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建设银行(601939):业绩承压但负向边际有限,看好大行稳健股息优势
上 市 公 司 ——业绩承压但负向边际有限,看好大行稳健股息优势 报告原因:有业绩公布需要点评 买入(维持) | 市场数据: | 2025 年 04 月 29 日 | | --- | --- | | 收盘价(元) | 9.36 | | 一年内最高/最低(元) | 9.47/6.97 | | 市净率 | 0.7 | | 股息率%(分红/股价) | 6.38 | | 流通 A 股市值(百万元) | 89,797 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 注:"股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产(元) | 12.92 | | 资产负债率% | 92.03 | | 总股本/流通 A 股(百万) | 250,011/9,594 | | 流通 B 股/H 股(百万) | -/240,417 | 一年内股价与大盘对比走势: 2025 年 04 月 30 日 建设银行 (601939) 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12 ...
四川路桥(600039):一季度生产经营重回正轨,股权回购提振信心
Tianfeng Securities· 2025-04-30 06:14
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [7][18]. Core Views - The company's revenue and profit showed steady growth in Q1 2025, with operating income reaching 22.986 billion yuan, a year-on-year increase of 3.98%, and net profit attributable to shareholders at 1.774 billion yuan, up 0.99% year-on-year. The new signed orders increased by 18.87% year-on-year, reflecting a recovery in production and operations [1][4]. - The gross margin slightly decreased to 14.51%, down 1.29 percentage points year-on-year, while the expense ratio improved, indicating enhanced cost control capabilities [2]. - The infrastructure investment in Sichuan province is expected to grow, with a target of 280 billion yuan in 2025, which supports the company's long-term performance [3][4]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 8.098 billion yuan, representing a 12.32% increase year-on-year. The expected earnings per share (EPS) for 2025 is 0.93 yuan, with a price-to-earnings (P/E) ratio of 9.58 [5][12]. - The company plans to maintain a cash dividend payout ratio of 60%, leading to a dividend yield of 6.3% for 2025 [4][5]. - The company's total assets are projected to be 235.25 billion yuan in 2025, with a debt-to-asset ratio of 77.16% [12][13].
2.3万亿元 A股公司现金分红再创新高
2024年度现金分红总额前10名 2024年度股息率前10名 截至日期:4月29日21时 数据来源:Wind 高志刚 制表 郭晨凯 制图 ◎记者 高志刚 在新"国九条"等政策引导下,A股市场已形成常态化分红机制,2024年度现金分红规模再次创出历史新 高。 Wind数据显示,截至4月29日21时,共有5304家A股上市公司发布2024年年报,其中3600余家披露现金 分红方案,占已发布年报公司总数的近七成,年度现金分红合计金额高达2.3万亿元(含当年季报、半 年报、年报现金分红,下同),这一数字不仅刷新历史纪录,更实现连续三年站上2万亿元关口。 从企业类型看,央企、地方国企、民企"同台共舞",通过提升分红金额和比例,积极回馈股东。大盘蓝 筹公司更是常年保持超百亿元分红,成为A股市场现金分红的"中流砥柱"。 | 公司简称 | 2024年度累计 分红总额(亿元) | 公司简称 | 2024年度 股息率(%) | | --- | --- | --- | --- | | 工商银行 | 1097.73 | 美盈衰 | 16.13 | | 中国移动 | 1007.89 | 东方雨虹 | 13.81 | | 建设银行 | ...
