[Table_Page] 公告点评|公用事业 证券研究报告 [Table_Title] 【 广 发 环 保 & 海 外 】 光 大 环 境 （00257.HK） 三表质量持续改善，分红超预期提升 [Table_Summary] 核心观点： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万港元） | 32,495 | 30,258 | 29,718 | 29,617 | 29,704 | | 增长率 （ % ） | -13.9% | -6.9% | -1.8% | -0.3% | 0.3% | | EBITDA（百万港元） | 13,163 | 8,708 | 11,477 | 11,666 | 12,026 | | 归母净利润（百万港元） | 4,429 | 3,377 | 3,502 | 3,641 | 3,906 | | 增长率 （ % ） | -3.8% | -23.8% | 3.7% | 3.9% | 7.3% | | EPS（港元/股） ...

[Table_Page] 深度分析|通用设备 证券研究报告 | [Table_Title] 人形机器人系列十九 | | --- | | 灵巧手：百家争鸣，进化不息 | [Table_Summary] 核心观点： | [Table_Gr ade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-04-02 | [Table_PicQuote] 相对市场表现 [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： 蒲明琪 SAC 执证号：S0260524080003 SFC CE No. BUP066 021-38003807 pumingqi@gf.com.cn 请注意，孙柏阳并非香港证券及期货事务监察委员会的注 -24% -12% -1% 11% 22% 34% 04/24 06/ ...

[Table_Page] 公司深度研究|医疗服务 证券研究报告 | [Table_Title] 金域医学（603882.SH） | | --- | 数据资产价值重估，AI 技术驱动创新应用 场景拓展 [Table_Summary] 核心观点： | 基本数据 [Table_BaseInfo] | | | --- | --- | | 总股本/流通股本（百万股） | 463.26/460.13 | | 总市值/流通市值（百万元） | 14856.69/14756.52 | | 一年内最高/最低（元） | 56.05/24.44 | | 30 日日均成交量/成交额（百万） | 13.42/479.51 | | 近 3 个月/6 个月涨跌幅（%） | 21.92/-17.83 | [Table_PicQuote] 相对市场表现 -60% -44% -28% -12% 4% 20% 04/24 05/24 07/24 09/24 11/24 01/25 03/25 金域医学 沪深300 | [分析师： Table_Author]罗佳荣 | | | --- | --- | | | SAC 执证号：S026051609000 ...

Investment Rating - The report assigns a "Buy-A/Buy-H" rating to the company [4] Core Views - The company has significantly improved its profitability, with a notable increase in ROE and a substantial rise in both the dividend payout ratio and total dividend amount [8][12] - The company achieved a revenue of 123.5 billion RMB in 2024, reflecting a year-on-year growth of 0.9%, while the net profit attributable to shareholders surged by 229.7% to 4.506 billion RMB [12][17] - The company is expected to continue its profitability improvement, with a focus on clean energy development, particularly in wind and solar power [8][61] Summary by Sections Annual Performance Review - The company reported a net profit of 4.506 billion RMB in 2024, a significant increase of 3.1 billion RMB compared to the previous year [12] - The revenue for 2024 was 123.5 billion RMB, with a slight growth of 0.9% year-on-year [12] - The company’s coal power segment turned profitable, generating 2.567 billion RMB, while the hydroelectric segment saw a profit increase of 2.009 billion RMB [17] New Capacity Additions - In 2024, the company added 6.7 GW of new capacity, bringing the total controllable capacity to 79 GW, with clean energy accounting for 40% of the total [48] - The company’s new installations included 2.4 GW of coal power, 2.6 GW of wind power, and 1.7 GW of solar power [48] Profitability Outlook - The company anticipates continued improvement in profitability, driven by a decrease in coal prices and an increase in clean energy investments [61] - The projected net profits for 2025 to 2027 are 5.356 billion RMB, 6.334 billion RMB, and 7.025 billion RMB, respectively [74] Investment Recommendations - The report suggests a target price of 3.76 RMB per share for A-shares and 2.10 HKD per share for H-shares, based on a 13x PE valuation for 2025 [74] - The company is positioned as a leading player in the domestic power sector, benefiting from a diversified energy mix [74]

[Table_Page] 跟踪分析|煤炭开采 证券研究报告 [Table_Title] 煤炭行业跟踪分析 2 季度煤炭板块有哪些历史规律？ [Table_Summary] 核心观点： 板块：历史数据显示 2-3 季度煤炭板块容易获得超额收益。2008 年以 来的 18 年时间内，煤炭板块年度之间表现有周期性规律，特别是在行 业景气上行的年份（07/09/16-17/21-22 年）相对大盘（本文主要采用 沪深 300 指数）的超额收益明显。 在年度之内，不同月份之间也有季节性规律。根据 Wind，从 08 年以 来的历年数据来看，3-9 月煤炭板块相对大盘容易获得超额收益，其中 3 月和 7 月煤炭板块跑赢大盘的次数最多，均达到了 11 次，跑赢大盘 的概率在 60%以上。而 4-6 月以及 8-9 月，煤炭板块跑赢大盘的概率 也在 50%以上。此外，2 月以及 4 季度，煤炭板块跑赢大盘的概率往 往较低，一般回落到 30%左右。 每年上半年淡季期间，煤炭需求回落基本面承压，但股价表现并不差， 春季开工旺季、迎峰度夏需求旺季预期以及板块低估值高股息优势，都 是支撑煤价和股价走强的重要因素。刚刚过去的 25 年 ...

