zhangyang-yjs@ccnew.com 021-50586627 多项业务表现优异，净利增幅释放弹性 ——国泰海通(601211)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-14) | 收盘价(元) | 16.69 | | --- | --- | | 一年内最高/最低(元) | 21.50/13.16 | | 沪深 300 指数 | 3,759.14 | | 市净率(倍) | 0.95 | | 总市值(亿元) | 2,942.40 | | 流通市值(亿元) | 2,832.62 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 17.50 | | 总资产(亿元) | 10,477.45 | | 所有者权益(亿元) | 1,707.75 | | 净资产收益率(%) | 8.14 | 个股相对沪深 300 指数表现 证券Ⅱ 风险提示：1.权益及固收市场环境转弱导致公司业绩出现下滑；2.市 场波动风险；3.资本市场改革的政策效果不及预期 | | 2023A | 2024A | 2025E | 2026E | | --- | --- | -- ...

分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 环保及公用事业 污水处理收入占比持续提升，带动净利润 逆势增长 ——中原环保(000544)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-14) | 收盘价(元) | 8.08 | | --- | --- | | 一年内最高/最低(元) | 9.69/6.74 | | 沪深 300 指数 | 3,759.14 | | 市净率(倍) | 0.94 | | 流通市值(亿元) | 78.75 | | 基础数据(2024-12-31) | | 每股净资产(元) 8.55 每股经营现金流(元) -0.63 毛利率(%) 44.31 净资产收益率_摊薄(%) 10.49 资产负债率(%) 73.22 总股本/流通股(万股) 97,468.45/97,468.45 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -11% -4% 4% 11% 19% 26% 34% 41% 2024.04 2024.08 2024.12 2025.04 中原环保 ...

Investment Rating - The report maintains a "Market Perform" rating for the media industry, in line with the overall market performance [1] Core Insights - The media sector has underperformed compared to major indices, with a decline of 12.20% from March 14 to April 11, 2025, while the Shanghai Composite Index and CSI 300 fell by 3.59% and 4.12%, respectively [3][13] - The report suggests focusing on the gaming sector due to its resilience against US-China tariffs and potential for valuation recovery, supported by favorable WTO policies [11][12] - The advertising market is expected to rebound due to government initiatives aimed at boosting consumption, with stable demand from consumer goods clients [12][18] - State-owned publishing companies are highlighted for their high dividend yields and defensive value, with some companies achieving an average dividend yield of over 6% in the past three years [4][7] Summary by Sections Investment Recommendations - Focus on the gaming sector, which is expected to recover in valuation due to minimal impact from tariffs and strong domestic demand [11][12] - Monitor the advertising market for cyclical recovery driven by government consumption stimulus policies [12] - Consider state-owned publishing companies for their stable performance and high dividend yields [4][7] Market Review - The media sector's performance from March 14 to April 11, 2025, saw a 12.20% decline, ranking 28th among all sectors [3][13] - The sector's PE ratio as of April 11, 2025, is 26.38, above the historical average of 24.46 [17] Industry News - The Chinese government has implemented a consumption stimulus plan, which includes 30 key tasks aimed at boosting consumer spending [18] - The gaming industry continues to receive support from government policies, with a significant number of game licenses issued in Q1 2025 [11][41] - The advertising market is showing signs of recovery, with notable increases in spending in various sectors [52][54] Monthly Data - In March 2025, the domestic film market generated a box office of 1.925 billion yuan, a decrease of 30.95% year-on-year [21][27] - The gaming market reported a sales revenue of 27.953 billion yuan in February 2025, reflecting a year-on-year growth of 12.3% [37][39] - The advertising market is projected to grow, with a 1.6% increase in overall spending in 2024 [52][54]

Investment Rating - The investment rating for the company is "Increase" (Maintain) [1] Core Views - The company is actively expanding its domestic market and continuously exploring new applications for CVD diamond [1][9] - In 2024, the company achieved operating revenue of 525 million yuan, a year-on-year decline of 3.19%, and a net profit attributable to shareholders of 118 million yuan, down 14.52% year-on-year [4][12] - The company has established a strategic partnership with Huixin Communication to explore new applications for functional CVD diamonds [10][13] Financial Performance - The company's gross profit margin for 2024 was 52.91%, an increase of 1.41 percentage points year-on-year [9] - The company reported a net profit margin of 22.40% for 2024, with a projected increase in net profit to 141 million yuan in 2025 [12][13] - The company’s R&D expense ratio was 11.90% in 2024, reflecting a commitment to enhancing product competitiveness [13] Market Dynamics - Domestic revenue increased by 13.83% to 290 million yuan in 2024, while overseas revenue decreased by 18.27% to 235 million yuan [9] - The decline in overseas oilfield service demand has impacted the company's oil and gas extraction business [9] - The company is benefiting from national energy security strategies and the "Seven-Year Action Plan" for increasing reserves and production [9] Future Outlook - The company expects revenue growth in the coming years, with projected revenues of 577 million yuan in 2025, 628 million yuan in 2026, and 679 million yuan in 2027 [12][13] - The company maintains a strong position in the superhard composite materials sector and anticipates significant contributions from the CVD diamond project [13]

