Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company is expected to achieve a revenue of CNY 2,937.98 billion in 2024, a decrease of 2.48% year-on-year, while the net profit attributable to shareholders is projected to rise by 2.02% to CNY 164.68 billion [2][6]. - The company has demonstrated significant performance in oil and gas production, with an equivalent production of 1,797.4 million barrels, an increase of 2.2% year-on-year, despite a decline in oil prices [6]. - The company plans to distribute approximately CNY 86 billion in dividends for 2024, marking a historical high for the same period [6]. Financial Performance Summary - The company reported a net profit of CNY 164.68 billion for 2024, with a non-recurring net profit of CNY 173.29 billion, reflecting a 7.50% decrease year-on-year [2][6]. - In Q4 2024, the company achieved a single-quarter revenue of CNY 681.70 billion, down 6.7% year-on-year, while the net profit for the quarter increased by 8.05% to CNY 32.16 billion [2][6]. - The average price of Brent crude oil was USD 80.76 per barrel in 2024, a decrease of 2.3% year-on-year, while the company's realized oil price was USD 74.70 per barrel, down 2.5% [6]. Business Segment Performance - The oil and gas segment saw a significant increase in operating profit, reaching CNY 159.75 billion, up 7.1% year-on-year, despite fluctuations in international oil prices [6]. - The refining segment experienced a decline in operating profit to CNY 18.23 billion, down 49.7% year-on-year, due to reduced margins and lower production volumes [6]. - The natural gas sales business reported a 25.5% increase in operating profit to CNY 54.01 billion, driven by increased sales volume and reduced procurement costs [6].

中国联通公告指出，公司坚持战略引领与价值导向，持续推动提升上市公司投资价值，着力增强市场信 心和价值认同。公司高度重视股东回报，过去几年，每股分红保持双位数增长。为进一步回报股东， 2025年3月，公司将此前回购的513,314,385股全部注销。未来，中国联通将持续增强核心功能、提高核 心竞争力，不断推动公司高质量发展迈出更大步伐，强化市值管理，为股东、客户及社会创造更大价 值。 （文章来源：新华社） 中国电信公告显示，公司坚定看好中国资本市场的发展前景，高度重视市值管理工作，制定市值管理办 法，提交董事会审议通过并实施，持续推进市场价值和企业内在价值增长，控股股东中国电信集团有限 公司累计增持公司A股股份45.01亿元。公司将持续推动公司经营水平和发展质量提升，做好投资者关系 管理，增强信息披露质量和透明度，与广大投资者共享公司发展成果。 中国移动表示，公司始终锚定世界一流信息服务科技创新公司发展定位，不断强化创新力，持续提升企 业核心竞争力。回归A股上市以来，累计增持4,236.7万股A股股份，合计金额约30亿元；回购并注销香 港股份共1,852.9万股，合计金额约10.7亿港元。公司高度重视股东回报， ...

建材 2025年04月09日 海螺水泥(600585.SH) Q1业绩延续改善，水泥防御价值凸显 推荐 ( 维持) 公 司 报 告 股价:24.82元 主要数据 | 行业 | 建材 | | --- | --- | | 公司网址 | www.conch.cn | | 大股东/持股 | 安徽海螺集团有限责任公司/36.40% | | 实际控制人 | 安徽省国有资产监督管理委员会 | | 总股本(百万股) | 5,299 | | 流通A股(百万股) | 4,000 | | 流通B/H股(百万股) | 1,300 | | 总市值(亿元) | 1,254 | | 流通A股市值(亿元) | 993 | | 每股净资产(元) | 35.47 | | 资产负债率(%) | 21.3 | 行情走势图 相关研究报告 【平安证券】海螺水泥（600585.SH）*年报点评*四 季度盈利改善，推出分红回报规划*推荐20250325 证券分析师 郑南宏 投资咨询资格编号 S1060521120001 ZHENGNANHONG873@pingan.com.cn 事项： 海螺水泥公布业绩预告，预计2025Q1实现归母净利润约18.08亿元， ...

证券代码：601088 证券简称：中国神华 公告编号：临 2025-020 三、公司董事会已获得股东周年大会授予回购 H 股股份的一般性授权。公 司将结合资本市场情况和内部制度管理要求，在必要情况下适时开展授权事项。 1 四、公司控股股东国家能源投资集团有限责任公司（"国家能源集团"） 及其一致行动人没有减持本公司股份的意向和计划。2023 年至 2024 年期间，国 家能源集团通过其一致行动人增持本公司 A 股股份 1,159.35 万股，直接及间接 持股比例增至 69.5789%，显示其对本公司未来发展的信心和支持。 五、国家能源集团和中国神华将持续推进煤炭优质资产注入中国神华。为减 少潜在同业竞争，2025 年 1 月，中国神华以 85,264.95 万元对价收购国家能源集 团所持国家能源集团杭锦能源有限责任公司 100%股权。该交易已于 2025 年 2 月份完成交割。根据双方签订的避免同业竞争协议及其相关补充协议约定，目前 国家能源集团和中国神华正在协商启动新一批的注资交易，继续推进煤炭优质资 产注入中国神华，支持中国神华长远发展。 中国神华能源股份有限公司 关于公司近期运营情况的公告 中国神华能源 ...

