Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.4 CNY based on a 20x P/E ratio for 2025 [4][6]. Core Views - The company has demonstrated steady revenue growth, with a projected revenue of 51.6 billion CNY in 2025, reflecting a 6.8% year-on-year increase [10]. - The company is leveraging technology and cost control to strengthen its market position, with a focus on high-end technology breakthroughs and integrated service capabilities [12]. - The company's net profit for 2024 is expected to be 3.1 billion CNY, a 4.1% increase from the previous year, indicating stable profitability [10][12]. Financial Performance Summary - Revenue for 2023 was 44.1 billion CNY, with a year-on-year growth of 23.7%, and is projected to reach 48.3 billion CNY in 2024 [10]. - The gross profit margin for 2024 is expected to be 15.7%, slightly down from 15.9% in 2023, while the net profit margin is projected to be 6.5% [10][12]. - The company’s EPS for 2025 is forecasted at 0.82 CNY, with a steady increase to 0.94 CNY by 2027 [4][10]. Market Position and Strategy - The company is positioned as a leading integrated oilfield service provider, focusing on technological advancements and cost leadership to enhance its competitive edge [12]. - The company has reduced its debt ratio to 46.4%, which supports future capital expenditures and technological investments [12]. - The report highlights the recovery in global oilfield service demand, particularly in the Asia-Pacific, Middle East, and Americas regions [12].

电子行业 行业研究 | 深度报告 AI 算力浪涌，PCB 加速升级 核心观点 投资建议与投资标的 ⚫ AI 服务器硬件迭代催生 PCB 行业结构性增长机遇，国产厂商高端替代有望加速。 建议关注有望受益于 AI 服务器浪潮的 PCB 厂商——沪电股份、胜宏科技、景旺电 子、深南电路、生益电子、方正科技、广合科技、威尔高、中富电路、奥士康等； 受益于 AI 端侧落地的 PCB 公司——鹏鼎控股、东山精密、世运电路、一博科技、 弘信电子、四会富仕、迅捷兴等；IC 载板相关厂商——深南电路、兴森科技、博敏 电子、联瑞新材、方邦股份、沃格光电等；以及上游 CCL 厂商——生益科技、南亚 新材、华正新材等。 风险提示 ⚫ AI 服务器渗透率不及预期；技术迭代风险；行业竞争加剧风险。 国家/地区 中国 行业 电子行业 报告发布日期 2025 年 04 月 01 日 看好（维持） | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 27.9 CNY based on a 10x PE ratio for comparable companies in 2025 [2][4]. Core Views - The company demonstrates steady performance with a projected revenue of 420.5 billion CNY in 2024, reflecting a year-on-year growth of 0.9%. The net profit attributable to the parent company is expected to reach 137.9 billion CNY, up 11.4% year-on-year, indicating a continuous improvement in profitability [9]. - The company has achieved a record high oil and gas net production of 727 million barrels of oil equivalent, showcasing its resource development capabilities as a leading offshore oil and gas player in China. Cost control measures have effectively maintained low costs per barrel, supporting high profitability resilience [9]. - The company plans to maintain stable capital expenditures, focusing on the development of deepwater oil and gas fields and the layout of new energy businesses, which positions it well to capitalize on the recovery of global energy demand and domestic policies supporting increased reserves and production [9]. Financial Summary - The company's financial performance is projected as follows: - Revenue (in million CNY): 416,609 in 2023, 420,506 in 2024, 429,067 in 2025, 454,713 in 2026, and 481,992 in 2027, with growth rates of -1.3%, 0.9%, 2.0%, 6.0%, and 6.0% respectively [7]. - Net profit (in million CNY): 123,843 in 2023, 137,936 in 2024, 132,565 in 2025, 142,004 in 2026, and 148,442 in 2027, with growth rates of -12.6%, 11.4%, -3.9%, 7.1%, and 4.5% respectively [7]. - Earnings per share (in CNY): 2.61 in 2023, 2.90 in 2024, 2.79 in 2025, 2.99 in 2026, and 3.12 in 2027 [7].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company demonstrates steady performance with a revenue of 420.5 billion yuan in 2024, reflecting a year-on-year growth of 0.9% and a net profit of 137.9 billion yuan, up 11.4% year-on-year, indicating improved profitability [9] - The company has achieved a record high oil and gas net production of 727 million barrels of oil equivalent, showcasing its resource development capabilities as a leading offshore oil and gas player in China [9] - The company continues its high dividend policy, with A/H share dividends of 1.29 yuan/share and 1.40 HKD/share, corresponding to dividend yields of approximately 5.0% and 7.6% respectively, highlighting its long-term investment value [9] - Looking ahead to 2025, the company plans to maintain stable capital expenditures, focusing on deepwater oil and gas field development and new energy business layout, which is expected to enhance oil and gas production and release growth potential [9] Financial Performance Summary - Revenue (in million yuan): - 2023A: 416,609 - 2024A: 420,506 - 2025E: 429,067 - 2026E: 454,713 - 2027E: 481,992 - Year-on-year growth rates: - 2023A: -1.3% - 2024A: 0.9% - 2025E: 2.0% - 2026E: 6.0% - 2027E: 6.0% [7] - Net profit (in million yuan): - 2023A: 123,843 - 2024A: 137,936 - 2025E: 132,565 - 2026E: 142,004 - 2027E: 148,442 - Year-on-year growth rates for net profit: - 2023A: -12.6% - 2024A: 11.4% - 2025E: -3.9% - 2026E: 7.1% - 2027E: 4.5% [7] - Earnings per share (in yuan): - 2023A: 2.61 - 2024A: 2.90 - 2025E: 2.79 - 2026E: 2.99 - 2027E: 3.12 [7]

