Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Views - The company's main products are gradually seeing a recovery in demand, leading to a steady increase in profitability [2]. - In 2024, the company achieved a revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year [2][5]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 1.103 billion yuan, which accounts for 68.9% of the net profit attributable to shareholders, resulting in a current dividend yield of approximately 4.5% [2][5]. Financial Performance Summary - The company reported a total revenue of 28.396 billion yuan for 2024, with a projected revenue of 31.7 billion yuan for 2025, reflecting a growth rate of 11.6% [5]. - The net profit attributable to shareholders is expected to grow from 1.602 billion yuan in 2024 to 2.334 billion yuan in 2025, representing a growth rate of 45.8% [5]. - The earnings per share (EPS) is projected to increase from 1.45 yuan in 2024 to 2.12 yuan in 2025, with a price-to-earnings (P/E) ratio of 15 times for 2025 [5][10]. Business Segment Performance - In 2024, the company generated revenue from various segments: pesticides (5.204 billion yuan), fertilizers (4.049 billion yuan), specialty chemicals (5.278 billion yuan), and organic silicon (2.647 billion yuan), with year-on-year growth rates of 21.5%, 12.3%, 5.0%, and 23.5% respectively [9]. - The company’s gross margin for 2024 was 19.52%, an increase of 3.35 percentage points year-on-year, indicating improved profitability driven by recovering product demand and operational efficiency [9]. Future Outlook - The company is focusing on optimizing capital expenditures and dividend policies, with expectations for more aggressive shareholder returns through buybacks and employee stock ownership plans [9]. - The report adjusts the net profit forecasts for 2025 and 2026 to 2.334 billion yuan and 2.595 billion yuan respectively, with a new target price of 31.80 yuan based on a 15 times P/E ratio for 2025 [9][10].

按照核心权益（股票+基金）仓位排序：新华 18.8%，阳光 13.3%，财险 12.7%， 国寿 12.2%，太保 11.2%，平安 9.9%，人保 9.0%。（其中平安、太保、阳光为 权益型基金口径） 按照债券仓位排序：平安 61.7%，太保 60.1%，国寿 59.0%，阳光 57.7%，新 华 52.1%，人保 48.9%，财险 38.4%。 证 券 研 究 报 告 2024 年险资配置跟踪 推荐（维持） 利率波动、适时增配长债，关注权益风格轮动 按照非标仓位排序：太保 13.6%，阳光 12.8%，人保 11.3%，财险 10.4%，国 寿 8.6%，平安 6.4%，新华 5.8%。 ❑ 上市险企均提升股票资产中 FVOCI 配置比例。新金融工具准则下，更多权益 类资产以 FVTPL 计量，放大了权益市场波动对险企报表的影响。预计出于熨 平报表考虑，2024 年上市险企股票资产配置中，FVOCI 类资产占比均有所提 行业研究 保险Ⅲ 2025 年 04 月 01 日 华创证券研究所 证券分析师：徐康 电话：021-20572556 邮箱：xukang@hcyjs.com 执业编号：S036051806 ...

证 券 研 究 报 告 中国软件（600536）深度研究报告 推荐（首次） 打造操作系统、数据库央企龙头 当前价：42.82 元 ❖ 风险提示：宏观经济波动；政策落地进展不及预期；行业竞争加剧。 [ReportFinancialIndex] 主要财务指标 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 6,723 | 5,758 | 6,545 | 7,459 | | 同比增速(%) | -30.3% | -14.4% | 13.7% | 14.0% | | 归母净利润(百万) | -233 | -393 | 117 | 228 | | 同比增速(%) | -613.4% | -69.0% | 129.9% | 93.8% | | 每股盈利(元) | -0.27 | -0.46 | 0.14 | 0.27 | | 市盈率(倍) | -160 | -95 | 317 | 164 | | 市净率(倍) | 16.4 | 19.9 | 18.7 | 16.8 | 资料来源：公司公告，华创证券预测 注： ...

Investment Rating - The report maintains a "Recommended" rating for China Telecom (601728) with a target price of 8.60 CNY, compared to the current price of 7.85 CNY [4]. Core Insights - The company continues to experience growth in operating performance, with a projected dividend payout ratio of 72% for 2024. The cash dividend for 2024 is expected to be 0.2598 CNY per share, reflecting an 11.4% year-on-year increase [2][8]. Financial Performance Summary - **Revenue and Profit Growth**: In 2024, the total revenue is projected to be 523.57 billion CNY, representing a year-on-year growth of 3.1%. The net profit attributable to shareholders is expected to reach 33.01 billion CNY, with an 8.4% increase compared to the previous year [3][8]. - **Earnings Per Share (EPS)**: The EPS for 2024 is estimated at 0.36 CNY, with projections of 0.38 CNY for 2025, 0.41 CNY for 2026, and 0.44 CNY for 2027 [3][8]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is projected to decrease from 22 in 2024 to 18 by 2027, while the price-to-book (P/B) ratio remains stable at around 1.5 [3][8]. Business Segment Performance - **Telecom Services**: The mobile communication service revenue is expected to reach 202.5 billion CNY in 2024, growing by 3.5%. The number of mobile users is projected to be 425 million, with an average revenue per user (ARPU) of 45.6 CNY [8]. - **Digital Transformation**: The revenue from industrial digitalization is anticipated to grow by 5.5% to 146.6 billion CNY, accounting for 30.4% of service revenue [8]. Capital Expenditure and Investment Strategy - The total capital expenditure for 2024 is projected at 93.5 billion CNY, representing approximately 17.9% of revenue. The company plans to optimize its capital expenditure direction, with a focus on digitalization investments [8]. Future Projections - The net profit attributable to shareholders is forecasted to be 35.07 billion CNY in 2025, 37.77 billion CNY in 2026, and 40.16 billion CNY in 2027, indicating a steady growth trajectory [8].

