Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report indicates that the coal chemical and overseas operations are improving, leading to a sequential improvement in performance [2] - The company is expected to maintain a growth trend in coal production and sales, while implementing cost reduction measures to mitigate the impact of declining coal prices [4] - The company plans to start construction on new coal mines, which will significantly increase production capacity in the coming years [4][5] Financial Summary - For 2024, the company achieved operating revenue of 139.12 billion yuan, a year-on-year decrease of 7.29%, and a net profit attributable to shareholders of 14.425 billion yuan, down 28.39% year-on-year [4] - The company forecasts operating revenues of 119.305 billion yuan for 2025, with a net profit of 11.658 billion yuan, reflecting a continued decline in profitability due to falling coal prices [5] - The earnings per share (EPS) are projected to be 1.16 yuan for 2025, with a price-to-earnings (P/E) ratio of 11.7 [5] Production and Cost Analysis - In 2024, the company produced 142.493 million tons of self-produced coal, an increase of 7.9% year-on-year, while the unit price decreased by 16.4% to 656.2 yuan per ton [4] - The company has implemented measures to reduce production costs, achieving a unit cost of 369.4 yuan per ton, down 3.5% year-on-year [4] - Future projects include the construction of the Hohlin River No. 1 coal mine, expected to start in 2025, which will add significant production capacity [4][5] Dividend Policy - The company plans to distribute a cash dividend of 0.77 yuan per share for 2024, resulting in a total cash dividend of 7.73 billion yuan [5] - The projected dividend yield is 5.66% before the mid-term dividend and 3.97% after [5]

关注业绩期+市场高切低布局机会 | 分析师：曾彪 | | --- | 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 执业证书编号：S0740522040004 Email：wupeng@zts.com.cn 执业证书编号：S0740522080002 Email：zhubr@zts.com.cn | 上市公司数 | 385 | | --- | --- | | 行业总市值(亿元) | 58,197.89 | | 行业流通市值(亿元) | 50,509.70 | 苏重点海风项目开工》2025-03-02 2、《阿里巴巴加大 AI 领域投入，固 态电池催化不断》2025-02-24 3、《宁德启动港股二次上市，新能 源上网新政发布》2025-02-16 电力设备 证券研究报告/行业定期报告 2025 年 03 月 30 日 执业证书编号：S0740522100005 Email：zhaoyp02@zts.com.cn 请务必阅读正文之后的重要声明部分 分析师：朱柏睿 基本状况 锂电：1）科达利子公司科盟创新针对人形机器人高精密减速器发布三款新产品。2） 璞泰来拟授出 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Insights - The company reported a revenue of 9.11 billion yuan for 2024, representing a year-over-year growth of 16.5%. The net profit attributable to shareholders was 2.09 billion yuan, with a year-over-year increase of 34.9% [4][6] - The company is expected to achieve revenues of 10.20 billion yuan, 11.49 billion yuan, and 13.15 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 12%, 13%, and 14% [6][8] - The adjusted net profit for 2024 was 2.32 billion yuan, exceeding expectations with a year-over-year growth of 18.8% [4][6] Financial Performance Summary - The company’s total revenue for 2023 was 7.84 billion yuan, with a growth rate of 14% year-over-year [3] - The net profit attributable to shareholders for 2023 was 1.55 billion yuan, showing a decline of 19% year-over-year [3] - Earnings per share (EPS) for 2023 was 0.65 yuan, projected to increase to 0.87 yuan in 2024 and further to 1.26 yuan by 2027 [3][8] Pipeline and Market Potential - The company has several upcoming product approvals, including a license-in product for gastric cancer and new indications for existing drugs, which are expected to drive future growth [6] - The company is focusing on expanding its international market presence, particularly with its dual-antibody products [6]

软件开发 AI 推动 SaaS 产品持续升级，海外市场加速破局 明源云（00909.HK） 证券研究报告/公司点评报告 2025 年 03 月 27 日 | 公司盈利预测及估值 | 增持（下调） | 评级： | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,657 | 1,435 | 1,383 | 1,427 | 1,550 | 分析师：刘一哲 | 增长率 | -10% | -13% | -4% | 3% | 9% | yoy% | | 归母净利润（百万元） | -586 | -190 | -28 | 30 | 123 | 执业证书编号：S0740525030001 | 增长率 | 49% | 68% | 85% | 207% | 309% | yoy% | | Email：liuyz03@zts.com.cn | 每股收益（元） | -0.3 ...

收购电力资产稳步推进，75%现金分红承诺具吸引力 煤炭开采 执业证书编号：S0740522040001 Email：duchong@zts.com.cn Email：luhao@zts.com.cn | 总股本(百万股) | 3,886.26 | | --- | --- | | 流通股本(百万股) | 3,886.26 | | 市价(元) | 3.33 | | 市值(百万元) | 12,941.25 | | 流通市值(百万元) | 12,941.25 | 增加压制 Q3 业绩释放》2024-10-29 2、《【中泰煤炭】20240729 淮河能源： 锋》2024-07-30 淮河能源（600575.SH） 证券研究报告/公司点评报告 2025 年 03 月 28 日 | 评级： | 买入（上调） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杜冲 | | 营业收入（百万元） | 27,333 | ...

