Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company reported a revenue of 3.03 billion yuan for 2024, reflecting a year-on-year growth of 5.4%, while the net profit attributable to shareholders was 1.96 billion yuan, also up by 5.3% [5][8]. - The fourth quarter of 2024 saw a decline in revenue to 650 million yuan, down 7.0% year-on-year, and a net profit of 370 million yuan, down 15.5% year-on-year [5][8]. - The company plans to distribute a cash dividend of 38 yuan for every 10 shares to all shareholders [5]. Summary by Sections Financial Performance - Revenue from solution products and gel products for 2024 was 1.74 billion yuan and 1.22 billion yuan, respectively, with year-on-year growth of 4.4% and 5.0% [6]. - The sales volume for solution products was 634.6 thousand units, up 23.4%, while gel products saw a decline in sales volume by 11.2% to 89.4 thousand units [6]. - The overall gross margin for the company decreased by 0.5 percentage points to 94.6%, while the net profit margin decreased by 0.1 percentage points to 64.7% [6][8]. R&D and Product Development - The company increased its R&D investment, completing 57 patent applications and engaging in 21 research projects with various medical institutions [7]. - New products are expected to enhance the gel product line, including a medical gel for chin augmentation and other injectable products that have received clinical trial approvals [7][8]. M&A and Market Expansion - The company plans to acquire AestheFill's source company, REGEN Biotech, Inc., which is expected to enhance its competitive advantage in the global regenerative market and strengthen its overseas market expansion capabilities [8]. - The report anticipates that the combination of mergers and acquisitions along with overseas expansion will provide new growth points for the company [8]. Financial Projections - Revenue projections for 2025 and 2026 have been adjusted to 3.213 billion yuan and 3.837 billion yuan, reflecting downward revisions of 15% and 17% respectively [8]. - The expected net profit for 2025 and 2026 is projected to be 2.062 billion yuan and 2.448 billion yuan, also down by 15% for both years [8]. - The report introduces a new revenue and net profit forecast for 2027 at 4.425 billion yuan and 2.814 billion yuan, respectively [8].

2025 年 3 月 21 日 公司研究 4Q24 调整经营利润实现转正，来自生态 AI 收入加速赋能 —— 金山云（3896.HK）4Q24 及 2024 年度业绩点评 要点 事件：金山云发布 4Q24 及 2024 全年业绩，营收与盈利能力均实现增长。 其中 4Q24：营收达 22.32 亿元，同比增长 29.6%/环比增长 18.4%，主要受 益于小米及金山生态系统收入增长、AI 客户需求增长及行业云项目集中交 付；4Q24 毛利润 4.26 亿元，同比增长 68.3%，调整后毛利率 19.2%，同比 提升 4.0pct/环比提升 2.9pct，成本优化与收入结构改善成效显著；调整后 EBITDA 达 3.60 亿元，EBITDA 利润率大幅提升至 16.1%；此外，4Q24 首 次实现单季非公认会计准则经营利润转正，4Q24 非公认会计准则经营利润 0.24 亿元（vs 3Q24 亏损 1.88 亿元），印证"高质量可持续发展战略"成 效。2024 全年：实现总营收 77.85 亿元 ，同比增长 10.5%；毛利率提升至 17.2%，同比上升 5.1pct；经调整 EBITDA 为 6.39 亿元，同 ...

2025 年 3 月 21 日 公司研究 WPS 365 增长强劲，AI 产品持续迭代 ——金山办公（688111.SH）2024 年年报点评 要点 事件： 3 月 20 日，公司发布 2024 年年度报告，2024 年公司实现营业收入 51.21 亿元，同比增长 12%；归母净利润 16.45 亿元，同比增长 25%；单 Q4 营业收 入 14.94 亿元，同比增长 16%；归母净利润 6.05 亿元，同比增长 43%。 个人业务稳健增长，WPS 365 开启增长新引擎。分业务看，2024 年，WPS 个 人业务收入 32.83 亿元，同比增长 18%。截至 2024 年 12 月 31 日，WPS Office 全球月度活跃设备数为 6.32 亿，同比增长 6.22%；其中，WPS Office PC 版月 度活跃设备数 2.91 亿，同比增长 9.81%；WPS Office 移动版月度活跃设备数 3.41 亿，同比增长 3.33%。国内累计年度付费个人用户数 4,170 万，同比增长 17.49%，海外累计年度付费个人用户数 174 万。WPS 365 业务收入 4.37 亿元， 大幅增长 149%， ...

