| 汽车行业首席分析师：何俊艺 | 汽车行业分析师：刘欣畅 | 汽车行业分析师：毛䶮玄 | | --- | --- | --- | | S0740523020004 | S0740522120003 | S0740523020003 | | hjy@zts.com.cn | liuxc03@zts.com.cn | maoyx@zts.com.cn | | 汽车行业分析师：汪越 | 汽车行业分析师：白臻哲 | | | S0740525010002 | S0740524070006 | | | wangyue07@zts.com.cn | baizz@zts.com.cn | | 【中泰汽车|何俊艺团队】汽车周报（03/24-03/30） 持续看好强势自主整车，年度重视整车&智驾&机器人 证券研究报告 2025年4月2日 1 目 录 | 一、核心观点：持续看好强势自主整车，年度重视整车&智驾&机器人 | | --- | | 二、行情跟踪：全行业&汽车板块&覆盖标的跟踪 | | 三、行业景气度：终端&订单&出口总量+分车企数据跟踪 | | 四、重要新闻 | | 五、个股跟踪 | | 六、风险提示 | 2 核心观点 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][26]. Core Views - The company achieved a revenue growth of 10.6% year-on-year in 2024, with net profit increasing by 16.2% [5][10]. - The growth in net interest income was 7.55% year-on-year, while non-interest income saw a significant increase of 29.31% [5][19]. - The asset quality remains stable, with a non-performing loan ratio of 0.77% [22][24]. Summary by Relevant Sections Financial Performance - Revenue for 2023 was 9,869 million, projected to grow to 10,912 million in 2024, and further to 11,554 million in 2025, reflecting a growth rate of 12.0% in 2023 and 10.6% in 2024 [3][10]. - Net profit for 2023 was 3,280 million, expected to rise to 3,813 million in 2024 and 4,291 million in 2025, with growth rates of 19.6% and 16.3% respectively [3][10]. Income Sources - Net interest income is projected to be 9,143 million in 2024, with a slight decrease in net interest margin to 2.61% [27]. - Non-interest income is expected to contribute significantly, with net non-interest income accounting for 16.2% of total revenue in 2024 [19][21]. Asset Quality - The company reported a non-performing loan generation rate of 1.43% for the year, with a stable non-performing loan ratio of 0.77% [22][24]. - The provision coverage ratio stands at 500.38%, indicating a strong buffer against potential loan losses [24]. Market Position and Strategy - The company focuses on personal operating loans, maintaining a strong risk control framework and expanding its market reach [26]. - The business model emphasizes a diversified customer base, contributing to sustained asset quality [26]. Future Projections - The report adjusts the net profit forecasts for 2025 and 2026 to 42.9 billion and 47.5 billion respectively, with an increase in the 2027 forecast to 52 billion [26][27]. - Price-to-Book (P/B) ratios are projected to decrease from 0.76 in 2024 to 0.53 by 2027, indicating potential undervaluation [3][26].

Investment Rating - The report maintains a rating of "Accumulate" for Agricultural Bank of China [3][26]. Core Views - Agricultural Bank of China shows a steady growth in revenue and net profit, with revenue increasing by 2.3% year-on-year and net profit increasing by 4.7% year-on-year in 2024 [5][10]. - The growth in revenue is attributed to both interest income and non-interest income, with net interest income rising by 1.6% year-on-year [5][10]. - The bank's asset quality remains stable, with a non-performing loan ratio of 1.30% and a provision coverage ratio of 299.61% [22][23]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 702,856 million yuan, with a growth rate of 2.3% year-on-year [3]. - Net profit for 2024 is projected at 282,083 million yuan, with a growth rate of 4.7% year-on-year [3]. - Earnings per share (EPS) is expected to be 0.24 yuan for 2024 [3]. Income Sources - Net interest income is expected to reach 580,692 million yuan in 2024, with a slight increase in the net interest margin [27]. - Non-interest income is projected to grow by 5.7% year-on-year, with significant contributions from other non-interest income, which is expected to increase by 31.5% [20][27]. Asset and Liability Management - The bank's total loans are projected to grow, with a significant increase in personal loans and a rise in the proportion of savings deposits [15][16]. - Total deposits are expected to increase by 1.5% in the fourth quarter of 2024, with a notable rise in savings deposits [16][19]. Asset Quality - The non-performing loan generation rate for 2024 is expected to be 0.43%, showing improvement [22]. - The overdue rate is projected to be 1.18%, with a slight increase compared to earlier periods [22]. Investment Recommendations - The report suggests that Agricultural Bank of China has a solid fundamental outlook, with a low valuation and high dividend yield, making it a stock to actively monitor [26].

