Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company reported a revenue of 7.28 billion yuan for 2024, a year-on-year decrease of 7.31%, and a net profit attributable to shareholders of 0.38 billion yuan, down 1.68% year-on-year [3]. - The IDC business is expanding steadily, with over 23,000 planned cabinets nationwide and more than 59,000 cabinets in operation as of Q1 2025 [4]. - The company is actively pursuing green initiatives, achieving energy savings of approximately 64.8 million KWH in 2024 and installing solar systems with a capacity of nearly 2,500 KW [4]. - The integration of AI is expected to enhance operational efficiency, although the cloud computing business saw a revenue decline of 11.41% year-on-year in Q1 2025 [5]. - Revenue projections for 2025-2027 are estimated at 7.66 billion, 8.23 billion, and 8.90 billion yuan, with corresponding net profits of 0.42 billion, 0.46 billion, and 0.49 billion yuan [5][7]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 7.28 billion yuan, with a net profit of 0.38 billion yuan and a decrease in net profit margin [3][11]. - For Q1 2025, revenue was 1.83 billion yuan, with a significant drop in net profit to 0.07 billion yuan, reflecting a 57.8% year-on-year decline [3]. IDC Business Expansion - The company is expanding its IDC operations in key regions, with a focus on the Beijing-Tianjin-Hebei and Yangtze River Delta areas [4]. - The IDC business gross margin was reported at 34.12%, influenced by increased competition and a decline in rental prices [4]. Green Initiatives - The company has implemented energy-saving measures and is developing renewable energy projects, contributing to its commitment to low-carbon operations [4]. AI Integration - The company is leveraging AI technologies to enhance its service offerings, although it faces challenges in cost reduction and efficiency improvements [5]. Future Projections - Revenue and net profit are expected to grow in the coming years, with a projected PE ratio of 57, 52, and 49 for 2025, 2026, and 2027 respectively [5][7].

交通运输物流行业 2025 年 3 月数据动态点评 淡旺季切换国内价格降幅收窄，关注旺季配置窗口 2025 年 04 月 22 日 行业动态：A 股上市航司发布 2025 年 3 月经营数据 2025 年 3 月航空供需延续量增趋势，国际航线保持强势复苏势头。3 月民航市 场进入传统淡季调整期，春运带来的高基数效应逐步消退。根据各公司公告，3 月 A 股六家上市航司 ASK/RPK 同比+4.1%/+6.3%，整体客座率为 83.2%，一 季度 ASK/RPK 均值同比+5.5/+7.8%，淡季国内供给同比下降行业供给进一步 向国际转移，国际需求同比亦大幅增长：六家航司 3 月国内线 ASK/RPK 同比- 3.2%/+0.1%，客座率达到 84.9%，同比+2.8pct；3 月六家航司国际线 ASK/RPK 均值同比+28.9%/+27.7%，客座率同比-0.8pct。 3 月中下旬票价环比修复趋势显现，行业飞机停场率维持较高水平。航班管家数 据显示 2025 年 3 月国内经济舱含税均价为 652 元，相比 1-2 月均值降幅较 24 年同期收窄 6.2pct。春运尾程因私需求下降，叠加两会前后公商务需求 ...

星湖科技（600866.SH）2024 年年报及 2025 年一季报点评 利润跃升彰显强劲动能，小品种氨基酸构筑业绩新支点 2025 年 04 月 22 日 ➢ 事件。2025 年 4 月 22 日，公司发布 2024 年年报及 2025 年一季报。2024 年全年，公司实现营收 173.34 亿元，同比下降 0.23%；实现归母净利润 9.43 亿 元，同比增长 39.12%；实现扣非后归母净利润 11.42 亿元，同比增长 57.07%。 其中 4Q2024，公司实现营收 45.45 亿元，同比下降 2.16%；实现归母净利润 2.66 亿元，同比增长 41.04%，环比增长 55.47%；实现扣非后归母净利润 3.80 亿元，同比增长 46.43%，环比增长 67.07%。2025 年一季度，公司实现营收 40.39 亿元，同比下降 3.82%；实现归母净利润 4.74 亿元，同比增长 88.55%， 环比增长 78.31%；实现扣非后归母净利润 4.62 亿元，同比增长 81.61%，环比 增长 21.46%。 ➢ 分业务经营情况概述。2024 年，食品添加剂、饲料添加剂、生物原料药及 制剂、医药中间 ...

东航物流（601156.SH）2024 年年报点评 运价提升带动盈利同比增长，关注关税落地影响 2025 年 04 月 22 日 ➢ 事件：2025 年 4 月 16 日公司发布 2024 年年报。2024 年公司营业收入 240 亿元，同比增长 17%；归母净利 26.9 亿元，同比增长 8%；扣非归母净利 25.4 亿元，同比增长 9%。4Q24 公司营业收入 63.8 亿元，同比持平；归母净利 6.2 亿元，同比下降 24.6%；扣非归母净利 6.0 亿元，同比下降 25.6%。 ➢ 全年盈利受益运价中枢和货量提升同比增长。2024 年亚太至欧洲、北美空 运市场延续高景气，跨境空运运价同比提升，tac 数据显示 2024 年上海浦东出 口空运指数 4692 点，同比提升 12%，亚太至北美、欧洲路向运价同比提升 4.3%、 9.3%，公司航空速运、综合物流解决方案业务板块毛利率分别为 19.5%、15.9%， 在成本费用端承压下仍然维持较高水平，我们认为公司受益全年高运价，盈利中 枢同比抬升。全年公司货邮运输周转量同比提升 15.9%，全货机利用率同比提升 3.6%、客机腹舱载运率同比提升 5.2pct ...

