行 业 报 告 非银行金融 行业点评 资负双驱，友邦 2024 业绩增长强劲 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业动态跟踪报告*非银行金融*险资投 资黄金试点开启优化资产配置、分散投资风险*强于 大市 20250211 证券分析师 王维逸 投资咨询资格编号 S1060520040001 BQC673 WANGWEIYI059@pingan.com.cn 李冰婷 投资咨询资格编号 S1060520040002 LIBINGTING419@pingan.com.cn 韦霁雯 投资咨询资格编号 S1060524070004 WEIJIWEN854@pingan.com.cn 事项： 友邦保险发布 2024 年全年业绩，2024 年化新保费 86.06 亿美元（YoY+14%， 按固定汇率，下同）、NBV 约 47.12 亿美元（YoY+18%，扣除资本要求等、归 母口径）、NBVM 约 54.5%（YoY+1.9pct），EV 营运利润 100.25 亿美元 （YoY+14%）。 平安观点： 中国内地与中国香港业务优质，新单与 NBVM 双增、NBV 较快增长。 1）中国内地：业务范围持续拓 ...

汽车 2025 年 03 月 14 日 小鹏汽车-W(9868.HK) 新款G6爆款潜力大，加速全场景智驾平权 推荐（维持） 事项： 公司举办 2025 小鹏汽车春季发布会，上市 2025 款小鹏 G6 和 2025 款小鹏 G9 两款新车，其中 2025 款小鹏 G6 共推出 3 款配置车型，售价 17.68 万~19.88 万元，2025 款小鹏 G9 同样推出 3 款配置车型，售价 24.88 万~27.88 万元。 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 26855 | 30676 | 40994 | 90887 | 128262 | | YOY(%) | 28.0 | 14.2 | 33.6 | 121.7 | 41.1 | | 净利润(百万元) | -9139 | -10376 | -5580 | -1175 | 2057 | | YOY(%) | -87.9 | -13.5 | 46.2 | 79.0 | 275.1 | | 毛利率( ...

Group 1 - Investment Rating: "Recommended" for Shengyi Technology (600183.SH) [2][17] - Investment Rating: "Outperform" for AMC's involvement in real estate asset restructuring [9][12] - Investment Rating: "Outperform" for humanoid robot perception systems [19][21] Group 2 - Core View: AMC's accelerated involvement in real estate non-performing assets is a crucial method for mitigating industry risks, but successful cases are limited to high-quality projects with temporary liquidity issues [2][12] - Core View: Shengyi Technology is positioned as a leading domestic player in high-end CCL, with expected EPS growth from 0.73 yuan in 2024 to 1.37 yuan in 2026, driven by recovering demand and AI-related growth [2][17] - Core View: The humanoid robot market has significant potential, with perception systems being a core subsystem that integrates various sensors for environmental interaction [19][21] Group 3 - Summary of Real Estate Report: AMC's deep involvement in revitalizing the industry requires government support and management restructuring, with successful cases focusing on regionally high-quality projects [9][10] - Summary of Shengyi Technology Report: The company has a comprehensive product matrix and is expected to benefit from the recovery in downstream demand and AI-driven growth, with a projected PE of 40.5x for 2025 [2][17] - Summary of Humanoid Robot Report: The perception system, including 3D vision and tactile sensors, is essential for humanoid robots, indicating a substantial market opportunity as the technology matures [19][21]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 69.84 CNY [1]. Core Views - The company is experiencing rapid growth in its operating performance, driven by strong demand for AI-related products, with a projected revenue increase of 35.3% to 10.73 billion CNY in 2024 and a net profit increase of 72.9% to 1.16 billion CNY [3][7]. - The company is positioned as a core supplier in the AI PCB market, benefiting from the increasing demand for high-end products and the expansion of production capacity in overseas markets [7][8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024 revenue is expected to reach 10.73 billion CNY, a 35.3% increase from 2023, while net profit is projected at 1.16 billion CNY, a 72.9% increase [3][7]. - For Q1 2025, net profit is anticipated to be between 780 million CNY and 980 million CNY, representing a year-on-year increase of 320% [7]. - **Earnings Per Share (EPS)**: - EPS is forecasted to be 1.37 CNY in 2024, 4.99 CNY in 2025, and 6.85 CNY in 2026, reflecting significant growth [8][10]. - **Profitability Ratios**: - Gross margin is expected to improve from 20.7% in 2023 to 34.1% by 2026, while net margin is projected to rise from 8.5% to 24.2% over the same period [10]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is expected to decrease from 89.7 in 2023 to 10.2 by 2026, indicating improved valuation as earnings grow [10]. Market Position and Strategy - The company is leveraging its technological and production advantages to capture the growing demand for AI PCBs, with a focus on high-end products and new material applications [7][8]. - The expansion of production capacity in Thailand and Vietnam is expected to further enhance the company's long-term growth prospects [7].

电子 2025 年 3 月 13 日 生益科技(600183.SH) 高端CCL国产替代主力军，新品放量助力业绩增长 推荐（首次） 股价：29.4 元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.sy st.com.cn | | 大股东/持股 | 广东省广新控股集团有限公司 | | | /24.38% | | 实际控制人 | | | 总股本(百万股) | 2,429 | | 流通 A 股(百万股) | 2,371 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 714 | | 流通 A 股市值(亿元) | 697 | | 每股净资产(元) | 5.91 | | 资产负债率(%) | 39.6 | 行情走势图 证券分析师 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | - ...

