Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Views - The company's revenue for 2024 is projected to be 28.88 billion RMB, a decrease of 12.8% year-on-year, with a net profit of 6.67 billion RMB, down 33.4% year-on-year. The first quarter of 2025 shows a revenue of 11.07 billion RMB, down 31.9% year-on-year, and a net profit of 3.64 billion RMB, down 39.9% year-on-year, which is below market expectations [2]. - The company experienced a 16.3% decline in liquor sales in 2024, totaling 139,000 tons, while the price per ton increased by 3.9% to 203,000 RMB. The revenue from mid-to-high-end liquor and regular liquor was 24.32 billion RMB and 3.93 billion RMB, respectively, reflecting declines of 14.8% and 0.5% [3]. - The company aims to focus on core products and key markets in 2025, with a commitment to cash dividends of no less than 7 billion RMB, corresponding to a current dividend yield of approximately 6.5% [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 28.88 billion RMB, a decrease of 12.8% year-on-year, and a net profit of 6.67 billion RMB, down 33.4% year-on-year. The first quarter of 2025 reported a revenue of 11.07 billion RMB, down 31.9% year-on-year, and a net profit of 3.64 billion RMB, down 39.9% year-on-year, which was below market expectations [2]. Operational Analysis - The company's liquor sales in 2024 decreased by 16.3% to 139,000 tons, while the price per ton increased by 3.9% to 203,000 RMB. Revenue from mid-to-high-end liquor and regular liquor was 24.32 billion RMB and 3.93 billion RMB, respectively, with declines of 14.8% and 0.5% [3]. Financial Quality - The net profit margin for 2024 decreased by 7.1 percentage points to 23.1%, with a gross margin of 73.2%. The first quarter of 2025 saw a net profit margin of 32.9%, down 4.4 percentage points, indicating pressure on profitability due to increased expenses aimed at maintaining market share [4]. Profit Forecast and Valuation - The report projects a 23% reduction in net profit for 2025 and a 27% reduction for 2026. Expected revenues for 2025, 2026, and 2027 are forecasted to decline by 11.0%, followed by increases of 3.0% and 5.8% in subsequent years [5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Viewpoints - Despite short-term performance pressure due to channel transformation, the company is expected to benefit from product volume potential under the empowerment of China Resources Sanjiu, with an overall positive operational trend anticipated [4]. - The company reported Q1 2025 revenue of 1.61 billion RMB, a year-on-year decrease of 16.5%, and a net profit attributable to shareholders of 90 million RMB, down 31.1% year-on-year [2]. - The company is focusing on brand development and product volume growth, particularly with its strategic products like "Kunzhong Medicine 1381" and "777 Xuesaitong Soft Capsules" [3]. Summary by Sections Performance Review - In Q1 2025, the company achieved revenue of 1.61 billion RMB, a decrease of 16.5% year-on-year, and a net profit of 90 million RMB, down 31.1% year-on-year [2]. - The decline in performance is attributed to multiple factors, including channel transformation and the impact of national Chinese medicine procurement expansion [2]. Operational Analysis - The company is in the final phase of integration with China Resources Sanjiu, with further breakthroughs in channel transformation expected to enhance terminal coverage and performance in Q2 2025 [2]. - The focus on brand positioning as a "leading national medicine" and the emphasis on terminal coverage and sales are expected to drive healthy growth for core products [3]. Profit Forecast and Valuation - The company’s net profit forecasts for 2025, 2026, and 2027 are 740 million RMB, 893 million RMB, and 1.072 billion RMB, respectively, with year-on-year growth rates of 14%, 21%, and 20% [4]. - The expected earnings per share (EPS) for the same years are 0.98 RMB, 1.18 RMB, and 1.42 RMB, with corresponding price-to-earnings (PE) ratios of 17, 14, and 12 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Views - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company is focused on steady expansion while optimizing its store operations, resulting in a net increase of 1,434 stores in 2024, with a total of 14,694 stores by the end of Q1 2025 [3]. - The retail business generated revenue of 21.19 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points, and the company aims to enhance its franchise and distribution business in 2025 [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 240.62 billion RMB and a net profit of 15.29 billion RMB, with a non-recurring net profit of 14.97 billion RMB [2]. - For Q1 2025, the company reported a revenue of 60.09 billion RMB and a net profit of 4.49 billion RMB [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores [3]. - The retail business maintained a revenue of 52.6 billion RMB in Q1 2025, with a gross margin of 41.2% [3]. - The company reduced its selling expense ratio to 23.53% in Q1 2025, indicating initial success in cost reduction [3]. Profit Forecast, Valuation, and Rating - The company is expected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17%, 15%, and 15% [4]. - The estimated EPS for the same years are 1.47 RMB, 1.70 RMB, and 1.95 RMB, with corresponding PE ratios of 19, 16, and 14 times [4].

