Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company has experienced a significant decline in revenue and net profit in 2024, with revenue dropping to 5.36 billion yuan, a year-on-year decrease of 24.3%, and net profit falling to 350 million yuan, down 80.5% [3][7] - The company is focusing on channel health and inventory reduction amid macroeconomic pressures, which has led to a decline in sales across various segments [7][8] - A stock incentive plan has been introduced to boost morale among executives and core employees, with performance targets set for revenue and net profit growth over the next three years [8] Financial Summary - **Revenue and Profit Forecasts**: - 2024 revenue: 5.36 billion yuan, 2025 estimated revenue: 5.95 billion yuan, 2026 estimated revenue: 6.57 billion yuan, 2027 estimated revenue: 7.24 billion yuan [6][10] - 2024 net profit: 350 million yuan, 2025 estimated net profit: 708 million yuan, 2026 estimated net profit: 789 million yuan, 2027 estimated net profit: 877 million yuan [6][10] - **Profitability Ratios**: - Gross margin for 2024 is projected at 65.5%, with a net margin of 6.5% [10] - Return on equity (ROE) is expected to improve from 5.1% in 2024 to 10.2% by 2027 [10] - **Valuation Metrics**: - Price-to-earnings (P/E) ratio for 2024 is 55.6, decreasing to 21.9 by 2027 [10] - Price-to-book (P/B) ratio is projected to decline from 2.8 in 2024 to 2.2 in 2027 [10] Strategic Outlook - The company aims to focus on its core products and improve its market position despite short-term challenges, with expectations for revenue growth of at least 20% in 2025 compared to 2024 [8]

公 司 报 告 银行 2025 年 3 月 31 日 建设银行(601939.SH) 营收降幅收窄，资负扩张稳健 推荐（维持） 股价：8.52 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.ccb.com;www.ccb.cn | | 大股东/持股 | 中央汇金投资有限责任公司/57.14% | | 实际控制人 | 中国投资有限责任公司 | | 总股本(百万股) | 250,011 | | 流通 A 股(百万股) | 9,594 | | 流通 B/H 股(百万股) | 240,417 | | 总市值（亿元） | 15,681 | | 流通 A 股市值(亿元) | 817 | | 每股净资产(元) | 12.65 | | 资产负债率(%) | 91.8 | 行情走势图 相关研究报告 【平安证券】建设银行（601939.SH）*季报点评*盈利 同比回正，资产质量整体稳健*推荐20241101 | | 投资咨询资格编号 | | --- | --- | | 袁喆奇 | | | | S1060520080003 | | | YUANZHEQI052@pingan.com.c ...

行业点评 大行资本补充落地，助力长期稳健经营 强于大市（维持） 行情走势图 行 业 报 告 银行 2025 年 3 月 31 日 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 研究助理 李灵琇 一般证券从业资格编号 S1060124070021 LILINGXIU785@pingan.com.cn 事项： 2025 年 3 月 30 日，建设银行、中国银行、交通银行、邮储银行四家国有大型 银行同步发布公告称，董事会通过了向财政部等特定对象发行 A股股票的议案。 平安观点： 不过从长期来看，考虑到 4 家大行盈利增长的可持续性在资本补充完成后 有望保持，长期股息水平仍有上行空间，尤其从港股市场来看，大行目前 港股较 A 股的折价有 10%-25%，整体股息水平均在 5%以上。自去年以 来，我们也看到以险资为代表的长期资金不断加大对于银行股 ...

Investment Rating - The report maintains a "Recommend" rating for Agricultural Bank of China (601288.SH) [1][3] Core Views - Agricultural Bank of China achieved a revenue of 710.6 billion yuan in 2024, a year-on-year increase of 2.3%, and a net profit attributable to shareholders of 282.1 billion yuan, up 4.7% year-on-year [4][7] - The bank's total assets reached 43.2 trillion yuan at the end of 2024, reflecting an 8.4% year-on-year growth, with total loans increasing by 10.1% and deposits by 4.9% [4][7] - The bank's net interest margin for the year was 1.42%, down 18 basis points year-on-year, primarily due to pressure on asset pricing [7][12] - The non-performing loan (NPL) ratio improved to 1.30%, down 2 basis points from the previous quarter, indicating stable asset quality [8][11] Summary by Sections Financial Performance - In 2024, the bank's net interest income grew by 1.6% year-on-year, while non-interest income increased by 5.5% [7][9] - The bank's earnings per share (EPS) for 2024 is projected at 0.81 yuan, with expected growth rates of 4.1% for 2025 and 5.6% for 2026 [6][12] Asset Quality - The NPL ratio for corporate loans decreased by 25 basis points to 1.58%, while the retail loan NPL ratio increased by 30 basis points to 1.03% [8][11] - The bank's provision coverage ratio remains high at 300%, ensuring stable risk mitigation capabilities [8][11] Growth Projections - The bank's total assets are expected to grow to 47 trillion yuan by 2025, with loan growth projected at 10% annually [10][12] - The report anticipates a steady increase in net interest income, with projections of 586.6 billion yuan in 2025 [11][12]

