Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's performance meets expectations, with chip inductors continuously benefiting from the AI industry's prosperity [6] - The company achieved a revenue of 1.663 billion RMB in 2024, representing a year-on-year growth of 43.54%, and a net profit of 376 million RMB, with a year-on-year increase of 46.90% [8] - The company is expected to maintain strong growth in the coming years, with projected net profits of 468 million RMB in 2025 and 579 million RMB in 2026, reflecting growth rates of 24.69% and 23.49% respectively [8] Financial Performance Summary - In 2024, the company reported a revenue of 1.663 billion RMB, with a gross margin of 40.7% and a net margin of 22.5% [8][10] - The first quarter of 2025 saw a revenue of 383 million RMB, a year-on-year increase of 14.4% [8] - The company is expected to achieve revenues of 2.041 billion RMB in 2025, with a year-on-year growth rate of 22.75% [7] Profitability and Valuation - The projected earnings per share (EPS) for 2025 is 1.62 RMB, with a price-to-earnings (P/E) ratio of 24.90 [7][10] - The return on equity (ROE) is expected to be 17.12% in 2025, indicating strong profitability [10] - The company is positioned in a high-growth sector, with chip inductors expected to drive significant revenue contributions [8] Growth Potential - The company is expanding its production capacity and has initiated a project for a high-end metal soft magnetic materials and components production base in Thailand [8] - The chip inductor segment is anticipated to become a new growth driver, with revenue contributions projected to increase significantly in the coming years [8]

Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [5] Core Views - The company is leveraging a dual-driven strategy of "Equipment + Services" to stimulate growth in the water conservancy, hydropower, and mining sectors, which are seen as new growth drivers [5][6] - The company reported a revenue of 799 million yuan in 2024, a year-on-year decrease of 16.26%, and a net profit attributable to shareholders of 104.64 million yuan, down 36% year-on-year [6] - The company is focusing on high-quality orders to ensure operational quality and cash flow safety amid a slowdown in new projects in the railway and highway sectors due to funding pressures [6][7] Summary by Sections Market Performance - The closing price as of April 30, 2025, was 32.06 yuan, with a market capitalization of 2,885.68 million yuan and a circulating market value of 2,781.26 million yuan [3] Financial Data - In 2024, the company achieved a revenue of 799 million yuan, with a projected revenue of 953 million yuan for 2025, reflecting a year-on-year growth rate of 19.25% [8] - The net profit for 2024 was 105 million yuan, with an expected increase to 137 million yuan in 2025, indicating a growth rate of 30.94% [8] Business Segments - The railway and highway sectors saw revenue declines in 2024, while the water conservancy and mining sectors experienced significant growth, with revenues increasing by 96% and 78% year-on-year, respectively [6][7] - The company is enhancing its after-market service ecosystem, achieving a revenue increase of 103% in this segment, totaling 57.61 million yuan in 2024 [7] Strategic Initiatives - The company is planning a major asset restructuring to acquire 100% stakes in two companies, which is expected to significantly enhance its profitability and operational capabilities [10] - The company is also expanding its overseas market presence, particularly in regions like Russia, Southeast Asia, and Africa, to tap into local market demands [7][10]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The injection of the Shizhu Garden tungsten mine is expected to significantly enhance the company's profitability [4] - The company operates as a management platform for the tungsten industry under China Minmetals, managing a complete tungsten industry chain from mining to smelting, processing, and trading [6][4] - The company has achieved a notable increase in revenue and net profit, with a projected growth in net profit from 1.08 billion RMB in 2025 to 1.26 billion RMB in 2027 [4][6] Financial Summary - For 2024, the company reported a revenue of 14.743 billion RMB, a year-on-year increase of 7.8%, and a net profit of 939 million RMB, up 17.5% year-on-year [6] - The projected revenues for 2025, 2026, and 2027 are 15.523 billion RMB, 16.462 billion RMB, and 17.546 billion RMB respectively, with corresponding net profits of 1.08 billion RMB, 1.175 billion RMB, and 1.264 billion RMB [4][7] - The company's gross profit margin for 2024 was 22.1%, with a total gross profit of 3.25 billion RMB [6][7] Market Performance - The acquisition of Shizhu Garden Company, which owns the largest single tungsten mine currently in production, is expected to enhance the company's asset quality and profitability [6][4] - The