云服务 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 ——金山办公(688111)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-11) | 收盘价(元) | 308.00 | | --- | --- | | 一年内最高/最低(元) | 398.08/168.53 | | 沪深 300 指数 | 3,750.52 | | 市净率(倍) | 12.55 | | 流通市值(亿元) | 1,425.04 | 基础数据(2024-12-31) | 每股净资产(元) | 24.55 | | --- | --- | | 每股经营现金流(元) | 4.75 | | 毛利率(%) | 85.14 | | 净资产收益率_摊薄(%) | 14.49 | | 资产负债率(%) | 28.13 | | 总股本/流通股(万股) | 46,267.40/46,267.40 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -41% -30% -18% -7% 5% 16% 27% 39% 2024.0 ...

Investment Rating - The report maintains a "Market Perform" rating for the media sector, in line with the overall market performance [1] Core Insights - The media sector experienced a decline of 12.20% from March 14 to April 11, 2025, underperforming compared to the Shanghai Composite Index and other indices [3][13] - The report suggests focusing on the gaming sector due to its resilience against US-China tariffs and potential for valuation recovery, supported by favorable WTO policies [11][12] - There is an emphasis on the cyclical recovery of the advertising market driven by government initiatives to boost consumption [12] - The report highlights the defensive value and high dividend yield of state-owned publishing companies, which are expected to provide stable long-term returns [4][7] Summary by Sections Investment Recommendations - Focus on the gaming sector, which is expected to recover due to strong domestic demand and favorable regulatory conditions [11][12] - Monitor the advertising market for cyclical recovery as government policies aim to stimulate consumption [12] - Consider state-owned publishing companies for their stable performance and high dividend yields [4][7] Market Review - The media sector's performance from March 14 to April 11, 2025, saw a 12.20% decline, with only 20 out of 142 stocks rising during this period [3][14] - The current PE ratio for the media sector is 26.38, above the historical average of 24.46, indicating a relatively high valuation [17] Industry News - The Chinese government has implemented a consumption stimulus plan, which is expected to positively impact the media sector [18] - The gaming industry continues to receive support from regulatory bodies, with a significant number of game licenses issued in early 2025 [11][41] - The advertising market is showing signs of recovery, with specific sectors like entertainment and cosmetics increasing their ad spending significantly [52][54] Monthly Data - In March 2025, the domestic film market generated a box office of 1.925 billion yuan, a decrease of 30.95% year-on-year [21] - The gaming market reported a sales revenue of 27.953 billion yuan in February 2025, reflecting a year-on-year growth of 12.3% [37][39] - The advertising market is projected to grow by 1.6% in 2024, with notable increases in specific channels such as elevator advertising [52][54]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 汽车消费行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：成长行业领涨 A 股震荡上扬》 2025-04-11 《市场分析：外盘反弹提振 A 股持续上行》 2025-04-10 《市场分析：军工半导体行业领涨 A 股先抑 后扬》 2025-04-09 联系人： 李智 投资要点： ◼ A 股市场综述 周一（04 月 14 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中股指在 3272 点附近遭遇阻力，午后股指维持震 荡，盘中汽车、银行、消费以及有色金属等行业表现较好；航空机 场、航运港口、半导体以及证券等行业表现较弱，沪指全天基本呈 现小幅震荡上行的运行特征。创业板市场周一震荡上扬，创业板成 分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 周一 A 股市场高开高走、小幅震荡上行，早盘股指高开后震荡上 行，盘中股指在 3272 点附近遭遇阻力，午后股指维持震荡，盘中汽 车、银行、消费以及有色金属等行业表现较好；航空机场、航运港 口、半导体以及证券等行业表现 ...

