分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《中共中央政治局会议精神学习》 - 2025.04.28 宏观研究 证券研究报告：宏观报告 研究所 | | | 投资要点 （1）五一假期居民出行需求旺盛，消费亮点纷呈 第一，居民出行需求延续高热度，自驾游仍是主要出行方式。交 通运输部消息，今年五一假期前四天（5 月 1 日至 4 日），预计全社会 跨区域人员流动量 11.85 亿人次，日均 2.96 亿人次，较 2024 年同期 增长 6.24%，较 2019 年同期增长 34.92%。第二，旅游保持高热度， 跨境游和票根经济成为消费新增长点。从省域来看，四川、山东、浙 江、上海、重庆等省市旅游保持高热度，旅游数据再创新高；在入境 政策持续优化、度假旅游需求旺盛、国际航班运力增加等多重利好因 素叠加下，跨境游成为新的增长点；票根经济已成为"五一"假期新 的消费亮点。第三，假期消费持续升温。"五一"假期全国重点零售和 ...

证券研究报告：金融工程报告 发布时间：2025-05-06 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《年报效应边际递减，右侧买入信号 触发——微盘股指数周报 20250427》 - 2025.04.27 《基本面与量价共振，如遇回调即是 买点——微盘股指数周报 20250420》 - 2025.04.21 《"完美买点"触发，后市积极看涨— —微盘股指数周报 20250413》 - 2025.04.14 《4 月是否还会有"最后一跌"？ — —微盘股指数周报 20250406》 - 2025.04.07 《为什么说本轮调整空间不会太大？ ——微盘股指数周报 20250330》 - 2025.03.31 《回调彰显健康行情，本轮跌幅不会 《微盘领涨创下历史新高，4 月临近仍 有调整压力 ——微盘股指数周报 20250316》 - 2025.03.17 《高波风格再起，警惕后续风险 —— 微盘股指数周报 20250309》 - 2025.03.10 《3 月胜率最高的策略：多微盘空 1000 ——微盘股指数周 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9] Core Insights - The company demonstrated strong performance in 2024, with revenue reaching 1.182 billion yuan, a year-on-year increase of 22.37%, and net profit attributable to shareholders of 157 million yuan, up 35.44% [5][8] - The growth was driven by significant increases in membership store channels and online e-commerce, with online revenue growing by 204.33% year-on-year [6] - The company is expected to continue its growth trajectory, with projected revenues of 1.501 billion yuan in 2025, representing a 26.97% increase [8] Financial Performance Summary - In Q4 2024, the company achieved revenue of 296 million yuan, a 42.92% increase year-on-year, and net profit of 36 million yuan, up 257.97% [5] - For Q1 2025, revenue was 383 million yuan, a 39.23% increase year-on-year, with net profit of 50 million yuan, up 16.25% [5] - The company’s gross margin for 2024 was 28.97%, with a net profit margin of 13.31% [7] Revenue Breakdown - In 2024, revenue from various product categories included 785 million yuan from chicken feet, 93 million yuan from skin products, and 48 million yuan from chicken wings, with notable growth in chicken wings at 23.76% [6] - Online and offline channels generated revenues of 680 million yuan and 1.104 billion yuan respectively, with online sales growing significantly [6] Profitability Forecast - The company is projected to achieve net profits of 197 million yuan in 2025, 231 million yuan in 2026, and 261 million yuan in 2027, with corresponding growth rates of 25.49%, 17.16%, and 13.01% [8][11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][13]. Core Insights - The company achieved Q1 2025 revenue of 5.95 billion yuan, with a year-on-year growth of 10.27%. However, the net profit attributable to shareholders decreased by 8.21% to 0.68 billion yuan [4][5]. - The company focuses on its leading fish products and stable growth in snack channels, with significant investments in brand development, R&D, and channel expansion [5]. - The gross margin for Q1 2025 was 29.91%, with a net profit margin of 11.34%, reflecting a slight decrease compared to the previous year [5]. Financial Projections - Revenue forecasts for 2025-2027 are set at 28.30 billion, 33.56 billion, and 38.77 billion yuan, representing year-on-year growth rates of 17.33%, 18.59%, and 15.52% respectively [6][9]. - The net profit attributable to shareholders is projected to reach 3.25 billion, 3.99 billion, and 4.81 billion yuan for the same period, with growth rates of 11.45%, 23.0%, and 20.51% respectively [6][9]. - The earnings per share (EPS) are expected to be 0.72, 0.89, and 1.07 yuan for 2025, 2026, and 2027, corresponding to price-to-earnings (P/E) ratios of 18, 15, and 12 times [6][9].

