2025 年 04 月 02 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 证券分析师： 李娟廷 S0350524090007 lijt03@ghzq.com.cn [Table_Title] 工程化工齐发展，新疆煤化工带来机遇 ——三维化学（002469）2024 年年报点评 最近一年走势 2024 年公司实现营业收入 25.54 亿元，同比下降 3.88%；实现归属 于上市公司股东的净利润 2.63 亿元，同比下降 6.92%。分板块看， 2024 年公司工程总承包业务实现营收 4.67 亿元，同比-1.32%，毛 利率 15.83%，同比减少 12.15 个百分点；工程设计实现营收 0.97 亿元，同比-19.79%，毛利率 48.58%，同比减少 1.01 个百分点；醛 醇酸酯类实现营收 14.08 亿元，同比+1.75%，毛利率 18.80%，同 比增加 4.73 个百分点；残液加工类实现营收 3.84 亿元，同比 -12. ...

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company achieved significant revenue and profit growth in 2024, with operating revenue reaching 20.388 billion yuan, a year-on-year increase of 22.92%, and net profit attributable to shareholders of 1.739 billion yuan, up 49.37% year-on-year [6][7]. - The demand for the company's products is driven by the growth in AI computing power needs, recovery in consumer electronics, and high demand in automotive electronics [7][8]. - The company is focusing on high-end product development to enhance its core competitiveness, with R&D expenses increasing by 37.57% to 1.157 billion yuan in 2024 [7][10]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 20.388 billion yuan, with a year-on-year growth of 22.92%. The revenue from copper-clad laminates and bonding sheets increased by 17.09%, accounting for 72.55% of total revenue, while the printed circuit board business saw a 43.04% increase, making up 21.99% of total revenue [6][7]. - The company sold 1.43 million square meters of copper-clad laminates, a year-on-year increase of 19.40%, and 1.88 billion meters of bonding sheets, up 11.50% year-on-year [7]. Profitability - The gross profit margin for 2024 was 22.04%, an increase of 2.80 percentage points year-on-year. The gross profit margin for copper-clad laminates and bonding sheets was 21.52%, up 1.41 percentage points, while the printed circuit board business saw a gross profit margin of 19.43%, an increase of 8.58 percentage points [7][10]. Future Outlook - The company has set ambitious sales targets for 2025, aiming to sell 12.6 million square meters of hard copper-clad laminates and 19.3 billion meters of bonding sheets, indicating a stable growth outlook [8][10]. - Revenue forecasts for 2025-2027 are projected at 22.718 billion yuan, 27.682 billion yuan, and 31.830 billion yuan, with year-on-year growth rates of 11%, 22%, and 15% respectively [9][10].

Group 1 - The company achieved a revenue of 30.9 billion yuan in 2024, a year-on-year decrease of 21.9%, but net profit increased by 622% to 0.7 billion yuan, driven by revenue structure optimization and cost reductions from AI-enabled efficiency improvements [4][5] - The payment business showed marginal improvement with a revenue decline of 22.9% to 26.9 billion yuan, attributed to a 19% drop in total GPV and a slight decrease in payment rates [5][6] - The company’s overseas payment business expanded significantly, with transaction volume exceeding 1.1 billion yuan, a nearly fivefold increase year-on-year [5] Group 2 - The company reported a revenue of 31.48 billion yuan in 2024, a decrease of 17.2%, with a net profit of 2.34 billion yuan, down 68.98% [11][12] - The domestic acquiring business processed a total of 1.47 trillion yuan, maintaining stable monthly transaction volumes, while overseas market revenue reached 9.01 billion yuan, with a 63.61% increase in high-end market revenue [13][14] - The company’s AI digital employee product has been commercialized, with applications in digital marketing and e-commerce [15] Group 3 - China Aluminum reported a revenue of 237.07 billion yuan in 2024, an increase of 5.2%, and a net profit of 12.4 billion yuan, up 85.4% [16][17] - The increase in profits was primarily due to rising aluminum and alumina prices, with alumina revenue reaching 74 billion yuan, a 38.3% increase [18] - The company plans to distribute a cash dividend of 0.135 yuan per share, with a total dividend amount of 3.72 billion yuan, reflecting a payout ratio of 