有色金属 2025 年 4 月 28 日 中矿资源（002738.SZ） 铯铷业务再创新高，多金属布局加速推进 推荐（维持） 现价：28.92 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.sinomine.cn | | 大股东/持股 | 中色矿业集团有限公司/ 14.13% | | 实际控制人 | 陈海舟等七人 | | 总股本(百万股) | 721 | | 流通 A 股(百万股) | 711 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 209 | | 流通 A 股市值(亿元) | 206 | | 每股净资产(元) | 17.06 | | 资产负债率(%) | 30.50 | 行情走势图 -30% -20% -10% 0% 10% 20% 30% 2024/04 2024/07 2024/10 2025/01 中矿资源 沪深300 事项： 公司发布 2024 年年报及 2025 年一季度报告，2024 年实现营收 53.64 亿元， yoy-10.8%；实现归母净利润 7.57 亿元，yoy-65.72%；归母扣非净利润 6.03 亿 ...

Investment Rating - The report maintains a "Recommendation" rating for Luzhou Laojiao (000568.SZ) [1][3] Core Views - The company aims for steady progress while providing cash dividends to shareholders, with a proposed cash dividend of 45.92 yuan per 10 shares (including tax) for 2024, totaling 8.8 billion yuan in cash dividends, representing a payout ratio of 65% [3][7][8] Financial Performance Summary - In 2024, the company achieved revenue of 31.2 billion yuan, a year-on-year increase of 3.2%, and a net profit attributable to shareholders of 13.5 billion yuan, up 1.7% year-on-year. The fourth quarter of 2024 saw revenue of 6.9 billion yuan, down 16.9% year-on-year, and a net profit of 1.9 billion yuan, down 29.9% year-on-year [3][6][7] - For the first quarter of 2025, the company reported revenue of 9.4 billion yuan, a year-on-year increase of 1.8%, and a net profit of 4.6 billion yuan, up 0.4% year-on-year [3][6] Revenue and Profit Forecast - The company forecasts revenue growth of 4.8% in 2025, reaching 32.7 billion yuan, and a net profit growth of 4.5%, reaching 14.1 billion yuan. By 2026, revenue is expected to grow by 8.5% to 35.5 billion yuan, with net profit increasing by 9.0% to 15.3 billion yuan [6][10] Margin and Efficiency Metrics - The gross margin for 2024 is projected at 87.5%, slightly down from the previous year, while the net profit margin is expected to be 43.2% [7][10] - Return on equity (ROE) is forecasted to decline from 28.4% in 2024 to 25.5% in 2025, reflecting changes in product mix and market conditions [10] Shareholder Returns and Future Strategy - The company has committed to maintaining a dividend payout ratio of no less than 65% for 2024-2026, with a minimum cash dividend of 8.5 billion yuan (including tax) each year [7][8] - The report highlights the ongoing digital transformation strategy and the potential for market expansion in regions like Sichuan and North China [8][10]

Investment Rating - The report maintains a "Recommended" rating for the company [1][8][13] Core Views - The company's short-term performance is impacted by marketing transformation and goodwill impairment, but significant achievements in innovative research and development are noted [1][7][8] - The company reported a revenue of 825 million yuan for 2024, a year-on-year decrease of 10.28%, and a net profit of 42 million yuan, down 71.94% year-on-year [3][7] - The first quarter of 2025 shows a recovery trend with a revenue of 212 million yuan, up 6.41% year-on-year, and a net profit of 44 million yuan, up 6.83% year-on-year [3][7] Financial Performance Summary - Revenue and net profit projections for 2025 and 2026 are optimistic, with expected revenues of 990 million yuan and 1.131 billion yuan respectively, and net profits of 133 million yuan and 177 million yuan [6][11] - The company’s gross margin remains stable at around 89%, while net profit margin is expected to improve from 5.1% in 2024 to 16.7% by 2027 [6][11] - The report highlights a significant increase in R&D investment, which reached 139 million yuan in 2024, accounting for 16.83% of revenue [7][8] Market and Competitive Position - The marketing transformation from an alliance model to a digital empowerment model is expected to enhance sales efficiency and reduce sales expenses by 12.81% [7][8] - The company is optimistic about the potential recovery of its main business and the gradual realization of innovative successes, particularly with projects like KC1086 [8]

