Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - In 2024, the company achieved total revenue of 174.144 billion yuan, a year-on-year increase of 15.66%, and a net profit attributable to shareholders of 86.228 billion yuan, up 15.38% year-on-year [1] - The revenue from liquor products reached 170.612 billion yuan, with a volume and price increase of 13.73% and 1.90% respectively [2] - The company aims for a revenue growth target of approximately 9% for 2025, ensuring stable pricing for its flagship products [6][7] Summary by Sections Financial Performance - In Q4 2024, total revenue was 51.021 billion yuan, a year-on-year increase of 12.77%, with a net profit of 25.401 billion yuan, up 16.21% [1] - The gross profit margin for 2024 was 91.93%, with a net profit margin of 52.27% [4] - The company distributed a total cash dividend of 64.7 billion yuan, maintaining a dividend payout ratio of 75% [5] Product Performance - Revenue from Moutai liquor was 145.928 billion yuan, up 15.28% year-on-year, while series liquor revenue was 24.684 billion yuan, up 19.65% [2] - The proportion of series liquor revenue increased by 0.45 percentage points to 14.47% [2] Market Dynamics - Domestic and international market revenues were 165.423 billion yuan and 5.189 billion yuan respectively, with the international market revenue surpassing 5 billion yuan for the first time [3] - Direct sales and wholesale channel revenues were 74.843 billion yuan and 95.769 billion yuan, with direct sales accounting for 43.87% of total revenue [3] Future Outlook - The company expects to maintain a balanced growth in volume and price, with a projected revenue growth of 9.03%, 8.20%, and 8.16% for 2025, 2026, and 2027 respectively [7][14] - Earnings per share (EPS) are forecasted to be 74.85 yuan, 80.94 yuan, and 87.60 yuan for the years 2025, 2026, and 2027 respectively [14]

Investment Rating - The investment rating for Chongqing Beer is maintained as "Buy" [8] Core Views - The company's performance in 2024 met expectations, with revenue of 14.645 billion yuan, a year-on-year decrease of 1.15%, and a net profit attributable to shareholders of 1.115 billion yuan, down 16.61% year-on-year. The fourth quarter of 2024 saw revenue of 1.582 billion yuan, a decline of 11.45% year-on-year, and a net loss of 217 million yuan, compared to a loss of 7 million yuan in the same period last year. The lower net profit was primarily due to a provision for expected liabilities of 254 million yuan related to litigation [1] Summary by Sections Revenue and Sales Performance - In 2024, the total sales volume was 2.9749 million tons, a decrease of 0.75% year-on-year, with an average price of 4,923 yuan per ton, down 0.40% year-on-year. The fourth quarter sales volume was 317,900 tons, a decline of 8.07% year-on-year, with an average price of 4,975 yuan per ton, down 3.68% year-on-year. The high-end beer sales ratio increased, with premium revenue down 2.97% (volume up 1.37%, price down 4.3%), mainstream revenue down 1.02% (volume down 3.81%, price up 2.9%), and economy revenue up 15.56% (volume up 13.49%, price up 1.8%) [2] Regional Performance - The South region performed relatively well, while the Northwest and Central regions faced challenges. In 2024, the Northwest, Central, and South regions generated revenues of 3.884 billion, 5.969 billion, and 4.316 billion yuan, respectively, with year-on-year changes of -3.46%, -1.88%, and -0.42%. In Q4 2024, revenues were 211 million, 620 million, and 631 million yuan, with year-on-year changes of -17.47%, -15.57%, and -8.59%. The South region's revenue share increased by 0.45 percentage points to 30.46%, mainly driven by tourism recovery in regions like Yunnan and Guangxi [3] Profitability and Costs - The company's gross margin and net profit margin in 2024 decreased by 0.58 and 2.94 percentage points to 48.57% and 15.36%, respectively. In Q4 2024, the gross margin and net profit margin decreased by 5.42 and 26.53 percentage points to 43.38% and -26.38%, respectively. The cost