Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has optimized its business structure, leading to a slight increase in gross margin despite a decline in revenue [6][7] - The company is focusing on strategic emerging industries, including new energy, low-altitude economy, and underground space, to accelerate its transformation [10][11] - The controlling shareholder's plan to increase holdings reflects confidence in the company's future development [9] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 12.434 billion yuan, a decrease of 8.0% year-on-year, and a net profit attributable to shareholders of 1.751 billion yuan, down 0.8% [5] - For Q1 2025, the company reported operating revenue of 1.667 billion yuan, a decline of 21.8% year-on-year, but a net profit increase of 1.9% to 90 million yuan [5][6] Business Structure and Strategy - The company has seen a significant increase in overseas business, with revenue from international operations growing by 67.4% year-on-year [6] - New contracts signed in 2024 totaled 17.28 billion yuan, with a notable increase in overseas contracts, which reached 218 million USD, up 81.6% [8] Cost Management and Profitability - The company improved its gross margin to 29.4% in 2024, up 2.23 percentage points year-on-year, due to better cost control and an increase in investment income [7] - In Q1 2025, the gross margin was 14.8%, with a net margin of 5.9%, reflecting ongoing efforts to manage costs effectively [7] Future Outlook - The company has sufficient contracts on hand and is actively expanding into new strategic areas, which is expected to support future growth [11] - Profit forecasts for 2025 and 2026 have been adjusted to 1.812 billion yuan and 1.898 billion yuan, respectively, reflecting a cautious outlook due to local government financial constraints [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a favorable outlook for investment over the next 6-12 months [7]. Core Insights - The company reported a significant improvement in performance for Q1 2025, with revenue of 543 million yuan, a year-on-year increase of 10.78% and a quarter-on-quarter increase of 3.10%. The net profit attributable to shareholders reached 22 million yuan, an increase of 3.55 million yuan year-on-year and 5.38% quarter-on-quarter [1][2]. - The company has successfully launched new herbicide products, with substantial market potential, particularly in high-value crops. The first product, Quizalofop, has been widely adopted, and additional products are set to launch in 2025 [3][4]. - The company is expanding its production capacity and has seen significant growth in overseas sales, particularly in key markets like Brazil and the United States [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.419 billion yuan, a slight decrease of 1.68% year-on-year, while the net profit attributable to shareholders improved by 0.78 billion yuan to a loss of 0.26 billion yuan. For Q1 2025, revenue was 543 million yuan, with a year-on-year increase of 10.78% and a quarter-on-quarter increase of 3.10% [1][2]. - The main products, including herbicides and fungicides, generated revenues of 2.219 billion yuan, 159 million yuan, and 34 million yuan respectively in 2024, with varying growth rates [2]. Product Development - The company is building a product matrix centered around innovative herbicides, with significant growth in sales since the launch of Quizalofop in 2021. The second product, Pyrazosulfuron, has received approval for market launch in 2025 [3]. - New projects for pesticide production are underway, with successful trials for new herbicides planned for registration in 2025 [4]. Market Expansion - The company has successfully launched production facilities that enhance its core raw material capacity, with significant growth in overseas sales, particularly for key products like Acetochlor, which saw an 88% increase in export volume [4]. - The company is actively pursuing registrations for its proprietary products in major international markets, enhancing its competitive position [4]. Profit Forecast and Valuation - The report adjusts profit forecasts for 2025-2026, estimating net profits of 89 million yuan and 194 million yuan respectively, while maintaining a positive outlook on capacity expansion and product registration progress [4].