30.2% [20] Group 4 - Three Squirrels reported a revenue of 10.622 billion yuan in 2024, a year-on-year increase of 49.3%, with a net profit of 408 million yuan, up 85.51% [22][23] - The company’s online revenue reached 7.407 billion yuan, with significant growth in various channels, particularly Douyin [23][24] - The company is planning to issue H shares to enhance its brand and global supply chain capabilities [25][26] Group 5 - Kailai Ying reported total revenue of 5.805 billion yuan in 2024, a decrease of 25.82%, with a net profit of 949 million yuan, down 58.17% [27][28] - The small molecule business showed stable growth, with revenue of 4.571 billion yuan, reflecting an 8.85% increase when excluding large orders [28][29] - The emerging business segment achieved revenue of 1.226 billion yuan, a growth of 2.25% [29] Group 6 - Zhejiang Shuju reported a revenue of 3.097 billion yuan in 2024, a slight increase of 0.61%, with a net profit of 512 million yuan, down 22.84% [30][31] - The online gaming business generated 1.34 billion yuan in revenue, with a gross margin of 91.04% [33] - The company plans to distribute a cash dividend of 1.60 yuan per 10 shares, totaling 203 million yuan [32] Group 7 - Zhongke Xingtou focuses on the space-earth big data industry, with a projected revenue of 40.78 billion yuan in 2025, increasing to 63.98 billion yuan by 2027 [38][41] - The company has established a comprehensive digital earth solution, integrating data collection, processing, and application [39][40] - The company aims to expand its business into low-altitude economy and commercial aerospace sectors [40] Group 8 - Yinghe Technology reported a revenue of 8.524 billion yuan in 2024, a decrease of 12.58%, with a net profit of 503 million yuan, down 9.14% [43][44] - The lithium battery equipment segment faced challenges, while the electronic cigarette segment showed strong performance with a revenue of 3.191 billion yuan [44][45] - The company expects growth in the lithium battery equipment market due to domestic production recovery and expansion into overseas markets [45][46] Group 9 - Meiya Optoelectronics achieved a revenue of 2.311 billion yuan in 2024, a decrease of 4.7%, with a net profit of 649 million yuan, down 12.8% [48] - The color sorting machine business grew by 9.9%, while the medical equipment segment faced a decline of 33.4% [49] - The company anticipates a recovery in the medical equipment sector due to ongoing economic development and demographic trends [49]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company achieved a significant reduction in losses year-on-year, with a reported net profit of -4.23 billion yuan for 2024, compared to -8.17 billion yuan in 2023, indicating a substantial improvement in performance [4][10]. - The company is expected to see revenue growth from 132.12 billion yuan in 2024 to 154.55 billion yuan by 2027, with corresponding net profits projected to turn positive by 2025 [9][10]. - The report highlights the recovery of overseas capacity and a notable increase in passenger load factor, which rose to 82.8% in 2024, an increase of 8.4 percentage points year-on-year [5][10]. Financial Performance - In 2024, the company reported operating revenue of 132.12 billion yuan, a year-on-year increase of 16.1% [4]. - The operating cost for 2024 was 126.5 billion yuan, reflecting a 12.48% increase, but the seat kilometer cost decreased by 7.2% [6]. - The financial expenses decreased to 5.84 billion yuan in 2024, down by 6.9 billion yuan from the previous year, with interest expenses significantly reduced [6][10]. Future Projections - The company plans to increase its fleet size at a compound annual growth rate of 4.5% from 2024 to 2027, with a total of 804 aircraft by the end of 2024 [7][8]. - Forecasts for 2025-2027 indicate a net profit of 2.26 billion yuan in 2025, 4.11 billion yuan in 2026, and 7.87 billion yuan in 2027, with corresponding P/E ratios decreasing from 35.79 to 10.28 [9][10].

