Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 724 million yuan in Q1 2025, showing a year-over-year increase of 3.94% and a quarter-over-quarter increase of 2.75%. The net profit attributable to shareholders was 348 million yuan, reflecting a year-over-year decrease of 1.29% and a quarter-over-quarter decrease of 1.76% [1]. - The "Journey" IP is seeing multiple products launch simultaneously, aiming to create a sustainable gaming ecosystem. The new gameplay and promotional activities are designed to enhance player engagement and expand the user base [1]. - The company is actively integrating AI into its gaming experiences, with the "DeepSeek-R1" model enhancing gameplay and user interaction. This integration is expected to drive innovation and improve operational efficiency [4]. Financial Summary - The company forecasts net profits of 1.665 billion yuan, 1.871 billion yuan, and 2.090 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 16.8, 15.0, and 13.4 [4][5]. - Revenue projections for the upcoming years are 3.215 billion yuan for 2025, 3.569 billion yuan for 2026, and 3.890 billion yuan for 2027, indicating a growth rate of 10.0%, 11.0%, and 9.0% respectively [5][12]. - The company's net profit margin is projected to improve, with net profit growth rates of 16.9%, 12.4%, and 11.7% for the years 2025, 2026, and 2027 respectively [5][12].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is facing pressure on performance in 2024 and Q1 2025, with a revenue decline of 14.7% to 138.9 billion yuan in 2024 and a net profit drop of 23.2% to 10.1 billion yuan [1] - The company is focusing on product and channel optimization to improve performance amidst a challenging consumer environment [5][11] Revenue and Profit Analysis - In 2024, the company's revenue decreased by 14.7% to 138.9 billion yuan, while the gross margin improved by 2.7 percentage points to 20.8% [1] - For Q1 2025, revenue fell by 47.3% to 26.7 billion yuan, but gross margin increased significantly by 10.6 percentage points to 26.2% due to rising gold prices and product/channel structure optimization [2] Channel Performance - **Self-operated Offline**: Revenue grew by 7.8% to 17.44 billion yuan in 2024, with a net increase of 22 self-operated stores to 353 [3] - **Self-operated Online**: Revenue increased by 11.42% to 27.95 billion yuan in 2024, with a focus on enhancing e-commerce capabilities [4] - **Franchise Business**: Revenue declined by 23.26% to 91.87 billion yuan in 2024, with a significant drop in performance expected to continue into 2025 [5] Product Performance - Revenue from gold jewelry and embedded jewelry decreased by 16.62% and 17.36% respectively in 2024, with a focus on optimizing product structure in 2025 [10] - The company plans to launch new products to stimulate demand in the gold category and enhance development in silver and jade products [10] Financial Forecast - The company is expected to achieve a revenue growth of 3% to 143.04 billion yuan in 2025, with a net profit growth of 3.3% to 10.43 billion yuan [11] - The projected net profit for 2025-2027 is 10.43 billion yuan, 11.50 billion yuan, and 12.78 billion yuan respectively, with a PE ratio of 14 times for 2025 [11]

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 安孚科技（603031.SH） 收入稳步增长，盈利能力保持稳定 事件：公司发布 2025 年一季报。公司 25Q1 实现营 业收入 13.8 亿元，同比+5.8%；归母净利润为 0.7 亿 元，同比+10.0%；扣非归母净利润为 0.7 亿元，同 比+9.0%。 盈利能力保持稳定。 毛利率：25Q1 公司毛利率 49.2%，同比-1.6pct。 费率端：25Q1 销售/管理费/研发/财务费率分别为 13.5%/4.1%/2.1%/0.4%，同比变动-1.9pct/持平 /+0.1pct/-1.0pct。 净利率：25Q1 净利率 22.4%，同比持平。 现金流：经营性现金流同比+64.5%，主要系本期销 售规模较上期增加，收到的货款增加所致。 盈利预测与投资建议：考虑到南孚资产业绩稳定兑 现，后续随收购少数股东事宜稳步推进，预计 2025 年业绩有望实现更快提升，我们预计公司 2025-2027 年 归 母 净 利 润 分 别 为 4.0/4.6/5.0 亿元，同 比 +135.8%/+15.9%/+9.2%。 风险提示： ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company is expected to benefit from the dual momentum of hydrogen production and flexible transformation of thermal power, supporting rapid development [5]. - The company reported a revenue of 9.113 billion yuan in 2024, a year-on-year decrease of 13.31%, and a net profit of 704 million yuan, down 4.98% year-on-year [1][6]. Financial Performance - In 2024, the company's revenue from power station engineering dropped significantly by 70.08% to 675 million yuan due to price fluctuations in photovoltaic components and increased uncertainty in project returns [2]. - The environmental operation services generated revenue of 638 million yuan, an increase of 5.50% year-on-year, while thermal power operations saw a total heat sale of 9.7132 million tons, up 18.76% year-on-year [3]. - The equipment manufacturing segment achieved a revenue of 1.742 billion yuan, a year-on-year increase of 20.18%, driven by the development of high-end environmental boiler markets [3]. Future Projections - The company is projected to achieve net profits of 801 million yuan, 935 million yuan, and 1.051 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.84, 0.98, and 1.10 yuan per share [5][6]. - The report anticipates a revenue growth rate of 