Investment Rating - The investment rating for Jiuhuashan Tourism is "Outperform" with a target price of RMB 48.50, indicating a positive outlook for the stock [4][11]. Core Insights - The company's performance in Q1 2025 exceeded expectations, with revenue of RMB 235 million, representing a year-on-year increase of 30.1%, and net profit attributable to shareholders of RMB 69 million, up 31.8% year-on-year [11][12]. - The company aims to enhance its capacity and aims for a revenue target of RMB 840 million and a profit of RMB 205 million by 2025, focusing on building a regional tourism complex and leveraging strategic opportunities in the Yangtze River Delta [12][13]. Financial Summary - Revenue projections for Jiuhuashan Tourism are as follows: - 2023: RMB 724 million - 2024: RMB 764 million (+5.6%) - 2025: RMB 831 million (+8.7%) - 2026: RMB 892 million (+7.3%) - 2027: RMB 943 million (+5.8%) [3][6] - Net profit attributable to shareholders is projected to grow significantly: - 2023: RMB 175 million - 2024: RMB 186 million (+6.5%) - 2025: RMB 215 million (+15.3%) - 2026: RMB 240 million (+12.0%) - 2027: RMB 263 million (+9.6%) [3][6]. Business Performance - The company reported divergent business performance in 2024: - Hotel revenue: RMB 237 million (+1.1%), gross profit margin (GPM) 14.1% (-2.4ppts) - Cable car revenue: RMB 293 million (-0.6%), GPM 86.0% (+0.02ppts) - Passenger transport revenue: RMB 159 million (+31.2%), GPM 52.4% (+3.8ppts) - Travel agency revenue: RMB 62 million (-7.5%), GPM 13.0% (+3.6ppts) [12][13]. Strategic Initiatives - The company is focusing on enhancing its brand and digital capabilities, leveraging its Buddhist cultural resources to promote new brands like "New Anhui Cuisine" and developing digital platforms for improved customer experience [12][13].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 68.77, representing a potential upside of 9% from the current price of RMB 55.17 [1][8]. Core Insights - The company's performance in Q1 2025 shows stable growth, with revenue reaching RMB 5.79 billion, up 7.59% year-on-year, and net profit attributable to shareholders at RMB 497 million, up 5.82% year-on-year [1][8]. - External sales growth is expected to outpace internal sales, driven by high demand and national subsidies, contributing to a positive outlook for 2025 [1][8]. - The gross profit margin (GPM) decreased by 0.51 percentage points to 23.91% in Q1 2025, while overall profitability remains stable despite increased competition in the domestic market [1][8]. Financial Summary - Revenue projections for the company are as follows: - 2023A: RMB 21,304 million - 2024A: RMB 22,427 million - 2025E: RMB 23,821 million - 2026E: RMB 25,073 million - 2027E: RMB 26,392 million - The year-on-year growth rates are 5.6%, 5.3%, 6.2%, 5.3%, and 5.3% respectively [3]. - Net profit attributable to shareholders is projected to be: - 2023A: RMB 2,180 million - 2024A: RMB 2,244 million - 2025E: RMB 2,397 million - 2026E: RMB 2,557 million - 2027E: RMB 2,708 million - The year-on-year growth rates are 5.4%, 3.0%, 6.8%, 6.7%, and 5.9% respectively [3]. - Earnings per share (EPS) estimates are: - 2025E: RMB 2.99 - 2026E: RMB 3.19 - 2027E: RMB 3.38 [3][8]. Company Outlook - For 2025, the company anticipates selling RMB 7.37 billion worth of goods to SEB, reflecting a 5% year-on-year increase, supported by trade-in programs and market share growth [1][8].

