[Table_Title] 交易流水有望逐步回暖，AI 加速商业化落地 ——新国都（300130）2024 年年报点评 最近一年走势 2025 年 04 月 01 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 刘熹 S0350523040001 liux10@ghzq.com.cn | 相对沪深 300 | 表现 | | 2025/03/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 新国都 | -4.2% | -7.2% | -1.2% | | 沪深 300 | -0.1% | -1.2% | 9.9% | | 市场数据 | | | 2025/03/31 | | 当前价格（元） | | | 20.10 | | 周价格区间（元） 52 | 14.27-35.80 | | --- | --- | | 总市值（百万） | 11,398.04 | | 流通市值（百万） | 8,723.66 | | 总股本（万股） | 56,706.66 | | 流通股本（万股） | 43,401.29 | | 日均成交额（百万） | 366.70 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The report highlights that the increase in alumina prices has significantly boosted profitability, while impairment losses have impacted overall performance [3][7] - The company achieved a revenue of 237.07 billion yuan in 2024, representing a year-on-year growth of 5.2%, and a net profit attributable to shareholders of 12.4 billion yuan, up 85.4% year-on-year [5][10] - The report anticipates continued revenue growth for the company in the coming years, with projected revenues of 216.26 billion yuan in 2025, 224.44 billion yuan in 2026, and 229.65 billion yuan in 2027 [9][10] Summary by Sections Recent Performance - In Q4 2024, the company reported a revenue of 63.29 billion yuan, a year-on-year increase of 71.4%, and a net profit of 3.38 billion yuan, up 153.1% year-on-year [6] - The alumina production reached 16.87 million tons in 2024, with a year-on-year increase of 1.2%, while the sales volume decreased by 2.6% [7] Revenue and Profitability - The alumina segment generated a revenue of 74 billion yuan in 2024, a year-on-year increase of 38.3%, with a pre-tax profit of 11.69 billion yuan, up 1013% [7] - The primary aluminum segment saw a revenue of 136.4 billion yuan, an increase of 8.6% year-on-year, but faced a 20.3% decline in pre-tax profit due to rising costs [7] Future Projections - The report forecasts a net profit growth of 25% in 2025, followed by 9% and 8% in the subsequent years [10] - The projected earnings per share (EPS) are expected to be 0.91 yuan in 2025, 0.99 yuan in 2026, and 1.06 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 8.24, 7.57, and 7.03 respectively [9][10]

2025 年 04 月 01 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 53 期 观点精粹: 最新报告摘要 铝行业周报：铝去库表现好，关税压力下铝价震荡--行业 PPT 报告 火电业绩同比改善，全年派息比率 60%--中国电力/电力(02380/214101) 点评报告（港股美股） 春糖总结：白酒淡季转淡，大众品关注硬折扣新引擎--行业周报 高增长提盈利，即时配领军者成长持续兑现--顺丰同城/物流(09699/214208) 点评报告（港股美股） 六氟丙烯、尿素涨价，重视芭田股份磷矿产能扩张--行业周报 煤价跌、煤化工盈利优化，未来煤炭量增业绩稳--兖矿能源/煤炭开采(600188/217401) 公司点评 父母代苗价或将受益于海外引种受限，种猪业务稳步放量--益生股份/养殖业(002458/211107) 公司点评 业绩增长强势+股东回报丰厚，推荐积极布局--顺丰控股/物流(002352/214208) 公司点评 2024Q4 煤电业绩改善，风电业绩保持韧性--华能国际/电力(600 ...

