分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -14% -8% -3% 3% 8% 14% 19% 24% 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 | 3,276.73 | -0.11 | | 深证成指 | 9,781.65 | 0.23 | | 创业板指 | 2,022.77 | -0.47 | | 沪深 300 | 3,772.52 | 0.01 | | 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 | 3,611.88 | 0.00 | | 中证 500 | 5,560.72 | 0.07 | | 中证 1000 | 6,116.76 | 0.33 | | 国证 2000 | 7,801.23 | 0.58 | | 资料来源：聚源，中原证券研究所 | ...

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase in stock price relative to the market index [5][6][25]. Core Insights - The company achieved a revenue of 7.718 billion yuan in 2024, representing an 8.42% year-on-year increase, and a net profit attributable to shareholders of 2.207 billion yuan, up 2.55% year-on-year [4][8]. - The report highlights a significant growth in the brokerage and asset management business, with net income from brokerage services increasing by 23.27% year-on-year [5][12]. - The company has successfully increased its market share in the securities trading business, reaching a market share of 3.09%, the highest in five years [12][25]. - The report anticipates earnings per share (EPS) of 0.28 yuan and 0.31 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 6.14 yuan and 6.40 yuan [6][25]. Summary by Sections Financial Performance - In 2024, the company reported total assets of 255.628 billion yuan and a return on equity (ROE) of 4.72% [4][8]. - The company plans to distribute a dividend of 0.583 yuan per share, which represents 40.02% of the net profit attributable to shareholders [8][25]. Business Segments - The brokerage business saw a substantial increase in net income, with a total of 4.036 billion yuan, while investment banking revenue decreased by 16.59% [5][14]. - The asset management segment reported a net income of 2.38 billion yuan, reflecting a 31.49% increase year-on-year [19][25]. - The company’s proprietary trading achieved absolute returns, although overall investment income decreased by 13.91% [20][25]. Market Position - The company’s margin financing and securities lending balance reached a historical high of 40.403 billion yuan, marking a 30.78% increase year-on-year [23][25]. - The report notes that the company has been actively disposing of inefficient assets, enhancing operational efficiency [6][25].

分析师：李济生 登记编码：S0730522100002 lijs@ccnew.com 分析师：郑婷 登记编码：S0730524110001 zhengting@ccnew.com 相关报告 《河南资本市场月报（2025 年第 2 期）》 2025-3-28 《河南资本市场月报（2025 年第 1 期）》 2025-2-27 联系人：李智 电话： 0371-65585629 河南资本市场月报 （2025 年第 3 期） 证券研究报告 发布日期：2025 年 4 月 18 日 投资要点： 风险提示：美国加征关税对全球贸易系统带来的不确定性风险；经济增 长和业绩不及预期；市场流动性风险。 本报告版权属于中原证券研究所股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1页/共 16页 | 图 | 1 | ：2025 | | | | 年全国各月信用债发行规模 | 7 | | --- | --- | --- | --- | --- | --- | --- | --- | | 图 | 2 | ：2025 | | | | 年河南各月信用债发行规模和占比 | 7 | | 图 | 3 | ：2025 | 年 ...

