Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 5% to 15% over the next 6 to 12 months [5][13]. Core Views - The company reported a revenue of 2.2 billion RMB in 2024, a decrease of 1.3% year-on-year, and a net profit of 290 million RMB, down 15.9% year-on-year. For Q1 2025, revenue was 800 million RMB, a decline of 4.3%, with a net profit of 140 million RMB, down 9.3% year-on-year. The performance aligns with expectations despite external pressures [2][5]. - The revenue structure shows a significant improvement in product mix, with high-end products achieving a revenue of 1.53 billion RMB in 2024, up 4.3% year-on-year, while mid-range and low-end products saw declines of 8.2% and 20.5% respectively. In Q1 2025, high-end products generated 620 million RMB, an increase of 8.8% year-on-year [3][4]. - The company aims for a revenue target of 2.3 billion RMB in 2025, representing a 4% increase, and a net profit target of 405 million RMB, remaining flat compared to 2024 [4][5]. Revenue Structure Summary - **Product Segment**: In 2024, high-end products generated 1.53 billion RMB, mid-range products 510 million RMB, and low-end products 130 million RMB. For Q1 2025, high-end products saw revenue of 620 million RMB, while mid-range and low-end products dropped significantly [3]. - **Regional Performance**: In 2024, revenue from within the region was 1.6 billion RMB, down 5.8%, while revenue from outside the region increased by 16.7% to 570 million RMB. In Q1 2025, regional revenue was 700 million RMB, up 3.5%, while outside revenue fell by 37.9% to 90 million RMB [3]. - **Channel Performance**: Direct sales in 2024 reached 490 million RMB, up 90.9%, while online and wholesale channels saw declines. In Q1 2025, direct sales were 200 million RMB, an increase of 69.9% [3]. Financial Metrics Summary - The company's net profit margin decreased by 2.3 percentage points to 13.0% in 2024, with a gross margin increase of 4.1 percentage points. For Q1 2025, the net profit margin was 18.1%, down 1.0 percentage point year-on-year [4]. - The cash dividend payout ratio significantly increased to 74.5% in 2024, indicating a strong commitment to returning value to shareholders [4]. - The forecast for net profit in 2025 is 320 million RMB, with an expected growth of 10.6% in 2026 and 13.9% in 2027 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 7.34 billion RMB for 2024, representing a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 2.59 billion RMB, up 13.4% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 2.05 billion RMB, down 12.3% year-on-year, with a net profit of 830 million RMB, down 9.5% year-on-year, indicating a decline in performance compared to market expectations [2]. - The revenue structure shows that the underperformance is mainly due to low-priced products and challenges in expanding outside the province [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 73.4 billion RMB, with a year-on-year growth of 8.5%, and a net profit of 25.9 billion RMB, reflecting a growth of 13.4% [2]. - In Q1 2025, the revenue was 20.5 billion RMB, a decrease of 12.3% year-on-year, and the net profit was 8.3 billion RMB, down 9.5% year-on-year [2]. Operational Analysis - By product, the revenue for mid-to-high-end and regular liquor in 2024 was 57.1 billion RMB and 12.9 billion RMB, respectively, with year-on-year changes of +13.8% and -6.5% [3]. - The revenue from mid-to-high-end liquor in Q1 2025 was 17.2 billion RMB, down 8.6% year-on-year, while regular liquor revenue fell by 32.1% [3]. - Regionally, the company reported revenues of 50.9 billion RMB from within the province and 19.1 billion RMB from outside the province in 2024, with year-on-year growth of 12.8% and 1.3%, respectively [3]. Financial Quality - The net profit margin for 2024 increased by 1.5 percentage points to 35.3%, with a gross margin increase of 2.9 percentage points [4]. - In Q1 2025, the net profit margin was 40.5%, up 1.3 percentage points year-on-year, with a gross margin increase of 1.5 percentage points [4]. - The company is focusing on marketing for its cave-aged series, indicating a sustained upward potential in product structure [4]. Profit Forecast, Valuation, and Rating - The report adjusts the net profit forecasts for 2025 and 2026 down by 10% and 14%, respectively, with expected revenues growing by 3.4% in 2025 and 5.1% in 2026 [5]. - The projected net profits for 2025, 2026, and 2027 are 2.72 billion RMB, 2.90 billion RMB, and 3.26 billion RMB, respectively [5]. - The earnings per share (EPS) are forecasted to be 3.40 RMB, 3.62 RMB, and 4.07 RMB for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 14.4, 13.5, and 12.0 [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the coming years [5][12]. Core Insights - The company reported a revenue