[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 九毛九（9922）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | [Table_StockInfo] 3 月 31 日收盘价（港元） | 2.88 | | --- | --- | | 52 周股价波动（港元） | 2.14-6.12 | | 总股本/流通股（亿股） | 13.98/13.98 | | 总市值/流通市值（亿港元） | 40/40 | 相关研究 [Table_ReportInfo] 《2H23 年收入增 47.5%，派息率有望不低于 40%》2024.03.26 《 盈 利 弹 性 释 放 ， 新 品 牌 表 现 亮 眼 》 2023.08.28 《2H22 年收入降 2.4%，怂火锅模型优化贡献 亮眼》2023.03.22 市场表现 [Table_QuoteInfo] | 恒生指数对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | -2.70 | 9.92 | -16.76 | ...

[Table_MainInfo] 行业研究/农业 证券研究报告 行业周报 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 猪价持续震荡，关注生猪养殖板块 市场表现 [Table_QuoteInfo] -16.81% -8.23% 0.35% 8.93% 17.51% 26.09% 2024/1 2024/4 2024/7 2024/10 农业 海通综指 资料来源：海通证券研究所 相关研究 | [Table_ReportInfo] 《目标坚定，路径清晰，高增高质发展》 | | --- | | 2025.03.24 | | 《猪价僵持局面或将打破，水产、白鸡价 | | 格持续上涨》2025.03.24 | | 《持续推进高质量发展，精进成长领航》 | | 2025.03.21 | 分析师:冯鹤 Tel: (021)23183993 Email:fh15342@haitong.com 证书:S0850523040003 分析师:巩健 Tel:(021)23185702 Email:gj15051@haitong.com 证书:S0850522110002 联系人:蔡 ...

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程周报 2025 年 04 月 01 日 [Table_Title] 相关研究 Tel:02123183940 [Table_ReportInfo] 《大额买入与资金流向跟踪 （20250324-20250328）》2025.03.24 《小盘 50 组合维持强势表现——风格 Smart beta 组 合 跟 踪 周 报 （2025.03.24-2025.03.28）》2025.03.24 《A 股下周恐难打破震荡格局——量化择 时 和拥 挤度 预警周 报（ 20250323 ）》 2025.03.23 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 分析师:曹君豪 Tel:(021)23185657 Email:cjh13945@haitong.com 证书:S0850524010001 联系人:付欣郁 Email:fxy15672@haitong.com 激进型固收+产品 YTD 业绩中位数 0.50% — — 绝 对 收 益 产 品 及 策 略 ...

[Table_MainInfo] 公司研究/信息服务/信息科技服务 证券研究报告 汉朔科技（301275）公司研究报告 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 首次 覆盖 股票数据 | 03[Table_StockInfo 月 31 日收盘价（元）] | 69.15 | | --- | --- | | 52 周股价波动（元） | 66.11-86.96 | | 总股本/流通 A 股（百万股） | 422/32 | | 总市值/流通市值（百万元） | 29209/2196 | 市场表现 [Table_QuoteInfo] -8.40% -0.40% 7.60% 15.60% 23.60% 2024/4 2024/7 2024/10 2025/1 汉朔科技 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | - | - | - | | --- | --- | --- | --- | | 相对涨幅（%） | - | - | - | | 资料来源：海通证券研究所 | | | | 分析师:杨林 Tel:(021)23183969 Tel:(021) ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][10][20] Core Views - The company reported a revenue of 13.716 billion yuan in 2024, a year-on-year increase of 3.06%, while the net profit attributable to shareholders was 922 million yuan, a decrease of 24.15% year-on-year [5][6] - The company's profitability is under pressure primarily due to macroeconomic factors and a sluggish liquid market, with a gross margin of 20.85% and a net margin of 7.23% in 2024 [6][12] - The gas sales revenue was 8.1 billion yuan, down 1.15% year-on-year, while the revenue from air separation equipment increased by 6.77% to 4.525 billion yuan [6][18] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 3.364 billion yuan, down 4.68% year-on-year, and a net profit of 247 million yuan, down 32.26% year-on-year [5][6] - The company expects a recovery in gas sales and profitability in the coming years, with projected revenues of 16.04 billion yuan in 2025 and 17.49 billion yuan in 2026 [8][23] Business Segments - The gas business continues to expand, with six new gas investment projects signed in 2024, increasing the total oxygen production capacity to 3.5 million Nm³/h [7][12] - The equipment business is accelerating its internationalization, with a record high order amount of 5.512 billion yuan for air separation equipment in 2024 [7][19] Market Outlook - The company is positioned as a leader in the industrial gas sector, with a strong cash flow and the ability to penetrate various downstream industries [20][22] - The projected earnings per share (EPS) for 2025 is 1.06 yuan, with a reasonable valuation range of 25.50 to 27.63 yuan per share based on a PE ratio of 24-26 times [10][20]

[Table_MainInfo] 公司研究/信息服务/软件 证券研究报告 恒生电子（600570）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] | 27.61 | | --- | --- | | 52 周股价波动（元） | 15.23-37.30 | | 总股本/流通 A 股（百万股） | 1892/1892 | | 总市值/流通市值（百万元） | 52232/52232 | | 相关研究 | | | [Table_ReportInfo] 《Q3 业绩仍承压，市场回暖经营拐点或将到 | | | 来》2024.11.08 | | | 《营收持稳利润承压，股权激励彰显信心》 | | 2024.09.10 市场表现 [Table_QuoteInfo] -32.62% -15.62% 1.38% 18.38% 35.38% 52.38% 2024/4 2024/7 2024/10 2025/1 恒生电子 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | ...