Group 1 - The company experienced significant stock price fluctuations on April 7, 2025, with A-shares down 4.16% and H-shares down 8.28% [1] - The company plans to produce 334.8 million tons of commodity coal and sell 465.9 million tons in 2025, with power generation expected to reach 227.1 billion kWh, all exceeding 2024 levels [1] - The company is actively responding to industry challenges, maintaining normal production operations despite weak coal demand and falling prices [1] Group 2 - The company announced a cash dividend of 2.26 CNY per share for the 2024 fiscal year, representing 76.5% of net profit, an increase from 75.2% in 2023 [2] - The company plans to increase the minimum cash dividend payout ratio by 5 percentage points to 65% for the years 2025 to 2027 and is considering increasing the frequency of dividends [2] - The company's board has received authorization to repurchase H-shares as needed based on market conditions [2] Group 3 - The controlling shareholder, State Energy Investment Group, has no plans to reduce its stake in the company, having increased its A-share holdings by 11.5935 million shares from 2023 to 2024 [2] - The stake held by State Energy Group and its concerted parties has risen to 69.5789%, indicating confidence in the company's future [2] - The company is in discussions to initiate a new round of asset injection from State Energy Group to support long-term development [3] Group 4 - The company completed the acquisition of 100% equity in Hanjin Energy from State Energy Group for 852.6495 million CNY in January 2025 [3] - This acquisition is part of a strategy to reduce potential competition and enhance the company's asset base [3] - Ongoing negotiations aim to facilitate further high-quality coal asset injections into the company [3]

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company has optimized its product structure, leading to price increases and sustained improvement in profitability, with strong shareholder return value highlighted [2][8] - In the fiscal year 2024, the company achieved a revenue of 80.65 billion, a year-on-year increase of 0.3%, and a net profit of 3.734 billion, reflecting a growth of 19.8% [4][8] Summary by Sections Revenue and Profitability - For the first half of 2024, the company reported a revenue of 39.45 billion, a slight decline of 0.2%, while the gross margin improved by 3.3 percentage points to 33.6%, resulting in a net profit of 1.849 billion, up 25.0% year-on-year [4][7] Product Performance - The instant noodle segment generated revenue of 28.414 billion, down 1.3% year-on-year, with high-priced noodles experiencing a significant decline of 6.3% for the year [5] - The beverage segment achieved revenue of 51.62 billion, a year-on-year increase of 1.3%, with tea drinks maintaining strong growth at 21.7 billion, up 8.2% [6] Margin Improvement - The company's sales net profit margin increased by 1.0 percentage points to 5.4%, with gross margin rising by 2.7 percentage points to 33.1% [7] - The report indicates that the trend of margin improvement is strengthening, although there is a slight increase in expenses [7] Shareholder Returns - The company maintained a high dividend payout ratio of 100%, resulting in a dividend yield of 5.6% based on the current market capitalization, showcasing strong shareholder return value [2][8]

