Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is actively integrating AI technologies into its products, enhancing capabilities in payment solutions and machine vision [1]. Financial Summary - The company’s total revenue is projected to grow from 8.250 billion RMB in 2023 to 10.431 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 10.8% [2]. - The net profit attributable to shareholders is expected to increase from 1.004 billion RMB in 2023 to 1.671 billion RMB in 2027, reflecting a CAGR of 15.7% [2]. - The earnings per share (EPS) are forecasted to rise from 0.97 RMB in 2023 to 1.62 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 27.47 to 16.50 [2][3].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 桐昆股份(601233.SH) 投资评级 买入 上次评级 买入 [Table_Author] 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 [刘奕麟 Table_OtherReport] 石化行业分析师 执业编号：S1500524040001 联系电话：13261695353 邮箱：liuyilin@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] 公司盈利显著改善，看好涤丝龙头业绩释放弹性 [Table_ReportDate] 2025 年 4 月 30 日 ➢ 行业供需格局改善，公司业绩显著提升。油价端，2024 年国际油价中 高位震荡运行，上半年油价呈现冲高后回落企稳态势；下半年受全球宏 观经济形势转弱、地缘担忧情绪放缓影响，国际油价震 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 淮北矿业（600985） 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 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] 提质降本凸显业绩韧性，产量恢复助力业绩向好 [Table_ReportDate] 2025 年 4 月 30 日 [Table_S 事件：2025 ummar年y]4 月 29 日 ，淮北矿业发布 2025 年一季报，2025 年第一季 度，公司单季度营业收入 105.99 亿元，同比下降 38.95%，环比上涨 0.17%； 单季度归母净利润 6.92 亿元，同比下降 56.50%，环比下降 3.44%；单季度 扣非后净利润 6.74 亿元，同比下降 56.96%，环比上涨 19.86%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_A ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a slight revenue increase in 2024, with a year-on-year growth of 3.62%, achieving a total revenue of 42.16 billion yuan and a net profit attributable to shareholders of 12.77 billion yuan, reflecting a year-on-year increase of 10.59% [2] - The passenger flow and revenue from the main line showed a slight decline, while the cross-line business experienced faster growth, with the cross-line network business generating 25.95 billion yuan in revenue, a year-on-year increase of 7.1% [2] - The company expects the subsidiary, Jingfu Anhui, to potentially turn profitable in 2025, as it recorded a reduced net loss in the first quarter of 2025 [2] - The company anticipates steady growth in cross-line business, driven by improvements in the network and increased operational mileage [2] - Profit forecasts for 2025-2027 indicate net profits of 13.51 billion, 14.43 billion, and 15.36 billion yuan, respectively, with corresponding earnings per share of 0.28, 0.29, and 0.31 yuan [2][3] Financial Summary - In 2024, the total revenue was 42.16 billion yuan, with a growth rate of 3.6% compared to 2023 [3] - The net profit attributable to shareholders for 2024 was 12.77 billion yuan, reflecting a year-on-year growth of 10.6% [3] - The gross profit margin is projected to increase from 47.4% in 2024 to 49.6% by 2027 [3] - The return on equity (ROE) is expected to rise from 6.3% in 2024 to 6.8% in 2027 [3] - The price-to-earnings (P/E) ratio is projected to decrease from 22.50 in 2024 to 18.71 by 2027 [3]

Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report highlights that Qingdao Port's first-quarter performance in 2025 shows a 6.51% year-on-year increase in net profit attributable to shareholders, indicating stable operations and a positive outlook for future dividend capabilities [2][4] - The company's cargo throughput reached 177 million tons in the first quarter of 2025, reflecting a 2.9% year-on-year growth, outperforming the industry due to resilient demand from the hinterland [3][4] - The report emphasizes the strong growth in container throughput, which increased by 7.2% year-on-year to 8.22 million TEUs, supported by robust export demand from Shandong Province [4] - The company is expected to maintain a high dividend payout ratio, with a projected dividend yield of 4.0% based on a 40% payout ratio of distributable profits [4] Financial Performance Summary - In Q1 2025, Qingdao Port achieved an operating revenue of 4.807 billion yuan, a year-on-year increase of 8.51% [4] - The net profit attributable to shareholders for Q1 2025 was 1.402 billion yuan, reflecting a 6.51% increase compared to the previous year [4] - The report forecasts that from 2025 to 2027, the company will achieve operating revenues of 19.475 billion, 19.998 billion, and 20.542 billion yuan, with year-on-year growth rates of 2.82%, 2.69%, and 2.72% respectively [4][6] - The projected net profit attributable to shareholders for the same period is expected to be 5.517 billion, 5.804 billion, and 6.095 billion yuan, with growth rates of 5.38%, 5.21%, and 5.02% respectively [4][6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% [8]. Core Views - The company reported a revenue of 7.745 billion RMB in 2025, a year-on-year decrease of 6.11%, while the net profit attributable to shareholders was 1.010 billion RMB, a slight increase of 0.59% [1]. - The first quarter of 2025 showed significant improvement, with a revenue of 1.896 billion RMB, representing a year-on-year growth of 8.92%, and a net profit of 311 million RMB, up 25.16% year-on-year [1]. - The company is strategically positioned to benefit from the internationalization of the RMB and the complexities of global trade, with a focus on comprehensive payment solutions [1]. - The overseas performance in 2024 was strong, with international revenue reaching 2.674 billion RMB, a year-on-year increase of 18.7%, accounting for 34.52% of total revenue [1]. - The company is leveraging AI technology in its payment solutions, enhancing its product offerings and operational efficiency [1]. Financial Summary - The total revenue for 2023 was 8.250 billion RMB, with a projected increase to 8.500 billion RMB in 2025, reflecting a growth rate of 9.7% [2]. - The net profit attributable to shareholders is expected to grow from 1.010 billion RMB in 2024 to 1.227 billion RMB in 2025, marking a year-on-year increase of 21.5% [2]. - The gross margin is projected to improve from 36.5% in 2024 to 37.2% in 2025 [2]. - The earnings per share (EPS) are forecasted to rise from 0.98 RMB in 2024 to 1.19 RMB in 2025, with corresponding price-to-earnings (P/E) ratios of 27.31 and 22.47 respectively [2].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 42.16 billion yuan in 2024, a year-on-year increase of 3.62%, with a net profit attributable to the parent company of 12.77 billion yuan, up 10.59% year-on-year, which is in line with expectations [2] - The passenger flow and revenue from the main line slightly decreased, while the cross-line business grew at a faster pace [2] - The company expects the cross-line business to continue to grow steadily, driven by improvements in the network and operational adjustments [2] - The company forecasts net profits for 2025-2027 to be 13.51 billion, 14.43 billion, and 15.36 billion yuan, representing year-on-year growth of 5.8%, 6.8%, and 6.4% respectively [2] Financial Summary - In 2024, the company recorded total revenue of 421.6 billion yuan, with a net profit of 127.68 billion yuan [2][3] - The main line passenger transport business generated revenue of 158.3 billion yuan, a decrease of 1.6% year-on-year, while the cross-line network business generated revenue of 259.5 billion yuan, an increase of 7.1% year-on-year [2] - The company’s gross profit margin is projected to improve from 47.4% in 2024 to 49.6% in 2027 [3] - The earnings per share (EPS) are expected to increase from 0.26 yuan in 2024 to 0.31 yuan in 2027 [3]

