Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company is experiencing continuous operational recovery, with the effects of reforms being released [1] - The company reported a total revenue of 2.196 billion yuan in 2024, a year-on-year increase of 4%, and a net profit of 127 million yuan, a year-on-year increase of 47% [4][9] - The company is expected to achieve restorative growth across all products in 2025, with projected EPS of 0.16 yuan, corresponding to a PE ratio of 48 times [9] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 21.96 billion yuan, with a net profit of 1.27 billion yuan, and a non-recurring net profit of 1.13 billion yuan [4] - The fourth quarter of 2024 saw a total revenue of 6.65 billion yuan, a year-on-year increase of 42%, and a net profit turnaround from a loss of 51 million yuan in 2023Q4 to a profit of 7 million yuan [4] - For Q1 2025, total revenue was 6.26 billion yuan, a year-on-year increase of 36%, with a net profit of 57 million yuan, a year-on-year increase of 2% [4] Profitability Improvement - The company's gross margin for 2024 and Q1 2025 was 34.72% and 35.50%, respectively, with a notable cost reduction from cleaning up long-tail products [5] - The net profit margin for 2024 and Q1 2025 was 5.08% and 8.96%, respectively, indicating improved operational quality [5] Product Growth and Strategy - Revenue from vinegar, wine, and sauce products in 2024 was 12.66 billion yuan, 3.29 billion yuan, and 1.80 billion yuan, respectively, with a focus on product line optimization [6] - In Q1 2025, revenue from these products showed restorative growth, with vinegar, wine, and sauce revenues increasing by 19%, 9%, and 35%, respectively [6] Sales Channel Optimization - The company reported a 0.5% increase in dealer revenue and a 3% increase in direct sales revenue in 2024, with a focus on improving dealer quality [7] - In Q1 2025, dealer and direct sales revenue increased by 40% and 64%, respectively, indicating a balanced recovery across all channels [7] Earnings Forecast - The company is expected to achieve a revenue of 2.351 billion yuan in 2025, with a net profit of 182 million yuan, reflecting a growth rate of 7.1% and 42.8%, respectively [11]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1]. Core Insights - The company's main operations are stable, and its computing power business is beginning to gain momentum [1]. - In 2024, the company achieved a revenue of 2.984 billion yuan, with a year-on-year growth of 4.28%, and a net profit attributable to shareholders of 145 million yuan, growing by 0.66% [4]. - The first quarter of 2025 saw a revenue drop to 549 million yuan, a decrease of 24.67% year-on-year, and a net profit of 19 million yuan, down 59.49% year-on-year [4]. Summary by Sections Market Performance - The company's stock price is currently at 23.26 yuan, with a total market capitalization of 10.1 billion yuan and a total share count of 434 million [1]. Financial Performance - The first quarter performance was impacted by delays in equipment delivery and the ramp-up of production capacity, leading to a decline in revenue and profit [5]. - The computing power segment reported a revenue of 269 million yuan in 2024, accounting for 9.02% of total revenue, with a staggering year-on-year growth of 3,696.16% and a gross margin of 41.04% [6]. - In the first quarter of 2025, the computing power business generated 135 million yuan, reflecting a year-on-year increase of 972.79% [6]. Business Development - The company has established a nationwide layout for its intelligent computing centers, with several clusters already operational [6]. - The 5G infrastructure and new energy businesses are driving growth, with significant contracts won in international markets and a strategic partnership in the new energy sector [9]. - The company has secured a total of 1.088 billion yuan in contracts for the 2025-2026 telecommunications engineering construction services [9]. Earnings Forecast - Revenue projections for 2025-2027 are 3.432 billion yuan, 3.964 billion yuan, and 4.499 billion yuan, respectively, with corresponding EPS of 0.48 yuan, 0.68 yuan, and 1.03 yuan [10]. - The current stock price corresponds to a PE ratio of 48.7 for 2025, 34.2 for 2026, and 22.5 for 2027, indicating a positive outlook for the company's computing power business and growth potential [10].

Investment Rating - The report maintains a "Buy" investment rating for the company [5]. Core Views - The company is experiencing pressure on profits due to strategic adjustments, with a focus on lean management to improve efficiency [2][9]. - The introduction of new products is expected to drive revenue growth, particularly in the group buying segment, which saw a 19% increase in revenue [3]. - The company is actively optimizing its store model and reducing the number of underperforming stores to enhance profitability [3][9]. Financial Performance Summary - In 2024, the company reported total revenue of 7.159 billion yuan, a decrease of 11% year-on-year, with a net loss of 46 million yuan, a decline of 126% [1][11]. - The gross margin for 2024 and Q1 2025 decreased by 2 percentage points to 26.14% and 24.64%, respectively, primarily due to price reductions on certain products [2]. - The net profit margin also declined, with figures of -0.69% for 2024 and -2.10% for Q1 2025, attributed to reduced gross margins and increased asset impairments [2]. Earnings Forecast - The company is projected to launch a new brand focused on "natural healthy snacks" in 2024, which may initially pressure profits but is expected to perform well post-upgrade [4]. - Earnings per share (EPS) estimates for 2025-2027 are 0.06, 0.19, and 0.29 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 198, 62, and 41 times [9][11].

