[Table_Page] 深度分析|房地产 证券研究报告 [Table_Title] 回首与展望，地产年度总结：土地市场 一边是海水，一边是火焰，资源质量显著上升 [Table_Summary] 核心观点： 第一，开始于 21 年两集中时期的限地价、限房价规则陆续取消，定价 权交还市场，核心城市核心地块原本被规则限制的价值空间得以释放。 第二，稀缺地块的供应本身也加大了房企的土拍热情，一线地王区位 核心且利润率相对丰厚，参考 24 年末周边楼盘售价，地王平均总成本 毛利率为 32.5%。 第三，顺应中央对好房子的号召，各地规划限制放宽，阳台、架空走 廊等不计容面积增多，新规下的产品力显著提升，加强地块吸引力。 [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-01-06 [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 01/24 03/24 05/24 08/24 10/24 12/24 房地产 沪深300 | [分析师： Table_Author]郭镇 | | | --- | --- | | | SAC 执证号：S0260514 ...

Investment Rating - The report assigns a "Buy" rating to Wens Foodstuff Group Co Ltd (300498 SZ) with a target price of 21 86 RMB [3] Core Views - Wens Foodstuff Group's 2024 performance met expectations with a significant turnaround in profitability The company achieved a net profit attributable to shareholders of 9-9 5 billion RMB in 2024, representing a year-on-year growth of 241%-249% [7] - The company is expected to meet its 2024 slaughter target with steady growth in sow capacity The estimated annual profit per head of hog is around 280-300 RMB [7] - The company's broiler business also showed growth with a year-on-year increase in sales volume and a cost advantage The estimated annual profit per broiler is around 1 6-1 9 RMB [7] Financial Performance - Revenue is projected to grow from 83 725 billion RMB in 2022 to 118 169 billion RMB in 2026, with a CAGR of 9 0% [2] - EBITDA is expected to increase significantly from 330 million RMB in 2023 to 21 058 billion RMB in 2026 [2] - Net profit attributable to shareholders is forecasted to grow from -6 390 billion RMB in 2023 to 15 836 billion RMB in 2026 [2] - EPS is projected to rise from -0 97 RMB in 2023 to 2 38 RMB in 2026 [2] Operational Highlights - The company's hog sales reached 27 14 million heads in the first 11 months of 2024, a 16 5% increase year-on-year The full-year hog sales are expected to reach 30 million heads [7] - Broiler sales reached 1 1 billion heads in the first 11 months of 2024, a 1 9% increase year-on-year The full-year broiler sales are expected to reach 1 21 billion heads [7] - The company's comprehensive hog breeding cost decreased to 13 4 RMB/kg in October 2024, and the broiler production cost dropped to 11 4 RMB/kg [7] Valuation and Ratios - The P/E ratio is expected to decrease from 23 92x in 2022 to 6 75x in 2026 [2] - ROE is projected to improve from -19 3% in 2023 to 26 1% in 2026 [2] - The EV/EBITDA ratio is expected to decline from 490 25x in 2023 to 4 79x in 2026 [2] Historical Performance - The company's stock price underperformed the CSI 300 index by 23% from January 2024 to January 2025 [5]

Investment Rating - The report maintains a "Buy" rating for Xueda Education (000526.SZ) with a current price of 43.55 CNY and a target value of 59.99 CNY [4]. Core Views - The company's share buyback plan demonstrates confidence in its future development, aiming to repurchase shares worth 110 to 150 million CNY at a maximum price of 66.8 CNY per share, with the intention to cancel some of the repurchased shares [8]. - The repayment progress of the company's debts has exceeded expectations, with the remaining loan principal from Ziguang Zhuoyuan reduced from 614 million CNY at the beginning of 2024 to approximately 99 million CNY [8]. - The company is strategically positioned in personalized education and vocational training, maintaining high profitability levels, with revenue contributions from personalized, full-time, and vocational education at 81.4%, 14.0%, and 1.3% respectively in the first half of 2024 [8]. - The forecast for net profit attributable to shareholders for 2024-2026 is 200 million CNY, 284 million CNY, and 374 million CNY respectively, with a reference PE ratio of 26x for 2025, leading to a target value of 59.99 CNY per share [8]. Financial Summary - Revenue is projected to grow from 2,213 million CNY in 2023 to 4,189 million CNY in 2026, with growth rates of 23.1%, 23.9%, 25.9%, and 21.3% for the respective years [3][10]. - The EBITDA is expected to increase from 526 million CNY in 2023 to 728 million CNY in 2026, indicating a positive trend in operational efficiency [3]. - The net profit attributable to shareholders is forecasted to rise significantly from 154 million CNY in 2023 to 374 million CNY in 2026, reflecting a growth rate of 1,035.2% in 2023 [3][10]. - The earnings per share (EPS) is projected to grow from 1.31 CNY in 2023 to 3.03 CNY in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 38.28 to 14.35 [3][10].