Investment Rating - The investment rating for Tongkun Co., Ltd. is "Buy" [1] Core Views - The report highlights significant improvement in the company's profitability, with a focus on the resilience of the polyester filament industry and the expected performance release of the leading company [1][6] - The supply-demand dynamics in the industry are improving, leading to a notable enhancement in the company's performance [3][4] - The company is expected to benefit from the optimization of the supply structure and the increase in industry concentration [4][6] Financial Performance Summary - In 2024, the company achieved a revenue of 101.31 billion yuan, a year-on-year increase of 22.59%, and a net profit attributable to shareholders of 1.20 billion yuan, up 50.80% year-on-year [1] - For Q1 2025, the company reported a revenue of 19.42 billion yuan, a year-on-year decrease of 8.01%, but a net profit of 611 million yuan, reflecting a year-on-year growth of 5.36% [2] - The report forecasts the company's net profit for 2025-2027 to be 2.28 billion, 2.99 billion, and 3.70 billion yuan respectively, with year-on-year growth rates of 89.5%, 31.7%, and 23.5% [6] Industry Analysis - The report notes that the average Brent crude oil price for 2024 is expected to be 79.86 USD/barrel, a decrease of 2.31 USD/barrel from 2023, impacting raw material costs [3] - The polyester filament industry is projected to see a consumption increase of 8.7% in 2024, with a total apparent consumption of 42 million tons [3] - The report anticipates the elimination of 2-2.5 million tons of outdated capacity in the polyester filament industry during 2024-2025, which may lead to a negative growth in effective capacity [4]

证券研究报告 公司研究 [Table_StockAndRank] 淮北矿业（600985） 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 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] 提质降本凸显业绩韧性，产量恢复助力业绩向好 [Table_ReportDate] 2025 年 4 月 30 日 [Table_S 事件：2025 ummar年y]4 月 29 日 ，淮北矿业发布 2025 年一季报，2025 年第一季 度，公司单季度营业收入 105.99 亿元，同比下降 38.95%，环比上涨 0.17%； 单季度归母净利润 6.92 亿元，同比下降 56.50%，环比下降 3.44%；单季度 扣非后净利润 6.74 亿元，同比下降 56.96%，环比上涨 19.86%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportType] 公司点评报告 [Table_A ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.271 billion yuan in 2024, a year-on-year decrease of 50%. The net profit attributable to the parent company was 146 million yuan, down 91% year-on-year [1] - In Q1 2025, the company reported a revenue of 423 million yuan, a year-on-year decline of 51%, with a net profit of 26 million yuan, down 86% year-on-year [1] - The company has successfully turned a profit in Q1 2025, with significant improvements in cost optimization [4] - The expansion plan for tungsten wire busbars is underway, with a target of reaching a monthly production capacity of 6 million kilometers, which is expected to enhance cost efficiency [4] - Profit forecasts for 2025-2027 are 139 million, 266 million, and 383 million yuan respectively, with year-on-year changes of -5%, +92%, and +44% [4] Financial Summary - Total revenue for 2023 was 4.512 billion yuan, with a year-on-year growth of 23.3%. The projected revenue for 2025 is 2.208 billion yuan, reflecting a decrease of 2.8% [3] - The gross profit margin for 2025 is expected to be 15.3%, down from 50.2% in 2023 [3] - The diluted EPS for 2025 is projected to be 0.29 yuan, compared to 3.31 yuan in 2023 [3] - The P/E ratio for 2025 is estimated at 64.16, indicating a significant increase from 10.06 in 2023 [3]