上 市 公 司 食品饮料 2025 年 06 月 07 日 伊力特 (600197) —— 收入业绩承压，增长目标稳健 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 06 月 06 日 | | --- | --- | | 收盘价（元） | 14.82 | | 一年内最高/最低（元） | 20.99/13.52 | | 市净率 | 1.7 | | 股息率%（分红/股价） | 2.63 | | 流通 A 股市值（百万元） | 7,012 | | 上证指数/深证成指 | 3,385.36/10,183.70 | 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 8.53 | | 资产负债率% | 23.97 | | 总股本/流通 A 股（百万） | 473/473 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 相关研究 《伊力特（600197）点评：24Q3 点评： 收入增长承压，业绩低于预期 》 2024/10/29 《伊力特（600197）点评 ...

25Q1 营业收入7.96 亿，同比下降4.32%。分产品看，高档酒营收6.20 亿，同比增长8.77%；中档酒营收 1.34 亿，同比下降30.8%；低档酒营收0.34 亿，同比下降40.9%。分区域看，省内营收6.95 亿，同比增 长3.49%，省外营收0.93 亿，同比下降37.9%。 2024 年净利率13.1%，同比下降2.44pct，净利率下降主因税金及附加占营收比与费用率提升。2024 年 毛利率52.3%，同比提升4.06pct，主因产品结构提升；税金及附加占营收比16.5%，同比提升2.27pct； 销售费用率11.9%，同比提升2.51pct，主因市场竞争加剧背景下，销售费用投入增加；管理费用（含研 发费用）率4.66%，同比提升0.25pct，主因职工薪酬占比有所提升。 事件：公司披露2024 年报及2025 年一季报，根据公司公告，24 年公司实现营业收入22.0亿，同比下降 1.27%，归母净利润2.86 亿，同比下降15.9%。24Q4 公司实现营收5.49亿，同比下降6.61%，归母净利润 0.45 亿，同比下降59.6%。25Q1 公司实现营业收入7.96 亿，同比下降4.32 ...

事件 公司披露2025 年一季报，实现营业收入52.76 亿元，同比增长0.16%；归母净利润5.82 亿元，同比增长 1.10%；扣非归母净利润5.81 亿元，同比增长1.66%。 2025Q1 收入利润表现稳健 2025 年Q1，面对复杂多变的市场环境波动，公司有效采取提质增效措施，仍然实现了营收和归母净利 润的同比增长，公司经营基本面展现出较强的韧性和抗风险能力，经营业务保持稳健发展。2025Q1 公 司经营活动产生的现金流量净额8.33 亿元，同比增加10.84 亿元，主要是公司不断优化原料采购节奏， 库存结构更趋合理，整体采购支出趋于平稳，经营活动产生的现金流量净额同比增长。 公司深化营销改革，有望提质增效 公司深化营销改革，在市场营销方面，巩固存量、开拓增量，围绕大品种与精品战略推进牛黄清心丸等 重点品种动销，通过同仁堂日等多元文化活动强化品牌传播，定制个性化策略实现终端精准推广；电商 领域，加速线上线下融合，优化运营模式、加强与头部平台合作，严控渠道货源，如"双十一" 五子衍 宗丸、乌鸡白凤丸分别登顶天猫男科与跻身京东妇科销售前列；医疗业务上，组建专业团队搭建销售渠 道，紧跟政策动态，聚焦潜力品 ...

证券代码：002737 证券简称：葵花药业 葵花药业集团股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活动类别 | 特定对象调研 分析师会议 媒体采访  业绩说明会 | | --- | --- | | | 新闻发布会 路演活动 | | | 现场参观 | | | 其他 | | 参与单位名称及人员姓名 | 参与公司 2024 年度网上业绩说明会的投资者 | | 时间 | 2025 年 5 月 8 日（星期四）15:00-17:00 | | 地点 | - | | 上市公司接待人员姓名 | 1、董事长 关玉秀女士 | | | 2、独立董事 赵 燕女士 | | | 3、副总经理 海 洋先生 | | | 4、财务负责人 吴春红女士 | | | 5、董事会秘书 周广阔先生 | | 形式 | 文字交流 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、领导，您好！我来自四川大决策，公司在研发创新方面，针对儿童药、成 | | | 人药等不同产品线，有哪些重点研发项目和计划？如何平衡研发投入与市场 | | | 回报之 ...

