Investment Rating - The investment rating for Tianma Zhikong (688570) is "Buy" [4] Core Views - The company focuses on its core business, maintaining a leading market share in its key 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% [4] - The intelligent mining construction in China is still in the demonstration phase, with significant future growth potential. By the end of 2024, over 2,000 intelligent mining faces have been built nationwide, indicating a window of opportunity for growth in the coming years [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%, and is actively implementing fundraising projects to create a second growth curve [5] Financial Summary - In 2024, the company achieved total revenue of 1.861 billion yuan, a year-on-year decrease of 15.66%, and a net profit attributable to the parent company of 340 million yuan, down 20.01% [6] - The gross profit margin for 2024 was 44.4%, with a projected increase to 47.3% by 2027 [6] - The company plans to distribute a cash dividend of 3.3 yuan per 10 shares for 2024, totaling 143 million yuan, which represents 42.08% of the net profit attributable to shareholders [7] Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 350 million yuan, 386 million yuan, and 430 million yuan respectively, with corresponding EPS of 0.81 yuan, 0.89 yuan, and 0.99 yuan [7]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 海外：我们预计 24Q4 海外业务订单恢复增长，25 年 1 月海外收入有望同 比增长（报表端）、订单稳步增长，我们预计 25 年海外毛利率有望稳步提升， 销售、管理费用率均趋于下降。产品拓展非舒适椅品类，我们判断目前在经 销商渠道渗透率仍较低、25 年有望进一步渠道下沉；此外 25 年上线美国独 立站，有望贡献增量。 [Table_StockAndRank] 曲美家居(603818) 投资评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 相关研究 [Table_OtherReport] 曲美家居：Q4 基本扭亏，国内外共振 改善 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] 曲美家居：三大逻辑有望改善，品牌焕新可期 [Table_ReportDate] 2025 年 03 月 21 日 ...

Investment Rating - The investment rating for Pingmei Shenma Energy Co., Ltd. is "Buy" [4] Core Views - The company's performance is impacted by production fluctuations, but the high-quality coking coal and "going out" strategy provide growth opportunities [5][8] - In 2024, the company reported a revenue of 30.281 billion yuan, a decrease of 4.25% year-on-year, and a net profit attributable to shareholders of 2.350 billion yuan, down 41.41% year-on-year [1][2] - The average selling price of the company's coking coal increased by 7.10% year-on-year to 1,033 yuan/ton, despite a decline in production and sales volume [5][8] Summary by Sections Financial Performance - In 2024, the company produced 27.53 million tons of raw coal, a decrease of 10.35% year-on-year, and sold 27.20 million tons of commercial coal, down 12.34% year-on-year [5] - The gross profit margin for the coal business in 2024 was 28.68%, a decrease of 3.64 percentage points year-on-year [5] - The company plans to distribute a cash dividend of 6.0 yuan per 10 shares, totaling 1.417 billion yuan, which represents 60.31% of the net profit attributable to shareholders [5] Capital Expenditure and Shareholder Returns - The capital expenditure plan for 2025 is set at 4.149 billion yuan, a decrease of approximately 1.2 billion yuan from 2024 [5] - The company has initiated a share buyback program with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, reflecting confidence in long-term development [6][8] Strategic Initiatives - The company is actively implementing the "East Introduction and West Going Out" strategy, acquiring high-quality coal resources in Xinjiang [8] - The company aims to enhance its core competitiveness and sustainable profitability through resource acquisition and strategic investments [8] Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 2.545 billion, 2.819 billion, and 2.939 billion yuan respectively [8] - The price-to-earnings ratio (P/E) for 2025-2027 is projected to be 8.74, 7.88, and 7.56 times respectively, indicating potential for earnings growth [8]

