Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 428.37 billion yuan in 2024, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders increased by 12.86% to 33.94 billion yuan [1][10] - The company has shown strong performance in Q4 2024, with a revenue of 175.40 billion yuan, representing a year-on-year growth of 51% and a quarter-on-quarter growth of 378%. The net profit for the same quarter was 15.76 billion yuan, up 145% year-on-year and 691% quarter-on-quarter [1] - The company is experiencing a significant breakthrough in new generation equipment, which is expected to open growth opportunities in both domestic and foreign markets [3] Financial Performance Summary - In 2024, the company's revenue was 428.37 billion yuan, down 7% from the previous year, while the net profit was 33.94 billion yuan, up 13% [5] - The company's net profit margin improved to 8.07%, with a sales gross margin of 12.47%, reflecting a year-on-year increase of 1.52 percentage points [2] - The company is projected to achieve net profits of 37.2 billion, 44.0 billion, and 51.6 billion yuan for the years 2025, 2026, and 2027, respectively, with growth rates of 10%, 18%, and 17% [4][5]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a net profit that exceeded expectations in Q4 2024, driven by significant contributions from VLCC and container shipping [2] - The outlook for 2025 suggests that the tanker freight market will remain strong, with a reduction in nominal capacity expected due to restrictions on the "shadow fleet" and the inefficiency of aging vessels [3] - The company is expected to maintain a high dividend payout ratio, with a proposed dividend of 1.56 CNY per 10 shares, representing a total payout of 43.3% of net profit [3][4] Financial Summary - The company forecasts revenues of 257.99 billion CNY in 2024, increasing to 275.20 billion CNY in 2025, with a projected growth rate of 6.67% [5] - The net profit is expected to rise from 5.107 billion CNY in 2024 to 6.685 billion CNY in 2025, reflecting a growth rate of 30.89% [5] - Earnings per share (EPS) is projected to increase from 0.63 CNY in 2024 to 0.82 CNY in 2025, with a P/E ratio decreasing from 10.17 to 7.77 [5] Business Performance - The company achieved a revenue of 92.06 billion CNY from oil transportation, despite a decline of 4.8%, while net profit from this segment was 26.35 billion CNY, down 14.5% [9] - The dry bulk segment saw an increase in revenue to 79.40 billion CNY, up 11.7%, with net profit rising by 72% to 15.48 billion CNY [9] - Container shipping revenue was 54.34 billion CNY, a slight decrease of 1.9%, but net profit increased by 50.5% to 13.14 billion CNY [9] Capital Expenditure and Future Outlook - The company plans significant capital expenditures of 117 billion CNY in 2025 and 142 billion CNY in 2026 [3] - The overall supply-demand fundamentals for the oil tanker market are expected to remain favorable, with VLCC likely to regain its leading position in the coming years [4]

证券研究报告 | 浙商早知道 报告日期：2025 年 04 月 01 日 浙商早知道 2025 年 04 月 01 日 ：王禾 执业证书编号：S1230512110001 市场总览 重要点评 【浙商大消费中观策略 马莉/钟烨晨】海底捞（06862）公司点评：客单价企稳回升，红石榴计划开启二次成长曲 线——20250330 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：3 月 31 日上证指数下跌 0.46%，沪深 300 下跌 0.71%，科创 50 下跌 0.66%，中证 1000 下跌 0.66%，创业板 指下跌 1.15%，恒生指数下跌 1.31%。 行业：3 月 31 日表现最好的行业分别是通信（+0.58%)、家用电器（+0.37%)、银行（+0.35%)、公用事业（+0.15%)、 计算机（-0.26%)，表现最差的行业分别是电力设备（-1.94%)、国防军工（-1.81%)、房地产（-1.8%)、建筑装饰（-1.65%)、 传媒（-1.61%)。 资金：3 月 31 日全 A 总成交额为 12433 亿元，南下资金净流入 29.14 亿港元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company is transitioning from single product competition to a system ecosystem competition, introducing the concept of a "product ecosystem" [1] - The company plans to accelerate new product launches, aiming to double the number of new products to 800 in 2025 [2] - The company has a strong position in the domestic building block market and is expected to benefit from the rising trend of domestic brands [3] Financial Forecast - Revenue projections for the company are as follows: 2025: 41.9 billion, 2026: 56.1 billion, 2027: 70.4 billion, with year-on-year growth rates of 87.2%, 33.8%, and 25.4% respectively [3][4] - The company is expected to achieve net profit of 10.2 billion in 2025, 13.7 billion in 2026, and 17.4 billion in 2027 [3][4] - The current market valuation corresponds to a price-to-earnings ratio of 29.8 for 2025, 23.4 for 2026, and 18.5 for 2027 [3][4]

