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%。 （ ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The asset quality indicators of the company have improved sequentially, with a slight increase in the dividend payout ratio to 30.2% [1] - The company's net profit attributable to shareholders grew by 0.1% year-on-year, marking a return to profit growth, while revenue increased by 0.7% year-on-year, although the growth rate declined by 1 percentage point sequentially [2] - The significant improvement in impairment losses has supported profitability, with a 1.6% year-on-year decrease in impairment losses for 2024, contrasting with a 14.3% increase in the first three quarters [2] - The net interest margin showed resilience, decreasing by only 1 basis point to 1.56% in Q4 2024, better than expected due to improved funding costs [3] - The company's asset quality is showing a positive turning point, with a non-performing loan (NPL) ratio of 1.07% at the end of Q4 2024, down 1 basis point from Q3 2024 [4] - The dividend payout ratio has slightly increased, reinforcing the dividend logic, with a dividend yield of 4.93% as of March 27, 2025 [5] - Profit forecasts indicate a net profit growth of 0.42%/4.45%/5.46% for 2025-2027, with a target price of 25.82 CNY per share, implying a 20% upside from the current price [6] Summary by Sections Financial Overview - The company's total revenue for 2024 was 212,226 million CNY, with a year-on-year growth of 0.66% [12] - The net profit attributable to shareholders for 2024 was 77,205 million CNY, reflecting a year-on-year increase of 0.12% [12] - The company reported a non-performing loan balance of 61,477 million CNY, with a non-performing loan ratio of 1.07% [13] Asset Quality - The NPL ratio improved to 1.07% at the end of Q4 2024, with a real NPL generation rate decreasing by 19 basis points to 1.40% [4] - The company has seen a significant improvement in credit card risk, while real estate risk remains a concern [4] Profitability and Valuation - The company is expected to maintain a net interest margin under pressure but is projected to perform better in 2025 compared to 2024 due to effective cost control [3] - The forecasted earnings per share (EPS) for 2024 is 3.51 CNY, with projected growth in subsequent years [14]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company continues to experience high growth in revenue and net profit, with a year-on-year revenue increase of 10.5% and a net profit increase of 16.2% for 2024, although the growth rate has slightly slowed compared to the first three quarters of the year [2][3] - The bank's non-performing loan ratio remained stable at 0.77% as of the end of Q4 2024, with a provision coverage ratio of 501%, indicating a solid asset quality despite rising risks in small and micro loans [5][6] - The bank's net interest margin showed a year-on-year decline of 15 basis points to 2.71%, but the rate of decline has narrowed, suggesting potential for improvement in the future [4][6] Summary by Sections Financial Performance - For 2024, the company reported a revenue of 10,909 million and a net profit of 3,813 million, reflecting a year-on-year growth of 10.5% and 16.2% respectively [12] - The interest income improved by 1.4% compared to the first three quarters of 2024, reaching 7.5% [2] - The bank's asset impairment losses turned into a positive contribution to profit growth, with a year-on-year decrease of 7% in asset impairment losses for 2024 [2] Loan Growth - Loan growth has been slowing, with a decrease of 1.4% in loan growth rate to 8.3% by the end of Q4 2024, indicating weak demand for small and micro loans [3] - The bank is actively promoting the high-quality development of village banks, which may unlock future loan growth potential if economic conditions improve [3] Asset Quality - The non-performing loan ratio remained stable at 0.77%, with a slight decrease in the attention rate to 1.49% [5] - The bank's provision coverage ratio decreased by 28% to 501%, but remains high, allowing for potential profit support through appropriate provision releases [5] Profit Forecast and Valuation - The bank is expected to achieve a net profit growth of 10.45%/10.48%/11.02% for 2025-2027, with corresponding book values per share of 10.41/11.68/13.09 [6][12] - The target price is set at 8.96 yuan per share, indicating a potential upside of 25% based on a price-to-book ratio of 0.86 for 2025 [6]

