电子 太平洋电子日报(20250324)：小米发布 MIJIA 智能音频眼镜 2 2025 年 03 月 25 日 行业日报 看好/维持 电子 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/25 24/6/5 24/8/16 24/10/27 25/1/7 25/3/20 电子 沪深300 报告摘要 今日市场行情速览：上证指数（+0.15%）；深证综指（-0.66%）；创业板综 （-0.92%）；科创 50（+0.29%）；沪深 300（+0.51%） 今日 SW 电子板块行情：品牌消费电子（+1.21%）；被动元件（-1.60%）； 电子化学品Ⅲ（+0.60%）；面板（-0.55%）；光学元件（-0.38%）；LED（- 2.22%）；半导体材料（-0.78%）；分立器件（-1.36%）；集成电路封测 （+0.32%）；模拟芯片设计（-0.89%）；消费电子零部件及组装（+1.06%）； 其他电子Ⅲ（-1.93%）；半导体设备（+1.71%）；数字芯片设计（+0.79%）； 印制电路板（+0.70%） 个股涨幅 TOP3：瀛通通讯（+10.03%）；奋达科技（+10.00%）； ...

2025 年 03 月 23 日 公司点评 买入/维持 金山办公(688111) 目标价: 昨收盘:309.38 WPS 365 高速增长，AI 赋能打开成长空间 ◼ 走势比较 (50%) (34%) (18%) (2%) 14% 30% 24/3/22 24/6/2 24/8/13 24/10/24 25/1/4 25/3/17 ◼ 股票数据 | 总股本/流通(亿股) | 4.63/4.63 | | --- | --- | | 总市值/流通(亿元) | 1,431.42/1,43 | | | 1.42 | | 12 个月内最高/最低价 | 408.68/167.18 | | (元) | | 相关研究报告 <<机构订阅保持高增，WPS AI 商业化 落地可期>>--2023-08-24 <<订阅业务增速亮眼，AI 赋能打开成 长空间>>--2023-04-23 <<订阅业务持续高增，信创与 AI 驱 动长期发展>>--2023-03-24 证券分析师：曹佩 电话： E-MAIL：caopeisz@tpyzq.com 分析师登记编号：S1190520080001 证券分析师：王景宜 电话： E-MAIL：wan ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [1][12]. Core Insights - The company achieved a net profit of 2.161 billion yuan in 2024, a year-on-year increase of 33.38%, despite a slight decline in revenue [3][4]. - The company’s order backlog reached a record high of 40 billion yuan, providing strong momentum for future growth [5]. - The report highlights significant improvements in profit margins, with the gross margin increasing from 10.75% in 2023 to 12.28% in 2024 [4][9]. Financial Performance Summary - In 2024, the company reported total revenue of 29.954 billion yuan, a decrease of 2.59% year-on-year, while the net profit attributable to shareholders rose by 33.38% [3][4]. - The company’s operating income is projected to grow to 33.112 billion yuan in 2025, reflecting a growth rate of 10.54% [6]. - The earnings per share (EPS) are expected to increase from 0.49 yuan in 2024 to 0.55 yuan in 2025 [6][9]. Operational Highlights - The company significantly increased its operational capacity, with a 15.73% year-on-year increase in ship days and a 100% increase in land construction completed [4][5]. - The report notes a substantial reduction in subcontracting and material costs, contributing to improved profitability [4][5]. Market Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.420 billion yuan in 2025 and 2.628 billion yuan in 2026, indicating sustained performance [6][9]. - The report emphasizes the positive industry outlook, predicting that the overall industry returns will exceed the CSI 300 index by more than 5% in the next six months [11].