➢ 关注美国对华关税政策修改后北美空运市场变化，关税上提后公司或推迟全 货机接收。美国"对等关税"条款取消中国商品 T86 清关模式，中国对美出口跨 境电商成本大幅上涨叠加物流履约效率下滑，我们预计跨境电商需求回落或将传 导至美线空运量价，但考虑到中货航在欧洲和东南亚航线布局公司受影响程度或 低于行业大盘，关注市场调整及公司运力调整应对。此外，2025 年 4 月 12 日 起中国对原产于美国商品关税上调至 125%，国内航司未完成交付的飞机面临更 高价税成本，我们预计关税上提或对公司全货机接收产生一定影响。 ➢ 投资建议：考虑到北美空运市场需求潜在调整影响，我们预计 2025-2027 年公司营收分别为 241、264、290 亿元，归母净利润分别为 22.9、26.3、29.9 亿元，对应 PE 分别为 8x、7x、6x。局部贸易政策调整不改全球空运运力供给紧 张环境，关注税收政策落地后美线空运量价变化以及公司运力调整，以及成本控 制情况，维持"推荐"评级。 ➢ 风险提示：贸易摩擦持续、国内政策实施效果不及预期、地缘冲突升级。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 202 ...

交通运输行业 2025 年 3 月快递数据点评 3 月快递行业件量增速达 20.3%，需求增长韧性强 2025 年 04 月 22 日 ➢ 事件：2025 年 4 月 19 日，各快递公司公告 2025 年 3 月快递服务主要经营指标。 ➢ 行业数据：国家邮政局公布 2025 年 Q1 快递行业运行情况，3 月份快递业务量与业 务收入分别完成 166.6 亿件和 1246 亿元，分别同比增长 20.3%和 10.4%，第一季度， 业务收入累计完成 3456.4 亿元，同比增长 10.9%，快递业务量累计完成 451.4 亿件，同 比增长 21.6%。 ➢ 公司 2025 年 3 月月度数据：顺丰/圆通/韵达/申通，1）快递业务收入分别为 178.97/58.11/44.10/41.89 亿元，收入增速分别为+10.6%/+13.4%/+10.6%/+14.7%。 2 ）业务量 分 别 为 12.95/26.65/22.53/20.85 亿件，件量增速分别为 +25%/+23%/+17%/+20% ， 份额分别为 7.8%/16.0%/13.5%/12.5% ，环比分别 +1.1/+2.4/+0.2/持平 pc ...

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company has shown significant growth in its financial performance, particularly in precious metals, which has contributed to a strong increase in profits [3][19]. - The acquisition of the Shuikoushan mine has enhanced the company's capabilities in precious metals, leading to a notable increase in revenue and profit margins [2][19]. - The report anticipates continued growth in the company's earnings driven by rising production levels and improving processing fees in the zinc sector [3][48]. Summary by Sections 1. Event Overview - The company reported a revenue of 19.759 billion yuan for 2024, a year-on-year increase of 1.82%, and a net profit attributable to shareholders of 787 million yuan, up 28.70% year-on-year [12]. 2. Performance Analysis - Precious metals revenue has significantly increased, with gold and silver revenues reaching 2.489 billion yuan and 2.010 billion yuan respectively, accounting for 22.8% of total revenue, an increase of 8.6 percentage points from 2023 [2][19]. - The company achieved a record net profit of 277 million yuan in Q1 2025, a 74.07% increase year-on-year, driven by the performance of precious metals [12][3]. 3. Company Highlights - Zinc processing fees have rebounded significantly, which is expected to improve the profitability of the company's smelting operations [48]. - The company is controlled by China Minmetals, which has several quality assets that may be injected into the listed company in the future, enhancing its growth potential [50]. 4. Earnings Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.093 billion yuan, 1.221 billion yuan, and 1.359 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 11, 10, and 9 times based on the closing price on April 21, 2025 [3][55][60]. - The report emphasizes the company's strong position in the zinc smelting industry and its potential for continued growth due to rising production and processing fees [3][60].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company achieved a revenue of 1.74 billion yuan in 2024, a year-over-year decrease of 16.7%, and a net profit attributable to shareholders of 314 million yuan, down 41.6% year-over-year [1][2]. - The company is focusing on long-term development by deepening its industrial chain layout and achieving technological breakthroughs in key materials despite facing significant short-term demand pressures [1][2]. - The company successfully developed 18 high-performance composite material structural component projects, which passed relevant testing assessments by the end of 2024 [2][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 430 million yuan, a year-over-year decline of 28.1%, and a net profit of 80 million yuan, down 37.5% year-over-year [2]. - The gross profit margin for 2024 decreased by 7.3 percentage points to 42.2%, with net profit margin declining by 8.7 percentage points to 18.7% due to changes in customer structure [2]. - The company’s revenue from quartz glass products was 660 million yuan, down 3.6% year-over-year, while revenue from quartz glass materials was 1.05 billion yuan, down 21.4% year-over-year [3]. R&D and Operational Efficiency - The company increased its R&D expenses by 12% to 250 million yuan in 2024, with the R&D expense ratio rising to 14.3% [4]. - The company’s accounts receivable decreased by 12% to 780 million yuan, while inventory increased by 11.6% to 740 million yuan by the end of 2024 [4]. Future Projections - The company is expected to achieve net profits of 576 million yuan, 845 million yuan, and 1.09 billion yuan for the years 2025, 2026, and 2027, respectively [5][6]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 44x, 30x, and 23x, respectively [5][6].

