Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company is expected to generate revenue of 11.26 billion in 2024, a year-on-year decrease of 9.5%. The net profit attributable to the parent company is projected to be 1.84 billion, reflecting a year-on-year increase of 6.9% [2][5]. - The company has shifted its focus from domestic trade to a combination of domestic and foreign trade, enhancing its resilience through capacity leasing and demonstrating shareholder returns through high dividends [10]. Summary by Sections Revenue and Profit Forecast - For 2024, the company anticipates a revenue of 11.26 billion, down 9.5% year-on-year, with a net profit of 1.84 billion, up 6.9% year-on-year, and a non-recurring net profit of 1.1 billion, up 6.2% year-on-year [2][5]. Business Performance - Domestic trade revenue is expected to decline significantly due to seasonal characteristics and decreased freight rates, with a projected revenue of 9.5 billion, down 15.2% year-on-year. The domestic freight rate index (PDCI) averaged 1103, down 12.3% year-on-year [10]. - The foreign trade sector is experiencing high demand, leading to increased charter rates, with the average charter rate for 4,400 TEU vessels rising by 90.2% year-on-year [10]. Cost Management and Efficiency - The company has managed to reduce operating costs by 10.4% year-on-year, primarily due to decreased fuel costs and an increase in the proportion of owned vessels from 69.8% in 2023 to 72.7% in 2024 [10]. - The company has also achieved a significant reduction in period expenses, down 49.2% year-on-year, through cost-cutting measures and increased dollar-denominated income from leasing operations [10]. Investment Recommendations - The company is expected to see a rebound in domestic trade in 2025, with improved supply-demand dynamics. The projected net profits for 2025-2027 are 1.93 billion, 2.02 billion, and 2.15 billion, respectively, with corresponding price-to-earnings ratios of 11.7, 11.1, and 10.5 [10]. - The company emphasizes shareholder returns, with a projected dividend payout ratio of 60%, leading to dividend yields of 5.1%, 5.4%, and 5.7% for 2025-2027 [10].

丨证券研究报告丨 报告要点 [Table_Summary] 行业困境中公司积极自救，盘活库存，处置资产；融资端积极争取各类金融机构支持，新增融 资，落地经营性物业贷；股东端深国资与深铁集团给予"真金白银"的有力支持，提供股东借 款、协助公司处置资产、受让项目股权、协调各类金融资源助力公司融资。行业整体承压背景 下，公司核心要务在于维持资金链平衡，在渡过流动性压力、成功穿越周期的前提下，公司存 续价值仍相对突出。 分析师及联系人 [Table_Author] 刘义 薛梦莹 SAC：S0490520040001 SAC：S0490520120002 SFC：BUV416 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 公司研究丨点评报告丨万科 A（000002.SZ） [Table_Title] 业绩承压，保障资金链安全是当务之急 ——万科 A2024 年报点评 1 万科 A（000002.SZ） cjzqdt11111 [Table_Title 业绩承压，保障资金链安全是当务之急 2] ——万科 A2024 年报点评 [Table_Summary2] 事件描述 公司公 ...

报告要点 [Table_Summary] 公司发布 2024 年年报，实现营业收入 75.9 亿元，同比-49.8%，实现归母净利润 4.7 亿元，同 比-75.48%，实现扣非净利润 2.7 亿元，同比-86.23%；拆至 2024Q4，公司实现营业收入 20.7 亿元，同比下降 19.96%，归母净利润 0.1 亿元，同比下降 98.26%，环比下降 95.75%，实现 扣非净利润-0.5 亿元，同比下降 114.26%，环比下降 146.56%。 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当升科技（300073.SZ） [Table_Title] 减值计提拖累业绩，看好新技术&海外成长性 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 当升科技（300073.SZ） cjzqdt11111 公司研究丨点评报告 [Table_Rank]投资评级 买入丨维持 公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a significant revenue increase of 35.31% year-on-year, reaching 10.731 billion yuan in 2024, with a net profit of 1.154 billion yuan, reflecting a 71.96% growth [2][5]. - The gross margin and net margin for 2024 were reported at 22.72% and 10.76%, respectively, showing improvements of 2.02 percentage points and 2.30 percentage points year-on-year [2][5]. - The company is experiencing accelerated performance release due to high-end product adoption and a surge in AI-related orders, particularly in AI computing and data center sectors [11]. - Collaborations with MFS Group have enhanced resource integration and operational synergy, contributing to the company's growth [11]. - The company is well-positioned to capitalize on the AI wave, leveraging its technological advantages in PCB manufacturing and focusing on high-end clients [11]. Financial Summary - For 2024, the company forecasts net profits of 4.019 billion yuan, 5.500 billion yuan, and 6.853 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 17.32, 12.66, and 10.16 [11][16]. - The projected total revenue for 2025, 2026, and 2027 is 19.317 billion yuan, 25.112 billion yuan, and 30.134 billion yuan, respectively [16].

