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].

行 业 报 告 汽车 2025 年 03 月 28 日 事项： 美国总统特朗普宣布，对进口汽车加征 25%关税，相关措施将于 4 月 2 日生效。 美国白宫发布的文件显示，25%的关税将适用于进口乘用车（轿车、运动型多 功能汽车等）和轻型卡车，以及关键汽车零部件（发动机、变速箱等），并将在 必要时扩展至其他零部件。 行业点评 美国加征进口车关税影响推演 强于大市（维持） 行情走势图 证券分析师 | 王德安 | 投资咨询资格编号 | S1060511010006 | | --- | --- | --- | | BQV509 | WANGDEAN002@pingan.com.cn | | | 王跟海 | 投资咨询资格编号 | S1060523080001 | | BVG944 | WANGGENHAI964@pingan.com.cn | | 平安观点： 行 业 点 评 证 券 研 究 报 告 关税政策对日韩车企影响大，对美国本土品牌车企亦构成影响。据国际金 融报数据，2024 年美国新车销量约 1600 万台，其中进口汽车占美国新车 销量的 50%左右，进口汽车中来自墨西哥的约为 296 万台，其次为韩国 （约 ...

Investment Rating - The report maintains a "Strong Buy" rating for Changshu Bank (601128.SH), expecting the stock to outperform the market by over 20% in the next six months [12]. Core Views - Changshu Bank demonstrated resilience in its revenue and maintained excellent asset quality, with a 10.5% year-on-year increase in operating income and a 16.2% increase in net profit attributable to shareholders for the year 2024 [4][7]. - The bank's net interest margin for 2024 was reported at 2.71%, showing strong performance compared to peers, despite a slight decline [7]. - The bank's asset quality remains robust, with a non-performing loan (NPL) ratio of 0.77% and a provision coverage ratio of 501% as of the end of 2024 [8][10]. Summary by Sections Financial Performance - For the year 2024, Changshu Bank achieved operating income of 10.9 billion yuan, a 10.5% increase year-on-year, and a net profit of 3.81 billion yuan, reflecting a 16.2% growth [4][6]. - The annualized return on equity (ROE) was reported at 14.15% [4]. Asset Quality - The bank's NPL ratio remained stable at 0.77%, with a year-on-year NPL generation rate of 1.37% [8][10]. - The provision coverage ratio decreased to 501%, but the absolute level remains high, indicating strong risk mitigation capabilities [8][10]. Revenue and Profitability - The net interest income for 2024 grew by 7.5%, with significant contributions from small and micro enterprises [7]. - Non-interest income saw a substantial increase of 29.1%, driven by growth in bond investment-related income [7]. Future Projections - The report projects EPS for 2025-2027 to be 1.46, 1.68, and 1.91 yuan respectively, with corresponding profit growth rates of 15.3%, 15.0%, and 13.7% [7][10]. - The bank's total assets are expected to grow at a rate of 9.6% in 2024, with total loans projected to increase by 8.3% [10].

Investment Rating - The investment rating for the company is "Recommended" [1][8]. Core Insights - The company reported a revenue of 6.64 billion yuan for 2024, a year-on-year decline of 14.9%, with a net profit of 90 million yuan, down 72.2% year-on-year [4][7]. - The company plans to distribute a cash dividend of 2 yuan per 10 shares (including tax) [4]. - Despite the revenue decline, the company maintains a good operating cash flow, with a net cash flow from operating activities of 390 million yuan for 2024, which is significantly higher than the net profit [7][11]. Financial Performance Summary - Revenue and Profitability: - Revenue for 2024 is projected at 6.64 billion yuan, with a year-on-year decline of 14.9% [6][10]. - Net profit for 2024 is expected to be 90 million yuan, reflecting a significant drop of 72.2% year-on-year [6][10]. - The gross margin is expected to remain stable at around 31.7% for 2024 [6][10]. - Future Projections: - The company forecasts net profits of 298 million yuan in 2025, 383 million yuan in 2026, and 428 million yuan in 2027 [8][10]. - The projected P/E ratios for the upcoming years are 26.7 for 2025, 20.8 for 2026, and 18.6 for 2027 [8][10]. - Cash Flow and Balance Sheet: - The company’s cash flow from operating activities is expected to be 349 million yuan in 2024, with a decrease in accounts receivable continuing [11]. - Total assets are projected to reach 9.88 billion yuan in 2024, with a debt ratio of 39.7% [9][10]. Market and Product Insights - The company has experienced a decline in revenue across various product categories, with the most significant drops in window and door hardware and home products [7]. - The overseas business has shown good growth, with revenue from international markets increasing by 14.72% [7]. Conclusion - The company is positioned to recover in the coming years, with strong channel and product advantages, and potential for profit margin recovery as cost management improves [8].

