Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a total revenue of 711 million yuan in 2024, representing a year-on-year growth of 16.44%, and turned a profit with a net profit of 27 million yuan, a significant increase of 129.64% compared to the previous year [7] - The company is undergoing a dual transformation strategy focusing on subscription and channel sales, with subscription revenue reaching 351 million yuan in 2024, accounting for 49.31% of total revenue, and growing by 62.33% year-on-year [7] - The company has split its operations into "Foxit International" and "Foxit China" to enhance its global presence, with notable revenue growth in emerging markets such as the Asia-Pacific region, which saw a year-on-year increase of 53.42% [7] Financial Data and Profit Forecast - The company forecasts total revenue of 852 million yuan for 2025, with a year-on-year growth rate of 19.8%, and a net profit of 45 million yuan, reflecting a growth rate of 68.3% [6] - The company's gross margin is projected to remain high at around 94.3% for 2025, indicating strong profitability [6] - The return on equity (ROE) is expected to improve significantly, reaching 1.7% in 2025 and 4.5% in 2026 [6]

行 业 及 产 业 非银金融 罗钻辉 A0230523090004 luozh@swsresearch.com 行 业 研 究 / 行 业 点 评 证券分析师 研究支持 金黎丹 A0230123060002 jinld@swsresearch.com 联系人 金黎丹 (8621)23297818× jinld@swsresearch.com 2025 年 04 月 29 日 蚂蚁要约收购耀才，互联网+券商 并购概念再起！ 看好 ——证券行业并购重组跟踪 事件：4/25，香港本土券商耀才证券金融（01428.HK）和蚂蚁控股旗下的 Wealthiness and Prosperity Holding Limited 联合公告，就收购耀才证券金融 50.55%股份达成购股协 议。 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 ⚫ 交易概况：溢价超 300%收购，旨在移交控股权。本次交易对价 28.14 亿港元，对应收 购价为 3.28 港元/股，较 4 月 23 日耀才证券停牌前最新收盘价+7.5%，较耀才证券 25 年中报 BPS 溢价 36 ...

上 市 公 司 机械设备 2025 年 04 月 29 日 景津装备 (603279) ——压滤机短期承压，配套装备及高分红持续兑现 报告原因：有业绩公布需要点评 增持（下调） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 16.75 | | 一年内最高/最低（元） | 24.58/15.28 | | 市净率 | 2.2 | | 息率（分红/股价） | 3.94 | | 流通 A 股市值（百万元） | 9,582 | | 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） | 8.04 | | 资产负债率% | 47.87 | | 总股本/流通 A 股（百万） | 576/572 | | 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 0 ...

上 市 公 司 2025 年 04 月 29 日 圆通速递 (600233) ——业务量保持较高增速，关注行业格局优化机遇 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） | 13.09 | | 一年内最高/最低（元） | 19.55/11.97 | | 市净率 | 1.5 | | 股息率%（分红/股价） | 2.67 | | 流通 A 股市值（百万元） | 45,118 | | 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） | 9.44 | | 资产负债率% | 31.68 | | 总股本/流通 A 股（百万） | 3,447/3,447 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 交通运输 04-29 05-29 06-29 07-29 08-29 09-29 10-29 11-29 12-29 ...

上 市 公 司 公 司 研 究 / 公 司 食品饮料 2025 年 04 月 29 日 三元股份 (600429) ——2024 年改革逐步推进 2025 年有望持续提质增效 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 29 日 | | --- | --- | | 收盘价（元） | 4.47 | | 一年内最高/最低（元） | 5.85/3.50 | | 市净率 | 1.3 | | 股息率%（分红/股价） | 1.10 | | 流通 A 股市值（百万元） | 6,694 | | 上证指数/深证成指 | 3,286.65/9,849.80 | | 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） | 3.35 | | 资产负债率% | 43.46 | | 总股本/流通 A 股（百万） | 1,509/1,498 | | 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 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's Q1 2025 performance exceeded expectations, with a continuous increase in dividend payout ratio. For 2024, the company achieved total revenue of 7.096 billion yuan, a year-on-year decrease of 8.96%, and a net profit attributable to shareholders of 903 million yuan, a year-on-year decrease of 2.28%. In Q1 2025, the company reported total revenue of 1.491 billion yuan, a year-on-year decrease of 5.83%, and a net profit of 141 million yuan, a year-on-year increase of 16.77% [6] - The company announced a cash dividend of 0.9 yuan per share for 2024, totaling approximately 666.44 million yuan, which corresponds to a payout ratio of 73.8% of the net profit attributable to shareholders, an increase from 47.5% and 67.7% in 2022 and 2023 respectively, highlighting its strong dividend attributes [6] - The company is focusing on smart home trends and upgrading consumer scenarios, optimizing retail channels with "scenario-based solutions," and expanding its market presence through diversified product offerings and refined operations [6] - The company achieved a gross profit margin of 39.29% in 2024, with a net profit margin of 12.75%, reflecting a year-on-year increase of 0.82 percentage points [6] - The report slightly raises the profit forecast for 2025-2026, projecting net profits of 949 million yuan and 1 billion yuan for 2025 and 2026 respectively, with corresponding year-on-year growth rates of 5.1% and 5.4% [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7.096 billion yuan, with a forecasted revenue of 7.454 billion yuan for 2025, reflecting a year-on-year growth of 5.0% [5] - The company expects to achieve a net profit of 949 million yuan in 2025, with a projected earnings per share of 1.27 yuan [5] - The gross profit margin is expected to improve to 39.7% in 2025, with a return on equity (ROE) of 13.5% [5]

