证券研究报告 | 季报点评 gszqdatemark 2025 04 22 年 月 日 长虹美菱（000521.SZ） 收入稳步增长，毛销差同比稳定 事件：公司发布 2025 年一季报。2025Q1 实现营业收入 73.6 亿元，同比 增长 23.78%；实现归母净利润 1.82 亿元，同比增长 16.92%。 公司一季度毛销差同比稳定。毛利率：2025Q1 公司毛利率 11.83%。毛销 差同比+0.07pct 。费率端：2025Q1 销 售/ 管理/ 研发/ 财 务费率为 5.40%/1.31%/2.05%/-0.11% ， 同 比 变 动 -1.63pct/0.12pct/- 0.18pct/0.6pct。财务费用变化主要系本期公司利息收入同比减少及汇兑 损失同比增加所致。净利率：公司 2025Q1 净利率同比变动-0.14pct 至 2.53%。 非经常项影响：2025Q1 计提资产减值准备及信用减值准备合计影响净利 润 0.75 亿元，占归母比重 42%；2025Q1 投资净收益-0.08 亿元，同比- 258.9%，主要系本期公司远期外汇合约交割亏损同比增加所致。 销售商品收到现金稳步增长。202 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 22 年 月 日 极米科技（688696.SH） 海外业务持续增长，Q4 盈利显著提升 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 34.05 亿元， 同比减少 4.27%；实现归母净利润 1.2 亿元，同比减少 0.30%。其中， 2024Q4 单季营业总收入为 11.23 亿元，同比减少 1.02%；归母净利润为 1.6 亿元，同比增长 367.35%。 行业销售回暖，投影产品销量增长。收入端，2024 年公司公司长焦投影/ 创新产品/超短焦分别-3.67%/-35.8%/-26.75%至 27.7/1.2/1.1 亿元。销 售端，据洛图数据，2024Q4 国补以来市场需求修复，2024Q4 行业销量/ 销额同比+12.8%/+8%（对比 2024Q1-Q3 行业销量/销额分别-0.9%/- 8.3%），公司销量稳居中高端市场第一，2024 年市占率达 35%，长焦投 影销量同比+10.33%至 104 万台。产品端，公司爆品打造能力强劲，2024 年公司 Play5 系列及 Z6X 产品进入 IDC 国内销 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 22 年 月 日 极米科技（688696.SH） 风险提示：原材料价格波动、竞争加剧、市场需求不及预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,557 | 3,405 | 3,745 | 4,045 | 4,368 | | 增长率 yoy（%） | -15.8 | -4.3 | 10.0 | 8.0 | 8.0 | | 归母净利润（百万元） | 121 | 120 | 345 | 403 | 458 | | 增长率 yoy（%） | -76.0 | -0.3 | 187.3 | 16.7 | 13.7 | | EPS 最新摊薄（元/股） | 1.72 | 1.72 | 4.93 | 5.76 | 6.54 | | 净资产收益率（%） | 3.9 | 4.1 | 13.2 | 13.4 | 13.2 | | P/E（倍） | 703.6 | 705.8 | 245.7 | ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 1.314 billion yuan in 2024, representing a year-on-year growth of 27.67%, with a net profit of 92.9732 million yuan, up 7.26% year-on-year [1] - The company is positioned as a leader in coal power auxiliary machinery and flexibility transformation, with significant growth potential due to the ongoing upgrades in the coal power sector [4] - The company is actively expanding into international markets and diversifying its product offerings, which are expected to drive future revenue growth [3] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.314 billion yuan, a 27.67% increase from the previous year, and a net profit of 92.9732 million yuan, reflecting a 7.26% growth [1] - The earnings per share (EPS) for 2024 was 0.76 yuan, an increase of 8.57% year-on-year [1] - The company expects revenues of 1.987 billion yuan, 2.384 billion yuan, and 2.785 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51.2%, 20.0%, and 16.8% [4] Business Segments - The company's low-temperature flue gas waste heat recovery system generated 430 million yuan in revenue in 2024, a 76.1% increase, with a gross margin of 29.38% [1] - The dry slag removal equipment revenue reached 312 million yuan, up 6.5%, with a gross margin of 35.38% [1] - The wet slag removal equipment saw