汽车零部件 执业证书编号：S0740523020003 均胜电子年报点评： 2024 年扣非归母同比+28%，智驾+具身智能打开想象空间 均胜电子（600699.SH） 证券研究报告/公司点评报告 2025 年 04 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：何俊艺 | | 营业收入（百万元） | 55,728 | 55,864 | 64,841 | 68,100 | 71,628 | | | | 增长率 yoy% | 12% | 0% | 16% | 5% | 5% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | 1,083 | 960 | 1,484 | 1,884 | 2,184 | | Email：hejy02@zts.com.cn | | 增长率 yoy% | 175% | -11% | 54% | 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [14]. Core Insights - The company achieved a total revenue of 14,024 million HKD in 2024, reflecting a year-on-year growth of 7.5%, while the net profit attributable to shareholders reached 1,511 million HKD, up by 12.5% [3][5]. - The improvement in profitability is attributed to an increase in property management area and enhanced value-added services, with the gross profit margin rising from 15.9% to 16.6% [5][9]. - The company proposed a dividend of 0.095 HKD per share, an increase from 0.085 HKD in 2023, indicating a commitment to shareholder returns [3][5]. Revenue Performance - The company reported a main business revenue of 14,024 million HKD for 2024, with a year-on-year growth rate of 7% projected for 2025 [2]. - The net profit attributable to shareholders is forecasted to grow from 1,511 million HKD in 2024 to 1,870 million HKD by 2026, reflecting a steady growth trajectory [2][9]. Business Segments - The property management area increased to 431 million square meters, a 7.4% growth year-on-year, with third-party project area contributing 39.4% [7]. - The revenue from property management services rose to 76.1% of total revenue, up from 72.1% in 2023, indicating a strategic focus on core business [7]. Value-Added Services - The non-residential value-added services revenue decreased by 14.7% year-on-year to 1,829 million HKD, while residential value-added services revenue grew by 7.2% to 1,385 million HKD, maintaining its share of total revenue [8][9]. - The company is actively optimizing its service structure in response to the downturn in the real estate sector [8]. Financial Projections - The earnings per share (EPS) is projected to increase from 0.46 HKD in 2024 to 0.63 HKD by 2027, reflecting a consistent growth outlook [2][9]. - The price-to-earnings (P/E) ratio is expected to decline from 9.9 in 2025 to 7.2 by 2027, indicating potential undervaluation [2][9].

