H门却 ' 11:30/13:00 15:00 | | | | | | 09:30 15:00 51.98 1843ª MACD = MACD[12.26.9] DIF :- 0.001 DEA :- 0.010 MACD:0.018 18 - 14:56 52.02 0.232 80▼ 14:56 52.00 14:56 52.01 6- 升级看十档行情 > NEW =筹码分布 ^分时顶底 | 工商银行 | 601398 L1 × | | | C Q | | | --- | --- | --- | --- | --- | --- | | 6.88 | | | | | + | | +0.01 +0.15% 银行类 -0.51% > | | | | | 加自选 | | 今开 6.86 | 换手 0.08% | 成交量 | | | 212.84万 | | 最高 6.88 | 市盈 6.84 | 成交额 | | | 14.58亿 | | 最低 6.83 | 均价 6.85 | 市 值 | | | 24520.75亿 | | △ 03月29日已发布定期报告 | | | | | × | | 分时 五日 | 園K | 月 ...

三大头部公募利润曝光：易方达、广发、南方去年净利润至少20亿元 根据上市公司发布的2024年度报告显示，易方达基金、广发基金、南方基金三大头部公募的经营情况浮 出水面。在公募业务出海逻辑的支撑下，易方达基金、南方基金、广发基金过去一年经营的净利润分别 为39亿元、24亿元、20亿元。公募基金经理在股票市场挖掘牛股上偏好出海逻辑的现象，正映射到公募 基金管理层在业务模式、客户拓展、海外资金拓展等战略业务上，以实现公募自身的第二增长逻辑。易 方达基金、南方基金、广发基金重仓的泡泡玛特、美图公司、名创优品、老铺黄金、蜜雪冰城等，在业 绩和股价崛起的背后是海外业务布局、海外客户业绩贡献的显著抬升，而公募基金在股票投资上对出海 品种的选股成功，也对公募基金通过出海提升自身经营和战略布局提供了参考模式。（券商中国） 新基金集中发售 股市持续迎来增量资金 权益类基金的发行热度不减。3月29日，10余只科创综指场外指数增强基金一同发布发售公告。科创综 指场外指数增强基金前脚刚拿到批文，后脚就迅速开启发售，可谓高效。开年以来，基金公司积极布局 权益类基金。数据显示，约70只权益基金目前正处于发行阶段，这也有望为A股市场持续带来 ...

Core Viewpoint - The company, Yueyang Xingchang, is experiencing a decline in stock price and has a high rolling price-to-earnings (PE) ratio compared to the industry average, indicating potential overvaluation in the context of its financial performance [1][2]. Company Overview - Yueyang Xingchang's main business includes the development, production, and sales of petrochemical products, as well as retail of refined oil products. Key products include propylene, MTBE, liquefied petroleum gas, industrial isooctane, metallocene polypropylene, ortho-cresol, gasoline, and diesel [1]. - The company has a production capacity of 33.5 million tons per year for oil blending components, making it a leading supplier in the Central and Southern regions of China [1]. Financial Performance - For the third quarter of 2024, the company reported a revenue of 2.919 billion yuan, a year-on-year increase of 29.59%. However, net profit was 72.471 million yuan, reflecting a year-on-year decrease of 1.52%. The gross profit margin stood at 17.52% [2]. - The rolling PE ratio is 61.32, significantly higher than the industry average of 12.01 and the median of 42.57, indicating a potential overvaluation of the company's stock [2]. Institutional Holdings - As of the third quarter of 2024, five institutions hold shares in Yueyang Xingchang, all of which are funds, with a total holding of 132,000 shares valued at 2 million yuan [1].

Market Analysis - On March 27, the regional prices were as follows: Shandong market, 4,800 - 5,050 yuan/ton; Northeast market, 4,480 - 4,510 yuan/ton; North China market, 4,700 - 4,850 yuan/ton; East China market, 5,000 - 5,150 yuan/ton; Yangtze River market, 5,110 - 5,280 yuan/ton; Northwest market, 4,650 - 4,900 yuan/ton; South China market, 5,000 - 5,100 yuan/ton [1] - In the second half of April 2025, the CIF prices of frozen propane and butane in East China were 633 US dollars/ton and 623 US dollars/ton respectively, up 6 US dollars/ton, equivalent to 5,000 yuan/ton and 4,921 yuan/ton in RMB, up 47 yuan/ton. In South China, the CIF prices of frozen propane and butane were 630 US dollars/ton and 620 US dollars/ton respectively, up 7 US dollars/ton, equivalent to 4,977 yuan/ton and 4,898 yuan/ton in RMB, up 56 yuan/ton [1] - The mainstream transaction price of civil gas in North China yesterday was 4,700 - 4,850 yuan/ton, down from the previous working day. Most upstream prices remained stable, with a small number increasing, but some resumed shipments at relatively low prices, causing the mainstream transaction price to decline. Local device operation was relatively stable, upstream supply pressure was not large, and most inventory pressures were controllable. The terminal consumption of civil gas was average. The PG futures market has been oscillating strongly recently, with the near - end fundamentals being acceptable. After the warehouse receipts were cancelled in March, the upward resistance in the market would be reduced, but the continuous driving force might be limited [1] Strategy - Unilateral: Oscillating - Inter - period: None - Inter - variety: None - Spot - futures: None - Options: None [2] Charts - The report includes charts of spot prices of civil liquefied gas in Shandong, East China, South China, North China, Northeast, and Yangtze River regions, spot prices of ether - after carbon four in Shandong, East China, North China, Northeast, Yangtze River, and Northwest regions, and closing prices, month - to - month spreads, trading volumes, and open interests of PG futures contracts [3]

