买入(首次) 投资要点 分析师：林子健 S1050523090001 linzj@cfsc.com.cn | 基本数据 | 2025-04-03 | | --- | --- | | 当前股价（元） | 56.61 | | 总市值（亿元） | 984 | | 总股本（百万股） | 1738 | | 流通股本（百万股） | 1738 | | 52 周价格范围（元） | 31.06-74.73 | | 日均成交额（百万元） | 1225.39 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 80 100 (%) 拓普集团 沪深300 相关研究 —拓普集团（601689.SH）公司深度报告 ▌多次把握时代机遇，铸就 Tier0.5 级供应商 2025 年 04 月 03 日 拓普集团：Tier 0.5 级汽车+机器人供应商，拓 全球目光，普平台科技 公司成立于 1983 年，早期配套北京吉普及一汽大众等客户，后在 2001 年进入国际配套市场；在合资品牌主导时代，公司把握零部件国 产化机遇，与上汽通用等客户深度合作；后在自主品牌成长期，公司 依托以吉利为代表的大客户持续扩张；新能 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure, but there are expectations for new product launches to drive growth [1] - The company reported total revenue and net profit of 1.732 billion and 103 million yuan for 2024, representing year-on-year declines of 11% and 43% respectively [6] - The company is focusing on expanding its product matrix with new product developments, including unique offerings that align with regional culture and health trends [7] - The company is deepening its market presence in the Greater Bay Area and steadily expanding new distribution channels [8] - The company is expected to see a recovery in performance in the second half of the year as consumer spending policies take effect [10] Summary by Sections Financial Performance - In 2024, total revenue and net profit were 1.732 billion and 103 million yuan, with declines of 11% and 43% year-on-year [6] - The fourth quarter saw total revenue and net profit of 429 million and 22 million yuan, with year-on-year changes of -9% and -42% respectively [6] - The gross margin for 2024 was 25.31%, a decrease of 0.7 percentage points year-on-year [6] Product Development - Revenue from liquid milk, flavored milk, and yogurt drinks in 2024 was 6.46 billion, 3.32 billion, and 7.37 billion yuan, with year-on-year declines of 14%, 14%, and 7% respectively [7] - The company launched several new products, including Chenpi yogurt and fresh milk pudding, which have shown promising performance [7] Market Strategy - The company achieved offline and online revenues of 1.426 billion and 306 million yuan in 2024, with year-on-year declines of 13% and 3% respectively [8] - The company has increased its number of distributors to 648, primarily in the Pearl River Delta region, and is actively expanding into new channels [8] Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.84, 0.97, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 15 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance is under short-term pressure due to the consumption environment, but new product launches are expected to drive growth [6][10] - The company reported total revenue and net profit of 1.732 billion and 103 million yuan for 2024, representing year-on-year declines of 11% and 43% respectively [6] - The company is focusing on expanding its product matrix with new offerings that align with regional culture and health trends [7] - The company is deepening its market presence in the Greater Bay Area and steadily expanding new distribution channels [8] Summary by Sections Financial Performance - In 2024, total revenue and net profit were 1.732 billion and 103 million yuan, down 11% and 43% year-on-year respectively [6] - The fourth quarter saw total revenue and net profit of 429 million and 22 million yuan, with declines of 9% and 42% year-on-year [6] - The gross margin for 2024 was 25.31%, a decrease of 0.7 percentage points year-on-year, while the net margin was 5.95%, down 3.2 percentage points [6] Product Development - The company has significantly increased its efforts in new product development, launching differentiated products such as Chenpi yogurt and fresh milk pudding [7] - Revenue from liquid milk, flavored milk, and yogurt drinks in 2024 was 6.46 billion, 3.32 billion, and 7.37 billion yuan, with respective year-on-year declines of 14%, 14%, and 7% [7] Market Strategy - The company reported offline and online revenues of 1.426 billion and 306 million yuan in 2024, with declines of 13% and 3% respectively [8] - The company has increased its number of distributors to 648, primarily in the Pearl River Delta region, and is actively expanding into new channels [8] - Revenue from the Guangdong province was 1.292 billion yuan, down 12% year-on-year, while revenue from outside Guangdong was 38 million yuan, down 6% [8] Earnings Forecast - The company is expected to see earnings per share (EPS) of 0.84, 0.97, and 1.10 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 19, 16, and 15 [10] - The report anticipates a recovery in performance in the second half of the year as consumer spending policies take effect [10]

2025 年 04 月 03 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：42 分（中性） 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 42 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：医疗器械、脑机接口、AI 1、医疗器械主题：国家药监局公开征求《关于优化全生 命周期监管 支持高端医疗器械创新发展的举措（征求意见 稿）》意见。加快发布医用外骨骼机器人、放射性核素成像 设备等相关标准。加快推进医用机器人、人工智能医疗器 械、高端医学影像设备等领域的基础、通用标准和方法标准 等制修订工作。相关标的：联影医疗（688271）、迈瑞医疗 （300760） 2、脑机接口主题：3 月 31 日，在 2025 中关村论坛年会 举行的脑机接口创新发展与应用论坛上，工业和信息化部科 技司相关人员表示，人工智能技术的快速演进正在推动脑机 接口 ...