股票数据 | 03[Table_StockInfo 月 31 日收盘价（元）] | 34.84 | | --- | --- | | 52 周股价波动（元） | 11.75-44.41 | | 总股本/流通 A 股（百万股） | 599/599 | | 总市值/流通市值（百万元） | 20857/20857 | | 相关研究 | | 市场表现 [Table_QuoteInfo] -21.27% 19.73% 60.73% 101.73% 142.73% 183.73% 2024/4 2024/7 2024/10 2025/1 数据港 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | -1.6 | 66.1 | 68.3 | | --- | --- | --- | --- | | 相对涨幅（%） | -2.2 | 63.5 | 70.0 | | 资料来源：海通证券研究所 | | | | | 分析师:余伟民 | | --- | | Tel:(010)50949926 | | Email:ywm11574@haitong.com | | 证书:S0850517090006 | | 分析师:杨彤昕 ...

[Table_MainInfo] 公司研究/石油天然气/石油天然气 证券研究报告 中国石油（601857）公司年报点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 04[Table_StockInfo 月 01日收盘价（元）] 8.25 | | --- | | 52 周股价波动（元） 7.55-11.06 | | 总股本/流通 A 股（百万股） 183021/161922 | | 总市值/流通市值（百万元） 1509923/1509923 | | 相关研究 | | [Table_ReportInfo] 《克服油价下跌影响，实现盈利环比增长》 | | 2024.11.01 | | 《单季度净利润维持在 400 亿元以上》 | | 2024.08.29 | | 《盈利稳定增长，创一季度历史新高》 | | 2024.05.01 | | 市场表现 | | [Table_QuoteInfo] | -22.48% -16.48% -10.48% -4.48% 1.52% 7.52% 2024/4 2024/7 2024/10 2025/1 中国石油 海通 ...

Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expected relative performance above the market benchmark [9][14][20]. Core Insights - The company has demonstrated significant improvements in lean management, leading to accelerated performance in emerging sectors such as low-altitude economy and artificial intelligence [6][7]. - The financial forecasts predict a steady growth in revenue and net profit over the next few years, with a projected revenue of 36.09 billion yuan in 2025, representing a year-on-year growth of 12.5% [9][14]. - The report highlights the company's strategic initiatives in various emerging industries, aiming to establish a new industrial ecosystem through technological breakthroughs and standard-setting [7][8]. Financial Performance and Forecast - **Revenue and Profit Forecasts**: - 2023: Revenue of 28.89 billion yuan, net profit of 199 million yuan - 2024: Revenue of 32.07 billion yuan, net profit of 352 million yuan, YoY growth of 11.01% and 76.59% respectively - 2025E: Revenue of 36.09 billion yuan, net profit of 408 million yuan, YoY growth of 12.5% and 15.9% respectively - 2026E: Revenue of 40.43 billion yuan, net profit of 477 million yuan, YoY growth of 12.0% and 16.8% respectively - 2027E: Revenue of 44.81 billion yuan, net profit of 554 million yuan, YoY growth of 10.8% and 16.2% respectively [6][9][14]. - **Key Financial Ratios**: - Gross margin is expected to improve from 42.3% in 2023 to 47.6% in 2027 - Net asset return is projected to increase from 5.5% in 2023 to 14.5% in 2027 [6][9][14]. Business Segments and Growth Drivers - **Measurement Services**: Revenue growth of 5.0% annually, with a gross margin of 50.5% [9][10]. - **Integrated Circuit Testing and Analysis**: Expected revenue growth of 30.0% in 2025, with a gross margin of 45.5% [10][11]. - **Electromagnetic Compatibility Testing**: Anticipated revenue growth of 12.0% in 2025, with a gross margin of 55.0% [11][12]. - **Life Sciences**: Revenue growth of 4.0% in 2025, with a gross margin of 40.0% [12][13]. - **Data Science Analysis and Evaluation**: Projected revenue growth of 23.0% in 2025, with a gross margin of 56.0% [13][14]. Valuation and Market Comparison - The report estimates a reasonable valuation range for the company at 23.10-24.50 yuan per share based on a PE ratio of 33-35 times for 2025, considering the company's higher growth rate compared to peers [9][14][15]. - The average PE ratio for comparable companies is noted to be 25.52 times for 2025, indicating the company's growth potential justifies a premium valuation [9][15].

固定收益研究 证券研究报告 地方债月报 2025 年 4 月 1 日 全年隐债置换进度逾三分之二 ——地方政府债券月报 第一，截至 2025 年 3 月，地方政府债共发行 463 只，总规模 2.84 万亿元。 截至 3 月 31 日，2025 年地方政府债共发行 463 只，总规模 2.84 万亿元。具体来看，山东、福建、湖北、广 东、北京发行数量最多，分别发行 39、33、28、27、27 只地方政府债；从发行规模来看，江苏、广东、山东、四 川发行债券规模位列前位，分别为 4047.94 亿元、2068.85 亿元、2052.68 亿元和 1638.27 亿元。 图2 地方债发行进度（发行量：亿元） 图3 地方债发行进度（净融资额：亿元） 0 20000 40000 60000 80000 100000 120000 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/1 11/112/1 2021 2022 2023 2024 2025 0 10000 20000 30000 40000 50000 60000 70000 80000 1/1 2/1 3/1 4/1 5/1 6 ...