Investment Rating - The report maintains an "Accumulate" rating with a target price of 4.48, down from the previous forecast of 5.75 [6][13]. Core Insights - The company's operational performance in Q4 2024 met expectations, with significant room for installed capacity growth and notable dividend value [3][13]. - For 2024, the company is projected to achieve revenue of 86.8 billion yuan, a year-on-year increase of 5.1%, and a net profit attributable to shareholders of 10.81 billion yuan, reflecting a 0.8% increase year-on-year [13]. - The company has a robust pipeline with 16 approved nuclear power units under management, of which 7 are under construction and 9 are in the preparation stage for FCD, totaling an installed capacity of 19.4 GW [13]. Financial Summary - Revenue for 2023 was 82.549 billion yuan, with projections for 2024 at 86.804 billion yuan, indicating a growth of 5.2% [5]. - Net profit attributable to shareholders for 2023 was 10.725 billion yuan, with a slight increase to 10.814 billion yuan expected in 2024 [5]. - The earnings per share (EPS) is projected to remain stable at 0.21 yuan for 2024, with a slight increase to 0.23 yuan in 2026 and 0.25 yuan in 2027 [5][14]. Market Data - The company's current stock price is 3.65 yuan, with a 52-week price range of 3.58 to 5.21 yuan [7]. - The total market capitalization is approximately 184.32 billion yuan, with a total share capital of 50.499 billion shares [7]. Dividend Policy - The company plans to distribute a dividend of 0.095 yuan per share for 2024, resulting in a payout ratio of 44.4%, which is an increase of 0.1 percentage points year-on-year [13].

国内盈利抬升，海外风险下降 华新水泥(600801) ——华新水泥 2024 年报点评 | [table_Authors] 鲍雁辛(分析师) | 花健祎(分析师) | 杨冬庭(分析师) | [Table_Target] 目标价格： | 上次评级: | 增持 17.67 | | --- | --- | --- | --- | --- | --- | | 0755-23976830 | 0755-23976858 | 0755-23976166 | | 上次预测: | 17.67 | | baoyanxin@gtjas.com | huajianyi@gtjas.com | yangdongting@gtjas.com | | | | | 登记编号 S0880513070005 | S0880521010001 | S0880522080004 | Table_CurPrice] [当前价格： | | 12.97 | 本报告导读： 公司 2024 年报符合预期，24 年国内水泥销量同比下滑被海外强劲增量对冲，同时 国内外水泥盈利兑现能力均在修复通道上。 投资要点： | [Table_Finance] 财务摘要（百 ...

Investment Rating - The report maintains an "Accumulate" rating for China Pacific Insurance (601601) with a target price of 51.56 CNY per share, unchanged from the previous forecast [1][11]. Core Insights - The company's net profit for 2024 is expected to increase by 64.9% year-on-year, driven by improved investment income and fair value changes. The ongoing transformation of the long-term business is expected to continue to enhance value growth [2][11]. Financial Summary - **Revenue**: Projected to grow from 323,945 million CNY in 2023 to 404,089 million CNY in 2024, reflecting a 25% increase [4][12]. - **Net Profit**: Expected to rise from 27,257 million CNY in 2023 to 44,960 million CNY in 2024, marking a 65% increase [4][12]. - **Earnings Per Share (EPS)**: Forecasted to increase from 2.83 CNY in 2023 to 4.67 CNY in 2024 [4][12]. - **Return on Equity (ROE)**: Anticipated to improve from 11% in 2023 to 15% in 2024 [4][12]. - **Price-to-Earnings Ratio (P/E)**: Expected to decrease from 11.36 in 2023 to 6.89 in 2024 [4][12]. Business Performance - The new business value (NBV) is projected to grow by 57.7% year-on-year in 2024, aligning with expectations. The individual insurance NBV is expected to increase by 57.7%, while the bancassurance NBV is anticipated to surge by 134.8% [11][12]. - The property and casualty insurance segment is expected to see a premium growth of 6.8% in 2024, with non-auto insurance being the main driver [11][12]. Investment Strategy - The company is set to implement the second phase of its long-term transformation plan, focusing on customer management and channel transformation to sustain value growth [11][12].