2025 年 04 月 02 日 营收增长态势向好，烯烃毛利率降低拖累业绩 —金能科技（603113.SH）公司事件点评报告 买入(维持) 事件 金能科技发布 2024 年年报：公司全年实现营业收入 162.65 亿元，同比增长 11.53%，归母净利润-0.58 亿元，同比减少 1.95 亿元，由正转负；2024 年第四季度实现营业收入 41.15 亿元，同比增长 12.13%，环比下滑 21.83%；实现归母净利润 -0.25 亿元，同比减少 0.36 亿元，由正转负。 投资要点 ▌ 营收、产能双扩，归母净利润由正转负 2024 年公司全年实现营业收入同比增长 11.53%，主要系二期 PDH、PP 项目顺利投产运行带来产销量增长。公司烯烃/炭黑 /煤焦产品在 2024 年内生产量分别为 114.47/67.16/210.14 万吨，产量分别同比增长 37%/3%/6%；销量方面，烯烃/炭黑 /煤焦产品销量分别为 112.26/68.05/209.09 万吨，销量分别 同比增长 36%/5%/5%。虽然公司烯烃产品上产贡献大量业 绩，但公司归母净利润由正转负，主要原因是产品价格降幅 大于原材料价格降幅导致 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 10.622 billion yuan in 2024, representing a 49% year-on-year increase, and a net profit of 408 million yuan, up 85.5% year-on-year [4][10] - The gross margin improved by 1 percentage point to 24.25% due to enhanced supply chain efficiency and increased self-production ratio [5] - The company plans to optimize its product structure and increase the proportion of daily sales products while reducing the contribution from seasonal products [6] - The company is expanding its global supply chain with plans for factories in Cambodia and Thailand, aiming for brand globalization [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan, with a growth rate of 49.3% [10] - The net profit for 2024 was 408 million yuan, with a growth rate of 85.5% [10] - The diluted earnings per share (EPS) for 2024 was 1.02 yuan, projected to increase to 1.23 yuan in 2025 [10] Supply Chain and Product Strategy - The company is focusing on optimizing supply chain efficiency, which has led to a continuous improvement in profitability [5] - The revenue from various product categories in 2024 showed significant growth, with nuts, baked goods, and dried fruits increasing by 41%, 38%, and 66% respectively [6] - The company aims to enhance its self-production ratio and extend its upstream supply chain [6] Market and Channel Development - The company reported online and offline channel revenues of 7.407 billion yuan and 3.215 billion yuan respectively in 2024, both showing substantial growth [6] - The company is implementing a "Dou+N" channel strategy to leverage the benefits of short video platforms and enhance offline distribution [6] Future Outlook - The company expects to maintain a high-end cost-performance strategy, with projected EPS of 1.23, 1.70, and 2.20 yuan for 2025, 2026, and 2027 respectively [8] - The report anticipates a continued increase in revenue and net profit over the next few years, with a projected net profit of 495 million yuan in 2025 [10]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 10.622 billion yuan in 2024, representing a 49% year-on-year increase, with a net profit of 408 million yuan, up 86% [4][10] - The gross margin improved by 1 percentage point to 24.25% due to enhanced supply chain efficiency and increased self-production ratio [5] - The company plans to optimize its product structure and increase the proportion of daily sales products while reducing the contribution from seasonal products [6] - The company is expanding its global supply chain, with a factory in Cambodia expected to start production in mid-2025 [7] - Earnings per share (EPS) are projected to be 1.23 yuan in 2025, with corresponding price-to-earnings (P/E) ratios of 22, 16, and 12 for 2025, 2026, and 2027 respectively [8] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.622 billion yuan and a net profit of 408 million yuan, with significant growth rates of 49% and 86% respectively [4][10] - The company’s gross margin increased to 24.25%, while the net profit margin rose to 3.84% [5] Product and Channel Strategy - The company’s revenue from various product categories showed strong growth, with nuts, baked goods, and dried fruits achieving increases of 41%, 38%, and 66% respectively [6] - Online and offline channel revenues reached 7.407 billion yuan and 3.215 billion yuan, reflecting growth rates of 50% and 49% respectively [6] Future Outlook - The company aims to enhance its global supply chain and brand presence, with plans for a factory in Cambodia and ongoing site selection for a factory in Thailand [7] - The long-term strategy focuses on high-end cost-performance, SKU optimization, and brand expansion [8]