2025 年 04 月 29 日 与传统风格相关性更低，A 股资产配置 新方向：大成中证全指自由现金流 ETF （159235）投资价值分析 ——指数基金产品研究系列报告之二百四十七 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 方思齐 A0230123090003 fangsq@swsresearch.com 联系人 方思齐 (8621)23297818× fangsq@swsresearch.com 益 量 化 研 究 权 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共25页 简单金融 成就梦想 股 票 基 金 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 现金流 ETF 已经成为海外市场热门产品，国内产品申报火热。国内自由现金流产品目前 处于起步阶段，而海外现金流产品已经取得了丰硕的发展成果。其中规模领先的 COWZ 规模已超 200 亿美元。近期国内现金流 ETF 迎来集中申报浪潮， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's profit exceeded expectations, with 2024 revenue reaching 16.82 billion yuan, a year-on-year increase of 15%, and net profit attributable to shareholders at 1.05 billion yuan, up 8% year-on-year. The first quarter of 2025 saw revenue of 3.83 billion yuan, a 10% increase year-on-year, and net profit of 247 million yuan, a significant 43% increase year-on-year [6] - The company has established a new appliance research institute to develop emerging product categories, with overseas revenue showing strong growth, particularly in small home appliances, while domestic sales faced challenges due to a sluggish market [6] - The gross profit margin decreased to 20.9% in 2024, down 1.8 percentage points year-on-year, primarily due to product mix adjustments, while expense ratios remained stable [6] - The company is expected to see continued growth in profitability, with forecasts for net profit of 1.17 billion yuan in 2025, 1.26 billion yuan in 2026, and 1.37 billion yuan in 2027, reflecting year-on-year growth rates of 11.0%, 7.6%, and 8.6% respectively [6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 16.82 billion yuan, with a year-on-year growth rate of 14.8%. For 2025, revenue is expected to reach 18.33 billion yuan, reflecting an 8.9% increase [2] - The net profit attributable to shareholders for 2024 is estimated at 1.05 billion yuan, with a growth rate of 7.8%. The forecast for 2025 is 1.17 billion yuan, indicating an 11.0% increase [2] - Earnings per share for 2024 is projected at 1.29 yuan, increasing to 1.44 yuan in 2025 [2] - The company's return on equity (ROE) is expected to be 12.9% in 2025, with a price-to-earnings (P/E) ratio of 9 [2] Market Data - As of April 28, 2025, the closing price of the company's stock is 13.00 yuan, with a market capitalization of 10.51 billion yuan [3] - The company has a price-to-book ratio of 1.3 and a dividend yield of 3.08% [3]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's performance is under pressure from settlement results, but there are marginal improvements in sales and investment [6] - The company achieved a total revenue of 311.67 billion yuan in 2024, a year-on-year decrease of 10.2%, with a net profit attributable to shareholders of 5 billion yuan, down 58.6% year-on-year [6][7] - The company plans to invest 201 billion yuan in real estate and related industries in 2025, with new construction and completion areas expected to be 8 million square meters and 25.4 million square meters, respectively [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 280.5 billion yuan, with a projected net profit of 5.13 billion yuan, reflecting a 2.5% year-on-year increase [5][6] - The company's gross margin is expected to be 14.3% in 2025, with a return on equity (ROE) of 2.5% [5][6] - The company reported a cash recovery of 327.7 billion yuan in 2024, with a cash recovery rate exceeding 100% [6] Sales and Investment Performance - In 2024, the company maintained its position as the industry leader with a sales area of 17.97 million square meters, despite a year-on-year decline of 24.7% [6] - The company’s land acquisition amount in 2024 was 68.3 billion yuan, down 58% year-on-year, with a land acquisition area of 3.29 million square meters [6] - In Q1 2025, the company achieved a sales area of 3.08 million square meters, a year-on-year decrease of 16%, but the land acquisition amount increased significantly by 260% to 18 billion yuan [6] Financial Health - The company’s debt levels are stable, with a net debt ratio of 63% and an asset-liability ratio of 65% as of Q1 2025 [6] - The comprehensive financing cost has decreased to 3.1%, down 46 basis points year-on-year [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [7]. Core Views - The company's Q1 2025 revenue decreased to 1.7 billion yuan, down 55.4% year-on-year, with a net profit of 30 million yuan, down 79.2% year-on-year, which was below market expectations [1][7]. - The decline in revenue is attributed to delays in product deliveries and changes in the consolidation scope of subsidiaries, but a recovery in revenue is expected as product deliveries resume [7]. - The gross margin improved to 26.61%, up 7.46 percentage points from the previous year, while the net margin decreased to 0.43%, down 3.60 percentage points due to increased expense ratios [7]. - High levels of inventory (21.279 billion yuan) and contract liabilities (1.577 billion yuan) are expected to convert into revenue, supporting future growth [7]. - The company is positioned as a leading player in the aerospace electronics sector, benefiting from increasing demand in the aerospace and unmanned systems markets [7]. - Profit forecasts for 2025-2027 are maintained at 611 million, 772 million, and 1.018 billion yuan respectively, with corresponding PE ratios of 45, 36, and 27 [7]. Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 15.381 billion yuan, with a year-on-year growth rate of 7.7% [3]. - The net profit for 2025 is estimated at 611 million yuan, reflecting an 11.5% year-on-year growth [3]. - The gross margin is expected to stabilize around 22.0% for 2025, with a gradual increase in subsequent years [3]. - The company’s return on equity (ROE) is projected to improve from 2.9% in 2025 to 4.5% by 2027 [3].