周观点0406：美国发布"对等关税"， 重视内需景气方向 长江证券研究所电力设备与新能源研究小组 2025-04-06 %% %% %% %% 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 邬博华 | 分析师 曹海花 | 分析师 司鸿历 | 分析师 叶之楠 | | --- | --- | --- | --- | | SAC执业证书编号：S0490514040001 | SAC执业证书编号：S0490522030001 | SAC执业证书编号：S0490520080002 | SAC执业证书编号：S0490520090003 | | SFC执业证书编号：BQK482 | | SFC执业证书编号：BUD284 | | | 分析师 袁澎 | 分析师 王耀 | 分析师 任佳惠 | 分析师 周圣钧 | | SAC执业证书编号：S0490524010001 | SAC执业证书编号：S0490524120006 | SAC执业证书编号：S0490524070005 | SAC执业证书编号：S0490524120003 | %% %% %% %% ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 2.932 billion, representing a year-on-year growth of 4.62%. The net profit attributable to shareholders was 581 million, with a year-on-year increase of 0.84%. However, the net profit excluding non-recurring items decreased by 9.26% to 514 million [2][6] - In Q4 2024, the company achieved a revenue of 736 million, showing a year-on-year growth of 21.08% and a quarter-on-quarter increase of 7.19%. The net profit attributable to shareholders reached 145 million, marking a significant year-on-year growth of 97.91% and a quarter-on-quarter increase of 16.16% [2][6] Revenue and Profit Analysis - The company's revenue and profit showed steady growth, with a focus on increasing R&D investments for future directions. In 2024, the revenue from aviation finished products was 1.35 billion (up 9.1% YoY), while basic materials generated 1.22 billion (down 7.8% YoY). Non-aviation finished products and processing services saw revenues of 180 million (up 44.6% YoY) and 160 million (up 97.3% YoY), respectively [12] - The overall gross margin for 2024 was 29.64%, a decrease of 1.91 percentage points YoY. The net profit margin was 19.82%, down 0.74 percentage points YoY. In Q4 2024, the gross margin improved to 26.88%, an increase of 6.04 percentage points YoY, while the net profit margin rose to 19.71%, up 7.65 percentage points YoY [12] Capacity and Investment - The company is actively advancing its capacity construction to meet new demand releases. By the end of 2024, fixed assets amounted to 240 million, an increase of 20 million from the beginning of the year. The balance of construction in progress was 170 million, up 60 million from the start of the year [12] - The company is utilizing raised funds to accelerate the upgrade of existing production capacities and establish a research and production platform to meet the development needs of advanced materials for engines. The investment progress for the high-performance elastomer materials and parts project reached 41% [12] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 731 million, 893 million, and 1.089 billion, respectively, with year-on-year growth rates of 26%, 22%, and 22%. The corresponding price-to-earnings ratios are projected to be 31, 26, and 21 times [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported a revenue of 10.355 billion, a year-on-year decrease of 10.55%, and a net profit attributable to shareholders of 640 million, down 52.19% year-on-year [2][6] - The fourth quarter of 2024 saw a revenue of 2.831 billion, a year-on-year decrease of 21.56%, while the net profit was -373 million, a year-on-year decrease of 220.08% [2][6] - The company is facing short-term pressure on revenue and profit due to price adjustments from key customers, but its diversified business layout is expected to perform well in the long term [6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.355 billion, with a net profit of 640 million and a non-recurring net profit of 574 million, reflecting decreases of 52.19% and 55.45% year-on-year respectively [2][6] - The fourth quarter results showed a significant decline in profitability, with a net profit of -373 million, marking a year-on-year decrease of 220.08% [2][6] Business Segments - The company’s forging products generated 8.111 billion in revenue, down 12.3% year-on-year, while hydraulic products and radiators saw slight increases and decreases respectively [6] - The company’s sales gross margin for 2024 was 23.69%, a decrease of 7.59 percentage points year-on-year, with a net margin of 7.37%, down 5.84 percentage points [6] Market Opportunities - The company is expanding its commercial engineering projects and has made significant progress in civil engineering, with a 71% year-on-year increase in civil aviation revenue [6] - The company is also exploring new markets, including electronic components for Huawei's supercharging stations and the wind power sector, which saw a 50% increase in orders [6] Capacity and Infrastructure - By the end of 2024, the company had fixed assets of 6.05 billion, an increase of 1.41 billion from the beginning of the year, and ongoing projects valued at 670 million [6] - The company’s new forging facility has reached full production capacity, generating 1.15 billion in revenue [6] Profit Forecast and Valuation - The company’s net profit is projected to reach 1.12 billion, 1.44 billion, and 1.85 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 75%, 29%, and 29% [6]

