Core Viewpoint - Baoguang Co., Ltd. has been recognized for its investor relations management and shareholder return strategy, with a focus on enhancing dividend stability and predictability in 2024 [1][3]. Group 1: Shareholder Return Strategy - In 2024, Baoguang Co., Ltd. implemented an action plan titled "Quality Improvement, Efficiency Enhancement, and Return to Shareholders," which includes a three-year shareholder return plan aimed at increasing dividend rates and ensuring timely and predictable distributions [1]. - The company has a history of cash dividends, having distributed a total of 166 million yuan in cash dividends since 2016, with dividends accounting for 35% of the net profit during this period [1]. - For 2024, the company executed three dividend distributions, totaling 1.0946 yuan per 10 shares (including tax), marking the highest annual distribution in its history [1]. Group 2: Financial Performance - Baoguang Co., Ltd. has shown consistent revenue growth, with a compound annual growth rate (CAGR) of 9.47% over the past decade, and a 147.3% increase in revenue from 2014 to 2024 [3]. - The company has maintained profitability since its listing in 2002, with a CAGR of 16.1% in net profit over the past ten years, and the net profit in 2024 is 4.45 times that of 2014 [3]. Group 3: Investor Relations Management - The company emphasizes effective communication with investors, utilizing various platforms such as shareholder meetings, performance briefings, and online interactions to disclose operational information and enhance shareholder engagement [5]. - In 2024, Baoguang Co., Ltd. responded to 75 investor inquiries through the "Shanghai Stock Exchange E-Interaction" platform, demonstrating its commitment to transparency and investor communication [5]. - Since 2021, the company has participated in the "Collective Reception Day for Listed Companies in Shaanxi" and has held 12 performance briefings to deepen investor understanding and support [5].

Core Points - Millicom International Cellular S.A. has announced the partial closing of its infrastructure deal with SBA Communications, generating approximately $600 million in proceeds from the sale of LATI International S.A. [1] - The total transaction is valued at approximately $975 million, with the remaining amount expected to close in Q3 2025 [1] - Following the Q2 results, Millicom's Board intends to approve a special interim cash dividend of $2.50 per share, representing around 45% of the net proceeds from the transaction [2] - The special dividend will be distributed in two equal installments of $1.25 per share, scheduled for October 15, 2025, and April 15, 2026 [2] - This special dividend is in addition to Millicom's previously announced annual dividend of $3.00 per share, reflecting the company's commitment to shareholder remuneration [3] - The transaction underscores Millicom's strategy to monetize infrastructure assets, enhance financial flexibility, and generate sustainable shareholder returns while maintaining a leverage target range of 2.0-2.5x [3] Company Overview - Millicom is a leading provider of fixed and mobile telecommunications services in Latin America, operating under the TIGO® and Tigo Business® brands [5] - The company offers a variety of digital services, including mobile financial services, local entertainment, pay TV, high-speed data, voice, and business-to-business solutions [5] - As of March 31, 2025, Millicom employed approximately 14,000 people and served over 46 million customers, with a fiber-cable footprint covering more than 14 million homes [5]

Core Viewpoint - In 2024, the company achieved a revenue of 37.052 billion yuan, a year-on-year increase of 1.73%, and a net profit attributable to shareholders of 3.934 billion yuan, a year-on-year increase of 20.16% [1] Group 1: Coal Machinery Segment - The coal machinery segment generated a revenue of 19.470 billion yuan in 2024, a year-on-year increase of 3.27%, and a net profit of 4.165 billion yuan, a year-on-year increase of 30.44% [1] - The gross margin for hydraulic supports and other coal machinery products increased to 33.44%, up by 4.18 percentage points year-on-year, contributing significantly to profitability [1] - The improvement in profitability is attributed to a higher proportion of high-margin products and a decrease in material costs [1] Group 2: Automotive Parts Segment - The automotive parts segment reported a revenue of 17.582 billion yuan in 2024, a year-on-year increase of 0.07%, but a net profit of 0.257 billion yuan, a year-on-year decrease of 6.99% [2] - The subsidiary Yaxin Technology achieved a revenue of 5.039 billion yuan, a year-on-year increase of 18.94%, while SEG reported a revenue of 12.419 billion yuan, a year-on-year decrease of 7.01% [2] - The new energy vehicle-related business incurred a net loss of 0.161 billion yuan due to significant investment during the cultivation period [2] Group 3: Shareholder Returns - The company plans to distribute a cash dividend of 1.12 yuan per share (before tax), totaling 1.956 billion yuan, with a dividend payout ratio increased to 49.72% [2] Group 4: Profit Forecast and Investment Advice - The company slightly adjusted its revenue growth forecast due to short-term pressure in the coal industry, while expecting a gradual return to normal profit margins in 2025 [2] - The forecast for net profit attributable to shareholders for 2025-2027 is 3.934 billion, 4.363 billion, and 4.865 billion yuan, respectively, with earnings per share of 2.20, 2.44, and 2.73 yuan [2] - The company is assigned a target price of approximately 23.32 yuan based on a 10.6 times PE ratio for 2025, maintaining a buy rating [2]

