Investment Rating - The report maintains an "Accumulate" rating for the company, Rabbit Baby (002043) [2][8]. Core Views - The company achieved a slight revenue increase of 1.39% year-on-year, reaching 9.189 billion yuan, while the net profit attributable to shareholders decreased by 15.11% to 585 million yuan due to impairment provisions [5][6]. - The company's revenue from decorative materials, which constitutes 80.58% of total revenue, grew by 7.99%, while the custom home business saw a significant decline of 18.73% [5][6]. - Management and financial expenses decreased significantly, indicating improved cost control and operational efficiency [5][6]. Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 9.189 billion yuan, a 1.39% increase year-on-year, and a net profit of 585 million yuan, down 15.11% [5][6]. - The fourth quarter saw a revenue drop of 18.21% year-on-year, with a net profit decrease of 55.75% [5][6]. - Basic earnings per share for 2024 were 0.71 yuan, with a proposed cash dividend of 3.2 yuan per 10 shares [5][6]. Business Segments - Decorative materials revenue was 7.404 billion yuan, up 7.99%, while custom home revenue fell to 1.720 billion yuan [5][6]. - The custom home segment's retail business grew by 18.49%, but the engineering business saw a decline of 46.81% [5][6]. Cost Management - Sales, management, and financial expenses were reported as 316 million, 204 million, and -34 million yuan respectively, with management expenses decreasing by 23.04% [5][6]. - The overall expense ratio was 5.99%, reflecting a decrease of 0.74 percentage points [5][6]. Profitability Metrics - The company's gross margin remained stable at 18.18%, with a slight decrease of 0.32 percentage points from the previous year [5][6]. - The asset-liability ratio at the end of 2024 was 46.59%, down 0.98 percentage points year-on-year [5][6]. Future Outlook - The company is expected to achieve earnings per share of 0.94 yuan and 1.10 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 11.7 and 10 [6][7].

蓝焰控股（000968.SZ）2024 年年报及 2025 年一季报点评 25Q1 利润同增，增储上产稳步推进 2025 年 04 月 25 日 ➢ 事件：2025 年 4 月 24 日，公司发布 2024 年年度报告和 2025 年第一季度 报告。2024 年，公司实现营业收入 22.66 亿元，同比下降 4.9%；实现归母净利 润 4.34 亿元，同比下降 19.6%；实现扣非归母净利润 4.02 亿元，同比下降 20.9%。 2025 年第一季度，公司实现营业收入 5.65 亿元，同比下降 1.0%；实现归母净 利润 1.85 亿元，同比增长 15.7%；实现扣非归母净利润 1.84 亿元，同比增长 14.7%。 ➢ 剔除政府补助，24 年利润基本平稳。2024 年公司累计确认政府补助 1.09 亿元，同比上年确认金额减少 55.6%；若剔除该部分收益，公司 2024 年归母净 利润为 3.52 亿元，同比仅下降 0.8%，表现基本平稳。 ➢ 销量同比微降，单位毛利同比微增。2024 年，公司实现煤层气销量 12.62 亿立方米，同比下降 1.10%；据公告数据计算，煤层气单位价格为 1.72 元/立方 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" [7] Core Views - The company achieved significant revenue growth in 2024, with total revenue reaching 1.443 billion yuan, a year-on-year increase of 84.92%, and net profit attributable to shareholders reaching 732 million yuan, up 144.27% [3][6] - In Q1 2025, the company continued to show strong growth, with revenue of 366 million yuan, a year-on-year increase of 62.51%, and net profit attributable to shareholders of 169 million yuan, up 66.25% [3][6] - The company has expanded its product matrix and strengthened its technological barriers, receiving a third-class medical device registration for a new injectable product [6] Summary by Sections Financial Performance - In 2024, the company's medical device sales generated revenue of 1.254 billion yuan, a growth of 84.37%, with a gross margin of 95.03% [6] - The functional skincare segment saw an 86.83% increase in revenue, driven by the growth of the "重源" and "ProtYouth" brands [6] - The company’s revenue from raw materials and other segments increased by 89.07%, attributed to stable procurement from brand clients and rising brand awareness [6] Q1 2025 Performance - The company reported a gross margin of 90.11% in Q1 2025, a decrease of 1.78 percentage points year-on-year, but net profit margin improved by 0.94 percentage points to 45.99% due to effective cost control [6] - Sales and management expense ratios decreased by 2.6 and 2.58 percentage points respectively, while R&D expense ratio increased by 0.64 percentage points, indicating a balance between cost control and innovation investment [6] Future Earnings Forecast - The company is projected to achieve earnings per share of 11.88 yuan and 16.50 yuan for 2025 and 2026 respectively, with corresponding price-to-earnings ratios of 33 times and 23 times [7][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.659 billion yuan for 2024, representing a year-on-year increase of 17.56%, and a net profit of 182.21 million yuan, marking a turnaround from losses [2] - In Q1 2025, the company achieved a revenue of 329 million yuan, a decrease of 14.4% year-on-year, with a net profit of 22.23 million yuan, down 46.71% year-on-year [2] - The company expects continued growth in its self-owned brand revenue, particularly in the overseas market, which saw a revenue increase of 29.1% year-on-year in 2024 [5] Summary by Sections Financial Performance - 2024 revenue: 1,659.04 million yuan, with a year-on-year growth of 17.56% [3] - 2024 net profit: 182.21 million yuan, with a year-on-year growth of 1742.81% [3] - Q1 2025 revenue: 329 million yuan, down 14.4% year-on-year [2] - Q1 2025 net profit: 22.23 million yuan, down 46.71% year-on-year [2] Profit Forecast and Valuation - Forecasted revenues for 2025, 2026, and 2027 are 2,012.76 million yuan, 2,370.97 million yuan, and 2,680.31 million yuan respectively, with year-on-year growth rates of 21.32%, 17.80%, and 13.05% [3] - Forecasted net profits for the same years are 193.92 million yuan, 231.48 million yuan, and 266.29 million yuan, with year-on-year growth rates of 6.43%, 19.36%, and 15.04% [3] - Corresponding EPS for 2025, 2026, and 2027 are projected to be 0.78 yuan, 0.93 yuan, and 1.07 yuan [3] Market and Product Insights - The company has seen strong growth in its self-owned brands, with a 33% increase in revenue from these brands in the domestic market [5] - The overseas market's gross margin improved to 28.94%, up 11.04 percentage points year-on-year, driven by increased demand and production capacity utilization [5] - The company plans to expand its product offerings, including high-end pet food, and enhance its distribution channels both online and offline [5]

