Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to continue developing its pre-mixed liquor business with a focus on the 358 product matrix, aiming for positive growth in the upcoming year. The whisky business is anticipated to gain momentum with new product launches and successful channel expansion [3] - Revenue forecasts for 2025 and 2026 have been adjusted to 35 billion and 40 billion RMB respectively, with a year-on-year growth of 15% and 14%. The net profit for 2025 is projected at 8.1 billion RMB, reflecting a 12% increase [3] Financial Performance Summary - For 2024, total revenue is expected to be 30.48 billion RMB, a decrease of 6.61% year-on-year, while net profit is projected at 7.19 billion RMB, down 11.15% year-on-year [8][3] - The first quarter of 2025 shows a revenue of 7.37 billion RMB, a decline of 8.11% year-on-year, but net profit increased by 7.03% to 1.81 billion RMB [8][3] - The gross margin improved by 2.97 percentage points to 69.7% in 2024, while the net profit margin decreased by 1.21 percentage points to 23.6% [8][3] Revenue and Profit Forecasts - The company aims for total revenue of 34 billion RMB in 2025 and 40 billion RMB in 2026, with corresponding net profits of 8.1 billion RMB and 9.7 billion RMB [3] - The projected earnings per share (EPS) for 2025 is 0.77 RMB, with a price-to-earnings (P/E) ratio of 34.24 [1][3] Market Data - The closing price of the stock is 26.33 RMB, with a market capitalization of approximately 27.63 billion RMB [6] - The company has a price-to-book (P/B) ratio of 5.89 and a total asset-liability ratio of 41.18% [7][6]

Investment Rating - The report assigns a "Strong Buy" rating for the company, indicating an expected stock price increase exceeding 20% compared to the benchmark index [8]. Core Insights - The company achieved a revenue of 17.8 billion with a year-on-year growth of 29% and a quarter-on-quarter growth of 0.6%. The net profit attributable to shareholders was 6.5 billion, reflecting a year-on-year increase of 32% and a quarter-on-quarter increase of 33% [1]. - The annualized ROE stands at 9.48%, up by 1.39 percentage points year-on-year, with a continued expansion of the balance sheet and an increase in operating leverage to 4.79 times [1]. - The company is expected to benefit from its leading position in investment banking, particularly with the anticipated rebound in international business due to the return of Chinese concept stocks amid US-China tensions [2][3]. Summary by Sections Revenue and Profitability - In Q1 2025, the company reported a revenue of 17.8 billion, a 29% increase year-on-year, and a net profit of 6.5 billion, up 32% year-on-year. The total assets reached 1.79 trillion, a 5% increase from the beginning of the year [1]. - The revenue breakdown shows that proprietary trading accounted for 55%, brokerage for 21%, asset management for 16%, investment banking for 6%, and other businesses for 3% [1]. Brokerage and Investment Banking - Brokerage income was 3.33 billion, a 36% increase year-on-year, while investment banking income was 980 million, a 12% increase year-on-year. The company maintained a leading market share in refinancing and bond underwriting [2]. - The company has 39 ongoing projects in IPO and refinancing, indicating a robust pipeline for future revenue [2]. Asset Management and Proprietary Trading - Asset management income was 2.56 billion, a 9% increase year-on-year, while proprietary trading income surged to 8.86 billion, a 62% increase year-on-year [3]. - The company’s trading financial assets reached 777.2 billion, a 13% increase from the beginning of the year, reflecting strong performance in proprietary trading [3]. Financial Projections - The company is projected to achieve net profits of 24.6 billion, 28.4 billion, and 32.8 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 13%, 15%, and 15% [8][9].

