公司报告 | 季报点评 酒鬼酒（000799） 证券研究报告 调整期业绩阶段承压，25 年静待改革发力经营改善 事件： 2024 年公司收入/归母净利润分别为 14.23/0.12 亿元（同比 -49.70%/-97.72%）；对应2024Q4 收入/归母净利润分别为2.32/-0.44 亿元（同 比-66.20%/-163.67%）；2025Q1 公司收入/归母净利润分别为 3.44/0.32 亿元 （同比-30.34%/-56.78%）。 24 年去库存报表端承压突出，25 年资源聚焦"大本营"市场有望迎来突破。 24 年内参 / 酒 鬼 / 湘 泉 / 其他营业收入 2.35/8.35/0.76/2.68 亿 元 （-67.06%/-49.32%/+7.64%/-30.84%）。量价角度，24 年酒类销量/吨价分别 -32.98%/-25.17%，营收下滑主要由销量&吨价下降影响。分产品：①24 年 内参销量/吨价分别同比-56.09%/-24.99%；②酒鬼系列销量/吨价同比 -46.18%/-5.83%。24 年经销商数量净减少 438 家至 1336 家，平均经销商规 模同比-33.41%至 10 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company is actively pursuing an "extreme operation" strategy to enhance profitability and efficiency, leading to a comprehensive gross margin of 4.26% in 2024, an increase of 1.14 percentage points year-on-year [2]. - The company has established a robust distribution network, serving as a primary distributor for major brands like Apple, Honor, and Samsung, with over 100,000 stores across various channels in China [3]. - The company is expanding into AI and smart computing sectors through strategic partnerships and acquisitions, including a joint venture with "Shenzhen Deep Intelligence City Investment" to invest in smart terminals and AI industries [4]. Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 658.21 billion yuan, a decrease of 28.58% year-on-year, with a net profit of 5.81 billion yuan, down 11.26% [1]. - The first quarter of 2025 is expected to see revenues of 127.37 billion yuan, reflecting a 41.18% decline year-on-year, with a net profit of 1.26 billion yuan, a decrease of 24.89% [1]. - The company has reduced accounts receivable by 32.30% and financial expenses by 51.72% in 2024, indicating improved operational efficiency [2]. Business Strategy and Market Position - The company is transitioning to a digital-enabled agency model, enhancing its operational capabilities and expanding its market presence in Southeast Asia, Latin America, the Middle East, and Africa [3]. - The establishment of the "Aishide Smart City" joint venture and the investment in "Shenzhen Aishide Intelligent Computing Technology Co., Ltd." are aimed at accelerating the development of AI-related businesses [4]. - The company has maintained a high dividend payout ratio for eight consecutive years, reflecting its commitment to shareholder returns [5].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company's revenue and net profit for Q1 2025 were 642 million and 75 million yuan, representing declines of 24.80% and 57.53% year-on-year, primarily due to macroeconomic conditions, intensified industry competition, and the timing of the Spring Festival [1] - The company is focusing on high-end markets and product innovation, aiming to enhance its brand and channel strategies to achieve its annual targets despite short-term performance pressures [3] Financial Performance Summary - Q1 2025 revenue breakdown: hot pot condiments 173 million yuan (-41.05% YoY), recipe-style condiments 434 million yuan (-12.24% YoY), sausage and cured meat condiments 15 million yuan (-55.77% YoY), and other income 17 million yuan (-44.13% YoY) [1] - Q1 2025 revenue by region: East 171 million yuan (+9.30% YoY), South 67 million yuan (-22.82% YoY), West 228 million yuan (-26.86% YoY), North 45 million yuan (-43.61% YoY), and Central 128 million yuan (-41.06% YoY) [2] - Q1 2025 gross margin and net margin decreased by 3.32 and 8.56 percentage points to 40.74% and 12.34% respectively [2] Future Projections - Revenue projections for 2025-2027 are 3.71 billion, 4.11 billion, and 4.52 billion yuan, with growth rates of 7%, 11%, and 10% respectively [3] - Net profit projections for the same period are 650 million, 727 million, and 808 million yuan, with growth rates of 4%, 12%, and 11% respectively [3] - The company aims to improve profit margins as revenue increases and scale advantages are realized [3] Valuation Metrics - The projected P/E ratios for 2025-2027 are 20X, 18X, and 16X respectively [3] - The company’s total market capitalization is approximately 12.63 billion yuan [7]

