新玩家激发鲇鱼效应，AI 智能为核心升级方向 [Table_Industry] 家用电器业 ——2025 AWE 展会白电部分点评 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 蔡雯娟(分析师) | 谢丛睿(分析师) | 樊夏俐(分析师) | | --- | --- | --- | | 021-38031654 | 021-38038437 | 021-38676666 | | caiwenjuan024354@gtjas.com xiecongrui@gtjas.com | | fanxiali@gtjas.com | | 登记编号 S0880521050002 | S0880523090004 | S0880523090006 | 本报告导读： 2025AWE 家电及消费电子博览会上，白电企业加速产品更迭——卷外观、卷智能， 新玩家进入推动行业革新，加速行业结构升级。 投资要点： 家用电器业《AI 科技，AI 焕新生活》2025.03.25 家用电器业《《提振消费专项行动方案》释放多重 利好，AWE2025 家电 AI 化趋势明显》2025.03.23 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 30.78, up from the previous target of 24.16 [1][7]. Core Views - The company's 2024 performance meets expectations, driven by high-end products and rapid growth in overseas business, which is expected to continue contributing to revenue growth [2][7]. - The overseas revenue proportion reached 42.79% in 2024, an increase of 8.42 percentage points year-on-year, with an overseas gross margin of 29.97%, surpassing domestic levels [7]. - The composite pipe business saw a significant revenue increase of 599.8% year-on-year, with sales volume rising by 247.24% [7]. Financial Summary - Revenue for 2024 is projected at 10,918 million, a year-on-year increase of 27.4%, while net profit attributable to the parent company is expected to be 1,490 million, a slight increase of 0.1% [4][7]. - The earnings per share (EPS) for 2025-2027 are forecasted at 1.71, 1.93, and 2.19 respectively [7]. - The company plans to distribute a cash dividend of 9.2 billion, representing 61.74% of the net profit attributable to the parent company, indicating a significant increase in the dividend payout ratio [7]. Business Growth - High-value, high-tech products accounted for approximately 24 billion in revenue, making up 22% of total revenue, with a year-on-year growth of 25% [7]. - The alloy materials segment experienced a revenue increase of 59.94% year-on-year, driven by the second phase of production and market expansion [7]. - The company is investing in a new project to produce 20,000 tons of high-performance pipes for nuclear and oil and gas applications, indicating future capacity growth [7].

GTC 开启新纪元，重视 OFC 光学创新 通信设备及服务 [Table_Industry] ——行业周报点评 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 王彦龙(分析师) | 黎明聪(分析师) | | --- | --- | | 010-83939775 | 0755-23976500 | | wangyanlong@gtjas.com | limingcong@gtjas.com | | 登记编号 S0880519100003 | S0880523080008 | 本报告导读： GTC 大会引领算力，硅光子交换机开启 CPO 新纪元。OFC2025 即将来袭，多技术 热点值得关注。重点推荐具备光学创新潜力的光通信板块个股。 投资要点： [Table_Report] 相关报告 通信设备及服务《阿里资本开支上行，带动国产 算力投资》2025.02.21 通信设备及服务《海外云投入高景气，AI 应用和 智驾出圈》2025.02.09 通信设备及服务《博通展望超大 ASIC 市场， AEC 景气度崭露头角》2024.12.17 通信设备及服务《2025 年度通 ...

Investment Rating - The investment rating for the company is "Accumulate" [1][7]. Core Views - The company's performance in 2024 is under pressure, but there is potential for sales recovery driven by product structure optimization [2][3]. - The company plans to adjust its product structure to increase the supply of mid-range priced products and enhance technological services to boost sales [7]. Financial Summary - In 2024, the company's revenue was 2,077.48 million RMB, a decrease of 20.9% year-on-year [6]. - Operating profit for 2024 was 709.89 million RMB, down 48.3% year-on-year, with an operating profit margin of 34.2%, a decline of 18.0 percentage points [7]. - Net profit for 2024 was 373.13 million RMB, a decrease of 52.8% year-on-year, with a net profit margin of 18.0%, down 12.1 percentage points [7]. - The company plans to distribute a final dividend of 0.0954 HKD per share for 2024 [7].