revenue of 265 million yuan, a 38.7% increase, with a gross margin of 43.22% [1] Market Outlook - The report highlights the increasing demand for coal power upgrades and flexibility transformations, with a potential market space of 700 million to 1.7 billion yuan annually over the next three years [2] - The company is leveraging advanced technologies such as big data and artificial intelligence to enhance its flexibility transformation offerings [2] - Strategic partnerships and projects, including a collaboration with an Indonesian power delegation and a contract with a South Korean company, are expected to contribute positively to future earnings [3]

证券研究报告 | 季报点评 gszqdatemark 2025 04 22 年 月 日 长虹美菱（000521.SZ） 收入稳步增长，毛销差同比稳定 事件：公司发布 2025 年一季报。2025Q1 实现营业收入 73.6 亿元，同比 增长 23.78%；实现归母净利润 1.82 亿元，同比增长 16.92%。 公司一季度毛销差同比稳定。毛利率：2025Q1 公司毛利率 11.83%。毛销 差同比+0.07pct 。费率端：2025Q1 销 售/ 管理/ 研发/ 财 务费率为 5.40%/1.31%/2.05%/-0.11% ， 同 比 变 动 -1.63pct/0.12pct/- 0.18pct/0.6pct。财务费用变化主要系本期公司利息收入同比减少及汇兑 损失同比增加所致。净利率：公司 2025Q1 净利率同比变动-0.14pct 至 2.53%。 非经常项影响：2025Q1 计提资产减值准备及信用减值准备合计影响净利 润 0.75 亿元，占归母比重 42%；2025Q1 投资净收益-0.08 亿元，同比- 258.9%，主要系本期公司远期外汇合约交割亏损同比增加所致。 销售商品收到现金稳步增长。202 ...

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Insights - The company reported a healthy performance in its 2024 annual report and 2025 Q1 report, achieving a revenue of 23.343 billion yuan in 2024, with a year-on-year growth rate of 18.79%. In Q1 2025, the revenue grew by 27.74% compared to the same period last year, indicating strong AI implementation capabilities [1]. - The enterprise AI solutions business experienced rapid growth, with a year-on-year increase of 122.56% in 2024, becoming the fastest-growing segment. The company has partnered with over 20 leading enterprises to release industry-specific large models, covering more than 300 application scenarios [2]. - The company continues to invest in AI research and development, enhancing its technological barriers. The latest upgrades to its large model have surpassed GPT-4Turbo in several core capabilities, and it has initiated a fully domestic training and inference platform [3]. Financial Performance Summary - In 2024, the company achieved a revenue of 23.343 billion yuan, with a year-on-year growth rate of 18.79%. The projected revenues for 2025, 2026, and 2027 are 28.169 billion yuan, 34.831 billion yuan, and 43.363 billion yuan, respectively, with growth rates of 20.7%, 23.6%, and 24.5% [5]. - The net profit attributable to the parent company for 2024 was 560 million yuan, with projections of 871 million yuan, 1.203 billion yuan, and 1.491 billion yuan for 2025, 2026, and 2027, respectively, reflecting growth rates of -14.8%, 55.5%, 38.1%, and 24.0% [5]. - The latest diluted EPS for 2024 is 0.24 yuan per share, with projections of 0.38 yuan, 0.52 yuan, and 0.64 yuan for the following years [5].

