丨证券研究报告丨 %% %% %% %% research.95579.com 联合研究丨公司点评丨九号公司-WD（689009.SH） [Table_Title] 业务多点开花，经营性利润延续高增 报告要点 [Table_Summary] 公司发布 2025 年一季报：2025 年一季度公司实现营业收入 51.12 亿元，同比增长 99.52%， 实现归母净利润 4.56 亿元，同比增长 236.22%，实现扣非归母净利润 4.36 亿元，同比增长 207.51%。 分析师及联系人 [Table_Author] 陈亮 高超 SAC：S0490517070017 SAC：S0490516080001 SFC：BUW408 SFC：BUX177 请阅读最后评级说明和重要声明 1 九号公司-WD（689009.SH） cjzqdt11111 [Table_Title2] 业务多点开花，经营性利润延续高增 [Table_Summary2] 事件描述 公司发布 2025 年一季报：2025 年一季度公司实现营业收入 51.12 亿元，同比增长 99.52%， 实现归母净利润 4.56 亿元，同比增长 236.22%， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 24.71 billion yuan in 2024, representing a year-on-year increase of 41.14%. The net profit attributable to shareholders was 2.11 billion yuan, up 30.93% year-on-year, and the net profit after deducting non-recurring items was 1.89 billion yuan, an increase of 40.50% year-on-year. In Q4 2024, the company recorded a revenue of 8.26 billion yuan, a year-on-year increase of 44.41%, with a net profit of 643 million yuan, up 60.06% year-on-year [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 5.99 billion yuan, a year-on-year increase of 36.91%, with a net profit of 496 million yuan, up 59.57% year-on-year. The company declared a cash dividend of 15 yuan per 10 shares, corresponding to a dividend payout ratio of 37.70% [2][4]. Revenue Growth - The company's revenue growth was driven by a focus on strategic product categories, with revenue from charging and energy storage, smart innovation, and smart audio categories increasing by 47.23%, 39.53%, and 32.84% respectively in 2024. The charging and energy storage segment saw a significant increase, with digital charging and energy storage revenues growing by 28% and 184% respectively [10]. Profitability - The company's gross margin for 2024 was 43.67%, a slight increase of 0.14 percentage points year-on-year. The gross margin for the charging and energy storage segment decreased by 0.80 percentage points, while the smart audio segment saw an increase of 1.88 percentage points. The overall net profit margin for 2024 was 8.6% [10]. Future Projections - The company is expected to achieve net profits of 2.51 billion yuan, 3.05 billion yuan, and 3.69 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 18.84, 15.47, and 12.80 [10].

报告要点 [Table_Summary] 公司 2024 年实现营业收入 34.93 亿元，同比增长 7.72%；归属净利润 2.40 亿元，同比增长 26.45%；扣非后归属净利润 2.29 亿元，同比增长 25.25%。2025Q1 实现营业收入 6.68 亿元， 同比增长 1.45%；归属净利润 0.36 亿元，同比减少 8.07%；扣非后归属净利润 0.33 亿元，同 比增长 5.71%。 分析师及联系人 [Table_Author] 丨证券研究报告丨 公司研究丨点评报告丨利柏特（605167.SH） [Table_Title] 24 年业绩快速释放，扩产彰显增长信心 SAC：S0490520080022 SAC：S0490522060005 SFC：BUT917 张弛 张智杰 袁志芃 龚子逸 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 利柏特（605167.SH） cjzqdt11111 [Table_Title2] 24 年业绩快速释放，扩产彰显增长信心 [Table_Summary2] 事件描述 公司 2024 年实现营业收入 34.93 亿元 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - In the short term, the company has ample sellable land reserves, which will support future sales once market demand improves [2][11]. - In the long term, the industry supply structure is optimizing, and the company is expected to focus on its home base in Zhuhai, deepen its presence in core cities, and pursue quality growth through solid investments [2][11]. - The company is actively repurchasing shares for employee stock ownership plans or equity incentives, effectively aligning shareholder interests with management interests, having repurchased 4.67 million shares (0.17% of total share capital) by the end of March 2025 [2][11]. Financial Performance - In Q1 2025, the company achieved operating revenue of 18.48 billion (up 164.1%), but the net profit attributable to shareholders decreased by 45.4% to 190 million, with a non-recurring net profit of 180 million (down 45.9%) and a comprehensive gross margin of 8.8% (down 6.2 percentage points) [6][11]. - The company's total sales in Q1 2025 reached 29.49 billion (up 44.8%), with a sales area of 1.082 million square meters (up 58.0%) and an average sales price of 27,000 per square meter (down 8.3%) [11]. - The company maintained a strong sales ranking, moving up two places to 8th nationally according to CRIC [11]. Land Acquisition and Investment - In Q1 2025, the company acquired one project in Chengdu, with a total land acquisition amount of 1.99 billion (down 65.3%) and a land area of 79,000 square meters (down 14.7%) [11]. - The company has been cautious in land investments, with a year-on-year decline in both the amount and area of land acquired [11]. - As of the end of 2024, the company had unsold land reserves of 1.212 million square meters, ensuring sufficient inventory for future sales [11].

