Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 12.24 CNY [5][10] Core Views - The company reported a revenue of 771.94 billion CNY for 2024, representing a year-over-year increase of 1.74%. However, the net profit attributable to shareholders was 23.384 billion CNY, down 1.81% year-over-year [2][3] - The company experienced a significant recovery in revenue growth in Q4 2024, with a quarter-on-quarter increase of 12.22%, attributed to improved project collections and the implementation of domestic debt reduction policies [2][3] - The overseas business showed strong performance, with overseas revenue reaching 135.261 billion CNY, up 16.39% year-over-year, contributing to 17.52% of total revenue [2][3] Summary by Sections Financial Performance - In 2024, the company achieved a gross profit margin of 12.29%, a decrease of 0.31 percentage points year-over-year. The net profit margin was 3.93%, down 0.05 percentage points year-over-year [3][11] - The operating cash flow for the year was 12.506 billion CNY, an increase of 3.69% year-over-year, with Q4 showing a significant inflow of 89.535 billion CNY, up 43.41% year-over-year [3][11] Order Growth - The company signed new contracts totaling 1,881.185 billion CNY in 2024, a year-over-year increase of 7.30%. The overseas contract value was 359.726 billion CNY, up 12.5% [9][10] - The infrastructure construction segment saw new contracts worth 344.644 billion CNY, a year-over-year increase of 16.78% [9] Future Projections - Revenue projections for 2025-2027 are 810.54 billion CNY, 842.96 billion CNY, and 876.68 billion CNY, with expected net profits of 24.84 billion CNY, 26.52 billion CNY, and 28.30 billion CNY respectively [10][11]

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].

2025 年 03 月 31 日 邮储银行(601658.SH) 代理费率调降支撑业绩增长——邮储银行 2024 年报点评 事件：邮储银行披露 2024 年度报告，2024 年全年营收增速为 1.83%；拨备前利润增速为 4.47%；归母净利润增速为 0.24%，业 绩进一步修复，我们点评如下： 2024 年第四季度邮储银行归母净利润增速为 0.43%，成本压降 是业绩增长最大来源，贡献 44.54pct 正向业绩增速；规模增长、 非息收入也对业绩增长形成支撑。税收上升、拨备计提力度增强 则对业绩形成拖累。 量：规模增长速度趋稳，信贷投放整体转好 ①资产端：2024 年末，邮储银行资产总额同比增长 8.64%，增速环比 微降 0.71pct；生息资产总额同比增长 8.41%，总资产规模平稳扩张， 增幅波动主要是因为公司在四季度压降了同业资产规模。其中信贷总 额同比增长 9.38%，2024 年以来首次实现单季度同比多增，其中对公 投放较快、零售相对偏弱。公司在四季度加大了对债券和证券投资基 金等金融资产配置力度，新增金融资产贡献了新增资产的 67.26%， 2024 年末金融资产占生息资产比例环比上升 0.6 ...

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].

2025 年 03 月 31 日 天坛生物(600161.SH) 业绩及采浆延续增长，研发管线取得积 极进展 事件：公司发布 2024 年年报。2024 年，公司实现营业收入 60.32 亿元，同比增长 16.44%；归母净利润 15.49 亿元，同比增长 39.58%； 扣非归母净利润 15.19 亿元，同比增长 37.52%。Q4 单季度，公司实 现营业收入 19.59 亿元，同比增长 69.06%；归母净利润 4.97 亿元， 同比增长 123.58%；扣非归母净利润 4.75 亿元，同比增长 111.21%。 2024 年公司毛利率提升，期间费用率有所优化。2024 年，公司毛 利率为 54.70%，同比上升 3.94pct，其中核心品种白蛋白毛利率为 51.20%/+2.50pct、静丙毛利率为 56.95%/+6.58pct；期间费用率为 12.01%，同比下降 4.02pct，其中销售费用率为 2.21%，同比下降 3.01pct，主要系市场开发费、职工薪酬同比降幅较大所致；管理费 用率为 7.97%，同比下降 1.09pct，主要系管理费用具有一定刚性， 营业收入的较快增长摊薄了费用率；研发费 ...

