Investment Rating - The report maintains a "Strong Buy" rating for Hisense Home Appliances [3]. Core Views - The company's 2024 performance exceeded expectations, with revenue projected to grow by 8% to reach 92.7 billion yuan and net profit expected to increase by 18% to 3.35 billion yuan, surpassing market forecasts [1][2]. - The company has achieved a dividend payout of 1.7 billion yuan, representing a 51% payout ratio and a dividend yield of 4.3% [1]. - The report emphasizes the strong growth potential for the company, particularly driven by government-supported consumption initiatives and the expected improvement in performance through 2025 [7]. Financial Data and Valuation - Revenue for 2023 is reported at 85.6 billion yuan, with projections of 92.7 billion yuan for 2024, 101.5 billion yuan for 2025, and continuing growth through 2027 [2][13]. - The company's net profit for 2023 is 2.84 billion yuan, with forecasts of 3.35 billion yuan for 2024, 3.75 billion yuan for 2025, and 4.97 billion yuan for 2027 [2][13]. - The report indicates a PE ratio of 14.8 for 2023, decreasing to 12.5 for 2024, and further down to 8.4 by 2027, suggesting an attractive valuation [14]. - The company’s return on equity (ROE) is projected to remain strong, with values of 21.7% for 2023 and 23.3% for 2027 [3][14]. Segment Performance - In 2024, the HVAC segment is expected to decline by 6%, while home air conditioning is projected to grow by 19%, with a notable improvement in net profit margin [7]. - The report highlights a 36% increase in overseas appliance revenue, with significant growth in regions such as Europe (35%) and the Americas (46.5%) [7]. - The overall gross margin is expected to slightly decrease by 0.56 percentage points, attributed to faster growth in overseas sales compared to domestic demand [7]. Investment Recommendations - The report suggests a strong outlook for the company, with expected net profits of 3.8 billion yuan in 2025, 4.3 billion yuan in 2026, and 5 billion yuan in 2027, indicating a growth rate of 12% to 15% [7].

Investment Rating - The report maintains a strong buy recommendation for the company [5] Core Views - The company achieved total revenue of 10.506 billion, net profit attributable to shareholders of 461 million, and net profit excluding non-recurring items of 442 million in 2024, representing year-on-year increases of 28.89%, 27.45%, and 42.92% respectively [1] - The company's motorcycle engine business saw sales of 2.9852 million units, a year-on-year increase of 18.44%, with revenue of 3.824 billion, up 13.68% [2] - The acquisition of Longxin General Power Co., Ltd. was completed, making the company the controlling shareholder, which is expected to enhance its market position [3] - The company is positioned as a leader in general power machinery and motorcycle engines in China, with significant growth potential in the aviation engine sector due to the development of the low-altitude economy [11] Financial Performance - In Q4 2024, total revenue reached 3.102 billion, a year-on-year increase of 36.39%, with net profit attributable to shareholders of 70 million, marking a return to profitability [1] - The general power machinery and terminal products sales totaled 4.8345 million units, up 37.34%, with total revenue of 5.226 billion, a 35.33% increase [11] - The aviation power business revenue grew by 71.67% to 160 million, driven by increasing order demand and market share [11][9] Strategic Developments - The company has made significant advancements in its new energy business, including innovations in electric drive systems and the establishment of a hydrogen supply station [11] - Strategic partnerships have been formed to enhance production capabilities and digital transformation in manufacturing [11] Future Outlook - The company is projected to achieve net profits of 641 million, 762 million, and 871 million in 2025, 2026, and 2027 respectively, with corresponding PE ratios of 39.3, 33.1, and 28.9 [10][11]

中无人机（688297.SH） 24 年业绩有所承压，25 年有望大幅恢复 中游制造/军工 证券研究报告 | 公司点评报告 2025 年 04 月 01 日 2024 年，公司实现营收 6.85 亿元（同比-74.28%），主要是受市场需求变动、 国内市场节奏调整及重点客户采购计划延后等影响，交付产品数量较上年减少， 导致营业收入较上年同期大幅下降；实现归母净利润-5391.61 万元（同比 -117.82%）；扣非归母净利润-6253.93 万元（同比-121.88%）。 "高中低"搭配、"大中小"融合的全场景系列谱系。从作战效能上来看， 在实战环境下，"翼龙"、"云影"无人机已经实现了不同机型之间的混合 编组和灵活搭配，具备了"大中小""高中低"的作战体系，实现了对不同 强度、不同类型对抗的套餐式供给。通过体系化作战方式，达到"1 + 1 大于 2"的协同效应，从而提升了整体的作战效能。 增持（维持） 目标估值：NA 当前股价：39.11 元 基础数据 | 总股本（百万股） | 675 | | --- | --- | | 已上市流通股（百万股） | 272 | | 总市值（十亿元） | 26.4 | | ...