12.1% in 2025, followed by 11.8% in 2026 and 13.8% in 2027 [6]. Orders and Projects - The company has secured a significant order for hydrogen production equipment and is involved in the world's largest integrated green hydrogen project [4]. - As of the end of 2024, the company had a total order backlog of 11 billion yuan for traditional power station engineering, with a notable increase in orders for environmental boiler equipment [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Viewpoints - The company has launched multiple new products in Q1 2025, enhancing its long-term operational capabilities and showing strong growth potential with titles like "Time Explosion" and "Heroes No Flash" [2][3]. - The company is actively building a diverse product reserve matrix aimed at global markets, with significant upcoming releases [3]. - The AI capability system has been upgraded to create a comprehensive AI-enabled ecosystem, enhancing the industrialization level of game research and operations [4]. Financial Overview - In Q1 2025, the company reported revenue of 4.243 billion yuan, a year-over-year decrease of 10.67%, but a quarter-over-quarter increase of 3.45%. The net profit attributable to shareholders was 549 million yuan, down 10.87% year-over-year and down 29.19% quarter-over-quarter [1]. - The company expects to achieve revenues of 18.418 billion yuan, 19.523 billion yuan, and 20.889 billion yuan for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 5.6%, 6.0%, and 7.0% [4][6]. - The projected net profit attributable to shareholders for the same years is 2.808 billion yuan, 3.030 billion yuan, and 3.288 billion yuan, with growth rates of 5.1%, 7.9%, and 8.5% respectively [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's profitability continues to improve, with a significant increase in net profit of 337.5% year-on-year in Q1 2025, reaching 0.6 billion yuan despite a slight decline in revenue [1][2] - The industry is experiencing a sales recovery, driven by strong performance of new products and government subsidy policies, particularly in the DLP and 3LCD product segments [1] - The launch of the new Play6 series projectors in March 2025, with competitive pricing and superior specifications, is expected to enhance the company's market position [1] Financial Performance - In Q1 2025, the company achieved a gross margin of 34%, up by 6 percentage points year-on-year, attributed to the increasing proportion of high-margin overseas business [2] - The net profit margin for Q1 2025 was 7.7%, reflecting a year-on-year increase of 6 percentage points [2] - The company forecasts net profits of 3.62 billion, 4.24 billion, and 4.91 billion yuan for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 201.6%, 17.0%, and 15.7% [2][8] Market and Product Insights - The domestic online sales of M1-M2 projectors in 2025 reached 636,000 units with a sales revenue of 0.98 billion yuan, showing a slight decline compared to the previous year [1] - The new Play6 series projectors are priced competitively at 1,799 yuan and 1,599 yuan after subsidies, with features such as 600 CVIA lumens brightness and a built-in battery for 2.5 hours of continuous video playback [1]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is expected to maintain stable performance in 2024, with a slight revenue decline of 0.6% to 3.01 billion yuan and a net profit decrease of 5.2% to 542 million yuan. The overall performance aligns with expectations [1]. - The company plans to focus on high-end markets and optimize its direct sales channels in 2025, aiming to enhance brand experience centers in core cities [2]. - The e-commerce segment is facing challenges, with a revenue decline of 7.4% to 1.12 billion yuan, but the company is prioritizing profitability improvements [3]. - The company is projected to have stable performance in 2025, with revenue and profit expected to remain flat, reflecting a cautious approach in a slow recovery demand environment [4]. Summary by Sections Financial Performance - In 2024, the company's revenue is projected to decline by 0.6% to 3.01 billion yuan, with a net profit decrease of 5.2% to 542 million yuan. The gross margin is expected to increase by 0.4 percentage points to 56.1% [1]. - The company plans to distribute a year-end dividend of 0.62 yuan per share, resulting in a dividend payout ratio of 95.84% and a dividend yield of 7.9% based on the closing price on April 29 [1]. Direct Sales Channel - The direct sales channel is expected to grow by 1.78% to 740 million yuan in 2024, with a gross margin decrease of 2.28 percentage points to 67.86%. The number of direct stores is projected to be 485 by the end of 2024 [2]. Franchise Channel - The franchise business is anticipated to grow by 1.40% to 840 million yuan in 2024, with a gross margin decrease of 0.64 percentage points to 55.57%. The number of franchise stores is expected to be 987, with a net closure of 23 stores [2]. E-commerce Channel - The e-commerce segment is projected to decline by 7.4% to 