Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4][6][14]. Core Views - The company achieved a revenue of 97.87 billion yuan in 2024, a slight decrease of 0.35% year-on-year, with a net profit attributable to shareholders of 4.14 billion yuan, down 61.37% year-on-year. For Q1 2025, revenue was 23.38 billion yuan, a decrease of 0.77% year-on-year, but net profit improved to 1.6 billion yuan, a 19.74% decrease year-on-year, indicating a recovery from previous losses [1][4]. - The company plans to achieve revenue exceeding 100 billion yuan in 2025, with a focus on controlling operating costs within 84 billion yuan. Despite challenges in the silicon material business, other segments such as coal, power transmission, and gold are expected to support revenue and cost control targets [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 97.87 billion yuan, with a net profit of 4.14 billion yuan. The Q1 2025 results showed a revenue of 23.38 billion yuan and a net profit of 1.6 billion yuan [1][4]. - The company’s silicon material sales volume decreased by 1.82% to 199,200 tons, with an average selling price dropping approximately 60% to 38,400 yuan per ton, leading to a 33.94% decline in revenue from new energy products and engineering services [2]. - The gold business saw a significant revenue increase of 187.75% to 1.193 billion yuan, despite a decrease in gross margin [2]. Business Segments - The power transmission and transformation sector showed steady growth, with revenues of 22.36 billion yuan from electrical equipment, 15.69 billion yuan from wires and cables, and 4.93 billion yuan from complete power transmission and transformation projects, reflecting year-on-year growth of 20.98%, 15.81%, and 0.26% respectively [3]. - The company secured domestic contracts worth 49.1 billion yuan in the power transmission sector, a year-on-year increase of approximately 21%, and international project contracts exceeded 1.2 billion USD, with a growth rate of over 70% [3]. Future Outlook - The company aims for a revenue target of 105 billion yuan in 2025, with a focus on maintaining cost control despite ongoing pressures in the silicon material sector. The coal and power transmission segments are expected to contribute positively to the overall performance [4][5]. - The profit forecast for 2025-2027 anticipates net profits of 7.22 billion yuan, 8.39 billion yuan, and 9.13 billion yuan respectively, with a current price-to-earnings ratio of 8 times for 2025 [5][12].

Investment Rating - The report maintains a "Buy" rating for Wanrun Co., Ltd. (002643.SZ) [1] Core Views - The company experienced a revenue decline of 14.22% year-on-year in 2024, with total revenue of 36.93 billion yuan and a net profit attributable to shareholders of 2.46 billion yuan, down 67.72% year-on-year [5][6] - The decrease in revenue is attributed to reduced sales of zeolite products and impairment losses affecting performance, particularly in Q4 2024 [6] - The company is expected to start production at the Penglai project in the first half of 2025, which will significantly enhance its functional materials capacity [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 36.93 billion yuan, a decrease of 14.22% from the previous year, and a net profit of 2.46 billion yuan, down 67.72% [5] - The Q4 2024 results showed a revenue of 9.31 billion yuan, a year-on-year decrease of 17.62%, and a net loss of 49.67 million yuan [5] - For Q1 2025, the company achieved a revenue of 8.61 billion yuan, down 8.17% year-on-year, but turned a profit with a net profit of 79.87 million yuan [5] Business Segments - The functional materials segment generated revenue of 30.2 billion yuan in 2024, down 10.3%, with a gross margin decline of 4.0 percentage points to 40.0% [6] - The life sciences and pharmaceutical products segment saw revenue drop by 28.7% to 6.29 billion yuan, but its gross margin improved by 1.9 percentage points to 38.2% [6] R&D and Future Prospects - The company increased R&D