Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve a net profit attributable to shareholders of 12-15 million yuan in Q1 2025, a significant improvement from a loss of 98.74 million yuan in the same period last year [1] - The stabilization of rare earth prices has alleviated the pressure of asset impairment, with the average prices of key raw materials showing slight increases or stability [1] - The company plans to slow down its capacity expansion in response to market demand and competition, with a total sintered neodymium-iron-boron capacity of 25,000 tons expected by the end of 2024 [2] - Recent export controls on rare earth elements may exacerbate supply-demand imbalances, impacting both domestic and international pricing dynamics [3] Financial Performance - The company reported a revenue of 8,358 million yuan in 2023, with a projected decline to 6,751 million yuan in 2024, followed by a recovery to 7,794 million yuan in 2025 [4] - The net profit attributable to shareholders is forecasted to be 275 million yuan in 2023, dropping to 12 million yuan in 2024, and recovering to 192 million yuan in 2025 [4] - The earnings per share (EPS) is expected to be 0.23 yuan in 2023, decreasing to 0.01 yuan in 2024, and then increasing to 0.16 yuan in 2025 [4] Market Dynamics - The company’s raw material inventory is maintained at approximately two months' worth of usage, which may allow for potential inventory gains as rare earth prices rise [1] - The company’s operational capacity is currently around 65%, with a total production of approximately 10,637 tons of magnetic materials in 2024 [2] - The recent export controls are expected to significantly impact export volumes in the short term, with a gradual recovery anticipated as companies adapt to new processes [3]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 奈雪的茶（02150.HK） 闭店和投资致亏损，将继续门店调整并聚焦绿色健康战略 事件：公司发布 2024 年度业绩。营业收入 49.21 亿元/同比-4.7%，经调 整净利润-9.19 亿元/去年同期 0.21 亿元。 收入小幅下降，利润率承压，业绩大幅亏损。1）营收小幅下降，主要因 为门店收入承压，及关闭部分经营不善的直营店：2024 年单店日均收入 0.72 万元/同比-29.1%；2024 年末直营门店 1453 家/较 2023 年末净减少 121 家，加盟门店 345 家/较 2023 年末净增加 264 家。2）利润率承压。 2024 年公司经调整净利润率为-18.7%/去年同期为 0.4%。拆分来看，毛 利率/员工成本占比/使用权资产折旧占比/其他租金及相关开支/广告及推 广开支占比 / 其 他 开 支 占 比 分 别 为 63.2%/29.2%/8.4%/5.6%/5.0%/10.1% ，分别同比 -3.9/+2.0/+0.4/- 0.3/+1.8/+5.0pct。3）业绩出现大幅亏损，主因闭店损失和 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 12-15 million yuan in Q1 2025, a significant improvement from a loss of 98.74 million yuan in the same period last year [1]. - The stabilization of rare earth prices has alleviated the pressure of asset impairment, with the average prices of key raw materials showing slight increases or stability [1]. - The company plans to slow down its capacity expansion in response to market demand and competition, with a total sintered neodymium-iron-boron capacity of 25,000 tons expected by the end of 2024 [2]. - Recent export controls on rare earth elements may exacerbate supply-demand imbalances, impacting both domestic and international pricing dynamics [3]. Financial Performance Summary - The company reported a revenue of 8,358 million yuan in 2023, with a projected decline to 6,751 million yuan in 2024, followed by a recovery to 7,794 million yuan in 2025 [4]. - The net profit attributable to shareholders is forecasted to be 192 million yuan in 2025, a substantial increase from 12 million yuan in 2024 [4]. - The earnings per share (EPS) is expected to rise from 0.01 yuan in 2024 to 0.16 yuan in 2025 [4]. Market Dynamics - The company is currently facing challenges due to increased competition and underutilization of existing capacity, with an overall operating rate of approximately 65% [2]. - The recent export controls on rare earth materials are anticipated to impact the company's export revenue in the short term, necessitating close monitoring of volume and price dynamics [3].

