Investment Rating - The report maintains a "Buy" rating for Dongfang Securities [4] Core Views - Dongfang Securities reported a 2024 revenue increase of 12.3% year-on-year, with a net profit attributable to shareholders rising by 21.7%, resulting in a return on equity (ROE) of 4.14% [2][3] - The significant growth in revenue is primarily driven by the investment business, which saw a 106% increase year-on-year [2][3] - In Q4 2024, the company achieved a revenue of 5.11 billion yuan, reflecting a 50.5% year-on-year increase, although the net profit for the quarter decreased by 146.6% to 0.05 billion yuan [2][3] Summary by Sections Revenue Breakdown - For the full year 2024, the revenue from various business segments is as follows: - Brokerage: 2.51 billion yuan, down 10% - Investment Banking: 1.17 billion yuan, down 23% - Asset Management: 1.34 billion yuan, down 34% - Investment: 4.93 billion yuan, up 106% - Credit Business: 1.32 billion yuan, down 25% [2][3] Financial Performance - The total revenue for 2024 was 19.19 billion yuan, with a net profit of 3.35 billion yuan [2][3] - The company’s financial investment assets reached 221.93 billion yuan, a 13% increase year-on-year [3] Future Projections - Revenue projections for 2025 and 2026 are estimated at 20.9 billion yuan and 22.5 billion yuan, respectively, with year-on-year growth rates of 9% and 8% [3] - Expected net profits for 2025 and 2026 are 4.6 billion yuan and 5.1 billion yuan, with growth rates of 38% and 11% [3]

证券研究报告·行业动态 周观点：市场对工程机械存在认知差，人形 机器人关注灵巧手产业链和丝杠 核心观点 （1）工程机械： 3 月挖机内销预计同比增长 25%左右仍旧是超预 期，但是目前市场对此存在认知差，我们坚定看好内需在 2024 年见 底，未来三年有望持续上行，有别于以往两轮，本轮上行驱动因素比 较分散，需求同第二轮仍以更新为主，国内海外共振，看好板块性行 情。（2）人形机器人：多家灵巧手公司参加深圳工业展，关注几个 趋势：①自由度增加，丝杠用量增加；②触觉传感器依旧是价值量大 且通胀的环节；③价格段更加多元，应用场景更丰富，灵巧手有望加 速放量。另外，本周国产丝杠设备公司关注度提升。 行业动态信息 人形机器人：关注灵巧手发展动向，丝杠设备关注度提升。（1）本 周深圳工业展开幕，我们关注到灵巧手产品灵活度持续提升，价格 区间和应用场景更加丰富，未来有望加速放量；而从结构来看，丝杠 用量有所增加，触觉传感器仍然占据较高价值量，相关标的值得关 注。（2）本周丝杠设备公司关注度提升，华辰百台磨床合同落地形 成明确催化，从产业趋势来说，人形机器人逐步走向商用量产，丝杠 厂商积极扩充产能，基于降本提效等诉求，国产头 ...

