业绩简评 4月25日公司披露2024年年报及2025年一季报，2024年实现营收284亿元，同比-52%，实现归母净 利-98.2亿元，同比-387%；其中Q4实现营收58亿元，同比-44%，环比-8%，实现归母净利-37.6亿元，同 比-36%、环比-25%。1Q25实现营收61亿元，同比-39%、环比+5%，实现归母净利润-19.1亿元，同 比-117%、环比+49%。 经营分析 国金证券股份有限公司姚遥,张嘉文近期对TCL中环（002129）进行研究并发布了研究报告《Q1硅片减 亏，海外布局提升竞争力》，给予TCL中环增持评级。 TCL中环 硅片出货持续增长，Q1亏损显著收窄。2024年公司硅片出货125.8GW，同比+10.5%，硅片整体市占率 18.9%、居行业第一。2024年行业供需失衡加剧、产业链价格快速下跌，公司硅片业务Q2出现毛利亏损 并加速进入现金成本亏损阶段，全年硅片业务毛利率-20.5%。25Q1终端抢装需求带动下光伏产业链各 环节供需比有所改善，硅片价格回升，公司硅片业务盈利能力环比大幅改善，带动销售毛利率修复 5.48PCT至-6.96%。 组件产品结构调整，Q1订单量明显增加。2 ...

Core Viewpoint - Mamei Biotech (丸美生物) continues to show strong performance with significant revenue and profit growth, supported by its brand strategies and product innovations [1][4]. Financial Performance - For the year 2024, Mamei Biotech reported revenue of 2.97 billion yuan, a year-on-year increase of 33.44%, and a net profit attributable to shareholders of 342 million yuan, up 31.69% [1]. - In Q1 2025, the company achieved revenue of 847 million yuan, reflecting a year-on-year growth of 28.01%, with a net profit of 135 million yuan, up 22.07% [1]. Operational Analysis - The optimization of product structure has led to an increase in gross margin, which reached 76.05% in Q1 2025, up 1.44 percentage points year-on-year [2]. - The sales expense ratio decreased by 3.24 percentage points quarter-on-quarter, while the management expense ratio slightly decreased to 2.9% [2]. Brand Strategy - Mamei's main brand continues to strengthen its position in the eye care and wrinkle reduction market, with 2024 revenue of 2.055 billion yuan, a year-on-year increase of 31.69% [3]. - The PL brand, focusing on base makeup, achieved revenue of 905 million yuan in 2024, a growth of 40.72% [3]. Growth Projections - The company expects net profit attributable to shareholders to reach 458 million yuan, 598 million yuan, and 759 million yuan for the years 2025 to 2027, representing growth rates of 34%, 30%, and 27% respectively [4].

Core Viewpoint - The report indicates that Jingyeda's performance for 2024 is expected to be near the upper end of the forecast range, with continued growth in early 2025, leading to a "Buy" rating for the stock [1]. Financial Performance Summary - For FY24, the company achieved operating revenue of 483 million yuan, a year-over-year increase of 17.58%, with Q4 revenue at 181 million yuan, up 10.85%, and Q1 2025 revenue at 33.28 million yuan, up 16.12% [1]. - The net profit attributable to shareholders for FY24 was 42.69 million yuan, a significant increase of 321.88%, nearing the upper end of the forecast range; Q4 net profit was 18.36 million yuan, up 116.64%, while Q1 2025 net profit was -2.12 million yuan, up 17.01% [1]. - The company reported a net profit after deducting non-recurring items of 38.55 million yuan for FY24, up 802.53%, with Q4 at 19.31 million yuan, up 2727.52%, and Q1 2025 at -2.14 million yuan, up 16.67% [1]. - The overall gross margin for FY24 was 46.19%, down 0.94 percentage points year-over-year, while the net profit margin was 8.85%, up 6.38 percentage points [1]. - The gross margin for Q1 2025 was 54.67%, down 5.29 percentage points year-over-year [1]. Business Segment Analysis - The smart teaching and campus segment generated revenue of 110 million yuan for FY24, a year-over-year increase of 6.43%, accounting for 22.9% of total revenue, with a gross margin of 37.22%, down 7.75 percentage points [2]. - The smart examination segment achieved revenue of 207 million yuan for FY24, down 7.83%, accounting for 42.8% of total revenue, with a gross margin of 54.88%, up 1.61 percentage points [2]. - The smart rail segment saw significant growth, with FY24 revenue of 165 million yuan, up 141.32%, accounting for 34.2% of total revenue, and a gross margin of 41.21%, up 14.30 percentage points [2]. Expense Management - For FY24, the R&D, sales, and management expense ratios were 8.85%, 17.44%, and 11.99%, respectively, with R&D down 3.03 percentage points, sales up 0.18 percentage points, and management down 0.02 percentage points year-over-year [2]. - In Q1 2025, the R&D, sales, and management expense ratios were 34.39%, 55.57%, and 41.19%, respectively, with R&D down 9.03 percentage points, sales up 3.78 percentage points, and management down 6.89 percentage points year-over-year [2]. Earnings Forecast and Valuation - The company has adjusted its revenue forecasts for 2025 to 579 million yuan, 2026 to 696 million yuan, and 2027 to 835 million yuan, with net profits projected at 6.3 million yuan, 8.2 million yuan, and 10.1 million yuan, respectively [2]. - The earnings per share (EPS) are forecasted to be 0.38 yuan, 0.50 yuan, and 0.61 yuan for 2025, 2026, and 2027, respectively [2]. - The current stock price corresponds to a price-to-earnings (PE) ratio of approximately 81.0, 62.0, and 50.0 times for the years 2025, 2026, and 2027 [2].

