Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Views - The company is experiencing short-term performance pressure, but its marketing transformation is deepening, with a clearer strategic path [8] - The company aims for high-quality development through its "Four Transformations" strategy, focusing on internationalization, county-level expansion, youth engagement, and brand terminalization [8] - Revenue for 2024 is projected at 1.255 billion yuan, with a year-on-year growth of 3.69%, while net profit is expected to decline by 53% to 42 million yuan [8] Financial Data Summary - Total shares outstanding: 482 million [7] - Market capitalization: 4.338 billion yuan [7] - Revenue forecast for 2025: 1.314 billion yuan, with a growth rate of 4.7% [9] - Net profit forecast for 2025: 52 million yuan, with a growth rate of 23.9% [9] - Gross margin for 2024: 59.8% [9] - Net profit margin for 2024: 3.4% [9] - Earnings per share (EPS) for 2024: 0.09 yuan [9]

上 市 公 司 商贸零售 2025 年 04 月 25 日 红旗连锁 (002697) ——主业盈利平稳，积极探索技术赋能全链条运营 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 25 日 | | --- | --- | | 收盘价（元） | 6.36 | | 一年内最高/最低（元） | 7.58/4.10 | | 市净率 | 1.9 | | 股息率%（分红/股价） | 1.95 | | 流通 A 股市值（百万元） | 6,833 | | 上证指数/深证成指 | 3,295.06/9,917.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.40 | | 资产负债率% | 44.15 | | 总股本/流通 A 股（百万） | 1,360/1,074 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-25 05-25 06-25 07-25 08-25 09-25 10-25 11-25 12-25 01- ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a record high performance in 2024, with revenue of 8.51 billion yuan, a year-on-year increase of 8.53%, and a net profit of 2.19 billion yuan, up 59.74% year-on-year [2] - The first quarter of 2025 saw a decline in performance due to cost pressures, with revenue of 2.06 billion yuan, down 2.79% year-on-year, and a net profit of 361 million yuan, down 28.29% year-on-year [3] - The Moroccan project is expected to ramp up significantly in 2025, potentially producing 6-8 million tires, enhancing the company's global competitive position [4] Summary by Sections Financial Performance - In 2024, the company sold 30.49 million semi-steel tires, a 7.12% increase year-on-year, and 916,400 full-steel tires, a 15.52% increase year-on-year [2] - The average selling price in 2024 was 270.7 yuan per tire, a 1.1% increase year-on-year, contributing to a gross margin of 32.84%, up 7.63 percentage points year-on-year [2] - For Q1 2025, semi-steel tire sales were 7.16 million, down 1.6% year-on-year, and full-steel tire sales were 213,700, down 34.6% year-on-year [3] Cost and Margin Analysis - The cost of raw materials increased in Q1 2025, with synthetic rubber and natural rubber prices rising by 10.9% and 27.4% respectively [3] - The gross margin for Q1 2025 was 22.75%, down 8.57 percentage points year-on-year, and the net margin was 17.57%, down 6.25 percentage points year-on-year [3] Future Outlook - The Moroccan project is anticipated to enhance the company's production capacity and global presence, creating a "golden triangle" layout with operations in China, Thailand, and Morocco [4] - The company is focusing on high-end product development, having already gained recognition in the U.S. and European markets [4] - Profit forecasts for 2025 and 2026 have been adjusted to 1.93 billion yuan and 2.29 billion yuan respectively, with a projected net profit of 2.54 billion yuan in 2027 [5]