of 1.042 billion RMB in Q1 2025, showing a year-on-year increase of 2.76%, while the net profit attributable to the parent company was 72.12 million RMB, a decrease of 10.90% year-on-year [3]. - The increase in sales expenses, which rose by 19.57% year-on-year to 289 million RMB, is aimed at promoting the new Continuous Glucose Monitoring (CGM) products domestically and internationally, indicating a focus on innovation and market expansion despite short-term profit pressures [3]. - The second-generation CGM product has been approved, featuring improvements in design and user experience, which is expected to enhance market competitiveness [3]. - A distribution agreement has been signed with A. MENARINI DIAGNOSTICS S.r.l. for exclusive distribution of the CGM systems in over 20 European countries, indicating potential for rapid sales growth in overseas markets [4]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 476 million RMB, 567 million RMB, and 691 million RMB, representing year-on-year growth rates of 46%, 19%, and 22% respectively [5]. - The expected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 26, 22, and 18 times, respectively, suggesting a favorable valuation outlook [5]. Company Overview - The company’s revenue is projected to grow from 4.059 billion RMB in 2023 to 6.960 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 17.69% [10]. - The net profit is expected to recover from a decline in 2023 to 691 million RMB by 2027, reflecting a strong recovery trajectory [10].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.50, 0.59, and 0.61 for 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (P/E) ratios of 12x, 10x, and 10x [4]. Core Insights - The company reported a revenue of 88.0 billion yuan for 2024, a decrease of 8.3% year-on-year, while net profit attributable to shareholders was 7.75 billion yuan, an increase of 18.9% year-on-year. For Q1 2025, revenue was 17.6 billion yuan, down 12.1% year-on-year, and net profit was 1.07 billion yuan, down 40.8% year-on-year [2][3]. - The company achieved a significant improvement in thermal power profitability in 2024, with a total electricity generation of 164.7 billion kWh, up 6.6% year-on-year, primarily due to the full operation of the Six Horizontal Power Plant Phase II project and increased electricity demand in Zhejiang Province [2]. - The company plans a cash dividend of 0.29 yuan per share for 2024, representing a 50.2% payout ratio, with a current dividend yield of approximately 5.0% [2][4]. Summary by Sections Financial Performance - In 2024, the company experienced a revenue decline of 8.3% to 88.0 billion yuan, while net profit increased by 18.9% to 7.75 billion yuan. The projected revenues for 2025 and 2026 are 81.78 billion yuan and 83.14 billion yuan, respectively, with expected growth rates of -7.1% and 1.7% [8][10]. - The company’s operating cash flow remains healthy, covering capital expenditures, and reducing the debt-to-asset ratio from 45.7% at the end of 2023 to 42.3% in Q1 2025 [4]. Market Conditions - The decline in electricity prices in Q1 2025 was greater than the reduction in costs, leading to pressure on profitability. The average purchase price for industrial and commercial electricity in Zhejiang Province fell by 72 yuan/MWh year-on-year [3]. - The company’s coal inventory was high at the end of 2024, which has not yet reflected in the financial statements, contributing to the pressure on Q1 2025 earnings [3]. Future Outlook - The company is expected to see marginal improvements in profitability as high-cost inventory is consumed, with anticipated net profits of 6.63 billion yuan, 7.91 billion yuan, and 8.14 billion yuan for 2025, 2026, and 2027, respectively [4][8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 2.678 billion RMB in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of -102 million RMB [2]. - In Q1 2025, the company achieved a revenue of 742 million RMB, reflecting a year-on-year increase of 9.82%, with a net profit of 27 million RMB, up 61.18% year-on-year [2]. - The company is focusing on the iterative development of refractive surgery techniques and has seen stable growth in essential projects [3]. Summary by Sections Performance Review - In 2024, the company generated revenue of 2.678 billion RMB, down 1.46% year-on-year, and reported a net loss of 102 million RMB [2]. - For Q1 2025, the company recorded revenue of 742 million RMB, a 9.82% increase year-on-year, with a net profit of 27 million RMB, marking a 61.18% increase year-on-year [2]. Operational Analysis - The refractive surgery segment generated 1.227 billion RMB in revenue in 2024, down 5.31% year-on-year, with a gross margin of 47.02% [3]. - The cataract project revenue was 576 million RMB, down 3.04% year-on-year, influenced by national