证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 金山办公(688111.SH) 投资评级：买入 上次评级：买入 [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 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] WPS 365 营收高增，AI 应用持续落地 [Table_ReportDate] 2025 年 3 月 24 日 [Table_S 事件：金山办公 ummary]发布 2024 年年度报告，公司 2024 年实现营收 51.21 亿元， 同比增长 12.4%；实现归母净利润 16.45 亿元，同比增长 24.8%；实现扣非 净利润 15.56 亿元，同比增长 23.3%；实现经营性现金流净额 21.96 亿元， 同比增长 6.71%。公司毛利率为 85.14%，同比基本持平。单 2024Q4 来看， 公司实 ...

Investment Rating - The investment rating for the environmental protection sector is "Positive" [2] Core Insights - The environmental protection sector outperformed the market with a weekly increase of 1.16%, while the Shanghai Composite Index decreased by 1.6% [5] - The report highlights the integration of waste incineration and data centers (IDC) as a new paradigm, which is expected to enhance profitability and cash flow for waste incineration projects [16] - The report emphasizes the importance of green electricity consumption, particularly for data centers, with a target of 80% green electricity usage by 2030 [14] Summary by Sections Market Performance - The environmental protection sector showed a weekly increase of 1.16%, outperforming the broader market [5] - Specific sub-sectors such as water treatment and resource recovery saw increases of 4% and 4% respectively, while air pollution control experienced a decline of 1.85% [8] Industry Data Tracking - The national carbon market recorded a total trading volume of 278,000 tons and a total transaction value of 23.77 million yuan for the week [9] - The average trading price for carbon emissions allowances was 87.78 yuan per ton, reflecting a decrease of 0.86% from the previous week [9] Industry Dynamics - Recent policies from multiple government departments aim to enhance the green electricity certificate market by 2027 and further develop the system by 2030 [17] - The report discusses the initiatives taken by the Zhejiang Provincial Ecological Environment Department to support private enterprises in their green transformation [18] Special Topic: Waste Incineration and IDC - The report details the Dawn Intelligent Computing Center project, which aims to utilize waste incineration for energy and support data center operations, potentially generating 105 million kWh of electricity annually [11] - Companies like Hanlan Environment, Junxin Co., and Weiming Environmental have already begun integrating waste incineration with data center operations [16] Investment Recommendations - The report suggests that the water and waste incineration sectors are expected to maintain high profitability and cash flow, with specific recommendations for companies such as Hanlan Environment, Xingrong Environment, and Hongcheng Environment [23]

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and future projections. Core Insights - Miniso achieved a revenue of RMB 16.994 billion in 2024, representing a year-on-year increase of 22.8%, with an adjusted net profit of RMB 2.721 billion, up 15.4% year-on-year, and an adjusted net profit margin of 16.0% [1][2] - The company has completed the acquisition of 29.4% of Yonghui Superstores, which is expected to impact financial results starting from Q2 2025 [4][5] - The report highlights strong growth in both domestic and international markets, with overseas revenue increasing by 41.9% [2] Summary by Sections Financial Performance - In 2024, Miniso's gross margin reached 44.9%, an increase of 3.7 percentage points year-on-year, attributed to a higher proportion of overseas direct sales and increased contributions from high-margin products [3] - The total expenses for 2024 were RMB 4.366 billion, a 52% increase, driven by a 100% year-on-year growth in direct store revenue [3][6] Store Expansion - As of December 31, 2024, Miniso had 4,386 stores in mainland China, with a net increase of 460 stores, and 3,118 overseas stores, with a net increase of 631 stores [2] - The total global store count increased by over 1,200, surpassing initial expectations and setting a milestone of over 3,000 overseas stores [2] Future Projections - Revenue forecasts for 2025-2027 are RMB 21.174 billion, RMB 26.040 billion, and RMB 31.583 billion, reflecting growth rates of 25%, 23%, and 21% respectively [5][6] - Expected net profits for the same period are RMB 3.020 billion, RMB 3.801 billion, and RMB 4.620 billion, with growth rates of 15%, 26%, and 22% respectively [5][6]

Investment Rating - The investment rating for Miniso (9896.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and future projections. Core Insights - Miniso achieved a revenue of 16.994 billion RMB in 2024, representing a year-on-year increase of 22.8%, with an adjusted net profit of 2.721 billion RMB, up 15.4% year-on-year, and an adjusted net profit margin of 16.0% [1][3] - The company has completed the acquisition of 29.4% of Yonghui Supermarket, which is expected to impact financial results starting from Q2 2025 [4][5] - The report highlights strong growth in both domestic and international markets, with a significant increase in overseas revenue, which accounted for 41.7% of brand revenue in 2024, up from 35.9% in 2023 [2][3] Financial Performance Summary - In 2024, Miniso's gross margin reached 44.9%, an increase of 3.7 percentage points year-on-year, attributed to a higher proportion of overseas direct sales and increased contributions from high-margin products [3] - The total expenses for 2024 were 4.366 billion RMB, a 52% increase year-on-year, driven by a 100% increase in revenue from direct stores [3][6] - The company plans to distribute a final dividend of 740 million RMB, approximately 50% of the adjusted net profit for the second half of 2024 [1] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 21.174 billion RMB, 26.040 billion RMB, and 31.583 billion RMB, respectively, with year-on-year growth rates of 25%, 23%, and 21% [5][6] - The expected net profit for 2025 is 3.020 billion RMB, reflecting a 15% increase, with further growth anticipated in subsequent years [5][6] - The report anticipates that the acquisition of Yonghui will lead to synergies in brand development, supply chain upgrades, and product enhancement [5]

