Investment Rating - The report maintains a HOLD rating for Sinotruk (Hong Kong) with a target price of HK$20.50, down from the previous target price of HK$21.40, indicating an 8.5% downside from the current price of HK$22.40 [1][3]. Core Views - Sinotruk's 2024 net profit is projected at RMB5.86 billion, reflecting a 10% year-over-year increase, which is slightly above the report's estimate but below Bloomberg's consensus [1]. - The management anticipates a decline in export sales for 2025, aligning with the report's view that exports will face pressure due to a high base in the Russian market [1]. - The report revises down the earnings forecast for 2025 and 2026 by 2% and 3% respectively, primarily due to lower export volume assumptions and low engine margins [1]. Financial Summary - Revenue is expected to grow from RMB85.04 billion in FY23 to RMB95.06 billion in FY24, with a projected growth rate of 11.8% [2]. - Net profit is forecasted to increase from RMB5.32 billion in FY23 to RMB5.86 billion in FY24, representing a 10.2% growth [2]. - The earnings per share (EPS) is projected to be RMB2.14 for FY24, with a year-over-year growth of 10.9% [2]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.9 in FY23 to 9.8 in FY24, indicating a more attractive valuation [2]. Segment Performance - Heavy-duty truck (HDT) sales are projected to grow by 3% in 2025, driven by a 12% increase in China, but offset by a 5% decline in exports [8]. - Light-duty truck (LDT) sales are expected to grow by 5% in 2025, with the segment potentially turning profitable [8]. - Engine sales volume is anticipated to grow by 5% in 2025, with stable segment margins around 14% [8]. Shareholding Structure - The major shareholders of Sinotruk include CNHTC with a 51% stake and MAN SE with a 25% stake [4]. Market Performance - The stock has shown a 1-month absolute performance of 8.5% and a 3-month relative performance of -1.1% [5].

Group 1 - The stock of Kaimeteqi (002549) has hit the daily limit up and has recorded three consecutive limit-up days, with a current price of 8.35 yuan and a turnover rate of 0.88% [1] - During the consecutive limit-up period, the stock has increased by 33.17%, with a cumulative turnover rate of 6.79% [1] - The latest total market capitalization of the stock in A-shares is 5.806 billion yuan, with a circulating market capitalization of 5.781 billion yuan [1] Group 2 - As of March 28, the margin trading balance for the stock is 133 million yuan, with a financing balance of 133 million yuan, reflecting an increase of 21.59 million yuan or 19.42% from the previous trading day [1] - Over the past three days, the margin trading balance has increased by 13.35 million yuan, representing an 11.18% growth [1] - The stock has appeared on the Dragon and Tiger list due to a cumulative price deviation of 20% over three trading days, with net selling from the Shenzhen Stock Connect totaling 6.8211 million yuan and net buying from brokerage seats amounting to 46.5405 million yuan [1] Group 3 - For the first three quarters of 2024, the company reported total operating revenue of 429 million yuan, a year-on-year increase of 2.44%, but a net profit of -33 million yuan, a year-on-year decline of 117.83% [1] - The company has forecasted a net profit for 2024 between -54 million yuan and -44 million yuan [1]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0512 | 0.0433 | 18.24 | 0.0656 | | 每股净资产（元） | 2.28 | 2.26 | 0.88 | 2.18 | | 每股公积金(元) | 1.49 | 1.49 | 0 | 1.43 | | 每股未分配利润(元) | -0.24 | -0.24 | 0 | -0.26 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 5.89 | 4.96 | 18.75 | 5.47 | | 净利润(亿元) | 0.21 | 0.18 | 16.67 | 0.27 | | 净资产收益率(%) | 2.24 | 1.96 | 14.29 | 3.10 | 前十大流通股东累计持有： 19962.09万股，累计占流通股比： 49.25%，较上期变化： -669.70万股。 | 名称 | 持有数量(万股) | 占总股本比例(%) ...

Financial Performance - The basic earnings per share decreased by 44.28% to 1.12 CNY in 2024 from 2.01 CNY in 2023 [1] - The net profit fell by 31.37% to 1.4 billion CNY in 2024 compared to 2.04 billion CNY in 2023 [1] - The return on equity dropped by 40.17% to 9.07% in 2024 from 15.16% in 2023 [1] - The total revenue increased by 7.45% to 14.13 billion CNY in 2024 from 13.15 billion CNY in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 90.417 million shares, accounting for 66.05% of the circulating shares, with a change of 162,200 shares from the previous period [2] - The largest shareholder, Sihui City Mingcheng Trading Co., Ltd., holds 56.3462 million shares, representing 41.16% of the total share capital [3] - New entrants among the top shareholders include Liu Qinghua and Deng Yongfu, holding 594,700 shares (0.43%) and 529,000 shares (0.39%) respectively [3] Dividend Distribution - The company announced a dividend distribution of 1.4 CNY per share (including tax) [4]

