Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [6][17]. Core Insights - The company reported a revenue of 5.245 billion in Q1 2025, a year-on-year decrease of 4.4%, and a net profit attributable to shareholders of 318 million, down 16.2% year-on-year. The gross margin improved to 20.65%, an increase of 0.5 percentage points [1][5]. - The company is actively promoting IP and overseas business development, with expectations for operational improvements as the external business environment stabilizes [1][2]. - The traditional core business revenue was approximately 2.05 billion, reflecting a decline of about 5% due to a weak external environment, but the company is focusing on product enhancement and multi-channel strategies [2][3]. Summary by Sections Q1 2025 Performance - The company achieved a revenue of 5.245 billion, with a net profit of 318 million, and a non-recurring net profit of 281 million, showing declines of 16.2% and 14.2% respectively year-on-year [1]. - The gross margin was 20.65%, with a net profit margin of 6.07%, indicating a slight decrease of 0.9 percentage points [1]. Product Revenue Breakdown - Writing tools generated 564 million in revenue, down 0.07%, with a gross margin of 43.78% - Student stationery revenue was 803 million, down 5.99%, with a gross margin of 35.63% - Office stationery revenue was 849 million, down 5.60%, with a gross margin of 28.48% [1]. Traditional Core Business - The traditional business revenue, excluding specific segments, was about 2.05 billion, down approximately 5%. The company is enhancing product capabilities and expanding its multi-channel layout [2]. Online and Overseas Business - Online revenue for the company reached 310 million, a year-on-year increase of 25%, driven by strategic partnerships and product line expansions [2]. - The overseas market continues to grow rapidly, with a focus on meeting diverse consumer needs [2]. KeliPu Segment - KeliPu's revenue was 2.79 billion, down 5.32% due to high base effects and delays in product launches. The focus will be on developing core and proprietary products and expanding the customer base [3]. Retail Stores - The revenue from retail stores was 401 million, up 8.03%, with a total of 792 retail stores nationwide, an increase of 13 from the previous year [4]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted to 1.56 billion, 1.74 billion, and 1.94 billion respectively, with corresponding PE ratios of 18X, 16X, and 15X [5].

2025 年 05 月 07 日 改性塑料产销高增，产业链整合稳固龙头地位 —金发科技（600143.SH）公司事件点评报告 买入(首次) 事件 金发科技发布年度业绩报告：2024 年全年实现总营业收入 605.14 亿元，同比增长 26.23%；实现归母净利润 8.25 亿 元，同比增长 160.36%。Q4 单季度实现营收 200.50 亿元，同 比增长 46.88%，环比增长 17.13%；实现归母净利润 1.42 亿 元，同比增长 184.48%，环比下滑 53.31%。2025 年 Q1 单季 度实现营收 156.66 亿元，同比增长 49.06%；实现归母净利 润 2.47 亿元，同比增长 138.20%。 投资要点 公 司 研 究 分析师：张伟保 S1050523110001 ▌ 改性塑料龙头地位稳固，新材料多板块协同发展 金发科技是全球化工新材料行业产品种类最为齐全的企业之 一，同时是全球规模最大、产品种类最为齐全的改性塑料生 产企业。2024 年公司改性塑料销量再创新高，改性塑料产销 量 分别为 266.07/255.15 万吨，同比 分 别 增 长 23.71%/20.78%；改性塑料贡献 ...