证券研究报告 -163 68 1,076 272 366 行业研究 806.5 % 1. 4% 12.8% 10 % .7 14.6% 18.4 % -4.3% 1. 22.0% 5.3% 6.6% [Table_ReportType] 行业事项点评 % 8% -0.16 0. 1.07 0.27 0.37 [Table_StockAndRank] 行业名称 汽车 — 11 2.05 2. 3 投资评级 邮 箱：xuguoquan@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] 三部委发布 2025 中重卡以旧换新补贴标准， 天然气重卡纳入补贴 [Table_ReportDate] 2025 年 3 月 22 日 35.85 69 上次评级 2 证券研究报告 [Table_Author] 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联 ...

Investment Rating - The investment rating for the utility sector is "Positive" [2] Core Insights - The overall electricity consumption in the first two months increased by 1.3% year-on-year, while the industrial natural gas production rose by 3.7% [1][5] - The utility sector outperformed the market, with a weekly increase of 0.8% as of March 21, 2025 [4][10] - The report highlights a potential improvement in profitability and value reassessment for the electricity sector due to previous supply-demand tensions [6] Electricity Industry Data Tracking - The price of thermal coal at Qinhuangdao port decreased by 10 CNY/ton week-on-week, reaching 673 CNY/ton as of March 21, 2025 [4][21] - Coal inventory at Qinhuangdao port increased by 90,000 tons week-on-week, totaling 7.29 million tons [4][28] - The daily coal consumption in inland provinces decreased by 450,000 tons/day week-on-week, with a total of 3.063 million tons [4][30] - The outflow from the Three Gorges Reservoir increased by 28.73% year-on-year, reaching 9,050 cubic meters/second [4][46] Natural Gas Industry Data Tracking - The LNG ex-factory price index in Shanghai was 4,572 CNY/ton, up 8.68% year-on-year and 0.33% week-on-week [4][53] - The average price of LNG imports in January 2025 was 599.09 USD/ton, down 3.40% year-on-year [4][53] - The European TTF gas price increased by 51.0% year-on-year, reaching 13.41 USD/million BTU [4][57] Investment Recommendations - For the electricity sector, it is suggested to focus on leading coal-fired power companies such as Guodian Power, Huaneng International, and Huadian International, as well as regional leaders in tight supply areas [6] - In the natural gas sector, companies with low-cost long-term gas sources and receiving station assets are recommended for potential profit growth [6]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 新集能源(601918.SH) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_A 左前明 uthor 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 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@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] 电厂投运助力业绩增长，煤电一体行稳致远 [Table_ReportDate] 2025 年 3 月 22 日 [Ta ...

钢铁产能淘汰基金或成立，供给格局有望迎来显著改善 【】【】[Table_Industry] 钢铁 [Table_ReportDate] 2025 年 3 月 22日 证券研究报告 行业研究——周报 [Tabl 行业周报 e_ReportType] [Table_StockAndRank] 钢铁 投资评级 看好 上次评级 看好 [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 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 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 [钢铁产能淘汰基金或成立，供给格局有望迎来显著改善 Table_Title] [Table_ReportDate] 2025 年 3 月 22日 本期内容提要： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 2 ➢ 本周市场表现：本周钢铁板块下跌 0.24 ...

公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 新集能源(601918.SH) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_A 左前明 uthor 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 证券研究报告 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@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] 电厂投运助力业绩增长，煤电一体行稳致远 [Table_ReportDate] 2025 年 3 月 22 日 [Ta ...

Investment Rating - The investment rating for Tianma Zhikong is "Buy" [4] Core Views - The company focuses on its core business, maintaining a leading market share in its primary products. In 2024, the revenue from its unmanned intelligent mining control system solutions was 1.247 billion yuan, a year-on-year decrease of 20.57%, while the cost was 775 million yuan, down 19.5%. The gross margin remains high at 38% [4] - The intelligent mining construction in China is still in the demonstration phase, with significant growth potential in the coming years. By the end of 2024, over 2,000 intelligent mining faces have been established nationwide, indicating a window of opportunity for intelligent mining construction [4] - The company has made significant progress in the intelligent manufacturing sector, achieving a revenue of 24 million yuan in 2024, a year-on-year increase of 689%. The company is also advancing fundraising projects to create a second growth curve [5] Financial Summary - In 2024, the company achieved total revenue of 1.861 billion yuan, a decrease of 15.66% year-on-year, and a net profit attributable to the parent company of 340 million yuan, down 20.01% year-on-year. The operating cash flow was 367 million yuan, an increase of 38% year-on-year [1][2] - The projected financial performance for 2025-2027 includes net profits of 350 million yuan, 386 million yuan, and 430 million yuan, respectively, with diluted EPS of 0.81 yuan, 0.89 yuan, and 0.99 yuan [7] - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares in 2024, totaling 143 million yuan, which represents 42.08% of the net profit attributable to shareholders [7]