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看好（维持） 房地产行业 行业研究 | 行业周报 24 年行业整体亏损，进入结算压力期 ⚫ 第 13 周房地产板块指数弱于沪深 300 指数，弱于创业板指。房地产板块较沪深 300 指数相对收益为-1.7%。沪深 300 指数报收 3915.17，周度涨幅为 0.0%；创业板指 数报收 2128.21，周度涨幅-1.1%；房地产指数（申万）报收 2254.38，周度涨幅为 -1.7%。 ⚫ 地方性政策方面。宁波允许符合条件的缴存人提取公积金支付二手住房首付款；深 圳发布《关于规范城市更新实施工作的若干意见》的通知；青岛发布公积金新政 策，加大多子女家庭购房支持；安徽全面取消住房限制性措施推行"房票"货币化 安置；呼和浩特市优化住房公积金贷款提前部分还款条件，取消部分还本次数限 制；湖南优化现房销售试点，大力推行住房公积金"既提又贷"政策。 ⚫ 第 13 周新房销量较第 12 周增加，二手房销售量较第 12 周增加。第 13 周 44 大城 市新房销售为 2.7 万套，较 ...

房地产行业 行业研究 | 行业周报 核心观点 投资建议与投资标的 国家/地区 中国 行业 房地产行业 报告发布日期 2025 年 04 月 01 日 赵旭翔 zhaoxuxiang@orientsec.com.cn 执业证书编号：S0860521070001 孙怡萱 sunyixuan@orientsec.com.cn | 1-2 月销售较去年全年降幅收窄，但较去年 | 2025-03-26 | | --- | --- | | 年末降幅扩大 | | | 统计局 1-2 月房地产数据点评 | 2025-03-24 | | 小阳春环比增速已放缓 | 2025-03-18 | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 看好（维持） ⚫ 第 13 周房地产板块指数弱于沪深 300 指数，弱于创业板指。房地产板块较沪深 300 指数相对收益为-1.7%。沪深 300 指数报收 3915.17，周度涨幅为 0.0%；创业板指 数报收 2128.21，周度涨幅-1.1%；房地产指数（申万）报收 2254.38，周度涨幅为 - ...

