Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, up 51.64% year-over-year and 20.74% quarter-over-quarter, with a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, and an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, a year-over-year increase of 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter, while the net margin was 17.00%, also showing a decline [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved record high revenue and profit in Q4 2024, benefiting significantly from the AI wave, with a year-over-year revenue increase of 49.26% to 133.42 billion yuan and a net profit increase of 71.05% to 25.87 billion yuan [4][5] - In Q4 alone, the company reported revenue of 43.31 billion yuan, a year-over-year increase of 51.64%, and a net profit of 7.39 billion yuan, reflecting a year-over-year increase of 32.07% [4] - The report anticipates continued growth in net profit for 2025-2027, with projections of 34.60 billion yuan, 42.13 billion yuan, and 51.54 billion yuan respectively, leading to an EPS of 1.80, 2.19, and 2.68 yuan [4][7] Financial Performance Summary - For 2024, the company’s revenue from the enterprise communication segment was 100.93 billion yuan, up 71.94%, while the automotive segment generated 24.08 billion yuan, up 11.61% [5] - The gross margin for Q4 was 31.80%, with a slight decrease year-over-year and quarter-over-quarter [4] - The company’s financial metrics indicate a projected revenue growth of 26.1% in 2025, with a net profit growth of 33.7% [7] Business Segment Insights - The enterprise communication segment is seeing rapid growth, particularly in AI server and HPC products, which accounted for approximately 29.48% of the segment [5] - The automotive segment is also growing, with new products in emerging fields, although profitability has been slightly impacted by price competition and raw material price fluctuations [5][6] Future Outlook - The company is expected to focus on the iteration of computing power segments and the turnaround of the automotive segment in 2025 [6] - The report highlights the company’s strong order backlog and technological advancements in GPU platform products, which are anticipated to support long-term growth [6]

非银金融 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-04 2024-08 2024-12 2025-04 非银金融 沪深300 相关研究报告 2025 年 04 月 08 日 《关税事件带来不确定性，1 季度 A 股 开 户 数 增 长 明 显 — 行 业 周 报 》 -2025.4.6 《第三家互联网券商呼之欲出，重视 行业 beta 弹性—行业点评报告》 -2025.3.31 《股市改善驱动保险和券商年报增 长，聚焦成长型标的—行业周报》 -2025.3.30 央行和汇金积极稳股市，关注券商一季报业绩改善 ——行业点评报告 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 应对关税冲击，央行和中央汇金等多方积极表态，增持股票和 ETF 特朗普对等关税事件造成全球股市回落，4 月 7 日沪深 300 指数和恒生指数分别 下跌 7.05%/13.22%， ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to maintain high dividends, supporting the stock price despite short-term pressures and inventory reduction [4] - In 2024, the company's revenue was 14.645 billion yuan, a year-on-year decrease of 1.1%, with net profit attributable to the parent company at 1.115 billion yuan, down 16.6% year-on-year [4] - The forecast for net profit attributable to the parent company for 2025-2026 has been revised down to 1.194 billion yuan and 1.251 billion yuan, respectively, due to increased depreciation from the new factory in Foshan [4] - The macroeconomic recovery is expected to improve the restaurant sector, which could benefit the company [4] Financial Summary - The total market capitalization of the company is 27.344 billion yuan, with a current stock price of 56.50 yuan [1] - The company's revenue for 2023 was 14.815 billion yuan, with a projected revenue of 14.777 billion yuan for 2025, reflecting a slight increase [9] - The net profit margin for 2024 is projected to be 7.6%, down from 9.0% in 2023, indicating a decline in profitability [12] - The earnings per share (EPS) for 2025 is estimated at 2.47 yuan, with a price-to-earnings (P/E) ratio of 22.9 times [9][12] Sales and Market Dynamics - In 2024, the company's beer sales volume and price per ton decreased by 0.8% and 0.4% year-on-year, respectively, due to weak restaurant consumption and increased rainy weather [5] - The revenue from high-end, mainstream, and mass-market beers showed varied performance, with mass-market beer revenue increasing by 15.6% [5] - The company continues to experience fluctuations in mainstream product demand, leading to a shift in consumer preference towards lower-priced products [5] Profitability and Cost Structure - The company's net profit margin decreased by 1.41 percentage points year-on-year in 2024, primarily due to a decline in ton price [6] - The gross profit margin for 2024 is projected at 48.6%, slightly down from 49.1% in 2023 [9][12] - The company has maintained a trend of controlling costs despite a slight increase in expense ratios due to declining revenue [6][7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to maintain high dividends, with a forecasted revenue of 14.777 billion yuan for 2025, reflecting a slight increase of 0.9% year-on-year. The net profit attributable to the parent company is projected to be 1.194 billion yuan, representing a year-on-year increase of 7.2% [4][9] - The company faced challenges in 2024, with a revenue decline of 1.1% year-on-year and a net profit decrease of 16.6% year-on-year. The fourth quarter of 2024 showed a revenue of 1.58 billion yuan, down 11.5% year-on-year, indicating a slight expansion of losses [4][5] - The company’s profit margins are under pressure due to a decrease in product prices, with the gross profit margin expected to be 48.8% in 2025, slightly recovering from 48.6% in 2024 [6][9] Financial Summary - The total revenue for 2024 is reported at 14.645 billion yuan, with a net profit of 1.115 billion yuan. The company’s gross margin is projected to be 48.8% in 2025, with a net margin of 8.1% [9][11] - The earnings per share (EPS) for 2025 is estimated at 2.47 yuan, with a price-to-earnings (P/E) ratio of 22.9 times [4][9] - The company’s cash flow remains strong, supporting its high dividend yield, which is expected to continue [7][9]

