2025 年 05 月 11 日 营收稳步增长，关注品类拓展 1、《劲仔食品（003000）：大单品 势能延续，全渠道渗透再拓空间》 2025-03-25 2、《劲仔食品（003000）：线上渠 道延续调整，品类迭代打开盈利空 间》2024-10-25 3、《劲仔食品（003000）：利润延 续高增，产品渠道持续发力》2024- 10-15 —劲仔食品（003000.SZ）公司事件点评报告 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-05-09 | | --- | --- | | 当前股价（元） | 13.58 | | 总市值（亿元） | 61 | | 总股本（百万股） | 451 | | 流通股本（百万股） | 304 | | 52 周价格范围（元） | 10.19-14.47 | | 日均成交额（百万元） | 134.49 | 市场表现 -40 -30 -20 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company continues to deliver strong performance, with Q1 2025 total revenue reaching 383 million yuan, a year-on-year increase of 39%, and a net profit of 50 million yuan, up 16% year-on-year [4][6] - The company is experiencing significant growth in its membership channel, with online sales increasing by 88% year-on-year, while offline sales grew by 36% [6] - The company is expected to maintain its investment in channels, leveraging the channel spillover effect to drive growth in e-commerce [6] Summary by Sections Financial Performance - Q1 2025 gross margin decreased by 4 percentage points to 27.08%, primarily due to channel structure impacts, but is expected to improve year-on-year [5] - The company’s selling and administrative expense ratios decreased by 3 percentage points and 1 percentage point, respectively, due to scale effects [5] Product and Channel Development - The company’s meat and vegetable product revenues for Q1 2025 were 354 million yuan and 21 million yuan, respectively, with a notable contribution from deboned duck feet [6] - The company is expanding its product offerings in the Sam's channel, which is expected to drive vegetable product revenue growth [6] Profit Forecast - The company is projected to consolidate its core product base while developing a second growth curve, with adjusted EPS forecasts for 2025-2027 at 0.47, 0.56, and 0.65 yuan, respectively [7][10] - The current stock price corresponds to PE ratios of 25, 21, and 18 times for 2025, 2026, and 2027, respectively [7]

利润增长亮眼，聚焦大单品培育 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-05-09 | | --- | --- | | 当前股价（元） | 10.42 | | 总市值（亿元） | 35 | | 总股本（百万股） | 333 | | 流通股本（百万股） | 315 | | 52 周价格范围（元） | 7.29-11.59 | | 日均成交额（百万元） | 61.84 | 市场表现 -20 -10 0 10 20 30 40 50 (%) 克明食品 沪深300 资料来源：Wind，华鑫证券研究 2025 年 05 月 11 日 相关研究 1、《克明食品（002661）：利润扭 亏为盈，持续发力品牌培育》2025- 03-24 2、《克明食品（002661）：产品结 构优化，利润扭亏为盈》2025-01- 23 3、《克明食品（002661）：回购彰 显信心，持续发力 ...

2025 年 05 月 11 日 恒而达收购磨床企业 SMS 布局上游设备，吉利拟 全资私有化极氪内部整合加速 分析师：林子健 S1050523090001 linzj@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 汽车(申万) 6.7 1.0 22.2 沪深 300 2.6 -1.0 4.9 市场表现 -20 -10 0 10 20 30 40 (%) 汽车 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1 、 《 汽 车 行 业 周 报 ： 特 斯 拉 OptimusGen3 更新在即，上海车展智 能驾驶及智能座舱成行业焦点》 2025-04-28 2、《汽车行业周报：天工 Ultra 夺 得首次人形机器人马拉松冠军， 2025 上海车展建议关注主机厂新 品》2025-04-20 3、《汽车行业周报：首个人形机器 人马拉松即将开跑，双新政策推动 乘用车 3 月零售增长强劲》2025- 04-13 推荐(维持) 投资要点 ▌恒而达收购磨床企业 SMS，布局上游丝杠设备成为 行业大趋势 事件：恒而达拟以现金方式收购 SMS 公司名下高精度数控磨 床业务，交易对价 850 万欧元，约 ...