-60% -40% -20% 0% 20% 40% 2024-04 2024-08 2024-12 2025-04 百洋医药 沪深300 数据来源：聚源 医药生物/医药商业 百洋医药（301015.SZ） 经营业绩相对承压，自有品牌为下一阶段发展重点 2025 年 04 月 25 日 投资评级：买入（维持） | 日期 | 2025/4/25 | | --- | --- | | 当前股价(元) | 18.17 | | 一年最高最低(元) | 35.90/17.37 | | 总市值(亿元) | 95.51 | | 流通市值(亿元) | 95.49 | | 总股本(亿股) | 5.26 | | 流通股本(亿股) | 5.26 | | 近 3 个月换手率(%) | 55.62 | 股价走势图 相关研究报告 《2024Q3 经营业绩稳健增长，品牌运 营业务稳健 —公司信息更新报告》 -2024.10.29 《品牌运营领军者，创新驱动未来增 长—公司首次覆盖报告》-2024.9.27 余汝意（分析师） 巢舒然（联系人） yuruyi@kysec.cn 证书编号：S0790523070002 chaoshuran@kyse ...

2025年4月25日 公司研究 24 年工铵及肥料量利齐升,持续拓宽上游资源布局 ――川发龙蟒（002312.SZ）2024 年报点评 要点 事件:公司发布 2024 年年报。2024 年,公司实现营收 81.78 亿元,同比增长 6.10%;实现归母净利润 5.33亿元,同比增长 28.62%;实现扣非后归母净利润 5.11 亿元,同比增长 26.82%。2024Q4，公司单季度实现营收 21.26 亿元，同 比减少 5.87%,环比增长 4.92%;实现归母净利润 1.08亿元,同比增长 20.96%, 环比减少 17.68%。 工铵及肥料量利齐升，24年业绩回升。2024年，公司肥料业务实现营收 38.61 亿元，同比小幅增长 0.3%，对应业务毛利率同比提升 2.3pct;工铵业务实现营 收 20.58 亿元,同比增长 14.7%,对应业务毛利率同比提升 6.3pct;饲料级磷 酸氢钙业务实现营收 9.06 亿元,同比增长 5.2%,对应业务毛利率同比下降 2.8pct。肥料业务毛利率的增长主要得益于公司肥料产能利用率的提升,以及新 型肥料销售占比的提升,2024年公司肥料销售量为 165 万吨,同比 ...