证券研究报告·A 股公司简评 专业工程 业绩平稳增长，国际化和运维业务 持续推进——2024 年年报点评 核心观点 公司 2024 年实现营收 461.3 亿元，同比增长 0.7%，实现归母净 利润 29.8 亿元，同比增长 2.3%，经营性现金流净流入 22. 9 亿元， 为近六年第二高水平，净现比为 0.8。公司境外业务和运维业务拉 动营收毛利和新签合同额增长，境外营收增长 10.9%，毛利率提 升至 23.1%，新签合同额整体增长 3%，其中运维业务增长 27%， 境外装备增长 96%。公司国际化进程持续推进，运维业务保持高 增长，水泥行业纳入碳排放权交易将推动公司境内业务回暖。 事件 公司发布 2024 年年报与 2024 年利润分配预案，拟每股派发现金 股利 0 .45 元（含税）。 简评 业绩保持平稳增长。公司 2024 年实现营收 461.3 亿元，同比增 长 0.7%，实现归母净利润 29.8 亿元，同比增长 2.3%，归母净利 润增速高于营收增速主因：1）毛利率提升 0.2 个百分点至 19. 3 %； 2）减值损失合计减少 0.9 亿元至 4.0 亿元；3）少数股东损益占 比减少。公司 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% within the next six months [26]. Core Views - The company is projected to achieve positive growth in both revenue and profit for 2024, positioning itself among the top performers in the sector. Key areas such as the "Five New Tracks" are expected to drive rapid growth in corporate loans, while a reduction in deposit costs will support a smaller decline in net interest margins compared to peers. The company's asset quality remains stable despite ongoing risks in sectors like real estate and retail, which are considered manageable [1][17]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 212.23 billion yuan, a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 77.21 billion yuan, reflecting a slight increase of 0.1% [2][3]. - The net interest income grew by 1.1% year-on-year, outperforming peers, primarily due to stable growth in loan volume and a smaller decline in interest margins [3][19]. Revenue and Profit Outlook - For 2025, the company is expected to maintain a trend of slight positive growth in both revenue and profit, driven by stable corporate loan growth aligned with national policy directions and optimized deposit costs [4][17]. Asset Quality - The company's asset quality remains stable, with a non-performing loan (NPL) ratio of 1.07% as of Q4 2024, a slight decrease from the previous quarter. The provision coverage ratio improved to 237.8%, indicating enhanced risk mitigation capabilities [2][11]. Loan and Deposit Dynamics - Total loans increased by 5% year-on-year, with a focus on corporate loans in key strategic areas. The company has also seen a 7.7% increase in total deposits, supported by a significant reduction in deposit costs [10][19]. Non-Interest Income - Non-interest income showed a slight decline of 0.3% year-on-year, but other non-interest income sources maintained a stable growth rate of 9%, helping to offset the decline in fee income [3][8]. Strategic Initiatives - The company continues to enhance its competitive advantages through its three main business lines: green banking, wealth management, and investment banking, with significant growth in green loans and wealth management assets under management [16][17].

证券研究报告·A 股公司简评 工业金属 产量增长与降本突破共进， 公司业绩再创新高 核心观点 1、2024 年公司实现营业收入 3036 亿元，同比+3.5%；实现归母 净利润 320.5 亿元，同比+51.8%。2024Q4 实现归母净利润 76.9 亿元，同比+55.3%，环比-17.0%。 2、产量增长与降本突破共进，公司业绩再创新高。公司矿产铜/ 矿产金产量分别位居全球前四/第六，近 5 年产量复合增长率分别 为 24%/12%。2024 年公司矿产铜/金产量同增 6%/8%，售价同增 14.2%、28.2%，成本同比变动-1.5%/+3.4%。 3、2024 年公司年度现金分红总额将首次突破 100 亿元。 事件 公司发布 2024 年年度报告 2024 年公司实现营业收入 3036 亿元，同比+3.5%；实现归母净利 润 320.5 亿元，同比+51.8%。2024Q4 实现归母净利润 76.9 亿元， 同比+55.3%，环比-17.0%。 简评 产量增长与降本突破共进，公司业绩再创新高 1、量：2024 年公司矿产铜/金产量同增 6%/8% 2024 年产量：矿产铜 107 万吨（+6%），矿产 ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - In 2024, the company is projected to achieve revenue of 1.616 billion yuan, a year-on-year increase of 0.98%, and a net profit attributable to shareholders of 191 million yuan, a decrease of 5.82% year-on-year [2][3]. - The decline in profit is attributed to weak performance from downstream apparel brands affecting the fine woolen fabric business and increased interest expenses due to convertible bond issuance [3][4]. - The company has successfully initiated trial production of an 80,000-ton high-performance differentiated nylon filament project, marking the beginning of a second growth curve [4][9]. - The demand for tendon materials made from ultra-high molecular weight polyethylene fibers is expected to grow rapidly with the increase in humanoid robots [10]. Summary by Sections Financial Performance - In 2024, the fine woolen fabric business generated revenue of 810 million yuan, down 9.54% year-on-year, while the apparel segment achieved revenue of 611 million yuan, up 4.45% year-on-year [3]. - The ultra-high fiber segment saw revenue of 176 million yuan, a significant increase of 94.75% year-on-year, with a sales volume of 3,303.61 tons, up 119.69% [3][10]. Business Development - The company has a production capacity of 44,000 tons of PA6 filament, with equipment sourced from Japan and Germany, primarily used in various apparel applications [4][9]. - The high-strength polyethylene (PE) segment currently has a capacity of 3,600 tons, producing various specifications suitable for multiple applications, including defense and robotics [10]. Future Outlook - The company forecasts net profits of 266 million yuan, 328 million yuan, and 384 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.61 yuan, 0.76 yuan, and 0.88 yuan [11][13]. - The projected P/E ratios for the same years are 32.8X, 26.6X, and 22.7X, indicating a positive outlook for the company's valuation [11].

