Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 10.13 CNY / 7.91 HKD [6][10]. Core Views - The bank's net interest margin has increased against the trend, and retail loan growth has shown marginal improvement. The bank reported a total operating income of 750.15 billion CNY for 2024, a year-on-year decrease of 2.5%, while net profit attributable to shareholders increased by 0.88% to 335.58 billion CNY [2][10]. - The asset quality remains stable, with a non-performing loan ratio decreasing by 1 basis point to 1.34%, and the provision coverage ratio declining by 3.4 percentage points to 233.6% [2][10]. Financial Performance Summary - **2024 Financial Indicators**: - Total operating income: 750,151 million CNY, down 2.54% year-on-year - Net profit attributable to shareholders: 335,577 million CNY, up 0.88% year-on-year - Earnings per share: 1.29 CNY - Price-to-earnings ratio: 6.82 [5][10]. - **Future Projections**: - Revenue growth forecast for 2025-2027 is adjusted to 0.3%, 4.2%, and 5.6% respectively, with net profit growth forecasted at 1.1%, 2.0%, and 3.8% [10][11]. Asset Quality and Loan Growth - The bank's asset quality is on an improving trend, with a non-performing loan ratio of 1.34% and a net generation rate of non-performing loans at 0.41% [10][11]. - Retail loan growth has improved marginally, with a year-on-year increase of 8.3% in Q4 2024, while corporate loan growth has slowed [10][11]. Interest Margin and Cost Management - The net interest margin increased by 4 basis points to 1.49% in Q4 2024, primarily due to a reduction in funding costs [10][11]. - The bank's cost of interest-bearing liabilities decreased by 14 basis points to 1.72% [10][11].

Investment Rating - The report maintains a "Recommend" rating for Zhonggu Logistics (603565) [1] Core Views - The company achieved a net profit attributable to shareholders of 1.84 billion, representing a year-on-year increase of 6.9%, with a dividend payout ratio reaching 90%, making the dividend attractive [1] - The report highlights the strong performance in the foreign trade charter market, with rental rates for 4400 and 2500 TEU container ships increasing by 221% and 156% year-on-year, respectively [2] - The domestic shipping market is also showing signs of improvement, with the PDCI index averaging 1287 points in Q4 2024, up 9% year-on-year [2] Financial Summary - For 2024, total revenue is projected at 11.258 billion, a decrease of 9.5% year-on-year, while net profit is expected to be 1.835 billion, reflecting a growth of 6.9% [4] - The company plans to distribute a cash dividend of 0.79 per share, corresponding to a dividend yield of 7.3% [8] - The financial forecast indicates a gradual recovery in revenue, with estimates of 11.312 billion in 2025 and 11.951 billion in 2026, alongside net profits of 1.846 billion and 1.937 billion, respectively [4][8] Future Outlook - The foreign trade charter market is expected to remain robust, with rental rates for container ships projected to continue increasing [8] - The domestic container transportation market is anticipated to grow by 5% to 7% in 2025, with a static capacity growth of 4% [8] - The report raises the profit forecast for 2025 and 2026, with net profit estimates of 18.5 billion and 19.4 billion, respectively, and introduces a new estimate for 2027 at 20 billion [8]

宏观研究 证 券 研 究 报 告 【宏观快评】 特朗普对等关税的八大估算 事 项 ❖ 一、本次对等关税美国加征了多少关税？ （一）本次美国加了多少关税？ 仅考虑互惠对等关税的加征，按照 2024 年各国或地区占美国进口比例做权重 计算加权平均，相当于美国整体关税率提高 18.2%。若考虑剔除 232 条款涉及 的汽车及零部件、钢铝及衍生品，其占 2024 年美国总进口约 23.9%，则互惠 对等关税带来美国整体税率提高约 13.9%，需要注意，该数字可能有所高估， 因为剔除的还应该包括铜、半导体、药品等关键商品，但由于联邦公报尚未正 式发布，无法确定这些商品剔除范围，此处略去不算。 具体到细分区域，关注本次互惠对等加征区域占美国进口比例前 30 的经济体 （合计占比为 68.3%）。其中，加征关税率最高的是柬埔寨 49%、越南 46%、 伊拉克 39%、孟加拉国 37%、泰国 36%，中国大陆位于第 6 位，加征 34%。 （二）"互惠对等"原则下还有潜在加征空间吗？ 首先，如何理解特朗普的"对等关税"？1）按 USTR 计算公式，其表示的是 加征关税→美国从国家 i 进口下降→美国对国家 i 贸易逆差降至 ...