证券研究报告 | 公司深度 | 饮料乳品 结硬寨打呆仗，扩店空间广阔 ——古茗深度报告 投资要点 ❑ 基本情况：古茗是全价位段第二、中价段最大的现制茶饮品牌 古茗产品价格集中在 10-18 元，门店网络扩张和 GMV 不断上升驱动公司营 收持续增长。截至 2024 年 9 月底，古茗的门店网络已覆盖 9778 家门店。2024 年 1-9 月，公司收入 64.4 亿元，同增 15.6%，经调整利润 11.5 亿元，同增 10.0%，同期毛利率 30.5%，经调整净利率 17.8%。 ❑ 行业分析：中价市场和二线以下城市是赛懂扩容的核心驱动 中国现制饮品市场中规模最大的是现制茶饮市场，其中规模最大、发展势头 最为迅猛的是中价现制茶饮店（10-20 元价格带）。激烈竞争下，古茗在增速最 快的二线及以下城市（预计 2024-2028 年 CAGR 为 22.5%）布局优势明显。根据 灼识咨询，按 GMV 计算，古茗在二线及以下城市的市场份额约为 22%，门店数 量占比高达 78.8%，远超其他品牌。 ❑ 核心竞争力：结硬寨打呆仗，地域加密高质量扩张 （1）不同之处？卡位价格带和城市线级双维度 β 最快的细分市场。 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 03 月 28 日 浙商早知道 2025 年 03 月 28 日 ：张延兵 执业证书编号：S1230511010020 ：021-80106048 大势：周四上证指数上涨 0.2%，沪深 300 上涨 0.3%，科创 50 上涨 1.1%，中证 1000 下跌 0.1%，创业板指上涨 0.2%， 恒生指数上涨 0.4%。 行业：周四表现最好的行业分别是医药生物（+1.9%)、食品饮料（+0.9%)、基础化工（+0.8%)、电子（+0.5%)、 银行（+0.5%)，表现最差的行业分别是有色金属（-1.3%)、社会服务（-1.3%)、公用事业（-1.2%)、钢铁（-1.1%)、 综合（-1.1%)。 资金：周四沪深两市总成交额为 11906 亿元，南下资金净流入 41.4 亿港元。 【浙商宏观 李超/林成炜】宏观深度报告：特朗普难以复制里根时代经济的"死而后生"——20250327 【浙商宏观 李超/潘高远】宏观专题研究：工业利润:"两新"支撑修复，装备制造高增——20250327 浙商早报 ：zhangyanbing@stocke.com.cn 市场总览 重 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company achieved a total revenue of 22.323 billion yuan in 2024, representing a year-on-year increase of 24.67%. The net profit attributable to the parent company was 562 million yuan, up 31.72% year-on-year [1] - The enameled wire business saw revenue of 16.1 billion yuan in 2024, with a sales volume of 280,000 tons, marking a 27% increase in revenue and a 17.9% increase in sales volume [2] - The subsidiary Hengfeng Special Conductor is expanding its production capacity for high-speed silver-plated wires, with an expected annual capacity release of 5,000 tons after expansion [3] - The company holds an 18.29% stake in Shanghai Superconductor, which focuses on high-temperature superconducting materials and is expected to benefit from the commercialization of controlled nuclear fusion [4] - Revenue forecasts for 2025-2027 are 24.729 billion, 27.567 billion, and 30.749 billion yuan, respectively, with net profits projected at 709 million, 884 million, and 1.095 billion yuan [5] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 22.323 billion yuan and a net profit of 562 million yuan, with respective year-on-year growth rates of 24.67% and 31.72% [1] - The company forecasts revenues of 24.729 billion yuan in 2025, 27.567 billion yuan in 2026, and 30.749 billion yuan in 2027, with net profits expected to reach 709 million yuan, 884 million yuan, and 1.095 billion yuan during the same period [5][7] Business Development - The enameled wire segment is performing well, with a revenue of 16.1 billion yuan and a sales volume of 280,000 tons in 2024, indicating strong demand in various sectors including automotive and robotics [2] - Hengfeng Special Conductor is expanding its production capacity for high-speed silver-plated wires, which are in high demand due to the growth in AI servers and data centers [3] - Shanghai Superconductor, in which the company is the largest shareholder, is expanding its production capacity for high-temperature superconducting materials, positioning itself as a key supplier in the nuclear fusion sector [4]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company has shown strong performance with a significant increase in net profit and new business value (NBV) [1][6] - The life insurance segment's NBV growth is primarily driven by an increase in new business value rate [2] - The property insurance segment faced challenges with an increased claims ratio affecting the combined ratio (COR) [3] - The investment return rates have significantly improved, contributing to the overall profit increase [4] Summary by Sections Performance Overview - In 2024, the company's net profit attributable to shareholders reached 44.96 billion yuan, a year-on-year increase of 64.9% [1] - The operating profit attributable to shareholders was 34.43 billion yuan, up 2.5% year-on-year [1] - The NBV for life insurance was 13.26 billion yuan, reflecting a 20.9% increase year-on-year [1] - The comprehensive cost ratio (COR) for property insurance was 98.6%, an increase of 0.9 percentage points year-on-year [1] Life Insurance - The NBV growth in 2024 was driven by an increase in the new business value rate, which rose by 3.5 percentage points to 16.8% [2] - New single premium decreased slightly by 4.1% year-on-year, with agent channel premiums increasing by 14% while bank insurance channel premiums decreased by 15.6% [2] - The company is focusing on high-quality transformation across various channels, expecting continued rapid growth in NBV [2] Property Insurance - The original insurance premium for property insurance was 201.24 billion yuan, a year-on-year increase of 6.8% [3] - The claims ratio increased by 1.7 percentage points, impacting the overall COR, which rose to 98.6% [3] - The company is enhancing risk management and optimizing business structure to improve future COR [3] Investment - The total investment scale reached 2.73 trillion yuan, a 21.5% increase compared to the end of 2023 [4] - The net investment return rate was 3.8%, while the total investment return rate was 5.6%, showing a significant improvement [4] - The total investment income was 120.39 billion yuan, a year-on-year increase of 130.5% [4] Assumption Adjustments - The company adjusted its long-term investment return rate assumption to 4.0% and the risk discount rate to 8.5%, resulting in a 23.3% decrease in NBV compared to previous assumptions [5] Profit Forecast and Valuation - The company is expected to maintain strong performance with projected net profit growth rates of 12%, 19.8%, and 26.8% for 2025-2027 [6] - The target price is set at 48.49 yuan, corresponding to a 0.78 times price to embedded value (PEV) for 2025 [6]