业绩简评 2025 年 4 月 28 日，公司发布 2024 年年度报告，24 年公司实现收 入 26.78 亿元（同比-1.46%），实现归母净利润-1.02 亿元，扣非 归母净利润-0.85 亿元。 同时公司发布 2025 年一季报，25Q1 公司实现营业收入 7.42 亿元 （同比+9.82%），归母净利润 0.27 亿元（同比+61.18%），扣非归母 净利润 0.28 亿元（同比+48.37%）。 经营分析 盈利能力改善显著，成本控制成效初显。25Q1 公司毛利率约为 39.34%，毛利率相对稳健。费用端，25Q1 公司管理费用率为 12.44%(同比下降 2.61pct)，销售费用率为 16.52%，同比基本持 平。整体来看，公司成本管控措施逐步显效，新院对整体利润的拖 累可能有所减轻，未来盈利能力有望逐步改善。 扩张步伐稳健，新院逐步产生贡献。公司坚持"全国连锁化+同城 一体化"战略，聚焦中心城市并进行同城加密布局。随着新院逐渐 成熟，有望为未来增长提供动力，并逐步改善盈利能力。 盈利预测、估值与评级 我们预计 2025-2027 年公司分别实现归母净利润 1.30/1.61/2.02 亿元，同 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - The company is a leading player in the motion control field, with rapid iterations of its dexterous hand solutions [1]. - The company reported a revenue of 1.584 billion yuan for 2024, representing a year-on-year growth of 12%, and a net profit of 200 million yuan, up 45% year-on-year [3]. - The servo system business has shown significant growth, with sales revenue reaching 709 million yuan in 2024, a 33% increase compared to the previous year [3]. - The company is focusing on dexterous hand solutions in line with the trend of humanoid robots, establishing subsidiaries to enhance its product offerings [3]. - Profit forecasts indicate that the company's net profit is expected to grow to 268 million yuan in 2025, 345 million yuan in 2026, and 438 million yuan in 2027, with respective growth rates of 34%, 29%, and 27% [3]. Financial Summary - Total revenue is projected to increase from 1.415 billion yuan in 2023 to 2.476 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 21.1% [2]. - The company's gross profit margin is expected to remain stable, with slight fluctuations from 38.3% in 2023 to 37.9% in 2027 [2]. - The return on equity (ROE) is forecasted to improve from 10.5% in 2023 to 22.9% in 2027, indicating enhanced profitability [2]. - Earnings per share (EPS) are projected to rise from 0.45 yuan in 2023 to 1.42 yuan in 2027, reflecting strong earnings growth [2].

业绩简评 2025 年 4 月 28 日，公司发布 2024 年年度报告，24 年公司实现收 入 26.78 亿元（同比-1.46%），实现归母净利润-1.02 亿元，扣非 归母净利润-0.85 亿元。 同时公司发布 2025 年一季报，25Q1 公司实现营业收入 7.42 亿元 （同比+9.82%），归母净利润 0.27 亿元（同比+61.18%），扣非归母 净利润 0.28 亿元（同比+48.37%）。 经营分析 屈光术式迭代有望驱动增长，强刚需项目稳健增长。分业务看，屈 光项目 2024 年收入 12.27 亿元（同比下降 5.31%），毛利率 47.02% （同比下降 4.56pct）。公司持续引进蔡司全飞秒精准 4.0 等新技 术，有望进一步巩固竞争优势。白内障项目收入 5.76 亿元（同比 下降 3.04%），受人工晶体国采全面落地及 DRG/DIP 支付改革影响， 呈现"量增价减"态势。24 年白内障项目毛利率 38.93%（同比下 降 4.44pct）。公司通过引进专家、提升服务效率吸引患者，并推 广高端晶体应对集采影响。此外视光项目收入 3.86 亿元，同比下 降 2.60%；综合眼病项目收 ...

业绩简评 0 500 1,000 1,500 2,000 2,500 3,000 3.00 4.00 5.00 6.00 7.00 240429 240729 241029 250129 人民币(元) 成交金额(百万元) 成交金额 吉电股份 沪深300 | 公司基本情况（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | 项目 | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 14,443 | 13,740 | 14,289 | 15,464 | 16,217 | | 营业收入增长率 | -3.42% | -4.87% | 4.00% | 8.22% | 4.87% | | 归母净利润(百万元) | 908 | 1,099 | 1,312 | 1,469 | 1,533 | | 归母净利润增长率 | 35.24% | 21.01% | 19.38% | 11.94% | 4.36% | | 摊薄每股收益(元) | 0.326 | 0.303 | 0.362 | 0.405 | 0.423 | ...

