贵州茅台（ [Table_StockNameRptType] 600519） 公司点评 顺利收官，目标理性 ——贵州茅台 2024 年报点评 [Table_Rank] 投资评级：买入（维持） | 报告日期： | 2025-04-03 | | --- | --- | | [Table_BaseData] 收盘价（元） | 1,549.02 | | 近 12 个月最高/最低 | 1,880.59/1,226.65 | | （元） | | | 总股本（百万股） | 1,256 | | 流通股本（百万股） | 1,256 | | 流通股比例（%） | 100.00 | | 总市值（亿元） | 19,459 | | 流通市值（亿元） | 19,459 | [公司价格与沪深 Table_Chart] 300 走势比较 -35% -19% -3% 13% 29% 4/24 7/24 10/24 1/25 贵州茅台 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 联系人：郑少轩 执业证书号：S0010124040001 主要观点： ⚫ ...

Investment Rating - Investment rating is maintained as "Buy" [2] Core Views - The company reported a total revenue of 510.2 billion yuan in Q4 2024, representing a year-on-year increase of 12.8%, and a net profit attributable to shareholders of 254.0 billion yuan, up 16.2% [7] - For the full year 2024, total revenue reached 1,741.4 billion yuan, an increase of 15.7%, with a net profit of 862.3 billion yuan, up 15.4% [7] - The company expects steady growth in 2025, with projected revenue growth of 9% [9] Revenue Summary - Q4 2024 revenue from Moutai liquor and series liquor grew by 13.9% and 5.1% respectively, with Moutai liquor accounting for 89.4% of total liquor revenue [7] - For the full year 2024, Moutai liquor and series liquor revenues increased by 15.3% and 19.7% respectively [7] - The company’s direct sales and wholesale revenue in Q4 2024 grew by 8.7% and 16.8% respectively [7] Profitability Summary - The gross margin for Q4 2024 was 92.9%, slightly up from the previous year, while the annual gross margin was 91.9% [7] - The net profit margin for Q4 2024 was 52.5%, reflecting a year-on-year increase [7] Financial Forecast - The company is projected to achieve total revenues of 1,901.3 billion yuan, 2,050.4 billion yuan, and 2,183.1 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 9.2%, 7.8%, and 6.5% [9][11] - The net profit attributable to shareholders is expected to be 939.4 billion yuan, 1,020.8 billion yuan, and 1,091.2 billion yuan for the same years, with growth rates of 8.9%, 8.7%, and 6.9% [9][11]

爱玛科技（ [Table_StockNameRptType] 603529） 公司点评 量价利稳步向上 ——爱玛科技 24A&25Q1 预告点评 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-03 | | [Table_BaseData] 收盘价（元） | 46.97 | | 近 12 个月最高/最低（元） | 47.44/24.72 | | 总股本（百万股） | 862 | | 流通股本（百万股） | 843 | | 流通股比例（%） | 97.80 | | 总市值（亿元） | 405 | | 流通市值（亿元） | 396 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -7% 16% 39% 62% 4/24 7/24 10/24 1/25 爱玛科技 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：成浅之 执业证书号：S0010524100003 邮箱：chengqianzhi@hazq.com 主要观 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is expected to benefit from multiple stimuli in 2025, including inventory replenishment, seasonal upgrades, and the trial sales of new national standards in the second half of the year. This is likely to enhance the market share and profitability of leading enterprises [7] - The company is projected to achieve revenue growth of 2.7% in 2024, followed by 21.9% in 2025 and 15.1% in 2026, with net profit growth of 6% in 2024, 24% in 2025, and 18% in 2026 [7] - The company is expected to maintain a dividend payout ratio of 40% in 2023, indicating further upside potential [7] Revenue Analysis - The company’s revenue for 2024 is forecasted at 216.1 billion yuan, representing a year-on-year increase of 2.7%. The net profit attributable to the parent company is expected to be 19.9 billion yuan, up 5.7% year-on-year [8] - For the first quarter of 2025, the company anticipates a revenue increase of 20-25%, with an estimated shipment volume of approximately 3 million units, reflecting a nearly 20% year-on-year growth [8] Profitability Analysis - The company is expected to maintain a recovery trend in profitability, with net profit margins projected to improve slightly in 2025 [7] - The forecasted net profit for 2025 is 24.69 billion yuan, which is a 24.2% increase compared to 2024 [10] Financial Projections - The company’s financial projections indicate a steady increase in revenue and net profit over the next few years, with significant growth expected in 2025 and 2026 [10] - The projected P/E ratios for 2024, 2025, and 2026 are 20, 16, and 14 respectively, suggesting a favorable valuation outlook [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company experienced a slight increase in revenue and net profit for the fiscal year 2024, with total