公司近一年市场表现 | 市场数据：2025 年 月 | | | | | 3 | 24 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元）： | | | 8.73 | | | | | | 年内最高/最低（元）： | | | | 15.05/7.84 | | | | | 流通 股/总股本（亿 A | | 24.69/24.75 | | | | | | | 股）： | | | | | | | | | 流通 A 股市值（亿股）： | 215.57 | | | | | | | | 总市值（亿元）： | 216.08 | | | | | | | | 基础数据：2024 年 | 12 | 月 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.96 | | 摊薄每股收益(元)： | | | 0.96 | | 每股净资产(元)： | | | 11.83 | | 净资产收益率(%)： | | | 8.72 | | 资料来源：最闻 | | | | 分析师： 胡博 执业登记编码：S0760522 ...

2025 年 3 月 25 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年度报告：报告期内公司实现营业收入 302.81 亿元， 同比-4.25%；实现归母净利润 23.50 亿元，同比-41.41%；扣非后归母净利润 23.40 亿元，同比-41.27%；基本每股收益 0.9616 元/股，加权平均净资产收 益率 9.72%，同比减少 4.45 个百分点。经营活动产生的现金流量净额 57.23 亿元，同比-6.80%。截至 2024 年 12 月 31 日，公司总资产 766.64 亿元，同 比-1.75%，净资产 261.64 亿元，同比-2.19%。 市场数据：2025 年 3 月 24 日 事件点评 收盘价（元）： 8.73 年内最高/最低（元）： 15.05/7.84 流通 A 股/总股本（亿 股）： 24.69/24.75 突发事故影响公司煤炭产销量。受"1·12"突发事故及后续整改影响， 公司 2024 年煤炭产、销量均有所下滑：报告期原煤产量 2753 万吨，同比下 降 318 万吨（-10.35%）；商品煤销量 2720 万吨，同比下降 383 万吨（-12. ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, indicating a positive outlook for future performance [3][9]. Core Views - The company reported a slight decrease in revenue for 2024, with total revenue of 12.727 billion yuan, down 0.92% year-on-year, while net profit increased by 13.44% to 2.393 billion yuan [3][4]. - The company benefits from stable coal production and sales, with a slight increase in average coal prices, leading to improved gross margins [4][6]. - The integration of coal and electricity operations is expected to enhance profitability and valuation, with significant growth anticipated in the power generation segment [5][6]. Financial Performance Summary - For 2024, the company achieved a basic earnings per share (EPS) of 0.924 yuan and a return on equity (ROE) of 16.46%, reflecting a slight decrease of 0.38 percentage points year-on-year [3][4]. - The total assets of the company reached 44.666 billion yuan, an increase of 23.07% year-on-year, while net assets grew by 15.07% to 15.556 billion yuan [3][4]. - The average selling price of coal was 567.43 yuan per ton, up 2.91% year-on-year, while the cost per ton decreased by 3.22% to 339.68 yuan [4][6]. Future Projections - The company expects EPS to increase to 0.96 yuan in 2025, with projected price-to-earnings (P/E) ratios of 7.3, 7.0, and 6.6 for 2025, 2026, and 2027 respectively [9][11]. - The planned power generation for 2025 is projected to be 161 billion kilowatt-hours, representing a 24.11% increase from 2024 [6][9]. - The company is preparing to build new power plants, which will significantly expand its electricity generation capacity and enhance its coal-electricity integration [6][9].

公司近一年市场表现 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 动力煤 新集能源（601918.SH） 买入-A(维持) 煤稳电增，一体化优势继续加深 2025 年 3 月 25 日 公司研究/公司快报 事件描述 公司发布 2024 年年度报告：报告期内公司实现营业收入 127.27 亿元， 同比-0.92%；实现归母净利润 23.93 亿元，同比+13.44%；扣非后归母净利 润 23.88 亿元，同比+16.30%；基本每股收益 0.924 元/股，加权平均净资产 收益率 16.46%，同比减少 0.38 个百分点。经营活动产生的现金流量净额 34.58 亿元，同比-8.91%。截至 2024 年 12 月 31 日，公司总资产 446.66 亿 元，同比+23.07%，净资产 155.56 亿元，同比+15.07%。 | 年 月 市场数据：2025 3 | 日 24 | | | --- | --- | --- | | 收盘价（元）： | | 7.00 | | 年内最高 ...