公司研究 2024 年收入实现增长，利润端承压，静待制造业复苏 ——绿的谐波（688017.SH）2024 年年报点评 要点 2025 年 4 月 30 日 事件： 4 月 30 日绿的谐波发布 2024 年年报。2024 年公司实现营业收入 3.87 亿元，同比增长 8.8%；实现归母净利润 0.56 亿元，同比下降 33.3%；实现扣 非归母净利润 0.46 亿元，同比下降 38.1%。2024 年公司综合毛利率为 37.5%， 同比下降 3.6pct；归母净利率为 14.5%，同比下降 9.1pct。单季度来看，24Q4 公司实现营业收入 1.11 亿元，同比增长 9.1%。环比增长 7.6%；实现归母净利 润-0.03 亿元，同环比皆由盈转亏。 点评：收入实现增长，利润端承压明显。 2024 年随着国内工业机器人行业需求回暖，下游需求逐步修复，公司谐波减速 器及机电一体化产品产销量均实现增长，2024 年公司营业收入同比增长 8.8%。 24 年公司利润端压力明显，归母净利润同比下降 33.3%，扣非归母净利润同比 下降 38.1%，主要原因包括：1）现金管理收益减少、财政补助金额减少；2） 新产品持 ...

2025 年 4 月 30 日 公司研究 24 年营收稳健增长，25Q1 业绩承压 ——赛科希德（688338.SH）2024 年年度及 2025 年第一季度报告点评 要点 事件：公司发布 2024 年年度报告及 2025 年第一季度报告。2024 年公司实现营 业收入 3.06 亿元，同比增长 11.03%；实现归母净利润 1.13 亿元，同比下降 3.35%；扣非归母净利润 1.10 亿元，同比下降 3.97%。2025 年第一季度实现营 业收入 6863.93 万元，同比下降 9.47%；归属于上市公司股东的净利润 2313.29 万元，同比下降 23.98%；扣非归母净利润 2221.13 万元，同比下降 26.61%。 点评： 24 年营收稳健增长，25Q1 业绩承压：2024 年公司营收保持稳健增长，主要得 益于凝血产品装机量和用户数量的持续提升。随着医疗终端对血栓与止血检测需 求的增加，公司仪器、试剂及耗材销售同步增长。2024 年归母净利润同比微降 3.35%，主要受新生产基地投入使用带来的折旧摊销、运营维护及搬迁费用增加 等因素影响。2025 年第一季度实现营业收入 6863.93 万元，同 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Communications Construction Company (CCCC) [7][5] Core Views - The company has shown significant effects from its engineering business transformation, with a focus on increasing dividends to enhance shareholder returns [5][4] - Despite a slight decline in gross margin, the company has experienced rapid growth in overseas revenue, indicating a positive trend in international contracts [2][3] - The company has effectively controlled costs while planning to increase dividends, with a proposed cash dividend of 4.911 billion yuan for 2024, representing a payout ratio of 21% [4] Summary by Sections Financial Performance - In 2024, CCCC achieved operating revenue of 771.9 billion yuan, with a net profit attributable to shareholders of 23.4 billion yuan, reflecting a year-on-year change of +1.7% and -1.8% respectively [1] - For Q1 2025, the company reported operating revenue of 154.6 billion yuan, with a net profit of 5.5 billion yuan, showing a decline of -12.6% and -11.0% year-on-year [1] Revenue Breakdown - The company's gross margin decreased slightly to 12.3% in 2024, with net margin at 3.9%, down by 0.31 and 0.05 percentage points year-on-year [2] - Revenue from domestic and overseas operations in 2024 was 636.7 billion yuan and 135.3 billion yuan respectively, with year-on-year changes of -0.9% and +16.4% [2] Contracting and Business Growth - CCCC signed new contracts worth 1.8812 trillion yuan in 2024, a year-on-year increase of 7.3%, with significant growth in water conservancy and energy engineering contracts [3] - The company’s overseas new contracts grew by 12.5% in 2024, indicating a strong international presence [3] Cost Management and Dividend Policy - The company has managed its expenses effectively, with sales, management, and R&D expense ratios showing minor fluctuations [4] - CCCC plans to maintain a cash dividend payout ratio of no less than 20% for the years 2025-2027, ensuring consistent returns to shareholders [4] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been adjusted downwards to 24.3 billion yuan and 26.1 billion yuan respectively, reflecting a decrease of 9.7% and 9.1% [5] - The report anticipates steady growth in new contracts and positive outcomes from the engineering business transformation [5]

