证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] Q1 超预期，分红率提升 [Table_Title2] 格力电器(000651) [Table_Summary] 事件概述 公司发布 24 年年报&25 年一季报： 24 年：营业总收入 1900.38 亿元（YOY-7.31%），归母净利润 321.85 亿元（YOY+10.91%），扣非后归母净利润 301.00 亿元 （YOY+9.19%）。 24Q4：营业总收入 426.22 亿元（YOY-13.38%），归母净利润 102.24 亿元（YOY+14.55%），扣非后归母净利润 89.37 亿元 （YOY+7.02%）。 25Q1：营业总收入 416.39 亿元（YOY+13.78%），归母净利润 59.04 亿元（YOY+26.29%），扣非后归母净利润 57.17 亿元 （YOY+26.34%）。 分析判断 收入端：国补下 25Q1 空调实现较高增速。24 年全年消费电器/ 工业制品及绿色能源/智能装备/其他主营/其他业务分别同比- 4.29%/+0.80%/-36.68%/+122 ...

证券研究报告 | 2025年04月28日 好太太（603848.SH） 优于大市 2024 年报&2025 年一季报点评： 经营短期承压，期待以旧换新拉动收入与利润改善 外部需求疲软，公司经营短期承压。公司发布 2024 年报与 2025 年一季报， 2024 年实现收入 15.6 亿/-7.8%，归母净利润 2.5 亿/-24.1%，扣非归母净利 润 2.4 亿/-24.5%；其中 2024Q4 收入 4.9 亿/-14.7%，归母净利润 0.6 亿 /-34.7%，扣非归母净利润 0.5 亿/-42.3%，公司拟每 10 股派发现金红利 2.0 元。2025Q1 实现收入 2.6 亿/-11.4%，归母净利润 0.3 亿/-39.7%，扣非归母 净利润 0.3 亿/-42.9%。外部经济增长放缓、消费需求疲软，智能家居行业 整体承压，公司收入同比下滑；利润端由于行业竞争加剧，存在以价格战抢 占市场份额现象，叠加规模效应下降，整体盈利能力下滑。 2024 年智能家居产品销量增长 19.4%，均价下移影响收入。分产品看，2024 年智能家居业务收入 13.3 亿/-7.4%，销量 153.3 万套/+19.4 ...

证券研究报告 | 2025年04月28日 公牛集团（603195.SH） 优于大市 2024 年报&2025 年一季报点评： 全年收入利润双增，一季度延续稳健经营 2024 年收入利润双增，2025Q1 延续稳健增长。公司发布 2024 年报和 2025 年一季报，2024 年实现收入 168.3 亿/+7.2%，归母净利润 42.7 亿/+10.4%， 扣非归母净利润 37.4 亿/+1.0%；其中 2024Q4 收入 42.3 亿/+3.4%，归母净 利润 10.1 亿/-4.6%，扣非归母净利润 9.0 亿/-16.5%。2025Q1 收入 39.2 亿 /+3.1%，归母净利润 9.7 亿/+4.9%，扣非归母净利润 8.6 亿/+4.6%。2024 年 在消费疲软与地产压力下行业增长乏力，公司收入利润实现双增，基石主业 夯实，新业务快速成长，海外有序拓展；2025Q1 延续稳健增长态势。 电连接基本盘业务稳健增长，智能电工照明穿越周期，新能源实现跨越式增 长。1）2024 年电连接业务收入 76.8 亿/+4.0%，销量同比-0.98%，电连接作 为公司核心业务，持续推动产品焕新与细分场景创新，上市 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][9]. Core Views - The company achieved a revenue of 178.95 billion yuan in 2024, representing a year-on-year growth of 2.3%, while the net profit attributable to shareholders was 4.04 billion yuan, down 36.1% year-on-year [4][6]. - The decline in net profit relative to revenue growth is attributed to a decrease in gross profit margin to 14.61% from 15.89% and a significant increase in asset impairment losses [6]. - The company has focused on core cities, achieving a sales area of 9.36 million square meters and a sales amount of 219.3 billion yuan, ranking first in several key cities [6]. - The company has maintained a strong financial position with cash and cash equivalents of 100.35 billion yuan at the end of 2024, and its debt ratios are within safe limits [6]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023A: Revenue 175.01 billion yuan, Net Profit 6.32 billion yuan - 2024A: Revenue 178.95 billion yuan, Net Profit 4.04 billion yuan - 2025E: Revenue 166.78 billion yuan, Net Profit 4.34 billion yuan - 2026E: Revenue 159.94 billion yuan, Net Profit 4.79 billion yuan - 2027E: Revenue 163.30 billion yuan, Net Profit 5.41 billion yuan [3][7]. - Earnings Per Share (EPS) projections: - 2024A: 0.45 yuan - 2025E: 0.48 yuan - 2026E: 0.53 yuan - 2027E: 0.60 yuan [3][7]. Market Position and Strategy - The company has acquired 26 land parcels in 2024, with a total land price of approximately 48.6 billion yuan, focusing 90% of its investment in core cities [6]. - The company’s investment in first-tier cities accounted for 59% of total investments, indicating a strategic focus on urban development [6]. - The company is expected to outperform the market index by more than 15% over the next 6-12 months, reflecting confidence in its market position [9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][13] Core Views - The company is expected to achieve record high revenue and profit in 2024, driven by a new product cycle, affordable intelligent driving features, and continuous expansion in exports [3][7] - The first quarter of 2025 showed a revenue of 40.02 billion yuan, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.6% year-on-year [6][8] - The company is entering a new product cycle with multiple new models set to launch, which is anticipated to boost sales momentum starting from March 2025 [8][6] Financial Performance Summary - Revenue forecast for 2023A is 173.21 billion yuan, with a growth rate of 26% year-on-year; for 2024A, it is projected at 202.20 billion yuan, with a growth rate of 17% [4] - Net profit attributable to shareholders for 2023A is 7.02 billion yuan, with a year-on-year decrease of 15%; for 2024A, it is expected to rise to 12.69 billion yuan, an increase of 81% [4] - Earnings per share (EPS) for 2023A is 0.82 yuan, projected to increase to 1.48 yuan in 2024A [4] Sales and Market Dynamics - In Q1 2025, the company sold 257,000 vehicles, including 91,000 units sold overseas and 63,000 units of new energy vehicles, reflecting a year-on-year increase of 5.7% [6][8] - The company is focusing on expanding its market presence in regions such as Latin America, the Middle East, and Southeast Asia, alongside maintaining stable sales in Russia [8][6] Product and Innovation Strategy - The company plans to launch several new models across its five major brands, including Haval, Wey, Tank, Ora, and pickup trucks, with significant models expected in Q2 and Q3 of 2025 [8][6] - The introduction of affordable intelligent driving features in models priced below 200,000 yuan is expected to enhance competitiveness [8][6] Profitability and Valuation - The company’s gross margin for Q1 2025 was 17.8%, a decrease of 2.2 percentage points year-on-year, while the net profit margin was 4.4%, down 3.2 percentage points [6][8] - The projected P/E ratios for 2025E, 2026E, and 2027E are 14.5X, 12.6X, and 11.3X respectively, indicating a favorable valuation outlook [4][8]

