Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The 2024 annual report meets expectations, with traditional business showing marginal recovery and new fields expanding aggressively [4] - The company reported a revenue of 629 million yuan in 2024, a year-on-year decrease of 5.99%, while the net profit attributable to shareholders increased by 37.02% to 109 million yuan [4] - The company plans to distribute a cash dividend of 0.5 yuan per share and has set a shareholder return plan for the next three years, ensuring a minimum dividend payout ratio of 10% [4] Financial Data and Profit Forecast - Total revenue is projected to grow from 629 million yuan in 2024 to 1.121 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [6] - Net profit attributable to shareholders is expected to increase from 109 million yuan in 2024 to 234 million yuan in 2027, reflecting a strong growth trajectory [6] - The gross profit margin is anticipated to improve from 27.9% in 2024 to 29.4% in 2027, indicating enhanced operational efficiency [6] Investment Analysis - The company is expected to benefit from the recovery in engineering machinery and military industries, alongside the continuous release of new products [6] - The forecast for 2025 revenue is adjusted to 765 million yuan, with net profit projected at 149 million yuan, reflecting a strong outlook for the company's traditional business [6] - The company is noted for its strong management and commitment to investor returns, reinforcing the "Buy" rating [6]

Investment Rating - The report assigns an AHP score of 1.77, placing the company in the 23.8% percentile of the non-technology innovation system AHP model, indicating a below-average position in the market [6][7]. Core Insights - The company is ranked among the top ten globally in photovoltaic inverter market share, with a market share of approximately 3% in 2022 [6][8]. - The company is actively expanding its production capacity in response to the growing inverter and energy storage markets, with plans to increase inverter capacity from 25GW to 39GW and energy storage battery capacity from 2.4GWh to 3.4GWh [11][12]. - The company has a comprehensive product line in the "solar-storage integration" sector, which is a key focus for future development [8][9]. Summary by Sections 1. AHP Score and Expected Allocation Ratio - The company has an AHP score of 1.77, with expected allocation ratios for offline investors being 0.0331% for Class A and 0.0202% for Class B under a neutral scenario [6][7]. 2. Fundamental Highlights and Features 2.1 Global Market Position - The company is among the top ten in global photovoltaic inverter shipments, with a complete product line including string inverters and energy storage systems [8][9]. 2.2 Market Expansion and Capacity Planning - The company has a high proportion of overseas sales, with significant markets in Italy, Germany, Czech Republic, UK, and Poland, and is planning to expand its production capacity significantly [11][12]. 3. Financial Comparison with Peers 3.1 Revenue and Cash Flow - The company’s revenue and net profit growth rates from 2021 to 2023 are below the average of comparable companies, with negative cash flow from operating activities in 2023 and the first half of 2024 [14][15]. 3.2 Profitability and R&D Investment - The company’s gross margin has declined, with a significant increase in R&D expense ratio in 2023, reflecting a strategic focus on new product development [18][19]. 4. Fundraising Projects and Development Vision - The company plans to raise funds for projects including energy storage system construction, new energy product R&D, and marketing network development, which are expected to enhance production capacity and product structure [20][21].

Investment Rating - The report maintains an "Outperform" rating for China Hongqiao (01378) [2][6] Core Views - The company has demonstrated robust performance with a significant increase in net profit by 95.2% year-on-year for 2024, driven by rising sales and decreasing raw material costs [6][7] - The company is positioned well in the market with a high dividend yield of approximately 11%, reflecting its strong long-term investment value [6][7] - The supply-demand dynamics for electrolytic aluminum are favorable, with limited supply growth and increasing demand from sectors like new energy vehicles [6][7] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 133,624 million RMB - 2024: 156,169 million RMB - 2025E: 153,099 million RMB - 2026E: 158,004 million RMB - 2027E: 158,736 million RMB - Net profit forecasts are: - 2023: 11,461 million RMB - 2024: 22,372 million RMB - 2025E: 21,869 million RMB - 2026E: 24,585 million RMB - 2027E: 25,293 million RMB - The company’s earnings per share (EPS) are projected to be: - 2023: 1.21 RMB - 2024: 2.36 RMB - 2025E: 2.31 RMB - 2026E: 2.60 RMB - 2027E: 2.67 RMB [6][7] Key Events - The company announced a final dividend for 2024, with a total payout of 161 HKD cents per share, indicating a strong commitment to returning value to shareholders [6][7] - The report highlights a decrease in coal prices, which has positively impacted the company's cost structure, leading to improved profitability [6][7]

