低空亮相消博，光伏迎来"小阳春" [Table_IndNameRptType] 电力设备 行业周报 [Table_IndRank] 行业评级：增持 报告日期： 2025-04-01 [Table_Chart] 行业指数与沪深 300 走势比较 -31% -19% -7% 5% 17% 29% 4/24 7/24 10/24 1/25 电力设备 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱： liuqianlin@hazq.com [Table_Report] 相关报告 1.华安电新周报：海风项目稳步推 进，光伏组件再度涨价 2025-03-17 2.海风进入项目释放期，光伏组件小 幅涨价 2025-03-03 3.【华安电新】AIDC 电源报告：算 力浪潮起，电源擎动 AIDC 2025-02- 25 根据国家电网电子商务平台公示数据，特高压项目第一次设备招标推 荐候选人公示，合计中标金额 19.59 亿元，其中 1000kV 组合电器中 标 ...

[Table_Author] 首席分析师：颜子琦 执业证书号：S0010522030002 [Table_IndNameRptType]2 固定收益 点评报告 如何看待二季度国债发行计划？ 报告日期： 2025-04-01 电话：13127532070 邮箱：yanzq@hazq.com [Table_Author] 研究助理：洪子彦 主要观点： ⚫[Table_Summary] 2025Q2 国债发行计划落地，如何看待？ 2025Q2 国债发行计划落地，整体符合预期，我们先对发行计划进行拆解： 其次，两点变化值得关注，一是长债开始增发，二是注资特别国债的发行。 进一步，虽然结构上长债发行规模提升，但 4 月国债净融资压力不高。在当 前单券发行规模增加、活跃券持续时间拉长的背景下，我们假设二季度国债发 行的单券规模为初至今对应期限券种的发行均值，乘以相应期限债券发行数 量得到整体发行规模，二季度国债净融资高峰集中在 5-6 月，4 月由于到期量 较大供给压力不高。 整体而言，二季度开始国债供给压力逐步回升，结构变化上关键期限长债出 现增发，特别国债注资集中在 5-7Y，但 4 月国债到期量相对较大使得利率债 ...

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant increase in production and has committed to a higher dividend payout ratio [2] - For the fiscal year 2024, the company achieved revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [7] - The company has maintained a strong operational performance despite challenges such as asset impairment affecting profits [8] - The company has a leading position in the industry regarding reserve and production growth rates, with a capital expenditure of 132.7 billion yuan in 2024, the highest in its history [9] - The company is focused on shareholder returns, maintaining a high dividend payout ratio, with a total dividend of 1.40 Hong Kong dollars per share for 2024, a 12% increase year-on-year [12] - The company is expected to achieve net profits of 140.37 billion yuan, 146.32 billion yuan, and 154.52 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - For 2024, the company reported total revenue of 420.51 billion yuan, with a net profit of 137.94 billion yuan, and a basic earnings per share of 2.90 yuan [7][14] - The company’s gross margin is projected to be 53.6% for 2024, with a return on equity (ROE) of 18.5% [14] - The company’s total assets are expected to reach 1,056.28 billion yuan by 2024, with a debt-to-equity ratio of 29.0% [16]

Investment Rating - The investment rating for Agricultural Bank is "Buy" (maintained) [1] Core Views - Agricultural Bank's revenue and net profit growth rates are leading among state-owned banks, with 2024 revenue and net profit increasing by 2.26% and 4.72% year-on-year, respectively, marking an acceleration compared to the first three quarters of 2024 [4][9] - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.3% at the end of 2024, down 2 basis points from the previous quarter [8][9] - The bank is well-positioned to benefit from urban-rural integration and has a strong focus on county-level financial services, which is expected to drive growth [9] Summary by Sections Financial Performance - In 2024, Agricultural Bank's total assets, loans, and financial investments grew by 8.4%, 10.13%, and 23.5% year-on-year, respectively [5] - The bank's net interest income increased by 1.56% year-on-year, with a slight improvement in growth rate compared to the previous quarter [4] - Non-interest income saw a significant increase of 26.3% year-on-year, driven by strong performance in financial investments [4] Loan Growth - Agricultural Bank's total loan balance reached 23.98 trillion yuan, with corporate, personal, and discount loans growing by 10.6%, 9.35%, and 15% year-on-year, respectively [5] - Personal loans outperformed the national average growth rate, with personal consumption loans and personal business loans growing by 28.3% and 35% year-on-year [5] Asset Quality - The bank's NPL ratio decreased to 1.3%, with a coverage ratio of 299.61%, indicating a stable risk absorption capacity [8] - The bank's focus on county-level loans has resulted in a lower NPL ratio of 1.21% for these loans, which is better than the overall average [8][9] Investment Outlook - The bank is expected to see revenue and profit growth accelerate in 2024, maintaining its leadership among state-owned banks [9] - Projections for 2025-2027 indicate a slight decline in revenue growth in 2025, followed by a gradual recovery in subsequent years [9]

