Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of 39.85 CNY/39.90 HKD and a fair value of 55.63 CNY/55.70 HKD [3]. Core Insights - The report highlights that non-interest income growth and provisioning recovery are driving a rebound in Q4, with a year-on-year revenue growth of -0.47% for 2024, which is an improvement of 2.4 percentage points compared to the first three quarters of 2024 [8]. - The bank's total assets and loan amounts increased by 10.2% and 5.8% year-on-year, respectively, indicating accelerated scale expansion [8]. - Asset quality remains stable, with a non-performing loan (NPL) ratio of 0.95%, unchanged from the previous year, and a provisioning coverage ratio of 411.98%, although it has decreased from previous quarters [8]. - The report forecasts a net profit growth of 5.56% and 6.43% for 2025 and 2026, respectively, with earnings per share (EPS) projected at 6.03 CNY and 6.43 CNY [8]. Summary by Sections Financial Performance - In Q4 2024, the bank's revenue and net profit grew by 7.59% and 7.63% year-on-year, respectively, with significant contributions from non-interest income, which rose by 16.6% [8]. - The total liabilities and deposits increased by 9.8% and 11.5% year-on-year, respectively, with deposits accounting for 83.3% of total liabilities [8]. Asset Quality - The NPL ratio remained stable at 0.95%, with a total NPL amount increasing by 1.9 billion CNY in Q4 2024, while the cumulative NPL amount for the year increased by 3.6 billion CNY [8]. - The provisioning coverage ratio decreased by 20.17 percentage points from the previous quarter but remains at a high level, indicating sufficient risk coverage [8]. Profitability and Valuation - The report projects a price-to-earnings (P/E) ratio of 6.61X for 2024 and 6.20X for 2025, with a price-to-book (P/B) ratio of 0.89X and 0.81X for the same years [8]. - The bank's return on equity (ROE) remains high, supporting its ability to generate internal capital [8].

[Table_Page] 行业专题研究|休闲食品 2025 年 1 月 14 日 证券研究报告 [Table_Title] 休闲食品行业 | | | | 2025 | 年"新渠道"有何看点？ | | | --- | --- | --- | --- | --- | --- | | 分析师： [Tabl | 符蓉 | 分析师： | 胡慧 | 分析师： | 钱浩 | | e_Author] | SAC 执证号：S0260523120002 | | SAC 执证号：S0260524020002 | | SAC 执证号：S0260517080014 | | | | | | | SFC CE.no: BND274 | | | 021-38003552 | | | | 021-38003634 | | | furong@gf.com.cn | | huhui@gf.com.cn | | shqianhao@gf.com.cn | | | 请注意，符蓉,胡慧并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： 相关研究 [Table_Repo ...

Investment Rating - Buy rating with a target price of 15.83 CNY [4] Core Views - The company has a rich pipeline of new products and strong IP capabilities, which are expected to drive future growth [2][9] - The company is expanding its game genres beyond its traditional MMO focus, which could help break through its growth ceiling [9] - The company's IP portfolio includes well-known titles such as "Dragon Nest," "Legend," "Digimon," and "Tomb Raider," which are expected to boost product launches [9] Financial Projections - Revenue is projected to grow from 3,726 million CNY in 2022 to 7,199 million CNY in 2026, with a CAGR of 17.8% [3] - Net profit attributable to shareholders is expected to increase from 1,025 million CNY in 2022 to 2,374 million CNY in 2026, with a CAGR of 18.3% [3] - EPS is forecasted to rise from 0.49 CNY in 2022 to 1.10 CNY in 2026 [3] - ROE is expected to remain strong, ranging from 22.9% in 2022 to 25.0% in 2026 [3] Product Pipeline - The company has announced 22 new products across four categories: "Classic Continuation," "Fantasy Adventure," "Chinese Martial Arts," and "Casual Games" [9][10] - Key IPs include "Dragon Nest: World," "Legend 2," "Digimon: Source Code," and "Tomb Raider: Journey" [9][10] - The company is diversifying its game genres, including ARPG, SLG, and casual games, which could enhance its market position [9] Financial Ratios - The company maintains a high gross margin, projected to be around 82% from 2024 to 2026 [13] - The net profit margin is expected to remain stable at around 31-33% from 2024 to 2026 [13] - The P/E ratio is forecasted to decline from 13.39 in 2022 to 11.64 in 2026, indicating potential undervaluation [3][13] Market Performance - The company's stock has shown strong relative performance compared to the CSI 300 index, with significant outperformance in recent periods [6]

[Table_Page] 跟踪分析|银行 证券研究报告 | | | 财政大幅发力，社融见底回升 [Table_Summary] 核心观点： [Table_PicQuote] 相对市场表现 [分析师： Table_Author]倪军 -4% 4% 11% 19% 26% 34% 01/24 03/24 06/24 08/24 11/24 01/25 银行 沪深300 | | SAC 执证号：S0260518020004 | | --- | --- | | | 021-38003646 | | | nijun@gf.com.cn | | 分析师： | 许洁 | | | SAC 执证号：S0260518080004 | | | SFC CE No. BNU965 | | | 021-38003625 | | | xujie@gf.com.cn | 请注意，倪军并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | --- | | 银行行业:央行调整跨境融资 | 2025-01-13 | | 参数点评 | | | 银行行 ...