证券研究报告 | 公司点评 | 生物制品 IL-4R 突围，看好双抗&ADC 矩阵 ——康诺亚 2024 年报业绩点评 投资要点 临床失败风险，销售不及预期风险，政策风险，测算风险。 康诺亚-B(02162) 报告日期：2025 年 03 月 31 日 投资评级: 买入(维持) 双抗&ADC 产品持续推出，强化肿瘤&自免产品矩阵。公司在自免和肿瘤领域布 局多款双抗和 ADC 药物持续推进临床研究，包括 CM512（TSLPxIL-13 双抗）、 CM336（BCMA x CD3 双抗）、CM355/ICP-B02（CD20 x CD3 双抗）、CM350 （GPC3 x CD3 双抗）、CM380（GPRC5D x CD3 双特异性抗体）以及 ADC 创新 药 CM518D1（CDH17 ADC）等，一方面持续兑现公司双抗和 ADC 技术平台的 价值，另一方面形成丰富有竞争力的产品矩阵，为强化公司在肿瘤自免领域领先 地位打下基础。 ❑ 盈利预测与估值 考虑到 2025 年初公司披露 CM313 和 CM355 两款产品授权合作，我们预计首付 款确认到 2025 年，因此我们上调公司 25-26 年业绩预测。我 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4] Core Views - The company's performance exceeded expectations with a revenue of 11.26 billion yuan, down 9.5%, and a net profit attributable to shareholders of 1.84 billion yuan, up 6.9% [1] - In Q4 2024, the company achieved a revenue of 2.81 billion yuan, down 10.6%, and a net profit of 730 million yuan, up 38.0%, with a non-recurring net profit of 490 million yuan, up 79% [1] - The average PDCI freight rate for 2024 was 1104 points, down 11.8%, while Q4 saw an average of 1287 points, up 8.7% year-on-year and up 34.5% quarter-on-quarter [2] - The company reported a significant decrease in operating costs in Q4 2024, amounting to 2.23 billion yuan, down 16.8%, leading to a gross margin of 20.7%, up 5.8 percentage points year-on-year [2] - The company plans to maintain a high dividend payout ratio, reaching 90.4% in 2024, with a total dividend of 1.659 billion yuan, reflecting its strong cash flow position [8] Summary by Sections Financial Performance - For 2024, the company reported a revenue of 11.26 billion yuan and a net profit of 1.84 billion yuan, with projections for 2025-2027 net profits of 2.01 billion, 1.94 billion, and 2.01 billion yuan respectively [4] - The earnings per share (EPS) for 2024 is projected at 0.87 yuan, with a price-to-earnings (P/E) ratio of 10.93 [4] Market Outlook - The domestic economy is expected to recover moderately, with infrastructure investments driving growth in key cargo categories [2] - The company is well-positioned to benefit from the tightening supply in domestic trade and the sustained demand in foreign trade, particularly due to the favorable conditions following the Red Sea incident [2] Dividend Policy - The company has a strong dividend policy, with a cumulative dividend of 7.22 billion yuan from 2019 to 2024, representing 74% of the net profit during this period [8] - The year-end cash and cash equivalents totaled 12.3 billion yuan, supporting the company's ability to maintain high dividend payouts [8]

2）24 年吨成本为 2548 元/千升（同比-1.98%），24Q4 吨成本为 3114 元/千升（同 比+3.47%），24 年吨成本改善主因低价原料使用。 证券研究报告 | 公司点评 | 非白酒 青岛啤酒(600600) 报告日期：2025 年 03 月 31 日 24 年业绩符合预期，看好 25 年销量反弹 ——青岛啤酒 2024 业绩点评 投资要点 24 年山东、华北、华南、华东、东南收入同比增速分别为-3.38%、-2.24%、- 6.75%、-9.91%、-24.14%，净利润同比增速分别为 14.0%、15.5%、+2.7%、- 63.3%、-271%，净利率分别同比变动+2.0、+3.4、+1.3、-4.5、-14pct，其中山东 &华北核心市场收入增速相对较优、且毛利率和净利率均有提升。 ❑ 吨成本改善+费用管控促使利润率改善，分红率提升 1）24 年毛利率、净利率同比变动+1.57、+1.16pct 至 40.23%、+13.98%；24Q4 毛利率、净利率同比变动-1.24、+1.91pct 至 26.24%、-20.09%。 3）24 年销售费用率、管理费用率（含研发）分别同比变动+ ...