procurement policies [3]. - The company is introducing new technologies to enhance its competitive edge and is focusing on high-end products to mitigate the impact of price reductions [3]. Expansion Strategy - The company is implementing a "national chain + local integration" strategy, focusing on urban centers and gradually maturing new hospitals to drive future growth [4]. Profitability Forecast - The company is expected to achieve net profits of 130 million RMB, 161 million RMB, and 202 million RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.87, 1.07, and 1.35 RMB [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 7.34 billion RMB for 2024, representing a year-on-year growth of 8.5%, and a net profit attributable to shareholders of 2.59 billion RMB, up 13.4% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 2.05 billion RMB, down 12.3% year-on-year, with a net profit of 830 million RMB, a decrease of 9.5% year-on-year [2]. - The overall performance for Q4 2024 and Q1 2025 shows a revenue decline of 9% and a net profit decline of 8% compared to the previous year, which was below market expectations [2]. Revenue Analysis - In terms of product revenue, mid-to-high-end and regular liquor generated 5.71 billion RMB and 1.29 billion RMB in 2024, with year-on-year growth of 13.8% and a decline of 6.5% respectively [3]. - For Q1 2025, mid-to-high-end and regular liquor revenues were 1.72 billion RMB and 240 million RMB, reflecting a year-on-year decrease of 8.6% and 32.1% respectively [3]. - The revenue from provincial and out-of-province sales in 2024 was 5.09 billion RMB and 1.91 billion RMB, with year-on-year growth of 12.8% and 1.3% respectively [3]. Profitability and Financial Metrics - The net profit margin for 2024 increased by 1.5 percentage points to 35.3%, with a gross margin increase of 2.9 percentage points [4]. - In Q1 2025, the net profit margin rose by 1.3 percentage points to 40.5%, with a gross margin increase of 1.5 percentage points [4]. - The report forecasts net profits of 2.72 billion RMB, 2.90 billion RMB, and 3.26 billion RMB for 2025, 2026, and 2027 respectively, with corresponding growth rates of 4.9%, 6.6%, and 12.3% [5]. Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.40 RMB, 3.62 RMB, and 4.07 RMB respectively [5]. - The current stock price corresponds to price-to-earnings (PE) ratios of 14.4, 13.5, and 12.0 for the years 2025, 2026, and 2027 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings per share (EPS) of 0.30, 0.45, and 0.605 for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings (PE) ratios of 147, 96, and 72 [5]. Core Insights - The company reported a significant decline in revenue and net profit for 2024, with revenue at 1.42 billion RMB, down 49.7% year-on-year, and net profit at 0.1 billion RMB, down 97.7% year-on-year. The first quarter of 2025 also showed a revenue of 0.34 billion RMB, down 30.3% year-on-year, and net profit of 0.3 billion RMB, down 56.8% year-on-year, indicating continued pressure on performance [2][5]. - The company is focusing on inventory reduction and restructuring its product lineup, implementing a "2+2+2" strategy to streamline its offerings. This includes reducing the SKU count for its flagship products [3]. - The company is also managing its distribution channels more effectively, with a focus on high-quality store standards and targeted market expansion strategies [4]. Revenue and Profitability Analysis - The revenue breakdown by product for 2024 shows significant declines in major brands, with "内参" and "酒鬼" down 67% and 49% respectively, while "湘泉" saw an increase of 8%. The average selling prices for these products also decreased, impacting gross margins [3]. - The company’s gross profit margin decreased to 71.4% in 2024, down 7.0 percentage points year-on-year, with net profit margin dropping to 0.9%, down 18.5 percentage points year-on-year [4][10]. Market and Channel Performance - Online and offline revenue for 2024 was 1.9 billion RMB and 12.3 billion RMB respectively, reflecting declines of 34% and 51% year-on-year. The number of distributors also decreased significantly across various regions [4]. - The company is implementing a tiered management system for its clients and focusing on building a core terminal network of 24,000 stores [4]. Future Projections - The report projects a revenue decline of 3.0% in 2025, followed by growth of 3.0% in 2026 and 7.2% in 2027. Net profit is expected to recover to 1.0 billion RMB in 2025, 1.5 billion RMB in 2026, and 2.0 billion RMB in 2027 [5][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 5% to 15% over the next 6 to 12 months [12]. Core Views - The company reported a revenue of 2.2 billion RMB in 2024, a slight decrease of 1.3% year-on-year, and a net profit of 290 million