Investment Rating - The report maintains a "Buy" rating for Shoulv Hotel (600258) with a target price based on the last closing price of 13.59 [1][8]. Core Insights - The company's total revenue for 2024 reached 77.51 billion yuan, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders was 8.06 billion yuan, an increase of 1.41% year-on-year [4][5]. - The hotel operations maintained a high revenue growth rate, while scenic area revenue remained flat. Hotel operations generated 50.67 billion yuan, down 5.01% year-on-year, accounting for 65.37% of total revenue [5]. - The company opened 1,353 new hotels in 2024, accelerating its expansion, bringing the total number of hotels to 7,002 by the end of 2024 [5][6]. Revenue and Profitability - In Q4 2024, the company achieved revenue of 18.62 billion yuan, down 1.05% year-on-year, with a net profit of 83.13 million yuan, a decrease of 24.71% year-on-year [4][5]. - The overall RevPAR (Revenue per Available Room) for all hotels was 134 yuan in Q4, down 3.0% year-on-year, with an average room rate of 219 yuan, down 0.6% year-on-year [6]. - The gross margin improved slightly to 38.36%, up 0.24 percentage points year-on-year, while the net margin was 10.58%, up 0.17 percentage points year-on-year [6]. Future Projections - The report forecasts EPS (Earnings Per Share) for 2025-2027 to be 0.84, 0.97, and 1.12 yuan per share, respectively, with corresponding PE ratios of 16X, 14X, and 12X [8][9]. - The expected revenue growth rates for 2025-2027 are 4.00%, 2.98%, and 2.76%, respectively, while net profit growth rates are projected at 15.69%, 16.65%, and 14.82% [9][10].

Investment Rating - The investment rating for the company is "Buy" with a target price based on the last closing price of 12.88 [1] Core Insights - The report highlights the company's differentiated development capabilities, with a focus on its overseas business advantages and steady growth in risk management services [1][6][7] - The company achieved a revenue of 1.324 billion yuan, a year-on-year increase of 3.60%, and a net profit of 458 million yuan, a year-on-year increase of 13.96% [4][5] - The report anticipates continued high interest rates in overseas markets, which will support the company's growth [7] Financial Performance - The company reported a weighted average ROE of 11.71%, an increase of 0.25 percentage points year-on-year [4] - Domestic futures brokerage business client equity reached 31.561 billion yuan, up 48.54% year-on-year, although net income from brokerage fees decreased by 11.33% to 446 million yuan [5] - Interest income increased by 25.01% to 682 million yuan, driven primarily by overseas interest income [6] Future Projections - Revenue projections for 2025-2027 are 5.960 billion, 6.271 billion, and 6.643 billion yuan respectively, with net profits of 552 million, 614 million, and 666 million yuan [8] - The estimated EPS for the same period is 0.90, 1.01, and 1.09 yuan, with corresponding PE ratios of 14.24, 12.80, and 11.81 [8]

2025 年 03 月 30 日 行业周报 看好/维持 基础化工 基础化工 化工新材料周报：低空经济首个 OC 证落地，溴素价格大涨 走势比较 (20%) (12%) (4%) 4% 12% 20% 24/4/1 24/6/12 24/8/23 24/11/3 25/1/14 25/3/27 基础化工 沪深300 相关研究报告 <<化工周报（3/17-3/23）：企业主动 降负推动有机硅价格反弹；制冷剂价 格维持高位>>--2025-03-24 <<化工新材料周报：制冷剂价格持续 走强，关注 UHMWPE纤维>>--2025-03- 23 <<化工周报（3/10-3/16）：《提振消 费专项行动方案》有望拉动相关产品 需求增长>>--2025-03-18 证券分析师：王亮 E-MAIL：wangl@tpyzq.com 分析师登记编号：S1190522120001 证券分析师：王海涛 E-MAIL：wanght@tpyzq.com 分析师登记编号：S1190523010001 报告摘要 1.重点行业和产品情况跟踪 低空经济：全球首个 OC 证落地。据《科创板日报》3 月 30 日讯，广 东亿航通用航空有限公司和 ...

