其他化学制品Ⅱ 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 2024 年产销增长经营稳健，新项目保障 长期发展 ——万华化学(600309)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 56.26 | | --- | --- | | 一年内最高/最低(元) | 93.75/56.26 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.80 | | 流通市值(亿元) | 1,766.42 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 31.31 | | 每股经营现金流(元) | 0.19 | | 毛利率(%) | 15.70 | | 净资产收益率_摊薄(%) | 3.14 | | 资产负债率(%) | 66.15 | | 总股本/流通股(万股) | 313,974.66/313,974.6 | | | 6 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 -34% -26% -18% -10% ...

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -15% -9% -4% 1% 7% 12% 17% 23% 2024.04 2024.08 2024.12 2025.04 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 | | 3,267.66 | 0.15 | | 深证成指 | | 9,858.10 | -0.27 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 3,761.23 | 0.06 | | 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 | 3,600.68 | -0.03 | | 中证 | 500 | 5,602.53 | -0.44 | | 中证 | 1000 | ...

证券研究报告-年报点评 增持(首次) 市场数据(2025-04-15) 其他化学制品Ⅱ 分析师：牟国洪 登记编码：S0730513030002 | 收盘价(元) | 17.21 | | --- | --- | | 一年内最高/最低(元) | 25.01/12.96 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 2.56 | | 流通市值(亿元) | 238.34 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.72 | | 每股经营现金流(元) | 0.46 | | 毛利率(%) | 18.89 | | 净资产收益率_摊薄(%) | 3.69 | | 资产负债率(%) | 44.37 | | 总股本/流通股(万股) | 191,434.41/138,490.4 | | | 5 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 -41% -32% -23% -15% -6% 3% 12% 21% 2024.04 2024.08 2024.12 2025.04 天赐材料 沪深300 资料来源：中原证券研究所 相 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [14]. Core Insights - The company reported a revenue of 15.839 billion yuan for 2024, representing a year-on-year increase of 40.63%, with a net profit attributable to the parent company of 3.327 billion yuan, up 74.48% year-on-year [6][10]. - The energy drink segment continues to drive growth, contributing 13.304 billion yuan in revenue, a 28.49% increase, and accounting for 92.03% of total revenue [8]. - The company has seen a significant increase in cash received from sales in Q4, with a year-on-year growth of 74.4%, suggesting strong sales momentum into Q1 2025 [8]. - The company’s gross profit margin improved by 1.74 percentage points to 44.81%, while the net profit margin rose to 21%, an increase of 2.89 percentage points year-on-year [9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 15.839 billion yuan, with a growth rate of 40.63% compared to 2023 [10]. - The net profit for 2024 was 3.327 billion yuan, reflecting a growth rate of 63.09% [10]. - Earnings per share (EPS) for 2024 was reported at 6.40 yuan [10]. Market Position - The company’s market share in the energy drink sector increased from 43.0% in 2023 to 47.9% in 2024, indicating a strong competitive position [9]. - The company’s sales volume reached 4.2165 million tons in 2024, a 47.58% increase from the previous year, with significant contributions from key regions [8]. Future Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 8.20 yuan, 10.10 yuan, and 12.91 yuan respectively, with corresponding price-to-earnings ratios of 32.61, 26.50, and 20.72 [9][10].

市场数据(2025-04-15) | 收盘价(元) | 17.21 | | --- | --- | | 一年内最高/最低(元) | 25.01/12.96 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 2.56 | | 流通市值(亿元) | 238.34 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 6.72 | | 每股经营现金流(元) | 0.46 | | 毛利率(%) | 18.89 | | 净资产收益率_摊薄(%) | 3.69 | | 资产负债率(%) | 44.37 | | 总股本/流通股(万股) | 191,434.41/138,490.4 | | | 5 | | B 股/H 股(万股) | 0.00/0.00 | 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(首次) ——天赐材料(002709)年报点评 发布日期：2025 年 04 月 16 日 事件：4 月 14 日，公司公布 2024 年年度报告。 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [2][14]. Core Insights - The company reported a revenue of 15.839 billion yuan for 2024, representing a year-on-year increase of 40.63%, with a net profit attributable to the parent company of 3.327 billion yuan, up 74.48% year-on-year [6][10]. - The energy drink segment continues to drive growth, with revenue of 13.304 billion yuan, a year-on-year increase of 28.49%, accounting for 92.03% of total revenue [8][9]. - The company has seen a significant increase in cash received from sales in Q4, with a year-on-year growth of 74.4%, indicating strong sales momentum into Q1 2025 [8]. - The company's sales volume reached 4.2165 million tons in 2024, a 47.58% increase from 2023, with key regions like Guangdong and Guangxi contributing significantly to sales [8][9]. - The gross profit margin improved by 1.74 percentage points to 44.81%, while the net profit margin rose to 21%, an increase of 2.89 percentage points year-on-year [9]. Financial Summary - The company forecasts earnings per share (EPS) of 8.20 yuan, 10.10 yuan, and 12.91 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 32.61, 26.50, and 20.72 [9][10]. - The projected revenue growth rates for the next few years are 29.00% for 2025, 24.00% for 2026, and 22.00% for 2027 [10].

