国内盈利抬升，海外风险下降 华新水泥(600801) ——华新水泥 2024 年报点评 | [table_Authors] 鲍雁辛(分析师) | 花健祎(分析师) | 杨冬庭(分析师) | [Table_Target] 目标价格： | 上次评级: | 增持 17.67 | | --- | --- | --- | --- | --- | --- | | 0755-23976830 | 0755-23976858 | 0755-23976166 | | 上次预测: | 17.67 | | baoyanxin@gtjas.com | huajianyi@gtjas.com | yangdongting@gtjas.com | | | | | 登记编号 S0880513070005 | S0880521010001 | S0880522080004 | Table_CurPrice] [当前价格： | | 12.97 | 本报告导读： 公司 2024 年报符合预期，24 年国内水泥销量同比下滑被海外强劲增量对冲，同时 国内外水泥盈利兑现能力均在修复通道上。 投资要点： | [Table_Finance] 财务摘要（百 ...

盈利回暖，价值增长动能持续释放 中国太保(601601) ——中国太保 2024 年年报业绩点评 | HAN (00T00 | | --- | | | | | [Table_Invest] 评级： | | 增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 51.56 | | | 上次预测: | 51.56 | | Table_CurPrice] [当前价格： | | 32.20 | 本报告导读： 公司 24 年净利润同比 64.9%，长航转型持续深化推动 NBV 增长，产险 COR 有所 抬升，投资收益大幅改善。维持"增持"。 投资要点： | [Table_Trend] 升幅(%) | 1M | 3M | 12M | | --- | --- | --- | --- | | 绝对升幅 | -1% | -6% | 48% | | 相对指数 | -0% | -5% | 35% | [Table_Report] 相关报告 | 价值增长提速，投资回暖增厚利润 2024.10.31 | | --- | | 资负量质并举，盈利大超预期 ...

国泰君安晨报 2025 年 03 月 28 日 国泰君安证券股份有限公司 研究所 3、巨子生物，化妆品訾猛团队认为，公司 2024 年业绩高增符合预期，受益可复美胶原棒放量、 焦点系列等新品爬坡以及可丽金明星产品增长，公司化妆品业务多款新品储备、关注后续放量节 奏。 4、小商品城，零售刘越男团队认为，线下市场量价齐升、线上 CG+义支付高增长、进口业务望 形成新增长点，看好公司发展提速、义乌再创辉煌。 5、交运，岳鑫团队认为，原油增产将利好油运，伊朗制裁升级亦将助于合规市场供需继续恢复， 预计油运供需有望好于预期，且具油价下跌期权。建议关注逆向布局时机，维持油运增持。 [周津宇 Table_Authors] 电话：021-38674924 邮箱：zhoujinyu011178@gtjas.com 登记编号：S0880516080007 [Table_ImportantInfo] 今日重点推荐 行业首次覆盖：灵巧手《灵巧手：机器人商业化落地的"功 能触角"》2025-03-27 肖群稀（分析师）0755-23976830、欧阳蕤（分析师）021-38676550 投资建议：目前，灵巧手行业主要产品仍以国外品牌为 ...

"深海"聚焦"科技"属性，产业聚焦装备制造 ixie [Table_Industry] 机械行业 --深海科技行业更新 [Table_Invest] 评级： 增持 上次评级: 增持 | [table_Authors] 肖群稀(分析师) | 黄龙(研究助理) | | --- | --- | | 0755-23976830 | 021-38031028 | | xiaoqunxi027589@gtjas.com | huanglong028685@gtjas.com | | 登记编号 S0880522120001 | S0880123070154 | [Table_Report] 相关报告 本报告导读： 行 业 更 新 证 券 研 究 报 告 股 票 研 究 请务必阅读正文之后的免责条款部分 股票研究 /[Table_Date] 2025.03.28 机械行业《灵巧手：机器人商业化落地的"功能 "深海科技"在 2025 年政府工作报告中被首次提及，相较于此前表述，其"科技" 属性得以强化。随着海洋经济规模不断扩大，产业链相关环节有望持续受益。 投资要点： 触角"》2025.03.27 机械行业《特斯拉确定机器人产 ...