证券研究报告 2025年4月1日 基础化工 化工行业深度报告：六维力矩传感器对应的材料 ——AI赋能化工之五 评级：推荐(维持) | 李永磊(证券分析师) | 董伯骏(证券分析师) | 曾子华(联系人) | | --- | --- | --- | | S0350521080004 | S0350521080009 | S0350124080006 | | liyl03@ghzq.com.cn | dongbj@ghzq.com.cn | zengzh@ghzq.com.cn | 最近一年走势 相关报告 -21% -13% -4% 4% 12% 20% 2024/03/31 2024/06/30 2024/09/30 2024/12/31 2025/03/31 基础化工 沪深300 《有机硅行业动态研究之一：有机硅价格不断上涨，看好行业景气修复（推荐） *基础化工*李永磊，董伯骏》——2025-03-21 《新材料产业周报：2026年中国eVTOL市场有望突破百亿元，小鹏人形机器人 有望2年内量产（推荐）*基础化工*李永磊，董伯骏》——2025-03-16 《新材料产业周报：韩国拟建设全球最大的AI数据中心，S ...

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance relative to the market [10]. Core Insights - The company has shown strong revenue growth, with a 28.63% year-on-year increase in operating income for 2024, reaching 6.266 billion RMB, and a 21.37% increase in net profit attributable to shareholders, totaling 1.069 billion RMB [5]. - The growth in the konjac product category is significant, with the company’s vegetable products surpassing the traditional noodle products to become the largest category, accounting for 53.8% of total revenue in 2024 [6][9]. - The company is enhancing its multi-channel strategy, with offline and online sales contributing 88.8% and 11.2% of revenue respectively, showing a robust growth in both channels [6]. Summary by Sections Financial Performance - In 2024, the company achieved revenues of 6.266 billion RMB, with a breakdown of 2.667 billion RMB from noodle products, 3.371 billion RMB from vegetable products, and 229 million RMB from bean products [6]. - The second half of 2024 saw revenues of 3.327 billion RMB, reflecting a 30.73% year-on-year increase [5]. Profitability Metrics - The gross margin improved by 0.46 percentage points to 48.13% in 2024, driven by scale effects from revenue growth [6]. - The net profit margin for 2024 was 17.0%, with a decline in the second half to 13.6% due to increased costs and financial asset losses [7]. Future Projections - Revenue forecasts for 2025 to 2027 are 7.852 billion RMB, 9.275 billion RMB, and 10.617 billion RMB respectively, with corresponding net profits of 1.303 billion RMB, 1.585 billion RMB, and 1.911 billion RMB [8][10]. - The company is expected to maintain a sustainable growth trajectory, particularly in the konjac product line and new product launches [9]. Shareholder Returns - The company has a high dividend payout ratio of 99%, distributing 0.45 RMB per share, which reflects strong cash flow and commitment to shareholder returns [9].

Investment Rating - The report assigns a "Buy" rating for Huadian International (600027) as part of its initial coverage [1][7]. Core Insights - The company's performance in Q4 2024 showed significant improvement due to enhanced coal power performance, increased carbon trading revenue, and reduced impairment losses, contributing to a notable rise in earnings [4][6]. - In 2024, Huadian International achieved a revenue of 112.99 billion yuan, a decrease of 3.6% year-on-year, while the net profit attributable to shareholders increased by 26.1% to 5.7 billion yuan [4][6]. - The report forecasts that the company's revenue for 2025-2027 will be approximately 109.9 billion yuan, with net profits expected to grow steadily, reaching 68.3 billion yuan by 2027 [6][8]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 28.18 billion yuan, up 6.6% year-on-year, and a net profit of 0.55 billion yuan, compared to 0.02 billion yuan in the same period last year [4][6]. - The coal power segment's net profit for 2024 was 3.04 billion yuan, reflecting a 93% increase year-on-year, with a profit per kilowatt-hour of 0.017 yuan, up 0.008 yuan from the previous year [6][8]. Dividend Policy - For the fiscal year 2024, the company plans to distribute a cash dividend of 0.13 yuan per share, with a total annual dividend of 0.21 yuan per share, resulting in a cash dividend payout ratio of 45.72% [4][6]. Earnings Forecast - The projected earnings for Huadian International are as follows: 2025 expected revenue of 109.85 billion yuan, net profit of 6.53 billion yuan; 2026 expected revenue of 109.72 billion yuan, net profit of 6.67 billion yuan; and 2027 expected revenue of 110.59 billion yuan, net profit of 6.83 billion yuan [8][9].

