贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 前端业务保持高速增长，后端业务有望边际改善 [Table_ReportDate] 2025 年 03 月 28 日 [Table_S 事件：2025 ummar年y]3 月 27 日，公司发布 2024 年年度报告。2024 年公司实现 营业收入 22.70 亿元，同比增长 20.75%；公司实现归母净利润 2.02 亿元， 同比增长 58.17%；公司实现扣非归母净利润 1.79 亿元，同比增长 62.50%； 实现经营活动现金流净额 3.82 亿元，同比大幅转正。 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 皓元医药(688131) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 点评： ➢ ...

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company is experiencing a golden period of performance growth driven by the strong and sustained momentum of AI development, with significant revenue increases in server and network-related businesses [3] - The company is actively deepening its engagement in automotive intelligence and electrification, showing stable growth in its automotive segment despite challenges [3] - The company is expected to see substantial revenue and profit growth in the coming years, with projected revenues of 168.68 billion, 201.04 billion, and 234.76 billion yuan for 2025E, 2026E, and 2027E respectively, alongside net profits of 38.02 billion, 48.14 billion, and 54.09 billion yuan for the same years [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 133.42 billion yuan, a year-on-year increase of 49.26%, and a net profit of 25.87 billion yuan, up 71.05% year-on-year [1][3] - The gross profit margin and net profit margin were 34.64% and 19.24%, respectively, reflecting increases of 3.37 percentage points and 2.58 percentage points year-on-year [1][3] - For Q4, the company reported revenue of 43.31 billion yuan, a year-on-year increase of 51.64%, and a net profit of 7.39 billion yuan, up 32.07% year-on-year [1] Business Segments - The enterprise communication market segment generated revenue of 100.93 billion yuan in 2024, a year-on-year increase of 71.94%, with a gross margin of 38.35% [3] - The automotive segment achieved revenue of approximately 24.08 billion yuan in 2024, a year-on-year increase of about 11.61%, despite a decrease in gross margin due to competitive pricing and raw material price fluctuations [3] Future Outlook - The company is expected to continue benefiting from the AI server and HPC-related PCB products, which are projected to grow rapidly in 2024 [3] - The company is also focusing on the development of next-generation GPU and XPU chip architecture products, indicating a strong growth trajectory in the PCB sector [3]

Investment Rating - The investment rating for BYD (002594.SZ) is "Buy" [1] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, representing a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [2][4] - The company sold 4.272 million vehicles in 2024, marking a 41.1% increase compared to the previous year, with a fourth-quarter sales figure of 1.524 million vehicles [4] - BYD's R&D investment exceeded 50 billion yuan in 2024, with a focus on smart and electric vehicle technologies [4] Financial Performance - Total revenue for 2023 was 602.3 billion yuan, projected to grow to 996.7 billion yuan by 2025, with a year-on-year growth rate of 28.3% [5] - The net profit attributable to shareholders is expected to rise from 30 billion yuan in 2023 to 54.8 billion yuan in 2025, reflecting a growth rate of 36.1% [5] - The gross margin is expected to improve from 18.6% in 2023 to 19.9% in 2025 [5] Strategic Developments - BYD's global expansion includes entering over 100 countries and regions, with local production facilities established in Uzbekistan and Thailand [4] - The company is advancing its smart vehicle strategy, integrating high-level autonomous driving systems into its models [4] Profit Forecast - The forecasted net profit for BYD is 54.8 billion yuan in 2025, 66.5 billion yuan in 2026, and 79.7 billion yuan in 2027, with corresponding P/E ratios of 21, 18, and 15 times respectively [4]

Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company has announced a restricted stock incentive plan for 2025, granting up to 2.0366 million shares, representing approximately 0.61% of the company's total equity as of the announcement date, with a grant price of 28.78 yuan per share [1] - The performance assessment targets for the incentive plan include a revenue growth of no less than 20% or a net profit growth of no less than 164% for 2025 compared to 2024 [2] - The company is expected to face challenges in achieving revenue growth due to ongoing adjustments in the liquor industry, with a projected revenue decline of 24% in 2024 [3][4] - Despite the challenges, there is an expectation for profit recovery, with a projected net profit of 916 million yuan for 2025, which would result in a net profit margin of 17.0% [6] Financial Performance Summary - The company's total revenue for 2023 was 7.087 billion yuan, with a year-on-year growth of 17.0%. However, a significant decline of 24.4% is expected in 2024 [5] - The net profit attributable to the parent company for 2023 was 1.769 billion yuan, with a year-on-year growth of 5.0%. A drastic decline of 80.5% is anticipated for 2024, followed by a recovery of 164.8% in 2025 [5][6] - The projected earnings per share (EPS) for 2025 is 2.75 yuan, with subsequent increases to 3.54 yuan in 2026 and 4.73 yuan in 2027 [6]

