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].