company has optimized its product structure, focusing on high-value-added products, and has achieved a significant market share in the CNC blade production [6][4] Profitability Forecast - The company is expected to maintain a steady growth trajectory, with projected earnings per share (EPS) of 0.47 RMB in 2025, 0.52 RMB in 2026, and 0.55 RMB in 2027 [4][7] - The return on equity (ROE) is projected to be 6.44% in 2025, gradually increasing to 6.78% by 2027 [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The nuclear power business remains prosperous, while traditional engineering faces pressure [6] - The company is expected to benefit from the acceleration of nuclear power approvals and the expansion of long-term installation plans in China [8] - The company is exploring advanced technologies such as nuclear fusion while maintaining its traditional nuclear power business advantages [8] Financial Summary - For 2023, the company achieved operating revenue of 109,385 million RMB, with a year-on-year growth rate of 10.34% [7] - The net profit attributable to the parent company for 2023 was 2,063 million RMB, reflecting a year-on-year increase of 17.57% [7] - The earnings per share (EPS) for 2023 was 0.68 RMB [7] - The company’s total market capitalization is approximately 25,677.87 million RMB [4] - The company’s debt-to-asset ratio stands at 82.33% [4] Revenue and Profit Forecast - Projected operating revenue for 2024 is 113,541 million RMB, with a growth rate of 3.80% [7] - The forecasted net profit for 2024 is 2,064 million RMB, with a minimal growth of 0.07% [7] - The expected EPS for 2025 is 0.72 RMB, with a projected net profit of 2,174 million RMB [8] Business Performance - In 2024, the nuclear power engineering segment is expected to generate revenue of 322.12 billion RMB, a year-on-year increase of 34.63% [8] - The industrial and civil engineering segment is projected to see a revenue decline of 7.73% to 693.19 billion RMB [8] - New contracts signed in the nuclear power sector for 2024 are expected to reach 551.44 billion RMB, a year-on-year increase of 43.61% [8] Market Position - The company is positioned as a leader in nuclear power construction in China, with a strong outlook for future orders [8] - The company is increasing its research and development investment in the nuclear power sector, reflecting its commitment to technological innovation [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported strong Q1 performance with significant revenue growth and improved expense ratios, indicating a positive outlook for distributed power forecasts [5][7] - The company’s Q1 2025 revenue reached 145 million yuan, a year-on-year increase of 40.1%, and net profit attributable to shareholders was 17 million yuan, up 34.6% year-on-year [7] - The decline in gross margin is attributed to the beginning of distributed power forecast installations, which is expected to open up new revenue streams in the future [7] - The company is expected to benefit from the entry of renewable energy into the market and the development of virtual power plants, which could provide new growth opportunities [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 456 million yuan (2023), 550 million yuan (2024), 784 million yuan (2025E), 866 million yuan (2026E), and 1,135 million yuan (2027E), with growth rates of 26.89%, 20.50%, 42.54%, 10.50%, and 31.09% respectively [6] - Net profit attributable to shareholders is forecasted to be 84 million yuan (2023), 94 million yuan (2024), 143 million yuan (2025E), 175 million yuan (2026E), and 248 million yuan (2027E), with year-on-year growth rates of 25.59%, 11.09%, 52.59%, 22.31%, and 41.72% respectively [6] - The company’s price-to-earnings (P/E) ratios for the years 2025 to 2027 are projected to be 43.54, 35.60, and 25.12 respectively [6]

证券研究报告 基础化工 | 化学制品 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 05 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 项祈瑞 SAC：S1350524040002 xiangqirui@huayuanstock.com 陈轩 chenxuan01@huayuanstock.com 市场表现： | | | | 基本数据 | | | | | 2025 | 年 | 04 | 月 | 30 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 11.20 | | | | 一 年 内 | 最 | 高 | / | 最 | 低 | | | 13.93/7.98 | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 9.113 billion yuan for 2024, a year-on-year decrease of 13.31%, and a net profit attributable to shareholders of 704 million yuan, down 4.98% year-on-year [5] - The company plans to distribute a cash dividend of 0.35 yuan per share for 2024, which represents 61.08% of the net profit attributable to shareholders [5] - The first quarter of 2025 saw a revenue of 1.964 billion yuan, a decline of 32.25% year-on-year, and a net profit of 129 million yuan, down 30.77% year-on-year [5] - The company is facing pressure on its performance due to a contraction in engineering business and losses from joint ventures [5] - The company is implementing