Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved operating revenue of 2.97 billion, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million, up 31.7%. The net profit excluding non-recurring items reached 330 million, growing by 73.9% [2][4]. - For Q1 2025, the company reported operating revenue of 850 million, a year-on-year growth of 28%, with a net profit attributable to shareholders of 140 million, increasing by 22.1% [2][4]. - The company's strategy of focusing on major products has been effective, with significant growth in key items such as the "Little Red Pen Eye Cream" and "Little Gold Needle" achieving GMV of 530 million and 350 million respectively, marking increases of 146% and 96% [9]. Summary by Sections Financial Performance - In 2024, the company’s revenue growth was driven by a strong performance in its main brand, which generated 2.06 billion in revenue, a 31.7% increase. The online and offline channels reported revenues of 2.54 billion and 430 million respectively, reflecting growth of 36% and 21% [9]. - The company’s net profit for Q1 2025 showed a year-on-year increase of 22%, with a net profit margin remaining stable despite rising sales expenses [9]. Product and Brand Strategy - The company continues to enhance its major product strategy, with the main brand and the "Lianhuo" brand expected to maintain robust growth. The eye care category saw a significant increase in average price, contributing to overall revenue growth [9]. Future Outlook - The company is projected to achieve net profits of 450 million, 580 million, and 750 million for the years 2025 to 2027, with corresponding EPS of 1.11, 1.44, and 1.87 [9].

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 36.14 CNY [1][7]. Core Views - The company has shown improvement in operational quality and is continuously advancing its SaaS operational model. The 2024 revenue was 2.15 billion CNY, down 12.1% year-on-year, while the net profit attributable to shareholders was 200 million CNY, up 4.9% year-on-year. The first quarter of 2025 saw a revenue of 280 million CNY, down 5.9% year-on-year, with a net profit of -40 million CNY, indicating a reduction in losses [1][3][7]. Financial Summary - **2024 Financial Performance**: Total revenue was 2,146 million CNY, with a year-on-year decline of 12.1%. The net profit attributable to shareholders was 204 million CNY, reflecting a growth of 4.9%. The net profit margin was 9.5%, an increase of 1.5 percentage points [3][4]. - **2025 Financial Projections**: Expected total revenue for 2025 is 2,354 million CNY, with a projected growth rate of 9.7%. The net profit is anticipated to reach 265 million CNY, corresponding to a growth rate of 29.6% [3][4]. - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 0.62 CNY, increasing to 0.80 CNY in 2025 and further to 0.93 CNY in 2026 [3][4]. Business Focus - The company is focusing on three core areas: digital transformation in government, procurement, and construction industries, while accelerating its transition to a SaaS model. In 2024, the smart procurement business generated 950 million CNY in revenue, with a significant contribution from the procurement operation business [7][8]. - The company has launched the first national government service large model, enhancing service efficiency and accuracy in response to public inquiries [7][8]. Market Position - The company has a total market capitalization of 10.065 billion CNY and a circulating market value of the same amount. The asset-liability ratio stands at 14.47%, indicating a strong financial position [4][8].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is driven by dual engines of catering and food, focusing on South China while expanding nationwide [7] - The company has optimized its product matrix to align with market demand, launching new products such as mooncakes and frozen foods, and targeting health-conscious consumers [7] - The company has established a strong offline presence with over 1,013 distributors and is expanding its e-commerce partnerships [7] - The company is increasing its market share outside Guangdong, with nearly 20% of mooncake sales coming from outside the province in 2024 [7] - The company is also expanding internationally, with a 41.63% revenue growth from overseas markets in 2024 [7] - The company expects a net profit growth of 9.44% in 2025, reaching 540.50 million yuan, and a continued upward trend in subsequent years [1][7] Financial Summary - Total revenue is projected to grow from 5,124 million yuan in 2024 to 6,670 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.10% [1][8] - The net profit attributable to the parent company is expected to increase from 494 million yuan in 2024 to 678 million yuan in 2027 [1][8] - The earnings per share (EPS) is forecasted to rise from 0.87 yuan in 2024 to 1.19 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 19.20 in 2024 to 13.98 in 2027, indicating potential undervaluation [1][8]

