[Table_Reportdate] 2025年03月20日 [不降息，缓缩表，谨慎偏鸽 Table_NewTitle] ——海外观察：2025年3月美国FOMC会议 宏 观 简 评 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn 联系人 李嘉豪 lijiah@longone.com.cn 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 [证券分析师 Table_Authors] [table_main] 投资要点 47.0 47.5 48.0 48.5 49.0 49.5 50.0 50.5 51.0 51.5 52.0 45 46 47 48 49 50 51 52 53 54 55 2021-01 2021-02 2021-03 2021-04 2021-05 2021-06 2021-07 2021-08 2021-09 2021-10 2021-11 2021-12 2022-01 2022-02 2022- ...

[Table_Reportdate] 2025年03月20日 [晨会纪要 Table_NewTitle] 20250320 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.1-2月叉车销量稳健增长，国内龙头加速出海——机械设备行业简评 ➢ 2.开门红已现，关注后续政策落实——国内观察：2025年1-2月经济数据 ➢ 1.欧元区2月CPI终值同比升2.3% 低于预期 ➢ 2.欧盟将从4月1日起收紧钢铁进口配额 ➢ 3.日本央行维持利率不变 ➢ 4.美联储继续按兵不动，鲍威尔强调经济前景不确定性加剧 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [table_main] 重点推荐 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by at least 15% over the next six months [8][10]. Core Views - The company achieved a historical breakthrough in operating performance, with significant growth in marine engineering revenue and overall net profit [8]. - The company continues to expand its business in multiple fields, including traditional oil and gas engineering and emerging sectors like LNG and offshore wind power [8]. - The company plans to distribute a cash dividend of 2.01 yuan per share, totaling 889 million yuan, which reflects a commitment to sustainable profit distribution [8]. - Revenue for 2024 is projected to be 299.54 billion yuan, a slight decrease of 2.59% year-on-year, while net profit is expected to increase by 33.38% to 21.61 billion yuan [8]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 299.54 billion yuan, a decrease of 2.59% year-on-year, while net profit reached 21.61 billion yuan, an increase of 33.38% [8]. - The company’s marine engineering revenue was 271.70 billion yuan, up 20.10% year-on-year, driven by high construction activity [8]. - The overall gross margin improved to 12.28%, an increase of 1.53 percentage points year-on-year [8]. Business Development - The company successfully delivered several significant projects, including Asia's first deep-water jacket and the first cylindrical offshore oil and gas processing plant [8]. - The company secured new contracts worth 302.44 billion yuan, with a backlog of approximately 400 billion yuan, providing strong support for future business volume [8]. Profit Distribution - The company plans to distribute a cash dividend of 2.01 yuan per share, amounting to 889 million yuan, which is 41.12% of the net profit attributable to shareholders [8]. - Over the past three years, the total cash dividends amounted to 1.981 billion yuan, representing 113.39% of the average annual net profit [8]. Earnings Forecast - Revenue forecasts for 2025-2027 are 323.32 billion yuan, 343.38 billion yuan, and 361.70 billion yuan, respectively [8]. - Net profit forecasts for the same period are 23.05 billion yuan, 24.89 billion yuan, and 27.11 billion yuan, respectively [8]. - The expected earnings per share (EPS) for 2025-2027 are 0.52 yuan, 0.56 yuan, and 0.61 yuan, respectively [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the market index by at least 15% over the next six months [8][10]. Core Views - The company achieved a historical breakthrough in operating performance, with total revenue of 299.54 billion yuan in 2024, a decrease of 2.59% year-on-year, while net profit attributable to shareholders increased by 33.38% to 21.61 billion yuan [8][9]. - The marine engineering segment saw significant revenue growth, contributing 271.70 billion yuan, up 20.10% year-on-year, driven by high land construction workload and increased offshore installation activities [8][9]. - The company is expanding its traditional oil and gas engineering business while also increasing efforts in emerging sectors such as LNG and offshore wind power [8][9]. - The company plans to distribute a cash dividend of 2.01 yuan per share, totaling 889 million yuan, which represents 41.12% of the net profit attributable to shareholders for 2024 [8][9]. - Revenue forecasts for 2025-2027 are projected at 323.32 billion yuan, 343.38 billion yuan, and 361.70 billion yuan, respectively, with net profits expected to be 23.05 billion yuan, 24.89 billion yuan, and 27.11 billion yuan [8][9]. Summary by Sections Financial Performance - In 2024, the company reported total assets of 482.31 billion yuan and a net asset value of 262.67 billion yuan, with a debt-to-asset ratio of 41.38% [8][9]. - The overall gross margin for 2024 was 12.28%, an increase of 1.53 percentage points year-on-year [8][9]. Business Development - The company successfully delivered several significant projects, including Asia's first deep-water jacket "Hai Ji No. 2" and the first cylindrical offshore oil and gas processing plant "Hai Kui No. 1" [8][9]. - The total market contract value for 2024 reached 302.44 billion yuan, with a backlog of approximately 40 billion yuan, providing strong support for future business volume [8][9]. Dividend Policy - The company has maintained a consistent and relatively increasing profit distribution policy, with cumulative cash dividends over the past three years amounting to 1.98 billion yuan, representing 113.39% of the average annual net profit [8][9].