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a revenue of 42.755 billion yuan for 2024, a year-on-year increase of 3.1%, and a net profit of 4.708 billion yuan, up 4.6% year-on-year, with core operating profit rising by 18.7% to 6.230 billion yuan [1] - The company is focusing on shareholder returns, increasing the dividend payout ratio from 90% in 2023 to 95% in 2024 [9] - The company has initiated the "Pomegranate Plan" and is steadily advancing its franchise business, which is expected to open up growth opportunities [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 62.1%, an increase of 3.0 percentage points year-on-year, with a significant rise in gross margin to 63.2% in H2 2024 [3] - The net profit for 2024 was 4.708 billion yuan, with a net profit margin of 11.0%, reflecting a slight increase of 0.1 percentage points year-on-year [3] Business Expansion - As of the end of 2024, the company operated 1,355 direct stores, with a net reduction of 19 stores throughout the year, but began a steady expansion in H2 2024 [2] - The company has completed the review and establishment of 13 franchise stores, indicating a commitment to expanding its franchise network [9] Sales and Customer Metrics - The overall average customer spending was 97.5 yuan in 2024, with a slight decrease compared to the previous year, but showing a recovery in H2 2024 [2] - The overall table turnover rate was 4.1 times per day, with a year-on-year increase of 0.3 times, although it showed a slight decline compared to H1 2024 [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 44.146 billion yuan, 46.880 billion yuan, and 49.751 billion yuan respectively, with net profits expected to be 4.843 billion yuan, 5.568 billion yuan, and 6.218 billion yuan [10]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 奈雪的茶（02150.HK） 闭店和投资致亏损，将继续门店调整并聚焦绿色健康战略 事件：公司发布 2024 年度业绩。营业收入 49.21 亿元/同比-4.7%，经调 整净利润-9.19 亿元/去年同期 0.21 亿元。 收入小幅下降，利润率承压，业绩大幅亏损。1）营收小幅下降，主要因 为门店收入承压，及关闭部分经营不善的直营店：2024 年单店日均收入 0.72 万元/同比-29.1%；2024 年末直营门店 1453 家/较 2023 年末净减少 121 家，加盟门店 345 家/较 2023 年末净增加 264 家。2）利润率承压。 2024 年公司经调整净利润率为-18.7%/去年同期为 0.4%。拆分来看，毛 利率/员工成本占比/使用权资产折旧占比/其他租金及相关开支/广告及推 广开支占比 / 其 他 开 支 占 比 分 别 为 63.2%/29.2%/8.4%/5.6%/5.0%/10.1% ，分别同比 -3.9/+2.0/+0.4/- 0.3/+1.8/+5.0pct。3）业绩出现大幅亏损，主因闭店损失和 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a revenue of 42.755 billion yuan in 2024, a year-on-year increase of 3.1%, and a net profit of 4.708 billion yuan, up 4.6% year-on-year, with core operating profit rising by 18.7% to 6.230 billion yuan [1] - The company is focusing on shareholder returns, increasing the dividend payout ratio from 90% in 2023 to 95% in 2024 [9] - The company has initiated the "Pomegranate Plan" and is steadily advancing its franchise business, which is expected to open new growth avenues [4][9] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 62.1%, an increase of 3.0 percentage points year-on-year, with the second half of 2024 showing a gross margin of 63.2%, up 4.2 percentage points year-on-year [3] - The net profit for 2024 was 4.708 billion yuan, with a net profit margin of 11.0%, reflecting a slight increase of 0.1 percentage points year-on-year [3] Business Expansion - As of the end of 2024, the company operated 1,355 direct stores, with a net reduction of 19 stores throughout the year, but began a steady expansion in the second half of 2024 [2] - The company has completed the review and establishment of 13 franchise stores, indicating a commitment to expanding its franchise network [9] Sales and Customer Metrics - The overall average customer spending in 2024 was 97.5 yuan, with a slight decrease compared to the previous year, but showing a recovery in the second half of 2024 [2] - The overall table turnover rate was 4.1 times per day, with a year-on-year increase of 0.3 times per day, although it showed a slight decline compared to the first half of 2024 [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 44.146 billion yuan, 46.880 billion yuan, and 49.751 billion yuan respectively, with corresponding net profits of 4.843 billion yuan, 5.568 billion yuan, and 6.218 billion yuan [10]