2025 年 05 月 11 日 业绩表现强劲，竞争优势凸显 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2025-05-09 | | --- | --- | | 当前股价（元） | 51.8 | | 总市值（亿元） | 135 | | 总股本（百万股） | 261 | | 流通股本（百万股） | 161 | | 52 周价格范围（元） | 36.1-78.53 | | 日均成交额（百万元） | 214.63 | 市场表现 -40 -20 0 20 40 60 80 100 (%) 尚太科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《尚太科技（001301）：业绩超 预期，份额有望逆势扩张》2024- 08-15 2、《尚太科技（001301）：成本优 势托底，盈利韧性显著》2024-05- —尚太科技（001301.SZ）公司事件点评报告 尚太科技发布 2025Q1 报告：公司 2025Q1 实现收入 16.28 亿 元/yoy+89%，实现归母净利润 2.39 亿元/yoy+60.87%。 投资要点 ▌2024 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the automotive sector, including 双林股份, 雷迪克, 江淮汽车, 爱柯迪, 赛力斯, 北特科技, 新泉股份, 嵘泰股份, 开特股份, 骏创科技, and 易实精密 [12][10][40]. Core Insights - 恒而达's acquisition of SMS marks a significant trend in the industry towards upstream equipment integration, particularly in high-precision CNC grinding machines [4][5]. - 吉利汽车's plan to fully privatize 极氪 aims to enhance internal integration and reduce costs, with expected savings of 10% to 20% in R&D expenditures [8][9]. - The automotive industry is experiencing a robust sales cycle, with 吉利集团's Q1 2025 total sales reaching 946,627 units, a year-on-year increase of 31% [9]. Summary by Sections Market Performance and Valuation - The automotive sector's performance is lagging slightly behind the broader market, with the 中信汽车指数 rising by 1.8% compared to the 沪深 300's 2.0% [17][26]. - The automotive industry's PE ratio stands at 31.0, indicating a relatively high valuation compared to historical levels [26]. Company Announcements and Industry News - 吉利汽车 announced its intention to acquire all shares of 极氪, which will lead to a complete merger and enhance resource efficiency [50][8]. - 恒而达's acquisition of SMS is expected to accelerate the development of intelligent CNC equipment and core components [5][4]. Industry Data Tracking and Commentary - In April 2025, the average daily retail of passenger cars showed a significant year-on-year growth of 17%, indicating a recovery in the market [34]. - The report highlights that the demand for screw rods is expected to surge, driven by Tesla's production goals, while many manufacturers face capacity constraints [6][5]. Recommended Stocks - The report recommends关注 companies in the automotive sector, particularly those with strong R&D capabilities and strategic partnerships, such as 赛力斯 and 江淮汽车 [10][40].

2025 年 05 月 11 日 -30 -20 -10 0 10 20 30 40 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 第五消费时代的思考 推荐(维持) 投资要点 | 分析师：朱珠 | S1050521110001 | | --- | --- | | zhuzhu@cfsc.com.cn | | | 分析师：于越 | S1050522080001 | | yvyue@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 传媒(申万) 9.1 -3.2 14.2 沪深 300 4.3 -1.2 5.0 市场表现 ▌ 本周重点推荐个股及逻辑 给予传媒行业推荐评级。A 股可关注洼地板块，风语筑 603466（以体验经济为支点撬动业务新增量）；芒果超媒 300413（综艺《歌手》将上映）；遥望科技 002291（有望受 益 618 电商节，2025 年 2 月激励夯实信心底）；奥飞娱乐 002292（关注新品如卡牌、积木、毛绒品类表现进展）；蓝 色光标 300058（数字营销头部企业，All in AI，重构营销 全链路带来业务增量可期）；姚记科技 002605（ ...

