三是比亚迪 2024年的研发投入达541.61亿元 ，或有登上A股公司2024年度研发投入榜首的机 会。 业绩增长助力分红。比亚迪2024年实现营业收入7771.02亿元，同比增长29.02%，这是公司历 史上年度营收首次突破7000亿元。按历史汇率计算，比亚迪的营收还超越了特斯拉2024年全年 976.90亿美元（约人民币7022.35亿元）的营收表现，为2018年以来首次。 在净利润方面，比亚迪2024年归属于母公司所有者的净利润为402.54亿元，同比增长34.0%。 其中，汽车、汽车相关产品及其他产品收入为6173.82亿元，同比增长27.70%，占总收入的比 例为79.45%；手机部件、组装及其他产品收入为1596.09亿元，同比增长34.60%，占总收入的 比例为20.54%。 此外，比亚迪2024年乘用车销量超425万辆，同比增长41.07%，并蝉联中国汽车市场车企销量 冠军、中国汽车市场品牌销量冠军和全球新能源汽车市场销量冠军。 3月24日晚间，比亚迪交出2024年年报，在盈利、分红、研发三项指标上均有突出表现。 一是比亚迪首次做到每天挣"一个小目标"。公司 2024年的归母净利润为402.5 ...

Core Viewpoint - Greentown Service (02869.HK) reported a revenue of 18.528 billion yuan for 2024, reflecting a year-on-year increase of 6.5%, with various segments showing mixed performance in revenue growth and profitability [1][3][4]. Revenue Summary - Total revenue for 2024 reached 18.528 billion yuan, up 6.5% year-on-year - Property service revenue was 12.401 billion yuan, a growth of 11.7%, accounting for 66.9% of total revenue - Park service revenue declined to 3.373 billion yuan, down 5.5%, representing 18.2% of total revenue - Consulting service revenue increased to 2.412 billion yuan, up 5.1%, making up 13.0% of total revenue - Technology service revenue fell to 341 million yuan, down 20.3%, contributing 1.9% to total revenue [3][4]. Profitability Summary - Gross profit for 2024 was 3.197 billion yuan, a 9.7% increase year-on-year, with a gross margin of 17.3%, up 0.5 percentage points - Property service gross margin was 13.7%, up 0.7 percentage points - Park service gross margin was 22.6%, up 1.1 percentage points - Consulting service gross margin was 24.9%, up 1.5 percentage points - Technology service gross margin was 39.3%, up 0.6 percentage points - Net profit reached 867 million yuan, a 21.1% increase year-on-year, with a net profit margin of 4.7%, up 0.6 percentage points [4]. Pricing and Project Management - The company achieved a price increase completion rate of 126% for the year 2024 - The company has raised the entry threshold for expansion, allowing entry into only 58 cities among national prefecture-level cities - In existing projects, the company has implemented a policy of not accepting projects below the original price, achieving premium acceptance in multiple existing projects [4]. Accounts Receivable - As of the end of 2024, trade and other receivables amounted to 5.577 billion yuan, a 9.1% increase from 5.114 billion yuan in the same period of 2023 - The growth in receivables is attributed to the increase in business scale, with the company enhancing the assessment and control of collections to accelerate the collection speed - Trade receivables grew by 13.6% year-on-year, while other receivables decreased [5].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to the divestment of its real estate business, but showed growth in core operations when excluding this impact [3][4]. Financial Performance - In 2024, the company achieved a revenue of 3.983 billion yuan, a year-on-year decrease of 13.0%, and a net profit attributable to shareholders of 244 million yuan, down 19.7%. However, excluding the impact of the real estate divestment, revenue remained flat, and net profit increased by 6.2% [3]. - The earnings per share (EPS) for 2024 was 0.24 yuan, with a proposed cash dividend of 0.06 yuan per share, resulting in a total payout ratio of 45.9% for the year [4]. Business Segmentation - The cosmetics segment saw a revenue increase of 2.5%, with the Yilian brand growing by 12% while the Ai'er Doctor brand experienced a slight decline [5]. - Revenue contributions from different segments in 2024 were as follows: cosmetics (62.2%), property management and others (15.4%), pharmaceuticals (12.9%), and raw materials and additives (8.6%) [5]. Sales Channels - Online sales dominated the cosmetics business, accounting for 87% of revenue, with a year-on-year growth of 1.8%, while offline sales represented 13% with a growth of 6.9% [5]. Profitability Metrics - The gross margin improved by 6.2 percentage points to 52.7% in 2024, with cosmetics, property management, pharmaceuticals, and raw materials having gross margins of 62.6%, 20%, 52.3%, and 35.9%, respectively [6]. - The operating cash flow for 2024 was 229 million yuan, a decrease of 51.8% year-on-year, primarily due to cash flow impacts from the real estate business divestment [7]. Expense Management - The total expense ratio increased by 3.7 percentage points to 44.8%, with specific increases in sales expenses (5.1 percentage points) and R&D expenses (0.8 percentage points) [7].