保险Ⅱ 2025 年 04 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-04 2024-08 2024-12 保险Ⅱ 沪深300 相关研究报告 《预定利率动态调整细则落地，险企 预定利率保持不变—《预定利率动态 调整政策》点评》-2025.1.12 《11 月人身险保费增速企稳，2025 开 门红有望延续景气度—上市险企保费 点评》-2024.12.17 《分红型产品占比提升，开门红有望 延续景气度 — 行 业 深 度 报 告 》 -2024.12.17 资负两端驱动业绩与分红，假设调整提升 EV 可信度 ——行业深度报告 高超（分析师） 唐关勇（联系人） gaochao1@kysec.cn tangguanyong@kysec.cn 证书编号：S0790123070030 资负两端驱动业绩与分红，假设下调提升 EV 可信度 （1）2024 年价值率提升驱动 NBV 延续高增，业绩高增下现金分红总额稳增， 经济假设调整下新业务和投资偏差等支撑 EV 正增，可信度进一步增强。个险转 型见效，银保价值贡献提升，2024 年 NBV 增 ...

保险Ⅱ 2025 年 04 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-04 2024-08 2024-12 保险Ⅱ 沪深300 相关研究报告 《预定利率动态调整细则落地，险企 预定利率保持不变—《预定利率动态 调整政策》点评》-2025.1.12 《11 月人身险保费增速企稳，2025 开 门红有望延续景气度—上市险企保费 点评》-2024.12.17 《分红型产品占比提升，开门红有望 延续景气度 — 行 业 深 度 报 告 》 -2024.12.17 资负两端驱动业绩与分红，假设调整提升 EV 可信度 ——行业深度报告 高超（分析师） 唐关勇（联系人） gaochao1@kysec.cn tangguanyong@kysec.cn 证书编号：S0790123070030 资负两端驱动业绩与分红，假设下调提升 EV 可信度 （1）2024 年价值率提升驱动 NBV 延续高增，业绩高增下现金分红总额稳增， 经济假设调整下新业务和投资偏差等支撑 EV 正增，可信度进一步增强。个险转 型见效，银保价值贡献提升，2024 年 NBV 增 ...

红利稳固可持续，稳增长驱动顺周期 ——行业点评报告 2025 年 04 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-04 2024-08 2024-12 银行 沪深300 《存款利率期限倒挂的原因简析—行 业点评报告》-2025.3.24 《非银存款恢复增长，债务置换影响 信贷—2 月央行信贷收支表要点解读》 相关研究报告 《增资国有行后的投资策略：稳健红 利 与 估 值 修 复 — 行 业 深 度 报 告 》 -2025.4.3 -2025.3.17 刘呈祥（分析师） 丁黄石（分析师） liuchengxiang@kysec.cn dinghuangshi@kysec.cn 证书编号：S0790524040004 政府债发行提速，预计社融同比多增 社融预测：3 月份社融预计新增约 5 万亿元，存量增速 8.2%，环比 2 月持平。 在"地方尽早发行使用专项债"的财政指导下，政府债年内发行前置，Q1 政府 债（国债+地方债）发行明显加速，形成社融主要支持，预计 3 月政府债净融 资新增约 1.1 万亿元，环比回落但同比大幅提高。 ...

金融工程定期 2025 年 04 月 07 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 张 翔（分析师） 证书编号：S0790520110001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 苏 良（分析师） 证书编号：S0790523060004 何申昊（研究员） 证书编号：S0790122080094 陈 威（研究员） 证书编号：S0790123070027 蒋 韬（研究员） 证书编号：S0790123070037 相关研究报告 《基金投顾产品 2 月调仓一览》 -2025.3.5 《从投顾调仓行为出发构建 FOF 策 略》-2023.12.30 《基金投顾的全方位解析及 FOF 策略 构建》-2023.9.26 基金投顾产品 3 月调仓一览 ——基金投顾产品月报系列（ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3][12] Core Views - The company is expected to benefit from the upward trend in tin prices driven by the fragility of tin ore supply, with a projected increase in net profit for 2025-2027 [3][5] - The company achieved a revenue of 419.73 billion yuan in 2024, a slight decrease of 0.91% year-on-year, while net profit increased by 2.55% to 1.44 billion yuan [3][7] - The company plans to increase its tin product output to 90,000 tons in 2025, which is expected to enhance its market share amid tight global tin supply [4][5] Financial Summary - The company’s revenue and net profit projections for 2025-2027 are as follows: - 2025: Revenue of 43.56 billion yuan, net profit of 2.06 billion yuan (up 42.8% year-on-year) - 2026: Revenue of 45.38 billion yuan, net profit of 2.38 billion yuan (up 15.3% year-on-year) - 2027: Revenue of 47.15 billion yuan, net profit of 2.67 billion yuan (up 12.3% year-on-year) [3][7][9] - The company’s earnings per share (EPS) are projected to be 1.25 yuan, 1.44 yuan, and 1.62 yuan for 2025, 2026, and 2027 respectively [3][7] Market Position - The company produced 84,800 tons of tin in 2024, achieving a domestic market share of 47.98% and a global market share of 25.03%, both of which have increased compared to 2023 [4][5] - The company is positioned as a leader in the tin industry and is expected to further solidify its market position due to the anticipated increase in tin prices [3][4]