Investment Rating - The investment rating for the company is "Outperform the Market" [2][8] Core Views - The company is transitioning to a full-color LED chip supplier, expanding from GaN-based blue-green LED epitaxial wafers and chips to GaAs-based red-yellow LED epitaxial wafers and chips [8] - The company achieved a revenue of 2.76 billion yuan in 2024, a year-on-year increase of 11.23%, and a net profit of 196 million yuan, a significant year-on-year increase of 61.44% [8] - The LED market is expected to reach a value of 13.003 billion USD in 2025, despite challenges such as increased costs due to tariffs and suppressed consumer demand [8] - The company maintains industry-leading profitability due to refined management and advantages from late-stage equipment procurement [8] - Future revenue growth is anticipated from the completion of the annual production of 2.4 million red-yellow LED epitaxial wafers and chips [9] Financial Data and Forecast - Revenue projections for 2025-2027 are 3.332 billion yuan, 3.882 billion yuan, and 4.543 billion yuan respectively, with corresponding EPS of 0.41 yuan, 0.51 yuan, and 0.62 yuan [7][10] - The gross margin is expected to improve, with projections of 15.71%, 17.04%, and 17.22% for 2025-2027 [9][10] - The company’s net profit is forecasted to grow significantly, with estimates of 276 million yuan in 2025, 343 million yuan in 2026, and 417 million yuan in 2027 [7][10]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 56.5 billion yuan in 2024, a year-on-year decrease of 16.38%, with a net profit attributable to shareholders of 4.27 billion yuan, down 36.44% year-on-year [3][4] - The overall gross margin increased by 0.21 percentage points to 32.03% in 2024, despite the revenue decline [4] - The company plans to distribute a cash dividend of 10.5 yuan per 10 shares (including tax) to all shareholders [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 56.5 billion yuan, a decline of 16.38% year-on-year, with a net profit of 4.27 billion yuan, down 36.44% year-on-year [3][4] - The diluted EPS for 2024 was 2.1 yuan, and the return on equity was 7.88% [3] - The operating cash flow for the year was 7.94 billion yuan [3] Revenue Breakdown - Sales of duty-free goods and taxable goods decreased by 12.58% and 23.49% respectively, with gross margins of 39.50% and 13.45% [5] - Revenue from Hainan and Shanghai regions was 28.89 billion yuan and 16.03 billion yuan, down 27.13% and 10.02% year-on-year, with gross margins of 23.73% and 25.80% respectively [5] Expense Analysis - The total selling expenses for 2024 were 9.06 billion yuan, a decrease of 3.8%, with a selling expense ratio of 16.0%, up 2.1 percentage points [6] - Management expenses were 1.99 billion yuan, with a management expense ratio of 3.5%, an increase of 0.3 percentage points [6] Profit Forecast - The company is expected to generate a revenue of 60.6 billion yuan in 2025, representing a growth of 7.4%, with a net profit of 4.8 billion yuan, an increase of 12.5% [6][8] - The projected PE ratio for 2025 is between 30-35 times, corresponding to a reasonable value range of 69.6 to 81.2 yuan [6]

股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] 26.51 | | --- | | 52 周股价波动（元） 19.87-30.05 | | 总股本/流通 A 股（百万股） 2214/2214 | | 总市值/流通市值（百万元） 58692/58692 | | 相关研究 | | [Table_ReportInfo] 《2024 年销量稳居第一，出口持续发力》 | | 2025.01.11 | | 《2024Q3 业绩累计同比显著提升，客车销量 | | 继续增长》2024.10.30 | | 《业绩优秀，布局自动驾驶》2024.07.25 | | 市场表现 | [Table_QuoteInfo] -14.08% -3.08% 7.92% 18.92% 29.92% 40.92% 2024/4 2024/7 2024/10 2025/1 宇通客车 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | 0.6 | -7.0 | 4.5 | | 相对涨幅（%） | 0.7 | -8.8 | 6.9 | ...

[Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 0[4Table_StockInfo 月 01日收盘价（元）] | 28.56 | | --- | --- | | 52 周股价波动（元） | 17.70-36.42 | | 总股本/流通 A 股（百万股） | 1778/1419 | | 总市值/流通市值（百万元） | 50785/40538 | | 相关研究 | | [Table_ReportInfo] 《康龙化成 2023 年报点评：全年收入利润保 持增长态势，看好一体化 CXO 龙头长期稳健 发展》2024.04.01 市场表现 [Table_MainInfo] 公司研究/医药与健康护理/医疗保健提供商与服务 证券研究报告 康龙化成（300759）公司年报点评 2025 年 04 月 01 日 [Table_QuoteInfo] -16.76% 2.24% 21.24% 40.24% 59.24% 78.24% 2024/4 2024/7 2024/10 2025/1 康龙化成 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | - ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The report highlights that the company's performance has been impacted by the real estate sector, while the exhibition and commercial income segments have shown growth [8] - The company has a dual operational model of "exhibition + real estate," which is expected to enhance resource integration and industry interaction [8] - The report projects that the company's EPS and BPS for 2025 will be 0.04 yuan and 2.91 yuan respectively, with a dynamic PB of 0.6-0.7 times, leading to a reasonable value range of 1.75 yuan to 2.04 yuan [8] Financial Data and Forecast - In 2024, the company is expected to achieve operating revenue of 71.52 billion yuan, a year-on-year decrease of 54.6%, primarily due to reduced income from the real estate development segment [8] - The net profit attributable to the parent company is projected to be -28.27 billion yuan, a decline of 54.71% year-on-year [8] - The exhibition and commercial property segment is anticipated to generate revenue of 29.61 billion yuan in 2024, reflecting an increase of 11.77% year-on-year [8] - The real estate development segment is expected to report revenue of 40.11 billion yuan, a decrease of 68.92% year-on-year [8] - The company has managed to host 2,243 events in its self-owned venues and hotels, marking a 1.9% increase year-on-year, with significant events attracting 5.8625 million attendees, a 20.6% increase [8] - The company’s contract sales amount and area for 2024 are projected to be 44.26 billion yuan and 339,500 square meters respectively [8] Market Performance - The company's stock closed at 1.73 yuan on March 31, with a 52-week price fluctuation between 1.25 and 2.47 yuan [2] - The total market capitalization is 58.25 billion yuan, with a circulating market value of 46.02 billion yuan [2] - The report indicates a relative performance against the market index, with absolute returns of -5.5% over 1 month, 1.8% over 2 months, and -11.7% over 3 months [4]

[Table_MainInfo] 行业研究/纺织与服装 证券研究报告 行业周报 2025 年 4 月 1 日 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -8.64% 0.78% 10.20% 19.62% 29.04% 38.46% 2024/3 2024/6 2024/9 2024/12 纺织与服装 海通综指 资料来源：海通证券研究所 相关研究 [Table_ReportInfo] 《1-2 月多家造鞋台企收入提速，Puma 预计 25 全年收入增低至中单》 2025.03.17 《24Q4 Adidas、On 收入超一致预期， 1-2 月中国纺服出口下降 4.5%》 2025.03.10 《Amer24Q4 业绩增长超预期，25 年持 续积极拓店》2025.03.03 分析师:盛开 Tel:(021)23154510 Email:sk11787@haitong.com 证书:S0850519100002 分析师:梁希 Tel:(021)23185621 Email:lx11040@haitong.com 证书:S0850516070002 ...

