Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 6.66 CNY [4] Core Views - The company reported a total revenue of 1.16 trillion CNY for 2024, a year-on-year decrease of 8.20%, and a net profit attributable to shareholders of 27.887 billion CNY, down 16.71% year-on-year [2][3] - The fourth quarter showed significant improvement in cash flow, with a net operating cash flow of 99.308 billion CNY, a year-on-year increase of 37.76% [3] - The company’s overseas revenue reached 68.644 billion CNY, reflecting a robust year-on-year growth of 10.26% [2] Summary by Sections Financial Performance - For 2024, the company’s revenue decreased across all quarters, with quarterly growth rates of -2.56%, -12.34%, -6.13%, and -10.27% respectively [2] - The gross profit margin for 2024 was 9.98%, a decline of 0.17 percentage points year-on-year, with most business segments experiencing a decrease in gross margin [3] - The company’s net profit margin fell to 2.66%, down 0.33 percentage points year-on-year, primarily due to declining gross margins and increased expense ratios [3] Business Segments - The infrastructure segment generated 992.853 billion CNY in revenue, down 8.71% year-on-year, while the design consulting segment saw a smaller decline of 4.59% [2] - The emerging business segment, which is a focus for the company, achieved a new contract value of 425.74 billion CNY, up 11.3% year-on-year, with significant growth in water conservancy and clean energy contracts [10] Future Projections - Revenue projections for 2025-2027 are estimated at 1.24 trillion CNY, 1.32 trillion CNY, and 1.40 trillion CNY, with expected year-on-year growth rates of 7.0%, 6.5%, and 6.0% respectively [11] - The net profit for the same period is projected to be 30 billion CNY, 32.2 billion CNY, and 34.3 billion CNY, with corresponding growth rates of 7.71%, 7.20%, and 6.49% [11]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 26.01 CNY over the next six months [4]. Core Views - The company reported a revenue growth of 0.66% for 2024, with a pre-provision profit growth of 1.24% and a net profit growth of 0.12%. The fourth quarter saw a significant year-on-year net profit growth of 16.85%, primarily supported by the release of provisions, although tax increases and narrowing interest margins negatively impacted performance [1][10]. - The asset growth remained stable, with total assets increasing by 3.44% year-on-year by the end of 2024. Total loans grew by 5.05%, although corporate loan growth was weak [1][2]. - The bank's net interest margin for the fourth quarter was measured at 1.76%, showing a decline compared to previous periods. The yield on interest-earning assets decreased to 3.62% [3][9]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 212.226 billion CNY in 2024, with a slight increase in net interest income [13]. - The net profit attributable to the parent company was 77.205 billion CNY, reflecting a minimal growth of 0.12% year-on-year [13][10]. Asset and Liability Management - By the end of 2024, the total deposits increased by 7.69%, with retail deposits making up 28.28% of total loans. The trend towards more stable deposits was noted, with a decrease in the proportion of time deposits [2][9]. - The bank's loan structure improved, with corporate loans growing by 8.76% year-on-year, although the fourth quarter saw a decrease in new corporate loans [2][10]. Interest Margin and Non-Interest Income - The net interest margin is under pressure, with a forecasted decline in 2025 expected to be similar to 2024. The bank is focusing on managing deposit costs to stabilize the interest margin [3][10]. - Non-interest income decreased by 4.39% year-on-year in the fourth quarter, primarily due to declines in credit card and agency business revenues [9][10]. Asset Quality - The non-performing loan ratio remained stable at 1.07% by the end of 2024, with a provision coverage ratio of 237.78%, indicating a strong buffer against potential loan losses [9][10]. - The bank's credit quality is expected to improve gradually, with risks from local government bonds and credit cards anticipated to stabilize [10][13].