a new round of equity incentive plans to stabilize and improve operational performance [5] Financial Summary - The company’s total market capitalization is approximately 8.728 billion yuan, with a circulating market capitalization of about 8.604 billion yuan [3] - The company’s debt-to-asset ratio stands at 59.29% [3] - The projected net profits for 2025-2027 are estimated to be 734 million, 850 million, and 898 million yuan respectively, with year-on-year growth rates of 4.25%, 15.73%, and 5.67% [6] - The company’s earnings per share (EPS) for 2025 is projected to be 0.77 yuan, with a price-to-earnings (P/E) ratio of 11.89 [7][9] - The company’s operating income is expected to grow from 9.113 billion yuan in 2024 to 10.989 billion yuan in 2025, reflecting a growth rate of 20.58% [7]

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The gold price reached a high of 3500 USD before a short-term adjustment, with recent declines attributed to easing tariffs and geopolitical tensions [4][6] - The report highlights that the U.S. President's comments on the Federal Reserve and the signing of an executive order to alleviate tariffs on imported cars have contributed to market fluctuations [6][7] - The long-term outlook remains bullish for gold, driven by expected interest rate cuts and geopolitical factors, with central bank purchases providing strong support for gold prices [7] Summary by Sections Price Trends - Recent price movements include a 1.69% drop in London spot gold to 3249.70 USD/oz and a 1.36% decline in Shanghai gold to 780.30 CNY/g, while silver prices saw slight increases [11][12] U.S. Economic Data and Federal Reserve Tracking - The report emphasizes the importance of upcoming U.S. economic data releases, including the Federal Reserve's interest rate decision and inflation rates, which could impact gold prices [6][7] Holdings and Trading Volume - The report notes a decrease in trading volumes for both gold and silver, with Shanghai gold holdings down 2.45% to 413,600 contracts and Shanghai silver holdings down 5.74% to 851,200 contracts [11][12] Domestic and International Price Differences - The gold price difference between domestic and international markets increased, with the domestic gold price gap rising to 28.43 CNY/g [62] Futures Basis - The international gold basis (spot-futures) increased to 2.30 USD/oz, while the domestic gold basis rose to -0.80 CNY/g [70]

证券研究报告 公用事业 | 电力 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 04 日 请务必仔细阅读正文之后的评级说明和重要声明 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 中闽能源(600163.SH) 投资评级： 买入（维持） ——24 年业绩下滑主因减值 2025Q1 风资源表现优异 投资要点： 风险提示。电价波动风险，电量波动风险，新增项目投产进度不及预期 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 1,732 | 1,741 | 1,880 | 2,032 | 2,113 | | 同比增长率（%） | -3.30% | 0.54% | 7 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The significant increase in income tax expenses has negatively impacted profitability, but the existing nuclear power projects ensure stable growth [5] - The company reported a revenue of 77.27 billion yuan in 2024, a year-on-year increase of 3.09%, while the net profit attributable to shareholders decreased by 17.38% to 8.78 billion yuan [7] - The company plans to distribute a cash dividend of 0.16 yuan per share for 2024, with a payout ratio of 41.9%, an increase of approximately 7 percentage points year-on-year [7] Financial Performance Summary - Revenue Forecasts: - 2023: 74.96 billion yuan - 2024: 77.27 billion yuan - 2025E: 84.54 billion yuan - 2026E: 88.54 billion yuan - 2027E: 99.29 billion yuan - Year-on-Year Growth Rates: - 2023: 5.15% - 2024: 3.09% - 2025E: 9.41% - 2026E: 4.73% - 2027E: 12.13% [6] - Net Profit Forecasts: - 2023: 10.62 billion yuan - 2024: 8.78 billion yuan - 2025E: 9.99 billion yuan - 2026E: 10.50 billion yuan - 2027E: 11.28 billion yuan - Year-on-Year Growth Rates: - 2023: 17.91% - 2024: -17.38% - 2025E: 13.89% - 2026E: 5.05% - 2027E: 7.41% [6] Operational Highlights - In 2024, the company achieved a nuclear power generation volume of 183.12 billion kWh, a decrease of 1.8% year-on-year, primarily due to increased maintenance at the Fuqing Nuclear Power Plant [7] - The company completed a renewable energy generation volume of 33.23 billion kWh in 2024, a year-on-year increase of 42.21% [7] - The marketization ratio of nuclear power reached 50.78%, an increase of 8.1 percentage points year-on-year, while the renewable energy marketization ratio reached 66.43%, an increase of 7.31 percentage points year-on-year [7] Future Outlook - The company has received approval for 10 new nuclear power units, bringing the total number of units under construction or approved to 19, which is expected to support stable long-term growth [7] - The forecasted net profit for 2025-2027 is expected to be 10.00 billion yuan, 10.50 billion yuan, and 11.28 billion yuan respectively, with growth rates of 13.9%, 5.1%, and 7.4% [7]