证 券 研 究 报 告 湖南黄金（002155）深度研究报告 推荐（首次） 金锑龙头，双轮驱动未来增长可期 风险提示：金锑价格大幅波动风险；宏观经济周期波动风险；矿山事故导致停 产风险 [ReportFinancialIndex] 主要财务指标 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 23,303 | 27,899 | 35,827 | 36,413 | | 同比增速(%) | 10.8% | 19.7% | 28.4% | 1.6% | | 归母净利润(百万) | 489 | 846 | 2,107 | 2,368 | | 同比增速(%) | 11.8% | 73.0% | 148.9% | 12.4% | | 每股盈利(元) | 0.41 | 0.70 | 1.75 | 1.97 | | 市盈率(倍) | 55 | 32 | 13 | 11 | | 市净率(倍) | 4.3 | 3.9 | 3.1 | 2.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 2 ...

Investment Rating - The report maintains a "Recommendation" rating for Zhejiang Merchants Bank, with a target price of 3.73 CNY / 3.22 HKD [2][7]. Core Views - The bank achieved an operating income of 67.65 billion CNY in 2024, representing a year-on-year growth of 6.2%. The net profit attributable to shareholders was 15.19 billion CNY, up 0.9% year-on-year. The non-performing loan ratio decreased by 5 basis points to 1.38%, while the provision coverage ratio increased by 3.3 percentage points to 179% [2][7]. - The bank's financial performance is supported by strong non-interest income growth, with a significant increase in investment income from the bond market and a more than 240% year-on-year rise in other non-interest income in Q4 2024 [7]. - The bank is focusing on improving asset quality and has proactively increased provisions, leading to an 8% rise in asset impairment losses year-on-year [7]. Financial Summary - **Key Financial Indicators**: - Total operating income (million CNY): 67,650 in 2024, projected to grow to 70,041 in 2025E, 73,785 in 2026E, and 78,728 in 2027E, with year-on-year growth rates of 6.19%, 3.53%, 5.34%, and 6.70% respectively [2][8]. - Net profit attributable to shareholders (million CNY): 15,186 in 2024, expected to rise to 15,923 in 2025E, 17,173 in 2026E, and 18,360 in 2027E, with growth rates of 0.92%, 4.85%, 7.85%, and 6.91% respectively [2][8]. - Earnings per share (CNY): 0.55 in 2024, projected to increase to 0.58 in 2025E, 0.63 in 2026E, and 0.67 in 2027E [2][8]. - Price-to-earnings ratio: 5.35 in 2024, decreasing to 4.43 by 2027E [2][8]. - Price-to-book ratio: 0.47 in 2024, expected to decline to 0.38 by 2027E [2][8]. Asset Quality and Risk Management - The bank's non-performing loan ratio improved, with a decrease to 1.38% and a net generation rate of non-performing loans down to 1.37% in Q4 2024 [7][10]. - The provision coverage ratio is projected to increase to 207% in 2025E and 275% in 2027E, indicating a strong risk management framework [10][11]. - The bank's strategy includes focusing on less sensitive assets to economic cycles, which aims to mitigate risks associated with high industry concentration and economic fluctuations [7].