[Table_Main] 公司研究|可选消费|媒体Ⅱ 证券研究报告 视觉中国(000681)公司点评报告 2025 年 04 月 25 日 [Table_Title] 业绩稳健，AI 持续赋能 ——视觉中国（000681）2024 年年报及 2025 年一季报点评 [Table_Summary] 事件： 公司发布 2024 年年报及 2025 年一季报。 点评： Q1 业绩稳健增长，连续 8 年分红回馈股东 2024 年，公司实现营业收入 8.11 亿元，同比+3.89%；实现归母净利润 1.19 亿元，同比-18.17%，系去年同期收购光厂创意导致对比期增加投资收益所 致；实现扣非后归母净利润 1.13 亿元，同比+3.80%。公司 24 年全年销售 /管理/研发费用率为 10.13%/14.09%/8.96%，同比分别-1.20/+1.23/- 3.73pct，公司对研发人员架构进行调整，缩减低效需求，专注核心主业相 关研发，研发费用率有所下降。25Q1，公司实现营业收入 1.89 亿元，同比 +8.43%，归母净利润 1781.7 万元，同比+12.26%，扣非归母净利润 1637.1 万元，同比+0. ...

2024 年，公司实现营业收入 3264.75 亿元，同比+0.42%；实现归母净利润 7.24 亿，同比-37.44%，扣非归母净利润 7.62 亿元，同比-7.06%。其中， Q4 公司实现归母净利润-1.52 亿，扣非净利润 0.74 亿。 国际化与高端新材料战略稳步推进 2024 年，公司与沙特阿美签订《合作备忘录》《合作框架协议》等，共同 探索合资运营中金石化和朱拜勒炼化公司，通过子公司互相参股、共建项 目等方式拓展海外市场，挖掘合作潜力，加强产业链互补性，提升全球市 场份额，增强跨国经营抗风险能力。 公司报告 | 年报点评报告 荣盛石化（002493） 证券研究报告 业绩磨底，静待周期景气改善 2024 年公司实现归母净利润 7.24 亿，同比-37.44% 重点项目建设稳步推进：2024 年，浙石化年产 1000 吨α烯烃中试装置投 产，为 POE 全产业链贯通奠定基础；10 万吨/年稀土顺丁橡胶装置试生产 成功；38 万吨/年聚醚装置产出合格产品，150 万吨多功能聚酯切片项目 顺利投产，金塘新材料等项目有序推进。 制定未来三年股东回报规划 为积极回报投资者，公司制定《未来三年（2026-20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][18] Core Views - The company's performance in 2024 is under pressure, but there is an expected improvement in Q1 2025, driven by the release of new production capacity and product structure optimization [5][6] - The company achieved a revenue of 4.47 billion yuan in 2024, a year-on-year increase of 19.6%, but the net profit attributable to shareholders decreased by 44.54% to 181 million yuan [5][7] - For Q1 2025, the company reported a revenue of 1.13 billion yuan, a year-on-year increase of 23.23%, and a net profit of 92 million yuan, reflecting significant improvements compared to the previous year [5][6] Financial Summary - Revenue and profit forecasts for 2025-2027 have been adjusted, with expected net profits of 406 million yuan, 513 million yuan, and 616 million yuan respectively [5][7] - The company's gross margin and net margin for 2024 were 13.92% and 3.44%, respectively, showing a decline compared to the previous year [6][7] - The company is expected to see a recovery in profitability with the release of high-value-added products such as optical films and high-frequency resins [5][6] Product Performance - In Q1 2025, the sales revenue for optical films, polypropylene films, and high-speed electronic resins increased significantly, with year-on-year growth rates of 43%, 37%, and 129% respectively [6][7] - The company plans to invest in a new project for high-speed communication substrate materials, which is expected to enhance its product offerings [4][5]

基础化工/化学纤维 新凤鸣（603225.SH） 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/24 | | --- | --- | | 当前股价(元) | 10.75 | | 一年最高最低(元) | 16.29/9.53 | | 总市值(亿元) | 163.91 | | 流通市值(亿元) | 162.52 | | 总股本(亿股) | 15.25 | | 流通股本(亿股) | 15.12 | | 近 3 个月换手率(%) | 44.8 | 股价走势图 数据来源：聚源 -32% -16% 0% 16% 32% 2024-04 2024-08 2024-12 新凤鸣 沪深300 相关研究报告 《库存损失有所拖累，Q3 业绩环比承 压—公司信息更新报告》-2024.10.29 《Q2 业绩环比增长，看好金九银十长 丝盈利迎来修复—公司信息更新报 告》-2024.8.29 风险提示：油价大幅波动、下游需求疲软、产能投放不及预期、其他风险详见 第三页标注。1 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | -- ...

