买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 17,638 | 15,816 | 17,032 | 17,808 | 18,620 | | 同比（%） | 4.90% | -10.33% | 7.69% | 4.55% | 4.56% | | 归母净利润（百万元） | 1,754 | 1,932 | 2,165 | 2,298 | 2,541 | | 同比（%） | 6.01% | 10.17% | 12.05% | 6.16% | 10.56% | | EPS-最新摊薄（元/股） | 0.46 | 0.49 | 0.47 | 0.59 | 0.66 | | P/E（现价&最新摊薄） | 23.13 | 21.71 | 22.48 | 17.96 | 16.24 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·证券Ⅱ 浙商证券（601878） 2024 年报点评 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see strong overseas momentum and profit improvement, with a projected revenue growth of 11.86% in 2024 and a net profit growth of 4.07% [4][9] - The company is expanding its overseas market presence, with significant growth in international revenue, which is anticipated to continue driving future growth [9] Financial Summary - Total revenue for 2023 is reported at 13,585 million, with projections of 15,197 million for 2024, 17,068 million for 2025, and 21,194 million for 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.07% [1][10] - The net profit attributable to the parent company is expected to grow from 1,273 million in 2023 to 1,325 million in 2024, and further to 2,134 million by 2027, indicating a strong upward trend [1][10] - The earnings per share (EPS) is projected to increase from 1.47 in 2023 to 2.46 in 2027, showcasing a positive growth trajectory [1][10] Operational Insights - The company is facing slight declines in gross margin due to increased depreciation and shipping costs in 2024, but improvements are expected in 2025 as shipping costs decrease and raw material prices stabilize [3][4] - The company is expected to benefit from new production capacities coming online in Egypt, Russia, and other locations, which will enhance its operational efficiency and profitability [4][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see strong overseas momentum and profit improvement, with a projected revenue growth of 11.86% in 2024 and a net profit growth of 4.07% [4][9] - The company is expanding its overseas market presence, with significant growth in international revenue, which is anticipated to be a key growth driver moving forward [9] Financial Performance Summary - Total revenue for 2023 is reported at 13,585 million RMB, with projections of 15,197 million RMB for 2024, 17,068 million RMB for 2025, and continuing growth through 2027 [1][10] - The net profit attributable to the parent company is expected to increase from 1,273 million RMB in 2023 to 1,325 million RMB in 2024, with further growth to 1,559 million RMB in 2025 [1][10] - The earnings per share (EPS) is projected to rise from 1.47 RMB in 2023 to 1.52 RMB in 2024, reaching 1.80 RMB in 2025 [1][10] Margin and Cost Analysis - The gross margin is expected to slightly decline in 2024 due to increased depreciation and shipping costs, but improvements are anticipated in 2025 as shipping costs decrease and raw material prices stabilize [3][4] - The company’s gross margin and net profit margin for 2024 are projected at 23.52% and 8.90%, respectively, reflecting a year-on-year decline [3] Future Outlook - The company is expected to benefit from new production capacities coming online in 2024 and 2025, particularly in Egypt, Russia, and Yunnan, which will help alleviate cost pressures and improve profitability [4][9] - The anticipated decrease in sugar molasses prices and the nearing completion of capital expenditures are expected to contribute positively to profit margins in the coming years [3][4]

证券研究报告·公司点评报告·其他电源设备Ⅱ 雷特科技（832110） 2024 年报点评：24 年业绩重回增长，25 年 智能电源及家居业务有望持续高增 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 175.10 | 200.09 | 232.70 | 270.82 | 314.54 | | 同比（%） | 1.49 | 14.27 | 16.30 | 16.38 | 16.14 | | 归母净利润（百万元） | 34.68 | 44.78 | 50.55 | 58.11 | 66.41 | | 同比（%） | (11.51) | 29.14 | 12.88 | 14.96 | 14.27 | | EPS-最新摊薄（元/股） | 0.89 | 1.15 | 1.30 | 1.49 | 1.70 | | P/E（现价&最新摊薄） | 40.47 | 31.34 | 27.76 | 24.15 | 21.13 | ...

