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].

证券研究报告 赛轮轮胎 (601058 CH) 24 年净利增长，全球竞争力持续提升 | | | 公司发布 24 年年报与 25 年一季报，全年实现营收 318 亿元，yoy+22%， 归母净利 41 亿元（扣非后 40 亿元），yoy+31%（扣非后 yoy+27%）；Q4 营收 82 亿元，同环比+17%/-4%，归母净利 8 亿元，同环比-23%/-25%。 25Q1 公司实现营收 84 亿元，同环比+15%/+3%；实现归母净利润 10 亿元， 同环比+0.5%/+27%，公司 25Q1 净利略低于我们前瞻预期（11 亿元），主 要是受原材料成本高位影响。2024 年公司股利支付率 31%， 25 年计划实 施中期分红；公司实控人及一致行动人计划增持公司股份 5-10 亿元。考虑 美国加征关税，短期公司业绩或受一定影响，下调盈利预测；但长期伴随公 司增量产能投放，以及全球同等加税下，公司有望凭借性价比优势提升在美 份额，公司全球竞争力有望持续增强。维持"买入"评级。 24 年产销再创新高，业绩稳健增长 2024 年伴随公司新增产能放量、海外市场需求恢复、以及国内市场持续开 拓，全年轮胎产销再创新高。2 ...

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].

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]

Core Insights - The company reported better-than-expected profits for 2024 and Q1 2025, with a revenue of 16.542 billion yuan in 2024, a 7% year-on-year increase, and a net profit of 806 million yuan, a 32% increase [1] - The company plans to distribute a cash dividend of 0.45 yuan per share, totaling 259 million yuan, which is 32.12% of the net profit attributable to shareholders [1] Financial Performance - In Q4 2024, the company achieved a revenue of 6.316 billion yuan, a 27% year-on-year increase, and a net profit of 191 million yuan, a significant increase of 2178% [1] - For Q1 2025, the company reported a revenue of 3.858 billion yuan, an 11% year-on-year increase, and a net profit of 475 million yuan, a 59% increase [1] Business Segments - The company's domestic brands generated a revenue of 8.082 billion yuan, a 5.22% increase, while the Tanke brand achieved 8.061 billion yuan, a 10.87% increase, both accounting for 49% of total revenue [2] - The company successfully launched new products such as T30, T50, and X8, leading to a 47.5% year-on-year increase in shipments in Q4 2024 [2] International Expansion - The overseas revenue for both brands reached 6.808 billion yuan, a 12.6% increase, accounting for 42.2% of brand business revenue [2] - In the European market, the company saw significant growth, with revenues increasing by 51.6% for the Cobos brand and 64.0% for the Tanke brand [2] Cost Management - The company's gross margin remained stable, with a decrease in sales expense ratio by 3.84 percentage points, indicating effective cost control [2] - In Q1 2025, the company reported a reduction in R&D and financial expense ratios [2] Profit Forecast - The profit forecasts for 2025 and 2026 have been adjusted to 1.31 billion yuan and 1.56 billion yuan, respectively, with a new forecast for 2027 at 1.78 billion yuan, reflecting year-on-year growth of 63%, 19%, and 14% [3] - The company maintains a "buy" rating due to the introduction of new products and the growth contribution from overseas business [3]

Core Viewpoint - The company reported a slight increase in revenue for 2024 but a significant decline in net profit, primarily due to falling coal prices impacting its core coal trading business [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 44.709 billion yuan, a year-on-year increase of 0.86%, while net profit attributable to shareholders was 739 million yuan, a decrease of 30.25% [1]. - For Q1 2025, the company reported operating revenue of 9.949 billion yuan and net profit of 155 million yuan, representing declines of 4.91% and 35.44% year-on-year, respectively [1]. Coal Trading Business - The coal trading business, which contributes over 90% of the company's revenue, generated 41.487 billion yuan in 2024, a slight increase of 0.95% year-on-year [2]. - Coal sales volume reached 59.5837 million tons in 2024, up 7.39% year-on-year, but revenue was negatively impacted by a decrease in coal prices, resulting in a gross profit of 1.074 billion yuan, down 446 million yuan from 2023 [2]. - The gross profit margin for coal trading was 2.59%, a decrease of 1.11 percentage points year-on-year [2]. Thermal Power and New Energy Business - The thermal power generation business reported revenue of 3.135 billion yuan in 2024, a year-on-year increase of 0.29%, with a gross profit of 773 million yuan, reflecting a slight increase [3]. - The gross profit margin for the thermal power business improved to 24.68%, up 0.55 percentage points year-on-year [3]. - The new energy business generated revenue of 56 million yuan, a decrease of 7.30% year-on-year, but the gross profit margin for this segment increased significantly by 19.81 percentage points [3]. Dividend Policy - The company announced a cash dividend plan for 2024-2026, committing to distribute at least 40% of the net profit attributable to shareholders after deducting non-recurring gains and losses [4]. - In 2024, the dividend payout ratio was 45.32%, resulting in a dividend yield of 4.64% [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 4.47 billion yuan, 4.56 billion yuan, and 4.71 billion yuan for 2025-2027, with year-on-year changes of -0.03%, +2.00%, and +3.32%, respectively [4]. - The price-to-earnings (PE) ratios for the stock as of April 25, 2025, are estimated to be 9.73, 8.82, and 8.16 for the years 2025, 2026, and 2027 [4].

