Group 1: Key Recommendations - The report highlights Vanadium Titanium Co., Ltd. (000629) as a key recommendation, indicating that high-end production capacity is being gradually released, suggesting an impending profit turning point [8] - The report notes that the company achieved a revenue of 13.209 billion yuan in 2024, a year-on-year decrease of 8.1%, and a net profit attributable to shareholders of 285 million yuan, down 73.0% year-on-year [8][9] - The report emphasizes the structural changes in downstream demand, with an increase in vanadium demand in non-steel applications, particularly in energy storage [9] Group 2: Industry Insights - The vanadium market is currently experiencing an oversupply, with the average market price of vanadium pentoxide in 2024 at approximately 80,500 yuan per ton, a year-on-year decrease of 25.9% [9] - The titanium dioxide market is also facing oversupply due to weak demand in downstream sectors such as real estate and coatings, with the company’s titanium dioxide revenue in 2024 reaching 3.517 billion yuan, a year-on-year increase of 2.5% [10] - The report forecasts that the company plans to produce 52,500 tons of vanadium products and 22,550 tons of sulfuric acid titanium dioxide in 2025, indicating a focus on expanding production capacity [11] Group 3: Market Performance - The pharmaceutical and biotechnology sector saw an overall increase of 0.98% in the last week, outperforming the CSI 300 index by 0.97 percentage points [12] - The report indicates that the PE valuation for the pharmaceutical and biotechnology sector is currently at 27.11 times, which is at a historically low level [12] - The report suggests that the recent performance of innovative drugs has been strong, with several companies reporting excellent earnings data [14]

公 司 简 评 买入（维持） 报告原因：业绩点评 ——公司简评报告 [Table_Reportdate] 2025年03月31日 [table_main] 投资要点 ➢ 事件：公司发布2024年年度报告，受下游需求疲软影响、公司主营产品市场价格走低，年 度业绩承压，四季度盈利端环比有所改善。2024年全年公司实现营收132.09亿元，同比- 8.1%；归母净利润2.85亿元，同比-73.0%；毛利率7.6%，同比-6.8pct；净利率2.2%，同 比-5.3pct。2024Q4单季度公司实现营收27.35亿元，同比-15.2%、环比-17.5%；归母净利 润1.02亿元，同比-45.9%、环比+122.0%；毛利率10.3%，同比-4.9pct、环比+4.1pct；净 利率3.6%，同比-2.5pct、环比+2.2pct。 电 力 设 备 与 新 能 源 [数据日期 Table_cominfo] 2025/03/28 收盘价 2.89 总股本(万股) 929,497 流通A股/B股(万股) 929,060/0 资产负债率(%) 16.08% 市净率(倍) 2.10 净资产收益率(加权) 1.50 12个月内最 ...

