股票研究 /[Table_Date] 2025.04.01 ——东鹏饮料（605499）更新报告 食品饮料 [Table_Industry] /必需消费 | | ——东鹏饮料（605499）更新报告 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | --- | --- | | [table_Authors] 訾猛(分析师) | 徐洋(分析师) | | 上次评级: | 增持 | | 021-38676442 | 021-38032032 | [Table_Target] 目标价格： | | 319.00 | | zimeng@gtjas.com | xuyang022481@gtjas.com | | 上次预测: | 319.00 | | 登记编号 S0880513120002 | S0880520120008 | Table_CurPrice] [当前价格： | | 248.97 | 果之茶迅速放量，旺季高增无虞 东鹏饮料(605499) 本报告导读： 果之茶新品凭借质价比优势快速起来，公司旺季三箭齐发有望延续高增。 投资要点： 风险提示：行业恶性价格战、成本 ...

Investment Rating - The report maintains an "Accumulate" rating for Hangzhou Oxygen Plant Co., Ltd. (002430) with a target price of 26.88 CNY, down from the previous forecast of 34.25 CNY [2][12]. Core Insights - The company's 2024 performance meets expectations, with steady development in pipeline gas and a potential recovery in retail gas prices. Additionally, the proportion of overseas orders for equipment continues to rise, indicating a steady growth outlook [3][12]. Financial Summary - **Revenue**: The company reported a revenue of 13,716 million CNY for 2024, reflecting a year-on-year increase of 3.06%. The projected revenues for the following years are 15,763 million CNY in 2025, 17,753 million CNY in 2026, and 20,025 million CNY in 2027, with growth rates of 14.9%, 12.6%, and 12.8% respectively [5][14]. - **Net Profit**: The net profit attributable to shareholders for 2024 is 922 million CNY, a decrease of 24.15% year-on-year. The forecasted net profits for 2025, 2026, and 2027 are 1,106 million CNY, 1,301 million CNY, and 1,510 million CNY, showing a recovery trend [5][14]. - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 0.94 CNY, with estimates of 1.12 CNY for 2025, 1.32 CNY for 2026, and 1.53 CNY for 2027 [5][14]. - **Return on Equity (ROE)**: The ROE is expected to be 10.0% in 2024, with a gradual increase to 13.6% by 2027 [5][14]. Market Performance - The stock has a 52-week price range of 16.67 CNY to 31.18 CNY, with a total market capitalization of 20,948 million CNY [6][12]. - The stock's performance over the last 12 months shows a decline of 23% relative to the Shenzhen Composite Index [10]. Business Development - The company’s gas sales revenue for 2024 is 8,100 million CNY, down 1.15% year-on-year, primarily due to fluctuations in retail gas prices. The gross margin for gas sales is 16.17%, a decrease of 2.58 percentage points year-on-year [12]. - The pipeline gas business is expected to provide stable cash flow, with new projects adding approximately 650,000 Nm³/h of oxygen production capacity in 2024 [12]. - The company achieved a revenue of 4,525 million CNY from air separation equipment in 2024, marking a year-on-year increase of 6.77% [12]. Overseas Market Expansion - The company’s order intake for air separation and petrochemical equipment reached 5,512 million CNY in 2024, with overseas orders accounting for 17%, up from 14% in 2023. This growth in overseas orders is anticipated to enhance equipment gross margins [12].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 6.65, down from the previous forecast of 6.99 [1][11]. Core Views - The company's 2024 performance was below expectations, with a significant decline in profits primarily due to structural adjustments in the consumer industry and increased asset impairment provisions for certain real estate projects. The company is focusing on streamlining operations and concentrating on the growth potential of its jewelry and fashion segments [2][11]. Financial Summary - In 2024, the company reported revenue of 46,924 million, a year-on-year decrease of 19.3%. The net profit attributable to shareholders was 125 million, down 93.8% year-on-year. The gross profit margin for the year was 13.60%, a decrease of 0.51 percentage points [4][11]. - The company’s earnings per share (EPS) for 2025 is projected to be 0.38, with estimates of 0.48 for 2026 and 0.57 for 2027. The price-to-earnings (PE) ratio for 2025 is set at 17.5 times [18]. Business Segments - The jewelry and fashion business generated revenue of 299.77 million in 2024, down 18.38% year-on-year. The company experienced a net reduction of 379 jewelry stores, focusing on optimizing its store network [11][12]. - The real estate development and sales segment saw a revenue decline of 25.96% year-on-year, reflecting the overall downturn in the real estate industry [11][12]. Market Data - The company's market capitalization is 22,198 million, with a current share price of 5.70, within a 52-week price range of 4.94 to 6.95 [5][11]. - The net asset value per share is 9.13, with a price-to-book (P/B) ratio of 0.6 [6][11]. Future Outlook - The company aims to enhance its focus on the jewelry fashion sector while managing the impacts of macroeconomic conditions and industry changes. The anticipated recovery in the jewelry market is expected to support future growth [11][12].