电子 2025 年 3 月 13 日 生益科技(600183.SH) 高端CCL国产替代主力军，新品放量助力业绩增长 推荐（首次） 股价：29.4 元 | 行业 | 电子 | | --- | --- | | 公司网址 | www.sy st.com.cn | | 大股东/持股 | 广东省广新控股集团有限公司 | | | /24.38% | | 实际控制人 | | | 总股本(百万股) | 2,429 | | 流通 A 股(百万股) | 2,371 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 714 | | 流通 A 股市值(亿元) | 697 | | 每股净资产(元) | 5.91 | | 资产负债率(%) | 39.6 | 行情走势图 证券分析师 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 平安观点： | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | ...

Investment Rating - The report maintains an "Outperform" rating for the real estate industry and non-bank financials [1]. Core Insights - The report highlights the active involvement of Asset Management Companies (AMCs) in revitalizing the real estate sector, emphasizing the need for collaborative efforts in government empowerment, management restructuring, and the introduction of partners [3][12]. - It notes that since the second half of 2021, high-leverage real estate companies have faced debt defaults, prompting regulatory encouragement for banks and AMCs to engage in "ensuring delivery and stabilizing livelihoods" initiatives [3][12]. - The report discusses the acceleration of debt restructuring among distressed real estate firms, with a trend towards high debt reduction and various measures being adopted [3][52]. Summary by Sections AMC Involvement in Real Estate Revitalization - AMCs have been encouraged to participate in real estate revitalization, with the establishment of real estate relief funds led by local governments and AMCs [3][15]. - The People's Bank of China set up a special re-lending facility of 800 billion for real estate companies, targeting five major AMCs [3][15]. - China Cinda has been particularly proactive, establishing a 200 billion fund for revitalizing distressed real estate assets [3][15]. Common Financing Tools and Business Models - Common financing tools include "beneficial debt," which is used to support distressed companies during bankruptcy restructuring [31][32]. - The report outlines the operational models of AMCs, which often involve debt restructuring, introducing investors, and financing construction [3][16]. Progress in Debt Restructuring of Distressed Firms - The report indicates that debt restructuring for distressed firms is progressing, with domestic restructuring primarily focused on extending repayment periods [3][52]. - It highlights that international debt restructuring is more diverse, involving debt reduction, debt-to-equity swaps, and other measures [3][52]. - The report notes that the willingness of creditors to accept significant debt reductions is increasing, reflecting a more pragmatic approach [3][62]. Investment Recommendations - The report suggests that the market-oriented relief efforts encouraged by policies are crucial for AMCs to accelerate their involvement in the distressed asset sector [3][52]. - It emphasizes the importance of focusing on high-quality projects with temporary liquidity issues that are expected to be profitable [3][52].

公 司 报 告 【平安证券】胜宏科技（300476.SZ）*季报点评*经 营业绩创历史新高，AI HDI放量打开长期增长空间*推 荐20241029 【平安证券】胜宏科技（300476.SZ）*半年报点评 *AI业务实现多点突破，高端产品放量推动业绩提升* 推荐20240818 2025年03月13日 胜宏科技(300476.SZ) AI浓度急速上升，经营业绩续创新高 推荐 ( 维持) 股价:69.84元 行情走势图 相关研究报告 证券分析师 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn 【平安证券】胜宏科技（300476.SZ）*年报点评*AI 业务持续突破，一季度业绩实现高增*推荐20240419 事项： 3月10日，胜宏科技发布2024年度业绩快报及2025年第一季度业绩预告， 2024年公司预计营收将同比+35.3%至107.3亿，归母净利润将同比+72.9%至 11.6亿元，25Q1公司预计归母净利润将落在7.8-9.8亿元期间。 平安观点： 证 券 研 究 报 告 【平安证券】胜宏科技（300476.SZ）*首次覆盖报 告*高端PC ...

证券研究报告 数据公布前后，美债利率变动不大（%） 来源：Bloomberg，平安证券研究所 美国居民消费支出中的进口比重（%） 美国CPI分项同比及环比增速（%） | 同比(%) 环比(%) 权重(%) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 25-02 25-01 25-01 | | | 24-12 | 25-02 | | 24-12 | | CPI 100.0 | 2.8 | 3.0 | 2.9 | 0.2 | 0.5 | 0.4 | | 食 品 13.7 | 2.6 | 2.5 | 2.5 | 0.2 | 0.4 | 0.3 | | 家庭食品 8.0 | 1.9 | 1.9 | 1.8 | 0.0 | 0.5 | 0.3 | | 谷物和烘焙食品 1.1 | 0.3 | 0.4 | 0.8 | 0.4 | -0.4 | 1.0 | | 肉、禽、鱼、蛋 1.6 | 7.7 | 6.1 | 4.2 | 1.6 | 1.9 | 0.4 | | 乳制品及相关产品 0.7 | 0.8 | 1.2 | 1.3 | -1.0 | 0.3 ...

2025 年 3 月 13 日 海外宏观 美国 2025 年 2 月 CPI 数据简评 近忧缓解，远虑未散 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG934@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU15@pingan.com.cn | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 平安观点： 宏 观 报 告 宏 观 点 评 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 美国 2025 年 2 月 CPI通胀全面改善，主要分项环比均放缓。我们认为，需 求放缓和特朗普新政，对通胀的暂时放缓都起到一定作用：近期美国经济数 据偏弱，薪资增速放缓；特朗普管控通胀行政令下，能源价格下跌。最新数 据有助于缓解滞胀的"近忧"，但 ...