财务费用压降显著，25 年 Q1 增速亮眼 事件 近期，公司发布 2024 年年度报告以及 2025 年一季报。 2024 年公司实现营业收入 844.9 亿元，同比增长 8.1%；实现归母净利润 324.96 亿元，同比增长 19.28%； 2025 年 Q1 公司实现营业收入 170.15 亿元，同比增长 8.7%；实现归母净利 润 51.81 亿元，同比增长 30.56%。 公司报告 | 年报点评报告 长江电力（600900） 证券研究报告 2024 年：财务费用压降+投资收益增长带动利润增速高于电量增速 2025 年 Q1：财务费用持续压降带动业绩增长 年度分红金额稳步增长 公司 2024 年分红预案拟派发现金股利 0.943 元/股，相较于 2023 年度分红 提升 0.123 元/股，共分派现金股利 230.7 亿元，占全年归母净利润的 71%。 按照 2025 年 4 月 30 日收盘价计算，对应股息率 3.2%。 盈利预测与估值：由于来水具有一定不确定性，调整盈利预期，我们预计 2025-2027 年公司可实现归母净利润 343.3/361.8/376.8 亿元（25/26 年前 值 358. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company's net profit for Q1 exceeded expectations, driven by the accelerated growth of its high-end brand "Wuji" [5][6]. - The company is expected to achieve a revenue of 16.82 billion yuan in 2024, representing a year-on-year growth of 28.74%, and a net profit of 1.12 billion yuan, up 92.19% year-on-year [6][5]. - The report highlights the strong performance of the "Wuji" brand, which saw a revenue increase of 111.43% in 2024, with significant contributions from both domestic and international markets [3][5]. Financial Performance Summary - For 2024, the company is projected to achieve a gross margin of 17.59%, a net profit margin of 6.67%, and a non-recurring net profit margin of 6.51% [5]. - The company reported a single-quarter revenue of 46.04 billion yuan in Q4 2024, a year-on-year increase of 24.35%, but a significant decline in net profit [2]. - The first quarter of 2025 is expected to show a revenue of 46.46 billion yuan, reflecting a year-on-year growth of 40.98% and a net profit of 5.07 billion yuan, up 96.79% year-on-year [2]. Brand and Market Development - The "Wuji" brand has established itself as a leading high-end motorcycle brand in China, with plans to deepen its presence in the European market and expand into Latin America and Southeast Asia [3][4]. - The company has launched new products that have gained significant market traction, including the SR250GT and CU525, which have redefined their respective market segments [3]. - The all-terrain vehicle (ATV) segment is also showing promising growth, with sales revenue reaching 403 million yuan in 2024, a year-on-year increase of 73.85% [4]. Profit Forecast - The profit forecast for the company has been adjusted upwards, with expected net profits of 1.80 billion yuan, 2.11 billion yuan, and 2.42 billion yuan for 2025, 2026, and 2027 respectively [5][6].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4][15]. Core Views - The company reported a significant reduction in financial expenses and an increase in investment income, leading to profit growth that outpaced electricity sales growth [2][3]. - In Q1 2025, the company achieved a revenue of 17.015 billion yuan, representing a year-on-year growth of 8.7%, and a net profit of 5.181 billion yuan, reflecting a year-on-year increase of 30.56% [1][3]. Financial Performance Summary - For 2024, the company achieved an operating revenue of 84.49 billion yuan, a year-on-year increase of 8.1%, and a net profit attributable to the parent company of 32.496 billion yuan, up 19.28% [1][3]. - The company plans to distribute a cash dividend of 0.943 yuan per share for 2024, which is an increase of 0.123 yuan per share compared to 2023, totaling 23.07 billion yuan, accounting for 71% of the annual net profit [3]. - The company expects to achieve net profits of 34.33 billion yuan, 36.18 billion yuan, and 37.68 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21, 20, and 19.2 [3][9]. Revenue and Profit Growth - The company’s revenue growth rates are projected to be 1.82%, 1.77%, and 1.27% for 2025, 2026, and 2027 respectively, while net profit growth rates are expected to be 5.64%, 5.39%, and 4.14% for the same years [3][10]. - The company’s EBITDA for 2024 is projected to be 71.38 billion yuan, with a slight decrease expected in the following years [3][10]. Market Position and Valuation - The company has a total market capitalization of approximately 721.81 billion yuan, with a P/B ratio of 3.43 and an EV/EBITDA ratio of 14.23 for 2024 [5][10]. - The company’s earnings per share (EPS) are projected to be 1.40 yuan for 2025, with a corresponding P/E ratio of 21.03 [3][10].

