[ T able_StockInfo] 2025 年 03 月 31 日 证券研究报告•2024 年年报点评 龙湖集团（0960.HK）房地产 目标价：——港元 持有 （维持） 当前价：10.34 港元 聚焦核心区域，运营业务稳健增长 风险提示：销售或不及预期，利润率或不及预期，商业拓展或不及预期。 | 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入(百万元人民币) | 127475 | 104014 | 94242 | 89319 | | 增长率 | -29.5% | -18.4% | -9.4% | -5.2% | | 归属母公司净利润(百万元人民币) | 10401 | 7030 | 7137 | 7167 | | 增长率 | -19.1% | -32.4% | 1.5% | 0.4% | | 每股收益 EPS | 1.51 | 1.02 | 1.04 | 1.04 | | 净资产收益率 | 6.44% | 4.17% | 4.06% | 3.92% | | PE | 6.17 | 9.45 | ...

买入 （维持） 当前价：20.71 元 [ T able_StockInfo] 2025 年 04 月 01 日 证券研究报告•2024 年报点评 天坛生物（600161）医药生物 目标价：——元（6 个月） 业绩快速增长，持续拓展新品 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 6031.87 | 6734.35 | 7439.64 | 8319.21 | | 增长率 | 16.44% | 11.65% | 10.47% | 11.82% | | 归属母公司净利润（百万元） | 1549.16 | 1616.02 | 1686.26 | 1860.88 | | 增长率 | 39.58% | 4.32% | 4.35% | 10.36% | | 每股收益 EPS（元） | 0.78 | 0.82 | 0.85 | 0.94 | | 净资产收益率 ROE | 14.53% | 13.41% | 12.49% | 12.32% | | PE | ...

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company has demonstrated stable operational performance with a high dividend payout ratio, proposing a cash dividend of 11 CNY per 10 shares, which accounts for 88% of the net profit attributable to shareholders [6][8] - The company's revenue for 2024 is projected at 39.12 billion CNY, a slight decrease of 1.05% year-on-year, while the net profit attributable to the parent company is expected to be 12.62 billion CNY, reflecting a growth of 0.25% [2][6] - The company’s property leasing and management segment generated revenue of 33.9 billion CNY, with a gross margin of 66.0%, while the hotel operations segment saw a revenue decline of 7.6% to 5.3 billion CNY [6][8] Financial Performance Summary - Revenue and Profit Forecast: - 2024A: Revenue of 39.12 billion CNY, net profit of 12.63 billion CNY - 2025E: Revenue of 40.63 billion CNY, net profit of 12.96 billion CNY - 2026E: Revenue of 41.80 billion CNY, net profit of 13.27 billion CNY - 2027E: Revenue of 42.63 billion CNY, net profit of 13.54 billion CNY [2][10] - Earnings Per Share (EPS) is projected to increase from 1.25 CNY in 2024 to 1.34 CNY in 2027 [2][10] - Return on Equity (ROE) is expected to decline from 13.08% in 2024 to 11.98% in 2027 [2][10] Business Segment Performance - Property Leasing and Management: - Revenue growth forecasted at 4% in 2025, 3% in 2026, and 2% in 2027 [7] - Average rental rates for office space increased by 0.2% to 639 CNY per square meter per month [6] - Hotel Operations: - Revenue expected to recover with a growth of 3% in 2025 and 2% in subsequent years [7][8] Cost Management and Financial Health - The company has effectively controlled costs, with total expense ratios decreasing from 6.3% to 5.8% [6] - The asset-liability ratio has shown a downward trend, decreasing to 21.6% by year-end 2024 [6][10] - The company’s cash flow remains robust, with operating cash flow net amounting to 18.0 billion CNY in 2024 [6][10]