公司研究 汇兑损益影响当期业绩，To C 业务营收占比提升显著 ——润丰股份（301035.SZ）2024 年报及 2025 一季报点评 增持（维持） 当前价：54.72 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com 分析师：周家诺 2025 年 4 月 28 日 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 市场数据 | 总股本(亿股) | 2.81 | | --- | --- | | 总市值(亿元)： | 153.64 | | 一年最低/最高(元)： | 35.53/63.50 | | 近 3 月换手率： | 23.72% | 股价相对走势 -30% -17% -4% 8% 21% 04/24 07/24 10/24 01/25 润丰股份 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 0.12 | 12.12 | -7.67 | | 绝对 | -3.15 ...

证 券 研 究 报 告 皖通高速（600012）深度研究报告 推荐（首次） 公路上市公司市值管理典范——看皖通市值 管理"三要素" [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,092 | 6,738 | 6,877 | 7,326 | | 同比增速(%) | 6.9% | -5.0% | 2.1% | 6.5% | | 归母净利润(百万) | 1,669 | 1,864 | 1,990 | 1,940 | | 同比增速(%) | 0.5% | 11.7% | 6.8% | -2.5% | | 每股盈利(元) | 1.01 | 1.12 | 1.20 | 1.17 | | 市盈率(倍) | 17 | 16 | 15 | 15 | | 市净率(倍) | 2.2 | 1.7 | 1.9 | 1.8 | 资料来源：公司公告，华创证券预测注：股价为 2025 年 4 月 25 日收盘价 公司研究 公路 2025 年 04 月 28 日 目 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company demonstrates operational resilience and is actively expanding its overseas business and integrating AI technology [3] - The company is a leading player in the domestic mattress industry, benefiting from increasing consumer acceptance of mid-to-high-end soft bed products [5] - The company plans to distribute a cash dividend of 10.0 yuan per 10 shares, totaling an expected cash dividend distribution of 394 million yuan [2] Financial Performance Summary - In 2024, the company achieved revenue of 5.603 billion yuan, a year-on-year increase of 0.43%, and a net profit of 767 million yuan, a year-on-year decrease of 4.36% [2] - The company's cash flow from operating activities was 1.091 billion yuan, a year-on-year decrease of 43.63% [2] - The gross margin for 2024 was 50.08%, a decrease of 0.21 percentage points year-on-year, while the net margin was 13.70%, a decrease of 0.69 percentage points year-on-year [4] Product and Market Analysis - The company's main business in furniture manufacturing generated revenue of 5.522 billion yuan in 2024, contributing 98.56% to total revenue [3] - The mattress segment achieved revenue of 2.679 billion yuan, a year-on-year increase of 3.78%, while the bed frame segment saw a slight decrease in revenue [3] - The company reported a 61.07% increase in overseas revenue, reaching 155 million yuan, indicating successful overseas market expansion [3] Future Outlook - The company has adjusted its revenue forecasts for 2025-2027 to 6.017 billion yuan, 6.436 billion yuan, and 7.011 billion yuan respectively [5] - Earnings per share (EPS) estimates for 2025-2027 are adjusted to 1.99 yuan, 2.15 yuan, and 2.30 yuan respectively [5] - The company is expected to maintain a stable gross margin around 51.1% in 2025 [7]

证券研究报告 医药生物 | 医药商业 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 28 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 梁裕 liangyu@huayuanstock.com | 基本数据 | 月 | | 年 | 04 | 25 | 日 | | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 18.17 | | | | | | | 一 年 | | 高 | | | | | 最 | | / | 低 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | 9,550.50 | | | | | | | 流通市值（百万元） | | | | | 9,549.28 | | | | | | | 总股本（百万股） | | | | | | | | | | | | 资产负债率（%） | | | | | 62.84 | | | | | ...