Investment Rating - The investment rating for the company is "Buy" (maintained) [6]. Core Views - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [4][12]. - The company plans to distribute a cash dividend of 12 yuan (including tax) for every 10 shares to all shareholders in 2024 [4][12]. - The company has a strong order backlog, with annualized sales from new project orders exceeding 27 billion yuan, including over 16 billion yuan from smart cockpits and nearly 10 billion yuan from smart driving [15]. Financial Performance - In Q4 2024, the company reported revenue of 8.643 billion yuan, a year-on-year increase of 16.21% and a quarter-on-quarter increase of 18.69%. The net profit for the same period was 598 million yuan, up 1.99% year-on-year and 5.22% quarter-on-quarter [4][12]. - The company's gross margin in Q4 2024 was 18.40%, a decrease of 3.14 percentage points year-on-year and 2.51 percentage points quarter-on-quarter [14]. - The company expects revenues for 2025-2027 to be 35.167 billion yuan, 43.770 billion yuan, and 53.213 billion yuan, with year-on-year growth rates of 27.33%, 24.46%, and 21.57%, respectively [15][16]. Financial Data and Valuation - The company’s total assets are projected to grow from 21.483 billion yuan in 2024 to 40.762 billion yuan in 2027 [21]. - The earnings per share (EPS) are expected to increase from 3.61 yuan in 2024 to 7.85 yuan in 2027, with a compound annual growth rate (CAGR) of 29.50% over three years [15][16]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.3 in 2024 to 15.8 in 2027, indicating an improving valuation over time [16].

Investment Rating - The investment rating for BYD is "Buy" (maintained) [6] Core Views - The 2025 employee stock ownership plan (draft) involves a maximum of 25,000 participants and a total funding of up to 4.1 billion yuan, marking a historical high. The performance assessment years are 2025, 2026, and 2027, with revenue growth targets of no less than 10% for the years 2024, 2025, and 2026 [4][13] - BYD's technological leadership is further solidified with the launch of the Super e-platform 3.0, which introduces 1000V high-voltage architecture enabling 400 kilometers of range in just 5 minutes of charging. The new models Han L and Tang L feature high-performance electric motors, enhancing BYD's competitive edge in the electric vehicle market [14] - In February 2025, BYD's overseas sales reached 67,000 units, a year-on-year increase of 187.8%, continuing the trend of high growth in overseas sales. The share of passenger car overseas sales was 21.1%, reflecting a strong global expansion strategy [15] Summary by Sections Employee Stock Ownership Plan - The 2025 employee stock ownership plan is the largest in BYD's history, with a total funding of up to 4.1 billion yuan and a maximum of 25,000 participants. The plan aims for a revenue growth rate of at least 10% over the next three years [4][13] Technological Advancements - The introduction of the Super e-platform 3.0 and 1000V technology is expected to drive industry trends, enhancing BYD's position in the electric vehicle sector. The new models demonstrate exceptional performance, which is anticipated to accelerate the adoption of high-voltage technology [14] Sales Performance - BYD's overseas sales in February 2025 showed a significant increase, with 67,000 units sold, marking a 187.8% year-on-year growth. This growth is attributed to the company's expanding global presence and competitive product offerings [15] Financial Projections - Revenue projections for BYD from 2024 to 2026 are 813.1 billion yuan, 952.9 billion yuan, and 1,162.6 billion yuan, respectively, with year-on-year growth rates of 35.0%, 17.2%, and 22.0%. Net profit is expected to reach 40.5 billion yuan, 51.4 billion yuan, and 63.9 billion yuan in the same period [16][17]

Investment Rating - Investment recommendation: Outperform the market (maintained) [9] Core Insights - The report highlights the implementation of the "Consumption Promotion Special Action Plan" by the Central Committee and the State Council, which aims to stimulate housing demand through urban village and dilapidated housing renovations, allowing special bonds to support local governments in acquiring existing residential properties for affordable housing [4][12] - The report notes a significant increase in new housing supply in key cities, with 721 million square meters added in March, a 166% month-on-month increase, indicating a recovery in the real estate market [4][14] - The report emphasizes the encouragement of foreign investment in property services, which is expected to drive the industry towards higher quality and intelligent upgrades [4][15] Summary by Sections Policy Impact - The plan aims to better