Core Viewpoint - Longjiu Logistics has shown significant growth in revenue and profit due to the expansion of international and new energy businesses, leading to an "Accumulate" rating from Guojin Securities [1][4]. Financial Performance - In 2024, Longjiu Logistics achieved a revenue of 4.18 billion, a year-on-year increase of 10.3%, and a net profit attributable to shareholders of 80 million, up 13.1% [1]. - In Q4 2024, the company reported a revenue of 1.27 billion, reflecting a 36.8% year-on-year growth, and a net profit of 18 million, which is a remarkable increase of 194.7% [1]. Business Analysis - The growth in revenue is primarily driven by the increase in international and new energy businesses, despite a 13.4% decline in the complete vehicle logistics segment due to ongoing pressures in the automotive logistics industry [2]. - International business revenue surged by 87.5%, supported by the acquisition of a third roll-on/roll-off ship and the opening of new railway routes [2]. - New energy business revenue skyrocketed by 210.3%, attributed to the commissioning of the new energy factory in Chuzhou and the establishment of a comprehensive demonstration station in Beijing [2]. Profitability Metrics - The gross profit margin for 2024 was 11.6%, an increase of 0.86 percentage points, due to optimized transportation routes and refined operations [2]. - The company’s expense ratio decreased to 9.9%, down 0.65 percentage points, with a net profit margin of 1.91%, reflecting a 0.05 percentage point increase [2]. Future Outlook - For 2025, the company plans to enhance third-party complete vehicle logistics integration, optimize transportation efficiency, and advance digital upgrades [3]. - The international business will focus on expanding into markets in Mexico, Southeast Asia, and Europe, while strengthening collaborations with domestic and foreign manufacturers [3]. - In the new energy sector, the company aims to improve its product matrix and invest in energy storage technology development [3]. Earnings Forecast and Valuation - The net profit forecasts for 2025 and 2026 have been revised down to 100 million and 130 million, respectively, with a new estimate for 2027 at 150 million [4].

Core Viewpoint - The company is experiencing short-term performance pressure but is expected to gradually improve its operations, maintaining a "buy" rating from analysts [1][2]. Financial Performance - In 2024, the company reported a total revenue of 831 million, a decrease of 1.77% year-on-year, and a net profit attributable to shareholders of 144 million, down 36.89% [2]. - For Q1 2025, revenue was 239 million, an increase of 8.85%, while net profit was 31 million, a decrease of 26.99% [2]. - The company plans to distribute cash dividends of 67.53 million, with a dividend payout ratio of approximately 52% [2]. Operational Analysis - The company is seeing marginal improvements in B2B orders and stable development of its B2C brand, "Polar Fox" [3]. - Revenue growth turned positive in Q4 2024 and Q1 2025, with the company strengthening its position in outdoor equipment manufacturing while increasing investment in new product development [3]. - Revenue from tents, sleeping bags, clothing, and backpacks in 2024 was 361 million, 117 million, 256 million, and 39 million respectively, with year-on-year changes of -22.33%, -2.29%, +41.73%, and -4.61% [3]. - The company has established partnerships with new brand clients in Australia and North America, with some products entering mass production [3]. - Domestic revenue grew significantly by 149.83% year-on-year, while international revenue decreased by 8.57% [3]. - The "Polar Fox" brand achieved revenue and net profit of 152 million and 26 million respectively in 2024, reflecting growth of 11.97% and 12.87% [3]. Industry Competition - Increased competition in the industry has led to fluctuations in profitability, with gross margins for 2024 and Q1 2025 at 26.02% and 24.60%, down 6.48 and 6.04 percentage points respectively [4]. - The sales expense ratio increased to 2.08% and 2.58% for 2024 and Q1 2025, respectively, while net profit margins decreased significantly [4]. - The company aims to improve profitability as order conditions improve and production capacity utilization gradually recovers [4]. Growth Strategy - The company plans to enhance customer relationships and expand its high-potential customer base while introducing high-performance materials in its product lines [4]. - Automation in new product lines and the establishment of a digital platform for product development, production operations, and supply chain management are also part of the growth strategy [4]. Earnings Forecast and Valuation - The company is projected to have EPS of 2.36, 2.60, and 2.88 yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 15, 14, and 12 [5]. - The "buy" rating is maintained based on these forecasts [5].

