回顾立讯精密过往发展，公司在消费电子领域借助内生与外延并购实现多品类、多客户、多终端的全面 发展，目前其已为苹果提供iPhone、AppleWatch、AirPods、AppleVisionPro等产品的开发和制造服务。 消费电子业务作为立讯精密基本盘，为公司业绩提供了极大的支撑。2024年全年，立讯精密实现营业收 入2687.95亿元，同比增长15.91%，实现净利润133.66亿元，同比增长22.03%。今年一季度，立讯精密 延续业绩增长，实现营收617.88亿元，同比增长17.9%，实现净利润30.44亿元，同比增长23.17%。 7月2日晚间，立讯精密(SZ.002475)发布提示性公告称，为深化公司全球化战略布局，增强境外融资能 力，进一步提升公司治理透明度和规范化水平，公司目前正在筹划H股发行上市。 受此消息利好，7月3日立讯精密收盘股价涨幅超5%。据悉，近年来立讯精密加速推进全球化布局，在 消费电子、汽车、通信及数据中心等关键领域持续拓展业务版图。而本次赴港上市，无疑将为公司海外 业务的进一步发展注入强大动力，助力其在全球市场中进一步提升竞争力，实现更高质量的国际化发 展。 精密制造业龙头不止步 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 风险提示： 原材料成本上涨快于预期；区域竞争加剧；大单品拓展低于预期。 公司在一季度"开门红"的基础上，二季度继续保持高质量发展态势。公司构建了"立体化降本增效"模型，助力 实现降本增效：一方面公司借助数字化工具跟踪大宗物料价格波动，在低位锁定采购价格，同时在保障供应安 全的前提下，灵活运用长短期采购策略以降低成本；另一方面通过标准化管理减少生产过程中的浪费及损耗， 使啤酒年吨成本降低。尽管公司生产成本已有改善，但在行业中仍处于中下游水平，劳动生产率、能耗成本等 仍有优化空间。 公司预计2025年行业原材料成本（如麦芽、玻瓶）仍处下行周期，燕京啤酒将持续强化管理以释放成本红利， 同时在人才方面推进梯队建设、优化考核激励机制并强 ...

2025 年 7 月 8 日 公司研究 利润维持快速增长，积极探索多元化业务 风险提示：原材料成本上涨快于预期；区域竞争加剧；大单品拓展低于预期。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 14,213 | 14,667 | 15,588 | 16,415 | 17,096 | | 营业收入增长率 | 7.66% | 3.20% | 6.28% | 5.30% | 4.15% | | 归母净利润（百万元） | 645 | 1,056 | 1,457 | 1,737 | 2,012 | | 归母净利润增长率 | 83.01% | 63.74% | 37.99% | 19.21% | 15.88% | | EPS（元） | 0.23 | 0.37 | 0.52 | 0.62 | 0.71 | | ROE（归属母公司)（摊薄） | 4.66% | 7.22% | 9.37% | 10.47% | 11.31% | | P/E | 56 | 3 ...

2025 年 7 月 8 日 事件：燕京啤酒发布 2025 年半年度业绩预告，25H1 预计实现归母净利润 10.62-11.37 亿元，同比增长 40%-50%；预计实现扣非归母净利润为 9.26-10.00 亿元，同比增长 25%-35%。其中 25Q2 预计实现归母净利润 8.96-9.72 亿元， 同比增长 36.7%-48.3%；预计实现扣非归母净利润 7.73-8.47 亿元，同比增长 21.1%-32.7%。 25Q2 利润维持高增，降本增效持续推进。公司在一季度"开门红"的基础上， 二季度继续保持高质量发展态势。公司构建了"立体化降本增效"模型，助力实 现降本增效：一方面公司借助数字化工具跟踪大宗物料价格波动，在低位锁定采 购价格，同时在保障供应安全的前提下，灵活运用长短期采购策略以降低成本； 另一方面通过标准化管理减少生产过程中的浪费及损耗，使啤酒年吨成本降低。 尽管公司生产成本已有改善，但在行业中仍处于中下游水平，劳动生产率、能耗 成本等仍有优化空间。 公司预计 2025 年行业原材料成本（如麦芽、玻瓶）仍处下行周期，燕京啤酒将 持续强化管理以释放成本红利，同时在人才方面推进梯队建设、优化 ...