[Table_Page] 投资策略报告|电力设备 证券研究报告 [Table_Title] 光储行业 2025 年投资策略 释放消纳潜力，夯实光储拐点 [Table_Summary] 核心观点： [Table_G rade] 行业评级 买入 前次评级 买入 报告日期 2025-01-06 [Table_PicQuote] 相对市场表现 [分析师： Table_Author陈子坤 ] SAC 执证号：S0260513080001 010-59136690 chenzikun@gf.com.cn 分析师： 纪成炜 SAC 执证号：S0260518060001 SFC CE No. BOI548 021-38003594 jichengwei@gf.com.cn 分析师： 陈昕 SAC 执证号：S0260522080008 010-59136699 gfchenxin@gf.com.cn 分析师： 高翔 SAC 执证号：S0260524070008 021-38003841 gaoxiang@gf.com.cn -20% -10% 0% 10% 20% 30% 01/24 03/24 05/24 08/24 10/ ...

Investment Rating - The report recommends a "Buy" rating for leading companies in the gas turbine industry, emphasizing the potential for growth and investment opportunities in this sector [4]. Core Insights - The gas turbine market is expected to see significant growth driven by global energy transition and environmental requirements, with a projected global order value exceeding $137 billion over the next decade [3]. - The domestic gas turbine industry is accelerating its localization process, reducing reliance on imports and enhancing competitiveness in the global market [3]. - The demand for clean energy and peak shaving capabilities is expected to drive the growth of gas turbines, particularly in the context of increasing renewable energy capacity [3]. - The report highlights the potential for hydrogen-fueled gas turbines to reshape the energy landscape in the long term, with China positioned as a leader in hydrogen production and consumption [3]. Summary by Sections 1. Gas Turbines - Gas turbines are lightweight, efficient, and environmentally friendly, widely used in power generation and oil and gas sectors [16]. - The structure of gas turbines allows for efficient conversion of chemical energy to mechanical energy, with a focus on high-temperature operation [18][19]. - F-class gas turbines are currently the mainstream model, with operational temperatures around 1400°C and efficiencies exceeding 40% [22]. 2. Industry Chain - The gas turbine industry chain includes high-value-added segments from material research and precision manufacturing to lifecycle maintenance [27]. - The market for gas turbines is projected to exceed $100 billion over the next decade, driven by the transition to green power [27]. 3. Localization - The report notes that the domestic gas turbine industry has historically relied on imports but is now making significant strides in technology and production capabilities [28]. - The "Two Machines Special Project" has facilitated breakthroughs in domestic gas turbine technology, enhancing self-sufficiency [28]. 4. Drivers - The demand for gas turbines is expected to increase due to the need for clean energy and peak shaving, particularly as coal-fired power plants are phased out [3]. - The rise of AI data centers and other new economies presents additional growth opportunities for gas turbines [3]. 5. Long-term Outlook - Hydrogen-fueled gas turbines are identified as a key technology for future energy systems, with China poised to take advantage of its hydrogen production capabilities [3]. 6. Investment Recommendations - The report suggests focusing on leading companies in the gas turbine supply chain, including those involved in materials, manufacturing, and maintenance services [3].