证券研究报告 公司研究 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：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,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] 净现金&高分红夯实安全边际，强壁垒&低估值牵引 价值重估 [Table_ReportDate] 2025 年 3 月 21 日 [Table_S 事件：2025 ummar年y]3 月 20 日 ，天地科技发布年度报告，2024 年公司实现营业 收入 305.27 亿元，同比上涨 2.00%，实现归母净利润 26.22 亿元，同比上 涨 11.17%；扣非后净利润 24.47 亿元，同比上涨 12.09%。经营活动现金 流量净额 51.06 亿元，同比下降 11.50%；基本每股收益 0.63 元/股，同比 上涨 11.05%。资产负债率为 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 平煤股份（601666） 邮 箱：zuoqianming@cindasc.com 高 升 能源、钢铁行业首席分析师 执业编号：S1500524100002 邮 箱：gaosheng@cindasc.com 刘 波 煤炭行业研究助理 邮 箱：liubo1@cindasc.com [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 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] 产量波动影响业绩，大精煤+走出去战略赋予成长 [Table_ReportDate] 2025 年 3 月 21 日 [Table_S 事件： ummary] 2025 年 3 月 20 日，平煤股份发布 2024 年度报告，2024 年，公司实现营 业收入 302.81 亿元，同比下降 4.25%，实现归母净利润 23 ...

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@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] 美国一季度下滑不宜解读为衰退 [Table_ReportDate] 2025 年 3 月 20 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 美联储议息会议上，"鸽派"和"鹰派"信号交织。3 月美联储议息会议 继续按兵不动，本次议息会议有 3 个关注点。1）3 月点阵图显示降息次 数不变，但较去年年底的点阵图略显"鹰派"。 2）宣布 4 月 1 ...

Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report indicates that Qingdao Port's performance is supported by a steady increase in cargo throughput and an improvement in container throughput on a quarterly basis [3] - The company's revenue for 2024 is projected to be 18.941 billion, with a year-on-year growth of 4.23%, while the net profit attributable to shareholders is expected to reach 5.235 billion, reflecting a growth of 6.33% [4][5] - The growth in performance is primarily attributed to the increase in export container volume and the logistics segment benefiting from the rise in container business [4] Summary by Sections Operating Performance - Cargo throughput for 2024 is expected to reach 694 million tons, a year-on-year increase of 4.5% [4] - Container throughput for 2024 is projected at 32.17 million TEUs, with a year-on-year growth of 7.2% [4] Financial Performance - Revenue for 2024 is forecasted at 18.941 billion, with quarterly revenues of 4.430 billion, 4.637 billion, 4.911 billion, and 4.963 billion, showing respective year-on-year growth rates of -2.67%, 0.68%, 9.10%, and 9.93% [4] - The net profit attributable to shareholders for 2024 is expected to be 5.235 billion, with quarterly figures of 1.317 billion, 1.325 billion, 1.290 billion, and 1.303 billion, reflecting year-on-year growth rates of 4.60%, 1.56%, 5.31%, and 14.83% [4] Earnings Forecast and Investment Rating - The earnings forecast for Qingdao Port from 2024 to 2026 includes revenues of 18.941 billion, 19.407 billion, and 19.911 billion, with corresponding net profits of 5.235 billion, 5.521 billion, and 5.808 billion [4] - The report maintains a "Buy" rating, with projected EPS of 0.81, 0.85, and 0.89 for the years 2024, 2025, and 2026 respectively [4]

Investment Rating - The investment rating for Qingdao Port (601298) is "Buy" [1] Core Views - The report indicates that Qingdao Port's performance is supported by a steady increase in cargo throughput and an improvement in container throughput quarter by quarter [3] - The company's revenue for 2024 is projected to be 18.941 billion yuan, representing a year-on-year growth of 4.23%, while the net profit attributable to shareholders is expected to reach 5.235 billion yuan, a growth of 6.33% [4] - The growth in performance is primarily attributed to the increase in export container volume and the logistics segment benefiting from the rise in container business [4] - The report maintains a positive outlook for the company's earnings growth, forecasting revenues of 19.407 billion yuan and 19.911 billion yuan for 2025 and 2026, respectively [4] Summary by Sections Operating Performance - Cargo throughput for 2024 is expected to reach 694 million tons, a year-on-year increase of 4.5% [4] - Container throughput is projected to be 32.17 million TEUs, with a year-on-year growth of 7.2% [4] Financial Performance - Revenue for 2024 is forecasted at 18.941 billion yuan, with quarterly revenues showing a growth trend [4] - The net profit attributable to shareholders for 2024 is expected to be 5.235 billion yuan, with a significant increase in Q4 net profit by 14.83% [4] - The report provides detailed quarterly revenue and net profit figures, indicating a positive trend in the latter half of the year [4] Earnings Forecast - The earnings per share (EPS) for 2024 is projected to be 0.81 yuan, with a corresponding price-to-earnings (P/E) ratio of 10.49 [4] - The report anticipates continued growth in net profit for the following years, with projections of 5.521 billion yuan for 2025 and 5.808 billion yuan for 2026 [4][5]

