Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company achieved a net profit of 4.7 billion yuan in 2024, exceeding expectations, with total revenue of 42.8 billion yuan (yoy +3%) and core operating profit of 6.2 billion yuan (yoy +19%) [1][3] - The company plans to maintain a high dividend payout ratio of approximately 95% for 2024, which is the highest since its listing, providing attractive shareholder returns with a current annualized dividend yield of about 5% [1] - The company is expected to continue its growth trajectory with a focus on enhancing customer spending and improving table turnover rates, which are projected to reach 4.1 in 2024, up from 3.8 in 2023 [1][2] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 42.8 billion yuan, a year-on-year increase of 3%, and a net profit of 4.7 billion yuan, reflecting a 5% growth [1][11] - The core operating profit margin improved by 2 percentage points, with gross margin increasing by approximately 3 percentage points due to enhanced supply chain efficiency and reduced raw material costs [2] Growth Potential - The company is expected to open new stores at a moderate single-digit growth rate in 2025, supported by a high table turnover rate and the introduction of the "Pomegranate Plan" to encourage the development of new restaurant brands [1][3] - The "Pomegranate Plan" aims to foster the growth of new dining brands, which has already resulted in 74 new stores by the end of 2024, enhancing long-term growth potential [1] Profit Forecast and Valuation - The company is projected to achieve net profits of 5.2 billion yuan, 5.9 billion yuan, and 6.5 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 11%, 13%, and 10% [3][11] - The price-to-earnings (P/E) ratios are expected to be 18, 16, and 14 for the years 2024, 2025, and 2026, respectively, indicating a potential valuation premium due to the company's leading position in the industry [3][11]

中直股份(600038) 报告日期：2025 年 03 月 30 日 全面完成年度任务，直升机龙头整装出发 ——中直股份点评报告 投资要点 ❑ 事件：公司发布 2024 年报，全年营收同比增长 11.93%，归母净利润下滑 7.98% 1）2024 年业绩：2024 年公司营收 297.66 亿元，同比增长 11.93%；归母净利润 5.56 亿元，同比下降 7.98%。从 2024 年度预算完成情况看，营收完成预算的 97%、归母净利润完成预算的 78%，业绩符合市场预期。利润下滑原因系 2023年 受到部分产品价格调整对业绩的积极影响较大，以及 2024 年部分零部件产品发 生质保费较高。 证券研究报告 | 公司点评 | 航空装备Ⅱ ❑ 资产重组并足额募资 30 亿元，中国直升机龙头整装出发 1）2024 年多项突破：完成重大资产重组项目并足额募资约 30 亿元，实现直升机 业务整体上市。民用市场 AC 系列民用直升机累计签订 81 架销售/意向合同。 C919 批生产能力提升攻关突破 16 项关键技术。 2）2025 年展望：我们认为公司是国内领先的直升机整机及零部件制造商，军品 将受益"十四五"收官， ...

证券研究报告 | 公司点评 | 纺织制造 伟星股份(002003) 报告日期：2025 年 03 月 30 日 24 年报如期靓丽，量价齐升利润率向上 ——伟星股份点评报告 投资要点 ❑ 公司发布 24 年报， 24 年实现收入 46.7 亿元，同比+19.7%，归母净利润 7.0 亿 元，同比+25.5%，业绩如期高增；单 Q4 实现收入 10.9 亿元，同比+9.2%，归母 净利润 0.8 亿元，同比 197.5%，净利润高增主要系 24 年奖金计提方式变更，由 以往在 Q4 一次性计提改为按季度计提，24Q1-3 已计提相关奖金 8931.5 万元。 ❑ 纽扣增速领跑，纽扣拉链均量价齐增，毛利率提升 分品类来看，24 年拉链、纽扣收入分别同比+15.9%、+22.2%至 24.8、19.5 亿 元，其中销量分别同比+5.9%、+9.3%至 5.3 亿米、97.4 亿粒，ASP 同比+9.5%、 +11.8%至 4.7 元/米、0.2 元/粒，产能利用率分别-0.5pp、+4.7pp 至 58.6%、 81.8%，整体产能利润率同比+2.0pp 至 68.6%，量价齐升叠加订单充沛产能提升 下毛利率分别+ ...

证券研究报告 | 行业周报 | 医药生物 还得是"重构者"——医药创新 ——医药生物周跟踪 20250328 投资要点 ❑ 周思考：还得是"重构者"——医药创新 2025 年以来，各行业表现交织，正如我们之前提到的，在当前医改深化的背景下， 中期就是短期，个股胜于赛道。短期的主题往往很难获得明显的收益，以中期医 改破局的角度投资"格局的重构者"才有望获得更有确定性的收益。本周 （2025.3.24-3.28）化学制剂、化学原料药及生物医药板块受到业绩报告披露，交 易项目公告等事件催化，板块增幅显著，展现出超额表现趋势。我们认为，具有 以下几个特征的公司或有更强的可能成为行业格局的重构者: 不同于市场的认知，我们认为医改虽然仍存在持续完善、更体系化的空间，但方 向是明确的，体系是清晰的。中期看，这个体系化的改革需要打破的是旧生态， 重塑医药格局。而医药格局"重构者"将成为重要的投资主线，"重构者"身份 逐渐明确或成为医改的重要节点。 2025Q2 医药行业观点：我们推荐医药行业那些具备"重构者"角色的子领域，这 些领域中期或成为并购整合、新品突破的引领者，逐步成为重构产业生态的主角。 这些领域包含有较大α增量的 ...

