证券研究报告 | 公司点评 | 个护用品 润本股份(603193) 报告日期：2025 年 05 月 06 日 业绩符合预期，扩产品+拓渠道，双轮驱动业绩高增 ——润本股份 2024 年年报和 2025 年一季报点评报告 投资要点 ❑ 业绩概览：符合预期，25Q1 营收+44%，归母净利+25% 1）24 年营收+28%，归母净利+33%。营收 13.2 亿（+28%，以下均为同比），归 母净利 3 亿（+33%），扣非归母净利 2.9 亿（+32%）。 2）25Q1 符合预期，营收+44%，归母净利+25%。营收 2.4 亿（+44%），归母净 利 0.4 亿（+25%），扣非归母净利 0.39 亿（+23%）。利润主要受利息费用和上市 补贴减少影响。 ❑ 强研发+自有工厂保障新品迭代速度，25 年防晒和青少年护理等新品放量可期 1）驱蚊和婴童护理新品迭代速度快。目前婴童防晒核心单品透明防晒啫喱已推 出，主打肤感温和、8H 保湿，且价格较低，SPF30（50ml/49.9 元）。此外公司针 对青少年系列洗护产品亦即将推出。 ❑ 产品升级成效显著，25Q1 净利率下滑短期受财务费用及政府补助影响。 1）24 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 3.08 billion yuan in Q1 2025, a year-on-year decrease of 1.9%, with net profit attributable to shareholders at 210 million yuan, down 38.2% year-on-year [1] - The decline in revenue is attributed to weaker performance in the franchise business compared to direct sales, influenced by an earlier Chinese New Year affecting wholesale business [2] - Increased expenditure on marketing and store openings has temporarily pressured profit margins, but this strategy is expected to support long-term growth [3] - The company anticipates revenue growth from 2025 to 2027, with projected revenues of 14.89 billion yuan, 15.75 billion yuan, and 16.55 billion yuan, respectively, reflecting growth rates of 1.8%, 5.8%, and 5.1% [4] Summary by Sections Financial Performance - In Q1 2025, the gross margin was 47.0%, with an increase in sales expense ratio to 28.6% due to heightened advertising during the Spring Festival [3] - The company experienced a significant increase in inventory, up 29.4% year-on-year to 3.35 billion yuan, leading to a decrease in operating cash flow by 81.7% to 150 million yuan [3] Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2025, 2026, and 2027 is 1.10 billion yuan, 1.20 billion yuan, and 1.31 billion yuan, respectively, with growth rates of -3.0%, +9.0%, and +8.6% [4] - The company maintains a strong brand presence with its main brands, Balabala and Semir, and is expected to benefit from ongoing store expansions and organizational changes [4]

