Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is experiencing gradual release of performance pressure, with advantages in financing and sales [6] - Despite a decline in revenue and profit, the company maintains its leading sales ranking and continues to optimize its land reserve structure [6][8] - The company has a significant cost advantage in financing, with a reduction in debt costs and an increase in direct financing [9] Financial Performance Summary - In 2024, the company achieved revenue of 311.67 billion yuan, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 5 billion yuan, down 58.6% [7] - The gross margin and net margin were 13.9% and 3.1%, respectively, both showing a decline compared to the previous year [7] - For Q1 2025, the company reported revenue of 54.27 billion yuan, a year-on-year increase of 9.1%, and a net profit of 1.95 billion yuan, down 12.3% [7] Sales and Market Position - The company achieved a signed sales amount of 323.03 billion yuan in 2024, a decrease of 23.5%, while maintaining the top sales ranking [8] - The total land acquisition amount was 68.3 billion yuan, down 58% year-on-year, with 74% of the acquisitions in first-tier cities [8] Debt and Financing - The company added 166.4 billion yuan in interest-bearing debt in 2024, with a comprehensive cost of debt decreasing by 22 basis points to 2.92% [9] - The asset-liability ratio decreased by 2.2 percentage points year-on-year to 74.3%, marking four consecutive years of decline [9] Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 5.68 billion, 6.56 billion, and 7.51 billion yuan, respectively [6] - The expected earnings per share (EPS) for the same period is projected to be 0.47, 0.55, and 0.63 yuan [6]

2025 年 05 月 04 日 公司研究●证券研究报告 日月股份（603218.SH） 公司快报 盈利韧性与成长潜力并存，25 年风电景气可期 投资要点 电力设备及新能源 | 风电Ⅲ | 投资评级 | 买入(维持) | | --- | --- | | 股价(2025-04-30) | 11.89 元 | | 交易数据 | | | 总市值（百万元） | 12,253.42 | | 流通市值（百万元） | 12,209.32 | | 总股本（百万股） | 1,030.57 | | 流通股本（百万股） | 1,026.86 | 一年股价表现 资料来源：聚源 升幅% 1M 3M 12M | 相对收益 | -4.75 | -0.27 | -5.09 | | --- | --- | --- | --- | | 绝对收益 | -7.11 | -1.49 | -0.48 | | 分析师 | | | 贺朝晖 | | SAC | 执业证书编号：S0910525030003 | | | | | hezhaohui@huajinsc.cn | | | | 分析师 | | | 周涛 | | SAC | 执业证书编号：S0910523 ...

