Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Views - The company reported a revenue of 18.683 billion yuan in 2024, a decrease of 13.20% year-on-year, and a net profit attributable to shareholders of 1.007 billion yuan, down 63.52% year-on-year [1]. - The photovoltaic glass segment showed a stable increase in sales volume, with a 3.70% year-on-year rise to 1.265 billion square meters, although the average selling price (ASP) dropped significantly by 17.59% to 13.30 yuan per square meter [2]. - The company is expected to recover its profitability in 2025 due to recent price recoveries in photovoltaic glass and the optimization of comprehensive costs from new production capacities [2]. Summary by Sections Financial Performance - In Q4 2024, the company experienced a revenue decline of 27.67% year-on-year, resulting in a net loss of 289 million yuan, a decrease of 136.54% compared to the previous year [1]. - The overall gross margin for 2024 decreased by 6.31 percentage points to 15.50%, with an increase in the expense ratio by 0.47 percentage points to 7.45% [3]. Business Segments - The engineering glass segment saw a revenue drop of 13.83% to 502 million yuan, while the home glass segment's revenue decreased by 6.10% to 308 million yuan [3]. - The float glass segment's revenue fell by 17.35% to 283 million yuan, with a slight increase in gross margin to -3.59% [3]. Future Outlook - The company plans to gradually start operations at its Anhui and Nantong projects based on market conditions, aiming to maintain its production capacity advantage [4]. - The company is also expanding its overseas production capacity, with plans to build photovoltaic glass furnaces in Indonesia to meet regional demand [4]. Profit Forecast - The profit forecast for 2025-2027 has been adjusted, with expected net profits of 1.504 billion yuan, 2.148 billion yuan, and 2.720 billion yuan respectively, reflecting a significant downward revision of 66% and 56% for 2025 and 2026 [4][5].

Investment Rating - The report maintains an "Accumulate" rating for Hisense Home Appliances (000921.SZ) with a current price of 29.71 CNY [1] Core Views - The company achieved a revenue of 92.75 billion CNY in 2024, representing a year-over-year increase of 8.3%, and a net profit attributable to shareholders of 3.35 billion CNY, up 18% year-over-year [5] - The company’s revenue for Q4 2024 was 22.17 billion CNY, with a year-over-year growth of 7.1%, and a net profit of 550 million CNY, reflecting a significant increase of 34.9% year-over-year [5] - The profit distribution plan for 2024 includes a cash dividend of 12.30 CNY per 10 shares, totaling 1.7 billion CNY, with a cash dividend ratio of 51% [5] Revenue Performance - Domestic sales revenue for 2024 was 48 billion CNY, down 2.1% year-over-year, while overseas sales revenue reached 35.6 billion CNY, up 27.6% year-over-year [6] - The HVAC business generated 40.3 billion CNY in revenue, a 4.2% increase year-over-year, with significant growth in overseas markets for central air conditioning [6] - The home appliance segment saw revenue of 19.5 billion CNY, an 18.5% increase, driven by government subsidies and improved domestic sales performance [6] - The ice washing business reported revenue of 30.8 billion CNY, up 18.3% year-over-year, benefiting from government policies [6] Profitability and Cost Structure - The overall gross margin for 2024 was 20.8%, a decrease of 1.3 percentage points year-over-year, with domestic gross margin at 30.7% and overseas gross margin at 11.4%, which increased by 1.2 percentage points [7] - The company’s net profit margin for 2024 was 3.6%, an increase of 0.3 percentage points year-over-year, with expectations for gradual improvement due to stock incentive plans [7] Financial Forecast and Valuation - The report projects net profits of 3.79 billion CNY for 2025 and 4.28 billion CNY for 2026, with a new forecast for 2027 at 4.71 billion CNY [8] - The current price corresponds to a price-to-earnings (P/E) ratio of 11/10/9 for the years 2025-2027 [8] - The report maintains the "Accumulate" rating based on the company's strong performance in the HVAC sector and the successful cost reduction and efficiency improvements at its subsidiary, Hisense Hitachi [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong investment opportunity with expected returns exceeding market benchmarks by over 15% in the next 6-12 months [6]. Core Insights - The company achieved a revenue of 17 billion RMB in 2024, reflecting a year-on-year growth of 15.4%, with a net profit of 3.63 billion RMB, up 23.9% from the previous year [1][4]. - The shopping center operations are performing exceptionally well, with the number of managed shopping centers reaching a five-year high, contributing significantly to revenue growth [2][3]. - The company has expanded its urban services segment, generating 1.82 billion RMB in revenue, a 36.3% increase year-on-year, indicating a strategic diversification of services [3]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 17.04 billion RMB, with a gross profit of 5.61 billion RMB and a gross margin of 32.9%, which is an increase of 1.1 percentage points year-on-year [1][5]. - The net profit attributable to shareholders was 3.63 billion RMB, marking a 23.9% increase compared to 2023 [1][5]. Shopping Center Operations - The company managed 118 shopping centers by the end of 2024, an increase of 20 centers from the previous year, achieving a retail sales volume of 215 billion RMB, which is an 18.7% increase year-on-year [2]. - The rental income from property owners reached 26.2 billion RMB, up 19.2% year-on-year, with an operating profit margin of 65.1% [2]. Urban Services Expansion - The urban services segment has been established, providing management services for various facilities, generating 1.82 billion RMB in revenue, which constitutes 10.7% of total revenue [3]. - The number of managed urban service projects reached 438, with a managed area of 12 million square meters, reflecting a significant increase [3]. Employee and Dividend Insights - The company employed 42,046 full-time staff by the end of 2024, with a 12.5% increase in revenue per employee and a 20.8% increase in profit per employee [3]. - The total dividend payout for 2024 was 4.8 billion RMB, resulting in a dividend yield of 6.7%, which is considered attractive [3][4].

