Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 176.22 over the next six months [6]. Core Insights - The company achieved a revenue of CNY 13.038 billion in 2024, representing a year-on-year growth of 106.9%, and a net profit of CNY 3.125 billion, up 188.77% [1][4]. - The gross profit margin improved by 5.5 percentage points to 66.8%, driven by increased revenue from the Greater China region and overseas markets, along with optimized supply chain cost control [1]. - The company’s overseas revenue surged by 375.2% to CNY 5.066 billion, with the overseas revenue share increasing by 22 percentage points to 38.9% [3]. - The company’s IP operations are strengthening, with four major IPs generating over CNY 1 billion in revenue in 2024, indicating a successful expansion of its IP matrix [4]. Financial Summary - For 2024, the company reported total revenue of CNY 13,038 million, with projections for 2025, 2026, and 2027 at CNY 17,634 million, CNY 21,978 million, and CNY 32,950 million respectively, reflecting growth rates of 35.25%, 24.63%, and 49.92% [5]. - The net profit attributable to the parent company for 2024 was CNY 3,125 million, with forecasts of CNY 4,016 million, CNY 5,214 million, and CNY 8,224 million for the following years, indicating growth rates of 28.51%, 29.82%, and 57.73% [5]. - The company’s earnings per share (EPS) are projected to be CNY 2.99, CNY 3.88, and CNY 6.12 for 2025, 2026, and 2027 respectively [5].

[Table_Title] 证券研究报告 / 行业动态报告 智元首届供应商大会举办，海尔智家与星动纪元签署战略合作 ---人形机器人行业跟踪 20250331 报告摘要： 上次评级:优于大势 [Table_PicQuote] 历史收益率曲线 -30% -20% -10% 0% 10% 20% 30% 2024/4 2024/7 2024/10 2025/1 机械设备 沪深300 3 月 26 日，智元机器人首届供应商大会在上海成功举办，蓝思科技、博 众精工（灵猴）、奥飞娱乐（诺亦腾）、鼎智科技、龙溪股份、中大力 德等公司为优秀供应商。 3 月 26 日，深圳工业展开始举办，坤维科技、天准科技等展示工业机器 人及智能制造解决方案，强瑞技术机器人灵巧手零部件引关注。 奥迪一汽首次在生产基地试运行优必选人形机器人 Walker S1。近期， 奥迪一汽新能源汽车有限公司（以下简称"奥迪一汽"）在长春建设的 全新先进生产基地开始生产纯电动车型。奥迪一汽首次引入其唯一人形 机器人合作伙伴优必选的工业人形机器人 Walker S1，在汽车生产过程中 进行质量流程试点项目，执行空调泄漏检测任务。 海尔智家与星动纪元签署战略合 ...

[Table_Title] 证券研究报告 / 行业动态报告 资本补充三问 ---国有大型银行发布定增公告点评 [Table_Summary] 2025 年 3 月 30 日，建设银行、中国银行、交通银行及邮储银行发布向 特定对象发行 A 股股票预案公告。建设银行：拟向财政部定增募资不超 过 1050 亿元，发行价格为 9.27 元/股；中国银行：拟向财政部定增募资 不超过 1650 亿元，发行价格为 6.05 元/股；交通银行：拟定增募资不超 过 1200 亿元，发行对象为财政部、中国烟草和双维投资，其中财政部拟 认购金额为 1124.2 亿元。邮储银行：拟向财政部、中国移动集团和中国 船舶集团发行 A 股股票，募集资金总额为 1300 亿元，其中，财政部拟 认购 1175.8 亿元。 对比历史，本次资本补充有以下特点：金额较大。四家银行募集资金合 计 5200 亿元，其中财政部拟申购规模为 5000 亿元，同一批次募资规模 总计创历史新高。溢价发行。本次发行价格 PB 均高于市场交易 PB，建 行、中行、交行和邮储发行价格 PB 溢价分别为 0.06 倍、0.07 倍、0.11 倍和 0.14 倍。当下国有 ...

