Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company is expected to achieve a revenue of 25.8 billion yuan in 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders is projected to be 5.11 billion yuan, an increase of 5.6% year-on-year. The net profit after deducting non-recurring items is estimated at 5.02 billion yuan, reflecting an 8.1% year-on-year growth [2][5]. Financial Performance - The average daily freight rates for various oil tanker types in 2024 are projected to be 37,000 USD for VLCC, 40,000 USD for Suezmax, and 40,000 USD for Aframax, with year-on-year changes of +59.5%, -24.8%, and -16.3% respectively [10]. - The company has secured 30.7% of its oil tanker freight income from transactions with Unipec, a state-owned enterprise, ensuring a stable supply of cargo [10]. - The company’s VLCC fleet is undergoing continuous upgrades, resulting in a decrease of approximately 6% in the average breakeven point year-on-year [10]. Market Dynamics - The dry bulk freight index (BDI) and its sub-indices have shown significant year-on-year increases, with BDI at 1755 (+27.3%), BCI at 2724 (+37.8%), and BPI at 1567 (+9.7%) [10]. - The company has adopted a flexible strategy for its smaller vessel types, including long-term transportation agreements with miners and opportunistic chartering [10]. - The company’s container shipping segment has benefited from high demand, with freight rates for routes to Australia and Southeast Asia increasing by 214% and 180% respectively in 2024 [10]. Future Outlook - The company is positioned to benefit from a potential recovery in oil and dry bulk shipping markets, with expectations of improved demand due to geopolitical factors and economic recovery [10]. - The projected net profits for the company for 2025, 2026, and 2027 are 6.4 billion yuan, 7.0 billion yuan, and 7.2 billion yuan respectively, with corresponding price-to-earnings ratios of 8.4, 7.7, and 7.5 [10].

报告要点 丨证券研究报告丨 公司研究丨点评报告丨青岛港（601298.SH） [Table_Title] 集装箱受益于高景气，整合将缓解液散压力 %% %% research.95579.com 1 青岛港（601298.SH） cjzqdt11111 [Table_Title2] 集装箱受益于高景气，整合将缓解液散压力 [Table_Summary] 2024 年青岛港实现营业收入 189.4 亿元，同比+4.2%；归母净利润 52.3 亿，同比+6.3%。 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明 %% %% [Table_Summary2] 事件描述 2024 年青岛港实现营业收入 189.4 亿元，同比+4.2%；归母净利润 52.3 亿，同比+6.3%，略 超市场预期。公司 2024 年现金分红总额占公司归母净利 39%，分红政策延续。 事件评论 风险提示 1、宏观经济波动；2、港口整合不及预期。 请阅读最后评级说明和重要声明 丨证券研究报告丨 2025-04-03 公司研究丨点评报告 [Table ...

丨证券研究报告丨 公司研究丨点评报告丨亚翔集成（603929.SH） [Table_Title] 亚翔集成中标 VSMC MEP 31.63 亿元工程大单 报告要点 [Table_Summary] 亚翔系统集成科技（苏州）股份有限公司新加坡分公司于近日收到 VisionPower Semiconductor Manufacturing Company Pte.Ltd.发来的订单，确认亚翔新加坡分公司成为 VisionPower Semiconductor Manufacturing Company Pte.Ltd.的 MEP 工程承包单位。中标金额约为人民币 31.63 亿元。 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 1 亚翔集成（603929.SH） cjzqdt11111 [Table_Title2] 亚翔集成中标 VSMC MEP 31.63 亿元工程大单 公司研究丨点评报告 [T ...