公 司 报 告 银行 2025 年 3 月 31 日 建设银行(601939.SH) 营收降幅收窄，资负扩张稳健 推荐（维持） 股价：8.52 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.ccb.com;www.ccb.cn | | 大股东/持股 | 中央汇金投资有限责任公司/57.14% | | 实际控制人 | 中国投资有限责任公司 | | 总股本(百万股) | 250,011 | | 流通 A 股(百万股) | 9,594 | | 流通 B/H 股(百万股) | 240,417 | | 总市值（亿元） | 15,681 | | 流通 A 股市值(亿元) | 817 | | 每股净资产(元) | 12.65 | | 资产负债率(%) | 91.8 | 行情走势图 相关研究报告 【平安证券】建设银行（601939.SH）*季报点评*盈利 同比回正，资产质量整体稳健*推荐20241101 证券分析师 | | 投资咨询资格编号 | | --- | --- | | 袁喆奇 | | | | S1060520080003 | | | YUANZHEQI052@pingan ...

有色金属 2025 年 3 月 31 日 东睦股份（600114.SH） 各平台业务表现亮眼，机器人打开公司成长空间 推荐（维持） 现价：19.46 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.pm-china.com | | 大股东/持股 | 睦特殊金属工业株式会社/ 10.62% | | 实际控制人 | | | 总股本(百万股) | 616 | | 流通 A 股(百万股) | 616 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 120 | | 流通 A 股市值(亿元) | 120 | | 每股净资产(元) | 4.56 | | 资产负债率(%) | 56.78 | 行情走势图 -20% 0% 20% 40% 60% 80% 2024/03 2024/06 2024/09 2024/12 东睦股份 沪深300 相关研究报告 《东睦股份（600114.SH）：折叠屏增长动能释 放 ，公 司MIM业务同比高增》2024-10-28 证券分析师 | 陈潇榕 | 投资咨询资格编号 | | --- | --- | | | S106052311 ...

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [4][11]. Core Views - The company achieved a revenue of 9.026 billion yuan in 2024, representing a year-over-year increase of 24.99%. The net profit attributable to shareholders reached 1.764 billion yuan, up 119.46% year-over-year [4][7]. - The company plans to distribute a cash dividend of 1.6 yuan per 10 shares (including tax) for 2024 [4]. - The gold production for 2024 was 15.16 tons, a growth of 5.60% year-over-year, with domestic mines contributing 3.91 tons (up 14.6%) and overseas mines contributing 11.25 tons [7]. - The average selling price of gold reached 524.28 yuan per gram, an increase of 20.32% year-over-year, indicating a simultaneous rise in both quantity and price [7]. - The company is expected to benefit from rising gold prices due to the weakening of the US dollar and increasing demand for gold as a safe-haven asset [8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 90.26 billion yuan and a net profit of 17.64 billion yuan, with significant growth rates of 24.99% and 119.46% respectively [4][6]. - The projected net profits for 2025, 2026, and 2027 are 2.121 billion yuan, 2.390 billion yuan, and 2.644 billion yuan respectively, with corresponding P/E ratios of 19.1, 16.9, and 15.3 [6][8]. Production and Cost Efficiency - The company’s gold sales cost was 278.08 yuan per gram in 2024, a decrease of 0.76% year-over-year, reflecting improved production efficiency [7]. - The processing capacity of the company’s plants has increased, with the processing capacity rising from 8,000 tons per day to over 10,000 tons per day [7]. Market Outlook - The report anticipates a continued upward trend in gold prices, supported by high central bank gold purchases and the weakening of the US dollar [8]. - The company is well-positioned to leverage its high-quality gold business and cost advantages to achieve above-average profitability compared to industry peers [8].

Investment Rating - The industry investment rating is "stronger than the market," indicating an expected performance that exceeds the market by more than 5% over the next six months [23]. Core Insights - The report highlights two significant events in the global pension sector: the U.S. SEC's decision to halt legal defense for climate disclosure rules and the cautious approach of sovereign funds towards net-zero targets despite increased awareness of climate risks [1][2][6][8]. Summary by Sections U.S. SEC Climate Disclosure Rule - On March 27, the U.S. SEC decided to stop defending the climate disclosure rule, which required public companies to disclose climate-related information in their reports. The SEC's acting chairman stated that the decision aimed to cease support for what was deemed an expensive and overly intrusive regulation [1][6][7]. Sovereign Wealth Funds and ESG - A report by the International Forum of Sovereign Wealth Funds and the One Planet Sovereign Wealth Fund Network revealed that while more sovereign funds are recognizing climate risks, their commitment to net-zero targets is waning. Only 17% of surveyed funds have set net-zero targets, down from 30% in 2023. Additionally, the proportion of funds considering setting such targets has decreased from 27% to 24% [2][8]. Global Pension Policy Developments - North Carolina plans to abandon its "sole trustee" model for pension management due to poor performance metrics, aiming to establish a trustee committee for better governance [9]. - Chile's Congress approved a pension reform bill that will gradually increase employer contributions from 1.5% to 8.5% over nine years, enhancing competition among pension fund managers [10]. - In the UK, 75% of pension plans have adopted net-zero targets, a significant increase from 60% the previous year, indicating a growing commitment to addressing climate risks [11]. - India is set to launch a Unified Pension Scheme (UPS) in April 2025, providing a new option for government employees to enhance their pension benefits [12][13]. - A new U.S. bill is being drafted to require pension funds to disclose excess returns from ESG investments, emphasizing the need for financial accountability in ESG-related decisions [14]. Domestic Pension Policy and Industry Dynamics - The Ministry of Civil Affairs in China is pushing for the expansion of the silver economy, focusing on improving elderly care services and integrating various industries to enhance the quality of life for seniors [14][15]. - Wuhan has initiated a three-year action plan to improve elderly care facilities, aiming to add at least 10,000 new beds by 2027 [16]. - Gansu Province is offering subsidies for home modifications to support elderly residents, with a maximum subsidy of 30% for eligible purchases [17]. - Shanxi Province has released guidelines for managing long-term care insurance service institutions, enhancing the quality of care provided [18]. Industry Innovations - Cheng Tian Technology has completed a nearly 100 million yuan Series B financing round to advance its exoskeleton technology for rehabilitation and elderly care [19]. - New health products targeting the elderly, such as specialized nutritional milk powders, are being introduced to cater to the aging population's needs [19].