Core Viewpoint - The report highlights that despite being a traditionally slow season, the first quarter of 2025 for Zhaoyi Innovation (兆易创新) showed significant growth in both revenue and profit, driven by strong downstream demand and government stimulus measures [1][2][3]. Financial Performance - In 2024, Zhaoyi Innovation achieved a revenue of 7.356 billion yuan, representing a year-on-year increase of 27.69%, and a net profit of 1.103 billion yuan, up 584.21% [2]. - For Q1 2025, the company reported a revenue of 1.909 billion yuan, a 17.32% increase year-on-year, with a net profit of 235 million yuan, reflecting a 14.57% growth [2]. Operational Analysis - The growth in Q1 2025 is attributed to several factors: 1) Government subsidies stimulating consumer electronics demand and other national measures boosting consumption [3]. 2) The AI sector driving upgrades in edge storage capacity, benefiting from increased demand for storage in computing and networking markets [3]. Future Growth Drivers - The report identifies "domestic substitution + edge AI" as the main growth drivers for the company: 1) Niche storage and MCU accelerating domestic substitution due to supply chain concerns from US-China tariffs, with Zhaoyi Innovation having a technological edge in areas like NorFlash and MCU [4]. 2) AI driving upgrades in edge storage, with expectations for a significant market expansion in AI applications such as AI headphones, smartphones, and smart homes, where the company has a comprehensive product line [4]. Profit Forecast and Valuation - The company is projected to achieve net profits of 1.6 billion yuan, 2.1 billion yuan, and 2.64 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 45.1%, 31.2%, and 25.8% [5]. - Corresponding price-to-earnings ratios are expected to be 47, 36, and 28 times for the same years [5].

Core Viewpoint - The report by Guojin Securities indicates that Yinghuate (301272) is facing short-term performance pressure but is expected to achieve long-term profit growth, maintaining a "buy" rating for the company [1]. Financial Performance - In 2024, Yinghuate reported operating revenue of 597 million yuan, a year-on-year increase of 7.52%, and a net profit attributable to shareholders of 74 million yuan, a year-on-year decrease of 15.14% [1]. - For Q1 2025, the company achieved operating revenue of 96 million yuan, a year-on-year increase of 0.67%, but reported a net loss of 2 million yuan, a year-on-year decline of 124.92% [1]. Operational Analysis - The decline in net profit is primarily attributed to increased R&D investments aimed at improving processes and quality, with a research expense ratio of 8.15% in 2024, up 3.45 percentage points from 2023 [2]. - The company is positioned as a leading domestic brand in the scroll compressor market, currently undergoing a phase of domestic substitution, especially following the U.S. government's increase in tariffs on Chinese imports to 125% [2]. - The domestic market for scroll compressors is largely dominated by foreign brands, with a CR5 of 76.5% for foreign brands in 2024 [2]. Industry Trends - The Chinese government has issued a plan to promote the high-quality development of the heat pump industry, which is expected to enhance the sales of Yinghuate's scroll compressors as older, inefficient heat pump equipment is replaced [3]. Profit Forecast and Valuation - Revenue projections for Yinghuate are estimated at 677 million yuan, 771 million yuan, and 894 million yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 86 million yuan, 100 million yuan, and 119 million yuan for the same years [4]. - The corresponding price-to-earnings ratios are projected to be 26, 22, and 19 times for 2025, 2026, and 2027 respectively [4].