公司点评 宁德时代（ [Table_StockNameRptType] 300750） 产品结构持续优化，市占率持续领先 | | | 报告日期： 2025-04-01 | [Table_BaseData] 收盘价（元） 256.80 | | --- | | 近 12 个月最高/最低（元）301.50/166.80 | | 总股本（百万股） 4,403 | | 流通股本（百万股） 3,903 | | 流通股比例（%） 88.63 | | 总市值（亿元） 11,308 | | 流通市值（亿元） 10,022 | [公司价格与沪深 Table_Chart] 300 走势比较 -22% 0% 22% 43% 65% 4/24 7/24 10/24 1/25 宁德时代 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com [Table_CompanyReport] 相关报告 1.宁德时代 24 年 3 季报点评：新产品 占 ...

Investment Rating - The investment rating for Agricultural Bank is "Buy" (maintained) [1] Core Views - Agricultural Bank's revenue and net profit growth rates are leading among state-owned banks, with 2024 revenue and net profit increasing by 2.26% and 4.72% year-on-year, respectively, marking an acceleration compared to the first three quarters of 2024 [4][5] - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.3% at the end of 2024, down 2 basis points from the previous quarter [8] - The bank is well-positioned to benefit from urban-rural integration and has a strong focus on county-level financial services, which is expected to drive growth [9] Summary by Sections Financial Performance - In 2024, Agricultural Bank's total assets, loans, and financial investments grew by 8.4%, 10.13%, and 23.5% year-on-year, respectively [5] - The bank's net interest income increased by 1.56% year-on-year, while non-interest income saw a significant rise of 26.3% [4] - The bank's total revenue for 2024 is projected at 710,555 million yuan, with a year-on-year growth of 2.26% [12] Loan Growth - Agricultural Bank's loan portfolio saw a year-on-year increase of 10.13%, with corporate loans growing by 10.6% and personal loans by 9.35% [5] - The bank's county-level loans accounted for over 40% of its domestic loan portfolio, with a balance of 9.85 trillion yuan, reflecting a year-on-year growth of 12.3% [5] Asset Quality - The NPL ratio improved to 1.3%, with a coverage ratio of 299.61% [8] - The bank's overdue loan ratio and attention ratio decreased, indicating a stable asset quality [8] Investment Outlook - The bank is expected to see revenue and profit growth accelerate in 2024, maintaining its leadership among state-owned banks [9] - Projections for 2025-2027 indicate revenue growth rates of -0.96%, 1.81%, and 4.53%, with net profit growth rates of 1.26%, 1.36%, and 2.37%, respectively [9]

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported a significant increase in production and has committed to a higher dividend payout ratio [2] - In 2024, the company achieved revenue of 420.51 billion yuan, a year-on-year increase of 0.94%, and a net profit attributable to shareholders of 137.94 billion yuan, up 11.38% year-on-year [7] - The company has maintained a strong operational performance despite challenges such as asset impairment affecting profits [8] - The company has a leading position in the industry regarding reserve and production growth rates, with a net production of 726.8 million barrels of oil equivalent in 2024, a year-on-year increase of 7.2% [9][10] - The company plans to maintain a high dividend strategy, with a total dividend of 1.40 HKD per share for 2024, a 12% increase year-on-year, and a payout ratio of 44.7% [12] - The forecasted net profit for 2025-2027 is 140.37 billion, 146.32 billion, and 154.52 billion yuan, respectively, with corresponding P/E ratios of 8.79, 8.44, and 7.99 [13] Financial Summary - In 2024, the company reported a gross margin of 53.6% and a return on equity (ROE) of 18.5% [14] - The company’s total assets are projected to grow from 1,056.28 billion yuan in 2024 to 1,254.65 billion yuan in 2027 [16] - The company’s operating income for 2024 is 420.51 billion yuan, with a year-on-year growth of 0.9% [14]

