证券研究报告 建筑材料 | 装修建材 非金融|公司点评报告 hyzqdatemark 2025 年 05 月 08 日 证券分析师 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 东方雨虹(002271.SZ) 投资评级： 增持（维持） ——业绩仍在承压，静待底部出现 投资要点： 风险提示：新开工增速大幅下滑、基建增速低于预期、沥青价格大幅上行 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入（百万元） | 32,823 | 28,056 | 26,714 | 27,955 | 30,841 | | 同比增长率（%） | 5.15% | -14.52% | -4.78% | 4.64 ...

Core Viewpoint - Hainan Airport plans to acquire controlling stake in Meilan Airport, aiming to enhance its focus on airport operations and achieve a significant increase in passenger throughput [1] Group 1: Acquisition Details - Hainan Airport intends to purchase 237.5 million shares of Meilan Airport for a total consideration of 2.339 billion yuan, equating to 9.85 yuan per share [1] - Upon completion of the transaction, Hainan Airport and its wholly-owned subsidiary will hold at least 50.19% of Meilan Airport's shares, becoming the controlling shareholder [1] - The acquisition is part of a broader strategy to consolidate operations across three major airports in Hainan, targeting an annual passenger throughput exceeding 50 million [1] Group 2: Operational Strategy - In 2024, Meilan Airport achieved a record passenger throughput of 26.89 million, reflecting a year-on-year growth of 10.5% [1] - Hainan Airport is focusing on "de-real estate" initiatives, with plans to increase the proportion of airport management revenue to over 60% post-acquisition [1] - The company aims to leverage credit management and big data analysis to enhance policy implementation and project execution, while also expanding international flight routes [1] Group 3: Market Positioning - The acquisition is a key component of Hainan Airport's annual market value management plan, which includes shareholder buybacks and profit distributions [1] - The company is positioning itself to create a unique "airport + duty-free" flow entry point within the island, aiming for differentiated development in the airport sector [1]

记者 | 沈溦 转型中的雅戈尔（600177.SH）继续遭遇着阵痛。 日前，雅戈尔发布2024年年报，过去一年，公司完成营业收入141.88亿元，同比增长3.19%，归属于上 市公司股东的净利润为27.67亿元，同比下降19.41%。 这已是公司连续四年利润下滑，2021至2023年，雅戈尔实现归母净利润分别同比下降29.15%、1.05%、 32.31%。 略显尴尬的是，尽管宣布放弃房地产并逐步退出财务性投资业务，但从2024年业绩组成来看，房地产收 入是公司营收增长的主力军，而投资板块盈利22.10亿元，占比近80%。 而从三驾马车之一到全力投入的时尚板块，却出现了营收业绩双降的局面。 对此，雅戈尔董事长李如成在一年一度的致股东信中也称，2024年是雅戈尔进入深度调整的年份。 服饰板块遭遇"阵痛" 整体来看，雅戈尔在商务服饰领域优势依然，男衬衫连续28年、男西装连续25年获得同类产品市场综合 占有率第一 ，但市场的寒意依然难以抵挡。 统计数据显示，国内消费者信心指数低位运行，零售市场竞争激烈，2024年限额以上单位服装、鞋帽、 针纺织品类零售额全年同比增长0.3%，增速较2023年回落12.60个百分点， ...