证券研究报告：公用事业 | 公司点评报告 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 l 盈利预测与投资评级: | 最新收盘价（元） | 5.87 | | --- | --- | | 总股本/流通股本（亿股）22.63 | / 22.63 | | 总市值/流通市值（亿元）133 | / 133 | | 52 周内最高/最低价 | 6.47 / 5.03 | | 资产负债率(%) | 32.5% | | 市盈率 | 20.00 | | 第一大股东 | 联众新能源有限公司 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 分析师:侯若雪 SAC 登记编号:S1340524100002 Email:houruoxue@cnpsec.com 联美控股(600167) 2024 年业绩受减值影响，分红稳健 l 投资要点 事件：2025 年 4 月 29 日，公司发布 2024 年年报和 2025 年一季 报。 2024 年公司营收 35.1 亿元，同比+2.9%；归母净利润 6.6 亿元， 同比-23.3%；其中 202 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Views - The company reported a revenue of 3.51 billion yuan in 2024, representing a year-on-year increase of 2.9%, while the net profit attributable to shareholders decreased by 23.3% to 660 million yuan due to asset impairment losses and increased costs [3][4]. - For Q1 2025, the company achieved a revenue of 1.7 billion yuan, a year-on-year decrease of 1.1%, but the net profit attributable to shareholders increased by 9.6% to 620 million yuan [3][4]. - The company has a strong cash flow position with a net cash flow from operating activities of 1.3 billion yuan in 2024 and cash on hand of 7.48 billion yuan, leading to a total dividend payout of 910 million yuan, resulting in a dividend yield of 6.8% based on the closing price on April 30, 2025 [4]. Financial Performance Summary - The company’s revenue projections for 2025-2027 are 3.74 billion yuan, 4.03 billion yuan, and 4.40 billion yuan, respectively, with net profits of 780 million yuan, 860 million yuan, and 960 million yuan, corresponding to P/E ratios of 17, 15, and 14 times [5][9]. - The gross margin and net margin for Q1 2025 were 49.3% and 37.0%, respectively, showing improvements of 4.6 percentage points and 3.2 percentage points year-on-year [4][10]. - The company’s asset-liability ratio stands at 32.5%, indicating a stable financial structure [2][10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][9] Core Insights - The company demonstrated strong performance in 2024, with revenue reaching 1.182 billion yuan, a year-on-year increase of 22.37%, and net profit attributable to shareholders of 157 million yuan, up 35.44% [5][8] - The growth was driven by significant increases in membership store channels and online e-commerce, with online revenue growing by 204.33% year-on-year [6] - The company is expected to continue its growth trajectory, with projected revenues of 1.501 billion yuan in 2025, representing a 26.97% increase [8][11] Company Overview - Latest closing price: 11.62 yuan - Total shares: 4.28 billion, with a market capitalization of 5 billion yuan - 52-week high/low: 13.75/5.43 yuan - Debt-to-asset ratio: 13.3% - Price-to-earnings ratio: 31.41 [4] Financial Performance - In Q4 2024, the company achieved revenue of 296 million yuan, a 42.92% increase year-on-year, and net profit of 36 million yuan, up 257.97% [5][6] - For Q1 2025, revenue was 383 million yuan, a 39.23% increase, with net profit of 