Investment Rating - The investment rating for the industry is "Positive" [2] Core Viewpoints - The core logic of the new tobacco industry is harm reduction, with significant growth potential for Heat-Not-Burn (HNB) products. The global market sizes for HNB cartridges, vaping refills, and disposable vaping products in 2023 are estimated at 32.3 billion, 13.5 billion, and 5.4 billion USD respectively, with a CAGR of 21.3% for HNB cartridges from 2019 to 2023 [2][29] - The United States and China are expected to become core markets for HNB products, with projections indicating that HNB penetration in the U.S. could reach 30% by 2030, leading to a significant increase in cartridge consumption [3][4] - Major tobacco companies are accelerating their transition towards new tobacco products, with significant revenue shares from HNB products. For instance, Philip Morris International plans to become a smoke-free company by 2030, with over two-thirds of its revenue coming from new tobacco products [4][21] Summary by Sections Global Tobacco Sales Trends - Global tobacco sales are declining due to stricter smoking regulations, with cigarette sales dropping from 57.5 trillion sticks in 2015 to an estimated 50.3 trillion by 2025, reflecting a CAGR of -0.56% [11][16] HNB Development Potential - HNB products are gaining traction due to their strong harm reduction capabilities, with a projected CAGR of 13.5% for the HNB market from 2023 to 2028 [2][29] - HNB products are seen as more appealing to traditional smokers due to their closer resemblance to real cigarettes, while vaping products attract younger demographics [32][37] Competitive Landscape - The competitive landscape for HNB products is dominated by major tobacco companies, with a high concentration ratio (CR5) of 96.9% in the HNB market, indicating a stable competitive environment [5][40] - Philip Morris International holds over 70% market share in the global HNB market, while British American Tobacco is also increasing its focus on HNB products [5][21] Regulatory Environment - The regulatory environment for HNB products is generally more lenient compared to traditional cigarettes, with many countries adopting supportive policies that encourage the use of HNB products [41]

Investment Rating - The investment rating for ZTO Express is "Buy" [1] Core Views - ZTO Express reported an adjusted net profit of 10.2 billion yuan for 2024, representing a year-on-year increase of 12.7% [2] - The company achieved operating revenue of 44.281 billion yuan in 2024, up 15.3% year-on-year, with Q4 2024 revenue reaching 12.92 billion yuan, a 21.7% increase year-on-year [2] - The report emphasizes ZTO's leading market share in the express delivery industry, with a focus on maintaining and enhancing its competitive position [5][7] Financial Summary - In 2024, ZTO Express's adjusted net profit was 10.2 billion yuan, with a year-on-year growth of 12.7% [2] - The operating revenue for 2024 was 44.281 billion yuan, reflecting a 15.3% increase compared to the previous year [2] - The company’s express delivery volume reached 34 billion pieces in 2024, marking a 12.6% year-on-year increase, maintaining a market share of approximately 19.4% [3] - The average revenue per package was 1.20 yuan, up 2.5% year-on-year, with Q4 2024 showing an increase to 1.24 yuan, a rise of 11.0% year-on-year [4] - The average cost per package decreased to approximately 0.68 yuan, down 6.0% year-on-year, with significant improvements in operational efficiency [4] Operational Insights - ZTO Express aims to achieve a business volume of approximately 40.8 billion to 42.2 billion pieces in 2025, targeting a year-on-year growth of 20% to 24% [5] - The company is focusing on service quality, business volume, and profit as its three main priorities for 2025 [5] - The report highlights the ongoing growth potential in the express delivery industry, driven by the expansion of e-commerce and changing consumer behaviors [6][7] Profit Forecast and Valuation - The forecast for adjusted net profit for ZTO Express from 2025 to 2027 is 10.44 billion yuan, 11.78 billion yuan, and 13.51 billion yuan, with respective year-on-year growth rates of 3.58%, 12.81%, and 14.73% [8] - The report maintains a "Buy" rating based on ZTO's strong market position and expected steady growth in volume and profit [8]