2025 年 03 月 31 日 海信视像(600060.SH) 全球份额持续提升，国补拉动 Q4 业绩 高增 事件：海信视像公布 2024 年年报。公司 2024 年实现收入 585.3 亿元，YoY+9.2%；实现归母净利润 22.5 亿元，YoY+7.2%；扣非归 母净利润 18.2 亿元，YoY+4.9%。经折算，Q4 单季度实现收入 178.8 亿元，YoY+24.3%；实现归母净利润 9.4 亿元，YoY+100.1%；扣非 归母净利润 8.3 亿元，YoY+121.6%。展望后续，随着公司产品结 构不断优化，新显示业务快速增长，公司盈利能力有望持续提升。 Q4 收入实现快速增长：国内市场方面，以旧换新政策刺激电视 行业更新需求。公司作为国内电视行业龙头企业，凭借丰富的产 品矩阵和多元化的渠道体系更受益于政策刺激。根据产业在线数 据，2024Q4 海信内销电视销量 YoY+14%。我们判断，Q4 公司内销 电视业务收入实现快速增长。海外市场方面，公司凭借体育营销 持续提升海外品牌知名度和渠道拓展效率。根据产业在线，2024Q4 海信外销电视销量 YoY+19%。我们判断，Q4 公司外销电视业务增 ...

2025 年 03 月 31 日 长城汽车(601633.SH) 2024Q4 业绩符合预期，销量拐点将至 事件：据长城汽车公告，2024Q4 公司实现营业收入 599.4 亿元、同比 +12%、环比+18%，实现归母净利润 22.6 亿元、同比+12%、环比-32%，扣非 净利润 13.6 亿元、同比+32%、环比-50%，接近此前预告中枢。2024 全年 实现营业收入 2022 亿元、同比+17%，实现归母净利润 127 亿元、同比+81%， 扣非净利润 97 亿元、同比+101%。 销量驱动 Q4 收入增长，全年内外销 ASP 均有提升。 1） Q4 总销量 38 万台、环比+30%、同比+4%，我们认为销量增长主要受益于国 补地补政策； 2） Q4 单车 ASP15.7 万元，同比+1.1 万元，我们认为主要系蓝山、坦克等高 端车型占比提升；环比-1.6 万元，主要系出口占比下滑（Q4 出口 12.9 万台、 占比-8pct）。2024 年国内/海外 ASP 分别为 15.3/17.7 万元，同比增加 2.4/0.9 万元。 盈利能力向好，Q4 单车利润同比提升。 1）毛利率：还原年报中对保证类质量保 ...

2025 年 03 月 31 日 传媒 AI to C 四个方向：硬件入口、现象级应用、爆款内容、IP 运营 系列 02：传媒互联网视角下，内容产 业的 AI 新叙事 纵观全球历史，科技与文化是创新的两大源泉，科技与文化将 涌现出 4 大"AI to C "的主要方向：硬件入口、现象级应用、 爆款内容、IP 运营。文化与传播，两个环节都会被 AI 重塑，如 AI 深刻重塑影视内容的制作、AI 重构内容的分发机制等。 硬件入口与现象级应用，互为表里；爆款内容与 IP 运营，相辅 相成。换一个角度，硬件入口与爆款内容，是基于科技、文化的 to C 大创新，是划时代赢得人心的"大爆"；现象级应用更像是 "导航"功能的持续探索（类似于 3721 的地推、百度的闪电计 划），IP 运营也更多的是爆款产品形态的 IP 运营范式，相较技术 与产品，市场与营销（运营）是竞争到最后的更为重要的关键所 在。 其中，IP 运营是分发的一种商业化结果。IP 运营，从成功的范 式来看，核心并非围绕某个 IP 的深度运营，而是基于产品形态， 如盲盒、卡牌、毛绒玩具、积木等，爆款的产品形态，叠加各类 IP 的加持，才是 IP 运营的真谛。 ...