证券研究报告：交通运输 | 公司点评报告 发布时间：2025-05-07 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 13.08 | | --- | --- | | 总股本/流通股本（亿股）34.47 | / 34.47 | | 总市值/流通市值（亿元）451 | / 451 | | 52 周内最高/最低价 | 18.09 / 12.34 | | 资产负债率(%) | 33.3% | | 市盈率 | 11.23 | | 第一大股东 | 上海圆通蛟龙投资发展 | | (集团)有限公司 | | 公司全面广泛应用人工智能等先进技术，研发并升级智多星等系 统应用，提升全网管理决策效率，并搭建并完善智慧路由系统，实时、 动态计算和优化路由调整方案，进一步促进运输成本下降，提升干线 运输时效。2024 年公司核心成本同比进一步下降，全年单票运输成 本 0.42 元，同比下降 9.4%，单票中心操作成本 0.28 元，同比下降 5.4%。 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 圆通速递(600 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company has successfully expanded its direct customer base and is focusing on the progress of capacity release [1] - Revenue for 2024 is projected at 1.087 billion yuan, representing a 14% year-on-year increase, with a net profit of 111 million yuan, up 24% [1] - The company is expected to continue its positive operational trend due to the optimization of raw material costs and the implementation of capacity projects [10] Summary by Sections Financial Performance - In 2024, total revenue reached 1.087 billion yuan, with a net profit of 111 million yuan and a non-recurring net profit of 94 million yuan [1] - For Q4 2024, total revenue was 321 million yuan, a 30% increase year-on-year, while net profit slightly decreased by 1% [1] - Q1 2025 revenue was 240 million yuan, a 6% decrease year-on-year, with net profit dropping by 80% [1] Cost Management - The gross margin for 2024 and Q1 2025 decreased by 0.04 percentage points and 9 percentage points to 35.03% and 28.63%, respectively [2] - The company is implementing strategies such as structural price locking and direct supplier engagement to mitigate cost pressures [2] Product Development - Revenue from cream products in 2024 was 1.008 billion yuan, a 16% increase, with a gross margin of 35.48% [3] - The company is focusing on product structure upgrades and is expected to alleviate capacity bottlenecks with the second phase of investment projects set for completion in June [3] Sales Channels - Revenue from distribution channels in 2024 was 877 million yuan, a 6% increase, while direct sales revenue surged by 65% to 210 million yuan [4] - The company is actively helping distributors develop regional products to adapt to market trends [4] Market Expansion - The company achieved overseas revenue of 216 million yuan in 2024, a 17% increase, with expectations for continued double-digit growth in 2025 [9] Earnings Forecast - EPS for 2025-2027 is projected to be 1.31, 1.58, and 1.92 yuan, respectively, with corresponding PE ratios of 26, 21, and 18 times [10]

证券研究报告 [Table_StockAndRank] 裕同科技(002831) 公司研究 投资评级 上次评级 [Table_ReportType] 公司点评报告 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮 箱： jiangwenqiang@cindasc.com 相关研究 [Table_OtherReport] 裕同科技：手机以旧换新陆续铺开， AI 应用迭代加速，核心包装企业有望 受益 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 [Table_Title] 裕同科技：增长延续稳健，全球布局完善 [Table_ReportDate] 2025 年 05 月 07 日 [Table_S 事件：公司发布 ummary] 24&25Q1 业绩。公司 2024 年实现收入 171.57 亿元（同比 +12.7%），归母净利润 14.09 亿元（同比-2.1%），扣非归母净利润 15.14 亿 元（同比+1.3%）；单 24Q4 收入 48.98 亿元（同比+10.9%），归母净利 ...

| 基本数据 | 2025-05-06 | | --- | --- | | 当前股价（元） | 57.84 | | 总市值（亿元） | 193 | | 总股本（百万股） | 333 | | 流通股本（百万股） | 333 | | 52 周价格范围（元） | 40.18-82.9 | | 日均成交额（百万元） | 630.07 | 市场表现 -60 -40 -20 0 20 (%) 舍得酒业 沪深300 资料来源：Wind，华鑫证券研究 相关研究 2025 年 05 月 07 日 业绩表现承压，期待弹性恢复 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 | | 1、《舍得酒业（600702）：业绩短 期承压，期待企稳回升》2025-03- 24 2、《舍得酒业（600702）：调整期 业绩承压，发布回购方案彰显信 心》2024-10-29 3、《舍得酒业（600702）：利润不 及预期，短期去库释放压力》2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5]. Core Insights - The company reported a revenue of 6.518 billion yuan in 2024, a year-on-year increase of 10.48%, while the net profit attributable to the parent company was 194 million yuan, a decrease of 41.91% [2]. - In Q1 2025, the company achieved a revenue of 2.252 billion yuan, representing a year-on-year growth of 25.36%, and a net profit of 189 million yuan, up 44.38% year-on-year [2]. - The company has shown resilience in profitability with a gross margin of 22.93% in Q1 2025, an increase of 0.99 percentage points from Q4 [2]. Revenue and Profit Analysis - The company's jewelry brand business revenue grew by 13.34% year-on-year, with operating profit increasing by 12.83% [3]. - Traditional gold products saw a revenue increase of 30.21% year-on-year, reaching 2.949 billion yuan, with a gross margin of 9.10% [3]. - The fashion jewelry segment reported a slight decline in revenue, down 0.63% year-on-year, with a gross margin of 28.76% [3]. Channel and Market Expansion - The franchise business generated 3.284 billion yuan in revenue, a year-on-year increase of 32.35%, with a gross margin of 17.25% [4]. - The company opened new stores in Kuala Lumpur and Bangkok, marking its entry into the Southeast Asian market [4]. - The self-operated channel revenue decreased by 7.4% year-on-year, totaling 3.017 billion yuan, with a gross margin of 31.57% [4]. Financial Forecast - The company is positioned as a mid-to-high-end fashion consumer goods multi-brand operator, with projected EPS of 0.55, 0.64, and 0.76 yuan per share for 2025, 2026, and 2027 respectively [5]. - The expected PE ratios for the same years are 18, 15, and 13 times [5].

