Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company's performance remains stable in the coal and power sectors, with a high dividend payout enhancing long-term value [1] - The company plans to increase capital expenditure significantly in 2025, focusing on power generation and renewable energy projects [12] - The integrated operation of coal, power, and transportation provides resilience in performance, leading to a maintained "Accumulate" rating despite adjustments in profit forecasts for 2025 and 2026 [13] Summary by Sections Coal Business - In 2024, the company achieved a coal production of 327 million tons, a year-on-year increase of 0.8%, and coal sales of 459 million tons, up 2.1% [2] - The average selling price of coal was 564 RMB/ton, a decrease of 3.4% year-on-year, influenced by market supply and demand [2] - The gross profit from coal operations was 80.55 billion RMB, down 8% year-on-year, with a gross margin of 30.0%, a decline of 2 percentage points [2] Power Business - The total power generation reached 2,232.1 billion kWh, an increase of 5.2% year-on-year, while sales volume was 2,102.8 billion kWh, up 5.3% [3] - The average selling price for electricity was 0.403 RMB/kWh, down 2.7% year-on-year, with a gross profit of 15.385 billion RMB, a slight decrease of 1.52% [3] Transportation Sector - The transportation segment maintained a high gross margin, with revenue of 54.953 billion RMB, a year-on-year increase of 0.75% [4] - The gross profit from transportation was 19.619 billion RMB, up 2.51% year-on-year, supported by efficient railway operations [4] Coal Chemical Sector - The coal chemical segment saw a decline in sales and gross margin, with polyethylene and polypropylene sales down 8.8% and 8.2% respectively [5] - The gross profit was 328 million RMB, with a gross margin of 5.8%, and revenue decreased by 7.6% year-on-year [5] Financial Quality and Shareholder Returns - The company reported a strong cash flow, with net cash inflow from operating activities at 93.348 billion RMB, an increase of 4.08% year-on-year [6] - The proposed final dividend is 2.26 RMB/share, totaling 44.903 billion RMB, with a dividend payout ratio of 76.5% [11] Profit Forecast and Valuation - The profit forecasts for 2025-2027 are adjusted, with expected net profits of 54.335 billion RMB, 55.976 billion RMB, and 56.059 billion RMB respectively [13] - The company maintains a strong performance outlook due to its integrated operations, leading to a sustained "Accumulate" rating despite the profit forecast adjustments [13]

证券研究报告 | 宏观专题研究 | 中国宏观 宏观专题研究 报告日期：2025 年 04 月 03 日 如何理解美国对等关税？ ──特朗普新政跟踪系列十三 核心观点 4 月 2 日特朗普发布"对等关税"。有以下核心要点： 一是特朗普宣布的对等关税是"关税基准"的置换（即中国 34%，欧盟 20%等）。 从白宫公布的法案正文来看，虽然"关税基准"的标准尚不清晰，但根据贝森特会 后采访中提到对中国的关税将升至 54%，我们倾向认为这一"关税基准"为特朗 普上台前的关税标准，即包含最惠国税率以及前期在此基础上加征的 301 关税。 "关税基准"置换为 34%以后（主要以非贸易壁垒作为借口），还需额外加上年 内两次因芬太尼加征的 20%关税，则最后税率为 54%。 二是仍以逆差国为基准作为核心加征对象。对所有"重点逆差国"以外的国家，关 税基准整体调整为 10%。对于"重点逆差国"，越南遭受最终打击调整为 46%， 欧盟为 20%，日本为 24%，印度为 26%，泰国为 36%等。 三是本次对等关税的基准调整不涉及加拿大、墨西哥，美国对潜在的"关税同盟" 国网开一面。但此前因芬太尼/移民通过 IEEPA 加征的关税仍 ...