政策大力支持，中医药有望高质量发展 [Table_Industry] 中成药 ——国务院办公厅文件点评 [Table_Invest] 评级： 增持 | [table_Authors] 丁丹(分析师) | 唐玉青(研究助理) | | --- | --- | | 0755-23976735 | 021-38031031 | | dingdan@gtjas.com | tangyuqing028689@gtjas.com | | 登记编号 S0880514030001 | S0880123070133 | [Table_Report] 相关报告 中成药《中成药、配方颗粒集采，规则符合预 期》2023.09.16 本报告导读： 国务院办公厅发布相关文件，预计未来头部企业外延并购节奏有望加快，优质中药 产品有望脱颖而出，中成药集采有望实现优质优价，推动中医药产业高质量发展。 投资要点： 股 票 研 究 行 业 事 件 快 评 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股票研究 /[Table_Date] 2025.03.26 [Table_Summary] 维持"增持"评级。2025 年 3 月 20 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 37.33 CNY, while the current price is 24.29 CNY [1][5][12]. Core Insights - The company's 2024 annual report meets expectations, with significant recovery in gross profit per ton of cement in Q4 2024, reflecting the price increase effects in East China. The reduction in capital expenditures further optimizes cash flow, and dividend expectations are likely to rise [2][12]. - For 2024, the company achieved revenue of 91.03 billion CNY, down 35.5% year-on-year, and a net profit attributable to shareholders of 7.696 billion CNY, down 26.2% year-on-year. In Q4 2024, revenue was 22.879 billion CNY, down 45.53% year-on-year, while net profit was 2.498 billion CNY, up 42.27% year-on-year, aligning with expectations [12]. Financial Summary - **Revenue**: 2023A: 141.157 billion CNY, 2024A: 91.030 billion CNY, 2025E: 92.609 billion CNY [4][13]. - **Net Profit (attributable to shareholders)**: 2023A: 10.428 billion CNY, 2024A: 7.696 billion CNY, 2025E: 10.403 billion CNY [4][13]. - **Earnings Per Share (EPS)**: 2023A: 1.97 CNY, 2024A: 1.45 CNY, 2025E: 1.96 CNY [4][13]. - **Return on Equity (ROE)**: 2023A: 5.6%, 2024A: 4.1%, 2025E: 5.4% [4][13]. - **Price-to-Earnings Ratio (P/E)**: 2023A: 12.58, 2024A: 17.04, 2025E: 12.61 [4][13]. Market Position - The company maintained a leading market share in cement delivery rates throughout the year, despite a decline in sales volume in Q4 2024, indicating a stable market position as a leading enterprise [12]. - The average selling price of self-produced cement and clinker in 2024 was 246 CNY per ton, down 28 CNY per ton year-on-year, with a gross profit of 59 CNY per ton, down 9 CNY per ton year-on-year [12]. Dividend Policy - The company plans to significantly reduce capital expenditures, with cash payments for fixed assets and other long-term assets amounting to 11.3 billion CNY in 2024, a substantial reduction compared to previous years. The company has committed to a dividend payout ratio of no less than 50% for 2025-2027, indicating an improvement in cash flow and dividend expectations [12].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][7]. Core Insights - The company's performance exceeded expectations, supported by strong monetization capabilities driving high revenue growth. The focus on refined subsidies and continuous efficiency improvements is enhancing profitability. The international business is expected to contribute as a second growth curve [3][7]. Financial Summary - Revenue for 2024 is projected to reach 17.34 billion RMB, reflecting a year-on-year increase of 49.12%. Adjusted net profit is expected to be 2.79 billion RMB, up 26.66% year-on-year. The adjusted EBITDA is forecasted at 4.05 billion RMB, with an adjusted EBITDA margin of 29.65% [6][7]. - The company achieved revenue of 4.24 billion RMB in Q4 2024, a year-on-year increase of 34.76%. The core OTA segment generated revenue of 3.46 billion RMB, up 20.2% year-on-year. Adjusted net profit for Q4 was 660 million RMB, reflecting a year-on-year increase of 36.82% [7]. Market Performance - The current stock price is 19.12 HKD, with a 52-week price range of 12.70 to 22.30 HKD. The target price is set at 25.97 HKD, based on a 16x PE valuation for 2025, leading to a target market capitalization of 54.3 billion RMB [2][7].

