Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Insights - The company's high-end strategy has shown significant results, with continuous improvement in profitability [1] - The company reported a revenue of 5.245 billion yuan in 2024, representing a year-on-year growth of 21.22%, and a net profit of 624.72 million yuan, up 45.68% year-on-year [6] - The first quarter of 2025 saw a revenue of 1.48 billion yuan, a year-on-year increase of 34.82%, with a net profit of 2.04 million yuan, up 37.68% year-on-year [6] Revenue and Profit Forecast - The forecast for main revenue (in million yuan) is as follows: - 2024: 5,244.96 - 2025: 6,377.13 - 2026: 7,781.69 - 2027: 9,414.97 - Year-on-year growth rates are projected at 21.22% for 2024, 21.59% for 2025, 22.03% for 2026, and 20.99% for 2027 [3][7] - The forecast for net profit (in million yuan) is: - 2024: 624.72 - 2025: 806.48 - 2026: 1,013.32 - 2027: 1,232.31 - Year-on-year growth rates for net profit are expected to be 45.68% for 2024, 29.09% for 2025, 25.65% for 2026, and 21.61% for 2027 [3][7] Product and Channel Performance - The company has seen a continuous increase in the proportion of its main products, with self-owned brand revenue reaching 3.545 billion yuan in 2024, a year-on-year increase of 29.1% [6] - The direct sales revenue grew by 59.3% year-on-year, accounting for 37.5% of total revenue [6] - The company is focusing on high-end product development, with significant sales growth during major shopping events [6] Profitability and Financial Metrics - The company's gross margin improved to 42.27% in 2024, up 5.43 percentage points year-on-year [6] - The projected earnings per share (EPS) are: - 2024: 1.56 - 2025: 2.02 - 2026: 2.53 - 2027: 3.08 - The price-to-earnings (P/E) ratios are projected to be 72.80 for 2024, 56.39 for 2025, 44.88 for 2026, and 36.91 for 2027 [3][7]

公 司 报 告 建材 2025年04月28日 科顺股份(300737.SZ) 毛利率持续改善，积极分红回购回馈市场 推荐 ( 维持) 股价:4.74元 行情走势图 相关研究报告 【平安证券】科顺股份（300737.SZ）*季报点评*单 季度收入降幅收窄，坏账损失部分冲回*推荐 20241101 【平安证券】科顺股份（300737.SZ）*半年报点评* 毛利率同比改善，中期分红率高*推荐20240830 证券分析师 事项： 公司公布2024年年报及2025年一季报，2024年实现营收68.3亿元，同比下降 14.0%，归母净利润0.4亿元，同比扭亏；其中四季度营收同比下降0.6%至 16.9亿元，归母净利润-0.8亿元。2025Q1营收同比降6.1%至14.0亿元，归母 净利润同比降23.2%至0.4亿元。公司拟每10股派发现金红利3元（含税）。 平安观点： 证 券 研 究 报 告 郑南宏 投资咨询资格编号 评 S1060521120001 ZHENGNANHONG873@pingan.com.cn 杨侃 投资咨询资格编号 S1060514080002 BQV514 YANGKAN034@pingan.com. ...

有色金属 2025 年 4 月 28 日 中矿资源（002738.SZ） 铯铷业务再创新高，多金属布局加速推进 推荐（维持） 现价：28.92 元 主要数据 | 行业 | 有色金属 | | --- | --- | | 公司网址 | www.sinomine.cn | | 大股东/持股 | 中色矿业集团有限公司/ 14.13% | | 实际控制人 | 陈海舟等七人 | | 总股本(百万股) | 721 | | 流通 A 股(百万股) | 711 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 209 | | 流通 A 股市值(亿元) | 206 | | 每股净资产(元) | 17.06 | | 资产负债率(%) | 30.50 | 行情走势图 -30% -20% -10% 0% 10% 20% 30% 2024/04 2024/07 2024/10 2025/01 中矿资源 沪深300 事项： 公司发布 2024 年年报及 2025 年一季度报告，2024 年实现营收 53.64 亿元， yoy-10.8%；实现归母净利润 7.57 亿元，yoy-65.72%；归母扣非净利润 6.03 亿 ...