[Table_Info1] 洪都航空(600316) 国防军工 [Table_Title] 证券研究报告 / 公司点评报告 境外营收大幅增长，看好公司后续业绩成长 教练机+导弹+无人机多元发展。洪都航空在教练机研制领域具有较强 竞争力，是国内唯一同时具备初、中、高级教练机全谱系产品的研制开 发和生产制造能力的企业。公司产品在国内外市场均有需求，尤其是 L15 高级教练机在国内外市场都有良好的销售前景。同时，公司也在积 极拓展无人机和导弹业务，以实现多元化发展。洪都 660 所作为航空工 业集团内两家导弹研究所之一，长期承担我国空面导弹研制任务。 看好公司 25 年业绩快速增长。公司此前发布 2025 年关联交易预计公 告，预计 2025 年日常关联交易总金额上限为 149.02 亿元，较 2024 年 度实际发生额 60.71 亿元增长 145.46%。其中，2025 年公司向关联方销 售产品和提供劳务预计金额上限为 89.70 亿元，较 2024 年度实际发生 额 44.32 亿元增长 102.39%。2025 年关联交易预计金额上限大幅增长， 或预示公司 2025 年业绩将快速增长。 投资建议：我们预计公 ...

[Table_Date] 发布时间：2025-03-28 [Table_Invest]买入 息差降幅收窄，营收净利双增 --- 邮储银行 2024 年年报点评 事件： [Table_Summary] 邮储银行发布 2024 年年报，全年实现营业收入 3487.75 亿元，同比增长 1.83%，实现归母净利润 864.79 亿元，同比增长 0.24%。其中 4Q24 实现 营业收入 884.26 亿元，同比增长 7.33%，实现归母净利润 106.61 亿元， 同比增长 0.43%。2024 年全年公司加权平均 ROE 为 9.84%，同比下降 1.01 个百分点。 点评： 利息净收入同比小幅增长，中收收入下滑明显。2024 年银行实现利息净 收入 2861.23 亿元，同比增长 1.53%，占营业收入比例为 82.04%，主导 银行营收；实现中收收入 252.82 亿元，同比下降 10.51%，其中代理业务 收入受保险手续费减少影响同比下降 55.75%至 92.29 亿元，理财业务收 入受理财规模扩张影响同比增长 40.06%至 39.51 亿元。 [Table_Info1] 邮储银行(601658) 国有 ...

请务必阅读正文后的声明及说明 [Table_Info1] 美丽田园医疗健康(02373.HK) 医疗美容/美容护理 [Table_Date] 发布时间：2025-03-28 [Table_Title] 证券研究报告 / 港股公司报告 内生外延双轮驱动，市场领导地位持续强化 美丽田园医疗健康公布 2024 年度业绩，2024 年公司实现营业收入 25.72 亿元/+19.91%，归母净利润 2.28 亿元/+5.94%。2024H2 公司实现营业收 入 14.35 亿元/+29.44%，归母净利润 1.13 亿元/+8.87%。拟每股派发现金 红利 0.48 元。 点评： 内生+外延双轮驱动，收入维持快速增长。2024 年公司实现营业收入 25.72 亿元/+19.91%，分项目看：1）美容和保健服务营收 14.43 亿元/占 比 56.11%/+20.91% ； 包 括 高 端 美 容 直 营 收 入 11.44 亿 元 / 占 比 44.46%/+5.91%；高端智能美养服务直营收入 1.62 亿元/占比 6.30%；加 盟商及其他收入 1.38 亿元/占比 5.35%/+20.87%；高端美容服务单店继续 ...

[Table_Title] 证券研究报告 / 公司点评报告 AI 产品放量业绩高增，产能积极扩张再启新程 [Table_Info1] 生益电子(688183) 电子 事件： [Table_Summary] 公司发布 2024 年年度报告。2024 年公司实现营业收入 46.87 亿元，同 比大幅增长 43.19%；归母净利润 3.32 亿元，扭亏为盈。其中 2024 年 第四季度，公司实现营业收入 15.07 亿元，同比增长 70.91%，环比增 长 24.96%；归母净利润 1.45 亿元，环比增长 60.83%，单季度业绩创 2020 年第二季度以来新高。 点评： AI 服务器引领高端领域放量，各项业务多点开花。2024 年，生益电子 在服务器、通讯、汽车电子三大应用领域均取得积极进展。1）在服务 器领域，AI 服务器产品增长势头强劲，带动服务器收入占比跃升至 48.96%，市场份额大幅提升。公司积极携手多家知名 AI 服务器企业， 成功导入并认证了服务器等领域的关键项目并实现量产。高毛利的算力 订单放量，带动整体毛利率提升。随着 AI 浪潮兴起，公司精准把握市 场需求，加大在 AI 服务器产品研发投入， ...