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company achieved a revenue of 17.172 billion yuan in 2024, representing a year-on-year growth of 9.89%, while the net profit attributable to shareholders reached 840 million yuan, up 14.24% year-on-year [3][4] - The growth in net profit outpaced revenue growth due to improved gross margins in property management and effective cost control measures [4][10] - The company continues to expand its property management business, with a significant contribution from basic property management services [5][10] Revenue and Profit Growth - In 2024, the property management segment generated revenue of 16.487 billion yuan, a year-on-year increase of 11.72%, while the asset management segment saw a decline of 4.03% to 670 million yuan [5][11] - Basic property management services accounted for 78.04% of total revenue, with residential and non-residential segments contributing 27.85% and 72.15% respectively [5] Cost Control and Efficiency - The company successfully reduced management and financial expense ratios, leading to a decrease of 0.37 and 0.23 percentage points to 3.50% and 0.17% respectively [4][10] - The gross margin for property management improved to 10.45%, up 0.44 percentage points from the previous year, contributing to an overall sales gross margin increase to 11.96% [4] Contract and Project Management - As of the end of 2024, the company managed 2,296 property projects across 162 cities, with a total managed area of 365 million square meters, reflecting a year-on-year growth of 5.8% [6] - The company signed new contracts worth 4.029 billion yuan during the year, with third-party project contracts increasing by 4.35% [6] Future Profitability Forecast - The report projects net profits of 954 million yuan, 1.007 billion yuan, and 1.134 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 13.25X, 12.55X, and 11.14X [12]

2025 年 03 月 21 日 公司点评 买入/维持 安踏体育(02020) 目标价: 昨收盘:93.15 24 年财报点评：收入超预期，户外品牌延续高增 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/20 24/6/1 24/8/13 24/10/25 25/1/6 25/3/20 ◼ 股票数据 | 总股本/流通(亿股) | 28.07/28.07 | | --- | --- | | 总市值/流通(亿港元) | 2,614.92/2,61 | | | 4.92 | | 12 个月内最高/最低价 | 107.5/65.55 | | (港元) | | 相关研究报告 分渠道来看，1）线上：收入同比+21.8%，占总收入的 35.1%（+2.3pct）， 2）线下：截至 24 年底，安踏成人/儿童分别为 7135/2784 家（年内净增 82/6），店效分别约为 30/16 万；FILA 大货/儿童/潮牌为 1264/590/206 家（年内净增 85/8/-5 家），店效分别约为 96/36/40 万；迪桑特/可隆为 226/191 家（年内净增 39/27 家），店效分别为 20 ...

2025-03-20 策略点评报告 FOMC 议息会议：通胀"暂时"论回归？ 证券分析师：张冬冬 证券研究助理：徐梓铭 E-Mail：zhangdd@tpyzq.com E-Mail：xuzm@tpyzq.com 分析师登记编号：S1190522040001 一般证券从业编号：S1190123050005 本次议息会议重点有以下三点： 策略点评报告 3 月美联储议息会议 P2 三是鲍威尔在否认经济面临大幅衰退的风险后，对近期的通胀风险采取了"漠视"的态度。一方面鲍威尔认为 虽然软数据（经济调查）表明人们对经济前景的担忧，但硬数据（经济报告）显示美国经济依然健康。另一方面， 鲍威尔认为关税带来的通胀上升的风险是一次性的是可以忽略的，并认为密歇根大学的消费者通胀预期调查是个异 常值。 整体来看，市场对此次会议的结果回以积极的反应，1 年期 SOFR OIS 大幅下跌表明了市场对会议鸽派的预期结 果。股、债、黄金、比特币的多头都能从此次会议的内容找到自己想要的。鲍威尔对经济衰退风险的否认和对通胀 风险的忽略极大提振了资产的风险偏好，但这种情况不得不让人想起 2021 年鲍威尔通胀暂时论的情景，这引发了 2022 年 ...

2025 年 03 月 21 日 公司点评 买入/维持 汇顶科技(603160) 昨收盘:77.38 经营情况持续改善，盈利能力大幅提升 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/3/21 24/6/1 24/8/12 24/10/23 25/1/3 25/3/16 ◼ 股票数据 | 总股本/流通(亿股) | 4.62/4.62 | | --- | --- | | 总市值/流通(亿元) | 357.39/357.39 | | 12 个月内最高/最低价 | 100.5/55.03 | | (元) | | 相关研究报告 <<太平洋证券公司点评-汇顶科技 （603160）：收购云英谷科技，补全业 务版图协同效应优秀>>--2025-01- 22 <<太平洋证券公司点评-汇顶科技 （603160）：24H1 扭亏为盈，新产品 批量导入未来可期>>--2024-10-23 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 深耕四大核心技术领域，持续提升全球化战略布局与品牌影响力。公司全 力投入"传感、AI 计算、连接、安全 ...

