Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - Under the "reciprocal tariff" policy, cross-border payments are expected to transition towards regionalization, accelerating the development of the Cross-border Interbank Payment System (CIPS) and highlighting the advantages of digital RMB settlements. The company, Nantian Information, possesses a digital RMB circulation service platform and has geographical advantages, which may lead to significant growth opportunities [4][9]. Financial Projections - The adjusted revenue forecasts for the company from 2024 to 2026 are projected to be RMB 9.87 billion, RMB 11.39 billion, and RMB 12.89 billion respectively. The net profit attributable to the parent company is expected to be RMB 1.56 billion, RMB 2.01 billion, and RMB 2.39 billion for the same period. The earnings per share (EPS) are projected to be RMB 0.40, RMB 0.51, and RMB 0.61 respectively, with corresponding price-to-earnings (PE) ratios of 46.0, 35.7, and 30.0 [6][8]. Market Position and Growth - The company is positioned to benefit from the increasing use of the digital RMB in cross-border payments, which is expected to enhance the independence and security of these transactions. The digital RMB's application in CIPS is anticipated to improve transparency and security in cross-border payments [9][10]. - The report highlights that as of the end of 2024, the RMB ranked as the fourth most used payment currency globally, with a 23% year-on-year increase in cross-border RMB payment amounts, totaling RMB 64.1 trillion [9]. Company Overview - Nantian Information has developed its own digital RMB circulation service platform, which includes various financial services applicable to multiple scenarios such as smart retail and cross-border trade. The company is the only main board IT listed company in Yunnan Province, providing it with a strategic advantage in the South Asian and Southeast Asian markets [9][10].

Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Insights - Under the "reciprocal tariff" policy, cross-border payments are expected to transition towards regionalization, accelerating the development of the Cross-border Interbank Payment System (CIPS) and highlighting the advantages of digital RMB settlements. The company possesses a digital RMB circulation service platform and has geographical advantages, which may lead to significant growth opportunities [4][9]. Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at RMB 9.87 billion, RMB 11.39 billion, and RMB 12.89 billion respectively, with corresponding net profits of RMB 156 million, RMB 201 million, and RMB 239 million. The earnings per share (EPS) are projected to be RMB 0.40, RMB 0.51, and RMB 0.61 for the same period [6][8]. - The company’s revenue growth rates are expected to be 8.0%, 15.4%, and 13.2% for 2024, 2025, and 2026 respectively [8][12]. Market Position and Competitive Advantage - The company has developed its own digital RMB service platform, which includes various financial services suitable for multiple scenarios such as smart retail and cross-border trade. This positions the company favorably within the context of China's Belt and Road Initiative and the signing of the Regional Comprehensive Economic Partnership (RCEP) [9][10]. - The digital RMB can bypass traditional SWIFT systems, enhancing the independence and security of cross-border payments, while also improving transparency and traceability through blockchain technology [9][10]. Shareholder Information - The major shareholder is Yunnan Provincial Industrial Investment Holding Group Co., Ltd., holding 34.58% of the shares [4]. Valuation Metrics - The price-to-earnings (P/E) ratios for the company are projected to be 46.0, 35.7, and 30.0 for 2024, 2025, and 2026 respectively [6][8]. - The company is expected to maintain a dividend yield of approximately 2.7% from 2024 to 2026 [8]. Industry Context - The report indicates that the CIPS is expanding its coverage significantly, with the amount processed through CIPS expected to reach RMB 175 trillion in 2024, reflecting a 43% year-on-year increase [9]. - The digital RMB's application in CIPS is expected to enhance the overall efficiency and security of cross-border transactions, aligning with the growing trend of regionalization in global trade [9].