证券研究报告 | 公司点评 | 军工电子Ⅱ 海格通信(002465) 报告日期：2025 年 03 月 31 日 业绩短期承压，打造多个新增长点 ——海格通信 2024 年年报点评报告 投资要点 ❑ 业绩受周期性波动等拖累，发布股份回购方案 2024 年，公司实现营收 49.19 亿元，同比-23.7%，实现归母净利润 0.53 亿元，同 比-92.4%。其中 24Q4 实现营收 11.53 亿元，同比-52%，归母净利润-1318 万元， 同比转亏。全年毛利率 28.79%，同比-3.8pct。净利率 2.17%，同比-9.2pct。24 年 公司业绩受行业客户调整及周期性波动影响较大，同时公司加大在芯片、低空、 卫星互联网等领域投入，研发费用率提升 4.73pct，全年计提各项减值 0.9 亿元。 公司拟回购总金额不低于 2 亿元不超过 4 亿元的股份，用于员工持股计划或股权 激励，回购价格不超过 17.6 元/股。 ❑ 无线、北斗业务短期承压，民品业务呈现增长 分业务，无线通信营收 15.82 亿元，同比-41%。北斗导航营收 4.53 亿元，同比- 52%。航空航天营收4.28亿元，同比+2%，数智生 ...

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 03 月 31 日 3 月 PMI：装备制造业挑大梁，新动能行业持续活跃 2025 年 3 月 PMI 数据解读 核心观点 3 月制造业采购经理指数（PMI）录得 50.5%，环比回升 0.3 个百分点，产需 两端扩张加快，但量价阶段性背离，3 月价格指数边际回落。分指标来看，生 产指数和新订单指数分别为 52.6%和 51.8%，比上月上升 0.1 和 0.7 个百分 点。分行业来看，新动能行业表现较为突出，装备制造业、高技术制造业和消 费品景气水平连续两个月回升，对应行业PMI分别为52.0%、52.3%和50.0%， 比上月上升 1.2、1.4 和 0.1 个百分点；高耗能行业 PMI 为 49.3%，比上月下 降 0.5 个百分点。 大类资产方面，考虑到中美关系正处于关键性转折节点，有望走向阶段性缓 和，风险偏好将成为市场主线。中美小阳春或货币政策大幅宽松有望驱动我 国出现股债双牛行情，但过程中可能略有反复，风险偏好的修复并非一蹴而 就，我国可能在中美关系以及国内政策应对波折的考验后迎来一轮股债双牛。 ❑ 3 月供给侧 ...

证券研究报告 | 公司点评 | 调味发酵品Ⅱ 投资要点 2024 年实现收入 65.4 亿元，同比增长 6.4% 2024 年，公司实现收入约 65.4 亿元，同比增长 6.4%；实现净利润约 8.0 亿元，同比减少 11.9%；实现归母净利润约 7.4 亿元，同比下降 13.3%。2024 年下半年，公司实现收入约 36.1亿元，同比增长 2.3%；实现净利润约 4.7亿元，同比下降 12.2%；实现归母净利润 4.3 亿元，同比下降 12.9%；2024 年全年业绩增长主要得益于第三方业务增长带动，其收入同 比增长 9.1%。 盈利能力承压，费用投放支持业务拓展同比增长 1.9% 2024 年公司毛利率/净利率分别为 31.3%/12.2%，同比 -0.3pct/-2.6pct，毛利率调整主要受 到产品结构优化及关联方采购价格变动影响。火锅底料产品关联方/第三方毛利率分别为 14.1%/48.7%， 同 比-3.2pcts/0.1pcts ； 中 式 复 合 调 味 品 关 联 方/第 三 方 毛 利 率 分 别 18.7%/35.2%，同比+0.4pcts /+1.7pcts ； 方便速食产品关联方/第 ...