Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company aims to achieve an average tangible equity return of approximately 15% over the three-year period from 2025 to 2027, excluding the impact of notable items. The forecast for net interest income from banking operations in 2025 is approximately $42 billion, with expected credit loss provisions ranging from 30 to 40 basis points of average loans [4][5] - The company plans to maintain a common equity tier 1 capital ratio between 14% and 14.5% and a target payout ratio of 50% for 2025. A share buyback plan of up to $2 billion is expected to be completed before the announcement of Q1 2025 results [4][5] - The company has repurchased a total of $20 billion in shares between 2023 and 2024, representing about 11% of shares outstanding as of the end of 2022 [4][5] Financial Performance Summary - For the fiscal year 2024, total revenue is projected to be $65.9 billion, with a year-on-year growth of -0.3%. The net profit attributable to ordinary shareholders is expected to be $22.9 billion, reflecting a 2.2% increase year-on-year [5][6] - The diluted earnings per share (EPS) for 2024 is estimated at $1.24, with dividends per share projected at $0.87 [5][6] - The company reported a net interest margin of 1.56% for 2024, a decrease of 10 basis points compared to 2023, with net interest income of $43.7 billion, down $4 billion year-on-year [4][5]

海外公司跟踪报告 | 非必需性消费 证券研究报告 | | | 基础数据 | 月 | 20 | 日收盘价（港 | 72.80 | 02 | | --- | --- | --- | --- | --- | | 元） | | | | | | | 总市值（亿港元） | | 356.86 | | | | 总股本（亿股） | | 4.90 | | | | | 来源：聚源，兴业证券经济与金融研究院整理 | | | 难以复制的毛戈平品牌，打造高端价格带的国货品牌标杆：高端品牌具有突出的品牌形 象，通常由名人或艺术家创立，并使用他们的名字命名。作为品牌创始人，毛戈平先生 创新性地将光影美学的精髓与东方美学的内核精神深度融合，打造差异化服务。2003 年，毛戈平公司在上海港汇恒隆广场设立第一个专柜，成为第一个在高端百货商店设立 专柜的高端国货化妆品集团。截至 2024 年 6 月 30 日，公司在全国 120 个城市共运营 372 个自营专柜。专柜配备有 2700 名美妆顾问，提供个性化的咨询及试妆服务。 相关研究 分析师：宋婧茹 S0190520050002 BQI321 songjingru@xyzq.com.cn 分析师： ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has passed its profit low point, and as a leading player in electronic bulk gases, it is expected to accelerate growth [4] - Revenue growth is steady, with significant projects validating the company's competitive strength [4] - Future profit margins are anticipated to recover as helium prices stabilize and projects ramp up [4] - There are multiple potential large project opportunities ahead, driven by the growth in computing power and AI applications [4] Financial Summary - Total revenue for 2024 is projected at 20.98 billion yuan, a year-on-year increase of 14.33% [4] - The net profit attributable to the parent company for 2024 is expected to be 2.40 billion yuan, a decrease of 24.75% year-on-year [4] - The gross profit margin is forecasted to be 28.2% in 2024, with an expected recovery to 30.8% in 2025 [3][4] - The return on equity (ROE) is projected to improve from 4.1% in 2024 to 6.2% in 2025 [3][4] - Earnings per share (EPS) is expected to rise from 0.18 yuan in 2024 to 0.28 yuan in 2025 [3][4] Market Position - The company has secured contracts worth 2.74 billion yuan with domestic integrated circuit enterprises, reinforcing its strong competitive position in the electronic bulk gas market [4] - The company is well-positioned to benefit from the ongoing demand for advanced manufacturing processes and storage solutions in the electronics sector [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has passed its profit low point, and as a leading player in electronic bulk gases, it is expected to accelerate growth [4] - The revenue for 2024 is projected to be 2.098 billion yuan, representing a year-on-year growth of 14.33%, while the net profit attributable to the parent company is expected to decline by 24.75% to 240 million yuan [4] - The company has secured significant projects, validating its competitive edge in the electronic bulk gas market [4] - Profit margins are anticipated to recover as helium prices stabilize and projects ramp up [4] - Future growth opportunities exist with multiple potential large projects in the pipeline, particularly in the context of increasing demand for advanced semiconductor processes and storage [4] Financial Summary - Total revenue for 2023 is reported at 1.835 billion yuan, with a year-on-year growth of 19.2% [3] - Projected revenues for 2024, 2025, and 2026 are 2.098 billion yuan, 2.586 billion yuan, and 3.177 billion yuan, respectively, with corresponding growth rates of 14.3%, 23.2%, and 22.9% [3] - The net profit for 2023 is 320 million yuan, with projections of 240 million yuan for 2024, 372 million yuan for 2025, and 527 million yuan for 2026, reflecting growth rates of 35.7%, -24.8%, 54.6%, and 41.7% respectively [3] - The gross margin is expected to fluctuate, with figures of 35.1% for 2023, 28.2% for 2024, 30.8% for 2025, and 33.1% for 2026 [3] - The price-to-earnings (PE) ratio is projected to decrease from 59.0 in 2024 to 27.0 in 2026 [3]