Investment Rating - The report maintains an "Outperform" rating for Weichai Power, indicating an expected stock performance exceeding the benchmark index by over 10% [2][56]. Core Insights - Weichai Power is positioned as one of China's strongest automotive and equipment manufacturing groups, with growth driven by the rapid development of the AIDC diesel generator market, collaboration with KION in Europe, and a cyclical recovery in heavy-duty trucks and natural gas trucks [2][4]. - The projected net profits for Weichai Power are estimated at 12.6 billion, 15.2 billion, and 17 billion CNY for the years 2025, 2026, and 2027 respectively [2][56]. Financial Data Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 235.52 billion, 254.64 billion, and 273.33 billion CNY respectively, with year-on-year growth rates of 9.2%, 8.1%, and 7.3% [3][55]. - **Net Profit Forecast**: The net profit estimates for the same years are 12.645 billion, 15.241 billion, and 16.979 billion CNY, reflecting year-on-year growth rates of 10.9%, 20.5%, and 11.4% [3][56]. - **Earnings Per Share (EPS)**: The EPS is projected to be 1.45, 1.75, and 1.95 CNY for 2025, 2026, and 2027 respectively [3][56]. - **Gross Margin**: The gross margin is expected to improve slightly from 22.4% in 2024 to 23.0% in 2027 [3][55]. Business Segments - Weichai Power's business is divided into clear segments, including diesel engines and other products, with significant contributions from heavy-duty trucks and smart logistics [5][15]. - The smart logistics segment is projected to generate revenues of 93.16 billion CNY by 2025, with a gross margin of 27.3% [55]. Market Opportunities - The AIDC diesel generator market is anticipated to grow significantly, with a potential market size reaching approximately 500 billion CNY by 2030 [30][31]. - The heavy-duty truck market is showing signs of recovery, with a 36% year-on-year increase in domestic heavy-duty truck sales in February 2025 [50][53]. KION Group Performance - KION Group, a key subsidiary of Weichai Power, reported a revenue of 11.5 billion euros in 2024, with a year-on-year growth of 1% [41][42]. - The KION Group's EBIT for 2024 was 917 million euros, reflecting a 16% increase compared to the previous year [41][42]. Conclusion - The report highlights Weichai Power's strong market position and growth potential, supported by robust financial forecasts and strategic initiatives in both domestic and international markets [2][56].

股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] | 9.55 | | --- | --- | | 52 周股价波动（元） | 8.63-12.16 | | 总股本/流通 A 股（百万股） | 3196/1109 | | 总市值/流通市值（百万元） | 30873/10714 | | 相关研究 | | [Table_MainInfo] 公司研究/机械工业/新能源板块 证券研究报告 南网储能（600995）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 | 绝对涨幅（%） | -0.9 | -1.5 | -6.5 | | --- | --- | --- | --- | | 相对涨幅（%） | -1.6 | -4.1 | -4.8 | | 资料来源：海通证券研究所 | | | | 来水增加增厚 24 年利润，新抽蓄 25 年 投产可期 [Table_ReportInfo] 《来水增加增厚利润，容量电价调整影响消 除》2024.11.15 市场表现 [Table_QuoteInfo] -12.26% -5.26% 1.74% ...

行业研究/交通运输 证券研究报告 行业周报 2025 年 04 月 01 日 [Table_MainInfo] [Table_ReportInfo] 《周报：超长期特别国债支持交通运输大 规模设备更新》2025.03.24 《周报：提振消费专项行动部署汽车流通 消费改革试点》2025.03.18 《"AI+"如何为 ToB 供应链物流赋能》 2025.03.18 分析师:虞楠 Tel:(021)23219382 [Table_InvestInfo] 投资评级 优于大市 维持 市场表现 [Table_QuoteInfo] -10.71% -5.83% -0.96% 3.92% 8.80% 13.68% 2024/4 2024/7 2024/10 2025/1 交通运输 海通综指 资料来源：海通证券研究所 相关研究 Email:yun@haitong.com 证书:S0850512070003 分析师:杜清丽 Tel:(021)23185742 Email:dql13676@haitong.com 联系人:吕春雨 Tel:(021)23185685 Email:lcy15841@haitong.com 联系人:谭 ...

[Table_MainInfo] 基金研究 证券研究报告 基金年报 2025 年 4 月 1 日 [Table_Title] 相关研究 [Table_ReportInfo] 《海通证券 - 基 金 超 额 收 益 排 行 榜 （20250304）》2025.03.04 《海通证券 3 月基金投资策略：A 股市场 回 暖 ， 相 对 偏 向 成 长 配 置 风 格 》 2025.03.03 《基金投资者的获得感研究（六）——资 金 加 权 收 益 率 及 其 陪 伴 增 益 系 数 》 2025.03.02 首席分析师:倪韵婷 Tel:(021)23185605 Email:niyt@haitong.com 证书:S0850511010017 联席首席分析师:庄梓恺 Tel:(021)23185671 Email:zzk11560@haitong.com 证书:S0850519040002 分析师:陈林文 Tel:(021)23185678 Email:clw14331@haitong.com 证书:S0850524010004 联系人:刘雨婷 Tel:(021)23185707 Email:lyt16228@ ...