公 司 报 告 电子 卓胜微(300782.SZ) 集成化、模组化趋势持续演进，布局射频前端产品平台 推荐 ( 维持) 股价:75.45元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.maxscend.com | | 大股东/持股 | 无锡汇智联合投资企业(有限合 | | | 伙)/11.08% | | 实际控制人 | 许志翰,Zhuang Tang,Chenhui Feng | | 总股本(百万股) | 535 | | 流通A股(百万股) | 448 | | 流通B/H股(百万股) | | | 总市值(亿元) | 403 | | 流通A股市值(亿元) | 338 | | 每股净资产(元) | 18.99 | | 资产负债率(%) | 28.0 | 行情走势图 证券分析师 事项： 公 司 公 布 2025 年 一 季 报 ， 2025 年 第 一 季 度 公 司 实 现 营 收 7.56 亿 元 （-36.47%YoY），归属上市公司股东净利润-0.47亿元（-123.57%YoY）。 平安观点： 证 券 研 究 报 告 XUBIYUN372@pingan.com. ...

食品饮料 2025年04月28日 古井贡酒(000596.SZ) 2024顺利收官，分红稳定提升 推荐 ( 维持) 股价:167.11元 行情走势图 相关研究报告 公 司 报 告 【平安证券】古井贡酒（000596.SZ）*季报点评*环 比降速，稳扎稳打*推荐20241031 【平安证券】古井贡酒（000596.SZ）*半年报点评* 市场稳扎稳打，利润持续释放*推荐20240831 证券分析师 事项： 古井贡酒发布2024年年报与2025年1季报。2024年实现营收236亿元，同比 +16.4%，归母净利55亿元，同比+20.2%，其中4Q24实现营收45亿元，同比 +4.8%，归母净利7.7亿元，同比-0.7%，业绩符合快报。1Q25实现营收91亿 元，同比+10.4%，归母净利23.3亿元，同比+12.8%。公司拟每10股派发红利 50元（含税），2024年拟总分红31.7亿元，分红率57.5%。 平安观点： 司 年 报 点 评 研 究 报 告 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S106052203000 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 31.12 yuan [1]. Core Insights - The company achieved a revenue of 1.828 billion yuan in 2024, representing a year-on-year growth of 23.83%, and a net profit attributable to shareholders of 435 million yuan, up 34.50% year-on-year [4][7]. - In Q1 2025, the company reported a revenue of 449 million yuan, a 20.81% increase year-on-year, with a net profit of 108 million yuan, reflecting an 8.20% year-on-year growth [4][7]. - The company plans to distribute a cash dividend of 0.651 yuan per share, totaling approximately 26.97 million yuan [4]. Financial Performance Summary - Revenue and Profit Growth: - 2024 revenue: 1,828 million yuan (+23.83% YoY) - 2024 net profit: 435 million yuan (+34.50% YoY) - 2025 Q1 revenue: 449 million yuan (+20.81% YoY) - 2025 Q1 net profit: 108 million yuan (+8.20% YoY) [4][6][7]. - Profitability Metrics: - 2024 gross margin: 36.42% (+5.67 percentage points YoY) - 2024 net margin: 23.57% (+2.05 percentage points YoY) [7]. - Future Projections: - Expected net profits for 2025-2027: 544 million yuan, 664 million yuan, and 811 million yuan respectively [8][10]. - Expected EPS for 2025-2027: 1.31 yuan, 1.60 yuan, and 1.95 yuan respectively [10]. Product and Market Structure - The company focuses on optimizing product, market, and customer structures, with significant sales in sectors such as new energy vehicles, AI servers, and photovoltaic storage [7][8]. - The SGT-MOSFET product line saw a revenue increase of 43% YoY, contributing to 42.86% of total sales [8]. - The company is expanding its presence in high-end applications and deepening ties with leading clients in the new energy sector [8]. Financial Ratios - Key financial ratios for 2024-2027: - Gross margin: 36.4% (2024), 36.8% (2025E), 36.8% (2026E), 36.9% (2027E) - Net margin: 23.8% (2024), 24.2% (2025E), 24.2% (2026E), 24.2% (2027E) - ROE: 11.0% (2024), 12.3% (2025E), 13.3% (2026E), 14.3% (2027E) [10].