下行周期砥砺前行，穿越周期静待曙光 农化制品 扬农化工（600486.SH） 证券研究报告/公司点评报告 2025 年 03 月 28 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：孙颖 | | 营业收入（百万元） | 11,478 | 10,435 | 12,254 | 12,975 | 14,098 | | | | 增长率 yoy% | -27% | -9% | 17% | 6% | 9% | | 执业证书编号：S0740519070002 | | 归母净利润（百万元） | 1,565 | 1,202 | 1,378 | 1,614 | 1,718 | | Email：sunying@zts.com.cn | | 增长率 yoy% | -13% | -23% | 15% | 17% | 6% | | | | 每股收益（元） | 3.85 | 2.96 | 3. ...

煤炭开采 执业证书编号：S0740522040001 Email：duchong@zts.com.cn Email：luhao@zts.com.cn | 总股本(百万股) | 2,693.26 | | --- | --- | | 流通股本(百万股) | 2,693.26 | | 市价(元) | 13.88 | | 市值(百万元) | 37,382.43 | | 流通市值(百万元) | 37,382.43 | 1、《无水乙醇基本达产，Q3 煤价下 滑压制业绩》2024-10-30 报点评：产销有望逐季改善，化工带 来盈利增量》2024-09-08 3、《淮北矿业（600985.SH)2024Q1 点评：价跌量减业绩下滑符合预期， 2024-04-29 淮北矿业（600985.SH） 证券研究报告/公司点评报告 2025 年 03 月 28 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [11] Core Views - The company has shown a good growth trend in its color sorting machine business, while its medical segment has faced pressure due to market conditions [3][7] - The company achieved a revenue of 2.311 billion yuan in 2024, a year-on-year decrease of 4.73%, and a net profit of 649 million yuan, down 12.84% year-on-year [3] - The color sorting machine business continues to grow, with a revenue increase of 9.87% to 1.622 billion yuan, while the medical business saw a significant decline of 33.43% in revenue [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.311 billion yuan, with a year-on-year growth rate of -4.73% and a net profit of 649 million yuan, reflecting a -12.84% change [3] - The fourth quarter of 2024 saw a revenue of 733 million yuan, down 4.61% year-on-year but up 13.13% quarter-on-quarter [5] - The gross profit margin for 2024 was 50.43%, a decrease of 1.06 percentage points year-on-year, while the net profit margin was 28.09%, down 2.62 percentage points [5] Business Segments - The color sorting machine segment achieved a revenue of 1.622 billion yuan, with a gross margin of 49.64%, showing a year-on-year increase [7] - The medical segment's revenue fell to 503 million yuan, with a gross margin of 48.44%, reflecting a decline due to increased competition and sluggish demand [8] Market Outlook - The report indicates that the color sorting machine market is expected to continue its stable growth due to increasing digitalization and automation trends [7] - Despite the current challenges in the medical segment, the long-term potential remains strong, particularly in the dental CBCT market, which is expected to recover as the economy improves [8] Research and Development - The company invested 160 million yuan in R&D in 2024, representing 6.90% of its revenue, with a year-on-year increase of 7.29% [6] - The company holds 158 valid invention patents, enhancing its competitive edge in the market [6]

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 [12]. Core Insights - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.14%. The net profit attributable to shareholders was 3.65 billion yuan, with a year-on-year increase of 3.49% [4]. - The gypsum board business saw a revenue decline of 4.79% to 13.11 billion yuan, primarily due to price reductions, while the waterproofing business experienced a robust growth of 18.80%, generating 4.66 billion yuan in revenue [4]. - The acquisition of Jiaboli has completed the company's strategic layout of "two wings," enhancing its presence in the waterproofing and coating sectors, with the coating business revenue soaring by 327.99% to 4.14 billion yuan [4]. Financial Performance Summary - The company forecasts revenue growth from 22.43 billion yuan in 2023 to 36.83 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 12% [2]. - The net profit attributable to shareholders is projected to increase from 3.52 billion yuan in 2023 to 6.57 billion yuan in 2027, reflecting a CAGR of around 19% [2]. - The earnings per share (EPS) is expected to rise from 2.09 yuan in 2023 to 3.89 yuan in 2027, indicating a strong growth trajectory [2]. Business Segment Analysis - The gypsum board segment's revenue is projected to stabilize, while the waterproofing and coating segments are expected to drive significant growth, contributing to the overall revenue increase [4]. - The company is actively expanding its market presence in Southeast Asia, Central Asia, and Europe, with overseas sales reaching 417 million yuan, a year-on-year increase of 87.59% [4]. - The company is enhancing its operational efficiency, as evidenced by the improvement in cash flow from the waterproofing segment, which increased by 33.68% to 470 million yuan [4].

海外扩张稳步推进，国内盈利望筑底修复 水泥 华新水泥（600801.SH） 证券研究报告/公司点评报告 2025 年 03 月 28 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：孙颖 | | 营业收入（百万元） | 33,757 | 34,217 | 36,338 | 38,155 | 39,904 | | | | 增长率 yoy% | 11% | 1% | 6% | 5% | 5% | | 执业证书编号：S0740519070002 | | 归母净利润（百万元） | 2,762 | 2,416 | 2,582 | 3,056 | 3,322 | | Email：sunying@zts.com.cn | | 增长率 yoy% | 2% | -13% | 7% | 18% | 9% | | | | 每股收益（元） | 1.33 | 1.16 | 1.24 | 1. ...