公司报告 | 季报点评 信立泰（002294） 证券研究报告 创新产品持续落地，管线优势凸显成长潜力 事件 公司发布2024 年年报和2025 年第一季度报告，2024 年实现营业收入 40.12 亿元，同比增长 19.22%，归母净利润 6.02 亿元，同比增长 3.71%，盈利水 平稳健提升；2025 年第一季度的营业收入为 10.62 亿元，同比下降 2.64%， 归母净利润为 2 亿元，同比增长 0.03%。 加大销售推广力度，开拓市场 2024 年，销售费用率为 36.71%，同比增加 6.53pct，主要因为新上市产品 推广费用增加以及产品销售量增加；管理费用率为 6.78%，同比下降 1.74pct；研发费用率为 10.50%，同比下降 1.66pct。2025Q1，销售费用率 为 38.11%，同比增长 3.55pct；管理费用率为 6.62%，同比增长 0.05pct； 研发费用率为 10.18%，同比增加 0.32pct。 制剂驱动营收结构优化，创新产品板块比重提升 2025Q1 营业收入同比略有下降，造成收入同比下降的原因主要是受到仿制 药政策影响，相关产品收入占营收比重进一步降低。从产 ...

丨证券研究报告丨 公司研究丨点评报告丨华熙生物（688363.SH） [Table_Title] 华熙生物 2024 年报及 2025 一季报点评：医疗 终端增势亮眼，护肤品业务持续调整 报告要点 [Table_Summary] 2024 年，公司实现营业收入 53.7 亿元，同比下滑 11.6%；实现归母净利润 1.7 亿元，同比下 滑 70.6%。2024Q4，公司实现营业收入 15.0 亿元，同比下滑 19.3%；实现归母净利润-1.9 亿 元，扣非归母净利润-2.2 亿元。2025Q1，公司实现营业收入 10.8 亿元，同比下滑 20.8%；实 现归母净利润 1.0 亿元，同比下滑 58.1%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 华熙生物（688363.SH） cjzqdt11111 [Table_Title 华熙生物 2024 2] 年报及 2025 一季报点评：医疗 终端增势 ...

[Table_Title] 研究报告 Research Report 26 May 2025 潮宏基 CHJ Industry (002345 CH) 店均高速增长，开店节奏稳健，注重品牌系统性工程建设 yy.kou@htisec.com ashley.fy.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件：5 月 23 日，海通国际海外消费组调研潮宏基总部，参加公司高管交流会。公司管理层表示终端增速自 2024 年 四季度开始提升，2025 年 4 月份店均增速约 45%，5 月初至 5 月 20 日增速约为 30%。5 月门店人流量在五一假期后 有所下滑，主要是受节日透支效应影响。 差异化打法应对市场竞争，产品设计突出年轻时尚风格。面对激烈市场竞争，管理层表示，其产品始终坚持差异化 定位，不做纯粹的"量+价"竞争，更重视客户体验和品牌美誉度。公司聚焦年轻消费群体，20-40 岁消费者占比约 80%，其中 25-35 岁区间为核心人 ...