丨证券研究报告丨 公司研究丨点评报告丨航亚科技（688510.SH） [Table_Title] 内外贸高景气延续，盈利能力再创新高 报告要点 [Table_Summary] 公司发布 24 年报，24A 实现营收 7.03 亿，同比增长 29.39%；归母净利润 1.27 亿，同比增长 40.27%（剔除股份支付影响后实现业绩 1.39 亿元，yoy+54.1%）；扣非归母净利润 1.03 亿， 同比增长 20.17%；其中 24Q4 实现营收 1.83 亿，同比增长 27.02%；归母净利润 0.34 亿，同 比增长 63.02%；扣非归母净利润 0.12 亿，同比减少 41.87%。 分析师及联系人 [Table_Author] SAC：S0490520110004 SFC：BUX462 王贺嘉 杨继虎 请阅读最后评级说明和重要声明 [Table_Title2] 内外贸高景气延续，盈利能力再创新高 [Table_Summary2] 事件描述 公司发布 24 年报，24A 实现营收 7.03 亿，同比增长 29.39%；归母净利润 1.27 亿，同比增长 40.27%（剔除股份支付影响后实现业绩 1.39 ...

丨证券研究报告丨 港股研究丨公司点评丨福莱特玻璃（6865.HK） [Table_Title] 2024Q4 单平盈利触底，2025Q2 迎来量利修复 报告要点 [Table_Summary] 福莱特发布 2024 年年报，2024 年实现收入 186.83 亿元，同比下降 13.2%；归母净利 10.07 亿元，同比下降 63.52%；其中，2024Q4 实现收入 40.79 亿元，同比下降 27.67%，环比增长 4.37%；归母净利-2.89 亿元，同比下降 136.54%。 分析师及联系人 [Table_Author] 邬博华 曹海花 王耀 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SFC：BQK482 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 福莱特玻璃（6865.HK） cjzqdt11111 [Table_Title2] 2024Q4 单平盈利触底，2025Q2 迎来量利修复 [Table_Summary2] 事件描述 福莱特发布 2024 年年报，2024 年实现收入 ...

丨证券研究报告丨 公司研究丨点评报告丨中国人保（601319.SH） [Table_Title] 中国人保 2024 年年报点评：车险承保盈利改善， 人身险价值持续高增 报告要点 [Table_Summary] 虽然一季度的暴雪冻雨、二三季度的洪涝台风等自然灾害使得承保业绩略有承压，但自然灾害 等短期因素并不影响公司稳健的基本面和盈利能力，同时伴随着对于市场竞争监管的增强，判 断行业中长期集中度将持续上行，看好公司资负两端改善和估值上行空间。 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 中国人保（601319.SH） cjzqdt11111 [Table_Title 中国人保 2024 2] 年年报点评：车险承保盈利改 善，人身险价值持续高增 [Table_Summary2] 事件描述 中国人保发布 2024 年年报，公司实现归属净利润 428.7 亿元，同比增长 88.2%；人保财险实 现综合成本率 ...