公 司 报 告 目标稳中求进，分红回馈股东 推荐 ( 维持) 股价:125.36元 食品饮料 2025年04月28日 泸州老窖(000568.SZ) 行情走势图 相关研究报告 【平安证券】泸州老窖（000568.SZ）*季报点评*调 整释放压力，轻装稳步前进*推荐20241031 【平安证券】泸州老窖（000568.SZ）*半年报点评* 主动调整，稳重求进*推荐20240830 证券分析师 张晋溢 投资咨询资格编号 事项： 泸州老窖发布2024年年报与2025年1季报。2024年公司实现营收312亿元，同 比+3.2%，归母净利135亿元，同比+1.7%，其中4Q24实现营收69亿元，同 比-16.9%，归母净利19亿元，同比-29.9%。1Q25公司实现营收94亿元，同比 +1.8%，归母净利46亿元，同比+0.4%。公司2024年拟每10股派发现金红利 45.92元（含税），全年拟累计现金分红88亿，分红比例65%。 平安观点： 证 券 研 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMEN ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][8][13] Core Views - The company's short-term performance is impacted by marketing transformation and goodwill impairment, but significant achievements in innovative research and development are noted [1][7][8] - The company reported a revenue of 825 million yuan for 2024, a year-on-year decrease of 10.28%, and a net profit of 42 million yuan, down 71.94% year-on-year [3][7] - The first quarter of 2025 shows a recovery trend with a revenue of 212 million yuan, up 6.41% year-on-year, and a net profit of 44 million yuan, up 6.83% year-on-year [3][7] Financial Performance Summary - Revenue and net profit projections for 2025 and 2026 are optimistic, with expected revenues of 990 million yuan and 1.131 billion yuan respectively, and net profits of 133 million yuan and 177 million yuan [6][11] - The company’s gross margin remains stable at around 89%, while net profit margin is expected to improve from 5.1% in 2024 to 16.7% by 2027 [6][11] - The report highlights a significant increase in R&D investment, which reached 139 million yuan in 2024, accounting for 16.83% of revenue [7][8] Market and Competitive Position - The marketing transformation from an alliance model to a digital empowerment model is expected to enhance sales efficiency and reduce sales expenses by 12.81% [7][8] - The company is optimistic about the potential recovery of its main business and the gradual realization of innovative successes, particularly with projects like KC1086 [8]

公 司 报 告 电子 卓胜微(300782.SZ) 集成化、模组化趋势持续演进，布局射频前端产品平台 推荐 ( 维持) 股价:75.45元 主要数据 | 行业 | 电子 | | --- | --- | | 公司网址 | www.maxscend.com | | 大股东/持股 | 无锡汇智联合投资企业(有限合 | | | 伙)/11.08% | | 实际控制人 | 许志翰,Zhuang Tang,Chenhui Feng | | 总股本(百万股) | 535 | | 流通A股(百万股) | 448 | | 流通B/H股(百万股) | | | 总市值(亿元) | 403 | | 流通A股市值(亿元) | 338 | | 每股净资产(元) | 18.99 | | 资产负债率(%) | 28.0 | 行情走势图 证券分析师 事项： 公 司 公 布 2025 年 一 季 报 ， 2025 年 第 一 季 度 公 司 实 现 营 收 7.56 亿 元 （-36.47%YoY），归属上市公司股东净利润-0.47亿元（-123.57%YoY）。 平安观点： 证 券 研 究 报 告 XUBIYUN372@pingan.com. ...