Investment Rating - The report maintains a "Buy" rating for Yanjing Beer [7] Core Views - Yanjing Beer achieved a revenue of 14.667 billion yuan in 2024, a year-on-year increase of 3.20%, and a net profit attributable to shareholders of 1.056 billion yuan, up 63.74% year-on-year [1] - The company aims for a revenue target of 16 billion yuan in 2025, representing a year-on-year growth of 9.09% [1] - The U8 product line has shown significant growth, with sales volume reaching 696,000 kiloliters, a year-on-year increase of 31.40% [2] - The gross profit margin improved to 40.72%, an increase of 3.09 percentage points year-on-year, benefiting from lower raw material costs and product structure upgrades [3] - The company is optimistic about the U8 product line's performance and plans to enhance product structure and sales channels while focusing on high-end and youth-oriented strategies [4] Financial Summary - In 2024, the company reported a gross profit margin of 40.72%, with a net profit margin of 7.20%, reflecting an increase of 2.66 percentage points year-on-year [3] - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.1%, 24.1%, and 21.4%, reaching 1.45 billion, 1.80 billion, and 2.18 billion yuan respectively [4] - The company's operating revenue is projected to grow from 14.667 billion yuan in 2024 to 18.378 billion yuan in 2027, with corresponding growth rates of 9.1%, 7.8%, and 6.6% [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 2.196 billion yuan in 2024, representing a year-on-year increase of 4.25%, and a net profit attributable to shareholders of 127 million yuan, up 46.54% year-on-year [1]. - The company is focused on strengthening its core business while optimizing its distribution network, with a reduction in the number of distributors from 2044 at the end of 2023 to 2014 by the end of 2024 [2]. - The gross margin improved to 34.72% in 2024, an increase of 1.74 percentage points year-on-year, driven by a decline in raw material costs [3]. Financial Performance - In 2024, the main seasoning products generated revenue of 2.093 billion yuan, with vinegar, wine, and sauce series contributing 1.266 billion, 329 million, and 180 million yuan respectively [2]. - The company reported a net profit margin of 5.80% in 2024, an increase of 1.67 percentage points year-on-year [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.8%, 23.1%, and 7.9% respectively, reaching 180 million, 220 million, and 230 million yuan [4]. Market Position and Strategy - The company aims to transition from a vinegar-focused business to a broader seasoning industry, establishing itself as a benchmark in the seasoning sector [3]. - The company emphasizes shareholder returns, with a cash dividend of approximately 111 million yuan in 2024, representing a payout ratio of 87.08% and a dividend yield of about 1.25% [3].

Investment Rating - The report maintains a "Buy" investment rating for TCL Smart Home (002668.SZ) [3][6] Core Views - The company reported a revenue of 4.6 billion yuan in Q1 2025, representing a year-on-year increase of 9.58%, and a net profit attributable to shareholders of 302 million yuan, up 33.98% year-on-year [1] - TCL Smart Home is actively expanding its global strategy, with significant growth in exports and ODM orders, leading to a 7.34% increase in overall sales volume [1] - The gross margin improved by 2.52 percentage points to 22.57% in Q1 2025, attributed to product structure optimization and increased average selling prices [1] - The company has launched new products to enhance competitiveness, including the "Ice Kirin" series deep-freezing refrigerator and AI-powered washing machines [2] Financial Performance Summary - For the fiscal years 2025 to 2027, the company is projected to achieve net profits of 1.173 billion yuan, 1.314 billion yuan, and 1.454 billion yuan, respectively, with year-on-year growth rates of 15.1%, 12.0%, and 10.7% [3] - The operating cash flow for Q1 2025 was 578 million yuan, reflecting a year-on-year increase of 33.33% [2] - The company’s revenue is expected to grow from 20.564 billion yuan in 2025 to 23.984 billion yuan in 2027, with corresponding growth rates of 12.0% and 7.0% [5]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrated stable operations with synchronized progress across three major business segments [2] - Revenue for 2024 reached 1.36 billion yuan, a year-on-year increase of 1.03%, while net profit attributable to shareholders was 290 million yuan, up 9.6% year-on-year [1][3] - The company is expected to see continued growth in net profit, with projections of 350 million yuan, 400 million yuan, and 460 million yuan for 2025, 2026, and 2027 respectively [3] Business Performance - The company achieved a revenue of 350 million yuan in Q1 2025, reflecting a year-on-year growth of 1.9% [1] - The turbocharger business maintained steady growth with a year-on-year sales increase of 3.2% [2] - The new energy vehicle components segment experienced rapid growth, with sales increasing by 38.7% year-on-year [2] - The linear motion components business is expanding into industrial mother machines, robotics, and intelligent connected vehicles, with successful validation of products by well-known domestic machine tool manufacturers [2] Financial Metrics - The gross margin for Q1 2025 was 34.19%, showing a slight increase of 0.2 percentage points quarter-on-quarter [3] - The total expense ratio was 14.64%, with a year-on-year increase of 1.9 percentage points [3] - The company’s projected earnings per share (EPS) for 2025 is 0.70 yuan, with a price-to-earnings (P/E) ratio of 37.1 [5][3] Market Outlook - The humanoid robot market is expected to grow significantly, with increasing commercialization and domestic substitution trends for core components [3] - The company is well-positioned with ongoing optimization of production processes for planetary roller screws, aiming for mass production [3]