spending by 16.0% to 4.23 billion yuan in 2024, with an R&D expense ratio rising to 11.5% [6] - The Penglai project, initiated in 2022, is expected to enhance the company's production capacity significantly upon its completion in 2025 [7] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been revised downwards due to reduced demand for key products, with expected net profits of 365 million yuan, 455 million yuan, and 515 million yuan respectively [8][9] - The report maintains a "Buy" rating based on the successful development and customer integration of new products in display materials and new energy materials [8]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a total revenue of 89.175 billion yuan in 2024, representing a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [1][4]. - The company plans to distribute a cash dividend of 31.69 yuan per 10 shares, with a total cash dividend payout of 22.3 billion yuan, corresponding to a payout ratio of approximately 70% [1]. - The company is focusing on controlling inventory and maintaining prices for its flagship product, with a stable market price for its main brand [2]. Summary by Sections Financial Performance - In Q4 2024, total revenue was 21.26 billion yuan, a 2.53% increase year-on-year, while net profit decreased by 6.17% to 6.922 billion yuan [1]. - For Q1 2025, total revenue reached 36.94 billion yuan, up 6.05% year-on-year, and net profit increased by 5.8% to 14.86 billion yuan [1]. Product and Market Strategy - The main brand and other liquor revenues for 2024 were 67.875 billion yuan and 15.251 billion yuan, respectively, with year-on-year growth of 8.07% and 11.79% [2]. - The company has introduced new products and focused on high-end market segments, with a 30% increase in banquet market activities for the main brand [2]. Cost and Profitability - The gross margin for 2024 was 77.05%, with a slight increase from the previous year, while the net profit margin was 35.72% [3]. - Sales expenses increased significantly in 2024 due to higher investments in brand promotion and channel development [3]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 to 33.691 billion yuan and 35.896 billion yuan, respectively, reflecting a downward revision of 6.7% and 8.6% from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 15 for 2025, indicating a favorable valuation [4].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company achieved a total operating revenue of 9.942 billion yuan in 2024, a year-on-year increase of 34.37%, and a net profit attributable to shareholders of 1.584 billion yuan, up 53.59% year-on-year [1]. - The mining resource segment significantly contributed to the performance increase, with revenue reaching 3.21 billion yuan in 2024, a staggering 412.9% increase year-on-year [2]. - The Lonshi copper mine reached full production ahead of schedule, producing 48,700 tons of copper metal in 2024, with plans to increase production to 79,400 tons in 2025, a 63% increase compared to 2024 [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 2.972 billion yuan, a 42.35% increase year-on-year, and a net profit of 491 million yuan, up 52.77% year-on-year [1]. - For Q1 2025, the company achieved total revenue of 2.811 billion yuan, a 42.49% increase year-on-year, and a net profit of 422 million yuan, up 54.10% year-on-year [1]. Mining Resource Segment - The mining resource business generated 3.21 billion yuan in revenue in 2024, with a gross profit margin of 42.25%, down 6.12 percentage points year-on-year [2]. - In Q1 2025, the mining resource segment generated 1.3 billion yuan in revenue, a 232.7% increase year-on-year, with a gross profit of 588 million yuan, up 247.3% year-on-year [2]. Profit Forecast and Valuation - The report projects net profits of 2.251 billion yuan and 2.812 billion yuan for 2025 and 2026, respectively, with a 3% and 12% upward revision [4]. - The expected price-to-earnings ratios for 2025-2027 are 10.4X, 8.3X, and 7.0X, respectively [4].

