[Table_StockNameRptType] 苏泊尔（002032） 公司点评 经营稳健高分红 ——苏泊尔 2024A 点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-03-28 | | [Table_BaseData] 收盘价（元） | 55.48 | | 近 12 个月最高/最低（元） | 64.30/45.70 | | 总股本（百万股） | 801 | | 流通股本（百万股） | 800 | | 流通股比例（%） | 99.88 | | 总市值（亿元） | 445 | | 流通市值（亿元） | 444 | [公司价格与沪深 Table_Chart] 300 走势比较 -25% -11% 3% 17% 31% 3/24 6/24 9/24 12/24 苏泊尔 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com ➢ 我们的观点： 25 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2130.29 billion yuan in 2024, representing a year-on-year increase of 14.37%, and a net profit attributable to shareholders of 135.32 billion yuan, up 64.03% year-on-year [4][13] - The Congo copper and cobalt production continues to contribute significantly, with the mining and trading sectors driving growth [5][25] - The company plans to maintain a high dividend payout, with a proposed cash dividend of 2.55 yuan per 10 shares, translating to a cash dividend ratio of approximately 40.32% [6][20] Financial Performance - In Q4 2024, the company achieved a revenue of 582.74 billion yuan, a year-on-year increase of 6.75% and a quarter-on-quarter increase of 12.2%, with a net profit of 52.59 billion yuan, down 9.43% year-on-year but up 84.16% quarter-on-quarter [4][13] - The mining and processing sector generated revenue of 652.60 billion yuan, up 46.59% year-on-year, while the mineral trading sector achieved revenue of 1883.56 billion yuan, up 12.06% year-on-year [5][22] - The company’s copper product revenue reached 418.57 billion yuan, a 70.18% increase year-on-year, and cobalt product revenue was 87.43 billion yuan, up 156.71% year-on-year [5][25] Production and Capacity - The company’s copper and cobalt production for 2024 was 65.02 million tons and 11.42 million tons, respectively, representing increases of 54.97% and 105.61% year-on-year, exceeding previous guidance [5][29] - The TFM project in Congo has successfully ramped up production, contributing to the company’s increased capacity [29] Market Outlook - The report indicates that copper prices are expected to rise due to supply constraints and supportive policies, with the average domestic copper price in 2024 estimated at approximately 75,000 yuan per ton, a 9.69% increase from 2023 [7][31] - Cobalt prices are anticipated to recover following an export ban imposed by the Congo government, which is expected to tighten supply [40][43] Profit Forecast and Valuation - The company’s projected net profits for 2025, 2026, and 2027 are 154.4 billion yuan, 167.3 billion yuan, and 173.5 billion yuan, respectively, with corresponding P/E ratios of 10.85, 10.01, and 9.65 [8][44] - The report maintains a "Buy" rating based on the company’s strong performance and favorable market conditions [8][44]

[Table_StockNameRptType] 海天精工（601882） 公司点评 Q4 营收增速较前三季度提升，盈利略承压 | [Table_Rank] 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-03-28 | | [Table_BaseData] 收盘价（元） | 22.99 | | 近 12 个月最高/最低（元） | 29.96/18.24 | | 总股本（百万股） | 522 | | 流通股本（百万股） | 522 | | 流通股比例（%） | 100% | | 总市值（亿元） | 120.0 | | 流通市值（亿元） | 120.0 | [公司价格与 Table_Chart] 沪深 300 指数走势比较 -40% -30% -20% -10% 0% 10% 20% 30% 海天精工 沪深300 [分析师： Table_Author] 张帆 执业证书号：S0010522070003 邮箱： zhangfan@hazq.com 分析师： 陶俞佳 执业证书号：S0010524100004 邮箱：taoyujia@hazq.com 主要观点： e_ummar ...

[Table_StockNameRptType] 海天精工（601882） 公司点评 Q4 营收增速较前三季度提升，盈利略承压 | [Table_Rank] 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-03-28 | | [Table_BaseData] 收盘价（元） | 22.99 | | 近 12 个月最高/最低（元） | 29.96/18.24 | | 总股本（百万股） | 522 | | 流通股本（百万股） | 522 | | 流通股比例（%） | 100% | | 总市值（亿元） | 120.0 | | 流通市值（亿元） | 120.0 | [公司价格与 Table_Chart] 沪深 300 指数走势比较 -40% -30% -20% -10% 0% 10% 20% 30% 海天精工 沪深300 [分析师： Table_Author] 张帆 执业证书号：S0010522070003 邮箱： zhangfan@hazq.com 分析师： 陶俞佳 执业证书号：S0010524100004 邮箱：taoyujia@hazq.com 主要观点： e_ummar ...

——海尔智家 2024 年报点评 | | | 海尔智家（ [Table_StockNameRptType] 600690） 公司点评 汇兑+短期费用影响盈利 | 报告日期： | 2025-03-28 | | --- | --- | | [Table_BaseData] 收盘价（元） | 28.06 | | 近 12 个月最高/最低（元） | 35.37/23.10 | | 总股本（百万股） | 9,383 | | 流通股本（百万股） | 6,255 | -20% -4% 13% 30% 46% 3/24 6/24 9/24 12/24 海尔智家 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：唐楚彦 [Table_CompanyReport] 相关报告 1.海尔智家 24Q3：运营管理持续提效 2024-10-30 2.海尔智家 24Q2：内外销盈利提效 2024-08-29 3.内外销利润率提升 2024-05-01 ⚫ 分红回购：分红提高，激励积极 ⚫ 投资建议： ⚫ 收入分析：Q4 内外销均边际提速 ➢ 分 ...

