Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company plans to repurchase approximately 10-20 million yuan of its shares at a price not exceeding 37.36 yuan per share, which corresponds to a repurchase quantity of 2.6767-5.3533 million shares, accounting for 0.29%-0.58% of the total share capital. This repurchase reflects the company's confidence in its development [2][4]. - The company is characterized as a high dividend and stable growth stock, having committed to a dividend payout ratio of no less than 60% for the years 2023-2025, which is expected to continue. Considering the repurchase, the dividend payout ratio is likely to increase [2][10]. - The company has cumulatively implemented cash dividends of 2.85 billion yuan and repurchased 650 million yuan worth of shares since its listing, totaling 3.5 billion yuan [10]. Summary by Sections Company Overview - The current stock price is 21.78 yuan, with a total share capital of 93,051 million shares. The net asset value per share is 12.08 yuan, and the highest/lowest price in the last 12 months is 28.29/19.74 yuan [8]. Financial Performance - The company’s total revenue for 2023 is projected at 15.223 billion yuan, with a net profit of 1.494 billion yuan. Forecasts for 2024-2026 indicate revenues of 17.091 billion, 18.443 billion, and 20.064 billion yuan, respectively, with net profits of 1.540 billion, 1.795 billion, and 1.999 billion yuan [15]. Growth Potential - The company is expected to maintain stable growth, with quarterly revenue growth outpacing the consumer electronics industry. It has strong relationships with leading clients and is expanding its customer base in high-growth sectors such as tobacco, alcohol, cosmetics, and environmental packaging [10]. - The company’s overseas revenue currently accounts for about 20%, with plans for further increases as it supports international clients. The company has over 50 production bases globally, enhancing its competitive edge [10]. Market Position - The company is positioned to benefit from global supply chain shifts, as it does not directly export to the U.S. and has a global production layout that mitigates tariff impacts. This strategic positioning is expected to enhance its market share and profitability [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company plans to acquire 100% equity of New Wave Media through a combination of issuing shares and cash payment, with an estimated value of 8.3 billion yuan, corresponding to a price-to-sales (PS) ratio of 4.3 times based on New Wave Media's revenue of 1.932 billion yuan in 2023 [2][5] - The acquisition is expected to create synergies by complementing the company's media network coverage, especially after the bankruptcy of the third-largest media company, Huayu Media, which enhances the company's bargaining power as a leading media player [2][11] - New Wave Media has shown steady revenue growth but has not yet achieved profitability, with revenues of 1.497 billion yuan, 1.932 billion yuan, and 1.940 billion yuan for the years 2022, 2023, and the first nine months of 2024, respectively [11] - The company is projected to achieve net profits of 5.3 billion yuan and 5.9 billion yuan for the years 2024 and 2025, with price-to-earnings (PE) ratios of 20 and 18 times, respectively, assuming no consideration of the New Wave acquisition [2][11] Summary by Sections Acquisition Details - The company intends to acquire New Wave Media for 8.3 billion yuan at a share price of 5.68 yuan, with a PS ratio of 4.3 based on projected revenues [2][5] Financial Performance - New Wave Media's revenues for 2022, 2023, and the first nine months of 2024 were 1.497 billion yuan, 1.932 billion yuan, and 1.940 billion yuan, respectively, while it reported losses of 467 million yuan, 273 million yuan, and 5 million yuan [11] Market Position - The acquisition is expected to enhance the company's market position as the leading media player, benefiting from improved competition dynamics and increased bargaining power [11]

丨证券研究报告丨 行业研究丨点评报告丨建筑与工程 [Table_Title] 重点推荐关税新形势下"一带一路"的投资机会 报告要点 [Table_Summary] 4 月 8 日至 9 日，中央周边工作会议在北京举行，中共中央总书记、国家主席、中央军委主席 习近平出席会议并发表重要讲话。 分析师及联系人 [Table_Summary2] 事件描述 [Table_Author] 张弛 张智杰 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 建筑与工程 cjzqdt11111 [Table_Title2] 重点推荐关税新形势下"一带一路"的投资机会 4 月 8 日至 9 日，中央周边工作会议在北京举行，中共中央总书记、国家主席、中央军委主席 习近平出席会议并发表重要讲话。 事件评论 ⚫ 国际工程企业本轮受到"错杀"，低估值、高股息奠定强安全边际，当前时点重点推荐。 国际工程企业受美国加征关税影响非常有限，且关税新形势下，"一带一路"沿线合作有 望进一步深化，因此我们认为 ...