公司发布 2024 年报：2024 年公司实现营业收入 456 亿元，同 比增长 10.0%；归母净利润 61 亿元，同比增长 26.8%，上半年 公司由于 C2 单系列装置检修影响部分产销，下半年实现盈利 40 亿环比大幅提升；其中 Q4 单季 23.8 亿创新高，环比+46%。 简评 24 全年 61 亿同比增长 27%，全年和 Q4 单季盈利均创新高 证券研究报告·A 股公司简评 石油石化 24 年业绩 61 亿创新高，产品多元化+ 轻烃成本优势构筑坚实盈利壁垒 核心观点 卫星化学 2024 年实现营业收入 456 亿元，同比增长 10.0%；归 母净利润 61 亿元，同比增长 26.8%，上半年公司由于 C2 单系 列装置检修影响部分产销，下半年实现盈利 40 亿环比大幅提升； 其中 Q4 单季 23.8 亿创新高，环比+46%。公司 C2 路线以 EO/ EG 等产品为主，2024 年公司实现乙醇胺等装置投产，逐步完善产业 链和产品多元化，此外公司轻烃路线 C2 方面乙烷裂解较油头路 线仍具较大成本优势；C3 链中，丙烯酸及酯产业链盈利稳健，此 外公司 80 万吨多碳醇项目投产爬坡也给公司带来明显盈 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][15]. Core Views - The company reported a total revenue of 4.435 billion yuan for 2024, a year-on-year decline of 2.59%, while the net profit attributable to shareholders was 788 million yuan, reflecting a year-on-year growth of 9.67% [2][8]. - The OTC segment is expected to see steady growth, supported by four major product categories, while the impact of prescription drug procurement is anticipated to diminish [12][11]. - The company is focusing on optimizing its health product structure and expanding through both organic growth and acquisitions [12][11]. Financial Performance Summary - For 2024, the company achieved total revenue of 44.35 billion yuan, a slight decrease of 2.59% year-on-year; net profit attributable to shareholders was 7.88 billion yuan, up 9.67% year-on-year; and the net profit excluding non-recurring items was 7.49 billion yuan, an increase of 6.43% year-on-year [2][8]. - The fourth quarter saw revenue of 13.06 billion yuan, a year-on-year decline of 0.80%, with net profit of 1.41 billion yuan, up 11.31% year-on-year [8]. - The company’s gross margin for 2024 was 63.52%, a decrease of 0.51 percentage points, primarily due to a significant drop in the gross margin of the prescription drug segment [14]. Business Segment Analysis - OTC Business: Revenue reached 32.66 billion yuan, a year-on-year increase of 7.07%, with a gross margin of 72.74% [9]. - Health Products: Revenue was 3.45 billion yuan, down 47.30% year-on-year, impacted by intensified competition and restructuring efforts [10]. - Prescription Drugs: Revenue totaled 7.93 billion yuan, a decline of 3.50% year-on-year, with a gross margin of 39.30% [10]. Future Outlook - For 2025, the company is expected to focus on a "big product, strong category" strategy, enhancing core competitiveness and anticipating revenue growth in the OTC segment driven by key products [11][12]. - The company aims to improve operational efficiency and profitability through continuous optimization of its business model and channel strategies [11].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4][10]. Core Views - The company is advancing its high-end strategy steadily while implementing share buybacks and dividends to reward investors [1][10]. - In 2024, the company reported total revenue of 144.685 billion yuan, a decrease of 12.03% year-on-year, and a net profit attributable to shareholders of 2.032 billion yuan, down 59.99% year-on-year [2][11]. - The company's steel production in 2024 was 25.25 million tons, a decline of 3% year-on-year, with sales of 25.30 million tons, down 5% year-on-year [3][11]. - The proportion of key steel product sales reached 65%, an increase of 2 percentage points from 2023, with high-end steel product exports