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正邦科技:产能加速恢复,主业实现盈利-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
证券研究报告 | 公司点评 gszqdatemark 2025 04 26 年 月 日 正邦科技(002157.SZ) 产能加速恢复,主业实现盈利 公司公告 2024 年度报告和 2025 年第一季度报告。2024 年公司实现收 入88.7亿元,同比增长26.86%;归母净利润2.16亿元,同比减少97.46%; 扣非归母净利润-3.33 亿元,同比增长 93.19%。2025 年第一季度公司实 现收入 30.02 亿元,同比增长 108.22%;归母净利润 1.71 亿元,同比增 长 449.58%;扣非归母净利润 0.26 亿元,同比增长 108.3%。 产能恢复主业实现盈利,负债清偿费用下降。拆分 2025 年第一季度业绩 来看,公司非经常性损益(主要为债务重组损益)贡献 1.4 亿元、减值及 资产处置影响-1.6 亿元,加回少损影响的 0.6 亿元,公司主营业务实现的 利润在 1.3 亿元,伴随产能恢复,主业已恢复盈利能力,同时公司负债率 持续下降,2025 年一季度资产负债率 44.9%,环比下降 1.5pct;财务费 用率 1.46%,较 2023 年 11.3%水平明显下降。 生猪出栏量稳步提升 ...
神州泰岳:拳头产品流水保持高位,两款新游海外上线-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
证券研究报告 | 年报点评报告 gszqdatemark 2025 04 26 年 月 日 神州泰岳(300002.SZ) 拳头产品流水保持高位,两款新游海外上线 业绩概览:公司发布 2024 年年报及 2025 年一季报。2024 年,公司实现营业收入 64.52 亿元,同比增长 8.22%;实现归母净利润 14.28 亿元,同比增长 60.92%; 实现扣非归母净利润 11.47 亿元,同比增长 38.29%。2025Q1,公司实现营业收 入 13.23 亿元,同比下滑 11.07%;实现归母净利润 2.39 亿元,同比下滑 19.09%; 实现扣非归母净利润 2.26 亿元,同比下滑 21.10%。公司 2024 年利润分配预案拟 向全体股东每 10 股派发现金红利 1 元(含税)。 2024 年销售费用率显著降低,2025Q1 毛利率环比提升。2024 年,公司毛利率 同比降低 1.69pct 至 61.04%;销售费用率同比降低 9.06pct 至 15.60%;管理费 用率同比提升 4.28pct 至 19.66%;财务费用率同比降低 0.50pct 至-1.71%。 2025Q1,公司毛利率环比 ...
旭升集团:客户销量波动拖累业绩表现,新兴业务维持高增-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company's revenue for 2024 is projected at 4.41 billion, a year-on-year decrease of 8.8%, with a net profit attributable to shareholders of 420 million, down 42% year-on-year [1]. - The first quarter of 2025 shows a revenue of 1.05 billion, a year-on-year decline of 8.1%, and a net profit of 100 million, down 39% year-on-year [1]. - The company's automotive business is significantly influenced by the sales fluctuations of its largest customer, Tesla, which sold 496,000 and 337,000 vehicles in Q4 2024 and Q1 2025, respectively [2]. - Emerging businesses, particularly in energy storage and robotics, are experiencing high growth, with energy storage revenue expected to exceed 234 million in 2024, representing over 200% year-on-year growth [2]. Financial Performance - The gross margin for Q4 2024 and Q1 2025 is reported at 17.6% and 20.8%, respectively, with a quarter-on-quarter increase of 3.2 percentage points in Q1 2025 [3]. - The operating expense ratio for Q4 2024 and Q1 2025 is 9.5% and 11.2%, respectively, reflecting adjustments in accounting and revenue scale fluctuations [3]. - The company is positioned to leverage its capabilities in die-casting, forging, and extrusion, with plans for new factories in Thailand and Mexico to enhance its global footprint [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 490 million, 562 million, and 654 million, respectively, with corresponding P/E ratios of 24.5, 21.4, and 18.4 [4][5].
贝泰妮:公司稳步推进变革优化,期待多品牌贡献增量-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
证券研究报告 | 年报点评报告 gszqdatemark 2025 04 26 年 月 日 贝泰妮(300957.SZ) 公司稳步推进变革优化,期待多品牌贡献增量 2024 年营收同比+3.87%,2025Q1 毛利率有所改善。公司 2024 年实现营收 57.36 亿元(yoy+3.87%),实现归母净利润 5.03 亿元(yoy-33.53%),归母扣非 净利润 2.40 亿元(yoy-61.12%);实现销售毛利率约 73.74%,同比保持稳定。费 用 端 , 销 售 / 管 理 / 研 发 费 率 分 别 为 49.97%/8.94%/5.15% ,同比分别 +2.71%/+1.46%/-0.26%。公司利润波动原因主要包括:"双 11"等大促销售未 达预期、营销投入增加、悦江投资业绩承诺未完成因此计提长期资产减值准备金、 长期资产折旧摊销成本、费用增加以及线上获客成本上升等。2025Q1 公司实现营 收 9.49 亿元(yoy-13.51%),归母净利润 0.28 亿元(yoy-83.97%),销售毛利率 同比增加约 5.38pcts 至 77.47%,产品盈利能力有效改善主要系公司坚持渠道稳 价维 ...