证券研究报告 | 公司点评报告 2025 年 04 月 01 日 中航西飞（000768.SZ） 24 年业绩实现稳定增长，军民交付任务按期完成 中游制造/军工 2024 年，公司实现营业收入 432.16 亿元（同比+7.23%），实现归母净利润 10.23 亿元（同比+18.87%）；实现扣非净利润 9.21 亿元（同比+13.78%）。 强烈推荐（维持） 目标估值：NA 当前股价：23.65 元 1、《中航西飞（000768）—积极布局 低空经济，HH 系列签署 50 套意向订 单》2024-11-25 2、《中航西飞（000768）—24Q3 利 润端同比高增，毛利率同环比提升显 著》2024-10-31 3、《中航西飞（000768）—上半年营 收稳步增长，净利率同比有所提升》 2024-08-27 王超 S1090514080007 wangchao18@cmschina.com.cn 战泳壮 研究助理 zhanyongzhuang@cmschina.com. cn ❑ 24 年业绩实现稳定增长，军民交付任务按期完成。2024 年，公司实现营业收 入 432.16 亿元（同比+7.23%），实现归 ...

资料来源：公司数据、招商证券 证券研究报告 | 公司点评报告 2025 年 04 月 01 日 中国黄金国际（02099.HK） 全年业绩扭亏为盈，积极推进甲玛三期尾矿库建设 周期/金属及材料 公司 2024 年实现营业收入 7.6 亿美元，同比+ 64.7%；实现归母净利润 0.6 亿 美元， 扭 亏 为 盈 ， 24Q4 实 现 营 业 收 入 2.9 亿 美 元 ， 同 比 /环 比 分 别 +312%/+15.3%，实现归母净利润 0.7 亿美元，同比扭亏为盈，环比+148.1%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 3254 | 5439 | 7218 | 7218 | 8847 | | 同比增长 | -58% | 67% | 33% | 0% | 23% | | 营业利润(百万元) | 50 | 813 | 2883 | 2883 | 3453 | | 同比增长 | -98% | 1510% | 255% | 0% | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][4]. Core Views - The company achieved a record high in quarterly performance for Q4 2024, with a significant increase in gross margin [2]. - In 2024, the company reported total revenue of 42.837 billion yuan, a year-on-year decrease of 7.37%, primarily due to external factors such as contract signing and supply chain progress [2]. - The net profit attributable to shareholders reached 3.394 billion yuan, reflecting a year-on-year increase of 12.86%, while the non-recurring net profit was 3.373 billion yuan, up 15.88% year-on-year [2]. - For Q4 alone, revenue was 17.540 billion yuan, a substantial increase of 50.99% year-on-year, with net profit attributable to shareholders soaring by 145.19% to 1.576 billion yuan [2]. - The company’s gross margin improved to 12.47%, an increase of 1.52 percentage points compared to the same period last year [2]. Financial Performance Summary - The company forecasts net profits of 3.741 billion yuan, 4.273 billion yuan, and 4.923 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 31, 27, and 24 [3]. - The total revenue for 2025 is projected to be 47.720 billion yuan, with a year-on-year growth of 11% [8]. - The company’s operating profit is expected to reach 4.321 billion yuan in 2025, reflecting a 10% increase year-on-year [8]. - The report indicates a decrease in R&D expenses to 7.27 billion yuan, down 25.47% year-on-year, primarily due to reduced capitalized R&D investments [2]. Shareholder and Market Data - The company has a total share capital of 2.756 billion shares, with a market capitalization of 116.5 billion yuan [4]. - The major shareholder is China Aviation Industry Corporation, holding 65.84% of the shares [4]. - The current stock price is 42.28 yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company reported a revenue of 2.45 billion and a net profit of 98.2 million for 2024, reflecting a year-on-year decline of 10.7% and 15.0% respectively, primarily due to weak consumer demand and pressure on store sales [1][6] - For 2025, the company will focus on improving operational quality and enhancing store efficiency, with an emphasis on profitability [1][6] - The company is actively expanding into new channels, including membership supermarkets and overseas markets, to overcome traditional store growth limitations [1][6] Financial Data and Valuation - The total market capitalization is 4.1 billion HKD, with a current share price of 1.96 HKD [3] - The company has a total share capital of 2,218 million shares and a net asset value per share of 1.6 HKD [3] - The return on equity (ROE) is 2.7% and the debt-to-asset ratio is 21.0% [3][9] Revenue and Profit Trends - The company experienced a revenue decline of 10.7% in 2024, with a significant drop in store count from 3,816 at the end of 2023 to 3,031 by the end of 2024 [1][6] - The average revenue per store slightly decreased, with a net reduction of 360 and 425 stores in the first and second halves of 2024 respectively [1][6] - The gross profit margin improved to 56.8% in 2024, up by 4.4 percentage points year-on-year, mainly due to a decrease in raw material prices [1][6] Future Projections - The report adjusts the earnings per share (EPS) for 2025 and 2026 to 0.04 HKD each, corresponding to a price-to-earnings (PE) ratio of 41x for 2025 [1][6] - The company aims to maintain core stores while focusing on new channel developments in 2025 [1][6]