证券研究报告 | 公司点评 | 商用车 江淮汽车(600418) 报告日期：2025 年 04 月 01 日 2024 新能源汽车销量持续增长，携手华为打造尊界超豪华品牌 ——江淮汽车 2024 年报点评报告 投资要点 尊界 S800 定位豪华 D 级轿车。车长 5.48 米、车宽 2 米、车高 1.54 米、轴距 3.37 米，L3 级自动驾驶硬件设计架构，将搭载华为乾崑 ADS 3.0。48 小时内预订量 达 2108 台。 尊界 S800 基于 X6 平台打造，X6 平台可适配大型轿车、SUV、MPV 等多种车 型，未来有望为江淮汽车打开高端智能化产品周期，实现销量快速增长。 ❑ 盈利预测 ❑ 预计公司 2025-2027 年营业收入分别为 650.68/728.67/876.08 亿元，YOY 为 54.2%/12.0%/20.2%；预计 2025-2027 年归母净利分别为 16.13/19.76/33.66 亿元， 26/27 年增速为 22.47%/70.37%，2025-2027 年对应 PE 为 49.1/40.1/23.5 倍，我们 认为尊界 S800 作为高端车型，有望显著提高公司盈利能 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a significant improvement in profits from thermal power, with a notable increase in net profit by 229.70% year-on-year, reaching 4.506 billion yuan in 2024 [1] - The profitability of coal-fired power generation turned positive, with total profits from coal-fired operations amounting to 2.567 billion yuan, a substantial increase of 2026.36% year-on-year, primarily due to a decline in coal prices [2] - The rapid growth in renewable energy installations is beginning to show a compensatory effect on revenue, with new installed capacity of 6,700.263 MW in 2024, increasing the share of low-carbon clean energy to 40.37% [3] - The company plans to distribute a cash dividend of 0.0621 yuan per share, totaling 1.149 billion yuan, which represents a significant increase of 727% year-on-year [4] Financial Summary - In 2024, the company achieved operating revenue of 123.474 billion yuan, a year-on-year increase of 0.86%, and is projected to grow to 128.026 billion yuan in 2025 [5] - The net profit attributable to shareholders is expected to rise from 4.506 billion yuan in 2024 to 5.150 billion yuan in 2025, reflecting a growth rate of 14.29% [5] - The earnings per share (EPS) is projected to increase from 0.24 yuan in 2024 to 0.28 yuan in 2025, with a price-to-earnings (P/E) ratio decreasing from 12.28 to 10.74 [5]

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 03 日 浙商早知道 2025 年 04 月 03 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要推荐 重要观点 ❑ 【浙商固收 覃汉】债券市场专题研究：对跨季后资金面的再思考——20250402 http://www.stocke.com.cn 1/4 请务必阅读正文之后的免责条款部分 ❑ 大势：4 月 2 日上证指数上涨 0.05%，沪深 300 下跌 0.08%，科创 50 下跌 0.16%，中证 1000 上涨 0.28%，创业板 指上涨 0.13%，恒生指数下跌 0.02%。 ❑ 行业：4 月 2 日表现最好的行业分别是纺织服饰（+1.45%)、美容护理（+1.01%)、通信（+0.97%)、银行 （+0.9%)、综合（+0.74%)，表现最差的行业分别是国防军工（-1.17%)、有色金属（-0.87%)、公用事业（- 0.8%)、钢铁（-0.58%)、医药生物（-0.54%)。 ❑ 资金：4 月 2 日全 A 总成交额为 9927.03 亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][10] Core Insights - The company reported a revenue of 6.581 billion yuan for 2024, a decrease of 9.62% year-on-year, and a net profit attributable to shareholders of 1.043 billion yuan, down 26.75% year-on-year [1][6] - The decline in IT project execution and procurement in the financial sector is noted, with expectations for demand recovery as the stock market improves [2][3] - The new core business system, UF 3.0, has been validated through its deployment in certain securities firms, showing stability and scalability [4] - The launch of the DeepSeek model and its applications in financial institutions is expected to enhance the company's competitive advantage and operational efficiency [5][10] Financial Performance Summary - For Q4 2024, the company reported a revenue of 2.393 billion yuan, down 17.86% year-on-year, and a net profit of 598 million yuan, down 26.89% year-on-year [1][3] - Revenue from various business segments in Q4 2024 showed declines, with asset management technology services down 16.21% and wealth technology services down 13.57% [3] - The financial forecasts for 2025 to 2027 project revenues of 6.990 billion, 7.557 billion, and 8.213 billion yuan, representing growth rates of 6.21%, 8.11%, and 8.68% respectively [6][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue growth of 7.23% year-on-year, achieving a total revenue of 43.216 billion yuan, while the net profit attributable to shareholders increased by 18.87% to 1.023 billion yuan, aligning with market expectations [2][11] - The company is capitalizing on the rapid development of the domestic civil aviation market, with significant increases in the delivery of civil aircraft components, including a 29% rise in C909 and C919 deliveries [3][4] - The company is expected to benefit from both domestic and international market drivers, enhancing profit growth potential in the coming years [4] Financial Summary - For 2024, the company achieved a revenue of 43.216 billion yuan, with a year-on-year growth of 7.23%, and a net profit of 1.023 billion yuan, reflecting an 18.87% increase [2][11] - The forecast for 2025-2027 indicates a net profit growth of 14%, 18%, and 16%, respectively, with projected net profits of 1.162 billion yuan in 2025, 1.376 billion yuan in 2026, and 1.599 billion yuan in 2027 [5][6] - The company’s price-to-earnings (P/E) ratio is projected to decrease from 64 in 2024 to 41 in 2027, indicating an improving valuation over time [6][12]

