Investment Rating - The investment rating for the company is "Buy" (maintained) [2][30] Core Views - The company achieved a total revenue of 20.686 billion yuan in 2024, representing a year-on-year growth of 3.04%. The net profit attributable to shareholders was 3.354 billion yuan, with a slight increase of 0.45% year-on-year [7][8] - The fourth quarter showed significant recovery in defense orders, leading to a substantial increase in performance, with a quarterly revenue of 6.591 billion yuan, up 39.77% year-on-year, and a net profit of 841 million yuan, up 88.79% year-on-year [8][12] - The company is focusing on expanding its civil products and has made significant progress in various sectors, including defense, low-altitude economy, and new energy vehicles, which are expected to drive future growth [12][13] Financial Performance - The gross profit margin for 2024 was 36.61%, a decrease of 1.34 percentage points year-on-year, while the net profit margin was 17.15%, down 0.36 percentage points year-on-year [9] - The company maintained good cost control, with total expense ratios decreasing by 0.74 percentage points to 18.76% [9] - Revenue from the electrical connector segment was 16.21 billion yuan, up 4.58% year-on-year, while revenue from optical connectors and other optical devices was 2.842 billion yuan, down 9.7% [11] Business Segmentation - The electrical connector segment continues to dominate, accounting for 78.36% of total revenue, while the liquid cooling solutions segment saw a revenue increase of 14.44% to 1.634 billion yuan [11] - The company is enhancing its position as a preferred supplier in the defense sector and is expanding into high-end manufacturing in civil applications [12] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 24.389 billion yuan, 28.083 billion yuan, and 31.069 billion yuan, respectively, with corresponding net profits of 3.931 billion yuan, 4.681 billion yuan, and 5.291 billion yuan [13][14] - The company is expected to benefit from a recovery in defense demand and a positive industry trend, indicating a potential turning point in performance [13][12]

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -17% -11% -6% -1% 4% 9% 15% 20% 2024.04 2024.08 2024.11 2025.03 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,350.13 | 0.05 | | 深证成指 | | 10,513.12 | 0.09 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,884.39 | -0.08 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 3,715.68 | -0.26 | | 中证 | 500 | 5,899.09 | 0.11 | | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | 2000 | 7,8 ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 成长行业领涨 A 股小幅整理 ——市场分析 相关报告 《市场分析：医药电力行业领涨 A 股小幅上 行》 2025-04-01 《市场分析：防御行业领涨 A 股震荡整理》 2025-03-31 联系人： 李智 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10 号18 楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 04 月 02 日 投资要点： 《市场分析：汽车传媒行业领涨 A 股震荡整 固》 2025-03-28 ◼ A 股市场综述 周三（04 月 02 日）A 股市场冲高遇阻、小幅震荡整理，早盘股指低 开后震荡上行，盘中股指在 3361 点附近遭遇阻力，午后股指维持震 荡，盘中通信设备、机器人、互联网服务以及汽车零部件等行业表 现较好；贵金属、航天航空、采掘以及船舶制造等行业表现较弱， 沪指全天基本呈现小幅震荡整理的运行特征。创业板市场周三震荡 整理，创业板成分指数全天表现与主板市场基本同步。 ◼ 后 ...

| 收盘价(元) | 14.70 | | --- | --- | | 一年内最高/最低(元) | 18.47/8.07 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 2.53 | | 流通市值(亿元) | 78.87 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.80 | | 每股经营现金流(元) | 0.66 | | 毛利率(%) | 21.54 | | 净资产收益率_摊薄(%) | 9.88 | | 资产负债率(%) | 37.60 | | 总股本/流通股(万股) | 57,478.59/53,653.10 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 汽车零部件Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 收入业绩创新高，新能源与国际化打开增 长空间 ——飞龙股份(002536)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-01) -32% -19% -7% 6% 19% 31% 44% 57 ...

——飞龙股份(002536)年报点评 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 收入业绩创新高，新能源与国际化打开增 长空间 汽车零部件Ⅱ 联系人：李智 | | | | | | 证券研究报告-年报点评 买入(首次) 相关报告 个股相对沪深 300 指数表现 -32% -19% -7% 6% 19% 31% 44% 57% 2024.04 2024.08 2024.11 2025.03 飞龙股份 沪深300 资料来源：中原证券研究所，聚源 市场数据(2025-04-01) | 收盘价(元) | 14.70 | | --- | --- | | 一年内最高/最低(元) | 18.47/8.07 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 2.53 | | 流通市值(亿元) | 78.87 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.80 | | 每股经营现金流(元) | 0.66 | | 毛利率(%) | 21.54 | | 净资产收益率_摊薄(%) | 9.88 | | ...