证券研究报告 | 公司点评 | 电网设备 东方电缆(603606) 报告日期：2025 年 03 月 29 日 海缆订单充沛，双海助力成长 ——东方电缆 2024 年报点评报告 投资要点 ❑ 24 年营收实现稳健增长，归母净利润小幅提升 2024 年，公司实现营收 90.93 亿元，同比增长 24.38%；归母净利润 10.08 亿元， 同比增长 0.81%。2024Q4，公司实现营收 23.94 亿元，同比增长 22.10%，环比下 降 9.00%；归母净利润 0.76 亿元，同比下降 57.32%，环比下降 73.60%，主要因 为低毛利的陆缆系统占比提升。分业务来看，2024 年海缆系统营收 27.78 亿元， 同比增长 0.41%，毛利率 39.57%，同比下降 9.57pct；陆缆系统营收 54.16 亿元， 同比增长 41.52%，毛利率 7.59%，同比下降 0.37pct；海洋工程 8.89 亿元，同比 增长 25.29%，毛利率 21.93%，同比下降 2.60pct。 ❑ 国内外海风高速发展，在手订单充沛 截至 2025 年 3 月 21 日，公司在手订单 179.75 亿元，其中海缆系统 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$16.59, corresponding to a PB of 1.2 times for 2025 [6]. Core Views - In 2024, the company achieved a net profit of CNY 32.161 billion, a year-on-year increase of 30.9%, while the underwriting profit decreased by 43.9% to CNY 5.713 billion. The comprehensive cost ratio (COR) rose to 98.8%, an increase of 1.0 percentage points year-on-year [1][3]. - The company’s investment income significantly increased by 67.9% year-on-year to CNY 34.937 billion, primarily due to the strategic allocation of secondary equity assets during market lows [5]. Summary by Sections Performance Overview - In 2024, the company reported a net profit of CNY 32.161 billion, up 30.9% year-on-year, with an underwriting profit of CNY 5.713 billion, down 43.9%. The COR was 98.8%, up 1.0 percentage points, and ROE was 13.0%, up 2.2 percentage points. The proposed final dividend per share is CNY 0.332, leading to a total annual dividend of CNY 0.54, an increase of 10.4% year-on-year [1]. Liability Side - The insurance service revenue for 2024 was CNY 485.223 billion, a year-on-year increase of 6.1%, with a market share of 31.8%, down 0.7 percentage points. The revenue from auto insurance was CNY 294.701 billion, up 4.5%, while non-auto insurance revenue was CNY 190.522 billion, up 8.8% [2][3]. Profitability - The COR increased by 1.0 percentage points to 98.8% in 2024, driven by a rise in the loss ratio, which increased by 2.4 percentage points to 73%. The increase in loss ratio was attributed to severe disaster impacts and rising liability costs due to declining interest rates. The company implemented cost reduction measures, reducing the expense ratio by 1.4 percentage points to 25.8% [3][4]. Investment Side - By the end of 2024, the total investment scale reached CNY 676.512 billion, a 12.6% increase from the previous year, with a total investment return rate of 5.5%, up 2 percentage points year-on-year [5]. Profit Forecast and Valuation - The company aims for steady growth, with projected net profit growth rates of 29.9%, 16.4%, and 20.5% for 2025-2027. The BPS is expected to be CNY 12.57, CNY 14.06, and CNY 15.82 for the respective years, with corresponding PB ratios of 1.04, 0.93, and 0.83 [6][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 24.228 billion yuan for 2024, a year-on-year increase of 3.8%, while the net profit attributable to shareholders was 1.396 billion yuan, a decrease of 8.6% year-on-year [1] - The company actively repurchased shares, demonstrating confidence, and plans to increase the dividend payout ratio, proposing a cash dividend of 1.0 yuan per share, which accounts for 65.6% of net profit [1] - The traditional core business revenue was 8.918 billion yuan, up 2.4% year-on-year, with significant growth in the technology segment [2] - The company is expanding its presence in the overseas market, achieving a revenue of 1.038 billion yuan, a year-on-year increase of 21% [2] - The company’s gross margin improved to 18.9% for 2024, with a notable increase in Q4 gross margin to 16.8% [5] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 24.228 billion yuan, with a year-on-year growth of 3.76% projected for 2025 [14] - The net profit attributable to shareholders for 2024 was 1.396 billion yuan, with a forecasted increase to 1.601 billion yuan in 2025, reflecting a growth of 14.70% [14] - The company’s comprehensive gross margin for 2024 was 18.9%, with a significant improvement in Q4 gross margin to 16.8% [5] Business Segments - The traditional core business generated a revenue of 8.918 billion yuan, with the writing tools segment showing a revenue of 2.429 billion yuan, up 6.9% year-on-year [2] - The company is actively developing its two-dimensional and IP products, which have received positive market feedback [2] - The retail segment, including the Jiuwu and lifestyle stores, reported a revenue of 1.479 billion yuan, with a growth of 11% year-on-year [4] Future Outlook - The company expects to achieve revenues of 26.875 billion yuan, 30.047 billion yuan, and 33.504 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 10.93%, 11.80%, and 11.50% [14] - The net profit is projected to increase to 1.601 billion yuan in 2025, with continued growth expected in subsequent years [14] - The company’s proactive share repurchase and increased dividend distribution reflect a strong long-term growth confidence [12]

