Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to reduce losses in its direct-operated stores, while its light-asset business is accelerating growth [1] - The company has invested in 11 new direct-operated hotels, with 10 already opened, but these new hotels are currently incurring losses due to high initial costs [5] - The company is expanding its franchise business and has initiated strategic partnerships to enhance growth [5] Financial Summary - For 2024, the company is projected to achieve operating revenue of 675.85 million yuan, a year-on-year increase of 26.57%, and a net profit attributable to shareholders of 25.20 million yuan, a year-on-year decrease of 17.43% [5] - In Q1 2025, the company reported operating revenue of 162 million yuan, a year-on-year increase of 1.29%, but a net profit attributable to shareholders of 3 million yuan, a year-on-year decrease of 38.70% [5] - The company anticipates operating revenues of 798.35 million yuan in 2025, 1,030 million yuan in 2026, and 1,303.13 million yuan in 2027, with corresponding net profits of 62.45 million yuan, 127.55 million yuan, and 236.20 million yuan respectively [5] Operational Metrics - The occupancy rate (OCC), average daily rate (ADR), and revenue per available room (RevPAR) for direct-operated stores in 2024 are expected to be 63.7%, 483 yuan, and 308 yuan, respectively, showing declines compared to the previous year [5] - In Q1 2025, these metrics further declined to 56.5% for OCC, 471.8 yuan for ADR, and 266.6 yuan for RevPAR [5] Growth Strategy - The company is launching a franchise model to diversify its business and reduce costs, with plans to open its brands for franchise in 2025 [5] - Strategic partnerships are being formed, including a collaboration with Hilton Hotels Group and a membership system with Jin Yi Hotels [5] - The company is exploring heavy asset fund business models and hotel asset securitization [5]

万华化学(600309)公司更新 事件动态 ❑ 4 月 15 日，公司发布 2024 年报：2024 年，公司实现营业收入 1820.69 亿元，同 比+3.83%；实现归母净利润 130.33 亿元，同比-22.49%；加权平均净资产收益率 为 14.29%，同比减少 6.13 个百分点。销售毛利率 16.16%，同比减少 0.63 个百 分点；销售净利率 8.12%，同比减少 2.32 个百分点。 其中，2024Q4 实现营收 344.65 亿元，同比-19.49%，环比-31.80%；实现归母净 利润 19.40 亿元，同比-52.83%，环比-33.55%；平均净资产收益率为 2.07%，同 比减少 2.69 个百分点，环比减少 1.09 个百分点。销售毛利率 19.51%，同比增加 2.65 个百分点，环比增加 6.11 个百分点；销售净利率 7.23%，同比减少 3.15 个 百分点，环比增加 0.64 个百分点。 ❑ 4 月 15 日，公司发布 2025 年一季报，2025Q1 实现营收 430.68 亿元，同比- 6.70%，环比+24.96%；实现归母净利润 30.82 亿元，同比-25.8 ...

——立华股份（300761.SZ）2024 年报暨 2025 年一季报点评 要点 事件：公司发布 2024 年报和 2025 年一季报。2024 年公司营收 177.25 亿元， 同比+15.44%，归母净利润为 15.21 亿元，扭亏为盈（2023 年为-4.37 亿元）； 2025Q1 实现营收 40.86 亿元，同比+11.60%，实现归母净利润 2.06 亿元，同 比+157.47%。 点评： 黄鸡销量高增，成本持续拓潜。2024 年公司销售黄羽肉鸡（含毛鸡、屠宰品及 熟制品）5.16 亿只，同比+12.95%，实现营收 145.31 亿元，同比+8.01%；2025Q1 公司销售肉鸡 1.23 亿只，同比+8.69%，收入 30.18 亿元，同比-5.42%。成本方 面，公司养殖成本实现显著改善，2024 年黄鸡完全成本 5.9 元/斤，25Q1 已降 至 5.5 元/斤。屠宰业务方面，2024 年公司肉鸡屠宰量超 6000 万只；随着公司 屠宰产能的逐步释放，未来屠宰品占比或呈较快增长态势，从而更好地服务于冰 鲜市场，增强公司对行业周期性波动风险的抵御能力。 2025 年 5 月 5 日 公司研究 ...