Investment Rating - The report maintains a "Buy" rating for the company [11][18]. Core Views - The company achieved a revenue of 5.539 billion yuan in 2024, representing a year-on-year increase of 57.17%, with a net profit of 2.062 billion yuan, up 42.02% [1][4]. - The strong performance is driven by the core product lines, particularly the effective skincare products and medical dressings, which continue to show robust growth [2][4]. - The company is focusing on enhancing brand recognition through scientific marketing and expanding its product matrix in skincare and medical aesthetics [4][17]. Financial Performance - In 2024, the revenue breakdown shows effective skincare products generated 4.302 billion yuan (77.68% of total revenue, +62.52%), medical dressings contributed 1.218 billion yuan (21.99%, +41.51%), and health foods accounted for 0.018 billion yuan (0.33%, +15.0%) [2][14]. - The company’s gross margin for 2024 was 82.09%, slightly down by 1.54 percentage points, while the net profit margin was 37.22%, down by 3.97 percentage points [16][19]. - The company plans to distribute a cash dividend of 1.19 yuan per share [1][13]. Future Projections - Revenue forecasts for 2025-2027 are set at 7.056 billion yuan, 8.790 billion yuan, and 10.568 billion yuan, respectively, with net profits projected at 2.538 billion yuan, 3.189 billion yuan, and 3.867 billion yuan [4][17]. - The expected price-to-earnings (PE) ratios for the same period are 25x, 20x, and 17x [4][18]. Marketing and Sales Strategy - The company increased its sales expenses to 2.008 billion yuan in 2024, reflecting a 72.46% increase, primarily due to enhanced online marketing efforts [3][15]. - Direct sales accounted for 4.134 billion yuan (74.64% of total revenue), with significant contributions from both online and offline channels [2][14]. Research and Development - The company continues to invest in R&D, with expenses reaching 1.06 billion yuan in 2024, representing a 42.06% increase [3][15]. - The product pipeline includes over 180 projects across various fields, ensuring long-term growth potential [16][19].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Views - The company has a strong market presence in the East Guangdong region, with over 50 years in the cement industry, leading to high brand recognition and market share [1]. - In 2024, the cement industry is expected to face downward pressure, with national fixed asset investment projected to grow by 3.2% and real estate development investment declining by 10.6% [1]. - Despite industry challenges, the company demonstrates operational resilience, with cement sales of 1,585.9 million tons in 2024, a decrease of 10.1% year-on-year, and a revenue of 4.28 billion yuan [2]. - The company plans to maintain a high dividend payout, with a proposed dividend of 0.45 yuan per share for 2024, totaling 5.37 billion yuan [2]. - The cement industry is set to be included in the carbon market, which may help advanced companies recover profitability by eliminating outdated production capacity [3]. Summary by Sections Company Overview - The company has established a significant market share in the East Guangdong cement market, with production bases in Meizhou, Huizhou, and Longyan [1]. Market Conditions - In 2024, the cement consumption in Guangdong is expected to decline by 10.7%, with a total consumption of 13.82 million tons [1]. - The overall cement production in China is projected to decrease by 9.5% to 1.83 billion tons [1]. Financial Performance - The company reported a revenue of 4.28 billion yuan in 2024, with a net profit of 540 million yuan, reflecting a decrease of 27.5% year-on-year [4]. - The estimated cement price per ton is 238.2 yuan, down 16.1% year-on-year, with a gross margin of 22.1% [2]. Future Projections - The company aims for cement sales of over 1.63 million tons in 2025, with a target net profit of 530 million yuan [3]. - Revenue projections for 2025 to 2027 are estimated at 4.16 billion yuan, 4.10 billion yuan, and 4.02 billion yuan, respectively, with a slight decline each year [3].

6 乐北证券 | 2 副 创 人 融汇杂谈 低利率时代 多资产策略为何成为市场新宠? > 3月27日 19:00-20:00 84 新 H 智 成 节 肖 雷 用 7000609190 扫码进入直播间 观看直播 市场有风险 投资需谨慎 风险提示:投资顾问所制作的产品仅供投资参考,不作 为决策依据,投资决策由客户自行作出,投资风险由客 户承担,我公司及投资顾问不承担任何责任。投资有风 险,入市须谨慎。 什么是资产配置多元化，应该怎么理解资产配置多元化？资产配置多元化的具体方法有 哪些？资产配置多元化是否适合在当前的环境？ 3月27日（周四）晚19:30-20:30 东证融汇资产管理投资助理王真，东北证券资深投 资顾问郑杨做客云直播解读《低利率时代，多资产策略为何成为市场新宠？》，东北证 券云直播·财富踏云而来！ 【财富直播】低利率时代，多资产策略为何成为市场新宠？ 东北证券金融世界 2025年03月27日 07:01 吉林 ...