美国降息预期提前，A 股缩量下红利相对成交额仍上行 —— 红利风格投资价值跟踪（2025W14） [Table_ReportTime] 2025 年 4 月 6 日 [于明明 Table_ First 金融工程与金融产品首席 Author] 分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 周金铭 金融工程与金融产品分析师 执业编号：S1500523050003 联系电话：+86 18511558803 邮 箱：zhoujinming@cindasc.com 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 金工研究 [TableReportType] 金工专题报告 [Table_A 于明明 uthor 金融工程与金融产品 ] 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 周金铭 金融工程与金融产品 分析师 执业编号：S1500523050003 联系电话：+86 18 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 爱玛科技(603529) 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] 爱玛科技：一季度稳健增长，产品结构改善 [Table_ReportDate] 2025 年 04 月 05 日 [Table_S 事件：公司发布 ummary] 2024 年业绩快报、2025 年一季度业绩预告。2024 年公司 实现收入 216.06 亿元（同比+2.7%），归母净利 19.88 亿元（同比+5.7%）， 扣非净利 17.92 亿元（yoy +1.5%）；24Q4 实现收入 41.42 亿元（同比 +15.7%），归母净利 4.34 亿元（同比+34.2%），扣非净利 3.45 亿元（同比 +8.7%）；公司预计 25Q1 实现归母净利 6.05 亿元（同比+25.1%），扣非净 利 5.93 亿元（同比+31.6%）。 24 年销售表现彰显龙头韧性。我们预计公司 24 年实现两轮车 ...

VIX 温和回升难掩乐观底色 中证 500 尾部风险引关注 [Table_ReportTime] 2025 年 4 月 5 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_FirstAuthor] 于明明 金融工程与金融产品首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 证券研究报告 金工研究 [T金工ableReportType] 点评报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 崔诗笛 金融工程与金融产品 金融工程分析师 执业编号：S1500523080001 联系电话：+86 18516560686 邮 箱：cuishidi@cindasc.com 孙石 金融工程与金融产品 金融工程分析师 执业编号：S1500523080010 联系电话：+86 18817366228 邮 箱：sunshi@cindasc.com 信 ...

以全国碳排放权交易市场为主体，完善碳定价机制 [Table_Industry] ESG 周报 [Table_ReportDate] 2025 年 04 月 05 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 [Table_StockAndRank] ESG 投资评级 —— 上次评级 —— [Table_Author] [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 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 执业编号：S1500524100001 邮 箱：wuboying@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] 以全国碳排放权交易市场为主体，完善碳定价机制 [Table_ReportDate] 2 ...