2025 年 04 月 02 日 营收增长态势向好，烯烃毛利率降低拖累业绩 —金能科技（603113.SH）公司事件点评报告 买入(维持) 事件 金能科技发布 2024 年年报：公司全年实现营业收入 162.65 亿元，同比增长 11.53%，归母净利润-0.58 亿元，同比减少 1.95 亿元，由正转负；2024 年第四季度实现营业收入 41.15 亿元，同比增长 12.13%，环比下滑 21.83%；实现归母净利润 -0.25 亿元，同比减少 0.36 亿元，由正转负。 投资要点 ▌ 营收、产能双扩，归母净利润由正转负 2024 年公司全年实现营业收入同比增长 11.53%，主要系二期 PDH、PP 项目顺利投产运行带来产销量增长。公司烯烃/炭黑 /煤焦产品在 2024 年内生产量分别为 114.47/67.16/210.14 万吨，产量分别同比增长 37%/3%/6%；销量方面，烯烃/炭黑 /煤焦产品销量分别为 112.26/68.05/209.09 万吨，销量分别 同比增长 36%/5%/5%。虽然公司烯烃产品上产贡献大量业 绩，但公司归母净利润由正转负，主要原因是产品价格降幅 大于原材料价格降幅导致 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The company has demonstrated significant revenue growth and profit elasticity, with total revenue and net profit for 2024 reaching 3.676 billion and 260 million yuan, respectively, reflecting year-on-year increases of 30% [5]. - The company is actively expanding its product offerings and exploring new sales channels, particularly in the e-commerce sector, which is expected to drive future growth [6]. - The earnings forecast for 2025-2027 indicates a steady increase in earnings per share (EPS), projected at 0.48, 0.60, and 0.74 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 13, 10, and 8 times [8][10]. Summary by Sections Financial Performance - In 2024, the company's total revenue, net profit, and net profit excluding non-recurring items were 3.676 billion, 260 million, and 235 million yuan, respectively, with year-on-year growth rates of 30% for revenue and net profit [5]. - The fourth quarter of 2024 saw total revenue of 901 million yuan, with net profit increasing by 68% year-on-year [5]. - The gross margin and net margin for 2024 were 25% and 7%, respectively, showing slight declines compared to the previous year [5]. Product Development and Sales Channels - The company is focusing on developing new products in collaboration with well-known brands, which is expected to enhance growth [6]. - Internet sales and services generated revenues of 362.9 million and 4.7 million yuan in 2024, with internet sales growing by 32.1% year-on-year [6]. Earnings Forecast - The company is projected to achieve a revenue growth rate of 30.2% in 2024, with net profit growth of 29.6% [10]. - The forecast for 2025-2027 indicates continued growth in both revenue and net profit, with expected figures of 4.55 billion and 343 million yuan in 2025 [10].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8] Core Insights - The company has demonstrated significant revenue growth and profit elasticity, with total revenue and net profit for 2024 reaching 3.676 billion and 260 million yuan respectively, both showing a year-on-year increase of 30% [5] - The company is expanding its product offerings and exploring new sales channels, particularly in the e-commerce sector, which is expected to drive future growth [6] - The earnings per share (EPS) forecast for 2025-2027 is projected to be 0.48, 0.60, and 0.74 yuan, respectively, indicating a strong growth trajectory [8] Summary by Sections Financial Performance - In 2024, total revenue, net profit, and net profit excluding non-recurring items were 3.676 billion, 260 million, and 235 million yuan, respectively, with year-on-year growth rates of 30%, 30%, and 17% [5] - The fourth quarter of 2024 saw total revenue, net profit, and net profit excluding non-recurring items of 901 million, 70 million, and 45 million yuan, with year-on-year growth rates of 5%, 68%, and 7.06% [5] - The company maintained a gross margin of 25% and a net margin of 7% for 2024, with slight variations in the fourth quarter [5] Product Development and Sales Channels - Internet sales and services generated revenues of 362.9 million and 4.7 million yuan in 2024, reflecting year-on-year growth of 32.1% and a decline of 38.35% respectively [6] - The company is collaborating with brand partners to develop new products, including limited editions and strategic flagship products, which are expected to enhance sales [6] Earnings Forecast - The company is expected to achieve a revenue growth rate of 30.2% in 2024, with projections of 4.55 billion, 5.59 billion, and 6.76 billion yuan for 2025, 2026, and 2027 respectively [10] - The net profit is forecasted to grow at rates of 29.6%, 31.8%, 26.6%, and 23.4% for the same years, with corresponding net profits of 343 million, 434 million, and 536 million yuan [10]