海尔智家（ [Table_StockNameRptType] 600690） 公司点评 汇兑+短期费用影响盈利 ——海尔智家 2024 年报点评 | | | | 报告日期： | 2025-03-28 | | --- | --- | | [Table_BaseData] 收盘价（元） | 28.06 | | 近 12 个月最高/最低（元） | 35.37/23.10 | | 总股本（百万股） | 9,383 | | 流通股本（百万股） | 6,255 | -20% -4% 13% 30% 46% 3/24 6/24 9/24 12/24 海尔智家 沪深300 [Table_Author] 分析师：邓欣 Q4 国补+并表+新兴市场拉动，公司收入提速，盈利虽受费用影响， 敬请参阅末页重要声明及评级说明 证券研究报告 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：唐楚彦 [Table_CompanyReport] 相关报告 1.海尔智家 24Q3：运营管理持续提效 2024-10-30 2.海尔智家 24Q2：内外销盈利提效 2024-08-29 3.内外销利润率提升 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q4 2024, the company's revenue was 110.6 billion yuan, which was 4.7% lower than Bloomberg consensus expectations, but the Non-GAAP net profit reached 29.85 billion yuan, exceeding expectations by 4.4% [4][6] - The online marketing services revenue was 57 billion yuan, up 17.1% year-on-year, while transaction services revenue was 53.6 billion yuan, up 33.3% year-on-year, but fell short of expectations by 9.6% [4][5] - The company is focusing on enhancing quality supply through initiatives like the "100 Billion Subsidy" program, which aims to support high-quality merchants and improve consumer experience [5][6] Financial Performance Summary - For 2024, the company reported revenue of 393.84 billion yuan, with a year-on-year growth of 56.4% and an adjusted net profit of 122.34 billion yuan, reflecting an 80.2% increase [8] - Revenue projections for 2025, 2026, and 2027 are 482.47 billion yuan, 556.02 billion yuan, and 620.58 billion yuan, respectively, with year-on-year growth rates of 24.6%, 15.2%, and 11.6% [6][8] - Adjusted net profit forecasts for the same years are 135.84 billion yuan, 170.15 billion yuan, and 188.91 billion yuan, with growth rates of 11.0%, 25.3%, and 11.0% [6][8] Business Segment Insights - The company is facing competitive pressure in its overseas business, particularly with Temu's performance in the U.S. being below expectations due to increased competition from platforms like Amazon [4][5] - The company is adapting to potential tariff impacts by promoting a semi-managed model for merchants to mitigate costs associated with U.S. tariffs [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - In Q4 2024, the company's revenue was 110.6 billion yuan (yoy +24%), which was 4.7% lower than Bloomberg consensus expectations, while the Non-GAAP net profit reached 29.85 billion yuan (yoy +17.2%), exceeding expectations by 4.4% [4][6] - The online marketing services revenue was 57 billion yuan (yoy +17.1%), aligning with expectations, while transaction services revenue was 53.6 billion yuan (yoy +33.3%), falling short of expectations by 9.6% [4][5] - The company is focusing on enhancing quality supply through initiatives like the "Hundred Billion Subsidy" program, which aims to support high-quality merchants and improve consumer experience [5][6] Financial Performance Summary - For 2024, the company reported total revenue of 393.84 billion yuan, with a year-on-year growth of 56.4% and an adjusted net profit of 122.34 billion yuan, reflecting a growth of 80.2% [8] - Revenue projections for 2025, 2026, and 2027 are 482.47 billion yuan, 556.02 billion yuan, and 620.58 billion yuan, respectively, with expected year-on-year growth rates of 24.6%, 15.2%, and 11.6% [6][8] - Adjusted net profit forecasts for the same years are 135.84 billion yuan, 170.15 billion yuan, and 188.91 billion yuan, with growth rates of 11.0%, 25.3%, and 11.0% [6][8] Business Segment Insights - The company is facing competitive pressure in its overseas business, particularly with Temu's performance in the U.S. being below expectations due to increased competition from platforms like Amazon [4][5] - The company is adapting to potential tariff impacts by promoting a semi-managed model for merchants to mitigate costs associated with U.S. tariffs [4][5]

[Table_StockNameRptType] 中联重科（000157） 公司点评 海外占比持续提升，新兴业务板块发展强劲 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-03-27 | | 570 收盘价（元） | 7.71 | | 近 12 个月最高/最低（元） | 9.08/5.72 | | 总股本（百万股） | 8677.99 | | 流通股本（百万股） | 7070.51 | | 流通股比例（%） | 81.48% | | 总市值（亿元） | 669.07 | | 流通市值（亿元） | 545.13 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 中联重科 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 相关报告 3.《盈利能力提升，海外+新兴板块持 续向好》2024-11-07 主要观点： ⚫[Table_Summary] 公司发布 2024 年年报 202 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a positive outlook for future returns [6]. Core Insights - The company has demonstrated exceptional performance, with a reported revenue of 405 million yuan for 2024, reflecting a year-on-year growth of 27.57%. The net profit attributable to shareholders reached 222 million yuan, up 34.33% year-on-year [4][9]. - A significant contract worth 270 million yuan was signed with a client for the sale of gyroscope products, marking the largest sales order since the company's listing. This indicates a clear trend of increasing downstream demand [4][6]. - The company is diversifying its product offerings, including a six-axis IMU product line aimed at various applications such as autonomous driving and industrial robotics, which is expected to meet the growing market demand [5][6]. Financial Performance - The company’s revenue projections for 2025-2027 are set at 608 million, 920 million, and 1.399 billion yuan, respectively, with corresponding net profits of 315 million, 477 million, and 639 million yuan [6][9]. - The gross margin is projected to remain high, around 84% for the coming years, indicating strong profitability [9]. - The earnings per share (EPS) are forecasted to increase from 0.56 yuan in 2024 to 1.59 yuan by 2027, reflecting robust growth potential [9][11].