Investment Rating - The report assigns a "Buy-A" rating to the company, maintaining this rating with a 6-month target price of 20 CNY [5]. Core Insights - The company achieved a revenue of 2.748 billion CNY in 2024, representing a year-over-year increase of 6.79%, with a net profit of 492 million CNY, up 13.91% year-over-year [2][3]. - The company's core business in surveying and design saw a revenue increase of 5.57%, while the engineering general contracting business surged by 75.25%, increasing its revenue share to 9.26% [2]. - The company has demonstrated strong operational resilience, with consistent year-over-year revenue and profit growth since 2017, even amidst industry cycles [2][4]. Financial Performance - The gross profit margin for 2024 was 38.40%, an increase of 1.17 percentage points year-over-year, driven by the opening of major projects and cost control measures [3]. - The net profit margin for the year was 18.23%, reflecting a year-over-year increase of 1.15 percentage points, with a return on equity (ROE) of 19.25% [3]. - The operating cash flow significantly improved, with a net inflow of 567 million CNY in Q4 2024, compared to a net outflow of 530 million CNY in the previous three quarters [3]. Business Strategy and Growth Prospects - The company is a leading player in urban rail transit design in A-shares, with high barriers to entry and strong competitive advantages [4]. - The company is actively expanding into new business areas, including energy-saving renovations and non-rail projects, while also pursuing international opportunities [8]. - Future revenue projections estimate growth to 3.008 billion CNY in 2025, 3.266 billion CNY in 2026, and 3.519 billion CNY in 2027, with corresponding net profits of 543 million CNY, 598 million CNY, and 652 million CNY [9][10].

2025 年 04 月 04 日 石头科技(688169.SH) 全球收入高速增长，盈利能力承压 事件：公司发布 2024 年年报。公司 2024 年实现收入 119.4 亿 元，YoY+38.0%，实现归母净利润 19.8 亿元，YoY-3.6%；经折算， 公司 2024Q4 单季度实现收入 49.4 亿元，YoY+66.5%，实现归母净 利润 5.0 亿元，YoY-27.0%。公司国内、海外收入高速增长，但是 因为竞争加剧，盈利能力有所下降。 2024Q4 公司收入高速增长：根据奥维数据，2024Q4 石头扫地机 国内线上销售额 YoY+104%，销量 YoY+104%，均价 YoY+0%。在国 补刺激下，公司内销增速环比 2024Q3 大幅提升（Q3 石头扫地机 国内线上销售额 YoY+43%，奥维）。在海外市场，公司主动调整销 售结构，提高自营渠道比例，海外业务亦实现较快增长。展望后 续，我们认为公司收入有望保持较快增长，因为：1）公司国内业 务在国补拉动下有望维持高增长，根据奥维数据，石头扫地机 1~2 月国内线上销售额 YoY+100%；2）公司在海外市场拓宽产品价格 段，深耕当地市场（已在美国、 ...

Investment Rating - The investment rating for Yunnan Baiyao is "Buy-A" with a target price of 64.49 yuan for the next six months, which corresponds to a dynamic price-to-earnings ratio of 22 times for 2025 [8][11]. Core Insights - The company reported a steady growth in performance for 2024, achieving a revenue of 40.033 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.749 billion yuan, up 16.02% year-on-year [1][11]. - The pharmaceutical business segment showed remarkable performance, with a revenue of 6.924 billion yuan, reflecting an 11.8% year-on-year growth, and ten products exceeding 100 million yuan in sales [2][3]. - The health products segment generated a revenue of 6.526 billion yuan, a 1.6% increase year-on-year, with the oral care product line maintaining the top market share in China [3][9]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.118 billion yuan, a 7.38% year-on-year increase, and a net profit of 0.423 billion yuan, with a non-recurring net profit of 0.258 billion yuan, marking a turnaround from losses [1]. - The gross margin improved to 27.90%, up 1.39 percentage points year-on-year, and the net profit margin reached 11.91%, an increase of 1.37 percentage points [1]. Business Segments - **Pharmaceutical Segment**: The main business revenue was 6.924 billion yuan, with significant growth in core products such as Yunnan Baiyao aerosol, which surpassed 2.1 billion yuan in sales, growing over 26% year-on-year [2]. - **Health Products Segment**: Revenue reached 6.526 billion yuan, with a notable 30.3% increase in sales for the anti-hair loss product line [3]. - **Traditional Chinese Medicine Resources Segment**: Generated 1.751 billion yuan in revenue, with a 3.13% year-on-year growth, while maintaining stable supply and pricing for strategic products [3]. - **Provincial Pharmaceutical Company**: Achieved a revenue of 24.607 billion yuan, a 0.48% increase year-on-year, with significant growth in non-pharmaceutical business areas [9]. Innovation and Development - The company is focusing on innovation with ongoing projects in short, medium, and long-term development, including secondary innovation of major traditional Chinese medicine products and new drug development [10][11]. - The projected revenue growth rates for 2025 to 2027 are estimated at 4.7%, 4.5%, and 4.5%, respectively, with net profit growth rates of 10.1%, 9.5%, and 8.7% [11].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a total revenue of 19.19 billion yuan in 2024, representing a year-on-year increase of 12%, and a net profit attributable to shareholders of 3.35 billion yuan, up 22% year-on-year [1]. - The company's self-operated income doubled, while credit business income declined due to reduced interest income from stock pledge repurchase business [3]. - The asset management business shows significant advantages, and the progress in fund advisory services is notable, indicating potential long-term benefits from the wealth management market [4]. Business Performance Summary - **Brokerage**: The company had a net income of 2.5 billion yuan in brokerage services, down 10% year-on-year [1]. - **Investment Banking**: The company completed 4 equity financing projects totaling 1.33 billion yuan, ranking 8th in the industry for the number of projects [2]. - **Asset Management**: The total management scale of Dongzheng Asset Management reached 216.6 billion yuan, with 257 products managed [2]. - **Credit Business**: The net income from credit business decreased by 25% year-on-year, primarily due to reduced interest income from stock pledge repurchase [3]. - **Self-Operated Business**: The self-operated business net income increased by 106% year-on-year, driven by gains from other debt investments and trading financial assets [3]. Financial Forecast Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 20.623 billion yuan, 22.966 billion yuan, and 25.099 billion yuan respectively [5][10]. - **Net Profit Forecast**: Projected net profits for the same years are 3.68 billion yuan, 4.187 billion yuan, and 4.672 billion yuan respectively [5][10]. - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 0.43 yuan, 0.49 yuan, and 0.55 yuan respectively [4][10].

