Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company reported a revenue of 3.768 billion yuan in 2024, a decrease of 5.2% year-on-year, and a net profit attributable to shareholders of 469 million yuan, down 17.2% year-on-year [1] - The first quarter of 2025 saw a revenue of 848 million yuan, a decline of 10.9% year-on-year, with a net profit of 81 million yuan, down 45.1% year-on-year [1] - The report anticipates that the company's profitability will improve due to stabilizing paper prices and cost recovery [1][2] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 3.768 billion yuan, with a net profit of 469 million yuan, reflecting a year-on-year decline of 5.2% and 17.2% respectively [5] - The gross profit margin for 2025 Q1 was 13.7%, a decrease of 6.5 percentage points year-on-year but an increase of 2.4 percentage points quarter-on-quarter [3] - The company expects net profits for 2025 to be 416 million yuan, with projected growth rates of -11.2%, 20.3%, and 16.2% for the following years [5] Production and Capacity - The company’s production and sales volumes for 2024 were 331,900 tons and 320,100 tons respectively, representing year-on-year increases of 7.0% and 4.9% [2] - The company successfully launched an 80,000-ton decorative paper production line, contributing to long-term growth potential [2] Profitability and Cash Flow - The report estimates that the company's per-ton profit for Q1 2025 will increase by approximately 100 yuan to a range of 900-1000 yuan per ton [2] - Operating cash flow for Q1 2025 was -362 million yuan, primarily due to increased operational bank guarantees and pledged deposits [3] Dividend Policy - The company declared a cash dividend of 404 million yuan for 2024, with a dividend payout ratio of 86%, significantly higher than the previous year's 64% [2]

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Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [3][15]. Core Views - The company achieved an operating revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [7][15]. - The company’s average on-grid electricity price in 2024 was 0.416 yuan per kilowatt-hour, a decrease of 1.57% year-on-year, while the average market transaction price was approximately 0.3869 yuan per kilowatt-hour, down 3.85% year-on-year [8][10]. - The company managed to increase its total power generation to approximately 242.181 billion kilowatt-hours, a growth of 6.08% compared to 2023 [8][10]. - The company plans to conduct 19 major overhauls in 2025, with a total overhaul duration of approximately 713 days in 2024, which is a reduction of about 207 days from 2023 [9][10]. - The company’s financing costs have decreased, and the cash dividend ratio has been continuously improved, with a proposed dividend of 4.797 billion yuan for 2024, raising the dividend ratio to 44.36% [14][15]. Summary by Sections Financial Performance - The company’s total revenue for 2024 was 86.804 billion yuan, with a net profit of 10.814 billion yuan, reflecting stable growth despite market price fluctuations [7][8]. - The company’s financial expenses decreased by 9.40% year-on-year to 5.133 billion yuan in 2024 [14]. Power Generation and Capacity - The company operates 28 nuclear power units with a total power generation of approximately 242.181 billion kilowatt-hours, marking a 6.08% increase from the previous year [8][10]. - The company’s total installed capacity reached 43.814 million kilowatts, accounting for 45.02% of the national total for operational and under-construction nuclear power units [13][10]. Future Outlook - The company is expected to see net profits of 10.968 billion yuan, 11.688 billion yuan, and 13.215 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.22, 0.23, and 0.26 yuan [15][16]. - The company’s market transaction electricity volume is projected to increase, which may impact the average electricity price in 2025 [15].

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [33]. Core Views - The company achieved an operating revenue of 86.804 billion yuan in 2024, a year-on-year increase of 5.16%, and a net profit attributable to shareholders of 10.814 billion yuan, up 0.83% year-on-year [7][16]. - The average on-grid electricity price for the company in 2024 was 0.416 yuan per kilowatt-hour, a decrease of 1.57% compared to the previous year, while the average market transaction price fell by 3.85% to approximately 0.3869 yuan per kilowatt-hour [8][10]. - The company managed to increase its total power generation to approximately 242.181 billion kilowatt-hours, a growth of 6.08% year-on-year, with significant contributions from its subsidiaries [8][10]. - The company is in a phase of large-scale nuclear power station construction, with a total installed capacity of 43.814 million kilowatts, accounting for 45.02% of the national total [11][13]. - The company plans to increase its cash dividend to 4.797 billion yuan for 2024, raising the dividend payout ratio to 44.36% [14]. Summary by Sections Financial Performance - The company reported a total operating revenue of 86.804 billion yuan for 2024, with a net profit of 10.814 billion yuan, reflecting stable growth despite market challenges [7][16]. - The company’s financial expenses decreased by 9.40% year-on-year to 5.133 billion yuan, aided by lower debt financing costs [14]. Market Position and Growth - The company’s nuclear power generation capacity is expected to grow, with new units coming online and ongoing projects in development [10][11]. - The company’s market share in the national on-grid electricity generation reached 54.38% in 2024, highlighting its significant role in the industry [10]. Future Outlook - The company forecasts net profits of 10.968 billion yuan, 11.688 billion yuan, and 13.215 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.22, 0.23, and 0.26 yuan [15][16]. - The anticipated decline in market electricity prices in the Guangdong and Guangxi regions may impact the company’s average electricity price in 2025, but the overall power generation volume is expected to maintain an upward trend [15].