2025 年 4 月 28 日，公司披露 24 年年报及 25 年一季报。1）24 年 实现营收 22.0 亿元，同比-1.3%；归母净利 2.9 亿元，同比-15.9%。 2）25Q1 实现营收 8.0 亿元，同比-4.3%；归母净利 1.4 亿元，同 比-9.3%。业绩表现符合预期，外部环境扰动下仍有承压。 从营收结构来看：1）产品端，24 年高档/中档/低档分别实现营收 15.3/5.1/1.3 亿元，同比+4.3%/-8.2%/-20.5%，其中销量分别- 13.6%/-6.5%/-27.1%，吨价分别+20.7%/-1.8%/+9.0%。25Q1 高档 /中档/低档分别实现营收6.2/1.3/0.3亿元，同比+8.8%/-30.7%/- 41.0%。公司产品结构提升明显，伊力王等自营产品有不错增长。 2）区域端，24 年疆内/疆外分别实现营收 16.0/5.7 亿元，同比- 5.8%/+16.7%；25Q1 疆内/疆外分别实现营收 7.0/0.9 亿元，同比 +3.5%/-37.9%。3）渠道端，24 年直销/线上/批发分别实现营收 4.9/1.3/15.4 亿元，同比+90.9%/-1.7%/-1 ...

证券研究报告·公司点评报告·广告营销 新华都（002264） 2025 一季报点评：费率优化积极，盈利提升 稳步兑现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,824 | 3,676 | 4,052 | 4,871 | 5,874 | | 同比（%） | (6.55) | 30.18 | 10.22 | 20.21 | 20.60 | | 归母净利润（百万元） | 200.74 | 260.17 | 342.42 | 453.87 | 600.11 | | 同比（%） | (1.97) | 29.61 | 31.61 | 32.55 | 32.22 | | EPS-最新摊薄（元/股） | 0.28 | 0.36 | 0.48 | 0.63 | 0.83 | | P/E（现价&最新摊薄） | 22.45 | 17.32 | 13.16 | 9.93 | 7.51 | [Table_Tag] [Table_ ...

业绩简评 2025 年 4 月 28 日公司披露 2024 年年报及 2025 年一季报，2024 年全年公司实现营收 178 亿元，同比增长 19.1%；实现归母净利润 18.1 亿元，同比下降 9.7%，实现扣非归母净利 15.9 亿元，同比 下降 1.8%。2025 年一季度公司实现营收 21.9 亿元，同比增长 26.6%；实现归母净利润-1.91 亿元，同比下降 172%。 经营分析 制造业务盈利筑底，"两海"突破有望带动盈利回升：2024 年公司 风机制造板块实现收入 136 亿元，同比增长 13.8%，实现毛利率 10.99%，同比下降 0.19pct。2024 年以来公司"两海"业务取得多 项重大突破：海外方面，公司深耕中亚、南亚、东南亚等类中国市 场，突破欧洲高端市场，在印度、哈萨克斯坦、菲律宾、德国等地 区实现订单获取，全年新签项目合同近 2GW；海上方面，公司中标 揭阳石碑山 200MW 风电项目及河北建投祥云岛 250MW 海风项目， 海上机型进入批量化交付阶段。2024 年公司海外毛利率约 21.7%， 较国内风机业务毛利率高 10pct 以上，预计随着公司"两海"持续 突破，交付占 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][13]. Core Views - The company reported a revenue of 7.34 billion RMB for 2024, representing a year-on-year growth of 8.5%, and a net profit attributable to shareholders of 2.59 billion RMB, up 13.4% year-on-year [2]. - For Q1 2025, the company achieved a revenue of 2.05 billion RMB, down 12.3% year-on-year, with a net profit of 830 million RMB, a decrease of 9.5% year-on-year [2]. - The overall performance for Q4 2024 and Q1 2025 shows a revenue decline of 9% and a net profit decline of 8% compared to the previous year, which was below market expectations [2]. Revenue Analysis - In terms of product revenue, mid-to-high-end and regular liquor generated 5.71 billion RMB and 1.29 billion RMB in 2024, with year-on-year growth of 13.8% and a decline of 6.5% respectively [3]. - For Q1 2025, mid-to-high-end and regular liquor revenues were 1.72 billion RMB and 240 million RMB, reflecting a year-on-year decrease of 8.6% and 32.1% respectively [3]. - The revenue from provincial and out-of-province sales in 2024 was 5.09 billion RMB and 1.91 billion RMB, with year-on-year growth of 12.8% and 1.3% respectively [3]. Profitability and Financial Metrics - The net profit margin for 2024 increased by 1.5 percentage points to 35.3%, with a gross margin increase of 2.9 percentage points [4]. - In Q1 2025, the net profit margin rose by 1.3 percentage points to 40.5%, with a gross margin increase of 1.5 percentage points [4]. - The report forecasts net profits of 2.72 billion RMB, 2.90 billion RMB, and 3.26 billion RMB for 2025, 2026, and 2027 respectively, with corresponding growth rates of 4.9%, 6.6%, and 12.3% [5]. Valuation Metrics - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 3.40 RMB, 3.62 RMB, and 4.07 RMB respectively [5]. - The current stock price corresponds to price-to-earnings (PE) ratios of 14.4, 13.5, and 12.0 for the years 2025, 2026, and 2027 [5].