Group 1 - The report suggests that with the arrival of the domestic economic and listed company performance verification window, the pricing of the equity market in April will further return to fundamentals, recommending a bottom-up approach to capture performance guidance from the first quarter, focusing on companies with positive performance expectations [4][9][27] - As of March 29, 2025, the earnings expectations for certain A-share industries such as non-bank financials, non-ferrous metals, automobiles, and building materials have been revised upward, while the overall A-share earnings expectation has been adjusted down by 0.7% [4][9][27] - The report recommends ten key stocks for April: Haoyuan Pharmaceutical, Nanya New Materials, Hongquan Internet of Things, Kingsoft Office, Luoyang Molybdenum, Seres, Stone Technology, Mingyang Smart Energy, Three Trees, and Industrial and Commercial Bank of China [4][9][27] Group 2 - The report indicates that the U.S. President's announcement of a 25% tariff on imported cars will significantly impact Japanese and Korean automakers, while also affecting U.S. domestic brands [6][14][15] - The tariff policy is expected to have a more substantial impact on the export of automotive parts from China than on complete vehicles, as the majority of Chinese automakers focus their export strategies on regions other than the U.S. [16][17] - The report highlights that the tariff policy may force a return of automotive manufacturing to the U.S., but the restructuring of the supply chain will be costly and time-consuming, potentially slowing down the electrification and transformation processes of foreign automakers [17][19] Group 3 - The report emphasizes that domestic automakers are increasingly gaining market share due to their advantages in new energy and intelligent features, positioning them to potentially dominate the global market in the future [18][19] - It suggests that component manufacturers need to rethink their strategies in the U.S. market, as the tariff policy may increase costs and affect their competitiveness [19] - The report recommends several domestic automakers for investment, including BYD, Great Wall Motors, Geely, Li Auto, Xpeng Motors, Changan Automobile, and Xiaomi Group, as well as the component manufacturer Fuyao Glass [19][20]

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [34]. Core Insights - The semiconductor manufacturing sector is experiencing a clear trend of domestic substitution, which is favorable for semiconductor manufacturing and equipment. Additionally, major manufacturers are continuously investing in AI terminals, leading to the introduction of new AI-capable chips, which is expected to drive a new wave of replacement demand [29]. - NAND Flash prices are expected to gradually recover in 2Q25 due to production cuts and inventory replenishment by buyers. According to TrendForce, NAND Flash manufacturers began reducing production in Q4 2024, and the effects are becoming evident. The demand from consumer electronics brands and the rebuilding of inventory in sectors like PCs, smartphones, and data centers are contributing to this recovery [9][10]. - The price decline of DRAM is expected to narrow in 2Q25, with conventional DRAM prices projected to decrease by 0% to 5%. The introduction of HBM3e 12hi is anticipated to increase average prices by 3% to 8% [12][14]. Summary by Sections Industry News and Commentary - New Kai Lai showcased over 30 products at SEMICON, including diffusion, etching, thin film, and measurement products [3][5]. - The recovery of NAND Flash prices is attributed to effective production cuts and inventory replenishment by buyers, with expectations for prices to stabilize in 2Q25 [9][10]. - The successful inventory reduction among downstream customers is expected to lead to a narrowing of DRAM price declines in 2Q25 [12][13]. Weekly Market Review - The Philadelphia Semiconductor Index and the Taiwan Semiconductor Index both experienced declines last week, with the Philadelphia index at 4284.91, down 5.99%, and the Taiwan index at 593.84, down 2.32% [20]. - The semiconductor industry index has increased by 29.57% since the beginning of 2024, outperforming the CSI 300 index by 15.46% [23]. Investment Recommendations - Recommended companies include Northern Huachuang, Zhongwei Company, Tuojing Technology, Lanke Technology, Jingdongfang A, Lite-On Technology, and Hengxuan Technology, among others, due to the favorable trends in the semiconductor manufacturing sector [29][33].