2025 年 4 月 30 日 公司研究 经营略有承压，盈利能力稳定 ——山东药玻（600529.SH）2024 年年报及 2025 年一季报点评 要点 事件：山东药玻发布 2024 年年报及 2025 年一季报，24 年实现营收/归母净利/ 扣非归母净利 51.3/9.4/9.0 亿元，同比+2.87%/+21.6%/+21.9%，经营性净现金 流11.7亿元，同比+11.2%。25Q1实现营收/归母净利/扣非归母净利12.4/2.2/2.1 亿元，同比-2.0%/+1.3%/+1.8%。经营性净现金流 0.9 亿元，同比-69.4%。公 司拟每股派发 0.32 元（含税），对应公告日（4 月 24 日）股息率 1.4%。 模制瓶稳健增长，海外增速亮眼：24 年公司模制瓶/棕色瓶/丁基胶塞/管制瓶实 现营收 23.5/11.6/2.9/2.1 亿元，同比+3.9%/+3.5%/+11.9%/+5.0%；对应销量 为 37.5 万吨/28.6 万吨/62.2 亿支/16.2 亿支，同比-0.4%/+4.8%/+15.4%/-1.9%。 需求承压、竞争加剧下模制瓶收入增速放缓。分地区看，国内/国外实现营收 35 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrated resilience in its operations, with expectations for humanoid robots to be integrated into tourism and cultural scenarios, contributing to new growth drivers [4]. - The company reported a revenue of 1.84 billion in 2024, a decrease of 4.9% year-on-year, attributed to project delivery delays and the nurturing phase of new businesses [2][4]. - The gross margin improved significantly to 33.4% in 2024, the highest level since 2016, despite an increase in expenses and impairment losses affecting profitability [3][11]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.84 billion, net profit attributable to shareholders of 60 million, and a net profit excluding non-recurring items of 50 million, reflecting year-on-year declines of 4.9%, 36.0%, and 38.7% respectively [1]. - For Q1 2025, the company reported revenue of 290 million, net profit of 30 million, and net profit excluding non-recurring items of 30 million, with year-on-year changes of +0.2%, -3.4%, and -3.9% respectively [1]. Product and Regional Performance - In 2024, revenue from various segments included 1.07 billion from cultural and sports tourism equipment (down 22.7%), 270 million from digital art technology (up 18.1%), 210 million from rail transit equipment (up 100.0%), and 260 million from cultural and sports tourism operation services (up 44.3%) [2]. - Domestic revenue decreased by 18.5% to 1.56 billion, while overseas revenue surged by 1248.4% to 270 million, primarily due to the recognition of income from the Sochi Concert Hall project in Russia [2]. Profitability and Cost Structure - The gross margin for 2024 was 33.4%, an increase of 8.3 percentage points year-on-year, while the net profit margin was 3.4%, a decrease of 1.6 percentage points [3][11]. - The selling, general, and administrative expenses ratio increased to 23.5%, with specific rates for selling, management, financial, and R&D expenses being 7.2%, 13.4%, -2.8%, and 5.7% respectively [3]. Future Outlook and Valuation - The company expects an improvement in order volume due to a recovery in industry conditions following increased local government support for debt [4]. - The forecast for net profit attributable to shareholders is 309 million for 2025, 371 million for 2026, and 460 million for 2027, reflecting significant growth rates [4][5].