农化制品 执业证书编号：S0740519070002 Email：sunying@zts.com.cn 执业证书编号：S0740521120003 Email：nielei@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 2,123.22 | | 流通股本(百万股) | 2,115.69 | | 市价(元) | 22.10 | | 市值(百万元) | 46,923.16 | | 流通市值(百万元) | 46,756.82 | 1、《三季度业绩符合预期，长期成长 可期》2024-11-01 2、《华鲁恒升 2024 年半年报点评： 二季度业绩符合预期，降本提效行稳 致远》2024-08-24 3、《华鲁恒升 23 年年报及 24 年一季 报点评：业绩环比改善明显，量增伴 随高质成长》2024-04-27 华鲁恒升（600426.SH） 证券研究报告/公司点评报告 2025 年 04 月 01 日 | 买入（维持） 评级： | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | ...

银行 证券研究报告/行业专题报告 2025 年 03 月 31 日 评级： 增持（维持） 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 分析师：杨超伦 执业证书编号：S0740524090004 Email：yangcl@zts.com.cn 基本状况 上市公司数 42 行业总市值(亿元) 134,935.34 行业流通市值(亿元) 133,825.82 报告摘要 1、《银行角度看 2 月社融：政府债发 行提速，信贷受置换+透支影响》 2025-03-15 2、《银行 2024 年 4 季度经营数据： 净息差平稳、环比微降 1bp 至 1.52%； 资产质量稳中向好》2025-02-26 3、《4Q24 货币政策执行报告点评： 宽松继续，节奏审慎》2025-02-17 银行资本 | 四家大行资本补充方案落地 ——折中平衡的方案，符合预期 请务必阅读正文之后的重要声明部分 核心要点：1、折中和平衡的方案：一是方案整体来看是市场影响和财政成本的平衡 ...

旅游零售Ⅱ 执业证书编号：S0740524040004 Email：zhangji01@zts.com.cn Email：zhengch@zts.com.cn 基本状况 执业证书编号：S0740523060001 | 总股本(百万股) | 2,068.86 | | --- | --- | | 流通股本(百万股) | 2,068.86 | | 市价(元) | 61.61 | | 市值(百万元) | 127,462.41 | | 流通市值(百万元) | 127,462.41 | 交易预期》2024-11-11 2、《23 年业绩符合预期，需求承压 下估值或不低》2024-04-09 中国中免（601888.SH） 证券研究报告/公司点评报告 2025 年 03 月 31 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：郑澄怀 | | 营业收入（百万元 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1][4][10] Core Views - The company is expected to achieve significant revenue growth driven by the recovery in demand for traditional consumer electronics and high-end products related to AI servers [6][7] - The company has successfully developed and certified multiple products for advanced end customers, which are widely used in various high-tech applications [9] - The forecasted net profit for the company is projected to be 2.704 billion, 3.455 billion, and 4.120 billion yuan for the years 2025, 2026, and 2027 respectively, indicating strong growth potential [10] Financial Summary - Total shares outstanding: 2,429.36 million [2] - Market price: 27.75 yuan [2] - Market capitalization: 67,414.75 million yuan [2] - Revenue forecast for 2023A: 16,586 million yuan, with a year-over-year growth rate of -8% [4] - Revenue forecast for 2024A: 20,388 million yuan, with a year-over-year growth rate of 23% [4] - Net profit forecast for 2024A: 1,739 million yuan, with a year-over-year growth rate of 49% [4] - Projected P/E ratios for 2025, 2026, and 2027 are 24.9, 19.5, and 16.4 respectively [4][10] Market Performance - The company reported a revenue of 20.388 billion yuan for 2024, representing a year-over-year increase of 22.92% [6] - The gross margin for 2024 was 22.04%, an increase of 2.8 percentage points year-over-year [6] - The net profit margin for 2024 was 9.16%, an increase of 2.23 percentage points year-over-year [6] Product Development and R&D - The company is actively engaged in R&D for new products, including low-loss copper-clad laminates for next-generation server platforms and high thermal conductivity copper-clad laminates for 5G communication power supplies [9] - The company’s product technology planning is forward-looking, ensuring a strong foundation for future growth [8][9]