2025 年 03 月 31 日 公司研究 评级：增持(维持) [Table_Title] 转型期业绩承压，静待自主盈利修复 ——广汽集团（601238）2024 年年报点评 最近一年走势 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn | 相对沪深 300 | 表现 | | 2025/03/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广汽集团 | -3.0% | -9.2% | -2.1% | | 沪深 300 | -0.1% | -1.2% | 9.9% | | 市场数据 | | | 2025/03/31 | | 当前价格（元） | | | 8.48 | | 52 周价格区间（元） | | | 7.07-10.84 | | 总市值（百万） | | | 86,471.12 | | 流通市值（百万） | | | 62,613.76 | | 总股本（万股） | | | 1,019,706.59 | | 流通股本（万股） | | | 738,369.76 | | 日均成交额（百万） | | | 386 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's net profit attributable to shareholders increased by 230% year-on-year in 2024, primarily due to improvements in hydropower and thermal power performance, along with a reduction in income tax [6] - The company achieved a revenue of 123.47 billion yuan in 2024, reflecting a year-on-year growth of 0.9% [6] - The company plans to distribute a cash dividend of 0.0621 yuan per share for the year 2024, which accounts for 38.13% of the net profit attributable to shareholders [6] Financial Performance Summary - In 2024, the total profit from coal machinery was 2.57 billion yuan, compared to a loss of 0.13 billion yuan in 2023 [6] - The total profits from hydropower, wind power, and photovoltaic power were 2.01 billion yuan, 2.13 billion yuan, and 0.70 billion yuan respectively, with year-on-year changes of +45%, -17%, and +46% [6] - The company’s income tax decreased by 31% in 2024, with an effective tax rate of 20.5% [6] Future Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 119.8 billion yuan, 123.7 billion yuan, and 124.2 billion yuan respectively, with corresponding net profits of 4.76 billion yuan, 4.83 billion yuan, and 4.95 billion yuan [8][9] - The price-to-earnings (P/E) ratio is expected to be 11 for the years 2025 to 2027 [8][9] - The company is expected to maintain stable growth in performance for 2025, justifying the "Buy" rating [6]

2025 年 03 月 31 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 美国将对进口汽车和[Ta汽ble车_Ti零tle]部件征收 25%的关 税，仰望 U7 正式上市 ——汽车行业周报 | 行业相对表现 | | | 2025/03/28 | | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 汽车 | | 2.0% | 10.0% | 30.3% | | 沪深 | 300 | 0.6% | -1.7% | 11.2% | 相关报告 《汽车行业周报：腾势 N9、二代哈弗枭龙 MAX 上 市，马斯克召开特斯拉全员大会（推荐）*汽车*戴 畅》——2025-03-25 《汽车行业周报：零跑 B10 正式开启预售，2025 款小鹏 G6/G9 上市（推荐）*汽车*戴畅》—— 2025-03-17 《宇树科技 CEO 王兴兴出席民营企业座谈会， Figure AI 正式发布 Helix 模型——人形机器人行业 2025 年 2 月月报（推荐）*汽车*吴铭杰，戴畅》— ...