证券研究报告·北交所报告·北交所定期报告 北交所日报 20250410 3 月 CPI 出炉；我国启动对美关税反制 2025 年 04 月 10 日 ◼ 今日新股：暂无。 风险提示：个股盈利不及预期，行业竞争加剧，贸易摩擦加剧，政策不及 预期等。 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 2025-04-08 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：1）国家统计局：3 月 CPI 同比下降 0.1% ，PPI 同比下 降 2.5%；2）一季度中小企业发展指数创 2020 年以 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is recognized as a leading player in the Chinese soft drink market, with a dual-engine development strategy focusing on packaged water and beverages. It has shown robust growth with a revenue CAGR of approximately 16% and a net profit CAGR of about 27% from 2018 to 2023 [9][15]. - The report emphasizes the company's strong competitive advantages, including a solid supply chain, diversified product offerings, effective branding strategies, and extensive distribution channels. These factors contribute to its resilience and long-term value [9][15]. - The report forecasts revenue growth for the company, projecting revenues of 494.88 billion, 552.17 billion, and 608.07 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 141.48 billion, 159.76 billion, and 178.49 billion yuan [1][9]. Summary by Sections Introduction - The company has maintained a long-term focus on quality, achieving significant growth through strategic positioning in the natural water segment and innovative product offerings [15]. Development of the Soft Drink Leader - The company has successfully expanded its product range since its establishment in 1996, now offering packaged water, tea beverages, functional drinks, and juices, which collectively drive its growth [16]. Competitive Advantages - The company has established a robust supply chain with 12 premium water sources and advanced production capabilities, ensuring quality and efficiency [38]. - Its product strategy includes a diverse portfolio that meets various consumer needs, with a strong emphasis on health and natural ingredients [39]. Industry Outlook - The packaged water market in China is expected to continue growing, with increasing per capita consumption and expanding market opportunities [9][15]. - The beverage market is also projected to grow steadily, particularly in segments like sugar-free tea, which has seen rapid expansion [9][15]. Financial Forecast and Valuation - The report anticipates continued revenue and profit growth, with projected earnings per share (EPS) increasing from 1.07 yuan in 2023 to 1.59 yuan by 2027, reflecting a positive outlook for the company's financial performance [1][9].

证券研究报告·海外公司深度·食物饮品(HS) 农夫山泉（09633.HK） 秉承长期主义，龙头底色不改 2025 年 04 月 10 日 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 42916 | 42896 | 49488 | 55217 | 60807 | | 同比(%) | 28.13 | (0.05) | 15.37 | 11.58 | 10.12 | | 归母净利润（百万元） | 12079 | 12123 | 14148 | 15976 | 17849 | | 同比(%) | 42.19 | 0.36 | 16.70 | 12.92 | 11.72 | | EPS-最新摊薄（元/股） | 1.07 | 1.08 | 1.26 | 1.42 | 1.59 | | P/E（现价&最新摊薄） | 29.20 | 29.09 | 24.93 | 22.08 | 19.76 | [Table_Tag] [T ...

证券研究报告·宏观报告·宏观深度报告 #海外政治 一天一变的美国总统，如何衡量特朗普政策 的不确定性？ 2025 年 04 月 10 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 研究助理 韦祎 执业证书：S0600124120012 weiy@dwzq.com.cn 研究助理 王茁 执业证书：S0600124120013 wangzhuo@dwzq.com.cn 相关研究 《人民币有序贬值或为货币宽松打开 窗口》 2025-04-10 《"科特估"为"国产化"重塑估值— —关税压力下的资本市场战略协同》 2025-04-08 东吴证券研究所 1 / 13 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：自特朗普当选本届总统以来，其政策的"反复无常"对金融 市场的走向影响愈发明显，而最近其对等关税政策再度令全球市场走势 发生剧烈动荡。为了更好地把特朗普政策的不确定性，我们选用经济政 策不确定性指数（Eco ...

证券研究报告·宏观报告·宏观点评 宏观点评 20250410 警惕关税带来的价格压力——3 月物价数据 点评 ◼ 具体来看，3 月价格具有以下特点： 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 占烁 执业证书：S0600524120005 zhansh@dwzq.com.cn 相关研究 《人民币有序贬值或为货币宽松打开 窗口》 2025-04-10 《"科特估"为"国产化"重塑估值— —关税压力下的资本市场战略协同》 2025-04-08 东吴证券研究所 1 / 5 请务必阅读正文之后的免责声明部分 2025 年 04 月 10 日 ◼ 服务价格下降、商品价格上涨，二者对冲之下，3 月核心 CPI 环比为 0， 略高于 2013-2024 年同期均值-0.1%。 ◼ PPI 方面，环比-0.4%达到去年 9 月以来最大降幅，主要是装备制造业 和原材料工业拖累。从趋势来看，去年 9 月一揽子政策出台后，PPI 环 比增速先升后降，在 11 月达到+0.1%的高点后开始回落。我们测算了原 材料工业、消费品制造业、装备制造、公用事业等四类行业对 PPI ...

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-04-11 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250410：人民币有序贬值或为货币宽松打开窗口 投资建议：我们预计伟测转债上市首日价格在 112.72~125.13 元之间，签 率为 0.0046%，上市首日转股溢价率在 35%左右，对应的上市价格在 112.72~125.13 元之间。我们预计网上中签率为 0.0046%，建议积极申购。 伟测科技主要从事晶圆测试、芯片成品测试以及与集成电路测试相关的 配套服务。产品主要应用于通讯、计算机、汽车电子、工业控制、消费电 子等领域，伟测科技营业收入主要来源于晶圆测试业务，产品结构年际调 整。2021 年以来，伟测科技晶圆测试业务收入逐年增长，2021-2023 年项 目运营业务收入占主营业务收入比重分别为 55.63%、57.57%和 60.08%， 同时产品结构年际调整，其他主营业务规模占比稳定，成品类、其他业务 占比趋于稳定。伟测科技销售净利率近期下降，毛利率下降，销售费用率 近期上升，财务费用率上升，管理费用率近期上升。风险提示：申购至上 市阶段正股波动风险，上 ...