交银国际研究 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 71,547 | 132,555 | 131,771 | 136,587 | 140,751 | | 同比增长 (%) | -33.8 | 85.3 | -0.6 | 3.7 | 3.0 | | 净利润 (百万人民币) | 8,712 | 26,229 | 23,506 | 24,875 | 26,066 | | 每股盈利 (人民币) | 2.79 | 8.41 | 7.53 | 7.97 | 8.35 | | 同比增长 (%) | -59.5 | 201.1 | -10.4 | 5.8 | 4.8 | | 前EPS预测值 (人民币) | | | 7.24 | 7.64 | 7.97 | | 调整幅度 (%) | | | 4.1 | 4.3 | 4.8 | | 市盈率 (倍) | 9.2 | 3.1 | 3.4 | 3.2 | 3.1 | | 每股内含价值 (人民币) | 80.29 | 8 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 37.65 yuan over the next six months [3][6]. Core Views - The company reported a 3.9% year-on-year increase in insurance service revenue for Q1 2025, totaling 69.6 billion yuan, while the net profit attributable to shareholders decreased by 18.1% year-on-year to 9.6 billion yuan, primarily due to rising short-term interest rates and fluctuations in the equity market affecting fair value [1][2]. - The company's new business value (NBV) grew by 39% year-on-year on a comparable basis, driven by the growth in the bancassurance channel, with life insurance premiums increasing by 11.8% to 118.4 billion yuan [2][3]. - The company aims to enhance its fundamental performance through ongoing reforms and the implementation of the "North Star Plan" in 2025, projecting earnings per share (EPS) of 5.65 yuan, 6.34 yuan, and 7.19 yuan for 2025 to 2027 [3]. Summary by Sections Financial Performance - In Q1 2025, the life insurance segment generated 21 billion yuan in service revenue (YoY +0.6%), while the property insurance segment achieved 47.7 billion yuan (YoY +4.8%) [1]. - The overall premium income for property insurance reached 63.1 billion yuan (YoY +1.0%), with a combined cost ratio of 97.4%, reflecting a 0.6 percentage point improvement year-on-year [2]. Investment Returns - The company's total investment assets amounted to 2,810.2 billion yuan as of the end of Q1 2025, with a total investment return rate of 1.0%, down 0.3 percentage points year-on-year, largely due to the impact of rising short-term interest rates and equity market volatility [3]. Future Projections - The report forecasts the company's operating revenue to reach 449.75 billion yuan in 2025, with net profit attributable to shareholders projected at 54.39 billion yuan [4][12].

2025年4月，重庆惠程信息科技股份有限公司（以下简称"ST惠程"）发布2024年年度报告，报告期内， 公司多项关键财务指标出现较大变化，其中净利润同比下降7980.65%，经营活动产生的现金流量净额 同比下降515.87%，凸显公司面临的严峻形势。以下将对该公司年报进行详细解读。 营业收入：下滑22.40%，业务结构有变化 2024年，ST惠程实现营业收入197,235,872.29元，较上年的254,162,324.50元下降22.40%。从业务板块来 看，电力行业收入130,381,239.73元，占比66.10%，同比下降3.21%；新能源行业收入63,876,292.78元， 占比32.39%，同比下降24.90%；游戏行业收入归零，上年为27,734,934.67元，占比10.91% 。 公司表示，业绩下滑主要源于经营层面项目进展及完工进度不及预期，如光伏、风电项目；同时，市场 供求因素也导致充电桩业务执行订单减少。 扣非每股收益：亏损加深，达 -0.2159元 净利润：由盈转亏，降幅高达7980.65% 归属于上市公司股东的净利润为 -149,521,961.44元，而2023年为1,897,3 ...

友邦保险集团首席执行官兼总裁李源祥表示： "我们经验丰富的管理团队致力构建长远、可持续的优质业务，并继续专注于执行我们的策略性优先任 务，让集团能够在环球资本市场波动的环境下取得佳绩，并把握亚洲这个全球最具吸引力的人寿及健康 保险市场的强劲基本增长动力。本人深信，友邦保险凭借雄厚的竞争优势，将继续为所有持份者缔造长 远、可持续的价值。" "友邦保险建基于2024年的卓越业绩，在2025年第一季保持增长势头，录得15亿美元的新业务价值，较 去年创新高的季度表现上升13%。我们能够持续及有规模地把握盈利性的新业务机遇，实有赖集团高度 多元化及强韧的业务模式，以及市场对友邦保险产品和服务与日俱增的需求。" "友邦保险的『最优秀代理』是我们增长策略的关键支柱，在2025年第一季所带来的新业务价值，占集 团整体超过75%。我们透过强劲和高质素的招聘持续提升我们的市场覆盖，支持整体活跃代理人数增长 8%。我们别树一帜的代理模式专注于建立长期客户关系，并由领先的数码平台所驱动，使得代理活跃 度及生产力进一步提升，同时保持多元化及具韧性的产品组合。" 友邦保险(01299)发布公告，于2025年第一季度，增长率按固定汇率基准 ...