Investment Rating - The investment rating for Changshu Bank is "Buy-A" with a 6-month target price of 9.63 CNY, compared to the current stock price of 6.96 CNY [5]. Core Views - Changshu Bank reported a revenue growth of 10.53% for 2024, with a pre-provision profit growth of 10.59% and a net profit growth of 16.20%, indicating strong performance [1][10]. - The bank's asset scale increased by 9.61% year-on-year, with total loans growing by 8.28% [1]. - Retail loan growth was modest at 2.17% year-on-year, reflecting a slowdown in consumer demand and increased competition in the market [2]. - Corporate loans and bill discounts saw stronger growth, with increases of 16.11% and 23.81% respectively, as the bank focuses on supporting technology startups and small enterprises [2]. - The net interest margin for Q4 2024 was 2.59%, showing resilience despite a slight decline [3][9]. - Non-interest income decreased by 14.63% year-on-year, impacting overall profit growth [9]. - The bank's asset quality remains stable, with a non-performing loan ratio of 0.77% and a provision coverage ratio of 500.51% [10]. Summary by Sections Financial Performance - Revenue for 2024 was 10,909 million CNY, with a growth rate of 10.53% [12]. - Net profit for 2024 reached 3,813 million CNY, reflecting a growth of 16.20% [12]. - The cost-to-income ratio increased to 41.37%, up 12.28 percentage points year-on-year [9]. Asset and Liability Management - Total assets grew by 9.61% year-on-year, with loans making up 64.85% of the earning assets [1]. - Retail deposits increased by 15.57% year-on-year, with a retail deposit ratio of 71.19% [2]. Risk and Quality Indicators - The non-performing loan generation rate for 2024 was estimated at 1.37%, indicating some pressure in retail credit [10]. - The bank's focus on risk management has led to improvements in the attention and overdue rates [10]. Future Outlook - For 2025, revenue is expected to grow by 9.71%, with net profit growth projected at 13.39% [10]. - The bank aims to enhance customer service and deepen its engagement with existing clients to drive growth [10].

Investment Rating - The investment rating for Postal Savings Bank is maintained at Buy-A [7] Core Views - The report highlights that the performance of Postal Savings Bank has shown further recovery, with a revenue growth rate of 1.83% for 2024 and a net profit growth rate of 0.24% [2][12] - The bank's cost reduction efforts have significantly contributed to performance growth, accounting for a positive contribution of 44.54 percentage points to the net profit growth in Q4 2024 [2][12] - The report anticipates that the bank will continue to support key sectors such as new productivity and inclusive finance, while also increasing consumer loan issuance in response to national consumption promotion policies [13][12] Summary by Sections Financial Performance - For 2024, Postal Savings Bank's total assets grew by 8.64% year-on-year, with a notable increase in loans, particularly corporate loans which rose by 13.52% [3][4] - The bank's net interest margin for Q4 2024 was estimated at 1.81%, with a slight decline in the yield on interest-earning assets [11][12] - Non-interest income saw a significant increase of 38.79% year-on-year in Q4 2024, primarily driven by investment income [12] Asset and Liability Management - The total deposits of Postal Savings Bank increased by 9.54% year-on-year, with corporate deposits growing by 13.56% and retail deposits by 9.07% [4][17] - The bank's financial assets accounted for 35.69% of interest-earning assets by the end of 2024, reflecting a strategic shift towards securities and investment funds [2][3] Future Outlook - The report projects a revenue growth rate of 1.43% and a net profit growth rate of 2.65% for 2025, supported by the adjustments in agency fee rates which are expected to enhance profitability [12][13] - The bank's cost-to-income ratio improved significantly to 76.56% in Q4 2024, down by 5.98 percentage points year-on-year, indicating better operational efficiency [12][20]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 15.6 CNY, compared to the current stock price of 12.05 CNY [6]. Core Views - The company's performance in 2024 met expectations, with total revenue reaching 30.063 billion CNY, a year-on-year increase of 9.24%, and net profit attributable to shareholders of 1.327 billion CNY, up 52.92% year-on-year [2][3]. - The company benefits from a steady growth in its core earthmoving machinery business and a strong export performance, with domestic sales growth outpacing industry averages [2][4]. - The company has implemented a three-pronged strategy that has enhanced its growth potential and operational efficiency [2]. Summary by Sections Product Segmentation - Earthmoving machinery generated revenue of 17.941 billion CNY, up 12.79% year-on-year, with domestic market share increasing by 1.3 percentage points and export revenue accounting for nearly 60% [3]. - Other engineering machinery and components achieved revenue of 9.079 billion