growing by 7.68% year-on-year [3][11]. Revenue and Profitability - The company's gross profit margin slightly declined to 7%, down 3% year-on-year, with total gross profit of 10.4 billion yuan, a decrease of 35% [4][11]. - Operating cash flow was reported at 5.8 billion yuan, an increase of 10% year-on-year, indicating a good cash flow situation [8][11]. Product Performance - The sales volume of automotive steel increased by 11% year-on-year to 3.64 million tons, benefiting from the production of VAMA Phase II [3][11]. - Electrical steel sales reached 900,000 tons, up 4% year-on-year, supported by the phased production of the Lian Steel electrical steel project [3][11]. Future Outlook - The company expects net profits for 2025 to reach 2.81 billion yuan, with a projected growth of 38.35% year-on-year [11]. - The combination of dividends and share buybacks is expected to enhance the company's market value [10].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to see a narrowing decline in revenue for 2024, with profit growth returning to positive territory. The decline in net interest margin is better than that of peers [1][20] - Wealth management capabilities are strong, with steady growth in retail customer base. Overall asset quality remains stable, although risks in retail loans are still emerging [1][20] - For 2025, retail demand is anticipated to marginally improve, with plans to increase loan growth to 7%-8%. While net interest margin pressure persists, the decline is expected to narrow, and fee income is projected to perform better than last year [1][20] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 337.49 billion yuan, a slight decline of 0.5% year-on-year, significantly better than the 2.9% decline in the first three quarters [2][3] - The net profit attributable to shareholders grew by 1.2% year-on-year, exceeding expectations [4] - The non-performing loan ratio stood at 0.95%, with a quarter-on-quarter increase of 1 basis point [2][13] Asset Quality - The company’s asset quality appears stable, but the non-performing loan generation rate continues to rise, particularly in retail loans [13][17] - The provision coverage ratio decreased to 411.98%, down 20.2 percentage points quarter-on-quarter, indicating a slight release of provisions to support profit growth [13][19] Wealth Management and Customer Growth - Wealth management income decreased by 21% in 2024, but the retail customer base grew steadily, reaching 210 million, a year-on-year increase of 6.6% [18][28] - The total retail AUM reached 14.93 trillion yuan, reflecting a year-on-year growth of 12.1% [18][28] Capital Adequacy and Dividend Policy - The core Tier 1 capital adequacy ratio rose to 14.86%, indicating strong internal growth capacity and low refinancing risk [19] - The dividend payout ratio for 2024 was 35.3%, slightly up from the previous year, suggesting sustainable high dividend returns [19][22] Future Outlook - The company plans for a loan growth of 7%-8% in 2025, with expectations of a challenging environment for revenue growth due to recent adjustments in the bond market affecting non-interest income [10][20] - The report emphasizes the company's robust asset quality and solid provisioning base, projecting continued profit growth and leading ROE in the industry [20][22]