上 市 公 司 公 司 研 究 / 公 司 深 交通运输 2025 年 04 月 29 日 海丰国际 (01308) ——专精稳健经营打造小型集装箱船市场龙头，再乘产业 转移东风 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（港币） | 20.90 | | 恒生中国企业指数 | 8080.19 | | 52 周最高/最低（港币） | 23.55/15.70 | | H 股市值（亿港币） | 561.64 | | 流通 H 股（百万股） | 2,687.26 | | 汇率（人民币/港币） | 1.0767 | 一年内股价与基准指数对比走势： -7% 93% 04/29 05/29 06/29 07/29 08/29 09/29 10/29 11/29 12/29 01/29 02/28 03/31 HSCEI 海丰国际 资料来源：Bloomberg 本研究报告仅通过邮件提供给 中庚基金 使用。1 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company's revenue met expectations, but the performance was below expectations. In Q1 2025, the company achieved revenue of 1 billion yuan, a year-on-year increase of 21%, while the net profit attributable to the parent company was 81 million yuan, a year-on-year decrease of 5% [6] - The company announced a shareholder dividend return plan for the next three years (2025-2027), with minimum cash dividend ratios of 80%, 40%, and 20% for different stages of business maturity [6] - The home appliance business is experiencing rapid order growth, with increased market share from major clients and new project contributions. The automotive parts business is entering a revenue realization phase, contributing to growth [6] - The automotive parts business saw revenue of 412 million yuan in 2024, a year-on-year increase of 104.54%, with a gross margin increase of 11.37 percentage points to 21.65% [6] - The company maintains profit forecasts for 2025-2027 at 472 million, 536 million, and 673 million yuan, with year-on-year growth rates of 15.0%, 13.6%, and 25.4% respectively, corresponding to PE ratios of 16, 14, and 11 [6] Financial Data and Profit Forecast - Total revenue forecast for 2024 is 4,095 million yuan, with a projected growth rate of 47.6%. For 2025, the revenue is expected to be 5,158 million yuan, with a growth rate of 26.0% [2][8] - The net profit attributable to the parent company is forecasted to be 411 million yuan in 2024, with a year-on-year growth of 27.5%, and is expected to reach 472 million yuan in 2025, reflecting a growth of 15.0% [2][8] - The gross margin is projected to be 18.0% in 2025, with a return on equity (ROE) of 14.2% [2][8] Market Data - As of April 28, 2025, the closing price of the stock is 19.91 yuan, with a market capitalization of 7,414 million yuan [3] - The stock has a price-to-book ratio of 2.5 and a dividend yield of 1.76% based on the most recent dividend announcement [3]

2025 年 04 月 29 日 中国核电 (601985) ——Q1 盈利保持正增长 再获批新项目保障成长 | 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） | 9.39 | | 一年内最高/最低（元） | 12.29/8.66 | | 市净率 | 2.0 | | 息率（分红/股价） | 2.29 | | 流通 A 股市值（百万元） | 177,314 | | 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 | | 上 市 公 司 | 基础数据: | 2025 年 03 月 31 日 | | | --- | --- | --- | | 每股净资产（元） | | 5.48 | | 资产负债率% | | 68.48 | | 总股本/流通 A 股（百万） | 20,568/18,883 | | | 流通 B 股/H 股（百万） | | -/- | 公用事业 一年内股价与大盘对比走势： 04-29 05-29 06-29 07-2 ...

Investment Rating - The report maintains an "Outperform" rating for Huaneng International [2] Core Views - The company's Q1 2025 performance shows a significant improvement in thermal power profitability, driven by a substantial decrease in fuel costs and a favorable operating environment [7] - The report highlights that the company's coal-fired power segment has benefited from a drop in coal prices, with the average spot price of Qinhuangdao 5500 kcal thermal coal falling by approximately 20% year-on-year [7] - The report anticipates continued improvement in profitability for the coal power segment due to further declines in coal prices and stable long-term contract prices [7] Financial Data and Earnings Forecast - Total revenue for 2025 is projected at 241,484 million yuan, with a year-on-year decline of 1.7% [6] - The net profit attributable to the parent company is expected to reach 11,758 million yuan in 2025, reflecting a year-on-year growth of 16% [6] - Earnings per share (EPS) is forecasted to be 0.75 yuan for 2025, with a projected price-to-earnings (PE) ratio of 10 [6] - The company's return on equity (ROE) is expected to improve to 8.0% in 2025 [6] Segment Performance - In Q1 2025, the company reported a total operating revenue of 60,335 million yuan, a decrease of 7.7% year-on-year, while net profit increased by 8.2% to 4,973 million yuan [7] - The thermal power segment's tax profit reached 39.82 million yuan, significantly up from 28.25 million yuan in the previous year, indicating strong performance [7] - The renewable energy segment saw a 51.7% increase in installed capacity, with wind and solar power generation increasing by 8.81% and 51.21% respectively [7]