投资要点 兴业银行资产质量指标环比改善，分红比例小幅提升至30.2%。 数据概览 兴业银行2024 年归母净利润同比增长0.1%，利润增速回正；营收同比增长0.7%，增速环比下行1pc。 2024 年末不良率1.07%，环比24Q3 末下降1bp，拨备覆盖率238%，环比24Q3 末上升4pc。 减值改善支撑盈利 兴业银行2024 年归母净利润同比增长0.1%，利润增速回正；营收同比增长0.7%，增速环比下行1pc。利 润增速回正，主要得益于减值损失的显著改善。 24A 兴业银行减值损失同比下降1.6%，而前三季度减值损失同比增长14.3%。减值损失改善背后，得益 于不良生成水平的下降，和存量不良清收力度加大。24A真实不良TTM 生成率环比下降19bp；兴业银 行2024 年账销案存清收144.71 亿元，同比增长1.75%。展望未来，兴业银行营收仍面临一定压力，未来 趋势仍需观察，主要考虑：息差仍有收窄压力、债市波动拖累投资收益。 资产质量拐点向好 兴业银行24Q4 末不良率、关注率环比分别-1bp、-6bp 至1.07%、1.71%，24Q4 真实不良TTM 生成率环 比下降19bp 至1.40%，资产 ...

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company's performance in 2024 shows a slight revenue decline of 0.48% year-on-year, but a net profit increase of 1.22%, indicating a recovery in profit growth [1][12] - The bank's asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95% and a provision coverage ratio of 411.98% as of Q4 2024 [5][11] - The bank has increased its dividend payout to 2.0 yuan per share, resulting in a dividend ratio of 35.32% for the year [1] Financial Performance - In 2024, the bank's total revenue was 337.5 billion yuan, with a net profit of 148.4 billion yuan, reflecting a revenue growth rate of -0.48% and a net profit growth rate of 1.22% [1][13] - The net interest income decreased by 1.58% year-on-year, but the decline was less severe compared to the first three quarters of 2024 [2] - Non-interest income from other sources grew by 34.13%, with investment income contributing significantly [4] Asset Quality - The NPL ratio for Q4 2024 was 0.95%, with a slight increase of 1 basis point from the previous quarter [5] - The bank's provision coverage ratio decreased by 20 percentage points to 411% [5] - The NPL ratio for corporate loans was 1.01%, while personal loans had an NPL ratio of 0.98% [10] Asset and Liability Management - As of Q4 2024, total assets and loans were 12.2 trillion yuan and 6.9 trillion yuan, respectively, showing year-on-year growth of 10.19% and 5.83% [11] - The bank's total deposits reached 9.1 trillion yuan, with a year-on-year growth of 11.54% [11] Business Development - Wealth management business showed steady growth, with assets under management (AUM) nearing 15 trillion yuan, a year-on-year increase of 12.1% [12] - Despite a decline in wealth management fees, other income sources such as agency fund sales and securities trading saw significant growth [12]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company achieved a revenue of 337.5 billion yuan in 2024, a slight decrease of 0.48% year-on-year, while the net profit attributable to shareholders increased by 1.22% to 148.4 billion yuan [1][12] - The company has improved its dividend payout ratio to 35.32% in 2024 from 35.01% in 2023, with a cash dividend of 2.0 yuan per share [1][12] - The asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95% and a provision coverage ratio of 411.98% as of Q4 2024 [5][12] Financial Performance - Revenue and net profit growth rates for 2024 were -0.48% and 1.22%, respectively, showing improvements of 2.4 percentage points and 1.8 percentage points compared to the first three quarters of 2024 [2] - Net interest income decreased by 1.58% year-on-year, with a net interest margin of 1.98%, reflecting a year-on-year decline of 17 basis points [2][12] - Non-interest income from fees and commissions fell by 14.28% year-on-year, while other non-interest income grew by 34.13% [4][12] Asset Quality - The NPL ratio for corporate loans was 1.01%, while personal loans had an NPL ratio of 0.98%, indicating slight increases in personal loan defaults [5][10] - The company reported a total NPL balance of 65.61 billion yuan, with a slight increase in personal loan defaults primarily due to small and micro loans [10][12] Asset and Liability Management - Total assets and loans reached 12.2 trillion yuan and 6.9 trillion yuan, respectively, with year-on-year growth rates of 10.19% and 5.83% [11] - The total deposit amount was 9.1 trillion yuan, reflecting a year-on-year increase of 11.54% [11] Business Development - Wealth management business showed steady growth, with assets under management (AUM) nearing 15 trillion yuan, a year-on-year increase of 12.1% [12] - Despite a decline in wealth management fees, the company saw significant growth in sales of financial products and securities trading [12]