50 million yuan, up 16.25% [5][6] - The company’s gross margin for 2024 was 28.97%, with a net profit margin of 13.31% [7] Revenue Breakdown - In 2024, revenue from various product categories included: - Chicken feet: 785 million yuan (+8.63%) - Skin jelly: 93 million yuan (+6.29%) - Vegetarian products: 93 million yuan (-2.05%) - Chicken wings: 48 million yuan (+23.76%) - Others: 152 million yuan (+840.69%) [6] - Online and offline channels generated revenues of 680 million yuan and 1.104 billion yuan, respectively, with year-on-year growth of 204.33% and 17.70% [6] Profitability Forecast - The company is projected to achieve net profits of 197 million yuan in 2025, a 25.49% increase, and 261 million yuan by 2027, a 13.01% increase [8][11] - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 26, 22, and 19, respectively [9][11]

证券研究报告：金融工程报告 研究所 - 2025.04.14 金工周报 高波强势，基本面回撤——中邮因子周报 20250504 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:金晓杰 SAC 登记编号:S1340124100010 Email:jinxiaojie@cnpsec.com 近期研究报告 《基金 Q1 加仓有色汽车传媒，减仓电 新食饮通信——公募基金 2025Q1 季报 点评》 - 2025.04.30 《年报效应边际递减，右侧买入信号 触发——微盘股指数周报 20250427》 - 2025.04.27 《动量波动分化，低波高涨占优—— 中邮因子周报 20250427》 - 2025.04.27 《OpenAI 发布 GPT-4.1，智谱发布 GLM-4-32B-0414 系列——AI 动态汇总 20250421》 - 2025.04.23 《国家队交易特征显著，短期指数仍 交易补缺预期，TMT 类题材仍需等待— —行业轮动周报 20250420》 - 2025.04.21 《小市值强势，动量风格占优——中 邮 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][13]. Core Views - The company achieved Q1 2025 revenue of 5.95 billion yuan, with a year-on-year growth of 10.27%, while net profit attributable to shareholders decreased by 8.21% to 0.68 billion yuan [4][5]. - The company focuses on its leading fish products and stable growth in snack channels, with a strategy centered on big single products to drive overall category growth [5]. - The gross margin for Q1 2025 was 29.91%, with a net profit margin of 11.34%, reflecting a slight year-on-year decline in both metrics [5]. Financial Summary - Revenue projections for 2025-2027 are set at 28.30 billion, 33.56 billion, and 38.77 billion yuan, representing year-on-year growth rates of 17.33%, 18.59%, and 15.52% respectively [6][9]. - Net profit forecasts for the same period are 3.25 billion, 3.99 billion, and 4.81 billion yuan, with growth rates of 11.45%, 23.0%, and 20.51% respectively [6][9]. - The earnings per share (EPS) are projected to be 0.72, 0.89, and 1.07 yuan for 2025, 2026, and 2027, corresponding to price-to-earnings (P/E) ratios of 18, 15, and 12 times [6][9].

证券研究报告：食品饮料|公司点评报告 发布时间：2025-05-06 股票投资评级 买入|维持 个股表现 -38% 12% 62% 112% 162% 212% 262% 312% 362% 412% 462% 2024-05 2024-07 2024-09 2024-12 2025-02 2025-04 万辰集团 食品饮料 资料来源：聚源，中邮证券研究所 公司基本情况 研究所 万辰集团(300972) 一季度利润超预期，规模效应持续兑现 ⚫ 事件 公司 2025 年 Q1 实现营业收入/归母净利润/扣非净利润 108.21/2.15/2.11 亿元，同比 124.02%/3344.13%/10562.3%。2025 年 Q1 公 司 毛 利 率 / 归 母 净 利 率 为 11.02%/1.99% ， 分 别 同 比 1.24/1.86pct ；销售 / 管 理 / 研 发 / 财务费用率分别为 3.31%/2.55%/0.01%/0.11%，分别同比-0.74/-0.46/-0.01/-0.12pct。 ⚫ 投资要点 零食量贩业务一季度业务累计营业收入 106.88 亿元，我们预估 25Q1 公司新开店百 ...