meet housing consumption needs and stabilize the real estate market by lowering housing provident fund loan rates and expanding the use of these funds for down payments [13] - The report mentions that Guangdong province plans to acquire idle land through special bonds exceeding 43 billion [12] Market Dynamics - The report indicates that high-end improvement projects are entering the market, with a supportive price and volume in high-energy cities [14] - It highlights that over 60% of new supply in March consisted of improved and high-end residential properties, suggesting a shift towards quality offerings [14] Investment Recommendations - The report recommends focusing on leading quality real estate companies such as Greentown China, China Overseas Development, and Binhai Group, as well as top property management firms like China Resources Vientiane Life and Wanwu Cloud [16] - It suggests that the current market conditions, particularly in high-energy cities, present positive investment opportunities for companies with strong land acquisition strategies [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a steady growth in performance, showcasing strong resilience as a leading enterprise [2] - In 2024, the company achieved revenue of 27.617 billion yuan, a year-on-year increase of 11.63%, and a net profit attributable to shareholders of 3.368 billion yuan, up 18.05% year-on-year [5][13] - The self-care (CHC) business revenue reached 12.482 billion yuan, growing 14.13% year-on-year, while prescription drug revenue was 6.006 billion yuan, increasing 15.04% year-on-year [14] - The company expects double-digit growth in both revenue and profit for 2025, with projected revenues of 30.685 billion yuan and net profits of 3.792 billion yuan [15][16] Summary by Sections Financial Performance - In Q4 2024, the company recorded revenue of 7.876 billion yuan, a year-on-year increase of 28.47%, but net profit decreased by 9.39% to 408 million yuan [5][13] - The company anticipates a capital expenditure of approximately 1 billion yuan for ongoing fixed asset projects [15] Business Segments - The CHC business continues to strengthen its market position in core categories such as cold and gastrointestinal products, while the prescription drug segment shows recovery in the formula granule business [14] - Traditional Chinese medicine revenue reached 5.213 billion yuan, growing 7.33% year-on-year, with a focus on the Sanqi industry chain and brand innovation [14] Future Projections - Revenue projections for 2025-2027 are 30.685 billion yuan, 33.974 billion yuan, and 37.477 billion yuan, with corresponding growth rates of 11.11%, 10.72%, and 10.31% [16][17] - The expected earnings per share (EPS) for 2025 is 2.95 yuan, with a three-year compound annual growth rate (CAGR) of 12.97% [16]

证券研究报告 业绩符合预期，动储市场持续扩张 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月16日 证券研究报告 |报告要点 公司发布 2024 年年度报告，2024 年实现营业收入 3620 亿元，同比减小 9.7%，主要系碳酸锂 等原材料价格下降带动公司产品价格下降；实现归母净利润 507 亿元，同比增长 15.0%；实现 扣非归母净利 450 亿元，同比增长 12.2%。 公司 2024Q4 实现营业收入 1030 亿元，同比-3%， 环比+12%，归母净利润为 147 亿元，同比+14%，环比+12%，符合预期，公司净利稳步增长。 |分析师及联系人 SAC：S0590524110005 非金融公司|公司点评|宁德时代（300750） 请务必阅读报告末页的重要声明 1 / 5 张磊 瞿学迁 非金融公司|公司点评 glzqdatemark2 2025年03月16日 宁德时代(300750) 业绩符合预期，动储市场持续扩张 | 行 业： | 电力设备/电池 | | --- | --- | | 投资评级： | 买入（维持） | | 当前价格： | 262.00 元 | | 基本数据 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - In 2024, the company achieved total operating revenue of 11.6 billion yuan, a year-on-year increase of 4.7%, and a net profit attributable to shareholders of 9.61 billion yuan, up 17.3% year-on-year [4][13] - The company's return on equity (ROE) was 12.6%, an increase of 0.7 percentage points compared to the same period last year [4] - In Q4 2024, the company reported a single-quarter operating revenue of 4.3 billion yuan, a year-on-year increase of 65.8% and a quarter-on-quarter increase of 82.3% [4][13] Summary by Sections Financial Performance - The company reported a total operating revenue of 11.6 billion yuan in 2024, with a year-on-year growth of 4.7% [4] - The net profit attributable to shareholders was 9.61 billion yuan, reflecting a year-on-year increase of 17.3% [4] - The company’s Q4 2024 revenue reached 4.3 billion yuan, marking a year-on-year increase of 65.8% and a quarter-on-quarter increase of 82.3% [4][13] Market Position and Business Segments - The company saw an increase in market share in brokerage and margin financing businesses, with a significant rise in fixed income investment income [14] - In 2024, the company generated commission income of 6.11 billion yuan, up 23.1% year-on-year, with Q4 2024 commission income reaching 2.56 billion yuan, a year-on-year increase of 111% [14] - The net interest income for 2024 was 2.38 billion yuan, a year-on-year increase of 6.9%, with Q4 2024 net interest income at 870 million yuan, up 56.5% year-on-year [14] Future Projections - The company is expected to benefit from increased trading activity in the securities market, with projected operating revenues of 12.5 billion yuan, 13.4 billion yuan, and 14.6 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 7.6%, 7.1%, and 9.5% [17] - The net profit projections for the same years are 11.5 billion yuan, 12.6 billion yuan, and 14.2 billion yuan, with growth rates of 19.7%, 9.3%, and 13.3% respectively [17]