万华化学(600309)公司更新 事件动态 ❑ 4 月 15 日，公司发布 2024 年报：2024 年，公司实现营业收入 1820.69 亿元，同 比+3.83%；实现归母净利润 130.33 亿元，同比-22.49%；加权平均净资产收益率 为 14.29%，同比减少 6.13 个百分点。销售毛利率 16.16%，同比减少 0.63 个百 分点；销售净利率 8.12%，同比减少 2.32 个百分点。 其中，2024Q4 实现营收 344.65 亿元，同比-19.49%，环比-31.80%；实现归母净 利润 19.40 亿元，同比-52.83%，环比-33.55%；平均净资产收益率为 2.07%，同 比减少 2.69 个百分点，环比减少 1.09 个百分点。销售毛利率 19.51%，同比增加 2.65 个百分点，环比增加 6.11 个百分点；销售净利率 7.23%，同比减少 3.15 个 百分点，环比增加 0.64 个百分点。 ❑ 4 月 15 日，公司发布 2025 年一季报，2025Q1 实现营收 430.68 亿元，同比- 6.70%，环比+24.96%；实现归母净利润 30.82 亿元，同比-25.8 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to reduce losses in its direct-operated stores, while its light-asset business is accelerating growth [1] - The company has invested in 11 new direct-operated hotels, with 10 already opened, but these new hotels are currently incurring losses due to high initial costs [5] - The company is expanding its franchise business and has initiated strategic partnerships to enhance growth [5] Financial Summary - For 2024, the company is projected to achieve operating revenue of 675.85 million yuan, a year-on-year increase of 26.57%, and a net profit attributable to shareholders of 25.20 million yuan, a year-on-year decrease of 17.43% [5] - In Q1 2025, the company reported operating revenue of 162 million yuan, a year-on-year increase of 1.29%, but a net profit attributable to shareholders of 3 million yuan, a year-on-year decrease of 38.70% [5] - The company anticipates operating revenues of 798.35 million yuan in 2025, 1,030 million yuan in 2026, and 1,303.13 million yuan in 2027, with corresponding net profits of 62.45 million yuan, 127.55 million yuan, and 236.20 million yuan respectively [5] Operational Metrics - The occupancy rate (OCC), average daily rate (ADR), and revenue per available room (RevPAR) for direct-operated stores in 2024 are expected to be 63.7%, 483 yuan, and 308 yuan, respectively, showing declines compared to the previous year [5] - In Q1 2025, these metrics further declined to 56.5% for OCC, 471.8 yuan for ADR, and 266.6 yuan for RevPAR [5] Growth Strategy - The company is launching a franchise model to diversify its business and reduce costs, with plans to open its brands for franchise in 2025 [5] - Strategic partnerships are being formed, including a collaboration with Hilton Hotels Group and a membership system with Jin Yi Hotels [5] - The company is exploring heavy asset fund business models and hotel asset securitization [5]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company achieved a revenue of 924 million yuan in 2024, representing a year-on-year increase of 33%, while the net profit attributable to shareholders was 171 million yuan, down 23% year-on-year [1] - In Q1 2025, the company reported a revenue of 68.36 million yuan, a 5% increase year-on-year, and a net loss of 13.78 million yuan, an improvement from a loss of 27.31 million yuan in the same period last year [1] - The subsidiary, Di Ai Si, exceeded its performance commitment with a revenue of 730 million yuan in 2024, up 21% year-on-year, and a net profit of 88.23 million yuan, up 61% year-on-year [1] Summary by Sections Financial Performance - The company's gross margin for 2024 was 33%, a decrease of 0.46 percentage points year-on-year, while the net profit margin was 18.48%, down 11.26% year-on-year [1] - The company expects investment income to recover as the optical fiber market rebounds, projecting a total investment income of 127 million yuan for the year, down 48% year-on-year [1] - Forecasted net profits for 2025-2027 are 295 million yuan, 417 million yuan, and 576 million yuan, respectively, with a corresponding PE ratio of 25X for 2025 [4] Business Expansion - The company is expanding its market presence in smart city projects, particularly in smart policing and emergency response systems, leveraging AI to enhance system capabilities [2] - The domestic low-orbit satellite business is accelerating, with the company actively participating in ground station and terminal projects, aiming to enhance overall profitability [3]

证券研究报告 内需持续回暖，关注分红提升 ——交运行业24年报及25一季报业绩综述 行业评级：看好 2025年5月5日 分析师 李丹 分析师 李逸 邮箱 Lidan02@stocke.com.cn 邮箱 Liyi01@stocke.com.cn 证书编号 S1230520040003 证书编号 S1230523070008 研究助理 张梦婷 摘要 1、航运：集运表现亮眼，油运干散承压 2、红利：高速公路25Q1车流回升，港口集装箱业务表现亮眼，铁路客运稳健、货运承压 2 • 集运：受俄乌冲突升级、红海局势影响、贸易摩擦加剧、及集运新联盟的诞生等多重复杂因素扰动，全球供应链的脆弱性凸显， 24全年及25年开年，欧线、美线等长航线集运市场表现亮眼。24年下半年，受关税摩擦加剧的预期影响，东南亚集运市场运 价开始上行，带动亚太区域集运市场走强。在此期间，中远海控、海丰国际、锦江航运、德翔海运等标的业绩表现突出。 添加标题 95% • 油运&干散：24年呈现前高后低走势，25年油运有望持续走强。24年上半年，受红海事件影响、巴拿马运河干旱等因素影响， 关键航线运距拉长，致船舶周转率下降，推升了原油轮、成品油轮、干散货 ...