行业跟踪报告 | 国防军工 证券研究报告 行业评级 推荐（维持） 报告日期 2025 年 02 月 19 日 相关研究 【兴证军工】"全国低空交通一张网"正 式启动，统一标准实现高水平布局- 2025.02.18 【兴证军工】体系梗阻破冰在即，结构 性反转可待-2025.02.09 【兴证军工】军用四足机器人行业催化 有力，上市公司紧锣密鼓布局- 2025.02.02 分析师：石康 S1220517040001 shikang@xyzq.com.cn 分析师：李博彦 S0190519080005 liboyan@xyzq.com.cn 分析师：徐东晓 S0190524070009 xudongxiao@xyzq.com.cn 战略看多航天精导产业链 投资要点： 据中国航天科工集团公众号，1 月 19 日—20 日，中国航天科工集团召开 2025 年工作会 议，集团公司党组书记、董事长提出了集团公司 2025 年"六个坚决完成"主要工作目标， 其中第一项是"坚决完成以重大工程、重点型号为代表的年度科研生产任务"。 多型航天精导产品已经亮相 2024 年中国航展。 航天精导产业链相关标的中，菲利华、高德红外、航天 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Boeing is a dual-monopoly enterprise in the aerospace sector, with operations spanning commercial airplanes (BCA), defense and space (BDS), and global services (BGS). Despite facing challenges in 2024, including a significant drop in delivery volumes and a net cash flow loss, the company demonstrates strong corrective capabilities and strategic management adjustments [5][6] - The report anticipates a recovery in revenue and profitability, projecting a revenue increase to $81.99 billion in 2025, with a return to profitability by 2025 [6] Summary by Sections Company Overview - Boeing operates in three major segments: BCA, BDS, and BGS, and is the largest commercial aircraft manufacturer globally. The company faced a 51% quarter-on-quarter drop in delivery volumes in Q4 2024 due to operational disruptions [5][6] Financial Performance - In 2024, Boeing reported revenues of $66.52 billion and a net loss of $11.82 billion. The BCA segment generated $22.86 billion in revenue but incurred an operating loss of $7.97 billion, primarily due to the 737-9 incident and labor strikes [6] - The company ended 2024 with cash and securities totaling $26.3 billion and reduced total debt to $53.9 billion [6] Market Demand and Orders - Global air travel demand has surpassed pre-pandemic levels, with Boeing's backlog reaching $521 billion, involving 5,500 aircraft. The International Air Transport Association (IATA) projects industry net profits of $31.5 billion in 2024 and $36.6 billion in 2025 [6] Management Strategy - The new CEO, Kelly Ortberg, is implementing significant reforms to address quality control issues and streamline operations. The company aims to vertically integrate its supply chain through the acquisition of Spirit AeroSystems, expected to complete in 2025 [6] Production Adjustments - Boeing has adjusted its production rates in response to safety investigations and labor strikes, with plans to ramp up production of the 737 series once conditions allow [6] Future Projections - The report forecasts a recovery in deliveries and revenues, with expected deliveries of 544, 656, and 786 aircraft from 2025 to 2027, respectively. Revenue is projected to grow to $81.99 billion in 2025, with a return to profitability anticipated by 2025 [6]

Investment Rating - The investment rating for the company is "Buy" (Maintain) [1] Core Views - Boeing is a global aerospace duopoly, with operations spanning commercial airplanes (BCA), defense and space (BDS), and global services (BGS). Despite facing challenges in 2024, including a significant incident with Alaska Airlines and a prolonged IAM union strike, the company has demonstrated strong corrective capabilities [4][5] - The company reported a revenue of $66.52 billion in 2024, with a net loss of $11.82 billion. The BCA segment faced a revenue of $22.86 billion with an operating loss of $7.97 billion, primarily due to the 737-9 incident and the strike [4][5] - Boeing's order backlog remains robust, with a total backlog of $521 billion, involving 5,500 aircraft, indicating strong demand for new