基础化工/农化制品 扬农化工（600486.SH） 产销高增，盈利改善，彰显龙头本色 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 51.23 | | 一年最高最低(元) | 70.89/46.12 | | 总市值(亿元) | 208.35 | | 流通市值(亿元) | 206.39 | | 总股本(亿股) | 4.07 | | 流通股本(亿股) | 4.03 | | 近 3 个月换手率(%) | 39.74 | 数据来源：聚源 相关研究报告 《量升价跌致盈利承压，葫芦岛项目 快 速 推 进 — 公 司 信 息 更 新 报 告 》 -2025.3.26 《Q3 业绩同比改善，葫芦岛项目放量 可 期 — 公 司 信 息 更 新 报 告 》 -2024.10.29 《Q2 业绩符合预期，葫芦岛一期一阶 段进入试生产 —公司信息更新报告》 -2024.8.27 金益腾（分析师） 徐正凤（分析师） jinyiteng@kysec.cn 证书编号：S0790520020002 xuzhengfeng@kysec.cn ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 10.13 CNY and a reasonable value of 11.46 CNY [4]. Core Views - The report highlights a recovery in net interest margin and an improvement in asset quality indicators, indicating a positive outlook for the company's performance [3][8]. - The company's Q1 2025 revenue, pre-provision operating profit (PPOP), and net profit attributable to shareholders grew by 6.2%, 7.9%, and 8.2% year-on-year, respectively [8][10]. - Key drivers of performance include significant growth in both interest-earning assets and loans, with year-on-year increases of 23.9% and 18.8%, respectively [8][10]. Summary by Sections Financial Performance - Q1 2025 revenue growth was 6.2%, with a decrease of 2.56 percentage points compared to the previous year [10]. - The net profit attributable to shareholders increased by 8.2%, reflecting a decline of 2.60 percentage points from the previous year [10]. - The company's return on equity (ROE) for Q1 2025 was 16.50%, an increase of 2.91 percentage points year-on-year [10]. Asset Quality - The non-performing loan (NPL) ratio improved to 0.86%, down 3 basis points from the beginning of the year [8][10]. - The provision coverage ratio stood at 344%, a decrease of 7 percentage points from the start of the year, indicating sufficient provisions against potential loan losses [8][10]. Interest Margin and Cost Management - The net interest margin for Q1 2025 was estimated at 1.80%, up 12 basis points from Q4 2024 [8][10]. - The company has effectively managed its pricing strategies, leading to a decrease in the cost of liabilities by 19 basis points [8][10]. Future Outlook - The report forecasts a net profit growth of 6.55% and 6.94% for the years 2025 and 2026, respectively, with earnings per share (EPS) projected at 2.19 CNY and 2.35 CNY [8][10]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 4.62X for 2025 and 4.31X for 2026, indicating a favorable valuation compared to historical averages [8][10].

Investment Rating - The report assigns a rating of "Buy" to the company with a current price of 9.98 CNY and a fair value of 11.52 CNY [3]. Core Views - The company is expected to benefit from the recovery in aerospace demand, with a strong positioning in the special cable sector and significant profit elasticity due to product structure optimization [1][36]. - The company plans to achieve a revenue growth of 0-50% and a net profit growth of 0-100% in 2025 compared to 2024 [7][8]. - The aerospace and fusion equipment cable revenue has shown a significant improvement, with a 232.07% increase in early 2025 compared to the same period in 2024 [7][8]. Financial Forecast - Revenue is projected to grow from 34.70 billion CNY in 2023 to 74.76 billion CNY by 2027, with annual growth rates of 15.1%, 19.8%, 24.4%, 21.6%, and 18.8% respectively [2][40]. - The company's EBITDA is expected to increase from 161 million CNY in 2023 to 560 million CNY in 2027, reflecting a strong upward trend [2]. - Net profit is forecasted to rise from 87 million CNY in 2023 to 336 million CNY in 2027, with significant growth rates of -21.2%, 26.1%, 61.2%, 42.2%, and 34.3% [2][40]. Business Overview - The company is a leading manufacturer of special cables, with a strong focus on aerospace, data communication, and other high-end applications [10][25]. - It has established a competitive advantage in the special cable market, particularly in aerospace and fusion equipment, with over 70 years of technical experience [7][36]. - The company has been recognized as one of the top 50 in the "China Cable Industry 100" and has consistently been rated among the "Top Ten Brands of Special Cables" in China [10][25]. Market Opportunities - The aerospace and fusion equipment sector is expected to see increased demand due to modernization efforts in military and defense spending, with projections indicating a market demand exceeding 10 billion CNY by 2027 [28]. - The company is also actively expanding into emerging markets such as commercial aerospace, low-altitude economy, and robotics, which are anticipated to drive future growth [36][31]. - The electric power sector is poised for growth due to infrastructure upgrades and increased capital expenditures, with significant investments planned by state-owned enterprises [30][39].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.34 billion yuan for 2024, representing a year-on-year growth of 8.5%, and a net profit of 2.59 billion yuan, up 13.5% year-on-year. The Q1 2025 revenue was 2.05 billion yuan, down 12.4% year-on-year, with a net profit of 829 million yuan, down 9.5% year-on-year. The performance in Q1 2025 was below expectations [4][5] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares for 2024, with a total cash dividend of 1.2 billion yuan, resulting in a dividend payout ratio of 46.4% [4] - The company is adjusting its profit forecasts for 2025-2026 due to demand pressure, with projected net profits of 2.40 billion, 2.54 billion, and 2.72 billion yuan for 2025-2027, reflecting year-on-year changes of -7.4%, 6.0%, and 7.1% respectively [7] Financial Data and Profit Forecast - For 2024, total revenue is projected at 7.34 billion yuan, with a year-on-year growth rate of 8.5%. The net profit is expected to be 2.59 billion yuan, with a growth rate of 13.5% [6] - The Q1 2025 revenue is expected to be 6.80 billion yuan, with a year-on-year decline of 7.5%. The net profit is projected at 2.40 billion yuan, down 7.4% year-on-year [6] - The company’s gross margin for 2024 is expected to be 73.9%, with a net margin of 35.3%, reflecting an increase in product mix improvement [8] Product and Regional Performance - In 2024, the revenue from mid-to-high-end liquor is expected to reach 5.71 billion yuan, growing 13.8% year-on-year, while ordinary liquor revenue is projected at 1.29 billion yuan, down 6.53% year-on-year [7] - The company’s revenue from the domestic market is expected to be 5.09 billion yuan, up 12.8% year-on-year, while revenue from outside the province is projected at 1.91 billion yuan, growing 1.31% year-on-year [7] Cash Flow and Liabilities - The operating cash flow for 2024 is expected to be 1.91 billion yuan, down 13.2% year-on-year, primarily due to increased tax payments [8] - The company’s contract liabilities at the end of 2024 are projected to be 578 million yuan, reflecting an increase from the previous year [8]