Investment Rating - The investment rating for 康臣药业 (1681.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on financial performance and growth prospects [1]. Core Viewpoints - 康臣药业 reported a revenue of 2.967 billion yuan for 2024, representing a year-on-year increase of 14.56%, and a net profit of 910 million yuan, up 16.05% year-on-year [1][2]. - The company declared a final dividend of 0.3 HKD per share, with a projected dividend yield of approximately 11.04% for 2024 [1]. - The report highlights strong growth in the renal, pediatric, and orthopedic drug segments, with notable increases in revenue from key products [2]. Financial Performance Summary - **2024 Financials**: - Total revenue: 2.967 billion yuan (YoY +14.56%) - Net profit attributable to shareholders: 910 million yuan (YoY +16.05%) - Operating cash flow: 1.087 billion yuan (YoY +32.73%) - ROE (diluted): 22.22% - Dividend payout ratio: 78.17% - Debt-to-asset ratio: 24.94% - Cash and cash equivalents: 2.908 billion yuan [1][3]. - **Revenue Breakdown**: - Renal drugs revenue: 1.99 billion yuan (YoY +14.5%) - Pediatric drugs revenue: 360 million yuan (YoY +23.3%) - Orthopedic drugs revenue: 253 million yuan (YoY +64.89%) [2]. - **Future Projections**: - Expected revenues for 2025-2027: 3.354 billion yuan, 3.750 billion yuan, and 4.203 billion yuan, with respective growth rates of 13%, 12%, and 12% [2][3]. - Expected net profits for the same period: 1.041 billion yuan, 1.167 billion yuan, and 1.305 billion yuan, with growth rates of 14%, 12%, and 12% [3]. Key Financial Ratios - **Gross Margin**: Approximately 75.56% for 2024, projected to remain stable over the next few years [3]. - **P/E Ratios**: Expected to be 6.90, 7.07, 6.31, and 5.64 for 2024-2027 respectively [3][5]. - **P/B Ratios**: Expected to be 1.59 for 2024, decreasing to 1.26 by 2027 [5].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections. Core Insights - The company achieved a revenue of 15.737 billion yuan in 2024, representing a year-on-year increase of 39.27%. The net profit attributable to shareholders was 3.074 billion yuan, up 14.85% from the previous year, with a non-recurring net profit of 2.983 billion yuan, increasing by 20.84% [1][2]. - The growth in revenue was primarily driven by market operations, new businesses such as Chinagoods and Yipay, and an increase in product sales [1]. - The company is entering a value release phase for its strategic incubation business, with Chinagoods and Yipay generating a combined net profit exceeding 200 million yuan in 2024 [3]. Summary by Sections Business Performance - The Yiwu International Trade City continues to thrive, with an average daily foot traffic of 224,300 visitors in 2024, a 12.15% increase year-on-year. The average daily vehicle flow reached 99,000, up 5.48%, and foreign visitor traffic increased by 17.22% [2]. - The global digital trade center is set to open in October 2025, with the main construction completed and industry layout planning finalized [2]. Strategic Initiatives - Chinagoods has accelerated the application of new technologies, achieving a revenue of 341 million yuan and a net profit of 165 million yuan in 2024, marking a 102.05% increase [3]. - The cross-border payment system Yipay exceeded expectations, with total cross-border receipts surpassing 4 billion USD, a 233% increase, and a net profit of 61.04 million yuan, up 274.67% [3]. International Expansion - The company has expanded its global brand outreach, adding 23 overseas projects in 2024, including warehouses and exhibition halls in key international markets [5]. - The company has facilitated over 70,000 products for international buyers through its brand outreach projects, assisting more than 5,000 businesses in entering international markets [5]. Financial Projections - The company forecasts net profits of 4.05 billion yuan, 5.34 billion yuan, and 6.75 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 32%, 32%, and 27% [6]. - The projected price-to-earnings ratios for the next three years are 20, 15, and 12 times, respectively [6].

Investment Rating - The investment rating for 康耐特光学 (2276.HK) is not explicitly stated in the provided content, but the report indicates a positive outlook based on performance metrics and growth potential. Core Viewpoints - 康耐特光学 reported a revenue of 2.061 billion RMB for 2024, representing a year-on-year increase of 16.1%, and a net profit of 428 million RMB, which is a 31.0% increase year-on-year [1] - The company is experiencing steady growth in standardized lenses, with revenues of 907 million RMB (+8.8% YoY), and customized and functional products growing rapidly, with revenues of 395 million RMB (+11.8% YoY) and 755 million RMB (+32.4% YoY) respectively [2] - The company’s self-owned brand revenue reached 1.150 billion RMB, a 24.5% increase, accounting for 55.8% of total revenue, indicating strong market penetration and brand growth [3] - 康耐特光学 is expanding its collaboration with leading global technology and consumer electronics companies for smart glasses, preparing for future AR or AI projects [4] - The company’s gross margin improved to 38.6%, a 1.2 percentage point increase, and the net profit margin reached 20.8%, a 2.2 percentage point increase, reflecting operational efficiency [5] Financial Summary - For 2024, 康耐特光学 achieved total revenue of 2.061 billion RMB, with projections for 2025, 2026, and 2027 to be 2.389 billion RMB, 2.762 billion RMB, and 3.184 billion RMB respectively, indicating a consistent growth trajectory [6] - The forecasted net profit for 2025, 2026, and 2027 is 544 million RMB, 663 million RMB, and 812 million RMB, respectively, with corresponding year-on-year growth rates of 27%, 22%, and 22% [6] - The company’s earnings per share (EPS) is projected to increase from 1.03 RMB in 2024 to 1.69 RMB by 2027 [6]

