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]

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 for 2024 reached 16.131 billion yuan, a year-on-year increase of 2.41%, while the fourth quarter saw a slight decline of 0.77% [3] - The net profit attributable to shareholders for 2024 was 4.516 billion yuan, reflecting a growth of 26.44%, with the fourth quarter showing a remarkable increase of 84.67% year-on-year [3] - Container throughput in the Pearl River Delta region increased by 16.31% year-on-year, totaling 17.267 million TEUs in 2024 [3] - Overseas container throughput also saw a growth of 9.68%, reaching 37.363 million TEUs in 2024 [3] - Investment income from core holdings, such as Shanghai Port Group and Ningbo Port, increased by 13.00% and 7.99% respectively [3] - The company plans to maintain a cash dividend ratio of no less than 40% of distributable profits from 2025 to 2027, an increase of 10 percentage points from previous years [3] Earnings Forecast - The company is projected to achieve revenues of 16.751 billion, 17.329 billion, 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, 4.691 billion, 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) is forecasted to be 1.78, 1.88, and 1.97 yuan for 2025, 2026, and 2027 respectively [5]

证券研究报告 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_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 [Table_S 事件：公司发布 ummary] 20 ...

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 5.3% year-on-year, while the net profit attributable to the parent company 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, an increase of 7.44% year-on-year, with sales volume rising by 5.61% to 750,000 kiloliters [2] - The company’s main brand sales volume in Q4 2024 increased by 7.45%, indicating a positive growth trend [2] - The company’s gross profit margin improved to 40.2% in 2024, up by 1.57 percentage points year-on-year, due to a decrease in operating costs [2][3] Financial Performance 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 the parent company for 2024 was 4.35 billion yuan, with a year-on-year growth rate of 1.8% [3] - The gross profit margin for 2024 was 40.2%, an increase from 38.7% in 2023 [3] - The company’s EPS (Earnings Per Share) for 2024 was 3.19 yuan, with a projected EPS of 3.48 yuan for 2025 [3] Future Earnings Forecast - The company is expected to have EPS of 3.48 yuan in 2025, 3.96 yuan in 2026, and 4.39 yuan in 2027 [2][3] - The projected P/E ratios for 2025, 2026, and 2027 are 23, 20, and 18 times, respectively, based on the closing price of 78.51 yuan per share on April 2, 2025 [2]

证券研究报告 宏观研究 [Table_ReportType] 专题报告 | ] [Table_A 解运亮 uthor宏观首席 分析师 | | --- | | 执业编号：S1500521040002 | | 联系电话：010-83326858 | | 邮 箱： xieyunliang@cindasc.com | 麦麟玥 宏观分析师 执业编号：S1500524070002 邮 箱： mailinyue@cindasc.com [Table_Title] 一季度化债进度几何 [Table_ReportDate] 2025 年 4 月 3 日 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 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [➢Table_Summary] 化债进度：一季度置换隐债的进度达全年额度的三分之二。目前今年计划 用于化债的额度为"2 万亿特殊再融资债"+"0.8 万亿特殊新增专项债"。 一季度特殊再融资债发行进度已达全年额度的 67%，整体发行节奏呈现明 显前置 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 老铺黄金(6181.HK) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com [Table_Title] 老铺黄金(6181.HK)2024 业绩点评：业绩高 增如期兑现，上市首年高比例分红 [Table_ReportDate] 2025 年 4 月 3 日 [Table_S 事件：公司披露 ummary] 2024 年业绩，实现收入 85.05 亿元，同增 167.5%，年内 利润 14.73 亿元，同增 253.9%，经调整净利润 15.02 亿元，同增 253.4%。 公司 2024 年亮眼业绩如期兑现，位于此前预告的右区间。 点评： 品牌影响力持续扩大，用户破圈、同店增长为收入高增主要贡献。公司 2024 年在单个商场的平均销售业绩为 3.28 亿元，根据弗若斯特沙利文统计，老 铺黄金在所有国内外知名珠宝品牌当中，在中国大陆的单个商场平均收入、 坪效均为第一。2 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 良信股份 (002706) 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@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] 静待行业复苏，关注 AI 数据中心场景应用 [Table_ReportDate] 2025 年 4 月 3 日 | 重要财务指标 | | | 单位: | | 百万元 | | --- | --- | --- | --- | --- | --- | | 主要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 4,585 | 4,238 | 5,059 | 5,989 | 6,882 | | 同比(%) | 1 ...

[Table_ReportTime] 2025 年 4 月 3 日 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 基金研究 [TableReportType] 基金专题报告 华安恒生港股通中国央企红利 ETF：高股息央企港股多轮 驱动资产 [Table_Author] 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 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] 华安恒生港股通中国央企红利 ETF：高股息 央企港股多轮驱动资产 [Table_ReportDate] 2025 年 4 月 3 日 [Table_Summary] 近年来中央企业 ...

证券研究报告 [Table_ReportType] 点评报告 公司研究 [Table_StockAndRank] 良信股份 (002706) 联系电话：010-83326711 邮 箱：wuhao@cindasc.com 孙然 电力设备与新能源行业分析师 执业编号：S1500524080003 联系电话：18721956681 邮 箱：sunran@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] 静待行业复苏，关注 AI 数据中心场景应用 [Table_ReportDate] 2025 年 4 月 3 日 | 重要财务指标 | | | 单位: | | 百万元 | | --- | --- | --- | --- | --- | --- | | 主要财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入 | 4,585 | 4,238 | 5,059 | 5,989 | 6,882 | | 同比(%) | 1 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 老铺黄金(6181.HK) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com [Table_Title] 老铺黄金(6181.HK)2024 业绩点评：业绩高 增如期兑现，上市首年高比例分红 [Table_ReportDate] 2025 年 4 月 3 日 [Table_S 事件：公司披露 ummary] 2024 年业绩，实现收入 85.05 亿元，同增 167.5%，年内 利润 14.73 亿元，同增 253.9%，经调整净利润 15.02 亿元，同增 253.4%。 公司 2024 年亮眼业绩如期兑现，位于此前预告的右区间。 点评： 品牌影响力持续扩大，用户破圈、同店增长为收入高增主要贡献。公司 2024 年在单个商场的平均销售业绩为 3.28 亿元，根据弗若斯特沙利文统计，老 铺黄金在所有国内外知名珠宝品牌当中，在中国大陆的单个商场平均收入、 坪效均为第一。2 ...