2025 年 04 月 01 日 公司点评 买入/维持 森马服饰(002563) 目标价: 昨收盘:7.24 24 年财报点评：童装表现持续亮眼，全域实现健康发展 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/4/1 24/6/13 24/8/25 24/11/6 25/1/18 25/4/1 ◼ 股票数据 | 总股本/流通(亿股) | 26.94/22.02 | | --- | --- | | 总市值/流通(亿元) | 195.05/159.4 | | 12 个月内最高/最低价 | 7.48/4.34 | | (元) | | 相关研究报告 <<23 年年报点评：盈利&营运能力提 升，期待 24 年恢复规模增长>>-- 2024-04-18 <<森马服饰（002563）：电商及童装业 务增长强劲，订货模式变化导致线下 收入增速下滑>>--2017-03-29 <<森马服饰（002563）：业绩稳健增 长，投资电商产业园助力互联网业务 发展>>--2016-08-31 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190519090001 证券分 ...

2025 年 04 月 01 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250401)：雷神科技 AI 智能眼镜产品在乌镇正式发布 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/4/1 24/6/13 24/8/25 24/11/6 25/1/18 25/4/1 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S1190524030001 证券分析师：李珏晗 E-MAIL：lijuehan@tpyzq.com 分析师登记编号：S1190523080001 报告摘要 今日市场行情速览：上证指数（+0.38%）；深证综指（+0.35%）；创业板综 （+0.17%）；科创 50（+0.16%）；沪深 300（+0.01%） 今日 SW 电子板块行情：品牌消费电子（-1.48%）；被动元件（-0.17%）； 电子化学品Ⅲ（+1.52%）；面板（+0.44%）；光学元件（+0.8 ...

2025 年 04 月 01 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20250401）：默沙东 Winrevair 三期临床成功 ◼ 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/4/1 24/6/13 24/8/25 24/11/6 25/1/18 25/4/1 医药 沪深300 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 市场表现： 2025年4月1日，医药板块涨跌幅+3.34%，跑赢沪深300指数3.33pct， 涨跌幅居申万 31 个子行业第 1 名。各医药子行业中，其他生物制品 (+3.95%)、体外诊断(+3.63%)、疫苗（+3.60%）表现居前，医院（+1.19%)、 医疗设备(+2.27%)、医药流通（+2.26%)表现居后。个股方面，日涨幅榜 前 3 位分别为陇神戎发(+20.05%)、多瑞医药(+20.02%)、诚达药业 (+20.01%)；跌幅榜前 3 位为怡和嘉业（-6. ...

2025 年 04 月 01 日 行业日报 中性/维持 房地产 房地产 太平洋房地产日报（20250401）：杭州土拍 8 宗地收金 92.95 亿 | 和运营 | | | --- | --- | | 房 地 产 开 发 房地产服务 | 无评级 无评级 | 推荐公司及评级 相关研究报告 <<太平洋房地产日报（20250331）：全 国首单"商改保"REITs 在上交所上 市>>--2025-03-31 <<太平洋房地产日报（20250328）：杭 州挂牌出让 4 宗地块，成交楼面价纪 录再次被刷新>>--2025-03-28 <<太平洋房地产日报（20250327）：张 亚东辞任绿城中国董事会主席等职 务>>--2025-03-27 走势比较 40% (20%) (8%) 4% 16% 28% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 子行业评级 证券分析师：徐超 电话：18311057693 E-MAIL：xuchao@tpyzq.com 分析师登记编号：S1190521050001 证券分析师：戴梓涵 电话：18217681683 E-MAIL：dai ...

◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/4/1 24/6/13 24/8/25 24/11/6 25/1/18 25/4/1 ◼ 子行业评级 相关研究报告 <<太平洋机械日报（20250331）：具 身智能研究院发布人形机器人矩 阵>>--2025-04-01 2025 年 04 月 01 日 行业日报 看好/维持 机械 机械 太平洋机械日报（20250401）：普渡机器人发布全球首款商类人形具身智能服务机器人 <<太平洋机械日报（20250328）：速 腾聚创发布"机器人之眼">>--2025- 03-30 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 2025 年 4 月 01 日，沪深 300 上涨 0.01%，机械板块上涨 0.34%， 在所有一级行业中排名 16。细分行业看，3C 设备涨幅最大，上涨 4.64%；工业机器人及工控系统跌幅最大，下跌 1.02%。个股方 面，日涨幅榜前 3 位分别为中洲特材(+20.00%)、哈焊华通 (+13.73%)、新莱应材(+10. ...

Investment Rating - The report maintains a "Buy" rating for Shoulv Hotel (600258) with a target price based on the last closing price of 13.59 [1][8]. Core Insights - The company's total revenue for 2024 reached 77.51 billion yuan, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion yuan, an increase of 1.41% year-on-year [4][5]. - The hotel operations maintained a high revenue growth rate, while scenic area revenue remained flat. Hotel operations generated 50.67 billion yuan, down 5.01% year-on-year, accounting for 65.37% of total revenue [5]. - The company opened 1,353 new hotels in 2024, accelerating its expansion, bringing the total number of hotels to 7,002 by the end of 2024 [5][6]. Revenue and Profitability - In Q4 2024, the company achieved revenue of 18.62 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decrease of 24.71% year-on-year [4][5]. - The overall RevPAR (Revenue per Available Room) for all hotels was 134 yuan in Q4, down 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6]. - The gross margin improved slightly to 38.36%, up 0.24 percentage points year-on-year, while the net margin was 10.58%, up 0.17 percentage points year-on-year [6]. Future Projections - The report forecasts EPS (Earnings Per Share) for 2025-2027 to be 0.84, 0.97, and 1.12 yuan per share, respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9]. - The expected revenue growth rates for 2025-2027 are 4.00%, 2.98%, and 2.76%, respectively, while net profit growth rates are projected at 15.69%, 16.65%, and 14.82% [9][10].

