关注业绩期+市场高切低布局机会 | 分析师：曾彪 | | --- | 执业证书编号：S0740522020001 Email：zengbiao@zts.com.cn 执业证书编号：S0740522040004 Email：wupeng@zts.com.cn 执业证书编号：S0740522080002 Email：zhubr@zts.com.cn | 上市公司数 | 385 | | --- | --- | | 行业总市值(亿元) | 58,197.89 | | 行业流通市值(亿元) | 50,509.70 | 苏重点海风项目开工》2025-03-02 2、《阿里巴巴加大 AI 领域投入，固 态电池催化不断》2025-02-24 3、《宁德启动港股二次上市，新能 源上网新政发布》2025-02-16 电力设备 证券研究报告/行业定期报告 2025 年 03 月 30 日 执业证书编号：S0740522100005 Email：zhaoyp02@zts.com.cn 请务必阅读正文之后的重要声明部分 分析师：朱柏睿 基本状况 锂电：1）科达利子公司科盟创新针对人形机器人高精密减速器发布三款新产品。2） 璞泰来拟授出 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9] Core Insights - The company reported a revenue of 9.11 billion yuan for 2024, representing a year-over-year growth of 16.5%. The net profit attributable to shareholders was 2.09 billion yuan, with a year-over-year increase of 34.9% [4][6] - The company is expected to achieve revenues of 10.20 billion yuan, 11.49 billion yuan, and 13.15 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 12%, 13%, and 14% [6][8] - The adjusted net profit for 2024 was 2.32 billion yuan, exceeding expectations with a year-over-year growth of 18.8% [4][6] Financial Performance Summary - The company’s total revenue for 2023 was 7.84 billion yuan, with a growth rate of 14% year-over-year [3] - The net profit attributable to shareholders for 2023 was 1.55 billion yuan, showing a decline of 19% year-over-year [3] - Earnings per share (EPS) for 2023 was 0.65 yuan, projected to increase to 0.87 yuan in 2024 and further to 1.26 yuan by 2027 [3][8] Pipeline and Market Potential - The company has several upcoming product approvals, including a license-in product for gastric cancer and new indications for existing drugs, which are expected to drive future growth [6] - The company is focusing on expanding its international market presence, particularly with its dual-antibody products [6]

Investment Rating - The investment rating for the company is "Increase" [2][4] Core Views - The company is experiencing a decline in revenue due to a sluggish real estate market, with a projected revenue of 1.38 billion in 2025, down from 1.43 billion in 2024, reflecting a decrease of 4% [2][4] - The adjusted net profit is expected to improve significantly, moving from a loss of 190 million in 2024 to a profit of 30 million in 2025, indicating a growth rate of 85% [2][4] - The company is focusing on enhancing its SaaS products through AI technology and expanding its presence in overseas markets, which is expected to create new growth opportunities [3][4] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 1.38 billion, 1.43 billion, and 1.55 billion respectively, with growth rates of -4%, 3%, and 9% [2][4] - The company anticipates a net profit of -28 million in 2025, followed by a profit of 30 million in 2026 and 123 million in 2027, showing a significant recovery trajectory [2][4] - The earnings per share (EPS) is expected to improve from -0.10 in 2024 to 0.06 in 2027 [2][4] Business Strategy - The company is shifting its focus towards asset management and operations in the real estate sector, which is expected to yield positive results despite the overall market downturn [3][4] - The introduction of AI-driven products is aimed at enhancing marketing capabilities in the real estate sector, with significant contracts already signed with major developers [3][4] - The company is actively expanding its international market presence, particularly in regions like Japan, Hong Kong, and Southeast Asia, to tap into diverse real estate opportunities [3][4]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [4][7][10] Core Views - The company is expected to achieve significant revenue growth driven by the acquisition of quality assets and the closure of outdated production capacity, with projected revenues of 30.6 billion, 41.99 billion, and 47.04 billion yuan for 2025, 2026, and 2027 respectively [6][7] - The company plans to distribute a cash dividend of no less than 75% of the net profit attributable to shareholders from 2025 to 2027, with a minimum cash dividend of 0.19 yuan per share [6][7] Financial Performance Summary - In 2024, the company achieved operating revenue of 30.021 billion yuan, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 858 million yuan, a year-on-year increase of 2.17% [6][7] - The company’s cash flow from operating activities reached 2.757 billion yuan, a year-on-year increase of 181.64% [6] - The company’s power generation business reported revenue of 6.685 billion yuan in 2024, with a gross profit increase of 60.47% [6][7] Earnings Forecast and Valuation - The company is projected to achieve net profits of 1.137 billion, 2.022 billion, and 2.711 billion yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share of 0.29, 0.52, and 0.70 yuan [7][9] - The current stock price of 3.33 yuan corresponds to a price-to-earnings ratio of 11.4X for 2025, 6.4X for 2026, and 4.8X for 2027 [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][22] Core Views - The company is navigating through a