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is in line with expectations, driven by growth in mid-range products [1][5] - The company is focusing on high-end brand development and consumer cultivation in key markets [8] Financial Performance - In 2024, total revenue and net profit attributable to shareholders were 52.17 billion and 13.41 billion yuan, respectively, with year-on-year growth of 5% and 6% [5] - For Q1 2025, revenue and net profit were 9.59 billion and 1.90 billion yuan, showing year-on-year growth of 3% and 2% [5] - The gross margin for 2024 was 83%, with a slight decrease of 0.4 percentage points year-on-year, while the net margin was 26%, an increase of 0.1 percentage points [5] - The sales expense ratio improved significantly, while the management expense ratio remained stable [5] Product and Channel Analysis - In 2024, revenue from high-end and mid-range products was 47.64 billion and 2.64 billion yuan, with year-on-year growth of 2% and 29% [6] - The company is focusing on the 300-800 yuan price range for its main brand and the above 800 yuan market for its premium brand [6] - New channels saw significant growth, with revenue increasing by 184.44% in Q1 2025 compared to the previous year [6] Earnings Forecast - The company expects EPS for 2025-2027 to be 2.90, 3.16, and 3.50 yuan, with corresponding PE ratios of 16, 15, and 14 times [8] - The forecasted revenue growth rates for 2025-2027 are 3.4%, 6.7%, and 8.7% respectively [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company's performance is in line with expectations, driven by growth in mid-range products [1][5] - The company is focusing on high-end brand development and consumer cultivation in key markets [8] Financial Performance - In 2024, total revenue and net profit attributable to shareholders were 52.17 billion and 13.41 billion yuan, respectively, with year-on-year growth of 5% and 6% [5] - For Q1 2025, revenue and net profit were 9.59 billion and 1.90 billion yuan, showing year-on-year growth of 3% and 2% [5] - The gross margin for 2024 was 83%, with a net margin of 26% [5] - The sales expense ratio improved significantly, while the management expense ratio remained stable [5] Product and Channel Analysis - In 2024, revenue from high-end and mid-range products was 47.64 billion and 2.64 billion yuan, with year-on-year growth of 2% and 29% [6] - The company is expanding its mid-range brand "Tianhao Chen" and focusing on the 300-800 yuan price segment [6] - New channels saw significant revenue growth, with a 184.44% increase in Q1 2025 compared to the previous year [6] Earnings Forecast - The company expects EPS of 2.90, 3.16, and 3.50 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 16, 15, and 14 times [8][10]

2025 年 05 月 09 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：77 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -20 -15 -10 -5 0 5 10 15 20 (%) 沪深300 相关研究 | 1、《双融日报》2025-05-08 | | --- | | 2、《双融日报》2025-05-07 | | 3、《双融日报》2025-05-06 | ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 77 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：机器人、稀土、苹果链 1、机器人主题：五一假期期间，山岳型景区迎来大批游 客。在八达岭长城、黄山、泰山这些热门景点，游客们体验 到了一种别样的登山方式一穿戴外骨骼机器人登山。这种设 备被形容为"登山外挂"，通过机械结构或电机驱动，能够 降低 20%-40%的体能消耗，瞬间在户外圈爆火。相关标的： 伟思医疗(688580)、精工科技(002006) 2、稀土主题：近日，据相 ...

2025 年 05 月 08 日 营收稳健增长，坚定大单品战略 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-05-08 | | --- | --- | | 当前股价（元） | 29.96 | | 总市值（亿元） | 44 | | 总股本（百万股） | 146 | | 流通股本（百万股） | 124 | | 52 周价格范围（元） | 22-47.98 | | 日均成交额（百万元） | 58.66 | 市场表现 -40 -30 -20 -10 0 10 20 30 (%) 仲景食品 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《仲景食品（300908）：主力单 品稳健增长，电商渠道持续发力》 2025-03-28 2、《仲景食品（300908）：营收稳 健增长，电商渠道持续发力》2024- 10-18 3、《仲景食品（300908）：葱油延 续增长， ...

