机构简介： 上海重阳投资管理有限公司（简称重阳投资）是在成立于2001年的上海重阳投资有限公司的基础上于 2009年设立的采用合伙经营模式的有限责任公司。重阳投资运用各种规范的金融工具为客户管理金融财 富，以管理资产的可持续成长为己任，致力于成为一家有竞争力的专业资产管理公司。在业务目标上， 重阳投资通过有效的风险控制，把握相对确定的投资机会，追求财富的长期复合增长。在投资方法上， 重阳投资注重研究驱动的投资，强调严谨科学的投资流程在投资中的重要性。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及6月9日披露的机构调研信息，知名私募重阳投资近期对1家上市公司进行了调研， 相关名单如下： 1）华侨城Ａ （重阳投资参与公司特定对象调研） 调研纪要：华侨城A在存货减值方面，根据成本与可变现净值孰低计量，计提跌价准备。今年以来销售 情况好转，1-4月合同销售面积同比增加11%，金额同比增加2%。公司维持总体债务规模稳中有降，截 至2024年末综合融资成本为3.62%，较年初压降了29个BP。股份公司每年获批华侨城集团公司委 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][5][7]. Core Views - The company reported a total revenue of RMB 15.88 billion for 2024, a year-on-year increase of 3.79%, with a net profit attributable to shareholders of RMB 2.03 billion, up 32.36% year-on-year. The fourth quarter alone saw a revenue of RMB 5.27 billion, reflecting a 17.90% increase year-on-year and a 44.29% increase quarter-on-quarter [5][10][11]. - The dye industry is expected to recover, and the company is anticipated to benefit from increased sales of various chemical products and ongoing real estate projects, supporting the "Buy" rating [5][7][10]. Financial Summary - The company’s revenue for 2024 was RMB 15,883.86 million, with a growth rate of 3.79% compared to 2023. The EBITDA for 2024 was RMB 2,900 million, and the net profit was RMB 2,354.86 million, marking a 35.88% increase year-on-year [11][15]. - The earnings per share (EPS) for 2024 is projected at RMB 0.62, with a slight adjustment in forecasts for 2025-2026, expecting EPS of RMB 0.63 and RMB 0.71 respectively [7][15]. - The company’s gross margin for 2024 was 27.87%, an increase of 1.74 percentage points year-on-year, indicating improved profitability despite challenges in the dye market [10][11]. Business Segments - The dye and intermediate business showed resilience, with revenue from the dye segment reaching RMB 75.91 billion in 2024, a 0.94% increase year-on-year, despite a 5.81% decline in average price per ton [10][11]. - The real estate segment saw significant growth, with revenue of RMB 24.82 billion, up 87.26% year-on-year, driven by project deliveries [10][11]. - The company has a strong market position in the dye industry, with a production capacity of 300,000 tons per year, and is expanding its intermediate product offerings to enhance its competitive edge [10][11].