袁方1 魏薇（联系人）2 国投证券宏观事件点评 上升的基准线 ——美国对等关税政策点评 当地时间 4 月 2 日，特朗普援引《国际紧急经济权利法》（IEEPA）规定颁布 总统令，宣布对全球国家加征 10%的对等关税，于美东时间 4 月 5 日凌晨生效； 对中国、欧洲等对美贸易顺差较大的国家和地区额外征收最高 38%的关税，于美 东时间 4 月 9 日凌晨生效。 2025 年 04 月 03 日 内容提要 美国政府于 2025 年 4 月依据《国际紧急经济权利法》对全球加征对等关税， 针对中国、欧盟等贸易顺差地区额外征收最高 38%关税（中国出口税率升至 66%），此举使美国进口实际有效税率达 25%，超过 1930 年历史峰值，大幅推 升滞胀风险。短期效应已显现：美股市下跌、美元走弱，经济数据疲软预示需求 收缩。长期将加速全球贸易体系重构，欧盟、亚太正酝酿反制，多边规则面临重 塑。 对中国而言，尽管关税冲击远超预期，但三大因素缓冲影响：其一，中国对 美出口依赖度已大幅下降，分散贸易渠道逐步形成；其二，企业资本开支处于低 位，出口减速衍生冲击有限；其三，政府可通过扩大内需等稳增长政策对冲企业 压力。考虑到企业生 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 3.75 CNY for the next six months [4][6]. Core Views - The company has demonstrated a solid performance in 2024, achieving a revenue of 2.928 billion CNY, a year-on-year increase of 4%, and a net profit of 1.361 billion CNY, reflecting a 26% growth [1]. - The trust asset scale has steadily grown, with a total trust asset size reaching 599.976 billion CNY by the end of 2024, marking a 13% increase from the beginning of the year [2]. - Investment income has increased by 36% to 867 million CNY, driven by growth in interest income from debt investments and improved trading asset returns [3]. Financial Performance Summary - **Revenue and Profit**: In 2024, the company reported a revenue of 2.928 billion CNY and a net profit of 1.361 billion CNY, with an EPS of 0.2661 CNY [1][5]. - **Trust Business Growth**: The company added 583 new trust projects with a total project scale of 1.58 trillion CNY, and the net income from fees and commissions reached 1.662 billion CNY, up 8% year-on-year [2]. - **Investment Returns**: The company achieved an investment income of 867 million CNY, a 36% increase, and the self-owned asset scale reached 22.5 billion CNY, a 10% increase from the start of the year [3]. Future Earnings Estimates - The projected EPS for 2025, 2026, and 2027 are 0.30 CNY, 0.34 CNY, and 0.39 CNY respectively, indicating a positive growth trajectory [4][11].