浙能电力:24年股息率近5%,1Q25盈利暂承压-20250429
HTSC· 2025-04-29 08:55
Investment Rating - The investment rating for the company is "Buy" with a target price of 6.89 RMB [7]. Core Views - The company reported a revenue of 88.003 billion RMB for 2024, a year-on-year decrease of 8.31%, while the net profit attributable to shareholders was 7.753 billion RMB, an increase of 18.92% [1]. - The company has a strong dividend capability with a dividend per share (DPS) of 0.29 RMB (including tax) for 2024, resulting in a dividend payout ratio of 50.15% and a dividend yield of 4.97% [1]. - The first quarter of 2025 saw a revenue decline of 12.09% year-on-year to 17.602 billion RMB, with a net profit decrease of 40.81% to 1.074 billion RMB, primarily due to a larger-than-expected decline in investment income from joint ventures [1][3]. Revenue and Profitability - The company's controllable and joint venture thermal power net profit for 2024 is estimated at approximately 6 billion RMB, a year-on-year increase of 45%, driven by a 94% increase in controllable thermal power net profit [2]. - The estimated net profit per kilowatt-hour for controllable thermal power in 2024 and Q1 2025 is 3.5 and 1.2 fen respectively, with a year-on-year increase of 1.7 fen and a decrease of 1.2 fen [2]. Investment Income - The investment income from joint ventures for 2024 was 3.766 billion RMB, a year-on-year decrease of 11%, with significant contributions from nuclear power, gas turbines, and coal machines [3]. - In Q1 2025, the investment income from joint ventures dropped by 32% to 841 million RMB, mainly due to pressure on the utilization hours and electricity prices of some joint venture power plants [3]. Valuation and Forecast - The target price has been adjusted to 6.89 RMB, down from a previous value of 7.23 RMB, reflecting a 13x PE for 2025E, considering the company's higher dividend payout ratio compared to peers [4]. - The forecast for net profit attributable to shareholders for 2025 and 2026 has been reduced by 12.0% and 13.3% to 7.105 billion RMB and 7.199 billion RMB respectively [4].
指数基金收益低?4大要素提升收益率
雪球· 2025-04-29 08:39
以下文章来源于六亿居士 ,作者六亿居士 六亿居士 . 雪球2024年度十大影响力用户。每周发布指数估值表,坚持指数基金(ETF)低估定投,分享指数基金基础分析,让我们:买入有依,持有有底,卖出有 据。 风险提示:本文所提到的观点仅代表个人的意见,所涉及标的不作推荐,据此买卖,风险自负。 作者: 六亿居士 来源:雪球 随着市场继续震荡,我们在较低估值时期待了很久,我相信不少朋友,尤其是新朋友心里难免会有一些忐忑。 不少人总说这个市场是零和博弈,那么我们低估定投指数基金,到底能赚到钱么? 如果低估定投指数基金能赚到钱,是赚了哪部分的钱?这个钱是否可以持续?以及有没有更好的办法,赚更多的钱? 一、赚了哪些钱:投资的基础收益来源 在《共同基金常识》一书中,约翰博格总结了股市长期回报率的公式: 股市长期回报率 = 初始投资时刻的股息率 + 盈利增长率 + 估值变化 ,这个简明的公式完整诠释了长期投资需要关注的三大要素:初始股息率、增 速水平和估值水平。 1、初始股息率 初始股息率是投资收益的核心基础,本质上股票、债券等资产都可以统称为" 生息资产 ",在付出相应代价,获得相应权益后,持有这些资产便会 获得一定的利息或股 ...
浙能电力(600023):24年股息率近5%,1Q25盈利暂承压
HTSC· 2025-04-29 07:54
Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.89 [7][8]. Core Views - The company reported a revenue of RMB 88.003 billion for 2024, a year-on-year decrease of 8.31%, while the net profit attributable to shareholders was RMB 7.753 billion, an increase of 18.92% [1]. - The company has a strong dividend capability with a dividend per share (DPS) of RMB 0.29 (including tax), resulting in a dividend payout ratio of 50.15% and a dividend yield of 4.97% [1]. - The first quarter of 2025 saw a revenue decline of 12.09% year-on-year to RMB 17.602 billion, with a net profit decrease of 40.81% to RMB 1.074 billion, primarily due to a larger-than-expected decline in investment income from joint ventures [1][3]. Revenue and Profitability - The company's controllable and joint venture thermal power net profit for 2024 is estimated at approximately RMB 6 billion, a year-on-year increase of 45%, driven by a 94% increase in net profit from controllable thermal power [2]. - The estimated net profit per kilowatt-hour for controllable thermal power in 2024 and Q1 2025 is 3.5 and 1.2 cents respectively, with a year-on-year increase of 1.7% for 2024 and a decrease of 1.2% for Q1 2025 [2]. Investment Income - The investment income from joint ventures for 2024 was RMB 3.766 billion, a year-on-year decrease of 11%, with significant contributions from nuclear power, gas turbines, and coal machines [3]. - In Q1 2025, the investment income from joint ventures dropped by 32% to RMB 841 million, mainly due to pressure on the utilization hours and electricity prices of some joint venture power plants [3]. Financial Forecasts - The company’s average on-grid electricity price for 2025-2026 has been revised down by 11.0% and 11.3%, leading to a reduction in net profit forecasts for 2025 and 2026 by 12.0% and 13.3% to RMB 7.105 billion and RMB 7.199 billion respectively [4]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 0.53, 0.54, and 0.55 respectively, with a target price based on a 13x PE ratio for 2025 [4].