2025 年 05 月 11 日 业绩表现强劲，竞争优势凸显 买入(维持) 事件 分析师：黎江涛 S1050521120002 lijt@cfsc.com.cn | 基本数据 | 2025-05-09 | | --- | --- | | 当前股价（元） | 51.8 | | 总市值（亿元） | 135 | | 总股本（百万股） | 261 | | 流通股本（百万股） | 161 | | 52 周价格范围（元） | 36.1-78.53 | | 日均成交额（百万元） | 214.63 | 市场表现 -40 -20 0 20 40 60 80 100 (%) 尚太科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《尚太科技（001301）：业绩超 预期，份额有望逆势扩张》2024- 08-15 2、《尚太科技（001301）：成本优 势托底，盈利韧性显著》2024-05- —尚太科技（001301.SZ）公司事件点评报告 尚太科技发布 2025Q1 报告：公司 2025Q1 实现收入 16.28 亿 元/yoy+89%，实现归母净利润 2.39 亿元/yoy+60.87%。 投资要点 ▌2024 ...

2025 年 05 月 11 日 第五消费时代的思考 推荐(维持) 投资要点 | 分析师：朱珠 | S1050521110001 | | --- | --- | | zhuzhu@cfsc.com.cn | | | 分析师：于越 | S1050522080001 | | yvyue@cfsc.com.cn | | 行业相对表现 表现 1M 3M 12M 传媒(申万) 9.1 -3.2 14.2 沪深 300 4.3 -1.2 5.0 市场表现 -30 -20 -10 0 10 20 30 40 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业周报：AI 应用热度有 望重燃》2025-05-04 2、《传媒行业周报：内需看 A 计划 科技与消费并驾齐驱》2025-04-20 3、《传媒行业周报：持续看好内需 且洼地的成长型选手》2025-04-12 ▌ 本周观点更新 从日本的第五消费时代发展，我们可看出，人口结构的变化 对消费行为带来较大影响，进而也会影响消费行为习惯，从 日本消费时代的变迁可看出消费观念从追求物质数量到追求 品质、个性化，再到非物质的情绪价值，消费者在消费时 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][9] Core Views - The company is experiencing continuous operational recovery, with the effects of reforms being released [1] - The company reported a total revenue of 2.196 billion yuan in 2024, a year-on-year increase of 4%, and a net profit of 127 million yuan, a year-on-year increase of 47% [4][9] - The company is expected to achieve restorative growth across all products in 2025, with projected EPS of 0.16 yuan, corresponding to a PE ratio of 48 times [9] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 21.96 billion yuan, with a net profit of 1.27 billion yuan, and a non-recurring net profit of 1.13 billion yuan [4] - The fourth quarter of 2024 saw a total revenue of 6.65 billion yuan, a year-on-year increase of 42%, and a net profit turnaround from a loss of 51 million yuan in 2023Q4 to a profit of 7 million yuan [4] - For Q1 2025, total revenue was 6.26 billion yuan, a year-on-year increase of 36%, with a net profit of 57 million yuan, a year-on-year increase of 2% [4] Profitability Improvement - The company's gross margin for 2024 and Q1 2025 was 34.72% and 35.50%, respectively, with a notable cost reduction from cleaning up long-tail products [5] - The net profit margin for 2024 and Q1 2025 was 5.08% and 8.96%, respectively, indicating improved operational quality [5] Product Growth and Strategy - Revenue from vinegar, wine, and sauce products in 2024 was 12.66 billion yuan, 3.29 billion yuan, and 1.80 billion yuan, respectively, with a focus on product line optimization [6] - In Q1 2025, revenue from these products showed restorative growth, with vinegar, wine, and sauce revenues increasing by 19%, 9%, and 35%, respectively [6] Sales Channel Optimization - The company reported a 0.5% increase in dealer revenue and a 3% increase in direct sales revenue in 2024, with a focus on improving dealer quality [7] - In Q1 2025, dealer and direct sales revenue increased by 40% and 64%, respectively, indicating a balanced recovery across all channels [7] Earnings Forecast - The company is expected to achieve a revenue of 2.351 billion yuan in 2025, with a net profit of 182 million yuan, reflecting a growth rate of 7.1% and 42.8%, respectively [11]