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 ...

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程月报 2025 年 04 月 01 日 [Table_Title] 相关研究 [Table_ReportInfo] 《风格及行业观点月报（2025.03）》 2025.03.03 《大类资产及择时观点月报（2025.03）》 2025.03.03 《大类资产及择时观点月报（2025.02）》 2025.02.10 大类资产及择时观点月报（2025.04） [Table_Summary] 投资要点： 风险提示：模型失效风险、因子失效风险、海外市场波动风险。 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 联系人:曹君豪 Tel:(021)23185657 Email:cjh13945@haitong.com 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 大类资产 2 季度配臵信号。根据 2025 年 3 月底的最新数据，信用利差和期限利 差均发出收窄信号，Q2 宏观环境预测结果为 Inflation。 宏观动量模型配臵信 ...

[Table_MainInfo] 金融工程研究 证券研究报告 金融工程月报 2025 年 04 月 01 日 [Table_Title] 相关研究 [Table_ReportInfo] 《风格及行业观点月报（2025.03）》 2025.03.03 《大类资产及择时观点月报（2025.03）》 2025.03.03 《大类资产及择时观点月报（2025.02）》 2025.02.10 风格及行业观点月报（2025.04） [Table_Summary] 投资要点： 分析师:郑雅斌 Tel:(021)23219395 Email:zhengyb@haitong.com 证书:S0850511040004 联系人:卓洢萱 Tel:(021)23183938 Email:zyx15314@haitong.com 请务必阅读正文之后的信息披露和法律声明 [Table_AuthorInfo] 大小盘风格轮动 Q2 配臵信号。 根据 2025 年 03 月 31 日的最新数据，2025Q2， 双驱轮动策略得出的综合分数为 3，预测信号为大盘。 价值成长风格轮动 Q2 配臵信号。根据 2025 年 03 月 31 日的最新数 ...

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 | | --- | --- | - ...