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - The report highlights that Xinhua Insurance is expected to lead the industry in 2024 with a projected net profit of 26.2 billion yuan, representing a year-on-year increase of 201.1% [2] - The company has initiated mid-term dividends for the first time, proposing a cash dividend of 0.54 yuan (tax included) per share and a year-end cash dividend of 1.99 yuan (tax included), totaling 7.893 billion yuan for the year [2] - The life insurance segment focuses on premium income from regular payment business, with significant improvements in business structure, resulting in a doubling of NBVM and NBV [2] - The report suggests that the low interest rate environment will lead to increased competition for floating income products, making major insurance companies more competitive [2] Summary by Sections Financial Performance - In 2024, Xinhua's first-year premium for long-term insurance is projected to be 38.8 billion yuan, down 5.1% year-on-year, with significant growth in regular payment and long-term policies [2] - The company adjusted its economic assumptions, lowering the risk discount rate from 9.0% to 8.5% and the investment return rate for non-participating insurance from 4.5% to 4.0% [2] - The estimated EV for life insurance in 2024 is approximately 258.4 billion yuan, with NBVM at 14.6% (YoY +7.9 percentage points) and NBV at about 6.25 billion yuan (YoY +106.8%) [2] Distribution Channels - Individual insurance channels focus on value growth, with significant increases in new policies, NBVM, and NBV [2] - The number of individual insurance agents is 136,000, down 12.3% year-on-year, but productivity metrics show improvements [2] - The bancassurance channel emphasizes regular payments, with a notable increase in NBV [2] Investment Strategy - The report recommends increasing the allocation of equity assets to capture market opportunities, with total investment income expected to rise significantly [2] - In 2024, net and total investment income are projected to increase by 7.7% and 251.6% year-on-year, respectively [2] - The investment yield rates are projected at 3.2%, 5.8%, and 8.5%, with varying year-on-year changes [2]

公 司 报 告 医药 2025年03月28日 微电生理(688351.SH) 电生理产品布局完善，核心单品放量驱动收入快速增长 推荐 ( 维持) 股价:19.7元 行情走势图 公司业绩增长符合预期，净利润逐步释放。公司毛利率保持稳定，相比 23年略有降低，主要是集采影响带来的，单Q4来看毛利率保持稳中有升 的态势；期间费用率管控良好，随着收入增长费用率均有一定下降，其 中销售费用率26.83%（-6.37%），管理费用率10.32%（-2.09%），研 发费用率18.73%（-9.01%），其中公司累计研发投入（含资本化支出） 证 券 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 事项： 2024年，公司实现营业收入4.13亿元，同比增长25.51%；实现归母净利润 0.52亿元，同比增长815.36%。 平安观点： 公司全年营业收入保持快速增长，单Q4收入增速超过30%，主要得益于 电生理手术量提升和核心产品增长放量。 国内市场方面，公司三维手术量持续增长，专注于核心产品不断放量。 截至2024年末公司三维手术覆盖医院超过110 ...

公 司 报 告 2025年03月28日 建材 坚朗五金(002791.SZ) 经营性现金流良好，海外业务拓展较快 推荐 ( 维持) 股价:22.48元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.kinlong.com | | 大股东/持股 | 白宝鲲/35.51% | | 实际控制人 | 白宝鲲 | | 总股本(百万股) | 354 | | 流通A股(百万股) | 191 | | 流通B/H股(百万股) | | | 总市值(亿元) | 80 | | 流通A股市值(亿元) | 43 | | 每股净资产(元) | 16.12 | | 资产负债率(%) | 39.7 | 行情走势图 事项： 公司公布2024年年报，全年实现营收66.4亿元，同比下滑14.9%，归母净利润 0.9亿元，同比下滑72.2%，位于此前业绩预告区间（0.9-1.2亿元）。公司拟 每10股派发现金红利2元（含税）。 平安观点： 证 券 相关研究报告 【平安证券】坚朗五金（002791.SZ）*半年报点评* 收入端呈现韧性，毛利率保持平稳*推荐20240831 【平安证券】坚朗五金（002791.S ...