银行拓展多元化收入自救。 自2024年10月以来，国有大型银行率先开启存款利率下调，这一趋势迅速蔓延至中小银行和民营银行， 银行存款利率全面迈向"1时代"。 与此同时，大额存单利率也大幅下调，甚至部分银行直接下架中长期限的大额存单产品。在揽储压力 下，银行不得不通过创新手段吸引客户。 面对多重压力，银行加速推进转型之路。一方面，理财保险、理财产品和结构性存款成为存款的替代利 器，银行通过拓展非利息收入业务，优化收入结构；另一方面，数字化转型成为银行提升效能、降低成 本的关键手段。 银行业务模式受冲击 目前，多家银行出现了存款利率"倒挂"的现象，例如3年期存款利率高于5年期存款利率，或者2年期存 款利率高于3年期存款利率等。 大额存单的利率也进入了"1时代"。一位来自上海的大额存单投资者曾告诉记者，她在5月初于中国银行 购买了一笔20万元的1年期个人大额存单，当时的年利率为1.45%。然而，当她在几天前查看手机银行 时，发现1年期大额存单的年利率已经降至1.2%。她表示，如今高利率、长期限的大额存单越来越少， 而且很难抢到。 在降息潮的背景下，商业银行此前普遍下调了大额存单利率，甚至有的银行直接下架了3年期、5 ...

Core Viewpoint - Zhejiang Provincial Transportation Investment Group Co., Ltd. received an "AAA" credit rating for its 2020 public bond issuance, indicating strong financial health and industry position [1][2]. Group 1: Company Overview - The company is the largest entity in Zhejiang Province for transportation infrastructure investment, construction, and operation, highlighting its prominent industry position [2]. - The economic strength of Zhejiang Province, a major economic hub in southeastern China, continues to enhance the company's operational environment, with significant growth potential in the transportation infrastructure sector [2]. Group 2: Business Operations - As the largest operator of expressways in Zhejiang, the company manages high-quality road assets and has substantial operational scale, also overseeing railway investment and management in the province [2]. - The company is engaged in multiple construction projects with high-level qualifications, maintaining a large backlog of contracts and stable revenue from goods sales, although it faces low profit margins [2]. Group 3: Financial Performance - The company has experienced a decline in securities income due to reduced futures business revenue, which is sensitive to economic cycles and regulatory changes [2]. - With the inclusion of Nantong Jianghai Capacitor Co., Ltd., the company has expanded into electronic components, which is expected to significantly contribute to future revenue and profits [2]. - The company's asset scale is growing, with ample cash reserves and stable income from toll roads and financial assets, indicating strong overall asset quality and profitability [2]. - Although the debt scale has increased, it remains manageable, primarily consisting of bank loans, bond financing, and government special bonds, with strong debt repayment indicators and accessible financing channels [2].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its asset optimization and growth potential [4][6]. Core Views - The company is expected to benefit from a young asset structure and value reassessment driven by asset optimization. The focus on operational efficiency and network expansion is anticipated to enhance revenue and profitability [4][5][8]. Summary by Relevant Sections Financial Performance - The company forecasts revenue of RMB 6,825 million for 2025, with a slight decline of 2.06% year-on-year, followed by a recovery to RMB 7,017 million in 2026 and RMB 7,438 million in 2027. Net profit attributable to shareholders is projected to grow from RMB 1,002 million in 2025 to RMB 1,150 million in 2027, reflecting a compound annual growth rate (CAGR) of 5.32% [4][6]. - The company’s earnings per share (EPS) is expected to increase from RMB 0.45 in 2025 to RMB 0.51 in 2027, with a price-to-earnings (P/E) ratio decreasing from 10.92x to 9.52x over the same period [4][6]. Business Structure - The company primarily operates toll roads, with toll revenue accounting for approximately 63.98% of total revenue in 2024. The construction service segment contributes 33.22%, while real estate sales account for only 1.25% [5][15]. - The company has a total of 808 kilometers of managed highways, with a weighted average remaining toll collection period of 17.04 years, providing ample time for traffic growth and revenue generation [5][42]. Dividend Policy - The company emphasizes shareholder returns, committing to a minimum cash dividend payout ratio of 40% of net profit from 2025 to 2027. The dividend payout ratio was 40.42% in 2023 and is expected to rise to 43.40% in 2024 [5][35]. Market Position - The company benefits from a strategic location in Henan Province, a key transportation hub in China, enhancing its operational advantages and potential for traffic growth [5][36]. - The company is part of the Henan Transportation Investment Group, which holds a significant share of the province's toll road assets, providing a strong backing for its operations and growth prospects [12][57].

