annual production target ahead of schedule [2]. - The gross profit margin for 2024 was reported at 25.9%, showing a significant improvement compared to previous years [2]. Research and Development - The company has made advancements in R&D, being the first in the industry to produce 8-inch substrates without macro defects, and has a total of 194 invention patents and 308 utility model patents [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 318 million RMB, 549 million RMB, and 814 million RMB respectively, with corresponding EPS of 0.74, 1.28, and 1.89 RMB [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of 5% to 15% over the next 6 to 12 months [4][18]. Core Insights - The company reported a revenue of 439.93 billion yuan for the year 2024, representing a year-on-year growth of 3.2%. The net profit attributable to shareholders was 18.08 billion yuan, a significant increase of 518.7%, while the core net profit decreased by 22.9% to 30.38 billion yuan [1][4]. - The substantial increase in net profit was primarily due to a significant reduction in impairment losses, which decreased by 24.2 billion yuan year-on-year, leading to a 144.4% increase in operating profit. However, non-operating factors and objective circumstances contributed to the decline in core net profit [2]. - The core business, which includes property management services and community value-added services, saw a revenue increase of 9.4%, with its share of total revenue rising to 87%, up by 4.9 percentage points year-on-year [2]. Financial Performance - As of the end of 2024, the company had cash and cash equivalents of 181.8 billion yuan, a year-on-year increase of 40.5%. The operating cash flow net amount was 38.7 billion yuan, covering the core net profit by 1.3 times [3]. - The company plans to utilize 113% of its net profit for market value management, including share buybacks and dividends [3]. Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 to 2027 is 22.3 billion yuan, 24.2 billion yuan, and 26.0 billion yuan, respectively, with expected growth rates of 23.1%, 8.7%, and 7.4% [4]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 9.1x, 8.3x, and 7.8x for the years 2025 to 2027 [4].