2025-03-29 公司点评 买入/维持 航亚科技（688510） 目标价：22.50 昨收盘：17.39 国防军工 国际国内业务双增长，新研项目进展顺利 走势比较 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 航亚科技 沪深300 股票数据 | 总股本/流通(亿股) | 2.58/2.58 | | --- | --- | | 总市值/流通(亿元) | 44.93/44.93 | | 12 个月最高/最低(元) | 19.08/14.50 | 相关研究报告 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 事件：公司发布 2024 年年度报告，2024 年 1-12 月实现营业收入 7.03 亿元，较上年同期增长 29.39%；归属于上市公司股东的净利润 1.27 亿元， 较上年同期增长 40.2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the closing price of 43.26 on March 27, 2025 [1][9]. Core Insights - The company reported a slight decline in operating revenue of 0.48% year-on-year, totaling 337.49 billion yuan, while net profit increased by 1.22% to 148.39 billion yuan. The weighted average ROE was 14.49%, down 1.73 percentage points year-on-year [4][9]. - The company is expected to benefit from economic recovery, with projected operating revenues for 2025-2027 of 342.30 billion, 356.58 billion, and 372.33 billion yuan, respectively [9]. Summary by Sections Financial Performance - For the fourth quarter of 2024, the company achieved revenue and net profit of 84.78 billion and 35.21 billion yuan, respectively, marking year-on-year increases of 7.53% and 7.63% [4]. - The total loan amount reached 6.89 trillion yuan, up 5.83% year-on-year, with a notable shift towards retail loans [5]. - Total deposits amounted to 9.10 trillion yuan, reflecting an increase of 11.54% year-on-year, with a significant preference for fixed-term deposits [5]. Income and Profitability - Net interest income for the reporting period was 211.28 billion yuan, a decrease of 1.58% year-on-year, but the decline narrowed over the quarters [6]. - Non-interest income rose by 1.41% to 126.21 billion yuan, supported by investment income and fair value changes [6]. Asset Quality - The company's non-performing loan (NPL) ratio stood at 0.95%, with a provision coverage ratio of 411.98%, indicating stable asset quality [7]. - New NPL generation was 66.70 billion yuan, with a notable increase in retail loan defaults, necessitating close monitoring [7]. Capital Adequacy - The company's capital adequacy ratios showed strong internal capital replenishment capabilities, with core Tier 1, Tier 1, and total capital adequacy ratios at 14.86%, 17.48%, and 19.05%, respectively [8]. - A cash dividend of 2 yuan per share was proposed, with a dividend payout ratio of 35.32%, translating to a dividend yield of 4.62% based on the closing price [8].

2025 年 03 月 29 日 公司点评 买入/维持 海信家电(000921) 目标价: 昨收盘:30.21 海信家电：2024Q4 业绩快速增长，厨电、外销业务规模迅速扩张 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 24/3/29 24/6/9 24/8/20 24/10/31 25/1/11 25/3/24 ◼ 股票数据 | 总股本/流通(亿股) | 13.86/9.12 | | --- | --- | | 总市值/流通(亿元) | 418.71/275.46 | | 12 个月内最高/最低价 | 43.18/22.82 | | (元) | | 相关研究报告 <<海信家电：2024Q3 受高基数和内需不足 影响，收入利润短期承压>>--2024-10-31 <<海信家电：2024Q2 业绩快速增长，美洲 和东盟区收入高增>>--2024-09-03 <<海信家电：2023Q4 营收业绩快增，三电 公司客户端获新拓展>>--2024-04-02 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E- ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5] Core Views - The company reported a significant increase in profit, with net profit doubling year-on-year, and a high dividend payout to shareholders [3][4] - The shipping and port operations are the two main segments of the company, with container shipping showing a 10.1% increase in cargo volume and a 34.4% increase in revenue [4] - The company has a strong order book with 43 new ships, including 24 methanol dual-fuel engine vessels, which will enhance fleet structure and meet emerging market demands [5] Financial Performance - Total revenue for 2024 reached RMB 233.86 billion, a year-on-year increase of 33.29% - Net profit attributable to shareholders was RMB 49.1 billion, up 105.78% year-on-year, with a basic earnings per share of RMB 3.08 [3] - The company plans to distribute a total cash dividend of approximately RMB 24.43 billion for the year, representing 50% of the net profit attributable to shareholders [3] Operational Highlights - The container shipping business achieved a cargo volume of approximately 25.94 million TEUs, reflecting a growth of 10.1% - The port operations recorded a total throughput of about 144 million TEUs, a 6.1% increase year-on-year [4] - The average CCFI (China Containerized Freight Index) increased by 65% during the reporting period, significantly outpacing the 11% increase in shipping costs [4]