2025 年 4 月 2 日 离子交换树脂应用领域广泛，行业发展空间广阔。离子交换树脂是一类带有 活性基团的网状结构的有机高分子化合物，当离子交换树脂与溶液接触的时 候，溶液中的可交换离子与离子交换树脂上的抗衡离发生交换实现分离和纯 化作用，从而达到浓缩、分离、提纯、净化等目的。在离子交换树脂广泛应 用于工业水处理后，在新兴领域需求带动下，领先的吸附分离树脂提供商持 续加大研发投入和市场开拓，合成出大量具有交换、吸附、螯合、催化等特 殊功能的新型树脂，在不同领域的生产工艺中实现了脱盐、分离、纯化、脱 色、催化等多种应用效果，并成功应用于制药、食品加工、化工、环保、湿 法冶金等领域。 离子交换树脂高端市场被海外龙头垄断，国内龙头企业持续推进国产替代。 行业研究 目前离子交换树脂市场参与竞争的企业主要分为三个梯队：首先，以美国陶 氏化学、德国朗盛、英国漂莱特、日本三菱化学为代表的跨国企业凭借产品 线完整、技术领先、研发能力强、历史悠久等优势，占据高端市场大部分市 场份额。其次，国内形成了以蓝晓科技、争光股份、江苏苏青及淄博东大等 企业为代表的国产阵营，部分自主核心产品性能已达到行业领先水平，具备 较强市场竞争力， ...

2025 年 4 月 2 日 公司研究 在手订单充沛，风机盈利显著改善 ——金风科技（002202.SZ & 2208.HK）2024 年年报点评 要点 事件：公司发布 2024 年年报，2024 年实现营业收入 566.99 亿元，同比增长 12.37%，实现归母净利润 18.60 亿元，同比增长 39.78%，扣非归母净利润 17.77 亿元，同比增长 38.26%；拟向全体股东每 10 股派发现金红利 1.4 元（含税）。 2024Q4 公司实现营业收入 208.60 亿元，同比减少 1.32%，实现归母净利润 0.68 亿元，同比减少 2.71%，环比减少 83.14%。 大兆瓦产品销售及订单规模持续提升，整机业务盈利明显改善。1）销量：国内 风电建设迎来需求释放，24 年公司对外销售机组容量 16.05GW，同比上升 16.56%。公司大兆瓦机型规模快速提升，6MW 及以上机组逐渐成为公司主力机 型，销售容量同比上升 59.15%至 9.78GW；4MW（含）-6MW 机组销售容量同 比下降 18.32%至 6.11GW。2）订单：截至 2024 年 12 月底，公司在手订单总 规模达到 47.40 ...

2025 年 4 月 2 日 晨会速递 分析师点评 市场数据 总量研究 【金工】基金抱团加强，量化选股组合超额收益显著——金融工程量化月报 20250401 截至 2025 年 3 月 31 日，沪深 300 指数上涨家数占比指标最近一个月环比上月小幅 上升，上涨家数占比指标高于 60%，市场情绪较高；从动量情绪指标走势来看，近 一月快线、慢线均拐头向下，快线处于慢线下方，预计在未来一段时间内将维持谨慎 观点；从均线情绪指标来看，短期内沪深 300 指数处于情绪非景气区间。 行业研究 【房地产】1-3 月百强全口径销售额同比-7%，销售面积同比-19%——百强房企销售 跟踪（2025 年 3 月）(增持) 2025 年 1-3 月，百强房企累计全口径销售金额、销售面积分别为 7,847 亿元、3,931 万平，累计同比-7.3%、-19.2%，累计同比较 1-2 月变化-4.2pct、-3.6pct，1-3 月， TOP50 房企中的 48 家房企全口径销售金额同比平均值为+11.7%，中位数为+0.5%。 随着前期政策持续落地，部分高能级城市将逐步实现止跌回稳，建议关注中国海外发 展等。 【医药】政策鼓励高 ...

