证券研究报告 | 公司点评报告 2025 年 05 月 02 日 比音勒芬（002832.SZ） 营收稳健增长，利润短期承压，期待多品牌成长 消费品/轻工纺服 24 年公司营收、归母净利润同比分别+13.24%、-14.28%，25Q1 同比分别 +1.41%、-8.47%。线上渠道增速领先，线下直营门店持续扩张，短期毛利率承 压&费用率增加拖累净利率下滑。预计 25-27 年归母净利润分别为 7.98 亿元、 8.96 亿元、10.11 亿元，当前市值对应 25PE12X，26PE11X，维持强烈推荐评 级。 ❑ 营收稳健增长，利润指标承压。 （2）门店数量：截至 2024 年末公司门店数量净增加 39 家至 1294 家，其中 直营店 644 家（净增 37 家），店均面积 172.12 平米（+10.54%），店均销 售金额 398.72 万元（+1.05%）；加盟店 650 家（净增 2 家）。 ❑ 毛利率总体承压但线上毛利率提升，费用率增加拖累净利率下滑。 （1）2024 年：公司毛利率同比-1.60pct 至 77.01%，其中线上毛利率 74.63% （+4.01pct），线下直营毛利率 81. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - In Q1 2025, the company achieved revenue of 40.02 billion yuan, a year-on-year decrease of 6.6%, and a net profit attributable to shareholders of 1.75 billion yuan, down 45.6% year-on-year. The company is committed to its transition to new energy, making adjustments across product, channel, and supply chain dimensions, which is expected to drive improvements in sales and performance [2][4]. - The company’s four strategic expansion initiatives are anticipated to open up long-term growth opportunities for sales, while its shift towards smart technology is expected to enhance profitability across the entire industry chain [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company sold 257,000 vehicles, a decrease of 6.7% year-on-year and 32.3% quarter-on-quarter. New energy vehicle sales reached 63,000 units, up 5.7% year-on-year but down 43.3% quarter-on-quarter. The revenue per vehicle was 156,000 yuan, remaining flat year-on-year [7]. - The gross margin for Q1 was 17.8%, a decrease of 1.5 percentage points year-on-year, while the net profit margin was 3.7%, down 1.1 percentage points year-on-year [7]. Strategic Initiatives - The company is accelerating its global expansion under the "ONE GWM" strategy, covering over 170 countries and regions, with more than 1,400 overseas sales channels. It has established production bases in Thailand and Brazil, and KD factories in Ecuador and Pakistan, which are expected to drive future sales growth [7]. - The company is focusing on the new energy sector, particularly in the plug-in hybrid segment, with multiple new models across its brands expected to contribute significantly to future growth [7]. Future Outlook - The company is projected to distribute cash dividends of 3.85 billion yuan in 2024, with a dividend payout ratio of 30.4%. The estimated net profits attributable to shareholders for 2025-2027 are 14.71 billion, 17.86 billion, and 21.95 billion yuan, respectively, with corresponding A-share P/E ratios of 13.5X, 11.1X, and 9.0X [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 2.831 billion yuan in 2024, a year-on-year decrease of 11.67%, with a net profit attributable to shareholders of 354 million yuan, down 14.39% year-on-year. In Q4 2024, the company achieved a revenue of 721 million yuan, an increase of 2.09% year-on-year, and a net profit of 81.73 million yuan, up 42.56% year-on-year. For Q1 2025, the revenue was 909 million yuan, a year-on-year increase of 6.74%, while the net profit decreased by 9.20% year-on-year to 104 million yuan [2][4][10] Summary by Sections Financial Performance - In 2024, the company experienced a decline in revenue, with a notable drop in the commercial frozen display cabinet segment, which saw a year-on-year decrease of 27.70%. However, the commercial refrigerated display cabinet segment grew by 25.95% due to successful market expansion. The company maintained a stable market share despite the challenges [10] - The gross profit