食品饮料周报 聚焦内需，关注零食与饮料机会 证券研究报告 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 本周白酒指数（中信）累计涨跌幅-1.69%。涨跌幅前三的个股为：天佑德酒（+1.24%）、老白干酒（+0.34%）、口子窖（- 0.17%）；涨跌幅后三的个股为山西汾酒（-4.06%）、泸州老窖（-4.89%）、*ST岩石（-14.95%）。 观点：龙头业绩稳健，聚焦内需主线。本周五粮液财报发布，1Q25公司归母净利同比+5.8%，业绩稳健增长，夯实行业信心。中 央政治局会议4月25日召开，会议指出，要提高中低收入群体收入，大力发展服务消费，增强消费对经济增长的拉动作用。展望未 来，外需扰动下，内需重要性提升，后续政策落地有望带动需求持续复苏。标的上推荐三条主线，一是需求坚挺的高端白酒，推荐 ...

电力设备及新能源 2025 年 4 月 28 日 行业周报 海风产业出海机遇凸显，宁德时代发布钠电新品 强于大市（维持） 行情走势图 -20% -10% 0% 10% 20% 30% 2024/04/24 2024/09/24 2025/02/24 沪深300指数 电力设备及新能源 证券分析师 | 皮秀 | 投资咨询资格编号 | | --- | --- | | | S1060517070004 | | | PIXIU809@pingan.com.cn | | 苏可 | 投资咨询资格编号 | | | S1060524050002 | | | suke904@pingan.com.cn | | 张之尧 | 投资咨询资格编号 | S1060524070005 zhangzhiy ao757@pingan.com.cn 平安观点： 本周（2025.4.21-2025.4.25） 新 能 源细 分 板 块 行情 回 顾 。风电指数 （866044.WI）上涨 3.73%，跑赢沪深 300 指数 3.35 个百分点。截至本 周，风电板块 PE_TTM 估值约 19.70 倍。本周申万 光伏 设 备 指 数 （801735 ...

邮箱： XUBYUN372@pingan.com.cn 2025年4月28日 请务必阅读正文后免责条款 证券研究报告 受益于"国补政策" ，25Q1中国智能手机 市场出货量正增长 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师： 徐碧云 S1060523070002（证券投资咨询） 行业动态 "国补"叠加春节旺季，推动中国手机市场开年延续同比增长趋势 2020年1月10日 根据IDC报告，2025年第一季度，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下，同比增长3.3%，达到7160万 部，延续了过去五个季度的增长趋势，Android市场中更多价位段的产品可以进入到"国补"行列中，因此市场表现相对更好，同比增长 5.3%；iOS市场第一季度同比下降9.0%。 核心摘要 风险提示： 1）供应链风险上升。2）市场需求可能不及预期。3）国产替代不及预期。 行业要闻及简评： 1）根据IDC报告，2025Q1，中国智能手机市场出货量在"国补"政策叠加春节销售旺季的共同推动下 ，同比增长3.3%，达到7160万部，延续了过去五个季度的增长趋势；2）根据IDC报告，2025Q1中国折叠屏手 ...