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苹果(AAPL):FY2Q25业绩跟踪:略超预期,需持续关注关税进展
EBSCN· 2025-05-02 14:19
公司研究 FY2Q25 业绩略超预期,需持续关注关税进展 ——苹果(AAPL.O)FY2Q25 业绩跟踪 买入(维持) 当前价:213.32 美元 作者 2025 年 5 月 2 日 分析师:付天姿 CFA,FRM 执业证书编号:S0930517040002 021-52523692 futz@ebscn.com 分析师:黄铮 执业证书编号:S0930524070009 021-52523825 huangzheng1@ebscn.com 市场数据 | 总股本(亿股) | 150.22 | | --- | --- | | 总市值(亿美元): | 32,045.09 | | 一年最低/最高 | 169.2-260.1 | | (美元): | | | 近 3 月换手率: | 39.1 | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -5.9 | 0.3 | 12.1 | | 绝对 | -4.4 | -9.5 | 23.9 | 资料来源:Wind 相关研报 FY1Q25 营收&利润创单季新高, 期待 4 月 ...
鸿路钢构(002541):2024年年报点评及2025年一季报点评:24年经营承压,25Q1吨盈利同环比改善
EBSCN· 2025-05-02 13:26
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has faced operational pressure over the past 24 years, but there has been an improvement in profit per ton in Q1 2025 compared to the previous quarter [1][11] - The company’s total revenue and net profit for 2024 were 21.5 billion and 770 million yuan, respectively, reflecting a year-on-year decline of 9% and 35% [5][11] - In Q1 2025, the company achieved total revenue of 4.8 billion yuan, a year-on-year increase of 9%, while net profit decreased by 33% [5][11] Summary by Sections Revenue and Profitability - In 2024, the company’s steel structure business generated revenue of 20.8 billion yuan, down 9% year-on-year, with a sales volume of 4.33 million tons, up 2% [6] - The average price per ton was 4,803 yuan, a decrease of 10% year-on-year due to falling steel prices [6] - The gross profit margin for the steel structure business was 17.1 billion yuan, down 17% year-on-year, with a gross profit per ton of 394 yuan, down 18% [6] Operational Performance - The company signed new orders worth 28.3 billion yuan in 2024, a decrease of 5% year-on-year, with a production volume of 4.51 million tons [6] - The production and sales rate was 96.1%, an increase of 1.2 percentage points year-on-year [6] Q1 2025 Performance - In Q1 2025, the company produced 1.05 million tons, with a sales volume of approximately 1 million tons [10] - The gross profit per ton was 475 yuan, down 57% year-on-year, primarily due to a decline in steel prices [10] - The company reported a significant reduction in R&D expenses, indicating a potential peak in the intensity of its smart transformation efforts [10] Financial Forecasts - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.03 billion yuan and 1.15 billion yuan, respectively, reflecting a downward revision of 21% and 30% [11] - The report anticipates improvements in profitability as the company’s smart transformation progresses [11] Market Position - The company’s stock price has experienced a significant correction, and the improvement in ton profit in Q1 2025 supports the "Buy" rating [11]
亚马逊(AMZN):2025年一季报业绩点评:25Q2业绩指引不及预期,AWS营收增速放缓
EBSCN· 2025-05-02 12:26
2025 年 5 月 2 日 公司研究 亚马逊 25Q2 业绩指引不及预期,AWS 营收增速放缓 ——亚马逊(AMZN.O)2025 年一季报业绩点评 要点 事件:美国东部时间 5 月 1 日盘后,亚马逊发布 25Q1 业绩公告。截至北京 时间 5 月 2 日 8:00,亚马逊盘后股价下跌 2.34%。 25Q2 净销售额和营业利润率指引不及预期。25Q1 亚马逊净销售额 1556.7 亿 美元,同比增长 8.6%,高于 Refinitiv 一致预期(下文简称一致预期)0.4%; 营业利润 184.05 亿美元,同比增长 20.2%;营业利润率 11.8%,同比增长 1.1pcts,净利润 171.3 亿美元,同比增长 64.2%,高于一致预期 11.5%。25Q2 净销售额指引 1590-1640 亿美元(中位数低于一致预期 1.2%),同比增长 6%-10%;营业利润指引 130-175 亿美元(中位数低于一致预期 26.5%)。 AWS 营收增速放缓,营业利润率回升。25Q1 亚马逊 AWS 收入 292.7 亿美元 (低于一致预期 0.5%),同比增长 16.9%(24Q4 同比增速 18.9%),A ...
