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] 控股股东计划增持，彰显长期发展信心 报告要点 [Table_Summary] 公司控股股东福建省能源集团及其一致行动人计划于公告披露之日起 6 个月内以集中竞价方式 增持公司 A 股股份，增持总金额不低于人民币 1 亿元，不超过人民币 2 亿元。截至 3 月 13 日， 公司 PE（TTM）估值已经回落至 9.08 倍，处于过去十年 7.94%分位点；PB 估值也回落至 1.03 倍，处于过去十年 8.29%分位点，公司股价濒临破净。当前时点控股股东的大额增持彰显出对 公司远期发展和长期投资价值的坚定信心，也表明了能源集团对公司资本市场表现的高度重 视，同时本次增持计划不设定价格区间，凸显控股股东增持维护市值的强烈信心和决心。 分析师及联系人 [Table_Author] SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 SFC：BQT627 张韦华 司旗 宋尚骞 刘亚辉 福能股份（600483.SH） cjzq ...

公司研究丨深度报告丨中远海能（600026.SH） [Table_Title] 地缘重构破局油运，油轮巨头筑基扬帆 %% %% %% %% research.95579.com 1 %% %% research.95579.com 2 中远海能（600026.SH） cjzqdt11111 丨证券研究报告丨 报告要点 [Table_Summary] 中远海能专门从事能源运输，自有油轮运力规模 2,050 万 DWT，运力规模居全球首位。公司目 前主要有内贸油运、LNG 运输和外贸油运三大业务，分别具有牌照化、项目制和周期性的特征。 内贸与 LNG 业务为盾，随着未来 4 年公司船队规模扩张，利润（含投资收益）增长约 55%， 夯实基本盘。外贸业务为矛，具有显著利润弹性。俄乌冲突缓解、对伊制裁趋严，将助推油运 景气周期形成闭环，提振合规市场油运需求，同时拆船加速消除供给焦虑。投资角度，二手船 价较高且新老船价差收窄体现了产业的乐观情绪，基于二手船价的重置成本提供估值支撑。 分析师及联系人 [Table_Author] 韩轶超 SAC：S0490512020001 SFC：BQK468 请阅读最后评级说明和重要声 ...

丨证券研究报告丨 行业研究丨行业周报丨建筑与工程 [Table_Title] 重视中国化学未来潜在的催化叠加 报告要点 [Table_Summary] [Table_Summary] 我们认为当前时点应该重视估值低位的中国化学，公司作为低估值优质建筑央企，商业模式 较好，经营质量较优，若后续迎来催化叠加，公司有望应该显著的估值修复。 分析师及联系人 [Table_Author] SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 3、国际局势变化：近期俄乌冲突缓解预期增强，包括 2 月 12 日美国总统特朗普先后与俄、乌 总统通电话，2 月 18 日美俄代表团在沙特利雅得会晤同意任命团队结束乌克兰冲突，2 月 24 日联合国安理会通过美国提出的有关结束俄乌冲突的决议草案，3 月 11 日美国和乌克兰高级 别代表团在沙特举行会谈后，双方发表了联合声明。中国化学海外业务占比较高，2024H1 国 外业务收入占比超过 20%，且在俄乌区有较多业务布局 ...

%% %% %% %% research.95579.com 丨证券研究报告丨 公司研究丨点评报告丨深南电路（002916.SZ） [Table_Title] 深南电路 2024 年报点评：载板业务短期承压， PCB 业务稳健高增 报告要点 [Table_Summary] 深南电路发布 2024 年年报：2024 年，公司实现营业收入 179.07 亿元，同比+32.39%；实现 归母净利润 18.78 亿元，同比+34.29%；分别实现毛利率和净利率 24.83%和 10.49%，同比 +1.40pct 和 0.16pct。单四季度来看，公司实现营业收入 48.58 亿元，同比+19.51%、环比 +2.74%；实现归母净利润 3.90 亿元，同比-20.50%、环比-22.22%。从盈利能力来看，公司 24Q4 分别实现毛利率和净利率 21.95%和 8.04%，分别同比-2.23pct 和-4.00pct、环比-3.45pct 和-2.55pct。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 请阅读最后评级说明和重要声明 1 深南电路（ ...