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company reported Q1 2025 revenue of 19.147 billion yuan, a year-on-year decrease of 27.9%, while achieving a net profit attributable to shareholders of 748 million yuan, a significant increase of 240.6% year-on-year [2][4]. - The launch of new vehicles is expected to accelerate, with the company pushing for a listing in Hong Kong, leading to continuous marginal improvements [10]. - The projected net profit attributable to shareholders for 2025-2027 is 10.423 billion, 12.660 billion, and 14.886 billion yuan, respectively, with current market capitalization corresponding to valuations of 20.42, 16.81, and 14.30 times [2][10]. Summary by Sections Financial Performance - Q1 2025 revenue was 19.147 billion yuan, down 27.9% year-on-year and down 50.3% quarter-on-quarter. Vehicle sales reached 68,000 units, down 40.1% year-on-year and down 46.4% quarter-on-quarter. The average revenue per vehicle was 280,100 yuan, an increase of 4,740 yuan year-on-year [10]. - The gross margin for Q1 2025 was 27.6%, up 6.10 percentage points year-on-year, while the net profit margin was 3.9%, up 3.08 percentage points year-on-year [10]. - The company’s expense ratio was 22.1%, with stable cost control across sales, management, R&D, and financial expenses [10]. Market Outlook - The company is set to launch several new models, including the M5/M9 facelift in March and the M8 in April, which is expected to alleviate the current market hesitation and boost sales [10]. - The M8 has already received over 60,000 pre-orders, and total sales are anticipated to exceed 120,000 units in Q2, enhancing the company's annual sales outlook [10]. - The upcoming M7 facelift and the rollout of Huawei's ADS 4.0 version are expected to further strengthen the company's competitive edge in smart vehicles [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's revenue growth for Q1 2025 is -1.0%, while the net profit attributable to shareholders shows a growth of +1.5%, indicating a positive profit growth that outperforms the average of major banks [2][6]. - Net interest income has increased by +2.5%, continuing its positive growth since 2024, primarily due to the stabilization of interest margin declines [2][6]. - Non-interest income has decreased by -6.8%, with a notable decline in fee income of -2.4%, although the decline is expected to stabilize with a recovery in wealth management-related business [2][6]. - The asset quality remains stable, with a non-performing loan (NPL) ratio decreasing by 1 basis point to 1.30% at the end of Q1, and the provision coverage ratio decreasing by 1.5 percentage points to 200% [2][6]. Summary by Relevant Sections Financial Performance - Q1 2025 revenue growth is -1.0%, while net profit growth is +1.5%, outperforming major banks [2][6]. - Net interest income growth is +2.5%, with continuous positive growth since 2024, attributed to the stabilization of interest margin declines [2][6]. - Non-interest income decreased by -6.8%, with fee income down by -2.4%, but a recovery in wealth management income is anticipated [2][6]. Asset Quality - The NPL ratio decreased by 1 basis point to 1.30% at the end of Q1, indicating stable asset quality [2][6]. - The provision coverage ratio is at 200%, reflecting a stable provisioning environment [2][6]. Investment Outlook - The company is characterized as a stable dividend asset with high dividend yields and low valuation, with expected dividend yields of 4.3% for A shares and 5.2% for H shares over the next year [2][6]. - The current price-to-book (PB) ratios for A and H shares are 0.57x and 0.48x, respectively, reinforcing the investment appeal [2][6].

