公 司 报 告 房地产 2025年03月29日 新城控股(601155.SH) 利润小幅增长，商业向好发展 推荐 ( 维持) 股价:13.06元 行情走势图 相关研究报告 【平安证券】新城控股（601155.SH）*季报点评*毛 利率同比改善，商业运营持续向好*推荐20241031 证券分析师 杨侃 投资咨询资格编号 S1060514080002 BQV514 事项： 公司公布2024年年报，全年实现营业收入890亿元，同比下降25.3%，归母净 利润7.5亿元，同比增长2.1%，拟不派发现金红利，不送红股，不以公积金转 增股本。 平安观点： 司 年 报 点 评 研 究 报 告 YANGKAN034@pingan.com.cn 郑茜文 投资咨询资格编号 S1060520090003 ZHENGXIWEN239@pingan.com.cn 证 券 主要数据 行业 房地产 公司网址 www.seazen.com.cn 大股东/持股 富域发展集团有限公司/61.09% 实际控制人 王振华 总股本(百万股) 2,256 流通A股(百万股) 2,256 流通B/H股(百万股) 总市值(亿元) 295 流通A股市值(亿元 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3] Core Views - The company has experienced strong growth driven by robust demand in AI and high-speed communication sectors, with 2024 revenue reaching 13.34 billion yuan, a year-on-year increase of 49.3%, and a net profit of 2.59 billion yuan, up 71.1% [3][8] - The company plans to distribute a cash dividend of 5 yuan per 10 shares [3] Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 13.34 billion yuan, up 49.3% YoY - 2024 net profit: 2.59 billion yuan, up 71.1% YoY - PCB business revenue: 12.84 billion yuan, up 49.78% YoY [3][8] - **Profitability Metrics**: - Gross margin for 2024: 34.5%, an increase of 3.37 percentage points YoY - Net margin for 2024: 19.4%, an increase of 2.58 percentage points YoY [8][11] - **Future Projections**: - Expected EPS for 2025-2027: 1.84 yuan, 2.29 yuan, and 2.64 yuan respectively - Corresponding P/E ratios for 2025-2027: 17.7, 14.2, and 12.3 [9][11] Business Segment Performance - **Enterprise Communication Market**: - Revenue for 2024: 10.09 billion yuan, up 71.94% YoY - AI server and HPC-related PCB products account for 29.48% of revenue, while high-speed network products account for 38.56% [8][9] - **Automotive PCB Business**: - Revenue for 2024: 2.41 billion yuan, up 11.6% YoY - Emerging automotive products have increased their revenue share from 25.96% in 2023 to 37.68% in 2024 [9][10] Financial Ratios - **Profitability Ratios**: - 2024 gross margin: 34.5% - 2024 net margin: 19.4% - 2024 ROE: 21.9% [11] - **Debt Ratios**: - 2024 asset-liability ratio: 43.8% - 2024 net debt ratio: 11.9% [11] Market Outlook - The company is well-positioned to benefit from ongoing demand in AI, high-speed communication, and automotive electronics, with expectations for continued revenue growth and margin improvement [8][9]