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The 2025 Spring Sugar and Wine Fair was held from March 20 to March 27 in Chengdu, with a noticeable decline in attendance and an increase in promotional activities. The fair's role in brand recruitment has weakened due to the downward trend in the liquor industry, leading to slower sales for small brands and new products [2] - Despite the challenges, the Spring Sugar Fair remains a significant event in the industry, with major brands seeking to adapt through various cultural activities and product launches [2] - The industry is currently stable, with liquor merchants' attitudes improving after a low point last year. The report anticipates 2025 will be an adjustment year for the liquor industry, with the speed of channel clearing determining the timing of the industry's bottoming out [2] - Major liquor brands are focusing on practical changes and channel transformations to address declining profit margins and high inventory levels. New sales channels such as online live streaming and e-commerce are impacting traditional sales methods [2] - The report maintains a cautiously optimistic view on the liquor industry's adjustments, emphasizing the importance of stability for development. The performance of listed companies is expected to show a general slowdown in the first half of the year, with key observations set for the Mid-Autumn Festival and National Day [2] Summary by Sections - **Event Overview**: The Spring Sugar and Wine Fair experienced lower attendance and increased promotional activities, indicating a shift in the industry's dynamics [2] - **Market Stability**: The liquor industry is stable, with merchants' attitudes improving, but 2025 is expected to be a year of adjustment [2] - **Brand Strategies**: Major brands are adapting through product launches and cultural events, while also addressing channel challenges and inventory issues [2] - **Future Outlook**: The report suggests a cautious optimism for the liquor industry, with the need for stability and effective channel management being crucial for future performance [2]

Investment Rating - The investment rating for BYD is "Buy" [1] Core Views - In 2024, BYD achieved a revenue of 777.1 billion yuan, a year-on-year increase of 29.0%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.0% year-on-year [2][4] - The company sold 4.272 million vehicles in 2024, representing a 41.1% increase year-on-year, with a fourth-quarter sales figure of 1.524 million vehicles [4] - BYD's R&D investment exceeded 50 billion yuan in 2024, with a focus on smart and electric vehicle technologies [4] Financial Performance - Total revenue for 2023 was 602.3 billion yuan, with a projected increase to 996.7 billion yuan by 2025, reflecting a growth rate of 28.3% [5] - The net profit attributable to shareholders is expected to rise from 30 billion yuan in 2023 to 54.8 billion yuan in 2025, indicating a growth rate of 36.1% [5] - The gross margin is projected to improve from 18.6% in 2023 to 19.9% in 2025 [5] R&D and Technological Advancements - BYD's R&D expenses for 2024 were 53.2 billion yuan, a 34.4% increase year-on-year, with a focus on integrating electric and smart technologies [4] - The company launched several new technologies in 2024, including the "e platform 3.0 Evo" and the fifth-generation DM technology [4] Global Expansion - BYD's electric vehicles are now present in over 100 countries and regions across six continents [4] - The company is enhancing its global logistics capabilities with the launch of two automobile transport ships in 2024 [4] Profit Forecast - The forecasted net profit for BYD is 54.8 billion yuan in 2025, 66.5 billion yuan in 2026, and 79.7 billion yuan in 2027, with corresponding P/E ratios of 21, 18, and 15 [4]

[舍得酒业（ Table_Other600702.SH Report] ）：保 持自信坚韧，坚守长期主义 2024.04.25 [Table_Title] 逆势激励，注入信心 [Table_ReportDate] 2025 年 03 月 28 日 [Table_S 事件：公司发布 ummary]2025 年限制性股票激励计划（草案），拟向公司及子公司董事、 高级管理人员、中层管理人员及核心骨干员工共 168 人，授予限制性股票不超 过 203.66 万股，涉及的标的股票约占激励计划公告日公司股本的 0.61%，授予 价格为 28.78 元/股。 点评： | 解除限售期 | | 业绩考核目标 | | | | 解除限售比例 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 第一个解除限售期 | | 2025 年较 2024 年，营收增长不低于 20%或归 | | | | 40% | | | | | 母净利润增长不低于 164% | | | | | | | 第二个解除限售期 | | 2026 年较 2024 年，营收增长不低于 36%或归 | | | | ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 中国海油（600938.SH） 中国海洋石油（0883.HK） 投资评级 买入 上次评级 买入 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金 隅大厦B座 邮编：100031 [Table_Title] 逆油价下跌之势，24 年业绩实现稳步增长 [Table_ReportDate] 2025 年 3 月 28 日 [Table_S 事件：202ummar 5 年y]3 月 27 日，中国海油发布 2024 年度报告。2024 年，公司 实现营业收入 4205.06 亿元，同比+0.94%；实现归母净利润 1379.36 亿元， 同比+11.3 ...

