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].

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 赛轮轮胎(601058.SH) 投资评级 买入 上次评级 买入 [Table_Author] 张燕生 化工行业首席分析师 执业编号：S1500517050001 邮箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 邮箱：hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 邮箱：yinliu@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 [Table_Title] 千帆过尽显韧性，逆风扬楫启新程 [Table_ReportDate] 2025 年 4 月 29 日 [Table_S 事件：202ummar 5 年y]4 月 28 日，赛轮轮胎公布 2024 年报及 2025 一季报。公司 2024 年实现营业总收入 318.02 亿元，同比+22. ...

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company has shown signs of demand recovery, with a potential return to growth in performance [5] - The company experienced a significant decline in revenue in 2024, but the first quarter of 2025 shows a positive growth trend [5] - Ongoing capacity expansion projects are expected to support future growth as downstream demand gradually recovers [5] Financial Performance Summary - In 2024, the company's revenue was 922 million yuan, a year-on-year decrease of 37.16%, with a net loss of 501 million yuan, a decrease of 617.17% [4][5] - For Q1 2025, revenue was 233 million yuan, a year-on-year increase of 16.75%, with a net loss of 44 million yuan, a decrease of 13.42% [4][5] - The company’s total liabilities increased to 1.845 billion yuan in Q1 2025, a year-on-year increase of 34.38% [4][5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.19 yuan, 0.48 yuan, and 0.75 yuan respectively, with corresponding PE ratios of 73.4, 29.2, and 18.6 [6]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company has turned a profit, with its intelligent computing machine achieving commercial success [1]. - The cybersecurity demand has weakened, leading to revenue pressure, but cost control measures have helped the company return to profitability [4]. - The company is actively enhancing its AI product layout and has made significant progress in commercializing its intelligent computing machine [5]. Financial Performance Summary - In 2024, the company reported a revenue of 2.82 billion yuan, a year-on-year decrease of 9.73%, and a net profit of 0.83 billion yuan, recovering from a loss of 3.71 billion yuan in the previous year [3]. - The first quarter of 2025 is expected to see revenue between 320 million to 340 million yuan, a year-on-year decrease of 19.43% to 24.17%, with a projected net loss of 0.75 billion to 0.65 billion yuan, but showing growth compared to the previous year's loss [3]. - The company's gross margin reached 61.04% in 2024, an increase of 0.85 percentage points from the previous year, with expectations for further improvement in the first quarter of 2025 [4]. Business Segment Performance - The cybersecurity business generated 2.55 billion yuan in revenue in 2024, down 11.49% year-on-year, while the cloud computing business saw a revenue increase of 10.09% to 256 million yuan [4]. - The intelligent computing machine has generated over 2 million yuan in sales in the first quarter of 2025, with signed and upcoming orders exceeding 20 million yuan [5]. Future Outlook - The company is expected to benefit from macroeconomic recovery and industry policy implementation, with projected EPS for 2025-2027 at 0.14, 0.24, and 0.28 respectively [6][7]. - The company is focusing on quality improvement and efficiency enhancement strategies while actively exploring new business directions in cloud security and computing [6].

| [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 6,101 | 6,542 | 9,646 | 12,212 | 14,996 | | 同比（%） | 3.59 | 7.23 | 47.45 | 26.59 | 22.80 | | 归母净利润（百万元） | 779.36 | 691.16 | 1,156.77 | 1,506.17 | 1,908.31 | | 同比（%） | (26.46) | (11.32) | 67.37 | 30.20 | 26.70 | | EPS-最新摊薄（元/股） | 1.95 | 1.73 | 2.90 | 3.77 | 4.78 | | P/E（现价&最新摊薄） | 26.27 | 29.62 | 17.70 | 13.59 | 10.73 | [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：竞争加剧，政策不及预期。 2025 年 04 月 29 日 证券分析师 ...