Group 1 - The company achieved operating revenue of 1.098 billion yuan in FY24, a year-on-year increase of 10.40%, and a net profit attributable to shareholders of 175 million yuan, up 1.81% year-on-year [1] - In Q4 of FY24, the company reported operating revenue of 259 million yuan, a slight decline of 0.36% year-on-year, and a net profit attributable to shareholders of 26 million yuan, down 18.77% year-on-year [1] - The company plans to distribute an annual dividend of 0.8 yuan per share, resulting in a total dividend payout of 1 yuan per share for FY24, with a payout ratio of 83% [1] Group 2 - The seasoning food segment showed steady growth, with revenues from seasoning foods, seasoning ingredients, and other businesses reaching 625 million, 462 million, and 10 million yuan respectively in FY24, representing year-on-year increases of 12.12%, 6.60%, and 250% [2] - The company expanded its distribution channels, with the number of distributors increasing to 2,207 by the end of FY24, an increase of 112 from H1 [2] Group 3 - The company's gross margin for FY24 was 41.7%, while Q4 gross margin was 38.4%, reflecting a year-on-year change of +0.14 and -3.21 percentage points respectively [3] - Rising costs were attributed to increased prices of raw materials such as scallions and mushrooms, while sales expenses increased due to greater investment in e-commerce channels [3] - The net profit margin for FY24 was 16.0%, down 1.35 percentage points year-on-year, and the net profit margin excluding non-recurring items was 15.19%, down 1.28 percentage points [3] Group 4 - The company aims for continuous positive growth in main business revenue for FY25, with a focus on enhancing the consumer experience for its scallion oil products [4] - The company emphasizes shareholder returns, maintaining a high dividend payout ratio of 83% for FY24 [4] Group 5 - Revenue forecasts for FY25 and FY26 have been adjusted down to 1.213 billion and 1.335 billion yuan respectively, with EPS estimates also revised down to 1.34 and 1.48 yuan [5] - The company maintains a "buy" rating with a PE ratio of 21, 19, and 17 times for FY25, FY26, and FY27 respectively [5]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) reported a revenue of 420.5 billion yuan for 2024, with a year-on-year growth of approximately 1%, and a net profit attributable to shareholders of 137.9 billion yuan, reflecting an increase of about 11% [1] Financial Performance - In Q4, the company achieved a revenue of approximately 94.5 billion yuan, a decrease of 14% year-on-year and 5% quarter-on-quarter; the net profit for the quarter was about 21.3 billion yuan, down 19% year-on-year and 42% quarter-on-quarter [1] - The total dividend payout for 2024 is proposed at 1.4 HKD per share (including tax), with a total dividend payout ratio of approximately 45% [1] Production and Reserves - As of the end of 2024, CNOOC's net oil and gas production reached approximately 727 million barrels of oil equivalent, an increase of 7.2% year-on-year, exceeding the initial target of 700-720 million barrels [1] - The company's net proven reserves reached 7.271 billion barrels of oil equivalent, also up by about 7.2% year-on-year, with a reserve life stable at 10 years and a replacement ratio of approximately 167% [1] Capital Expenditure and Shareholder Returns - CNOOC's capital expenditure for the reporting period was 132.5 billion yuan, reflecting a year-on-year increase of about 2%, with capital expenditure intensity growing nearly threefold since 2016, at a compound annual growth rate of over 13% [2] - Over the past two years (2022 and 2023), the total cash dividends paid by the company exceeded 163.4 billion yuan, ranking fourth in A-shares and first in the oil and petrochemical sector [2] - The company plans to maintain a dividend payout ratio of no less than 45% for the years 2025-2027, subject to shareholder approval [2] Cost Control and Growth - CNOOC has achieved a net production growth of approximately 77% from 2013 to the end of 2024, while the main cost per barrel of oil has decreased by about 37%, demonstrating strong cost control capabilities [2] - The company's oil and gas reserves have increased by over 64% from 2013 to the end of 2024, providing a solid foundation for sustained production growth [2] Profit Forecast - The company is expected to maintain a clear growth trajectory with high dividend payouts, with projected net profits attributable to shareholders of 137.6 billion, 134.2 billion, and 139.6 billion yuan for the years 2025-2027 [3]

长按即可参与 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：逸修1 来源：雪球 资本配置很考验CEO和CFO的能力，我很早以前对这块也没有过多思考，近些年的经历逐步意识 到重要性和理清楚里面的逻辑 该不该做回购分红应该是没有统一答案的，要看公司的经营状况和估值，但怎么去决策应该是有 一些客观标准的 一、资本配置 有四个方向： 1、经营业务 第一优先级，分深耕老业务、拓展新业务，前者是优先中的优先 2、投资（看企业类型和地位） 当核心业务不需再做过多投入就可状况，新业务又没啥机会时，可以考虑投资 但真投外部公司的前提还是自身能对有一些协同或赋能，不然可能不如把钱分给股东，股东自己 去投资 所以适合走这条路的企业是流量或生态型的平台，或处于产业链的链主环节的制造企业 回购分红的性价比和估值、机会成本、股息税有关： 比如一个公司在20倍的时候全年利润拿来回 购，相当于一年减少5%股本，相当于eps增长5.26%；如全年利润拿来分红，股息税为零，相当于 5%收益 但 是 你 拿 到 钱 后 可 去 投 其 它 收 益 更 高 的 机 会 ， 比 如 你 能 找 到 10% ...

Core Viewpoint - Midea Group reported a strong performance for the fiscal year 2024, with significant revenue growth and a robust shareholder return plan, highlighting its operational resilience and global expansion success [1][2]. Financial Performance - Midea Group achieved a total revenue of 409.1 billion RMB, representing a year-on-year increase of 9.5% [1]. - The net profit attributable to the parent company rose by 14.3% to 38.5 billion RMB, with operating cash flow reaching a historical high of 60.5 billion RMB [1]. Shareholder Returns - The company announced a dividend of 3.5 RMB per share, totaling 26.7 billion RMB, which is a 28.5% increase year-on-year, with a payout ratio nearing 70% [2]. - Midea plans to repurchase shares worth 5 to 10 billion RMB, with 70% of the repurchased shares to be canceled, indicating a commitment to returning profits to shareholders [2]. Research and Development - In 2024, Midea's R&D expenditure exceeded 16 billion RMB, with a total investment surpassing 100 billion RMB over the past decade [3]. - The company added 11,000 global authorized patents in the year, including 5,000 invention patents, and led or revised 230 industry technical standards [3]. International Strategy - Midea became the top global brand in smart home appliance sales in 2024, with its smart home business revenue reaching 269.5 billion RMB [4]. - The overseas business contributed over 40% to the total revenue, with self-owned brand (OBM) revenue accounting for more than 43% of the smart home overseas business [4]. B2B Business Growth - Midea's enterprise segment (ToB) revenue surpassed 100 billion RMB for the first time, making up 25.5% of total revenue [5]. - The company maintained the leading global market share in household air conditioning compressors and achieved significant sales in domestic central air conditioning [5].