Investment Rating - The report assigns a "Buy" rating to the company, with an upward adjustment [11]. Core Viewpoints - The company focuses on domestic demand and innovation, aiming to expand its business footprint through strategic partnerships and market development, particularly in the "Belt and Road" regions and Southeast Asia [2][9]. - The company has established itself as a leader in China's duty-free industry, leveraging its core competitive advantages in channels, scale, operational management, and brand recognition [2][9]. - The report forecasts steady revenue growth, with expected net profits of 4.296 billion, 4.383 billion, and 4.524 billion yuan for 2025-2027, corresponding to current price-to-earnings ratios of 33.81, 33.14, and 32.11 times, respectively [2][52]. Policy Support and Domestic Focus - In 2023, various government policies aimed at boosting consumption have been introduced, emphasizing the importance of tourism consumption, particularly in the duty-free shopping sector [6][15]. - The government has outlined plans to expand cultural and tourism consumption, improve duty-free policies, and establish more duty-free shops [6][15]. Market Recovery and Growth - The global duty-free and travel retail market is projected to achieve a sales volume of 73.73 billion USD (approximately 530 billion yuan) in 2024, reflecting a year-on-year growth of 2.5% [7][19]. - The recovery in global travel and tourism is expected to drive growth in the duty-free sector, with significant increases in sales from airport and onboard channels [7][16]. - The report highlights that the duty-free industry is poised for new growth opportunities, benefiting from the positive outlook of the tourism sector and consumer preferences [8][36]. Financial Performance - In 2024, the company reported revenues of 56.474 billion yuan, a year-on-year decrease of 16.38%, and a net profit of 4.267 billion yuan, down 36.44% [52]. - The report indicates a significant decline in revenue from key regions, with Hainan's revenue dropping by 27.13% and Shanghai's by 10.02% [52]. - The company's comprehensive gross margin slightly increased to 32.03%, while the sales expense ratio rose to 16.05%, impacting net profit margins [55]. Future Outlook - The report anticipates a stabilization and potential recovery in Hainan's duty-free sales, with growth expected in airport and port sales as outbound travel increases [52]. - The company is expected to leverage its core channel positions and procurement advantages to navigate through the current demand downturn and return to a growth trajectory [52].

分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨中炬高新（600872.SH） [Table_Title] 中炬高新 2024 年年报点评：收入环比提速，盈 利改善显著 报告要点 [Table_Summary] 公司在 2024 年历经渠道转型，收入增长承压，但原辅材料成本下行带来的盈利改善显著。展 望 2025 年，公司的经营计划包括：内生+外延共同驱动调味品主业的规模增长，同时强化精益 化、数智化管理，并提升产品创新延展，加强对东南亚、日韩、欧美等海外市场的营销拓展。 同时随着少数股权问题已得到解决，2025 年的归母净利润有望增厚。 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中炬高新（600872.SH） cjzqdt11111 [Table_Title 中炬高新 2024 2] 年年报点评：收入环比提速，盈 利改善显著 [Table_Summary2] 事件描述 中炬高新发布 2024 年年报，公司全年 ...

丨证券研究报告丨 公司研究丨点评报告丨福能股份（600483.SH） [Table_Title] 风火双轮同步改善，经营业绩加速增长 报告要点 [Table_Summary] 2024 年在风电电量稳健增长、火电成本稳步回落的带动下，公司全年实现归母净利润 27.93 亿 元，同比增长 6.47%。2025 年一季度，来风延续 2024 年四季度改善趋势，公司完成风电发电 量 19.13 亿千瓦时，同比增长 27.96%。受用电需求边际转弱叠加风电挤压影响，公司完成火 电发电量 34.06 亿千瓦时，同比降低 10.71%，成本持续显著改善，一季度秦皇岛港 Q5500 动 力末煤平仓价同比降低 180.52 元/吨。在火电业务稳健、新能源与投资收益持续改善的拉动下， 公司一季度业绩表现优异，预计实现归母净利润 7.33 亿元至 7.71 亿元，同比增加 39%至 47%。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 请阅读最后评级说明和 ...