拟派发2024年末期股息每股现金人民币1.62元，派发全年股息每股现金人民币2.55元，同比增长5%，基 于归母营运利润计算的现金分红比例为37.9%，分红总额连续13年保持增长。 " 2024年，中国平安实现归属于母公司股东的营运利润1218.62亿元，同比增长9.1%；归属于母公司股 东的净利润1266.07亿元，同比大幅增长47.8%；营业收入10289.25亿元，同比增长12.6%。 人民财讯3月20日电，3月20日，中国平安召开2024年度业绩发布会。 对于2024年的经营业绩，中国平安总经理兼联席首席执行官谢永林评价，"整体来看，是满意的，符合 预期的，略超管理层预期。 ...

Investment Rating - The report maintains a positive outlook for WuXi AppTec, indicating a potential for double-digit growth in 2025 [2][3]. Core Insights - The company achieved a revenue of 39.24 billion yuan in 2024, a decrease of 2.7% year-on-year, but a 5.2% increase when excluding COVID-19 commercialization projects. The net profit attributable to shareholders was 9.45 billion yuan, down 1.6% year-on-year, while the adjusted net profit increased by 2.5% to 9.99 billion yuan [1][2]. - The revenue for Q4 2024 was 11.54 billion yuan, reflecting a quarter-on-quarter growth of 10.3% and a year-on-year growth of 6.9%. The adjusted net profit for Q4 was 3.24 billion yuan, up 20.4% year-on-year [2][3]. - The company expects revenue from continuing operations to return to double-digit growth in 2025, with a projected revenue of 41.5 to 43 billion yuan, representing a growth of 10% to 15% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported quarterly revenues of 7.98 billion yuan, 9.26 billion yuan, 10.46 billion yuan, and 11.54 billion yuan, with adjusted net profits of 1.91 billion yuan, 2.46 billion yuan, 2.97 billion yuan, and 3.24 billion yuan respectively [2]. - The total revenue for 2024 was 39.24 billion yuan, with a year-on-year growth rate of -2.7%. The adjusted net profit was 10.58 billion yuan, down 2.5% year-on-year [1][2]. Business Segments - The chemical business generated 29.05 billion yuan in 2024, a slight decline of 0.4%, but a growth of 11.2% when excluding specific commercialization projects. The TIDES business saw a significant revenue increase of 70.1% to 5.8 billion yuan [3][4]. - The testing business reported a revenue of 5.67 billion yuan, down 4.8% year-on-year, primarily due to a decline in order prices [4][5]. - The biological business achieved a revenue of 2.54 billion yuan, with a 29.9% growth in non-tumor-related areas [5][6]. Future Outlook - The company plans to increase capital expenditures to 7 to 8 billion yuan in 2025, focusing on expanding global D&M capacity [7]. - Revenue projections for 2025 to 2027 are 42.32 billion yuan, 47.08 billion yuan, and 52.24 billion yuan respectively, with net profits expected to reach 11.02 billion yuan, 12.50 billion yuan, and 14.09 billion yuan [8][9].

