2025 年 5 月 9 日 公司研究/公司快报 公司近一年市场表现 | 市场数据：2025 | 年 5 | 月 8 | 日 | | | --- | --- | --- | --- | --- | | 收盘价（元）： | | | | 37.17 | | 年内最高/最低（元）： | | | | 48.56/14.47 | | 流通 A | 股/总股本（亿 | | | 2.69/2.71 | | 股）： | | | | | | 流通 A | 股市值（亿）： | | | 100.13 | | 总市值（亿）： | | | | 100.88 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | -0.03 | | 摊薄每股收益(元)： | | | -0.03 | | 每股净资产(元)： | | | 8.54 | | 净资产收益率(%)： | | | -0.65 | | 资料来源：最闻 | | | | 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 邹昕宸 邮箱：zou ...

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][9] Core Views - The company's investment business is a significant driver of growth, with a notable improvement in asset-light efficiency [1][4] - The wealth management transformation is progressing deeply, leading to significant operational efficiency improvements [5][6] Financial Performance - In 2024, the company achieved operating revenue of 11.534 billion yuan, a year-on-year increase of 2.24%, and a net profit attributable to shareholders of 2.366 billion yuan, up 18.19% [2][11] - In Q1 2025, the company reported operating revenue of 3.092 billion yuan, a year-on-year increase of 38.95%, and a net profit of 980 million yuan, up 114.86% [2][11] Investment Business - The investment business generated revenue of 2.734 billion yuan in 2024, a year-on-year increase of 16.36%, with Q1 2025 revenue reaching 1.120 billion yuan, up 104.08% [4] - The company has expanded its trading strategies and counterparties, enhancing its professional trading capabilities [4] Asset Management - The public fund management scale increased significantly, with entrusted management scale reaching 59.527 billion yuan, a year-on-year growth of 4.01% [4] - The East Wu Fund's scale grew by 55.81% to 39.857 billion yuan, with equity funds increasing by 75.66% and bond funds by 105.27% [4] Wealth Management - The brokerage business generated revenue of 1.794 billion yuan in 2024, a year-on-year increase of 9.33%, with total customer numbers reaching 2.8734 million, up 12.87% [5] - The company has improved its service model and technology innovation, leading to comprehensive growth in wealth management-related metrics [5] Future Projections - The net profit attributable to shareholders is projected to be 2.694 billion yuan, 3.017 billion yuan, and 3.490 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13.88%, 11.98%, and 15.65% [9][11]

2024 年公司实现营业收入 115.34 亿元，同比增长 2.24%，实现归母净利 润 23.66 亿元，同比增长 18.19%。加权平均净资产收益率 5.81%，提升 0.65pct。 2025 年一季度实现营业收入 30.92 亿元，同比增长 38.95%，归母净利润 9.80 亿元，同比增长 114.86%。 事件点评 投资业务成为业绩增长重要驱动。固定收益类投资业务采用配置和交易 并重的投资策略，连续多年实现投资收益率领先市场水平。丰富交易品种及 策略，扩大交易对手范围，专业化投资交易能力有效提升。2024 年投资业务 实现收入 27.34 亿元，同比增长 16.36%，一季度实现投资业务收入 11.20 亿 元，同比增长 104.08%。 公募管理规模大幅提升。通过渠道拓展与机构合作，落地多笔机构委外 专户，积极拓展债券投顾，年末受托管理规模 595.27 亿元，同比增长 4.01%。 东吴基金规模大幅增长 55.81%达到 398.57 亿元，其中权益类基金增长 75.66%，债券类基金增长 105.27%，通过打造中长期绝对收益优势和销售体 系转型推动品牌建设，资管业务实现收入 1.69 亿元 ...

Investment Rating - The report maintains a "Buy-A" investment rating for China Shenhua Energy Company (601088.SH) [3][8] Core Views - The company reported a 21.1% year-on-year decline in revenue for Q1 2025, totaling 69.585 billion yuan, and an 18.0% decrease in net profit attributable to shareholders, amounting to 11.949 billion yuan [3] - The increase in long-term contracts has stabilized performance, and dividend growth is expected [3][7] - The coal segment's gross margin improved to 30.1%, up 1.2 percentage points year-on-year, despite a decrease in coal sales volume [3][4] Financial Performance Summary - Q1 2025 basic earnings per share (EPS) was 0.601 yuan, with a return on equity (ROE) of 2.80%, down 0.74 percentage points year-on-year [3] - The company’s total assets as of March 30, 2025, were 672.307 billion yuan, a 0.60% increase year-on-year, while net assets rose by 3.2% to 433.114 billion yuan [3] - The average coal selling price decreased by 11.5% to 506 yuan per ton, while the average unit sales cost fell by 13.07% to 353 yuan per ton [3][4] Segment Performance Summary - The coal segment generated revenue of 51.599 billion yuan, down 25.7% year-on-year, with a gross profit of 15.509 billion yuan [3] - The power segment's revenue was 20.854 billion yuan, a 14.7% decline, with a gross margin of 15.4%, down 1.3 percentage points [4] - The transportation segment's revenue decreased across various divisions, with coal chemical gross margins improving [5] Future Outlook - EPS forecasts for 2025, 2026, and 2027 are 2.74, 2.89, and 2.96 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 14.1, 13.4, and 13.1 [8][10] - The company plans to maintain a dividend payout ratio of at least 65% of net profit attributable to shareholders over the next three years [7]

