2025年2月，渝富控股通过增资及国有股权无偿划转的方式合计取得重庆机电控股（集团）公司（以下 简称机电集团）80%股权，机电集团通过国有股权无偿划转将持有重庆轻纺控股（集团）公司（以下简 称轻纺集团）100%股权。上述股权划转后，重庆市国资委、渝富控股、机电集团、轻纺集团前期签订 的《托管协议》解除。鉴于轻纺集团直接持有公司0.41%股权，该次权益变动完成后，渝富控股及其一 致行动人将合计持有公司31.42%股权。2025年4月，国家市场监督管理总局出具《经营者集中反垄断审 查不实施进一步审查决定书》，对渝富控股收购机电集团股权案不实施进一步审查（有关内容详见公司 于2025年4月18日在上海证券交易所网站披露的《关于控股股东变更及相关权益变动的进展公告》）。 2025年4月29日，公司收到渝富控股通知，本次相关权益变动的变更登记手续已办理完成。 2025年1月，重庆渝富控股集团有限公司（以下简称渝富控股）通过国有股权无偿划转受让重庆渝富资 本运营集团有限公司（以下简称渝富资本）持有的西南证券股份有限公司（以下简称公司） 1,960,661,852股，占公司总股本的29.51%。本次收购完成后，渝富资本将不 ...

Core Viewpoint - Company shows steady growth in performance with a focus on expanding its robotics layout and maintaining a strong financial outlook, leading to a buy rating and a target price of 22.68 yuan [1] Financial Performance - In 2024, the company achieved operating revenue of 18.854 billion yuan, a year-on-year increase of 9.33%, and a net profit attributable to shareholders of 1.252 billion yuan, up 10.63% year-on-year [1][2] - The fourth quarter of 2024 saw operating revenue of 4.359 billion yuan, with a quarter-on-quarter decline of 2.50% and a year-on-year decline of 9.68% [1] - For Q1 2025, the company reported operating revenue of 4.854 billion yuan, reflecting a quarter-on-quarter increase of 3.45% and a year-on-year increase of 11.37% [1][2] Profitability and Cost Management - The company’s gross margin for 2024 was 25.91%, an increase of 0.82 percentage points year-on-year, while the net profit margin was 8.22%, up 0.57 percentage points year-on-year [2] - The company continues to implement cost control and refined management strategies to enhance profitability [2] Global Expansion and Order Reserves - The company is accelerating its global capacity layout, with production distribution in Asia, Europe, and America at 65.25%, 24.41%, and 10.34% respectively [2] - The company has a strong order reserve in its three major incremental business areas, with domestic orders in the air suspension business valued at approximately 15.2 billion yuan [2] Mergers and Acquisitions - The company is actively pursuing overseas mergers and acquisitions, with notable revenue growth from acquired entities [3] - In 2024, revenue from acquired companies reached 0.856 billion yuan, with a year-on-year increase of 8.99% [3] Focus on New Energy and Robotics - The company is deepening its involvement in the new energy sector, with sales in this area reaching 7.249 billion yuan, accounting for 40.20% of automotive business revenue in 2024 [4] - The company is accelerating its strategic layout in humanoid robotics, collaborating with various partners to enhance its core capabilities [4] Investment Outlook - The company is expected to see continued growth in its various business segments, with a projected compound annual growth rate (CAGR) of 18.4% for net profit from 2025 to 2027 [4] - The target price of 22.68 yuan is based on an 18x price-to-earnings ratio for 2025 [4]

Company Overview - The company,普莱柯, reported a revenue of 1.043 billion yuan in 2024, a decrease of 16.77% year-on-year, and a net profit of 93 million yuan, down 46.82% year-on-year [2] - In Q1 2025, the company achieved a revenue of 279 million yuan, an increase of 18.32% year-on-year, with a net profit of 52.91 million yuan, up 93.75% year-on-year [2] Business Segments - The company's pig vaccine and chemical drug business faced challenges due to downstream breeding structure adjustments and intensified market competition, leading to a decline in revenue and profit [2] - The pet segment showed strong performance, with pet vaccine revenue of 14.42 million yuan, pet chemical drug revenue of 13.14 million yuan (up 5.25% year-on-year), and functional health product revenue of 18.65 million yuan (up 131.93% year-on-year) [2][4] Industry Insights - The pig farming industry is experiencing a recovery in profitability after a downturn in the first half of 2024, which is expected to boost demand for animal health products [3] - The company maintains a leading market share in core products such as the pig roundworm dual vaccine and the pig fever series products [3] - The company invested 106 million yuan in R&D in 2024, accounting for 10.17% of its revenue, and has received multiple new veterinary drug registrations [3] Vaccine Performance - The poultry vaccine and antibody segment achieved a revenue of 429 million yuan in 2024, an increase of 3.31% year-on-year, with high pathogenic avian influenza products growing over 30% [4] - The company’s production base in Nanjing passed GMP certification, supporting the expansion of the high pathogenic avian influenza vaccine market [4] Future Outlook - The company forecasts EPS of 0.54 yuan, 0.62 yuan, and 0.69 yuan for 2025, 2026, and 2027 respectively, with corresponding dynamic PE ratios of 25, 22, and 20 [4]

