Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The report indicates that the company's profitability is expected to improve as the industry stabilizes, despite a significant decline in revenue and profit in 2024 due to a downturn in the cement market and real estate sector [3][5] - The cement industry is anticipated to experience a "bottoming out" and recovery in 2025, supported by infrastructure demand and government efforts to stabilize the real estate market [5][6] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of 91.03 billion yuan, a year-on-year decline of 35.51%, and a net profit attributable to shareholders of 7.70 billion yuan, down 26.19% year-on-year [3][5] - The company's total cement and clinker sales volume in 2024 was 27.1 million tons, a decrease of 7.46% compared to the previous year [5] Industry Outlook - The cement industry in 2024 faced significant challenges, with a 10.6% year-on-year decline in real estate investment leading to a 9.5% drop in national cement production [5] - The report forecasts a recovery in the cement industry in 2025, driven by continued demand from infrastructure projects and stricter supply-side reforms [5][6] Growth Projections - The company is expected to focus on its core cement business and international expansion, with projected revenue growth rates of 2.48%, 7.52%, and 6.05% for 2025, 2026, and 2027, respectively [6] - Estimated revenues for 2025, 2026, and 2027 are 93.29 billion yuan, 100.30 billion yuan, and 106.36 billion yuan, respectively, with net profits of 9.87 billion yuan, 10.73 billion yuan, and 11.02 billion yuan [6][7] Valuation Metrics - The current price-to-earnings (P/E) ratios for the company are projected to be 13.0, 12.0, and 11.7 for 2025, 2026, and 2027, respectively, compared to the average P/E of 14.7 for comparable companies [6][8]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [2] Core Views - BYD's 2024 annual report shows significant growth, with revenue reaching 777.10 billion yuan, a year-on-year increase of 29.02%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.00% year-on-year [4][6] - The company achieved a sales volume of 4.27 million vehicles in 2024, reflecting a year-on-year growth of 41.26% [6] - The report highlights the successful implementation of high-end models and global expansion strategies, with the launch of new technologies enhancing product competitiveness [6][7] Summary by Sections Financial Performance - In Q4 2024, BYD's revenue was 274.85 billion yuan, a year-on-year increase of 52.66%, with a net profit of 15.02 billion yuan, up 73.12% year-on-year [4] - The gross margin for 2024 was 19.44%, an increase of 0.86 percentage points year-on-year [6] - R&D expenses for 2024 reached 53.20 billion yuan, a year-on-year increase of 34.42% [6] Sales and Pricing - The average selling price per vehicle in 2024 was 140,400 yuan, down 10.00% year-on-year, while the net profit per vehicle was 8,800 yuan, down 3.18% year-on-year [6] - In Q4 2024, the average selling price per vehicle was 144,100 yuan, showing a quarter-on-quarter increase of 3.34% [6] Strategic Developments - BYD is advancing its global strategy with new factories in Uzbekistan and Thailand, and ongoing construction in Brazil and Hungary [6] - The company has launched the "Tian Shen Zhi Yan" intelligent driving system and upgraded its battery technology, enhancing its product offerings [6][7] Profit Forecast - The profit forecast for BYD indicates net profits of 55.93 billion yuan, 68.29 billion yuan, and 81.03 billion yuan for 2025, 2026, and 2027 respectively [8] - The current stock price corresponds to a PE ratio of 20.1 for 2025, reflecting a premium valuation due to BYD's leadership in the global electric vehicle market [7]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3] Core Views - The report indicates that the company's profitability is expected to improve as the industry stabilizes, despite a significant decline in revenue and profit in 2024 due to a downturn in the cement market and real estate sector [3][5] - The cement industry is anticipated to experience a "bottoming out and recovery" trend in 2025, supported by infrastructure demand and ongoing supply-side reforms [5][6] Summary by Sections Recent Performance - In 2024, the company achieved operating revenue of 91.03 billion yuan, a year-on-year decline of 35.51% - The net profit attributable to shareholders was 7.70 billion yuan, down 26.19% year-on-year [3] Industry Outlook - The cement industry faced a significant downturn in 2024, with a 10.6% decrease in real estate investment leading to a 9.5% drop in national cement production [5] - The report forecasts a recovery in 2025, driven by continued infrastructure demand and government efforts to stabilize the real estate market [5] Company Strategy - The company is focusing on strengthening its core cement business while expanding internationally and integrating its upstream and downstream operations [5] - Key projects include the establishment of overseas offices and the commissioning of new production facilities in various countries [5] Financial Projections - Revenue growth is projected at 2.48% for 2025, with expected revenues of 93.29 billion yuan, and net profit of 9.87 billion yuan, reflecting a recovery trend [6][7] - The report estimates a PE ratio of 13.0 for 2025, compared to an average of 14.7 for comparable companies [6][8]

