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万辰集团:公司事件点评报告:拓店势能延续,规模效应释放-20250420
华鑫证券· 2025-04-20 10:23
Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has demonstrated strong revenue growth, with total revenue for 2024 reaching 32.33 billion yuan, a year-on-year increase of 248%. The net profit attributable to shareholders was 294 million yuan, recovering from a loss of 83 million yuan in 2023 [4][6] - The company is expanding its store network significantly, with a total of 14,196 stores by the end of 2024, an increase of 9,470 stores from the beginning of the year. This expansion is expected to enhance operational efficiency and profitability [6][7] - The company is focusing on developing a discount supermarket model, leveraging its strengths in supply chain management and product offerings to increase customer retention and average transaction value [6][7] Summary by Sections Financial Performance - In Q4 2024, total revenue was 11.72 billion yuan, up 167% year-on-year, with a net profit of 209 million yuan compared to a loss of 26 million yuan in Q4 2023. The gross margin improved by 1 percentage point to 11.35% due to enhanced supply chain efficiency [4][5] Store Expansion and Business Strategy - The company is actively expanding its store count and has launched a new discount supermarket format centered around snacks. The snack retail business generated 31.79 billion yuan in revenue in 2024, a 263% increase year-on-year [6][7] Profitability Forecast - The company is expected to maintain strong profitability, with projected EPS of 3.44 yuan, 4.74 yuan, and 5.98 yuan for 2025, 2026, and 2027 respectively. The current stock price corresponds to a PE ratio of 33, 24, and 19 for the respective years [7][10]
万辰集团(300972):公司事件点评报告:拓店势能延续,规模效应释放
华鑫证券· 2025-04-20 08:32
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 | 2025-04-18 | | --- | --- | | 当前股价(元) | 112.9 | | 总市值(亿元) | 203 | | 总股本(百万股) | 180 | | 流通股本(百万股) | 156 | | 52 周价格范围(元) | 18.02-114.36 | | 日均成交额(百万元) | 158.45 | 市场表现 2025 年 04 月 20 日 拓店势能延续,规模效应释放 -100 0 100 200 300 400 (%) 万辰集团 沪深300 2025 年 4 月 18 日,万辰集团发布 2024 年年报。2024 年总营 收 323.29 亿元(同增 248%),归母净利润 2.94 亿元(2023 年为亏损 0.83 亿元),扣非净利润 2.58 亿元(2023 年为亏 损 0.84 亿元)。2024Q4 总 ...
调整带来买入良机,聚焦核心阿尔法
华鑫证券· 2025-04-20 08:32
证 券 研 究 报 告 行业周报 调整带来买入良机,聚焦核心阿尔法 新能源汽车行业周报 投资评级: ( ) 报告日期: 推荐 维持 2025年04月20日 ◼ 分析师:黎江涛 ◼ SAC编号:S1050521120002 投 资 要 点 继续看好板块机会。根据中汽协数据,2025年3月,新能源汽车产销分别完成127.7万辆和123.7万辆,环比分别增长43.9% 和38.7%,同比分别增长47.9%和40.1%。1-3月,新能源汽车产销累计完成318.2万辆和307.5万辆,同比分别增长50.4%和 47.1%,新能源汽车新车销量达到汽车新车总销量的41.2%。供给端,电池及主机厂新品不断推出,需求端反馈积极,政策也 不断发力。价格层面,产业链历经价格大幅下行,资本开支不断收缩,供需格局不断优化,行业协会、产业链公司均在积极优 化产能与供给,力争价格保障企业盈利。整体而言,产业链价格处于底部,价格易涨难跌,需求端韧性强劲,调整带来布局良 机,产业链核心公司估值处于历史低水平,看好产业链优质公司。 政策持续呵护,供给端部分企业开始收缩资本开支,供需结构在边际优化,2025年产业链价格触底修复。继续优选有望贡献 ...