revenue reaching 1.206 billion yuan (up 1.61% year-on-year) and net profit attributable to shareholders at 502 million yuan (up 1.96 year-on-year) [2] - The domestic market is under pressure due to price adjustments of core products and the impact of centralized procurement, with significant declines in revenue and net profit in the fourth quarter of 2024 [3] - The overseas market is showing strong growth, with overseas revenue nearly doubling to 164 million yuan, accounting for approximately 13.6% of total sales, and the company has acquired a European medical device company to expand its market presence [4] - The company has announced an equity incentive plan that reflects confidence in future growth, targeting net profits of no less than 600 million yuan in 2025 and cumulative net profits of 1.32 billion yuan from 2025 to 2026 [4] Financial Performance Summary - For the fiscal year 2024, the company achieved total revenue of 1.206 billion yuan, with projections for 2025, 2026, and 2027 at 1.354 billion yuan, 1.599 billion yuan, and 1.922 billion yuan respectively, representing year-on-year growth rates of 12.2%, 18.1%, and 20.2% [5][7] - The net profit attributable to shareholders is projected to increase from 547 million yuan in 2025 to 758 million yuan in 2027, with corresponding year-on-year growth rates of 9.0%, 14.4%, and 21.0% [5][10] - The earnings per share (EPS) is expected to rise from 4.44 yuan in 2025 to 6.15 yuan in 2027, with price-to-earnings (P/E) ratios decreasing from 22x in 2025 to 16x in 2027 [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 1.206 billion yuan in 2024, a year-on-year increase of 1.61%, and a net profit attributable to the parent company of 502 million yuan, up 1.96% year-on-year [2] - The company is facing pressure in the domestic market due to price adjustments of core products and the impact of centralized procurement [3] - The overseas market is experiencing rapid growth, with overseas revenue reaching 164 million yuan, nearly doubling year-on-year, and accounting for approximately 13.6% of total sales [4] - The company has implemented a stock incentive plan, indicating confidence in future growth, with projected net profits of no less than 600 million yuan in 2025 [4] Financial Performance Summary - In 2024, the company reported quarterly revenues of 358 million yuan, 429 million yuan, 182 million yuan, and 237 million yuan, with significant declines in the second half of the year [3] - The company expects revenues of 1.354 billion yuan, 1.599 billion yuan, and 1.922 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 12.2%, 18.1%, and 20.2% [5][7] - The projected net profit for 2025 is 547 million yuan, with a growth rate of 9.0%, and is expected to reach 758 million yuan by 2027, growing at 21.0% [5][10] - The company's earnings per share (EPS) are projected to be 4.44 yuan in 2025, 5.08 yuan in 2026, and 6.15 yuan in 2027 [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant operational growth in 2024, driven by new business developments and a strong performance in Q4 2024, with revenue reaching a record high [7][8] - The company has successfully expanded into new projects, including the seating frame and railway container sectors, contributing to a robust revenue increase of 50% year-on-year in 2024 [7] - 2025 is anticipated to be a pivotal year for the company, with key advancements in its core business and the potential for substantial breakthroughs in the automotive seating market [7] Financial Performance Summary - For 2024, the company achieved operating revenue of 2,276 million yuan, a year-on-year increase of 49.9%, and a net profit attributable to the parent company of 137 million yuan, also up by 50.3% [6][7] - The projected financials for 2025-2027 indicate continued growth, with net profits expected to reach 220 million yuan in 2025, 328 million yuan in 2026, and 436 million yuan in 2027, reflecting growth rates of 60.7%, 48.8%, and 32.9% respectively [6][7] - The company's gross margin for 2024 was reported at 17.3%, with expectations for gradual improvement in subsequent years [6][7] Business Development Insights - The company has made significant progress in its R&D capabilities, particularly in the automotive seating sector, with a fully equipped laboratory and a team of experienced professionals [7] - Ongoing