2025 年 4 月 1 日 风险提示：原材料价格波动风险、市场竞争风险、电力工程投资不及预期风险。 公司研究 24 年业绩稳健增长，网内网外业务持续推进 ——四方股份（601126.SH）2024 年年报点评 要点 事件：公司发布 2024 年年报，2024 年实现营业收入 69.51 亿元，同比增长 20.86%；归母净利润 7.16 亿元，同比增长 14.09%；扣非归母净利润 6.98 亿元， 同比增长 11.98%，拟向全体股东每股派发现金红利 0.72 元（含税）。2024Q4 公司实现营业收入 18.58 亿元，同比增长 22.66%，实现归母净利润 1.06 亿元， 同比增长 0.63%，环比减少 42.63%。 网内网外同步发力，主营业务规模稳健增长。电网自动化业务：公司持续深耕电 网，挖掘细分市场需求，24 年成功实现国内首次电鸿化电力核心设备挂网运行， 中标重庆 500kV 陈家桥变、110kV 杉树变等首批高可靠变电站保护免配置技术 试点项目，中标国调中心新一代调度 WAMS 主站、华北西电东送特高压和川渝 特高压安全稳定控制系统。24 年该业务实现营业收入 33.09 亿元，同比增长 ...

Investment Rating - The report maintains an "Accumulate" rating for both A and H shares of the company [3][4]. Core Views - The company is undergoing a significant transformation with a focus on both joint ventures and independent brands, aiming to enhance its market position and operational efficiency [2][3]. - The company's 2024 performance is under pressure, with total revenue expected to decline by 17.1% year-on-year to CNY 106.8 billion, and net profit expected to drop by 81.4% to CNY 0.82 billion [1][3]. - The report highlights a gradual improvement in sales and investment returns in the fourth quarter of 2024, indicating a potential recovery trajectory [1]. Summary by Sections Financial Performance - In 2024, the company anticipates a total revenue of CNY 106.8 billion, a decrease of 17.1% from the previous year, and a net profit of CNY 0.82 billion, down 81.4% [1][3]. - The gross margin is projected to decline by 1.1 percentage points to 5.8% [1]. - The fourth quarter of 2024 shows a revenue increase of 4.8% year-on-year and a net profit turnaround to CNY 0.7 billion [1]. Sales and Production - The company’s total sales volume is expected to decrease by 24.2% in 2024, totaling 1.917 million vehicles [1]. - The fourth quarter of 2024 saw a sales volume of 583,000 vehicles, reflecting a year-on-year decline of 19.6% but a quarter-on-quarter increase of 22.9% [1]. Strategic Initiatives - The company is implementing a comprehensive reform of its independent brand strategy, with plans to launch 20 new or updated models by 2025 [2]. - The establishment of a joint venture with Huawei aims to accelerate the development of high-end electric vehicles [2]. Future Outlook - The report projects a gradual recovery in profitability, with net profit estimates for 2025 and 2026 at CNY 0.75 billion and CNY 0.88 billion, respectively [3]. - The company is expected to improve its cost structure through unified procurement strategies, potentially reducing costs by 10% by 2025 [2].

2025 年 4 月 1 日 公司研究 业绩增长韧性较强，转债转股增厚股本 ——张家港行（002839.SZ）2024 年年报点评 增持（下调） 当前价：4.25 元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：赵晨阳 执业证书编号：S0930524070005 010-57378030 zhaochenyang@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 24.44 | | 总市值(亿元)： | 103.88 | | 一年最低/最高(元)： | 3.56/4.98 | | 近 3 月换手率： | 111.73% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 2.73 | -2.55 | 2.49 | | 绝对 | 2.66 | -5.35 | 12.38 | | 资料来源：Wind | | | | 要点 事件： 3 月 28 日，张家港行发布 2024 年年报， ...

公司研究 创新药助推业绩增长，海外授权增厚利润 ——恒瑞医药（600276.SH）2024 年年报点评 要点 事件：公司发布 2024 年年报，实现营业收入 279.85 亿元（YOY+22.63%），实 现归母净利润 63.37 亿元（YOY+47.28%），实现扣非归母净利润 61.78 亿元 （YOY+49.18%），业绩符合预期。 点评： 创新药成增长主引擎，持续加码研发投入：24 年公司创新药收入达 138.92 亿 元（YOY+30.6%），占总营收（含税，剔除对外授权收入）比重超 50%；仿制 药收入则略有下滑，主要受集采影响，注射用醋酸卡泊芬净、七氟烷和盐酸罂粟 碱注射液销售额同比共减少 8.44 亿元。24 年公司有两款一类创新药在中国获 批，截至 24 年底已在中国获批上市 17 款 1 类创新药、4 款 2 类创新药。创新 药与仿制药业务收入增速分化明显，表明公司在创新药领域转型已显成效。公司 持续加码创新药研发投入，24 年累计研发投入 82.28 亿元（YOY+33.8%），其 中费用化研发投入 65.83 亿元(YOY+32.9%)。通过加大研发投入公司打造多个技 术平台，涉及 P ...