香港交易所(00388):2025 年一季度业绩点评:业绩创历季新高,中概股回流有望注入新增量
EBSCN· 2025-05-02 11:28
Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company achieved record high performance in Q1 2025, with total revenue of HKD 68.6 billion, a year-on-year increase of 31.8% and a quarter-on-quarter increase of 7.5%. The net profit attributable to shareholders was HKD 40.8 billion, up 37.3% year-on-year and 7.9% quarter-on-quarter [4][5] - The increase in revenue and profit is primarily driven by heightened trading activity in the Hong Kong stock market, supported by innovations in artificial intelligence and other developments [5] - The report anticipates that the return of Chinese concept stocks to Hong Kong could inject new trading volume into the market [7] Summary by Sections Financial Performance - In Q1 2025, the company's main business revenue reached HKD 63.2 billion, reflecting a year-on-year growth of 35.6% and a quarter-on-quarter growth of 5.0% [4] - The trading fees, system usage fees, and settlement fees totaled HKD 41.3 billion, accounting for 60.2% of total revenue, with a year-on-year increase of 58.7% [5] - Investment income netted HKD 13.3 billion, representing 19.4% of total revenue, with a slight year-on-year decrease of 0.7% but a quarter-on-quarter increase of 11.2% [5] Market Activity - The average daily trading volume for Hong Kong stock securities reached HKD 2,427 billion, a year-on-year increase of 144.2% [5] - The number of new listings in Q1 2025 was 17, a year-on-year increase of 41.7%, raising a total of HKD 187 billion, which is a 289.6% increase year-on-year [7] Future Outlook - The report maintains profit forecasts for 2025-2027 at HKD 150 billion, HKD 156 billion, and HKD 165 billion respectively, with a corresponding PE ratio of 29X, 28X, and 26X [7][9]
赛力斯(601127):跟踪报告:1Q25毛利率表现亮眼,启动港股融资开启全球化
EBSCN· 2025-05-02 05:15
Investment Rating - The report maintains a "Buy" rating for the company, citing strong order performance for the Wanjie M8 model as a key factor for the rating adjustment [4]. Core Viewpoints - The company is expected to achieve robust performance in 2024, with a projected revenue growth of 305.0% year-on-year to 145.18 billion yuan and a return to profitability with a net profit of 5.95 billion yuan, compared to a loss of 2.45 billion yuan in 2023 [1][5]. - The first quarter of 2025 shows a decline in sales due to seasonal factors and model transitions, but the gross margin remains strong at 27.6%, benefiting from the increasing sales proportion of high-end models like the Wanjie M9 [2][3]. - The company is initiating a Hong Kong stock listing to support its global expansion, with funds aimed at enhancing R&D, diversifying marketing channels, and improving operational efficiency [3]. Summary by Sections Financial Performance - In 2024, the company’s revenue is expected to reach 145.18 billion yuan, with a year-on-year growth of 305.0%. The net profit is projected at 5.95 billion yuan, recovering from a loss of 2.45 billion yuan in 2023 [1][5]. - For 1Q25, revenue is forecasted to decline by 27.9% year-on-year to 19.15 billion yuan, while net profit is expected to increase by 240.6% year-on-year to 750 million yuan [1]. Sales and Market Position - The company’s vehicle sales in 2024 are projected to grow by 97.0% to 497,000 units, with the Wanjie model sales increasing by 281.3% to 386,000 units [2]. - The first quarter of 2025 shows a significant decline in sales, with a 40.1% year-on-year drop to 68,000 units, attributed to the transition between old and new models [2]. Strategic Initiatives - The company is focusing on production, R&D, and channel development, with plans to enhance smart manufacturing and expand its global footprint through a Hong Kong listing [3]. - The funds raised from the Hong Kong listing will be used for R&D in new models and technologies, as well as for operational expenses and marketing [3].
中国核电(601985):2024年年报暨2025年一季度报点评:25Q1业绩稳定增长,装机容量有望持续扩张
EBSCN· 2025-05-02 05:13
要点 2025 年 5 月 2 日 公司研究 25Q1 业绩稳定增长,装机容量有望持续扩张 ——中国核电(601985.SH)2024 年年报暨 2025 年一季度报点评 事件:公司发布 2024 年年报及 2025 年一季度报。2024 年,公司实现营收 772.72 亿元,同比+3.09%;归母净利润 87.77 亿元,同比-17.38%。2025 年一季度, 公司实现营收 202.72亿元,同比+12.70%;归母净利润 31.37 亿元,同比+2.55%。 24 年核电发电量同比稍有下降,绿电发电量同比大增。公司 2024 年累计商运 发电量为 2163.49 亿千瓦时,同比+3.09%;上网电量为 2039.23 亿千瓦时,同 比+3.28%。其中,核电发电量 1831.22 亿千瓦时,同比-1.80%;上网电量 1712.60 亿千瓦时,同比-1.83%。主要原因系维修次数增多及受台风影响:秦山大修安 排同比增多,发电量同比-1.52%;海南核电受"摩羯"台风影响,配合电网线 路检修降功率,发电量同比-7.85%;福清 4 号机组小修,发电量同比-6.74%。 由于新能源在运装机规模增加,新能源发 ...