SEMICON 百花齐放，本土设备材料零部件突围 证券研究报告 | 行业点评 | 电子 ❑ 新凯来高调官宣入局，发布多款半导体设备。 新凯来成立于 2021 年 8 月，总部位于深圳，是深圳市国资委 100%控股公司，主 营业务为半导体装备及零部件、电子制造设备的研发、制造、销售与服务，其核 心团队具备 20 年以上电子设备技术开发经验。新凯来于 SEMICON China 2025 期 间发布包括薄膜、刻蚀、扩散、量检测四大类数十款半导体设备新品，高调进军 半导体设备领域。本次发布的新品涵盖 CVD（长白山系列）、PVD（普陀山系列）、 ALD（阿里山系列）、ETCH（武夷山系列）、EPI（峨眉山系列）、RTP（三清山系 列）、光学量检测、PX 量测和功率检测设备等。新凯来全系列产品的发布，丰富 了我国现有半导体设备品类，进一步助力集成电路核心环节自主可控进程。 ❑ 先进工艺本土化提速，国产半导体设备/零部件乘风而起。 ——行业点评报告 今年以来以 deepseek 为代表的国产 AI 应用终端放量，带动国内算力资源需求快 速增长，同时使得国产算力卡/AI 芯片更有机会进入供应链，在此大背景下，先进 工艺制 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's overall revenue slightly declined in 2024, but the net profit attributable to shareholders increased by 20.01% year-on-year, reaching 10.135 billion yuan, while the non-recurring net profit surged by 87.50% to 10.522 billion yuan [1][5] - The significant improvement in thermal power profitability is attributed to the decrease in coal prices, which led to a reduction in fuel costs [2][3] - The company has seen rapid growth in wind and solar installations, with a total of 9,692.76 MW of new capacity added in 2024, of which 9,417.71 MW was from renewable sources [2][3] Revenue and Profit Analysis - In 2024, the company achieved revenues of 245.551 billion yuan, a year-on-year decrease of 3.48%. The revenue breakdown by segment shows coal power, gas power, wind power, solar power, hydropower, and biomass power generating revenues of 180.2 billion, 19.5 billion, 16.8 billion, 7.1 billion, 0.31 billion, and 0.015 billion yuan respectively, with year-on-year changes of -4.59%, -2.34%, +11.03%, +52.96%, +23.30%, and -76.11% [2] - The average on-grid electricity price decreased by 2.85% to 494.26 yuan/MWh, with coal power, gas power, wind power, solar power, hydropower, and biomass power prices changing by -2.21%, -0.3%, -4.29%, -11.11%, -1.35%, and -86.04% respectively [3] - The company's total profit from various power generation segments in 2024 was 7.138 billion, 1.084 billion, 6.772 billion, 2.725 billion, -0.12 billion, and -0.865 billion yuan respectively, with year-on-year changes of +1548%, +40%, +15%, +33%, -806%, and -2010% [3] Dividend and Investment Focus - The total cash dividend for 2024 reached 4.238 billion yuan, an increase of 34.97% year-on-year, with a payout ratio of 41.82%, up by 4.65 percentage points [4] - The company plans to significantly increase its investment in wind power by 44.48% in 2025, making it a key focus area for the year [4]

Investment Rating - The report assigns a "Buy" rating for the company, Huada Jiutian (301269.SZ) [6] Core Insights - Huada Jiutian is positioned as a leader in the domestic EDA (Electronic Design Automation) market, aiming to accelerate its growth and market share to compete with global giants like Synopsys, Cadence, and Siemens EDA [2][4] - The company is expected to achieve a compound annual growth rate (CAGR) of over 40% in revenue over the next three years, driven by product expansion, market share growth, and advancements in AI technology [3][4] - The company is projected to become the first domestic EDA company to achieve full-process coverage in EDA tools, transitioning from import substitution to global supply [4][11] Summary by Sections Investment Highlights - The company currently holds a 7% market share in the Chinese EDA market, which is dominated by three major players with a combined market share of 75% [2] - Huada Jiutian's revenue is expected to grow from 1.29 billion yuan in 2024 to 3.92 billion yuan in 2026, with a CAGR of 74% for net profit during the same period [4][11] Financial Forecasts - Revenue projections for 2024-2026 are 1.288 billion yuan, 1.808 billion yuan, and 2.617 billion yuan, respectively, with year-on-year growth rates of 27.51%, 40.31%, and 44.75% [4][11] - The company maintains a high gross margin, with a consistent rate above 90% over the past five years, while R&D expenses have been increasing significantly [40][38] Market Context - The EDA industry is expected to grow significantly, with the Chinese EDA market projected to expand from 14 billion yuan in 2024 to 35.4 billion yuan by 2027, reflecting a CAGR of 36.1% [43][47] - The report highlights the importance of EDA tools as a strategic foundation for the integrated circuit industry, emphasizing their role in enhancing design efficiency and driving technological advancements [41][42] Competitive Positioning - Huada Jiutian is recognized for its strong R&D capabilities, with over 300 authorized patents and a commitment to innovation, supported by significant investment from state-owned enterprises [32][35] - The company is well-positioned to leverage national policies that support the semiconductor industry, creating a favorable environment for growth and development [51]