[Table_MainInfo] 每日报告精选 证券研究报告 宏观 需求尚稳，仍需提振——3 月全国 PMI 数据解读。服务业景气度稳中有升，行 业分化。一方面，水上运输、航空运输、邮政、电信广播电视及卫星传输服务、 货币金融服务等行业商务活动指数均位于 55.0%以上较高景气区间；另一方面， 随着春节效应逐步消退，与居民消费相关的餐饮、生态保护及公共设施管理、 文化体育娱乐等行业商务活动指数有所回落。 最新研究与资讯 2025 年 04 月 01 日 | [Table_Marketinfo] 重要市场数据 | | | | | --- | --- | --- | --- | | 名称 日涨跌% | | 周涨跌% | 年涨跌% | | 海通风格指数 | | | | | 大盘 100 | 0.11 | -0.14 | -3.26 | | 小盘 200 | -1.23 | -3.22 | 4.44 | | 表现最好前五行业 | | | | | 石油然气 | 1.28 | 1.41 | -6.65 | | 通讯服务 | 0.14 | -2.88 | 8.46 | | 金融指数 | 0.03 | -0.27 | -1. ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 衢州发展（600208）公司信息点评 2025 年 04 月 01 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 Email:xiey@haitong.com | 03[Table_StockInfo 月 31日收盘价（元）] | 3.10 | | --- | --- | | 52 周股价波动（元） | 1.55-3.66 | | 总股本/流通 A 股（百万股） | 8509/8508 | | 总市值/流通市值（百万元） | 26378/26374 | | 相关研究 | | | [Table_ReportInfo] 《衢州国资成功入股，企业经营华丽转身》 | | | 2024.12.22 | | | 《结算推升营收，前三季度销售收入增加》 | | | 2024.11.11 | | 市场表现 [Table_QuoteInfo] -24.88% -6.88% 11.12% 29.12% 47.12% 65.12% 2024/4 2024/7 2024/10 2025/1 衢州发展 海通综指 沪深 300 对比 ...

亚太股份（002284）公司年报点评 2025 年 04 月 01 日 [Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 03[Table_StockInfo 月 31日收盘价（元）] | 9.72 | | --- | --- | | 52 周股价波动（元） | 6.24-10.26 | | 总股本/流通 A 股（百万股） | 739/731 | | 总市值/流通市值（百万元） | 7184/7107 | | 相关研究 | | | [Table_ReportInfo] 《 加 速 海 外 布 局 ， 获 海 外 | EPB 定点》 | 2024.11.05 市场表现 [Table_QuoteInfo] -19.67% -9.67% 0.33% 10.33% 20.33% 30.33% 2024/4 2024/7 2024/10 2025/1 亚太股份 海通综指 沪深 300 对比 1M 2M 3M | 绝对涨幅（%） | 8.2 | 21.8 | 19.9 | | --- | --- | --- | ...

[Table_MainInfo] 公司研究/信息服务 证券研究报告 固高科技（301510）公司研究报告 2025 年 03 月 31 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）] | 36.54 | | --- | --- | | 52 周股价波动（元） | 19.00-52.30 | | 总股本/流通 A 股（百万股） | 400/280 | | 总市值/流通市值（百万元） | 14616/10246 | | 相关研究 | | 展》2021.04.15 市场表现 [Table_QuoteInfo] -49.44% -31.44% -13.44% 4.56% 22.56% 40.56% 2024/4 2024/7 2024/10 2025/1 固高科技 海通综指 | 沪深 300 对比 | 1M | 2M | 3M | | --- | --- | --- | --- | | 绝对涨幅（%） | -14.4 | 41.1 | 34.4 | | 相对涨幅（%） | -14.4 | 39.2 | 36.8 ...

[Table_MainInfo] 政策研究 证券研究报告 政策半月报告 2025 年 3 月 31 日 [Table_Title] 相关研究 [Table_ReportInfo] 《楼市回暖迹象显现，产业政策助力新发 展——长三角经济新观察（十一月） 》 2024.12.17 经济冷热不均，政策赋能发展新机——长 三角经济新观察（十二月）2025.1.14 产业腾飞 经济"质"与"量"双提升— — 长三角经济新观察（ 2024 年 ） 2025.2.14 分析师：李明亮 Tel: (021)23185835 Email: lml@haitong.com 证书： S0850511010039 联系人：何韫露 Tel: (021)23185849 Email: hyl15943@haitong.com 价格承压，人形机器人引领新动能——长 三角经济新观察（三月） [Table_Summary] 投资要点： 本报告《价格承压，人形机器人引领新动能——长三角经济新观察（三 月）》是海通证券政策研究团队推出的"区域经济半月报"系列报告的第十七 篇，深入分析长三角地区 2025 年 1-2 月经济数据、产业发展、一体化动 ...