招商银行(600036):2025 年一季报点评:存款定期化边际改善,财富管理收入转暖
EBSCN· 2025-05-01 14:50
2025 年 5 月 1 日 公司研究 存款定期化边际改善,财富管理收入转暖 ——招商银行(600036.SH)2025 年一季报点评 买入(维持) 当前价:40.74 元 作者 分析师:王一峰 执业证书编号:S0930519050002 010-57378038 wangyf@ebscn.com 分析师:董文欣 执业证书编号:S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 252.20 | | 总市值(亿元): | 10,274.57 | | 一年最低/最高(元): | 29.93/46.1 | | 近 3 月换手率: | 28.98% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -2.89 | 1.44 | 21.28 | | 绝对 | -5.89 | 0.22 | 25.89 | | 资料来源:Wind | | | | 要点 事件: 招商银行发布 2025 年一季度报告,报告期内 ...
工商银行(601398):经营稳中有进,资产质量稳健
EBSCN· 2025-05-01 14:21
分析师:董文欣 2025 年 5 月 1 日 公司研究 经营稳中有进,资产质量稳健 ——工商银行(601398.SH)2025 年一季报点评 买入(维持) 当前价:7.01 元 作者 分析师:王一峰 执业证书编号:S0930519050002 010-57378038 wangyf@ebscn.com 执业证书编号:S0930521090001 010-57378035 dongwx@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 3,564.06 | | 总市值(亿元): | 24,984.08 | | 一年最低/最高(元): | 4.98/7.34 | | 近 3 月换手率: | 13.26% | 股价相对走势 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 4.74 | 4.00 | 34.16 | | 绝对 | 1.74 | 2.79 | 38.77 | | 资料来源:Wind | | | | 要点 事件: 工商银行发布 2025 年一季度报告,报告期内实现营业收入 ...
中信银行(601998):2025 年一季报点评:扩表速度提升,资产质量稳健
EBSCN· 2025-05-01 14:20
Investment Rating - The report maintains a rating of "Buy" for CITIC Bank (601998.SH) [1] Core Views - CITIC Bank's Q1 2025 report shows a revenue of 51.77 billion, a year-on-year decrease of 3.7%, and a net profit attributable to shareholders of 19.51 billion, a year-on-year increase of 1.7% [3][4] - The bank's annualized weighted average return on equity (ROE) for Q1 2025 is 11.42%, down 1.15 percentage points year-on-year [3] Summary by Sections Financial Performance - Revenue, PPOP, and net profit growth rates for Q1 2025 are -3.7%, -3.9%, and 1.7% respectively, showing a decline compared to 2024 [4] - Net interest income and non-interest income growth rates are 2.1% and -14.4% respectively, with significant declines from 2024 [4] Asset Quality - The non-performing loan (NPL) ratio remains stable at 1.16%, with a provision coverage ratio of 207.1% [9][10] - The bank's NPL balance is 67.85 billion, an increase of 1.36 billion from the beginning of the year [9] Capital Adequacy - As of Q1 2025, the core tier 1 capital ratio, tier 1 capital ratio, and total capital ratio are 9.45%, 10.9%, and 12.9% respectively, all showing a decline from the end of the previous year [10][30] Earnings Forecast and Valuation - The report forecasts EPS for 2025-2027 to be 1.25, 1.29, and 1.33 respectively, with current stock price corresponding to PB valuations of 0.54, 0.51, and 0.47 times [10][11]
友邦保险(01299):2025 年一季度新业务业绩点评:“量价齐升”推动新业务价值同比增长13%
EBSCN· 2025-05-01 13:35
Investment Rating - The report maintains a "Buy" rating for AIA Group Limited (1299.HK) [1] Core Insights - In Q1 2025, AIA Group achieved a new business value of USD 1.5 billion, representing a year-on-year growth of 13% (fixed exchange rate) and 12.8% (actual exchange rate) [5][11] - The new business value margin reached 57.5%, an increase of 3.3 percentage points year-on-year, primarily due to product structure optimization [5][11] - Annualized new premiums amounted to USD 2.62 billion, reflecting a year-on-year increase of 6.9% [5][11] - Total weighted premium income was USD 12.68 billion, up 13.0% year-on-year [5][11] Market Performance - In the mainland China market, new business value grew by 8% year-on-year, with a new business value margin exceeding 50% [6] - The Hong Kong market saw a 16% year-on-year increase in new business value, benefiting from balanced growth in local and MCV businesses [6] - Southeast Asia markets, particularly Thailand and Singapore, experienced rapid growth in new business value, driven by regulatory changes and strategic partnerships [7] Share Buyback Plan - AIA Group announced a new USD 1.6 billion share buyback plan, expected to be completed within three months [8] Financial Forecasts - The report forecasts AIA Group's net profit for 2025-2027 to be USD 8.13 billion, USD 8.84 billion, and USD 9.75 billion respectively [11][12] - The projected price-to-earnings (P/E) ratios for 2025-2027 are 9.9, 9.1, and 8.2 respectively, indicating a favorable valuation [12]