股份制银行Ⅱ 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 执业证书编号：S0740519050002 Email：dengmj@zts.com.cn 量改善，分红比例提升》2025-04-01 详解中信银行 2025 中报： 营收利润增速边际向好，分红比例继续提升 分析师：马志豪 执业证书编号：S0740523110002 Email：mazh@zts.com.cn | 总股本(百万股) | 55,645.16 | | --- | --- | | 流通股本(百万股) | 55,645.16 | | 市价(元) | 7.90 | | 市值(百万元) | 439,596.78 | | 流通市值(百万元) | 439,596.78 | 股价与行业-市场走势对比 中信银行（601998.SH） 证券研究报告/公司点评报告 2025 年 09 月 01 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has established itself as a leading player in the bulldozer market, holding a domestic market share of 67.2% in 2023 and ranking among the top five global manufacturers [6][11] - The company is transitioning from a domestic leader to a global competitor, with overseas revenue expected to exceed 50% for the first time in 2024 [6][11] - The financial outlook is positive, with projected revenue growth and profitability driven by strong overseas demand and cost control measures [4][37] Summary by Sections Company Overview - The company, originally founded as Yantai Machinery Factory in 1952, has evolved into a leading bulldozer manufacturer, achieving continuous domestic sales leadership for 19 years [11] - The company is now part of Shandong Heavy Industry Group, enhancing its competitive position [11] Financial Analysis - The company is expected to achieve revenues of 14,219 million yuan in 2024, a 35% increase year-over-year, and a net profit of 1,102 million yuan, reflecting a 44% increase [4][37] - The overseas revenue reached 74.11 billion yuan in 2024, accounting for 52.12% of total revenue, indicating a significant shift towards international markets [37] Industry Overview - The global bulldozer market is highly concentrated, with the top five manufacturers holding over 80% of the market share [6][50] - The demand for large horsepower bulldozers is primarily driven by mining and infrastructure projects, with a projected market growth rate of 2.7% from 2025 to 2031 [50][54] Product and Market Strategy - The company has diversified its product offerings, including electric and large-capacity machinery, to meet evolving market demands [19][52] - The integration of excavators and loaders into the product line is expected to enhance market presence and revenue streams [19][56] Profitability and Cost Management - The company's gross margin improved to 20.05% in 2024, driven by higher contributions from overseas markets and premium products [40] - Cost control measures are projected to save 5.2 billion yuan in 2025, further enhancing profitability [39][40] Global Expansion - The company plans to issue H shares and establish subsidiaries in key international markets, aiming for 9 billion yuan in overseas revenue by 2025 [35][37]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][4][8] Core Views - Anta Sports reported a mid-year revenue of 38.544 billion yuan, a year-on-year increase of 14.3%. The net profit attributable to shareholders was 7.031 billion yuan, up 14.5% year-on-year, aligning with expectations [4] - The main brand of Anta achieved a revenue of 16.95 billion yuan, growing by 5.4% year-on-year, while the FILA brand generated 14.18 billion yuan, increasing by 8.6% year-on-year. Other brands saw a significant revenue increase of 61.1% [4] - The company is expanding its global presence, having completed the acquisition of the German outdoor brand Jack Wolfskin and established a joint venture with MUSINSA to enhance its fashion business in South Korea [4] Financial Performance Summary - Revenue Forecast: - 2023A: 62.356 billion yuan - 2024A: 70.826 billion yuan (growth rate: 16%) - 2025E: 79.199 billion yuan (growth rate: 12%) - 2026E: 87.632 billion yuan (growth rate: 11%) - 2027E: 96.254 billion yuan (growth rate: 10%) [3][4] - Net Profit Forecast: - 2023A: 10.236 billion yuan - 2024A: 15.596 billion yuan (growth rate: 35%) - 2025E: 13.906 billion yuan (growth rate: -11%) - 2026E: 15.539 billion yuan (growth rate: 12%) - 2027E: 17.327 billion yuan (growth rate: 12%) [3][4] - Earnings Per Share (EPS): - 2023A: 3.65 yuan - 2024A: 5.56 yuan - 2025E: 4.95 yuan - 2026E: 5.54 yuan - 2027E: 6.17 yuan [3][4] - Return on Equity (ROE): - 2023A: 24% - 2024A: 28% - 2025E: 20% - 2026E: 19% - 2027E: 17% [3][4] - Price-to-Earnings (P/E) Ratio: - 2023A: 23.9 - 2024A: 15.7 - 2025E: 17.6 - 2026E: 15.7 - 2027E: 14.1 [3][4] - Price-to-Book (P/B) Ratio: - 2023A: 4.8 - 2024A: 4.0 - 2025E: 3.2 - 2026E: 2.7 - 2027E: 2.3 [3][4]