Investment Rating - The report maintains an "Add" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [44]. Core Views - The company reported a revenue of 5.121 billion yuan for 2024, representing a year-on-year growth of 12.40%, and a net profit of 1.645 billion yuan, which is a 24.84% increase year-on-year [6]. - The transition to AI applications is expected to accelerate in 2025, with significant growth in the company's product capabilities [7][9]. - The company is shifting its business disclosure from a commercial model classification to a product-based classification, focusing on WPS personal and WPS 365 businesses [8]. Financial Performance - The company achieved a net profit margin of 32.13% in 2024, with a diluted return on equity of 14.49% [2][11]. - The gross profit margin for the company was reported at 85.14% [2]. - The earnings per share (EPS) for 2024 was 3.56 yuan, with projections of 4.29 yuan, 5.43 yuan, and 6.92 yuan for 2025, 2026, and 2027 respectively [11][42]. Business Segments - The WPS personal business generated 3.283 billion yuan in revenue, growing 18% year-on-year, while WPS 365, launched in 2023, saw a revenue increase of 149.33% to 437 million yuan in 2024 [8]. - The domestic personal service subscription revenue was 3.1 billion yuan, up 16.84% year-on-year, while the domestic institutional subscription and service revenue reached 1.064 billion yuan, growing 11.11% [8]. - The international and other business revenue was 250 million yuan, with a notable 38.38% growth in overseas business [11]. Future Outlook - The company plans to enhance its overseas business, which is expected to become a significant growth driver, with a 38.38% increase in overseas revenue in 2024 [11]. - The report anticipates that the company's AI capabilities will significantly contribute to its growth trajectory in 2025, with expectations of increased user engagement and willingness to pay [9].

Investment Rating - The investment rating for the company is "Increase" (Maintain) [1][23] Core Views - The company is actively expanding its domestic market and continuously exploring new applications for CVD diamond [1][10] - In 2024, the company achieved operating revenue of 525 million yuan, a year-on-year decline of 3.19%, and a net profit attributable to shareholders of 118 million yuan, down 14.52% year-on-year [4] - The company has established a strategic partnership with Huixin Communication to explore new applications for functional CVD diamonds [10] Financial Performance Summary - The company's revenue from oil and gas extraction business was 322 million yuan, a decrease of 6.69% year-on-year, while precision machining business revenue was 175 million yuan, down 2.00% year-on-year [9] - Domestic revenue reached 290 million yuan, an increase of 13.83% year-on-year, while overseas revenue was 235 million yuan, a decrease of 18.27% year-on-year [9] - The overall gross margin for the company was 52.91%, an increase of 1.41 percentage points year-on-year [9] - The company maintained a high level of R&D investment, with a research and development expense ratio of 11.90% [13] Future Outlook - The company expects revenue to grow to 577 million yuan in 2025, with net profit projected at 141 million yuan [12] - The company aims to leverage its position in the superhard composite materials sector and the development prospects of the CVD diamond project to maintain its growth trajectory [13]

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [5][6][9]. Core Viewpoints - The lithium battery sector has shown strong sales growth, with March 2025 sales of new energy vehicles reaching 1.237 million units, a year-on-year increase of 40.09% and a month-on-month increase of 36.86% [5][16]. - The report highlights the importance of monitoring upstream raw material price trends, monthly sales, and domestic and international trade policies as key factors influencing the industry's performance [5][9]. - Despite a decline in the lithium battery index by 9.76% in March 2025, the overall industry outlook remains positive, driven by strong demand and supportive policies [2][5]. Summary by Sections 1. Market Review - In March 2025, the lithium battery index underperformed the CSI 300 index, declining by 9.76% compared to a 0.03% drop in the CSI 300 [2][9]. - Among individual stocks, 23 stocks in the lithium battery sector rose, while 83 fell, indicating a challenging market environment [9][10]. 2. New Energy Vehicle Sales and Industry Prices - New energy vehicle sales in China reached 1.237 million units in March 2025, with a significant year-on-year growth of 40.09% [5][16]. - The report notes that the price of battery-grade lithium carbonate was 70,300 CNY/ton, down 6.08% from early March 2025, while lithium hydroxide was priced at 71,800 CNY/ton, a decrease of 2.21% [5][40]. - The report emphasizes the need to focus on the price trends of upstream raw materials and the overall market dynamics [5][9]. 3. Industry and Company News - The report outlines various industry developments, including government policies aimed at promoting electric vehicle infrastructure and the establishment of competitive battery supply chains in Europe [58][59]. - It highlights the strategic partnerships and technological advancements being made by key players in the lithium battery sector, such as BYD and CATL [58][59].