证券研究报告 焦煤库存下降，等待动力煤需求好转 ——煤炭行业周报（5月第1周） 行业评级：看好 2025年5月5日 分析师 樊金璐 分析师 程镱 邮箱 fanjinlu@stocke.com.cn 邮箱 chengyi02@stocke.com.cn 电话 13466717654 电话 18611864599 证书编号 S1230525030002 证书编号 S1230524100002 摘要 1.煤炭板块收跌，跑输沪深300指数。 4月28日-30日，中信煤炭行业收跌2.19%，沪深300指数下跌0.43%，跑输沪深300指数1.76个百分点。全板块整周8只股价上涨，28只下跌，1只持平。 金能科技涨幅最高，整周涨幅为12.27%。 2.重点煤矿周度数据：中国煤炭运销协会数据，2025年4月25日-2025年4月29日，重点监测企业煤炭日均销量为724万吨，周环比持平，年同比减少1.9%。其中，动力煤周日均销量与上周 持平，炼焦煤销量较上周增加4.6%，无烟煤销量较上周减少5.7%。截至2025年4月29日，重点监测企业煤炭库存总量（含港存）3307万吨，周环比减少0.8%，年同比增加32.6%。今年以来， ...

证券研究报告 | 行业周报 | 食品饮料 白酒 Q1 表现稳健，零食领衔食品增长 ——食饮行业周报（2025 年 5 月第 1 期） 投资要点 食饮观点：当前内需配置价值彰显，关注财报较优且基本面势能延续的标 的，新消费继续首推零食，传统消费优选业绩见底有望向上标的。我们维持 此前强调的"在内需避风港钓鱼"观点，并强调该阶段应该重点布局行业龙 头个股；白酒板块 2025 年或为新旧周期转换年，关注基本面业绩较好或公 司改革有望见成效的龙头标的；大众品短期关注零食公司或在山姆等会员店 上架新品的投资机会，关注盐津铺子、甘源食品、有友食品，持续推荐啤酒 饮料旺季备货、零售变革大年和成本周期带来的食饮投资机会。 白酒板块：白酒板块当前仍处低位，且一季报或为全年低点，当前位置持续 推荐，优选品牌势能较强、库存更早出清、目标增速合理的酒企。当前关税 等外部不确定性加剧，以白酒为代表的内需配置价值彰显，政策及地产企稳 催化下或迎白酒结构牛市，推荐攻守兼备两条主线。重视"势能延续"、"低 基数修复"两条主线：①势能延续的确定性：高端酒推荐贵州茅台/五粮液， 次高端及区域酒推荐古井贡酒/山西汾酒/今世缘/迎驾贡酒；②低基数修 ...

证券研究报告 | 浙商早知道 2025 年 05 月 06 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 重要点评 【浙商银行 梁凤洁/徐安妮/陈建宇/周源】银行 行业深度：Q1 财报揭示哪些经营线索？——20250504 报告日期：2025 年 05 月 06 日 浙商早知道 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 浙商早报 1 重要点评 1.1 【浙商银行 梁凤洁/徐安妮/陈建宇/周源】银行 行业深度：Q1 财报揭示哪些经营线索？—— 20250504 1、主要事件 25Q1 银行业绩披露 2、简要点评 业绩概览：25Q1 上市银行业绩符合预期。整体来看，25Q1 上市行营收利润增速环比承压，一方面是 LPR 降息滞后性影响，另一方面是债市调整对营收形成拖累。25Q1 上市银行营收、利润同比-1.7%、-1.2%，增速 较 24A 回落 1.8pc、3.5pc。背后驱动因素来看， 25Q1 息差对营收拖累边际改善，税收对利润贡献增强，成本 拖累改善；非息增长放缓拖累营收，减 ...

投资要点 重庆啤酒(600132) 报告日期：2025 年 05 月 04 日 Q1 业绩略超预期，吨成本改善亮眼 ——重庆啤酒 25Q1 业绩点评报告 ❑ 事件：公司 25Q1 年实现收入 43.55 亿元，同比+1.46%；实现归母净利润 4.73 亿元，同比+4.59%；实现扣非归母净利润 4.67 亿元，同比+4.74%。25Q1 收入 符合预期，业绩略超预期。 ❑ 25Q1 销量恢复增长，产品结构保持平稳 25Q1 公司啤酒业务实现营业收入 43.55 亿元（同比+1.46%），销量为 88.35 万吨 （同比+1.93%），吨价为 4804 元（同比-0.34%）。 分产品来看，25Q1 高档啤酒收入 26.03 亿元(同比+1.21%)、占比下降 0.23pct 至 61.33%；主流啤酒营收 15.50 亿元(同比+1.99%)、占比提升 0.71pct 至 36.52%； 经济档啤酒营收 0.91 亿元（同比+6.09%）、占比提升 0.09pct 至 2.14%。 我们预计 25Q1 产品结构表现延续 24 年趋势，预计嘉士伯、大理、风花雪月、 乐堡等表现较优，乌苏、重庆略有承压。 ❑ 区 ...