RMB, down 15.9% year-on-year. For Q1 2025, revenue was 800 million RMB, down 4.3% year-on-year, with a net profit of 140 million RMB, down 9.3% year-on-year, indicating performance in line with expectations despite external pressures [2][3]. - The revenue structure shows a significant improvement in product mix, with high-end products achieving a revenue of 1.53 billion RMB in 2024, up 4.3% year-on-year, while mid-range and low-end products saw declines of 8.2% and 20.5% respectively. In Q1 2025, high-end products continued to grow, while mid-range and low-end products faced substantial declines [3]. - The company aims for a revenue target of 2.3 billion RMB in 2025, representing a 4% increase, and a net profit target of 405 million RMB, remaining flat compared to 2024 [4]. Summary by Sections Financial Performance - In 2024, the company achieved a gross profit margin of 13.0%, a decrease of 2.3 percentage points, while the gross margin increased by 4.1 percentage points. The sales expense ratio rose by 2.5 percentage points [4]. - For Q1 2025, the net profit margin was 18.1%, down 1.0 percentage points year-on-year, with a gross margin decrease of 3.1 percentage points [4]. Revenue Breakdown - Product revenue in 2024 was 1.53 billion RMB for high-end, 510 million RMB for mid-range, and 130 million RMB for low-end products, with respective year-on-year changes of +4.3%, -8.2%, and -20.5% [3]. - In Q1 2025, high-end products generated 620 million RMB, mid-range 130 million RMB, and low-end 30 million RMB, with year-on-year changes of +8.8%, -30.7%, and -41.0% respectively [3]. Future Projections - The company expects revenue growth of 4.6% in 2025, 6.1% in 2026, and 10.0% in 2027, with net profit growth of 10.6%, 13.9%, and 18.5% respectively [5]. - The earnings per share (EPS) are projected to be 0.67 RMB in 2025, 0.76 RMB in 2026, and 0.90 RMB in 2027, with corresponding price-to-earnings (P/E) ratios of 21.8, 19.1, and 16.2 [5].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for future performance [5]. Core Insights - The company reported a revenue of 2.678 billion RMB in 2024, a decrease of 1.46% year-on-year, and a net profit attributable to shareholders of -102 million RMB [2]. - In Q1 2025, the company achieved a revenue of 742 million RMB, reflecting a year-on-year increase of 9.82%, and a net profit of 27 million RMB, up 61.18% year-on-year [2]. - The company is focusing on the iterative development of refractive surgery techniques and has introduced new technologies to strengthen its competitive edge [3]. - The cataract project generated a revenue of 576 million RMB in 2024, down 3.04% year-on-year, influenced by national procurement policies [3]. - The company is implementing cost control measures, resulting in a gross margin of approximately 39.34% in Q1 2025, indicating improved profitability [3]. - The company is expanding its network with a focus on urban areas, which is expected to contribute to future growth [4]. - Profit forecasts for 2025-2027 predict net profits of 130 million, 161 million, and 202 million RMB, respectively, with corresponding EPS of 0.87, 1.07, and 1.35 RMB [5]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 2.678 billion RMB, with a net profit of -102 million RMB and a non-recurring net profit of -85 million RMB [2]. - For Q1 2025, the company reported a revenue of 742 million RMB, with a net profit of 27 million RMB and a non-recurring net profit of 28 million RMB [2]. Operational Analysis - The refractive surgery segment generated 1.227 billion RMB in revenue in 2024, down 5.31% year-on-year, with a gross margin of 47.02% [3]. - The cataract segment's revenue was 576 million RMB, down 3.04%, with a gross margin of 38.93% [3]. - The company is enhancing service efficiency and attracting patients through expert recruitment and high-end product promotion [3]. Expansion Strategy - The company is pursuing a "national chain + local integration" strategy, focusing on major cities and expanding its presence [4]. - New hospitals are expected to gradually contribute to growth and improve profitability [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 130 million, 161 million, and 202 million RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.87, 1.07, and 1.35 RMB [5].

业绩简评 2025 年 4 月 28 日公司披露 2024 年年报及 2025 年一季报，2024 年全年公司实现营收 178 亿元，同比增长 19.1%；实现归母净利润 18.1 亿元，同比下降 9.7%，实现扣非归母净利 15.9 亿元，同比 下降 1.8%。2025 年一季度公司实现营收 21.9 亿元，同比增长 26.6%；实现归母净利润-1.91 亿元，同比下降 172%。 经营分析 制造业务盈利筑底，"两海"突破有望带动盈利回升：2024 年公司 风机制造板块实现收入 136 亿元，同比增长 13.8%，实现毛利率 10.99%，同比下降 0.19pct。2024 年以来公司"两海"业务取得多 项重大突破：海外方面，公司深耕中亚、南亚、东南亚等类中国市 场，突破欧洲高端市场，在印度、哈萨克斯坦、菲律宾、德国等地 区实现订单获取，全年新签项目合同近 2GW；海上方面，公司中标 揭阳石碑山 200MW 风电项目及河北建投祥云岛 250MW 海风项目， 海上机型进入批量化交付阶段。2024 年公司海外毛利率约 21.7%， 较国内风机业务毛利率高 10pct 以上，预计随着公司"两海"持续 突破，交付占 ...