Group 1 - Huawei's financial structure is improving, driven by three major business segments, with expectations for continued growth into 2025 due to advancements in AI, hardware, and cloud services [2][5] - In 2024, Huawei achieved global sales revenue of 862.1 billion yuan, a year-on-year increase of 22.4%, with net profit of 62.6 billion yuan, a decrease of 28% [3][4] - The terminal business has returned to a growth trajectory, with significant increases in smart automotive solutions and cloud services, contributing to overall revenue growth [4][5] Group 2 - Nocere Pharmaceutical reported a 36.68% increase in revenue to 1.009 billion yuan in 2024, with a narrowing net loss of 440 million yuan [8][9] - The core product, Obutinin, has seen rapid commercialization, with sales surpassing 1 billion yuan and multiple indications approved for national insurance coverage [9][10] - The company is expanding its pipeline in autoimmune diseases and solid tumors, with several clinical trials underway [10][11] Group 3 - Yunnan Baiyao achieved revenue of 40.033 billion yuan in 2024, a 2.36% increase, with a net profit of 4.749 billion yuan, up 16.02% [15][16] - The pharmaceutical segment experienced double-digit growth, particularly in aerosol products, which grew by over 26% [16][17] - The company maintains a high dividend payout ratio of 90.09%, reflecting strong financial health and strategic clarity [15][18] Group 4 - Aerospace Electric reported a revenue decline of 19.08% to 5.025 billion yuan in 2024, with a net profit decrease of 53.75% [24][25] - The company is strategically increasing its focus on emerging sectors, anticipating a recovery in defense demand in 2025 [25][27] - Despite challenges, the company is investing in new product development and maintaining a stable gross margin [25][26] Group 5 - China Construction Bank's revenue decreased by 2.54% in 2024, but net profit increased by 0.88%, indicating gradual improvement [30][31] - The bank's interest income showed signs of recovery, with a net interest margin of 1.51% [31][32] - The bank is focusing on expanding its retail and investment business, with a projected dividend payout ratio of 30% [33][34] Group 6 - Shengda Resources, a leading silver producer, is set to increase silver and gold production significantly in 2025 due to ongoing projects and acquisitions [35][36] - The company has a strong resource base, with high-grade silver mines and plans to enhance its gold production capabilities [35][37] - The outlook for precious metals remains positive, supported by macroeconomic factors and increasing industrial demand for silver [37][39]