全景网注意到，相较于公司于2025年3月发布的版本，修订版规划将现金分红比例下限从"不低于 20%"统一提升至"40%（含40%）"，打破此前差异化分红框架。根据原政策，公司按"成熟期无重大支 出（80%）、成熟期有重大支出（40%）、成长期有重大支出（20%）"三级阶梯设定分红比例，而修订 后则以40%为刚性底线，同时保留根据盈利情况上调的空间。公司明确表示，此举旨在"以高于A股平均 股利支付率的回报力度，传递盈利可持续性与现金流管控信心"，并直指吸引社保基金、保险资金等长 期投资者。 删除重大支出限制，分红触发机制简化 近日，（001203.SZ）发布《未来三年股东分红回报规划（2024-2026年）（2025年6月修订）》，在分 红比例、触发条件两大维度实施重大调整，彰显公司强化股东回报、吸引长期资金的战略决心。 分红比例下限翻倍，明确"上不封顶" 原政策规定现金分红需同时满足"当年度可分配利润为正、审计机构出具标准无保留意见、公司无重大 投资计划或重大现金支出（募集资金项目除外）"三项条件，修订版则删除了第三项限制。这意味着， 即使公司存在重大投资计划，只要满足前两项财务条件，仍需执行最低40%的现金 ...

零售气量小幅下滑，销气毛差持续改善 机构：华泰证券 研究员：王玮嘉/黄波/李雅琳/胡知 6 月4 日华润燃气出席了我们组织的2025 年中期策略会，会上公司强调暖冬与关税冲击导致零售气量小 幅下滑，综合服务受舆情影响，综合能源表现亮眼。尽管短期业绩承压，但公司重申通过分红+回购等 方式提升股东回报。 我们认为可持续利润占比上升、自由现金流提升带来价值重估，关注回调后的布局窗口，维持"增持"评 级。 公司正式启动回购计划，拟回购注销不超过3%股份，以6 月4 日收盘价计算合计需15 亿港元；公司明 确提升25 年派息率，若25 年DPS 同比持平，则分红支出合计不低于21 亿港元。资本开支优化，经常性 支出向综合能源倾斜、管网置换与接驳新建相关支出压缩空间有限，战略性支出维持低位。 维持盈利预测和目标价， 可持续利润占比上升带来价值重估 我们维持公司25-27 年归母净利为 44/49/55 亿港币，EPS为1.90/2.13/2.38港币（三年预测期 CAGR10%）。维持目标价28.5 港币，基于15x 25E PE，高于五年历史均值（12xPE）。零售气与双综 等可持续业务利润占比上升，业绩不确定性因素逐 ...