政策加码提振市场，成交热度有所降温 ——20250406 房地产行业周报 房地产 证券研究报告/行业定期报告 2025 年 04 月 08 日 | 增持（维持） 评级： | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | EPS | | | | PE | | | 评级 | | 分析师：由子沛 | | (元) | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E | | | 执业证书编号：S0740523020005 | 保利发展 | 7.93 | 1.0 | 1.13 | 1.21 | 1.27 | 7.9 | 7.0 | 6.6 | 6.2 | 买入 | | | 招商蛇口 | 9.11 | 0.7 | 0.4 | 1.07 | 1.15 | 14.0 | 24.6 | 8.5 | 7.9 | 买入 | | Email：youzp@zts.com ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][14] Core Views - The company achieved a revenue of 16.342 billion RMB in 2024, representing a year-on-year growth of 8.5%, while the net profit attributable to shareholders was 1.474 billion RMB, up 6.8% year-on-year [5][7] - The company is focusing on cost reduction and efficiency improvement while expanding the quality of its services [4][6] - The company proposed a final dividend of 1.332 RMB per share, increasing the payout ratio from 40% to 50% of net profit attributable to shareholders [7][11] Revenue Performance - The company reported a revenue of 16.342 billion RMB for 2024, with a year-on-year growth rate of 8% projected for 2025 and 2026 [4][8] - The revenue increase was primarily driven by the continuous expansion of property management services [7][10] Profitability Metrics - The gross profit margin slightly declined from 19.61% in 2023 to 18.26% in 2024, with specific service segments experiencing varying degrees of margin compression [7][10] - The net profit margin for 2024 was 9.0%, with a projected decline in return on equity (ROE) from 16% in 2024 to 13.2% by 2027 [4][13] Business Segmentation - The property management service segment generated 11.675 billion RMB in revenue, reflecting a 15% year-on-year increase, while non-owner value-added services saw a revenue decline of 6.4% [8][10] - The company secured new third-party project contracts worth 3.005 billion RMB in 2024, with a significant portion of its managed area coming from third-party projects [8][10] Future Earnings Forecast - The earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 2.88 RMB and 3.09 RMB, respectively, with a new forecast for 2027 set at 3.33 RMB [10][13]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [15]. Core Insights - The company achieved a total revenue of HKD 14.024 billion in 2024, representing a year-on-year growth of 7.5%, while the net profit attributable to shareholders reached HKD 1.511 billion, up 12.5% year-on-year [4][6]. - The company plans to distribute a dividend of HKD 0.095 per share, an increase from HKD 0.085 per share in 2023, reflecting a commitment to enhancing shareholder returns [4][6]. Revenue and Profitability - The company's revenue growth is attributed to an increase in property management area and the expansion of value-added services [6]. - The gross profit margin improved from 15.9% to 16.6% due to cost-saving measures and better management of loss-making projects [6]. - The company’s core property management business is expected to maintain steady growth, with projected revenues of HKD 15.426 billion in 2025 and HKD 16.814 billion in 2026 [10]. Business Operations - The managed area increased to 431 million square meters, a 7.4% year-on-year growth, with third-party project contributions accounting for 39.4% of this area [8]. - The company signed new contracts worth HKD 4.441 billion during the reporting period, including notable projects in Beijing, Chengdu, and Hong Kong [8]. Value-Added Services - The company’s non-residential value-added services revenue decreased by 14.7% year-on-year to HKD 1.829 billion, while residential value-added services revenue grew by 7.2% to HKD 1.385 billion [9]. - The proportion of non-residential services in total revenue fell from 16.5% in 2023 to 13.0% in 2024, indicating a shift in service focus due to market conditions [9]. Financial Projections - The report projects earnings per share (EPS) of HKD 0.51 for 2025 and HKD 0.57 for 2026, with a long-term outlook for EPS to reach HKD 0.63 by 2027 [10]. - The net asset return rate is expected to decline from 37% in 2023 to 21% by 2027, reflecting the anticipated market challenges [3].

政策加码提振市场，成交热度有所降温 ——20250406 房地产行业周报 房地产 证券研究报告/行业定期报告 2025 年 04 月 08 日 | 增持（维持） 评级： | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | EPS | | | | PE | | | 评级 | | 分析师：由子沛 | | (元) | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E | | | 执业证书编号：S0740523020005 | 保利发展 | 7.93 | 1.0 | 1.13 | 1.21 | 1.27 | 7.9 | 7.0 | 6.6 | 6.2 | 买入 | | | 招商蛇口 | 9.11 | 0.7 | 0.4 | 1.07 | 1.15 | 14.0 | 24.6 | 8.5 | 7.9 | 买入 | | Email：youzp@zts.com ...

Q1 土地市场同比回暖，不同能级城市分化明显 ——房地产行业 2025 年 Q1 土地市场总结 | 执业证书编号：S0740523020005 | | --- | | Email：youzp@zts.com.cn | | 分析师：李垚 | | 执业证书编号：S0740520110003 | Email：liyao01@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 上市公司数 | 102 | | --- | --- | | 行业总市值(亿元) | 10,343.09 | | 行业流通市值(亿元) | 9,954.91 | 2025-04-07 公告》2025-04-01 维持韧性》2025-03-30 房地产 证券研究报告/行业定期报告 2025 年 04 月 08 日 | 评级： | 增持（维持） | 重点公司基本状况 | | | | | | | | | | | | --- | --- | --- | --- | -- ...