毛利率同比承压，股权激励提振信心 广州酒家(603043) ——广州酒家 2024 年报业绩点评 | [table_Authors] 刘越男(分析师) | 宋小寒(分析师) | [Table_Target] | 上次评级: | 增持 | | --- | --- | --- | --- | --- | | 021-38677706 | 010-83939087 | 目标价格： | | 18.62 | | | | | 上次预测: | 19.20 | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | | | | 登记编号 S0880516030003 | S0880524080011 | Table_CurPrice] [当前价格： | | 16.08 | 本报告导读： 公司发布股权激励计划，提振市场信心，消费需求有望逐步回暖。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | ...

信用减值影响业绩，海外业务积极拓展 三峰环境(601827) 2024 年报点评 其他公用事业 [Table_Industry] /公用事业 | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 10.95 | | | 上次预测: | 11.25 | | Table_CurPrice] [当前价格： | | 8.56 | [Table_Market] 交易数据 | 52 周内股价区间（元） | 7.59-9.30 | | --- | --- | | 总市值（百万元） | 14,312 | | 总股本/流通A股（百万股） | 1,672/1,672 | | 流通 B 股/H 股（百万股） | 0/0 | [Table_Balance] 资产负债表摘要(LF) | 股东权益（百万元） | 11,180 | | --- | --- | | 每股净资产（元） | 6.69 | | 市净率（现价） | 1.3 | | 净负债率 | 50.25% | [Table_PicQuote] 52 ...

Investment Rating - The report maintains an "Accumulate" rating for China Merchants Energy Shipping Company (601872) with a target price of 9.71 CNY, unchanged from the previous forecast [1][11]. Core Views - The report highlights that the profitability of the dry bulk and container shipping sectors is expected to increase significantly in 2024, offsetting the pressure on oil transportation. The overall profitability is projected to continue growing, with a focus on the timing for contrarian investments [2][11]. - The company is expected to achieve a net profit of 5.1 billion CNY in 2024, representing a year-on-year growth of 5.6%. The multi-segment layout continues to demonstrate its advantages [11]. Financial Summary - **Revenue**: - 2023A: 25,881 million CNY - 2024A: 25,799 million CNY (down 0.3%) - 2025E: 30,296 million CNY (up 17.4%) [4] - **Net Profit (attributable to parent)**: - 2023A: 4,837 million CNY - 2024A: 5,107 million CNY (up 5.6%) - 2025E: 5,623 million CNY (up 10.1%) [4] - **Earnings Per Share (EPS)**: - 2023A: 0.59 CNY - 2024A: 0.63 CNY - 2025E: 0.69 CNY [4] - **Return on Equity (ROE)**: - 2023A: 13.1% - 2024A: 12.8% - 2025E: 13.0% [4] Market Data - **Current Price**: 6.38 CNY - **Market Capitalization**: 51,957 million CNY - **52-week Price Range**: 6.19 - 9.83 CNY [5] Segment Performance - **Oil Transportation**: - Net profit expected to decline by 15% due to geopolitical pressures and increased production from Iran, with average TCE rates remaining stable [11]. - **Dry Bulk**: - Net profit projected to increase by 72%, with overall supply and demand remaining favorable despite fluctuations [11]. - **Container Shipping**: - Net profit expected to rise by 51%, driven by capacity expansion and the pursuit of high-value routes [11]. Strategic Outlook - The report suggests that the oil transportation supply-demand dynamics may improve, with potential upside from falling oil prices and inventory replenishment opportunities. The company is also focusing on shareholder returns, with a projected dividend yield of 4.3% in 2025 [11].