Core Viewpoint - Company demonstrates resilient demand and continues to optimize marketing strategies, maintaining healthy loan quality and shareholder returns through ongoing share buybacks [1][2] Group 1: Loan Quality and Profitability - In Q1 2025, the C-M2 ratio slightly increased to 0.60% from 0.57% in Q4 2024, while the first-day overdue rate rose to 5.0% from 4.8% [1] - The 30-day repayment rate remained stable at 88.1%, indicating that loan quality is still healthy [1] - The provision coverage ratio stands at 666%, up from 617% in Q4 2024, suggesting high profitability quality [1] Group 2: Demand and Customer Acquisition - Q1 2025 saw new loan issuance of 88.9 billion, a slight decrease of 1.1% quarter-on-quarter, reflecting resilient credit demand despite being a traditional off-peak season [2] - The company expects a year-on-year growth rate of approximately 8% in new loan issuance for 2025 [2] - The cost of customer acquisition increased to 384 RMB in Q1 2025 from 312 RMB in Q4 2024, attributed to a higher proportion of API channel acquisitions and increased spending on high-cost information flow channels [2] Group 3: Shareholder Returns - As of May 19, 2025, the company has repurchased shares worth 178 million USD out of a planned 450 million USD buyback, with expectations to complete the remaining amount within the year [2] - The company has committed to a dividend payout ratio of 20-30%, projecting a minimum shareholder return of approximately 10% for the year [2] Group 4: Profit Forecast - The company maintains net profit forecasts of 7.1 billion, 7.7 billion, and 8.2 billion RMB for 2025, 2026, and 2027 respectively [2] - Target prices for US and Hong Kong stocks are set at 55.6 USD and 220.9 HKD, based on a PE ratio of 6.5x for 2025 and DCF methods [2]

证券研究报告 奇富科技-S (3660 HK/QFIN US) 2025 年中期策略会速递— 盈利高质量，贷款质量稳健 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国香港/美国 | 其他多元金融 | 6 月 4 日奇富科技出席了我们组织的 2025 年中期策略会，会上公司回顾了 1Q25 的经营情况，并解答了投资者关注的问题。1Q25 需求具有韧性，同 时营销策略持续优化。贷款质量保持健康，C-M2 基本稳定。另外公司重视 股东回报，股份回购持续推进。我们认为公司运营稳健，质量稳定，利润"安 全垫"较为充足，预计 25 年盈利有望进一步提升，维持"买入"评级。 贷款质量保持稳健，盈利质量高 1Q25 C-M2 比例略升至 0.60%（4Q24：0.57%），首日逾期率升至 5.0% （4Q24：4.8%），30 天回款率环比持平于 88.1%。贷款质量仍然维持健康。 基于当前的宏观环境，结合公司谨慎的贷款投放和对风险的重视，我们预计 内年的 C-M2 比例有望大致维持在当前水平。另外 1Q25 的拨备计提率约 4.9 ...