2025 年 5 月 5 日 公司研究 内蒙基地吨现金成本已降至 2.7 万元以内，组件海外业务实现跨越式增长 ——通威股份（600438.SH）2024 年年报&2025 年一季报点评 要点 事件：公司发布 2024 年年报&2025 年一季报，2024 年实现营业收入 919.94 亿 元，同比-33.87%，实现归母净利润-70.39 亿元，同比-151.86%；2025Q1 实现 营业收入 159.33 亿元，同比-18.58%，实现归母净利润-25.93 亿元，环比减亏。 硅料、电池市占率稳居行业第一，组件海外业务实现跨越式增长。2024 年公司 维持了硅料/电池环节的领先优势并在组件环节实现突破，高纯晶硅销量同比增 长 20.76%至 46.76 万吨，全年产销量约占全国 30%，市占率连续多年位居行业 第一；太阳能电池销量同比增长 8.70%至 87.68GW（含自用），全球市占率约 14%，连续八年蝉联全球电池出货量榜首；组件销量同比增长 46.93%至 45.71GW，海外销量同比增长 98.76%，斩获沙特、波兰等多国 GW 级项目订单。 2025Q1 在产业链价格持续下跌背景下公司盈利能 ...

研究报告 Research Report 6 May 2025 双箭股份 Zhejiang Double Arrow Rubber (002381 CH) 扣非后净利润同比下降 37.70%，在建项目进展顺利 Recurring Net Profit -37.70% YOY, Projects under Construction are Progressing Well [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb6.39 目标价 Rmb7.84 HTI ESG 4.0-4.0-4.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb2.06bn / US$0.28bn 日交易额 (3 个月均值) US$6.72mn 发行股票数目 322.03mn 自由流通股 (%) - 1 年股价最高最低值 Rmb8.05-Rmb5.95 注：现价 Rmb6.39 为 2025 ...

2025 年 5 月 5 日 公司研究 24 年业绩有所承压，25Q1 毛利率显著改善 ——海力风电（301155.SZ）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年报，2024 年实现营业收入 13.55 亿元，同比减少 19.63%；归母净利润 0.66 亿元，同比由亏转盈；扣非归母净利润 0.58 亿元， 同比由亏转盈；拟向全体股东每 10 股派发现金红利 0.9 元（含税）。公司同时 发布 2025 年一季报，2025Q1 实现营业收入 4.36 亿元，同比增长 251.50%， 环比增长 48.63%；归母净利润 0.64 亿元，同比减少 13.27%，环比由亏转盈。 24 年国内海风建设较缓，公司业绩有所承压。2024 年公司桩基业务实现营业收 入 8.54 亿元，同比减少 22.67%，毛利率同比下降 6.03pct 至 4.29%；风电塔 筒实现营业收入 3.20 亿元，同比减少 18.71%，毛利率同比上升 4.38pct 至 7.90%；导管架实现营业收入 1.38 亿元，同比增长 6.82%，毛利率同比上升 10.28pct 至 4.79%。24 年公 ...