宏观经济 | 证券研究报告 — 总量点评 2025 年 4 月 18 日 3 月和一季度经济数据点评 一季度开局平稳，但年内仍有稳增长压力 一季度实际 GDP 同比增长 5.4%好于万得一致预期；3 月工增、社零、固投 累计同比增速均好于万得一致预期，其中工增受"抢出口"影响较大，社零受 消费补贴影响较大，基建受财政支出靠前发力较大；二季度开始，美国"对等 关税"的冲击影响将覆盖整个 2025 年。 相关研究报告 《市场更新：超预期经济数据的市场指引》 20250417 《一季度进出口数据点评》20250415 《3 月金融数据点评》20250414 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师：张晓娇 xiaojiao.zhang@bocichina.com 证券投资咨询业务证书编号：S1300514010002 证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 2025 年一季度 GDP 实际同比增速 5.4%，一季度名义 GDP 同比增速 4.6%。 3 月工业增加值同比 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 55.35 and a sector rating of "Outperform" [1][5]. Core Views - The company demonstrated resilience in its performance despite a challenging external environment, with new production facilities coming online and advancements in new material products [5][7]. - The company reported a revenue of RMB 182.07 billion for 2024, a year-on-year increase of 3.83%, while the net profit attributable to shareholders decreased by 22.49% to RMB 13.03 billion [5][11]. - The report highlights the successful production ramp-up of multiple facilities in the industrial park and the acceleration of new material product commercialization [5][10]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved a total revenue of RMB 182,069 million, with a growth rate of 3.83%. The net profit attributable to shareholders was RMB 13,033 million, reflecting a decline of 22.49% [9][11]. - The first quarter of 2025 saw a revenue of RMB 43,068 million, down 6.70% year-on-year, with a net profit of RMB 3,082 million, a decrease of 25.87% [13]. Business Segments - The company’s three main business segments—polyurethane, petrochemicals, and fine chemicals—saw revenue growth in 2024, with increases of 12.55%, 4.60%, and 18.61% respectively [10]. - The company is the largest global supplier of MDI and TDI, with significant capacity expansions planned for the future [10]. Innovation and Development - The company continues to invest in technological innovation, achieving breakthroughs in battery materials and high-end new materials, which are expected to enhance its competitive position [10][11]. - The report emphasizes the successful development of key products that break foreign monopolies, maintaining the company's leading position in the MDI and TDI markets [10]. Valuation - The report adjusts the earnings forecast for 2025-2027, projecting EPS of RMB 4.27, RMB 5.59, and RMB 5.59 respectively, with the current stock price corresponding to a PE ratio of 12.9 times for 2025 [7][9].

证券研究报告——晨会聚焦 2025 年 4 月 18 日 | 4 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 600428.SH | 中远海特 | | 1519.HK | 极兔速递-W | | 002648.SZ | 卫星化学 | | 688019.SH | 安集科技 | | 300750.SZ | 宁德时代 | | 600600.SH | 青岛啤酒 | | 603081.SH | 大丰实业 | | 002916.SZ | 深南电路 | ■重点关注 【策略研究】市场更新：超预期经济数据的市场指引*王君 郭晓希。一季度 国内经济增长强劲，关税不确定性下金价有望维持强势，A 股具备相对优势， 红利+内需短期占优，自主可控有望成为新的成长主线。 【电子】韦尔股份*苏凌瑶。韦尔股份发布 2024 年年报。2024 年公司营收 257.31 亿元，YoY+22%；毛利率 29.4%，YoY+7.7pcts。手机和汽车 CIS 是 收入增长的主要贡献因素，DDIC 营收和毛利率短期承压，车规级模拟稳步 推进。 【电子】南亚新材*苏凌瑶。公司发布 2024 年年报及 2025 年一季 ...

Investment Rating - The investment rating for the company is "Buy" [2] - The previous rating was also "Buy" [2] - The market price is RMB 5.91 [2] Core Views - The report highlights that the company achieved record highs in both profit and dividends, with a revenue of RMB 16.78 billion in 2024, representing a year-on-year growth of 37.57%, and a net profit of RMB 1.53 billion, up 43.82% year-on-year [4][9] - The growth is attributed to the booming market for specialized vessels, particularly in the pulp and automotive shipping sectors, which are expected to continue driving performance [4][9] - The company is projected to deliver 53 new vessels in 2025, which will further enhance its capacity and profitability [6] Financial Performance - The company reported a significant increase in operating cash flow, reaching RMB 3.62 billion, a 23.74% increase year-on-year [9] - Total assets grew by 26.43% to RMB 34.93 billion, with a return on equity (ROE) of 12.74%, up 3.11 percentage points [9] - The company plans to distribute a cash dividend of RMB 2.79 per 10 shares, totaling RMB 766 million, with a dividend payout ratio of 50.02% [9] Revenue and Profit Forecast - The forecast for revenue and net profit from 2025 to 2027 is as follows: - 2025: Revenue of RMB 19.82 billion, net profit of RMB 1.94 billion - 2026: Revenue of RMB 22.98 billion, net profit of RMB 2.36 billion - 2027: Revenue of RMB 23.99 billion, net profit of RMB 2.67 billion - The expected growth rates for net profit are 26.6%, 21.9%, and 13.1% for the respective years [8][12] Market Position and Strategy - The company is well-positioned in the global specialized vessel market, with a focus on expanding its pulp and automotive shipping capacities [9] - The report indicates that the demand for multi-purpose and heavy-lift vessels is expected to remain strong due to global economic recovery and infrastructure projects [9] - The company aims to leverage its new vessel deliveries to enhance operational scale and market competitiveness [9]