Investment Rating - The report maintains a "Positive" outlook on the insurance sector, indicating an expectation for the sector to outperform the overall market [1]. Core Insights - The primary factors influencing the insurance sector's valuation are the performance of the asset side, concerns over embedded value discounts, asset risk discounts, and the sustainability of new business value (NBV) growth. The report notes that the impact of NBV growth concerns has diminished since the industry turned positive in Q1 2023 [1][2]. - The report suggests that the market has already anticipated a differentiated performance for the "opening red" (a term referring to the start of the new insurance year) due to factors such as the reduction of preset interest rates and adjustments in product structures by insurance companies [3]. - The report emphasizes the importance of monitoring the performance of dividends and subsequent market value management initiatives as the companies enter their annual report disclosure period [3]. Summary by Sections Asset Side - The report highlights three major changes that could positively catalyze the valuation of the insurance sector [2]. Liability Side - The report indicates that the market has already anticipated a differentiated performance for the "opening red" due to the expected adjustments in interest rates and product structures [3]. Investment Recommendations - The report continues to recommend specific companies, including New China Life Insurance, China Pacific Insurance, AIA Group, China Ping An, and China Life Insurance, as key players to watch in the insurance sector [3]. Valuation Table - A valuation table is provided, detailing key companies in the insurance sector, including their stock prices, total market capitalization, and various valuation metrics such as PEV, PE, and PB ratios [4].

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.48, which places it in the 19.8% percentile of the non-technology innovation system AHP model [2][7]. Core Insights - The company, China Ruilin, focuses on engineering construction in the non-ferrous metal sector and has expanded into environmental protection and municipal fields. It participates in the entire industry chain, providing engineering design consulting, general contracting, and equipment integration services [2][9]. - The company has established long-term collaborations with leading domestic and international enterprises, enhancing its brand recognition and industry influence. It ranks 136th in the "Top 225 International Engineering Design Companies" and 210th in the "Top 250 Global Contractors" [2][15]. - Despite a smaller revenue scale, the company has shown a leading compound growth rate in revenue from 2021 to 2023, with a revenue compound growth rate of 19.56% [20][22]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score for China Ruilin is calculated at 1.48, with expected allocation ratios for offline investors A and B being 0.0162% and 0.0090%, respectively [2][8][7]. Company Highlights and Features - China Ruilin specializes in the engineering construction of non-ferrous metals, with over 75% of its revenue derived from this sector from 2022 to the first half of 2024. The company has a full lifecycle business capability, including engineering design, general contracting, and equipment integration [2][9][11]. - The company has a strong technical advantage and competitive edge in copper smelting project design, with significant projects completed in both domestic and international markets [2][15][17]. Financial Comparison with Peers - The company’s revenue from 2021 to the first half of 2024 was lower than the average of comparable companies, with revenues of 2.005 billion, 2.617 billion, 2.866 billion, and 0.898 billion respectively. However, its net profit in 2021 and 2023 exceeded the average of comparable companies [20][22]. - The gross margin for the first half of 2024 was 21.78%, which is higher than the average of comparable companies, and the R&D expenditure as a percentage of revenue was 5.48%, also above the average [24][26]. Fundraising Projects and Development Vision - The company plans to raise funds through the issuance of up to 30 million new shares, with proceeds allocated to an Innovation Development Center project and an Information Technology Upgrade project. These projects aim to enhance the company's design capabilities and operational efficiency [28][29].

行 业 及 产 业 非银金融 行 业 研 究 / 行 业 点 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 罗钻辉 (8621)23297818× luozh@swsresearch.com 2025 年 03 月 17 日 股票指数基金规模双位数，券商系 权益基金销售表现亮眼 看好 ——2H24 公募销售保有量数据点评 事件：2025/3/15，中基协披露 2H24 权益基金、非货币市场基金、股票型指数基 金公募代销保有量 100 强榜单。 请务必仔细阅读正文之后的各项信息披露与声明 评 证 券 研 究 报 告 ⚫ 公募市场&Top100 机构销售概况：权益基金规模环比双位数增长，股票型指数基金为 主要驱动。根据中基协：1）规模方面，2024 末全市场非货基 18.7 万亿/较 1H24 末 +7%；其中，权益基金（股票+混合）规模 7.2 万亿/较 1H24 末+18%；债基规模 10.5 万亿/较 1H24 末-1%。2）份额方面，2024 权益、债券基金份 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance met expectations, showcasing strong profitability resilience with a revenue of 362 billion yuan in 2024, a 9.7% year-on-year decline, while net profit increased by 15% to 507 billion yuan [4][7] - The company is entering a new innovation cycle, supported by a solid global competitive position and an increase in new model partnerships [7][27] Financial Performance Summary - In 2024, the company achieved total revenue of 362 billion yuan, with a gross margin of 24.4%, and a net profit margin of 14.0% [7][8] - Battery shipments reached 475 GWh, a 22% increase year-on-year, with significant growth in both power and energy storage batteries [10][34] - The company plans to expand production capacity steadily, with a total capacity of 676 GWh and a utilization rate of 76% in 2024 [19][34] Market Position and Competitive Landscape - The company holds a 37.9% share of the global power battery market and a 45.1% share in the domestic market, indicating a strong competitive position [7][33] - The number of new models supported by the company increased by 100 compared to 2023, enhancing its market presence [7][41] Future Outlook - The company expects to see a rebound in battery prices and continued growth in global electric vehicle sales, leading to an upward revision of profit forecasts for 2025-2027 [7][48] - The company plans to distribute over 250 billion yuan in cash dividends, reflecting a payout ratio of 50% [7][23]