2025 年 03 月 31 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 王宁 S0350522010001 wangn02@ghzq.com.cn 证券分析师： 张婉姝 S0350522010003 zhangws@ghzq.com.cn [Table_Title] 氦气价格波动压制利润，长期竞争优势凸显 事件: 3 月 28 日，广钢气体发布年报：2024 年，公司实现营业总收入 21.03 亿元，同比增长 14.60%；归母净利润 2.48 亿元，同比下降 22.42%。 投资要点: 最近一年走势 | 相对沪深 300 | 表现 | | 2025/03/28 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 广钢气体 | 7.8% | 7.8% | 14.1% | | 沪深 300 | 0.6% | -1.7% | 11.2% | | 市场数据 | | | 2025/03/28 | | 当前价格（元） | | | 11.37 | | 周价格区间（元） 52 | | | 7.00-11.89 | | 总市值（百万） | | | 15,0 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The report highlights a diversified business growth outlook, particularly optimistic about the oil transportation market's upward trend in 2025 [5][10] - The company achieved a revenue of 25.799 billion yuan in 2024, a slight decrease of 0.3% year-on-year, while the net profit attributable to shareholders increased by 5.6% to 5.11 billion yuan [5][10] - The report emphasizes the company's strong performance in the dry bulk shipping sector, with a significant net profit increase of 72.2% year-on-year [6][10] Summary by Sections Recent Performance - In Q4 2024, the company reported a revenue of 6.5 billion yuan, down 5.2% year-on-year, but net profit surged by 61.1% to 1.74 billion yuan [5][6] Oil Transportation - The average Time Charter Equivalent (TCE) for Very Large Crude Carriers (VLCC) was $39,239 per day in 2024, a decline of 20.5% year-on-year, yet the company's VLCC fleet outperformed the industry average [6][7] - Revenue from oil transportation was 9.21 billion yuan, with a net profit of 2.64 billion yuan, reflecting a decrease of 4.8% and 14.5% respectively [6] Dry Bulk Transportation - Supported by increased imports and longer shipping distances, the Cape-sized bulk carrier earnings rose by 58%, with the company achieving a revenue of 7.94 billion yuan and a net profit of 1.55 billion yuan, marking increases of 11.7% and 72.2% respectively [6][10] Container Transportation - The container shipping market saw demand growth and tight supply, leading to a significant rise in freight rates, although the company's revenue from this segment slightly decreased by 1.9% to 5.43 billion yuan, while net profit increased by 50.5% to 1.31 billion yuan [6][10] Future Outlook - The oil transportation market is expected to remain strong due to OPEC+ exiting voluntary production cuts and ongoing sanctions against Iran and Venezuela [7][10] - The dry bulk market is anticipated to balance upward, with freight rates expected to gradually increase [8][10] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 27.73 billion yuan, 29.33 billion yuan, and 30.32 billion yuan respectively, with net profits expected to be 6.36 billion yuan, 7.36 billion yuan, and 7.89 billion yuan [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company's revenue for 2024 reached 30.06 billion yuan, a year-on-year increase of 9.2%, while the net profit attributable to shareholders was 1.33 billion yuan, up 52.9% year-on-year [2] - The gross margin improved to 22.5%, an increase of 1.7 percentage points year-on-year, and the net profit margin rose to 4.6%, up 1.2 percentage points year-on-year [2] - The company is focusing on strategic emerging business sectors to cultivate new growth drivers for high-quality development [4] Summary by Sections Recent Performance - The company's stock outperformed the CSI 300 index with a 12-month performance of 47.4% compared to the index's 10.4% [1] - The current stock price is 12.05 yuan, with a 52-week price range of 8.35 to 13.71 yuan [1] Business Segments - The earthmoving segment saw revenue of 17.94 billion yuan, a year-on-year increase of 12.8%, accounting for 59.7% of total revenue [4] - The company achieved a 15% year-on-year increase in global revenue from earthmoving products, with nearly 60% of revenue coming from overseas [4] - The sales of key products, including loaders and excavators, remained robust, contributing nearly 7 billion yuan in revenue [4] Overseas Market Expansion - The company's overseas revenue reached 13.76 billion yuan, a year-on-year increase of 20.1%, with overseas revenue accounting for 45.8% of total revenue [4] - The overseas gross margin was 28.6%, which is 11.2 percentage points higher than domestic margins [4] - The company has nearly 400 dealers and over 1,300 outlets, achieving a channel coverage rate of nearly 70% [4] Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 35.38 billion yuan, 42.08 billion yuan, and 48.68 billion yuan, respectively, with corresponding net profits of 2.1 billion yuan, 2.63 billion yuan, and 3.27 billion yuan [6][7] - The company is expected to maintain a strong return on equity (ROE) of 11% in 2025, increasing to 15% by 2027 [8]

2025 年 03 月 31 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn [Table_Title] 高端化成效显著，硬核技术驱动科技平权 最近一年走势 国海证券研究所 请务必阅读正文后免责条款部分 ——长城汽车（601633）2024 年年报点评 事件: 《长城汽车（601633）公司点评：11 月总销量同 环比双升，持续深耕海外市场（增持）*乘用车*戴 畅》——2024-12-04 《长城汽车（601633）2024 年三季报点评：2024Q3 海外持续兑现，国内加速推进智能化（增持）*乘 用车*戴畅》——2024-10-30 提升，出海势头持续强劲（增持）*乘用车*戴畅》 ——2024-10-11 | 相对沪深 300 | 表现 | | 2025/03/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 长城汽车 | 4.8% | -0.9% | 15.7% | | 沪深 300 | -0.1% | -1.2% | 9.9% | | 市场数据 | | | 202 ...