Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a revenue of 3.885 billion yuan in 2024, representing a year-over-year growth of 34.6%, with a net profit of 881 million yuan, also showing a growth of 33.0% [4] - The company has demonstrated strong online growth, improved member repurchase rates, and maintained high net profit margins [5] - The company is expected to continue its growth trajectory with projected net profits of 1.201 billion yuan, 1.532 billion yuan, and 1.928 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 43x, 34x, and 27x [6] Financial Performance - In 2024, the company's revenue from cosmetics, skincare, and training was 2.3 billion yuan, 1.4 billion yuan, and 150 million yuan respectively, with year-over-year growth rates of 42%, 23%, and 46% [5] - The gross margin for the company in 2024 was 84.4%, a slight decrease of 0.5 percentage points year-over-year, primarily due to increased logistics costs [6] - The company plans to expand its store presence and has a total of 409 counters by the end of 2024, with a net increase of 25 counters [5] Revenue Projections - The projected revenue for the company is 5.212 billion yuan in 2025, 6.687 billion yuan in 2026, and 8.455 billion yuan in 2027, with growth rates of 34.17%, 28.30%, and 26.43% respectively [8] - The expected EBITDA for the company is 1.533 billion yuan in 2025, 1.956 billion yuan in 2026, and 2.451 billion yuan in 2027 [8] Profitability Metrics - The company's net profit margin is projected to be 22.7% in 2024, with a slight increase in adjusted net profit margin to 23.8% [6] - The earnings per share (EPS) is expected to be 2.45 yuan in 2025, 3.13 yuan in 2026, and 3.93 yuan in 2027 [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company continues to narrow its losses and is awaiting a recovery in passenger transport [4] - In 2024, the company reported an operating revenue of 166.7 billion yuan, a year-on-year increase of 18.1%, and a net profit attributable to shareholders of -240 million yuan, significantly reducing losses [4] - The passenger transport business shows signs of recovery, with a 21.7% increase in capacity and a 32.8% increase in passenger turnover, totaling 155 million passengers, a year-on-year growth of 23.8% [5] - Cargo performance remains strong, with cargo revenue reaching 7.41 billion yuan, a year-on-year increase of 78.0% [5] - The company expects continued growth in passenger transport in 2025, with projected revenues of 173.5 billion yuan, 185.2 billion yuan, and 196.9 billion yuan for 2025-2027, representing year-on-year growth rates of 4.1%, 6.7%, and 6.3% respectively [7] Financial Summary - The company’s total assets are 345.8 billion yuan, with a debt-to-asset ratio of 88.2% [3] - The earnings per share (EPS) for 2025 is projected to be 0.22 yuan, with a price-to-earnings (P/E) ratio of 34.98 [9] - The company’s EBITDA for 2025 is estimated at 42.5 billion yuan, with a net profit attributable to shareholders of 3.61 billion yuan [9][12] - The company’s operating costs for 2024 were 158.2 billion yuan, with a gross profit margin of 5.1% [12]

Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Views - The company reported a revenue of 25.82 billion yuan for 2024, an increase of 15.14% year-on-year, with a net profit attributable to shareholders of 3.65 billion yuan, up 3.49% year-on-year [5]. - In Q4 2024, the company's revenue was 5.46 billion yuan, a year-on-year increase of 1.5%, but the net profit decreased by 34.65% to 502 million yuan [5][6]. - The decline in Q4 profit was attributed to a slight decrease in gypsum board prices and increased sales and management expenses due to the consolidation of Jia Baoli [6]. Financial Performance Summary - The company’s total assets are valued at 35.1 billion yuan, with a debt-to-asset ratio of 24.0% [4]. - The earnings per share (EPS) for 2024 is projected to be 2.16 yuan, with a price-to-earnings (P/E) ratio of 13.33 [4][9]. - The company expects revenues of 29.7 billion yuan and 33.2 billion yuan for 2025 and 2026, respectively, with corresponding net profits of 4.56 billion yuan and 5.18 billion yuan [7][9]. Product Performance Summary - Gypsum board revenue was 13.11 billion yuan in 2024, down 4.79% year-on-year, with a sales volume of 2.171 billion square meters [6]. - The revenue from waterproof membranes increased by 19.23% to 3.322 billion yuan, while the revenue from coatings surged by 327.99% to 4.141 billion yuan due to the consolidation of Jia Baoli [6]. Cost and Cash Flow Summary - The company’s operating cash flow for 2024 was 5.13 billion yuan, reflecting an increase of 8.5% year-on-year [7]. - The total expense ratio for 2024 was 14.3%, an increase of 1.8 percentage points year-on-year, primarily due to higher sales expenses from the newly acquired coating business [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][6] Core Insights - The company reported a revenue of 3.885 billion yuan for 2024, representing a year-over-year growth of 34.6%, with a net profit attributable to shareholders of 881 million yuan, also up by 33.0% [4][5] - The online sales showed significant growth, with a 51% increase year-over-year, while offline sales grew by 22% [5] - The company maintains a high net profit margin of 22.7% despite a slight decline in gross margin due to increased logistics costs [6] Financial Performance - For 2024, the company expects revenues to reach 5.212 billion yuan, with a growth rate of 34.17% [8] - The projected net profit for 2025 is 1.202 billion yuan, reflecting a growth rate of 36.36% [9] - The company's gross margin is forecasted to be 84.24% in 2025, slightly decreasing from 84.37% in 2024 [9] Revenue Breakdown - In 2024, the revenue from makeup, skincare, and training segments is expected to be 2.3 billion yuan, 1.4 billion yuan, and 150 million yuan, respectively, with growth rates of 42%, 23%, and 46% [5] - The average selling price for makeup increased by 6%, while skincare saw a decrease of 3% [5] Membership and Repurchase Rates - The repurchase rate for online and offline channels in 2024 is projected to be 27.5% and 34.9%, respectively, showing an increase of 5.5 percentage points and 2.1 percentage points year-over-year [5] Future Outlook - The company plans to continue expanding its store network and introduce new products, with a focus on international markets, indicating significant growth potential [6] - The forecasted net profit for 2027 is expected to reach 1.93 billion yuan, with a corresponding price-to-earnings ratio of 27 times [6][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company continues to narrow its losses and is awaiting a recovery in passenger transport [4] - In 2024, the company reported an operating revenue of 166.7 billion yuan, a year-on-year increase of 18.1%, with a net profit attributable to shareholders of -240 million yuan, significantly reducing losses [4] - The passenger transport business shows signs of recovery, with a 21.7% increase in capacity and a 32.8% increase in passenger turnover, totaling 155 million passengers, a year-on-year growth of 23.8% [5] - Cargo performance remains strong, with cargo revenue reaching 7.41 billion yuan, a year-on-year increase of 78.0% [5] - The company expects continued growth in passenger transport in 2025, with projected revenues of 173.5 billion yuan, 185.2 billion yuan, and 196.9 billion yuan for 2025-2027, representing year-on-year growth rates of 4.1%, 6.7%, and 6.3% respectively [7] Summary by Sections Company Overview - Latest closing price: 7.59 yuan - Total shares: 1.7448 billion, circulating shares: 1.1638 billion - Total market value: 132.4 billion yuan, circulating market value: 88.3 billion yuan - Asset-liability ratio: 88.2% [3] Financial Performance - In 2024, the company’s operating revenue was 166.7 billion yuan, with a net profit of -240 million yuan, indicating a significant reduction in losses [4] - The fourth quarter revenue was 38.55 billion yuan, a year-on-year increase of 8.2%, with a net profit of -1.6 billion yuan [4] - The company’s oil costs were 53.72 billion yuan, a year-on-year increase of 15%, while non-oil costs reached 104.47 billion yuan, a 19.7% increase [6] Future Projections - The company forecasts net profits of 3.61 billion yuan, 7.89 billion yuan, and 10.65 billion yuan for 2025-2027, with significant growth rates of 118.4% and 34.9% in subsequent years [7] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.22 yuan, 0.47 yuan, and 0.64 yuan respectively [9]

Investment Rating - The investment rating for the company is "Buy" [2][13]. Core Views - The company reported a revenue of 25.82 billion yuan for 2024, an increase of 15.14% year-on-year, with a net profit attributable to shareholders of 3.65 billion yuan, up 3.49% year-on-year [5][6]. - In Q4 2024, the company's revenue was 5.46 billion yuan, a year-on-year increase of 1.5%, but the net profit decreased by 34.65% to 502 million yuan [5][6]. - The company is focusing on a dual-wing strategy, which is expected to drive future growth despite current profit pressures [5][6]. Financial Performance - The company’s total assets are valued at 35.1 billion yuan, with a debt-to-asset ratio of 24.0% [4]. - The earnings per share (EPS) for 2024 is projected to be 2.16 yuan, with a price-to-earnings (P/E) ratio of 13.33 [4][9]. - The company expects revenues of 29.7 billion yuan and 33.2 billion yuan for 2025 and 2026, respectively, with corresponding net profits of 4.56 billion yuan and 5.18 billion yuan [7][9]. Product Performance - Revenue from gypsum board decreased by 4.79% to 13.11 billion yuan, while revenue from waterproof membranes increased by 19.23% to 3.32 billion yuan [6][7]. - The company’s paint segment saw a significant increase in revenue by 327.99% to 4.14 billion yuan, primarily due to the consolidation of Gaboli [6][7]. Cost and Cash Flow - The company’s operating cash flow for 2024 was 5.13 billion yuan, an increase of 8.5% year-on-year [7]. - The total expense ratio for 2024 was 14.3%, up 1.8 percentage points from the previous year, driven by higher sales and management expenses [7].

