证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中泰股份(300435) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24 年受城燃板块计提减值业绩亏损，25Q1 业 绩表现亮眼 [Table_ReportDate] 2025 年 04 月 22 日 [Tabl ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a revenue of 22.095 billion yuan in 2024, representing a year-on-year increase of 9.95%, and a net profit attributable to shareholders of 914 million yuan, up 17.52% year-on-year [2] - The increase in revenue is attributed to a rise in turnover volume, with a total turnover volume growth of 19.9% in 2024, while the unit revenue per passenger kilometer decreased by 9.6% [2] - Domestic passenger load factor remains high, while the load factor for international routes has room for improvement [2] - The fleet size expanded to 127 aircraft by the end of 2024, with an increase in fleet utilization to 11.53 hours, which is higher than the level in 2019 [2] - Unit costs decreased due to falling oil prices and improved utilization rates, with the unit cost per available seat kilometer down by 5.8% year-on-year [2] - The company is expected to achieve net profits of 1.284 billion, 1.725 billion, and 2.049 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 40.4%, 34.4%, and 18.8% [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 22.095 billion yuan, a 9.95% increase year-on-year, and a net profit of 914 million yuan, reflecting a 17.52% increase year-on-year [4] - The quarterly net profit for 2024 was 3.7 million, 1.15 million, 7.8 million, and -3.6 million yuan, with year-on-year changes of +127%, +212%, -27%, and +6.7% respectively [2] - The company’s gross margin for 2024 was 14.1%, with a projected gross margin increase to 15.4% in 2025 [4] Operational Metrics - The company’s domestic passenger load factor reached 87.1%, an increase of 2.7 percentage points year-on-year, while the international load factor was 76.4%, with potential for further improvement [2] - The fleet utilization rate improved by 1.19 hours year-on-year, surpassing pre-pandemic levels [2] Cost Management - The average fuel price decreased by 7.0% year-on-year, contributing to a reduction in unit costs [2] - The unit cost per available seat kilometer was 0.339 yuan, down 5.8% year-on-year, with fuel costs at 0.123 yuan, a decrease of 7.4% [2] Future Projections - The company is projected to achieve net profits of 1.284 billion yuan in 2025, with a year-on-year growth of 40.4%, and further growth expected in subsequent years [2][4]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 诺禾致源(688315) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 海外业务占比持续提升，2024H1 扣非 净利润同比增长 13% 加大市场拓展，境外业务实现 22%快速 增长 疫情短期影响收入增速，看好全球化 布局长期发展 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 加强全球服务能力，测序业务稳定发展 [ 资料来源： Table_Rwind eport ，信达证券研发中心预测 Closing] ; 股价为 2025 年 4 月 21 日收盘价 [Table_ReportDate ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 诺禾致源(688315) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 海外业务占比持续提升，2024H1 扣非 净利润同比增长 13% 加大市场拓展，境外业务实现 22%快速 增长 疫情短期影响收入增速，看好全球化 布局长期发展 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 ➢ 各项业务稳定发展，盈利能力有所增强。随着基因测序的应用领域不断 增多，公司持续加大全球业务拓展，2024 年和 2025 年一季度均保持稳 健发展，分业务来看，2024 年生命科学基础科研服务实现收入 7.17 亿 元（yoy+12.87 ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company benefited from an increase in turnover, achieving a revenue of 22.095 billion yuan in 2024, a year-on-year increase of 9.95%, and a net profit attributable to shareholders of 914 million yuan, up 17.52% year-on-year [2] - The domestic passenger load factor remains high, while there is still room for improvement in the load factor of international routes [2] - The fleet size has expanded, with utilization rates exceeding pre-2019 levels [2] - Unit costs have decreased due to falling oil prices and improved utilization rates [2] - The impact of tariff policies has increased uncertainty regarding industry supply and costs [2] - Profit forecasts indicate net profits of 1.284 billion, 1.725 billion, and 2.049 billion yuan for 2025, 2026, and 2027, respectively, with corresponding year-on-year growth rates of 40.4%, 34.4%, and 18.8% [2] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 22.095 billion yuan, a 9.95% increase year-on-year, and a net profit of 914 million yuan, reflecting a 17.52% increase year-on-year [4] - The quarterly net profits for 2024 were 370 million, 115 million, 780 million, and -360 million yuan, showing significant fluctuations [2] - The company’s total turnover increased by 19.9% year-on-year, while unit revenue per passenger kilometer decreased by 9.6% [2] Operational Metrics - The passenger load factor reached 84.6%, up 1.8 percentage points year-on-year, with domestic routes showing a load factor of 87.1%, an increase of 2.7 percentage points year-on-year [2] - The fleet size grew to 127 aircraft by the end of 2024, with a net increase of 10 aircraft [2] - Fleet utilization improved to 11.53 hours, an increase of 1.19 hours year-on-year [2] Cost Structure - The unit cost per available seat kilometer decreased by 5.8% year-on-year, with fuel costs down by 7.4% [2] - The average price of aviation fuel fell by 7.0% year-on-year, contributing to the reduction in unit costs [2] Future Outlook - The company is expected to achieve net profits of 1.284 billion, 1.725 billion, and 2.049 billion yuan for 2025, 2026, and 2027, with corresponding earnings per share of 0.58, 0.78, and 0.93 yuan [4] - The current price-to-earnings ratios for the next three years are projected to be 22.13, 16.47, and 13.87 times, respectively [4]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中泰股份(300435) 投资评级 —— 上次评级 —— [Table_Author] 郭雪 执业编号：S1500525030002 邮 箱： XXXXX xxx 行业分析师 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com [Table_Author 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 24 年受城燃板块计提减值业绩亏损，25Q1 业 绩表现亮眼 [Table_ReportDate] 2025 年 04 月 22 日 [Tabl ...