其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-01) | 收盘价(元) | 40.85 | | --- | --- | | 一年内最高/最低(元) | 54.10/27.15 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 1.57 | | 流通市值(亿元) | 206.36 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 26.00 | | 每股经营现金流(元) | 3.15 | | 毛利率(%) | 12.38 | | 净资产收益率_摊薄(%) | 3.58 | | 资产负债率(%) | 20.03 | | 总股本/流通股(万股) | 50,650.08/50,516.07 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -36% -27% -18% -9% 1% 10% 19% 28% 2024.04 2024.08 2024.11 2025.03 当升科技 沪深300 资料来源：中原证券研究所 地址： 上海浦东新区 ...

Investment Rating - The report maintains a "Buy" rating for China Telecom, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [10][18]. Core Insights - China Telecom's revenue for 2024 reached 523.57 billion yuan, a year-on-year increase of 3.1%, with a net profit of 33.01 billion yuan, up 8.4% year-on-year [5]. - The company is experiencing steady growth in its core business and digital services, with a significant focus on enhancing its cloud services through the Tianyi Cloud platform [10]. - The company plans to distribute a total dividend of 0.2598 yuan per share for 2024, representing 72% of its net profit attributable to shareholders, with an aim to increase this to over 75% in the next three years [10]. Summary by Sections Financial Performance - In Q4 2024, China Telecom achieved a revenue of 131.60 billion yuan, reflecting a 3.84% year-on-year growth, and a net profit of 3.71 billion yuan, which is an 11.01% increase year-on-year [5]. - The mobile communication service revenue for 2024 was 202.5 billion yuan, up 3.5% year-on-year, with mobile value-added services growing by 16.1% [8]. Business Segments - The digital services segment generated 146.6 billion yuan in revenue, a 5.5% increase, with Tianyi Cloud revenue reaching 113.9 billion yuan, up 17.1% [8]. - The company is enhancing its AI capabilities and has launched various innovative products, including AI cameras and cloud computers, to maintain a competitive edge [8]. Cost Management and Capital Expenditure - Operating costs for 2024 were 373.5 billion yuan, a 3.3% increase, with a focus on improving service quality and investing in strategic emerging businesses [10]. - Capital expenditure for 2024 was 93.5 billion yuan, down 5.4% year-on-year, with a projected decrease to 83.6 billion yuan in 2025 [10][9]. Future Projections - The report forecasts net profits of 35.62 billion yuan, 38.19 billion yuan, and 40.80 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20.06X, 18.71X, and 17.52X [10].

专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 矿山机械持续拓展海外市场，特种机器人 培育第二曲线 ——中信重工(601608)2024 年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-01) | 收盘价(元) | 4.71 | | --- | --- | | 一年内最高/最低(元) | 6.11/3.34 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 2.39 | | 流通市值(亿元) | 214.33 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 1.97 | | 每股经营现金流(元) | 0.18 | | 毛利率(%) | 22.68 | | 净资产收益率_摊薄(%) | 4.14 | | 资产负债率(%) | 53.05 | | 总股本/流通股(万股) | 457,955.34/455,056.7 | | | 9 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 -24% -15% -6% 3% 12% 21% 3 ...

专用机械 分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com021-50586775 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 -24% -15% -6% 3% 12% 21% 30% 39% 2024.04 2024.08 2024.11 2025.03 中信重工 沪深300 资料来源：中原证券研究所，聚源 相关报告 《中信重工(601608)季报点评：三季报扣非净 利润稳健增长，矿山机械海外订货创新高》 2024-11-11 矿山机械持续拓展海外市场，特种机器人 培育第二曲线 ——中信重工(601608)2024 年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-01) | 收盘价(元) | 4.71 | | --- | --- | | 一年内最高/最低(元) | 6.11/3.34 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 2.39 | | 流通市值(亿元) | 214.33 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 1.97 | | 每股经营 ...

其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-01) | 收盘价(元) | 40.85 | | --- | --- | | 一年内最高/最低(元) | 54.10/27.15 | | 沪深 300 指数 | 3,887.68 | | 市净率(倍) | 1.57 | | 流通市值(亿元) | 206.36 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 26.00 | | 每股经营现金流(元) | 3.15 | | 毛利率(%) | 12.38 | | 净资产收益率_摊薄(%) | 3.58 | | 资产负债率(%) | 20.03 | | 总股本/流通股(万股) | 50,650.08/50,516.07 | | B 股/H 股(万股) | 0.00/0.00 | ——当升科技(300073)年报点评 个股相对沪深 300 指数表现 -36% -27% -18% -9% 1% 10% 19% 28% 2024.04 2024.08 2024.11 2025.03 当升科技 沪深300 资料来源 ...