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of HKD 28.50 [7]. Core Views - The company emphasizes that despite short-term performance pressure due to a warm winter and tariff impacts leading to a slight decline in retail gas volume, it aims to enhance shareholder returns through dividends and share buybacks [1]. - The report suggests that the increase in sustainable profit contribution and improved free cash flow will lead to a revaluation of the company's value, indicating a potential buying opportunity after recent price corrections [1]. Summary by Sections Retail Gas Volume and Margin Improvement - From January to April, the company's retail gas volume experienced a slight year-on-year decline, which was less than the national average decline of 2.2%. Industrial gas volume decreased due to tariff impacts on the export industry, while residential gas volume grew, supported by an increase in connected users. However, the average household gas consumption declined due to the warm winter [2]. - The overall gross margin improved slightly year-on-year, with better recovery in residential gross margin compared to the overall margin, and stable gross margin in industrial and commercial sectors. LNG spot prices have decreased, which is expected to further lower procurement costs in 2025 [2]. Impact of Real Estate Downturn and Service Segmentation - The company reported a year-on-year decline in new residential connections from January to April, with expectations of a 20% decrease in new home connections for 2025. The proportion of old home renovations is expected to rise to 30%, which may continue to suppress profit margins [3]. - There is a divergence in performance between comprehensive energy and comprehensive services, with comprehensive energy revenue growing year-on-year, while comprehensive services remained flat due to public sentiment impacts and government oversight [3]. Shareholder Returns and Capital Expenditure Optimization - The company has officially launched a share buyback plan, intending to repurchase up to 3% of its shares, which would require approximately HKD 1.5 billion based on the closing price on June 4. The company has also committed to increasing the dividend payout ratio for 2025, with total dividend expenditure expected to be no less than HKD 2.1 billion if the DPS remains flat year-on-year [4]. - Capital expenditures are being optimized, with regular expenditures directed towards comprehensive energy, while there is limited room for reducing expenditures related to pipeline replacement and new connections [4]. Profit Forecast and Valuation - The profit forecast for the company remains unchanged, with expected net profits for 2025-2027 at HKD 4.4 billion, HKD 4.9 billion, and HKD 5.5 billion respectively, and EPS projected at HKD 1.90, HKD 2.13, and HKD 2.38, reflecting a CAGR of 10% over three years [5]. - The target price of HKD 28.50 is based on a 15x PE for 2025E, which is above the five-year historical average of 12x PE. The increasing contribution of sustainable business profits is expected to reduce performance uncertainty and lead to a revaluation of the company's value [5][11].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company demonstrates resilient demand and stable loan quality, with a focus on shareholder returns through ongoing share buybacks. The operational stability and quality are expected to enhance profitability in 2025 [1][2][4] Summary by Sections Loan Quality and Profitability - The C-M2 ratio slightly increased to 0.60% in Q1 2025 from 0.57% in Q4 2024, while the first-day overdue rate rose to 5.0% from 4.8%. The 30-day repayment rate remained stable at 88.1%. The loan quality is considered healthy, with a provisioning rate of approximately 4.9%, significantly higher than the long-term vintage overdue rate of 2.5-3.5%, indicating a strong profit cushion [2] Demand and Customer Acquisition Strategy - In Q1 2025, the company achieved a loan issuance of 88.9 billion RMB, reflecting a slight decrease of 1.1% quarter-on-quarter, indicating resilient credit demand. The customer acquisition cost per new credit user increased to 384 RMB from 312 RMB in Q4 2024, attributed to a higher proportion of API channel acquisitions and increased spending on high-cost information flow channels [3] Shareholder Returns - As of May 19, 2025, the company repurchased shares worth 178 million USD under a 450 million USD buyback plan, with expectations to complete the remaining amount within the year. The anticipated minimum shareholder return for the year is approximately 10%, supported by a commitment to a 20-30% dividend payout ratio [4] Profit Forecast - The company maintains its profit forecasts for 2025, 2026, and 2027 at 7.1 billion, 7.7 billion, and 8.2 billion RMB respectively. The target prices are set at 55.6 USD and 220.9 HKD, based on a PE ratio of 6.5x for 2025 and DCF methods [5]

Group 1 - The company has announced a three-year shareholder dividend return plan (2024-2026), committing to an annual cash dividend of no less than 40% of the distributable profit for the year [1] - This commitment is seen as a revision of the dividend proposal approved at the 2023 shareholder meeting, aiming to exceed the average dividend payout ratio in the A-share market, reflecting the company's confidence in sustainable profitability and cash flow management [1][2] - The dividend commitment is rigid, with a minimum cash dividend ratio of 40% as long as the annual distributable profit is positive and the audit report is unqualified, with no upper limit on the payout [1] Group 2 - Since its listing in 2021, the company has implemented four cash dividends, distributing a total of 1.5 billion yuan, equating to 1 yuan per share, significantly exceeding its peers [2] - In 2024, the company has already conducted two dividend distributions, raising the payout ratio to nearly 60%, resulting in a current dividend yield of 3.3% [2] - The company has also been actively repurchasing shares, spending 270 million yuan in 2023 and planning an additional 200 million to 400 million yuan for share buybacks in 2025, which has positively impacted investor confidence [2] Group 3 - With the decline in lithium carbonate prices, the company’s commitment to dividends serves as a hedge against industry valuation fluctuations, enhancing its reputation as a "cash cow" and building investor trust [3] - The company is expected to become a core investment target for long-term funds as the lithium battery industry emerges from its cyclical low, leveraging its high-quality lithium resources and substantial dividend commitments [3] - The company plans to focus on its iron ore business while expanding its lithium mining projects in Hunan and Sichuan, aiming to convert resources into production and enhance profitability [3]