食品饮料/白酒Ⅱ 古井贡酒（000596.SZ） 2024 年成绩优异，2025 年开局良好 2025 年 05 月 02 日 投资评级：增持（维持） | 日期 | 2025/4/30 | | --- | --- | | 当前股价(元) | 164.39 | | 一年最高最低(元) | 287.24/139.84 | | 总市值(亿元) | 868.97 | | 流通市值(亿元) | 671.70 | | 总股本(亿股) | 5.29 | | 流通股本(亿股) | 4.09 | | 近 3 个月换手率(%) | 39.96 | 股价走势图 数据来源：聚源 -64% -48% -32% -16% 0% 16% 32% 2024-05 2024-09 2025-01 古井贡酒 沪深300 相关研究报告 | 张宇光（分析师） | 逄晓娟（分析师） | 张恒玮（分析师） | | --- | --- | --- | | zhangyuguang@kysec.cn | pangxiaojuan@kysec.cn | zhanghengwei@kysec.cn | 2024 年业绩平稳，2025 年 Q1 好于预期，维持" ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met expectations, with a revenue of 660 million yuan, a year-on-year increase of 0.03%, and a net profit attributable to shareholders of 90 million yuan, up 1.7% year-on-year [3] - The company benefits from high contract liabilities, which stood at 180 million yuan at the end of Q1 2025, indicating strong demand in the gas turbine sector driven by AI [3] - The company is transitioning towards higher value-added businesses, such as blade coatings, which is expected to enhance profitability [4] - The "Two Machines" business is anticipated to be a new growth driver, with significant investments planned for blade processing and coating projects [5] - The nuclear energy sector is expected to benefit from rising demand, with investments aimed at upgrading advanced nuclear materials and components [5] - The low-altitude economy is also seen as a long-term growth opportunity due to the company's established aerospace business foundation [5] Financial Summary - The company forecasts total revenue of 3.169 billion yuan for 2025, representing a year-on-year growth of 26.08% [1] - The net profit attributable to shareholders is projected to reach 450 million yuan in 2025, reflecting a growth rate of 57.29% [1] - The earnings per share (EPS) is expected to be 0.66 yuan in 2025, with a price-to-earnings (P/E) ratio of 29.79 based on current market valuation [1]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 105.17 CNY, maintaining the rating [5]. Core Views - The company has demonstrated strong performance in its financial results, with a revenue of 2.548 billion CNY in 2024, representing a year-on-year growth of 32.63%. The net profit attributable to shareholders reached 683 million CNY, up 67.64% year-on-year [1]. - The company is actively advancing its independent brand strategy, with significant progress in the overseas market, particularly in the United States, where the "MOTOGallery" project has established over 500 store-in-store locations across 32 states [2]. - The company has successfully expanded its customer base, adding 96 new retail customers in 2024, all of which are U.S. retailers, enhancing its customer structure and channel resources [3]. Financial Performance - In 2024, the company's revenue from electric sofas was 1.955 billion CNY, a year-on-year increase of 37.13%, while electric beds generated 346 million CNY, up 20.45% [2]. - The gross profit margin for 2024 was 39.35%, an increase of 5.40 percentage points year-on-year, while the net profit margin was 26.80%, up 5.60 percentage points [11]. - The company plans to distribute a cash dividend of 5.0 CNY for every 10 shares and to increase capital by converting reserves into shares at a ratio of 3 shares for every 10 shares held [1]. Customer and Market Expansion - The company has seen a significant increase in procurement amounts from its top 10 customers, with nine out of ten reporting growth, and three customers exceeding 100% growth [3]. - As of Q1 2025, the company’s retail customers in the U.S. accounted for 88.19% of its total U.S. furniture customers, with sales to U.S. retailers contributing 64.75% of total revenue [10]. - The company’s retail channel layout in the U.S. has shown significant effectiveness, with a focus on large retailers driving steady growth [10]. Future Projections - The company is expected to achieve revenues of 3.162 billion CNY, 3.850 billion CNY, and 4.631 billion CNY for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24.10%, 21.73%, and 20.29% [15]. - The projected net profits for the same years are 794 million CNY, 931 million CNY, and 1.107 billion CNY, with growth rates of 16.25%, 17.25%, and 18.90% [15].