国泰君安晨报 2025 年 03 月 28 日 国泰君安证券股份有限公司 研究所 3、巨子生物，化妆品訾猛团队认为，公司 2024 年业绩高增符合预期，受益可复美胶原棒放量、 焦点系列等新品爬坡以及可丽金明星产品增长，公司化妆品业务多款新品储备、关注后续放量节 奏。 4、小商品城，零售刘越男团队认为，线下市场量价齐升、线上 CG+义支付高增长、进口业务望 形成新增长点，看好公司发展提速、义乌再创辉煌。 5、交运，岳鑫团队认为，原油增产将利好油运，伊朗制裁升级亦将助于合规市场供需继续恢复， 预计油运供需有望好于预期，且具油价下跌期权。建议关注逆向布局时机，维持油运增持。 [周津宇 Table_Authors] 电话：021-38674924 邮箱：zhoujinyu011178@gtjas.com 登记编号：S0880516080007 [Table_ImportantInfo] 今日重点推荐 行业首次覆盖：灵巧手《灵巧手：机器人商业化落地的"功 能触角"》2025-03-27 肖群稀（分析师）0755-23976830、欧阳蕤（分析师）021-38676550 投资建议：目前，灵巧手行业主要产品仍以国外品牌为 ...

"深海"聚焦"科技"属性，产业聚焦装备制造 ixie [Table_Industry] 机械行业 --深海科技行业更新 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 肖群稀(分析师) | 黄龙(研究助理) | | --- | --- | | 0755-23976830 | 021-38031028 | | xiaoqunxi027589@gtjas.com | huanglong028685@gtjas.com | | 登记编号 S0880522120001 | S0880123070154 | [Table_Report] 相关报告 本报告导读： 行 业 更 新 证 券 研 究 报 告 股 票 研 究 请务必阅读正文之后的免责条款部分 股票研究 /[Table_Date] 2025.03.28 机械行业《灵巧手：机器人商业化落地的"功能 "深海科技"在 2025 年政府工作报告中被首次提及，相较于此前表述，其"科技" 属性得以强化。随着海洋经济规模不断扩大，产业链相关环节有望持续受益。 投资要点： 触角"》2025.03.27 机械行业《特斯拉确定机器人产 ...

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company's 2024 operating performance is stable, and the increase in dividend payout ratio reflects a strong commitment to shareholder returns [3]. - The company has maintained a "Buy" rating based on its 2024 performance and operational trends, with a downward adjustment in the EPS forecast for 2025-2026 [9]. Financial Summary - In 2024, the company achieved revenue of 13,087 million RMB, a year-on-year decline of 1.1%, while the net profit was 2,067 million RMB, showing a growth of 4.2% after excluding one-time impacts from 2023 [9]. - The orthopedic segment reported revenue of 1,440 million RMB, up 13.2%, with operating profit increasing by 196% [9]. - The drug packaging segment generated revenue of 2,280 million RMB, reflecting a growth of 12.6%, driven by high growth in pre-filled syringes and new product launches [9]. - The interventional segment's revenue was 1,980 million RMB, a modest increase of 2.5%, with domestic pressures offset by good overseas growth [9]. - The medical device and blood management segments faced revenue declines, with the medical device segment down 6.5% to 6,510 million RMB, while the blood management segment's revenue fell by 15.8% to 880 million RMB [9]. - The company plans to increase its cash dividend payout ratio to 50% by the end of 2024, with a proposed dividend of 0.1235 RMB per share, totaling 985 million RMB, a 29% increase year-on-year [9]. Growth Strategy - The company is actively developing nine new product series to create a second growth curve, focusing on the perioperative product portfolio and chronic disease management products [9]. - The company aims to leverage its sales channel advantages to ensure rapid market penetration of new products, contributing to revenue growth [9].

