公司研究丨点评报告丨比音勒芬（002832.SZ） [Table_Title] 2025Q1 略低预期，多品牌增长可期 报告要点 丨证券研究报告丨 [Table_Summary] 比音勒芬 2024 年实现营收 40.0 亿元，同比+13.2%，归母净利润 7.8 亿元，同比-14.3%。其 中 Q4 实现营收 10.0 亿元，同比+35.7%，归母净利润 0.2 亿元，同比-87.9%。2025Q1 实现 营收 12.9 亿元，同比+1.4%，归母净利润 3.3 亿元，同比-8.5%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 比音勒芬（002832.SZ） cjzqdt11111 [Table_Title2] 2025Q1 略低预期，多品牌增长可期 [Table_Summary2] 事件描述 比音勒芬 2024 年实现营收 40.0 亿元，同比+13.2%，归母净利润 7.8 亿元，同比-14.3 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [8]. Core Views - The company reported Q1 2025 earnings with revenue of 980 million yuan, a year-on-year increase of 22%, and a net profit attributable to shareholders of 100 million yuan, a year-on-year increase of 29%, significantly exceeding expectations [2][6]. - The revenue performance exceeded expectations primarily due to timing differences in order receipt and revenue recognition, with a gross margin increase of 0.9 percentage points to 38.8% [10]. - Despite short-term order pressure, the full-year guidance remains unchanged, with expectations for net profits of 750 million, 850 million, and 950 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 7%, 13%, and 12% [10]. Summary by Sections Financial Performance - Q1 2025 revenue was 980 million yuan, up 22% year-on-year, and net profit was 100 million yuan, up 29% year-on-year, both significantly above initial expectations [2][6]. - The gross margin improved to 38.8%, driven by an optimized customer and product mix, while the sales expense ratio remained stable at 9.5% and the management expense ratio decreased by 1.6 percentage points to 11.4% [10]. Market Outlook - Domestic demand remains under pressure, and overseas brand orders are cautious due to short-term tariff impacts, leading to expected pressure in Q2 due to high base effects [10]. - The company is one of the few with overseas production capacity, and the trend of expanding customer base and increasing share from existing customers is expected to continue [10]. Earnings Forecast - The company forecasts net profits of 750 million, 850 million, and 950 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 18, 16, and 14 times [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - In Q1 2025, the company achieved total revenue of 51.443 billion yuan, representing a year-on-year increase of 10.67%. The net profit attributable to shareholders was 26.847 billion yuan, up 11.56% year-on-year, while the net profit excluding non-recurring items was 26.850 billion yuan, reflecting an increase of 11.64% year-on-year [2][4][10] - The total revenue plus contract liabilities for Q1 2025 was 50.639 billion yuan, which is a year-on-year increase of 20.91% [2][4] - Direct sales accounted for a significant portion of revenue, reaching 23.22 billion yuan, a growth of 20.19%. Wholesale revenue was 27.36 billion yuan, up 3.93%. The i-Moutai segment contributed 5.87 billion yuan, marking a year-on-year increase of 9.88%, indicating a return to positive growth after previous declines [10] - The company's profitability remains stable, with a net profit margin of 52.19%, an increase of 0.42 percentage points year-on-year. The gross margin decreased by 0.62 percentage points to 92.11%, while the expense ratio increased by 0.24 percentage points to 6.14% [10] - The company continues to implement reforms and maintain steady growth. Despite a slight decline in wholesale prices, the company retains strong pricing power, suggesting a robust long-term growth outlook. The three-year dividend plan is also expected to enhance shareholder value [10] - Earnings per share (EPS) for 2025 and 2026 are projected to be 75.90 yuan and 82.61 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 21 and 19 times [10] Financial Data - As of May 12, 2025, the current stock price is 1,604.50 yuan, with a total share capital of 1.2562 billion shares. The net asset value per share is 205.67 yuan [7] - The highest and lowest stock prices in the past 12 months were 1,910 yuan and 1,246 yuan, respectively [7] - The company’s total revenue for 2024 is estimated at 174.144 billion yuan, with projections for 2025, 2026, and 2027 at 191.849 billion yuan, 208.529 billion yuan, and 225.264 billion yuan, respectively [15]

证券研究报告 | 公司点评报告 2025 年 05 月 20 日 万科 A（000002.SZ） 25Q1 业绩受开发毛利率进一步下行拖累，大股东持续 支持帮助公司妥善化解到期债务 （1）25Q1 业绩受开发毛利率进一步下行拖累仍为亏损；（2）开发业务方面， 公司积极开展资源盘活，25Q1 实现盘活回款 24 笔，合计 40.9 亿；（3）经 营业务方面，维持稳健发展；（4）债务层面，积极通过资产交易及大股东借款 应对短期债券偿付压力。预计 25E/26E/27E EPS 分别为-1.35/-0.52/-0.14 元/ 股，当前股价对应 PE 分别为-5.0/-13.2/-49.2，综合考虑公司销售仍面临下行压 力以及公司截止目前积极处置及抵押资产以应对公开债务偿付的情况，维持"增 持"评级，投资人可关注公司后续债务化解进度 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 465739 | 343176 | 237689 | 169777 | ...