collaborations with several well-known automotive manufacturers are expected to enhance the company's market position and product offerings [7] - The successful launch of new products, such as railway containers, demonstrates the company's ability to diversify and innovate within its operational framework [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady business progress, with a recent acquisition of a hospital expanding its medical service footprint [5][15] - The company's 2024 annual performance met expectations, with revenue of 1.559 billion RMB, a year-on-year increase of 6.01%, and a net profit of 115 million RMB, up 14.92% [12] - The acquisition of a 51% stake in Changsha Kexin Tumor Hospital for 357 million RMB is expected to enhance the company's medical service capabilities [5][15] - The company is focusing on a dual-driven strategy in medical services and medical devices, anticipating continued growth in both sectors [20] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 1.559 billion RMB, with a net profit of 115 million RMB, and a significant increase in operating cash flow by 36.44% to 259 million RMB [12] - The medical services segment generated 1.192 billion RMB in revenue, a 3.76% increase, while the medical devices segment saw a 14.05% increase to 367 million RMB [12][6] - The company expects revenues of 1.821 billion RMB, 2.114 billion RMB, and 2.308 billion RMB for 2025, 2026, and 2027 respectively, with corresponding net profits of 136 million RMB, 161 million RMB, and 188 million RMB [20][9] Acquisition and Expansion - The acquisition of Changsha Kexin Tumor Hospital is projected to add significant value, with performance commitments ensuring net profits of 57 million RMB, 58 million RMB, and 60 million RMB for 2025 to 2027 [5][15] - The hospital is a comprehensive tumor specialty facility, which will enhance the company's service offerings and operational synergies [15] Strategic Outlook - The company is embracing AI in its operations, developing a three-tier AI+medical framework to enhance service delivery and operational efficiency [16] - The strategic focus on both organic growth and acquisitions in the medical services and devices sectors is expected to drive sustainable growth [20]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to experience significant operational growth in 2024, driven by new business developments and a strong performance in Q4 2024, with a record high quarterly revenue [7][8] - The company has successfully expanded into new projects, including the chair frame and railway container sectors, which are anticipated to contribute significantly to revenue [7] - 2025 is identified as a critical year for fundamental changes in the company, with expectations for breakthroughs in the automotive seating business [7] Financial Performance Summary - For 2024, the company achieved a revenue of 2,276 million yuan, representing a year-on-year increase of 49.9%, and a net profit attributable to the parent company of 137 million yuan, also up by 50.3% [6][7] - The projected revenues for 2025, 2026, and 2027 are 2,812 million yuan, 3,621 million yuan, and 4,511 million yuan, respectively, with growth rates of 23.5%, 28.8%, and 24.6% [6][7] - The net profit attributable to the parent company is expected to reach 220 million yuan in 2025, 328 million yuan in 2026, and 436 million yuan in 2027, with growth rates of 60.7%, 48.8%, and 32.9% respectively [6][7] Key Financial Metrics - The gross margin for 2024 is reported at 17.3%, with expectations to improve to 18.5% in 2025 [6][7] - Return on equity (ROE) is projected to increase from 8.3% in 2024 to 16.2% by 2027 [6][7] - The price-to-earnings (P/E) ratio is expected to decrease from 32.13 in 2024 to 13.36 in 2027, indicating a potential increase in valuation attractiveness over time [6][7]

[Table_StockNameRptType] 一拖股份（601038） 公司点评 盈利端短期承压，坚定看好出海+行业大型高端化 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： | 2025-04-02 | | 570 收盘价（元） | 13.75 | | 近 12 个月最高/最低（元） | 20.49/13.03 | | 总股本（百万股） | 1123.65 | | 流通股本（百万股） | 731.71 | | 流通股比例（%） | 65.12 | | 总市值（亿元） | 154.50 | | 流通市值（亿元） | 100.61 | [公司价格与沪深 Table_Chart] 300 走势比较 -30% -20% -10% 0% 10% 20% 30% 一拖股份 沪深300 [分析师：张帆 Table_Author] 执业证书号：S0010522070003 邮箱：zhangfan@hazq.com 相关报告 ⚫ 投资建议 1.《国内农机领军者，立足中国，放眼 世界》2024-09-26 2.《业绩短期承压，看好未来长期发展》 2024-11-08 ...