据中采咨询（下同），3 月制造业 PMI 环比上行 0.3 个点至 50.5，景气连续 2 个月环比改善。 15 个细分制造业中，位于景气扩张区间的行业个数为 8 个，环比增加 1 个；其中，有色冶炼行业景气由扩张将 至收缩区间，通用设备、计算机通信电子景气回升至景气扩张。 [Table_Page] 宏观经济研究报告 2025 年 4 月 1 日 证券研究报告 [Table_Title] 广发宏观 3 月中观景气度分布特征分析 [Tabl e_Author] 分析师： 郭磊 分析师： 王丹 SAC 执证号：S0260516070002 SFC CE.no: BNY419 SAC 执证号：S0260521040001 021-38003572 guolei@gf.com.cn bjwangdan@gf.com.cn 请注意，王丹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] 报告摘要： ⚫ 3 月制造业 PMI 环比继续上行 0.3 个点至 50.5。中观景气面同步改善，位于景气扩张区间的行业个数由 7 个增 加至 8 个，有色行业景气降至收缩区间，通用 ...

[Table_Page] 行业专题研究|建筑装饰 2025 年 4 月 1 日 证券研究报告 [Table_Title] 建筑装饰行业 | | | | 天府之国、战略腹地，需求多点开花、工程大有可为 | | | | --- | --- | --- | --- | --- | --- | | [Tabl 分析师： | 耿鹏智 | 分析师： 乔钢 | | 分析师： | 尉凯旋 | | e_Author] | SAC 执证号：S0260524010001 | | SAC 执证号：S0260524100001 | | SAC 执证号：S0260520070006 | | | | | SFC CE.no: BVX103 | | | | | 021-38003620 | | 021-38003769 | | 021-38003576 | | | gengpengzhi@gf.com.cn | | qiaogang@gf.com.cn | | yukaixuan@gf.com.cn | | | 请注意，耿鹏智,尉凯旋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_ ...

[Table_Page] 年报点评|软件开发 证券研究报告 [Table_Title] 恒生电子（600570.SH） 行业下行致业绩承压，静待需求回暖 [Table_Summary] 核心观点： | [Table_Finance] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 7281 | 6581 | 6873 | 7325 | 7982 | | 增长率（ % ） | 12.0% | -9.6% | 4.4% | 6.6% | 9.0% | | EBITDA（百万元） | 1540 | 1015 | 1574 | 1960 | 2356 | | 归母净利润（百万元） | 1424 | 1043 | 1379 | 1760 | 2153 | | 增长率（ % ） | 30.5% | -26.8% | 32.2% | 27.6% | 22.3% | | EPS（元/股） | 0.75 | 0.55 | 0.73 | 0.93 | 1.14 | | 市盈率（P/E） | ...

Investment Rating - The report assigns a "Buy" rating to the company [2]. Core Views - The company leverages its rich natural resources and Buddhist heritage to enhance its tourism offerings, aiming to increase visitor stay duration and attract more tourists [9]. - Continuous improvements in transportation infrastructure and the expansion of the cable car system are expected to drive revenue growth [9]. - The company is transitioning into a comprehensive smart tourism enterprise by integrating various business lines, enhancing sales conversion rates [9]. - Revenue forecasts for 2024-2026 are projected at 10.49 billion, 11.13 billion, and 12.17 billion yuan, with corresponding growth rates of 0.4%, 6.2%, and 9.4% [9]. Company Overview - The company is situated in Emei Mountain, a UNESCO World Heritage site, known for its natural beauty and Buddhist culture, attracting millions of visitors annually [15]. - It operates multiple business segments, including ticket sales, cable car services, hotel operations, tea production, and performance arts [18][20]. Industry Analysis - The tourism market is recovering steadily, with a projected increase in domestic travel to 5.615 billion trips in 2024, a year-on-year growth of 14.8% [44]. - Government policies are actively promoting tourism consumption, which is expected to further stimulate demand in the sector [52].

Investment Rating - The report maintains a "Buy-A/Buy-H" rating for the company [3] Core Views - The company demonstrates significant advantages as a domestic and international leader, with a recovery in performance and an increase in leverage [1] Financial Performance Summary - The company reported a revenue of CNY 63.79 billion for 2024, reflecting a year-on-year growth of 6.20%, and a net profit attributable to shareholders of CNY 21.70 billion, up 10.06% year-on-year [11] - The total asset scale reached CNY 1.71 trillion, an increase of 17.71% compared to the previous year [11] - The weighted average ROE for 2024 was 8.09%, with an adjusted leverage ratio of 4.51 times, up by 0.24 [1][13] Business Segment Analysis Investment Business - The self-operated investment income for 2024 was CNY 19.46 billion, a year-on-year increase of 12% [23] - The company has enhanced its product structure and strategy to attract long-term capital into the market [23] Wealth Management - The brokerage business generated a net income of CNY 10.70 billion, a 5% increase year-on-year, with a 12% growth in customer numbers [28][32] - The overseas wealth management product sales and income doubled in 2024 [32] Asset Management - The asset management business achieved an income of CNY 2.32 billion, up 5% year-on-year, while the fund business generated CNY 8.18 billion, a 7% increase [36] - The total asset management scale reached CNY 1.54 trillion, an 11% increase year-on-year [36] Investment Banking - The investment banking segment reported a revenue of CNY 4.16 billion, down 34% year-on-year, but maintained a market share of 22% in domestic equity underwriting [50] - The company completed 55 A-share underwriting projects with a total scale of CNY 70.36 billion, ranking first in the market [52] Capital Intermediation - The capital intermediation income was CNY 8.16 billion, a decrease of 7% year-on-year, with financing and securities lending interest income down 14% [56] Earnings Forecast and Investment Recommendation - The company is expected to benefit from cyclical recovery and increased market stability, with projected EPS of CNY 1.98 and CNY 2.20 for 2025 and 2026 respectively [60] - The report assigns a reasonable value of CNY 32.93 per share for A-shares and HKD 26.36 for H-shares, maintaining a "Buy" rating for both [60]