2025年03月15日 证券研究报告 证券研究报告 行业研究|行业专题研究|非银金融 低利率时代系列研究三：复盘日本，机 构更迭与居民资产配置的演变 请务必阅读报告末页的重要声明 glzqdatemark1 |报告要点 日本居民总资产中金融资产占比持续提升，2023 年末为 64.17%，占比较 1980 年末+27.92PCT。 其中现金及存款、保险及养老金及保函、股权及基金分别占居民金融资产的 51.12%、24.77%、 19.15%，整体风险偏好较低。日本的金融资产主要由老年人群和富裕人群持有。日本财富管理 机构更重视这两类人群的财富管理需求，根据这两类人群的风险偏好、特定需求提供产品和 服务。 |分析师及联系人 刘雨辰 耿张逸 朱丽芳 陈昌涛 SAC：S0590522100001 SAC：S0590524100001 SAC：S0590524080001 请务必阅读报告末页的重要声明 1 / 23 行业研究|行业专题研究 glzqdatemark2 2025年03月15日 非银金融 低利率时代系列研究三：复盘日本，机构更 迭与居民资产配置的演变 投资建议： 强于大市（维持） 上次建议： 强于大市 相 ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - The demand for rare earth elements is expected to recover due to multiple catalysts in the fields of new energy vehicles, home appliances, and robotics. The acceleration of humanoid robot deployment opens up long-term growth space for rare earth permanent magnet materials. The domestic rare earth mining quota growth is slowing, and the import situation from Myanmar remains unstable, making it difficult for the supply side to increase. The supply-demand pattern for rare earths is expected to continue improving, with rare earth magnetic materials likely to reshape a new cycle in 2025. The investment opportunities in the rare earth magnetic materials industry chain are promising, with recommendations for leading companies in high-end rare earth permanent magnet materials such as Jinli Permanent Magnet and light rare earth leader Northern Rare Earth [4][14]. Summary by Sections - **Supply and Demand Dynamics**: The domestic rare earth quota growth is slowing, with the total mining control index for 2024 set at 270,000 tons, a year-on-year increase of 5.9%, but a decrease in growth rate by 15.5 percentage points. The total control index for rare earth smelting and separation is 254,000 tons, with a year-on-year increase of 4.2%, and a decrease in growth rate by 16.6 percentage points. Since Q3 2024, the instability in Myanmar's Kachin State has increased uncertainty regarding local production and supply to China, leading to a year-on-year decline of 17.3% in imports of unnamed rare earth oxides from Myanmar, totaling 34,500 tons in 2024. The downward trend in rare earth imports continued into 2025, with a total of 16,922 tons in January-February, a year-on-year decrease of 24.1% [10][11]. - **Regulatory Changes**: On February 19, 2025, the Ministry of Industry and Information Technology released a draft management method for rare earth mining and smelting separation, which includes foreign imported rare earth ores under regulatory management. This aims to enhance control over the supply side and is expected to increase the concentration of the rare earth industry [11]. - **Demand Growth**: Driven by "two new" policies, the demand for rare earth permanent magnet materials is expected to grow significantly in the new energy vehicle and home appliance sectors. It is estimated that global demand for high-performance neodymium-iron-boron will reach 200,000 tons in 2025, an increase of 26,000 tons year-on-year. Specifically, the demand from the new energy vehicle and variable frequency air conditioning sectors is expected to be 93,000 tons and 18,000 tons, respectively, with year-on-year increases of 20,000 tons and 1,000 tons. High-performance neodymium-iron-boron permanent magnet materials are also key components in humanoid robots, and advancements in AI technology are likely to accelerate the mass production of humanoid robots, further driving demand for rare earth permanent magnet materials [12]. - **Price Trends**: The global demand for praseodymium-neodymium oxide is expected to be 107,000 tons and 116,000 tons in 2025 and 2026, respectively, with supply expected to be 107,000 tons and 111,000 tons. The supply-demand gap is projected to be +500 tons and -4,500 tons for those years. The supply-demand pattern for rare earths is expected to continue improving, and as the concentration of the rare earth industry increases, the bargaining power of rare earth groups in the industry chain will strengthen, supporting the upward trend in rare earth prices. As of March 12, 2025, the rare earth price index was 183.65, up 12.15% from the end of 2024 [13].