Investment Rating - The investment rating for the company is maintained at Buy-A, with a 6-month target price of 3.75 CNY [4][6]. Core Views - The company has demonstrated a solid performance in 2024, achieving a revenue of 2.928 billion CNY (up 4% year-on-year) and a net profit of 1.361 billion CNY (up 26% year-on-year) [1]. - The trust asset scale has steadily increased, with a total trust asset size reaching 599.976 billion CNY by the end of 2024, reflecting a 13% growth from the beginning of the year [2]. - Investment income has risen by 36%, amounting to 867 million CNY, primarily driven by increased interest income from debt investments and improved trading financial asset returns [3]. Financial Performance Summary - In 2024, the company reported a net commission income of 1.662 billion CNY, an increase of 8% year-on-year, with 583 new trust projects added, totaling a project scale of 15.8 trillion CNY [2]. - The company's self-owned asset scale reached 22.5 billion CNY by the end of 2024, marking a 10% increase from the start of the year [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.30 CNY, 0.34 CNY, and 0.39 CNY respectively [4][11]. Market Position and Strategy - The company is backed by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, showcasing strong capabilities in identifying quality projects within the province [4]. - The dual-driven development strategy of proprietary and trust businesses is expected to enhance growth potential and competitive advantages [4]. Valuation Metrics - The projected price-to-book (P/B) ratio for 2025 is set at 1x, with a corresponding target price of 3.75 CNY based on the company's growth trajectory [4]. - The company’s net profit margin for 2024 was reported at 46%, indicating strong profitability [11].

2025 年 04 月 03 日 长虹美菱(000521.SZ) 外销表现亮眼，分红率提升 长虹美菱公布 2024 年年报。公司 2024 年实现收入 286.0 亿元， YoY+17.3%；实现归母净利润 7.0 亿元，YoY-5.0%；实现扣非归母 净利润 6.9 亿元，YoY-7.3%。经折算，公司 2024Q4 实现收入 58.3 亿元；实现归母净利润 1.7 亿元；实现扣非归母净利润 1.8 亿元 （因口径调整，同比增长数据无法计算）。我们认为，Q4 长虹美菱 外销持续快速增长，内销受以旧换新政策有效提振。 2024 年外销表现亮眼，内销稳步提升：2024 年长虹美菱外销、 内销收入 YoY+34.7%、+9.4%。拉美、中东市场空调需求较好，公 司加快拓展新市场、新客户，2024 年外销收入持续高增长。国内 以旧换新补贴政策刺激白电更新需求释放，公司内销表现平稳。 据产业在线数据显示，Q4 长虹空调内、外销出货量 YoY+231.7%、 +147.9%，美菱冰箱内、外销出货量 YoY+12.3%、+10.4%。我们推 断 Q4 公司空调业务内外销高速增长，冰洗业务内外销快速提升。 展望后续，公司持 ...

2025 年 04 月 03 日 爱玛科技(603529.SH) 景气回升，2024Q4、2025Q1 业绩快速增长 事件：公司发布 2024 年业绩快报及 2025 年一季度业绩预告。 公司 2024 年实现收入 216.1 亿元，YoY+2.7%，实现归母净利润 19.9 亿元，YoY+5.7%；经折算，公司 2024Q4 单季度实现收入 41.4 亿元，YoY+15.7%，实现归母净利润 4.3 亿元，YoY+34.2%。预计 公司 2025 年一季度实现归母净利润 6.0 亿元，YoY+25.1%。公司 作为行业头部企业，持续优化产品结构，盈利能力有望提升。在 国补以及新国标的带动下，我们看好公司 2025 年收入加速增长。 公司 Q4 收入加速增长：公司 Q4 单季度收入增速环比 Q3+20.7pct。我们认为主要因为：1）3C 认证切换完成，渠道提货 积极性有所提升；2）爱玛作为行业头部企业，应对标准切换的能 力领先。展望 2025 年，我们认为公司收入有望加速增长，因为： 1）以旧换新补贴效果逐渐强化，根据商务部数据，2025 年年初至 2 月 28 日电动自行车以旧换新累计换购 101.9 万 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a significant increase in self-operated income, with a year-on-year growth of 117% in 2024, reaching 7.8 billion yuan [3]. - The company's wealth management advantages remain solid, with its public fund management continuing to lead the industry [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are estimated to be 1.38 yuan, 1.59 yuan, and 1.80 yuan respectively [4]. Financial Performance Summary - The company reported total operating revenue of 27.2 billion yuan in 2024, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.6 billion yuan, up 38.11% year-on-year [1]. - The weighted average return on equity (ROE) was 7.44%, an increase of 1.78 percentage points year-on-year [1]. - The breakdown of net income by business segment for 2024 includes brokerage at 6.7 billion yuan, investment banking at 800 million yuan, asset management at 6.9 billion yuan, credit at 2.3 billion yuan, and self-operated business at 7.8 billion yuan [1]. Business Segment Performance - Brokerage: The company achieved a stock trading volume of 23.95 trillion yuan in 2024, a year-on-year increase of 28.98% [2]. - Investment Banking: The company completed three A-share IPOs with a total underwriting amount of 800 million yuan, and five refinancing projects totaling 7.9 billion yuan, with declines of 60% and 45% respectively compared to the previous year [2]. - Asset Management: The total asset management scale reached 253.5 billion yuan by the end of 2024, a 24% increase year-on-year [2]. - Margin Financing: The margin financing business scale was 103.7 billion yuan, up 17% year-on-year, with a market share of 5.56% [3].