金融工程 证券研究报告 金融工程 | 金工定期报告 2025 年 05 月 06 日 作者 吴先兴 分析师 SAC 执业证书编号：S1110516120001 wuxianxing@tfzq.com 王鹏飞 联系人 wangpengfeib@tfzq.com 相关报告 1 《金融工程：金融工程-量化择时周 报：突破压力位前保持中性》 2025-05-05 2 《金融工程：金融工程-基金风格配 置监控周报：上周偏股混合型基金显著 下调小盘股票仓位》 2025-05-05 3 《金融工程：金融工程-因子跟踪周 报 ： Beta 、换手率因子表现较好 -20250504》 2025-05-04 大模型总结和解读行业研报（2025W18） 最新 DeepSeek-V3 大模型总结分析师行业报告 在当前市场中，分析师报告数量众多，以行业报告为例，每周通常有超过 500 篇的报告。而阅读这些报告通常要花费大量的时间和成本。针对这一 需求，我们利用升级之后的 DeepSeek-V3-0324 大模型，对分析师行业报 告进行智能总结和整合，提炼出核心观点和关键信息，以供投资者参考。 最新行业研报文本景气度 我们对 2025 ...

证券研究报告 | 2025 年 05 月 06 日 $$\overline{{{\prod_{\mathrm{DE}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup\mathrm{bd}}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|五一假期大事与大类资产梳理——十五五计划正在酝酿中》 1、中共中央政治局再度就人工智能进行集体学习。中共中央总书记习近 平在主持学习时强调，面对新一代人工智能技术快速演进的新形势，要充 分发挥新型举国体制优势，坚持自立自强，突出应用导向，推动我国人工 智能朝着有益、安全、公平方向健康有序发展。2、美国今年第一季度经 济萎缩 0.3%。美国商务部当地时间 4 月 30 日公布的首次预估数据显示， 今年第一季度美国实际国内生产总值(GDP)按年率计算萎缩 0.3%，是自 2022 年第一季度以来首次出现下滑。3、大类资产轮动展望：政治局会议 定调强化底线思维，充分备足预案，根据形势变化及时推出增量储备政策， 加强 ...

Investment Rating - The industry investment rating is "Neutral" with an expected industry index increase of -5% to 5% relative to the CSI 300 index over the next six months [22]. Core Insights - The market is currently in a downtrend, with a focus on when the profit effect will turn positive. The current profit effect is around -1% [2][10]. - The report suggests maintaining a neutral position until the 30-day moving average of the wind All A index is breached, considering the low valuation levels [4][10]. - The industry configuration model recommends focusing on "dilemma reversal" sectors, particularly in healthcare and consumer sectors related to export chains such as light industry and home appliances [3][10]. - The TWO BETA model continues to recommend the technology sector, emphasizing domestic substitution in the fields of information technology and AI chips [3][10]. - Despite a significant drop on Friday, the banking sector, which is still in an upward trend, remains worthy of attention [3][10]. Summary by Sections Market Overview - The wind All A index is currently in a downtrend, with the 20-day moving average at 4908 and the 120-day moving average at 5092.8, indicating a distance of -3.63% [2][9]. - The market's current environment is characterized by uncertainty due to upcoming Federal Reserve meetings and the release of April import and export data [4][10]. Valuation Metrics - The overall PE ratio of the wind All A index is around the 50th percentile, indicating a medium level, while the PB ratio is around the 20th percentile, indicating a relatively low level [3][10]. Positioning Recommendations - The report advises a 50% allocation in absolute return products based on the wind All A index as the main stock allocation [3][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [6]. Core Views - The company has shown robust performance in both domestic and international sales, with a notable increase in dividends, reflecting strong cash flow management [2]. - In Q1 2025, the company reported revenues of 4.914 billion yuan, a year-on-year increase of 13.0%, and a net profit of 519 million yuan, up 23.5% year-on-year [1]. - The company is undergoing significant organizational changes and strategic adjustments to enhance operational efficiency and adapt to market pressures [1]. Financial Performance Summary - For 2024, the company expects revenues of 18.48 billion yuan, a decrease of 3.8% year-on-year, with a net profit of 1.417 billion yuan, down 29.4% year-on-year [1]. - The gross margin for 2024 is projected at 32.72%, a slight decrease of 0.1 percentage points, while the net profit margin is expected to be 7.67%, down 2.8 percentage points [1]. - The company plans to distribute dividends of 1.13 billion yuan in 2024, increasing the payout ratio to 80% [2]. Product Segment Analysis - Sofa sales reached 10.204 billion yuan in 2024, growing by 9.1%, with a gross margin of 35.37% [3]. - Custom furniture revenue was 992 million yuan, up 12.7%, with a gross margin of 28.12% [3]. - Bedroom products and integrated products saw declines in revenue, with bedroom products down 20.8% and integrated products down 19.5% [3]. Domestic Sales Insights - Domestic sales revenue for 2024 is expected to be 9.361 billion yuan, a decrease of 14.4% year-on-year, with a gross margin of 37.03% [4]. - The company is focusing on product differentiation and enhancing its product matrix to improve market competitiveness [4]. - E-commerce strategies have shown positive results, contributing to growth in retail sales [4]. International Sales Insights - International sales revenue for 2024 is projected at 8.367 billion yuan, an increase of 11.3% year-on-year, with a gross margin of 27.15% [5]. - The company has established stable partnerships with key clients and expanded its presence in various international markets, achieving significant growth [5]. - The management of the U.S. mattress factory is improving, and the company is aggressively pursuing non-U.S. markets [5]. Profit Forecast Adjustments - The profit forecast has been adjusted, with expected net profits for 2025, 2026, and 2027 at 1.871 billion yuan, 2.041 billion yuan, and 2.217 billion yuan respectively [9]. - The company is expected to maintain a price-to-earnings ratio of 11X for 2025, reflecting a positive outlook for future earnings growth [9].