丨证券研究报告丨 行业研究丨行业周报丨银行 [Table_Title] 1~2 月信贷少增，企业中长贷偏弱 ——银行业周度追踪 2025 年第 10 周 1 [Table_Title 1~2 月信贷少增，企业中长贷偏弱 2] ——银行业周度追踪 2025 年第 10 周 报告要点 [Table_Summary] 本周长江银行指数累计上涨 1.4%，相较沪深 300 指数超额收益-0.2%，相较创业板指数超额收 益 0.4%。2 月人民币贷款新增 1.01 万亿元，同比少增 4400 亿元，剔除春节因素看 1~2 月同 比少增 2300 亿元，2 月末余额同比增速 7.3%，增速环比下降 0.2pct。企业贷款明显拖累，剔 除春节影响看，1~2 月企业贷款合计新增 5.82 万亿，同比多增 3900 亿，但主要靠票据多增支 撑增量，一般对公贷款同比少增 5200 亿元，预计主要基建等大型对公贷款 1 月集中投放后， 项目储备预计不能充分支撑后续信贷多增，同时实体企业需求预计仍偏弱，导致需求回落。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S049 ...

丨证券研究报告丨 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 业绩集中披露在即，增配高景气个股 报告要点 [Table_Summary] 本周板块大幅上涨，低基数下非银板块 Q1 业绩增速预计延续高位，建议乐观以待。我们建议重点关注低 估值绩优个股，短期内可适当参与主题投资，中长期布局板块相应红利风格个股。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 业绩集中披露在即，增配高景气个股 2] 行业：本周非银金融指数 3.2%，相对沪深 300 的超额收益为 1.6%，行业排名靠前（7/31）； 年初至今非银金融指数-0.9%，相对沪深 300 的超额收益为-2.7%，行业排名相对靠后（24/31）。 本周非银板块表现较强，部分并购重组主题券商领涨。 [Table_Summary2] 核心观点： 市场：市场热度有 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a steady performance in its 2024 annual report, achieving an operating revenue of 32.983 billion yuan, a year-on-year increase of 13.21%. The net profit attributable to shareholders was 6.338 billion yuan, up 12.16% year-on-year, while the net profit excluding non-recurring items reached 6.780 billion yuan, reflecting a 13.97% increase year-on-year. The net cash flow from operating activities was 8.898 billion yuan, a 2.36% increase year-on-year [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company recorded an operating revenue of 8.708 billion yuan, a slight year-on-year decrease of 0.30%, but a quarter-on-quarter increase of 18.04%. The net profit attributable to shareholders for the same quarter was 1.801 billion yuan, showing a year-on-year growth of 2.33% and a quarter-on-quarter increase of 46.16% [3][4]. Project Development - The company is advancing its new projects, with the Ningdong Phase III 250,000 tons/year EVA project officially commencing production as of March 2025. The Inner Mongolia 2.6 million tons/year coal-to-olefins project is progressing rapidly, with the first series of 1 million tons/year olefins production line starting trial production in November 2024, and subsequent lines scheduled for early 2025 [8]. Future Outlook - The company is expected to see significant growth in net profit, with projections of 12.34 billion yuan, 14.80 billion yuan, and 15.71 billion yuan for the years 2025, 2026, and 2027 respectively. The corresponding price-to-earnings ratios are estimated to be 10.1X, 8.4X, and 7.9X based on the closing price as of March 12, 2025 [8].