电投能源(002128)2024年年报点评:煤铝量价双升 业绩同比大幅增长
Xin Lang Cai Jing· 2025-04-29 02:43
Core Insights - The company reported a revenue of 29.859 billion yuan for 2024, representing a year-on-year increase of 11.23% [1] - The net profit attributable to shareholders was 5.342 billion yuan, up 17.15% year-on-year, with a basic earnings per share of 2.38 yuan, reflecting a 12.8% increase [1] Coal Business - In 2024, both coal production and sales increased by 3%, reaching approximately 48 million tons and 47.76 million tons respectively [2] - The unit selling price of coal rose by 9% to 213.5 yuan per ton, while the sales cost remained stable at 89.3 yuan per ton, resulting in a gross profit of 124 yuan per ton, up 16% year-on-year [2] Aluminum Industry - The aluminum segment saw a 21.6% increase in gross profit per ton due to rising aluminum prices, with production and sales also increasing by 3% to 900,000 tons [2] - The unit selling price for aluminum was 17,402 yuan per ton, a 7% increase, while the unit cost was 14,326 yuan per ton, up 0.4% [2] Power Business - The company experienced a 95% increase in sales from renewable energy, while coal power sales decreased by 1% to 5 billion kWh [3] - The unit revenue for coal power was 0.34 yuan per kWh, down 3%, and the unit gross profit decreased by 17% to 0.07 yuan per kWh [3] - For renewable energy, the unit price was 0.27 yuan per kWh, down 13%, with a gross profit of 0.12 yuan per kWh, down 29% [3] Dividend and Shareholder Returns - The company announced a cash dividend of 1.793 billion yuan, representing 35.67% of the net profit attributable to shareholders, with a dividend yield of 4.5% [3] Profit Forecast and Investment Rating - Revenue projections for 2025-2027 are 29.9 billion, 35 billion, and 36.6 billion yuan, with net profits of 5.56 billion, 6.14 billion, and 6.54 billion yuan respectively [4] - The company maintains a "buy" rating due to expected growth in coal, aluminum, and electricity businesses [4]
光大银行(601818):存贷增速提升 资产质量平稳
Xin Lang Cai Jing· 2025-04-29 02:35
存贷增速均边际上升,资负结构更加均衡 光大银行2025Q1 末贷款本金总额4.11 万亿元,较年初增长5.24%,增速高于2024年四个季度,贷款放 量有所加快。吸收存款方面,2025Q1 末存款余额为4.27 万亿元,同比增加3.49%,逆转了2024Q2-Q4 连续三个季度的同比负增长,资负结构更加均衡,更好匹配贷款的增长。高息存款收紧后,2024 年光 大银行存款成本率同比下降14BP 至2.18%,部分对冲了资产端收益率下降的影响,预计随着存款增长 加快,负债压力减轻,净息差降幅或继续收窄。 不良率环比持平,高分红+低估值属性较强 营收结构改善,利润增速保持平稳 光大银行2025 年一季度实现营收330.86 亿元(YoY-4.06%),营收降幅边际收窄;归母净利润124.64 亿 元(YoY+0.31%),盈利增速相对平稳。收入结构更加均衡,2025Q1 单季实现净利息收入225.38 亿元 (YoY-6.84%),虽同比下降但降幅较2024 年全年有所收窄;2025Q1 单季实现非息收入105.48 亿元 (YoY+2.46%),主要中收和投资净收益均同比正增长贡献。考虑到实体需求有待恢复、银行业 ...