[Table_Industry] 医药/必需消费 | | | [Table_Invest] 评级： 增持 ——华兰生物 2024 年度业绩点评 | [table_Authors] 谈嘉程(分析师) | 丁丹(分析师) | [Table_Target] 目标价格： | 上次评级: | 增持 19.50 | | --- | --- | --- | --- | --- | | 021-38038429 | 0755-23976735 | | 上次预测: | 19.50 | | tanjiacheng@gtjas.com | dingdan@gtjas.com | | | | | 登记编号 S0880523070004 | S0880514030001 | Table_CurPrice] [当前价格： | | 16.03 | 本报告导读： 公司血制品业务稳健，流感疫苗在量价综合影响下承压，2025 年有望在新基数上重 返增长轨道，维持增持评级。 投资要点： 风险提示：终端需求不及预期，竞争加剧 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 52.29 CNY, up from the previous forecast of 47.17 CNY [2][11]. Core Insights - The company achieved revenue growth in 2024, with a notable improvement in Q4 performance. The ability to control costs has been consistently enhanced. The company is expanding into new business areas such as civil aviation, satellite internet, data centers, smart connected vehicles, and low-altitude economy, which is expected to lead to high-quality development [3][11]. Financial Summary - For 2024, the company is projected to achieve a revenue of 20,686 million CNY, representing a year-on-year growth of 3.04%. The net profit attributable to the parent company is expected to be 3,354 million CNY, a slight increase of 0.45% [5][11]. - The Q4 2024 results show significant improvement, with revenue reaching 6,690 million CNY, a year-on-year increase of 41.89% and a quarter-on-quarter increase of 36.59%. The net profit for Q4 is projected at 848 million CNY, reflecting a year-on-year growth of 90.13% [11]. - The company has successfully reduced its selling expense ratio to 2.36% and management expense ratio to 5.97%, indicating effective cost management strategies [11]. Business Expansion and Strategy - The company is focusing on its "14th Five-Year Plan" to enhance its strategic management system and is targeting emerging and future industries. Key areas of expansion include civil high-end manufacturing, communication and industrial businesses, and the new energy sector [11]. - The company aims to strengthen its position in the new energy vehicle sector by enhancing its supply chain with major domestic and international clients, while also expanding its capabilities in low-altitude economy industries [11]. Market Performance - The stock has shown a 52-week price range of 31.39 CNY to 47.56 CNY, with a current market capitalization of 88,861 million CNY [6][11]. - The company’s price-to-earnings ratio is currently at 26.61, with projections indicating a decrease to 19.11 by 2027 [5][14]. Future Projections - Revenue is expected to grow to 22,256 million CNY in 2025, 24,553 million CNY in 2026, and 27,106 million CNY in 2027, with corresponding net profits of 3,723 million CNY, 4,155 million CNY, and 4,651 million CNY respectively [5][13]. - The report anticipates a continued upward trend in profitability and operational efficiency, supported by strategic cost management and market demand recovery [11].

-11% 1% 14% 26% 39% 51% 2024/3 2024/4 2024/5 2024/6 2024/7 2024/8 2024/9 2024/10 2024/11 2024/12 2025/1 2025/2 2025/3 首钢资源 恒生指数 [Table_Report] 相关报告 股票研究 /[Table_Date] 2025.03.31 销售结构变化影响均售价，现金流保障持续高分红率 首钢资源(0639) ——首钢资源 2024 年年报点评 | [table_Authors] 黄涛(分析师) | 王楠瑀(研究助理) | | | | --- | --- | --- | --- | | | | [当前价格 Table_CurPrice] (港元)： | 2.59 | | 021-38674879 | 021-38032030 | | | | huangtao@gtjas.com | wangnanyu028176@gtjas.com | [Table_Market] | | | 登记编号 S0880515090001 | S0880123060041 | 交易数据 | | | | | 52 周内股 ...

业绩符合预期，焦煤价格已触底 恒源煤电(600971) 恒源煤电 2024 年报点评 | 恒源煤电 | 2024 年报点评 | | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | --- | --- | --- | | [table_Authors] 黄涛(分析师) | | 邓铖琦(分析师) | [Table_Target] | 上次评级: | 增持 | | 021-38674879 | | 010-83939825 | 目标价格： | | 10.24 | | huangtao@gtjas.com | | dengchengqi024452@gtjas.com | | 上次预测: | 11.71 | | 登记编号 S0880515090001 | | S0880523050003 | Table_CurPrice] [当前价格： | | 8.63 | 本报告导读： 2025 年计划产销量提高，有望增厚公司业绩；预计焦煤价格已触底，后续具备更高 上行风险；发电业务逐步拓展。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2 ...