Group 1: Construction Bank (601939.SH) - The company reported a revenue of 750.2 billion, with a year-on-year decline of 2.5%, and a net profit attributable to shareholders of 335.6 billion, reflecting a growth of 0.9% year-on-year [3] - The annualized weighted average return on equity (ROAE) was 10.69%, down by 0.9 percentage points year-on-year [3] - Credit growth remained steady, with a focus on key public sector investments showing high demand [3] Group 2: Vanadium Titanium Co. (000629.SZ) - The company achieved a revenue of 13.209 billion, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 285 million, down 73.0% year-on-year [4] - In Q4 2024, revenue was 2.735 billion, a decline of 15.2% year-on-year and 17.5% quarter-on-quarter, with a net profit of 102 million, down 45.9% year-on-year but up 122% quarter-on-quarter [4] Group 3: China National Offshore Oil Corporation (600938.SH) - The company reported total revenue of 420.5 billion, an increase of 0.9% year-on-year, and a net profit attributable to shareholders of 137.9 billion, up 11.4% year-on-year [4] - In Q4 2024, total revenue was 94.5 billion, down 13.9% year-on-year and 4.8% quarter-on-quarter, with a net profit of 21.3 billion, down 18.8% year-on-year and 42.4% quarter-on-quarter [4] Group 4: Beijing New Building Materials (000786.SZ) - The company achieved revenue of 25.82 billion, a year-on-year increase of 15.1%, and a net profit attributable to shareholders of 3.65 billion, up 3.5% year-on-year [5] - In Q4 2024, revenue was 5.46 billion, a slight increase of 1.5% year-on-year, but net profit decreased by 34.7% year-on-year [5] - The operating cash flow for the year was 5.13 billion, reflecting an increase of 8.5% year-on-year [5] Group 5: Dongfang Cable (603606.SH) - The company reported a revenue of 9.093 billion, a year-on-year growth of 24.38%, and a net profit attributable to shareholders of 1.008 billion, up 0.81% year-on-year [7] - In Q4 2024, revenue was 2.394 billion, a year-on-year increase of 22.10%, while net profit decreased by 57.32% year-on-year [7] Group 6: BYD Electronics (0285.HK) - The company achieved revenue of 177.306 billion, a year-on-year increase of 36.43%, and a net profit attributable to shareholders of 4.266 billion, up 5.57% year-on-year [8] - The results were below market expectations due to asset depreciation and stock incentive costs incurred in Q4 [8] Group 7: Nongfu Spring (9633.HK) - The company reported revenue of 42.896 billion, a year-on-year increase of 0.5%, and a net profit attributable to shareholders of 12.123 billion, up 0.4% year-on-year [9] - In H2 2024, revenue was 20.723 billion, reflecting a decline of 6.7% year-on-year, with net profit also down by 6.7% [9]

Core Viewpoint - The company reported a decline in both revenue and net profit for the year 2024, indicating challenges in its operational performance due to falling prices in key products like vanadium and titanium [2][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 13.209 billion yuan, a year-on-year decrease of 8.2%, and a net profit attributable to shareholders of 285 million yuan, down 73.0% year-on-year [2]. - The fourth quarter of 2024 saw operating revenue of 2.735 billion yuan, a year-on-year decline of 15.2% and a quarter-on-quarter decline of 17.5%, with net profit attributable to shareholders at 102 million yuan, down 45.9% year-on-year but up 122% quarter-on-quarter [2]. Group 2: Vanadium Segment - The company produced 54,300 tons of vanadium products (measured as V2O5) in 2024, representing a year-on-year increase of 7.3% [3]. - The average price of V2O5 in China for 2024 was 80,800 yuan per ton, a decrease of 25.9% compared to 109,000 yuan per ton in 2023, leading to a gross margin of 10.4%, down 17 percentage points year-on-year [3]. Group 3: Titanium Segment - The company successfully launched a 60,000 tons/year molten salt chlorination titanium dioxide project, with total titanium dioxide production of 252,900 tons in 2024, a year-on-year increase of 0.8% [4]. - The average price of titanium dioxide (Rutile type) in Southwest China for 2024 was 15,400 yuan per ton, down 1.7% year-on-year, while the gross margin for titanium dioxide was 4.3%, a decrease of 6.3 percentage points compared to 2023 [4]. Group 4: Financial Ratios - The selling expense ratio for 2024 was 5.03%, a decrease of 0.73 percentage points from 5.76% in 2023 [5]. - The company's asset-liability ratio at the end of 2024 was 13.34%, down 4.9 percentage points from the end of 2023 [5]. Group 5: Market Outlook for Vanadium - The company expects a significant increase in vanadium demand for energy storage applications in 2025, with a supply agreement for 20,000 tons of V2O5 signed, indicating a 35% increase from 14,822 tons in 2024 [6]. - The transition of the national standard for ordinary hot-rolled rebar from a recommended to a mandatory standard is expected to improve vanadium demand in the steel sector, with expectations for vanadium prices to gradually rise as inventory is consumed [6].

