A-share announcement highlights | Great Wall Motor (601633.SH) expects net profit to increase by 77% to 85% in 2024.

Focus of the Day 1. Great Wall Motor: Expected net profit of 12.4 billion to 13 billion yuan in 2024, a year-on-year increase of 77% to 85% Great Wall Motor announced that it is expected to achieve a net profit attributable to the owners of the parent company of 12.4 billion to 13 billion yuan in 2024, an increase of 76.60% to 85.14% year-on-year. The performance growth is mainly due to the company's commitment to high-quality development, achieving growth in overseas sales, and further optimization of domestic product structure. The main reason for the increase in non-operating income and expenses is the increase in government subsidies received year-on-year. 2. Shanghai DZH Limited: Expected net loss of 190 million to 225 million yuan in 2024 Shanghai DZH Limited announced that it is expected to achieve a net profit attributable to the owners of the parent company of -2.25 billion to -1.9 billion yuan in 2024, and the net profit attributable to the owners of the parent company excluding non-recurring gains and losses is expected to be -2.2 billion to -1.85 billion yuan. The main reason for the expected loss in this period is the decline in some business income, increase in R&D investment and personnel costs, new business income not sufficient to cover the added costs, and no extraordinary income compared to the same period of the previous year. The performance forecast data has not been audited, and specific financial data will be disclosed in the annual report. 3. Yonghui Superstores: Expected net loss of 1.4 billion yuan in 2024 Yonghui Superstores announced that it is expected to achieve a net profit attributable to the shareholders of the listed company of -14.0 billion yuan in 2024. The main reasons include overall challenges in the retail industry leading to pressure on company traffic and customer spending, as well as the early pains brought about by the strategic and operational transformation carried out in the second half of the year. The company completed the adjustment of 31 stores at the end of 2024 and rapidly closed underperforming stores, leading to a decline in performance. In addition, the decline in gross profit margin was mainly due to active optimization of product structure and procurement mode during the store adjustment process, as well as the strategy to promote transparent pricing and back-end control. The company is expected to recognize long-term asset impairment of around 200 million yuan. 4. Advanced Micro-Fabrication Equipment Inc. China: Expected year-on-year decrease in net profit of 4.81% to 16.01% in 2024 Advanced Micro-Fabrication Equipment Inc. China announced that the company is expected to achieve a net profit attributable to the owners of the parent company of 15 billion to 17 billion yuan in 2024, a decrease of approximately 16.01% to 4.81% year-on-year. The company's R&D investment in 2024 is approximately 2.45 billion yuan, an increase of 1.188 billion yuan from last year (an increase of approximately 94.13%), and the R&D investment in 2024 accounts for approximately 27.03% of the company's operating income. In 2024, R&D expenses amount to 1.415 billion yuan, an increase of approximately 599 million yuan from last year (an increase of approximately 73.32%). In addition, in 2023, the company sold a part of its shares of Piotech Inc., generating a net income after tax of approximately 406 million yuan, while in 2024, the company did not have any such equity disposal gain. Sales of etching equipment in 2024 amount to approximately 7.276 billion yuan, an increase of approximately 54.71% year-on-year. The LPCVD thin film equipment achieved its first sale in 2024, with total equipment sales for the year at approximately 1.56 billion yuan. 5. EGing Photovoltaic Technology: Expected net loss of 19 billion to 23 billion yuan in 2024, currently operating at a module capacity utilization rate of approximately 40% EGing Photovoltaic Technology announced that it is expected to achieve a net profit attributable to the owners of the parent company of -19.00 billion to -23.00 billion yuan in 2024, a decrease in profitability compared to the same period last year, resulting in a loss. It is expected to achieve a net profit attributable to the owners of the parent company excluding non-recurring gains and losses of -18.90 billion to -22.90 billion yuan in 2024. The main reason for the loss is the accelerated release of photovoltaic industry production capacity, intensified market competition, continuous price decline in the industry chain, and a decrease in overall gross profit and profitability levels in the industry. The company has made provision for inventory depreciation, conducted impairment tests on long-term assets such as fixed assets, and made corresponding impairment provisions, which have had a significant impact on the financial performance for this reporting period. Due to the cyclical impact of the photovoltaic industry, the company's 5GW PERC cell production capacity at its Changzhou base and 7.5GW TOPCon cell production capacity at its Chuzhou base have been suspended, with a module capacity utilization rate of approximately 40%. If market conditions improve later, the company will quickly resume production at the above-mentioned capacity. 6. Shaanxi Meibang Pharmaceutical Group: Expected continued decline in net profit in 2024 compared to the same period last year after 9 consecutive trading sessions of limit-up Shaanxi Meibang Pharmaceutical Group issued a stock trading risk reminder announcement, stating that from January 2, 2025, to January 14, 2025, the company's stock has consecutively reached the limit-up for 9 trading days, with an interval increase of up to 135.74%, significantly deviating from the market and industry trends. The company's stock price increase has significantly deviated from the fundamentals of the company, with normal production and operation currently, no major changes in the main business, and no significant changes in the external environment, with the "one certificate, one product" policy having a relatively minor impact on the company. The net profit attributable to shareholders of the listed company in the first three quarters of 2024 was 43.276 million yuan, a decrease of 38.34% compared to the same period last year, and it is expected that the net profit in 2024 will continue to decline compared to the same period last year. There is a risk of rapid decline in the company's stock price at any time, and investors are advised to pay attention to the risks of secondary market trading, make rational decisions, and invest cautiously. 