Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 7.34 billion yuan for 2024, representing a year-on-year growth of 8.5%, and a net profit of 2.59 billion yuan, up 13.5% year-on-year. The Q1 2025 revenue was 2.05 billion yuan, down 12.4% year-on-year, with a net profit of 829 million yuan, down 9.5% year-on-year. The performance in Q1 2025 was below expectations [4][5] - The company plans to distribute a cash dividend of 1.5 yuan per 10 shares for 2024, with a total cash dividend of 1.2 billion yuan, resulting in a dividend payout ratio of 46.4% [4] - The company is adjusting its profit forecasts for 2025-2026 due to demand pressure, with projected net profits of 2.40 billion, 2.54 billion, and 2.72 billion yuan for 2025-2027, reflecting year-on-year changes of -7.4%, 6.0%, and 7.1% respectively [7] Financial Data and Profit Forecast - For 2024, total revenue is projected at 7.34 billion yuan, with a year-on-year growth rate of 8.5%. The net profit is expected to be 2.59 billion yuan, with a growth rate of 13.5% [6] - The Q1 2025 revenue is expected to be 6.80 billion yuan, with a year-on-year decline of 7.5%. The net profit is projected at 2.40 billion yuan, down 7.4% year-on-year [6] - The company’s gross margin for 2024 is expected to be 73.9%, with a net margin of 35.3%, reflecting an increase in product mix improvement [8] Product and Regional Performance - In 2024, the revenue from mid-to-high-end liquor is expected to reach 5.71 billion yuan, growing 13.8% year-on-year, while ordinary liquor revenue is projected at 1.29 billion yuan, down 6.53% year-on-year [7] - The company’s revenue from the domestic market is expected to be 5.09 billion yuan, up 12.8% year-on-year, while revenue from outside the province is projected at 1.91 billion yuan, growing 1.31% year-on-year [7] Cash Flow and Liabilities - The operating cash flow for 2024 is expected to be 1.91 billion yuan, down 13.2% year-on-year, primarily due to increased tax payments [8] - The company’s contract liabilities at the end of 2024 are projected to be 578 million yuan, reflecting an increase from the previous year [8]

Investment Rating - The report maintains a "Buy" rating for Ningbo Bank [1] Core Views - Ningbo Bank's performance in Q1 2025 shows steady growth with a revenue increase of 5.6% year-on-year and a net profit growth of 5.8% year-on-year, driven by high credit demand and net interest income [4][6] - The bank's non-performing loan (NPL) ratio remains stable at 0.76%, while the provision coverage ratio has decreased to 370.5% [4][6] - The report anticipates continued growth in net profit for 2025-2027, with expected year-on-year growth rates of 5.5%, 7.2%, and 9.8% respectively [6] Financial Data Summary - Q1 2025 revenue reached 185 billion yuan, with a year-on-year growth of 5.6% - Q1 2025 net profit attributable to shareholders was 74 billion yuan, reflecting a year-on-year increase of 5.8% - The bank's total loans increased by 20.4% year-on-year, with new loans in Q1 2025 amounting to 164.1 billion yuan [4][5][10] - The bank's total assets as of Q1 2025 were 3,396.04 billion yuan, marking a year-on-year growth of 17.6% [10] Loan and Deposit Performance - The bank's loan growth was primarily supported by corporate loans, which saw a growth rate of nearly 30% in Q1 2025, while retail loan growth was more cautious [6][8] - Total deposits increased by 19.9% year-on-year, reaching 2,182.6 billion yuan in Q1 2025 [10] Profitability Metrics - The net interest margin (NIM) for Q1 2025 was reported at 1.80%, with a slight decline from the previous year [10] - The cost-to-income ratio improved to 29.16%, indicating better operational efficiency [10] Asset Quality - The report notes an increase in the annualized NPL generation rate to 0.92% in Q1 2025, but the overall asset quality remains stable due to proactive write-offs [6][10] - The bank's provision for loan losses increased, reflecting a cautious approach to potential credit risks [6][10]

上 市 公 司 2025 年 04 月 29 日 招商公路 (001965) ——归母净利润稳健增长，业绩符合预期 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 13.04 | | 一年内最高/最低（元） | 14.22/10.63 | | 市净率 | 1.3 | | 息率（分红/股价） | 4.07 | | 流通 A 股市值（百万元） | 88,937 | 上证指数/深证成指 3,288.41/9,855.20 | 注："息率"以最近一年已公布分红计算 | | --- | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.84 | | 资产负债率% | 43.45 | | 总股本/流通 A 股（百万） | 6,820/6,820 | | 流通 B 股/H 股（百万） | -/- | 交通运输 研究支持 严天鹏 A0230524090004 yantp@swsresearch.com 联系人 严天鹏 (8621)23297818× yant ...