丨证券研究报告丨 公司研究丨点评报告丨淮北矿业（600985.SH） [Table_Title] 煤炭量减化工拖累压制业绩，展望中长期增量可 观 报告要点 [Table_Summary] 公司发布 2024 年度报告，公司 2024 年度实现归母净利润 48.55 亿元，同比-13.69 亿元（- 22.0%）；24Q4 归母净利润 7.16 亿元，同比-4.5 亿元（-38.6%），环比-4.88 亿元（-40.5%）。 现金分红 20.2 亿元，分红率为 41.6%，同比-1.7pct，按 3/28 收盘价计算股息率为 5.7%。煤 炭量增+化工改善+煤电推进+建设非煤矿山形成多点成长，分红承诺提升中长期价值凸显。预 计公司 2025-2027 年归母净利润 33.3/40.3/41.2 亿元，对应 3 月 28 日收盘价计算 PE 为 10.7x/8.9x/8.7x，按 2024 年 41.6%分红率计算股息率为 3.9%/4.7%/4.8%。 %% %% 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a revenue of 420.51 billion yuan for 2024, a year-on-year increase of 0.94%. The net profit attributable to shareholders reached 137.94 billion yuan, up 11.38% year-on-year. However, in the fourth quarter alone, revenue decreased by 13.94% year-on-year to 94.48 billion yuan, and net profit fell by 18.78% to 21.28 billion yuan [2][6]. - The company's oil and gas net production significantly increased, achieving better performance than market oil price fluctuations, with a total net production of 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year, marking a historical high [12]. - The average Brent crude oil price for 2024 was $79.86 per barrel, down 2.81% year-on-year, while the company achieved an average oil price of $76.75 per barrel, a decline of 1.6%, which was less than the Brent price drop [12]. - The company continues to focus on cost reduction and efficiency improvement, with a major cost advantage in barrel oil production, where the main cost was $28.52 per barrel, a decrease of 1.1% year-on-year [12]. - Future outlook suggests that oil prices are expected to stabilize at a mid-to-high level, with net production targets set for 2025-2027 ranging from 760 to 830 million barrels of oil equivalent, indicating steady growth [12]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of approximately 44.7% for 2024, with total dividends amounting to about 66.54 billion Hong Kong dollars [12]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 420.51 billion yuan and net profit of 137.94 billion yuan, reflecting a year-on-year growth of 0.94% and 11.38% respectively [2][6]. - The fourth quarter saw a revenue drop of 13.94% year-on-year and a net profit decrease of 18.78% [2][6]. Production and Cost Management - The total net production reached 726.8 million barrels of oil equivalent, a 7.2% increase year-on-year, with significant contributions from both domestic and overseas projects [12]. - The company maintained a competitive cost structure, with a barrel oil cost of $28.52, down 1.1% from the previous year [12]. Future Outlook - The company anticipates oil prices to remain above $70 per barrel, with production targets set for gradual increases over the next few years [12]. - The focus on shareholder returns is expected to continue, with a commitment to maintaining a dividend payout ratio of no less than 45% in the coming years [12].

行业研究丨深度报告丨环保 [Table_Title] 垃圾焚烧+数据中心的盈利性和现金流如何？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本篇我们对 4 种垃圾焚烧商业模式的投资及运营做了详细测算：在不同定价情形下，传统上网 +供热模式、直售电给 IDC 模式、垃圾焚烧+自建 IDC 模式较传统上网模式的 B 端收入占比均 大幅上升；中央政府、地方政府、电网公司付费减少，各方都能受益。与数据中心协同、碳市 场配额扩容、绿证强制消费、公用事业市场化改革等均有利于垃圾焚烧行业向 To B 转型，从而 获估值修复。 分析师及联系人 [Table_Author] 徐科 任楠 贾少波 SAC：S0490517090001 SAC：S0490518070001 SAC：S0490520070003 SFC：BUV415 SFC：BUZ393 李博文 盛意 SAC：S0490524080004 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_Title2] 垃圾焚烧 ...

Investment Rating - The investment rating for AVIC Xi'an Aircraft Industry Group (000768.SZ) is "Buy" and is maintained [8]. Core Views - The company reported a stable growth in revenue and net profit, with a total revenue of 43.216 billion yuan for 2024, representing a year-on-year increase of 7.23%, and a net profit attributable to shareholders of 1.023 billion yuan, up 18.87% year-on-year [5][6]. - In Q4 2024, the company achieved a revenue of 14.395 billion yuan, a year-on-year growth of 21.09%, and a net profit of 80 million yuan, reflecting a year-on-year increase of 39.14% [2][5]. - The company is expanding steadily in both military and civilian aircraft sectors, with significant deliveries in the civil aircraft segment and promising prospects in international military trade [2][5]. Summary by Sections Financial Performance - In Q4 2024, the gross profit margin decreased to 2.83% from 6.21% in Q4 2023, while the expense ratio improved by 1.77 percentage points [2][10]. - The company reported a significant improvement in cash flow from operations, with a cash flow of 13.668 billion yuan in Q4 2024, compared to -0.574 billion yuan in Q3 2024 [10]. Business Operations - The company delivered 44 units of C909 and C919 components in the civil aircraft sector, and the Y-20 military transport aircraft has been showcased at various international airshows, enhancing its brand image and market potential [5][10]. - The company aims for a revenue target of 44.988 billion yuan for 2025, indicating a stable growth outlook [5]. Profitability Forecast - The forecasted net profit for 2025-2027 is expected to be 1.152 billion, 1.398 billion, and 1.694 billion yuan, with year-on-year growth rates of 12.52%, 21.42%, and 21.14% respectively [10].