证券代码：600369 证券简称：西南证券 公告编号：临2025－013 西南证券股份有限公司 关于控股股东变更及相关权益变动的进展公告 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个别及连带责任。 一、控股股东变更的进展情况 1 2025 年 1 月，重庆渝富控股集团有限公司（以下简称渝富控股）通过国有 股权无偿划转受让重庆渝富资本运营集团有限公司（以下简称渝富资本）持有的 西南证券股份有限公司（以下简称公司）1,960,661,852股，占公司总股本的29.51%。 本次收购完成后，渝富资本将不再持有公司股权，渝富控股将直接持有公司 1,960,661,852 股，占公司总股本的 29.51%，为公司控股股东。公司实际控制人 仍为重庆市国有资产监督管理委员会（以下简称重庆市国资委）。 更登记手续已办理完成。 公司本次控股股东变更正按规定申请行政许可，且需待取得上海证券交易所 的合规确认后向中国证券登记结算有限责任公司上海分公司申请办理股份转让 过户登记，具有不确定性。 二、相关权益变动的进展情况 2025 年 2 月，渝富控股通过 ...

Group 1: Industry Overview - In 2024, the brokerage industry experienced significant recovery and growth due to policy support and improved market conditions [1] - Southwest Securities, a leading brokerage firm in the western region, reported impressive operating results [1] Group 2: Financial Performance - The company achieved operating revenue of 2.566 billion yuan, a year-on-year increase of 10.17% [1] - Profit before tax reached 836 million yuan, reflecting a year-on-year growth of 58.48% [1] - The net profit margin improved to 27.26%, indicating a stable and positive profitability trend [1] Group 3: Business Growth - The brokerage business saw significant growth in client asset scale, financing business, and institutional accounts [1] - By the end of 2024, the total number of clients exceeded 2.1 million, a year-on-year increase of approximately 27% [1] - Total client assets surpassed 480 billion yuan, with a year-on-year growth of about 11% [1] - The balance of financing business increased by approximately 21% year-on-year [1] - The number of new institutional accounts grew by about 48% year-on-year [1] Group 4: Proprietary and Asset Management Business - The proprietary business generated operating revenue of 545 million yuan, a year-on-year increase of 70.95% [1] - The gross profit margin for proprietary business remained high at 81.10% [1] - The asset management business expanded with 44 ongoing asset management plans, managing a total net value of 13.799 billion yuan by the end of 2024 [1] Group 5: Investor Protection and Dividend Policy - The company has been recognized as "Excellent" in investor protection work for five consecutive years by the China Securities Regulatory Commission [2] - The company plans to distribute a cash dividend of 0.65 yuan per 10 shares for the 2024 fiscal year, with a payout ratio exceeding 60% [2] - Over the past three years, the total cash dividends (including buybacks) amounted to approximately twice the average annual profit during that period [2] Group 6: Future Outlook - The company aims to deepen reforms, enhance development and safety coordination, and boost confidence in growth [2] - The goal is to solidify the recovery trend and achieve high-quality progress towards becoming "Western Leading, Nationally Positioned, and Recognizable in Chongqing" [2]

原材料成本压力增大拖累毛利，盈利亟待修复。1、24年毛利率28.8%，同比+2.0pp；25Q1毛利率19.5%， 同比-11.0pp。25Q1毛利率下滑较多主要系原材料成本压力，受内蒙水灾影响葵花籽价格虽然Q1环比有所 下降但是依然高于去年同期，部分坚果原材料如巴旦木、腰果受关税影响价格上涨。2、24年销售费用率 10.0%，同比+0.9pp；25Q1销售费用率10.6%，同比-1.8pp。24年管理费用率4.3%，同比+0.1pp；25Q1管理 费用率4.6%，同比+0.9pp。规模效应虽有减弱，但费用率基本保持平稳。3、24年净利率11.9%，同比 +0.1pp；25Q1净利率4.9%，同比-8.3pp；由于费用管控得当，净利率下滑幅度小于毛利率。 经营节奏稳健，静待龙头穿越周期。渠道方面，公司拓展下沉市场专业经销商、探索核心城市联合业代模 式，瓜子业务与餐饮、零食专营等新兴渠道深度合作，坚果业务加大年节坚果团购及礼盒渠道终端开拓迎 合行业礼赠场景修复。成本方面，公司加码上游原料布局强化原料掌控，国葵种植面积进一步提升，新采 购季葵花籽原材料价格后续有望回落带来成本改善，坚果业务规模效应逐步凸显以及原材 ...