证券研究报告 | 公司点评 | 国有大型银行Ⅱ 储蓄代理费首次主动下调 ——邮储银行 2024 年年报业绩点评 投资要点 ❑ 2025 年 3 月 27 日邮储银行公告下调储蓄代理费，有望驱动盈利增速跑赢同业。 ❑ 业绩概览 24A营收同比+1.8%、归母净利润同比+0.2%，分别较 24Q1~3提升 1.7pc、持平。 24Q4 末不良率 0.90%，较 24Q3 末上升 4bp；拨备覆盖率环比-16pc 至 286%。 ❑ 盈利预测与估值 预计 2025-2027 年邮储银行归母净利润同比增速分别为 1.73%/1.10%/1.44%，对应 BPS 8.93/9.50/10.07 元。现价对应 2025-2027 年 PB 估值分别为 0.60/0.56/0.53 倍， 目标价 6.70 元/股，对应 2025 年 PB 为 0.75 倍。截至 2025 年 3 月 27 日收盘，现 价 5.33 元/股。现价空间为 26%，维持"买入"评级。 ❑ 营收增速小幅回升 邮储银行 2024 年营收同比增长 1.8%，增速环比提升 1.7pc；归母净利润同比增长 0.2%，增速环比持平。营收增速环比提升，主要得 ...

债券市场专题研究 报告日期：2025 年 03 月 28 日 投资者更偏好短债 ——4 月债市调研问卷点评 核心观点 站在 3 月底时点展望 4 月，投资者对于短端的乐观程度要明显高于长端，对信用品种 的关注度环比抬升，加仓倾向环比上月边际下降。 ❑ 根据 3 月底发布的债市调查问卷结果，我们总结出投资者对于 4 月债市的四点主 流预期： （1）投资者对于短端的乐观程度要明显高于长端，对信用品种的关注度环比上月 抬升； 证券研究报告 | 债券市场专题研究 | 债券研究 投资者样本覆盖度可能不全；投资者看法和行为可能有偏差；投资者观点可能随 市场快速切换。 分析师：覃汉 执业证书号：S1230523080005 qinhan@stocke.com.cn 研究助理：陈婷婷 chentingting01@stocke.com.cn 相关报告 1 《银行格局的新趋势与市场影 响》 2025.03.27 2 《如何理解二季度基本面预期 交易》 2025.03.27 3 《MLF 结构性改革不改债市 中期趋势》 2025.03.25 （2）降准降息的预期环比上月边际下降，降准落地在二季度，降息时间点落在下 半年是主流看法 ...

证券研究报告 | 公司点评 | 保险Ⅱ 业绩及股东回报全面超预期 ——新华保险 2024 年年报点评 投资要点 业绩概览 2024 年，新华归母净利润 262.29 亿元，同比大幅增长 201.1%，加权 ROE 25.88%， 同比+17.94pt；寿险 NBV 为 62.53 亿元（新经济假设口径），同比+106.8%；拟派发末 期每股股息 1.99 元，连同中期分红，公司 2024 年全年分红总额达 78.93 亿元，同比 大增 197.6%，分红率 30.1%，公司业绩及股东回报全面超预期。 核心关注 1、NBV：新业务价值率大幅提升 2024 年，新华 NBV 的大增主要来自于新业务价值率的驱动，公司按首年保费计算的 新业务价值率提升 7.9pt，至 14.6%；公司新单保费小幅下降 5%，主要由于主动减少 银保渠道的趸交业务规模所致。 2、分渠道：银保 NBV 贡献超 40% （1）个险：2024 年末，代理人数量 13.6 万，同比-12.3%，月均绩优人力 1.55 万，同 比+4%，月均绩优率 10.9%，同比提升 2.3pt，月人均首年期交保费 0.81 万元，同比 显著提升 41%。 （ ...