钒价：储能用钒预计同比大增，钢铁用钒有望好转，有望拉动钒价回升。钒电池： 钒：产量创新高，钒价下跌拖累业绩。2024 年公司生产钒制品（折五氧化二钒）5.43 万吨，同比增长 7.3%。2024 年国内五氧化二钒均价为8.08 万元/吨，较2023 年的10.9 万元/吨，下降25.9%。公司钒制品 毛利率为10.4%，较2023年同期下降17pct，拖累公司整体业绩。 钛：熔岩氯化法钛白项目顺利投产，原料价格高企影响盈利。2024 年公司6 万吨/年熔盐氯化法钛白项 目建成投产，全年钛白粉产量25.29 万吨（其中氯化法钛白粉2.69 万吨），同比增长0.8%；钛渣 18.18 万吨，同比下降 5.99%。2024年西南地区钛白粉（金红石型）含税价为1.54 万元/吨，同比下降1.7%； 同时，原料钛精矿和硫酸价格全年高位运行，钛白粉毛利率为4.3%，较2023 年同期下降6.3pct。 财务：费率小幅下降，资产负债率下降明显。2024 年，公司销售期间费用率为5.03%，较2023 年的 5.76%下降0.73pct；截至2024 年末，公司资产负债率为13.34%，较2023 年末下降4.9pct。 事 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company is expected to see performance recovery in 2025 as vanadium prices are projected to rebound after hitting a low [3][4] - The company's 2024 annual report shows a decline in revenue and net profit, with revenue at 13.209 billion yuan, down 8.2% year-on-year, and net profit at 285 million yuan, down 73% year-on-year [1][2] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 2.735 billion yuan, a decrease of 15.2% year-on-year and 17.5% quarter-on-quarter, with a net profit of 102 million yuan, down 45.9% year-on-year but up 122% quarter-on-quarter [1][2] - The company produced 54,300 tons of vanadium products in 2024, a year-on-year increase of 7.3%, but the average price of vanadium pentoxide fell by 25.9% to 80,800 yuan per ton [2] - The gross margin for vanadium products decreased to 10.4%, down 17 percentage points from the previous year, negatively impacting overall performance [2] Business Segments - The titanium segment saw the successful launch of a 60,000 tons/year molten salt chlorination titanium dioxide project, with total titanium dioxide production of 252,900 tons, a slight increase of 0.8% year-on-year [2] - The gross margin for titanium dioxide was 4.3%, down 6.3 percentage points year-on-year, affected by high raw material prices [2] Market Outlook - The demand for vanadium in energy storage is expected to increase significantly, with a projected supply of 20,000 tons of vanadium pentoxide in 2025, a 35% increase from 2024 [3] - The steel sector's demand for vanadium is anticipated to improve following the implementation of mandatory standards for rebar [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 are 523 million yuan and 699 million yuan, respectively, with a new forecast for 2027 at 804 million yuan [3][4] - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 51, 38, and 33 times, respectively [4]

攀钢集团钒钛资源股份有限公司 对鞍钢集团财务有限责任公司的风险评估报告 一、鞍钢集团财务有限责任公司基本情况 鞍钢集团财务有限责任公司（以下简称"鞍钢财务公司"）于 1997 年 8 月 29 日经中国人民银行总行批准筹建（银复[1997]345 号），于 1998 年 3 月 17 日正式成立（银复[1998]88 号）。鞍钢财 务公司最初成立时注册资本金为人民币 36,200 万元，由 5 家股 东出资：鞍山钢铁集团公司出资 30,660 万元，持股比例 84.70%； 鞍钢集团国际经济贸易公司出资 2,490 万元，持股比例为 6.88%； 鞍钢实业发展总公司出资 1,500 万元，持股比例 4.14%；鞍钢附 属企业公司出资 1,350 万元，持股比例 3.73%；鞍山银座（集团） 股份有限公司出资 200 万元，持股比例 0.55%。 1998 年 9 月 10 日，鞍钢财务公司股东会通过了"关于内部 转让股本的议案"，股东鞍钢附属企业公司、鞍山银座（集团）股 份有限公司将所持鞍钢财务公司股权转让给鞍山钢铁集团公司， 股东由五家变为三家：鞍山钢铁集团公司出资 32,210 万元，持 股比例 88.9 ...