丨证券研究报告丨 公司研究丨点评报告丨分众传媒（002027.SZ） [Table_Title] 逆周期稳健增长，并购新潮有望改善梯媒竞争格 局 报告要点 [Table_Summary] 分众公布 2024 年报和 2025 年一季报：2024 年，公司实现营收 122.62 亿/+3.01%，实现归母 净利 51.55 亿/+6.80%；2025Q1，公司实现营收 28.58 亿/+4.70%，实现归母净利 11.35 亿 /+9.14%。公司拟向全体股东每 10 股派发现金红利 2.30 元（含税）。公司收入稳健增长，毛利 率略有上行，并且继续加大点位开拓，收购新潮后有望实现协同发展。公司保持高分红预期， 我们持续看好楼宇媒体赛道的投资价值，维持"买入"评级。 分析师及联系人 [Table_Author] 高超 SAC：S0490516080001 SFC：BUX177 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 分众传媒（002027.SZ） cjzqdt11111 [Table_Title 逆周期稳健增长2] ，并购新潮有望改善梯媒竞争 格局 [Ta ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 5.786 billion yuan in Q1 2025, representing a year-on-year growth of 7.59%. The net profit attributable to the parent company was 497 million yuan, with a year-on-year increase of 5.82%. The net profit after deducting non-recurring items was 484 million yuan, reflecting a year-on-year growth of 4.98% [2][5]. Summary by Sections Revenue Growth - The company experienced growth in both domestic and international sales. The domestic small kitchen appliance market saw a total sales revenue increase of 2.50% year-on-year in Q1 2025, with rice cookers specifically growing by 4.90%. The company maintains a leading position in several segments, ranking in the top three for sales in categories such as rice cookers and stewing pots [11]. Profitability - The company's gross margin decreased by 0.10 percentage points to 23.91% in Q1 2025, attributed to a structural factor where faster revenue growth in international sales, which typically have lower margins, impacted overall profitability. The operating profit margin fell by 0.08 percentage points to 10.06%, and the net profit margin decreased by 0.14 percentage points to 8.59% [11]. Cash Flow - The net operating cash flow for Q1 2025 was 584 million yuan, a significant decline of 44.03% year-on-year, primarily due to a decrease in cash received from sales of goods and services [11]. Future Outlook - The company is expected to benefit from product innovation and channel optimization, maintaining a leading market share in domestic sales. The projected net profits for 2025, 2026, and 2027 are 2.399 billion yuan, 2.618 billion yuan, and 2.859 billion yuan, respectively, with corresponding PE ratios of 18.62, 17.06, and 15.63 [11].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 13.375 billion yuan in Q1 2025, representing a year-on-year growth of 5.31%. The net profit attributable to shareholders was 554 million yuan, up 18.61% year-on-year, while the net profit excluding non-recurring items was 452 million yuan, reflecting a growth of 19.52% year-on-year [4][8]. Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 13.375 billion yuan, a 5.31% increase year-on-year. The net profit attributable to the parent company was 554 million yuan, marking an 18.61% increase year-on-year. The net profit excluding non-recurring items was 452 million yuan, up 19.52% year-on-year [4][8]. Market Dynamics - The domestic market is expected to drive growth, with the company benefiting from the national subsidy policy that has led to an upgrade in product structure. The Mini LED television sales penetration rate has accelerated, reaching 24.4% of the market share in Q1 2025 [8]. Product Performance - The sales of high-end products are on the rise, with the market share of 85-inch televisions increasing by 3 percentage points year-on-year. The sales of 75-inch products maintain a strong position with a market share of 23.6% [8]. Cost and Profitability - The gross margin for Q1 2025 was 15.93%, an increase of 0.60 percentage points year-on-year, primarily due to the upgrade in the domestic product structure. However, the operating profit saw a slight decline of 1.43% year-on-year [8]. Future Outlook - The company is expected to benefit from the ongoing trends of large-screen and high-end displays, with projected net profits for 2025, 2026, and 2027 being 2.518 billion, 2.810 billion, and 3.112 billion yuan respectively. The corresponding price-to-earnings ratios are estimated to be 12.07, 10.82, and 9.77 times [8].

丨证券研究报告丨 公司研究丨点评报告丨比亚迪（002594.SZ） [Table_Title] 比亚迪 2025 年 Q1 点评：国内和出海强势驱动 Q1 业绩高增，业绩符合预期 报告要点 [Table_Summary] 公司发布 2025 年一季报，2025 年 Q1 实现营业收入 1703.6 亿元，同比增长 36.3%，实现归 母净利润 91.5 亿元，同比增长 100.4%，实现扣非归母净利润 81.7 亿元，同比增长 117.8%。 技术与规模构建超越行业竞争力，智能化、出海与高端发力迈向新巅峰。智能化大战略下，有 望复制 2024 年 DM5.0 周期，开启新一轮强势新车周期，站稳主流市场。超级 e 平台发布，纯 电技术迎来重大革新，持续巩固电动化技术优势。出海持续发力，海外渠道与车型矩阵将进一 步完善。规模效应加持下，随着出海与高端化放量，盈利能力有望持续提升。 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 %% %% %% %% research.955 ...

丨证券研究报告丨 公司研究丨点评报告丨火星人（300894.SZ） [Table_Title] 行业景气持续低迷，公司盈利能力有所回落 报告要点 [Table_Summary] 2024 年公司实现营收 13.76 亿元，同比下滑 35.68%，实现归母净利润 1115.12 万元，同比下 滑 95.49%，实现扣非归母净利润-295.41 万元，同比下滑 101.10%。其中 2024 年 Q4 公司实 现营收 3.63 亿元，同比下滑 36.15%，实现归母净利润-394.17 万元，同比下滑 116.00%，实 现扣非归母净利润-1,180.44 万元，同比下滑 118.30%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 1 火星人（300894.SZ） cjzqdt11111 [Table_Title2] 行业景气持续低迷，公司盈利能力有所回落 [Table_Summary2] 事件描述 公司披露 2024 年年报：2024 年公司实现营收 13.76 亿元，同比下滑 35.68%，实现归母净利 润 1 ...