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a significant increase in stock price over the next 6-12 months [5]. Core Insights - The company reported a revenue of 25.435 billion RMB for 2024, reflecting a year-on-year growth of 3.71%. However, the net profit attributable to shareholders decreased by 37.70% to 1.33 billion RMB [2]. - The company plans to achieve over 27 billion RMB in revenue for 2025, with a focus on becoming a leader in the pharmaceutical niche market [3]. - The company has a robust pipeline with over 500 projects under research, including more than 60 innovative drug projects, supporting long-term growth [3]. - The major shareholder,招商生科, is restructuring its debt and has increased its stake in the company, indicating confidence in its future [4]. Summary by Sections Performance Overview - In Q1 2025, the company reported a revenue of 6.137 billion RMB, a decrease of 3.61% year-on-year, while net profit attributable to shareholders increased by 11.09% to 540 million RMB [2]. Business Strategy - The company aims to achieve a revenue of over 27 billion RMB in 2025, with a comprehensive gross profit margin exceeding 45% [3]. - The company is committed to optimizing its asset-liability structure and controlling expenses effectively [3]. Research and Development - The company allocated approximately 1.471 billion RMB for R&D in 2024, representing about 10.36% of its pharmaceutical revenue [3]. - The company received approvals for nearly 20 new products in 2024, enhancing its innovative product offerings [3]. Financial Forecast - The company is projected to generate revenues of 27.2 billion RMB in 2025, with a year-on-year growth of 6.9%, and net profit is expected to rise to 2.3 billion RMB, reflecting a growth of 70% [5]. - The report outlines a gradual increase in revenue and net profit for the years 2025 to 2027, with expected revenues of 29.2 billion RMB and 31.42 billion RMB in 2026 and 2027, respectively [10].

业绩简评 4 月 28 日，公司发布 25 年一季报，25Q1 公司实现收入 35.6 亿 元，同比+7.9%，归母净利润 2.3 亿元，同比+10.8%。 经营分析 业绩超预期，主要源于毛利率回升。根据公司 25 年一季报，公司 25Q1 毛利率 21.5%，同比+1.6pct，或由海外设备收入确认以及气 体项目爬坡、固定成本摊薄所致。 看好公司空分设备业绩释放。根据公司 24 年年报，公司 2024 年 空分设备毛利率 29.9%，依然维持在非常高的水平，盈利能力稳健。 根据石油和化工采供资讯，2025 年 4 月 8 日，新疆山能化工有限 公司准东五彩湾 80 万吨/年煤制烯烃项目空分技术、工艺包及成 套设备专项招标中标候选人公示，第一中标候选人为公司。据我们 测算，未来五年平均每年新增现代煤化工产能对应的空分设备需 求不少于 187 万 Nm3 /h，即 2018-2024 年平均水平的 2.0 倍，2022 年公司在国内空分设备市占率为 43.2%，居第一。看好公司空分设 备业务受益于国内现代煤化工扩产。 盈利预测、估值与评级 宏观经济波动；原材料价格波动；项目进展不及预期。 0 200 400 6 ...