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 12.88 [1] Core Insights - The report highlights the company's differentiated development capabilities, with a focus on its overseas business advantages and steady growth in risk management services [1][6][7] - The company achieved a revenue of 1.324 billion yuan, a year-on-year increase of 3.60%, and a net profit of 458 million yuan, a year-on-year increase of 13.96% [4][5] - The report anticipates continued high interest rates in overseas markets, which will support the company's growth [7] Financial Performance - The company reported a weighted average ROE of 11.71%, an increase of 0.25 percentage points year-on-year [4] - Domestic futures brokerage business client equity reached 31.561 billion yuan, up 48.54% year-on-year, although net income from brokerage fees decreased by 11.33% to 446 million yuan [5] - Interest income increased by 25.01% to 682 million yuan, driven primarily by overseas interest income [6] Future Projections - Revenue projections for 2025-2027 are 5.960 billion, 6.271 billion, and 6.643 billion yuan respectively, with net profits of 552 million, 614 million, and 666 million yuan [8] - The estimated EPS for the same period is 0.90, 1.01, and 1.09 yuan, with corresponding PE ratios of 14.24, 12.80, and 11.81 [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the closing price of 43.26 on March 27, 2025 [1][9]. Core Insights - The company reported a slight decline in operating revenue of 0.48% year-on-year, totaling 337.49 billion yuan, while net profit increased by 1.22% to 148.39 billion yuan. The weighted average ROE was 14.49%, down 1.73 percentage points year-on-year [4][9]. - The company is expected to benefit from economic recovery, with projected operating revenues for 2025-2027 of 342.30 billion, 356.58 billion, and 372.33 billion yuan, respectively [9]. Summary by Sections Financial Performance - For the fourth quarter of 2024, the company achieved revenue and net profit of 84.78 billion and 35.21 billion yuan, respectively, marking year-on-year increases of 7.53% and 7.63% [4]. - The total loan amount reached 6.89 trillion yuan, up 5.83% year-on-year, with a notable shift towards retail loans [5]. - Total deposits amounted to 9.10 trillion yuan, reflecting an increase of 11.54% year-on-year, with a significant preference for fixed-term deposits [5]. Income and Profitability - Net interest income for the reporting period was 211.28 billion yuan, a decrease of 1.58% year-on-year, but the decline narrowed over the quarters [6]. - Non-interest income rose by 1.41% to 126.21 billion yuan, supported by investment income and fair value changes [6]. Asset Quality - The company's non-performing loan (NPL) ratio stood at 0.95%, with a provision coverage ratio of 411.98%, indicating stable asset quality [7]. - New NPL generation was 66.70 billion yuan, with a notable increase in retail loan defaults, necessitating close monitoring [7]. Capital Adequacy - The company's capital adequacy ratios showed strong internal capital replenishment capabilities, with core Tier 1, Tier 1, and total capital adequacy ratios at 14.86%, 17.48%, and 19.05%, respectively [8]. - A cash dividend of 2 yuan per share was proposed, with a dividend payout ratio of 35.32%, translating to a dividend yield of 4.62% based on the closing price [8].

Investment Rating - The report maintains a "Buy" rating for Hisense Home Appliances [1] Core Views - Hisense Home Appliances achieved a revenue of 92.746 billion yuan in 2024, representing an increase of 8.35%, and a net profit attributable to shareholders of 3.348 billion yuan, up by 17.99% [4] - The company experienced rapid growth in Q4 2024, with revenue reaching 22.167 billion yuan, a year-on-year increase of 7.08%, and a net profit of 555 million yuan, up by 34.91% [5] - The company's kitchen appliance business saw a remarkable revenue growth of 72%, with dishwasher sales increasing by 152% year-on-year [5] - Domestic sales decreased by 2.12% to 47.994 billion yuan, while overseas sales grew by 27.59% to 35.629 billion yuan, driven by strong performance in Europe and the Americas [5] Financial Summary - The gross margin for Q4 2024 was 19.69%, down by 2.35 percentage points, primarily due to a decline in air conditioning margins [6] - The net profit margin improved to 4.33%, an increase of 0.33 percentage points, attributed to effective cost control [6] - The company expects net profits to grow to 3.749 billion yuan in 2025, 4.218 billion yuan in 2026, and 4.549 billion yuan in 2027, with corresponding EPS of 2.71, 3.04, and 3.28 yuan [9]

2025 年 03 月 30 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报：低空经济首个 OC 证落地，溴素价格大涨 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/4/1 24/6/12 24/8/23 24/11/3 25/1/14 25/3/27 基础化工 沪深300 相关研究报告 <<化工周报（3/17-3/23）：企业主动 降负推动有机硅价格反弹；制冷剂价 格维持高位>>--2025-03-24 <<化工新材料周报：制冷剂价格持续 走强，关注 UHMWPE纤维>>--2025-03- 23 <<化工周报（3/10-3/16）：《提振消 费专项行动方案》有望拉动相关产品 需求增长>>--2025-03-18 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 低空经济：全球首个 OC 证落地。据《科创板日报》3 月 30 日讯，广 东亿航通用航空有限公司和 ...