旗滨集团:浮法底部,光伏成本持续下降-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance over the next three years [4][6]. Core Views - The company experienced a slight decline in revenue for 2024, with a total of 15.65 billion yuan, down 0.2% year-on-year, and a significant drop in net profit by 78.1% to 380 million yuan [1][4]. - The glass industry is facing challenges due to insufficient demand in the real estate sector, leading to a continuous decline in float glass prices [2][4]. - The photovoltaic glass segment saw a significant increase in revenue by 68.6% to 5.75 billion yuan in 2024, but the profit margin decreased due to falling prices [3][4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.65 billion yuan, with a net profit of 380 million yuan, reflecting a year-on-year decline of 78.1% [1][5]. - The float glass segment sold 107 million heavy boxes, down 6.4% year-on-year, with an average price of 64.3 yuan per heavy box, a decrease of 19.2% [2][4]. - The photovoltaic glass segment achieved a sales volume of 430 million square meters, up 124.0% year-on-year, but the average price fell to 13.2 yuan per square meter, down 24.7% [3][4]. Market Outlook - The float glass prices are expected to remain low until supply and demand are balanced, which may take time due to ongoing production capacity increases [2][4]. - The photovoltaic glass market is showing signs of recovery, but there may be pressure on prices as demand stabilizes and production ramps up [3][4]. Profitability Metrics - The company's gross margin for 2024 was 15.5%, down 9.5 percentage points year-on-year, primarily due to price declines in both float and photovoltaic glass [4][5]. - The net profit margin decreased to 1.7%, reflecting the impact of reduced gross margins and asset impairment losses totaling 257 million yuan [4][5]. Future Projections - The company is projected to recover with net profits of 829 million yuan, 1.1 billion yuan, and 1.65 billion yuan for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate of 41.4% [4][5].
老白干酒:平稳增长,净利率提升-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown stable growth with an increase in net profit margin, reporting a revenue of 5.36 billion yuan for 2024, a year-on-year increase of 1.9%, and a net profit of 790 million yuan, up 18.2% year-on-year [1][4] - The first quarter of 2025 continued the trend of steady growth, with revenue of 1.17 billion yuan, a year-on-year increase of 3.4%, and a net profit of 150 million yuan, up 11.9% year-on-year [2][4] - The company plans to achieve a revenue of 5.47 billion yuan in 2025, representing a cautious year-on-year growth of 2% [4] Financial Performance Summary - For 2024, the company reported a revenue of 5.36 billion yuan, with a net profit of 790 million yuan, and a dividend payout ratio of approximately 63.9%, an increase of 2.1 percentage points year-on-year [1][4] - The first quarter of 2025 showed a significant improvement in product structure, leading to a gross margin increase of 6 percentage points year-on-year [2] - The company’s financial forecasts for 2025-2027 indicate an expected diluted EPS of 0.98, 1.10, and 1.24 yuan per share, respectively, with corresponding P/E ratios of 18, 16, and 14 times [4][6]
陕西煤业:煤电一体稳步推进,股息率6.7%-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is steadily advancing its coal-electricity integration strategy, with a dividend yield of 6.7% [9] - The coal business has shown growth in production and sales, with significant cost control measures in place [2] - The acquisition of thermal power assets from Shaanxi Coal Power Group has enhanced performance, supporting the coal-electricity integrated development [3] - The company possesses significant resource reserves, with a total coal reserve of 1.7931 billion tons and a recoverable reserve of 1.0246 billion tons, ensuring over 70 years of mining life [9] Financial Performance - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.36 billion yuan, a decrease of 3.21% [1] - For Q1 2025, the company reported revenue of 40.162 billion yuan, a year-on-year decline of 7.30%, and a net profit of 4.805 billion yuan, a slight increase of 1.23% [1] - The company’s coal production in 2024 reached 170.48 million tons, up 4.13% year-on-year, with coal sales increasing by 9.13% to 258.43 million tons [9] - The average selling price of coal in 2024 was 561 yuan/ton, down 