Core Viewpoint - Company has received a "Buy" rating from Guojin Securities, indicating confidence in its profit realization and growth potential [1]. Financial Performance - In 2024, the company reported revenue of 12.11 billion yuan, a year-on-year decrease of 3.0%, while net profit attributable to shareholders was 330 million yuan, an increase of 91.3% [2]. - For Q1 2025, revenue reached 2.13 billion yuan, up 3.1% year-on-year, with net profit attributable to shareholders at 110 million yuan, a significant increase of 123.3% [2]. - The company reclassified certain product categories, impacting revenue growth rates for both 2024 and Q1 2025 [2]. Operational Analysis - The retail segment showed strong growth, with home decoration and engineering wall paint revenues of 2.97 billion and 4.08 billion yuan in 2024, reflecting year-on-year growth of 12.8% and a decline of 12.7%, respectively [3]. - In Q1 2025, home decoration and engineering wall paint revenues were 650 million and 590 million yuan, with year-on-year growth of 8.0% and 9.4% [3]. - The company maintained the top market share in imitation stone paint for five consecutive years, reaching 7.6% in 2024, indicating a favorable competitive landscape [3]. Margin and Cost Management - The gross margin stabilized and improved, with Q4 2024 gross margin at 32.5%, up 0.44 percentage points year-on-year, and Q1 2025 gross margin at 31.05%, an increase of 2.67 percentage points year-on-year [4]. - The company reduced its expense ratio to 25.7% in 2024, down 0.5 percentage points year-on-year, with a further reduction in Q1 2025 to 31.4%, down 2.4 percentage points year-on-year [4]. - The workforce was optimized, with a reduction of 836 employees by the end of 2024, indicating a shift towards efficiency rather than a labor-intensive strategy [4]. Cash Flow and Profitability Outlook - The company achieved positive operating cash flow for the first time in Q1, with 110 million yuan, compared to a negative 260 million yuan in the same period last year [4]. - The operating cash flow for 2024 was 1.01 billion yuan, showing stability as the company shifted its focus from large B-end clients to C-end and small B-end clients [4]. - The company is expected to maintain stable profitability, with revised net profit forecasts for 2025 and 2026 at 900 million and 1.25 billion yuan, respectively [5]. Valuation and Market Sentiment - The current stock price corresponds to a price-to-earnings ratio of 28.5 and 20.5 for 2025 and 2026, respectively, supporting the "Buy" rating [5]. - Recent analyst coverage indicates a positive sentiment, with five "Buy" ratings and one "Hold" rating among six institutions in the last 90 days [8].

21世纪经济报道记者 秦云 报道 4月25日，国金证券披露了2024年年度报告及2025年第一季度报告。 与行业趋势一致，2024年度，国金证券营收、净利润同步下滑；不过，今年以来，该券商的经营业绩已 有所改善，但投行业务的下滑态势还在延续。 2025年一季度，国金证券的投行业务手续费净收入为1.25亿元，同比下滑了44.77%，而2024年度，该券 商投行业务收入为9.08亿元，较2023年减少了32.55%。 一季报回暖 2024年度，国金证券实现营业收入66.64亿元，同比减少了0.98%，归母净利润16.70亿元，同比下滑了 2.8%。 今年内，受益于经纪业务的增长，国金证券的业绩开始回暖。今年一季度，国金证券实现营业收入 18.85亿元，归母净利润5.83亿元，分别较2024年一季度增长了27.1%、58.8%。 对于国金证券而言，投行业务成为最大拖累项，已连续三年"收缩"。 根据国金证券年报，2022年度，国金证券投行业务收入较2021年度微降了4.52%；2023年度，该券商投 行业务收入为13.46亿元，同比减少了21.47%。而2024年度，其投行业务营收降至9.08亿元，同比下滑 了32. ...

上 市 公 司 非银金融 2025 年 04 月 25 日 国金证券 (600109) ——自营连续两季度表现优异，1Q25 投行业绩承压 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 25 日 | | --- | --- | | 收盘价（元） | 8.19 | | 一年内最高/最低（元） | 10.79/6.95 | | 市净率 | 0.9 | | 股息率%（分红/股价） | 1.71 | | 流通 A 股市值（百万元） | 26,204 | | 上证指数/深证成指 | 3,295.06/9,917.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.23 | | 资产负债率% | 75.46 | | 总股本/流通 A 股(百万) | 3,713/3,200 | | 流通 B 股/H 股（百万） | -/- | 事件：4 月 24 日，国金证券披露年报和一季度报，业绩超出预期。2024 年公司实现营收 66.6 亿元，同比-1.0%；归母净利 ...