per ton based on operating costs was 2,532 yuan, up 0.72% year-on-year, while the cost per ton for beer business was 2,396 yuan, down 1.06% year-on-year [4][5] Future Outlook - For Q1 2025, a slight growth is expected, with beer consumption showing signs of recovery. The company anticipates a modest increase in revenue and profit for the first quarter. For the full year 2025, growth in sales is expected to be driven by the recovery of dining scenarios, with stable expense ratios. The cost per ton will need to be monitored based on sales performance, with potential increases in depreciation and amortization costs from the Foshan factory, although improvements in raw material procurement costs and transportation costs may offset some of these increases [6] Earnings Forecast and Valuation - The revenue growth rates for 2025-2027 are projected at 2.0%, 2.6%, and 2.6%, while the net profit growth rates are expected to be 14.4%, 4.4%, and 4.3%. The earnings per share (EPS) are forecasted to be 2.6, 2.8, and 2.9 yuan per share, with price-to-earnings (PE) ratios of 22.7, 21.7, and 20.8 times, respectively. The current valuation is considered cost-effective, supporting the "Buy" rating [7]

4 月防守看出版，免征税利润释放加高股息防御价值突显 ——行业点评报告 证券研究报告 | 行业点评 | 传媒 投资要点 出版行业主业稳健、分红意愿高，所得税免征后预计 25Q1 净利润普遍同增 30- 40%，当前股息率普遍在 4%以上，看好出版板块高股息防御价值，关注 AI 教 育业务带来新增量。 教材教辅主业稳健，广东、山东等地具有人口增长优势。 2025 年在校学生数主要由 07-19 年各地区出生率决定，根据我们估算，25-26 年，广东、山东、四川、湖北仍将维持在校人口正增长。25-26 年广东和山东省 在校学生数分别预计同比增长+2.2%/1.7%和+0.8%/0.4%。此外，从人口流动看从 常住人口规模看，经济发达地区如浙江、广东、江苏人口流入维持增长趋势，进 一步支持在校学生数的增长。 税率变动影响下，主要出版公司 25Q1 净利润普遍同增 30-40%。 2025 年，由于所得税免征政策，以及 2024 年低基数影响，预期税后净利润有显 著改善。 假设 25Q1 出版行业公司实际税率恢复到 23Q1 水平，则各公司 25Q1 净利润同比增速普遍在 30-40%之间。 按照 2025 年 3 ...

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company's revenue growth in 2024 is primarily driven by an increase in container throughput and the consolidation of the Indonesian NPH project. The total global throughput reached 195 million TEU, reflecting an 8.3% increase, which is higher than the average growth rate of domestic ports [1] - The company has strengthened its domestic hub position, with the Shenzhen West Port area achieving a throughput of 15.99 million TEU, up 17.7%, and foreign trade market share exceeding 50% [1] - The company has also seen significant contributions from overseas projects, with notable performances from Brazil's TCP (+24.3%), Togo's LCT (+3.9%), and Djibouti's PDSA (+47.9%). The newly acquired Indonesian NPH contributed an additional 417,000 TEU since July [1] - The company has effectively controlled operating costs, resulting in a 1.3% decrease in operating costs year-on-year, leading to an increase in gross profit by 500 million yuan and a gross margin of 43.0%, up 2.15 percentage points [1] - The proposed cash dividend of 0.74 yuan per share for 2024 represents a dividend payout ratio of 40.8%, the highest in eight years, with a dividend yield of 3.7% [1] Financial Summary - The company forecasts revenue of 161.31 billion yuan for 2024, with a year-on-year growth of 2.41%. The net profit attributable to shareholders is projected to be 45.16 billion yuan, reflecting a 26.44% increase [4] - The earnings per share (EPS) is expected to be 1.81 yuan for 2024, with a price-to-earnings (P/E) ratio of 11.03 [4] - The company anticipates net profits of 47.56 billion yuan, 49.8 billion yuan, and 52.27 billion yuan for 2025, 2026, and 2027, respectively [3][4] Industry Outlook - The company's global network is expected to continue deepening, with the full-year consolidation of the Indonesian NPH and the ramp-up of HIPG's container business. The throughput growth for Terminal Link is projected to be 5.7% year-on-year in 2024 [2] - The RCEP benefits are expected to persist, with Southeast Asian ports likely to maintain high growth rates, further solidifying the company's hub positions in the Pearl River Delta and Yangtze River Delta regions [2]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company reported a revenue of 2.567 billion yuan in 