2025 年 4 月 28 日，公司披露 24 年年报及 25 年一季报。1）24 年实现营收 14.2 亿元，同比-49.7%；实现归母净利 0.1 亿元， 同比-97.7%。2）25Q1 实现营收 3.4 亿元，同比-30.3%；实现归 母净利 0.3 亿元，同比-56.8%。业绩仍处于承压阶段。 分产品来看，24 年内参/酒鬼/湘泉/其他系列分别实现营收 2.4/8.3/0.8/2.7 亿元，同比-67%/-49%/+8%/-31%，其中销量分 别-56%/-46%/+19%/-20%，吨价分别-25%/-6%/-10%/-13%，吨价 下行致使内参/酒鬼/其他系列毛利率分别-2.4/-2.9/-10.1pct。 期内公司仍着手去化渠道遗留库存问题，聚焦消费者扫码、宴席 活动，期内宴席、消费者扫码有明显增长。公司也阶段性开始梳 理产品架构，酒鬼酒 SKU 压减 50%，构建"2+2+2"战略单品体 系，即 2 个战略单品（内参、红坛）、2 个重点单品（妙品、透明 装）、2 个馥郁香基础单品（内品、湘泉）。 分渠道来看，24 年线上/线下分别实现营收 1.9/12.3 亿元，同比 -34%/-51%。此外 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and dividend yield [1][2]. Core Insights - The company reported a revenue of 20.23 billion yuan in 2024, representing a year-on-year increase of 22.24%, with a net profit attributable to shareholders of 719 million yuan, up 1.73% [1]. - The performance of investment products has been strong, contributing 64% to total revenue in 2024, while sales of gold jewelry have faced challenges due to rising gold prices [3]. - The company maintains a high dividend payout ratio of 77.89%, with a cash dividend of 0.72 yuan per share planned for 2024 [2]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 4.89 billion yuan, a 17% increase year-on-year, and a net profit of 165 million yuan, up 43% [1]. - For Q1 2025, revenue reached 8.22 billion yuan, a 30% increase, with a net profit of 320 million yuan, up 17% [1]. - The gross margin for Q1 2025 was 8.34%, down 1.67 percentage points year-on-year [1]. Product Performance Summary - In 2024, revenue from gold jewelry decreased by 11% to 5.47 billion yuan, while revenue from precious metal investment products increased by 45% to 12.91 billion yuan [3]. - The sales volume of gold jewelry fell by 26.42% due to consumer hesitation amid rising gold prices, while sales of precious metal investment products grew by 18.64% [3]. Channel Performance Summary - The company reported online sales of 4.82 billion yuan, accounting for 23.8% of total sales, with a significant growth of 60.26% in the e-commerce segment [4]. - The offline channel remains dominant, contributing 74.7% of total sales, with an average sales growth of 16.47% in Beijing [4]. Profit Forecast - Revenue projections for 2025, 2026, and 2027 are 24.12 billion yuan, 27.21 billion yuan, and 29.84 billion yuan, respectively, with expected growth rates of 19%, 13%, and 10% [5]. - The net profit attributable to shareholders is forecasted to be 808 million yuan in 2025, 885 million yuan in 2026, and 949 million yuan in 2027 [5].