Investment Rating - The report maintains a "Buy" rating for Nanhua Futures (603093) with a target price based on the last closing price of 12.88 [1] Core Views - Nanhua Futures demonstrated differentiated development capabilities, with a reported operating income of 1.324 billion yuan, a year-on-year increase of 3.60%, and a net profit attributable to shareholders of 458 million yuan, up 13.96% year-on-year [4][6] - The company is expected to benefit from a high interest rate environment abroad, with net interest income increasing by 25.01% to 682 million yuan, driven primarily by overseas operations [6][7] - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its capital strength and expand its overseas business [6] Summary by Sections Financial Performance - For the reporting period, Nanhua Futures achieved an operating income of 1.324 billion yuan and a net profit of 458 million yuan, with a weighted average ROE of 11.71%, an increase of 0.25 percentage points year-on-year [4][5] - The company’s domestic futures brokerage business client equity reached 31.561 billion yuan, a year-on-year increase of 48.54%, although net income from brokerage fees decreased by 11.33% to 446 million yuan due to increased competition [5] - The wealth management business saw a significant decline, with the management scale of Nanhua Fund down 29.87% to 14.805 billion yuan [5] Business Segments - The overseas business showed strong performance, with net income from overseas operations increasing by 15.32% to 654 million yuan, supported by a favorable high-interest environment [6] - The risk management business faced challenges, with basis trading revenue down 9.17% and off-exchange derivatives business nominal principal decreasing by 18.60% [5] Future Projections - Revenue projections for 2025-2027 are estimated at 5.960 billion yuan, 6.271 billion yuan, and 6.643 billion yuan respectively, with net profits expected to be 552 million yuan, 614 million yuan, and 666 million yuan [7][8] - The estimated EPS for the same period is projected to be 0.90 yuan, 1.01 yuan, and 1.09 yuan, with corresponding PE ratios of 14.24, 12.80, and 11.81 [7][8]

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 return on equity (ROE) was 14.49%, down by 1.73 percentage points [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 operating revenue of 84.78 billion yuan and net profit of 35.21 billion yuan, reflecting year-on-year increases of 7.53% and 7.63%, respectively [4]. - The total loan amount reached 6.89 trillion yuan, up 5.83% year-on-year, with a focus on optimizing the loan structure [5]. - Total deposits amounted to 9.10 trillion yuan, marking an increase of 11.54% year-on-year, with a notable shift towards 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 was narrowing [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 focus on monitoring retail loan quality [7]. Capital Adequacy - The core Tier 1 capital adequacy ratio was 14.86%, reflecting a year-on-year increase of 1.13 percentage points, indicating strong internal capital replenishment capabilities [8]. - The company proposed a cash dividend of 2 yuan per share, with a dividend payout ratio of 35.32% [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 氟化工：制冷剂价格持续强势。本周（3.23-3.30）制冷剂 R134a 出 厂均价 46500 元/吨，较上周同期上涨 1.09%；制冷剂 R32 出厂均价 47000 元/吨，较上周上涨 3.3%；制冷剂 R125 出厂均价 45000 元/吨， 较上周上涨 1.12%；国内制冷剂 R22 出厂均价 36000 元/吨，较上周上 涨 0 ...

(20%) (8%) 4% 16% 28% 40% 24/3/29 24/6/9 24/8/20 24/10/31 25/1/11 25/3/24 ◼ 股票数据 海尔智家(600690) 目标价: 昨收盘:27.16 海尔智家：2024Q4 业绩稳健提升，看好 AI 与新兴市场空间 ◼ 走势比较 2025 年 03 月 29 日 公司点评 买入/维持 | 总股本/流通(亿股) | 93.83/62.55 | | --- | --- | | 总市值/流通(亿元) | 2,548.4/1,698 | | | .72 | | 12 个月内最高/最低价 | 35.37/23.1 | | (元) | | 相关研究报告 <<海尔智家：2024Q3 业绩延续双位数 增长，拟并表日日顺物流充分协同赋 能长期>>--2024-10-30 <<海尔智家：2024Q2 盈利能力持续提 升，新兴市场快速成长>>--2024-08- 29 <<海尔智家：2023Q4 业绩稳健增长， 分红比例预计逐步提升>>--2024- 04-02 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S11905240 ...

2025 年 03 月 28 日 投资策略 策略日报（2025.03.28）调整如期而至 <<策略日报（2025.03.26）成交缩量， 红利为王>>--2025-03-26 <<策略日报（2025.03.25）科技风紧， 小盘扯呼>>--2025-03-25 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券研究助理：徐梓铭 E-MAIL：xuzm@tpyzq.com 一般证券从业编号：S1190123050005 相关研究报告 <<不输为赢>>--2025-03-23 <<无人问津与人声鼎沸>>--2025- 03-03 <<策略日报（2025.03.27）低位补 涨>>--2025-03-27 大类资产跟踪 债券市场：利率债长端下跌短端震荡。今年节后，由于资金面持续偏 紧，资金价格中枢整体抬升，此前过度计价的降息预期得到修正，债市如 期在半年线附近企稳回升，目前已具备配置价值。债市消极对待"择机降 准降息"。但技术面上债市的反弹结构保持完好，可继续高看一线。考虑 到"适度宽松"的基调表态，和风险偏好因素，建议在做好久期管理的背 景下进 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6] Core Views - The company achieved a revenue of 6.635 billion yuan in 2024, representing a year-on-year growth of 0.4%, while the net profit attributable to shareholders was 733 million yuan, up 2.6%. The adjusted net profit reached 1.018 billion yuan, marking a significant increase of 41.65% [3][6] - The revenue from innovative drugs reached 4.928 billion yuan, accounting for 74.3% of total revenue, which is the highest since the company's listing [3][6] - The company is set to launch multiple innovative drugs, including Enlitai and Xianbixin, which are expected to significantly contribute to revenue growth [4][5] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 6.635 billion yuan and a net profit of 733 million yuan. The adjusted net profit was 1.018 billion yuan, indicating a robust growth trajectory [3][8] - The projected revenues for 2025, 2026, and 2027 are 7.659 billion yuan, 9.073 billion yuan, and 10.493 billion yuan, respectively, with year-on-year growth rates of 15.43%, 18.47%, and 15.65% [6][8] Innovative Drug Pipeline - The company has received approval for two new innovative drugs in 2024, expanding its portfolio to a total of eight approved innovative drugs. This includes the anticipated launch of Xianbixin, which is expected to enhance treatment options for stroke patients [4][5] - The innovative drug revenue is expected to continue growing, supported by the inclusion of Koseira and Enlitai in the national medical insurance directory, which will facilitate sales growth [4][5] Valuation Metrics - The earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 0.43 yuan, 0.52 yuan, and 0.62 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 [6][8] - The report suggests that the company's valuation is likely to recover as the revenue from innovative drugs increases and multiple new products are launched [6]

