[Table_Page] 深度分析|通用设备 证券研究报告 | [Table_Title] 人形机器人系列十九 | | --- | | 灵巧手：百家争鸣，进化不息 | [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-04-02 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]代川 SAC 执证号：S0260517080007 SFC CE No. BOS186 021-38003678 daichuan@gf.com.cn 分析师： 孙柏阳 SAC 执证号：S0260520080002 021-38003680 sunboyang@gf.com.cn 分析师： 蒲明琪 SAC 执证号：S0260524080003 SFC CE No. BUP066 021-38003807 pumingqi@gf.com.cn 请注意，孙柏阳并非香港证券及期货事务监察委员会的注 -24% -12% -1% 11% 22% 34% 04/24 06/ ...

[Table_Page] 公司深度研究|医疗服务 证券研究报告 | [Table_Title] 金域医学（603882.SH） | | --- | 数据资产价值重估，AI 技术驱动创新应用 场景拓展 [Table_Summary] 核心观点： | 基本数据 [Table_BaseInfo] | | | --- | --- | | 总股本/流通股本（百万股） | 463.26/460.13 | | 总市值/流通市值（百万元） | 14856.69/14756.52 | | 一年内最高/最低（元） | 56.05/24.44 | | 30 日日均成交量/成交额（百万） | 13.42/479.51 | | 近 3 个月/6 个月涨跌幅（%） | 21.92/-17.83 | [Table_PicQuote] 相对市场表现 -60% -44% -28% -12% 4% 20% 04/24 05/24 07/24 09/24 11/24 01/25 03/25 金域医学 沪深300 | [分析师： Table_Author]罗佳荣 | | | --- | --- | | | SAC 执证号：S026051609000 ...

Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company [4] Core Views - The company has significantly improved its profitability, with a notable increase in ROE and a substantial rise in both the dividend payout ratio and total dividend amount [8][12] - The company achieved a revenue of 123.5 billion RMB in 2024, reflecting a year-on-year growth of 0.9%, while the net profit attributable to shareholders surged by 229.7% to 4.506 billion RMB [12][17] - The company is expected to continue its profitability improvement, with a focus on clean energy development, particularly in wind and solar power [8][61] Summary by Sections Annual Performance Review - The company reported a net profit of 4.506 billion RMB in 2024, a significant increase of 3.1 billion RMB compared to the previous year [12] - The revenue for 2024 was 123.5 billion RMB, with a slight growth of 0.9% year-on-year [12] - The company’s coal power segment turned profitable, generating 2.567 billion RMB, while the hydroelectric segment saw a profit increase of 2.009 billion RMB [17] New Capacity Additions - In 2024, the company added 6.7 GW of new capacity, bringing the total controllable capacity to 79 GW, with clean energy accounting for 40% of the total [48] - The company’s new installations included 2.4 GW of coal power, 2.6 GW of wind power, and 1.7 GW of solar power [48] Profitability Outlook - The company anticipates continued improvement in profitability, driven by a decrease in coal prices and an increase in clean energy investments [61] - The projected net profits for 2025 to 2027 are 5.356 billion RMB, 6.334 billion RMB, and 7.025 billion RMB, respectively [74] Investment Recommendations - The report suggests a target price of 3.76 RMB per share for A-shares and 2.10 HKD per share for H-shares, based on a 13x PE valuation for 2025 [74] - The company is positioned as a leading player in the domestic power sector, benefiting from a diversified energy mix [74]

[Table_Page] 跟踪分析|煤炭开采 证券研究报告 [Table_Title] 煤炭行业跟踪分析 2 季度煤炭板块有哪些历史规律？ [Table_Summary] 核心观点： 板块：历史数据显示 2-3 季度煤炭板块容易获得超额收益。2008 年以 来的 18 年时间内，煤炭板块年度之间表现有周期性规律，特别是在行 业景气上行的年份（07/09/16-17/21-22 年）相对大盘（本文主要采用 沪深 300 指数）的超额收益明显。 在年度之内，不同月份之间也有季节性规律。根据 Wind，从 08 年以 来的历年数据来看，3-9 月煤炭板块相对大盘容易获得超额收益，其中 3 月和 7 月煤炭板块跑赢大盘的次数最多，均达到了 11 次，跑赢大盘 的概率在 60%以上。而 4-6 月以及 8-9 月，煤炭板块跑赢大盘的概率 也在 50%以上。此外，2 月以及 4 季度，煤炭板块跑赢大盘的概率往 往较低，一般回落到 30%左右。 每年上半年淡季期间，煤炭需求回落基本面承压，但股价表现并不差， 春季开工旺季、迎峰度夏需求旺季预期以及板块低估值高股息优势，都 是支撑煤价和股价走强的重要因素。刚刚过去的 25 年 ...