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [5]. Core Insights - The company focuses on power management chips and control driver chips, with a product line that includes LED lighting driver chips, motor control driver chips, AC/DC power chips, and high-performance computing power chips [1][10]. - The company has shown significant revenue growth, achieving 1.303 billion in revenue in 2023, a year-on-year increase of 20.74%, and is expected to reach 1.504 billion in 2024, a growth of 15.38% [1][16]. - The company is a pioneer in high-performance computing power chips, having entered the market with a full range of products and achieved significant sales growth [2][40]. Summary by Sections 1. Company Overview - The company is a leading designer of power management and control driver chips in China, with a focus on four main product lines [1][10]. - The company has expanded its product offerings through both internal development and acquisitions, enhancing its competitive position in the industry [3][12]. 2. High-Performance Computing Power Chips - The company has strategically focused on high-performance computing power chips since 2021, filling a domestic technology gap and achieving significant sales milestones [2][40]. - The market for multi-phase power chips is expanding rapidly due to the growth of AI applications, with the company positioned to capture this demand [2][41]. 3. Financial Forecast and Investment Recommendations - The company is projected to achieve net profits of 1.12 million, 1.80 million, and 2.78 million in 2025, 2026, and 2027 respectively, with corresponding PE ratios of 73, 46, and 30 [4][3]. - The report emphasizes the company's strong R&D capabilities and product line as key competitive advantages, supporting its long-term growth outlook [3][4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][8]. Core Insights - The company has secured a significant order worth RMB 1 billion for offshore wind power projects in Europe, marking a period of rapid growth in its overseas business [7][10]. - The company is expected to achieve substantial revenue growth, with projected net profits of RMB 926 million, RMB 1.242 billion, and RMB 1.56 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 95.4%, 34%, and 26% [8][12]. - The company is actively expanding its production capacity to meet increasing demand, with plans to enhance output at its facilities [10]. Company Overview - The company operates in the machinery and equipment sector, focusing primarily on wind power equipment, which constitutes 93% of its product mix [3]. - As of May 19, 2025, the company's A-share price was RMB 28.28, with a market capitalization of RMB 178.42 billion [3]. - The company has a strong shareholder base, with the largest shareholder holding 38.93% of the shares [3]. Financial Performance - In Q1 2025, the company reported revenue of RMB 1.14 billion, a year-on-year increase of 146%, and a net profit of RMB 230 million, up 336% year-on-year [8]. - The company’s earnings per share (EPS) are projected to be RMB 1.45, RMB 1.95, and RMB 2.45 for the years 2025, 2026, and 2027 respectively [8][12]. - The company’s price-to-earnings (P/E) ratio is expected to be 19, 14, and 12 for the years 2025, 2026, and 2027 based on current prices [8][12]. Market Dynamics - The European offshore wind market is experiencing accelerated growth, with new approvals for offshore wind projects increasing by 46.3% year-on-year in 2024 [10]. - The company has established strong relationships with key clients in Europe, positioning itself as a leading player in the offshore wind supply chain [10].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved profitability in 2024 with a net profit of 0.1 billion yuan, a year-on-year increase of 120.2% despite a revenue decline of 14.9% to 1.09 billion yuan [1][4]. - The company is exploring a new business model combining "technology products + effective massage services" to drive future growth [2]. Revenue Performance - In 2024, domestic and international revenues were 1.0 billion yuan and 0.08 billion yuan, reflecting a year-on-year decline of 16.4% and an increase of 9.5%, respectively [2]. - The revenue breakdown by product for 2024 shows significant variations, with head and neck products performing well, while eye and shoulder products saw declines [2]. Profitability Metrics - The gross margin for 2024 improved by 1.3 percentage points to 60.6%, with notable increases in margins for eye and neck products [3]. - The net profit margin for 2024 was 0.9%, an increase of 4.9 percentage points year-on-year [3]. Future Projections - The forecast for net profit from 2025 to 2027 is 0.47 billion yuan, 0.62 billion yuan, and 0.80 billion yuan, representing substantial growth rates of 358.8%, 31.4%, and 30.1%, respectively [4]. - The expected earnings per share (EPS) for 2025 is projected at 0.55 yuan, with a price-to-earnings (P/E) ratio of 56.1 [6][4].