维力医疗 20250507 摘要 • 维力医疗通过持续的产品体系升级，包括麻醉、导尿等领域的新品推出， 如可视双腔插管、亲水涂层超滑导尿管等，不断提升产品竞争力及毛利率， 为公司盈利增长奠定基础。 • 公司通过分线营销改革，整合市场渠道和销售人员，优化营销团队结构， 尽管营销人员数量减少，但团队效率显著提升，营销费用率从 2021 年的 12.8%降至 2024 年的 10.5%，提高了盈利能力。 • 为保证供应链稳定，维力医疗在肇庆和墨西哥建厂扩产，提升产能和自动 化水平，规避地缘政治风险，节约运输和仓储成本，并计划在东南亚布局 第二个海外生产基地。 • 过去两年公司业绩受外销下滑（北美大客户去库存）和内销下降（国内医 院反腐）影响，但从 24 年 Q2 开始内销有所恢复，长期来看，这些因素有 助于改善行业经营秩序和竞争格局。 • 公司海外业务逐渐恢复增长，毛利率显著提升，主要归功于出口产品体系 升级，与客户合作的高端品类增多，海外毛利率从 2021 年的 27.1%提升 至 2024 年的 35.6%。 Q&A 维力医疗近年来的产品升级和研发投入情况如何？ 维力医疗近年来在产品升级和研发投入方面取得了显著 ...

成本红利、少数股权收回，增厚归母净利润。 事件描述 公司2025Q1 营业总收入11.02 亿元（同比-25.81%）；归母净利润1.81 亿元（同比-24.24%），扣非净利 润1.8 亿元（同比-23.87%）。其中，美味鲜公司2025Q1 实现营业收入10.82 亿元，同比减少3.79 亿元， 同比-25.94%；归母净利润1.77 亿元，同比减少6738.70 万元，同比-27.61%。合并24Q4~25Q1 看，营业 收入同比略增0.13%，扣非后归母净利润同比略增0.33%。 事件评论 春节错期影响Q1 发货，渠道布局静待潜力释放。 分品项看2025 年Q1 营收，酱油6.48 亿元（同比-31.57%）；鸡精鸡粉1.3 亿元（同比-28.6%）；食用油 0.51 亿元（同比-50.01%）；其他1.99 亿元（同比-6.89%）。分渠道看2025 年Q1 营收，分销9.71 亿元 （同比-30.69%）；直销0.56 亿元（同比+33.27%）。分地区看2025 年Q1 营收，东部1.95 亿元（同 比-47.71%）；南部4.19 亿元（同比-19.63%）；中西部2.3 亿元（同比-29.0 ...

丨证券研究报告丨 公司研究丨点评报告丨中炬高新（600872.SH） [Table_Title] 中炬高新2025年一季报点评：春节错期致25Q1 承压，少数股权收回改善盈利能力 报告要点 [Table_Summary] 公司 2025Q1 营业总收入 11.02 亿元（同比-25.81%）；归母净利润 1.81 亿元（同比-24.24%）， 扣非净利润 1.8 亿元（同比-23.87%）。其中，美味鲜公司 2025Q1 实现营业收入 10.82 亿元， 同比减少 3.79 亿元，同比-25.94%；归母净利润 1.77 亿元，同比减少 6738.70 万元，同比- 27.61%。 分析师及联系人 [Table_Author] 董思远 徐爽 SAC：S0490517070016 SAC：S0490520030001 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 中炬高新（600872.SH） cjzqdt11111 [Table_Title 中炬高新 2025 2] 年一季报点评：春节错期致 25Q1 承压，少数股权收回改善盈利能力 [T ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a total revenue of 89.175 billion yuan in 2024, representing a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [1][4]. - The company plans to distribute a cash dividend of 31.69 yuan per 10 shares, with a total cash dividend payout of 22.3 billion yuan, corresponding to a payout ratio of approximately 70% [1]. - The company is focusing on controlling inventory and maintaining prices for its flagship product, with a stable market price for its main brand [2]. Summary by Sections Financial Performance - In Q4 2024, total revenue was 21.26 billion yuan, a 2.53% increase year-on-year, while net profit decreased by 6.17% to 6.922 billion yuan [1]. - For Q1 2025, total revenue reached 36.94 billion yuan, up 6.05% year-on-year, and net profit increased by 5.8% to 14.86 billion yuan [1]. Product and Market Strategy - The main brand and other liquor revenues for 2024 were 67.875 billion yuan and 15.251 billion yuan, respectively, with year-on-year growth of 8.07% and 11.79% [2]. - The company has introduced new products and focused on high-end market segments, with a 30% increase in banquet market activities for the main brand [2]. Cost and Profitability - The gross margin for 2024 was 77.05%, with a slight increase from the previous year, while the net profit margin was 35.72% [3]. - Sales expenses increased significantly in 2024 due to higher investments in brand promotion and channel development [3]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025 and 2026 to 33.691 billion yuan and 35.896 billion yuan, respectively, reflecting a downward revision of 6.7% and 8.6% from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 15 for 2025, indicating a favorable valuation [4].