[Table_Page] 投资策略周报|建筑装饰 证券研究报告 [Table_Title] 建筑装饰行业 24 年化债资金顺利落地，建筑行业传导几何？ [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-05 | [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 01/24 03/24 05/24 08/24 10/24 12/24 建筑装饰 沪深300 | [分析师： Table_Author]耿鹏智 | | --- | | SAC 执证号：S0260524010001 | | 021-38003620 | | gengpengzhi@gf.com.cn | | 分析师： 乔钢 | | SAC 执证号：S0260524100001 | | 021-38003769 | | qiaogang@gf.com.cn | | 分析师： 谢璐 | | SAC 执证号：S0260514080004 | | SFC CE No. BMB5 ...

Xm l [Table_Page] 跟踪分析|房地产 [Table_Title] 房地产及物管行业 25 年第 1 周周报 网签稳定认购下行，房企分化格局加剧 证券研究报告 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 -24% -13% -2% 8% 19% 30% 01/24 03/24 05/24 08/24 10/24 12/24 房地产 沪深300 | [分析师： Table_Author]郭镇 | | | --- | --- | | | SAC 执证号：S0260514080003 | | | SFC CE No. BNN906 | | 021-38003639 | | | guoz@gf.com.cn | | | 分析师： 邢莘 | | | | SAC 执证号：S0260520070009 | | 021-38003638 | | | | xingshen@gf.com.cn | | 分析师： 谢淼 | | | | SAC 执证号：S0260522070007 | | | SFC CE No. BVB342 | | 021-38003637 | | ...

[Table_Page] 投资策略周报|建筑材料 证券研究报告 [Table_Title] 建筑材料行业 北新建材发布股权激励，政策窗口期继续看好板块机会 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 持有 | | --- | --- | | 前次评级 | 持有 | | 报告日期 | 2025-01-05 | [Table_PicQuote] 相对市场表现 -30% -18% -6% 6% 18% 30% 01/24 03/24 05/24 08/24 10/24 12/24 建筑材料 沪深300 | [分析师： Table_Author]谢璐 | | --- | | SAC 执证号：S0260514080004 | | SFC CE No. BMB592 | | 021-38003688 | | xielu@gf.com.cn | | 分析师： 张乾 | | SAC 执证号：S0260522080003 | | 021-38003687 | | gzzhangqian@gf.com.cn | | 请注意，张乾并非香港证券及期货事务监察委员会的注册 | 持牌人，不可 ...

| [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-05 | [Table_PicQuote] 相对市场表现 [Table_Page] 深度分析|公用事业 证券研究报告 [Table_Title] 水电行业 24Q4 电量报告 蓄能与利率的良好开端，电量与估值的双重期待 [Table_Summary] 核心观点： 深度分析|公用事业 重点公司估值和财务分析表 | 股票简称 股票代码 货币 评级 | 最新 | 最近 | | EV/EBITDA(x) ROE(%) | | --- | --- | --- | --- | --- | | | | 收盘价 报告日期 （元/股 ） 2024E 2025E 2024E 2025E 2024E 2025E 2024E 2025E | | | | 长江电力 600900.SH CNY 29.00 2024/10/31 买入 | | | | 32.01 | | 华能水电 600025.SH CNY 9.24 2024/10/30 买入 | | 11.53 | | 17.77 9.03 ...

Xml [Table_Page] 行业专题研究|国防军工 2025 年 1 月 6 日 证券研究报告 [Table_Title] 国防军工行业 | | | | 新·视角：装备维修，穿越周期、增强盈利、可预测的现金流 | | | | --- | --- | --- | --- | --- | --- | | [Tabl 分析师： | 孟祥杰 | 分析师： | 吴坤其 | 分析师： | 邱净博 | | e_Author] | SAC 执证号：S0260521040002 | | SAC 执证号：S0260522120001 | | SAC 执证号：S0260522120005 | | | SFC CE.no: BRF275 | | SFC CE.no: BRT139 | | | | | 010-59136693 | | 010-59133689 | | 010-59136685 | | | mengxiangjie@gf.com.cn | | wukunqi@gf.com.cn | | qiujingbo@gf.com.cn | | | 请注意，邱净博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 ...