研究早观点 2025 年 3 月 25 日 星期二 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,370.03 | 0.15 | | 深证成指 | | 10,695.49 | 0.07 | | 沪深 | 300 | 3,934.85 | 0.51 | | 中小板指 | | 6,661.32 | 0.34 | | 创业板指 | | 2,152.55 | 0.01 | | 科创 | 50 | 1,045.94 | 0.29 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【山证农业】农业行业周报（2025.03.17-2025.03.23）-水产饲料需求或 有望见底回升，看好海大集团的配置时机 【今日要点】 【行业评论】化学原料：新材料周报（250317-0321）-嘉澳环保 SAF 适航认证落地，国内民航 SAF 第二阶段试点启动 【山证煤炭】行业周报（20250317-20250323） ...

非银行金融 行业周报（20250317-20250323） 领先大市-A(维持) 行业并购再推进，关注券商业绩披露 2025 年 3 月 25 日 行业研究/行业周报 非银行金融行业近一年市场表现 投资要点 资料来源：最闻 相关报告： 【山证非银行金融】资本市场助力提振 消费，券商财富管理优势凸显-行业周报 （20250310-20250316）： 2025.3.19 【山证非银行金融】稳住楼市股市，资 本 市 场 改 革 再 深 化 - 行 业 周 报 （20250303-20250309）： 2025.3.11 行业并购重组持续推进。上周浙商证券及湘财股份持续推进行 业并购重组。3 月 21 日浙商证券在阿里拍卖平台经过 156 轮激烈竞 价，最终以 5704.2 万元总价竞得国都证券 3000 万股无限售流通股， 成交单价 1.90 元/股。该价格较 3 月 21 日国都证券收盘价 1.70 元溢 价 11.85%，较 4579.2 万元起拍价溢价 24.57%。同日湘财股份发布 公告拟通过向大智慧全体 A 股换股股东发行方式换股吸收合并大 智慧并发行 A 股股票募集配套资金。对于中小型证券公司来说，并 ...

Market Trends - The domestic market indices showed slight fluctuations, with the Shanghai Composite Index closing at 3,370.03, up by 0.15% [2] - The agricultural sector's performance was mixed, with the agricultural and forestry sector declining by 0.94% during the week [3] Agricultural Sector Insights - The demand for aquaculture feed is expected to bottom out and recover, with a positive outlook for Haida Group [3] - The average price of live pigs in key provinces showed mixed results, with prices in Sichuan, Guangdong, and Henan at 14.65, 15.62, and 14.57 CNY/kg respectively [3] - The overall financial situation in the pig farming industry is under significant pressure, with a focus on reducing debt rather than rapidly increasing production capacity [3] - Recommendations include companies like Wen's Foodstuffs, Shennong Group, and New Hope in the pig farming sector [3] Chemical Raw Materials Sector - The new materials sector saw a decline, with the new materials index down by 2.54% [4] - The domestic aviation SAF (Sustainable Aviation Fuel) pilot program has entered its second phase, with a focus on green transformation in the aviation industry [5] - The global SAF market is expected to face supply-demand tightness, with a projected global production of 2.1 million tons in 2025 [5] Solar Energy Sector - The solar energy sector saw a significant increase in installed capacity, with 39.5 GW added in January-February 2025, a 7.49% increase year-on-year [7] - The price of polysilicon remained stable, with the average price at 40.0 CNY/kg [8] - Recommendations for investment include companies like Longi Green Energy and Aiko Solar, focusing on new technology and supply-side improvements [8] Coal Industry Insights - The coal market is experiencing a slight decline in prices, with the reference price for thermal coal at 682 CNY/ton, down by 1.45% [12] - The metallurgical coal sector is expected to stabilize as downstream demand improves, with a focus on macroeconomic policies [14] - Investment recommendations include companies like China Shenhua and Shaanxi Coal and Chemical Industry, which are seen as undervalued [18] Precision Injection Molding Sector - The company specializes in precision injection molding, focusing on lightweight trends in automotive and robotics sectors [19] - The company is expanding its production capacity and has established stable partnerships with major automotive and appliance manufacturers [21] - The projected net profit for the company is expected to grow significantly over the next few years, with a strong outlook for the lightweight materials market [21] Retail Sector Insights - Miniso reported a revenue of 16.45 billion CNY in 2024, with a year-on-year growth of 24.84% [25] - The company is focusing on expanding its overseas market presence while optimizing its domestic operations [24] - The expected revenue growth for Miniso is projected to accelerate in the coming years, with a strong emphasis on improving profit margins [24]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company has shown strong growth in its WPS 365 business and is expected to accelerate the commercialization of its AI products [1][8] - The company achieved a revenue of 5.121 billion yuan in 2024, representing a year-on-year growth of 12.40%, and a net profit of 1.645 billion yuan, up 24.84% year-on-year [3][8] - The report highlights the robust performance of WPS personal business and the significant growth of WPS 365, with a revenue increase of 149.33% [4][8] Financial Performance - In 2024, the company reported a gross margin of 85.14%, a slight decrease of 0.15 percentage points from the previous year [5] - The net profit margin improved to 32.32%, an increase of 3.47 percentage points year-on-year [5] - The company invested 16.96 billion yuan in R&D, accounting for approximately 33% of its revenue, with a 13% increase in R&D personnel [5] Business Segments - WPS personal business generated 3.283 billion yuan in revenue, growing 18.00% year-on-year, driven by the continuous upgrade of WPS AI [4][8] - The WPS 365 business achieved a revenue of 437 million yuan, reflecting a high growth rate of 149.33% [4][8] - The WPS software business saw a revenue decline of 8.56%, with expectations for more customers to transition to the WPS 365 platform [4][8] AI Development - The company launched WPS AI 2.0, which includes various AI tools aimed at enhancing user experience and business efficiency [6][8] - The monthly active users of WPS AI reached 19.68 million in the domestic market, indicating strong user engagement [6][8] Future Projections - The company forecasts EPS of 4.13, 5.08, and 6.13 for the years 2025, 2026, and 2027, respectively [8] - Corresponding P/E ratios are projected to be 74.94, 60.96, and 50.51 for the same years [8]

