2024 投资要点 公司发布 2024 全年业绩，收入同比增长约 13% 2024 全年公司实现收入 7.78 亿美元（yoy+13%），收入增长主要源于经营效率提升带动 翻台率向上；2024 全年实现归母净利润 2180 万美元，公司按美元折算报表，汇兑仅影响 报表数据、不反映实际经营，若扣除汇兑损益，2024 全年公司实现净利润约 4110 万美 元，对应净利率约 5.3%，自 2022H2 以来扣除汇兑后净利润已连续 5个半年度为正，表现 亮眼。扣除汇兑净利润持续亮眼主要源于毛利率改善、翻台率向上带来实际租金成本占 比的改善及折旧摊销费用占比的优化。 盈利能力逐季改善，2024 年餐厅层面利润率 10.1% 毛利率方面，2024 公司实现毛利率 66.9%，同比改善 1.1pct，我们预计毛利率提升主要源 于供应链效率的提升及门店管理的强化。费用率方面，2024 年实际租金成本/其他折旧摊 销占比分别同比改善 0.5/0.6pcts，我们预计主要源于收入抬升带来的刚性成本占比的自然 下降；2024 年员工成本占比同比提升 0.4pcts，我们预计主要源于部分国家劳动力价格通 胀。利润率方面，餐厅层面利润 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company's performance exceeded expectations with a revenue increase of 27% and a net profit increase of 162% for 2024, reaching revenue of 15.8 billion and net profit of 130 million [1][5] - The growth in profit is attributed to an increase in order volume and optimization of the business structure, with high-quality customers contributing more to revenue [1] - The company is expanding its coverage in lower-tier cities, with a revenue growth of 121% in these markets, and has improved its customer structure by deepening cooperation with key accounts [2][3] Financial Performance - For 2024, the company reported a gross margin of 6.8% and a net margin of 0.84%, with a sales expense ratio of 1.5% and a management expense ratio of 4.0% [1] - The forecast for net profit from 2025 to 2027 is 257 million, 409 million, and 560 million respectively, with growth rates of 94%, 59%, and 37% [4][5] - The projected P/E ratios for 2025, 2026, and 2027 are 30, 19, and 14 respectively [4] Revenue Breakdown - The company's same-city delivery revenue reached 9.12 billion, accounting for 58% of total revenue, with To B revenue at 6.69 billion (up 28%) and To C revenue at 2.43 billion (up 12%) [2] - Last-mile delivery revenue grew by 32% to 6.62 billion, representing 42% of total revenue, driven by an increase in e-commerce return rates and enhanced delivery capabilities [2] Market Expansion - The company has expanded its coverage to over 2,300 cities and counties, with more than 1,300 in third-tier and below markets [2] - The company has achieved full-scenario coverage in sectors such as dining and pharmacies, with tea delivery revenue increasing by 73% [3]