Group 1 - The report indicates that the company achieved a revenue of 29.32 billion yuan in 2024, representing a year-on-year increase of 4.62%, and a net profit of 5.81 billion yuan, up 0.84% year-on-year [2] - The fourth quarter showed significant recovery with a revenue of 7.36 billion yuan, a year-on-year increase of 21.1%, and a net profit of 1.45 billion yuan, up 97.9% year-on-year, indicating a rebound in downstream aviation equipment demand [3] - The company is focusing on the civil aviation market and has signed a long-term framework contract worth 2.1 billion yuan for titanium alloy parts with an international client, expected to contribute an average of 350 million yuan annually over the next six years [4] Group 2 - The company reported a revenue of 300.6 billion yuan for 2024, a year-on-year increase of 9.2%, with a net profit of 13.27 billion yuan, up 52.9% year-on-year [7] - The company’s strategic emerging business, particularly in the mining machinery sector, saw revenue growth exceeding 60%, with domestic and overseas market shares increasing [8] - The company’s overseas revenue reached 137.6 billion yuan, a year-on-year increase of 20%, with the overseas revenue proportion rising to 45.77% [9] Group 3 - The company reported a revenue of 67.6 billion yuan in 2024, a year-on-year increase of 1.13%, but a net profit decline of 48.11% to 2.9 billion yuan [12] - The company achieved a record high production of 21,600 tons of high-performance rare earth permanent magnets, with significant revenue contributions from the new energy vehicle sector [14] - The company is expanding its production capacity, with plans to reach 60,000 tons of high-performance rare earth permanent magnets by 2027 [15] Group 4 - The company achieved a revenue of 279.85 billion yuan in 2024, a year-on-year increase of 22.63%, with a net profit of 63.37 billion yuan, up 47.28% year-on-year [19] - The company’s innovative drug sales reached 138.92 billion yuan, a year-on-year increase of 30.60%, driven by strong performance from newly approved drugs [20] - The company is actively expanding its international presence, licensing its GLP-1 class innovative drugs to foreign companies for global commercialization [20] Group 5 - The company reported a revenue of 94.22 billion yuan in 2024, a year-on-year increase of 51.8%, with a significant reduction in net loss to 0.95 billion yuan [22] - The company’s product portfolio expanded to 15 commercialized products, with strong sales performance from its core product, leading to a notable increase in revenue [23] - The company is focusing on differentiated pipelines in oncology, with several drugs entering advanced clinical stages [24] Group 6 - The company achieved a revenue of 321 billion yuan in 2024, a year-on-year decrease of 5.3%, but a net profit increase of 1.8% to 43.5 billion yuan [28] - The company’s beer sales volume decreased by 5.9% in 2024, but there are signs of improvement in the fourth quarter with a 5.4% increase in sales volume [29] - The company plans to increase its dividend payout to 30.01 billion yuan, reflecting a commitment to returning value to shareholders [30] Group 7 - The company reported a revenue of 65.81 billion yuan in 2024, a year-on-year decline of 9.62%, with a net profit decrease of 26.75% to 10.43 billion yuan [33] - The decline in revenue was attributed to reduced spending by downstream financial institutions and a slowdown in technology investments [34] - The company is focusing on AI technology integration to enhance product development and operational efficiency [36] Group 8 - The company achieved a revenue of 2,844.20 billion yuan in 2024, a year-on-year increase of 10.07%, with a net profit of 101.70 billion yuan, up 23.51% [39] - The company’s express delivery business revenue reached 1,222.06 billion yuan, a year-on-year increase of 5.80%, contributing significantly to overall revenue [40] - The company is expanding its international logistics capabilities, with a notable increase in international flight operations and a growing number of cross-border e-commerce clients [41] Group 9 - The company reported a revenue of 10,671.71 billion yuan in 2024, a year-on-year decrease of 6.22%, with a net profit decline of 14.87% to 222.15 billion yuan [43] - The company’s new contract signings in the mining and power sectors showed strong growth, particularly in overseas markets [45]

行业点评报告 · 通信行业 华为公司财务结构向好. 三大业务带动增长 2025 年 04 月 02 日 核心观点 建议关注:运营商中国移动、中国联通、中国电信等;光模块中际旭创、新易 盛、天孚通信、光迅科技、华工科技等;光芯片源杰科技、仕佳光子等;AIDC 相关光环新网、数据港、润建股份等。 ● 风险提示:AI发展不及预期的风险,全球地缘政治不确定性的风险,算力发 展不及预期的风险等。 2025-04-02 相对沪深 300 表现图 20% 资料来源:中国银河证券研究院 资料来源：中国银河证券研究院 1. 【银河通信】深度报告:DeepSeek 冲击波,通信 第力降本增效, Deepseek 变与不变 2. 【银河通信】2025年度策略报告: 高成长高景气, 科技变革创长牛 | 通信行业 | | --- | 推荐 维持评级 分析师 赵良毕 ☎：010-8092-7619 网:zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S0130522030003 3. 【银河通信】科技行业专题报告：大拐点，大机 遇,创新变革,拥抱科技新动能 4. 【银河通信】运营商行业 2024年中报专 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Insights - The company achieved a significant revenue growth of 51.8% in 2024, with product revenue increasing by 43.6%, primarily driven by strong sales of its core product, Sintilimab, and the commercialization of new products [3][4]. - The company reported a narrowed net loss of 0.95 billion yuan, a 90.79% improvement year-on-year, and achieved Non-IFRS net profit of 0.33 billion yuan, marking a milestone in profitability [3][4]. - The product portfolio expanded to 15 commercialized products, including three new lung cancer targeted therapies and the world's first non-covalent BTK inhibitor [3][4]. - The company is accelerating its global expansion in the oncology field, with several clinical trials underway for innovative therapies [3][4]. - The report forecasts revenue growth for the company to reach 108.18 billion yuan in 2025, 143.06 billion yuan in 2026, and 200.22 billion yuan in 2027, with corresponding net profits of 1.87 billion yuan, 15.17 billion yuan, and 41.06 billion yuan respectively [4][6]. Financial Summary - In 2024, the company reported total revenue of 94.22 billion yuan, with a gross margin of 84.0% and a sales expense ratio of 46.1% [3][4]. - Research and development expenses amounted to 26.81 billion yuan, with cash reserves of 102.21 billion yuan [3][4]. - The projected earnings per share (EPS) are expected to improve from -0.06 yuan in 2024 to 2.51 yuan in 2027 [4][6]. - The company's estimated market value range is between 929.56 billion yuan and 1,232.13 billion yuan, translating to approximately 1,007.41 billion to 1,335.31 billion Hong Kong dollars [3][4].