Group 1 - In the first quarter, domestic funding tightened and risk appetite improved, leading to a bear flattening of the yield curve. The equity market's risk appetite was significantly boosted by the DEEPSEEK technology breakthrough, which suppressed bond prices. Due to unexpected bond supply and restrained central bank liquidity injections, the funding environment remained tight, resulting in a rapid adjustment in the bond market, with the 10-year government bond yield gradually peaking at 1.9% [2][11][17] - The new economy is breaking through while the old economy is showing signs of recovery. In 2025, a moderate fiscal stimulus is expected, lower than in 2015, 2020, and 2022, requiring substantial monetary policy support to sustain the recovery trend. The leading indicator M1 may see a two-year compound growth rate reaching nominal GDP growth, indicating moderate recovery momentum. The GDP growth rate for the first quarter is expected to be between 5.1% and 5.3%, supported by fiscal stimulus and credit growth [2][41][76] - The bond market is expected to see a resonance of risk appetite switching and a warming funding environment in the second quarter. The central bank's focus this year is on technology and structural policies, while also considering broad asset prices in macro-prudential assessments. The monetary policy may adopt less transparent tools, with actual strength following the realities of the economy [2][3][82] Group 2 - In 2025, the broad fiscal deficit rate is expected to increase by nearly 2% compared to 2024, with the budget deficit rate rising from 3% to 4%. The total government bond supply is projected to reach 13.86 trillion yuan, with a significant increase in special bonds and long-term special bonds [42][43][45] - The fiscal impulse for 2025 is estimated at 2.4%, slightly lower than in 2022. The actual pulse magnitude, excluding replacement bonds, is 2.1%, which is less than the impulses seen in 2015, 2020, and 2022 [45][46][52] - The DEEPSEEK technology breakthrough is expected to drive an incremental investment of approximately 3,000 to 6,000 billion yuan in 2025, with Alibaba planning to invest over 380 billion yuan in cloud and AI infrastructure over the next three years [70][73] Group 3 - The real estate sector is still in the early stages of recovery, with new home sales slowing down and prices continuing to decline. The supply-demand imbalance persists, with expectations for real estate investment to contract in 2025, likely at a lower scale than in 2024 [60][68][74] - The first quarter's supply-demand indicators are expected to show growth rates lower than those of the same period in 2024, indicating a continuation of the oversupply situation. The core economic indicators for 2025 are projected to be weaker than those of 2024 [74][76] - The technology sector is anticipated to lead the market, with expectations for a sustained bull market in technology stocks following the DEEPSEEK breakthrough. However, the market may face a risk-off phase during earnings reporting periods or geopolitical events [81][82]

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting the stock to outperform the market by over 20% within the next six months [3][14]. Core Views - The company's profit growth has rebounded, with a slight increase in dividend levels, indicating a positive outlook for future performance [4][7]. - The bank's total assets grew by 3.4% year-on-year, with loans and deposits increasing by 5.0% and 7.7% respectively, showcasing stable growth [4][8]. - The report highlights a decrease in the non-performing loan (NPL) ratio to 1.07%, reflecting improved asset quality [8][11]. Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 212.2 billion yuan, a year-on-year increase of 0.66%, and a net profit of 77.2 billion yuan, up 0.12% [4][6]. - The annualized ROE for the company was reported at 9.89% [4]. Revenue and Profitability - The net interest income for 2024 was 148.1 billion yuan, with a year-on-year growth of 1.1% [9][11]. - Non-interest income showed a slight decline of 0.3% year-on-year, indicating stability in revenue streams [7][9]. Asset Quality - The NPL ratio improved to 1.07%, with a coverage ratio of 238%, indicating strong risk mitigation measures [8][11]. - The report notes a decrease in credit impairment losses by 1.6% year-on-year, contributing to the recovery in profit growth [7][9]. Dividend Policy - The company announced a dividend plan of 10.60 yuan per 10 shares, resulting in a cash dividend payout ratio of 30.17%, enhancing the attractiveness of the stock for income-focused investors [4][8]. Future Outlook - The report projects a modest growth in EPS, estimating 3.77 yuan for 2025, 3.93 yuan for 2026, and 4.14 yuan for 2027, reflecting a cautious but positive growth trajectory [7][12].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [14]. Core Insights - The company achieved a revenue of 10.622 billion yuan in 2024, representing a year-on-year growth of 49.3%. The net profit attributable to shareholders was 408 million yuan, up 85.5% year-on-year, with a non-recurring net profit of 319 million yuan, marking a significant increase of 214.3% [5][9]. - The company is focused on a "high-end cost-performance" strategy, aiming to return to a revenue target of 10 billion yuan. It has launched over 1,000 new SKUs in 2024 and is expanding its product matrix across various snack categories [9][10]. - Online sales accounted for 69.73% of total revenue, with significant contributions from platforms like Douyin and Tmall, while offline distribution is also being aggressively developed [9][10]. Financial Performance Summary - The company forecasts revenues of 13.809 billion yuan, 17.979 billion yuan, and 23.462 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 537 million yuan, 747 million yuan, and 972 million yuan [11][12]. - The gross margin is expected to improve to 24.8% in 2025, with a net margin of 3.9% [12]. - The company's return on equity (ROE) is projected to reach 16.9% in 2025, indicating strong profitability [12]. Product and Market Strategy - The company is diversifying its product offerings with multiple sub-brands targeting various market segments, including infant food and health snacks, to enhance its market presence [9][10]. - The company is leveraging a "D+N" omnichannel strategy to drive online sales while enhancing offline distribution capabilities [9][10]. Valuation Metrics - The report provides earnings per share (EPS) estimates of 1.34 yuan for 2025, 1.86 yuan for 2026, and 2.42 yuan for 2027, with price-to-earnings (P/E) ratios of 20.1, 14.5, and 11.1, respectively [11][12].

