Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is expected to see performance improvement in 2025 due to continued growth in heating area and declining coal prices [5][9] - The company's heating and steam business revenue for 2024 was 2.275 billion yuan, a year-on-year increase of 4.05%, with a gross profit of 556 million yuan, up 10.96% year-on-year [9] - The average heating area for 2024 was approximately 77.04 million square meters, with a slight increase in connected area compared to the same period in 2023 [9] - The rapid decline in coal prices since March 2025 is expected to positively impact the company's performance if the trend continues [9] Financial Summary - The company achieved total revenue of 3.509 billion yuan in 2024, a year-on-year growth of 2.87%, and a net profit attributable to shareholders of 659 million yuan, a decrease of 23.29% [9] - For 2025, the estimated revenue is 3.506 billion yuan, with a slight decrease of 0.11%, and a projected net profit of 817 million yuan, an increase of 24% [7][9] - The company's earnings per share (EPS) for 2025 is estimated at 0.36 yuan, with a price-to-earnings (P/E) ratio of 16.95 [7][9] - The company maintains a strong cash position with 7.393 billion yuan in cash and only 1.9 billion yuan in interest-bearing debt as of March 2025 [9]

Core Viewpoint - The company demonstrates resilience and strategic determination as a leader in clean heating amidst opportunities and challenges presented by the dual goals of stable economic growth and green transformation in China [3][4]. Group 1: Company Performance - In 2024, the company achieved operating revenue of approximately 3.51 billion yuan, representing a year-on-year increase [3]. - Operating profit was approximately 798.42 million yuan, a decrease of 25.02% year-on-year, while net profit attributable to shareholders was approximately 659.02 million yuan, down 23.29% year-on-year [3][4]. - The decline in profit metrics was primarily due to impairment losses on long-term assets, increased advertising media resource costs, and prior year coal subsidies [3]. Group 2: Business Segments - In the clean heating sector, the company focused on core products such as cooling, heating, electricity, and steam, utilizing advanced technologies like heat pumps and flue gas waste heat recovery to enhance energy services [4][5]. - The company maintained stable cash flow and profitability through cost control strategies, despite a slowdown in the heating market due to various factors [5]. - Key subsidiaries in the clean heating business reported mixed results, with revenue from Hunnan Heating increasing by 2.14% to approximately 1.15 billion yuan, while New Bei Heating saw a revenue decline of 7.13% [5]. Group 3: Digital Media Business - The high-speed rail digital media segment, operated by Zhaoxun Media, experienced a significant revenue decline of 47.35% year-on-year, with net profit down 43.64% [6]. - Zhaoxun Media has established a nationwide media resource network, reaching over 2 billion passengers annually, and is enhancing its offerings with innovative digital content and technology [6]. Group 4: Board and Governance - The board of directors held ten meetings during the reporting period, adhering to relevant regulations and company bylaws [10]. - The board's focus for 2025 includes promoting green and smart initiatives, exploring new business growth paths, and ensuring sustainable, high-quality development [10][12]. Group 5: Financial Management - The company plans to distribute a cash dividend of 1.2 yuan per 10 shares, totaling approximately 266.94 million yuan, reflecting 67.51% of the net profit attributable to shareholders [15][16]. - The company has engaged Zhongxi Accounting Firm for the 2025 audit, ensuring continuity and independence in financial oversight [17].

联美量子股份有限公司 2024 年年度股东会会议材料 联美量子股份有限公司 2024 年年度股东会会议材料 2025 年 5 月 23 日 1 联美量子股份有限公司 2024 年年度股东会会议材料 联美量子股份有限公司 2024 年年度股东会会议议程 2 一、参加会议人员 1、 主 持 人：董事长 苏壮强 先生 2、 参加人员：股东及授权代表、部分董事、监事 3、 列席人员：律师 联美量子股份有限公司 2024 年年度股东会会议材料 二、 会议时间及内容 1、股东大会届次：联美量子股份有限公司 2024 年年度股东大会 2、股东大会的召集人：联美量子股份有限公司董事会 3、投票方式：现场投票与网络投票相结合的方式 4、现场会议召开的日期、时间 现场会议召开时间：2025 年 5 月 23 日下午 14:30 开始； 现场会议召开地点：辽宁省沈阳市浑南新区远航中路 1 号公司会 议室 5、网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止日期：2025 年 5 月 23 日至 2025 年 5 月 23 日 网络投票时间：采用上海证券交易所网络投票系统，通过交易系 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company reported a total revenue of 3.509 billion yuan in 2024, a year-on-year increase of 2.87%, while the net profit attributable to shareholders decreased by 23.29% to 659 million yuan, primarily due to asset impairment losses and increased media resource costs [6] - In Q1 2025, the company achieved a revenue of 1.698 billion yuan, a slight decrease of 1.06% year-on-year, but the net profit attributable to shareholders rose by 9.56% to 618 million yuan, aligning with expectations [6] - The heating and steam business revenue grew by 4.05% to 2.275 billion yuan in 2024, with a gross profit of 556 million yuan, reflecting a 10.96% increase [6] - The company has a strong cash position with 7.393 billion yuan in cash, representing 43% of total assets, which supports its dividend and share repurchase strategies [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.632 billion yuan, with a year-on-year growth of 3.5% [5] - The net profit attributable to shareholders is projected to be 841 million yuan in 2025, reflecting a significant increase of 27.6% [5] - The company plans to distribute a cash dividend of 0.2 yuan per share, which is 67.5% of the net profit, along with a special dividend of 0.12 yuan per share, totaling 712 million yuan in dividends [6] - The estimated PE ratios for 2025 and 2026 are 16 and 15, respectively, with a reasonable market value of 165 billion yuan, indicating a potential upside of 22% from the current market capitalization [6]