上 市 公 司 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 19,842 | 21,314 | 21,861 | 22,739 | 23,499 | | 同比增长率（%） | -1.2 | 7.4 | 2.6 | 4.0 | 3.3 | | 归母净利润（百万港元） | 1,575 | 1,606 | 1,809 | 1,928 | 2,029 | | 同比增长率（%） | 63.2 | 2.0 | 12.7 | 6.5 | 5.3 | | 每股收益（港元/股） | 0.48 | 0.47 | 0.52 | 0.55 | 0.58 | | 净资产收益率（%） | 6.89 | 6.85 | 6.86 | 6.98 | 7.01 | | 市盈率 | . | . | . | . | . | | 市净率 | 0.5 | 0.5 | 0.5 ...

证 券 研 究 报 告 国内时刻供给收缩，国际航班平稳恢复 2025年夏秋航季时刻计划详解 证券分析师： 闫海 A0230519010004 罗石 A0230524080012 刘衣云 A0230524100007 研究支持： 郑逸欢 A0230124010001 刘衣云 A0230524100007 联系人： 郑逸欢 A0230124010001 2025.3.17 夏航季将启动，国际航班有序恢复，国内时刻同比下降 | | 2019 | 2024 | 2025 | 同比24 | 同比19 | | --- | --- | --- | --- | --- | --- | | 国内 | 13131 | 16725 | 16081 | -4% | 22% | | 国际 | 1451 | 1169 | 1232 | 5% | -15% | | 中国港澳台地区 | 238 | 230 | 206 | -11% | -13% | | 总计 | 14820 | 18123 | 17519 | -3% | 18% | 表：2025年国内航司夏秋航季日均时刻变化情况（班） www.swsresearch.com 证券研究报告 ...

Investment Rating - The report maintains a "Positive" outlook on the metals and new materials industry, highlighting the strong performance of the sector in recent weeks [2]. Core Insights - The report emphasizes the recent surge in gold prices, which have reached new highs, and suggests that investors should pay attention to the spring market trends within the sector [1]. - It notes that the overall performance of the non-ferrous metals index has outperformed the broader market indices, indicating a robust sector performance [5]. - The report identifies specific companies within the gold and industrial metals sectors that are expected to benefit from current market conditions, recommending stocks such as Shandong Gold, Zijin Mining, and others [4][6]. Summary by Sections Market Overview - The report provides a weekly market review, indicating that the non-ferrous metals index rose by 3.56%, outperforming the CSI 300 index by 1.98 percentage points [4]. - Year-to-date, the non-ferrous metals index has increased by 15.23%, again surpassing the CSI 300 index by 13.41 percentage points [5]. Price Changes - The report details price changes for various metals, with copper prices increasing by 6.02% and gold prices rising by 2.60% [4][11]. - It highlights that gold prices have surpassed $3000 per ounce, driven by increased purchases by the Chinese central bank [4][18]. Supply and Demand Analysis - For copper, the report notes a decrease in social inventory to 356,000 tons, indicating a tightening supply [24]. - The aluminum sector is experiencing a recovery in downstream processing rates, with a reported increase in operating rates to 61.6% [33]. Company Valuations - The report includes a valuation table for key companies in the non-ferrous metals sector, indicating expected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 [15]. - Companies such as Zijin Mining and Luoyang Molybdenum are highlighted for their strong earnings potential and favorable valuations [15]. Investment Recommendations - The report suggests focusing on companies with stable supply-demand dynamics and those that are well-positioned to benefit from the current market trends, such as Zijin Mining and Shandong Gold [4][6].