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 ...

证券研究报告 电力设备 报告日期：2025 年 03 月 20 日 1-2 月电力数据：风电出力环比加快，用电增速同比+1.3% ——行业动态点评报告 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 执业证书编号：S0230524080001 行业动态研究 表：重点关注公司及盈利预测 | 股票代码 | 股票简称 | 2025/03/20 | | EPS（元） | | | | PE | | | 投资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 股价（元） | 2023A | 2024E | 2025E | 2026E | 2023A | 2024E | 2025E | 2026E | 评级 | | 600011.SH | 华能国际 | 6.93 | 0.54 | 0.83 | 0.92 | 1.04 | 12.9 | 8.3 | 7.5 | 6.7 | 买入 | | 600027.SH | 华电国际 | 5. ...