down cycle in the agricultural chemical industry, with expectations of recovery in the medium term as supply-side reforms and market demand improve [4][5][6] - The company reported a decline in revenue and net profit for 2024, with revenue at 10.44 billion yuan, down 9.1% year-on-year, and net profit at 1.20 billion yuan, down 23.2% year-on-year [5][13] - Despite the current challenges, the company is positioned as a leader in the pesticide industry, with significant market share in key products and ongoing projects that are expected to enhance future profitability [4][5] Summary by Relevant Sections Financial Performance - For 2024, the company achieved revenue of 10,435 million yuan, a decrease of 9% year-on-year, and a net profit of 1,202 million yuan, down 23% year-on-year [2][5] - The fourth quarter of 2024 saw revenue of 2,420 million yuan, an increase of 9.8% year-on-year, while net profit was 180 million yuan, down 13.7% year-on-year [5][15] Profitability Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 1,378 million yuan, 1,614 million yuan, and 1,718 million yuan respectively, with corresponding P/E ratios of 16.4, 14.0, and 13.2 [2][6][21] Market Position and Strategy - The company is a leading supplier of pyrethroid pesticides, holding a significant market share in both domestic and Southeast Asian markets [5][6] - Ongoing projects, including the expansion of production capacity, are expected to contribute positively to the company's performance in the coming years [4][5]

煤炭开采 执业证书编号：S0740522040001 Email：duchong@zts.com.cn Email：luhao@zts.com.cn | 总股本(百万股) | 2,693.26 | | --- | --- | | 流通股本(百万股) | 2,693.26 | | 市价(元) | 13.88 | | 市值(百万元) | 37,382.43 | | 流通市值(百万元) | 37,382.43 | 1、《无水乙醇基本达产，Q3 煤价下 滑压制业绩》2024-10-30 报点评：产销有望逐季改善，化工带 来盈利增量》2024-09-08 3、《淮北矿业（600985.SH)2024Q1 点评：价跌量减业绩下滑符合预期， 2024-04-29 淮北矿业（600985.SH） 证券研究报告/公司点评报告 2025 年 03 月 28 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 20 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [11] Core Views - The company has shown a good growth trend in its color sorting machine business, while its medical segment has faced pressure due to market conditions [3][7] - The company achieved a revenue of 2.311 billion yuan in 2024, a year-on-year decrease of 4.73%, and a net profit of 649 million yuan, down 12.84% year-on-year [3] - The color sorting machine business continues to grow, with a revenue increase of 9.87% to 1.622 billion yuan, while the medical business saw a significant decline of 33.43% in revenue [7][8] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 2.311 billion yuan, with a year-on-year growth rate of -4.73% and a net profit of 649 million yuan, reflecting a -12.84% change [3] - The fourth quarter of 2024 saw a revenue of 733 million yuan, down 4.61% year-on-year but up 13.13% quarter-on-quarter [5] - The gross profit margin for 2024 was 50.43%, a decrease of 1.06 percentage points year-on-year, while the net profit margin was 28.09%, down 2.62 percentage points [5] Business Segments - The color sorting machine segment achieved a revenue of 1.622 billion yuan, with a gross margin of 49.64%, showing a year-on-year increase [7] - The medical segment's revenue fell to 503 million yuan, with a gross margin of 48.44%, reflecting a decline due to increased competition and sluggish demand [8] Market Outlook - The report indicates that the color sorting machine market is expected to continue its stable growth due to increasing digitalization and automation trends [7] - Despite the current challenges in the medical segment, the long-term potential remains strong, particularly in the dental CBCT market, which is expected to recover as the economy improves [8] Research and Development - The company invested 160 million yuan in R&D in 2024, representing 6.90% of its revenue, with a year-on-year increase of 7.29% [6] - The company holds 158 valid invention patents, enhancing its competitive edge in the market [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [12]. Core Insights - The company achieved a revenue of 25.82 billion yuan in 2024, representing a year-on-year growth of 15.14%. The net profit attributable to shareholders was 3.65 billion yuan, with a year-on-year increase of 3.49% [4]. - The gypsum board business saw a revenue decline of 4.79% to 13.11 billion yuan, primarily due to price reductions, while the waterproofing business experienced a robust growth of 18.80%, generating 4.66 billion yuan in revenue [4]. - The acquisition of Jiaboli has completed the company's strategic layout of "two wings," enhancing its presence in the waterproofing and coating sectors, with the coating business revenue soaring by 327.99% to 4.14 billion yuan [4]. Financial Performance Summary - The company forecasts revenue growth from 22.43 billion yuan in 2023 to 36.83 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 12% [2]. - The net profit attributable to shareholders is projected to increase from 3.52 billion yuan in 2023 to 6.57 billion yuan