证 券 研 究 报 告 24 年业绩增长 9%，公路主业韧性强 ❖ 风险提示：改扩建进度和效果不及预期；车流量增长幅度不及预期。 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 公司研究 公路 2025 年 04 月 01 日 赣粤高速（600269）2024 年报点评 强推（维持） 目标价：6.4 元 当前价：5.14 元 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,985 | 6,356 | 6,728 | 7,036 | | 同比增速(%) | -20.1% | 6.2% | 5.9% | 4.6% | | 归母净利润(百万) | 1,279 | 1,354 | 1,435 | 1,529 | | 同比增速(%) | 8.7% | 5.8% | 6 ...

公司研究 证 券 研 究 报 告 青岛港（601298）2024 年报点评 强推（维持） 2024 年 业 绩 同 比 +6.33% ，吞吐量同比 +6.9%，维持稳健增长 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 18,941 | 19,675 | 20,510 | 21,448 | | 同比增速(%) | 4.2% | 3.9% | 4.2% | 4.6% | | 归母净利润(百万) | 5,235 | 5,494 | 5,836 | 6,200 | | 同比增速(%) | 6.3% | 5.0% | 6.2% | 6.2% | | 每股盈利(元) | 0.81 | 0.85 | 0.90 | 0.96 | | 市盈率(倍) | 12 | 12 | 11 | 10 | | 市净率(倍) | 1.5 | 1.4 | 1.3 | 1.2 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 3 月 31 日收盘价 港口 ...

事项： ❑ 2025 年 3 月 31 日，国家数据局局长刘烈宏在第八届数字中国建设峰会发布会 上宣布，将持续推进算力基础设施建设，强化"东数西算"工程实施，要充分 利用好西部的绿电资源优势，目标至 2025 年底实现 60%以上新增算力集聚于 国家枢纽节点，新建大型数据中心绿电使用占比超 80%。 评论： 证 券 研 究 报 告 计算机行业重大事项点评 推荐（维持） 新增算力集聚，算力基建维持高景气 行业研究 计算机 2025 年 4 月 1 日 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周楚薇 邮箱：zhouchuwei@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 336 | 0.04 | | 总市值(亿元) | 49,946.14 | 4.89 | | 流通市值(亿元) | 42,452.46 | 5.21 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | ...

Investment Rating - The report maintains a "Buy" rating for NetEase-S (09999.HK) [1] Core Views - The strong recovery in PC gaming has led to a positive turnaround in gaming revenue, with the game "Marvel Duel" exceeding expectations [2][22] - The company is expected to continue its growth in gaming revenue in Q1, driven by new product launches [3][23] - The valuation model suggests a target price range of HKD 175-207 for 2025, based on a sum-of-the-parts (SOTP) valuation approach [4] Financial Performance Summary - For the full year, gaming and related services generated revenue of CNY 836 billion, a year-over-year increase of 2.5%, with PC game revenue at CNY 219.46 billion (up 16.56%) and mobile game revenue at CNY 584.96 billion (up 2.7%) [2][22] - In Q4, gaming and related services revenue reached CNY 212 billion (up 1.54% year-over-year), with online gaming revenue at CNY 205.41 billion (up 5.12%) [2][22] - The gross margin for the gaming business in Q4 was 66.70%, reflecting a slight decrease [2][22] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is CNY 311.99 billion, CNY 339.94 billion, and CNY 361.22 billion, respectively [4] - The current stock price corresponds to a PE ratio of 15.0 for 2025, 13.8 for 2026, and 13.0 for 2027 [4] - The report highlights the importance of new product launches for future revenue growth, with several titles in the pipeline [3][23] Key Financial Metrics - Main revenue for 2024 is projected at CNY 105,295 million, with a year-over-year growth rate of 1.8% [5] - Net profit for 2024 is estimated at CNY 29,698 million, with a growth rate of 1.0% [5] - The report indicates a stable financial position with a debt-to-asset ratio of 27.30% [6]

证 券 研 究 报 告 保险行业月报（2025 年 1-2 月） 分红险转型首份成绩单，寿险降幅环比收窄 我们的推荐顺序是：平安、太保、国寿、新华，建议关注：中国财险 H。 ❑ 风险提示：监管变动，自然灾害加剧，长期利率持续下行，权益市场震荡 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 中国太保 | 32.16 | 4.87 | 4.99 | 5.10 | 6.60 | 6.45 | 6.31 | 0.91 | 推荐 | | 新华保险 | 51.50 | 6.39 | 6.93 | 7.60 | 8.05 | 7.43 | 6.77 | 1.80 | 推荐 | | 中国人寿 | 37.60 | 3.09 | 3.19 | 3.25 | 12.16 | 11.80 | 11.57 | 1.99 | ...

[ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 159,135 | 143,805 | 129,890 | 126,015 | | 同比增速(%) | 20.6% | -9.6% | -9.7% | -3.0% | | 归母净利润(百万) | 1,596 | 2,539 | 3,552 | 3,957 | | 同比增速(%) | -48.4% | 69.1% | 39.9% | 11.4% | | 每股盈利(元) | 0.63 | 1.00 | 1.40 | 1.56 | | 市盈率(倍) | 15.7 | 9.9 | 7.1 | 6.3 | | 市净率(倍) | 0.7 | 0.6 | 0.6 | 0.5 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 3 月 31 日收盘价 证 券 研 究 报 告 绿城中国（03900.HK）2024 年报点评 推荐（维持） 产品和拿地精准度才是主要矛盾 目标价：14 港元 事项： ...