1.12 billion yuan in 2024, but the gross margin is expected to improve by 2.27 percentage points to 50.26%. The company is focusing on enhancing profitability in this segment [3]. Cash Flow and Inventory - By the end of 2024, inventory is expected to increase by 8.9% to 760 million yuan, while accounts receivable are projected to rise by 41.2% to 550 million yuan. Operating cash flow is expected to decline by 52.2% to 370 million yuan [3]. Future Outlook - For 2025, the company is expected to maintain stable performance, with projected revenues of 5.49 billion yuan, 5.86 billion yuan, and 6.23 billion yuan for 2025, 2026, and 2027 respectively. The price-to-earnings ratio for 2025 is estimated at 12 times [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a total revenue of 2.07 billion yuan in Q1 2025, representing a year-on-year growth of 13.5%. The net profit attributable to shareholders was 120 million yuan, a slight decline of 0.9% year-on-year, while the non-recurring net profit increased by 27.0% year-on-year, indicating improved operational profitability [1][2] - The company has a robust order backlog, with a total of 49.9 billion yuan in uncompleted contracts, which is 5.6 times the expected revenue for 2024. This strong order book supports anticipated revenue growth [3] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 8.74%, down by 0.45 percentage points year-on-year. The total expense ratio decreased by 3.60 percentage points year-on-year to 2.17% [2] - The operating cash flow showed a net outflow of 340 million yuan, primarily due to increased payments for project construction [2] Order and Market Outlook - The company signed new orders worth 1.886 billion yuan in Q1 2025, a decrease of 11% year-on-year. However, the domestic coal chemical investment is accelerating, particularly in Xinjiang, which is expected to provide significant order growth opportunities [3] - The company is actively expanding into overseas markets, which is anticipated to contribute positively to order growth [3] Future Projections - The company is projected to achieve net profits of 500 million yuan, 650 million yuan, and 790 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23%, 29%, and 22% [3] - The earnings per share (EPS) are expected to be 0.71 yuan, 0.92 yuan, and 1.12 yuan for the years 2025, 2026, and 2027, respectively [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 86.2% year-on-year in Q1 2025, reaching 3.43 billion yuan, while net profit decreased by 32.9% to 270 million yuan [1] - The revenue growth is attributed to the company's expanded product and pricing matrix, aggressive market strategies, and strong performance in both domestic and international markets [1][2] - The company benefits from domestic policies promoting the replacement of old appliances and has enhanced its competitive edge through refined overseas operations [1] Financial Performance Summary - In Q1 2025, the company's gross margin was 45.5%, down 11.0 percentage points year-on-year [2] - The net profit margin for Q1 2025 was 7.8%, reflecting a decrease of 13.9 percentage points year-on-year [2] - The company expects net profits for 2025, 2026, and 2027 to be 2.08 billion, 2.54 billion, and 3.07 billion yuan respectively, with growth rates of 5.2%, 22.2%, and 20.8% [2] Financial Projections - Projected revenues for 2025, 2026, and 2027 are 16.06 billion, 19.36 billion, and 22.99 billion yuan, with year-on-year growth rates of 34.5%, 20.5%, and 18.8% respectively [4] - The latest diluted EPS for 2025 is projected at 11.26 yuan per share, with a P/E ratio of 16.5 [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 3.05 billion yuan for 2024, a decrease of 6.6% year-on-year, and a net profit of 720 million yuan, down 11.2% year-on-year. The fourth quarter of 2024 saw a revenue of 660 million yuan, down 18.0% year-on-year, with a net profit of 140 million yuan, up 0.5% year-on-year [1] - The pre-mixed liquor segment continues to face pressure due to high base effects and weak demand, while the flavoring business showed stable performance. The sales volume of pre-mixed liquor decreased by 8.8% to 32.38 million boxes in 2024, with an average price increase of 1.8% to 82.7 yuan per box [1][2] - The company expects improved performance in the pre-mixed liquor segment starting from Q2 2025, as the base effect diminishes. The introduction of new whiskey products is anticipated to drive revenue growth [3] Financial Summary - The company's gross margin increased by 3.0 percentage points to 69.7% in 2024, primarily due to channel and product structure optimization. The sales expense ratio rose by 2.9 percentage points to 24.6%, with advertising expenses increasing by 34% [2] - For 2025-2027, the company is projected to achieve net profits of 860 million, 1.00 billion, and 1.12 billion yuan, representing year-on-year growth rates of 20.0%, 16.3%, and 11.7% respectively. The current stock price corresponds to a PE ratio of 32, 28, and 25 times for the respective years [3][5]