Investment Rating - The report upgrades the investment rating to "Buy" based on expected improvements in the refining business by 2025 [2][5]. Core Views - The refining business is currently under pressure, but improvements are anticipated in 2025 as domestic refining capacity decreases, benefiting the main refineries [2][10]. - The company has adjusted its earnings per share (EPS) forecasts for 2025-2026 to 0.53 and 0.59 yuan respectively, with a new target price set at 7.42 yuan [2][5]. Financial Performance Summary - **Revenue**: The company reported revenues of 3,074,562 million yuan in 2024, a decline of 4.3% year-on-year. Projections for 2025 and 2026 are 2,956,403 million yuan and 2,798,092 million yuan respectively, indicating a continued downward trend [4][10]. - **Net Profit**: The net profit attributable to the parent company for 2024 is projected at 50,313 million yuan, down 16.8% from the previous year. Expected net profits for 2025 and 2026 are 64,417 million yuan and 71,499 million yuan respectively [4][10]. - **EPS**: The EPS for 2024 is expected to be 0.41 yuan, with forecasts of 0.53 yuan for 2025 and 0.59 yuan for 2026 [4][10]. - **Profit Margins**: The gross margin is projected to improve from 15.5% in 2024 to 17.1% in 2026, while the net margin is expected to rise from 1.6% in 2024 to 2.6% in 2026 [4][10]. Industry Outlook - The report highlights a potential turning point in the industry as domestic small refineries face regulatory pressures, which may lead to improved market conditions for major refineries like the company [10]. - The company is also focusing on technological innovation and transitioning into a comprehensive energy service provider, which includes advancements in hydrogen energy and electric vehicle charging services [10].

Investment Rating - The investment rating for the company has been upgraded to "Buy" [2][5] Core Views - The refining business is under pressure, but improvements are expected in 2025 as domestic refining capacity decreases, benefiting the company's main refining operations [1][10] - The company has adjusted its earnings per share (EPS) forecasts for 2025-2026 to 0.53 and 0.59 yuan respectively, with a new target price set at 7.42 yuan [2][5] Financial Performance Summary - Revenue for 2023 is projected at 3,212,215 million yuan, with a year-on-year decline of 3.2% [4] - The net profit attributable to the parent company for 2023 is expected to be 60,463 million yuan, down 9.9% year-on-year [4] - The company's gross margin is forecasted to improve from 15.6% in 2023 to 17.6% by 2027 [4] - The net profit margin is expected to increase from 1.9% in 2023 to 2.6% in 2026 and 2027 [4] Industry Outlook - The industry is anticipated to experience a turning point as regulatory pressures on small-scale refineries increase, leading to a recovery in market share and pricing for major refineries like the company [10]

3月26日主题复盘 | 机器人、海洋经济修复，化工板块继续活跃 一、行情回顾 市场全天窄幅震荡，三大指数小幅下跌，黄白二线走势分化，微盘股指数涨超2%。机器人概念股集体走强，奇精机械、南方精工、龙洲股份、光洋股份等 多股涨停。海洋经济概念盘中反弹，巨力索具、尤夫股份、太阳电缆、中信重工等封板。化工板块延续涨势，中毅达、键邦股份、江天化学、茂化实华等涨 停。下跌方面，银行股走势低迷，招商银行跌超5%。个股涨多跌少，沪深京三市超3500股飘红，今日成交1.18万亿。 二、当日热点 1.机器人 机器人概念今日反弹，奇精机械、南方精工、中信重工等多股涨停。 催化上，据广州日报报道，智元机器人已于近日完成新一轮融资，该轮投资由腾讯领投。据悉，智元机器人将以150亿元的估值接洽新一轮融资。 此外据今日新浪新闻报道，宇树科技负责人回应已经盈利至少5年。 | 股票名称 | | 最新价 = | 涨跌幅 = | 涨停时间 = | 换手率 = | 流通市值令 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 奇精机械 | 11天8板 | 24.87 | +10.00% ...

