Investment Rating - The investment rating for Longbai Group is "Buy" (maintained) [2] Core Views - The company is facing pressure on its performance in 2024 but is actively advancing its mining development and internationalization of titanium dioxide [1] - The company reported a revenue of 27.54 billion yuan in 2024, a year-on-year increase of 2.78%, but a net profit attributable to shareholders of 2.17 billion yuan, a year-on-year decrease of 32.79% [5] - The report highlights the potential for capacity expansion in the mining sector, despite challenges such as increased impairment losses and financial expenses [5] Financial Summary - Revenue and profit forecasts for 2025-2027 are as follows: - 2025: Net profit of 3.52 billion yuan, EPS of 1.48 yuan, PE ratio of 11.4 times - 2026: Net profit of 4.69 billion yuan, EPS of 1.96 yuan, PE ratio of 8.6 times - 2027: Net profit of 5.29 billion yuan, EPS of 2.21 yuan, PE ratio of 7.6 times [5][6] - The company’s titanium dioxide production in 2024 was 1.2955 million tons, an increase of 8.74% year-on-year, with sales of 1.2545 million tons, up 8.25% year-on-year [5] - The average prices for titanium concentrate and titanium dioxide in 2024 were 2,181 yuan/ton and 15,572 yuan/ton, respectively [5] Market Performance - The current stock price is 16.39 yuan, with a market capitalization of 39.111 billion yuan and a circulating market capitalization of 32.580 billion yuan [2] - The stock has seen a turnover rate of 50.95% over the past three months [2]

Investment Rating - The investment rating for Guanghui Energy is "Buy" (maintained) [1][4][11] Core Views - The report highlights that the company's performance is under pressure due to increased coal volume but decreased prices, emphasizing the growth potential in coal, oil, and chemical sectors along with high dividends [1][5] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 36.44 billion yuan, down 40.7% year-on-year, and net profit at 2.96 billion yuan, down 42.6% year-on-year [1][6] - Despite the challenges, the company is expected to see a recovery in profits from 2025 onwards, with projected net profits of 3.58 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.54 billion yuan in 2027, reflecting year-on-year growth of 20.8%, 22%, and 3.9% respectively [1][6] Financial Performance Summary - In 2024, the company achieved a coal production volume of 39.83 million tons, an increase of 78.5% year-on-year, while the sales volume reached 43.47 million tons, up 68% year-on-year [1][5] - The average selling price of coal has decreased significantly since Q3 2024, impacting the company's profitability [1][5] - The company plans to continue advancing its new projects in coal, oil, and chemical sectors, which are expected to enhance future growth [1][5] Dividend and Shareholder Returns - The company distributed a cash dividend of 0.622 yuan per share (before tax) in 2024, with an effective cash dividend of 0.70022 yuan per share, resulting in a current dividend yield of 12.5% based on the stock price as of April 24, 2025 [1][5]