7. Jiangsu Changling Hydraulic Co.Ltd: Termination of planning for change of control rights, stock resumes trading from tomorrow.Jiangsu Changling Hydraulic Co., Ltd announcement, due to the failure to reach a consensus on certain core terms between the company's controlling shareholder and actual controller Xia Jifa and the counterparty, it has been decided to terminate the change of control transaction. The related parties have not signed a substantive agreement on the specific plan for this transaction, and all parties do not need to bear any breach of contract responsibility for terminating the transaction. The company's current business operations are normal, and terminating the planned change of control transaction will not have a significant adverse impact on the company's operating performance and financial condition. The company's A shares will resume trading from the morning of January 15, 2025. ShanDong Cynda Chemical, after preliminary calculations, expects to incur a loss in profit for the year 2024. The company's products are currently operating at low prices, and although measures have been taken, the loss has not yet been reversed. The company advises investors to pay attention to the risks of secondary market trading, prevent speculative risks, make rational decisions, and invest cautiously. Harbin Air Conditioning, despite some of the company's shares held by the controlling shareholder, Gongtou Group, being judicially frozen, it will not have a significant impact on the company's normal production and operation. The freezing period of 1.07 billion shares, accounting for 81.98% of the shares held by Gongtou Group, is from April 16, 2024, to April 15, 2027. The company's production and operation are stable, and the judicially frozen shares held by Gongtou Group will not have a significant impact on the company's normal production and operation. The company warns investors of market speculation risks due to recent stock price increases, urging them to be cautious in their investments. Guilin Fuda Co., Ltd. announces that its Siasun Robot&Automation business-related project has not generated any income yet. The company has been focused on the development, production, and sales of engine crankshafts, precision forgings, new energy electric drive gears, automobile clutches, spiral bevel gears, and high-strength bolts. Despite making progress in the development of key components of the Siasun Robot&Automation reducer product, the project has not generated any income so far. The downstream manufacturers of the company's new products require strict inspection and certification of their production processes and product quality, which poses market development risks and uncertainties in future revenue. China Merchants Bank's annual net profit in 2024 is announced to be 148.391 billion yuan, an increase of 1.22% year-on-year. The bank's annual operating income was 337.537 billion yuan, a decrease of 0.47% year-on-year. The bank's non-performing loan ratio remained at 0.95% as of December 31, 2024, with a provision coverage ratio of 411.98%. Acm Research (Shanghai), Inc. predicts its full-year operating income in 2025 to be between 6.5 billion and 7.1 billion yuan. The company expects its 2024 operating income to be between 5.6 billion and 5.88 billion yuan, a year-on-year increase of 44.02% to 51.22%. The company attributes the growth to the recovery of the global semiconductor industry, particularly strong demand in the Chinese mainland market, technological advancements, and expansion of customer base. The company plans to continue its research and development efforts in the Siasun Robot&Automation components and reduce the reliance on new products to cater to customer demands. Guangdong Songfa Ceramics warns that its stock may be subject to delisting risk warning after projecting a net loss ranging from 87 million to 62.25 million yuan for 2024. The company's operating income is forecasted to be between 254.1 million to 295 million yuan, below 300 million yuan. Following related regulations, the company's stock may receive a delisting risk warning (prefixing "*ST") after the disclosure of the 2024 annual report.9.76%74.72% 10Shaanxi Jiuzhou Pharmaceutical Co., Ltd.202415.42%27.19% Shaanxi Jiuzhou Pharmaceutical Co., Ltd.20243.23.515.42%27.19%9.76% - 74.72%10. Zhejiang Fengmao Technology: Net profit is expected to increase by 10% - 23.03% in 2024 Zhejiang Fengmao Technology announced that it is expected to achieve a net profit attributable to shareholders of the listed company of 152 million to 170 million yuan in 2024, an increase of 10% to 23.03% year-on-year. In 2024, the company will focus on upgrading transmission system products, and the advantages of molded multi-wedge belts will gradually be demonstrated. As the company's core product, the competitive advantage of transmission belts in the market is increasingly prominent, and sales revenue of transmission systems continues to grow, with an increase in core customer share. 11. Tande Co., Ltd.: Contract sales amount in 2024 is 4.855 billion yuan, a year-on-year decrease of 57.76% Tande Co., Ltd. announced that in 2024, the company achieved a contract sales area of 243,200 square meters, a decrease of 58.53% year-on-year. The equity contract sales area reached 201,000 square meters, a decrease of 57.42% year-on-year. The company achieved a contract sales amount of 4.855 billion yuan, a decrease of 57.76% year-on-year. The equity contract sales amount reached 4.278 billion yuan, a decrease of 57.25% year-on-year. 12. Changshu Tianyin Electromechanical: Net profit is expected to increase by 174.56% - 235.57% in 2024 Changshu Tianyin Electromechanical announced that it is expected to achieve a net profit attributable to shareholders of the listed company of 90 million to 110 million yuan in 2024, an increase of 174.56% to 235.57% year-on-year. During the reporting period, the company's refrigerator compressor spare parts business saw some growth in market demand due to the government's policy of promoting trade-in of old appliances for new ones; the radar and China Aerospace Times Electronics business continued to advance with new signed orders and project deliveries. Due to the delivery of more high value-added advantageous project products during the reporting period, the net profit attributable to shareholders of the listed company from the radar and China Aerospace Times Electronics business saw a significant increase compared to the same period last year. Share repurchase: Jingweihengrun: Plans to repurchase shares with 100 million to 200 million of its own funds Zhejiang Ausun Pharmaceutical: Controlling shareholder proposes to repurchase company shares with 50 million to 100 million yuan Increased holdings: SMO Clinplus: Controlling shareholder proposes to increase holdings of company shares by 6 million to 9 million yuan Big orders: Shenzhen Jianyi Decoration Group: Awarded a project worth around 200 million yuan This article is reprinted from "Tencent Self-selected Stocks", GMTEight Editor: Chen Wenfang.