Investment Rating - The report maintains an "Accumulate" rating for Zhujiang Beer with a target price of 11.76, compared to the last closing price of 10.30 [1]. Core Insights - Zhujiang Beer achieved a revenue of 5.731 billion in 2024, representing a year-on-year increase of 6.56%. The net profit attributable to shareholders was 810 million, up 29.95% year-on-year, while the net profit excluding non-recurring items was 762 million, reflecting a 36.79% increase [4][5]. - The sales volume of beer in 2024 was affected by demand, with a slight decline in overall production in China. However, Zhujiang Beer managed to increase its sales volume by 2.6% to 143.96 million tons and the average price per ton rose by 4.3% to 3828 [5][6]. - The company continues to optimize its product structure, launching new products like Zhujiang P9 and Zhujiang Beer 1985, while the flagship product, 97 Pure Draft, is expected to maintain double-digit growth [5][6]. Financial Performance - In Q4 2024, Zhujiang Beer reported a revenue of 844 million, a year-on-year increase of 2.11%, with net profit soaring by 118.74% to 4 million [4]. - The gross profit margin for 2024 reached 46.30%, an increase of 3.5 percentage points year-on-year, driven by product structure upgrades and cost optimization [5][10]. - The company forecasts revenue growth rates of 6% for 2025, 6% for 2026, and 5% for 2027, with net profit growth rates of 15%, 10%, and 9% respectively [5][6]. Market Position and Strategy - Zhujiang Beer has shown resilience in the South China market, with revenue from the region increasing by 7.5% to 5.49 billion, while other regions experienced a decline of 10.4% [5]. - The company has optimized its distributor network, with a net decrease of 114 distributors in Guangdong but an increase of 16 in other regions [5]. - The report highlights the ongoing structural upgrades and cost reductions as key drivers for improved profitability and market competitiveness [5][10].

2025 年 03 月 28 日 行业日报 中性/维持 钢铁 太平洋钢铁日报（20250328）河北加快打造世界一流的现代化钢铁产业 (20%) (10%) 0% 10% 20% 30% 24/3/28 24/6/8 24/8/19 24/10/30 25/1/10 25/3/23 ◼ 子行业评级 | 普钢 | 中性 | | --- | --- | | 其他钢铁 | 中性 | | 特材 | 中性 | ◼ 推荐公司及评级 相关研究报告 2025 年 3 月 28 日，今日钢铁行业相关板块整体下跌，上证指数（- 0.67%）；深证成指（-0.57%）；创业板指（-0.79%）；科创 50（-1.07%）； 沪深 300（-0.44%）。 个股表现： 钢铁行业个股涨幅前三名为：恒星科技（+10.06%）；杭钢股份 （+6.10%）；常宝股份（+4.73%）。 个股跌幅前三名为：宏海科技（-6.45%）；拾比佰（-5.74%）；盛德鑫 泰（-5.68%）。 行业数据： 期货情况：螺纹钢 2505（-0.28%）；线材 2505（-0.26%）；热卷 2505 （-0.12%）；铁矿石 2505（-0.19%）；焦炭 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Insights - The company has shown significant revenue growth, achieving total revenue of 74.15 million yuan in 2024, a year-on-year increase of 19,110% [4][9] - The core pipeline, including the drug IMM01, is progressing steadily with two Phase III clinical trials expected to report mid-term data in 2026 [5][7] - The company is actively expanding business development (BD) collaborations, including partnerships for dual-specific antibodies targeting PD-L1/VEGF and CD47/CD20 [6][7] Financial Summary - The company is projected to generate revenues of 151 million yuan in 2025, followed by 139 million yuan in 2026, and a significant increase to 675 million yuan in 2027 [9][11] - The net profit attributable to the parent company is expected to be -227 million yuan in 2025, -456 million yuan in 2026, and -508 million yuan in 2027 [9][11] - The company’s cash and short-term financial assets amounted to 752 million yuan in 2024, reflecting a year-on-year growth of 23% [4][7]

金 金融工程点评 [Table_Title] [Table_Message]2025-03-28 申万一级家电指数趋势跟踪模型效果点评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 模型概述 结果评估： 区间年化收益：-12.12% 波动率（年化）：21.12% 夏普率：-0.57 最大回撤：28.98% 指数期间总回报率：27.55% 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 [Table_Summary] 融 工 程 点 评 资料来源：Wind，太平洋研究院 资源来源：Wind，太平洋研究院 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 2023-03-07 2023-04-17 2023-05-30 2023-07-11 2023-08-1 ...