[Table_Summary] 东鹏饮料发布 2025 年一季报，公司 2025Q1 营业总收入 48.48 亿元（+39.23%）；归母净利润 9.8 亿元（+47.62%），扣非净利润 9.59 亿元（+53.55%）。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 丨证券研究报告丨 公司研究丨点评报告丨东鹏饮料（605499.SH） [Table_Title] 东鹏饮料 2025 年一季度业绩点评：第二曲线放 量加速，盈利能力持续改善 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 东鹏饮料（605499.SH） cjzqdt11111 [Table_Title 东鹏饮料 2025 2] 年一季度业绩点评：第二曲线放 量加速，盈利能力持续改善 [Table_Summary2] 事件描述 东鹏饮料发布 2025 年一季报，公司 2025Q1 营业总收入 48.48 亿元（+39.23%）；归母净 ...

丨证券研究报告丨 公司研究丨点评报告丨千禾味业（603027.SH） [Table_Title] 千禾味业2024年度暨2025年一季度业绩点评： 舆论风波拖累短期销售，盈利能力持续改善 报告要点 [Table_Summary] 千禾味业发布 2024 年年报及 2025 年一季报。2024 年全年维度公司实现：营业总收入 30.73 亿元（-4.16%）；归母净利润 5.14 亿元（-3.07%），扣非净利润 5.03 亿元（-5.12%）。单 2024Q4 公司实现：营业总收入 7.85 亿元（-10.3%）；归母净利润 1.63 亿元（+13.45%），扣非净利润 1.56 亿元（+8.64%）。单 2025Q1 公司实现：营业总收入 8.31 亿元（-7.15%）；归母净利润 1.61 亿元（+3.67%），扣非净利润 1.59 亿元（+4.65%）。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's total revenue for 2024 is 14.64 billion yuan, a year-on-year decrease of 1.1%. The net profit attributable to the parent company is 1.11 billion yuan, down 16.6% year-on-year. Adjusting for litigation compensation, the net profit is 1.25 billion yuan, a decrease of 6.8% year-on-year. The non-recurring net profit is 1.22 billion yuan, down 7% year-on-year. In Q4 2024, total revenue is 1.58 billion yuan, a decline of 11.5%, with a net loss of 217 million yuan and a non-recurring net loss of 83.94 million yuan, indicating a year-on-year increase in losses [2][6] Summary by Sections Sales Performance - In 2024, the company's sales volume is 2.975 million tons, a decrease of 0.8% year-on-year. High-end and mainstream products saw sales growth of 1.4% and a decline of 3.8%, respectively, while economy products increased by 13.5%. International brands grew by 4.4%, while local brands decreased by 2.8%. In Q4 2024, sales volume decreased by 8.1% year-on-year [12] Pricing and Cost Structure - The average price per ton decreased by 0.4% in 2024, with Q4 showing a decline of 3.7%. The company experienced a 1.1% reduction in per-ton costs due to lower raw material prices, although the launch of the Foshan factory increased manufacturing expenses. The effective tax rate increased by 3.3 percentage points year-on-year. The net profit margin decreased by 1.4 percentage points to 7.6%, and the gross margin fell by 0.6 percentage points to 48.6% [12] Brand and Market Strategy - The company has a strong brand foundation and is waiting for the recovery of on-premise consumption channels. In 2024, non-on-premise channels gained market share through initiatives like canned and multi-pack products. The company continues to invest in brand marketing across multiple brands, including Wusu, Chongqing, 1664, Carlsberg, and Lebao. With inventory depletion expected by the end of 2024, the industry is anticipated to gradually recover in 2025 [12]