煤炭 煤炭月度供需数据点评 同步大市-A(维持) 煤炭板块近一年市场表现 【山证煤炭】临近年报季，关注高分红 预 期 个 股 - 【 山 证 煤 炭 】 行 业 周 报 （20250310-20250316）： 2025.3.17 响沿海运价上涨-【山证煤炭】行业周报 （20250303-20250309）： 2025.3.10 分析师： 胡博 执业登记编码：S0760522090003 邮箱：hubo1@sxzq.com 刘贵军 执业登记编码：S0760519110001 邮箱：liuguijun@sxzq.com 资料来源：最闻 首选股票 评级 相关报告： 需求：固定资产投资增速较去年微降，地产边际改善，电力需求明显下 滑。24 年 1-2 月固定资产投资同比增 4.1%，较 24 年同期下降 0.1 个百分点， 其中制造业投资增 9.0%（较去年同期减少 0.4 个百分点）、基建投资增 5.6% （较去年同期减少 0.7 个百分点）、房地产投资降 9.8%（降幅较去年同期减 少 0.8 个百分点）。地产方面，新开工、施工面积、竣工面积增速仍处于负增 长区间，但边际均有改善。25 年 1-2 月火电累计增 ...

Investment Rating - The report maintains a "Buy-B" rating for the company [1][8]. Core Views - The company has a rich pipeline of products under development and is accelerating its international expansion through acquisitions [1][7]. - The company reported a revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, with a net profit of 1.958 billion yuan, also up by 5.33% [4][10]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares, which accounts for 58.51% of the net profit attributable to shareholders [4]. Financial Performance - The company achieved a gross margin of 94.64%, a decrease of 0.46 percentage points, and a net margin of 64.66%, an increase of 0.01 percentage points [6]. - The operating cash flow for the period was 1.927 billion yuan, down by 1.38% [6]. - The company’s revenue from gel products was 1.216 billion yuan, up by 5.01%, with a gross margin of 97.98%, an increase of 0.49 percentage points [5]. Product Development and Market Expansion - The company has three products in the registration application stage and three in clinical trials, indicating a robust product pipeline [5][7]. - The acquisition of an 85% stake in the South Korean medical aesthetics company Regen Biotech for 190 million USD is expected to enhance the company's product offerings and accelerate its international presence [7]. Market Data - As of March 21, 2025, the company's closing price was 190.10 yuan, with a total market capitalization of 57.523 billion yuan [3]. - The company’s earnings per share (EPS) for 2024 was reported at 6.50 yuan [4]. Future Projections - The projected EPS for 2025, 2026, and 2027 are 7.06 yuan, 7.93 yuan, and 8.66 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 26.9, 24.0, and 22.0 [7][10].