[Table_Reportdate] 2025年05月07日 公 司 简 评 食 品 饮 料 [Table_invest] 买入（维持） 报告原因：业绩点评 ➢ 风险提示：国内市场需求不及预期、食品安全风险、原材料价格波动风险。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 5,303.93 | 6,803.74 | 8,263.81 | 9,755.62 | | 同比增速(%) | 28.89% | 28.28% | 21.46% | 18.05% | | 归母净利润(百万元) | 639.95 | 846.85 | 1,046.18 | 1,271.18 | | 同比增速(%) | 26.53% | 32.33% | 23.54% | 21.51% | | EPS（元/股） | 2.35 | 3.10 | 3.83 | 4.66 | | 市盈率（P/E） | 37.22 | 28.12 | 22.77 | 18.74 | | 市净率（P/ ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [6][10]. Core Insights - The company reported a revenue of 24.34 billion yuan for 2024, a year-on-year decline of 9.67%, but achieved a net profit of 355 million yuan, marking a significant turnaround from previous losses. The feed business faced challenges, but the cost of pig farming showed a notable decrease, leading to improved performance [3][4]. - In Q1 2025, the company generated a revenue of 5.97 billion yuan, reflecting a year-on-year growth of 22.40%, although it still reported a net loss of 77.05 million yuan due to losses in the breeding business despite improved feed profitability [3][4]. Summary by Sections Company Overview - Latest closing price: 4.84 yuan - Total shares: 1.433 billion, with a market capitalization of 6.9 billion yuan - 52-week high/low: 7.24/4.52 yuan - Debt-to-asset ratio: 63.4% - Price-to-earnings ratio: 19.52 [2]. Feed Business Performance - In 2024, the feed business revenue decreased by 24.98% to 15.05 billion yuan, with sales volume and average price both declining. The company underwent a structural transformation to enhance competitiveness in key regions, resulting in a 12.26% increase in feed exports in Q1 2025 [4]. Pig Farming Business Performance - The pig farming segment achieved a revenue of 7.66 billion yuan in 2024, a year-on-year increase of 48.68%. The company adopted a "company + farmer" model, with pig output reaching 4.34 million heads in 2024, up 16.80% year-on-year. In Q1 2025, pig output was 1.26 million heads, a 33.31% increase [5]. - The company successfully reduced breeding costs, with the cost of fattening pigs decreasing by 1.59 yuan/kg and the cost of weaned piglets down by 46.34 yuan/head in 2024. However, in Q1 2025, pig prices fell again, leading to losses in the breeding business [5]. Financial Forecast and Valuation - The company is expected to see earnings per share (EPS) of 0.11 yuan, 0.12 yuan, and 0.71 yuan for the years 2025, 2026, and 2027, respectively. The report expresses optimism about the company's future prospects, maintaining the "Buy" rating [6][7].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [11] Core Insights - The company has shown steady growth in scale and improvement in asset quality, with a slight decline in profitability growth rates [5][9] - The first quarter of 2025 saw a year-on-year revenue decrease of 5.4% and a net profit decline of 3.99%, attributed to slower growth in non-interest income and increased provisions [5][6] - The company’s total assets grew by 7.7% year-on-year, with deposits increasing by 3.6% and loans by 7.9% [6] - The non-performing loan ratio decreased to 1.33%, while the provision coverage ratio increased to 236.8%, indicating improved asset quality [9][10] Financial Performance Summary - For the first quarter of 2025, the company reported operating revenue of 1900.7 billion yuan and a net profit of 833.5 billion yuan [4] - The estimated earnings per share (EPS) for 2025-2027 are projected to be 1.35, 1.40, and 1.44 yuan respectively, with corresponding price-to-book (PB) ratios of 0.66, 0.60, and 0.55 [11][13] - The company’s effective tax rate decreased to 10.5%, reflecting a favorable tax environment [8] Asset and Liability Management - The company’s interest margin decreased by 10 basis points to 1.41% in the first quarter of 2025, primarily due to a larger decline in asset yields compared to improvements in liability costs [7] - The loan balance increased by 1.18 trillion yuan in the first quarter, which is 6.8 billion yuan more than the same period last year [6] Future Projections - The company is expected to see a slight recovery in net profit growth rates, with projections of 3382 billion yuan in 2025, 3496 billion yuan in 2026, and 3591 billion yuan in 2027 [11][13] - The forecasted operating revenue for 2025 is 7354 billion yuan, reflecting a decrease of 2% from 2024 [13]