Investment Rating - The report maintains a "Buy" rating for Luzhou Laojiao [6] Core Views - Luzhou Laojiao's total revenue for 2024 is projected at 31.196 billion yuan, with a year-on-year growth of 3.19%, and a net profit attributable to shareholders of 13.473 billion yuan, reflecting a 1.71% increase [1] - The company plans to distribute a cash dividend of 45.92 yuan per 10 shares for 2024, with a total cash dividend amounting to 8.758 billion yuan, corresponding to a dividend payout ratio of approximately 65% [1] - The company aims for a cash dividend payout ratio of no less than 65% in 2024, 70% in 2025, and 75% in 2026, with a minimum annual cash dividend of 8.5 billion yuan [1] Revenue and Growth - In 2024, the revenue growth rate has slowed down, with mid-to-high-end liquor and other liquor revenues at 27.585 billion yuan and 3.467 billion yuan respectively, showing year-on-year increases of 2.77% and 7.15% [2] - For Q1 2025, total revenue is 9.352 billion yuan, a year-on-year increase of 1.78%, aligning with market expectations [2] Profitability and Margins - The gross margin for 2024 and Q1 2025 is 87.54% and 86.51% respectively, with a slight decline compared to the previous year [3] - The net profit margin for 2024 is 43.19%, reflecting a decrease of 0.62 percentage points year-on-year [3] Financial Forecasts and Valuation - The net profit forecasts for 2025 and 2026 have been adjusted downwards to 13.857 billion yuan and 14.989 billion yuan, representing a 15% and 18% reduction from previous estimates [4] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are projected at 9.41 yuan, 10.18 yuan, and 11.00 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 13, 12, and 11 [4]

25Q1 收入同比双位数增长，品牌韧性彰显。25Q1 公司收入端同比增长 10.7%、 略超此前市场预期，整体需求平淡下仍实现双位数增长，再度彰显公司品牌韧性。 1）分产品看，25Q1 茅台酒/系列酒实现营收分别为 435.57/70.22 亿元，同比增 加 9.7%/18.3%，茅台酒收入保持稳健增长，飞天茅台价格底线相对明确，系列 酒收入增长环比提速（24Q3/24Q4 系列酒收入同比增长 13.14%/5.07%）。2） 分渠道看，25Q1 直销/批发代理渠道收入分别为 232.20/273.60 亿元，同比增加 20.19%/3.93%，直销渠道收入占比约 46%、同比 24Q1 有所提升，其中"i 茅 台"数字平台实现酒类不含税收入 58.70 亿元、同比增长约 10%。3）截至 25Q1 末国内/国外经销商数量分别为 2174/109 家，净增 31/5 家，国内经销商数量增 加均为系列酒经销商。 2025 年 4 月 30 日 公司研究 Q1 开局亮眼，业绩略超预期 ——贵州茅台（600519.SH）2025 年一季报点评 要点 事件：贵州茅台发布 2025 年一季报，公司 25Q1 实现总营收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a significant year-on-year increase in net profit of 92.7% in Q1 2025, reaching 11.31 billion yuan [5][7] - The combined ratio (COR) improved by 3.4 percentage points to 94.5%, outperforming major listed peers [7] - The company holds a 35% market share in the property insurance sector, maintaining its industry-leading position [8] Summary by Sections Financial Performance - In Q1 2025, the company reported operating revenue of 128.56 billion yuan, up 8.0% year-on-year, and insurance service revenue of 120.74 billion yuan, up 6.1% year-on-year [5] - The company’s investment income increased significantly by 56.4% to 7.46 billion yuan, benefiting from a recovering capital market [7] Business Segmentation - The insurance service revenue from non-auto insurance grew by 11.7% to 46.41 billion yuan, while auto insurance service revenue increased by 2.8% to 74.33 billion yuan [6] - The company’s premium income for auto insurance was 71.70 billion yuan, up 3.5%, and for non-auto insurance, it was 108.73 billion yuan, up 3.8% [6] Cost Management - The company achieved an underwriting profit of 6.65 billion yuan, a substantial increase of 183.0% year-on-year, due to improved cost management and reduced disaster losses [7] - The comprehensive cost ratio (COR) is expected to maintain a trend of year-on-year improvement, driven by ongoing business structure optimization and enhanced risk management [8] Profit Forecast and Valuation - The report forecasts net profits of 37.4 billion yuan, 43.3 billion yuan, and 50.4 billion yuan for 2025, 2026, and 2027 respectively [10] - The current stock price corresponds to a price-to-book (PB) ratio of 1.02 for 2025, indicating it is still at a historically low level [8]