Investment Rating - The report initiates coverage with a rating of "Buy" and sets a target price of 24.70 CNY [2][11]. Core Insights - The company's performance is driven by the integration of Apple intelligence and the penetration of titanium alloy in the consumer electronics sector, while the new energy business is entering a capacity release phase, and the robotics business is expected to grow significantly [3][11]. - The company is well-positioned in the precision electronic components market, with a diverse product matrix covering consumer electronics, new energy, and robotics [20]. Financial Summary - The company is projected to achieve revenues of 19.12 billion CNY in 2025, with a growth rate of 12.9% compared to the previous year, and net profit is expected to reach 888 million CNY, reflecting a 15% increase [10][17]. - The earnings per share (EPS) for 2025 is estimated at 0.65 CNY, with projections of 0.81 CNY and 0.93 CNY for 2026 and 2027, respectively [10][17]. Business Segments Consumer Electronics - The company provides precision structural components and connectors primarily for major clients like Apple and Samsung, with expected revenue growth driven by the upcoming Macbook replacement cycle and increasing demand for titanium alloy components in high-end Android devices [15][29]. - Revenue from consumer electronics is projected to be 115.08 billion CNY in 2025, with a slight decrease in gross margin due to competitive pressures [15][16]. New Energy - The new energy segment is expected to see revenue growth to 67.78 billion CNY by 2025, supported by the company's partnerships with major clients like Tesla and CATL [16][41]. - The gross margin for the new energy segment is anticipated to remain stable at around 16% [16]. Robotics - The robotics segment is projected to grow rapidly, with revenues expected to reach 1.74 billion CNY in 2025, driven by partnerships with leading firms and the introduction of humanoid robots [16][41]. - The gross margin for robotics is expected to stabilize around 22% [16]. Valuation - The report utilizes a comparative analysis with companies like GoerTek and Lens Technology, applying both PE and PB valuation methods to arrive at a target price of 24.70 CNY, reflecting a cautious approach [19][21].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company is actively pursuing an "extreme operation" strategy to enhance profitability and efficiency by reducing low-margin business segments, resulting in a comprehensive gross margin of 4.26% in 2024, an increase of 1.14 percentage points year-on-year [2]. - The company has established a robust distribution network as a primary distributor for major smartphone brands, with over 10,000 stores across various channels in China, and is expanding its presence in Southeast Asia and Latin America [3]. - The company is diversifying into AI and smart computing through partnerships and acquisitions, including a joint venture with "Shenzhen Deep Intelligence City Investment" to invest in smart terminals and AI industries, with a total fund size of 500 million yuan [4]. Financial Performance Summary - For 2024, the company is projected to achieve revenue of 65.82 billion yuan, a decrease of 28.58% year-on-year, with a net profit of 581 million yuan, down 11.26% [5]. - The company expects revenue growth to recover in 2025, with projected revenues of 75.36 billion yuan and a net profit of 666 million yuan, reflecting a year-on-year growth of 14.50% and 14.56% respectively [5]. - The company has maintained a high dividend payout ratio for eight consecutive years, indicating a commitment to returning value to shareholders [5].