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The company's 2024 operating performance is stable, and the increase in dividend payout ratio reflects a strong commitment to shareholder returns [3]. - The company has maintained a "Buy" rating based on its 2024 performance and operational trends, with a downward adjustment in the EPS forecast for 2025-2026 [9]. Financial Summary - In 2024, the company achieved revenue of 13,087 million RMB, a year-on-year decline of 1.1%, while the net profit was 2,067 million RMB, showing a growth of 4.2% after excluding one-time impacts from 2023 [9]. - The orthopedic segment reported revenue of 1,440 million RMB, up 13.2%, with operating profit increasing by 196% [9]. - The drug packaging segment generated revenue of 2,280 million RMB, reflecting a growth of 12.6%, driven by high growth in pre-filled syringes and new product launches [9]. - The interventional segment's revenue was 1,980 million RMB, a modest increase of 2.5%, with domestic pressures offset by good overseas growth [9]. - The medical device and blood management segments faced revenue declines, with the medical device segment down 6.5% to 6,510 million RMB, while the blood management segment's revenue fell by 15.8% to 880 million RMB [9]. - The company plans to increase its cash dividend payout ratio to 50% by the end of 2024, with a proposed dividend of 0.1235 RMB per share, totaling 985 million RMB, a 29% increase year-on-year [9]. Growth Strategy - The company is actively developing nine new product series to create a second growth curve, focusing on the perioperative product portfolio and chronic disease management products [9]. - The company aims to leverage its sales channel advantages to ensure rapid market penetration of new products, contributing to revenue growth [9].

股票研究 /[Table_Date] 2025.03.28 减值施压业绩，川矿扩张在望 盛新锂能(002240) ——盛新锂能 2024 年年报业绩点评 金属，采矿，制品 [Table_Industry] /原材料 | [Table_Invest] 评级： | | 谨慎增持 | | --- | --- | --- | | | 上次评级: | 增持 | | [Table_Target] 目标价格： | | 13.94 | | | 上次预测: | 13.94 | | Table_CurPrice] [当前价格： | | 13.23 | 本报告导读： 锂价下跌叠加减值计提，公司 2024 年业绩承压。随着远期木绒锂矿等项目建设推 进，上游资源自给率提升有望缓释冶炼价差收窄带来的毛利压力，业绩回暖可期。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 7,951 | 4,581 | 4,867 | 5,496 | 5,72 ...