Summary of the Earnings Call for EVE Energy Co., Ltd. Industry and Company Overview - The call discusses EVE Energy Co., Ltd., a company in the lithium battery and energy storage industry, focusing on its performance and future prospects in the context of the current market dynamics [2][3]. Key Points and Arguments Strong Business Performance - EVE Energy's core business is performing strongly, particularly in the power battery segment, with a significant increase in the application of large cylindrical batteries [3]. - The company has made notable progress in its energy storage business, with expectations of positive contributions from overseas production capacity, especially in Malaysia [3][4]. Market Position and Growth - In 2024, EVE Energy's domestic power battery installation reached 18.68 GWh, a 65% year-on-year increase, ranking fifth in China and ninth globally with approximately 20 GWh installed [4][5]. - The company anticipates a further increase in market share, particularly in the commercial vehicle sector, due to new model launches and overseas shipments of large cylindrical batteries [4][5]. Response to Tariffs and Market Challenges - EVE Energy plans to mitigate the impact of U.S. tariffs by increasing overseas production capacity, particularly in Malaysia, which is expected to enhance international competitiveness [4][6]. - The anticipated tariff adjustments could lead to a 20%-30% growth in overseas market shipments, ensuring performance certainty [4][6]. Future Performance Expectations - The company expects to turn a profit in its power battery segment by 2025, with significant contributions from energy storage capacity in 2026 [7]. - EVE Energy's projected power battery installation for 2025 is 25 GWh, exceeding previous expectations, with a total shipment forecast of 110 GWh for 2025 and 144 GWh for 2026 [8][20]. New Customer Acquisition - EVE Energy has successfully acquired new customers, with first-quarter data outperforming peers, indicating a clear expectation for increased volume from new clients [8]. - Notable clients include Xiaopeng Motors, which has shown strong performance since Q4 of the previous year [8]. Energy Storage Business Impact - In 2024, energy storage shipments accounted for 50 GWh of a total 70 GWh, with expectations for continued growth in 2025 [12]. - The company focuses on high-end markets and high-cycle life products, avoiding price wars, which mitigates the impact of policy changes on its overall volume [12]. Emerging Market Opportunities - Demand in emerging markets such as Africa, the Middle East, Australia, and South America is rapidly increasing, with project totals exceeding 40 GWh expected to start deliveries by year-end [13]. - EVE Energy has secured numerous overseas customer orders, positioning itself well to meet demand despite U.S. tariff challenges [13]. Cost Control and Production Efficiency - The company aims to improve production capacity utilization, which is expected to enhance cost control and profitability [16]. - A conservative estimate suggests a potential profit of 0.01 to 0.015 CNY per share, translating to approximately 1 billion CNY in growth [10]. Technological Advancements - EVE Energy has established a clear technological roadmap, with large cylindrical batteries already receiving attention from international clients [17]. - The company is adapting to changing application scenarios, particularly in the PHEV market, which is expected to drive demand for high-performance battery products [17]. Investment and Market Outlook - Despite current market oversupply affecting investment returns, there is optimism for long-term growth as supply chain conditions stabilize [22]. - EVE Energy's valuation is considered low compared to leading companies in the lithium battery sector, indicating strong future growth potential [7][21]. Additional Important Insights - The company is not participating in the price war in the energy storage market, focusing instead on maintaining product quality and market position [12]. - The impact of ITC subsidies and tariff changes on profitability is being closely monitored, with strategies in place to adapt to potential increases in tariffs [14][15]. This summary encapsulates the key insights from the earnings call, highlighting EVE Energy's strategic positioning, market dynamics, and future growth prospects in the lithium battery and energy storage industry.

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5]. Core Views - The company has shown steady growth in sales despite short-term profit pressure, with a revenue increase of 0.93% year-on-year to 2.808 billion yuan in 2024, while net profit decreased by 27.72% to 268 million yuan [2][3]. - The company is actively expanding its production capacity with the ongoing construction of a 1 million-ton corn deep processing project, which is expected to enhance its long-term growth potential [4]. - A planned acquisition of Henan Yuxin Sorbitol Co., a leading player in the functional sugar alcohol industry, is anticipated to reshape the market landscape and improve the company's competitive position [4]. Financial Summary - In 2024, the company achieved a revenue of 2.808 billion yuan, with a slight increase of 0.93% compared to the previous year. The net profit attributable to the parent company was 268 million yuan, reflecting a significant decline of 27.72% [2][6]. - The company forecasts net profits of 380 million yuan, 473 million yuan, and 573 million yuan for 2025, 2026, and 2027, respectively, indicating a recovery trend with corresponding EPS of 1.24, 1.55, and 1.87 yuan [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 12.09, 9.71, and 8.01 times, respectively, suggesting an attractive valuation as the company’s growth potential is gradually realized [5][6].

以下文章来源于市值观察 ，作者市值观察 作者：徐风 来源： 市值观察（ID： shizhiguancha ） 近期，上海银行发布公告， 因债务纠纷对深业物流、宝能地产等宝能系公司提起诉讼，涉及本金共 计73.76亿 ，以及截至还清之日所拖欠的利息和罚息。 作为昔日城商行"老二"，上海银行踩雷宝能是自身内控问题的缩影，再叠加较低的净息差和规模增 速，未来还将面临业绩排名下滑的风险。 01 再陷纠葛 实际上，上海银行与宝能系的纠纷并非首次，往前追溯，去年10月还曾因宝能系的25.8亿的本金借款 纠纷对簿公堂，两次诉讼本金共计达99.56亿，近百亿的规模。 虽然上海银行称已经对宝能系的贷款计提了减值准备，但从规模来看，2024年上半年上海银行的房地 产对公贷款规模为1198.9亿，单对宝能的诉讼金额占比就达到了8.3%，影响并不算小。 市值观察 . 聚焦上市公司市值与价值 更为要紧的是，近年来宝能系流动性危机持续发酵。钜盛华作为宝能集团核心的金控平台，早在2021 年 有息债务余额就达到了822.91亿 ，已出现债务违约、展期的对外担保规模达572.89亿。 且据天眼查统计，截至2024年1月底，宝能集团目前存在6 ...