熊猫乳品:公司事件点评报告:业绩短期承压,期待下游改善-20250420
华鑫证券· 2025-04-20 01:23
2025 年 04 月 19 日 业绩短期承压,期待下游改善 买入(维持) 事件 | 分析师:孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人:肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-04-18 | | --- | --- | | 当前股价(元) | 31.4 | | 总市值(亿元) | 39 | | 总股本(百万股) | 124 | | 流通股本(百万股) | 115 | | 52 周价格范围(元) | 14.97-37 | | 日均成交额(百万元) | 173.67 | 市场表现 -40 -20 0 20 40 60 80 100 120 (%) 熊猫乳品 沪深300 资料来源:Wind,华鑫证券研究 相关研究 1、《熊猫乳品(300898):盈利能 力改善,炼乳增长势能延续》2024- 08-19 2、《熊猫乳品(300898):利润端 增速亮眼,多极增长逻辑清晰》 2024-04-25 3、《熊猫乳品(300898):新品渠 道布局顺利 ...
传媒行业周报:内需看A计划 科技与消费并驾齐驱
华鑫证券· 2025-04-20 01:23
内需看 A 计划 科技与消费并驾齐驱 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 2025 年 04 月 20 日 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 传媒(申万) | -11.8 | 1.9 | 12.1 | | 沪深 300 | -5.9 | -1.0 | 5.7 | 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:持续看好内需 且洼地的成长型选手》2025-04-12 2、《传媒行业专题报告:"情绪经 济"专题》2025-04-10 3、《传媒行业周报:看内需寻成长 型选手》2025-04-05 ▌ 本周观点更新 在外部不确定性下,国家政策护航作用逐步显现,A 股相对 获政策传导较快,进而我们看好内需下的 A ...
传媒行业周报:内需看A计划,科技与消费并驾齐驱-20250420
华鑫证券· 2025-04-20 01:23
2025 年 04 月 20 日 内需看 A 计划 科技与消费并驾齐驱 ▌ 本周观点更新 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) | -11.8 | 1.9 | 12.1 | | 沪深 300 | -5.9 | -1.0 | 5.7 | 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:持续看好内需 且洼地的成长型选手》2025-04-12 2、《传媒行业专题报告:"情绪经 济"专题》2025-04-10 3、《传媒行业周报:看内需寻成长 型选手》2025-04-05 在外部不确定性下,国家政策护航作用逐步显现,A 股相对 获政策传导较快,进而我们看好内需下的 A ...
中密控股:公司事件点评报告:业绩增长符合预期,内生外延双轮驱动成长-20250419
华鑫证券· 2025-04-19 08:05
业绩增长符合预期,内生外延双轮驱动成长 —中密控股(300470.SZ)公司事件点评报告 2025 年 04 月 19 日 买入(维持) 事件 分析师:尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-04-18 | | --- | --- | | 当前股价(元) | 34.93 | | 总市值(亿元) | 73 | | 总股本(百万股) | 208 | | 流通股本(百万股) | 197 | | 52 周价格范围(元) | 28.81-41.8 | | 日均成交额(百万元) | 106.0 | 市场表现 ▌收并购整合+国际化提速,构筑第二增长曲线 报告期内,公司通过收并购与海外开拓实现战略突破:1)公 司已多次通过外延并购实现业绩增长,并展现了出色的整合 能力,完成了对优泰科、华阳密封和新地佩尔的一系列深度 整合工作,优泰科和新地佩尔分别实现净利润 2990 万元(同 比+58.67%)和 2817.6 万元(同比+108.3%),协同效应持续 释放;2025 年 2 月底公司通过德国子公司 ZM GmbH 完成对 KS GmbH100%股权收购,进一步强 ...