Manufacturing Sector - The manufacturing PMI in March increased by 0.3 points to 50.5, marking two consecutive months of improvement[3] - The number of industries in the expansion zone rose from 7 to 8, with the non-ferrous industry entering the contraction zone[3] - The computer communication and electronics sectors saw a significant recovery, with PMI values rising above 50[3] Industry Performance - In March, the computer communication electronics sector's PMI surged by 12.8 points, reaching a new high since June 2017[5] - The chemical, textile, and apparel sectors showed leading performance, while raw materials and agricultural products remained weak due to commodity price adjustments[3][5] - The pharmaceutical sector's new orders and export orders showed strong growth, with increases of 6.4% and 14.4% respectively[4] Emerging Industries - The "AI+" trend significantly boosted the performance of new generation information technology, with a PMI increase of 27.1 points[6] - High-end equipment manufacturing and new materials also saw substantial increases of 16.4 points and 9.0 points respectively[6] - The new energy vehicle sector's PMI rose by 8.1 points, reflecting the impact of supportive policies[6] Construction and Real Estate - The construction PMI rose by 0.7 points to 53.4, with residential construction showing a notable increase of 11.8 points[10] - Real estate activity indicators, including new orders and expectations, also improved, indicating a recovery in the sector[10] - The construction sector's performance remains below the levels seen at the end of 2024, particularly in residential and civil engineering[8] Service Sector - The service sector PMI increased by 0.3 points to 50.3, driven by improvements in productive services[10] - Water transportation and telecommunications sectors reported PMIs above 60, while the restaurant and ecological sectors experienced declines[11] - Financial services remained strong, supported by increased credit to private and small enterprises[10]

[Table_Page] 行业专题研究|建筑装饰 2025 年 4 月 1 日 证券研究报告 [Table_Title] 建筑装饰行业 | | | | 天府之国、战略腹地，需求多点开花、工程大有可为 | | | | --- | --- | --- | --- | --- | --- | | [Tabl 分析师： | 耿鹏智 | 分析师： 乔钢 | | 分析师： | 尉凯旋 | | e_Author] | SAC 执证号：S0260524010001 | | SAC 执证号：S0260524100001 | | SAC 执证号：S0260520070006 | | | | | SFC CE.no: BVX103 | | | | | 021-38003620 | | 021-38003769 | | 021-38003576 | | | gengpengzhi@gf.com.cn | | qiaogang@gf.com.cn | | yukaixuan@gf.com.cn | | | 请注意，耿鹏智,尉凯旋并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_ ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance is under pressure due to industry downturns, but there is anticipation for demand recovery [1][20]. - The company is focusing on core product lines while actively developing new products to maintain its leading position in financial technology [22][24]. Financial Performance Summary - In 2024, the company achieved revenue of 6.581 billion yuan, a year-on-year decrease of 9.62%, and a net profit attributable to shareholders of 1.043 billion yuan, down 26.75% year-on-year [12][19]. - The decline in revenue is attributed to reduced technology investments from financial institutions due to market fluctuations and business transformations [19][20]. - The company has reduced its workforce by 17.2% to 10,927 employees by the end of 2024, which is expected to improve productivity in the coming years [21][12]. Earnings Forecast and Investment Recommendations - The earnings per share (EPS) for 2025 is projected to be 0.73 yuan, with a reasonable value estimated at 29.16 yuan per share based on a 40x price-to-earnings (P/E) ratio [26][33]. - Revenue is expected to grow to 6.873 billion yuan in 2025, with a compound annual growth rate (CAGR) of 4.4% from 2024 to 2027 [28][32]. Business Segment Analysis - The company is focusing on its core product lines, including wealth technology services, asset management technology services, and risk management platforms, with expected revenue growth in these areas from 2025 to 2027 [27][28]. - The wealth technology service revenue is projected to recover gradually, with expected growth rates of 2%, 5%, and 7% for 2025, 2026, and 2027, respectively [26][28].

