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]

证券研究报告 | 公司点评 | 光学光电子 艾比森(300389) 报告日期：2025 年 04 月 02 日 国内优化调整静待复苏，海外增势良好助推稳健经营 ——艾比森 24 年年报业绩点评 投资要点 摒除国内市场的颓势，海外 LED 直显市场持续呈现稳健增长态势：北美市场的 户外显示和娱乐租赁领域成为主要增长驱动力，东南亚、中东、拉美等新兴市场 的 LED 显示屏渗透率不断提升， 增长速度更为迅猛。公司通过对海外市场持续 多年的深耕细作与合理布局，打造具有差异化的品牌优势，有效增强了在海外市 场的竞争力，海外市场呈良好增长态势，2024 年实现营业收入约为 29.31 亿元， 同比增长约 13.78%，分区域来看，北美洲增长约 40%，亚洲和非洲市场增速超 过 20%，并且海外市场的毛利率也更为健康。未来公司还将持续优化国际与国 内市场的销售网络覆盖，通过大客户直销、渠道经销、垂直细分市场销售等多模 式并行，全 面拓宽商业通路，以进一步强化全球竞争力。 ❑ 公司以轻资产模式应对行业低谷，经营质量优于同行 在行业低谷期，同行可比公司均面临业务增速放缓与盈利水平承压的双重挑战， 多家上市同行甚至陷入亏损，尽管 ...

证券研究报告 | 公司点评 | 煤炭开采 煤电一体业绩稳健，高比例分红提升长期价值 ——中国神华年报点评报告 事件 ❑ 近日，公司发布 2024 年年度报告，中国神华 2024 年实现营业收入 3383.75 亿 元，同比减少 1.4%；归母净利润 586.71 亿元，同比下降 1.7%；扣非后归母净利 润 601.25 亿元，同比减少 4.4% ，基本每股收益 2.95 元，同比减少 1.7%。资产 负债率为 23.4%，同比下降 0.7 个百分点。 投资要点 ❑ 煤炭业务：产销量增长，毛利微降 产销量方面。2024 年公司商品煤产量达 3.27 亿吨，同比增长 0.8%；煤炭销量 4.59 亿吨，同比增长 2.1%。其中外购煤销量 1.32 亿吨，同比增长 6.2%。 价格方面。煤炭销售平均价格 564 元/吨（不含税），同比下降 3.4%。分结构看， 年度长协价 491 元/吨，同比减少 1.8%、月度长协价 705 元/吨，同比减少 12.7%、现货价 627 元/吨，同比减少 2%，价格下降主要受市场供需关系影响。 自产煤生产成本 179 元/吨，同比持平；吨煤销售成本 392.86 元/吨，微降 ...

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 ...

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]