证券Ⅱ zhangyang-yjs@ccnew.com 021-50586627 财富管理份额持续提升，归母净利实现连续增长 ——方正证券(601901)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 7.39 | | --- | --- | | 一年内最高/最低(元) | 10.27/6.68 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 1.26 | | 总市值(亿元) | 608.35 | | 流通市值(亿元) | 608.35 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.85 | | 总资产(亿元) | 2,556.28 | | 所有者权益(亿元) | 481.80 | | --- | --- | | 净资产收益率(%) | 4.72 | | 总股本(亿股) | 82.32 | | H 股(亿股) | 0.00 | 个股相对沪深 300 指数表现 资料来源：聚源、中原证券研究所 -13% -7% 0% 7% 13% 20% 27% 33% 2024.04 2024.08 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [32]. Core Insights - The company achieved a total revenue of 77.77 billion yuan in 2024, representing a year-on-year growth of 6.22%, and a net profit attributable to shareholders of 5.98 billion yuan, up 31.98% year-on-year [7][8]. - The company's strategic focus on "globalization, digitalization, and low-carbonization" has yielded significant results, with international business revenue reaching 48.51 billion yuan, a 12.15% increase, and accounting for 63.98% of total revenue [10][15]. - The company plans to distribute a cash dividend of 3.6 yuan per 10 shares to all shareholders [7]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 78.38 billion yuan, a 5.9% increase year-on-year, and a net profit of 5.98 billion yuan, which is a 31.98% increase [8][17]. - The operating cash flow significantly improved, reaching 14.81 billion yuan, a 159.53% increase year-on-year [8]. Business Segments - Excavation machinery sales reached 30.37 billion yuan, up 9.91% year-on-year, maintaining the top sales position in the domestic market for 14 consecutive years [11]. - Concrete machinery sales were 14.37 billion yuan, down 6.18% year-on-year, but the electric mixer truck maintained the highest market share domestically [11]. - Lifting machinery sales were 13.12 billion yuan, up 0.89% year-on-year, with a significant increase in global market share [11]. - Road machinery sales increased by 20.75% to 3.00 billion yuan, with overseas growth exceeding 35% [11]. Strategic Initiatives - The company has made substantial progress in its "globalization, digitalization, and low-carbonization" strategy, with significant advancements in smart manufacturing and leading positions in various new energy products [10][12]. - The company has established a robust international market presence, with over 400 overseas subsidiaries and a sales network covering more than 150 countries [15]. Future Outlook - The company is expected to benefit from the recovery of the domestic construction machinery market, driven by infrastructure investment and urbanization, with projected revenues of 90.83 billion yuan, 104.62 billion yuan, and 119.62 billion yuan for 2025, 2026, and 2027 respectively [16][17].

Investment Rating - The industry is rated as "outperforming the market," indicating an expected increase of over 10% relative to the CSI 300 index within the next six months [17]. Core Viewpoints - The A-share market experienced a slight fluctuation with a low opening and subsequent recovery, supported around 3262 points, with strong performances in communication equipment, consumer electronics, real estate, and securities sectors [2][3]. - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are currently at 13.95 times and 33.95 times, respectively, which are at the median levels over the past three years, suggesting a favorable environment for medium to long-term investments [3][16]. - The market is expected to transition from expectation-driven to fundamental verification as April is a peak period for annual and quarterly report disclosures [3][16]. - Future market trends are anticipated to be characterized by technology leadership, defensive dividends, consumer recovery, and domestic demand-driven growth [3][16]. Summary by Sections A-share Market Overview - On April 18, the A-share market showed a pattern of initial decline followed by recovery, with the Shanghai Composite Index closing at 3276.73 points, down 0.11%, while the ChiNext Index rose by 0.27% [8][9]. - The total trading volume for both markets was 949.3 billion yuan, which is above the median of the past three years [3][16]. Future Market Outlook and Investment Recommendations - The report suggests that the market will likely remain in a range-bound fluctuation in the short term, but structural opportunities will be supported by policy backing and economic resilience [3][16]. - Investors are advised to focus on structural opportunities while balancing defensive and growth strategies, with particular attention to sectors such as communication equipment, consumer electronics, energy metals, and gaming for short-term investment opportunities [3][16].

分析师：乔琪 登记编码：S0730520090001 传媒 qiaoqi@ccnew.com 021-50586985 业绩迎来回暖，政策护航业务增长 ——风语筑(603466)年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2025-04-17) | 收盘价(元) | 9.48 | | --- | --- | | 一年内最高/最低(元) | 12.80/6.58 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.55 | | 流通市值(亿元) | 56.39 | | 基础数据(2025-03-31) | | 《风语筑(603466)年报点评：在手订单规模充 沛，项目周期影响 Q1 业绩》 2024-04-30 联系人：李智 公司 2024 年营业收入 13.76 亿元，同比减少 41.44%，归母净利润-1.35 亿元，同 比减少 147.97%，扣非后归母净利润-1.16 亿元，同比减少 154.25%。2025 年第 一季度营业收入 3.82 亿元，同比增加 29.81%，归母净利润 4027.44 万元，上年 同期为-1501.39 万元，扣非后归母净利润 39 ...