Core Viewpoint - Everbright Bank reported a revenue of 33.086 billion yuan in Q1 2025, a year-on-year decrease of 4.06%, while net profit attributable to shareholders was 12.464 billion yuan, showing a slight increase of 0.31% year-on-year. The bank's income structure is becoming more balanced, with net interest income and non-interest income showing different trends [1][2][3]. Group 1: Financial Performance - In Q1 2025, Everbright Bank achieved a net interest income of 22.538 billion yuan, down 6.84% year-on-year, but the decline was less than that of the entire year of 2024 [1]. - Non-interest income for Q1 2025 was 10.548 billion yuan, reflecting a year-on-year increase of 2.46%, driven by growth in fee income and investment net income [1]. - The bank's projected net profit for 2025-2027 is 41.7 billion, 41.8 billion, and 42.4 billion yuan, with year-on-year growth rates of 0.05%, 0.20%, and 1.51% respectively [1]. Group 2: Loan and Deposit Growth - As of the end of Q1 2025, the total loan principal was 4.11 trillion yuan, representing a year-to-date growth of 5.24%, which is higher than the growth rates observed in 2024 [2]. - The deposit balance at the end of Q1 2025 was 4.27 trillion yuan, an increase of 3.49% year-on-year, reversing the negative growth trend seen in the previous three quarters [2]. - The bank's deposit cost rate decreased by 14 basis points to 2.18% year-on-year, partially offsetting the decline in asset yield [2]. Group 3: Asset Quality and Dividends - The non-performing loan ratio remained stable at 1.25% at the end of Q1 2025, indicating overall asset quality stability [3]. - The provision coverage ratio was 174.44%, down 6.15 percentage points from the end of 2024 [3]. - The cash dividend payout ratio increased to 30.14% of net profit attributable to ordinary shareholders, up from 28.41% in 2023, with a dividend yield of 4.86% as of April 28, 2025 [3].

Core Insights - Humana (HUM) is expected to report quarterly earnings of $9.98 per share, reflecting a 38% increase year over year, with revenues projected at $32.22 billion, a 9.8% increase from the previous year [1] - The consensus EPS estimate has been revised upward by 3.4% over the past 30 days, indicating analysts' positive reassessment of the company's performance [1][2] Revenue Estimates - Analysts estimate 'Revenues- Premiums' to be $30.68 billion, representing an 8.6% year-over-year increase [4] - 'Revenues- Services' are projected to reach $1.20 billion, indicating a 12.8% increase year over year [4] - 'Revenues- Investment income (loss)' is expected to be $275.11 million, reflecting a 4.5% decrease year over year [4] - 'Revenue- Insurance' is forecasted to be $31.15 billion, showing an 8.5% increase from the year-ago quarter [5] Membership Metrics - 'Medical Membership - Medicare stand-alone PDP' is expected to reach 2.45 million, up from 2.35 million in the same quarter last year [6] - 'Medical Membership- State-based contracts and other' is projected at 1.5 million, compared to 1.26 million in the previous year [6] - 'Medical Membership - Group Medicare Advantage' is estimated at 557.22 thousand, slightly up from 551.5 thousand year over year [7] - 'Medical Membership - Medicare Supplement' is forecasted at 375.88 thousand, an increase from 323.2 thousand in the previous year [7] - 'Medical Membership - Individual Medicare Advantage' is expected to be 5.2 million, down from 5.55 million year over year [7] - Total 'Medical Membership - Medicare' is projected to reach 8.21 million, down from 8.45 million in the previous year [8] - 'Medical Membership - Military services' is expected to be 5.32 million, down from 5.96 million in the same quarter last year [8] Stock Performance - Humana shares have shown a return of -0.1% over the past month, compared to a -4.3% change in the Zacks S&P 500 composite [9] - The company holds a Zacks Rank 3 (Hold), indicating expected performance in line with the overall market [9]

The upcoming report from McDonald's (MCD) is expected to reveal quarterly earnings of $2.64 per share, indicating a decline of 2.2% compared to the year-ago period. Analysts forecast revenues of $6.08 billion, representing a decrease of 1.4% year over year. The current level reflects an upward revision of 0.2% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Bef ...

Core Insights - Hologic (HOLX) is expected to report quarterly earnings of $1.02 per share, reflecting a year-over-year decline of 1% and revenues of $1 billion, which is a 1.6% decrease compared to the previous year [1] - The consensus EPS estimate has been adjusted downward by 0.1% over the past 30 days, indicating a reassessment by analysts [2] - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock performance [3] Revenue Estimates - Analysts project 'Revenues- Diagnostics- Cytology and Perinatal' at $119.94 million, a decrease of 0.5% year-over-year [5] - 'Revenues- Diagnostics- Molecular Diagnostics' is estimated to be $328.58 million, reflecting an increase of 1.8% from the prior year [5] - 'Revenues- Diagnostics- Blood Screening' is expected to reach $4.99 million, indicating a significant decline of 27.6% [6] - 'Revenues- Breast Health- Breast Imaging' is projected at $282.58 million, down 7.9% from the previous year [6] - 'Revenue- Skeletal Health' is estimated at $18.00 million, showing a decline of 33.6% [6] - Total Breast Health revenue is expected to be $369.50 million, a decrease of 3.9% year-over-year [7] - Total Diagnostics revenue is projected at $453.52 million, reflecting a slight increase of 0.8% [7] - 'Revenue- GYN Surgical' is estimated to reach $161.11 million, indicating a growth of 3.3% [7] - 'Revenues- Breast Health- Interventional Breast Solutions' is expected to be $86.91 million, showing an increase of 11.6% from the prior year [8] Stock Performance - Over the past month, Hologic shares have declined by 5.4%, compared to a 4.3% decline in the Zacks S&P 500 composite [8] - Hologic holds a Zacks Rank 3 (Hold), suggesting that its performance is likely to align with the overall market in the near term [8]