Investment Rating - The investment rating for China National Offshore Oil Corporation (CNOOC) is "Buy" [1] Core Views - Despite a decline in oil prices, CNOOC achieved steady growth in 2024, with total revenue of CNY 420.51 billion, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of CNY 137.94 billion, up 11.38% year-on-year [1][2] - The company maintained a lower decline in oil prices compared to Brent crude, with an average realized oil price of USD 76.75 per barrel, down 1.55% year-on-year, and a gas price of USD 7.72 per thousand cubic feet, down 3.26% year-on-year [5][8] - CNOOC's net production of oil and gas reached 726.8 million barrels of oil equivalent, a year-on-year increase of 7.20%, indicating continued production growth [5][6] Summary by Sections Financial Performance - In Q4 2024, CNOOC reported revenue of CNY 94.48 billion, a year-on-year decrease of 13.94%, and a net profit of CNY 21.28 billion, down 18.78% year-on-year [2][3] - For the full year 2024, the company achieved a basic earnings per share (EPS) of CNY 2.90, an increase of 11.54% year-on-year [1][3] Production and Costs - CNOOC's oil and gas production growth slowed in Q4, with a total production increase of 3.48% year-on-year and 2.78% quarter-on-quarter [3] - The company's oil cost per barrel increased to USD 29.64, reflecting seasonal cost increases due to maintenance and operational workload [3][8] Capital Expenditure and Dividends - CNOOC's capital expenditure for 2024 was CNY 132.5 billion, a year-on-year increase of 2.24%, with a commitment to maintain a dividend payout ratio of no less than 45% for 2025-2027 [8] - The company paid a total dividend of HKD 1.4 per share in 2024, with a dividend yield of 4.89% for A shares and 7.49% for H shares [8] Future Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is CNY 136.44 billion, CNY 142.24 billion, and CNY 149.78 billion, with expected growth rates of -1.1%, 4.3%, and 5.3% respectively [8] - CNOOC aims for stable production growth targets of 760-780 million barrels in 2025, 780-800 million barrels in 2026, and 810-830 million barrels in 2027 [5][6]

Investment Rating - The report maintains a "Buy" rating for China National Aviation Holding Company (601111) based on the expected recovery in international routes and improving demand dynamics [8]. Core Views - The company reported a significant reduction in losses, with a net profit of -2.37 billion yuan for 2024, an improvement of 8 billion yuan year-on-year, reflecting a 77.3% reduction in losses [6][8]. - The operational metrics show a strong recovery, with total Available Seat Kilometers (ASK) increasing by 21.7% and Revenue Passenger Kilometers (RPK) rising by 32.8% in 2024 [4]. - The average ticket price has seen a decline of 12.1% year-on-year, but cost reductions and a potential recovery in demand are expected to enhance profitability moving forward [5][6]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 166.7 billion yuan, representing an 18.1% year-on-year increase [6]. - The net profit attributable to shareholders was -2.37 billion yuan, a significant improvement from the previous year [6]. - Quarterly net profits showed fluctuations, with Q1 to Q4 results of -16.7 billion, -11 billion, 41.4 billion, and -16 billion yuan respectively [6]. Operational Metrics - The total ASK for 2024 was up by 21.7%, with domestic ASK increasing by 5.4% and international routes recovering to 85.5% of 2019 levels [4]. - The overall passenger load factor improved to 79.9%, with domestic and international load factors at 81.5% and 75.9% respectively [4]. Cost and Pricing Dynamics - The average ticket price in the industry fell by 12.1% year-on-year, while the company's unit revenue per RPK decreased by 12.4% [5]. - The average fuel price dropped by 7% year-on-year, contributing to a 3% reduction in unit ASK costs [5]. Future Outlook - The company is projected to achieve net profits of 53.92 billion, 78.91 billion, and 101 billion yuan for 2025, 2026, and 2027 respectively, indicating substantial growth [8]. - The anticipated recovery in international travel and a stabilizing supply-demand balance are expected to drive future profitability [8].