CNY, a 2.96% increase year-on-year, with significant growth in mining machinery and high-altitude machinery exports [3]. - Prestressed machinery revenue reached 2.517 billion CNY, up 12.23% year-on-year, with notable increases in order amounts and overseas revenue [3]. Market Segmentation - Domestic revenue was 16.302 billion CNY, a 1.53% increase year-on-year, while overseas revenue reached 13.76 billion CNY, up 20.05% year-on-year, with emerging markets showing over 30% growth [4]. - The company's gross margin and net margin improved to 22.5% and 4.61%, respectively, driven by structural optimization and cost control measures [4]. Financial Projections - The company aims for a revenue target of 34.6 billion CNY in 2025, with net profit projected to reach 2.11 billion CNY, reflecting a growth rate of 58.9% [10]. - Revenue forecasts for 2025-2027 are 34.83 billion CNY, 40.85 billion CNY, and 48.79 billion CNY, with corresponding growth rates of 15.8%, 17.3%, and 19.4% [10][12]. - The projected PE ratios for the same period are 11.5X, 8.3X, and 6X, indicating a favorable valuation outlook [10].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.59 CNY, compared to the current stock price of 20.56 CNY [6]. Core Insights - The company achieved a revenue of 6.032 billion CNY in 2024, representing a year-on-year growth of 16.44%, and a net profit of 1.549 billion CNY, which is a 39.58% increase year-on-year [1]. - The gross margin improved to 54.70%, up by 3.94 percentage points year-on-year, with a net profit margin of 35.02%, an increase of 5.88 percentage points year-on-year [2]. - The company expanded its plasma collection capabilities, achieving a total collection of 2,781 tons, a 15.15% increase year-on-year, maintaining a 20% market share in the domestic industry [3]. - Significant progress was made in the R&D pipeline, with multiple products advancing through clinical trials and receiving regulatory approvals, which will support the company's long-term growth [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 6.032 billion CNY and a net profit of 1.549 billion CNY, with respective year-on-year growth rates of 16.44% and 39.58% [1]. - The gross margin for 2024 was 54.70%, an increase of 3.94 percentage points, while the net profit margin reached 35.02%, up by 5.88 percentage points [2]. Operational Developments - The company completed the acquisition of 100% of Zhongyuan Ruide for 1.85 billion USD, enhancing its production capacity and expanding its network of plasma collection stations to 107 across 16 provinces [3]. - The operational plasma collection stations collected 2,781 tons of plasma in 2024, marking a 15.15% increase year-on-year [3]. Research and Development - The company made notable advancements in its R&D efforts, with several products completing clinical trials and receiving approvals, including the subcutaneous human immunoglobulin and recombinant coagulation factors [4]. - The orderly progress of the R&D pipeline is expected to provide strong support for the company's medium to long-term development [4].

Investment Rating - The investment rating for Hisense Visual is maintained at "Buy-A" with a target price of 27.80 CNY for the next six months [4]. Core Views - Hisense Visual reported a revenue of 58.53 billion CNY for 2024, representing a year-over-year increase of 9.2%. The net profit attributable to shareholders was 2.25 billion CNY, up 7.2% year-over-year. In Q4 alone, the company achieved a revenue of 17.88 billion CNY, a significant increase of 24.3% year-over-year, and a net profit of 0.94 billion CNY, which is a remarkable growth of 100.1% year-over-year [1][2][3]. Summary by Sections Financial Performance - In Q4, Hisense's domestic television sales increased by 14% year-over-year, driven by the "old-for-new" policy stimulating demand in the television industry. The company's global market share for television shipments reached 13.9%, an increase of 1.0 percentage points year-over-year [2]. - The net profit margin for Q4 was 5.2%, reflecting a year-over-year increase of 2.0 percentage points, primarily due to improved gross margins from high-end products and stable panel costs [2][3]. Cash Flow - The operating cash flow for Q4 increased by 100 million CNY year-over-year, attributed to rapid revenue growth. Cash received from sales and services rose by 340 million CNY year-over-year [3]. Future Outlook - The company is expected to benefit from ongoing product structure optimization and rapid growth in new display businesses, which include laser display, commercial display, cloud services, and chip businesses. EPS forecasts for 2025, 2026, and 2027 are 1.99 CNY, 2.19 CNY, and 2.45 CNY, respectively [3][4].