Investment Rating - The report maintains a "Buy" rating for the company [1][5][8] Core Views - The company has achieved a turnaround in profitability in 2024, with a significant year-on-year net profit growth of 109.04% in Q1 2025, indicating a strong start to the year [8] - The report highlights the company's ability to leverage domestic supply chains and technological advancements in the context of increasing AI demand, which is expected to drive revenue growth [5][8] Financial Summary - The company is projected to achieve revenues of RMB 49.13 billion, RMB 64.61 billion, and RMB 83.99 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 2.77 billion, RMB 5.75 billion, and RMB 8.51 billion [5][7] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.16, RMB 2.41, and RMB 3.57 respectively, with price-to-earnings (PE) ratios of 28.7, 13.8, and 9.3 [5][7] - The company reported a revenue of RMB 3.36 billion in 2024, a 12.7% increase year-on-year, and a net profit of RMB 50 million, marking a return to profitability [8][7] Market Performance - The company's stock has shown strong performance, with a 66.9% absolute return year-to-date and a 87.0% return over the past 12 months [2][3] - The stock is rated to outperform the market, with a sector rating of "stronger than the market" [1][2] Growth Drivers - The company is expanding its production capacity with new facilities and is focusing on R&D to enhance operational efficiency and product quality [8] - The report emphasizes the potential for growth in the domestic computing power supply chain, particularly in light of recent restrictions on foreign technology [8]

Investment Rating - The report maintains a "Buy" rating for the company [2][5][8] Core Views - The company reported a revenue of RMB 25.731 billion in 2024, representing a year-over-year increase of 22%. The gross margin improved to 29.4%, up by 7.7 percentage points [3][8] - The growth in revenue is primarily driven by the mobile and automotive CIS segments, while the DDIC revenue and gross margin are under short-term pressure. The company is steadily advancing in automotive-grade analog products [3][8] - The company plans to launch the OV50X, a high-end mobile CIS product, in Q3 2025, which is expected to enhance its product line [8] Summary by Sections Financial Performance - The company’s revenue for 2024 is projected at RMB 25.731 billion, with a growth rate of 22.4% for 2024 and expected growth rates of 14.7%, 11.0%, and 9.2% for 2025, 2026, and 2027 respectively [7][11] - The EBITDA for 2024 is estimated at RMB 4.244 billion, with a significant increase in net profit to RMB 3.323 billion, reflecting a growth rate of 498% [7][11] - The latest diluted EPS is projected to be RMB 2.73 for 2024, with further increases to RMB 3.62 and RMB 4.19 in 2025 and 2026 respectively [7][11] Business Segments - The CIS business generated RMB 191.90 billion in revenue for 2024, with a year-over-year growth of 24%. The automotive segment saw a 30% increase in revenue [8] - The DDIC business faced a revenue decline of 18% in 2024, with a gross margin of 8.1%. However, the company is developing new products to address market challenges [8] - The analog business reported a revenue increase of 23% in 2024, with a gross margin of 35.2% [8] Valuation - The company’s market capitalization is approximately RMB 151.2 billion, with corresponding PE ratios of 34.3, 29.7, and 26.6 for 2025, 2026, and 2027 respectively [5][7] - The report indicates a slight downward adjustment in EPS estimates for 2025 and 2026 due to declining margins in DDIC and analog businesses [5][7]

策略研究 | 证券研究报告 — 点评报告 2025 年 4 月 17 日 市场更新：超预期经济数据 的市场指引 一季度国内经济增长强劲，关税不确定性下金价有望维持强势，A 股具备相 对优势，红利+内需短期占优，自主可控有望成为新的成长主线。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：郭晓希 (8610)66229019 xiaoxi.guo@bocichina.com 证券投资咨询业务证书编号：S1300521110001 政策发力及"抢出口"带动下一季度经济数据超预期走强。一季度国内 经济数据出炉，生产、投资、消费全面超走强，一季度 GDP 增速达到 5.4%，与去年四季度持平，高于此前的万得一致预期 5.2%。具体结构上， 投资端，制造业和基建投资维持稳步增长，3 月地产投资出现一定程度放 缓，但商品房销售延续修复趋势，70 大中城市房价当月同比也延续着去 年四季度以来的修复趋势。消费端的改善较为亮眼，3 月商品零售尤其是 网 ...

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