Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5][14] Core Insights - The company's revenue for 2024 is projected to be 237.07 billion yuan, representing a year-on-year growth of 5.2%, while the net profit attributable to shareholders is expected to reach 12.4 billion yuan, a significant increase of 85.4% [5][7] - The alumina business is the main contributor to profitability, with a gross profit of 19.5 billion yuan in 2024, accounting for 52% of total profits, driven by both volume and price increases [5][7] - The company is focusing on optimizing its industrial layout and has reduced impairment losses significantly, indicating proactive management strategies [5][7] Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue of 225.07 billion yuan, net profit of 6.717 billion yuan - 2024A: Revenue of 237.07 billion yuan, net profit of 12.4 billion yuan - 2025E: Revenue of 229.16 billion yuan, net profit of 16.53 billion yuan - 2026E: Revenue of 246.14 billion yuan, net profit of 23.45 billion yuan - 2027E: Revenue of 260.66 billion yuan, net profit of 26.31 billion yuan [3][5][12] - Earnings Per Share (EPS) projections: - 2023A: 0.39 yuan - 2024A: 0.72 yuan - 2025E: 0.96 yuan - 2026E: 1.37 yuan - 2027E: 1.53 yuan [3][5][12] Market Position and Strategy - The company has enhanced its resource security, achieving a bauxite self-sufficiency rate of 66% and increasing its bauxite resource reserves by 73.55 million tons in 2024 [5][7] - The company is committed to shareholder returns, proposing a cash dividend of 0.217 yuan per share for 2024, with a total dividend payout of 3.72 billion yuan, reflecting a 30% payout ratio [5][7] - The supply-demand gap for electrolytic aluminum is expected to widen, with domestic production nearing capacity limits, leading to a projected price range of 23,000 to 25,000 yuan per ton [5][7]

Investment Rating - The investment rating for the company is "Buy (Maintain)" [3][15] Core Views - The company has shown strong performance in 2024, with revenue reaching 92.746 billion (up 8%) and net profit attributable to the parent company at 3.348 billion (up 18%) [5] - The fourth quarter of 2024 exceeded expectations, with a revenue of 22.2 billion (up 7%) and a net profit of 560 million (up 35%) [5] - The report highlights that external sales have been a significant driver of revenue growth, despite a slight slowdown in growth rates [6][7] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 92.746 billion, with a year-on-year growth rate of 8% [3] - The net profit attributable to the parent company for 2024 was 3.348 billion, reflecting an 18% increase year-on-year [3] - The fourth quarter of 2024 saw a revenue of 22.2 billion, with a net profit of 560 million, marking a 35% increase [5] Revenue and Profitability - The report indicates that all business segments contributed to profit growth, with external sales being a key factor [8] - The company’s net profit margin improved to 16.8% in 2024, driven by structural improvements and efficiency gains [9] Future Outlook - The company is expected to maintain strong external sales and recover internal sales, with projected net profits of 3.8 billion in 2025 and 4.2 billion in 2026 [11] - The report anticipates a continued focus on improving profit margins in the white goods segment, with a projected profit margin of 2-3% in 2024 [11]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in the stock price compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company is projected to achieve a revenue of 28.49 billion yuan in 2024, reflecting a year-on-year growth of 7.34%. However, the net profit attributable to the parent company is expected to decline by 3.07% to 3.20 billion yuan [4][5]. - The company is actively expanding its core business through road asset upgrades and acquisitions, which are anticipated to contribute to future growth [4]. - The company plans to maintain a stable dividend payout of 0.42 yuan per share, resulting in a dividend yield of approximately 4.0% based on the current stock price [4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 28.49 billion yuan, with a year-on-year growth rate of 7% [2]. - The net profit attributable to the parent company for 2024 is projected at 3.20 billion yuan, down 3% from the previous year [2][4]. - The earnings per share (EPS) for 2024 is estimated to be 0.66 yuan, with a slight decline expected in subsequent years [2][5]. Revenue Sources - The company’s toll revenue for 2024 is expected to be 9.93 billion yuan, a decrease of 5.95% year-on-year, primarily due to traffic diversion from new road openings [4]. - The core toll revenue from the Jiqing Expressway is projected to be 3.17 billion yuan, down 12.12% year-on-year, while the revenue from the Jingtai Expressway is expected to grow slightly by 0.10% [4]. Investment and Expansion - The company has invested 2.59 billion yuan in road asset upgrades in 2024, with significant progress reported in various construction projects [4]. - The company has also acquired a 20% stake in Luzhou Southeast Company, achieving full control, and has won a bid for the remaining concession rights of the He Bao Expressway [4]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 14.8X, 14.0X, and 13.2X, respectively, based on the current stock price of 10.41 yuan [2][4]. - The report anticipates a stable return on equity (ROE) of 6% over the forecast period [2][5].