投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 7.92 | | 一年最高最低(元) | 10.79/6.95 | | 总市值(亿元) | 294.03 | | 流通市值(亿元) | 253.40 | | 总股本(亿股) | 37.13 | | 流通股本(亿股) | 32.00 | | 近 3 个月换手率(%) | 59.72 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 国金证券 沪深300 非银金融/证券Ⅱ 国金证券（600109.SH） 业绩好于预期，经纪两融市占率提升 2025 年 04 月 25 日 相关研究报告 《投行业务承压，Q3 自营投资同环比 高增—国金证券 2024 三季报点评》 -2024.11.4 《投行业务承压，一季度自营高基数 导致业绩同比下降—国金证券2023年 报及 2024 一季报点评》-2024.4.26 ——国金证券 2024 年报及 2025 一季报点评 | 高超（分析师） | 卢崑（分析师） | | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company's performance is under pressure due to downstream inventory destocking and price reductions, with expectations for demand recovery and new product ramp-up in the future [1][7] - In 2024, the company achieved revenue of 2.28 billion yuan, a year-on-year decrease of 5.2%, and a net profit attributable to the parent company of 560 million yuan, down 23.3% year-on-year [7][10] - The forecast for net profit for 2025-2027 is adjusted to 410 million, 526 million, and 637 million yuan respectively, with year-on-year changes of -27.2%, +28.3%, and +21.2% [7][10] Financial Performance - The company's revenue for 2024 is projected at 2.15 billion yuan, with a year-on-year decline of 5.5% [10] - The gross margin for 2024 is expected to be 36.8%, down from 44.4% in 2023 [10] - The net profit margin is projected to decrease to 19.1% in 2025 from 24.7% in 2024 [10] Business Segments - Revenue from cosmetic active ingredients and their raw materials is expected to be 1.9 billion yuan in 2024, down 8.1% year-on-year, while synthetic fragrance revenue is projected at 350 million yuan, up 14.2% year-on-year [8] - The domestic market shows a bright performance, with domestic revenue increasing by 22.87% year-on-year, while overseas revenue is expected to decline by 8.3% [8] Capacity and Expansion - The company has made progress in expanding its product lines, with new production lines for high-end personal care products and sunscreen series products under construction [9][10] - The capacity utilization rates for cosmetic active ingredients and synthetic fragrances are 54.98% and 89.22% respectively in 2024 [8] Valuation Metrics - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 17.3, 13.5, and 11.1 respectively [10] - The price-to-book (P/B) ratios for the same years are expected to be 2.3, 2.1, and 1.9 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][14] Core Views - The company reported a significant increase in Q1 performance, with both production and sales of potash fertilizer continuing to grow. The company is also advancing its potash production capacity expansion and non-potash business [1][5] - The 2024 annual report indicated a revenue of 3.548 billion yuan, a year-on-year decrease of 8.97%, while the net profit attributable to shareholders was 950 million yuan, down 23.05% year-on-year. However, Q1 2025 showed a revenue of 1.213 billion yuan, a year-on-year increase of 91.47%, and a net profit of 384 million yuan, up 373.53% year-on-year [4][5] - The company plans to leverage tax incentives in Laos to reduce costs and is focused on completing its potash projects, aiming for a production capacity of nearly 900,000 tons per year [5] Financial Summary - The company’s revenue is projected to increase significantly from 3.548 billion yuan in 2024 to 6.55 billion yuan in 2025, representing a year-on-year growth of 84.6% [7][10] - The net profit attributable to shareholders is expected to rise from 950 million yuan in 2024 to 1.822 billion yuan in 2025, reflecting a year-on-year increase of 91.7% [7][10] - The earnings per share (EPS) is forecasted to be 1.97 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 14.3 [7][10]

非银金融/证券Ⅱ 国金证券（600109.SH） 业绩好于预期，经纪两融市占率提升 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 7.92 | | 一年最高最低(元) | 10.79/6.95 | | 总市值(亿元) | 294.03 | | 流通市值(亿元) | 253.40 | | 总股本(亿股) | 37.13 | | 流通股本(亿股) | 32.00 | | 近 3 个月换手率(%) | 59.72 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 国金证券 沪深300 相关研究报告 《投行业务承压，Q3 自营投资同环比 高增—国金证券 2024 三季报点评》 -2024.11.4 《投行业务承压，一季度自营高基数 导致业绩同比下降—国金证券2023年 报及 2024 一季报点评》-2024.4.26 ——国金证券 2024 年报及 2025 一季报点评 | 高超（分析师） | 卢崑（分析师） | | --- | ...

Investment Rating - The investment rating for Guanghui Energy is "Buy" (maintained) [1][4][11] Core Views - The report highlights that the company's performance is under pressure due to increased coal volume but decreased prices, emphasizing the growth potential in coal, oil, and chemical sectors along with high dividends [1][5] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 36.44 billion yuan, down 40.7% year-on-year, and net profit at 2.96 billion yuan, down 42.6% year-on-year [1][6] - Despite the challenges, the company is expected to see a recovery in profits from 2025 onwards, with projected net profits of 3.58 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.54 billion yuan in 2027, reflecting year-on-year growth of 20.8%, 22%, and 3.9% respectively [1][6] Financial Performance Summary - In 2024, the company achieved a coal production volume of 39.83 million tons, an increase of 78.5% year-on-year, while the sales volume reached 43.47 million tons, up 68% year-on-year [1][5] - The average selling price of coal has decreased significantly since Q3 2024, impacting the company's profitability [1][5] - The company plans to continue advancing its new projects in coal, oil, and chemical sectors, which are expected to enhance future growth [1][5] Dividend and Shareholder Returns - The company distributed a cash dividend of 0.622 yuan per share (before tax) in 2024, with an effective cash dividend of 0.70022 yuan per share, resulting in a current dividend yield of 12.5% based on the stock price as of April 24, 2025 [1][5]