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a strong Q1 2025 performance with revenue of 770 million, a 38% year-on-year increase, and a net profit of 190 million, reflecting a 60% increase [1] - The growth is attributed to multiple factors including a focus on high-quality brand positioning, innovative product differentiation, and an optimized customer structure [2][3] - The company has successfully expanded its collaboration with major U.S. furniture retailers, resulting in a diversified and robust customer base [3] - The production capacity in Vietnam is being efficiently utilized, enhancing order delivery capabilities and solidifying the company's competitive advantage in the global supply chain [3] - Following the introduction of a 10% temporary tariff, the company has engaged in discussions with clients regarding cost-sharing, with most retailers showing a cooperative spirit [4] - The company has adjusted its profit forecasts, expecting net profits of 910 million, 1.11 billion, and 1.38 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of 5.4, 6.6, and 8.3 [4] Financial Data Summary - The company’s total revenue is projected to grow from 1.92 billion in 2023 to 5.07 billion in 2027, with a compound annual growth rate (CAGR) of approximately 20.90% [10] - The net profit is expected to increase from 407 million in 2023 to 1.38 billion in 2027, with a significant growth rate of 24.52% in 2027 [10] - The company maintains a low debt-to-asset ratio of 17.84%, indicating strong financial health [6]

Investment Rating - The investment rating for the company is "Buy" with a target price set at 38 CNY, maintained for the next six months [7]. Core Views - The company reported a significant year-on-year growth in revenue and net profit for Q1 2025, with total revenue reaching 762 million CNY, up 16.96%, and net profit attributable to shareholders at 107 million CNY, up 43.6% [1]. - The company's self-produced components business generated revenue of 271 million CNY, accounting for 35.56% of total revenue, reflecting an 11.78% increase year-on-year. This growth is expected to continue due to the recovery of orders and the new equipment cycle initiated by the "14th Five-Year Plan" [2]. - The new materials segment achieved revenue of 72 million CNY, representing a remarkable growth of 176.69% year-on-year, driven by advancements in core products such as polycarbosilane and fiber materials [2]. - The company is positioned as a core supplier in the strategic ceramics materials market, which is anticipated to see accelerated penetration in new generation aerospace equipment, indicating a broad market opportunity [2]. Financial Summary - The company is projected to achieve net profits of 502 million CNY, 722 million CNY, and 905 million CNY for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 35.98, 25.02, and 19.96 [3]. - Revenue forecasts for the years 2025 to 2027 are 3.75 billion CNY, 5.00 billion CNY, and 6.45 billion CNY, with growth rates of 33.98%, 33.24%, and 28.93% respectively [4]. - The EBITDA for the same period is expected to be 903.76 million CNY, 1,184.80 million CNY, and 1,413.77 million CNY [4].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][16] Core Views - The company is implementing a youth-oriented strategy to reshape its brand image, transitioning from being recognized as the "first association brand in golf" to a multi-brand strategy in the apparel sector [3] - The company has reported a revenue of 1.3 billion yuan in Q1 2025, a year-on-year increase of 1%, while the net profit attributable to the parent company was 300 million yuan, down 8% year-on-year [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 290 million yuan, with a payout ratio of 37% [1] Financial Performance Summary - For the year 2024, the company reported a revenue of 4 billion yuan, a 13% increase year-on-year, and a net profit of 800 million yuan, down 14% year-on-year [1] - The company's direct sales revenue for 2024 was 2.6 billion yuan, up 7% year-on-year, with a gross margin of 81% [1] - The franchise revenue for 2024 was 1.1 billion yuan, up 24% year-on-year, with a gross margin of 70% [1] - E-commerce revenue reached 300 million yuan, a 35% increase year-on-year, with a gross margin of 75% [1] Profitability Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected revenues of 4.2 billion, 4.4 billion, and 4.8 billion yuan respectively [4] - The net profit attributable to the parent company is projected to be 820 million, 880 million, and 960 million yuan for 2025-2027 [4] - The earnings per share (EPS) is expected to be 1.4, 1.5, and 1.7 yuan for the same period [4]