| | | | | | | | | | | | 离任 | 是否继续在上 | 是否存在未 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 姓名 | 离任职务 | | | 离任时间 | | | 原定任期到期日 | | | | 原因 | 市公司及其控 | 履行完毕的 | | | | | | | | | | | | | | 股子公司任职 | 公开承诺 | | 江峡 | 第十届董事会董 事、战略与 | ESG | 2025 | 年 5 | 月 | 日 23 | 年 2026 24 | 12 | 月 | 日 | 到龄 退休 | 否 | 否 | | | 委员会委员 | | | | | | | | | | | | | 根据《公司法》《公司章程》等规定，江峡女士的离任未导致公司董事会成 员低于法定最低人数，不会影响公司董事会的正常运作，其辞职报告自送达公司 董事会之日起生效。公司将按照有关规定尽快完成董事补选工作。 证券代码：600369 证券简称：西南证券 公告编号：临 2025-016 西南证 ...

Investment Thesis - The company is expected to benefit from a decline in raw material costs, leading to a significant recovery in profitability, with packaging oil gross margin increasing by 2.28 percentage points to 13.51% and meal gross margin increasing by 3.20 percentage points to 4.65% in 2024 [1][2] - The company plans to expand its distribution channels, with a net increase of 103 distributors to a total of 1,305 in 2024, and online direct sales revenue is projected to grow by 30.22% [1][2] - The company is investing 1 billion yuan to establish a 1 million tons/year edible oil processing project in Weinan, Shaanxi, to capture the consumption upgrade opportunities in the northwest market [1][2] Financial Performance - The company's revenue decreased by 15.12% year-on-year, despite a 3.30% increase in the sales volume of its food processing business, indicating that the revenue decline was primarily due to lower product prices following raw material cost reductions [2] - The company is expected to maintain a favorable gross margin level due to a continued easing of raw material supply and demand in 2025 [2] Product and Market Strategy - The company is focusing on product marketing and market development, optimizing its sales organization, and establishing special teams for recruitment, while also introducing new products such as sesame oil and promoting high-value products like high oleic canola oil and tea oil [2] - The company has five production bases with reasonable capacity utilization, and ongoing projects in Maoming and Changsha are still under construction [2] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.65 yuan, 0.83 yuan, and 1.02 yuan respectively, with corresponding dynamic PE ratios of 15, 12, and 9 times [3] - The company is given a target price of 16.25 yuan based on a 25 times PE for 2025, with a "buy" rating assigned [3]

证券代码：600369 证券简称：西南证券 公告编号：临 2025-015 西南证券股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示：? 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 5 月 29 日（星期四）10:00-11:00 （二）会议召开地点：上证路演中心 ?会议召开时间：2025 年 5 月 29 日（星期四）10:00-11:00 ?会议召开地点： 上海证券交易所上证路演中心（网址：https://roadshow.sseinfo.com/） ?会议召开方式：上证路演中心网络互动 ?投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前 登录上证路演中心网站首页点 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-015 西南证券股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开方式：上证路演中心网络互动 （二）会议召开地点：上证路演中心 投资者可于 2025 年 5 月 22 日（星期四）至 5 月 28 日（星期三）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 dshb@swsc.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 西南证券股份有限公司（以下简称公司）已于 2025 年 4 月 26 日发布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入地了解 公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 29 日（星期四）10:00-11:00 举行 2024 年度 ...

近来，包括ST联合、*ST宇顺和*ST花王在内，部分ST或*ST公司筹划重大资产重组。这是市场在近些 年来很少出现的现象。 拆解来看，资产重组运作模式各异。*ST宇顺选择的是现金收购，相中的是三家标的公司，其共同运营 中恩云数据中心项目。ST联合的收购则属于资产注入，知名矿泉水品牌润田意欲借道实现曲线上市。 还有的公司调整了资本运作方式，ST花王因为认为现阶段整体注入产业投资人资产所需周期较长，转 身先引入第三方优质资产尼威动力。 从二级市场表现来看，除了部分公司处于停牌状态之外，此类运作引发了股价的异动。其中，*ST宇顺 股价已经暴涨200%，公司在公告中高喊投资风险。 市场对这些ST类公司的预期正在改变。一方面，部分公司因主板退市新规导致*ST，如果能够在2025年 底之前顺利完成资产收购，大概率可能避免退市。因此，这些公司筹划重大资产重组，被视为规避退出 资本市场的信号。 另一方面，从上市公司筹划此类运作的指向来看，都是寄望与公司资产质量的提升。若相关交易进展顺 利，标的公司的控制权并表，对于在既定产业内营收规模较小的公司而言，有助于完成转型，这对公司 往往具有重要战略意义。 更值得关注的是市场对于ST ...