汽车零部件 全球布局助推 25H1 利润亮眼，构建"汽车+机器人"双轮驱动 爱柯迪（600933.SH） 证券研究报告/公司点评报告 2025 年 08 月 29 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） | 5,957 | 6,746 | 7,962 | 10,353 | 12,099 | | | 增长率 | yoy% | 40% | 13% | 18% | 30% | 17% | | 执业证书编号：S0740523020004 | | 归母净利润（百万元） | 913 | 940 | 1,204 | 1,501 | 1,740 | | Email：hejy02@zts.com.cn | 增长率 | yoy% | 41% | 3% | 28% | 25% | 16% | | | 每股收益（元） | | 1.02 | 0.9 ...

保险Ⅱ 新华保险 1H25 业绩点评： 投资利差大幅改善带动净利润超预期增长 新华保险（601336.SH） 证券研究报告/公司点评报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | 归母净利润（百万元） | 8,712 | 26,233 | 20,173 | 21,399 | 23,374 | | 分析师：葛玉翔 | | 增长率 yoy% | -59.5% | 201.1% | -23.1% | 6.1% | 9.2% | | 执业证书编号：S0740525040002 | | 每股收益（元） | 2.79 | 8.41 | 6.47 | 6.86 | 7.49 | | | | 每股净资产 | 33.68 | 30.85 | 33.69 | 38.90 | 44.64 | | Email：geyx01@zts.com.cn | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company has shown a steady performance with a revenue of 1.921 billion and a net profit of 141 million in the first half of 2025, reflecting a year-on-year growth of 6.40% in revenue but a decline of 3.38% in net profit [5] - The implementation of the "Good Bedding, Choose Mercury" strategy and the focus on big product strategies have significantly contributed to sales growth, particularly in the ergonomic pillow and ice silk quilt categories [5] - The company is expected to benefit from the continuation of the home textile subsidy policy in various regions, including Shanghai and Jiangsu [5] Financial Performance Summary - Revenue for 2023 is projected at 4,211 million, with a growth rate of 15% year-on-year, while the net profit is expected to be 379 million, reflecting a growth rate of 36% [2] - For 2024, revenue is forecasted to be 4,193 million with a 0% growth rate, and net profit is expected to decline to 367 million, a decrease of 3% [2] - The company anticipates a gradual increase in revenue and net profit in the following years, with projections of 4,423 million and 376 million for 2025, respectively [2] Key Financial Metrics - The gross margin for the first half of 2025 was 43.88%, an increase of 2.01 percentage points year-on-year, attributed to product structure optimization and successful big product strategies [5] - The sales expense ratio increased to 29.45%, up 3.84 percentage points year-on-year, due to increased investment in new product development and marketing innovation [5] - The company’s cash flow from operating activities turned negative at -67 million, primarily due to increased payments for goods and operating expenses [5] Future Outlook - The company is expected to maintain its leadership position in the home textile industry, with anticipated net profits of 376 million, 409 million, and 434 million for 2025, 2026, and 2027, respectively [5] - The online business is seen as a significant growth driver, while the offline business is improving in operational efficiency and penetration [5] - The overall industry demand is expected to recover, benefiting the leading companies in the sector [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company's performance in H1 2025 met expectations, with a revenue of 19.113 billion yuan, down 6.87% year-on-year, and a net profit attributable to shareholders of 1.78 billion yuan, up 1.26% year-on-year [4] - The company is gradually increasing its overseas revenue, with foreign sales reaching 640 million yuan, up 71.89% year-on-year [4] - The report highlights the company's integrated advantages in pulp and paper production, with significant new capacity planned to support long-term growth [4][5] Financial Summary - For 2023, the company is