Investment Rating - The report maintains a strong buy recommendation for the company [6] Core Views - The company's revenue growth is recovering, with a significant contribution from non-interest income, which increased by 61.7% year-on-year in 2024 [2] - The credit scale continues to expand, with total assets growing by 5.8% year-on-year, surpassing the average growth rate of peer banks [2] - The asset quality is improving, as indicated by a decrease in the non-performing loan ratio to 1.38% and an increase in the provision coverage ratio to 178.67% [3] Summary by Sections Performance - In 2024, the company's operating income, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 6.19%, 4.97%, and 0.92% year-on-year, respectively [1] - The net profit growth rate slightly declined, while revenue and PPOP growth rates showed recovery [1][19] Non-Interest Income - Non-interest income saw a remarkable increase, with the core incremental revenue coming from investment gains from FVOCI, which rose by 2.53 billion [2] - The contribution from non-interest income to total revenue is significant, with a year-end figure of 60.5 billion in unrealized gains, accounting for 39.8% of the annual net profit [2] Interest Margin and Asset-Liability Management - The company's net interest margin for 2024 was 1.71%, reflecting a decrease of 9 basis points from previous quarters [4] - The decline in interest margin is attributed to a larger decrease in asset yields compared to the improvement in liability costs [4] Asset Quality - The non-performing loan ratio decreased to 1.38%, with a reduction in the non-performing loan balance by 470 million [3] - The overdue loan ratio also declined to 1.81%, continuing a downward trend [3] Capital and Shareholder Information - The company has a stable dividend policy with a high dividend yield, making it an attractive investment opportunity [4] - The major shareholder is Zhejiang Financial Holdings Co., Ltd., holding a 12.57% stake [6]

证券研究报告 | 公司点评报告 2025 年 04 月 02 日 速腾聚创（02498.HK） 车载、机器人业务双轮驱动，24 全年营收及出货量同比高增长 TMT 及中小盘/电子 事件：公司发布 2024 年业绩公告，2024 年全年营收 16.49 亿元，同比+47.2%； 毛利率 17.2%，同比+8.8pct；全年净亏损 4.82 亿元，同比收窄 88.9%；总体 表现符合预期。我们点评如下： 增持（维持） 目标估值：NA 当前股价：38.0 港元 基础数据 | 总股本（百万股） | 483 | | --- | --- | | 香港股（百万股） | 483 | | 总市值（十亿港元） | 18.7 | | 香港股市值（十亿港元） | 18.7 | | 每股净资产（港元） | 6.6 | | ROE（TTM） | -15.8 | | 资产负债率 | 25.8% | | 主要股东 | TMF | | 主要股东持股比例 | 22.6043% | 股价表现 % 1m 6m 12m 绝对表现 -23 127 -5 相对表现 -24 117 -45 资料来源：公司数据、招商证券 -100 -50 0 50 100 ...

Investment Rating - The investment rating for the company is maintained at "Buy" [6] Core Views - The company's 2024 annual revenue reached 38.294 billion yuan, a year-on-year increase of 20.9%, with net profit at 2.699 billion yuan, up 145.5% year-on-year. The growth is primarily driven by the recovery in the smartphone market and the rapid development of automotive intelligence [5][6] - The company is expected to benefit from domestic consumption subsidies and innovations in Android optical imaging, while the trend of intelligent driving is anticipated to drive growth in automotive lenses, camera modules, and related businesses [6] Summary by Sections Financial Performance - In 2024, the company's revenue was 38.294 billion yuan, with a gross margin of 18.3%, an increase of 3.8 percentage points year-on-year. The net profit was 2.699 billion yuan, reflecting a significant improvement in profitability [5][6] - The company aims for total revenue of 38.3 billion yuan in 2024, with projections of 43.072 billion yuan and 48.857 billion yuan for 2025 and 2026, respectively [6][7] Product Segments - **Mobile Segment**: Revenue from mobile products in 2024 was 25.2 billion yuan, with a year-on-year increase of 20%. The company maintained its position as the global leader in smartphone lens shipments, with a target to increase shipments by 5% in 2025 [5][6] - **Automotive Segment**: Revenue from automotive products reached 6 billion yuan in 2024, a year-on-year increase of 14%. The company aims for a 15%-20% increase in shipments in 2025 [5][6] - **XR Segment**: Revenue from AR/VR products was 2.6 billion yuan in 2024, a year-on-year increase of 34%. The company is focusing on AI applications to drive growth in this segment [5][6] Future Outlook - The company expects to see continued growth in its mobile and automotive segments, with significant improvements in product structure and profitability. The XR segment is anticipated to remain stable or see slight growth, driven by advancements in AI applications [6][7]