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target market capitalization of HKD 16 billion, reflecting a slightly higher than industry average PE of 22x for 2025 [7]. Core Views - The company has significant store expansion potential and strong growth prospects, with expectations for same-store sales recovery in 2025 [2]. - The 2024 revenue is projected at RMB 5.21 billion, representing a year-on-year increase of 14.5%, while the net profit is expected to be RMB 581 million, up 9.1% year-on-year [7]. - The company continues to expand its store network, with a total of 667 stores by the end of 2024, a 24.4% increase year-on-year [7]. Financial Summary - **Revenue**: - 2022: RMB 3,213 million - 2023: RMB 4,549 million - 2024: RMB 5,210 million (14.5% YoY growth) - 2025E: RMB 6,451 million - 2026E: RMB 7,736 million - 2027E: RMB 9,042 million [6] - **Net Profit**: - 2022: RMB 238 million - 2023: RMB 532 million - 2024: RMB 581 million (9.1% YoY growth) - 2025E: RMB 683 million - 2026E: RMB 813 million - 2027E: RMB 950 million [6] - **Profitability Ratios**: - Net profit margin for 2024 is 11.1%, down 0.6 percentage points year-on-year [7]. Store Expansion and Sales Performance - The company added 131 new stores in 2024, with net increases in various city tiers: - Tier 1: 22 stores - New Tier 1: 40 stores - Tier 2: 20 stores - Tier 3 and below: 49 stores [7]. - Same-store sales decreased by 12.1% in 2024, but improvements are anticipated in 2025 [7]. - The average customer spending in 2024 was RMB 59.2, down 9% year-on-year [7]. Cost Structure and Profitability - The gross margin for 2024 is 68.1%, a slight decrease of 0.4 percentage points year-on-year [7]. - Employee costs accounted for 27.3% of revenue, down 2.0 percentage points due to improved operational efficiency [7]. - Rent costs increased to 6.7% of revenue, reflecting the expansion of the store network [7].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 15.00, down from a previous forecast of 17.16 [2][4]. Core Views - The company achieved a new contract amount of 634.4 billion in 2024, representing a 3% increase, with both overseas new contracts and revenue showing growth [3][5]. - The net profit attributable to the parent company for 2024 grew by 2.3%, which was below expectations, while the gross profit margin slightly increased to 19.63% [5][6]. - The company plans to maintain a dividend payout ratio of 39.9% for 2024, up from 36.2% in 2023, indicating a significant increase in cash dividends [5][6]. Financial Summary - In 2024, the company's revenue was 461 billion, a 0.7% increase, while the net profit attributable to the parent company was 29.8 billion, reflecting a 2.3% growth [5][6]. - The earnings per share (EPS) for 2025 and 2026 have been revised down to 1.21 and 1.29 respectively, with a projected EPS of 1.34 for 2027 [4][6]. - The company reported a weighted return on equity (ROE) of 14.96% and a debt-to-asset ratio of 61.28% for 2024 [5][6]. Contract and Revenue Insights - The breakdown of new contracts in 2024 shows that engineering technology services accounted for 371.8 billion (59%), high-end equipment manufacturing for 71.6 billion (11%), and production operation services for 173.1 billion (27%) [5][17]. - The overseas new contract amount reached 362 billion, marking a 9% increase, while domestic contracts decreased by 4% to 272.4 billion [5][17]. Dividend and R&D Investments - The company plans to distribute a dividend of 0.45 per share in 2024, up from 0.4 in 2023, with a total cash dividend amounting to 11.9 billion [5][6]. - In 2024, the company invested 17.7 billion in research and development, applying for 392 invention patents and obtaining 192 patents [5][6].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 73.90, up from the previous forecast of 45.30 [5][13]. Core Views - The company demonstrates strong growth momentum through its recent private placement and equity incentive plan, which aligns the interests of the company and its talent [2][13]. - The company aims for a revenue CAGR exceeding 20% from 2025 to 2027, driven by technological advancements and channel expansion [13]. - The company is focusing on enhancing its PLC and drive control products across various industries, including textiles, printing, and food and beverage [13]. - The company is also entering the robotics sector, which is expected to provide a second growth curve, with existing products in AGV and laser packaging [13]. Financial Summary - Revenue is projected to grow from 1,335 million in 2022 to 2,597 million by 2026, reflecting a CAGR of 21.0% [12]. - Net profit attributable to the parent company is expected to increase from 222 million in 2022 to 359 million in 2026, with a notable growth of 30.8% in 2024 [12]. - The company’s current price is 58.12, with a market capitalization of 8,169 million [5][6]. Market Position - The company holds a market share of approximately 10% in the PLC segment and about 3% in the drive control motor segment, with plans to enhance its market presence through the establishment of marketing showrooms and warehousing networks in 12 cities [13].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][8]. Core Views - The company's 4Q24 performance met expectations, with stable dividend amounts. The report anticipates growth potential for 2025 [3][8]. - The company reported a revenue of 21.372 billion RMB for 2024, a year-on-year increase of 5.4%. However, the net profit attributable to shareholders was 1.9 billion RMB, a decrease of 24.2% year-on-year [8]. - The average net electricity price for 2024 was 0.43 RMB per kWh, showing a slight decrease of 0.01 RMB per kWh compared to the previous year [8]. Financial Summary - Revenue and profit figures for the company from 2021 to 2027 are as follows: - Revenue: 15,985 million RMB (2021), 18,561 million RMB (2022), 20,282 million RMB (2023), 21,372 million RMB (2024), with estimates of 26,662 million RMB (2025E), 29,684 million RMB (2026E), and 30,341 million RMB (2027E) [7]. - Net Profit: 2,712 million RMB (2021), 2,819 million RMB (2022), 2,734 million RMB (2023), 1,900 million RMB (2024), with estimates of 3,150 million RMB (2025E), 3,429 million RMB (2026E), and 3,656 million RMB (2027E) [7]. - The company’s PE ratio for 2024 is 8.96, with projections of 5.41 (2025E), 4.97 (2026E), and 4.66 (2027E) [7]. Operational Insights - The company’s wind power capacity reached 6.6 GW by the end of 2024, a year-on-year increase of 4.7%. In February 2025, the electricity generation was 1.42 billion kWh, a year-on-year increase of 35.2% [8]. - The report suggests that the company’s performance in 2025 is expected to improve due to the resolution of weather-related disruptions and the ramp-up of LNG terminal capacity [8].