[Table_Title] 来水好转拉动业绩增长， 2025 年或进入机组投产期 ——南网储能（600995）2024 年年报点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/03/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 南网储能 | -2.1% | -5.6% | 1.9% | | 沪深 300 | -0.1% | -1.2% | 9.9% | | 市场数据 | | | 2025/03/31 | | 市场数据 | 2025/03/31 | | --- | --- | | 当前价格（元） | 9.55 | | 周价格区间（元） 52 | 8.63-12.16 | | 总市值（百万） | 30,521.86 | | 流通市值（百万） | 10,591.92 | | 总股本（万股） | 319,600.58 | | 流通股本（万股） | 110,910.16 | | 日均成交额（百万） | 87.33 | | 近一月换手（%） | 0.78 | 2025 年 04 月 01 日 公司研究 评级：买入(维持) 相关报告 《南 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company aims to build a world-class salt lake industry cluster, focusing on the continuous growth of lithium carbonate sales in 2024 [2][11] - The company's revenue for 2024 was 15.13 billion yuan, a decrease of 29.9% year-on-year, while net profit attributable to shareholders was 4.66 billion yuan, down 41.1% year-on-year [5][7] - The decline in performance is primarily attributed to the falling market prices of potassium chloride and lithium carbonate, with average prices dropping by 16% and 65% respectively [7][10] - Despite the price drop, the company increased its lithium carbonate production by 10.92% year-on-year, achieving a sales volume of 41,600 tons [7][12] Financial Performance Summary - In Q4 2024, the company reported revenue of 4.69 billion yuan, a year-on-year decrease of 19.1% but a quarter-on-quarter increase of 45.9% [6][10] - The gross profit margin for lithium carbonate fell by 21.8 percentage points to 50.7%, while the gross margin for potassium chloride increased by 2.0 percentage points to 53.3% [7][12] - The company plans to optimize its salt lake industry chain and resource integration by 2025, with a focus on expanding production capacity in lithium salts [12][13] Market Outlook - The report projects the company's revenue for 2025 to be 17.42 billion yuan, with net profit expected to reach 5.59 billion yuan, reflecting a recovery in performance [13][40] - The company is actively expanding its lithium salt production capacity, which is anticipated to contribute to sustained revenue growth [13][40] Product Segment Performance - For potassium chloride, the sales volume in 2024 was 4.67 million tons, a decrease of 16.56% year-on-year, while the gross margin was 53.3% [7][17] - The sales volume of lithium carbonate reached 41,600 tons, marking a year-on-year increase of 10.51%, but the revenue from this segment fell by 51.7% due to price declines [7][17] Strategic Initiatives - The company is transitioning its main business towards high-value-added areas, including potassium carbonate and potassium hydroxide processing [12][13] - The integration of high-quality salt lake resources is expected to enhance collaboration among upstream and downstream enterprises, improving control over the industry chain [11][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the impairment impact on Q4 2024 performance is expected to recover in 2025, with a significant increase in revenue and net profit year-on-year [2][3] - The company achieved a revenue of 54.45 billion yuan in 2024, representing a year-on-year growth of 27.6%, and a net profit of 4.41 billion yuan, up 11.5% year-on-year [2] - The report indicates that the decline in Q4 2024 net profit was primarily due to a significant increase in alumina prices and a provision for impairment losses of 330 million yuan [6] Revenue and Profit Forecast - The forecast for 2025-2027 projects revenues of 57.73 billion yuan, 60.02 billion yuan, and 61.81 billion yuan respectively, with corresponding net profits of 7.51 billion yuan, 8.62 billion yuan, and 9.36 billion yuan [8][9] - The expected growth rates for revenue are 6%, 4%, and 3% for the years 2025, 2026, and 2027 respectively, while net profit is expected to grow by 70%, 15%, and 9% in the same years [8][9] Production and Pricing Insights - The company reported an aluminum production of 2.9383 million tons in 2024, a year-on-year increase of 22.45%, while alumina production decreased by 1.37% [6] - The average price of alumina increased significantly in Q4 2024, impacting the company's performance despite rising aluminum prices [6] Dividend Information - The company plans to distribute a final dividend of 0.18 yuan per share, leading to a total cash dividend of 0.41 yuan per share for the year, with a total payout of 1.422 billion yuan, resulting in a dividend payout ratio of 32.2% [6]