Core Viewpoint - The report highlights the stable profitability and rapid development of non-network businesses for Guodian NARI Technology Co., Ltd. (国电南瑞), with a recommendation to increase holdings in the company [1]. Financial Performance - In 2024, the company achieved revenue of 57.417 billion yuan, a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 7.61 billion yuan, up 6.1% year-on-year [1]. - For Q4 2024, the company reported revenue of 25.104 billion yuan, a year-on-year increase of 8.9% and a quarter-on-quarter increase of 105.8% [1]. - In Q1 2025, the company generated revenue of 8.895 billion yuan, reflecting a year-on-year growth of 14.8% [1]. Profitability and Cost Structure - The gross profit margin and net profit margin for 2024 were 26.7% and 14.2%, respectively, with slight year-on-year declines of 0.1 percentage points and 0.6 percentage points [2]. - In Q1 2025, the gross profit margin and net profit margin were 24.2% and 7.8%, showing a year-on-year decrease of 0.5 percentage points for gross margin but no change for net margin [2]. - The company maintained high levels of R&D investment, with R&D expense ratio at 5.6% in 2024, an increase of 0.4 percentage points year-on-year [2]. Business Segments - The smart grid segment generated revenue of 28.47 billion yuan in 2024, a year-on-year increase of 11%, with a gross margin of 29.5% [2]. - The overseas revenue reached 3.279 billion yuan, marking a significant year-on-year growth of 135.14% [2]. - The digital energy integration business achieved revenue of 12.36 billion yuan in 2024, up 11% year-on-year, with a gross margin of 22.4% [3]. - The low-carbon energy business reported revenue of 12.19 billion yuan, a year-on-year increase of 26.4% [3]. Future Outlook - Revenue projections for 2025, 2026, and 2027 are estimated at 64.2 billion yuan, 71.98 billion yuan, and 78.98 billion yuan, respectively [3]. - The company is expected to benefit from ongoing expansion in both network and non-network businesses, leading to stable growth in performance [3].

Core Viewpoint - The report highlights the steady growth in revenue and profit for Xinjie Electric, with a positive outlook on its investment in humanoid robots and a recommendation for an "overweight" rating [1] Financial Performance - In 2024, the company achieved revenue of 1.708 billion yuan, a year-on-year increase of 13.5%, and a net profit attributable to shareholders of 229 million yuan, up 14.8% [1] - The fourth quarter of 2024 saw revenue of 498 million yuan, a year-on-year increase of 17.5% and a quarter-on-quarter increase of 20.5% [1] - For Q1 2025, revenue was 390 million yuan, a year-on-year increase of 14.3%, but a quarter-on-quarter decrease of 22.0% [1] Profitability Metrics - The gross margin for 2024 was 37.7%, with a net profit margin of 13.4%, reflecting a year-on-year increase of 1.9 percentage points and 0.1 percentage points, respectively [2] - In Q1 2025, the gross margin was 38.1%, but the net profit margin decreased to 11.8%, down 0.9 percentage points and 1.2 percentage points year-on-year [2] Business Segments - The servo system segment generated revenue of 810 million yuan in 2024, with a gross margin of 24.5%, showing a year-on-year increase of 0.2 percentage points [2] - The PLC business achieved revenue of 650 million yuan in 2024, a year-on-year increase of 21.1%, with a high gross margin of 56% [3] - The smart device segment, including machine vision and industrial robots, generated revenue of 40 million yuan in 2024, with a gross margin of 34.4%, up 10 percentage points year-on-year [3] Future Outlook - Revenue projections for 2025 to 2027 are estimated at 1.95 billion yuan, 2.23 billion yuan, and 2.51 billion yuan, respectively [3] - The company is actively investing in the humanoid robot sector and plans to develop production lines for specific motor technologies [3] Analyst Ratings - Recent analysis indicates a high accuracy rate of 75.99% for earnings forecasts, with a projected net profit of 267 million yuan for 2025 [4] - Over the past 90 days, six institutions have given a "buy" rating and one an "overweight" rating, with an average target price of 70.2 yuan [6]