证券研究报告 宏观经济|宏观点评 通胀低于预期市场押注美联储 6 月降息 ——美国 2 月 CPI 数据点评 请务必阅读报告末页的重要声明 glzqdatemark1 2025年03月14日 证券研究报告 |报告要点 美国 2 月 CPI 同比增长 2.8%，核心 CPI 同比增长 3.1%，都低于预期和前值。长期的通胀预期 总体来说仍较为稳定，然而短期通胀预期维持相对高位。结构上，核心商品继续通缩，不过离 转正并不远，二手车的通胀同比第二个月正增长，而环比增速略微回落。核心服务通胀环比增 速较上月下行，同比继续小幅回落，居所通胀环比小幅回落，同比增速也继续下行。市场对美 联储 2025 年降息的预期边际变化不大，2025 年降息 2 次及以上的概率约 9 成。目前市场预期 美联储再次降息的时间点或在 6 月。 |分析师及联系人 王博群 方诗超 SAC：S0590524010002 SAC：S0590523030001 请务必阅读报告末页的重要声明 1 / 18 宏观经济|宏观点评 glzqdatemark2 2025年03月14日 宏观点评 通胀低于预期市场押注美联储 6 月降息 ——美国 2 月 CPI ...

Investment Rating - The report indicates a stable growth signal with a GDP growth target of around 5% for 2025, which aligns with market expectations [9][17][18]. Core Insights - The report emphasizes the importance of expanding domestic demand and enhancing the effectiveness of the national innovation system, reflecting a shift in focus from previous years [11][28][29]. Summary by Sections 1. Policy Goals Meet Expectations - The government work report outlines the overall requirements and policy direction for economic and social development in 2025, with a focus on stable growth and proactive fiscal policies [4][8][16]. - The GDP growth target of around 5% is seen as a necessary measure to stabilize employment and ensure income growth for residents, especially after recent economic slowdowns [9][17][23]. 1.1 GDP Target Signals Stable Growth - The report sets a GDP growth target of approximately 5%, which is consistent with previous years and aims to address the negative output gap [9][17][23]. 1.2 Fiscal Arrangements Maintain Proactive Tone - The fiscal policy continues to adopt a more proactive stance, with a proposed deficit rate of 4%, an increase of 1 percentage point from the previous year, and a local special bond issuance target of 4.4 trillion yuan, up by 500 billion yuan [10][26][27]. 2. Emphasis on Expanding Domestic Demand and Enhancing Innovation System - The report elevates the importance of expanding domestic demand to the top priority, with detailed plans to boost consumption and investment [11][28][29]. - The government aims to support consumption through measures such as issuing 300 billion yuan in special bonds for replacing old consumer goods [29][31]. 2.1 Importance of Expanding Domestic Demand - The report highlights the need to enhance consumer spending and investment, with specific measures to support low-income groups and improve consumption scenarios [29][31]. 2.2 Focus on Enhancing Innovation System Effectiveness - The report includes initiatives to improve the national innovation system, emphasizing high-level technological development and the cultivation of new industries such as commercial aerospace and quantum technology [32][33].