2025 年 3 月 21 日 公司研究 AI+产品陆续推出，分派红利持续回报股东 ——创维数字（000810.SZ）跟踪报告之四 要点 根据公司业绩预告， 2024 年，公司实现归母净利润 2.1-2.9 亿元，同比下滑 65.12%-51.83%，扣非后归母净利润 1.65-2.45 亿元，同比下降 70.46%-56.13%， 基本每股收益 0.18-0.25 元。同比下降的主要原因是受市场竞争环境影响，智能 终端产品的销售单价大幅下降、中小尺寸显示模组业务承压，导致营业收入、毛 利率同比下降。 24Q3 实施权益分派，每 10 股派发现金红利 0.8 元。根据公司 2025 年 1 月 15 日公告，公司 2024 年第三季度实施权益分派，以公司现有总股本 11.5 亿股剔 除已回购股份 862.05 万股后的 11.4 亿股为基数，向全体股东每 10 股派发现金 红利 0.8 元（含税），按照分配比例不变的原则，实际现金分红总额为 9132.76 万元。 资料来源：Wind，光大证券研究所预测，股价时间为 2025-03-20 买入（维持） 当前价：13.97 元 作者 分析师：刘凯 执业证书编号： ...

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [6] Core Viewpoints - The real estate market is experiencing a recovery due to a series of policy optimizations introduced in 2024, leading to increased market activity in the fourth quarter of 2024 [4] - The report anticipates that high-tier cities will gradually stabilize, while regional and city-level differentiation will deepen in 2025 [4] - Two main investment themes are highlighted: focusing on leading real estate companies with comprehensive development capabilities and those with strong commercial real estate operations [4] Summary by Sections Land Supply and Demand - In January-February 2025, the total residential land transaction area in 100 cities increased by 7.8% year-on-year, totaling 29.47 million square meters [1][19] - The average transaction floor price for residential land in 100 cities rose by 20.4% year-on-year, reaching 7,159 yuan per square meter [1][59] - In first-tier cities, the supply of residential land decreased by 34.3% year-on-year, while the average transaction price surged by 82.2% [1][29] Top 50 Real Estate Companies - The top 50 real estate companies saw a 45% year-on-year increase in the value of newly acquired land reserves, totaling 194.1 billion yuan [2] - The area of newly acquired land reserves decreased by 6.8% year-on-year, amounting to 19.08 million square meters [2] Core 30 Cities Land Transactions - In February 2025, the overall premium rate for residential land transactions in the core 30 cities was 16.1%, an increase of 9 percentage points year-on-year [3] - The total transaction area for residential land in these cities reached 6.06 million square meters, a year-on-year increase of 67.8% [3] Investment Recommendations - The report suggests focusing on robust leading real estate companies that are actively involved in urban renewal and have a strong reputation, such as China Overseas Development and Poly Developments [4] - It also recommends investing in commercial public REITs with diverse operational capabilities and rich resources in existing commercial real estate [4]

2025 年 3 月 20 日 行业研究 海洋强国战略指引下，继续看好油服、海运产业链 ——石化化工交运行业日报第 38 期（20250320） 要点 深海科技写入政府工作报告，海洋经济前景广阔。党的二十大报告中强调要 "发展海洋经济，保护海洋生态环境，加快建设海洋强国"，2025 年《政府 工作报告》提出"开展新技术新产品新场景大规模应用示范行动，推动商业 航天、低空经济、深海科技等新兴产业安全健康发展"，深海科技首次被纳 入政府工作报告，成为国家战略指引下的新兴产业之一。根据自然资源部， 2024 年全国海洋生产总值 105438 亿元，比上年增长 5.9%，增速比国内生 产总值高 0.9 个百分点，占国内生产总值比重为 7.8%。在海洋经济强国战 略、深海科技战略的指导下，我国海洋经济前景广阔，我们看好油服技术装 备、远洋海运等产业的长期高质量发展。 海上油服企业夯实科技实力，奠定油气产量增长基础。2024 年，在海洋油气 勘探领域，深水高精度探测装备加快研发，产业数智化、低碳化加速推进， 推动我国海洋油气产量规模持续提升，海洋原油、天然气产量比上年分别增 长 4.7%和 8.7%。中海油服将"技术驱动 ...

2025 年 3 月 21 日 行业研究 ——光大证券科技行业跟踪报告之五 要点 北京时间 3 月 19 日凌晨，英伟达举办 2025 年 GTC 大会，黄仁勋在圣何塞 SAP 中心发表的现场主题演讲，关注代理式 AI、机器人、加速计算等领域的未来发 展。此外，该大会还包括 1000 多场具有启发性意义的会议，以及 400 多项展示、 技术实战培训和大量独特的交流活动。 提出 Agentic AI，新的推理范式将继续推动全球数据中心建设。黄仁勋按照 "Generative AI（生成式 AI）、Agentic AI（智能体）、Physical AI（具身 AI）" 三个阶段的进化路线，将 Agentic AI 描述为 AI 技术发展的中间态。Scaling Law 的发展需要投入更多的数据、更大规模的算力资源训练出更好的模型，训练规模 越大，模型越智能，预计全球数据中心建设投资额将在 2028 年达到 1 万亿美元。 Blackwell Ultra 芯片将于 2025 年下半年供货，预计 2026 年下半年推出 Vera Rubin。Blackwell Ultra 芯片针对 AI 推理需求推出，基于 Blac ...