中密控股(300470):公司事件点评报告:业绩增长符合预期,内生外延双轮驱动成长
华鑫证券· 2025-04-18 14:16
业绩增长符合预期,内生外延双轮驱动成长 —中密控股(300470.SZ)公司事件点评报告 买入(维持) 事件 分析师:尤少炜 S1050525030002 yousw@cfsc.com.cn | 基本数据 | 2025-04-18 | | --- | --- | | 当前股价(元) | 34.93 | | 总市值(亿元) | 73 | | 总股本(百万股) | 208 | | 流通股本(百万股) | 197 | | 52 周价格范围(元) | 28.81-41.8 | | 日均成交额(百万元) | 106.0 | 市场表现 2025 年 04 月 19 日 相关研究 1、《中密控股(300470):业绩稳 步增长,股权激励彰显信心》2024- 04-27 中密控股 4 月 14 日发布 2024 年年度报告:2024 年实现营业 收入 15.67 亿元(同比增加 14.40%),归母净利润 3.92 亿 元 (同比增加 13.21%),扣非归母净利润 3.66 亿元(同比增 加 16.45%)。 投资要点 ▌业绩稳健增长,费用管控与分红彰显经营韧性 2024 年中密控股实现营收 15.67 亿元,同比增长 1 ...
华致酒行(300755):公司事件点评报告:业绩短期承压,期待改革成效
华鑫证券· 2025-04-18 13:58
2025 年 04 月 18 日 业绩短期承压,期待改革成效 买入(维持) 事件 | 分析师:孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人:肖燕南 | S1050123060024 | | xiaoyn@cfsc.com.cn | | | 基本数据 | 2025-04-18 | | --- | --- | | 当前股价(元) | 15.73 | | 总市值(亿元) | 66 | | 总股本(百万股) | 417 | | 流通股本(百万股) | 416 | | 52 周价格范围(元) | 11.14-22.05 | | 日均成交额(百万元) | 102.56 | 市场表现 -40 -20 0 20 40 60 (%) 华致酒行 沪深300 资料来源:Wind,华鑫证券研究 相关研究 ▌行业整体处于调整期,看好供应链平台建设 2024 年白酒/葡萄酒营收分别为 87.60/4.20 亿元,分别同比 -6.77%/-13.68%。白酒方面,2024 年销量/均价分别同比- 2.05%/-4.81%,毛利率同比-1.91pcts ...
川恒股份:公司事件点评报告:磷酸产销高增构筑公司业绩高增长-20250418
华鑫证券· 2025-04-18 10:23
Investment Rating - The report assigns a "Buy" rating for Chuanheng Co., Ltd. (002895.SZ) for the first time [1][10]. Core Views - The significant increase in phosphoric acid production and sales has driven the company's high growth in performance, with a total revenue of 5.906 billion yuan in 2024, up 36.72% year-on-year, and a net profit attributable to shareholders of 956 million yuan, up 24.80% year-on-year [1][2]. Summary by Sections Revenue Growth - The company's revenue increased by 1.586 billion yuan year-on-year, primarily due to the production launch of the 200,000 tons/year semi-hydrated and dihydrate phosphoric acid and deep processing project by its subsidiary, Guangxi Pengyue. This new capacity significantly boosted product sales [2]. - Phosphoric acid production and sales grew by 96.57% and 107.89% year-on-year, contributing 1.872 billion yuan to revenue, a year-on-year increase of 120.63% [2]. - Feed-grade dicalcium phosphate production and sales increased by 23.11% and 15.81%, contributing 1.445 billion yuan to revenue, a year-on-year growth of 20.16% [2]. - Monoammonium phosphate production and sales rose by 23.57% and 15.68%, contributing 1.176 billion yuan to revenue, a year-on-year increase of 26.21% [2]. Cost and Cash Flow - The overall expense ratio decreased, with sales, management, and financial expense ratios down by 0.11%, 1.42%, and 1.36% respectively, while R&D expenses increased slightly [3]. - The net cash flow from operating activities for 2024 was 859 million yuan, an increase of 331 million yuan year-on-year, mainly due to increased sales profits and government subsidies [3]. Shareholder Returns and R&D Investment - The company maintained a stable dividend policy, distributing 12.00 yuan (including tax) per 10 shares, with a payout ratio of 67.58% and a dividend yield of 4.88% [4]. - R&D expenses increased by 37.37% year-on-year, focusing on projects such as the stability research of semi-hydrated phosphogypsum filling bodies and new crystallization processes [4]. Profit Forecast - The company is expected to gradually expand its phosphate rock production capacity, with projected net profits attributable to shareholders of 1.217 billion yuan, 1.407 billion yuan, and 1.688 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 10.2, 8.8, and 7.3 times [10][12].