margin for 2024 decreased by 0.94 percentage points, influenced by a reduction in high-margin business revenue. The operating profit for 2024 decreased by 19.94% year-on-year, while Q4 2024 saw a significant recovery with a 147.09% increase in operating profit [10][14] Future Outlook - The company is focusing on the commercial cold chain equipment industry and has established a strong competitive advantage in the frozen display cabinet sector. The brand influence of its refrigerated and supermarket display cabinets is rapidly increasing, and the company is proactively expanding into smart display cabinets, indicating significant growth potential in the future. The projected net profits for 2025-2027 are 376 million, 402 million, and 437 million yuan, respectively, with corresponding price-to-earnings ratios of 11.4, 10.7, and 9.8 times [10][14]

[Table_Author] 董思远 SAC：S0490517070016 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% 丨证券研究报告丨 公司研究丨点评报告丨洽洽食品（002557.SZ） [Table_Title] 洽洽食品 2024 年年报&2025 年一季报点评：成 本压力致盈利承压，中期关注成本及需求变化 报告要点 [Table_Summary] 公司 2024 年实现营业总收入 71.31 亿元，同比增长 4.79%，归母净利润 8.49 亿元，同比增长 5.82%，扣非净利润 7.73 亿元，同比增长 8.86%；其中 2024Q4 营业收入 23.74 亿元，同比增 长 1.99%，归母净利润 2.23 亿元，同比下滑 24.79%，扣非净利润 2.15 亿元，同比下滑 24.69%。 2025Q1 公司实现营业总收入 15.71 亿元，同比下滑 13.76%，归母净利润 0.77 亿元，同比下 滑 67.88%，扣非净利润 5808.45 万元，同比下滑 73.76%。 分析师及联系人 [Table_Summary2] 事件描述 公司 2024 年实现营业总收入 71.31 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 21.77 yuan [1]. Core Insights - The company achieved a revenue of 104 million yuan in Q1 2025, representing a year-on-year increase of 16.77%. The net profit attributable to the parent company was 17.87 million yuan, a significant increase of 328.63% year-on-year, and the net profit after deducting non-recurring items was 12.56 million yuan, turning around from a loss of 1.35 million yuan in the same period last year [5]. - The company is positioned as a leading domestic player in the electrophysiology field, benefiting from rapid expansion in this sector. The report forecasts continued strong growth, with projected revenues of 522 million yuan, 687 million yuan, and 934 million yuan for 2025, 2026, and 2027 respectively, and net profits of 76 million yuan, 134 million yuan, and 215 million yuan for the same years [11]. Financial Summary - Revenue growth is expected to be robust, with year-on-year growth rates of 26.5%, 25.5%, 26.4%, 31.5%, and 36.0% from 2023 to 2027 [7]. - The net profit is projected to grow significantly, with year-on-year increases of 91.4%, 815.4%, 46.8%, 75.7%, and 60.0% over the same period [7]. - The gross margin is expected to stabilize around 61.8% to 62.8%, while the net margin is projected to improve from 12.6% in 2024 to 23.0% in 2027 [7][13]. - The company maintains a low debt level, with a debt-to-asset ratio of only 8.1% [8]. Operational Efficiency - The company has effectively controlled its operating expenses, with a sales expense ratio of 26.29% in Q1, down by 1.20 percentage points year-on-year, and a management expense ratio of 10.87%, down by 0.63 percentage points [8]. - Research and development expenses accounted for 19.88% of revenue, reflecting a focus on core projects [8]. Product Development - The company has introduced new products, including a PFA product approved in April 2025, which is expected to enhance its market position [8]. - The company is also working on a self-developed pressure pulse ablation catheter, with a registration application planned for 2025, further expanding its product portfolio [11].