"两翼"业务快速发展，国际化业务持续向好。2025 年一季度，公司防水业务实现收入利润双增长，实 现营业收入10.54 亿元，同比增长10.54%，净利润为0.43 亿元，同比增长19.89%；公司涂料业务深度融 合发展，实现营业收入9.08 亿元，同比增长111.44%，净利润为0.44 亿元，同比增长48.17%；公司国际 化业务持续向好，营业收入同比增长73%，净利润同比增长143.08%。 事件： 盈利预测及投资评级：公司是全球最大石板轻钢龙骨产业集团，防水和涂料业务"两翼"快速发展，国际 化业务持续增长。我们预计公司2025-2027 年分别实现营业收入288.20 亿元、323.73 亿元、362.49 亿 元，归母净利润44.62 亿元、49.99 亿元、56.16 亿元，当前股价对应PE 分别为11.2、10.0、8.9 倍。参考 2025 年可比公司平均估值23.1 倍PE，维持"增持"评级。 2025 年4 月25 日，北新建材发布2025 年一季报：2025 年一季度公司实现营业收入62.46 亿元，同比增 长5.09%；实现归属上市公司股东的净利润8.42 亿元，同比增长2.46%。 ...

Core Viewpoint - Qianwei Yangchu reported a slight decline in revenue and a significant drop in net profit for 2024, indicating challenges in maintaining profitability amidst rising sales expenses and declining gross margins in key product categories [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 1.868 billion yuan, a year-on-year decrease of 1.71%, and a net profit of 82 million yuan, down 32.57% year-on-year [1]. - For Q1 2025, operating revenue was 470 million yuan, reflecting a 1.5% year-on-year growth, while net profit continued to decline by 37.71% to 20 million yuan [1]. - The overall gross margin for 2024 was 23.38%, a slight decrease of 0.03% year-on-year [2]. Product Segment Performance - The main product categories include staple foods, snacks, baked goods, and frozen prepared dishes. The staple food segment generated 913 million yuan in revenue, down 6.88%, but with a gross margin increase to 26.97% [2]. - The snack segment saw a revenue decline of 13.79% to 438 million yuan, with a gross margin of 19.76%, down 0.39% [2]. - The frozen prepared dishes segment experienced significant growth, with revenue increasing by 273.39% to 141 million yuan and a gross margin of 14.87%, up 1.78% [2]. Sales Channel Analysis - Direct sales channels generated 808 million yuan, a 4.34% increase, but with a gross margin of 20.02%, down 0.99% [2]. - Distribution channels accounted for 1.05 billion yuan in revenue, a decrease of 6.04%, while the gross margin improved to 25.97%, up 0.91% [2][4]. Expense Trends - Sales expenses for 2024 reached 100 million yuan, a 13.33% increase, with a sales expense ratio of 5.40%, up 0.72 percentage points [5]. - In Q1 2025, sales expenses surged by 38.12% to 37 million yuan, resulting in a sales expense ratio of 8.01%, an increase of 2.12 percentage points [5].

深圳机场（000089.SZ）2024 年年报及 2025 年一季报点评 年报业绩落于预告上沿，非航业务步入新阶段 2025 年 04 月 28 日 ➢ 2025 年 4 月 24 日公司发布 2024 年年报：2024 年公司营业收入 47.4 亿元，同比 +14%，归母净利润 4.4 亿元，同比+12%，落于业绩预告上沿（公司预告 2024 年归母 净利润 4.0-4.4 亿元），扣非归母净利润 3.5 亿元（上年同期扣非归母净亏 1.6 亿元）； 4Q24 公司营业收入 12.7 亿元，同比+13%，归母净利润 1.2 亿元，同比-50%，扣非归 母净利润 1.1 亿元（4Q23 扣非归母净亏 0.2 亿元）。公司发布 2025 年一季报：1Q25 公司营业收入 12.5 亿元，同比+11%，归母净利润 1.63 亿元，同比+72%，接近业绩预 告盈利中位（公司预告 1Q25 归母净利润 1.3-1.8 亿元），扣非归母净利润 1.36 亿元， 同比+93%。 ➢ 经营生产数据持续提升，强化国际航线资源投入。受益民航业复苏，公司经营数据持 续提升：2024 年深圳机场飞机起降 42.8 万架次，同比+8 ...