Investment Rating - The report maintains a "Hold" rating for the company [1] Core Views - The company has demonstrated stable operational performance with a high dividend payout ratio, proposing a cash dividend of 11 yuan per 10 shares, which accounts for 88% of the net profit attributable to shareholders [6][8] - The company's revenue for 2024 is projected at 39.12 billion yuan, a slight decrease of 1.05% year-on-year, while the net profit attributable to the parent company is expected to be 12.62 billion yuan, reflecting a growth of 0.25% [2][6] - The property leasing and management segment generated revenue of 33.9 billion yuan, with a gross margin of 66.0%, while the hotel operations segment saw a revenue decline of 7.6% to 5.3 billion yuan [6][8] Financial Performance Summary - Revenue and Profit Forecast: - 2024A: Revenue of 39.12 billion yuan, net profit of 12.63 billion yuan - 2025E: Revenue of 40.63 billion yuan, net profit of 12.96 billion yuan - 2026E: Revenue of 41.80 billion yuan, net profit of 13.27 billion yuan - 2027E: Revenue of 42.63 billion yuan, net profit of 13.54 billion yuan [2][10] - Earnings Per Share (EPS) is projected to increase from 1.25 yuan in 2024 to 1.34 yuan in 2027 [2][10] - Return on Equity (ROE) is expected to decline from 13.08% in 2024 to 11.98% in 2027 [2][10] Business Segment Performance - Property Leasing and Management: - Revenue growth forecasted at 4% in 2025, 3% in 2026, and 2% in 2027 [7] - Average rental rates for office space increased by 0.2% to 639 yuan per square meter per month [6] - Hotel Operations: - Revenue expected to recover with a growth of 3% in 2025 and 2% in subsequent years [7][8] Cost Management and Financial Health - The company has effectively controlled costs, reducing the total expense ratio from 6.3% to 5.8% [6] - The asset-liability ratio decreased to 21.6% by year-end, indicating improved financial stability [6][8]

[Table_StockInfo] 2025 年 04 月 01 日 证券研究报告•2024 年年报点评 国邦医药（605507）医药生物 目标价：28.20 元（6 个月） 买入 （维持） 当前价：21.09 元 医药与动保双轮驱动，盈利能力快速提升 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 5,891 | 7,072 | 7,908 | 8,848 | | 增长率 | 10.12% | 20.05% | 11.83% | 11.88% | | 归属母公司净利润（百万元） | 782 | 1,052 | 1,255 | 1,416 | | 增长率 | 27.61% | 34.63% | 19.23% | 12.88% | | 每股收益 EPS（元） | 1.40 | 1.88 | 2.25 | 2.53 | | 净资产收益率 ROE | 9.71% | 11.54% | 12.09% | 12.01% | | PE | 14.88 | 1 ...

Investment Rating - The report maintains a "Buy" rating for Huayang Group (002906) with a target price of —— yuan over the next six months [1]. Core Insights - The automotive electronics segment is experiencing rapid growth, with continuous breakthroughs in new products [1]. - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 10.16 billion yuan, up 42.3% year-on-year, and net profit of 651.36 million yuan, up 40.1% year-on-year [7]. - The gross margin for 2024 was 20.69%, a decrease of 1.67 percentage points year-on-year, while the net margin was 6.47%, down 0.12 percentage points year-on-year [7]. - The automotive electronics revenue for 2024 was 7.6 billion yuan, a year-on-year increase of 57.6%, accounting for 75% of total revenue [7]. - The company is expanding its customer base, with significant growth in revenue from major clients such as Geely, Chery, and NIO [7]. Financial Performance Summary - For 2024, the company achieved a revenue of 10,157.54 million yuan, with a projected revenue of 13,162.17 million yuan for 2025, reflecting a growth rate of 29.58% [2]. - The net profit attributable to the parent company is expected to grow from 651.36 million yuan in 2024 to 876.21 million yuan in 2025, with a compound annual growth rate (CAGR) of 29.9% [2][9]. - Earnings per share (EPS) are projected to increase from 1.24 yuan in 2024 to 1.67 yuan in 2025, with a price-to-earnings (PE) ratio decreasing from 28 to 21 [2][9]. Business Segment Analysis - The automotive electronics segment is expected to maintain strong growth, with revenue projected to reach 9.86 billion yuan in 2025, growing at a rate of 29.74% [8]. - The precision casting business is also expected to grow steadily, with revenue projected to reach 2.57 billion yuan in 2025, maintaining a growth rate of 24.30% [8]. - The report highlights the company's continuous investment in research and development, with R&D expenses increasing by 28.9% year-on-year to 830 million yuan in 2024, representing 8.2% of total revenue [7].