上 市 公 司 电力设备 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -40% -20% 0% 20% 40% 60% 80% 豪鹏科技 沪深300指数 (收益率) 相关研究 证券分析师 2025 年 04 月 29 日 豪鹏科技 (001283) ——Q1 业绩符合预期，盈利拐点显现 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | 49.53 | 收盘价（元） | | --- | --- | --- | --- | | 68.86/31.45 | 一年内最高/最低（元） | 1.9 | 市净率 | | 0.97 | 股息率%（分红/股价） | 2,866 | 流通 A 股市值（百万元） | | 3,288.41/9,855.20 | 上证指数/深证成指 | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 26.38 | ...

上 市 公 司 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.01 | | 资产负债率% | 39.31 | | 总股本/流通 A 股（百万） | 623/441 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 -20% -10% 0% 10% 20% 30% 奥佳华 沪深300指数 (收益率) 相关研究 ——2024 年年报及 2025 年一季报点评：24 年业绩承压， 静候行业需求复苏 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 6.20 | | 一年内最高/最低（元） | 8.70/5.08 | | 市净率 | 0.9 | | 股息率%（分红/股价） | 4.84 | | 流通 A 股市值（百万元） | 2,734 | | 上证指数/深证成指 | 3,2 ...

基础化工 2025 年 04 月 29 日 康普化学 (834033) ——铜萃取剂下游去库+募投转固拖累，25Q1 业绩不及 预期，全年看锂萃取剂及新品驱动 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 17.86 | | 一年内最高/最低（元） | 31.18/14.03 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 1.12 | | 流通 A 股市值（百万元） | 1,478 | | 上证指数/深证成指 | 3,288.41/9,855.20 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 6.14 | | 资产负债率% | 17.19 | | 总股本/流通 A 股（百万） | 119/83 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-2 ...

上 市 公 司 房地产 2025 年 04 月 29 日 招商积余 (001914) ——业绩表现靓眼，费用率持续改善 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 12.29 | | 一年内最高/最低（元） | 13.59/8.16 | | 市净率 | 1.3 | | 息率（分红/股价） | 1.38 | | 流通 A 股市值（百万元） | 13,032 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.03 | | 资产负债率% | 43.62 | | 总股本/流通 A 股（百万） | 1,060/1,060 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02- ...

2025 年 04 月 29 日 苏州银行 (002966) ——稳业绩、提分红，更稳定可期的成长回报 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 8.11 | | 一年内最高/最低（元） | 8.87/6.60 | | 市净率 | 0.9 | | 股息率%（分红/股价） | 7.27 | | 流通 A 股市值（百万元） | 35,594 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 10.90 | | 资产负债率% | 91.73 | | 总股本/流通 A 股(百万) | 4,471/4,389 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 上 市 公 司 银行 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 ...

上 市 公 司 公 司 研 究 / 公 司 点 评 2025 年 04 月 29 日 伟测科技 (688372) 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 79.92 | | 一年内最高/最低（元） | 99.99/33.97 | | 市净率 | 3.6 | | 息率（分红/股价） | 0.40 | | 流通 A 股市值（百万元） | 6,289 | | 上证指数/深证成指 | 3,288.41/9,855.20 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 23.33 | | 资产负债率% | 48.67 | | 总股本/流通 A 股（百万） | 114/79 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 01-29 02-28 03-31 ...

上 市 公 司 石油石化 2025 年 04 月 29 日 桐昆股份 (601233) ——业绩同比显著提升，涤纶长丝与大炼化弹性可期 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 10.65 | | 一年内最高/最低（元） | 16.44/9.63 | | 市净率 | 0.7 | | 股息率%（分红/股价） | 0.40 | | 流通 A 股市值（百万元） | 25,516 | | 上证指数/深证成指 | 3,288.41/9,855.20 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 15.16 | | 资产负债率% | 64.57 | | 总股本/流通 A 股（百万） | 2,405/2,396 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 联系人 陈悦 (8621)23297818× chenyue@swsresearch.com 本研究报告仅通过邮件提 ...