Investment Rating - The report maintains a "Buy" rating for the company [11] Core Views - The company is experiencing steady improvements from deepening marketing reforms, with management closely aligned with frontline market conditions to enhance decision-making efficiency [11] - The company’s revenue growth is supported by the strong performance of its high-end products, particularly the 1618 and low-alcohol beverages, while traditional channels are expected to see a decline [9][11] - The company has effectively managed costs, which has mitigated the impact of declining gross margins [5][10] Financial Performance Summary - For Q1 2025, the company reported revenue of 36.94 billion yuan, a year-on-year increase of 6.05%, and a net profit attributable to shareholders of 14.86 billion yuan, up 5.80% [9] - In 2024, the company achieved total revenue of 89.175 billion yuan, reflecting a growth of 7.09%, with a net profit of 31.853 billion yuan, an increase of 5.44% [9] - The gross margin for Q1 2025 decreased by 0.7 percentage points to 77.7%, primarily due to product mix changes [10] - The company’s net profit margin for Q1 2025 was 40.2%, showing stability despite slight declines [10] Revenue and Profit Forecast - The company is projected to achieve total revenues of 93.56 billion yuan, 99.95 billion yuan, and 107.80 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 4.9%, 6.8%, and 7.9% [11][13] - The net profit attributable to shareholders is expected to reach 33.37 billion yuan, 35.62 billion yuan, and 38.58 billion yuan for the same years, with growth rates of 4.8%, 6.7%, and 8.3% respectively [11][13] Market Position and Strategy - The company is focusing on enhancing its control over pricing and inventory management through marketing reforms and adjustments in distribution channels [11] - The integration of marketing regions into three major areas is expected to strengthen the company's channel management capabilities [9]

Investment Rating - The report maintains a "Buy" rating for Wuliangye [1][11] Core Views - Wuliangye has demonstrated steady revenue growth, with total revenue reaching 89.175 billion yuan in 2024, a year-on-year increase of 7.09%, and a net profit attributable to shareholders of 31.853 billion yuan, up 5.44% year-on-year [5][10] - The company is actively implementing marketing reforms, consolidating its marketing regions to enhance market responsiveness and optimize channel structures [7][10] - The dividend payout for 2024 is approximately 22.3 billion yuan, with a dividend rate of 70%, indicating a strong commitment to shareholder returns [10] Summary by Sections Recent Performance - In Q1 2025, Wuliangye achieved total revenue of 36.94 billion yuan, a 6.05% increase year-on-year, and a net profit of 14.86 billion yuan, up 5.80% year-on-year [5][6] Revenue Breakdown - For 2024, Wuliangye's revenue from its main product reached 67.875 billion yuan, growing by 8.07%, while other liquor products generated 15.251 billion yuan, increasing by 11.79% [7] - The company has seen significant growth in its banquet market, with main brand banquet activities increasing by 30% and strong performance in the fragrant liquor banquet segment, which grew by 52% [7] Market and Channel Strategy - Revenue from the eastern, southern, and northern regions in 2024 was 31.290 billion yuan, 39.336 billion yuan, and 12.501 billion yuan, reflecting year-on-year growth of 9.75%, 12.65%, and a decline of 3.98% respectively [7] - The company has optimized its distribution channels, with revenue from distribution and direct sales reaching 48.738 billion yuan and 34.389 billion yuan, growing by 5.99% and 12.89% respectively [7] Financial Metrics and Forecast - The report forecasts revenue for 2025 to be 93.634 billion yuan, with a net profit of 33.511 billion yuan, and EPS projected at 8.63 yuan [9][10] - The company maintains a strong return on equity (ROE) of 24% for 2024, with a slight decline to 23% expected in subsequent years [11]