坚持全球化战略，海外墨西哥和印尼基地稳步推进。过去几年海 外多个国家和地区对中国生产的多种轮胎产品加征关税、进行反 倾销调查或者提高准入门槛以限制中国轮胎出口。为更有效的应 对国际贸易壁垒，公司坚持全球化战略，目前已在青岛、潍坊、东 营、沈阳及越南、柬埔寨建有轮胎生产基地，并正在建设墨西哥、 印尼等生产基地。印尼基地规划了 300 万条半钢胎、60 万条全钢 胎和 3.7 万吨非公路轮胎，墨西哥基地规划了 600 万条半钢胎， 目前两大基地均在建设中，预计今年能够完工投产，完善公司全球 化布局的同时也将推动公司业绩增长。 事件 2025 年 4 月 28 日公司发布了 2024 年报和 2025 年 1 季报，2024 年全年营业总收入 318 亿元，同比增加 22.4%；归母净利润 40.6 亿元，同比增长 31.4%。2025 年 1 季度营业总收入 84 亿元，同比 增长 15.3%，环比增长 2.9%；归母净利润 10.4 亿元，同比增长 0.47%，环比增长 26.8%。 经营分析 轮胎产销量规模快速增长，成本压力下经营业绩仍然稳健。2024 年公司轮胎产量为 7481 万条，同比增长 27.6%； ...

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [2] Core Insights - The focus is on dividend defense, high-growth new consumption, and traditional consumption stimulus chains. The recommended order of attention is: dividend defense > high-growth new consumption > traditional consumption stimulus [2][14] - The report highlights the importance of high-dividend defensive stocks due to unclear policy signals from the political bureau meeting, suggesting a focus on companies like Midea and Gree in the home appliance sector, and Yum China and Haidilao in the restaurant sector [14] - New consumption opportunities driven by consumption upgrades are emphasized, with specific attention to companies like Pop Mart in trendy toys, Zhongchong in pet products, Gu Ming in tea drinks, Jiuhua Tourism in travel, and Jinbo Bio in medical beauty [14] - Traditional consumption is expected to benefit from growth-stabilizing policies, with a focus on subsidy policies and low-valuation traditional consumption stocks, particularly in the two-wheeler sector and service consumption like tourism [14] Summary by Sections 1. Consumer Macro & Midstream Sentiment Tracking - Domestic demand shows signs of stabilization, with first-tier cities outperforming the national average in new housing prices, which increased by 0.1% month-on-month [5][11] - Exports are under pressure, with most categories (except home appliances and textiles) showing a year-on-year decline in March, while home appliances and textiles have seen growth [5][11] 2. Home Appliances - In May, the total production of major home appliances reached 38.21 million units, a year-on-year increase of 5.9% [17] - March export data shows air conditioner exports increased by 25% year-on-year, with significant growth in Europe, South America, the Middle East, and Africa [18] 3. Light Industry Manufacturing - New tobacco products are expected to benefit from increased compliance challenges for illegal products, with companies like Simoer likely to gain [22] - The home goods sector is stabilizing, with easing trade frictions and steady domestic demand [22] 4. Textile and Apparel - The apparel industry shows stable sentiment in April, with a focus on brands that have unique advantages [25] 5. Social Services - The report suggests focusing on new consumption and stable dividend stocks, with improvements noted in the restaurant sector and ongoing recovery in the hotel industry [26] 6. Retail Internet - The competitive landscape in food delivery is evolving, with JD's significant investment in delivery services and Meituan's strong market position being highlighted [28]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company