Investment Rating - The report maintains a "Buy" rating for Longbai Group (002601.SZ) with a current price of 16.42 CNY [1] Core Views - The company's performance in Q4 2024 was under pressure due to increased asset impairment and financial expenses, but profitability is expected to improve in Q1 2025 as prices recover [1][5][6] - Longbai Group is the largest titanium dioxide producer globally, with a complete industrial chain from mining to processing [7] - The report adjusts profit forecasts for 2025-2026 downwards due to the decline in titanium dioxide prices and increased financial costs, but maintains a positive outlook for 2027 [7] Summary by Sections Financial Performance - In 2024, Longbai Group achieved revenue of 27.51 billion CNY, a year-on-year increase of 2.80%, but net profit attributable to shareholders decreased by 32.79% to 2.17 billion CNY [4][5] - Q4 2024 saw a revenue of 6.65 billion CNY, a year-on-year increase of 2.20%, but a net loss of 395 million CNY, a significant decline compared to the previous year [4][5] - For Q1 2025, revenue was 7.06 billion CNY, a year-on-year decrease of 3.21%, but net profit recovered to 686 million CNY, indicating a positive trend [4][6] Market Dynamics - The titanium dioxide business generated revenue of 18.98 billion CNY in 2024, with a sales volume of 1.254 million tons, reflecting a year-on-year growth of 6.8% and 8.3% respectively [5] - The average selling price of titanium dioxide in Q4 2024 decreased by 4.7% quarter-on-quarter and 10.3% year-on-year, impacting the company's gross margin [5][6] Cost Structure and Profitability - The gross margin for the titanium dioxide business was 31.4% in 2024, an increase of 2.8 percentage points year-on-year, but the overall gross margin in Q4 2024 fell to 19.0% due to price declines [5][6] - Financial expenses surged by 195% year-on-year to 701 million CNY in 2024, with Q4 expenses reaching 399 million CNY [5][6] Future Outlook - The report forecasts net profits for 2025-2027 to be 2.96 billion CNY, 3.37 billion CNY, and 3.75 billion CNY respectively, reflecting a recovery as market conditions improve [7][9] - The company is actively enhancing its upstream raw material supply to support its production capabilities [7]

2025 年 4 月 28 日 公司研究 业绩稳步增长，吸附材料多板块齐发力 ——蓝晓科技（300487.SZ）2024 年年报&2025 年一季报点评 增持（维持） 当前价：44.11 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：蔡嘉豪 执业证书编号：S0930523070003 021-52523800 caijiahao@ebscn.com 市场数据 | 总股本(亿股) | 5.08 | | --- | --- | | 总市值(亿元)： | 223.93 | | 一年最低/最高(元)： | 36.39/67.85 | | 近 3 月换手率： | 45.94% | 股价相对走势 -18% -4% 10% 25% 39% 04/24 07/24 10/24 01/25 蓝晓科技 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -3.86 | -8.33 | -10.93 | | 绝对 | -7.14 | -8.54 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrates strong performance growth with improved operational efficiency and increased cash reserves, leading to a higher dividend payout ratio [2][3] - The main business segments, property management and community value-added services, show steady growth, contributing to 86% of total revenue [2] - The company has optimized its managed projects, enhancing operational efficiency and improving gross profit margins [3] - The company is backed by China Overseas Development and China State Construction Group, providing a rich resource for property management projects [4] Summary by Relevant Sections Financial Performance - In 2024, the company is projected to achieve revenue of 14 billion HKD, a year-on-year increase of 7.5%, with a gross profit of 2.33 billion HKD, up 12.4%, and a net profit attributable to shareholders of 1.51 billion HKD, reflecting a 12.5% increase [1] - The company plans to distribute a total dividend of 0.18 HKD per share for the year, a 29% increase compared to the previous year [1] Operational Efficiency - By the end of 2024, the company will manage an area of 430 million square meters, with new contracts signed for 74.1 million square meters, 63.3% of which comes from third parties [3] - The company has exited 44.5 million square meters of loss-making projects, optimizing its business structure and enhancing operational efficiency [3] Cash Flow and Dividends - As of the end of 2024, the company has cash and bank balances of 5.8 billion HKD, an increase of 13.1% from the previous year [3] - The dividend payout ratio for 2024 is set at 36.3%, an increase of 4.5 percentage points year-on-year [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.68 billion HKD and 1.87 billion HKD, respectively, with a new forecast for 2027 set at 2.04 billion HKD [4] - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 10, 9, and 8 times, respectively, indicating strong valuation attractiveness [4]