[ T able_StockInfo] 2025 年 04 月 01 日 证券研究报告•2024 年年报点评 郑 煤 机（601717）机械设备 目标价：——元（6 个月） 买入 （维持） 当前价：15.39 元 煤机板块利润高增，汽零业务加速转型 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 37052.04 | 39510.44 | 43662.71 | 50148.89 | | 增长率 | 1.73% | 6.63% | 10.51% | 14.86% | | 归属母公司净利润（百万元） | 3933.84 | 4282.83 | 4800.29 | 5525.07 | | 增长率 | 20.16% | 8.87% | 12.08% | 15.10% | | 每股收益 EPS（元） | 2.20 | 2.40 | 2.69 | 3.09 | | 净资产收益率 ROE | 18.55% | 17.08% | 16.57% | 16.46% ...

全年实现量价齐升，盈利能力提升显著 [ T able_StockInfo] 2025 年 03 月 28 日 证券研究报告•2024 年报点评 珠江啤酒（002461）食品饮料 目标价：——元（6 个月） 买入 （维持） 当前价：10.14 元 数据来源： Wind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [Table_Author] 分析师：朱会振 执业证号：S1250513110001 电话：023-63786049 邮箱：zhz@swsc.com.cn 分析师：舒尚立 执业证号：S1250523070009 电话：023-63786049 邮箱：ssl@swsc.com.cn [Table_QuotePic] 相对指数表现 -10% -1% 8% 17% 26% 35% 24/3 24/5 24/7 24/9 24/11 25/1 25/3 珠江啤酒 沪深300 数据来源：聚源数据 风险提示：现饮场景恢复不及预期风险，高端化竞争加剧风险。 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- ...

[ T able_StockInfo] 2025 年 03 月 31 日 证券研究报告•2024 年年报点评 海尔智家（600690）家用电器 目标价：——元（6 个月） 买入 （维持） 当前价：27.16 元 相关研究 请务必阅读正文后的重要声明部分 1 全年营收稳健增长，数字化变革持续提效 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 285981.23 | 302733.08 | 320567.81 | 339564.09 | | 增长率 | 9.39% | 5.86% | 5.89% | 5.93% | | 归属母公司净利润（百万元） | 18741.12 | 21380.23 | 24545.63 | 28014.75 | | 增长率 | 12.92% | 14.08% | 14.81% | 14.13% | | 每股收益 EPS（元） | 2.00 | 2.28 | 2.62 | 2.99 | | 净资产收益率 ROE | 16.5 ...

Investment Rating - The report maintains a "Buy" rating for China CRRC (601766) with a target price of 8.46 CNY over the next six months, compared to the current price of 7.06 CNY [1][12]. Core Insights - The company reported a revenue of 246.46 billion CNY for 2024, representing a year-on-year growth of 5.2%. The net profit attributable to the parent company was 12.39 billion CNY, up 5.8% year-on-year. The significant growth in the high-speed train business, with a revenue increase of 49.3%, was a key driver of this performance [7][12]. - The railway equipment segment led the growth, achieving a revenue of 110.46 billion CNY, a 12.5% increase year-on-year, with an improved gross margin of 24.7% [7][12]. - The company is expected to benefit from the replacement policy for equipment and the increased volume of high-speed train maintenance, which is projected to drive stable growth in performance [7][12]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 2464.57 billion CNY, with a net profit of 123.88 billion CNY. The fourth quarter saw a revenue of 938.7 billion CNY, a 2.9% increase year-on-year, but a net profit decline of 7.5% [2][7]. - The gross margin for 2024 was 21.4%, an increase of 0.8 percentage points year-on-year, while the net margin was 6.4%, up 0.1 percentage points [7][12]. Revenue Projections - Revenue is projected to grow to 2668.35 billion CNY in 2025, 2845.91 billion CNY in 2026, and 2976.35 billion CNY in 2027, with respective growth rates of 8.27%, 6.65%, and 4.58% [2][8]. - The net profit attributable to the parent company is expected to reach 136.04 billion CNY in 2025, 146.20 billion CNY in 2026, and 156.60 billion CNY in 2027, with a compound annual growth rate of 8% [2][12]. Business Segments - The railway equipment segment is expected to see a revenue increase of 15%, 10%, and 5% from 2025 to 2027, driven by stable bidding for vehicles and maintenance services [8][12]. - The urban rail segment is projected to experience a slight decline in revenue growth, while the new industries segment is expected to grow at a rate of 5% annually [8][12]. Valuation - The report suggests a price-to-earnings (PE) ratio of 18 for 2025, indicating a target price of 8.46 CNY, reflecting the company's leading position in the rail transportation sector [12][12].