证券研究报告：宏观报告 2025 年 3 月 28 日 3588 研究所 分析师:黄付生 SAC 登记编号:S1340522060002 Email:huangfusheng@cnpsec.com 研究助理:高晓洁 SAC 登记编号:S1340124020001 Email:gaoxiaojie@cnpsec.com 近期研究报告 麦金莱关税对美国内外造成诸多影响，对国内而言，一方面，关 税政策保护了国内新兴产业的发展，以马口铁为例，在1890 年之前， 美国马口铁几乎全部依赖进口，主要来自英国南威尔士。在高关税的 保护下，美国国内马口铁生产迅速扩张，进口量急剧下降，到 1895 年，美国的马口铁国内生产占比超过 60%，到 1898-1900 年，美国在 马口铁方面基本实现自给自足，生产的数量与之前进口的数量相当。 根据 Douglas A. Irwin 的研究，麦金莱关税使得美国马口铁产业的 发展大约提前了 10 年。但另一方面，高昂的售价意味着美国普通消 费者补贴了国内制造商。整体而言，美国国内对麦金莱关税的态度存 在激烈矛盾。而特朗普政府也难免要面临财政可持续性和通胀、经济 增长之间的两难抉择。与一个 ...

Investment Rating - The investment rating for the company is "Buy" [13]. Core Views - The company has achieved revenue growth of 8.5% year-on-year in 2024, reaching 14.759 billion, with tire and chassis parts revenue increasing by 10.4% and automotive maintenance revenue by 9.9% [5]. - The company has a strong cash reserve of over 7.5 billion, supporting further expansion and strategic investments [5]. - The number of registered users reached nearly 140 million, a 20.4% increase year-on-year, with transaction users growing by 24.8% [6]. - The company expanded its workshop stores to 6,874, netting an increase of 965 stores, achieving nearly 50% coverage in counties with over 20,000 passenger vehicles [7]. - Revenue is expected to grow by 11% in 2025, with projected revenues of 16.386 billion, 17.987 billion, and 19.623 billion for 2025, 2026, and 2027 respectively [9]. Summary by Sections Company Overview - Latest closing price is 17.94 HKD, with a total market capitalization of 14.7 billion HKD and a PE ratio of 28.1 [4]. Financial Performance - In 2024, the company achieved a gross profit of 3.7 billion, with a gross margin of 25.4%, reflecting a 0.7 percentage point increase year-on-year [5]. - The adjusted net profit for 2024 was 600 million, a 29.7% increase year-on-year [5]. User Engagement - The average monthly active users reached 12 million, a 17.2% increase year-on-year, with a customer satisfaction rate exceeding 95% [6]. Market Expansion - The company is focusing on expanding its workshop stores and enhancing its brand recognition, which is expected to drive growth in a recovering consumer environment [8].

Investment Rating - The investment rating for the company is "Buy" [12] Core Insights - The company reported a significant decline in revenue for 2024, with total revenue of 91.03 billion yuan, down 35.51% year-on-year, and a net profit attributable to shareholders of 7.696 billion yuan, down 26.19% year-on-year. However, Q4 showed signs of recovery with a net profit of 2.498 billion yuan, up 42.27% year-on-year despite a revenue decline of 45.53% [4][5] - The company has strengthened its production scheduling, leading to a notable improvement in profitability in Q4, with a gross margin increase of 15.7 percentage points to 28.2% [5] - The company’s market share in cement production has continued to rise, with self-produced cement sales of 26.8 million tons in 2024, a decrease of 6.1% year-on-year, while the national cement production fell by 9.5% [5] - For 2025, demand is expected to improve slightly, supported by increased infrastructure spending and the issuance of special bonds, which may enhance overall demand for cement [5] - The company plans to maintain a dividend payout ratio of no less than 50% from 2025 to 2027, with a strong cash flow of 18.5 billion yuan in 2024 and planned capital expenditures of 11.98 billion yuan for 2025 [6] - Revenue projections for 2025 and 2026 are 103.7 billion yuan and 105.4 billion yuan, respectively, with expected net profits of 9.378 billion yuan and 9.772 billion yuan, indicating growth rates of 21.9% and 4.2% [6][8] Financial Summary - The company’s total market capitalization is 128.7 billion yuan, with a total share capital of 5.299 billion shares and a circulating share capital of 4 billion shares [3] - The company’s price-to-earnings ratio (P/E) is 12.33, with a debt-to-asset ratio of 19.6% [3] - The projected earnings per share (EPS) for 2025 and 2026 are 1.77 yuan and 1.84 yuan, respectively [8][11]

证券研究报告：固定收益报告 2025 年 3 月 25 日 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:李书开 SAC 登记编号:S1340524040001 Email:lishukai@cnpsec.com 近期研究报告 《生产、物价走势分化，商品房成交边 际改善——高频数据跟踪 20250323》 - 2025.03.24 信用周度观点 短信用追不追？ ——信用周报 20250324 ⚫ 短信用追不追？ 本周资金面紧张，债市震荡偏弱，而信用债的表现明显好于利率， 配置价值凸显，率先开启了修复行情。1Y、2Y、3Y、4Y、5Y 的国债到 期收益率多数上行。而同期限的 AAA 中票收益率分别下行了 6.6BP、 6.9BP、7.2BP、5.9BP、6.1BP，AA+中票收益率分别下行了 7.1BP、7.9BP、 9.7BP、8.9BP 和 7.6BP。超长期限信用债行情也有一定修复，相对而 言修复程度不高，AAA/AA+10Y的中票收益率分别下行了1.8BP、1.3BP。 信用债的两个指向短端性价比较高的特征，在 ...