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5]. Core Insights - The price spread between hot-rolled and rebar steel has reached a new low in the past five months, indicating potential market shifts [3]. - The financing environment for small and medium enterprises has deteriorated, with the BCI index dropping by 7.24% month-on-month in April 2025 [12]. - The construction and real estate sectors are showing mixed signals, with cement weekly operating rates at a five-year high, while new construction area in real estate has decreased by 24.40% year-on-year for the first three months of 2025 [23][76]. Summary by Sections Liquidity - The BCI index for small and medium enterprises in April 2025 is 48.03, down 7.24% from the previous month [12]. - The M1 and M2 growth rate difference was -5.4 percentage points in March 2025, with a month-on-month increase of 1.5 percentage points [12]. - The London gold spot price decreased by 0.24% compared to the previous week [12]. Infrastructure and Real Estate Chain - The weekly operating rate for cement is at a five-year high [23]. - Price changes this week include rebar up 2.24%, cement price index down 0.65%, and iron ore up 0.65% [23]. - The new construction area in real estate for January to March 2025 has a cumulative year-on-year decrease of 24.40% [23]. Industrial Products Chain - The operating rate for semi-steel tires is at a high level compared to the same period last year [2]. - Major commodity prices this week show cold-rolled steel down 1.99%, copper up 2.46%, and aluminum up 1.06% [2]. - The operating rate for semi-steel tires is 78.11%, down 0.33 percentage points [2]. Price Relationships - The price spread between hot-rolled and rebar steel is 60 CNY/ton, a decrease of 45.5% [10]. - The price ratio of rebar to iron ore is 4.12 this week [3]. - The price difference between small rebar (used in real estate) and large rebar (used in infrastructure) is 230 CNY/ton, up 4.55% from last week [3]. Export Chain - The new export orders PMI for China in March 2025 is 49.00%, an increase of 0.4 percentage points [3]. - The CCFI comprehensive index for container shipping rates in China is 1122.40 points, up 1.03% [3]. - The capacity utilization rate for crude steel in the U.S. is 74.90%, down 0.30 percentage points [3]. Valuation Percentiles - The CSI 300 index increased by 0.38%, with the commercial vehicle sector performing best at +4.84% [4]. - The PB ratio for the steel sector relative to the CSI 300 is currently at 0.53, with a historical high of 0.82 [4]. - The steel sector's profitability is expected to recover to historical average levels due to recent regulatory changes [4].

2025 年 4 月 28 日 行业研究 25 年新增核准 10 台核电机组，可控核聚变领域近期频现突破 ——碳中和领域动态跟踪（一百五十七） 要点 事件： 4 月 27 日，经国务院常务会议审议，决定核准三门核电三期工程等 5 个 核电项目，合计 10 台机组。 我国核电项目审批已经进入规模化核准阶段。 根据《中国能源报》内容，此次核准的 5 个核电机组具体为中核三门核电 5、6 号机组、中广核广西防城港核电 5、6 号机组、广东台山核电 3、4 号机组，国 家电投海阳核电 5/6 号，以及华能霞浦核电 1、2 号机组，合计 10 台机组，其 中华龙一号机组 8 台，CAP1000 机组 2 台。 截至目前，2019-2025 年我国核准核电机组数量分别为 6/4/5/10/10/11/10 台， 已连续 4 年每年新增核准 10 台及以上，7 年累计核准新增核电项目 28 个共 56 台机组。根据中国核能协会发布的《中国核能发展报告（2025）》预测，按当前 的建设速度和节奏，2030 年前我国在运核电装机规模将跃居世界第一；2040 年 我国核电装机需达到 2 亿千瓦，发电量占比约 10%。 （3）随着 ...

2025 年 4 月 28 日 有色 电车材料价格普遍下滑，多晶硅价格创近 3 个月新低值 ——金属新材料高频数据周报（20250421-20250427） 建议关注标的：继续全面看好金属新材料板块。氧化镨钕价格近 14 个月趋势 性上涨，关注 2025 年需求情况，建议关注北方稀土、中国稀土。锂价已跌至 8 万元/吨以内，产能后续存在加速出清的可能性，锂矿板块建议关注成本具 有优势且资源端存在扩张的标的：盐湖股份、藏格矿业、永兴材料、中矿资 源、天齐锂业、赣锋锂业、西藏矿业等。刚果（金）决定暂停钴出口 4 个 月，有望缓解全球钴市场供应过剩程度，建议关注华友钴业等。Bisie 锡矿停 产，看好锡价上行，建议关注锡业股份、兴业银锡、华锡有色。 风险提示：估值过高风险；技术路径变化的风险；企业经营激进、战略出现 偏差、治理失败等风险、宏观政策以及流动性调整的风险。 有色 增持（维持） 要点 作者 分析师：王招华 执业证书编号：S0930515050001 021-52523811 wangzhh@ebscn.com 军工新材料：价格持平。（1）本周电解钴价格 24.00 万元/吨，环比 +0%。 本周电解钴和钴 ...