in 2027, reflecting a CAGR of around 19% [2]. - The earnings per share (EPS) is expected to rise from 2.09 yuan in 2023 to 3.89 yuan in 2027, indicating a strong growth trajectory [2]. Business Segment Analysis - The gypsum board segment's revenue is projected to stabilize, while the waterproofing and coating segments are expected to drive significant growth, contributing to the overall revenue increase [4]. - The company is actively expanding its market presence in Southeast Asia, Central Asia, and Europe, with overseas sales reaching 417 million yuan, a year-on-year increase of 87.59% [4]. - The company is enhancing its operational efficiency, as evidenced by the improvement in cash flow from the waterproofing segment, which increased by 33.68% to 470 million yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% compared to the benchmark index within the next 6 to 12 months [9]. Core Views - The company is experiencing steady overseas expansion while domestic profitability is expected to stabilize and recover [1]. - The company's revenue for 2024 is projected at 34.2 billion yuan, with a year-on-year growth of 1.4%, while the net profit attributable to shareholders is forecasted to be 2.42 billion yuan, reflecting a year-on-year decline of 12.5% [4]. - The report highlights the successful expansion of overseas operations, particularly in Africa, with a significant increase in overseas cement sales by 37% year-on-year [4]. Summary by Sections Financial Performance - The company achieved a total revenue of 33.76 billion yuan in 2023, with a year-on-year growth rate of 11% [2]. - The projected net profit for 2025 is 2.58 billion yuan, representing a 7% increase from 2024 [2]. - The earnings per share (EPS) for 2025 is estimated at 1.24 yuan, with a projected price-to-earnings (P/E) ratio of 9.5 [2]. Revenue and Profitability - The company’s cement clinker sales volume for 2024 is expected to be 60.27 million tons, a decrease of 3% year-on-year, while overseas cement sales are projected at 16.2 million tons, an increase of 37% [4]. - The average selling price of cement clinker is forecasted to be 312 yuan per ton, with a slight increase of 0.3 yuan year-on-year [4]. - The gross profit margin for cement clinker is expected to be 73 yuan per ton, down 8.1% year-on-year, but is anticipated to improve in Q4 2024 due to domestic price recovery [4]. Strategic Developments - The company has successfully launched several projects in Africa, including a new cement clinker production line in Mozambique and expansions in Zambia and South Africa, contributing to a total overseas operational capacity exceeding 25 million tons [4]. - The report indicates that the company’s integrated strategy is progressing steadily, with aggregate and commercial concrete revenues increasing by 5.2% and 10.0% year-on-year, respectively [4].

Investment Rating - The report maintains a rating of "Buy" for Qingdao Bank [3][23]. Core Insights - Qingdao Bank's 2024 revenue increased by 7.5% year-on-year, while net profit rose by 20.15% [5][8]. - The bank's asset quality has improved, with a decrease in non-performing loan ratios in manufacturing, retail, and real estate sectors [19][20]. - The bank's strategy focuses on leveraging regional economic upgrades and enhancing its market position in Shandong province [23]. Summary by Sections 1. Performance - Revenue for 2024 increased by 7.5% compared to the previous year, with net profit growing by 20.15% [5][8]. - The quarterly net interest income grew by 3% sequentially, supported by a decrease in the cost of liabilities [12][23]. 2. Net Interest Income - The annualized net interest margin improved by 3 basis points to 1.77% in Q4 2024 [12]. - The yield on interest-earning assets decreased by 1 basis point to 3.93%, while the cost of interest-bearing liabilities fell by 4 basis points to 2.06% [12][15]. 3. Asset and Liability Management - Loan growth has been increasing over the past three years, with 2024 showing a 13.5% increase [15]. - The structure of new loans in 2024 was dominated by government financing (43%), manufacturing (31.4%), and retail (23.3%) [15]. 4. Non-Interest Income - Non-interest income grew by 10.7% year-on-year, with other non-interest income increasing by 26% [18]. 5. Asset Quality - The non-performing loan ratio decreased to 1.14%, with a year-on-year decline in the annualized net generation rate of non-performing loans [19]. - The overdue loan ratio decreased to 1.42%, indicating improved asset quality [19][20]. 6. Other Financial Metrics - The cost-to-income ratio remained stable at 37.82%, with management expenses rising by 8.16% [23]. - The core Tier 1 capital adequacy ratio improved to 9.11% [23]. 7. Investment Recommendations - The current stock price corresponds to a projected price-to-book ratio of 0.62X for 2025 and a price-to-earnings ratio of 4.98X [23]. - The bank is expected to maintain strong growth in credit and performance, supported by regional economic developments [23].