公司报告 | 季报点评 信立泰（002294） 证券研究报告 创新产品持续落地，管线优势凸显成长潜力 事件 公司发布2024 年年报和2025 年第一季度报告，2024 年实现营业收入 40.12 亿元，同比增长 19.22%，归母净利润 6.02 亿元，同比增长 3.71%，盈利水 平稳健提升；2025 年第一季度的营业收入为 10.62 亿元，同比下降 2.64%， 归母净利润为 2 亿元，同比增长 0.03%。 加大销售推广力度，开拓市场 2024 年，销售费用率为 36.71%，同比增加 6.53pct，主要因为新上市产品 推广费用增加以及产品销售量增加；管理费用率为 6.78%，同比下降 1.74pct；研发费用率为 10.50%，同比下降 1.66pct。2025Q1，销售费用率 为 38.11%，同比增长 3.55pct；管理费用率为 6.62%，同比增长 0.05pct； 研发费用率为 10.18%，同比增加 0.32pct。 制剂驱动营收结构优化，创新产品板块比重提升 2025Q1 营业收入同比略有下降，造成收入同比下降的原因主要是受到仿制 药政策影响，相关产品收入占营收比重进一步降低。从产 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In 2024, the company achieved operating revenue of 2.97 billion yuan, a year-on-year increase of 33.4%; net profit attributable to the parent company was 340 million yuan, up 31.7%; and net profit excluding non-recurring items was 330 million yuan, growing by 73.9%. In Q1 2025, the company reported operating revenue of 850 million yuan, a year-on-year growth of 28%; net profit attributable to the parent company was 140 million yuan, increasing by 22.1%; and net profit excluding non-recurring items was 130 million yuan, up 28.6% [2][4] Summary by Sections Business Performance - The company continues to solidify its big product strategy, with the main brand maintaining high growth. In 2024, revenue growth rates for each quarter were 39%, 19%, 26%, and 48%, with a significant acceleration in Q4. The main brand, Marubi, generated revenue of 2.06 billion yuan, a year-on-year increase of 31.7%. The two core products, the Little Red Pen Eye Cream and the Little Gold Needle, achieved GMV of 530 million yuan and 350 million yuan, respectively, with year-on-year growth of 146% and 96%. The Love Fire brand generated revenue of 910 million yuan, up 40.7%, with six foundation products each exceeding 100 million yuan in annual GMV [13] Financial Forecast - For 2025-2027, the company is expected to achieve net profits attributable to the parent company of 450 million yuan, 580 million yuan, and 750 million yuan, respectively, corresponding to EPS of 1.11 yuan, 1.44 yuan, and 1.87 yuan per share [13][17]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 2.02 billion yuan in 2024, representing a year-on-year growth of 4.3%, while the net profit attributable to shareholders was 660 million yuan, down 11.8% year-on-year. In Q1 2025, the revenue was 300 million yuan, a decline of 26.4% year-on-year, and the net profit attributable to shareholders was 90 million yuan, down 39.8% year-on-year [2][4] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.02 billion yuan, with a net profit of 660 million yuan. The revenue growth was primarily driven by the cosmetics segment, which saw a 7.5% increase year-on-year, while the medical device segment remained stable with a 0.3% increase [9] - For Q1 2025, the company experienced a significant revenue drop of 26.4% year-on-year, attributed to proactive channel and product optimization efforts [9] Product and Channel Strategy - The company has successfully expanded its product offerings, with several products achieving annual sales exceeding 100 million yuan. The online sales channel has also seen substantial growth, with a 20% increase in revenue [9] - The company is focusing on enhancing its brand presence in e-commerce platforms, which has contributed to a significant increase in online sales [9] Profitability Metrics - The overall gross margin for 2024 was 82%, with a slight decrease of 0.5 percentage points. The net profit margin decreased by 6 percentage points to 32.8%, primarily due to an increase in sales expense ratio [9] - In Q1 2025, the net profit margin further declined by 6.7 percentage points, influenced by a rise in sales expenses and adjustments in product pricing [9] Future Outlook - The company is expected to stabilize its revenue and profitability through the formation of repeat purchases of core products and the gradual establishment of e-commerce strategies. EPS forecasts for 2025, 2026, and 2027 are projected to be 1.74 yuan, 1.89 yuan, and 2.05 yuan respectively [9]

丨证券研究报告丨 公司研究丨点评报告丨贝泰妮（300957.SZ） [Table_Title] 贝泰妮 2024 年报及 2025 一季报点评：产品渠 道阶段性调整，库存持续消化 报告要点 [Table_Summary] 公司公布 2024 年年报，全年实现营业收入 57.36 亿元，同比增长 3.87%，归母净利润 5 亿元， 同比下降 33.53%，2025Q1，公司实现营业收入 9.49 亿元，同比下降 13.51%；归母净利润 2834 万元，同比下降 83.97%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 贝泰妮（300957.SZ） cjzqdt11111 [Table_Title 贝泰妮 20242]年报及 2025 一季报点评：产品渠 道阶段性调整，库存持续消化 [Table_Summary2] 事件描述 公司公布 2024 年年报，全年实现营业收入 57.36 亿元，同比增长 ...