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 ...

2025 年 03 月 28 日 公司点评 买入/维持 国邦医药(605507) 目标价: 25.00 昨收盘:20.63 医药原料药毛利占比近半，动保原料药市占率进一步提升 走势比较 (10%) 4% 18% 32% 46% 60% 24/3/27 24/6/8 24/8/20 24/11/1 25/1/13 25/3/27 国邦医药 沪深300 股票数据 | 总股本/流通(亿股) | 5.59/3.02 | | --- | --- | | 总市值/流通(亿元) | 115.29/62.25 | | 12 个月内最高/最低价 | 23.09/14.76 | | (元) | | 相关研究报告 <<股票回购彰显信心，看好业绩弹性 释放>>--2025-03-11 <>--2024-10-21 <>--2024-08-30 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 事件 2025 年 3 月 27 日，公司发布 2024 年年报， ...

诺思格(301333) 目标价: 昨收盘:53.20 全年业绩略低于预期，静待临床 CRO 行业复苏 ◼ 走势比较 (30%) (14%) 2% 18% 34% 50% 24/3/27 24/6/8 24/8/20 24/11/1 25/1/13 25/3/27 ◼ 股票数据 | 总股本/流通(亿股) | 0.97/0.57 | | --- | --- | | 总市值/流通(亿元) | 51.38/30.4 | | 12 个月内最高/最低价 | 73.08/33.05 | | (元) | | 相关研究报告 2025 年 03 月 27 日 公司点评 买入/维持 临床试验运营有所波动，SMO 业务稳定增长。分业务来看，临床试验 运营实现收入 3.20 亿元，同比下降 9.74%，毛利率为 29.98%，同比减少 9.84pct；SMO 业务实现收入 2.05 亿元，同比增长 10.19%，毛利率为 30.21%，同比增加 0.64pct；数统业务实现收入 1.01 亿元，同比增长 26.35%，毛利率为 49.06%，同比增加 5.58pct；生物样本检测业务实现收 入 0.64 亿元，同比增长 74.09%； ...

Investment Rating - The report maintains a "Buy" rating for Yun Aluminum Co., Ltd. (000807) [1][8] Core Views - The company has demonstrated steady revenue growth, with a significant increase in electrolytic aluminum production [1][8] - The report highlights the company's integrated green aluminum development trend, which is expected to support long-term growth [8] Financial Performance Summary - For the year 2024, the company achieved revenue of 54.45 billion yuan, a year-on-year increase of 27.6%, and a net profit attributable to shareholders of 4.41 billion yuan, up 11.5% year-on-year [4][9] - In Q4 2024, the company reported revenue of 15.27 billion yuan, an increase of 18.3% year-on-year, but a decline in net profit to 590 million yuan, down 59.2% year-on-year due to rising costs [4][6] - The company's production volumes for 2024 included 1.409 million tons of alumina, 2.938 million tons of primary aluminum, 1.254 million tons of aluminum alloys and processing products, and 806,000 tons of carbon products, with notable growth in primary aluminum production [5][6] Cost and Profitability Metrics - The overall expense ratio decreased year-on-year to 1.91% in 2024, while the gross margin and net margin were 13.2% and 8.1%, respectively [6][9] - The report indicates that the average prices for aluminum and alumina in Q4 2024 were 20,600 yuan/ton and 5,300 yuan/ton, respectively, with a significant increase in costs observed [6][9] Balance Sheet and Financial Ratios - By the end of 2024, the company's debt-to-asset ratio was 23.2%, a decrease of 2.3 percentage points year-on-year, indicating improved financial stability [7][9] - The return on equity (ROE) for the year was 15.6%, reflecting a slight increase from the previous year [7][9] Future Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 5.41 billion yuan, 5.84 billion yuan, and 6.05 billion yuan, respectively, with corresponding growth rates of 22.5%, 7.9%, and 3.6% [7][9]