证券研究报告 信用业务周报 特朗普全球关税加征后续或有何影响？ 2025年4月7日 中泰证券研究所 分析师：徐驰 执业证书编号：S0740519080003 分析师：张文宇 执业证书编号：S0740520120003 请务必阅读正文之后的信息披露和重要声明 【市场回顾】 图表：市场表现回顾 • 就全球影响而言，全球贸易秩序崩塌和经济增长放缓或已成大概率事件。无论特朗普最终 关税多少，其关税政策反复已经触及了全球贸易秩序的根基——即各国之间的信任。当前 全球贸易风险已经大幅上升，各国为了降低经济风险必然会降低对外贸易，各国的发展模 式也将由"效率"转向"安全"。未来各国在国家安全导向下或逐步加大制造业投资，削减福利 ，全球贸易或进一步缩减。在这种情况下，不仅美国经济短期滞胀，中期全球经济增速放 缓已或是大概率事件，且地缘动荡和矛盾显著加剧，故黄金大级别趋势依然将延续和强化 。 • 特朗普关税冲击力度大于预期，国内或进行政策对冲，以防止经济加速下行。今年依赖政 策以提振信心，预期管理为主，而非财政侧刺激。故若关税落地超预期，首当其冲的是择 机降息降准的货币政策，总量流动性由偏紧转入宽松。若市场出现流动性风险，则新 ...

医疗美容 可复美延续高增长，可丽金提速，胶原龙头潜力可期 巨子生物（02367.HK） 证券研究报告/公司研究简报 2025 年 04 月 07 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：郑澄怀 | | 营业收入（百万元） | | 3,526 | 5,539 | 7,056 | 8,893 | 11,021 | | | | 增长率 yoy% | | 48% | 57% | 27% | 26% | 24% | | 执业证书编号：S0740524040004 | | 归母净利润（百万元） | | 1,452 | 2,062 | 2,532 | 3,102 | 3,819 | | Email：zhengch@zts.com.cn | | 增长率 yoy% | | 109% | 42% | 23% | 23% | 23% | | | | 每股收益（ ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2][4]. Core Viewpoints - The report highlights that the recent tariff concerns have led to significant fluctuations in base metal prices, with a general decline observed. However, the long-term supply-demand dynamics suggest limited further downside for prices, indicating potential investment opportunities, particularly in rigid supply varieties like aluminum and copper [4][5]. Summary by Sections Market Overview - The report notes that the A-share market has seen an overall decline, with the non-ferrous metal sector underperforming compared to the Shanghai Composite Index. The non-ferrous metal index fell by 2.86%, lagging behind the index by 2.59 percentage points [16][21]. - Most base metal prices have experienced significant declines, with LME copper, aluminum, lead, and zinc dropping by 4.4%, 3.9%, 3.5%, and 5% respectively [23][24]. Macroeconomic Factors - The global manufacturing PMI for March was reported at 50.3, indicating a slight decline of 0.3 from the previous month, while the Chinese manufacturing PMI stood at 50.5, showing resilience [51][32]. - The European economy shows signs of recovery, with the Eurozone manufacturing PMI rising to 48.6 and the services PMI at 51 [45]. Supply and Demand Dynamics - For electrolytic aluminum, the industry has seen a slight increase in operating capacity, with production rising to 4,380.50 million tons, an increase of 10,000 tons from the previous week. The current production is 84.01 tons, reflecting a 0.02% increase [6][52]. - The report indicates that aluminum inventories are decreasing, with domestic aluminum ingot inventory at 850,000 tons, down by 53,000 tons [6][52]. Profitability and Cost Analysis - The industry maintains a profit margin above 3,000 yuan per ton, with the current cash cost at 17,272 yuan per ton and total cost at 18,482 yuan per ton. The immediate profit per ton is reported at 3,417 yuan [6][52]. - The report also notes that the price of alumina has decreased, with expectations of continued downward pressure on prices due to a supply surplus [7][8]. Specific Metal Insights - For copper, the report highlights ongoing conflicts in mining and smelting, leading to a shift towards inventory accumulation globally. Domestic copper inventory stands at 409,200 tons, reflecting a decrease of 4.26% year-on-year [10][9]. - Zinc processing fees have met expectations, with domestic inventories significantly reduced, indicating a tightening supply situation [11]. Conclusion - The overall sentiment in the report suggests a cautious optimism for the non-ferrous metal sector, with potential investment opportunities arising from the current market dynamics and supply-demand balance [4][5].