公司报告 | 年报点评报告 中国电建（601669） 证券研究报告 24 年收入稳步增长，现金流同比大幅改善 24 年收入稳步增长，维持"买入"评级 24 年公司实现营收 6336.85 亿元，同比+4.07%，归母净利润 120.15 亿元， 同比-7.21%，扣非归母净利润 110.97 亿元，同比-5.26%。其中，单 Q4 实 现营收 2082.05 亿元，同比+10.49%，归母净利润 32.09 亿元，同比-7.21%， 扣非归母净利润 31.8 亿元，同比+29.08%。随着公司持续深化业务调整转 型升级，在巩固水利水电工程建设等传统主业的同时，积极获取新能源和 抽水蓄能建设任务，进一步提升核心竞争力。考虑到公司收入增速放缓， 减值存在一定压力，我们下调公司25-27 年归母净利润分别为128/140/157 亿元（25-26 年前值为 145、166 亿），维持"买入"评级。 水利水电、新能源业务带动公司收入稳步增长 分业务来看，24 年公司工程承包与勘测设计/电力投资与运营/其他业务分 别实现收入 5750.03/254.04/312.81 亿元，同比分别+4.42%/+5.95%/-1.7 ...

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插播： 5月15日，"电动交通&数字能源SiC技术应用及供应链升级大会"活动将在上海举办， 三菱电机、意法半导体、Wolfspeed、三安半导体、天科合达、元山电子、大族半导 体、香港大学、长飞先进、宏微科技、利普思、国基南方、芯长征、合盛新材料、 国瓷功能材 料 等将出席本次会议，点击文章底部 "阅读原文" 即可报名参会。 近日，三安光电、意法半导体、闻泰科技及X-fab相继发布财报，其中披露了 其在碳化硅领域的最新进展， 以下将重点报道这4家企业在碳化硅业务的最新状况： 三安光电 ：湖南三安实现收入 13.54亿元，已向多家 重点客户批量出货； 意法半导体： 第一季度订单出货比有所改善，卡塔尼亚8英寸SiC工厂今年投产； 闻泰科技： 半导体业务实现营收、利润双增长，将建设8英寸SiC产线； X-fab： 第一季度SiC收入 达0.43亿， 订单量 环比增长17%。 三安光电： SiC收入超13亿 4 月 26日， 三安光电发布 2024年年度报告， 报告期内，公司实现销售收入161.06 亿元，同比增长14.61%，实现归属于上市公司股东的净利 润 2.53 亿元。其中，负责碳化硅业务的子公司湖南三安实现 ...

Core Viewpoint - In the 2024 annual report, the company Palm Holdings (棕榈股份) demonstrated steady operational performance with significant growth in cash flow and advancements in its core business areas, particularly in rural revitalization and urban operation management [1][2] Group 1: Financial Performance - In 2024, Palm Holdings achieved an operating revenue of 3.065 billion yuan, maintaining a robust operational trend [1] - The net cash flow from operating activities reached 572 million yuan, representing a substantial increase of 734.78% compared to the previous year, marking three consecutive years of net inflow [1] Group 2: Business Development - The company made notable progress in the rural revitalization sector, particularly in high-standard farmland construction, with nearly 20 projects won and a total farmland area of approximately 1.2 million mu [1] - Palm Holdings established a wholly-owned subsidiary, Palm (Henan) Urban Operation Management Co., which integrates various light asset business segments, contributing to an operating revenue of 51.47 million yuan, making it the third-largest business segment [2] Group 3: Strategic Outlook - Looking ahead to 2025, Palm Holdings plans to lead with party building, align with national industrial development, and focus on its "one body, two wings" strategic layout [2] - The company aims to enhance product added value and market competitiveness through technological innovation while improving internal management and financial stability [2]