股票研究 /[Table_Date] 2025.03.28 减值施压业绩，川矿扩张在望 盛新锂能(002240) ——盛新锂能 2024 年年报业绩点评 金属，采矿，制品 [Table_Industry] /原材料 | [Table_Invest] 评级： | | 谨慎增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 13.94 | | | 上次预测: | 13.94 | | Table_CurPrice] [当前价格： | | 13.23 | 本报告导读： 锂价下跌叠加减值计提，公司 2024 年业绩承压。随着远期木绒锂矿等项目建设推 进，上游资源自给率提升有望缓释冶炼价差收窄带来的毛利压力，业绩回暖可期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 7,951 | 4,581 | 4,867 | 5,496 | 5,72 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target market capitalization of HKD 16 billion, reflecting a slightly higher than industry average PE of 22x for 2025 [7]. Core Views - The company has significant store expansion potential and strong growth prospects, with expectations for same-store sales recovery in 2025 [2]. - The 2024 revenue is projected at RMB 5.21 billion, representing a year-on-year increase of 14.5%, while the net profit is expected to be RMB 581 million, up 9.1% year-on-year [7]. - The company continues to expand its store network, with a total of 667 stores by the end of 2024, a 24.4% increase year-on-year [7]. Financial Summary - **Revenue**: - 2022: RMB 3,213 million - 2023: RMB 4,549 million - 2024: RMB 5,210 million (14.5% YoY growth) - 2025E: RMB 6,451 million - 2026E: RMB 7,736 million - 2027E: RMB 9,042 million [6] - **Net Profit**: - 2022: RMB 238 million - 2023: RMB 532 million - 2024: RMB 581 million (9.1% YoY growth) - 2025E: RMB 683 million - 2026E: RMB 813 million - 2027E: RMB 950 million [6] - **Profitability Ratios**: - Net profit margin for 2024 is 11.1%, down 0.6 percentage points year-on-year [7]. Store Expansion and Sales Performance - The company added 131 new stores in 2024, with net increases in various city tiers: - Tier 1: 22 stores - New Tier 1: 40 stores - Tier 2: 20 stores - Tier 3 and below: 49 stores [7]. - Same-store sales decreased by 12.1% in 2024, but improvements are anticipated in 2025 [7]. - The average customer spending in 2024 was RMB 59.2, down 9% year-on-year [7]. Cost Structure and Profitability - The gross margin for 2024 is 68.1%, a slight decrease of 0.4 percentage points year-on-year [7]. - Employee costs accounted for 27.3% of revenue, down 2.0 percentage points due to improved operational efficiency [7]. - Rent costs increased to 6.7% of revenue, reflecting the expansion of the store network [7].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 15.00, down from a previous forecast of 17.16 [2][4]. Core Views - The company achieved a new contract amount of 634.4 billion in 2024, representing a 3% increase, with both overseas new contracts and revenue showing growth [3][5]. - The net profit attributable to the parent company for 2024 grew by 2.3%, which was below expectations, while the gross profit margin slightly increased to 19.63% [5][6]. - The company plans to maintain a dividend payout ratio of 39.9% for 2024, up from 36.2% in 2023, indicating a significant increase in cash dividends [5][6]. Financial Summary - In 2024, the company's revenue was 461 billion, a 0.7% increase, while the net profit attributable to the parent company was 29.8 billion, reflecting a 2.3% growth [5][6]. - The earnings per share (EPS) for 2025 and 2026 have been revised down to 1.21 and 1.29 respectively, with a projected EPS of 1.34 for 2027 [4][6]. - The company reported a weighted return on equity (ROE) of 14.96% and a debt-to-asset ratio of 61.28% for 2024 [5][6]. Contract and Revenue Insights - The breakdown of new contracts in 2024 shows that engineering technology services accounted for 371.8 billion (59%), high-end equipment manufacturing for 71.6 billion (11%), and production operation services for 173.1 billion (27%) [5][17]. - The overseas new contract amount reached 362 billion, marking a 9% increase, while domestic contracts decreased by 4% to 272.4 billion [5][17]. Dividend and R&D Investments - The company plans to distribute a dividend of 0.45 per share in 2024, up from 0.4 in 2023, with a total cash dividend amounting to 11.9 billion [5][6]. - In 2024, the company invested 17.7 billion in research and development, applying for 392 invention patents and obtaining 192 patents [5][6].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 73.90, up from the previous forecast of 45.30 [5][13]. Core Views - The company demonstrates strong growth momentum through its recent private placement and equity incentive plan, which aligns the interests of the company and its talent [2][13]. - The company aims for a revenue CAGR exceeding 20% from 2025 to 2027, driven by technological advancements and channel expansion [13]. - The company is focusing on enhancing its PLC and drive control products across various industries, including textiles, printing, and food and beverage [13]. - The company is also entering the robotics sector, which is expected to provide a second growth curve, with existing products in AGV and laser packaging [13]. Financial Summary - Revenue is projected to grow from 1,335 million in 2022 to 2,597 million by 2026, reflecting a CAGR of 21.0% [12]. - Net profit attributable to the parent company is expected to increase from 222 million in 2022 to 359 million in 2026, with a notable growth of 30.8% in 2024 [12]. - The company’s current price is 58.12, with a market capitalization of 8,169 million [5][6]. Market Position - The company holds a market share of approximately 10% in the PLC segment and about 3% in the drive control motor segment, with plans to enhance its market presence through the establishment of marketing showrooms and warehousing networks in 12 cities [13].