Group 1: ESG Index Performance - The overall ESG index experienced a decline, with the CSI 300 index dropping by 2.29%, the ESG 300 index by 2.17%, the CSI ESG 100 index by 2.45%, and the Sci-Tech ESG index by 4.58% during the week of March 17-21, 2025[5] - The average daily trading volume for the entire A-share market was approximately 1.55 trillion yuan, indicating a contraction in liquidity compared to the previous period[5] Group 2: ESG Fund Issuance and Performance - In March 2025, a total of 9 new ESG products were issued, with a total issuance of 3.095 billion units, primarily focused on ESG strategies and environmental protection[8] - Over the past year, 141 ESG public funds were issued, with a total issuance of 146.191 billion units[8] - The total net asset value of existing ESG products reached 818.229 billion yuan, with ESG strategy products accounting for the largest share at 44.30%[10] Group 3: Green Bond Market Activity - During the week of March 17-21, 2025, 9 new green bonds were issued in the interbank and exchange markets, with a planned issuance scale of approximately 15.746 billion yuan[15] - A total of 32 ESG bonds were issued in March 2025, amounting to 27 billion yuan, with a total of 952 ESG bonds issued over the past year, totaling 990.6 billion yuan[15] - The existing ESG bond market consists of 3,551 bonds, with green bonds making up the largest share at 2,434 bonds, representing 58.21% of the total outstanding amount of 5.55 trillion yuan[15] Group 4: ESG Bank Wealth Management Products - In March 2025, 48 new ESG bank wealth management products were issued, with a total of 749 ESG bank wealth management products issued over the past year[20] - The existing ESG bank wealth management products total 830, with pure ESG products accounting for the largest share at 57.83%[20] Group 5: Risk Considerations - Potential risks include the possibility that ESG policy enforcement may not meet expectations, a lack of standardized data reporting, and the issuance scale of products falling short of projections[23]

业绩符合预期，新产品新领域齐发力 比亚迪(002594) ——比亚迪 24 年报点评 | | | ——比亚迪 24 年报点评 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | --- | --- | --- | | [table_Authors] 徐强(分析师) | 牟俊宇(分析师) | 吴晓飞(分析师) | [Table_Target] | 上次评级: | 增持 | | 010-83939805 | 0755-23976610 | 0755-23976003 | 目标价格： | 上次预测: | 437.25 313.15 | | xuqiang@gtjas.com | moujunyu@gtjas.com | wuxiaofei@gtjas.com | | | | | 登记编号 S0880517040002 | S0880521080003 | S0880517080003 | Table_CurPrice] [当前价格： | | 369.59 | 本报告导读： 公司 24 年业绩符合预期，销量领跑行业。后续看好公司智能驾驶、超级 e 平台技术 对产品竞争力 ...

2、汽车，吴晓飞团队认为，近期商用车更新补贴细则落地，补贴金额更大、范围更广，政策有望 推动销量增长。推荐潍柴动力、宇通客车，受益标的中国重汽。 [Table_Summary] 1、滴滴出行，批零社服刘越男团队认为，业绩符合预期，中国业务稳定增长且释放利润，海外 延续高增长且如期减亏。后续将补贴效率提升与规模效应将继续驱动利润率提升。给与中国区业 务 2026 年行业平均 15xEV/EBITA 估值，目标市值 2317 亿人民币，320 亿美元，对应目标价 6.61 美元。 3、产业，鲍雁辛团队认为，中国核聚变可分为合肥、成都两大高地，合肥系以中科院等离子体 所为代表，成都系以核工业西南物理研究院为代表，未来中国核聚变的角逐也是合肥、成都两大 核聚变高地的角逐。 2025 年 03 月 26 日 国泰君安证券股份有限公司 研究所 国泰君安晨报 4、粤海投资，环保徐强团队认为，粤海置地 2024 年减值 10.34 亿港元，拖累公司 2024 年业绩， 派息符合预期。公司持续经营业务净现金流入 91.50 亿港元，现金流充足。上调对公司 2025-2026、 增加 2027 年预测净利润分别为 44.15、4 ...