中国经济丨点评报告 [Table_Title] 降准或可期，降息需等待 ——2 月金融数据点评 丨证券研究报告丨 报告要点 [Table_Summary] 2025 年 2 月新增社融同比多增，政府债是主要支撑；化债压制企业中长贷，居民信贷需求仍 弱；M0、M1 增速回落，M2 增速持平，财政存款仍待释放。财政助力信用扩张，对于后续货币 政策，我们认为：1）降准配合短期可期，考虑到财政靠前发力，政府债供给压力不低，且短期 稳汇率压力缓解，短期央行通过降准等方式来保持流动性充裕的概率提升；2）降息仍需等待时 机，主要是当下宏观金融数据不弱，降息时点仍需要"择机"，尚需等待。 分析师及联系人 [Table_Author] 于博 宋筱筱 蒋佳榛 SAC：S0490520090001 SAC：S0490520080011 SAC：S0490524080005 SFC：BUX667 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 降准或可期，降息需等待 2] ——2 月金融数据点评 [Table_Summary2] 事件描述 2025 年 3 月 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 32.983 billion yuan for 2024, representing a year-on-year growth of 13.21%. The net profit attributable to shareholders was 6.338 billion yuan, up 12.16% year-on-year, while the net profit excluding non-recurring items reached 6.780 billion yuan, increasing by 13.97% year-on-year. The net cash flow from operating activities was 8.898 billion yuan, a growth of 2.36% year-on-year [2][6]. - In Q4 2024, the company achieved a revenue of 8.708 billion yuan, a slight decline of 0.30% year-on-year but a significant increase of 18.04% quarter-on-quarter. The net profit attributable to shareholders for this quarter was 1.801 billion yuan, up 2.33% year-on-year and 46.16% quarter-on-quarter [2][6]. - The company is advancing new projects, including the official production of a 250,000 tons/year EVA project in Ningdong and the rapid construction of a 2.6 million tons/year coal-to-olefins project in Inner Mongolia, which is expected to significantly enhance the company's production capacity [11]. Financial Performance Summary - For 2024, the total revenue was 32.983 billion yuan, with a gross profit of 10.933 billion yuan, resulting in a gross margin of 33%. The operating profit was 7.828 billion yuan, accounting for 24% of the revenue [14]. - The projected net profits for 2025, 2026, and 2027 are 12.342 billion yuan, 14.802 billion yuan, and 15.707 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.1X, 8.4X, and 7.9X based on the closing price on March 12, 2025 [11][14].

Investment Rating - The report assigns a "Buy" rating for Lenovo Group [9]. Core Insights - Lenovo Group, established in 1984, has become the largest player in the PC industry, with a strong position expected to continue in the AIPC era due to its early investments in smart PC technology and a focus on user experience [2][4]. - The company is leveraging its ISG and SSG businesses to create a comprehensive IT architecture that integrates edge, cloud, and AI solutions, which is anticipated to enhance profitability [2][7]. - The AIPC (AI PC) segment is expected to drive a new cycle of demand in the PC market, with Lenovo leading the way by launching over ten AIPC products [4][6]. Summary by Sections Company Overview - Lenovo Group has been a key player in the PC industry for over 40 years, growing significantly after acquiring IBM's PC business and becoming the global leader in PC sales since 2013 [4][16]. - The company has initiated a transformation towards intelligent technology since 2016, focusing on AIPC to enhance user experience and maintain its market leadership [4][6]. AIPC Development - AIPC is characterized by its ability to provide personalized services and improve user interaction, positioning itself as a revolutionary advancement in human-computer interaction [35][39]. - The AIPC market is projected to grow significantly, with global penetration expected to reach 18% by 2024 and 70% by 2028, driven by strong demand for AI capabilities in PCs [53][54]. Business Segments - The IDG (Intelligent Device Group) remains the core revenue source, encompassing PCs, smartphones, and other electronic devices, while the ISG (Infrastructure Solutions Group) and SSG (Solutions and Services Group) are rapidly growing segments [6][21]. - The ISG focuses on AI servers and cloud infrastructure, while the SSG provides IT services and customized solutions, contributing to a robust ecosystem that supports Lenovo's overall strategy [7][21]. Financial Performance - Lenovo's revenue for FY2024 was reported at $56.864 billion, a decline of 8.21% year-on-year, with a net profit of $1.011 billion, down 37.13% [28]. - Projections for FY2025 to FY2027 indicate a recovery in revenue and profit, with net profits expected to reach $1.515 billion, $1.813 billion, and $2.504 billion respectively [7]. Market Position and Strategy - Lenovo's global PC market share is projected to reach 25.5% in 2024, maintaining its leadership position [16]. - The company is strategically positioned to capitalize on the upcoming replacement cycle in the PC market, driven by the discontinuation of Windows 10 updates in 2025 and the increasing adoption of AIPC technology [6][7].