3 PMI 50.5% 国银河证券|CGS 每日晨报 银河观点集锦 宏观:扩张的 PMI 背后蕴含什么? ——2025 年 3 月 PMI 分析 核心观点 国家统计局 3 月 31 日发布数据：2025 年 3 月份,制造业采购经理指数（PMI）为 50.5% （前值 50.2%）。建筑业 PMI 53.4%（前值 52.7%），服务业 PMI 50.3%（前值 50%）。春节 因素影响逐步消退，企业生产经营活动加快，三大指数均处于扩张区间。 一、 供需继续回暖,政府支出、以旧换新和枪出口是需求主线。3月生产指数 52.6%(前 值 52.5%）。新订单指数 51.8%,新出口订单 49%,分别上升 0.7和 0.4pct。新订单指数恢复 到扩张区间展现了以旧换新政策带来的内需拉动效果还在延续;同时伴随国债和化债资金发行 前置对基建增速也有一定带动作用,3月水泥发运率明显改善。外需方面,新出口订单的超预期 上行证明抢出口效应仍在持续。从分行业新订单 PMI 上来看,消费制造业相关的纺织服装、化 学纤维和计算机电子均环比上行且处在扩张区间；设备更新利好的通用设备和专用设备分别上 涨 10.7 和 5.4pct ...

-40% -20% 0% 20% 40% 60% 80% 北证50 沪深300 图1:北证成交额与换手率情况(截至2025.03.31) ■ 成交金额（合计/亿元) -换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 03-05 02-13 02-19 02-21 02-25 03-03 03-07 03-13 03-17 03-19 02-17 02-27 03-11 02-11 03-31 02-07 03-21 03-27 ■A股算数平均涨跌幅 ■ 北交所算数平均涨跌幅 4 N 0 -2 -4 -6 -8 -10 -12 北交所日报 □国银河证券|CGS 资料来源：iFinD,中国银河证券研究院 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.03.31) 资料来源：iFinD，中国银河证券研究院 ⚫⚫⚫⚫⚫⚫ 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 河证券|CGS 北交所日报 表1：涨幅前十股票的市场数据（2025.03.31/财务数据为 2024O3) | | ...

Investment Rating - The report maintains a positive investment rating for the telecommunications industry, highlighting the robust performance of major operators [3]. Core Insights - The telecommunications operators in 2024 demonstrated steady revenue growth and enhanced profitability, with net profit growth outpacing revenue growth. China Mobile, China Unicom, and China Telecom achieved revenues of CNY 10,407.59 billion (+3.12%), CNY 3,895.89 billion (+4.56%), and CNY 5,235.69 billion (+3.10%) respectively, with net profits of CNY 1,383.73 billion (+5.01%), CNY 90.3 billion (+10.49%), and CNY 330.12 billion (+8.43%) [1][7][9]. Summary by Sections Section 1: Revenue and Profitability - The operators maintained a relatively stable growth trajectory in 2024, with net profit growth consistently exceeding revenue growth. The overall performance aligns with market expectations, showcasing resilience amid macroeconomic fluctuations [7][9]. Section 2: CAPEX Trends - Capital expenditures (CAPEX) for the operators are shifting towards computing power, with total CAPEX for 2024 being CNY 1,640 billion (-9.0%) for China Mobile, CNY 614 billion (-17.0%) for China Unicom, and CNY 935 billion (-5.4%) for China Telecom. The CAPEX as a percentage of total revenue stands at 15.8%, 15.8%, and 17.9% respectively [1][24][30]. Section 3: Cloud Business Growth - The cloud business is experiencing significant growth, with revenues reaching CNY 1,139 billion (+17.1%) for Tianyi Cloud, CNY 1,004 billion (+20.4%) for Mobile Cloud, and CNY 686 billion (+17.1%) for Unicom Cloud. The cloud business contributes significantly to the operators' second curve revenue, accounting for 64.57% of their total second curve income [2][44][45]. Section 4: Investment Recommendations - The report suggests a focus on the operators' strong performance and potential for continued growth, particularly in the context of their computing power infrastructure and cloud services. It recommends attention to China Mobile (A+H), China Telecom (A+H), and China Unicom (A+H) for long-term investment [5][60].