营收利润保持高增长，国内国际业务齐头并进 中游制造/军工 公司发布《2024 年年度报告》，24 年实现营收（7.03 亿元，同比+29.39%）， 实现归母净利润（1.27 亿元，同比+40.27%），实现扣非归母净利润（1.03 亿 元，同比+20.17%）。 证券研究报告 | 公司点评报告 2025 年 04 月 01 日 ❑ 航空发动机零部件产能扩充顺利推进。截至报告期末，公司固定资产达到了 强烈推荐（维持） 目标估值：NA 当前股价：17.54 元 基础数据 航亚科技（688510.SH） 王超 S1090514080007 wangchao18@cmschina.com.cn 战泳壮 研究助理 zhanyongzhuang@cmschina.com. cn % 1m 6m 12m 绝对表现 -1 22 7 相对表现 -1 17 -5 -30 -20 -10 0 10 20 30 Apr/24 Jul/24 Nov/24 Mar/25 (%) 航亚科技 沪深300 资料来源：公司数据、招商证券 ❑ 营收利润双增长，国际国内业务齐头并进。公司实现营业收入（7.03 亿元， 同比+29.39%），主要系 ...

淘宝直播盛典点评 品质直播新趋势，淘宝直播品质升级投入长期增长 消费品/商业 2025 年 3 月 31 日淘宝直播盛典在杭州举办，此次大会以品质直播为核心主旨， 在当前直播电商行业增速放缓但高质量用户保持稳健增长的行业背景下，品质 成为重要竞争要素，淘宝直播作为国内领先的直播电商平台 2025 年也将进一步 升级品质直播，围绕用户、主播、货品、内容和营销开展品质化运营，目标在 2025 年 GMV 及用户同比+50%，投入超过 110 亿平台预算和千亿流量助力直 播增长。我们看好品质直播的长期发展潜力，建议投资者积极关注。 风险提示：宏观经济风险；行业竞争加剧；直播电商政策风险。 证券研究报告 | 行业点评报告 2025 年 04 月 01 日 推荐（维持） 行业规模 | | 占比% | | | --- | --- | --- | | 股票家数（只） | 133 | 2.6 | | 总市值（十亿元） | 1112.4 | 1.3 | | 流通市值（十亿元） | 1019.7 | 1.3 | 行业指数 | % | 1m | 6m | 12m | | --- | --- | --- | --- | | 绝对表现 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company achieved a significant increase in revenue and profit in 2024, with total revenue reaching 13.59 billion yuan, up 67.6% year-on-year, and net profit attributable to shareholders at 2.17 billion yuan, up 52.6% year-on-year [1][2]. - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a notable decrease in gold production costs [6]. - The internationalization strategy has made significant progress with the acquisition of Osino, adding 127.2 tons of gold resources and expected annual production of 5 tons of gold [6]. - The report projects continued growth in net profit for 2025-2027, with estimates of 2.89 billion yuan, 3.05 billion yuan, and 4.30 billion yuan respectively, reflecting a strong outlook for the company [6]. Financial Performance - In 2024, the company reported a total revenue of 13.59 billion yuan, with a year-on-year growth of 67% [2]. - The operating profit for 2024 was 3.18 billion yuan, representing a 52% increase compared to the previous year [2]. - The net profit attributable to shareholders for 2024 was 2.17 billion yuan, with a year-on-year growth of 53% [2]. - The earnings per share (EPS) for 2024 was 0.78 yuan, with a projected EPS of 1.04 yuan for 2025 [2]. Production and Cost Efficiency - The company reported gold production and sales of 8.04 tons and 8.05 tons in 2024, marking increases of 14.7% and 9.7% year-on-year respectively [6]. - The cost of gold production decreased significantly to 145 yuan per gram in 2024, down 31 yuan per gram year-on-year, while the selling price increased to 550 yuan per gram [6]. Valuation Metrics - The report indicates a projected price-to-earnings (PE) ratio of 18.5 for 2025, decreasing to 12.4 by 2027, suggesting an attractive valuation as earnings grow [2][12]. - The price-to-book (PB) ratio is expected to decline from 4.1 in 2024 to 2.8 in 2027, indicating potential for value appreciation [2][12].