信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 受益于信创进程加速，业绩实现较快增长 [Table_ReportDate] 2025 年 4 月 22 日 证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 达梦数据(688692.SH) 投资评级： 上次评级： [Table_A 庞倩倩 uthor计算机] 行业首席分析师 执业编号：S1500522110006 邮 箱： pangqianqian@cindasc.com [Table_S 事件：达梦数据 ummary]发布 2024 年年度报告，公司 2024 年实现营收 10.45 亿元， 同比增长 31.49%；实现归母净利润 3.62 亿元，同比增长 22.22%；实现扣 非净利润 3.41 亿元，同比增长 24.14%；实现经营性现金流净额 4.73 亿元， 同比增长 36.95%。单 2024Q4 来看，公司实现营收 4.15 亿元，同比增长 19.34%；实现归母净 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook due to significant improvements in performance and operational adjustments [1]. Core Viewpoints - The company has successfully implemented the "Fat Transformation" strategy, leading to a substantial turnaround in its business performance, with Q1 2025 showing a revenue increase of 24.22% year-on-year and a net profit increase of 488.44% [1][2]. - The restructuring process completed in 2024 has introduced new investors and improved operational efficiency, which is expected to enhance the company's core competitiveness [3][4]. - The company has made significant adjustments to its store operations, including closing underperforming locations and optimizing its supply chain, resulting in improved sales and profitability [2][3]. Summary by Sections Company Performance - In Q1 2025, the company reported revenues of 1.153 billion, a year-on-year increase of 24.22%, and a net profit of 119 million, up 488.44% [1]. - The restructuring led to a debt restructuring gain of 2.879 billion in 2024, significantly alleviating financial pressure [3]. Operational Adjustments - The company closed 74 stores in 2024 and completed adjustments on 13 stores, focusing on enhancing the performance of core locations [2]. - The supermarket segment achieved a revenue of 1.839 billion in 2024, a year-on-year increase of 53.06%, despite closing 69 stores [2]. Strategic Initiatives - The introduction of a new management structure and supply chain reforms, including a shift to a transparent pricing model and the establishment of a central kitchen, are expected to further improve operational efficiency [4]. - The company has also engaged in significant procurement from the "Fat Donglai" supermarket, indicating a strategic partnership that enhances its supply chain capabilities [2].

Investment Rating - The investment rating for 百联股份 (600827.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and initiatives [1]. Core Insights - In 2024, 百联股份 achieved a revenue of 27.675 billion yuan, a decrease of 9.32% year-on-year, while the net profit attributable to shareholders was 1.567 billion yuan, an increase of 292.73% year-on-year, primarily due to investment income from the issuance of 华安百联消费 REIT [1][5]. - The company plans to distribute a cash dividend of 0.265 yuan per share, totaling 473 million yuan, with a dividend payout ratio of 30.16% [1]. Summary by Sections Retail Business Performance - 百联股份 is actively transforming and enhancing its department store and shopping center formats, focusing on youth-oriented and differentiated commercial spaces, such as 百联 TX 淮海 and 百联 ZX 创趣场 [2]. - In 2024, the department store segment generated revenue of 1.483 billion yuan, down 31.93%, with a gross margin of 31.42%, a decrease of 3 percentage points; the shopping center segment achieved revenue of 2.234 billion yuan, an increase of 17.60%, with a gross margin of 45.18%, down 8.62 percentage points [2]. Outlet Business Performance - The outlet segment is performing steadily, with a focus on integrating commerce and tourism. As of the end of 2024, the company operated 9 outlet stores across major cities, with 青浦百联奥莱, 武汉百联奥莱, and 无锡百联奥莱 achieving significant revenue scales of 6.2 billion yuan, 3.6 billion yuan, and 2.1 billion yuan respectively [3]. REITs and Financial Innovation - 百联股份 successfully issued the first public consumption REIT in Shanghai, 华安百联消费 REIT, which was listed on August 16, 2024, and distributed its first dividend in December 2024, with an annualized distribution rate of 5.66% [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrated resilience in operations, with expectations for significant performance growth throughout the year [1][3] - The first quarter of 2025 saw a total revenue of 57.024 billion yuan, a year-on-year decrease of 2.34% and a quarter-on-quarter decrease of 2.54%. The net profit attributable to shareholders was 2.051 billion yuan, down 4.13% year-on-year but up 5.78% quarter-on-quarter [1][3] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit of 2.051 billion yuan, a year-on-year decline of 4.13%, but a quarter-on-quarter increase of 5.78%. The basic earnings per share were 0.29 yuan, down 3.33% year-on-year but up 3.57% quarter-on-quarter [1][3] - The operating cash flow for Q1 2025 was 7.746 billion yuan, indicating strong cash flow generation capabilities [3] Industry Context - The refining industry is entering a phase of stock competition, with advanced leading capacities likely to benefit from industry consolidation. The company possesses 20 million tons of advanced refining capacity, which provides significant advantages in cost control and resource integration [3][4] - The average Brent oil price in Q1 2025 was $75 per barrel, reflecting an 8% year-on-year decrease but a 1% quarter-on-quarter increase [3] Future Outlook - The company is expected to see a significant increase in net profit over the next few years, with projections of 8.112 billion yuan in 2025, 9.090 billion yuan in 2026, and 10.287 billion yuan in 2027, representing year-on-year growth rates of 15.2%, 12.0%, and 13.2% respectively [6] - The company is advancing its high-end chemical product offerings, with several projects expected to contribute significantly to revenue in the coming years [3][4]