Investment Rating - The investment rating for BYD is "Buy" (maintained) [2] Core Views - BYD's 2024 annual report shows a revenue of 777.10 billion yuan, a year-on-year increase of 29.02%, and a net profit attributable to shareholders of 40.25 billion yuan, up 34.00% year-on-year [4][6] - The company achieved a sales volume of 4.27 million vehicles in 2024, representing a year-on-year growth of 41.26% [6] - The gross profit margin for 2024 was 19.44%, an increase of 0.86 percentage points year-on-year [6] - The company is focusing on high-end models, with a notable increase in the sales of premium brands, which accounted for 4.1% of total sales in Q4 2024 [6] Financial Performance Summary - In Q4 2024, BYD's revenue reached 274.85 billion yuan, a year-on-year increase of 52.66%, with a net profit of 15.02 billion yuan, up 73.12% year-on-year [4] - The R&D expenses for 2024 were 53.20 billion yuan, reflecting a year-on-year increase of 34.42% [6] - The average selling price per vehicle in 2024 was 140,400 yuan, down 10.00% year-on-year, but increased to 144,100 yuan in Q4 2024, showing a quarter-on-quarter growth of 3.34% [6] Future Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 55.93 billion yuan, 68.29 billion yuan, and 81.03 billion yuan respectively, indicating a strong growth trajectory [7] - The current stock price corresponds to a PE ratio of 20.1 for 2025, which is higher than comparable companies, reflecting BYD's position as a leading player in the global electric vehicle market [7]

——中国神华（601088.SH）2024 年报点评报告 华龙证券研究所 投资评级：增持（维持） 最近一年走势 证券研究报告 煤炭 报告日期：2025 年 03 月 24 日 分红政策持续优化，行业龙头配置价值凸显 | 当前价格（元） | 36.62 | | --- | --- | | 52 周价格区间（元） | 34.78-47.50 | | 总市值（百万元） | 727,585.20 | | 流通市值（百万元） | 603,901.81 | | 总股本（万股） | 1,986,852.00 | | 流通股（万股） | 1,649,103.80 | | 近一月换手（%） | 4.87 | 分析师：景丹阳 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 联系人：彭越 执业证书编号：S0230124010004 邮箱：pengy@hlzq.com 毛利提升 —中国神华（601088.SH）2024 年三季报点评报告》2024.10.31 盈利预测简表 | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | - ...

Investment Rating - The investment rating for the company is "Accumulate" [2][9] Core Views - The company has shown a significant improvement in revenue growth and profitability, with a 22.37% year-on-year increase in revenue for 2024, reaching 1.182 billion yuan, and a 35.44% increase in net profit, amounting to 157 million yuan [3][5][9] - The company's core product, "Spicy Chicken Feet," accounts for over 60% of sales, indicating strong brand recognition in the market [5][9] - The company is focusing on product innovation and channel expansion to drive growth, launching six new products to cater to market demands [5][9] Revenue and Profitability - In 2024, the company achieved a revenue of 1.182 billion yuan, a significant recovery from a decline of 5.68% in 2023 [3][5] - The gross margin for 2024 was 28.97%, slightly down by 0.40 percentage points, while the net margin improved to 13.31%, up by 1.28 percentage points [5][9] - The company’s sales expense ratio and management expense ratio decreased, indicating improved cost management [5][9] Product and Channel Performance - Revenue from online channels grew by 204.33% to 68 million yuan, while offline channels generated 1.104 billion yuan, up 17.70% [5][9] - The company’s revenue by product category includes 785 million yuan from Spicy Chicken Feet, 93 million yuan from Crystal Skin products, and 48 million yuan from Chicken Wings, among others [5][9] Financial Forecast - The company is projected to achieve revenues of 1.443 billion yuan in 2025, 1.721 billion yuan in 2026, and 2.001 billion yuan in 2027, with respective growth rates of 22.05%, 19.25%, and 16.30% [7][9] - The forecasted net profit for 2025 is 194 million yuan, with a growth rate of 23.48% [7][9] - The price-to-earnings ratio (P/E) is expected to decrease from 26.7 in 2024 to 21.6 in 2025, indicating a favorable valuation trend [7][9]