齐鲁银行(601665):利息加速增长 资产质量全面向好
Xin Lang Cai Jing· 2025-04-29 02:35
Core Insights - Qilu Bank's revenue growth for 2024 is projected at 4.6%, with a net profit growth of 17.8%, indicating strong financial performance [1] - The bank's asset quality continues to improve, with a non-performing loan (NPL) ratio of 1.19% at the end of 2024, down from the beginning of the year [1][5] Financial Performance - For 2024, interest income growth is at 1.7%, recovering from a decline of 2.1% in the first three quarters, while non-interest income growth is at 12.7% [2] - The bank's net interest margin for 2024 is reported at 1.51%, with a decrease of 23 basis points year-on-year [4] - The bank's total loans grew by 12.3% in 2024, with corporate loans increasing by 15.5% and retail loans by 3.2% [3] Asset Quality - The bank's NPL generation rate decreased to 0.63%, reaching a new low since its listing, indicating improved asset quality [5] - The corporate loan NPL ratio has decreased, while the real estate sector shows an increase in NPLs, although its impact is limited due to its small proportion of total loans [5] Capital and Dividends - The bank's dividend payout ratio for 2024 is set at 26%, with an expected dividend yield of 4.5% [5] - The bank's valuation is currently at 0.71x 2025 price-to-book ratio, suggesting potential for capital growth [5]
友发集团(601686):2024年年报点评:盈利环比大幅改善,股息率持续增长
Minsheng Securities· 2025-04-27 14:40
Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company reported a significant improvement in profitability on a quarter-over-quarter basis, with a continuous increase in dividend yield [1] - Despite a year-on-year decline in revenue and net profit, the company managed to increase its market share against a backdrop of industry contraction [3] - The company is expanding its national footprint and exploring overseas markets, particularly in Southeast Asia and the Middle East [3] Revenue and Profitability Summary - In 2024, the company achieved revenue of 54.822 billion yuan, a year-on-year decrease of 10.01% - The net profit attributable to shareholders was 425 million yuan, down 25.46% year-on-year - In Q4 2024, revenue was 14.752 billion yuan, showing a year-on-year increase of 0.59% and a quarter-over-quarter increase of 8.10% - The net profit for Q4 2024 was 324 million yuan, a year-on-year increase of 146.00% and a quarter-over-quarter turnaround to profit [1][2] Production and Sales Summary - The company's pipe sales volume in 2024 was 13.4734 million tons, a slight year-on-year decline of 0.90% - The overall production volume was 20.0949 million tons, down 0.93% year-on-year - The gross margin for Q4 2024 improved both year-on-year and quarter-over-quarter, reaching 5.03% [2] Dividend Policy - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares, amounting to a total cash payout of 209 million yuan, with an annual cumulative dividend of 418 million yuan - The dividend payout ratio stands at 98.41%, resulting in a dividend yield of 5.49%, an increase of 0.61 percentage points year-on-year [2] Future Outlook - The company aims to maintain its leading position in the industry while increasing market share despite overall market declines - It is actively pursuing a national expansion strategy and establishing new production bases in Yunnan and Anhui, while also exploring international market opportunities [3][4] - The company has implemented an employee stock ownership plan to enhance long-term development and employee motivation [4] Financial Forecast - The projected net profit for 2025 is 626 million yuan, with expected growth rates of 47.3% in 2025, followed by 3.8% and 4.6% in 2026 and 2027 respectively - The corresponding price-to-earnings (PE) ratios for 2025, 2026, and 2027 are estimated to be 12, 12, and 11 times respectively [5][9]