Investment Rating - The report assigns a "Buy" rating for the company [9] Core Insights - The company's revenue growth has improved, with a year-on-year increase of 2.6% in Q1 2025, which is an acceleration of 1.4 percentage points compared to 2024 [4] - The net profit attributable to shareholders decreased by 2.9% year-on-year in Q1 2025, primarily due to an increase in the effective tax rate to 20%, up by 3.5 percentage points [4] - Total assets grew by 6.9% year-on-year to 36 trillion yuan, with deposits increasing by 6.2% to 25.6 trillion yuan and loans rising by 8.3% to 22.6 trillion yuan [5] - The net interest margin decreased by 11 basis points to 1.29% in Q1 2025, influenced by a larger decline in asset yield compared to the improvement in liability costs [6] - Non-interest income saw a significant increase of 18.9% year-on-year, with other non-interest income rising by 37.3% [7] - Asset quality remained stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [8] - The forecast for net profit attributable to shareholders for 2025-2027 is 2404 billion, 2453 billion, and 2477 billion yuan respectively, with corresponding EPS of 0.82, 0.83, and 0.84 yuan [9] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 1649.3 billion yuan, with a year-on-year growth of 2.6% [3] - The net profit for Q1 2025 was 543.6 billion yuan, reflecting a decrease of 2.9% compared to the previous year [3] Revenue and Profitability - The effective tax rate increased to 20% in Q1 2025, impacting profit growth negatively [4] - The company’s total assets reached 36 trillion yuan, with a year-on-year growth of 6.9% [5] Loan and Deposit Growth - Deposits grew to 25.6 trillion yuan, marking a 6.2% increase, while loans reached 22.6 trillion yuan, up by 8.3% [5] Interest Margin and Non-Interest Income - The net interest margin decreased to 1.29%, with asset yield declining more than liability costs improved [6] - Non-interest income increased by 18.9%, with significant growth in other non-interest income [7] Asset Quality - The non-performing loan ratio remained stable at 1.25%, with a provision coverage ratio of 198% [8] Profit Forecast - Projected net profits for 2025-2027 are 2404 billion, 2453 billion, and 2477 billion yuan, with EPS estimates of 0.82, 0.83, and 0.84 yuan [9]

Investment Rating - The report assigns a "Buy" rating for the company [10] Core Views - The company's revenue growth has improved, with a year-on-year increase of 2.6% in Q1 2025, which is an acceleration of 1.4 percentage points compared to 2024 [4] - The net profit attributable to shareholders decreased by 2.9% year-on-year in Q1 2025, primarily due to an increase in the effective tax rate to 20%, up 3.5 percentage points [4] - The asset quality remains stable, with a non-performing loan ratio of 1.25% and a provision coverage ratio of 198% [8] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 6300.9 billion yuan and a net profit of 2378.4 billion yuan, with respective year-on-year growth rates of 1.2% and 2.6% [3] - For Q1 2025, the company reported a revenue of 1649.3 billion yuan and a net profit of 543.6 billion yuan, reflecting a year-on-year growth of 2.6% and a decline of 2.9% respectively [3] Asset and Liability Management - Total assets grew by 6.9% year-on-year to 36 trillion yuan, with deposits increasing by 6.2% to 25.6 trillion yuan and loans rising by 8.3% to 22.6 trillion yuan [5] - The company added 1.01 trillion yuan in new loans in Q1 2025, which is an increase of 0.09 trillion yuan compared to the same period last year [5] Income Sources - Non-interest income surged by 18.9% year-on-year in Q1 2025, with fee income growing by 2.1% [7] - Other non-interest income saw a significant increase of 37.3%, with foreign exchange net gains rising by 668.5% [7] Profitability Metrics - The net interest margin decreased by 11 basis points to 1.29% in Q1 2025, primarily due to a larger decline in asset yield compared to the improvement in liability costs [6] - The estimated asset yield fell by 0.3 percentage points to 3.1%, influenced by industry-wide loan rate declines [6] Future Earnings Forecast - The company is projected to achieve net profits of 2404 billion yuan, 2453 billion yuan, and 2477 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.82, 0.83, and 0.84 yuan [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Views - The company's profitability has significantly improved, leading to enhanced business quality and efficiency [1][5] - The company reported a total revenue of 10.99 billion yuan in 2024, a decrease of 17% year-on-year, but achieved a net profit of 0.22 billion yuan, recovering from a loss of 1.54 billion yuan in 2023 [4][8] - The company is focusing on optimizing its business structure and enhancing its product offerings to drive future growth [6][8] Summary by Sections Financial Performance - In 2024, the company's gross margin improved by 6 percentage points to 3.98%, while the net profit margin increased by 11 percentage points to 0.06% [5] - The company reported a total revenue of 25.49 billion yuan in Q1 2025, a 1% increase year-on-year, with a net profit of 0.04 billion yuan, down 86% from the previous year [4][8] Business Strategy - The company is actively optimizing its product structure by reducing low-margin business scales and enhancing the capacity utilization of high-profit factories [6] - The company has successfully expanded its online sales channels, achieving 1.59 billion yuan in online sales revenue in 2024, an 8% increase year-on-year [6] Earnings Forecast - The company is expected to achieve earnings per share (EPS) of 0.06 yuan in 2025, 0.14 yuan in 2026, and 0.19 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 99, 43, and 33 times [8][10]