Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - In 2024, the company achieved total revenue of 14.063 billion, a year-on-year decrease of 4%, and a net profit attributable to shareholders of 911 million, down 9.06% year-on-year. The non-recurring net profit attributable to shareholders was 539 million, a decline of 30.32% year-on-year. Looking ahead, the company plans to continue a high opening rate, expecting to add 1,300 new hotels in 2025 and sign 2,000 new contracts [2][6]. - The company’s domestic hotel operations are under pressure, with a significant drop in RevPAR for limited-service hotels, particularly in the mid-range segment, which fell by 8.33% year-on-year. In contrast, overseas limited-service hotels saw a slight increase in RevPAR by 0.36% [11][12]. - The company’s gross margin decreased by 2.47 percentage points to 39.52%, while the expense ratio improved slightly, leading to a net profit margin decline of only 0.58 percentage points to 8.14% [11][12]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.273 billion, a year-on-year decline of 11.24%, and a net loss of 195 million, marking a shift to loss compared to the previous year [6]. - For the full year 2024, total revenue was 14.063 billion, with a net profit of 911 million and a non-recurring net profit of 539 million, reflecting significant declines [6][11]. Future Outlook - The company anticipates adding 1,300 new hotels and signing 2,000 new contracts in 2025, with organizational adjustments expected to enhance management efficiency [2][11]. - The company is focused on a "12+3+1" brand development strategy and aims to strengthen its three platforms: global hotel internet, global procurement, and global shared services [11][12]. Market Position - The company’s mid-range hotel segment has seen a notable increase in market share, with mid-range hotels now accounting for 60.13% of total hotels, up 1.94 percentage points year-on-year [11][12]. - The overall hotel market is experiencing increased competition due to a rise in new openings, which may impact the company's performance [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The controlling shareholder, Lingyun Group, has shown confidence by planning to increase its stake in the company by 80 to 100 million yuan within the next six months. This reflects a long-term strategic shift towards new energy and a comprehensive reserve of lightweight products. The company is accelerating its global supply capabilities and enhancing its position in the global new energy lightweight market [2][10]. Summary by Sections Event Description - The company announced a plan for the controlling shareholder to increase its stake [4]. Event Commentary - Lingyun Group intends to increase its shareholding by no less than 80 million yuan and no more than 100 million yuan, which will not exceed 2% of the total share capital. After the increase, there will be no reduction in shareholding for six months [10]. - The company is deepening its layout in the new energy sector and enhancing its global supply capabilities. The automotive business is focusing on new energy components, with plans to develop various systems and technologies by 2025. The company is also improving operational quality and risk management in its overseas operations [10]. Investment Recommendations - The company is expected to see both performance and valuation improvements, anticipating a "Davis Double Play." In the short term, the peak of capacity investment has passed, and downstream demand is gradually increasing, which is expected to release profit elasticity. In the medium to long term, the strategic shift towards new energy is anticipated to yield significant growth potential [10]. - The company plans to distribute a cash dividend of 0.10 yuan per share for the first half of 2024, which accounts for 23.56% of the net profit attributable to shareholders for that period. The projected net profits for 2024-2026 are 630 million, 800 million, and 900 million yuan, respectively, with corresponding P/E ratios of 20.9X, 16.5X, and 14.7X [10].

[Table_Author] 丨证券研究报告丨 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 行业研究丨专题报告丨家用电器 [Table_Title] 如何看家电龙头机器人布局前景？ 报告要点 [Table_Summary] 近期家电龙头企业布局人形机器人赛道受到市场广泛关注。我们认为，家电龙头企业过往在工 业机器人、家居环境对应的 know-how 能力以及零部件制造环节等维度拥有深厚积淀。布局人 形机器人产业，或有望赋能家电企业产品的智能化进阶，于估值维度打开成长空间。与此同时， 家电龙头企业经营端表现稳健，经营质量优异，基于此推荐：美的集团、海尔智家、格力电器。 分析师及联系人 [Table_Summary2] 人形机器人星辰大海，龙头短期落地亦有抓手 人形机器人赛道广阔蓝海，有望分别于 2025-2028、2030-2035 年在工业场景和消费场景实现 经济可行性，未来销量有望达百万台。产品大范围落地的难点主要在于软件端的算法、算力有 待提升以及硬件端的成本有待下降，当前产业正看到积极变化。对于家电龙头而言，短期落地 亦有抓手：1）人形机器人有望率先在 ...