2024, a decrease of 10.45% year-on-year, and a net profit of 88 million yuan, down 42.54% year-on-year [2][10] - In Q4 2024, the company achieved a revenue of 1.277 billion yuan, an increase of 11% year-on-year and a significant increase of 371% quarter-on-quarter, with a net profit of 82 million yuan, up 607% year-on-year and 237% quarter-on-quarter [2] - The company has made significant breakthroughs in domestic drone projects and continues to see positive trends in military trade business, with two new user countries added in the drone military trade market [4] Financial Summary - The company expects net profits for 2025-2027 to be 270 million, 347 million, and 433 million yuan, representing year-on-year growth of 207%, 28%, and 25% respectively, with P/E ratios of 72, 56, and 45 [5][6] - The forecasted revenue for 2025 is 4.624 billion yuan, reflecting an 80% increase from 2024 [6] - The company’s overseas business revenue reached 1.365 billion yuan in 2024, a year-on-year increase of 15%, with a gross margin of 36.04% [3]

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 04 月 04 日 关于对等关税及债市思考的六问六答 ——债市策略思考 核心观点 特朗普关税政策大超预期成为驱动近期债市走强的主要因素。当前权益市场或难言企 稳，债券市场或有望在宽松预期交易及避险情绪驱动下进一步走强，考虑到当前曲线 结构较平，下一阶段博弈国债收益率曲线牛陡的胜率更高。 ❑ 特朗普对等关税政策方案是什么？ 美国将对来自其他所有国家的进口商品加征 10%的基准关税，并针对部分与美国 商品贸易过程中存在较高顺差的国家推出额外对等关税。本次对等关税方案充分 体现了特朗普政府典型的高压威胁式谈判策略，边打边谈或成为下一阶段全球贸 易领域常态，特朗普关税风波或才刚刚开始。 ❑ 为何本次关税政策大超预期？ 市场机构普遍以双边实际关税水平为计算基准，而特朗普政府所谓的实际关税在 数字上非常接近该国对美国贸易顺差占其对美国出口总规模的比重。关税政策并 非有益无害，尤其对于当前通胀预期飙升的美国经济，关税力度过大或导致二次 通胀由预期走向现实，全球去美元化进程及东升西落的宏观叙事或再度强化。 ❑ 如何理解对等关税对国内债 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's net profit increased year-on-year due to the recovery in the agricultural chemical market, with enhanced profitability in phosphate rock, phosphate fertilizer, and glyphosate products. However, Q4 performance was slightly below expectations due to a provision of approximately 355 million yuan [2] - The company has seen an increase in production and sales across its main products, with significant growth in special chemicals, glyphosate series, fertilizers, and organic silicon series. The company has also increased its cash dividend to 10 yuan per 10 shares (including tax), up from 6 yuan last year, resulting in a dividend yield of approximately 4.6% [3] - The company is investing 1.495 billion yuan to build a new 100,000 tons/year industrial silicon project, which will enhance its raw material supply for the organic silicon industry and improve operational efficiency [4] Summary by Sections Financial Performance - In 2024, the company achieved revenue of 28.396 billion yuan, a year-on-year increase of 0.41%, and a net profit attributable to shareholders of 1.601 billion yuan, up 14.33% year-on-year. The net profit after deducting non-recurring items was 1.600 billion yuan, an increase of 21.79% year-on-year [1][10] - For Q4 2024, the company reported revenue of 6.346 billion yuan, a year-on-year increase of 1.70%, but a quarter-on-quarter decline of 26.60%. The net profit attributable to shareholders was 287 million yuan, down 35.82% year-on-year and 43.63% quarter-on-quarter [1] Product Performance - The production volumes for special chemicals, glyphosate series, fertilizers, and organic silicon series were 530,400 tons, 266,000 tons, 1,353,000 tons, and 270,700 tons respectively, with year-on-year increases of 6.85%, 65.84%, 11.29%, and 38.32%. Sales volumes were 514,100 tons, 244,800 tons, 1,281,300 tons, and 250,100 tons, with year-on-year increases of 14.40%, 42.82%, 3.36%, and 33.53% [3] Market Outlook - The phosphate fertilizer market remains strong, and the demand for new energy battery materials is increasing, which supports the demand for phosphate resources. The company is focusing on increasing its phosphate mining capacity significantly over the next five years [5][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's revenue is expected to grow significantly, with projected revenues of 3.3 billion, 4.3 billion, and 4.8 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 