Core Insights - The report highlights the impact of recent monetary policy adjustments, including interest rate cuts and reserve requirement ratio reductions, aimed at stimulating domestic demand and supporting economic growth [6][7] - The performance of specific companies, such as Longtu Guangzhao and China Shenhua, is analyzed, with emphasis on their quarterly results and future growth prospects [5][9] Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,352.00, up by 0.28%, while the ChiNext Index increased by 1.65% to 2,029.45 [4] Company Analysis Longtu Guangzhao (688721.SH) - The company reported a decline in Q1 2025 revenue to 54.37 million yuan, down 8.97% year-on-year, and a net profit decrease of 30.00% to 17.33 million yuan, attributed to the new factory's ramp-up phase and strategic price reductions [8] - The company anticipates improved performance as production capacity utilization increases and customer purchasing normalizes [8] China Shenhua (601088.SH) - In Q1 2025, the company achieved revenue of 69.585 billion yuan, a decrease of 21.1% year-on-year, with a net profit of 11.949 billion yuan, down 18.0% [9] - The report notes an increase in long-term contract sales, which helped stabilize margins despite a drop in coal prices [9] Honghua Digital Science (688789.SH) - The company is benefiting from the increasing penetration of digital printing, with a projected revenue growth of 41.0% to 348 million yuan in 2025, and a net profit growth of 11.8% to 103 million yuan [12][14] - The integrated "equipment + consumables" business model is expected to drive future growth, supported by ongoing projects and market expansion [12][16] Investment Recommendations - The report maintains a "Buy-A" rating for Honghua Digital Science, citing its robust business model and growth potential in the digital printing sector [13][16] - For China Shenhua, the report suggests that despite current challenges, the company's dividend policy and market position provide a solid investment opportunity [10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Guozhao (688721.SH) [1] Core Views - The company's Q1 2025 performance is under pressure due to new factory amortization and strategic price reductions, leading to a decline in revenue and net profit [2][5] - The company reported Q1 2025 revenue of 54.37 million yuan, a year-on-year decrease of 8.97%, and a net profit of 17.33 million yuan, down 30.00% year-on-year [3][5] - The decline in revenue and profit is attributed to the new Zhuhai factory still ramping up production capacity, with depreciation and amortization increasing [5] - As the Zhuhai project progresses, the utilization rate of equipment is expected to improve, leading to a recovery in revenue and profit [5][6] - The company is focusing on higher process product development, aiming to expand its product process level to 90nm and 65nm, which will meet the needs of large wafer fabs [7] Financial Performance Summary - For Q1 2025, the company's gross margin was 52.44%, down 7.27 percentage points year-on-year, and the net profit margin was 31.88%, down 9.58 percentage points year-on-year [6] - The increase in the expense ratio contributed to the decline in net profit margin, with the selling expense ratio at 3.59%, management expense ratio at 4.56%, financial expense ratio at 0.62%, and R&D expense ratio at 10.40% [6] - The company forecasts revenues of 348 million, 509 million, and 788 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 41.0%, 46.6%, and 54.6% [8][10] - Net profits are expected to be 103 million, 162 million, and 263 million yuan for the same years, with growth rates of 11.8%, 57.6%, and 62.3% [8][10] - The corresponding EPS for these years is projected to be 0.77, 1.21, and 1.97 yuan, leading to P/E ratios of 59.8X, 38.0X, and 23.4X based on the closing price of 46.00 yuan on May 8 [8][10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Photomask (688721.SH) [1] Core Views - The company's Q1 2025 performance was under pressure due to the new factory's depreciation and strategic price reductions, leading to a decline in revenue and net profit [5][6] - Despite the current challenges, the report anticipates a gradual improvement in revenue and profit as the new factory's capacity utilization increases and customer purchasing levels normalize [5][6] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 54.37 million yuan, a year-on-year decrease of 8.97% - The net profit attributable to the parent company was 17.33 million yuan, down 30.00% year-on-year - The basic earnings per share (EPS) was 0.13 yuan, a decline of 48.00% compared to the previous year [4][5] Future Projections - The company is expected to achieve revenues of 348 million, 509 million, and 788 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 41.0%, 46.6%, and 54.6% respectively - Net profits are projected to be 103 million, 162 million, and 263 million yuan for the same years, with growth rates of 11.8%, 57.6%, and 62.3% respectively [7][10] Valuation Metrics - The report provides projected EPS of 0.77, 1.21, and 1.97 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 59.8X, 38.0X, and 23.4X based on the closing price of 46.00 yuan on May 8 [7][10]