银行 2025 年 5 月 1 日 邮储银行(601658.SH) 成本管控力度加大，信贷投放加速 强烈推荐（维持） 股价：5.12 元 | 行业 | 银行 | | --- | --- | | 公司网址 | www.psbc.com;www.psbcltd.cn | | 大股东/持股 | 中国邮政集团有限公司/62.80% | | 实际控制人 | 中国邮政集团有限公司 | | 总股本(百万股) | 99,161 | | 流通 A 股(百万股) | 67,122 | | 流通 B/H 股(百万股) | 19,856 | | 总市值（亿元） | 4,941 | | 流通 A 股市值(亿元) | 3,437 | | 每股净资产(元) | 8.51 | | 资产负债率(%) | 94.4 | | 主要数据 | | 行情走势图 相关研究报告 【平安证券】邮储银行（601658.SH）*年报点评*非息 拉动营收回暖，零售风险压力可控*强烈推荐2025 0328 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@ping ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [12]. Core Views - The company has accelerated its AI full-stack layout and is continuously expanding its international market presence [1]. - In 2024, the company achieved operating revenue of 79.024 billion yuan, a year-on-year increase of 2.22%, while the net profit attributable to shareholders decreased by 25.23% to 1.572 billion yuan [3][6]. - The first quarter of 2025 saw a significant revenue increase of 22.25% year-on-year, reaching 20.79 billion yuan, although net profit still declined by 15.75% to 349 million yuan [3][6]. Summary by Sections Financial Performance - In 2024, the company reported operating revenue of 79.024 billion yuan, with a slight growth of 2.22% year-on-year. The net profit attributable to shareholders was 1.572 billion yuan, down 25.23% [3][6]. - For the first quarter of 2025, the company achieved operating revenue of 20.79 billion yuan, reflecting a year-on-year growth of 22.25%, while net profit was 349 million yuan, a decrease of 15.75% [3][6]. Market Position - The company maintains leading market shares in several product categories, including 38.2% in the Chinese enterprise network switch market, 31.1% in the Ethernet switch market, and 28.5% in the enterprise WLAN market [6]. - The company’s subsidiary, H3C, reported a revenue increase of 26.07% in the first quarter of 2025, with domestic enterprise business revenue growing by 37.49% [6][7]. Future Outlook - The company is focusing on building an integrated AI empowerment platform and enhancing its capabilities in computing power and application deployment [9]. - The revenue forecast for 2025-2027 indicates a recovery in net profit, with expected figures of 2.032 billion yuan in 2025, 2.470 billion yuan in 2026, and 3.081 billion yuan in 2027 [9][10].

公 司 报 告 2025年05月01日 华海清科(688120.SH) 业绩持续增长，新品拓展初见成效 推荐 ( 维持) 股价:165.26元 行情走势图 证券分析师 | 陈福栋 | 投资咨询资格编号 | | --- | --- | | | S1060524100001 | | | CHENFUDONG847@pingan.com.cn | | 徐碧云 | 投资咨询资格编号 | | | S1060523070002 | | | XUBIYUN372@pingan.com.cn | 事项： 公司发布2024年报和2025年一季报。2024年，公司实现收入34.06亿元，同 比增长35.82%，实现归母净利润10.23亿元，同比增长41.40%；2025年一季 度，公司实现收入9.12亿元，同比增长34.14%，实现归母净利润2.33亿元， 同比增长15.47%。2024年，公司拟每10股派发现金红利5.50元(含税)，以资 本公积金向全体股东每10股转增4.90股。 平安观点： 券 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn | | 2023A | 20 ...

机械设备/专用设备 大丰实业（603081.SH） 文体旅运营迈过爬坡期，在手订单有望支撑重回增长 2025 年 05 月 02 日 投资评级：买入（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 11.28 | | 一年最高最低(元) | 16.54/8.72 | | 总市值(亿元) | 49.24 | | 流通市值(亿元) | 48.89 | | 总股本(亿股) | 4.37 | | 流通股本(亿股) | 4.33 | | 近 3 个月换手率(%) | 239.61 | 息 更 新 报 告 股价走势图 -50% 0% 50% 100% 2024-05 2024-09 2025-01 大丰实业 沪深300 数据来源：聚源 相关研究报告 《收入端逐季边际改善，实控人增持 彰 显 信 心 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《2024H1 传统主业承压，文旅运营转 型显效 — 公 司 信 息 更 新 报 告 》 -2024.9.3 初敏（分析师） 叶彬慧（联系人） chumin@kysec.cn 证书编号：S0790522080008 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 九号公司(689009) 投资评级 上次评级 [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 骆峥 新消费行业分析师 执业编号：S1500525020001 邮 箱： luozheng1@cindasc.com 邓健全 汽车行业首席分析师 执业编号：S1500525010002 邮 箱： dengjianquan@cindasc.com 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 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] [Table_Title] 九号公司：电动两轮车成长加速、规模效应凸 显，多元新品蓄势待发 [Table_ReportDate] 2025 年 05 月 02 日 [Table_S 事件 ...