沪光股份（605333.SH） 人形机器人项目首套样线下线，绑定赛力斯未来可期 2025 年 04 月 25 日 伐谋-中小盘信息更新 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 31.22 | | 一年最高最低(元) | 40.35/22.00 | | 总市值(亿元) | 136.36 | | 流通市值(亿元) | 136.36 | | 总股本(亿股) | 4.37 | | 流通股本(亿股) | 4.37 | | 近 3 个月换手率(%) | 80.65 | ——中小盘信息更新 | 周佳（分析师） | 赵旭杨（分析师） | 张越（分析师） | | --- | --- | --- | | zhoujia@kysec.cn | zhaoxuyang@kysec.cn | zhangyue1@kysec.cn | | 证书编号：S0790523070004 | 证书编号：S0790523090002 | 证书编号：S0790524090003 | 公司人形机器人项目首套样线成功下线，第二增长曲线可期 2025 年 4 月 24 日沪光人形机器人 ...

Investment Rating - The investment rating for Longbai Group is "Buy" (maintained) [2] Core Views - The company is facing pressure on its performance in 2024 but is actively advancing its mining development and internationalization of titanium dioxide [1] - The company reported a revenue of 27.54 billion yuan in 2024, a year-on-year increase of 2.78%, but a net profit attributable to shareholders of 2.17 billion yuan, a year-on-year decrease of 32.79% [5] - The report highlights the potential for capacity expansion in the mining sector and the stability of profitability from titanium concentrate and titanium dioxide [5] Financial Performance Summary - In 2024, the company produced 1.2955 million tons of titanium dioxide, an increase of 8.74% year-on-year, and sold 1.2545 million tons, an increase of 8.25% year-on-year [5] - The average prices for titanium concentrate, titanium dioxide, and sponge titanium in 2024 were 2,181 yuan/ton, 15,572 yuan/ton, and 48,200 yuan/ton, respectively [5] - The company’s net profit forecasts for 2025-2027 are 3.52 billion yuan, 4.69 billion yuan, and 5.29 billion yuan, respectively, with corresponding EPS of 1.48 yuan, 1.96 yuan, and 2.21 yuan [5][6] Market Position and Strategy - The company is expanding its overseas market share and establishing overseas production bases to achieve a full-process internationalization from raw materials to sales [5] - Longbai Group is focusing on two key mining projects: the joint development of the Hongge North Mining Area and the development of the Xujia Gou Iron Mine, which are expected to sustain growth in mining capacity [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][15] Core Views - The company's performance is under pressure due to downstream inventory destocking and price reductions, with expectations for demand recovery and new product ramp-up [1][7] - In 2024, the company achieved revenue of 2.28 billion yuan, a year-on-year decrease of 5.2%, and a net profit attributable to the parent company of 560 million yuan, down 23.3% year-on-year [7][10] - The forecast for net profit for 2025-2027 is adjusted to 410 million, 526 million, and 637 million yuan respectively, with year-on-year changes of -27.2%, +28.3%, and +21.2% [7][10] Financial Summary - The current stock price is 19.88 yuan, with a market capitalization of 6.755 billion yuan [3] - The company's revenue and net profit projections for 2025 and 2026 are 2.15 billion and 2.58 billion yuan, and 410 million and 526 million yuan respectively [10][12] - The gross margin for 2024 is 44.4%, down 4.43 percentage points year-on-year, while the net margin is 24.65%, down 5.92 percentage points year-on-year [9][10] Business Performance - The company's sunscreen product shipments have declined due to slowing market demand and customer inventory digestion, with some product prices also decreasing [7][8] - The revenue from cosmetic active ingredients and synthetic fragrances in 2024 is 1.9 billion and 350 million yuan, with year-on-year changes of -8.1% and +14.2% respectively [8] - The company is expanding its product lines and steadily progressing with new products, including a new high-end personal care product project with an annual capacity of 2,600 tons [9][10]