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a revenue of 2.026 billion yuan in 2024, a year-on-year decrease of 4.31%, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year. However, Q4 showed improvement with a revenue of 619 million yuan, up 4.93% year-on-year [1] - The company has a comprehensive testing capability across the entire industry chain, with both equipment and services driving growth. The report expresses optimism about the company's long-term resilience and development [3] - The company is expected to see revenue growth in the coming years, with projected revenues of 2.358 billion yuan, 2.711 billion yuan, and 3.077 billion yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 16.4%, 15.0%, and 13.5% [4] Financial Performance Summary - In 2024, the company's overall expense ratio increased to 28.94%, up 2.57 percentage points year-on-year, with a gross margin of 44.54%, down 1.06 percentage points year-on-year [2] - The company is projected to achieve net profits of 308 million yuan, 381 million yuan, and 453 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 34.3%, 23.7%, and 19.0% [4][5] - The current price-to-earnings ratio (P/E) for 2025 is estimated at 27.3 times, decreasing to 22.1 times in 2026 and 18.6 times in 2027 [4][5]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 16 年 月 日 中国建筑（601668.SH） 现金流大幅改善，分红率明显提升 减值增加致 Q4 业绩承压，分红率显著提升维持分红总额稳定。2024 年公司实现 营业总收入 21871 亿，同降 3.5%；实现归母净利润 462 亿，同降 15%；扣非归 母净利润 416 亿，同降 14%。分季度看，Q1/Q2/Q3/Q4 公司营业收入分别同比 +5%/+1%/-14%/-6%；归母净利润分别同比+1%/+2%/-30%/-39%，Q4 业绩有 所承压，主要因：1）单季计提减值损失 114 亿，较同期增加 32 亿；2）投资收益 较同期减少 21 亿；3）受收入下行影响，单季费率有所提升，YoY+1.1pct；4）上 年同期基数较高（23Q4 业绩同增 43%）。2024 年拟 10 派 2.715 元，分红总额 112 亿，较同期基本持平；分红率 24.29%，较上年大幅提升 3.5pct，对应股息率 5%。 房建业务结构持续优化，能源工程、水务等基建领域表现亮眼。分业务看，2024 年房建/基建/地产业务分别实现营收 13218/ ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company experienced a significant improvement in cash flow and an increase in dividend payout ratio, despite facing pressure on Q4 performance due to increased impairment losses and reduced investment income [1][2] - The company plans to distribute a total dividend of 11.2 billion, maintaining stability in dividend payout [1] - The construction business structure continues to optimize, with strong performance in energy engineering and water infrastructure sectors [1] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 2,187.148 billion, a decrease of 3.5% year-on-year, and a net profit attributable to shareholders of 461.87 billion, down 14.9% year-on-year [5] - The quarterly breakdown shows revenue growth of +5% in Q1, +1% in Q2, but declines of -14% in Q3 and -6% in Q4 [1] - The overall gross margin for 2024 was 9.86%, a slight increase of 0.02 percentage points year-on-year [2] Business Segments - Revenue from construction, infrastructure, and real estate segments for 2024 was 13,218 billion, 5,509 billion, and 3,062 billion respectively, with declines of 5%, 1%, and 1% year-on-year [1] - The construction sector saw an increase in public building orders, with the share of residential business decreasing from 25% to 22% [1] Cash Flow and Investment - The company reported a net inflow of operating cash flow of 15.774 billion, an increase of 4.7 billion year-on-year, and a significant reduction in net outflow from investment activities to 2.511 billion, down 24 billion year-on-year [3] - The total net cash inflow from operating and investment activities was 13.3 billion, an increase of 28.7 billion year-on-year [3] Future Outlook - The company expects net profits for 2025, 2026, and 2027 to be 44.8 billion, 45.4 billion, and 45.6 billion respectively, with corresponding EPS of 1.09, 1.10, and 1.10 [3] - The current stock price corresponds to a PE ratio of 5.0 for 2025 [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4][6]. Core Views - The company reported a 2024 annual revenue of 2.026 billion yuan, a decrease of 4.31% year-on-year, and a net profit attributable to shareholders of 229 million yuan, down 27% year-on-year. However, Q4 showed signs of recovery with a revenue increase of 4.93% year-on-year [1]. - The company has a comprehensive testing capability across the entire industry chain, with both equipment and services driving growth. The report highlights the company's resilience and long-term development potential in the testing industry [3]. - The company is expected to see a gradual recovery in downstream demand starting this year, with projected revenues for 2025-2027 of 2.358 billion, 2.711 billion, and 3.077 billion yuan, respectively, reflecting growth rates of 16.4%, 15.0%, and 13.5% [4]. Financial Summary - The company's 2024 expense ratio increased to 28.94%, up 2.57 percentage points year-on-year, with a gross margin of 44.54%, down 1.06 percentage points year-on-year. This indicates a slight decline in profitability amid intensified market competition [2]. - The projected earnings per share (EPS) for 2025-2027 are 0.61, 0.75, and 0.89 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 27.3, 22.1, and 18.6 [5][4]. - The company’s net asset return (ROE) is expected to improve from 8.7% in 2024 to 12.6% in 2027, indicating a positive trend in profitability [5].