证券研究报告 | 公司点评报告 2025 年 04 月 02 日 紫金矿业（601899.SH） 铜金量价齐增 降本增效突显矿业龙头实力 周期/金属及材料 净利润大幅增长，Q4 业绩环比下滑。矿产铜产量创新高，成本控制效益显著。 高额现金分红回馈股东。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 293403 | 303640 | 374143 | 419598 | 456093 | | 同比增长 | 9% | 3% | 23% | 12% | 9% | | 营业利润(百万元) | 31937 | 48827 | 61984 | 69983 | 82722 | | 同比增长 | 3% | 53% | 27% | 13% | 18% | | 归母净利润(百万元) | 21119 | 32051 | 40855 | 46138 | 54508 | | 同比增长 | 5% | 52% | 27% | 13% | 18% | | 每股收益(元) | ...

证券研究报告 | 宏观定期报告 2025 年 3 月 31 日 近期值得关注的三组高频数据 显微镜下的中国经济（2025 年第 12 期） 近期，汽车销售量保持较快增长，外贸量价数据显示美国加征对华的负面冲击 尚未发酵，房地产土地市场和二手房市场形势有所改善，但销售数据同比增速 放缓较为明显。 定期报告 张一平 S1090513080007 zhangyiping@cmschina.com.cn 张静静 S1090522050003 zhangjingjing@cmschina.com.cn 敬请阅读末页的重要说明 消费方面，乘联会数据显示，今年以来乘用车销售量保持较快增长。春节后，当 周日均销量同比增速较去年大幅增长，平均增速达到 37.7%。月度数据显示，2 月乘用车零售销量同比增长 26.1%。然而，销量增速较快的背后是行业内卷导致 销售价格下跌。过去 1 年，乘用车市场均价同比持续负增长，这是社零汽车销售 额同比负增长的重要因素。 出口高频数据显示美国对华加征关税的冲击尚未显现。2 月以来，我国港口货物 和集装箱吞吐量整体保持环比回升的态势。上周港口货物吞吐量达到 26540.4 万 吨，集装箱吞吐量 ...

证券研究报告 | 公司点评报告 2025 年 04 月 02 日 江淮汽车（600418.SH） 2024Q4 投资亏损及资产减值拖累业绩，关注尊界品牌进展 中游制造/汽车 3 月 29 日晚公司发布 2024 年度报告，2024 年分别实现营业总收入 422.02 亿元，同比-6.25%；归母净利润、扣非归母净利润分别为-17.84 亿元、-27.41 亿元；销售毛利率 10.48%，同比-0.81pct；销售净利率-4.73%，同比-4.57pct。 强烈推荐（维持） 目标估值：NA 当前股价：36.26 元 基础数据 | 总股本（百万股） | 2184 | | --- | --- | | 已上市流通股（百万股） | 2184 | | 总市值（十亿元） | 79.2 | | 流通市值（十亿元） | 79.2 | | 每股净资产（MRQ） | 5.2 | | ROE（TTM） | -15.7 | | 资产负债率 | 74.7% | | 主要股东 | 安徽江淮汽车集团控股有限公司 | | 主要股东持股比例 | 28.18% | 股价表现 相关报告 1、《江淮汽车（600418）—2024Q3 业绩高增，携手华 ...

证券研究报告 | 公司点评报告 2025 年 04 月 02 日 均胜电子（600699.SH） 2024 年经营持续修复，布局机器人业务 中游制造/汽车 3 月 28 日公司发布 2024 年度报告，2024 年分别实现营收、归母、扣非归母 558.64、9.60、12.82 亿元，同比分别+0.24%、-11.33%、+27.74%；销售 毛利率 16.22%，同比+1.13pct；销售净利率 2.37%，同比+0.14pct。公司新 业务订单不断增加，其中汽车安全业务已实现对新能源销量榜排名前十名客 户的全覆盖。 ❑ 2024Q4 降本增效成果显现。2024Q4，分别实现营收、归母、扣非归母 147.29、 0.19、3.41 亿元，同比分别+2.15%、-93.77%、+2.47%，环比分别+4.79%、 -93.77%、+12.46%。销售毛利率 18.01%，同比-0.37pct，环比+2.27pct；净 利率 0.43%，同比-2.14pct，环比-2.60pct。 2024 年，公司新业务订单增长强劲，新获定点项目的全生命周期订单金额约 839 亿元，规模再创新高。其中，分动力类型看，新能源汽 ...