Investment Rating - The report maintains an "Overweight" rating for the securities industry [1] Core Insights - The report emphasizes the importance of a "sustained, stable, and active capital market" as a key driver for market sentiment and growth [6][7] - It highlights the significant growth in the securities industry, particularly in brokerage and proprietary trading, with a notable increase in revenue and net profit for listed brokers in Q1 2025 [36][37] Summary by Sections 1. Policy Interpretation on "Sustained, Stable, and Active Capital Market" - The report discusses recent policy measures aimed at stabilizing and invigorating the capital market, including support for long-term capital inflows and the promotion of new regulatory frameworks [8][7] - It outlines specific actions from the China Securities Regulatory Commission (CSRC) to enhance market liquidity and investor confidence [8] 2. Securities Industry Q1 2025 Performance Overview and Outlook - In Q1 2025, 42 listed brokers achieved revenues of CNY 125.93 billion, a year-on-year increase of 19%, and a net profit of CNY 52.18 billion, up 77.8% [37][38] - The fastest-growing segments were proprietary trading (up 45.5%) and brokerage services (up 43.2%), while investment banking and asset management saw slight declines [36][37] - The report notes that the average return on equity (ROE) for listed brokers improved to 8.05%, reflecting enhanced profitability across the sector [47][46] 3. Investment Recommendations - The report suggests that the ongoing reforms and market conditions present favorable investment opportunities within the securities sector, particularly in brokerage and proprietary trading [36][37] - It identifies potential benefits for underweighted sectors, indicating a shift in investment strategies towards areas with lower current allocations [15]

Core Viewpoint - Southwest Securities appears to have a promising outlook for 2024, but underlying issues in its investment banking segment raise concerns about its future performance [2][3]. Investment Banking Performance - The investment banking revenue for Southwest Securities in 2024 was 110 million yuan, a decrease of over 28 million yuan, representing a year-on-year decline of 20.43% [5]. - Specific segments within investment banking also saw significant declines: - Securities underwriting revenue fell to less than 68 million yuan, down approximately 12 million yuan or 15% from 2023 [5]. - Financial advisory revenue decreased to over 43 million yuan, down about 9 million yuan or 18% [6]. - Sponsorship revenue plummeted to around 950,000 yuan, a staggering drop of over 740,000 yuan or nearly 89% compared to 2023 [6]. - The investment banking business is currently stagnant, with no IPO, additional issuance, or convertible bond projects under review since August 2023, highlighting a lack of market trust and declining operational quality [6][7]. Regulatory Issues - Southwest Securities has faced multiple regulatory penalties, receiving five in 2024 alone, primarily related to due diligence failures and compliance issues [7][8]. - The China Securities Regulatory Commission (CSRC) mandated corrective actions due to several violations in bond projects, indicating serious deficiencies in internal management and risk control [8][9]. Subsidiary Sale Attempt - The attempt to sell the loss-making subsidiary, Xizheng International Securities, failed due to the buyer's inability to secure financing, resulting in only a 27 million HKD deposit being recovered [10][11]. - Xizheng International Securities has incurred cumulative losses exceeding 2 billion HKD since 2016, and its financial instability has raised concerns about future operations [12]. Industry Context - The brokerage industry is experiencing significant consolidation, with larger firms like CITIC and Huatai capturing a majority of the market share, leaving smaller firms like Southwest Securities under considerable pressure [13][15]. - The competitive landscape is further complicated by declining commission rates and the rise of internet brokers, which are eroding traditional brokerage revenues [16]. Future Outlook - The challenges faced by Southwest Securities in its investment banking and overall business strategy will require significant adjustments to remain competitive in a rapidly evolving market [17].

西南证券股份有限公司王谋,徐一丹近期对三环集团（300408）进行研究并发布了研究报告《2025年一季报点评： 业绩稳健增长，高容MLCC有望持续放量》，上调三环集团目标价至42.9元，给予买入评级。 三环集团 投资要点 事件：公司发布2025年一季报，实现营业收入18.3亿元，同比增长17.2%；实现归母净利润5.3亿元，同比增长 23.0%。。 盈利预测与投资建议：预计2025-2027年公司归母净利润为27.3/32.4/38.6亿元。考虑到公司快速成长的MLCC业务 是被动元件领域具有较高成长性的赛道、国产替代尚有广阔空间可拓展；公司作为平台型电子陶瓷企业在产业链 布局、成本和价格方面竞争优势明显；公司高容产品放量进展优于预期、占比有望持续提升，我们给予公司2025 年30倍PE，对应目标价格42.9元，首次覆盖，给予"买入"评级。 风险提示：下游需求不达预期、高容产品放量不及预期、行业竞争加剧等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券武芃睿研究员团队对该股研究较为深入，近三年预 测准确度均值为77.31%，其预测2025年度归属净利润为盈利26.56亿，根据现价换算的预测PE为 ...