公司点评报告 ·房地产行业 归母净利润正增长,商业运营持续领先 2024 年报点评 2025年3月30日 新城控股(股票代码:601155) 推荐 维持评级 分析师 胡孝宇 2: huxiaoyu_yj @chinastock.com.cn 分析师登记编码： S0130523070001 | 市场数据 | 2025-3-28 | | --- | --- | | 股票代码 | 601155 | | A 股收盘价(元) | 13.06 | | 上证指数 | 3,351.31 | | 总股本(万股) | 225562 | | 实际流通 A 股(万股) | 225562 | | 流通 A 股市值(亿元) | 295 | 请务必阅读正文最后的中国银河证券股份有限公司免责声明 相对沪深 300 表现图 2025-3-28 100% 新城控股 沪深300 50% 0% -50% 相关研究 1. 【银河地产】公司点评_坚持双轮驱动经营,商业 收入稳定增长_新城控股 2024年半年报点评 2. 【银河地产】_公司 2024 一季报点评_新城控股_ 减值影响业绩,商业收入稳步抬升 3. 【银河地产】双轮驱动优势凸显, 商业运营稳 ...

Investment Rating - The report maintains a "Recommended" rating for the company [3][10]. Core Insights - The company achieved a revenue of 202.20 billion yuan in 2024, representing a year-on-year growth of 16.7%, and a net profit attributable to shareholders of 12.69 billion yuan, up 80.8% year-on-year [6][12]. - The company's sales volume increased by 0.2% to 1.23 million vehicles in 2024, with export sales rising by 43.4% to 453,100 units, accounting for 36.7% of total sales [6][10]. - The introduction of advanced intelligent driving features is expected to enhance the company's competitive edge and drive sales growth [2][6]. Financial Performance Summary - In Q4 2024, the company reported a revenue of 59.94 billion yuan, an increase of 11.6% year-on-year and 17.9% quarter-on-quarter [6]. - The average revenue per vehicle increased by 16.5% to 163,900 yuan, with export vehicle average revenue rising by 4.9% to 182,800 yuan [6][10]. - The adjusted gross margin improved by 1.4 percentage points to 19.5%, driven by a higher proportion of sales from premium brands [6][12]. Future Projections - The company is projected to achieve revenues of 255.46 billion yuan, 290.27 billion yuan, and 322.72 billion yuan for the years 2025, 2026, and 2027, respectively [8][12]. - Net profit attributable to shareholders is expected to reach 15.00 billion yuan, 16.92 billion yuan, and 18.73 billion yuan for the same years [8][12]. - The diluted EPS is forecasted to be 1.75 yuan, 1.98 yuan, and 2.19 yuan for 2025, 2026, and 2027, respectively [8][12].

扩张的 PMI 背后蕴含什么? -2025 年 3 月 PMI 分析 国家统计局 3 月 31 日发布数据: 2025年 3 月份,制造业采购经理指数(PMI)为 50.5%（前值 50.2%）。建筑业 PMI 53.4%（前值 52.7%），服务业 PMI 50.3% （前值 50%）。春节因素影响逐步消退，企业生产经营活动加快，三大指数均处于 扩张区间。 2025 年 3 月 31 日 分析师 张迪 宏观动态报告 □: zhangdi_yj @chinastock.com.cn 分析师登记编码：S0130524060001 研究助理:铁伟奥 风险提示 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 一、供需继续回暖,政府支出、以旧换新和抢出口是需求主线。3月生产指数 52.6%（前值 52.5%）。新订单指数 51.8%，新出口订单 49%，分别上升 0.7 和 0.4pct。新订单指数恢复到扩张区间展现了以旧换新政策带来的内需拉动效 果还在延续;同时伴随国债和化债资金发行前置对基建增速也有一定带动作 用,3月水泥发运率明显改善。外需方面,新 ...