电子化学品Ⅱ | | | 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 执业证书编号：S0740521120002 Email：wangfang02@zts.com.cn 分析师：聂磊 执业证书编号：S0740521120003 Email：nielei@zts.com.cn 分析师：杨旭 执业证书编号：S0740521120001 Email：yangxu01@zts.com.cn 执业证书编号：S0740524050001 Email：zhangkun06@zts.com.cn | 总股本(百万股) | 481.98 | | --- | --- | | 流通股本(百万股) | 481.98 | | 市价(元) | 18.30 | | 市值(百万元) | 8,820.19 | | 流通市值(百万元) | 8,820.19 | 1、《特气短期承压，大工业&电子大 宗稳步推进》2024-11-03 2、《金宏气体 2023 年及 2024 年一季 度业绩点评：自下而上锚定综合定位， 横纵战略助推业绩稳增 20240426》 2024-04-27 金宏气体（6881 ...

医药生物 证券研究报告/行业定期报告 2025 年 04 月 05 日 | | | 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 药品豁免"对等关税" ，医药板块优势明显 1、《创新药引领行情，关注 Q1 业绩 +政策催化》2025-04-01 2、《医药生物行业 2025Q1 业绩前 瞻》2025-03-30 3、《关注修复机会，把握创新成长 主线》2025-03-24 | 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：祝嘉琦 | | | （元） | 2022A | 2023A | 2024E | 2025E | 2026E | 2022A | 2023A | 2024E | 2025E | 2026E | | | 执业证书 ...

中泰证券研究所专业｜领先｜深度｜诚信 ｜ 证 券 研 究 报 告 ｜ 中美共振重点方向，可控核聚变产业化进程加速 2 0 2 5 . 4 . 5 分析师：王可 执业证书编号：S0740519080001 Email：wangke03@zts.com.cn 核心观点 托卡马克是目前主流聚变路线，聚变-裂变混合堆有望率先落地。 2 聚变能源燃料丰富、能量密度极大、安全环保，是人类社会未来的理想能源。世界范围内能源安全需求凸显， 电力需求持续攀升。为了解决这些问题，核能受到广泛关注。核能是一种高效且清洁的能源，利用方式主要分 为裂变和聚变，相对于核裂变，可控核聚变具有燃料来源更丰富、能量密度更大、安全性更高等显著优势。 近期国内外诸多进展催化产业发展，产业临界点或将到来。2025年1月20日"EAST"实现1亿摄氏度超千秒稳 定运行，2月中国核电和浙能电力分别发布公告，拟以增资方式参股中国聚变能源有限公司，3月28日，中核 集团核工业西南物理研究院新一代人造太阳"HL-3"，在国内首次实现原子核温度1.17亿度、电子温度1.6亿度。 美国Helion公司采用磁惯性约束路线，25年1月宣布完成新一轮4.25亿美元的融 ...

调味发酵品Ⅱ 2024Q4 经营承压，2025 年力争增长 涪陵榨菜（002507.SZ） 证券研究报告/公司点评报告 2025 年 04 月 05 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：熊欣慰 | | 营业收入（百万元） | | 2,450 | 2,387 | 2,578 | 2,754 | 2,903 | | | | 增长率 yoy% | | -4% | -3% | 8% | 7% | 5% | | 执业证书编号：S0740519080002 | | 归母净利润（百万元） | | 827 | 799 | 870 | 917 | 955 | | Email：xiongxw@zts.com.cn | | 增长率 yoy% | | -8% | -3% | 9% | 5% | 4% | | | | 每股收益（元） | | 0.72 | 0. ...

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深度丨"对等关税"对我国银行业影响： 息差额外压力，资产质量稳健，投资价值凸显 银行 证券研究报告/行业专题报告 2025 年 04 月 06 日 | 评级： 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 简称 | 股价 | | | EPS | | | | | PE | | | 评级 | | 分析师：戴志锋 | | （元） | 2022A | 2023A | 2024E | 2025E | 2026E | 2022A | 2023A | 2024E | 2025E | 2026E | | | 执业证书编号：S0740517030004 | 江苏银行 | 9.74 | 1.60 | 1.69 | 1.73 | 1.89 | 2.06 | 6.09 | 5.76 | 5.62 | 5.16 | 4.73 | 买入 | | | 渝农商行 | 6.16 | 0.89 | 0.94 | 1.01 | ...

AI 进入 Token 时代，MCP 赋能 Agent 迈向泛智能 ——从技术演进到算力消耗估算，深度拆解 AI Agent 传媒 证券研究报告/行业深度报告 2025 年 04 月 06 日 执业证书编号：S0740515080001 Email：kangyw@zts.com.cn 1、《【中泰传媒】呼市发布育儿补贴 细则，把握出版、AI+教育投资机会》 2025-03-17 2、《GDC2025 召开在即，游戏+AI 迎新进展》2025-03-16 3、《【中泰传媒】北京市教委发布人 工智能教育工作方案，关注 AI+教育 投资机会》2025-03-09 执业证书编号：S0740523080003 Email：zhuqn01@zts.com.cn | 上市公司数 | 131 | | --- | --- | | 行业总市值(亿元) | 15,067.40 | | 行业流通市值(亿元) | 13,714.81 | 评级： 增持（维持） 分析师：康雅雯 分析师：朱骎楠 重点公司基本状况 简称 股价 EPS PE 评级 （元） 2022A 2023A 2024E 2025E 2026E 2022A 2023A 20 ...