乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | 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 -18% -6 ...

乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | 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 -18% -6 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved an operating income of 27.199 billion yuan in 2024, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.637 billion yuan, up 38.11% year-on-year [1][6] - The company plans to distribute a cash dividend of 4.00 yuan per share (before tax) for the year [1] - The company’s investment income (including fair value changes) increased significantly by 99.11% year-on-year, contributing positively to overall performance [2][22] Summary by Relevant Sections Financial Performance - In 2024, the company reported a net profit of 9.637 billion yuan, with a basic earnings per share (EPS) of 1.15 yuan, reflecting a year-on-year increase of 38.55% [1][6] - The weighted average return on equity (ROE) was 7.44%, an increase of 1.78 percentage points year-on-year [1][6] Business Segments - The proportion of net income from investment banking and investment income increased, while the share from brokerage and asset management decreased [2][7] - The company’s brokerage business net income increased by 14.46% year-on-year, with a market share of 3.86% [2][10] - The investment banking segment saw a net income increase of 37.46% year-on-year, despite a decline in equity financing [2][12] Future Projections - The company expects EPS of 1.18 yuan and 1.24 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 16.96 yuan and 17.91 yuan [3][28] - The price-to-book (P/B) ratios are projected to be 0.90 and 0.86 for 2025 and 2026, respectively [3][28] Market Position - The company maintained its position as the third-largest in the industry for non-monetary public fund holdings and ranked in the top ten for both domestic equity and debt underwriting [3][28] - The company’s asset management business showed a total asset management scale of 253.5 billion yuan, a year-on-year increase of 23.87% [18][19]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by a decline in revenue and net profit due to oversupply in the photovoltaic industry, but the sales of new materials such as photosensitive dry film and aluminum-plastic film showed growth, partially offsetting the decline in photovoltaic business [10][13] - The company maintains a strong position in the photovoltaic film market with a global market share of around 50%, despite a decrease in sales price and revenue [10][11] - The company is expanding its overseas production capacity in Thailand and Vietnam to mitigate international trade risks and ensure sales in foreign markets [10] - The electronic materials and functional film materials business is expected to benefit from rapid growth in emerging fields such as electronic circuits and lithium battery materials, creating new growth opportunities [13] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 19.147 billion yuan, a decrease of 15.23% year-on-year, and a net profit attributable to shareholders of 1.308 billion yuan, down 29.33% year-on-year [7] - The gross profit margin for sales was 14.74%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 6.73%, a decrease of 1.46 percentage points year-on-year [10] - The operating cash flow significantly improved, with a net cash flow from operating activities of 4.389 billion yuan, a substantial increase compared to the previous year [10] Business Segments - The photovoltaic film segment saw a sales volume of 2.811 billion square meters, an increase of 24.98% year-on-year, but revenue decreased by 14.54% due to a drop in sales price [10] - The sales price of photovoltaic film was 6.23 yuan per square meter, down 31.62% year-on-year, while the unit cost was 5.31 yuan per square meter, down 31.71% year-on-year [10] - The photovoltaic backplane segment experienced a revenue decline of 54.26% year-on-year, with a sales volume decrease of 33.50% [11] Future Outlook - The company is expected to see net profits of 1.508 billion yuan, 1.811 billion yuan, and 2.119 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding diluted EPS of 0.58 yuan, 0.69 yuan, and 0.81 yuan [12][13] - The company is positioned to benefit from the recovery of the photovoltaic industry and the growth of its new materials business, which is anticipated to enter a phase of increased sales volume [13]

Investment Rating - The report maintains an "Accumulate" rating for China Unicom (600050) [1][3] Core Views - The company achieved a revenue of 389.59 billion yuan in 2024, representing a year-on-year growth of 4.56%, with a net profit attributable to shareholders of 9.03 billion yuan, up 10.49% year-on-year [4][11] - The company focuses on two main businesses: network communication and intelligent computing, with a steady improvement in profitability [9][11] - The company has effectively controlled costs while increasing R&D investment, with R&D expenses rising by 9.1% year-on-year [9][11] - The capital expenditure for 2024 was 61.37 billion yuan, a decrease of 17% year-on-year, with a significant optimization in investment structure [10][11] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion yuan, a year-on-year increase of 9.42%, and a net profit of 0.692 billion yuan, up 16.26% year-on-year [4] - The gross profit margin for 2024 was 23.42%, a decrease of 1.1 percentage points year-on-year [9] Business Segments - The network communication business accounted for 76% of service revenue, with a year-on-year growth of 1.5%, while the intelligent computing business represented 24% of service revenue, growing by 9.6% [9] - The number of mobile and broadband users reached 470 million, with a net increase of 19.52 million users [9] Future Outlook - The company expects to see significant growth in net profit, with projections of 9.797 billion yuan, 10.522 billion yuan, and 11.207 billion yuan for 2025, 2026, and 2027 respectively [11] - The company plans to reduce the capital expenditure-to-revenue ratio, which is expected to enhance performance release capabilities [11]

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a potential increase in stock price relative to the market index [1][4][7]. Core Insights - The company achieved an operating revenue of 182.069 billion yuan in 2024, representing a year-on-year growth of 3.38%. However, the net profit attributable to the parent company was 13.033 billion yuan, down 22.49% year-on-year [4][6]. - The first quarter of 2025 saw a decline in revenue to 43.068 billion yuan, a decrease of 6.70% year-on-year, with net profit dropping 25.87% to 3.082 billion yuan [4][6]. - The company is actively addressing global economic uncertainties by enhancing its global channel layout and improving operational efficiency through digital resource investments [4][6]. Summary by Sections Financial Performance - In 2024, the company reported a polyurethane sales volume of 5.64 million tons, up 15.34% year-on-year, and a petrochemical product sales volume of 5.47 million tons, up 15.89% year-on-year [4][6]. - The average prices for key products such as pure MDI and polymer MDI fell by 5.28% and rose by 8.18%, respectively, while TDI and soft foam polyether prices decreased by 20.09% and 9.55% [4][6]. - The overall gross margin for the year was 16.16%, down 0.61 percentage points from the previous year, primarily due to increased R&D expenses and significant impairment losses [4][6]. Future Outlook - The company has a robust pipeline of new projects, including the production of 200,000 tons of POE and 48,000 tons of citral, which are expected to contribute to future growth [4][6]. - Earnings per share (EPS) for 2025 and 2026 are projected to be 4.53 yuan and 5.73 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 12.42 and 9.82 based on the closing price of 56.26 yuan on April 15 [4][6].

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 ...