projected to have a revenue of 39.544 billion yuan, with a year-on-year growth rate of -1% [2] - The net profit attributable to shareholders for 2023 is expected to be 3.086 billion yuan, with a year-on-year growth rate of 10% [2] - The earnings per share (EPS) for 2023 is estimated at 1.10 yuan [2] - The company plans to expand its production capacity significantly, with several new projects expected to come online between 2025 and 2026 [4] - The projected net profit for 2025 is 3.101 billion yuan, with a year-on-year growth rate of 1% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Views - The company has demonstrated high revenue growth and improved profitability, with a revenue of 9.29 billion and a net profit of 610 million for the first half of 2025, representing year-on-year growth of 6.1% and 22.6% respectively [4][6] - The company is focusing on enhancing its operational efficiency and cost control, leading to an increase in overall profitability [6][9] - The company is expanding its managed area while optimizing its project reserves, with a managed area of 536 million square meters, an increase of 11.3% year-on-year [8][9] Financial Performance - The company’s revenue projections for 2023A to 2027E are as follows: 17,411 million, 18,528 million, 19,695 million, 21,469 million, and 23,189 million respectively, with growth rates of 17%, 6%, 6%, 9%, and 8% [3] - The net profit attributable to shareholders is projected to grow from 605 million in 2023A to 1,241 million in 2027E, with year-on-year growth rates of 11%, 30%, 18%, 16%, and 15% [3] - The company’s earnings per share (EPS) is expected to increase from 0.19 in 2023A to 0.39 in 2027E [3] Shareholder Returns - The company has repurchased 17.17 million shares for approximately 64.95 million HKD, which is expected to enhance earnings per share and boost shareholder confidence [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Views - The company has shown steady revenue growth with a year-on-year increase of 7.10% in H1 2025, achieving a total revenue of 7.876 billion yuan and a net profit attributable to shareholders of 554 million yuan, reflecting an 11.42% increase [5] - The company's overseas business has been a significant growth driver, with international revenue increasing by 27.21% year-on-year, while domestic revenue slightly declined by 1.59% [5] - The company has implemented effective cost control measures, resulting in a slight improvement in profitability, with a net profit margin increase of 0.27 percentage points to 7.03% [5] Financial Performance Summary - For the fiscal year 2023, the company reported a revenue of 15,223 million yuan, with a projected growth rate of 13% for 2024, reaching 17,157 million yuan [3] - The net profit attributable to shareholders for 2023 was 1,438 million yuan, with an expected increase of 17% in 2025, reaching 1,646 million yuan [3] - The earnings per share (EPS) for 2023 was 1.56 yuan, projected to rise to 1.79 yuan in 2025 [3] Cash Flow and Dividend Policy - The company reported a net cash flow from operating activities of 1.571 billion yuan in H1 2025, representing a year-on-year increase of 21.61% [5] - The company plans to distribute a cash dividend of 4.3 yuan per 10 shares, totaling 389 million yuan, which constitutes 70.2% of the net profit attributable to shareholders, indicating an increase in the dividend payout ratio compared to previous years [5] Employee Incentives - The company has initiated an employee stock ownership plan with a total fundraising amount not exceeding 208 million yuan, aimed at binding core employees and enhancing internal motivation [5]

收入规模稳健增长，经营质量持续提升 ——立高食品 2025 年半年报点评 休闲食品 立高食品（300973.SZ） 证券研究报告/公司点评报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入（百万元） 分析师：熊欣慰 | | | | | 3,499 | 3,835 | 4,459 | 5,037 | 5,580 | | 增长率 yoy% | | | | | 20% | 10% | 16% | 13% | 11% | | 归母净利润（百万元） 执业证书编号：S0740519080002 | | | | | 73 | 268 | 343 | 408 | 473 | | 增长率 yoy% | Email：xiongxw@zts.com.cn | | | | -49% | 267% | 28% | 19 ...