证券研究报告 美格智能 (002881 CH) Q1 收入创历史新高，费用管控良好 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 通信设备制造 | 根据公司 2024 年年报与 2025 年一季报，2024 年公司营收为 29.41 亿元， 同比增长 37%；归母净利润为 1.36 亿元，同比增长 110%。1Q25 公司营 收为 9.97 亿元，创单季度营收历史新高，同比增长 74%；归母净利润为 0.46 亿元，符合此前业绩预告（0.4~0.52 亿元），同比增长 616%。展望未来， 我们看好公司 FWA、车载以及端侧 AI 等领域发展机遇，维持"增持"评级。 2024 年公司境内外业务齐头并进 分产品来看，2024 年公司无线通信模组及解决方案业务营收为 28.08 亿元， 同比增长 37%，其中智能网联车领域营收保持高速增长态势；其他业务营 收为 1.32 亿元，同比增长 35%；分地区来看，2024 年公司境内收入为 21.38 亿元，同比增长 43%，主要受益于智能网联车、端侧 AI 应用等各 ...

证券研究报告 浙能电力 (600023 CH) 24 年股息率近 5%，1Q25 盈利暂承压 华泰研究 年报点评 2025 年 4 月 29 日│中国内地 发电 公司公布 2024 年年报和 2025 年一季报：2024 年营收 880.03 亿元，同比 -8.31%；归母净利润 77.53 亿元，同比+18.92%，对应 4Q24 归母净利润 10.53 亿元，低于我们 4Q24 业绩前瞻报告预期的 11.70-16.26 亿元，主要 系资产减值损失金额高于预期。1Q25，公司营收同比-12.09%至 176.02 亿 元，归母净利润同比-40.81%至 10.74 亿元，低于我们预期区间的下沿 16.35 亿元，主要系对联营合营企业投资收益同比降幅高于预期。2024 年公司 DPS 为 0.29 元/股（含税），分红比例达 50.15%，对应股息率 4.97%。公司分红 能力强，股息率水平较高，维持"买入"评级。 2024/1Q25 公司控股火电度电净利润约为 3.5/1.2 分 我们测算 2024 年公司控、参股火电归母净利合计约 60 亿元，同比+45%， 主要系控股火电归母净利润同比+94%至约 3 ...

证券研究报告 苏博特 (603916 CH) 24 营收显韧性，1Q 盈利修复进行时 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 专用材料 | 苏博特发布年报，2024 年实现营收 35.55 亿元（yoy-0.75%），归母净利 9588.11 万元（yoy-40.24%），全年盈利略低于我们此前预期（1.15 亿元）， 我们认为主因减值略高于我们此前预计。其中 Q4 实现营收 10.80 亿元 （yoy+7.33%，qoq+18.36%），归母净利 1727.38 万元（yoy-9.01%， qoq-31.77%）。1Q25 公司实现收入 6.82 亿元（（yoy+17.81%），实现归母 净利 2432.83 万元（yoy+15.36%），公司收入增速修复，考虑到外部关税 不确定性扰动下，基建投资或有加码推动公司产品需求好转，维持"买入"。 24 年产能增长利用率下降，导致成本摊薄偏弱 24 年公司高性能减水剂/高效减水剂/功能性材料/检测技术服务分别实现收 入 18.6/0.5/6.7/7.6 亿 ...

25Q1 公司销量价格齐升，业绩表现亮眼 25Q1 公司自产金产/销量分别为 11.87/10.99 吨，分别 yoy-0.31%/+7.98%， 外购金产/销量分别为 20.24/20.24 吨，分别 yoy+1.67%/+12.94%，小金条 产/销量分别为 3.2/2.9 吨，分别 yoy-55.49%/-59.21%，对业绩影响最重要 的自产金虽然产量同比略有下降，但销量同比提升较多。据年报，2025 年 公司计划黄金产量不低于 50 吨。此外，得益于金价的上涨，据 Wind，25Q1 均价 672.13 元/克（yoy+37.2%），最终公司归母净利润同比+46.62%。 控股股东及其一致行动人增持公司股票，彰显发展信心 证券研究报告 山东黄金 (1787 HK/600547 CH) 控股股东增持彰显发展信心 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地/中国香港 | 贵金属 | 山东黄金发布一季报，2025 年 Q1 实现营收 259.35 亿元（yoy+36.81%、 qoq+67.19%），归母 ...