Investment Rating - The report maintains a "Positive" investment rating for the home appliance industry [10]. Core Insights - In Q1 2025, the home appliance sector shows strong resilience in performance, supported by national subsidies. Key segments such as white goods and two-wheeled vehicles are expected to continue their positive growth trends, with white goods benefiting from both domestic demand and contributions from emerging overseas markets [2][5]. - The kitchen appliance sector is stabilizing, while small appliances exhibit a mixed performance, with essential items showing resilient growth and discretionary items experiencing a decline [5][6]. Revenue Summary - White Goods: Domestic sales are expected to grow with high single-digit to double-digit increases for leading companies in Q1 2025, aided by national subsidies and strong overseas demand [6]. - Kitchen Appliances and Lighting: These sectors are projected to see slight revenue growth, although some categories like integrated stoves may experience declines [6]. - Black Goods: The sector is benefiting from structural upgrades and increased MiniLED penetration, leading to expected revenue growth of high single digits [6]. - Small Appliances: The overall trend remains mixed, with essential items maintaining growth while discretionary items decline. Companies with global expansion capabilities are expected to see faster revenue growth [6]. - Two-Wheeled Vehicles: The sector is anticipated to achieve significant growth in Q1 2025 due to favorable policies and low inventory levels at the beginning of the year [6]. Profit Summary - White Goods: Leading companies are expected to see double-digit growth in net profit due to improved demand structure and cost efficiency [7]. - Kitchen Appliances and Lighting: These sectors are projected to achieve single-digit profit growth, although some companies may face significant pressure [7]. - Black Goods: Profit margins are expected to improve due to structural upgrades [7]. - Small Appliances: Profitability remains mixed, with essential items showing resilience while discretionary items face declines [7]. - Two-Wheeled Vehicles: The sector is expected to see rapid profit growth driven by scale and structural upgrades [7]. Investment Recommendations - The report suggests focusing on high-performance leaders in the home appliance sector, particularly those with low exposure to U.S. tariffs and strong domestic sales trends, such as Gree Electric, Hisense, Midea Group, and Ninebot [8]. - Companies with relatively high U.S. exposure but compliant with trade agreements, like Hisense Visual and Haier Smart Home, are also recommended [8]. - Two-wheeled vehicle leaders benefiting from trade-in policies and new national standards, such as Aima Technology, are highlighted for their strong growth potential [8].

Investment Rating - The investment rating for the company is "Buy" and is maintained [10]. Core Views - The company reported a revenue of 7.067 billion yuan for 2024, representing a year-on-year increase of 0.52%. However, the profit attributable to shareholders decreased by 43.12% to 1.324 billion yuan, while the adjusted net profit increased by 3.31% to 1.676 billion yuan. In the second half of 2024, revenue dropped by 16.46% to 2.934 billion yuan, and profit attributable to shareholders fell by 22.94% to 572 million yuan [2][7][10]. Summary by Sections Revenue and Profit Performance - The company achieved a total revenue of 7.067 billion yuan in 2024, with a slight increase of 0.52% year-on-year. The profit attributable to shareholders was 1.324 billion yuan, down 43.12% year-on-year. The adjusted net profit was 1.676 billion yuan, reflecting a year-on-year increase of 3.31%. In the second half of 2024, revenue was 2.934 billion yuan, a decrease of 16.46% year-on-year, and profit attributable to shareholders was 572 million yuan, down 22.94% year-on-year [2][10]. Brand Performance - Revenue from the brand "Zhenjiu" was 4.48 billion yuan in 2024, a decrease of 2.26% year-on-year, with sales volume at 12,284 tons, down 2.74%. The average price per ton was 3.65 million yuan, up 0.55% year-on-year. For the second half of 2024, revenue from "Zhenjiu" was 1.777 billion yuan, down 21.95% year-on-year. The "Lidu" brand generated 1.313 billion yuan in revenue, an increase of 18.33% year-on-year, with sales volume at 3,033 tons, up 24.87%. The average price per ton was 4.33 million yuan, down 5.25% year-on-year [10]. Margin and Cost Structure - The company's gross margin increased to 58.63%, up 0.59 percentage points year-on-year. The sales expense ratio decreased to 22.8%, down 0.34 percentage points year-on-year. The overall price per ton for the company was 2.85 million yuan, reflecting a year-on-year increase of 5.56% [10]. Future Outlook - The company is expected to benefit from external recovery and internal optimization, with a projected EPS of 0.49 yuan for 2025 and 0.55 yuan for 2026, corresponding to PE ratios of 12 and 11 times, respectively. The long-term outlook suggests potential benefits from a multi-brand strategy and improvements in the competitive landscape of the liquor industry [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company achieved its first Non-IFRS profit in 2024, with total revenue of 9.42 billion RMB (up 51.8% year-on-year), product revenue of 8.23 billion RMB (up 43.6% year-on-year), net profit of 330 million RMB, EBITDA of 410 million RMB, and a gross margin of 84.9% (up 2.1% year-on-year). The sales and administrative expense ratio decreased to 50.9% (down 7.1% year-on-year), with cash on hand of 10.22 billion RMB and R&D investment of 2.5 billion RMB [2][5][8]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 9.42 billion RMB, marking a 51.8% increase year-on-year. Product revenue reached 8.23 billion RMB, reflecting a 43.6% year-on-year growth. The net profit was 330 million RMB, with an EBITDA of 410 million RMB and a gross margin of 84.9% [2][5][8]. Strategic Goals - The company has set clear strategic goals for the next decade, aiming for a product revenue of 20 billion RMB by 2027 and plans for five pipelines to enter global multi-center Phase III clinical trials by 2030 [8]. Product Development - The company has seen significant growth in new products, with strong sales performance from its main products, including 达伯舒® (信迪利单抗注射液) and others. The product portfolio is expanding with new targeted drugs, including 达伯特® (KRAS G12C) and others. Notable new drug approvals include 信必乐® and 信必敏® [8]. Long-term Growth Drivers - The long-term growth is driven by the oncology and comprehensive product lines, with expectations of reaching 20 billion RMB in product revenue by 2027. The company plans to leverage at least 20 approved products and expand into new clinical innovations and indications [8]. Profit Forecast - The company forecasts net profits of 631 million RMB, 1.142 billion RMB, and 1.570 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.38 RMB, 0.69 RMB, and 0.95 RMB [8].