Investment Rating - The report maintains an "Outperform" rating for the company [5][23]. Core Insights - The company is focusing on business adjustments and enhancing its core operations while providing generous dividends to shareholders [7][9]. - The company has shown stable growth in its cyclical business, achieving a revenue of 36.22 billion yuan in 2024, representing a year-on-year increase of 9.2% [8][10]. - The company plans to distribute 100% of its core net profit as dividends, with a total dividend of 1.900 yuan per share for the fiscal year 2024 [9][10]. - The company is leveraging technology applications, particularly AI, to drive growth and improve operational efficiency [13][14]. Financial Data and Forecasts - Revenue and Profit Forecasts: - Revenue is projected to grow from 33.18 billion yuan in 2023 to 36.22 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.2% [6][31]. - Net profit is expected to decrease from 1.95 billion yuan in 2023 to 1.15 billion yuan in 2024, reflecting a significant decline of 41.2% [6][31]. - The company anticipates a recovery in net profit to 1.48 billion yuan in 2025, with a year-on-year growth of 29% [6][31]. - Key Financial Ratios: - The gross margin is projected to be 13.0% in 2024, down from 14.5% in 2023 [11][31]. - The return on equity (ROE) is expected to improve from 7.0% in 2024 to 13.8% by 2027 [6][31]. Business Segment Performance - The company reported a revenue of 20.91 billion yuan from community space residential services in 2024, a year-on-year increase of 11.6% [10][17]. - Revenue from property and facility management services reached 9.97 billion yuan, growing by 20.1% compared to the previous year [18][20]. - The AIoT and BPaaS solutions segment generated 3.02 billion yuan in revenue, reflecting an 8.6% increase year-on-year [10][20]. Strategic Initiatives - The company is actively pursuing a diversified customer strategy, with revenue from non-developer clients increasing from 83.2% in 2023 to 88.2% in 2024 [13][14]. - The company has implemented an "asset-to-receivable" debt reduction model, recovering over 3 billion yuan in receivables in the second half of 2024 [13][14]. - The company is expanding its residential property scale, with a reported revenue of 19.23 billion yuan from residential property services in 2024, marking a 13.1% increase [17][20].

[Table_MainInfo] 公司研究/食品 证券研究报告 2024.06.24 《营收利润快速成长，蔬菜制品持续放量》 2024.08.21 市场表现 卫龙美味（9985.HK）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 3[Table_StockInfo 月 31 日收盘价（HKD）] | 15.22 | | --- | --- | | 52 周股价波动（HKD） | 6.91-15.22 | | 总股本/流通 A 股（亿股） | 23.51/23.51 | | 总市值/流通市值（亿港元） | 358/358 | 相关研究 [Table_ReportInfo] 《卫龙美味（9985）首次覆盖：中国辣味休食 龙头，盈利能力优异，第二曲线快速成长》 证书:S0850520020001 分析师:张宇轩 Tel:(021)23154172 Email:zyx11631@haitong.com 证书:S0850520050001 蔬菜制品下半年提速，营收继续高成长 [Table_QuoteInfo] | 恒生指数对比 | 1M | ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 中国金茂（0817）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 股票数据 | 3[T月ab28le日_S收t盘oc价kI（nf港o元] ） | 1.23 | | --- | --- | | 52 周股价波动（港元） | 0.45-1.80 | | 总股本（亿股） | 135 | | 总市值（亿港元） | 167 | Tel:021-23185710 Email:tll5535@haitong.com 证书:S0850510120001 联系人:陈昭颖 Tel:(021)23183953 2024.09.01 《销售聚焦回款质量，年内债务压力减轻》 2024.04.01 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 3.6 26.1 18.4 相对涨幅（%） -1.4 19.2 18.6 资料来源：海通证券研究所 分析师:涂力磊 Email:czy15598@haitong.com 投资评级 优于大市 维持 全年实现扭亏为盈，销售行业排名提升 [Ta ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 卓越商企服务（6989）公司年报点评 2025 年 03 月 31 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | 3[Table_StockInfo 月 28 日收盘价（港元）] | 1.38 | | --- | --- | | 52 周股价波动（港元） | 0.975-1.691 | | 总股本/流通 A 股（亿股） | 12.20 | | 总市值/流通市值（亿港元） | 16.8/16.8 | 相关研究 [Table_ReportInfo] 《卓越商企服务半年报点评_在管面积持续推 升营收，增值服务表现优良》2024.09.03 市场表现 [Table_QuoteInfo] -15 -10 -5 0 5 10 15 20 25 8/Oct/24 22/Oct/24 5/Nov/24 19/Nov/24 3/Dec/24 17/Dec/24 31/Dec/24 14/Jan/25 28/Jan/25 11/Feb/25 25/Feb/25 11/Mar/25 25/Mar/25 卓越商企服务 恒生指 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [2][18]. Core Insights - The company demonstrated resilience in its performance, achieving a revenue of RMB 278.8 billion in 2024, representing a year-on-year increase of 11%. The core net profit was RMB 25.42 billion, with a significant contribution from recurring business [6][7]. - The overall gross margin and net profit margin for 2024 were 21.6% and 9.2%, respectively, both showing a decline compared to the previous year [6][7]. - The company maintained a dividend payout ratio of 37%, with an expected annual dividend of RMB 1.319 per share [6][7]. Financial Performance - Revenue projections for the company are as follows: RMB 2,511 billion in 2023, RMB 2,788 billion in 2024, and expected growth to RMB 3,950 billion by 2027, with a compound annual growth rate of approximately 12.6% [4][21]. - The net profit for 2024 is projected at RMB 25.6 billion, with a decline of 18.5% from the previous year, but expected to recover in subsequent years [4][21]. - The company’s gross margin is expected to stabilize around 21% from 2025 onwards, while the return on equity (ROE) is projected to be around 8.5% by 2027 [4][21]. Market Position and Business Segments - The company achieved a contract signing amount of RMB 261.1 billion in 2024, ranking third in the industry, with a market share in 25 major cities [9][10]. - The operational performance of shopping centers reached a retail sales figure of RMB 195.3 billion, with an operating profit margin of 61%, marking a historical high [10][11]. - The asset management business grew to a scale of RMB 462.1 billion by the end of 2024, indicating a strong foothold in the market [11][12]. Investment Outlook - The company is expected to have an EPS of RMB 3.46 for 2025, with a price-to-earnings (PE) ratio of 10-11 times, suggesting a reasonable market capitalization range of RMB 269.5 billion to RMB 296.5 billion [18][19]. - The estimated fair value per share is projected to be between HKD 37.80 and HKD 41.58 [18][19].