经纪收入增速较高，投资业务驱动增长 ——中国银河 2024 年年报点评报告 投资要点 证券研究报告 | 公司点评 | 证券Ⅱ ❑ 业绩概览 2024 年中国银河实现营业收入 354.7 亿元，同比增长 5.43%；归母净利润 100.3 亿元，同比增长 27.31%；加权平均净资产收益率 8.30%，同比增加 0.74pct。 2024 年公司经纪、投行、资管、利息、投资净收入同比增速分别为 12%/11%/6%/-8%/50%，占比分别为 17%/2%/1%/11%/32%。 ❑ 经纪业务收入增速大幅改善 2024 年中国银河实现经纪业务净收入 61.9 亿，同比增长 12%，较 9M24 的-12% 显著提高，主要得益于 24Q4 市场日均股基成交额同比增长 119%至 20,684 亿 元。财富管理方面，公司代销金融产品超 800 亿元，年末代销金融产品保有规模 为 2,111 亿元，同比增长 7.8%。"银河金熠"累计签约客户超过 7,400 人。科技 赋能方面，公司升级自研投顾平台"G-Winstar"，通过 DeepSeek-R1"全尺寸" 模型与通义千问模型的深度适配优化，加强 AI 技术在业务 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company's revenue for 2024 is expected to be 28.236 billion yuan, a decrease of 18.8% year-on-year, with a net profit of 1.272 billion yuan, down 51.8% year-on-year. The decline is attributed to a temporary vacuum in demand due to safety incidents and increased adaptation costs during the transition to new national standards [1][2] - The company plans to distribute a final dividend of 0.22 HKD per share plus a special dividend of 0.23 HKD, totaling 1.368 billion HKD, which represents 99.6% of the net profit for 2024, highlighting its commitment to shareholder returns [2] - The industry outlook is positive, driven by the "old-for-new" policy and new national standards, which are expected to boost demand and optimize supply dynamics [3] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 15.2%, a decrease of 1.7 percentage points year-on-year, primarily due to inventory clearance and product structure adjustments. The total expense ratio was 11.70%, reflecting a rise in costs amid declining revenues [2] - The sales volume for 2024 was approximately 13.0205 million units, a decrease of 21.2% year-on-year, with electric bicycles accounting for 69.8% of total sales [1] Industry Outlook - The "old-for-new" policy is expected to continue and strengthen through 2025, with average subsidies ranging from 500 to 1000 yuan, leading to an acceleration in replacement demand [3] - The new national standards will raise entry barriers for the industry, benefiting compliant and responsive companies like the report's subject, which is well-positioned to capture market share [3] Strategic Initiatives - The company is focusing on product innovation and brand positioning, with new high-end models launched to attract specific consumer segments, including women [4] - The company is expanding its overseas presence, with factories in Indonesia and Vietnam starting operations, and plans to enhance its retail footprint in Southeast Asia and Europe [9] Profitability Forecast - Revenue projections for 2025-2027 are 41.307 billion yuan, 49.770 billion yuan, and 56.923 billion yuan, respectively, with expected growth rates of 46.3%, 20.5%, and 14.4% [10] - The net profit forecast for the same period is 3.207 billion yuan, 3.808 billion yuan, and 4.377 billion yuan, with growth rates of 152.0%, 18.7%, and 14.9% [10]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a revenue of 4.314 billion yuan in 2024, representing a year-on-year growth of 41.4%, with a significant increase in net profit [1][5] - The company continues to expand its store network, adding 240 new stores in 2024, and has maintained positive same-store sales growth for 30 consecutive quarters since Q3 2017 [1][4] - The company is expected to maintain a strong average daily sales level, with a projected opening of around 300 new stores in 2025, primarily in new growth markets [4] Revenue and Profitability - In 2024, the company achieved a gross margin of 72.9%, an improvement of 0.3 percentage points year-on-year, and an adjusted net profit margin of 3.0%, reflecting its profitability potential [2] - The average daily sales per store reached 13,100 yuan in 2024, a year-on-year increase of 4.3%, driven mainly by new store openings [3] Financial Forecast - The company is projected to achieve revenues of 5.394 billion yuan, 6.521 billion yuan, and 8.160 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to reach 0.76 billion yuan, 1.03 billion yuan, and 2.79 billion yuan in the same years [6][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is a leader in high-end packaging materials and is expected to restart high growth, with rapid growth anticipated in smart terminal and integrated circuit packaging materials, alongside a turning point in profitability for new energy application materials [1] - The market previously expected the company's growth to be moderate due to a high proportion of revenue from new energy application materials and unclear growth potential in smart terminal and integrated circuit packaging materials [2] - The report argues that the company is entering a turning point in short-term operations, with expected performance exceeding market expectations and significant long-term growth potential [2] Summary by Sections Section 1: Super Expected Logic - The company has significant room for import substitution in smart terminal and integrated circuit packaging materials, with ongoing mass shipments in various fields such as wafer UV film materials and thermal interface materials [2] - The LIPO technology is expected to penetrate quickly, creating new demand for photosensitive resin, representing a new growth point for the company [2] - The high proportion of revenue from new energy application materials is expected to gradually improve gross margins [2] - The consolidation of Taijino is anticipated to expand solutions for AI data centers and robotics, leading to rapid growth [2] Section 2: Verification Indicators and Catalysts - Key verification indicators include the penetration rate of LIPO technology and the growth rates of revenue and net profit [3] - Potential catalysts include frequent releases of LIPO terminals, the company's layout in AI data centers and robotics, and performance exceeding expectations [3] Section 3: Research Value - The report presents a unique perspective, arguing that the market underestimates the growth potential of packaging materials due to their variety and low value, as well as the complexity of application fields [4] - The company is positioned as a platform company in packaging materials, with strong R&D capabilities and significant market space for import substitution, particularly in high-end packaging materials where foreign companies dominate [4] - The growth rhythm of the company will depend on the cyclical stages of various downstream fields, with expectations for rapid growth in smart terminals and integrated circuits by 2025, alongside improvements in gross margins for new energy packaging materials [4] Section 4: Profit Forecast and Valuation - Revenue forecasts for 2024-2026 are projected at 1.17 billion, 1.51 billion, and 1.85 billion yuan, with year-on-year growth rates of 25%, 29%, and 23% respectively [5] - Net profit attributable to the parent company is expected to be 100 million, 170 million, and 250 million yuan for the same period, with growth rates of -6%, 72%, and 48% respectively [5] - The target price is set at 52.89 yuan, based on a PE ratio of 45 times for 2025, compared to an average PE of 55 times for comparable companies [5]