证券研究报告 [Table_A 赵丹晨 uthor 食品饮料] 行业分析师 执业编号：S1500523080005 邮 箱： zhaodanchen@cindasc.com 相关研究 [贵州茅台（ Table_Other600519 Report）：] 顺利完成 目标，转型促进发展 2025.01.02 贵州茅台（600519）：半年收官 发展稳健，分红规划提振信心 2024.08.09 贵州茅台（600519）：立足长远 发展，坚守五大核心 2024.05.30 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] 适应需求变化，巩固发展根基 [Table_ReportDate] 2025 年 04 月 03 日 公司研究 [Table_ReportType] 点评报告 | [Table_StockAndRank] 贵州茅台 (600519.SH) | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | [Table_S 事件：公司发布 ummary] 20 ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a significant increase in net profit attributable to shareholders, growing by 26.44% year-on-year in 2024, with a total of 4.516 billion yuan [3] - The company is expected to continue expanding its overseas port resources, anticipating the release of synergistic effects from recent acquisitions [3] Financial Performance Summary - **Revenue**: In 2024, the company reported total revenue of 16.131 billion yuan, a year-on-year increase of 2.41%. The fourth quarter revenue was 3.964 billion yuan, showing a slight decline of 0.77% [3] - **Net Profit**: The net profit attributable to shareholders for 2024 was 4.516 billion yuan, reflecting a growth of 26.44%. In Q4 2024, net profit reached 780 million yuan, marking an impressive increase of 84.67% year-on-year [3] - **Container Throughput**: The company reported a 16.31% increase in container throughput in the Pearl River Delta region, totaling 17.267 million TEUs in 2024. Overseas container throughput also grew by 9.68%, reaching 37.363 million TEUs [3] - **Investment Income**: Investment income from core holdings showed strong growth, with Shanghai Port Group contributing 4.182 billion yuan (up 13.00%) and Ningbo Port contributing 1.134 billion yuan (up 7.99%) in 2024 [3] - **Dividends**: The company announced a total dividend of 1.843 billion yuan for 2024, with a payout ratio of 41%. The planned dividend payout for 2025-2027 is set to be no less than 40% of distributable profits, an increase of 10 percentage points from previous years [3] Earnings Forecast - The company is projected to achieve revenues of 16.751 billion yuan, 17.329 billion yuan, and 17.911 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 3.85%, 3.45%, and 3.36% [5] - The net profit attributable to shareholders is expected to be 4.457 billion yuan, 4.691 billion yuan, and 4.919 billion yuan for the same years, with growth rates of -1.30%, 5.24%, and 4.86% respectively [5] - The earnings per share (EPS) are forecasted to be 1.78 yuan, 1.88 yuan, and 1.97 yuan for 2025, 2026, and 2027 respectively [5]

Investment Rating - The investment rating for the company is "Buy" [2][3] Core Views - The company reported a revenue of 32.14 billion yuan in 2024, a decrease of 5.30% year-on-year, while the net profit attributable to shareholders was 4.35 billion yuan, an increase of 1.81% year-on-year [2] - In Q4 2024, the company achieved a revenue of 3.18 billion yuan, a year-on-year increase of 7.44%, with sales volume increasing by 5.61% to 750,000 kiloliters [2] - The company’s main brand sales volume in Q4 2024 increased by 7.45% year-on-year, indicating a positive growth trend [2] - The company’s gross margin improved to 40.2% in 2024, up by 1.57 percentage points year-on-year, driven by a decrease in operating costs [2] - The company is expected to see earnings per share (EPS) of 3.48, 3.96, and 4.39 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 23, 20, and 18 times [2] Financial Summary - Total revenue for 2024 was 32.14 billion yuan, with a year-on-year growth rate of -5.3% [3] - The net profit attributable to shareholders for 2024 was 4.35 billion yuan, with a year-on-year growth rate of 1.8% [3] - The gross margin for 2024 was 40.2%, an increase from 38.7% in 2023 [3] - The projected EPS for 2025 is 3.48 yuan, with a P/E ratio of 22.57 times [3]