公司研究 证 券 研 究 报 告 重庆啤酒（600132）2024 年报点评 强推（维持） 轻装上阵，稳健向好 目标价：67 元 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 14,645 | 14,830 | 15,040 | 15,274 | | 同比增速(%) | -1.1% | 1.3% | 1.4% | 1.6% | | 归母净利润(百万) | 1,114 | 1,270 | 1,309 | 1,346 | | 同比增速(%) | -16.6% | 13.9% | 3.1% | 2.9% | | 每股盈利(元) | 2.30 | 2.62 | 2.70 | 2.78 | | 市盈率(倍) | 26 | 23 | 22 | 21 | | 市净率(倍) | 24.3 | 22.2 | 20.6 | 19.2 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 2 日收盘价 啤酒 2025 年 04 月 ...

证 券 研 究 报 告 A股历次IPO放开的影响 2025年4月3日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 0 1000 2000 3000 4000 5000 6000 7000 0 200 400 600 800 1000 1200 00/01 01/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 13/01 14/01 15/01 16/01 17/01 18/01 19/01 20/01 21/01 22/01 23/01 24/01 25/01 月度IPO募集规模(亿元) 上证指数收盘价(右轴) A股IPO规模与上证指数收盘价走势 0 1000 2000 3000 4000 5000 6000 7000 ...

证 券 研 究 报 告 海天味业（603288）2024 年报点评 推荐（维持） 24 逆势破局，25 趋势向上 目标价：50 元 事项： 评论： 公司研究 调味品 2025 年 04 月 03 日 当前价：40.84 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 联系人：严文炀 邮箱：yanwenyang@hcyjs.com 公司基本数据 | 总股本(万股) | 556,060.05 | | --- | --- | | 已上市流通股(万股) | 556,060.05 | | 总市值(亿元) | 2,270.95 | | 流通市值(亿元) | 2,270.95 | | 资产负债率(%) | 17.02 | | 每股净资产(元) | 5.28 | | 12 个月内最高/最低价 | 51.80/33.34 | 市场表现对比图(近 12 个月) -12% 4% 20% 36% 24/04 24/ ...

公司研究 证 券 研 究 报 告 贵州茅台（600519）2024 年报点评 强推（维持） 稳中求进，加速转型 事项： 公司发布 2024 年年报，24 年实现总营收 1741.4 亿元，同增 15.7%，归母净利 润 862.3 亿元，同增 15.4%，测算单 Q4 实现总营收 510.2 亿元，同增 12.8%， 归母净利润 254.0 亿元，同增 16.2%，Q4 销售回款 529.6 亿元，同增 1.0%。 24 年累计现金分红总额为 646.7 亿元，年内分红率为 75%。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 174,144 | 190,775 | 207,395 | 223,719 | | 同比增速(%) | 15.7% | 9.6% | 8.7% | 7.9% | | 归母净利润(百万) | 86,228 | 94,685 | 103,604 | 112,615 | | 同比增速(%) | 15.4% ...

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250402 ❖ 市场概况：今日转债多数行业上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.20%、上证综指环比上涨 0.05%、深证成 指环比上涨 0.09%、创业板指环比上涨 0.13%、上证 50 指数环比下降 0.15%、 中证 1000 指数环比上涨 0.28%。 市场风格：大盘价值相对占优。大盘成长环比下降 0.53%、大盘价值环比上涨 0.37%、中盘成长环比下降 0.06%、中盘价值环比下降 0.04%、小盘成长环比 上涨 0.13%、小盘价值环比上涨 0.32%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 578.98 亿元，环比 增长 1.43%；万得全 A 总成交额为 9927.03 亿元，环比减少 13.89%；沪深两 市主力净流出 96.92 亿元，十年国债收益率环比降低 2.17bp 至 1.79%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 119.62 元，环比昨日上升 0.24%。其中偏股型转债的收盘价为 155.45 元，环比 下降 3.09%；偏债型转债的收盘价为 11 ...