安粮期货股份有限公司经营发展部总经理柳瑞向记者补充表示，一季度受大宗商品价格波动、金融市场 避险需求推动，投资者对衍生品的套保及投机需求显著提升，从而带动期货公司手续费收入增长。此 外，期货公司创新业务也贡献了高利润。 贵金属成"吸金"主力 中期协数据同时显示，以单边计算，3月份全国期货市场成交量为7.34亿手，成交额为61.59万亿元，同 比分别增长17.28%和24%；一季度累计成交量为18.50亿手，累计成交额为162.03万亿元，同比分别增长 22.49%和30.49%。 分品种来看，黄金成为资金最青睐品种。文华财经数据显示，截至3月底，国内黄金期货沉淀资金量高 达690亿元，稳居各商品期货首位；沪铜、沪银紧追其后，3月底沉淀资金量分别为410亿元和272.2亿 元。 回顾一季度，期货公司在各项业务布局方面均有侧重，一方面结合自身优势持续提升市场占有率，另一 方面加快对业务短板的补齐。华俊介绍说，今年公司聚焦优势领域、补强短板业务，同时严控风险，力 争实现营收与利润双增长，一季度各项业务指标均高于行业平均水平。 4月28日，中国期货业协会(以下简称"中期协")发布数据显示，3月份151家期货公司实现营 ...

丨证券研究报告丨 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 海外&车载积极在拓，Q4 盈利表现大幅改善 报告要点 [Table_Summary] 公司发布 2024 年年报：2024 年公司实现营收 34.05 亿元，同比下滑 4.27%，实现归母净利润 1.20 亿元，同比下滑 0.30%，实现扣非归母净利润 0.92 亿元，同比增长 34.94%。其中 2024 年 Q4 公司实现营收 11.23 亿元，同比下滑 1.02%，实现归母净利润 1.60 亿元，同比增长 367.35%，实现扣非归母净利润 1.56 亿元，同比增长 499.03%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 海外&车载积极在拓，Q4 盈利表现大幅改善 [Table_Summary2] 事件描述 公司发布 2024 年年报：2024 年公司实现 ...

Investment Rating - The report does not specify a clear investment rating for the company, but it suggests continuous attention due to its potential for steady growth in the AI and new business sectors [1][7]. Core Insights - The company achieved a revenue of 87.3 billion yuan in 2024, with a year-on-year growth of 0.6%, while the net profit attributable to the parent company was 3.2 billion yuan, down 24.8% year-on-year [7]. - The company is focusing on AI and new business opportunities, with the launch of AI smart mattresses and electric bed frames, which have seen sales exceed 100 million yuan [7][8]. - The company’s mattress segment showed steady growth, with revenue reaching 5.27 billion yuan, a year-on-year increase of 5.1% [7][8]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 94.3 billion yuan, 101.3 billion yuan, and 107.8 billion yuan, respectively, with growth rates of 8.0%, 7.5%, and 6.5% [2][9]. - **Net Profit Forecast**: Projected net profits for the same years are 3.47 billion yuan, 3.69 billion yuan, and 3.95 billion yuan, with growth rates of 7.5%, 6.4%, and 7.1% [2][9]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.85 yuan in 2024 to 1.04 yuan in 2027 [2][9]. Business Segment Performance - **Mattress Segment**: Revenue is projected to grow from 5.27 billion yuan in 2024 to 7.00 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10% [8]. - **Soft Beds and Accessories**: Revenue is expected to decline slightly, from 2.44 billion yuan in 2024 to 2.41 billion yuan in 2027 [8]. - **Sofas**: Revenue is forecasted to grow from 719 million yuan in 2024 to 883 million yuan in 2027, reflecting a recovery in demand [8]. Market and Channel Analysis - **Sales Channels**: The company reported revenue from distribution stores, bulk business, and online sales of 32.1 billion yuan, 34 billion yuan, and 19.8 billion yuan, respectively, with online sales growing by 9.9% [7][8]. - **Geographical Performance**: Domestic sales decreased by 6.4% to 64.7 billion yuan, while international sales increased by 27.5% to 21.3 billion yuan [7][8]. Valuation Metrics - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 18 in 2024 to 15 in 2027, indicating a potential increase in valuation attractiveness [2][9]. - **Price-to-Book (PB) Ratio**: The PB ratio is expected to decline from 1.58 in 2024 to 1.24 in 2027, suggesting a strengthening balance sheet [2][9].