aircraft over the next 20 years [4][5] Summary by Sections Company Overview - Boeing operates in three major segments: BCA, BDS, and BGS, and is the largest commercial aircraft manufacturer globally [4] - The company has faced operational challenges but is implementing strategic reforms under new CEO Kelly Ortberg to enhance quality control and operational efficiency [4][5] Financial Performance - In 2024, Boeing's revenue was $66.52 billion, down 14% year-over-year, with a gross loss of $1.99 billion and a net loss of $11.82 billion. The company expects a revenue increase to $81.99 billion in 2025, with a projected return to profitability by 2026 [5][10] - The company’s cash and securities increased to $26.3 billion by the end of 2024, while total debt decreased to $53.9 billion [4][5] Market Demand and Orders - Global air travel demand has surpassed pre-pandemic levels, with IATA projecting industry net profits of $31.5 billion in 2024 and $36.6 billion in 2025. Boeing anticipates a demand for approximately 43,975 new aircraft over the next 20 years [4][5] - The company has a significant order backlog, with $521 billion in total orders as of the end of 2024 [4][5] Strategic Initiatives - Boeing is pursuing vertical integration by acquiring Spirit AeroSystems to strengthen its supply chain and quality control, with the deal expected to close in 2025 [4][5] - The company is addressing safety concerns related to the 737 program and has implemented enhanced inspection processes in collaboration with the FAA [4][5]

行业周报 | 汽车 证券研究报告 | 行业评级 | | 推荐（维持） | | | --- | --- | --- | --- | | 报告日期 | 2025 | 02 | 17 | 相关研究 Deepseek -2025.02.11 - 2025.02.10 1 - 2025.02.09 分析师：董晓彬 S0190520080001 dongxiaobin@xyzq.com.cn 分析师：王凯丽 S0190522070001 wangkaili@xyzq.com.cn 分析师：于鹏亮 S0190524030006 yupengliang@xyzq.com.cn 分析师：刘馨遥 S0190524070005 liuxinyao@xyzq.com.cn 研究助理：刘思仪 liusiyi23@xyzq.com.cn 投资要点： 1 | 指数 | 周涨跌幅 | 周成交额（亿元） | 年初至今涨跌幅 | | --- | --- | --- | --- | | 上证综指 | 1.3% | 33299 | 4.2% | | 创业板指 | 1.9% | 25286 | 9.9% | | SW 汽车 | 1.2% | 4806 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company is positioned for high growth through dual drivers in home appliances and automotive components, with a focus on expanding its product offerings and customer base [4][6] - The company has established a solid foundation in the vacuum cleaner OEM business and is diversifying into various small home appliances, benefiting from strong partnerships with key clients [14][62] - The automotive motor segment is expected to see significant growth due to domestic substitution opportunities and increasing order volumes [4][14] Summary by Sections Company Overview - The company was founded in 2002, initially focusing on small appliance motor R&D and manufacturing, and has since expanded into OEM for home appliances and automotive motors, primarily selling in the European and American markets [4][14] - The company has experienced steady revenue growth, with a CAGR of 18.0% from 2017 to 2023, increasing from 1.03 billion to 2.78 billion yuan [4][19] Home Appliance Business - The vacuum cleaner segment is solid, with a strong partnership with TTI, contributing to a revenue increase from 0.95 billion to 1.63 billion yuan from 2017 to 2023, with a CAGR of 9.5% [4][47] - The diversified small appliance segment has seen rapid growth, with revenue increasing from 0.07 billion to 0.82 billion yuan from 2019 to 2023, achieving a CAGR of 82.8% [4][62] - The company is expanding its product categories and customer base, with new clients like HOT and Shark Ninja contributing to growth [62] Automotive Motor Business - The automotive motor market is expected to grow, with the EPS motor market in China projected to exceed 5.71 billion yuan by 2025, with a CAGR of approximately 5.7% from 2022 to 2025 [4][14] - The company has secured 30 project designations, with expected revenues exceeding 2.3 billion yuan from 2024 to 2026 [4][14] Financial Forecast and Valuation - Revenue forecasts for 2024-2026 are 39.65 billion, 50.63 billion, and 62.46 billion yuan, respectively, with net profits of 4.08 billion, 5.06 billion, and 6.37 billion yuan [4][14] - The company’s dynamic PE ratios are projected to be 23.2, 18.7, and 14.9 for 2024, 2025, and 2026, respectively [4][14]