achieved a revenue of 24.062 billion RMB in 2024, representing a year-on-year growth of 6.5%, and a net profit attributable to shareholders of 1.529 billion RMB, up 8.3% year-on-year [2]. - In Q1 2025, the company reported a revenue of 6.009 billion RMB, a slight increase of 0.6% year-on-year, with a net profit of 449 million RMB, reflecting a growth of 10.5% year-on-year [2]. - The company continues to expand its store network, adding 2,512 stores in 2024, with a net increase of 1,434 stores year-on-year [3]. - The retail business generated revenue of 21.9 billion RMB in 2024, with a gross margin improvement of 1.8 percentage points [3]. - The company is expected to maintain steady growth, with projected net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, respectively, indicating year-on-year growth rates of 17%, 15%, and 15% [4]. Summary by Sections Performance Review - In 2024, the company reported total revenue of 24.062 billion RMB, with a net profit of 1.529 billion RMB and a non-recurring net profit of 1.497 billion RMB, showing growth rates of 6.5%, 8.3%, and 10.0% respectively [2]. - For Q1 2025, the company achieved revenue of 6.009 billion RMB and a net profit of 449 million RMB, with year-on-year growth rates of 0.6% and 10.5% respectively [2]. Operational Analysis - The company opened 2,512 new stores in 2024, including 1,305 self-built, 381 acquired, and 826 franchised stores, while closing 1,078 stores, resulting in a net increase of 1,434 stores [3]. - The retail business revenue for 2024 was 21.9 billion RMB, with a gross margin increase of 1.8 percentage points, and Q1 2025 retail revenue was 5.26 billion RMB, maintaining a stable gross margin of 41.2% [3]. - The franchise and distribution business saw a revenue increase of 13% in Q1 2025, indicating a focus area for stable growth [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits of 1.79 billion RMB, 2.06 billion RMB, and 2.37 billion RMB for 2025, 2026, and 2027, with corresponding EPS of 1.47 RMB, 1.70 RMB, and 1.95 RMB [4]. - The current price corresponds to P/E ratios of 19, 16, and 14 for the years 2025, 2026, and 2027, respectively, supporting the "Buy" rating [4].

2025 年 4 月 28 日公司披露 2024 年年报及 2025 年一季报，2024 全年公司实现营收 13.5 亿元，同比下降 19.6%；实现归母净利润 0.66 亿元，同比转正。2025 年一季度，公司实现营收 4.36 亿元， 同比增长 251%；实现归母净利润 0.64 亿元，同比下降 13.3%。 经营分析 24 年国内海风需求不及预期，桩基盈利略有承压：2024 年公司受 国内海风整体需求不及预期影响，整体出货同比略有下降，带动综 合毛利率同比下降约 2.1pct，其中桩基收入约 8.5 元，同比下降 22.7%，实现毛利率 4.29%，同比下降 6.0pct；塔筒业务 3.2 亿元 收入，同比下降 18.7%.实现毛利率 7.9%，同比提升 4.38pct；导 管架业务收入 1.37 亿元，同比增长 6.8%，实现毛利率 4.79%，同 比提升 10.28pct。 业绩拐点确立，项目交付加速业绩弹性有望逐步释放：2025 年一 季度，公司综合毛利率约为 15.05%，同比提升约 10pct，预计主要 受益于交付规模增加，盈利弹性逐步释放。3 月以来国内海风项目 开工持续加速，公司前期中标的 ...

业绩简评 2025 年 4 月 28 日，公司发布 2024 年年报及 2025 年一季报。2024 全年公司实现营业收入 98.30 亿元，同比+21.53%；实现归母净利 润 9.26 亿元，同比+1.31%；2025 年一季度实现营业收入 22.29 亿 元，同比+0.47%，实现归母净利润 1.62 亿元，同比-37.69%，业绩 符合预期。 经营分析 大额减值拖累 24 年及 25Q1 业绩，持续推进 HJT 工艺进步：公司 2024 年全年计提减值 5.2 亿元，其中信用减值 3.9 亿元，较 2023 年同期增加 297%；2025Q1 计提信用减值 1.8 亿元，主要是受行业 影响公司部分订单执行放缓或停滞及个别客户继续履约能力较弱 所致。根据公司年报，公司太阳能电池成套生产设备毛利率 27.8%， 同比+2.4PCT，单机毛利率 23.8%，同比+0.8PCT，光伏行业总体毛 利率为 28.0%，同比+1.9PCT,尽管光伏行业当前景气度欠佳，但公 司仍然通过较强的产品竞争力及优化产品结构实现了毛利率的企 稳。在光伏领域，公司前瞻布局 HJT 电池设备领域并逐步放量成 为新的业绩增长点，一方 ...