Investment Rating - The report maintains a strong buy rating for the company [5][8] Core Views - The company is expected to achieve steady growth in 2024, with revenue projected to increase by 7.06% year-on-year, reaching 146.26 billion yuan, and net profit expected to rise by 1.42% to 11.37 billion yuan [2][8] - The children's clothing segment is leading the growth, with both online and offline channels developing comprehensively [2][3] - The company is accelerating channel expansion and enhancing channel capabilities, although this has led to an increase in expense ratios, impacting net profit margins [1][4] Revenue and Profit Forecast - For 2025-2027, the company is projected to achieve net profits of 12.2 billion yuan, 13.6 billion yuan, and 15.0 billion yuan, representing year-on-year growth rates of 7%, 11%, and 11% respectively [1][8] - The company plans to distribute a cash dividend of 0.35 yuan per share, resulting in a dividend payout ratio of 82.9% for 2024 [2] Channel Performance - Online revenue reached 66.72 billion yuan, growing by 7.14%, while offline direct sales increased by 12.64% to 15.48 billion yuan [3] - The total number of stores at the end of 2024 was 8,325, with a net increase of 388 stores during the year [3] Margin Analysis - The overall gross margin for 2024 is expected to decrease slightly to 43.82%, with online gross margin improving to 45.35% [4] - The net profit margin for 2024 is projected at 7.76%, down by 0.44 percentage points from the previous year [4] Financial Metrics - The company’s total market capitalization is approximately 19.5 billion yuan, with a current share price of 7.24 yuan [5] - The return on equity (ROE) is reported at 9.6%, with an asset-liability ratio of 38.1% [5][8] Future Growth Strategy - The company is focusing on a multi-brand strategy and channel capability enhancement, which is expected to drive long-term growth in the children's clothing sector [8]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [4][7]. Core Views - The company is expected to achieve a revenue of 9.03 billion yuan in 2024, representing a year-on-year increase of 25.0%, and a net profit attributable to shareholders of 1.76 billion yuan, reflecting a 119.5% increase year-on-year [1][3]. - The company has set a shareholder return plan for the next three years, prioritizing cash dividends, with a commitment to distribute at least 45% of the cumulative distributable profits over the three years [7]. Financial Performance - In 2024, the company is projected to have a total revenue of 9.03 billion yuan, with a year-on-year growth of 25% [3]. - The net profit attributable to shareholders is expected to reach 1.76 billion yuan in 2024, marking a 119% increase compared to the previous year [3][14]. - The company’s earnings per share (EPS) is forecasted to be 0.94 yuan in 2024, with a PE ratio of 24.1 [3][14]. Production and Sales - The company anticipates gold production and sales of 15.16 tons and 15.22 tons respectively in 2024, with year-on-year increases of 5.6% and 4.9% [1][7]. - Domestic gold production is expected to be 3.91 tons in 2024, a 14.6% increase year-on-year, while overseas production is projected at 11.25 tons, a 2.0% increase [1][7]. Cost Management - The overall sales cost for gold in 2024 is projected to be 278 yuan per gram, a decrease of 2 yuan per gram year-on-year [7]. - The sales cost for domestic gold mines is expected to be 157 yuan per gram, an increase of 4 yuan per gram year-on-year [7]. Valuation Metrics - The report projects a PE ratio of 14.4 for 2025, decreasing to 11.7 by 2027, indicating a favorable valuation trend [3][14]. - The company's return on equity (ROE) is expected to be 25.1% in 2024, increasing to 31.6% in 2025 [14].

Group 1 - The report highlights that individual investors and central Huijin contributed the main incremental growth in ETF holdings, with individual investors' share slightly decreasing to 41.2% and institutional investors' share increasing to 58.2% as of Q4 2024 [4][9]. - Individual investors are accelerating their market entry through fund-of-funds (FOFs), with the scale of ETF FOFs growing rapidly to 490 billion, reflecting high enthusiasm among individual investors [4][9]. - Individual investors hold a higher proportion of industry, style, and thematic ETFs, while large-scale index ETFs like the CSI 300 are primarily held by institutional investors [4][9]. Group 2 - The report indicates that the liquidity in the secondary market is tight, with a net outflow of 147.9 billion in financing funds, while ETFs saw a net inflow of 20.4 billion [4][31]. - The report notes that the net inflow of stocks in the ETF category was highest for the technology sector, while the pharmaceutical sector experienced significant redemptions [55][56]. - The report identifies that sectors such as non-ferrous metals, basic chemicals, and banks received substantial net inflows from various funds, indicating a preference for these industries [50][51].