2025 年 03 月 28 日 行业日报 看好/维持 电子 电子 太平洋电子日报(20250328)：SK 海力士完成对英特尔 NAND 业务 收购 ◼ 走势比较 (20%) (6%) 8% 22% 36% 50% 24/3/25 24/6/5 24/8/16 24/10/27 25/1/7 25/3/20 电子 沪深300 报告摘要 今日市场行情速览：上证指数（-0.67%）；深证综指（-0.90%）；创业板综 （-1.14%）；科创 50（-1.07%）；沪深 300（-0.44%） 今日 SW 电子板块行情：品牌消费电子（-0.58%）；被动元件（-1.09%）； 电子化学品Ⅲ（-1.82%）；面板（-0.60%）；光学元件（-1.37%）；LED（- 1.36%）；半导体材料（-0.64%）；分立器件（-1.12%）；集成电路封测（- 0.92%）；模拟芯片设计（-1.58%）；消费电子零部件及组装（-0.55%）；其 他电子Ⅲ（-1.26%）；半导体设备（-2.87%）；数字芯片设计（-1.18%）； 印制电路板（-0.58%） 个股涨幅 TOP3：翰博高新（+16.77%）；冠石科技（+10.0 ...

2025 年 03 月 28 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20250328）：默沙东皮下注射 Keytruda 三期临 床成功 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/3/28 24/6/9 24/8/21 24/11/2 25/1/14 25/3/28 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 市场表现： 2025 年 3 月 28 日，医药板块涨跌幅-0.40%，跑赢沪深 300 指数 0.04pct，涨跌幅居申万 31 个子行业第 5 名。各医药子行业中，其他生物 制品(+0.58%)、血液制品(+0.46%)、体外诊断（-0.15%）表现居前，线下 药店（-2.16%)、医疗研发外包(-1.26%)、医院（-1.19%)表现居后。个股 方面，日涨幅榜前 3 位分别为冠昊生物(+11.87%)、一品红(+10.81%)、四 环生物(+10.18%)；跌幅榜前 3 位为毕得 ...

2025-03-28 公司深度研究 买入/维持 智明达（688636） 目标价：60.00 昨收盘：39.87 国防军工 "嵌入"国家重点领域，迎接智能化时代发展新机遇 走势比较 -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 智明达 沪深300 股票数据 | 总股本/流通(亿股) | 1.13/1.13 | | --- | --- | | 总市值/流通(亿元) | 44.88/44.85 | | 12 个月最高/最低(元) | 42.77/24.37 | 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 报告摘要 国内重点领域嵌入式计算机行业"小巨人"。智明达是国内重点领域嵌 入式计算机行业的领先企业，基于客户需求为国内重点领域客户提供嵌入 式计算机相关的定制方案、产品与服务。目前，公司的产品和解决方案已 涵盖接口控制、数据处理、信号处理、图形图像处 ...