Core Viewpoint - The report indicates that Lianmei Holdings (600167) is expected to face a decline in net profit due to impairment losses, but maintains a stable dividend policy, leading to an "Accumulate" rating from Zhongyou Securities [1][3]. Financial Performance - In 2024, the company reported revenue of 3.51 billion yuan, a year-on-year increase of 2.9%, while net profit attributable to shareholders was 660 million yuan, a year-on-year decrease of 23.3% [1]. - For Q4 2024, revenue was 1.21 billion yuan, with a quarter-on-quarter decrease of 1.3% and a year-on-year increase of 248.3%. Net profit for the same period was 150 million yuan, with a quarter-on-quarter decrease of 26.8% and a year-on-year increase of 390.4% [1]. - In Q1 2025, revenue was 1.70 billion yuan, a year-on-year decrease of 1.1%, while net profit attributable to shareholders was 620 million yuan, a year-on-year increase of 9.6% [1]. Profitability and Costs - In Q1 2025, the company's gross margin and net margin were 49.3% and 37.0%, respectively, reflecting increases of 4.6 percentage points and 3.2 percentage points year-on-year [2]. - The company experienced an overall increase of 1.6 percentage points in expense ratios, with sales expense ratio at 1.1%, R&D expense ratio at 0.2%, management expense ratio at 2.2%, and financial expense ratio at -1.0% [2]. Cash Flow and Dividends - In 2024, the company generated a net cash flow from operating activities of 1.30 billion yuan, with cash on hand amounting to 7.48 billion yuan [2]. - Total cash dividends, special dividends, and buyback amounts for 2024 were 440 million yuan, 270 million yuan, and 190 million yuan, respectively, totaling 910 million yuan, resulting in a dividend yield of 6.8% based on the closing price on April 30, 2025 [2]. Earnings Forecast - The company is projected to achieve revenues of 3.74 billion yuan, 4.03 billion yuan, and 4.40 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 780 million yuan, 860 million yuan, and 960 million yuan for the same years [3]. - Corresponding price-to-earnings ratios (PE) are expected to be 17, 15, and 14 times for 2025, 2026, and 2027, respectively [3].

证券研究报告：公用事业 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 l 盈利预测与投资评级: | 最新收盘价（元） | 5.87 | | --- | --- | | 总股本/流通股本（亿股）22.63 | / 22.63 | | 总市值/流通市值（亿元）133 | / 133 | | 52 周内最高/最低价 | 6.47 / 5.03 | | 资产负债率(%) | 32.5% | | 市盈率 | 20.00 | | 第一大股东 | 联众新能源有限公司 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:侯若雪 SAC 登记编号:S1340524100002 Email:houruoxue@cnpsec.com 联美控股(600167) 2024 年业绩受减值影响，分红稳健 l 投资要点 事件：2025 年 4 月 29 日，公司发布 2024 年年报和 2025 年一季 报。 2024 年公司营收 35.1 亿元，同比+2.9%；归母净利润 6.6 亿元， 同比-23.3%；其中 202 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Views - The company reported a revenue of 3.51 billion yuan in 2024, representing a year-on-year increase of 2.9%, while the net profit attributable to shareholders decreased by 23.3% to 660 million yuan due to asset impairment losses and increased costs [3][4]. - For Q1 2025, the company achieved a revenue of 1.7 billion yuan, a year-on-year decrease of 1.1%, but the net profit attributable to shareholders increased by 9.6% to 620 million yuan [3][4]. - The company has a strong cash flow position with a net cash flow from operating activities of 1.3 billion yuan in 2024 and cash on hand of 7.48 billion yuan, leading to a total dividend payout of 910 million yuan, resulting in a dividend yield of 6.8% based on the closing price on April 30, 2025 [4]. Financial Performance Summary - The company’s revenue projections for 2025-2027 are 3.74 billion yuan, 4.03 billion yuan, and 4.40 billion yuan, respectively, with net profits of 780 million yuan, 860 million yuan, and 960 million yuan, corresponding to P/E ratios of 17, 15, and 14 times [5][9]. - The gross margin and net margin for Q1 2025 were 49.3% and 37.0%, respectively, showing improvements of 4.6 percentage points and 3.2 percentage points year-on-year [4][10]. - The company’s asset-liability ratio stands at 32.5%, indicating a stable financial structure [2][10].

Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company's clean energy business is stable and shows positive growth, with a total revenue of 3.509 billion yuan in 2024, a year-on-year increase of 2.87%. However, the net profit attributable to the parent company decreased by 23.29% to 659 million yuan due to impairment losses [2][3] - The company is actively expanding its hydrogen energy and heat pump business, leveraging technological innovations to promote green development. It has strategic investments in hydrogen energy equipment and is implementing projects for low-emission heating and waste heat recovery [3] - The company demonstrates strong shareholder returns through cash dividends, share buybacks, and special dividends, with a total profit distribution amounting to 907 million yuan, exceeding 137.60% of the net profit attributable to the parent company in 2024 [3] - Revenue forecasts for 2025-2027 are projected at 3.570 billion yuan, 3.689 billion yuan, and 3.812 billion yuan, with corresponding growth rates of 1.7%, 3.3%, and 3.3% [4] Financial Summary - In 2024, the company achieved total revenue of 3.509 billion yuan, with a year-on-year growth rate of 2.87%. The net profit attributable to the parent company was 659 million yuan, down 23.29% from the previous year [5] - The gross profit margin for 2024 was 33.35%, a decrease of 1.28 percentage points compared to the previous year, primarily due to increased depreciation costs [3] - The earnings per share (EPS) for 2024 was 0.2935 yuan, a decrease of 22.69% year-on-year [2][5] - The company plans to distribute a total cash dividend of 445 million yuan in 2024, which accounts for 67.51% of the net profit attributable to the parent company [3]

Investment Rating - The investment rating for the company is not explicitly stated in the report [1] Core Views - The company's clean energy business is stable and shows positive growth, with a total revenue of 3.509 billion yuan in 2024, a year-on-year increase of 2.87%. However, the net profit attributable to the parent company decreased by 23.29% to 659 million yuan due to impairment losses [2][3] - The company is actively expanding its hydrogen energy and heat pump business, leveraging technological innovations to promote green development. It has strategic investments in hydrogen energy equipment and is implementing projects for ultra-low emissions and heat recovery [3] - The company has demonstrated a strong commitment to shareholder returns through cash dividends, share buybacks, and special dividends, with a total profit distribution amounting to 907 million yuan, exceeding its net profit for 2024 [3][4] Financial Summary - In 2024, the company achieved total revenue of 3.509 billion yuan, with a year-on-year growth rate of 2.87%. The net profit attributable to the parent company was 659 million yuan, reflecting a decrease of 23.29% [2][5] - The projected revenues for 2025 to 2027 are 3.570 billion yuan, 3.689 billion yuan, and 3.812 billion yuan, with growth rates of 1.7%, 3.3%, and 3.3% respectively. The net profit for the same period is expected to be 843 million yuan, 918 million yuan, and 972 million yuan, with growth rates of 27.9%, 8.9%, and 5.9% respectively [4][5] - The overall gross margin for 2024 was 33.35%, a decrease of 1.28 percentage points compared to the previous year, primarily due to increased depreciation costs [3][5]

Core Viewpoint - Lianmei Holdings (600167.SH) has demonstrated strong financial performance and a commitment to advancing its smart heating technology, solidifying its position as a leader in the clean heating sector in A-shares [1][3][5] Financial Performance - In 2024, Lianmei Holdings achieved a revenue of 3.509 billion yuan and a net profit attributable to shareholders of 659 million yuan [1] - In Q1 2025, the company reported a revenue of 1.698 billion yuan and a net profit of 618 million yuan, reflecting a year-on-year growth of 9.56% [1] Industry Position - As a leading enterprise in the clean heating sector, Lianmei Holdings has maintained its competitive edge through diversified clean energy strategies and intelligent operational capabilities [1] - The company has established a low-carbon heating ecosystem characterized by "clean energy as the mainstay, smart heating empowerment, and multi-energy collaboration" [1] Technological Advancements - Lianmei Holdings has made significant investments in R&D, launching a comprehensive smart heating system that integrates data analysis, intelligent control, and remote operation [3] - The company has developed the "Lianmei Smart Operation Platform," which enables real-time monitoring and dynamic optimization of heating systems, moving away from traditional manual adjustments [3] Strategic Initiatives - In 2024, Lianmei Holdings accelerated its transformation towards "smart and digital" development, launching a self-developed smart operation platform that incorporates IoT, big data, and cloud computing technologies [5] - The company initiated an integrated innovation project for heat exchange stations, achieving an overall electricity saving rate of 35% and an annual electricity saving of 150,000 kWh per station [5] - Lianmei Holdings aims to deepen its presence in advantageous regions, strengthen existing businesses, and cultivate new ones, focusing on low-carbon, clean, efficient, and economical energy solutions [5]