Investment Rating - The investment rating for the company is "Recommended" [1][6][11] Core Views - The company reported a revenue of 645 million HKD for 2024, reflecting a year-on-year growth of 1.5%, while the net profit attributable to shareholders was 154 million HKD, a decrease of 9.7% [3][6] - The company maintains a high dividend payout, with a final dividend of 8.3 HKD cents per share and a total annual dividend of 13.1 HKD cents per share, indicating a payout ratio of 80% [3][6] - The company has a solid operational foundation, with same-store traffic and sales increasing by 8.1% and 8.8% respectively, and a rental rate of 92.4%, which is above the industry average [6] Financial Performance Summary - Revenue projections show a gradual increase from 645 million HKD in 2024 to 679 million HKD by 2027, with corresponding year-on-year growth rates of 1.5% to 2% [5][10] - Net profit is expected to recover slightly from 154 million HKD in 2024 to 167 million HKD by 2027, with a projected year-on-year growth of 3.1% in 2027 [5][10] - The gross margin is projected to improve from 46.2% in 2024 to 48.0% by 2027, while the net margin is expected to stabilize around 23% to 24% [5][10] Operational Highlights - The company has successfully opened new projects in Guangzhou and Shanghai, contributing to its strategic focus on the Greater Bay Area and national expansion [6] - As of 2024, the company has a contracted area of approximately 2.71 million square meters and an operational area of about 1.65 million square meters, with 27 projects opened and 18 in preparation [6] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 8.1 for 2024, decreasing to 7.5 by 2027, indicating a potentially attractive valuation [5][10] - The price-to-book (P/B) ratio is expected to remain stable at around 1.0 in 2024, decreasing to 0.8 by 2027 [5][10]

Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company's performance is rapidly growing, aligning with market expectations, driven by significant progress in overseas business and an increase in domestic market share of key products [5][8]. - The company is a leading player in the neuro-interventional field, with a comprehensive product portfolio and extensive sales network, positioning it well for long-term growth [8][9]. Financial Performance - In 2024, the company is projected to achieve revenue of 762 million yuan, a year-on-year increase of 14.43%, and a net profit of 254 million yuan, up 74.63% [4]. - The company’s overseas revenue is expected to reach 75.3 million yuan in 2024, reflecting a substantial growth of 137.6% year-on-year [5]. - The gross profit margin is projected to be 73.0% in 2024, with a net profit margin of 32.7% [6][9]. Product Performance - The revenue from hemorrhagic stroke products is expected to be 402 million yuan in 2024, a decrease of 5.5% due to policy impacts, while the revenue from atherosclerotic stenosis products is projected to grow by 74.6% to 268 million yuan [6]. - The acute ischemic stroke product line is anticipated to generate revenue of 46.74 million yuan in 2024, marking an 82.0% increase [6]. Market Position - The company holds the largest market share in the domestic neuro-interventional device sector, with a broad coverage of approximately 3,400 hospitals, including over 2,000 tertiary hospitals [8]. - The company is actively participating in centralized procurement opportunities, which has allowed it to secure significant market share [8]. Future Projections - The company is expected to achieve net profits of 319 million yuan, 404 million yuan, and 508 million yuan in 2025, 2026, and 2027 respectively [9].