专用机械 分析师：唐俊男 登记编码：S0730519050003 tangjn@ccnew.com 021-50586738 矿用装备和新能源环卫装备表现突出，较 大分红力度强化股东回报 ——宇通重工(600817)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-17) | 收盘价(元) | 10.64 | | --- | --- | | 一年内最高/最低(元) | 14.25/7.85 | | 沪深 300 指数 | 3,772.22 | | 市净率(倍) | 2.34 | | 流通市值(亿元) | 56.10 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 4.54 | | 每股经营现金流(元) | 1.06 | | 毛利率(%) | 21.56 | | 净资产收益率_摊薄(%) | 9.32 | | 资产负债率(%) | 44.37 | | 总股本/流通股(万股) | 53,684.94/52,724.93 | | 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 相关报告 -12% ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [32]. Core Views - The company achieved a total operating revenue of 783.83 billion yuan in 2024, representing a year-on-year growth of 5.9%, and a net profit attributable to shareholders of 59.75 billion yuan, up 31.98% year-on-year [7][8]. - The company's strategic focus on "globalization, digitalization, and low-carbonization" has yielded significant results, with international business revenue reaching 485.13 billion yuan, a 12.15% increase, and accounting for 63.98% of total revenue [10][15]. - The report highlights a recovery in the excavator sales, with a 22.8% year-on-year increase in the first quarter of 2025, indicating a new cycle of equipment updates in the construction machinery industry [14]. Summary by Sections Financial Performance - In 2024, the company reported a gross profit margin of 26.43%, a slight decrease of 1.28 percentage points year-on-year, while the net profit margin improved to 7.83%, an increase of 1.54 percentage points [13]. - The operating cash flow for 2024 was 148.14 billion yuan, showing a substantial increase of 159.53% compared to the previous year [8]. Business Segments - Excavation machinery sales reached 303.74 billion yuan, up 9.91% year-on-year, maintaining the top position in the domestic market for 14 consecutive years [11]. - Concrete machinery sales were 143.68 billion yuan, down 6.18%, but the company remains the global leader in this segment [11]. - The road machinery segment saw sales of 30.01 billion yuan, with a growth of 20.75%, particularly strong in overseas markets [11]. Strategic Initiatives - The company has established a robust international market presence with over 400 overseas subsidiaries and partnerships, achieving significant revenue growth in various regions [15]. - The focus on low-carbon products has led to a 23% increase in revenue from new energy products, totaling 40.25 billion yuan in 2024 [10]. Future Outlook - Revenue projections for 2025 to 2027 are estimated at 908.25 billion yuan, 1,046.16 billion yuan, and 1,196.23 billion yuan, respectively, with corresponding net profits expected to be 81.97 billion yuan, 100.77 billion yuan, and 120.71 billion yuan [16].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [18]. Core Views - The company reported a slight decline in revenue and profitability for 2024, with total revenue of 483 million yuan, down 0.32% year-on-year, and a net profit of 107 million yuan, down 19.82% year-on-year [5]. - Despite the short-term pressure on performance, the company is expected to benefit from a recovery in downstream demand, particularly in the engineering machinery sector, which has shown signs of improvement [5][7]. - The company is actively innovating and expanding into new business areas, such as oil drilling hoses, which are anticipated to provide significant growth potential in the future [5]. Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 43.26%, a decrease of 4.58 percentage points year-on-year, and a net profit margin of 22.16%, down 5.39 percentage points year-on-year [5]. - The main revenue sources were the assembly hoses and associated fittings, generating 220 million yuan and 137 million yuan, respectively, with year-on-year growth of 2.85% and a decline of 7.85% [5]. - The company’s earnings per share (EPS) for 2024 was 0.84 yuan, with projections of 0.99 yuan and 1.16 yuan for 2025 and 2026, respectively [5]. Market Outlook - The engineering machinery sector is expected to continue its recovery, with excavator sales in China increasing by 27.2% year-on-year in early 2025 [5][7]. - The company is focusing on high-end products and technological innovations, which are likely to enhance its competitive position in the market [5]. Growth Potential - The company is making strides in new business areas, particularly in oil drilling hoses, with successful product innovations and custom designs that meet client needs [5]. - The report highlights the company's commitment to continuous product improvement and innovation, which is expected to drive future growth [5].