本报告来源于"慧博投研",请勿外传! 2025年4月25日 公司研究 短期业绩承压,稳步推进营销改革与国际化布局 寿仙谷(603896.SH) 2024 年报及 2025 年一季报点评 要点 事件: 点评: 业绩短期承压,核心产品稳健支撑:2024Q1~2025Q1,公司单季度营业收入分 别为 2.21/1.32/1.19/2.20/1.71 亿元，同比+7.15%/-20.35%/-30.20%/-9.13%/ -22.68%；归母净利润分别为 0.77/0.24/0.18/0.56/0.58 亿元，同比+23.19%/ -14.05%/-63.77%/-51.32%/-24.32%。业绩表现不佳,主要受宏观经济环境变 化、消费需求疲软影响。2024年分产品看，灵芝孢子粉类收入 4.45 亿元（占比 65.75%），同比-16.53%;铁皮石斛类收入 1.13 亿元(占比 16.63%)，同比 -11.00%。销售模式上,经销模式占比 58.57%（同比+2.25pct）,直销（含互 联网）占比 41.43%,其中互联网销售 1.71 亿元（占比 25.16%）,保持线上渠 道稳定布局。区域上，浙江省内收入 ...

本报告来源于"慧博投研",请勿外传! 2025年4月25日 公司研究 线下门店持续调改，发展零食店业态 1Q2025 公司期间费用率为 19.83%，同比下降 0.24 个百分点。其中，销售/管 理/研发/财务费用率分别为 16.78%/1.84%/0.01%/1.20%，同比分别变化 -0.14/-0.02/-0.05/-0.04 个百分点。2024 年公司期间费用率为 21.97%，同比下 降 0.43 个百分点。其中,销售/管理/研发/财务费用率分别为 18.53%/1.99% /0.06%/1.39%，同比分别变化-0.32/-0.12/-0.01/+0.02 个百分点。 零食店业态持续发展,搭建多渠道协同平台 截至 2025年一季度末,公司门店总数 1095 家,其中直营门店 945 家,加盟店 150 家; 分业态来看综合超市 247 家、社区生鲜食品超市 403 家、乡村超市 209 家、零食店 138 家、好惠星折扣店 9 家、便利店等其他业态门店 89 家。公司零 食店业态快速发展,2024年全年新开门店 140 家，其中零食店 92 家。 家家悦（603708.SH）2024年年报及 20 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 33.02, representing an 11% upside from the current price [5][8]. Core Insights - The company is experiencing stable growth in traditional resin production and sales, with phenolic resin sales reaching 528,600 tons in 2024, up 8.35% year-on-year [5][8]. - The electronic and battery materials segment is also growing, with sales of advanced materials reaching 69,000 tons in 2024, a 1.06% increase year-on-year [5][8]. - The company has made significant investments in high-end resin R&D and capacity expansion, including the completion of several production lines in 2024 and 2025 [5][8]. Financial Summary - The company's revenue is projected to grow from RMB 9,120 million in 2023 to RMB 15,057 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 15.2% [4][7]. - Net profit attributable to shareholders is expected to increase from RMB 789 million in 2023 to RMB 1,706 million in 2027, with a notable growth rate of 25.1% in 2027 [4][7]. - The earnings per share (EPS) is forecasted to rise from RMB 0.93 in 2023 to RMB 2.02 in 2027, indicating strong profitability growth [4][7]. Production and Sales Performance - In Q1 2025, the company reported revenue of RMB 2.46 billion, a 15.14% increase year-on-year, with net profit attributable to shareholders at RMB 207 million, up 50.46% year-on-year [5][8]. - The company’s traditional resin products, including phenolic and casting resins, have shown stable sales growth, with respective sales volumes increasing by 8.35% and 10.36% in 2024 [5][8]. Future Outlook - The company plans to expand its production capacity significantly, with projects for new resin lines and porous carbon production set to commence in the next few years [5][8]. - Strategic initiatives are being taken to align with future technological demands, including the development of materials for 6G integrated networks [5][8].

2025 年 4 月 25 日 公司研究 短期业绩承压，稳步推进营销改革与国际化布局 ——寿仙谷（603896.SH）2024 年报及 2025 年一季报点评 要点 事件： 点评： 业绩短期承压，核心产品稳健支撑：2024Q1~2025Q1，公司单季度营业收入分 别为 2.21/1.32/1.19/2.20/1.71 亿元，同比+7.15%/-20.35%/-30.20%/-9.13%/ -22.68%；归母净利润分别为 0.77/0.24/0.18/0.56/0.58 亿元，同比+23.19%/ -14.05%/-63.77%/-51.32%/-24.32%。业绩表现不佳，主要受宏观经济环境变 化、消费需求疲软影响。2024 年分产品看，灵芝孢子粉类收入 4.45 亿元（占比 65.75%），同比-16.53%；铁皮石斛类收入 1.13 亿元（占比 16.63%），同比 -11.00%。销售模式上，经销模式占比 58.57%（同比+2.25pct），直销（含互 联网）占比 41.43%，其中互联网销售 1.71 亿元（占比 25.16%），保持线上渠 道稳定布局。区域上，浙江省内收入占比 65.23%，省外 ...