[Table_Page] 深度分析|专用设备 [Table_Summary] 核心观点： 证券研究报告 | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-14 | [Table_Title] 风电设备行业跟踪 [Table_PicQuote] 相对市场表现 海风持续性超预期，高装机带来盈利修复 -30% -18% -6% 6% 18% 30% 01/24 03/24 06/24 08/24 10/24 01/25 专用设备 沪深300 | [分析师： Table_Author]代川 | SAC 执证号：S0260517080007 | | | --- | --- | --- | | SFC CE No. BOS186 | 021-38003678 | | | daichuan@gf.com.cn | 分析师： | 孙柏阳 | | SAC 执证号：S0260520080002 | 021-38003680 | | | sunboyang@gf.com.cn | 分析师： | 王宁 | | SAC 执证号：S02605 ...

[Table_Page] 行业专题研究|电子 2025 年 1 月 14 日 证券研究报告 [Table_Title] AI 的进击时刻系列 2 | | | | [Tabl 分析师： | 王亮 | 分析师： | 耿正 | 分析师： | 王钰乔 | | --- | --- | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260519060001 | | SAC 执证号：S0260520090002 | | SAC 执证号：S0260524070006 | | | SFC CE.no: BFS478 | | | | | | | 021-38003658 | | 021-38003660 | | 021-38003772 | | | gfwangliang@gf.com.cn | | gengzheng@gf.com.cn | | wangyuqiao@gf.com.cn | | | 请注意，耿正,王钰乔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | | | [Table_Summary] 核心观点： | 相关研究 [Tabl ...

[Table_Page] 跟踪分析|计算机 证券研究报告 [Table_Title] 计算机行业 美国升级 AI 算力和模型出口限制政策， 利好国产 AI 芯片 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-01-14 | 相对市场表现 [Table_PicQuote] [分析师： Table_Author]刘雪峰 SAC 执证号：S0260514030002 SFC CE No. BNX004 021-38003675 gfliuxuefeng@gf.com.cn 分析师： 周源 SAC 执证号：S0260523040001 0755-23948351 shzhouyuan@gf.com.cn -25% -13% -1% 11% 23% 35% 01/24 03/24 05/24 07/24 09/24 11/24 计算机 沪深300 请注意，周源并非香港证券及期货事务监察委员会的注册 持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究 ...

[Table_Page] 行业专题研究|计算机 2025 年 1 月 14 日 证券研究报告 识别风险，发现价值 请务必阅读末页的免责声明 [本报告联系人： Table_C ontacter] 王钰翔 021-38003529 wangyuxiang@gf.com.cn 1 / 11 [Table_Title] 计算机行业 M365 大幅提价：检验应用成功的标准是商业化 | 分析师： [Tabl | 刘雪峰 | 分析师： | 吴祖鹏 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260514030002 | | SAC 执证号：S0260521040003 | | | SFC CE.no: BNX004 | | | | | 021-38003675 | | | | | gfliuxuefeng@gf.com.cn | | wuzupeng@gf.com.cn | | | 请注意，吴祖鹏并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 核心观点： 相关研究 [Table_Report ： ...

[Table_Page] 公告点评|传媒 证券研究报告 [Table_Title] 电广传媒（000917.SZ） 与张旅集团签署框架协议，强强联合打造文旅新标杆 [Table_PicQuote] 相对市场表现 -22% 4% 31% 57% 84% 110% 01/24 03/24 05/24 07/24 09/24 11/24 01/25 电广传媒 沪深300 | [分析师： Table_Author]旷实 | | --- | | SAC 执证号：S0260517030002 | | SFC CE No. BNV294 | | 010-59136610 | | kuangshi@gf.com.cn | | 分析师： 叶敏婷 | | SAC 执证号：S0260519110001 | | 021-38003665 | | yeminting@gf.com.cn | | 分析师： 罗悦纯 | | SAC 执证号：S0260524120001 | | luoyuechun@gf.com.cn | | 请注意，叶敏婷,罗悦纯并非香港证券及期货事务监察委员 | 会的注册持牌人，不可在香港从事受监管活动。 [Table ...

| 总股本/流通股本（百万股） | 1506.03/1506.03 | | --- | --- | | 总市值/流通市值（百万元） | 15030.20/15030.20 | | 一年内最高/最低（元） | 12.40/7.32 | | 30 日日均成交量/成交额（百万） | 25.38/258.43 | | 近 3 个月/6 个月涨跌幅（%） | -1.87/24.75 | [Table_PicQuote] 相对市场表现 -30% -18% -6% 6% 18% 30% 01/24 03/24 05/24 07/24 09/24 11/24 01/25 北方导航 沪深300 | [分析师： Table_Author]孟祥杰 | | | --- | --- | | SAC 执证号：S0260521040002 | | | SFC CE No. BRF275 | | | 010-59136693 | | | mengxiangjie@gf.com.cn | | | 分析师： | 吴坤其 | | SAC 执证号：S0260522120001 | | | SFC CE No. BRT139 | | | 010-59 ...