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 1.21 HKD [1][10]. Core Views - The report highlights that the company has accelerated its overseas expansion, which is expected to enhance operational efficiency [1][6]. - The company achieved a revenue of 11.58 billion HKD in 2024, representing a year-on-year growth of 20.5%, while the net profit attributable to shareholders was 0.90 billion HKD, down 6.9% year-on-year [4][7]. - The average Return on Equity (ROE) was 8.1%, a decrease of 2.9% compared to the previous year [4]. Financial Performance - Revenue breakdown for the reporting period includes operating leasing services at 4.62 billion HKD, engineering technical services at 3.75 billion HKD, and asset management and other services at 3.21 billion HKD, with respective year-on-year changes of -10.1%, +26.5%, and +113.0% [5]. - The overall gross margin decreased by 6.5 percentage points to 32.6%, primarily due to a decline in equipment utilization and rental prices [5]. - The company’s capital expenditure reached 7.10 billion HKD, a significant increase of 249.5% year-on-year, with net capital expenditure after sales of second-hand equipment at 4.83 billion HKD, up 847.3% [5]. Strategic Initiatives - The company is diversifying its product matrix and expanding into non-construction sectors, including mining machinery leasing and oil and chemical industries [6]. - The overseas asset management scale has exceeded 2.1 billion HKD, with overseas revenue increasing over 27 times to 0.39 billion HKD, achieving breakeven [6]. - The company is pursuing an "operationally driven" transformation and advancing its "3+3+3" globalization strategy, which is expected to improve operational quality and efficiency [6]. Earnings Forecast - Projected revenues for 2025-2027 are 12.27 billion HKD, 13.46 billion HKD, and 14.84 billion HKD, with net profits of 0.96 billion HKD, 1.07 billion HKD, and 1.20 billion HKD respectively [7]. - The estimated earnings per share (EPS) for the same period are 0.30 HKD, 0.33 HKD, and 0.38 HKD, with corresponding price-to-earnings (PE) ratios of 3.76, 3.37, and 2.99 [7].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of a relative increase in stock price over the next six months [1][19]. Core Insights - The company reported a slight increase in revenue for 2024, achieving 178.95 billion yuan, a year-on-year growth of 2.25%. However, the net profit attributable to shareholders decreased by 36.09% to 4.04 billion yuan, primarily due to a decline in gross margin and increased impairment losses [3][4]. - The company remains among the top five in the industry in terms of sales scale, with a total contracted sales area of 9.36 million square meters, down 23.5% year-on-year. The total sales amount reached 219.3 billion yuan, a decrease of 25.3% [5]. - The company focuses on acquiring land in core cities, with 90% of its investment in the "Core 10 Cities," and 59% of the investment in first-tier cities [6]. Financial Performance - The company reported a gross margin of 15.58% for its development projects, which is a decline of 1.53 percentage points compared to the previous year. The total impairment losses and credit impairment losses for 2024 amounted to 6.03 billion yuan, an increase of 3.62 billion yuan year-on-year [4]. - The financial management remains robust, with a debt-to-asset ratio of 62.37% and a net debt ratio of 55.85% as of the end of 2024. The comprehensive funding cost decreased to 2.99%, down 0.48 percentage points from 2023 [7]. - The asset operation and property service segments are growing rapidly, with property service revenue reaching 7.47 billion yuan, a year-on-year increase of 9.89% [11]. Future Projections - The company is expected to achieve net profits of 4.56 billion yuan, 5.56 billion yuan, and 5.00 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are projected to be 18.85X, 15.44X, and 17.17X [12][17].

2025 年 03 月 21 日 公司点评 买入/维持 汇顶科技(603160) 昨收盘:77.38 经营情况持续改善，盈利能力大幅提升 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/3/21 24/6/1 24/8/12 24/10/23 25/1/3 25/3/16 ◼ 股票数据 | 总股本/流通(亿股) | 4.62/4.62 | | --- | --- | | 总市值/流通(亿元) | 357.39/357.39 | | 12 个月内最高/最低价 | 100.5/55.03 | | (元) | | 相关研究报告 <<太平洋证券公司点评-汇顶科技 （603160）：收购云英谷科技，补全业 务版图协同效应优秀>>--2025-01- 22 <<太平洋证券公司点评-汇顶科技 （603160）：24H1 扭亏为盈，新产品 批量导入未来可期>>--2024-10-23 证券分析师：张世杰 E-MAIL：zhangsj@tpyzq.com 分析师登记编号：S1190523020001 证券分析师：罗平 E-MAIL：luoping@tpyzq.com 分析师登记编号：S11905240 ...