[Table_Reportdate] 2025年03月20日 [不降息，缓缩表，谨慎偏鸽 Table_NewTitle] ——海外观察：2025年3月美国FOMC会议 宏 观 简 评 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师 胡少华 S0630516090002 hush@longone.com.cn 联系人 李嘉豪 lijiah@longone.com.cn 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 总 量 研 究 47.0 47.5 48.0 48.5 49.0 49.5 50.0 50.5 51.0 51.5 52.0 45 46 47 48 49 50 51 52 53 54 55 2021-01 2021-02 2021-03 2021-04 2021-05 2021-06 2021-07 2021-08 2021-09 2021-10 2021-11 2021-12 2022-01 2022-02 2022-03 2022-04 2022-05 2022-06 2022-07 2022- ...

[Table_Reportdate] 2025年03月20日 [晨会纪要 Table_NewTitle] 20250320 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [table_main] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.1-2月叉车销量稳健增长，国内龙头加速出海——机械设备行业简评 ➢ 2.开门红已现，关注后续政策落实——国内观察：2025年1-2月经济数据 ➢ 1.欧元区2月CPI终值同比升2.3% 低于预期 ➢ 2.欧盟将从4月1日起收紧钢铁进口配额 ➢ 3.日本央行维持利率不变 ➢ 4.美联储继续按兵不动，鲍威尔强调经济前景不确 ...

[Table_Reportdate] 2025年03月18日 [table_invest] 超配 行 业 简 [证券分析师 Table_Authors] 谢建斌 S0630522020001 xjb@longone.com.cn 联系人 商俭 shangjian@longone.com.cn [table_stockTrend] -33% -22% -10% 2% 14% 26% 38% 24-03 24-06 24-09 24-12 申万行业指数:机械设备(0764) 沪深300 [1. table_product] 安徽合力（600761）：首次海外合 资建厂，全球化布局加速——公司简 评报告 2. 叉车全年销量保持增长，龙头企 业深入智能物流领域——机械设备 行业简评 行业简评 一、评级说明 3. 安徽合力（600761）：母公司与华 为合作深入，引领智能物流领域技术 升级——公司简评报告 [Table_NewTitle] 1-2月叉车销量稳健增长，国内龙头加速 出海 ——机械设备行业简评 [table_main] 投资要点： 评 机 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请 ...

➢ 1.2月全社会用电量同比增长8.6% 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [table_main] 重点推荐 财经要闻 [Table_Reportdate] 2025年03月19日 [晨会纪要 Table_NewTitle] 20250319 [证券分析师： Table_Authors] 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [Table_Report] ➢ 1.1-2月叉车销量稳健增长，国内龙头加速出海——机械设备行业简评 ➢ 2.开门红已现，关注后续政策落实——国内观察：2025年1-2月经济数据 | 1. 重点推荐 | | 3 | | --- | --- | --- | | 1.1. 1-2 | 月叉车销量稳健增长，国内龙头加速出海——机械设备行业简评 | 3 | | 1.2. 开门红已现， ...

[Table_Reportdate] 2025年03月18日 标配 [证券分析师 Table_Authors] 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 证券分析师 于卓楠 S0630524100001 yzn@longone.com.cn 证券分析师 王珏人 S0630523100001 wjr@longone.com.cn [table_stockTrend] -30% -20% -10% 0% 10% 19% 29% 24-03 24-05 24-07 24-09 24-11 25-01 25-03 申万行业指数:电力设备(0763) [相关研究 table_product] 1.帝科股份（300842）： 业绩稳步发 展，高铜浆料有望量产——公司简评 报告 2.光伏产业链价格企稳回升，关注全 国海风项目建设进程——新能源电 力行业周报（ 2025/03/03- 2025/03/07） 3.抢装带动行业需求回暖，多地海风 项目建设持续推进——新能源电力 行业周报（2025/02/24-2025/02/28） [Table_NewTitle 抢装带动中下游量价 ...

[证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn [Table_Reportdate] 2025年03月18日 超配 -30% -20% -10% 0% 10% 20% 30% 2024-03 2024-05 2024-07 2024-09 2024-11 2025-01 2025-03 食品饮料(申万) 沪深300 [相关研究 table_product] 1.扩内需促消费，政策催化持续—— 食品饮料行业周报（ 2025/3/3- 2025/3/9） 2.底部反弹，预期回暖——食品饮料 行业周报（2024/2/24-2025/3/2） 3.酒企积极停货稳价，政策驱动内需 复 苏 — — 食 品 饮 料 行 业 周 报 （2024/2/17-2025/2/23） [Table_NewTitle 政策力度加码，板块情绪回暖 ] ——食品饮料行业周报（2025/3/10-2025/3/16） [table_main] 投资要点： 行 业 研 究 品 饮 料 证券研究报告 HTTP://WWW ...