45%, 31%, and 11% [2][4]. - The net profit attributable to the parent company is forecasted to reach 250 million, 350 million, and 450 million yuan for the same years, with growth rates of 82%, 41%, and 27% respectively [2][4]. - The report highlights that the company's gross margin for the skeleton business exceeded expectations, with an average selling price (ASP) increasing by 34% [7]. - The company is expected to benefit from the release of production capacity in Huizhou and Zhengzhou, leading to a rise in both volume and price for its core skeleton business [7]. - The report notes the company's first mention of its automotive seat business, indicating a significant growth opportunity in a market with low domestic replacement rates [7]. Financial Summary - The company's revenue for 2024 is reported at 2.276 billion yuan, with a year-on-year growth of 49.9%, and a net profit of 137 million yuan, also reflecting a growth of 50.31% [4][7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.76, 2.48, and 3.14 yuan respectively [4][8]. - The price-to-earnings (P/E) ratio is expected to decrease from 43.33 in 2024 to 13.30 by 2027, indicating improving valuation as earnings grow [4][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][11] Core Insights - The company is experiencing strong growth in both its smart maintenance and energy sectors, driven by regulatory requirements and advancements in AI technology [2][3] - The energy business is at the beginning of a high-growth cycle, with the overseas charging market expected to reach approximately 80 billion RMB in 2025 and grow to about 120 billion RMB by 2030 [3] - The company has launched AI-powered features in its maintenance products and is transitioning towards an Agent as a Service (AaaS) model [2][4] Revenue Breakdown - In 2024, the company achieved total revenue of 39.32 billion RMB, a year-on-year increase of 20.95%, with a net profit of 6.41 billion RMB, up 257.59% [8] - The revenue from smart maintenance was 30.18 billion RMB, growing by 13.93%, while the energy business generated 8.67 billion RMB, with a growth rate of 52.98% [4][8] Financial Forecast - The company expects revenues of 48.33 billion RMB, 60.52 billion RMB, and 76.83 billion RMB for 2025, 2026, and 2027 respectively, with net profits projected at 8.05 billion RMB, 11.19 billion RMB, and 13.98 billion RMB [11][12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The domestic market is currently facing challenges, but the overseas LED direct display market is experiencing steady growth, particularly in North America, Southeast Asia, the Middle East, and Latin America. The company has established a differentiated brand advantage through years of deep cultivation and reasonable layout in overseas markets, leading to a healthy growth trajectory [2] - The company adopts a light asset model to navigate the industry's downturn, maintaining operational quality superior to peers. Despite a temporary decline in profits, key financial indicators remain robust, with a net profit margin of approximately 2.8% and ROE of about 8% for 2024 [2] Summary by Sections Financial Performance - In 2024, the company achieved operating revenue of approximately 3.66 billion yuan, a year-on-year decrease of 8.58%, and a net profit of 117 million yuan, down 62.98% year-on-year. The domestic market revenue was around 732 million yuan, a decline of approximately 48.84% [6][9] - The overseas business continues to grow, with projected revenues of about 2.93 billion yuan in 2024, reflecting a year-on-year increase of approximately 13.78% [2][6] Future Projections - The company forecasts net profits of 135 million yuan, 191 million yuan, and 270 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 30.5, 21.6, and 15.2 [7][9] - Revenue is expected to grow significantly in the coming years, with projections of 4.33 billion yuan in 2025, 5.62 billion yuan in 2026, and 7.60 billion yuan in 2027, indicating growth rates of 18.16%, 29.91%, and 35.24% respectively [9]