2025 年 5 月 6 日 公司研究 25Q1 归母净利润同环比改善，产能建设稳步推进 ——多氟多（002407.SZ）2024 年年报及 2025 年一季报点评 要点 事件：公司发布 2024 年年度报告及 2025 年一季报。24 年公司实现营业收入 82.07 亿元，同比-31.25%，实现归母净利润-3.08 亿元，同比减少 8.18 亿元。 25Q1 公司实现营业收入 20.98 亿元，同比-2.09%，环比+57.68%；实现归母净 利润 0.65 亿元，同比+69.24%，环比增加 3.98 亿元。 公司 24 年归母净利润同比下降，25Q1 归母净利润同环比均改善明显。24 年公 司氟基新材料、电子信息材料、新能源材料、新能源电池分别实现营业收入 26.93、9.35、25.93、16.11 亿元，同比分别变动+20.42%、-24.52%、-45.93%、 -38.33%。24 年，公司归母净利润同比下滑，主要系公司对新能源电池板块中 部分产线进行了减值测试，叠加部分存货减值因素影响，减值总金额 3.67 亿元； 主要产品六氟磷酸锂、新能源电池等销售均价同比大幅下降，毛利不达预期所致。 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown impressive performance in Q1 2025, with significant growth in revenue and net profit, indicating a strong recovery and growth trajectory [5][6] - The semiconductor design business, particularly in image sensor solutions, has become a major revenue driver, contributing to the overall growth of the company [6][7] - The automotive sector is expected to be a key growth area, benefiting from the increasing demand for advanced driver-assistance systems (ADAS) and the company's established market position [7] - The mobile phone business is also recovering, with a focus on high-end products, which is anticipated to return to positive growth by 2026 [8] - Emerging markets such as smart glasses and robotics are being explored, providing new growth opportunities for the company [9] Financial Performance Summary - In 2024, the company achieved revenue of 25.731 billion yuan, a year-on-year increase of 22.41%, and a net profit of 3.323 billion yuan, up 498.11% [5] - For Q1 2025, revenue reached 6.472 billion yuan, reflecting a 14.68% increase, with net profit growing by 55.25% to 866 million yuan [5] - The gross margin for the main business improved to 29.36% in 2024, up 7.74 percentage points year-on-year, indicating enhanced profitability [6] Business Segment Performance - The image sensor solutions segment generated 19.190 billion yuan in revenue in 2024, a 23.52% increase, making up 74.76% of total revenue [6] - The automotive market contributed approximately 5.905 billion yuan to the image sensor business, marking a 29.85% year-on-year growth [7] - The mobile phone CIS segment saw revenue of 9.802 billion yuan in 2024, a 26.01% increase, driven by high-end product adoption [8] Profitability and Valuation - The report forecasts net profits of 4.363 billion yuan for 2025 and 5.324 billion yuan for 2026, with corresponding P/E ratios of 37X and 30X [10] - The company is expected to benefit from trends in automotive intelligence and high-end smartphone CIS, with long-term growth potential from various AI terminal products [10]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Railway Construction Corporation (601186.SH/1186.HK) with current prices at 7.81 CNY and 4.94 HKD respectively [1]. Core Views - The company experienced operational pressure in 2024, with a year-on-year decline in revenue and net profit. However, cash flow showed improvement in Q1 2025 [5][6]. - The company has a sufficient backlog of contracts, with a continuous optimization of contract structure, particularly in green and emerging industries [7]. - Despite the challenges, the company is expected to maintain a stable dividend policy, proposing a dividend of 3 CNY per 10 shares, reflecting an 18.34% payout ratio [8]. Summary by Sections Financial Performance - In 2024, the company reported revenues of 1,067.17 billion CNY, a decrease of 6.2% year-on-year, with a net profit of 22.22 billion CNY, down 14.9% [5]. - For Q1 2025, revenues were 256.76 billion CNY, a decline of 6.6% year-on-year, with net profit at 5.15 billion CNY, down 14.5% [5]. Revenue Breakdown - The revenue from various segments in 2024 showed declines: Engineering Contracting (-5.7%), Planning and Design Consulting (-3.9%), Industrial Manufacturing (-2.5%), Real Estate Development (-13.7%), and Material Logistics (-9.4%) [6]. - The company’s domestic and overseas revenue in 2024 was 1,001.27 billion CNY and 65.90 billion CNY respectively, with a year-on-year change of -7.1% and +9.3% [6]. Contracting and Orders - New contracts signed in 2024 totaled 30,369.7 billion CNY, a decrease of 7.8% year-on-year, with overseas contracts growing by 23.4% [7]. - In Q1 2025, new contracts amounted to 4,928.5 billion CNY, down 10.5% year-on-year, but with significant growth in green and real estate projects [7]. Cash Flow and Expenses - The company faced significant cash outflows in 2024, with a net cash outflow of 31.42 billion CNY, but showed improvement in Q1 2025 with a net inflow of 3.95 billion CNY [8]. - The financial expense ratio increased due to foreign exchange losses, impacting net profit margins [8]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted to 22.33 billion CNY and 22.88 billion CNY respectively, reflecting a downward revision of 4% and 3% [8]. - The report maintains a "Buy" rating based on the company's strong contract backlog and ongoing structural improvements [8].

盈利预测与投资建议 ⚫ 根据年报和一季报，我们调整盈利预测并引入 2027 年的盈利预测，预计公司 2025- 2027 年 EPS 为 0.64、0.69 和 0.76 元（原 25-26 年为 0.66 和 0.71 元），DCF 目标 估值 11.48 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费需求减弱、电商投入产出比持续下降等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3,030 | 3,011 | 2,991 | 3,165 | 3,412 | | 同比增长 (%) | -1.6% | -0.6% | -0.7% | 5.8% | 7.8% | | 营业利润(百万元) | 688 | 652 | 649 | 691 | 762 | | 同比增长 (%) | 10.4% | -5.3% | -0.5% | 6.5% | 10.3% | | 归属母公司净利润(百万元) | 572 | 542 | 540 | 575 | 63 ...