调整期业绩阶段承压，25 年静待改革发力经营改善 事件： 2024 年公司收入/归母净利润分别为 14.23/0.12 亿元（同比 -49.70%/-97.72%）；对应2024Q4 收入/归母净利润分别为2.32/-0.44 亿元（同 比-66.20%/-163.67%）；2025Q1 公司收入/归母净利润分别为 3.44/0.32 亿元 （同比-30.34%/-56.78%）。 24 年去库存报表端承压突出，25 年资源聚焦"大本营"市场有望迎来突破。 24 年内参 / 酒 鬼 / 湘 泉 / 其他营业收入 2.35/8.35/0.76/2.68 亿 元 （-67.06%/-49.32%/+7.64%/-30.84%）。量价角度，24 年酒类销量/吨价分别 -32.98%/-25.17%，营收下滑主要由销量&吨价下降影响。分产品：①24 年 内参销量/吨价分别同比-56.09%/-24.99%；②酒鬼系列销量/吨价同比 -46.18%/-5.83%。24 年经销商数量净减少 438 家至 1336 家，平均经销商规 模同比-33.41%至 105.88 万元/家，24 年单商规模降低是公司营收下降主要 原 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company achieved its first quarterly GAAP net profit in Q1 2025, with total revenue of $1.117 billion, a year-on-year increase of 49% [1][14]. - The company is expected to enter a significant period in 2025, with over 10 concept validation milestones anticipated [4]. - The sales of the key product, Zebutini, are expected to stabilize and grow throughout the year, despite a slight quarter-on-quarter decline in Q1 2025 [3][15]. Financial Performance - In Q1 2025, GAAP operating profit was $11.1 million, marking the first positive result, while adjusted operating profit was $139 million, a 195% year-on-year increase [1][2]. - The company reported a GAAP net profit of $1.27 million for the first time [1][14]. - The total revenue for Zebutini in Q1 2025 was $792 million, a 62% increase year-on-year, with U.S. sales reaching $563 million, also showing significant growth [3][15]. Cost Management - R&D expenses in Q1 2025 were $482 million, with a R&D expense ratio of 43%, down 18 percentage points year-on-year [2][34]. - Sales and management expenses were $459 million, with a corresponding expense ratio of 41%, down 16 percentage points year-on-year [2][34]. Future Outlook - The company forecasts revenues of $3.7517 billion, $4.5024 billion, and $5.4034 billion for 2025, 2026, and 2027 respectively, with net profits expected to be $703 million, $4.010 billion, and $6.744 billion in the same years [6][11]. - The company anticipates a GAAP operating profit for the full year 2025, with a gross margin expected to be in the range of 80%-90% [12][13].

北交所信息更新 北 交 所 研 究 海能技术（430476.BJ） 下游拓展+色谱光谱系列支撑增长，2025Q1 营收同比+38% 2025 年 05 月 29 日 投资评级：买入（维持） | 日期 | 2025/5/28 | | --- | --- | | 当前股价(元) | 17.18 | | 一年最高最低(元) | 19.80/6.00 | | 总市值(亿元) | 14.63 | | 流通市值(亿元) | 13.85 | | 总股本(亿股) | 0.85 | | 流通股本(亿股) | 0.81 | | 近 3 个月换手率(%) | 413.86 | 北交所研究团队 风险提示：新品研发风险、需求变弱风险、海外市场开拓风险。 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 341 | 310 | 376 | 439 | 504 | | YOY(%) | 18.7 | -9.1 | 21.2 | 16.7 | 14.8 | | 归母净利润(百 ...

2024 年营收 1.59 亿元，同比+37%，归母净利润 5795 万元，同比+28% 公司发布 2024 年报与 2025 年一季报，实现营收 1.59 亿元，同比增长 36.63%； 归母净利润 5794.77 万元，同比增长 28.17%；2025Q1 实现营收 4743.87 万元， 同比增长 68.78%，归母净利润 1488.26 万元，同比增长 69.93%。公司受益消费 电子行业持续向好，我们维持 2025-2026 年并新增 2027 年盈利预测，预计 2025-2027 年 归母 净利润 分别为 0.65/0.73/0.88 亿 元， 对应 EPS 分别为 0.43/0.48/0.58 元/股，对应当前股价的 PE 分别为 34.3/30.8/25.5 倍，维持"增持" 评级。 北交所信息更新 北 交 所 研 究 朗鸿科技（836395.BJ） 2025 年 05 月 29 日 投资评级：增持（维持） | 日期 | 2025/5/28 | | --- | --- | | 当前股价(元) | 14.65 | | 一年最高最低(元) | 22.30/6.10 | | 总市值(亿元) | 22 ...

北交所信息更新 北 交 所 研 究 | 日期 | 2025/5/28 | | --- | --- | | 当前股价(元) | 14.65 | | 一年最高最低(元) | 22.30/6.10 | | 总市值(亿元) | 22.35 | | 流通市值(亿元) | 15.20 | | 总股本(亿股) | 1.53 | | 流通股本(亿股) | 1.04 | | 近 3 个月换手率(%) | 200.58 | 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 年营收 1.59 亿元，同比+37%，归母净利润 5795 万元，同比+28% 公司发布 2024 年报与 2025 年一季报，实现营收 1.59 亿元，同比增长 36.63%； 归母净利润 5794.77 万元，同比增长 28.17%；2025Q1 实现营收 4743.87 万元， 同比增长 68.78%，归母净利润 1488.26 万元，同比增长 69.93%。公司受益消费 电子行业持续向好，我们维持 2025-2026 年并新增 2027 年盈利预测，预计 2025-2027 年 归母 净利润 分别 ...