Investment Rating - The investment rating for Chengdu Bank is "Buy" and is maintained [9] Core Views - Chengdu Bank's revenue growth for 2024 is projected at 5.9%, with a net profit growth of 10.2%, driven by a recovery in interest income [2][6] - For Q1 2025, revenue growth is expected to be 3.2%, and net profit growth is anticipated at 5.6%, primarily due to a high base effect on interest income [2][6] - The bank's loan growth is expected to lead the industry, with a year-end loan growth of 18.7% for 2024 and 8.8% for Q1 2025, focusing on government-related business [2][6] Summary by Sections Financial Performance - Chengdu Bank's 2024 revenue growth is 5.9%, with a quarterly growth of 14.8% in Q4. The net profit growth for the same year is 10.2%, with a quarterly growth of 8.7% in Q4 [2][6] - For Q1 2025, revenue growth is 3.2%, and net profit growth is 5.6%, influenced by a high base from the previous year [2][6] Asset Quality - The non-performing loan (NPL) ratio at the end of 2024 and Q1 2025 is 0.66%, with a provision coverage ratio of 479% and 456% respectively, indicating strong asset quality [2][6] Interest Income - Interest income for 2024 is expected to grow by 4.6%, with a significant recovery in the second half of the year. For Q1 2025, interest income growth is projected at 3.7%, affected by a high base from the previous year [2][6] Loan and Deposit Growth - Loan growth for 2024 is projected at 18.7%, with significant increases in corporate and retail loans. For Q1 2025, loan growth is expected to be 8.8% [2][6] - Total deposits are expected to grow by 13.2% in 2024, with personal deposits increasing by 23.8% [2][6] Net Interest Margin - The net interest margin for 2024 is projected at 1.66%, with expectations of stabilization in the second half of the year. The decline in funding costs is anticipated to support margin recovery [2][6] Investment Recommendations - The bank's strong asset quality and clear dividend yield advantage are highlighted, with a dividend payout ratio of 29% for 2024, corresponding to a dividend yield of 5.2% [2][6]

丨证券研究报告丨 公司研究丨点评报告丨古井贡酒（000596.SZ） [Table_Title] 古井贡酒 2024 年年报及 2025 年一季报点评： 一季度顺利实现开门红，盈利能力持续提升 报告要点 [Table_Summary] 公司 2024 年营业总收入 235.78 亿元（同比+16.41%）；归母净利润 55.17 亿元（同比+20.22%）。 公司 2024Q4 营业总收入 45.09 亿元（同比+4.85%）；归母净利润 7.71 亿元（同比-0.74%）。 公司 2025Q1 营业总收入 91.46 亿元（同比+10.38%）；归母净利润 23.3 亿元（同比+12.78%）。 分析师及联系人 [Table_Author] SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 董思远 徐爽 朱梦兰 石智坤 伍爽 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 古井贡酒（000596.SZ） cjzqdt ...

丨证券研究报告丨 [Table_Author] SAC：S0490517070016 SAC：S0490520030001 SAC：S0490522050003 SAC：S0490522090002 SFC：BQK487 SFC：BVF934 公司研究丨点评报告丨洋河股份（002304.SZ） [Table_Title] 洋河股份 2024 年年报及 2025 年一季报点评： 延续去库存节奏，关注公司战略调整 报告要点 [Table_Summary] 公司 2024 年营业总收入 288.76 亿元（同比-12.83%）；归母净利润 66.73 亿元（同比-33.37%）。 公司 2024Q4 营业总收入 13.6 亿元（同比-52.17%）；归母净利润-19.05 亿元（同比扩亏）。公 司 2025Q1 营业总收入 110.66 亿元（同比-31.92%）；归母净利润 36.37 亿元（同比-39.93%）。 分析师及联系人 董思远 徐爽 朱梦兰 石智坤 伍爽 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 洋河股份（002304.SZ） cjzqdt1111 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [2] Core Insights - The company has shown steady revenue growth with a 2024 revenue of 15.197 billion yuan, reflecting an 11.9% year-on-year increase. The net profit attributable to shareholders was 1.325 billion yuan, up 4.28% year-on-year [5][8] - The yeast business remains a strong growth driver, while the sugar business is being accelerated for divestment. In 2024, revenue from yeast and deep processing was 10.854 billion yuan, a 14.19% increase year-on-year, while the sugar segment saw a decline of 26.05% [6][8] - The company is experiencing a recovery in gross margin, with a gross margin of 23.52% in 2024, slightly down from the previous year. The first quarter of 2025 saw a gross margin of 25.97%, indicating a positive trend [7][8] Financial Performance Summary - For 2024, the company achieved a total revenue of 15.197 billion yuan, with a projected revenue of 17.049 billion yuan for 2025, representing a 12.19% growth. The net profit for 2025 is expected to be 1.651 billion yuan, a 24.62% increase [10][11] - The earnings per share (EPS) for 2025 is projected to be 1.90 yuan, with corresponding price-to-earnings (P/E) ratios of 19 for 2025, 16 for 2026, and 14 for 2027 [8][10]