Investment Rating - The report maintains a "Buy" rating for Chengdu Bank [2] Core Views - The bank's revenue for 2024 and Q1 2025 showed year-on-year growth of 5.9% and 3.2%, respectively, while net profit attributable to shareholders increased by 10.2% and 5.6% [5][7] - The bank's strategy focuses on achieving sustainable growth in return on equity (ROE) above 15%, despite a temporary dip due to convertible bond dilution [7][10] - The bank's non-performing loan (NPL) ratio remains at a low level of 0.66%, with a high provision coverage ratio of 456% [7][10] Financial Data and Profit Forecast - Total revenue is projected to grow from 21,702.19 million in 2023 to 23,985.39 million in 2025E, with a year-on-year growth rate of 4.37% [6] - Net profit attributable to shareholders is expected to increase from 11,671.12 million in 2023 to 13,617.38 million in 2025E, reflecting a growth rate of 5.90% [6] - The bank's ROE is forecasted to decline from 18.78% in 2023 to 15.66% in 2025E [6] Loan Growth and Composition - The bank's loan growth remains strong, with a 16.9% increase in Q1 2025, driven primarily by corporate loans, which grew approximately 18% [7][11] - Retail loans are gradually improving, with Q1 2025 showing an increase of 23 million, compared to 10 million in the same period last year [7][11] Interest Margin and Cost Management - The net interest margin is projected to decline to 1.58% in Q1 2025, down 15 basis points year-on-year, with a focus on improving funding costs [10][14] - The bank's cost-to-income ratio has improved, contributing positively to profit growth [7][10] Risk Management - The bank maintains a low NPL ratio and a strong provision coverage, indicating effective risk management practices [10][11]

Investment Rating - The report maintains a "Buy" rating for Jiangsu Bank [1] Core Views - Jiangsu Bank's revenue and profit growth exceeded expectations, driven by a significant increase in net interest income and a reduction in tax expenses, contributing to a stable revenue base and high dividend yield [6][10] - The bank's asset quality indicators are improving, with a slight decrease in non-performing loan (NPL) ratio and a high provision coverage ratio, indicating strong risk management [6][10] - The report projects an upward revision in profit growth forecasts for 2025-2027, with expected year-on-year growth rates of 8.9%, 9.2%, and 9.4% respectively [6] Financial Performance Summary - In Q1 2025, Jiangsu Bank achieved a revenue of 22.3 billion yuan, a year-on-year increase of 6.2%, and a net profit of 9.8 billion yuan, up 8.2% year-on-year [4][6] - The bank's net interest income grew by 22% in Q1 2025, contributing 14.2 percentage points to revenue growth, while non-interest income declined by 23% [6][10] - The NPL ratio decreased to 0.86% in Q1 2025, with a provision coverage ratio of 344%, indicating robust asset quality management [4][6] Loan Growth and Structure - Total loans increased by 13% year-on-year in Q1 2025, with significant contributions from corporate loans, which saw a quarterly increase of nearly 180 billion yuan [6][8] - Retail loan growth showed signs of recovery, with a net increase of 17.1 billion yuan in Q1 2025, compared to a decrease in the same period last year [6][8] Valuation Metrics - The current price-to-book (PB) ratio is 0.71, with a projected dividend yield of approximately 5.14% for 2025 [6][10] - The report highlights a favorable valuation compared to historical averages, suggesting potential upside for investors [6]

基础化工 2025 年 04 月 29 日 泰和新材 (002254) ——芳纶继续放量，价格略有下跌，氨纶盈利继续承压 报告原因：有业绩公布需要点评 增持（维持） 上 市 公 司 | 市场数据： | 2025 年 04 月 28 日 | | --- | --- | | 收盘价（元） | 10.17 | | 一年内最高/最低（元） | 12.71/7.72 | | 市净率 | 1.2 | | 息率（分红/股价） | 2.95 | | 流通 A 股市值（百万元） | 8,324 | | 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） | 8.23 | | 资产负债率% | 48.99 | | 总股本/流通 A 股（百万） | 863/818 | | 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 ...

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 ...