世界经济与海外市场丨深度报告 [Table_Title] 对等关税：谁受冲击，如何演绎？ ——特朗普的美国梦系列 2 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 综合最惠国税率、增值税率和贸易逆差情况看，印度、欧盟、墨西哥、韩国、越南、泰国、柬 埔寨等经济体或成为美国"对等关税"政策优先实施对象。后续落地或将分两步走：先引用《国 际紧急经济权力法》（IEEPA）普加关税，先加后谈；后续再启动专项调查，通过行政令的方式 聚焦具体行业。短期来看，较于其他经济体，我国进口关税税率和美国差距较小，或意味着美 对华再度大幅加征关税概率较小，这将利于市场风险偏好的提振。长期看，"对等关税"的推行 或会引起其他国家反制，这或将为我国进一步加强与欧盟、东盟等贸易合作提供契机。 分析师及联系人 [Table_Author] 于博 蒋佳榛 黄帅 SAC：S0490520090001 SAC：S0490524080005 SFC：BUX667 敬成宇 请阅读最后评级说明和重要声明 2 / 25 %% %% %% %% research.95579.c ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In 2024, the company's revenue is expected to decline by 23.75% due to fluctuations in demand from aerospace defense downstream customers, alongside the exclusion of the civil products subsidiary's revenue from August to December [2][7] - The company achieved a historical high gross margin of 20.99% for the year, benefiting from the divestiture of its civil products business [2][7] - The company is positioned for high-quality growth driven by its dual main businesses in aerospace support and unmanned systems, with expectations of a recovery in demand in the aerospace defense sector as the "14th Five-Year Plan" concludes [2][7] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 14.28 billion, a decrease of 23.75% year-on-year; net profit attributable to shareholders was 548 million, an increase of 4.42% year-on-year; and net profit excluding non-recurring items was 167 million, a decrease of 59.44% year-on-year [7] - For Q4 2024, the company achieved revenue of 5.05 billion, a decrease of 12.52% year-on-year, and a net loss of 14 million, a decrease of 213.60% year-on-year [7] Market Dynamics - The company’s military product deliveries fell short of expectations due to industry demand fluctuations, impacting overall revenue [12] - The company’s inventory remains at historically high levels, with a year-end inventory of 20.25 billion, indicating potential for rapid delivery as demand recovers [12] Future Outlook - The company is expected to achieve net profits of 651 million, 803 million, and 1.115 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 19%, 23%, and 39% [12] - The company’s focus on high-intensity R&D investments is expected to solidify its position in the unmanned systems industry and explore emerging markets such as commercial aerospace and low-altitude economy [12]

丨证券研究报告丨 联合研究丨公司点评丨时代电气（688187.SH） [Table_Title] 时代电气 2024 年报点评：经营稳健增长，轨交、 半导体、海工装备等业务持续发力 报告要点 [Table_Summary] 时代电气发布 2024 年年报，轨交装备和新兴装备业务稳健发展；公司在夯实提升轨道交通业 务的基础上，逐步拓展轨交外市场，多项业务并举推进，持续看好公司轨交装备+新兴装备双轮 驱动。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] 赵智勇 杨洋 倪蕤 钟智铧 屈奇 SAC：S0490517110001 SAC：S0490517070012 SAC：S0490520030003 SAC：S0490522060001 SAC：S0490524070003 SFC：BRP550 SFC：BUW100 时代电气（688187.SH） cjzqdt11111 [Table_Title 时代电气 2024 2] 年报点评：经营稳健增长，轨交、 半导体、海工装备等业务持续发力 [Table_Summary2] ...