西南证券股份有限公司龚梦泓近期对德尔玛（301332）进行研究并发布了研究报告《水健康增长良好，降 本增效成果明显》，给予德尔玛增持评级。 风险提示：原材料价格反弹、海外需求不及预期、汇率波动等风险。 证券之星数据中心根据近三年发布的研报数据计算，东北证券赵哲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56.05%，其预测2025年度归属净利润为盈利2.02亿，根据现价换算的预测PE为 22.75。 最新盈利预测明细如下： | 报告日期 | 机构简称 | 研究员 | 沂一年山德 | 研报数 覆盖时长 | | 2025 预测 | 2026 页测 | 2027 面测 | 目标价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 预测准确度 | | | 净利润(元) | 净利润(元) | 净利润(元) | (70) | | 2025-04-25 | 华泰证券 | 樊俊豪 | - | -- | 1 | 1.65亿 | 1.77亿 | 1.87 Z | 11.16 | | 2025-04-25 | 申万宏源 | 刘正 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-010 （二）陈林监事履职考核事项 西南证券股份有限公司（以下简称公司）第十届监事会第八次会议，于2025 年4月15日以电子邮件方式发出会议通知和相关材料，于2025年4月25日在公司总 部大楼以现场方式召开。本次会议应出席监事3人，实际出席监事3人，陈林监事 因工作原因未能亲自出席本次会议，委托倪月敏监事会主席出席会议并代为行使 表决权及签署相关文件。本次会议由倪月敏监事会主席主持，会议的召集、召开 及表决程序符合《中华人民共和国公司法》《公司章程》等有关规定。 本次会议以记名投票方式审议并通过以下议案： 一、关于确认公司监事2024年度履职考核结果的议案 西南证券股份有限公司 第十届监事会第八次会议决议公告 本议案分3项表决，表决情况如下： 本公司监事会及全体监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个别及连带责任。 （一）倪月敏监事会主席履职考核事项 重要内容提示： 陈林监事因工作原因未能亲自出席本次监事会会议。 表决结果：[ 2 ]票同意，[ 0 ]票反对，[ 0 ]票弃权 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-009 西南证券股份有限公司 第十届董事会第十五次会议决议公告 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。 西南证券股份有限公司（以下简称公司）第十届董事会第十五次会议于 2025 年 4 月 15 日以电子邮件方式发出会议通知和相关材料，于 2025 年 4 月 25 日在 公司总部大楼以现场和视频方式召开。本次会议应出席董事 9 人，实际出席董事 9 人，姜栋林董事长、杨雨松董事、李军董事、张敏董事、谭鹏董事、江峡董事、 黄琳独立董事、付宏恩独立董事出席现场会议，徐秉晖独立董事以视频方式出席 会议。公司部分监事和高级管理人员列席本次会议。本次会议由姜栋林董事长主 持，会议的召集、召开及表决程序符合《中华人民共和国公司法》《公司章程》 等有关规定。 本次会议以记名投票方式审议以下议案： 一、关于公司 2024 年度董事会工作报告的议案 表决结果：[ 9 ]票同意，[ 0 ]票反对，[ 0 ]票弃权，审议通过该议案。 本议案尚需提交公司股东大会审议。 二、 ...

证券代码：600369 证券简称：西南证券 公告编号：临 2025-011 西南证券股份有限公司关于 2024 年年度利润分配方 案和 2025 年中期利润分配授权的公告 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： 每股分配比例：每 10 股派发现金红利人民币 0.65 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总 额不变，相应调整每股分配比例，并将在相关公告中披露。 公司未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下 简称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险 警示的情形。 一、2024年年度利润分配方案和2025年中期利润分配授权内容 （一）2024年年度利润分配方案的具体内容 经天健会计师事务所（特殊普通合伙）审计，截至2024年12月31日，西南证 券股份有限公司（以下简称公司）母公司报表中期末未分配利润为人民币 ...