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 93.88 CNY [5]. Core Viewpoints - The company focuses on power management chips and control driver chips, with a product line that includes LED lighting driver chips, motor control driver chips, AC/DC power chips, and high-performance computing power chips [1][10]. - The company has shown significant revenue growth, achieving 1.303 billion CNY in 2023, a year-on-year increase of 20.74%, and is expected to continue this growth trajectory with projected revenues of 1.504 billion CNY in 2024, a 15.38% increase [1][16]. - The company is a pioneer in high-performance computing power chips, having entered the market with a full range of products and achieved significant sales growth, particularly in the AI sector [2][40]. Summary by Sections 1. Company Overview - The company is a leading designer of power management and control driver chips in China, with a focus on four main product lines: LED lighting driver chips, motor control driver chips, AC/DC power chips, and high-performance computing power chips [1][10]. - The company has expanded its product lines through both organic growth and acquisitions, including the recent acquisition of Nanjing Lingou Chuangxin and plans to acquire Yichong Technology [3][12]. 2. High-Performance Computing Power Chips - The company has strategically focused on high-performance computing power chips since 2021, targeting the growing demand driven by AI applications [2][40]. - The high-performance computing product line has achieved mass production of multi-phase controllers, DrMOS, POL, and Efuse products, entering a phase of scale sales [2][40]. 3. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 1.12 million CNY, 1.80 million CNY, and 2.78 million CNY from 2025 to 2027, with corresponding PE ratios of 73, 46, and 30 [3][4]. - The report emphasizes the company's strong R&D capabilities and competitive product lines, supporting a positive long-term growth outlook [3][4].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [8][18]. Core Views - The company is expected to maintain steady growth, with revenue projections for 2025-2027 at 126 billion, 138 billion, and 151 billion yuan respectively, reflecting growth rates of 9%, 9%, and 10% [6][7]. - The company’s net profit for the same period is forecasted to be 37 billion, 40 billion, and 45 billion yuan, with growth rates of 8%, 10%, and 11% [6][7]. - The company has shown resilience in its financial performance, with a reported revenue of 50.99 billion yuan and a net profit of 16.44 billion yuan for Q1 2025, marking a year-on-year increase of 9.17% and 7.27% respectively [2][6]. Financial Performance - In 2024, the company reported total revenue of 115.46 billion yuan, with a year-on-year increase of 14.31%, and a net profit of 34.12 billion yuan, up 8.80% [2][3]. - The gross margin for 2024 was 74.74%, a decrease of 3.60 percentage points from the previous year, while the net margin was 29.55%, down 1.50 percentage points [5][6]. - The company’s cash flow from operations for Q1 2025 increased by 42.50% to 14.27 billion yuan [5]. Market Dynamics - The company’s white liquor business generated revenue of 114.73 billion yuan in 2024, with a volume increase of 20% but a decrease in price per ton by 4% [3]. - The company has expanded its dealer network significantly, with an increase of 248 dealers to a total of 1,267, although the overall quality of dealers has slightly declined [4][6]. - The company’s revenue from provincial markets grew by 13.32% in 2024, while revenue from outside the province surged by 27.37% [4]. Valuation Metrics - The projected P/E ratios for 2025-2027 are 16X, 14X, and 13X respectively, indicating a favorable valuation compared to expected earnings growth [6][7]. - The company’s market capitalization is approximately 57.55 billion yuan, with a current share price of 46.16 yuan [9][8]. Summary of Financial Data - The company’s revenue is expected to grow from 10,100.38 million yuan in 2023 to 15,094.46 million yuan in 2027, with a compound annual growth rate of approximately 9.56% [7][13]. - The net profit is projected to increase from 3,136.04 million yuan in 2023 to 4,452.49 million yuan in 2027, reflecting a growth rate of 10.51% [7][13].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [4] Core Views - The company has shown steady revenue growth with a year-on-year increase of 8.08% in revenue and 14.77% in net profit for Q1 2025 [1] - The main product categories, including soy sauce, seasoning sauce, and oyster sauce, are expected to maintain stable growth, while other categories are anticipated to grow rapidly [2] - The company is planning a listing in Hong Kong and expanding internationally, which is expected to enhance brand recognition and drive sales growth [2] Financial Performance - For Q1 2025, the company's revenue was 83.15 billion yuan, and net profit was 22.02 billion yuan, with significant growth in various product categories [1] - The gross margin and net margin improved by 2.73 percentage points and 1.48 percentage points year-on-year, reaching 40.04% and 26.54%, respectively [2] - The company expects revenues of 296 billion yuan, 325 billion yuan, and 355 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 70 billion yuan, 78 billion yuan, and 86 billion yuan [2] Regional Performance - Revenue growth was observed across all regions, with the eastern region growing by 14.17%, southern region by 16.13%, and western region by 9.44% in Q1 2025 [1] - Online sales have seen rapid growth, with a year-on-year increase of 43.20%, contributing to 5.22% of total revenue [1] Financial Projections - The company forecasts a revenue growth rate of approximately 10% for 2025 and 2026, and around 9% for 2027 [2] - The projected earnings per share (EPS) for 2025 is 1.26 yuan, with a price-to-earnings (P/E) ratio of 33.99 [3][2]