Core Viewpoint - China Petroleum & Chemical Corporation (Sinopec) faced pressure on its performance due to fluctuating oil prices, reporting a decline in both revenue and net profit for 2024 [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 3,074.6 billion yuan, a decrease of 4% year-on-year, and a net profit attributable to shareholders of 50.3 billion yuan, down 17% year-on-year [1]. - For Q4 2024, operating revenue was 708.02 billion yuan, a decline of 4.6% year-on-year and 10.4% quarter-on-quarter, with a net profit of 6.07 billion yuan, down 19.1% year-on-year and 29% quarter-on-quarter [1]. - The upstream segment saw an increase in profit, with exploration and development profits reaching 49.1 billion yuan, an increase of 29% year-on-year [1]. Price and Volume Metrics - The average oil price in 2024 was $72.5 per barrel, a decrease of 1.7% year-on-year, while the gas price increased from 1.78 yuan per cubic meter to 1.80 yuan, up 1.5% year-on-year [1]. - The total oil and gas equivalent production was 515 million barrels, an increase of 2.2% year-on-year, exceeding the 2024 target of 1% growth [1]. Downstream Performance - The refining segment reported an operating profit of 6.3 billion yuan, down 67% year-on-year, primarily due to falling refined oil prices and reduced diesel sales [2]. - The chemical segment experienced an operating loss of 14 billion yuan, worsening by 38% year-on-year [2]. - The marketing and distribution segment's profit decreased by 31% year-on-year to 17.7 billion yuan, attributed to weak diesel consumption and the rise of electric vehicles [2]. Shareholder Returns - The company declared a total cash dividend of 36.9 billion yuan for 2024, with a payout ratio of approximately 73%, resulting in a dividend per share of 0.286 yuan [2]. - The A-share dividend yield was 5.3%, while the H-share pre-tax dividend yield was 8.1%, translating to a post-tax yield of 6.4% [2]. Profit Forecast and Investment Rating - The net profit forecasts for 2025 and 2026 have been adjusted to 54.6 billion yuan and 60.3 billion yuan, respectively, with a new estimate for 2027 at 65.5 billion yuan [3]. - The corresponding price-to-earnings ratios for A-shares are projected at 12.8, 11.6, and 10.7 times for 2025, 2026, and 2027, respectively, while H-shares are projected at 9.1, 8.2, and 7.6 times [3]. - The company maintains a "buy" rating, anticipating a recovery in downstream refining profitability and leveraging its integrated refining and chemical industry advantages [3].

Investment Rating - The report maintains a "Buy" rating for both A and H shares of Sinopec [1] Core Views - The company's performance is under pressure due to fluctuating oil prices, but it continues to provide high dividends to shareholders [1] - The report adjusts the forecast for net profit for 2025 and 2026 to 546 billion and 603 billion RMB respectively, with a new estimate for 2027 at 655 billion RMB [7] - The report highlights the integrated advantages of Sinopec's refining and chemical sectors, expecting profitability to improve as oil prices stabilize [7] Financial Performance Summary - Total revenue for 2023 is projected at 3,212.215 billion RMB, with a year-on-year decrease of 3.19% [1] - Net profit attributable to shareholders for 2023 is estimated at 60.463 billion RMB, reflecting a year-on-year decline of 9.87% [1] - The latest diluted EPS is forecasted at 0.50 RMB for 2023, decreasing to 0.41 RMB in 2024, before gradually increasing to 0.54 RMB by 2027 [1] - The P/E ratio for A shares is projected to be 11.57 for 2023, increasing to 13.91 in 2024, and then decreasing to 10.69 by 2027 [1] Segment Performance Summary - Upstream exploration and development profits increased by 29% year-on-year to 49.1 billion RMB in 2024, driven by stable oil and gas prices [7] - The refining segment reported a significant profit decline of 67% year-on-year to 6.3 billion RMB in 2024, primarily due to falling product prices and reduced diesel sales [7] - The marketing and distribution segment's profit decreased by 31% year-on-year to 17.7 billion RMB in 2024, attributed to weak diesel consumption and the rise of electric vehicles [7] Dividend Policy - The company plans to distribute a total cash dividend of 369 billion RMB for 2024, with a payout ratio of approximately 73% [7] - The projected dividend per share is 0.286 RMB, resulting in a dividend yield of 5.3% for A shares and 6.4% for H shares after tax [7]

Core Viewpoint - Goldman Sachs assigns a "Neutral" rating to Sinopec (00386, 600028.SH) with a target price of HKD 4.50, citing expected weak free cash flow due to declining refining margins and oversupply in the chemical market [1] Group 1: Financial Performance - Sinopec's fourth-quarter performance in refining, sales, and chemical sectors fell short of expectations, with EBITDA 19% lower than Goldman Sachs' forecast due to higher operational costs [2] - The company's gross profit met expectations, but overall performance was impacted by lower-than-expected profit margins across multiple business segments [2] Group 2: Dividend and Cash Flow - The dividend payout ratio for 2024 is expected to remain around 71%, consistent with 2023, leading to a 17% year-on-year decline in earnings per share dividends [3] - Despite a projected positive free cash flow in 2024 after two years of negative results, the free cash flow yield of 1.3% is below Goldman Sachs' expectation of 5% due to lower earnings and high capital expenditures [3] - Capital expenditures for 2024 are expected to be 11% higher than Goldman Sachs' forecast, with a slight decrease of 1% compared to 2023, and a projected capital expenditure of RMB 164.3 billion for 2025, which is 6% above expectations [3]