Investment Rating - The report assigns a "Buy" rating to the company [2]. Core Views - The company leverages its rich natural resources and Buddhist heritage to enhance its tourism offerings, aiming to increase visitor stay duration and attract more tourists [9]. - Continuous improvements in transportation infrastructure and the expansion of the cable car system are expected to drive revenue growth [9]. - The company is transitioning into a comprehensive smart tourism enterprise by integrating various business lines, enhancing sales conversion rates [9]. - Revenue forecasts for 2024-2026 are projected at 10.49 billion, 11.13 billion, and 12.17 billion yuan, with corresponding growth rates of 0.4%, 6.2%, and 9.4% [9]. Company Overview - The company is situated in Emei Mountain, a UNESCO World Heritage site, known for its natural beauty and Buddhist culture, attracting millions of visitors annually [15]. - It operates multiple business segments, including ticket sales, cable car services, hotel operations, tea production, and performance arts [18][20]. Industry Analysis - The tourism market is recovering steadily, with a projected increase in domestic travel to 5.615 billion trips in 2024, a year-on-year growth of 14.8% [44]. - Government policies are actively promoting tourism consumption, which is expected to further stimulate demand in the sector [52].

Investment Rating - The report maintains a "Buy-A/Buy-H" rating for the company [3] Core Views - The company demonstrates significant advantages as a domestic and international leader, with a recovery in performance and an increase in leverage [1] Financial Performance Summary - The company reported a revenue of CNY 63.79 billion for 2024, reflecting a year-on-year growth of 6.20%, and a net profit attributable to shareholders of CNY 21.70 billion, up 10.06% year-on-year [11] - The total asset scale reached CNY 1.71 trillion, an increase of 17.71% compared to the previous year [11] - The weighted average ROE for 2024 was 8.09%, with an adjusted leverage ratio of 4.51 times, up by 0.24 [1][13] Business Segment Analysis Investment Business - The self-operated investment income for 2024 was CNY 19.46 billion, a year-on-year increase of 12% [23] - The company has enhanced its product structure and strategy to attract long-term capital into the market [23] Wealth Management - The brokerage business generated a net income of CNY 10.70 billion, a 5% increase year-on-year, with a 12% growth in customer numbers [28][32] - The overseas wealth management product sales and income doubled in 2024 [32] Asset Management - The asset management business achieved an income of CNY 2.32 billion, up 5% year-on-year, while the fund business generated CNY 8.18 billion, a 7% increase [36] - The total asset management scale reached CNY 1.54 trillion, an 11% increase year-on-year [36] Investment Banking - The investment banking segment reported a revenue of CNY 4.16 billion, down 34% year-on-year, but maintained a market share of 22% in domestic equity underwriting [50] - The company completed 55 A-share underwriting projects with a total scale of CNY 70.36 billion, ranking first in the market [52] Capital Intermediation - The capital intermediation income was CNY 8.16 billion, a decrease of 7% year-on-year, with financing and securities lending interest income down 14% [56] Earnings Forecast and Investment Recommendation - The company is expected to benefit from cyclical recovery and increased market stability, with projected EPS of CNY 1.98 and CNY 2.20 for 2025 and 2026 respectively [60] - The report assigns a reasonable value of CNY 32.93 per share for A-shares and HKD 26.36 for H-shares, maintaining a "Buy" rating for both [60]

Investment Rating - The report assigns a "Buy" rating to the company [3]. Core Views - The company is a global leader in resin lenses, with strong technological research and development capabilities leading the industry [1]. - The lens market is expanding, with China's growth rate surpassing the global average [33]. - The company has established a solid position in the optical lens industry, with a focus on lens production and a wide international sales network [14][15]. Financial Forecast - Revenue is projected to grow from 1,561 million RMB in 2022 to 2,817 million RMB in 2026, with a CAGR of 16% [2]. - Net profit is expected to increase from 249 million RMB in 2022 to 638 million RMB in 2026, with a CAGR of 20% [2]. - The EPS is forecasted to rise from 0.58 RMB in 2022 to 1.33 RMB in 2026 [2]. Market Position - The company has achieved a global market share ranking of 5th by sales revenue in 2023, with a sales volume ranking of 2nd [50]. - The company has a diverse customer base and is expanding its domestic market presence [8][14]. - The lens market in China is projected to reach 413 billion RMB by 2024, indicating significant growth potential [37]. Business Model and Strategy - The company employs a C2M (Customer to Manufacturer) model, enhancing product structure optimization and increasing customization business [8]. - Strategic partnerships, such as with GoerTek, aim to enter the smart glasses supply chain, transitioning from traditional lenses to precision electronic components [8]. Operational Efficiency - The company has demonstrated strong operational efficiency, with a gross margin increase from 30.61% in 2018 to 39.16% in 2024 H1 [31]. - The management team is stable and experienced, contributing to the company's robust performance [19].