食品饮料 2025年04月28日 古井贡酒(000596.SZ) 2024顺利收官，分红稳定提升 推荐 ( 维持) 股价:167.11元 行情走势图 相关研究报告 公 司 报 告 【平安证券】古井贡酒（000596.SZ）*季报点评*环 比降速，稳扎稳打*推荐20241031 【平安证券】古井贡酒（000596.SZ）*半年报点评* 市场稳扎稳打，利润持续释放*推荐20240831 证券分析师 事项： 古井贡酒发布2024年年报与2025年1季报。2024年实现营收236亿元，同比 +16.4%，归母净利55亿元，同比+20.2%，其中4Q24实现营收45亿元，同比 +4.8%，归母净利7.7亿元，同比-0.7%，业绩符合快报。1Q25实现营收91亿 元，同比+10.4%，归母净利23.3亿元，同比+12.8%。公司拟每10股派发红利 50元（含税），2024年拟总分红31.7亿元，分红率57.5%。 平安观点： 司 年 报 点 评 研 究 报 告 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S106052203000 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 31.12 yuan [1]. Core Insights - The company achieved a revenue of 1.828 billion yuan in 2024, representing a year-on-year growth of 23.83%, and a net profit attributable to shareholders of 435 million yuan, up 34.50% year-on-year [4][7]. - In Q1 2025, the company reported a revenue of 449 million yuan, a 20.81% increase year-on-year, with a net profit of 108 million yuan, reflecting an 8.20% year-on-year growth [4][7]. - The company plans to distribute a cash dividend of 0.651 yuan per share, totaling approximately 26.97 million yuan [4]. Financial Performance Summary - Revenue and Profit Growth: - 2024 revenue: 1,828 million yuan (+23.83% YoY) - 2024 net profit: 435 million yuan (+34.50% YoY) - 2025 Q1 revenue: 449 million yuan (+20.81% YoY) - 2025 Q1 net profit: 108 million yuan (+8.20% YoY) [4][6][7]. - Profitability Metrics: - 2024 gross margin: 36.42% (+5.67 percentage points YoY) - 2024 net margin: 23.57% (+2.05 percentage points YoY) [7]. - Future Projections: - Expected net profits for 2025-2027: 544 million yuan, 664 million yuan, and 811 million yuan respectively [8][10]. - Expected EPS for 2025-2027: 1.31 yuan, 1.60 yuan, and 1.95 yuan respectively [10]. Product and Market Structure - The company focuses on optimizing product, market, and customer structures, with significant sales in sectors such as new energy vehicles, AI servers, and photovoltaic storage [7][8]. - The SGT-MOSFET product line saw a revenue increase of 43% YoY, contributing to 42.86% of total sales [8]. - The company is expanding its presence in high-end applications and deepening ties with leading clients in the new energy sector [8]. Financial Ratios - Key financial ratios for 2024-2027: - Gross margin: 36.4% (2024), 36.8% (2025E), 36.8% (2026E), 36.9% (2027E) - Net margin: 23.8% (2024), 24.2% (2025E), 24.2% (2026E), 24.2% (2027E) - ROE: 11.0% (2024), 12.3% (2025E), 13.3% (2026E), 14.3% (2027E) [10].

公司报告 | 年报点评报告 天目湖（603136） 证券研究报告 25Q1 利润增长 26%，全年业绩增长展望积极 公司发布 2024 年报及 2025 年一季报： 2024 年营收 5.4 亿元、同比下滑 14.9%，归母净利润 1.0 亿元、同比下滑 28.8%，扣非归母净利润 1.0 亿元、同比下滑 27.8%。2024 年受外部市场环 境影响，业绩有所下滑。 24Q4 营收 1.3 亿元、同比下滑 15.2%，归母净利润 0.2 亿元、同比下滑 28.6%， 扣非归母净利润 0.2 亿元、同比下滑 29.6%。 25Q1 营收 1.0 亿元、同比下滑 1.6%，归母净利润 0.1 亿元、同比增长 26.45%， 扣非归母净利润 0.1 亿元、同比增长 34.5%。成本管控得当利润增速转正。 2024 年分红方案：拟每股派发现金红利 0.235 元（含税），分红率 60.7%。 分业务：2024 年各业务均承压 2024 年，景区业务收入 2.8 亿元、同比下滑 13.0%（其中，山水园收入 1.5 亿元、同比下滑 17.5%，南山竹海收入 1.3 亿元、同比下滑 7.6%），酒店业 务收入 1.6 亿 ...