%% %% research.95579.com 1 丨证券研究报告丨 公司研究丨点评报告丨宝信软件（600845.SH） [Table_Title] 基本面拐点仍需等待，IDC 启动新一轮扩建周期 报告要点 [Table_Summary] 公司发布 2024 年年报，2024 年公司实现营收 136.44 亿元，同比增长 5.64%；归母净利润 22.65 亿元，同比下降 11.28%；扣非后归母净利润 21.98 亿元，同比下降 8.91%；经营活动现 金流净额 16.71 亿元，同比下降 35.94%。短期行业承压、集团动作收缩等因素影响下公司收 入兑现或有延后，长期仍看好中大型 PLC 宝武体系内推广的潜力与确定性。预计公司 2025- 2027 年实现归母净利润 24.0 亿元、25.4 亿元、27.2 亿元，对应增速为 5.7%、6.0%、7.1%， 对应 PE 为 32.9x、31.0x、29.0x，建议持续关注。 分析师及联系人 [Table_Author] 宗建树 宋浪 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% 2、钢价走势不及预期 ...

丨证券研究报告丨 公司研究丨点评报告丨小商品城（600415.SH） [Table_Title] 小商品城 2024 年报点评：主业增速亮眼，分红 率持续提升 报告要点 [Table_Summary] 公司发布 2024 年年报，全年实现营收 157.4 亿元，同比增长 39%，归母净利润 30.7 亿元，同 比增长 15%，扣非净利润 29.8 亿元，同比增长 21%。公司拟分红 18.1 亿元，分红率 59%， 相较于 2023 年报 41%的分红率，大幅提升。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 小商品城（600415.SH） cjzqdt11111 [Table_Title 小商品城 2024 2] 年报点评：主业增速亮眼，分红 率持续提升 [Table_Summary2] 事件描述 公司发布 2024 年年报，全年实现营收 157.4 亿元，同比增长 39%，归母净利润 30.7 ...

丨证券研究报告丨 公司研究丨点评报告丨天虹股份（002419.SZ） [Table_Title] 天虹股份 2024 年报点评：利润阶段承压， 加速业态升级 报告要点 [Table_Summary] 公司发布 2024 年报，全年实现营收 117.9 亿元，同比下滑 2.5%，实现归母净利润 7672 万元， 同比下滑 66.2%，实现扣非归母净利润 1393 万元，同比下滑 89.1%。单四季度营收 27.4 亿 元，同比下滑 3.4%，归母净亏损 4163 万元，去年同期盈利 204 万元。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 张彦淳 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 天虹股份（002419.SZ） cjzqdt11111 [Table_Title 天虹股份 2024 2] 年报点评：利润阶段承压，加速 业态升级 [Table_Summary2] 事件描述 事件评论 更多研报请访问 长江研究小程序 丨证券研究报告丨 2025- ...

丨证券研究报告丨 港股研究丨公司点评丨巨子生物（2367.HK） [Table_Title] 巨子生物 2024 年年报点评：可复美延续高增， 可丽金结构优化 报告要点 [Table_Summary] 公司公布 2024 年年报，实现收入 55.4 亿元，同比增长 57%，实现净利润 20.6 亿元，同比增 长 42%，实现经调整净利润 21.5 亿元，同比增长 46.5%。董事会建议派发末期股息每股 0.60 元，特别股息每股 0.59 元。 分析师及联系人 %% %% research.95579.com 1 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% 巨子生物（2367.HK） cjzqdt11111 [Table_Title 巨子生物 2024 2] 年年报点评：可复美延续高增， 可丽金结构优化 [Table_Summary2] 事件描述 公司公布 2024 年年报，实现收入 55.4 亿元，同比增长 57%，实现归母净利润 20.6 亿元，同 比增长 42 ...