Investment Rating - The report maintains a "Recommended" rating for Tianshan Aluminum [4][6]. Core Views - The company achieved record high performance in 2024, with a revenue of 28.09 billion yuan, a decrease of 3.1% year-on-year, and a net profit attributable to shareholders of 4.46 billion yuan, an increase of 102.0% year-on-year [1][10]. - The integrated advantages of the company continue to strengthen, with significant improvements in the profitability of alumina and electrolytic aluminum [2][3]. Summary by Sections 1. Company Performance - In 2024, Tianshan Aluminum produced 1.176 million tons of aluminum ingots, a year-on-year increase of 0.9%, while alumina production reached 2.279 million tons, up 7.6% year-on-year [2][20]. - The gross profit margin for electrolytic aluminum increased to 3,911 yuan per ton, up 474 yuan per ton year-on-year, and for alumina, it reached 1,016 yuan per ton, up 944 yuan per ton year-on-year [2][20]. 2. Quarterly Performance - In Q4 2024, the company achieved a revenue of 7.29 billion yuan, a year-on-year increase of 10.0%, and a net profit of 1.37 billion yuan, a year-on-year increase of 141.4% [1][24]. - The main contributors to profit growth in Q4 were the increase in gross profit driven by rising aluminum and alumina prices [24][26]. 3. Future Outlook - The company has completed its integrated layout, achieving self-sufficiency in prebaked anodes and alumina, which enhances its raw material security and stabilizes performance [3][34]. - Tianshan Aluminum is strategically expanding its production capacity in Indonesia and Guinea, which will further secure resource supply and enhance its competitive position [3][36][37]. 4. Financial Forecast - The company is expected to achieve net profits of 5.13 billion yuan, 5.55 billion yuan, and 6.05 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 7, 6, and 6 [4][42].

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company achieved record high performance in 2024, with a revenue of 60.946 billion yuan, a decrease of 8.08% year-on-year, and a net profit attributable to shareholders of 4.155 billion yuan, an increase of 23.99% year-on-year [1][12]. - The company's growth potential is supported by a robust upstream resource layout and a solid moat in lithium battery materials, indicating a promising future growth trajectory [5][58]. Summary by Sections Company Performance - In 2024, the company reported a revenue of 60.946 billion yuan, a year-on-year decrease of 8.08%, while the net profit attributable to shareholders was 4.155 billion yuan, reflecting a year-on-year increase of 23.99% [1][12]. - For Q4 2024, the company achieved a revenue of 15.457 billion yuan, a year-on-year increase of 1.61%, and a net profit of 1.134 billion yuan, a significant year-on-year increase of 235.93% [1][12]. Production and Sales - The company’s nickel segment saw a significant increase in output, with nearly 230,000 tons of nickel intermediate products shipped in 2024, a year-on-year growth of 50% [2][19]. - Lithium carbonate production reached approximately 39,000 tons in 2024, marking a substantial year-on-year increase of 377% [2][19]. Price Trends - Nickel prices are expected to rise due to a tight supply situation, while cobalt prices may also increase due to policy disruptions in the Democratic Republic of Congo [3][24]. - The average prices for key products in 2024 were 170,58 USD/ton for nickel, 12.21 USD/pound for cobalt, and 7.51 million yuan/ton for copper, with respective year-on-year changes of -4629 USD/ton, -3.57 USD/pound, and +0.70 million yuan/ton [3][24]. Project Development - The company has made significant progress in project development, including the successful commissioning of the Huafei nickel project, which has enhanced its production capacity [4][19]. - The lithium project at Arcadia has also shown promising operational results, with a shipment of approximately 400,000 tons of lithium concentrate, a year-on-year increase of 41% [4][58]. Financial Forecast - The company forecasts net profits attributable to shareholders of 5.3 billion yuan, 6.135 billion yuan, and 6.311 billion yuan for 2025, 2026, and 2027, respectively [5][6]. - The projected PE ratios for 2025, 2026, and 2027 are 11X, 9X, and 9X, respectively, based on the closing price as of April 21, 2025 [5][6].