分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -13% -7% -2% 4% 9% 15% 20% 26% 2024.04 2024.08 2024.12 2025.04 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 3,276.00 | 0.26 | 深证成指 | 9,774.73 | -0.85 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 3,772.82 | 0.31 | | | 上证 | 50 | 2,443.97 | -0.52 | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | 中证 | 100 | 3,611.99 | 0.31 | | 中证 | 500 | 5,556.86 | -0.82 | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | ...

其他化学制品Ⅱ 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 2024 年产销增长经营稳健，新项目保障 长期发展 ——万华化学(600309)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 56.26 | | --- | --- | | 一年内最高/最低(元) | 93.75/56.26 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.80 | | 流通市值(亿元) | 1,766.42 | | 基础数据(2025-03-31) | | | 每股净资产(元) | 31.31 | | 每股经营现金流(元) | 0.19 | | 毛利率(%) | 15.70 | | 净资产收益率_摊薄(%) | 3.14 | | 资产负债率(%) | 66.15 | | 总股本/流通股(万股) | 313,974.66/313,974.6 | | | 6 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 -34% -26% -18% -10% ...

电信运营Ⅱ 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 算力服务快速增长，派息率稳步提升 ——中国联通(600050)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 5.41 | | --- | --- | | 一年内最高/最低(元) | 6.82/4.42 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.04 | | 流通市值(亿元) | 1,664.49 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.18 | | 每股经营现金流(元) | 2.87 | | 毛利率(%) | 23.42 | | 净资产收益率_摊薄(%) | 5.48 | | 资产负债率(%) | 45.19 | | 总股本/流通股(万股) | 3,126,442.53/3,076,6 | B 股/H 股(万股) 0.00/0.00 相关报告 《中国联通(600050)季报点评：联通云快速发 展，净利润双位数增长》 2024-10-31 联系人：李智 ...

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 自营业绩优异，投行逆市增长 证券Ⅱ ——广发证券(000776)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 15.34 | | --- | --- | | 一年内最高/最低(元) | 18.37/11.25 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 0.97 | | 总市值(亿元) | 1,166.74 | | 流通市值(亿元) | 1,166.74 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 15.88 | | 总资产(亿元) | 7,587.45 | | 所有者权益(亿元) | 1,476.02 | | 净资产收益率(%) | 7.44 | | 总股本(亿股) | 76.06 | 发布日期：2025 年 04 月 16 日 2024 年年报概况:广发证券 2024 年实现营业收入 271.99 亿元，同比 +16.74%；实现归母净利润 96. ...

乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -18% -6 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by the photovoltaic business, with total revenue declining by 15.23% year-on-year to 19.15 billion yuan, and net profit decreasing by 29.33% to 1.31 billion yuan [7][10] - Despite the challenges in the photovoltaic sector, the company has shown significant improvement in operating cash flow, which turned positive at 4.39 billion yuan, attributed to increased sales collections and reduced cash payments for raw materials [10] - The company maintains a strong position in the photovoltaic encapsulant market, with a global market share of around 50%, and a sales volume of 2.81 billion square meters, up 24.98% year-on-year [10][13] - The company is expanding its overseas production capacity in Thailand and Vietnam to mitigate international trade risks and ensure sales in foreign markets [10] - The electronic materials and functional films segment is expected to become a new growth driver, with significant sales increases in photosensitive dry films and aluminum-plastic films [10][13] Financial Summary - The company's gross profit margin for photovoltaic encapsulants was 14.72%, showing a slight increase of 0.12 percentage points year-on-year, despite a significant drop in sales price [10] - The projected net profits for 2025, 2026, and 2027 are estimated at 1.51 billion, 1.81 billion, and 2.12 billion yuan respectively, with corresponding diluted EPS of 0.58, 0.69, and 0.81 yuan [12][13] - The company’s financial ratios indicate a return on equity (ROE) of 7.97% for 2024, with expectations for gradual improvement in the following years [12][13]

乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -18% -6 ...