证券研究报告 钢铁 报告日期：2025 年 03 月 24 日 业绩逆势增长，产品结构持续优化 ——南钢股份（600282.SH）2024 年报点评报告 华龙证券研究所 最近一年走势 | 当前价格（元） | 4.72 | | --- | --- | | 52 周价格区间（元） | 3.98-5.55 | | 总市值（百万元） | 29,099.23 | | 流通市值（百万元） | 29,099.23 | | 总股本（万股） | 616,509.10 | | 流通股（万股） | 616,509.10 | | 近一月换手（%） | 15.81 | 分析师：景丹阳 执业证书编号：S0230523080001 邮箱：jingdy@hlzq.com 联系人：彭越 执业证书编号：S0230124010004 邮箱：pengy@hlzq.com 事件： 投资评级：增持（首次覆盖） 南钢股份发布 2024 年报：公司实现营业收入 618.11 亿元，同比 下降 14.79%；归属于上市公司股东的净利润 22.61 亿元，同比增长 6.37%；基本每股收益 0.3667 元。 观点： 请认真阅读文后免责条款 市场数据 2025 ...

证券研究报告 人形机器人 报告日期：2025 年 03 月 24 日 应用端逐步落地，短期调整不改长期趋势 ——人形机器人专题周报 华龙证券研究所 执业证书编号：S0230521040001 邮箱：xingt@hlzq.com 《智元推出通用具身大模型，重视人形 机器人大脑发展—人形机器人行业专题 研究周报》2025.03.11 《政府工作报告首提具身智能，政策助 力人形机器人量产加速—人形机器人专 题点评报告》2025.03.06 《区域机器人产业发展加速，人形机器 人运动能力突破—人形机器人行业专题 研究周报》2025.03.04 摘要： 请认真阅读文后免责条款 元在上海举行了战略签约仪式。双方将携手打造并推出基于智慧 家庭场景的服务机器人，推动家庭服务机器人行业迈向新台阶， 加速 AI 智慧家庭生态创新发展。 投资建议：机器人板块近期进入调整阶段，我们判断与年报季资 金风险偏好切换以及部分获利盘兑现有关。我们认为，短期调整 不改变长期趋势，人形机器人产业已进入"技术突破→量产降本 →场景渗透"的黄金周期，行业有望成为 2025 年核心投资主线， 维持行业"推荐评级"。建议围绕：①大脑作为机器人进化的突 ...

美容护理 报告日期：2025 年 03 月 24 日 锦波生物获诚信承诺企业称号，推动行业透明发展 ——美容护理行业周报 投资评级：推荐（维持） 最近一年走势 证券研究报告 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 管理体系已达到国际领先水平—美容护 理行业周报》2025.03.17 2025.03.11 《中国医美技术加速创新，关注市场前 景—美容护理行业周报》2025.02.18 摘要： 请认真阅读文后免责条款 分析师：孙伯文 锦波生物荣获"全国产品和服务质量诚信承诺企业"，推动行业 透明发展。3 月 15 日，中国质量检验协会授予锦波生物"全国产 品和服务质量诚信承诺企业"荣誉称号，并对锦波生物的产品和 服务质量诚信作出"全国质量检验稳定合格产品"质量信誉承诺 公告。中国质量检验协会调查显示，锦波生物旗下薇旖美牌系列 产品、兰蜜牌系列产品、重组Ⅲ型人源化胶原蛋白冻干纤维、重 组人源化胶原蛋白、抗 HPV 生物蛋白敷料在 2022 年 2 月至 2025 年 1 月期间，相关质量检验（产品质量监督抽查和检测）中均为 合格。2021 年 6 月，锦波生物自主研发的代表性 ...

策略研究报告 证券研究报告 策略报告 报告日期：2025 年 3 月 24 日 前两月经济平稳向好 ——A 股投资策略周报告 华龙证券研究所 A 股市场走势(2024/03/01-2025/03/21) 姓 名：朱金金 执业证书编号：S0230521030009 邮 箱：zhujj@hlzq.com 相关阅读 增长》2025.03.18 及行业利好催化方向》2025.03.10 极有为》2025.03.06 摘要（核心观点）： 1-2 月经济平稳向好。①1-2 月工业增加值同比增长 5.9%，比 2024 年全年 上升 0.1%；2 月工业增加值比上月增长 0.51%。②1-2 月社会消费品零售总 额同比增长 4.0%，较 2024 年全年上升 0.5%；2 月社会消费品零售总额比 上月增长 0.35%。③1-2 月份，固定资产投资同比增长 4.1%，较 2024 年全 年上升 0.9%；2 月固定资产投资比上月增长 0.49%。其中基础设施投资同 比增长 5.6%，制造业投资增长 9.0%；房地产开发投资下降 9.8%，降幅收 窄。 美联储维持利率不变。3 月 20 日美联储议息会议将联邦基金利率的目标区 ...