非息拉动营收回暖，零售风险压力可控 强烈推荐（维持） 银行 2025 年 3 月 28 日 邮储银行(601658.SH) 行情走势图 相关研究报告 【平安证券】邮储银行（601658.SH）*半年报点评* 息 差显韧性，资产质量整体稳健*强烈推荐20240902 【平安证券】邮储银行（601658.SH）*季报点评*盈利 增速转正，代理费调降红利逐步释放 * 强 烈推荐 20241031 股价：5.33 元 主要数据 | 行业 | 银行 | | --- | --- | | 公司网址 | www.psbc.com;www.psbcltd.cn | | 大股东/持股 | 中国邮政集团有限公司/62.78% | | 实际控制人 | 中国邮政集团有限公司 | | 总股本(百万股) | 99,161 | | 流通 A 股(百万股) | 67,122 | | 流通 B/H 股(百万股) | 19,856 | | 总市值（亿元） | 5,160 | | 流通 A 股市值(亿元) | 3,578 | | 每股净资产(元) | 8.37 | | 资产负债率(%) | 94.0 | 证券分析师 | 袁喆奇 | 投资咨询资格编号 ...

公 司 报 告 泰格医药(300347.SZ) 行业环境致业绩承压，海外开拓、提质增效保发展 2025年03月28日 相关研究报告 证券分析师 倪亦道 投资咨询资格编号 S1060518070001 021-38640502 NIYIDAO242@pingan.com.cn 叶寅 投资咨询资格编号 事项： 公司发布2024年年报，全年实现营业收入66.03亿元，同比-10.58%；实现归 母净利润4.05亿元，同比-79.99%；扣非后归母净利润为8.55亿元，同 比-42.13%。 推荐 ( 维持) 股价:55.39元 行情走势图 BOT335 YEYIN757@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,384 | 6,603 | 7,161 | 7,876 | 8,782 | | YOY(%) | 4.2 | -10.6 | 8.5 | 10.0 | 11.5 | | 净利润(百万元) | 2,025 | 405 | 1,24 ...

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank (601128.SH), expecting the stock to outperform the market by over 20% within the next six months [12]. Core Insights - Changshu Bank reported a total operating income of 10.9 billion yuan for 2024, representing a year-on-year growth of 10.5%. The net profit attributable to shareholders reached 3.81 billion yuan, up 16.2% year-on-year, with an annualized ROE of 14.15% [4][7]. - The bank's total assets at the end of 2024 were 366.6 billion yuan, a 9.6% increase from the beginning of the year. The loan portfolio grew to 240.9 billion yuan, reflecting an 8.3% year-on-year increase, while total deposits rose to 286.5 billion yuan, marking a 15.6% increase [4][7]. - The bank's net interest margin for 2024 was 2.71%, showing resilience despite a slight decline. The report highlights the bank's strong performance in microfinance and stable growth in its subsidiary, Xingfu Village Bank [7][8]. Summary by Sections Financial Performance - Operating income for 2024 was 10.9 billion yuan, with a year-on-year growth of 10.5% [4][6]. - Net profit attributable to shareholders was 3.81 billion yuan, reflecting a 16.2% increase year-on-year [4][6]. - The annualized ROE was reported at 14.15% [4]. Asset Quality - The non-performing loan (NPL) ratio remained stable at 0.77% at the end of 2024, with a projected annualized NPL generation rate of 1.37% [8][10]. - The bank's provision coverage ratio was 501%, indicating a strong capacity to absorb potential losses [8][10]. Growth Projections - The report projects operating income to reach 11.7 billion yuan in 2025, with a growth rate of 7.2% [10]. - Net profit is expected to grow to 4.4 billion yuan in 2025, with a growth rate of 15.3% [10][11]. - The bank's loan portfolio is projected to grow to 261.1 billion yuan by 2025, reflecting an 8% growth rate [10].