分析师：张洋 登记编码：S0730516040002 zhangyang-yjs@ccnew.com 021-50586627 自营业绩优异，投行逆市增长 证券Ⅱ ——广发证券(000776)2024 年年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) 投资建议:报告期内公司代理股基交易量市场份额止稳回升，非货公募基 金保有规模稳居行业第三；境内股债承销规模均进入行业前十，境外股债 融资成绩优异，投行业务净收入低基数下实现逆市增长；权益及固收自营 均取得较好投资业绩，合并口径投资收益（含公允价值变动）同比高增进 而提振公司整体业绩；受降费影响公募基金收入贡献略有下降，但公司大 资管业务具备较为显著的品牌优势及投研优势，未来有望持续受益于大力 发展权益基金、加大中长期资金引入力度等资本市场改革系列政策红利。 预计公司 2025 年、2026 年 EPS 分别为 1.18 元、1.24 元，BVPS 分别为 16.96 元、17.91 元，按 4 月 15 日收盘价 15.34 元计算，对应 P/B 分别为 0.90 倍、0.86 倍，维持"增持"的投资评级。 风险提示：1.权益及 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by a decline in revenue and net profit due to oversupply in the photovoltaic industry, but the sales of new materials such as photosensitive dry film and aluminum-plastic film showed growth, partially offsetting the decline in photovoltaic business [10][13] - The company maintains a strong position in the photovoltaic film market with a global market share of around 50%, despite a decrease in sales price and revenue [10][11] - The company is expanding its overseas production capacity in Thailand and Vietnam to mitigate international trade risks and ensure sales in foreign markets [10] - The electronic materials and functional film materials business is expected to benefit from rapid growth in emerging fields such as electronic circuits and lithium battery materials, creating new growth opportunities [13] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 19.147 billion yuan, a decrease of 15.23% year-on-year, and a net profit attributable to shareholders of 1.308 billion yuan, down 29.33% year-on-year [7] - The gross profit margin for sales was 14.74%, an increase of 0.1 percentage points year-on-year, while the net profit margin was 6.73%, a decrease of 1.46 percentage points year-on-year [10] - The operating cash flow significantly improved, with a net cash flow from operating activities of 4.389 billion yuan, a substantial increase compared to the previous year [10] Business Segments - The photovoltaic film segment saw a sales volume of 2.811 billion square meters, an increase of 24.98% year-on-year, but revenue decreased by 14.54% due to a drop in sales price [10] - The sales price of photovoltaic film was 6.23 yuan per square meter, down 31.62% year-on-year, while the unit cost was 5.31 yuan per square meter, down 31.71% year-on-year [10] - The photovoltaic backplane segment experienced a revenue decline of 54.26% year-on-year, with a sales volume decrease of 33.50% [11] Future Outlook - The company is expected to see net profits of 1.508 billion yuan, 1.811 billion yuan, and 2.119 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding diluted EPS of 0.58 yuan, 0.69 yuan, and 0.81 yuan [12][13] - The company is positioned to benefit from the recovery of the photovoltaic industry and the growth of its new materials business, which is anticipated to enter a phase of increased sales volume [13]

证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 5.41 | | --- | --- | | 一年内最高/最低(元) | 6.82/4.42 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.04 | | 流通市值(亿元) | 1,664.49 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.18 | | 每股经营现金流(元) | 2.87 | | 毛利率(%) | 23.42 | | 净资产收益率_摊薄(%) | 5.48 | | 资产负债率(%) | 45.19 | | 总股本/流通股(万股) | 3,126,442.53/3,076,6 | B 股/H 股(万股) 0.00/0.00 相关报告 电信运营Ⅱ 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 算力服务快速增长，派息率稳步提升 ——中国联通(600050)年报点评 《中国联通(600050)季报点评：联通云快速发 展，净利润双位数增长》 2024-10-31 联系人：李智 ...