Core Insights - Haidilao has recently gained attention in the working community by launching a self-service lunch option, offering meals priced around 20 yuan, which includes various dishes and beverages, appealing to office workers [1][4][8] - The company is expanding its business model beyond traditional hotpot offerings, creating a new consumption map that includes various meal options for different times and settings [1][3][10] Business Strategy - The introduction of the self-service lunch is a strategic move to activate underutilized resources during off-peak hours, as lunch remains a low-traffic period for the company [3][11] - Haidilao's diversification efforts include launching new brands and meal options, such as boxed meals and children's menus, to cater to a broader audience and different dining scenarios [8][10][22] Market Context - The overall restaurant industry in China is experiencing slower growth, with Haidilao's revenue growth declining to single digits in 2024, indicating a shift in the competitive landscape [11][12][13] - The hotpot industry is facing intense competition, with many brands engaging in price wars, leading to a decrease in profit margins and an increase in store closures [16][17][18] Financial Performance - Haidilao reported a revenue of 427.55 billion yuan in 2024, with a modest growth of 3.1%, and a net profit of 47 billion yuan, reflecting a slowdown compared to previous years [11][12] - The company's average table turnover rate has improved to 4.1 times per day, but the average customer spending has decreased below 100 yuan, highlighting the impact of price sensitivity among consumers [14][15] Consumer Perception - The introduction of affordable meal options has altered consumer perceptions of Haidilao, with some viewing it as a value-driven choice while others question the brand's premium positioning [7][8] - The success of the self-service lunch and other new offerings will be crucial in determining Haidilao's ability to adapt to changing consumer preferences and market conditions [21][22]

根据公告显示，圣贝拉于6月18日开启招股，拟全球发售9542万股，发售价为每股6.58港元，一手入场 价3323.18港元，瑞银与中信证券为联席保荐机构，引入杭州市政府旗下萧山区产业基金等全明星基石 投资者，预计将于6月26日正式上市。 能够吸引超豪华全明星阵容加持，圣贝拉有何亮点？ 全明星基石阵容护航，头部保荐机构联袂坐镇 （原标题：稀缺标的来袭！全球家庭护理第一股圣贝拉（2508.HK）开始招股） 在港股IPO市场持续升温背景下，圣贝拉招股进程获得顶级资本与产业资源双重背书，基石投资者阵容 堪称豪华。 在内地与香港资本市场互联互通机制持续深化背景下，赴港上市企业呈现井喷态势，优质标的打新收益 率屡创新高。 值此市场热度升温之际，港股IPO赛道迎来重磅选手——全球家庭护理行业第一股圣贝拉正式启动招股 程序。 据招股书披露，杭州市政府旗下萧山区产业基金重磅入局，若成功上市，圣贝拉将成为萧山区首个由政 府资金直接参与保荐的IPO企业，区域标杆效应显著。 与此同时，高端民营医疗集团和睦家战略注资，其医疗资源与圣贝拉护理体系深度协同潜力可期，未来 有望构建"高端护理+专科医疗"闭环生态；香港养和医院亦打破近两年投资 ...

编号：2025-001 答：尊敬的投资者，感谢您对公司的关注。1、公司始终秉 持现代企业管理制度，在各个核心岗位人员任用上，严格遵循择 优录取的原则，致力于选拔业内专业人才与经验丰富的管理人 士，以此保障公司运营管理的专业性、科学性与高效性。这种基 于能力与经验的用人策略，有利于公司在激烈的市场竞争中稳健 前行，确保公司各项业务有序推进，持续提升公司综合竞争力。 实控人子女的职业选择尊重个人意愿，不因亲属关系影响岗位安 排。2、公司坚持稳健经营，一方面在稳固国内市场的基础上， 积极开拓海外市场，继续夯实主业，做强做精，保持公司高质量 发展；另一方面积极尝试在国家支持和鼓励的行业中选择合适的 细分赛道，围绕钢结构进行多元化业务的探索，积极布局新领域。 3、现阶段实控人对公司的发展前景满怀信心，且对公司经营管 理有着明确战略规划，暂无引入外部战略投资者的计划。未来， 若公司基于战略发展考量，认为引入战略投资者有助于提升公司 核心竞争力、拓展业务布局、促进公司长远发展，公司将在充分 评估的基础上审慎决策，并按照相关法律法规及监管要求，妥善 推进相关事宜并做好信息披露工作 。 附件清单（如有） 无 | | □特定对象 ...