攀钢集团钒钛资源股份有限公司 关于 2024 年度年审会计师事务所履职情况评估报告 攀钢集团钒钛资源股份有限公司（以下简称"公司"）聘请立信会计师事 务所（特殊普通合伙）（以下简称"立信"）作为公司 2024 年度财务报告审计和 内部控制审计的会计师事务所。根据财政部、国资委及证监会颁布的《国有企 业、上市公司选聘会计师事务所管理办法》，公司对立信在 2024 年审计中的履 职情况进行了评估，经评估，公司认为立信资质等方面合规有效，保持了良好 的独立性，认真履职、勤勉尽责、公允表达意见，具体情况报告如下： 一、会计师事务所基本情况 （一）基本信息 立信由我国会计泰斗潘序伦博士于 1927 年在上海创建，1986 年复办，2010 年成为全国首家完成改制的特殊普通合伙制会计师事务所，注册地址为上海市黄 浦区南京东路 61 号四楼，首席合伙人为朱建弟先生。立信是国际会计网络 BDO 的成员所，长期从事证券服务业务，新证券法实施前具有证券、期货业务许可证， 具有 H 股审计资格，并已向美国公众公司会计监督委员会（PCAOB）注册登记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从 ...

关于攀钢集团钒钛资源股份有限公司 2024 年度涉及财务公司关联交易的 专项说明 信会师报字[2025]第 ZE10062 号 关于攀钢集团钒钛资源股份有限公司 2024 年度涉及财务公司关联交易的专项说明 | | | 目录 | 页次 | | --- | --- | --- | --- | | 一、 | 专项说明 | | 1-2 | | 二、 | 涉及财务公司关联交易汇总表 | | 1 | 为了更好地理解钒钛股份 2024 年度涉及财务公司关联交易的情 况，财务公司关联交易汇总表应当与已审计财务报表一并阅读。 本报告仅供钒钛股份为披露 2024 年年度报告的目的使用，不得 用作任何其他目的。 关于攀钢集团钒钛资源股份有限公司 2024 年度 涉及财务公司关联交易的专项说明 信会师报字[2025]第 ZE10062 号 攀钢集团钒钛资源股份有限公司全体股东： 我们审计了攀钢集团钒钛资源股份有限公司(以下简称"钒钛股 份")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报 ...

2024 年度监事会工作报告 2024年，公司监事会严格按照《公司法》《上市公司治理准 则》《深圳证券交易所股票上市规则》《深圳证券交易所上市公 司自律监管指引第1号——主板上市公司规范运作》等法律法规、 规范性文件的要求及本公司章程的有关规定，认真履行职责，对 公司的经营活动、财务状况、重大决策以及公司董事、高级管理 人员履职情况等进行监督，依法列席和参加董事会会议、股东大 会，在促进公司依法规范运作、维护股东权益方面发挥了重要的 作用。现将有关情况报告如下： 一、监事会召开情况 2024年度，公司监事列席和参加了公司召开的董事会、股东 大会，并根据有关法律、法规，对董事会、股东大会的召开程序、 决议事项、决策程序、董事会对股东大会决议的执行情况、公司 董事、总经理及其他高级管理人员履行职责情况及公司内部控制 等进行了监督。监事会认为，公司董事会能够按照有关法律法规 的规定规范运作，重大事项决策程序合法合规；内部控制制度进 一步完善，并能够得到有效贯彻执行；公司董事和总经理及其他 高级管理人员恪尽职守、诚信勤勉，没有违反法律、法规、本公 司章程和损害公司利益的行为。 报告期内，公司监事会召开了四次监事会会议 ...