一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 中喜会计师事务所(特殊普通合伙)对本年度公司财务报告的审计意见为：标准的无保留意见。 非标准审计意见提示 □适用 √不适用 2、报告期主要业务或产品简介 公司是一家围绕汤姆猫家族IP为核心的、线上与线下协同发展的全栖IP生态运营商。公司通过线上移动 应用、动漫影视等优质内容的制作与发行满足用户的文化娱乐需求，线下通过开拓AI智能陪伴硬件、IP 衍生品与授权业务、新商业服务业务等业态，打造汤姆猫家族IP亲子生活品牌。 目前，线上移动应用是公司的核心业务。在线上移动应用领域，公司及旗下子公司深耕休闲移动应用十 余年。在"寓教于乐，智创家庭幸福"的企业使命下，公司海内外研发团队围绕全球知名IP一一"汤姆猫 家族"已先后研发上线了《会说话的汤姆猫》《我的汤姆猫》《我的安吉拉》《汤姆猫跑酷》《我的汤 姆猫2》《汤姆猫英雄跑酷》《汤姆猫总动员》《我的安吉拉2》等20余款绿色健康、休闲益智的移动应 用，业务覆盖欧盟、美国、中国、巴西 ...

Core Viewpoint - The company reported a slight increase in revenue and net profit for 2024, but a decline in revenue and a net loss for Q1 2025, indicating mixed performance in the current fiscal year [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 4.954 billion yuan, a year-on-year increase of 2.36%, and a net profit attributable to shareholders of 398 million yuan, up 2.05% year-on-year [1] - For Q1 2025, the company reported operating revenue of 737 million yuan, a year-on-year decrease of 0.8%, and a net loss attributable to shareholders of 31 million yuan [1] Group 2: Product Development and Market Expansion - The company has expanded its product offerings in the consumer electronics sector, covering a full range of terminal products including smartphones, tablets, TWS Bluetooth headsets, smartwatches, laptops, and AR/MR/VR devices [2] - In the new energy sector, the company has achieved large-scale domestic deliveries of its tunnel cavity injection machines and secured overseas mass production orders from leading industry clients [2] - The company is enhancing its semiconductor investments, focusing on optical communication, 3C precision components, and advanced packaging, with new products achieving significant orders from global leaders [3] Group 3: Future Projections - Revenue projections for the company from 2025 to 2027 are estimated at 6.133 billion yuan, 7.311 billion yuan, and 8.737 billion yuan, with net profits of 533 million yuan, 683 million yuan, and 845 million yuan respectively [4] - The company is assigned a target price of 29.8 yuan based on a 25x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]

核心观点 公司全面打造多渠道专业化销售能力，多渠道发展效果显著。代理人渠道方面，公司聚焦"做优、增 优、育优"三优平台，通过分人群推动队伍三优跃迁、产品创新和服务整合，进一步激发队伍生产力， 牵引队伍阶梯式向上发展，一季度人均NBV 在去年同期较高基数（24Q1 代理人人均NBV 同比 +56.4%）下仍同比+14. 0%，带动代理人渠道整体NBV 同比+11.5%。截至一季度末，平安寿险个人寿 险销售代理人数量为33.8 万人， 同比+1.5%，环比-6.9%。银保渠道方面，公司多措并举推动高质量发 展，一季度NBV同比+170.8%。在渠道合作方面，平安寿险坚持多元化布局，巩固国有大行合作，拓展 头部股份行、城商行等潜力渠道; 在网点经营方面，夯实标准化经营，持续提升产能; 在队伍发展方 面，严选增优，推进专业化赋能，加速打造绩优队伍; 在经营管理方面，优化内部管理，激发组织活 力，实现质效提升。社区金融服务渠道方面，网点和队伍保持高质量发展，一季度实现存续客户全缴次 继续率同比提升0.5个百分点，新业务价值同比+171.3%，客户经营价值持续突破。 公司寿险及健康险业务一季度价值率显著改善驱动NBV 同 ...