专题 | 详细拆解国有大型银行（六家）2024 年报： 业绩增速边际改善，资产质量保持稳健，四大行增资方案落地 银行 证券研究报告/行业专题报告 2025 年 03 月 31 日 | | | 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 分析师：邓美君 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 联系人：乔丹 Email：qiaodan@zts.com.cn | 上市公司数 | 42 | | | --- | --- | --- | | 行业总市值(亿元) | 134,935.34 | 同比 -1.8% | | 行业流通市值(亿元) | 133,825.82 | | 1、《银行角度看 2 月社融：政府债发 行提速，信贷受置换+透支影响》 2025-03-15 资产质量稳中向好》2025-02-26 宽松继续，节奏审慎》2025-02-17 | 评级： | 增持（维持） | | 重点公司基本状况 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | -- ...

中泰金工行业量价资金流周观点 中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 万图师AI模型较为看好的ETF 2 0 2 5 . 3 . 3 0 汤伟杰 证券分析师执业证书编号： S0740523050001 联系电话：18217397163 邮 箱：tangwj02@zts.com.cn | P泰证券 研究所 | | | --- | --- | | 20250330量价资金流周观点 | | | -- 中泰金融工程团队 | | | 万图师AI观点 | | | 行业 看涨概率 行业 | 看涨概率 | | 医药生物 79% 教育 | 65% | | 非银金融 67% 轻工制造 | 61% | | 龙虎榜资金流观点 | | | 行业 当期净流入 累计净流入变化 | 综合排名 | | 基础化工 1 2 | 1 | | 公募基金权益仓位变化 | | | 基金 本周仓位 上周仓位 | 周度变化 | | 主动权益类 90.2% 90.1% | | | 公募基金持仓申万行业变化 | | | 加仓行业 仓位变化 减仓行业 | 仓位变化 | | 汽车 4.6%>4.8% 通 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [48]. Core Insights - The company achieved a significant revenue growth of 106.9% in 2024, reaching 13.04 billion RMB, driven by strong IP operations and product diversification [11][19]. - The gross profit for 2024 was 8.71 billion RMB, with a gross margin of 66.8%, reflecting a 5.5 percentage point increase from the previous year [16][19]. - The company is expanding its IP matrix and product offerings, with artist IP and licensed IP revenues growing by 130.6% and 54.5% respectively, contributing to 97.6% of total revenue [7][19]. - The overseas market is rapidly expanding, with revenue reaching 5.07 billion RMB in 2024, a year-on-year increase of 375.2% [31][39]. - The company has a robust membership base of 46.08 million registered members, with a contribution of 92.7% to sales and a repurchase rate of 49.4% [41]. Financial Performance - The company's operating income for 2024 was 13.04 billion RMB, with a year-on-year growth rate of 105% projected for 2025 [2][11]. - The net profit for 2024 reached 3.31 billion RMB, marking a 203.9% increase compared to the previous year [16][19]. - The earnings per share (EPS) for 2024 is projected at 2.33 RMB, with further growth expected in subsequent years [2][45]. Market Expansion - The company has opened its first physical stores in five countries, including Vietnam and Indonesia, contributing to a significant increase in overseas revenue [31][39]. - The domestic market remains stable, with retail store revenue growing by 43.9% in 2024 [7][31]. Product Development - The company continues to innovate its product lines, with core product categories such as figurines and plush toys showing substantial growth [24][26]. - The launch of the new accessory brand "POPOP" aims to enhance the emotional connection with IP and diversify product offerings [8][24].