Financial Performance - The company reported a basic earnings per share of 0.6700 yuan for 2024, an increase of 11.67% compared to 0.6000 yuan in 2023 [1] - The net profit for 2024 was 4.65 billion yuan, reflecting a 12.32% increase from 4.14 billion yuan in 2023 [1] - The operating revenue reached 221.98 billion yuan, up 18.53% from 187.27 billion yuan in the previous year [1] - The return on equity (ROE) was 8.50%, a slight increase from 8.19% in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 33,113.63 million shares, accounting for 47.65% of the circulating shares, with a decrease of 170.15 million shares compared to the previous period [1] - Zhejiang Electromechanical Group Co., Ltd. remains the largest shareholder with 28,080.00 million shares, maintaining a 40.40% stake [2] - Hong Kong Central Clearing Limited increased its holdings by 230.53 million shares, now holding 1,271.77 million shares, representing 1.83% of total share capital [2] Dividend Distribution - No specific details on the dividend distribution plan were provided in the documents [3]

一、主要会计数据和财务指标 数据四舍五入，查看更多财务数据>> 三、分红送配方案情况 二、前10名无限售条件股东持股情况 不分配不转增 前十大流通股东累计持有： 14432.49万股，累计占流通股比： 55.06%，较上期变化： -447.52万股。 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.1116 | 0.2220 | -49.73 | 0.3513 | | 每股净资产（元） | 3.42 | 3.26 | 4.91 | 2.95 | | 每股公积金(元) | 2.08 | 2.01 | 3.48 | 2.01 | | 每股未分配利润(元) | 0.15 | 0.04 | 275 | -0.18 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 19.87 | 14.87 | 33.62 | 17.27 | | 净利润(亿元) | 0.29 | 0.58 | -50 | 0.92 | | 净资产收益率(%) ...

证券研究报告·公司点评报告·保险Ⅱ 中国人寿（601628） 2024 年年报点评：投资收益带动净利润高增 长，每股股息提升 51% 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 344272 | 528567 | 543546 | 581133 | 621067 | | 同比（%） | - | 53.53% | 2.83% | 6.92% | 6.87% | | 归母净利润（百万元） | 46181 | 106935 | 107463 | 111978 | 120522 | | 同比（%） | - | 131.56% | 0.49% | 4.20% | 7.63% | | 每股 EV（元/股） | 44.60 | 49.57 | 53.27 | 57.33 | 61.68 | | PEV | 0.85 | 0.76 | 0.71 | 0.66 | 0.61 | [Table_Tag] [投资要点 Table_ ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more in the next six months [22]. Core Insights - Orano's revenue for 2024 reached €5.874 billion, representing a year-on-year growth of 23% from €4.775 billion in 2023 [2]. - The net profit attributable to the parent company increased significantly by 192% to €633 million in 2024, compared to €217 million in 2023 [9]. - The backlog of orders reached €9.069 billion, with 42% coming from outside France, indicating a strong market position [1]. Financial Performance Summary 1) Order Backlog - Total order backlog increased to €35.9 billion by the end of 2024, up from €30.8 billion at the end of 2023, with €1.3 billion attributed to market revaluation and currency effects [1]. 2) Revenue Breakdown - Mining revenue was €1.502 billion, a 13.9% increase year-on-year, driven by rising uranium prices [2]. - Front-end revenue remained stable at €1.307 billion, with positive price effects offsetting lower volume effects [2]. - Back-end revenue surged to €3.027 billion, a 41.8% increase, primarily due to a one-time contract with a Japanese utility [2]. 3) Operating Profit - Operating profit for 2024 was €1.085 billion, an increase of €450 million from 2023 [4]. - The mining segment's operating profit decreased to €122 million, reflecting challenges in Niger [7]. - The front-end segment's operating profit rose to €425 million, while the back-end segment's operating profit increased significantly to €616 million [7]. 4) Adjusted Net Profit - Adjusted net profit attributable to the parent company was €597 million in 2024, up from €22 million in 2023 [8]. 5) Cash Flow and Debt - EBITDA for Orano was €2.067 billion, a substantial increase from €1.228 billion in 2023, with an EBITDA margin rising from 25.7% to 35.2% [10]. - As of December 31, 2024, Orano had €1.3 billion in cash and €780 million in net debt, down from €1.48 billion in 2023 [14]. 6) Future Outlook - For 2025, Orano aims for revenues close to €5 billion, with an EBITDA margin between 23% and 25% and positive net cash flow [18].