8.50% year-on-year [9] Cost Management - The cost of self-produced coal in 2024 was 260 yuan/ton, a decrease of 1.2% year-on-year, while the comprehensive cost per ton of coal was 414 yuan, an increase of 2.8% [9] - The company has effectively reduced costs in various areas, including a decrease in material costs and related taxes [9] Future Outlook - The company expects net profits attributable to shareholders for 2025 to be 18.717 billion yuan, with projected P/E ratios of 10.4X, 9.8X, and 9.3X for 2025, 2026, and 2027 respectively [9] - The company plans to accelerate resource acquisition and development, particularly in high-quality coal resources [9]
齐鲁银行:资产质量持续向好,分红比例提升至28%-20250427
GOLDEN SUN SECURITIES· 2025-04-27 00:23
证券研究报告 | 季报点评 gszqdatemark 2025 04 26 年 月 日 齐鲁银行(601665.SH) 资产质量持续向好,分红比例提升至 28% 事件:齐鲁银行披露 2024 年报及 2025 年一季报,2024 年实现营收 125 亿元,同比增长 4.55%,归母净利润 50 亿元,同比增长 17.77%。2025 年一季度实现营收 32 亿元,同比增长 4.72%,归母净利润 14 亿元,同比 增长 16.47%。2025Q1 末不良率、拨备覆盖率分别为 1.17%、324.06%, 较上年末分别下降 2bps、提升 1.7pc。此外,2024 年分红比例达 27.62% (2023 年为 26.73%)。 1、业绩表现:25Q1 息差同比降幅收窄 25Q1 营业收入、归母净利润增速分别为 4.72%、16.47%,分别较 24A 提 升 0.2pc、下降 1.3pc,其中净息差降幅收窄、成本费用节约对业绩增长形 成正向贡献,具体来看: 1)利息净收入:同比增长 7.89%,较 24A 增速提升 6.2pc,24A 净息差 为 1.51%,较 24H 下降 3bps,2024 年息差降幅 ...
宝钢股份:一季度业绩显著回升,盈利能力有望增强-20250426
GOLDEN SUN SECURITIES· 2025-04-26 10:23
Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company experienced a significant recovery in Q1 2025, with a net profit of 2.434 billion yuan, a year-on-year increase of 26.37% and a quarter-on-quarter increase of 64.49% [2] - The company's 2024 net profit was 7.362 billion yuan, a decrease of 38.36% year-on-year, but the decline was less severe than the industry average, indicating resilience [2] - The company is focusing on optimizing its product structure and deepening its international strategy, with plans to invest approximately 7.23 billion yuan in a joint venture in Saudi Arabia [3] Financial Performance - In 2024, the company achieved an operating revenue of 322.116 billion yuan, a decrease of 6.5% year-on-year, and a basic earnings per share of 0.34 yuan, down 37.04% [1] - The sales gross margin for Q1 2025 was 7.22%, showing a recovery trend compared to previous quarters [2] - The company has successfully reduced costs by 7.43 billion yuan in the first three quarters of 2024, exceeding its annual target [4] Product and Market Strategy - The company produced 51.41 million tons of steel in 2024, a decrease of 1.0% year-on-year, but its high-value product sales increased by 9.6% [3] - The company is expanding its production capacity for high-value products, including non-oriented silicon steel and oriented silicon steel, which is expected to enhance its profitability [3] Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share for the second half of 2024, with a total cash dividend amounting to approximately 4.516 billion yuan, representing 61.34% of the net profit attributable to shareholders [4]
涪陵榨菜:外延并购助力发展,成本红利持续兑现-20250426
GOLDEN SUN SECURITIES· 2025-04-26 10:23
Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 713 million yuan in Q1 2025, a year-on-year decrease of 4.75%, while the net profit attributable to the parent company was 272 million yuan, a slight increase of 0.24% year-on-year [1] - The company benefits from cost advantages due to a significant decrease in the price of raw materials, specifically a 31% year-on-year drop in the purchase price of the main ingredient, green cabbage [1] - The company is pursuing a dual strategy of organic growth and external acquisitions, with plans to acquire a 51% stake in Sichuan Weizimei Food Technology Co., which specializes in compound seasonings and prepared dishes [2][3] - The addition of Weizimei is expected to enhance the company's product categories and distribution channels, contributing to its long-term growth strategy [2][3] Financial Summary - The company's gross profit margin for Q1 2025 was 55.96%, an increase of 3.85 percentage points year-on-year, attributed to cost reductions from lower raw material prices [1] - The report forecasts that the company's net profit attributable to the parent company will grow by 8.5%, 8.2%, and 7.9% in 2025, 2026, and 2027, respectively, reaching 870 million, 940 million, and 1,010 million yuan [3] - The projected revenue for 2025 is 2.579 billion yuan, reflecting an 8% year-on-year growth [4]