要点 事件： 3 月 20 日，公司发布 2024 年年度报告，2024 年公司实现营业收入 51.21 亿元，同比增长 12%；归母净利润 16.45 亿元，同比增长 25%；单 Q4 营业收 入 14.94 亿元，同比增长 16%；归母净利润 6.05 亿元，同比增长 43%。 公司研究 WPS 365 增长强劲，AI 产品持续迭代 ——金山办公（688111.SH）2024 年年报点评 2025 年 3 月 21 日 个人业务稳健增长，WPS 365 开启增长新引擎。分业务看，2024 年，WPS 个 人业务收入 32.83 亿元，同比增长 18%。截至 2024 年 12 月 31 日，WPS Office 全球月度活跃设备数为 6.32 亿，同比增长 6.22%；其中，WPS Office PC 版月 度活跃设备数 2.91 亿，同比增长 9.81%；WPS Office 移动版月度活跃设备数 3.41 亿，同比增长 3.33%。国内累计年度付费个人用户数 4,170 万，同比增长 17.49%，海外累计年度付费个人用户数 174 万。WPS 365 业务收入 4.37 亿元， 大幅增长 149%， ...

Investment Rating - The report maintains an "Increase" rating for the pharmaceutical sector in Hong Kong [4] Core Insights - The Hang Seng Healthcare Index has performed well, rising 26.47% year-to-date, outperforming the Hang Seng Index by 0.77 percentage points [1] - The pharmaceutical sector is currently experiencing a valuation contraction, with many sub-sectors nearing historical lows in price-to-earnings (PE) ratios [2] - There is a continuous net inflow of southbound funds into the Hong Kong pharmaceutical sector, with nearly 100 companies included in the Hong Kong Stock Connect, representing 40.2% of the total pharmaceutical companies [2] Summary by Sections Performance Overview - The Hang Seng Healthcare Index has shown strong performance, with various sub-sectors experiencing significant fluctuations in year-to-date returns, such as biopharmaceuticals at 46.62% and traditional Chinese medicine at -1.75% [1] Valuation Analysis - The PE ratios for various sub-sectors are as follows: chemical pharmaceuticals at 13.7x, traditional Chinese medicine at 9.4x, medical devices at 10.4x, and medical services at 20.6x, indicating that most sub-sectors are close to historical lows [2] Investment Recommendations - The report suggests increasing exposure to the pharmaceutical sector, focusing on high-quality, low-valuation stocks across different sub-sectors: - Medical Devices: Companies with competitive products are expected to lead, with recommendations for MicroPort Medical, Weigao Group, and others [3] - Medical Services: Companies showing stable operations and growth potential, with recommendations for Genscript Biotech, Jinxin Fertility, and others [3] - Chemical Pharmaceuticals: Traditional firms undergoing transformation, with recommendations for 3SBio, United Laboratories, and others [3] - Innovative Drugs: Focus on companies with new drugs already launched overseas, with recommendations for BeiGene, Innovent Biologics, and others [3] - CXO Sector: Companies with improving order margins, with recommendations for WuXi Biologics and others [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 109.20 billion yuan in 2024, a decrease of 4.22% year-on-year, with a net profit of 5.13 billion yuan, down 10.41% year-on-year [1] - The company is actively adjusting its product mix, with energy steel sales reaching a historical high and significant growth in automotive and new energy vehicle steel sales [2][3] - The company is making positive progress in its overseas expansion strategy, focusing on a full industry chain layout internationally [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 109.20 billion yuan, a decline of 4.22% from the previous year, and a net profit of 5.13 billion yuan, down 10.41% year-on-year [1] - The fourth quarter revenue was 25.70 billion yuan, a decrease of 6.90% year-on-year, but a net profit of 1.29 billion yuan showed a quarter-on-quarter increase of 16.09% [1] - The average selling price of steel per ton was 5,781 yuan, down 4.22% year-on-year, with a gross profit per ton of 743 yuan, down 6.35% year-on-year [1] Product Mix and Sales - The company has adjusted its product structure, with sales by application in 2024 as follows: automotive (28%), energy (34%), machinery (19%), bearings (10%), high-end special materials (2%), and others (7%) [2] - Sales of bearing steel increased by 6% year-on-year, and energy steel sales reached a historical high [2] - The company’s "two high and one special" product sales grew by 23% year-on-year, with 738 million tons sold [2] Overseas Expansion - The company has been actively planning its overseas layout, focusing on over 20 steel projects in Southeast Asia, the Middle East, Mexico, and Europe, as well as resource projects in South America and Australia [3] - The international strategy emphasizes a "resource + main business + distribution" approach, with a focus on mergers and acquisitions [3] Profit Forecast - Due to a decline in gross profit per ton, the company’s net profit forecasts for 2025 and 2026 have been adjusted downwards to 5.59 billion yuan and 6.24 billion yuan, respectively [3] - A new forecast for 2027 projects a net profit of 6.83 billion yuan, with expectations for improved profitability as the product structure continues to optimize [3]