宏观经济 | 动态跟踪 东方战略周观察：如何理解新兴市场股市 近期震荡 研究结论 战略动向复盘：近期受美国关税风险升级与经济增长预期走弱影响，新兴市场多国股市 震荡，以印度尼西亚和泰国为代表的东南亚国家出现资金外流、股市下跌、评级机构下 调增长预期等问题。大盘指数印尼综合指数 3 月 18 日和 24 日盘中大幅跳水，引发市场恐 慌情绪，18 日盘中跌幅超过 5%后触发熔断机制，交易暂停 30 分钟，最终跌幅达 7.1% （2011 年以来单日最大跌幅）。自 2024 年 9 月历史高点以来，印尼雅加达综合指数最大 跌幅超过 20%，成为全球表现最差的股市之一。2024 年 10 月高点至今，泰国 SET 综合 指数已下跌 20.5%，泰国基准股指迈向技术性熊市，央行已于 2 月意外降息 25 基点提振 股市。分析如下： （1）财政赤字叠加政策变化动摇投资者对印尼的市场信心。我们曾在《新兴市场研究专 题：图解印尼经济转型与出海机遇》报告中详细拆解印尼的国际收支，其中矿产原料出 口和与融入东南亚经济圈的产业合作是印尼财政收入的重要组成部分，由于近期大宗商 品价格疲软，特朗普加征关税冲击印尼直接或产业链合作层面的 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 47.79 CNY [2][5] Core Insights - The company achieved a revenue of 20.686 billion CNY in 2024, representing a growth of 3.04%, and a net profit attributable to the parent company of 3.354 billion CNY, up by 0.45% [1][9] - In Q4 2024, the company reported a revenue of 6.591 billion CNY, marking a significant increase of 39.77%, and a net profit of 841 million CNY, which is an impressive growth of 88.79% [1][9] - The company plans to achieve a revenue of 20.6 billion CNY in 2025, a slight decrease of 0.41%, with a total profit of 3.8 billion CNY, reflecting a growth of 0.85% [9] Financial Performance Summary - The company's revenue for 2023 was 20.074 billion CNY, with a year-on-year growth of 26.7%, and is projected to reach 23.778 billion CNY in 2025, showing a growth of 14.9% [3][12] - The gross profit margin for 2024 is reported at 36.6%, down from 38.0% in 2023, while the net profit margin is at 16.2% for 2024 [3][12] - The earnings per share (EPS) for 2024 is 1.58 CNY, with projections of 1.77 CNY for 2025 and 2.08 CNY for 2026 [3][12] Business Development and Strategy - The company is focusing on expanding its capabilities in high-end interconnect technology and has completed several industrial parks to enhance production capacity [9] - The company aims to leverage opportunities in defense, civil aviation, satellite internet, and other emerging industries to drive future growth [9] - The company is positioned as a leader in military connectors, with a high market share, and anticipates a recovery in demand within the military sector [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.16 CNY based on a 32x PE valuation for 2025 [2][8]. Core Insights - The company achieved a record high quarterly revenue in Q4 2024, with a significant year-on-year growth of 34%, reaching 12.7 billion CNY. The net profit for Q4 2024 was 350 million CNY, marking a 92% increase year-on-year [7]. - The company is expanding its AI terminal product lines, including AI glasses, robots, foldable screens, and servers, with AI terminal-related revenue exceeding 40 billion CNY in 2024, a 33% increase from the previous year [7]. - The company is positioned to benefit from innovations in hardware functionality for major North American clients, which is expected to enhance the value and complexity of its components [7]. Financial Forecasts - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.38 CNY, 0.51 CNY, and 0.65 CNY respectively, with adjustments made to revenue forecasts and gross margin predictions [2][8]. - Revenue is expected to grow from 34.12 billion CNY in 2023 to 69.22 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.4% [4]. - The gross margin is projected to improve from 19.9% in 2023 to 18.2% in 2027, while the net profit margin is expected to increase from 6.0% to 6.6% over the same period [4].

公司主要财务信息 | | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 25,803 | 27,598 | 28,676 | 28,945 | 31,317 | | 同比增长 (%) | 14.3% | 7.0% | 3.9% | 0.9% | 8.2% | | 营业利润(百万元) | 5,415 | 4,256 | 4,110 | 3,462 | 4,033 | | 同比增长 (%) | 1.6% | -21.4% | -3.4% | -15.7% | 16.5% | | 归属母公司净利润(百万元) | 4,064 | 3,187 | 3,013 | 2,562 | 2,985 | | 同比增长 (%) | 1.3% | -21.6% | -5.5% | -15.0% | 16.5% | | 每股收益（元） | 1.57 | 1.23 | 1.17 | 0.99 | 1.15 | | 毛利率(%) | 48.4% | 48.4% | 49.4% | 49.5% | 49. ...