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 39.80 CNY per share, maintaining the rating [5]. Core Views - The company's Q4 2024 performance met expectations, with revenue of 599.4 billion CNY, a year-on-year increase of 12%, and a quarter-on-quarter increase of 18%. The net profit attributable to shareholders was 22.6 billion CNY, also up 12% year-on-year but down 32% quarter-on-quarter [1]. - The overall sales volume in Q4 was 380,000 units, reflecting a 30% increase quarter-on-quarter and a 4% increase year-on-year, primarily driven by government subsidy policies [2]. - The company is entering a new growth phase, with new vehicle launches expected to drive sales upward, particularly in the mainstream market [4]. Summary by Sections Financial Performance - For the full year 2024, the company achieved revenue of 2,022 billion CNY, a 17% increase year-on-year, and a net profit of 127 billion CNY, an 81% increase year-on-year [1]. - The average selling price (ASP) for vehicles in Q4 was 157,000 CNY, up 11,000 CNY year-on-year, attributed to a higher proportion of premium models [2]. - The overall gross margin for Q4 was 19.1%, a year-on-year increase of 0.6 percentage points, while the domestic gross margin for 2024 is expected to be 19.9%, up 4.4 percentage points year-on-year [3]. Market Outlook - The company is expected to benefit from the launch of new models, including the second-generation Xiaolong MAX and new models from Haval and Wey, which are anticipated to drive domestic sales growth [4]. - The Hi4Z technology is expected to enhance the company's competitive edge in the off-road vehicle market, potentially expanding its customer base and increasing profitability [4]. - The company has a diverse product lineup and strong technological reserves, indicating significant export potential as new models and powertrain types are introduced [4].

Investment Rating - The report maintains an investment rating of "Outperform the Market-A" for the media industry [6]. Core Insights - The media industry is expected to benefit from the AI wave and the trend of consumer IP, leading to a new narrative that reshapes production methods and a new round of prosperity, enhancing both supply vitality and capacity [3][48]. - The report identifies four main directions for "AI to C": hardware entry, phenomenal applications, blockbuster content, and IP operation, indicating that both culture and communication will be reshaped by AI [1][43]. Summary by Sections 1. Mobile Internet Era: Transition from Culture and Communication to Content and Distribution - The flow logic is being disrupted, leading to a collapse of traditional flow models [9][10]. - The transition from PGC to UGC has significantly enriched the supply side of content [44]. 2. Four Core Ecological Positions in the Mobile Internet Era to C - The four core ecological positions identified are hardware entry, phenomenal applications, blockbuster content, and IP operation [16][28]. 3. AI Era: Increasing Barriers in Content Distribution and Communication - AI is expected to reshape the production process, enhance supply-side vitality, and elevate the importance of distribution channels [43][47]. 4. New Narrative of Content Industry from the Perspective of Media Internet - The content industry faces challenges due to traditional production methods and a lack of industrialization [44]. - AI is anticipated to significantly improve production efficiency and reduce costs, particularly in high-value roles like top actors and directors [47]. 5. Investment Recommendations - The report suggests focusing on companies such as Bona Film Group, Wanda Film, Mango Excellent Media, and others, as they are likely to benefit from the trends identified [3][52].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 20.8 CNY per share [6]. Core Views - The report highlights a positive outlook on the company's profit improvement trend due to increased production and efficiency in electrolytic aluminum [1][9]. - The company achieved a revenue of 54.45 billion CNY in 2024, representing a year-on-year increase of 27.61%, and a net profit of 4.41 billion CNY, up 11.52% year-on-year [1]. - The report anticipates a growth in electrolytic aluminum production to approximately 3.01 million tons in 2025, an increase of 310,000 tons compared to the 2024 target [8][9]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 15.27 billion CNY, a quarter-on-quarter increase of 5.00%, but a net profit of 592 million CNY, which is a significant decrease of 59.21% quarter-on-quarter [1][2]. - The average price of aluminum in 2024 was 19,972 CNY per ton, a 6.7% increase year-on-year, while the average price of alumina rose by 39.7% to 4,053 CNY per ton [8]. Production and Efficiency - The company's aluminum production for 2024 was 2.9383 million tons, a year-on-year increase of 22.45%, with Q4 production remaining stable at 790,300 tons [8]. - The report indicates that the company is focusing on increasing production efficiency and optimizing its asset structure, having made a provision for asset impairment of 327 million CNY in 2024 [8][9]. Dividend Policy - The company plans to distribute a cash dividend of 1.8 CNY per 10 shares (including tax), totaling 624 million CNY, with an annual cumulative dividend reaching 1.42 billion CNY, resulting in a dividend payout ratio of 32% [4].