Investment Rating - The report maintains an "Accumulate" investment rating for Guotai Junan Securities [1] Core Views - The company achieved a revenue of 43.397 billion yuan in 2024, representing a year-on-year increase of 20.08%, and a net profit attributable to shareholders of 13.024 billion yuan, up 38.94% year-on-year [4][7] - The report highlights strong performance across multiple business segments, with retail and institutional brokerage businesses showing comprehensive growth, while investment income (including fair value changes) saw a significant increase of 58.60% year-on-year [5][26] - The company is expected to maintain a leading position in the securities brokerage industry, with a projected EPS of 1.44 yuan and 1.50 yuan for 2025 and 2026, respectively [5][38] Summary by Sections Financial Performance - In 2024, the company reported a basic EPS of 1.39 yuan, a 41.84% increase year-on-year, and a return on equity (ROE) of 8.14%, up 2.12 percentage points from the previous year [4][7] - The total assets reached 1,047.745 billion yuan, with total equity of 170.775 billion yuan [4][7] Business Segments - Brokerage business net income increased by 15.51% year-on-year, with a total of 7.843 billion yuan [11] - The investment banking segment saw a decline in net income by 20.77%, but the company maintained its market share and ranking [17] - Asset management business net income decreased by 4.98%, while the total asset management scale grew by 6.5% [21][22] International Business - The international business segment reported a revenue increase of 34.49% year-on-year, with significant growth in asset management and investment banking services [37] Future Projections - The company expects to achieve revenues of 44.615 billion yuan and 46.767 billion yuan in 2025 and 2026, respectively, with corresponding net profits of 13.428 billion yuan and 14.040 billion yuan [5][41]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 银行消费行业领涨 A 股小幅上行 ——市场分析 相关报告 《市场分析：汽车消费行业领涨 A 股震荡上 行》 2025-04-14 《市场分析：成长行业领涨 A 股震荡上扬》 2025-04-11 《市场分析：外盘反弹提振 A 股持续上行》 2025-04-10 联系人： 李智 电话： 0371-65585629 证券研究报告-市场分析 发布日期：2025 年 04 月 15 日 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 投资要点： ◼ A 股市场综述 周二（04 月 15 日）A 股市场先抑后扬、小幅震荡上行，早盘股指低 开后震荡回落，盘中股指在 3246 点附近获得支撑，随后股指维持震 荡，盘中消费、银行、游戏以及文化传媒等行业表现较好；船舶制 造、航运港口、房地产服务以及采掘等行业表现较弱，沪指全天基 本呈现小幅震荡整理的运行特征。创业板市场周二震荡回落，创业 板成分指数全天表现弱于主板市场。 ◼ 后市研判及投资建议 ...

zhangyang-yjs@ccnew.com 021-50586627 多项业务表现优异，净利增幅释放弹性 ——国泰海通(601211)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-14) | 收盘价(元) | 16.69 | | --- | --- | | 一年内最高/最低(元) | 21.50/13.16 | | 沪深 300 指数 | 3,759.14 | | 市净率(倍) | 0.95 | | 总市值(亿元) | 2,942.40 | | 流通市值(亿元) | 2,832.62 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 17.50 | | 总资产(亿元) | 10,477.45 | | 所有者权益(亿元) | 1,707.75 | | 净资产收益率(%) | 8.14 | 个股相对沪深 300 指数表现 证券Ⅱ 风险提示：1.权益及固收市场环境转弱导致公司业绩出现下滑；2.市 场波动风险；3.资本市场改革的政策效果不及预期 | | 2023A | 2024A | 2025E | 2026E | | --- | --- | -- ...

分析师：陈拓 登记编码：S0730522100003 chentuo@ccnew.com 环保及公用事业 污水处理收入占比持续提升，带动净利润 逆势增长 ——中原环保(000544)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-14) | 收盘价(元) | 8.08 | | --- | --- | | 一年内最高/最低(元) | 9.69/6.74 | | 沪深 300 指数 | 3,759.14 | | 市净率(倍) | 0.94 | | 流通市值(亿元) | 78.75 | | 基础数据(2024-12-31) | | 每股净资产(元) 8.55 每股经营现金流(元) -0.63 毛利率(%) 44.31 净资产收益率_摊薄(%) 10.49 资产负债率(%) 73.22 总股本/流通股(万股) 97,468.45/97,468.45 B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 -11% -4% 4% 11% 19% 26% 34% 41% 2024.04 2024.08 2024.12 2025.04 中原环保 ...