宏观策略 【山证宏观策略】降准降息落地，内需线或仍有可为 2025 年 5 月 8 日 策略研究/事件点评 配置建议：低波红利股→防御性基石，内需复苏线→进攻性抓手。在轮 动加快的结构市行情判断假设下，建议以低波动红利资产为防御性底仓夯实 收益安全垫，同时把握阶段性估值修复的窗口期，沿内需复苏及政策催化双 主线进行动态再平衡。 风险提示 事件回顾 5 月 7 日，国新办举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预 期"有关情况。 投资要点： 发布会中宣布了哪些政策？ 分析师： 央行：量价协同精准施策，稳市促新强实体。围绕 "量价协同+精准滴 灌" ，通过降准降息释放万亿级流动性，同时创新结构性工具（科创再贷 款、消费养老再贷款）定向支持科技创新、普惠金融和消费升级领域。通过 调降再贷款利率和公积金利率降低社会融资成本，并强化资本市场维稳工具 （8000 亿证券基金保险互换额度），为实体经济与金融市场提供双重托底， 确保货币环境"适度宽松但精准有效"。 金融监管总局：稳楼市活股市扩险资，科创小微双护航。聚焦 "稳楼 市+活股市+促科创" 三角发力：优化房地产融资制度（白名单贷款扩容至 6.7 万亿）和保险 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating an expected price increase of over 15% compared to the benchmark index within 6-12 months [7]. Core Views - The company benefits from the increasing penetration of digital printing, with a growth strategy driven by an integrated "equipment + consumables" model. This positions the company well for future growth as it expands its production capacity and market reach [7][4]. - The company has seen significant revenue growth, with a reported revenue of 1.79 billion yuan in 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% [1][9]. - The company is focusing on both domestic and international markets, with domestic sales revenue reaching 850 million yuan (up 46.37% year-on-year) and international sales at 924 million yuan (up 37.60% year-on-year) in 2024 [4][1]. Financial Performance - In Q1 2025, the company reported revenue of 478 million yuan, a 29.79% increase year-on-year, and a net profit of 108 million yuan, up 25.20% [2]. - The company's digital printing equipment revenue reached 905 million yuan in 2024, growing by 47.84%, while ink revenue was 518 million yuan, up 26.15% [4]. - The company’s net profit margin for 2024 was 24.17%, with a gross margin of 44.95% [5]. Future Projections - The company is projected to achieve net profits of 550 million yuan, 700 million yuan, and 870 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 32.2%, 28.5%, and 23.5% [7][9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 3.1 yuan, 3.9 yuan, and 4.9 yuan, respectively [7]. Market Strategy - The company aims to consolidate its presence in traditional markets in South Asia, Southeast Asia, and Europe while focusing on expanding into new markets in South America and North America [4]. - The company is enhancing its "equipment first, consumables follow" business model, which is expected to strengthen its position in the digital printing industry [7].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the coming months [9]. Core Insights - The company is benefiting from the increasing penetration of digital printing, with a growth strategy focused on an integrated "equipment + consumables" model, which is expected to drive future growth [9]. - The company reported a revenue of 1.79 billion yuan for 2024, a year-on-year increase of 42.3%, and a net profit of 414 million yuan, up 27.4% year-on-year [1]. - The company aims to expand its market presence in South America and North America while consolidating its traditional markets in South Asia, Southeast Asia, and Europe [3]. Financial Performance - In 2024, the company achieved domestic sales revenue of 850 million yuan, a year-on-year increase of 46.37%, and international sales revenue of 924 million yuan, up 37.60% [3]. - The revenue from digital printing equipment reached 905 million yuan in 2024, growing by 47.84% year-on-year, while ink revenue was 518 million yuan, increasing by 26.15% [4]. - The company's net profit margin for 2024 was 24.17%, with a gross margin of 44.95% [5]. Future Projections - The company expects to achieve net profits of 550 million yuan, 700 million yuan, and 870 million yuan for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 32.2%, 28.5%, and 23.5% [9]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 3.1 yuan, 3.9 yuan, and 4.9 yuan, respectively [9]. - The company plans to expand its production capacity to approximately 5,520 units, establishing itself as the largest digital printing equipment production base globally [9].