Core Insights - The central bank is likely to maintain a balanced liquidity environment post-quarter, with a low probability of funding rates dropping significantly below 1.8%, indicating that a funding rate of 1.8% may be a relatively acceptable position [1][4][24] - The central bank's recent actions reflect a warming attitude towards liquidity support, with increased net injections in the open market and a return to a more restrained operational approach after ensuring cross-quarter liquidity stability [1][11][24] - The funding environment is characterized by "ample quantity and high price," with major banks' lending volumes rising above 3.6 trillion, and the issuance rates of primary certificates of deposit declining since mid-March, indicating easing pressure on bank liabilities [2][13][17] Summary by Sections Section 1: Liquidity Conditions - As of April, the funding environment is expected to loosen significantly, constrained by the central bank's multiple objectives and increased fiscal efforts in the second quarter [3][21][24] - The central bank aims to balance liquidity sufficiency for growth, prevent fund idling, stabilize the exchange rate, and monitor long-term yield changes, which may lead to higher funding rates to lower overall financing costs [21][22] Section 2: Government Debt Supply - The second quarter will see substantial government debt issuance, with net financing expected to reach around 3 trillion, including significant central and local government bond issuances [23][24][25] - The anticipated net financing for national bonds is approximately 1.2 trillion, with local government bonds projected to issue around 1.8 trillion, indicating a potential increase in actual issuance compared to current plans [23][28] Section 3: Market Dynamics - The current market dynamics show that the central bank's operations are crucial in guiding the funding environment, which in turn influences investor expectations in the bond market [22][24] - The high interest rate spread between funding rates and policy rates remains a concern for bond market investors, as the DR007 has been consistently above the OMO + 30 basis points level [17][19]

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 02 日 浙商早知道 2025 年 04 月 02 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 浙商早报 1 市场总览 重要观点 【浙商策略 李超/覃汉/陈奥林】策略专题研究：2025 年四月策略金股报告——20250330 重要点评 【浙商传媒互联网 冯翠婷/陈磊】传媒 行业点评：多模态发展提速，ChatGPT"文生图"效果大幅提升—— 20250330 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 1 日上证指数上涨 0.38%，沪深 300 上涨 0.01%，科创 50 上涨 0.16%，中证 1000 上涨 0.53%，创业板 指下跌 0.09%，恒生指数上涨 0.38%。 行业：4 月 1 日表现最好的行业分别是医药生物（+3.34%)、公用事业（+1.78%)、国防军工（+1.46%)、钢铁 （+1.32%)、煤炭（+1.29%)，表现最差的行业分别是家用电器（-1.71%)、计算机 ...

Investment Rating - The investment rating for Yunnan Baiyao is maintained as "Buy" [2][6]. Core Views - The company reported a revenue of 40.033 billion yuan for 2024, reflecting a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 4.749 billion yuan, up 16.02% year-on-year, slightly exceeding expectations [6]. - The company is focusing on optimizing its structure and enhancing efficiency, with the industrial segment achieving a revenue of 14.468 billion yuan, a 5.30% increase year-on-year, and further increasing its share of total revenue to 36.14% [6]. - The pharmaceutical segment saw significant growth, with sales of Yunnan Baiyao aerosol products exceeding 2.1 billion yuan, a growth of over 26% year-on-year [6]. - The company is also enhancing its new business divisions, with the medical device segment achieving a revenue of 425 million yuan, a 61% increase year-on-year [6]. - The gross margin for the industrial segment improved to 65.93%, up 1.69 percentage points year-on-year, while operating cash flow increased by 22.68% year-on-year [6]. - The company plans to increase its dividend distribution, with a proposed cash dividend of 11.85 yuan per 10 shares, totaling 2.114 billion yuan, which represents 90.09% of the net profit attributable to shareholders for 2024 [6]. - The strategic plan for 2024-2028 emphasizes both internal and external growth strategies, aiming to enhance operational efficiency and explore new business opportunities [6]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 41.459 billion yuan, 43.433 billion yuan, and 45.167 billion yuan, respectively, with expected growth rates of 3.56%, 4.76%, and 3.99% [2][6]. - The net profit attributable to shareholders is projected to be 5.181 billion yuan, 5.712 billion yuan, and 6.205 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 9.09%, 10.24%, and 8.63% [2][6]. - Earnings per share (EPS) are expected to be 2.90 yuan, 3.20 yuan, and 3.48 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 19.65x, 17.83x, and 16.41x [2][6].

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company reported a 0.55% year-on-year increase in net profit attributable to shareholders for 2024, with Q4 performance exceeding expectations [1] - The company experienced a decline in core traffic flow due to insufficient demand, adverse weather, and expansion projects, leading to significant cost reductions in Q4 [1][2] - The company is expected to maintain a high dividend policy, with a proposed cash dividend of 0.604 yuan per share and a payout ratio of 60.02% for 2024 [2] Financial Summary - For 2024, the company achieved operating revenue of 7.092 billion yuan, a year-on-year increase of 6.94%, and a net profit of 1.669 billion yuan, a year-on-year increase of 0.55% [1][5] - The projected net profits for 2025, 2026, and 2027 are 1.801 billion yuan, 1.898 billion yuan, and 1.795 billion yuan, respectively [3] - The earnings per share (EPS) for 2024 is estimated at 1.01 yuan, with a price-to-earnings (P/E) ratio of 17.54 [5]