公 司 报 告 医药 2025年03月28日 微电生理(688351.SH) 电生理产品布局完善，核心单品放量驱动收入快速增长 推荐 ( 维持) 股价:19.7元 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 事项： 2024年，公司实现营业收入4.13亿元，同比增长25.51%；实现归母净利润 0.52亿元，同比增长815.36%。 021-38640502 平安观点： 公司全年营业收入保持快速增长，单Q4收入增速超过30%，主要得益于 电生理手术量提升和核心产品增长放量。 国内市场方面，公司三维手术量持续增长，专注于核心产品不断放量。 截至2024年末公司三维手术覆盖医院超过1100余家，三维手术量累计超 过70000例，结合2023年报披露情况，2024年三维手术量约两万例；其 中核心产品方面，压力监测磁定位射频消融导管手术量超过4000例，覆 盖医院400余家、医院覆盖量同比增长70%以上；消融产品线如期实现从 普通冷盐水灌注射频消融导管到微孔冷盐水消融导管、磁定位微电极射 频消融导管、压力监测导管的产品升级， ...

电力设备及新能源 2025 年 03 月 27 日 | 行业 | 电力设备及新能源 | | --- | --- | | 公司网址 | www.orientcable.com | | 大股东/持股 | 宁波东方集团有限公司/31.63% | | 实际控制人 | 夏崇耀,袁黎雨 | | 总股本(百万股) | 688 | | 流通 A 股(百万股) | 688 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 341 | | 流通 A 股市值(亿元) | 341 | | 每股净资产(元) | 9.98 | | 资产负债率(%) | 43.6 | 行情走势图 证券分析师 东方电缆(603606.SH) 高端海缆竞争力突出，海缆出海潜力较大 推荐（维持） 股价：49.55 元 主要数据 皮秀 投资咨询资格编号 S1060517070004 PIXIU809@pingan.com.cn 事项： 公司发布 2024 年报，实现营收 90.93 亿元，同比增长 24.38%，归母净利润 10.08 亿元，同比增长 0.81%，扣非后净利润 9.09 亿元，同比减少 6.07%。EPS 1.47 元，拟每 1 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][3] Core Viewpoints - Sunshine Insurance Group reported a total premium income of 128.38 billion yuan for 2024, representing a year-on-year increase of 8.0%, with net profit attributable to shareholders reaching 5.45 billion yuan, up 45.8% year-on-year [2] - The life insurance segment saw a decrease in new business scale but an improvement in structure, with a new business value (NBV) of approximately 5.15 billion yuan, reflecting a year-on-year increase of 43.3% [2] - The property insurance segment experienced rapid premium growth, with original premium income of 47.82 billion yuan, up 8.1% year-on-year, although the combined ratio (COR) was under pressure due to claims [2] - Investment strategies focused on defensive equity investments, with total investment income increasing by 35.8% year-on-year [2] Summary by Sections Life Insurance - Total premium income for 2024 is projected at 80.45 billion yuan, a 7.8% increase year-on-year, while total new business is expected to be 30.61 billion yuan, down 7.9% year-on-year [2] - The company adjusted its economic assumptions, lowering the risk discount rate from 9.5% to 8.5% and the investment return rate from 4.5% to 4.0% [2] - Individual insurance showed a stable increase in new business, with a monthly average workforce of 52,000 agents, a 2.8% decrease year-on-year, but an increase in productivity [2] Property Insurance - Original premium income for property insurance is expected to be 47.82 billion yuan, with a combined ratio of 99.7%, reflecting a 1.0 percentage point increase year-on-year [2] - The claims ratio for auto insurance was 68.4%, up 3.4 percentage points year-on-year, while non-auto insurance premiums grew by 16.7% [2] Investment - The proportion of equity investments in total investment assets is 13.3%, an increase of 1.3 percentage points year-on-year [2] - Net investment yield is reported at 4.2%, with total investment yield at 4.3% and comprehensive investment yield at 6.5%, showing year-on-year increases [2] Investment Recommendations - In a low-interest-rate environment, the attractiveness of competitors is declining, and major insurance companies are expected to focus on floating income products [2] - The industry valuation remains at a low point, with potential for recovery, maintaining the "Outperform the Market" rating [2]