风险缓释，价值重估 ——非银金融行业2024年报综述 长江证券研究所非银金融研究小组 2025-04-09 %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 分析师 吴一凡 分析师 谢宇尘 分析师 戴永飞 分析师 程泽宇 SAC执业证书编号：S0490519080007 SAC执业证书编号：S0490521020001 SAC执业证书编号：S0490524070001 SAC执业证书编号：S0490524090001 SFC执业证书编号：BUV596 资料来源：Wind，公司公告，长江证券研究所 %% %% %% %% research.95579.com 2 综述：风险缓释，价值重估 %% research.95579.com 3 ➢ 总结：2024是非银金融机构对抗利率下行初显成效的一年，除了直观的资产收益率大幅回升之外，成本下降或是更为重要的成果。一方面是传统 险预定利率的下调及分红险占比的回升，另一方面是券商费用率的下降。总的来看，利率快速下行带来的潜在风险有明显下降，而泛财富管理业 务作为行业中长期增长的引擎并未发 ...

金融工程丨深度报告 [Table_Title] 多因子选股（二十）：因子投资新时代 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2022 年以来，以深度学习因子为代表的量价类策略表现优异，但在 2024 年有较大波动，9 月 底在短时间内超额收益产生较大回撤。实际上基于线性多因子模型的因子投资于 2019 年以来 发生了较大变化，2024 年的市场波动或是因子投资的新一轮起点。 分析师及联系人 [Table_Author] 覃川桃 郑起 SAC：S0490513030001 SAC：S0490520060001 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 26 %% %% %% %% research.95579.com 2 [Table_Title2] 多因子选股（二十）：因子投资新时代 [Table_Summary2] 2010 年以来，因子收益能力有一定程度的下降 以 ICIR 和信息比衡量因子选股的收益能力，时序回归的拟合线均为向下方向，且信息比的下 降幅度相比 ICIR 更大，选股的多头端信息衰减速度更 ...

丨证券研究报告丨 行业研究丨专题报告丨基础化工 [Table_Title] 化工专题：领涨产品持续性几何？ 报告要点 [Table_Summary] 2025 年 3 月下旬，A 股化工板块成为资本市场关注的焦点，其涨价逻辑的核心源于全球供给端 收缩、海外产能退出加速与国内春季旺季需求爆发的三重共振。如何看待后续领涨产品的涨价 持续性？ 分析师及联系人 [Table_Author] 马太 SAC：S0490516100002 SFC：BUT911 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 基础化工 cjzqdt11111 [Table_Title2] 化工专题：领涨产品持续性几何？ 2025 年 3 月下旬，A 股化工板块成为资本市场关注的焦点，其涨价逻辑的核心源于全球供给 端收缩、海外产能退出加速与国内春季旺季需求爆发的三重共振。受能源成本高企、环保政策 趋严及地缘政治风险影响，2023-2024 年欧洲已有约 1100 万吨/年的乙烯、丙烯等基础化工产 能永久关停，以巴斯夫为代表的龙头企业甚至关闭本土合成氨、TDI 产线并加速向中国湛江等 低成本地区转 ...

行业研究丨深度报告丨医疗保健设备 [Table_Title] 关节置换方兴未艾，翻修存在刚性需求 %% %% 报告要点 [Table_Summary] 2021 年人工关节首次国采协议期已满，接续集采温和落地，初次置换市场整体企稳向上。目前 工艺暂无法解决的应力遮挡问题会造成人工假体无菌性松动等，初次置换的人工假体寿命仅有 15-20 年，因此关节翻修存在刚性临床需求。我们预计国内翻修手术高峰期将自 2027 年开始， 随着初次置换手术渗透率提升以及翻修需求的释放，国内关节置换市场将迎来快速增长。 分析师及联系人 [Table_Author] 彭英骐 SAC：S0490524030005 SFC：BUZ392 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% research.95579.com 2 医疗保健设备 cjzqdt11111 [Table_Title2] 关节置换方兴未艾，翻修存在刚性需求 [Table_Summary2] 人工关节首轮集采协议期满，接续集采温和落地，初次置换市场企稳向上 人工关节 2021 ...