[公司价格与沪深 Table_Chart] 300 走势比较 -37% -4% 30% 63% 96% 4/24 7/24 10/24 1/25 冠盛股份 沪深300 公司点评 2024 年业绩稳健增长，估值下有底上有力 | 报告日期： | 2025-04-01 | | --- | --- | | [Table_BaseData] 收盘价（元） | 37.62 | | 近 12 个月最高/最低（元） | 45.00/16.50 | | 总股本（百万股） | 182 | | 流通股本（百万股） | 177 | | 流通股比例（%） | 97.16 | | 总市值（亿元） | 69 | | 流通市值（亿元） | 67 | [Table_Author] 分析师：陈佳敏 执业证书号：S0010524040001 电话：13913026286 邮箱：chenjiamin@hazq.com 主要观点： | ⚫[Tab 重要财务指标 le_Profit] | | | | 单位:百万元 | | --- | --- | --- | --- | --- | | 主要财务指标 | 2024A | 2025E | 2026E | 2 ...

宁德时代（ [Table_StockNameRptType] 300750） 公司点评 产品结构持续优化，市占率持续领先 -22% 0% 22% 43% 65% 4/24 7/24 10/24 1/25 宁德时代 沪深300 [Table_Author] 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱：liuqianlin@hazq.com [Table_CompanyReport] 相关报告 | | | 报告日期： 2025-04-01 | [Table_BaseData] 收盘价（元） 256.80 | | --- | | 近 12 个月最高/最低（元）301.50/166.80 | | 总股本（百万股） 4,403 | | 流通股本（百万股） 3,903 | | 流通股比例（%） 88.63 | | 总市值（亿元） 11,308 | | 流通市值（亿元） 10,022 | [公司价格与沪深 Table_Chart] 300 走势比较 1.宁德时代 24 年 3 季报点评：新产品 占 ...

Investment Rating - The investment rating for Huayang Group is "Buy" (maintained) [1] Core Views - The company achieved a revenue of approximately 10.158 billion yuan in 2024, representing a year-on-year increase of 42.33%. The net profit attributable to the parent company was 651 million yuan, up 40.13% year-on-year, while the net profit excluding non-recurring items was 632 million yuan, reflecting a 43.47% increase year-on-year [4][11] - The revenue growth is driven by strong performance in the automotive electronics sector, which generated 7.603 billion yuan, a year-on-year increase of 57.55%, accounting for 74.85% of total revenue [9] - The company is expanding its product matrix in electric and intelligent automotive products, actively engaging with new energy vehicle clients and international customers, with expected revenues of 12.639 billion yuan, 15.735 billion yuan, and 18.296 billion yuan for 2025, 2026, and 2027 respectively [11] Revenue and Profitability - In Q4 2024, the total revenue was approximately 3.316 billion yuan, a year-on-year increase of 41.73% and a quarter-on-quarter increase of 37.27%. The net profit attributable to the parent company was about 651 million yuan, with a net profit margin of 6.47% [5][9] - The gross margin for 2024 was approximately 20.69%, a decrease of 1.67 percentage points year-on-year, primarily due to rising costs and raw material prices [5][9] Customer and Product Development - The company has made significant progress in automotive electronics products with new energy vehicle manufacturers and international clients, benefiting from the trend of automotive lightweighting [8][10] - The company has successfully integrated AI capabilities into its products, enhancing the functionality of AR-HUD products and smart cockpit solutions [7][10] Future Projections - The company expects to maintain strong growth with projected net profits of 916 million yuan, 1.2 billion yuan, and 1.46 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 20.24, 15.45, and 12.70 [11][13]