证券研究报告 | 2025年04月30日 华泰证券（601688.SH） 优于大市 自营反转，科技赋能 华泰证券公布 2025 年一季度报告。2025 年一季度，公司实现营业收入 82.32 亿元，同比提升 34.83%；实现归母净利润 36.42 亿元,同比提升 58.97%；扣 除非经常性损益后的净利润为 36.14 亿元，同比提升 61.42%，对应 EPS0.38 元，同比增长 58.33%；ROE 为 2.1%，同比增 0.73pct。业绩上涨主要因资本 市场回暖，公司财富管理、机构业务、投资管理及信用业务等主要业务线均 同比显著增长，后续公司持续推进科技赋能下的"双轮驱动"发展战略，围 绕数字化、平台化、生态化理念，完善 FICC 代客体系，探索"AI 智能提升"， "业务+科技"交融提升价值。 自营、利息业绩成业绩增长主要驱动力。一季度，因权益、衍生品、股权市 场回暖，投资规模和收益率增长驱动投资收入大幅提升，当期实现投资业务 收入（含公允价值变动）9.65 亿元，同比提升 46.53%；公司金融资产规模 3855 亿元，比 2024 年末提升 4.24%。一季度，利息净收入 9.65 亿元，同 ...

Group 1: Company Strategy and Market Position - In 2025, Dong'e Ejiao will focus on the "1238" strategy, emphasizing "growth and breakthrough" as its operational theme, and will implement the "four remakes" to enhance the entire gelatin industry chain [1] - The company holds a combined market share of 38.1% in the Qi and Xue supplement category, with Dong'e Ejiao block at 67.3% and Compound Ejiao Syrup at 31.9% [2] - Dong'e Ejiao aims to strengthen its core business and expand potential products through differentiated innovation and the establishment of technological barriers [1][2] Group 2: Financial Performance and Revenue - In Q1 2025, the company achieved online revenue of approximately 340 million yuan, a year-on-year increase of about 20% [2] - The online revenue breakdown includes: Ejiao block at approximately 120 million yuan (up nearly 15%), Compound Ejiao Syrup at approximately 60 million yuan (up nearly 60%), and Ejiao powder at approximately 60 million yuan (up nearly 50%) [2] - The overall gross margin is maintained at around 70%, with a slight increase in Q1 due to reduced costs from centralized procurement [7] Group 3: Inventory and Sales Management - The reasonable inventory level for Dong'e Ejiao block and Compound Ejiao Syrup is set at six months of terminal market sales, while for Taohua Ji Ejiao cake, it is 1.5 months [2] - The current channel inventory is at a healthy level, and terminal pure sales are progressing steadily [2] Group 4: Future Plans and Dividends - Since its first dividend in 1999, the company has distributed a total of 8.469 billion yuan over 26 occasions, with an average payout ratio of 65.75% [6] - The proposed dividend for 2024 is 818 million yuan, with a payout ratio of 99.70% [6] - The company plans to maintain a stable and proactive dividend policy based on its operational development, profitability, cash flow, and shareholder interests [6] Group 5: Challenges and Adjustments - The increase in accounts receivable in Q1 2025 is attributed to the implementation of a credit management strategy and increased procurement costs for strategic materials [4] - The company is addressing the small proportion of insurance payments for Compound Ejiao Syrup and aims for sustainable growth in this area [5]

小米的新款EV"SU7 Ultra"（Reuters） 3月22日，韩国三星电子会长李在镕来到小米在北京的EV工厂，并与小米首席执行官（CEO）雷 军会面。 三星寻找合作机会 三星和小米在智能手机领域展开了激烈的份额竞争。对未来经营抱有强烈危机感的李会长正在寻 找与在EV领域崛起的小米开展合作的契机，中国的主要媒体报道了这样的观点。 李在镕来到北京的目的是出席中国政府邀请全球大型企业高层参加的"中国发展高层论坛"。李在 镕的行为，彰显了小米在汽车市场的强劲势头和强大的存在感。 小米新涉足EV市场刚刚约一年时间。"特斯拉杀手"的称号名不虚传。根据中国知名汽车信息APP 的数据，2024年4月以来，SU7的中国销量达到了约18.6万辆，超过了特斯拉的Model 3。 SU7的价格为21.59万元起，比Model 3的23.55万起更便宜。其时尚的外观和性能的平衡受到了 消费者的追捧。 | 小米 | | 特斯拉 | | --- | --- | --- | | SU7 | | Model3 | | | SU7与Model3的 对比 | | | 21万5900~ | 价格 | 23万5500~ | | 29万9900元 ...

Core Insights - The company reported strong financial performance for Q1 2025, with revenue of 794 million yuan, a year-on-year increase of 37.77%, and a net profit of 101 million yuan, up 105.19% [1] - The company has established a dual-driven development model focusing on traditional seasoning products and emerging technology sectors, enhancing its market position and future growth potential [3] Financial Performance - For the fiscal year 2024, the company achieved a revenue of 2.646 billion yuan, representing a year-on-year growth of 25.98%, and a net profit of 203 million yuan, up 55.92%, marking a historical high since its listing [4] - The net profit after excluding non-recurring gains and losses was also 203 million yuan, reflecting a growth of 72.36% year-on-year [4] Business Expansion - The company’s core products, including monosodium glutamate, chicken essence, and flour, maintained leading market shares, with 198,100 tons of MSG and 30,800 tons of chicken essence sold in 2024 [2] - Online sales revenue surged by 165.68%, with new retail channels covering major platforms like Tmall, JD.com, and Douyin, significantly enhancing brand influence [2] Technological Advancements - The newly established intelligent computing center business became a highlight, generating revenue of 80.64 million yuan, a staggering increase of 10,447.11% year-on-year, with 34 signed projects worth over 1.5 billion yuan [2] - The company has completed the layout of intelligent computing centers in nine locations, covering key economic regions, and its self-developed cloud computing platform received the "2024 Annual China IDC Innovative Technology Product Award" [2] Strategic Outlook - The company aims for a revenue and profit growth of over 30% in 2025, further solidifying its dual-driven development model [3] - The significant increase in operating cash flow, reaching 652 million yuan, up 781.19% year-on-year, provides a solid foundation for strategic investments [3]

Core Viewpoint - Dong-E E-Jiao Co., Ltd. has shown strong financial performance in 2024, driven by dual growth in pharmaceutical and health consumer products, leading to a buy rating from Zhonghang Securities [1][5]. Financial Performance - In 2024, the company achieved operating revenue of 5.921 billion yuan, a year-on-year increase of 25.57% - The net profit attributable to shareholders reached 1.557 billion yuan, up 35.29% - The net profit after deducting non-recurring gains and losses was 1.442 billion yuan, an increase of 33.17% - Operating cash flow net amount was 2.171 billion yuan, growing by 11.13% - Basic earnings per share were 2.42 yuan, reflecting a growth of 35.20% [1][2]. Business Segments - Revenue from E-Jiao and related products was 5.544 billion yuan, up 27.04%, with a gross margin of 73.61% - Other pharmaceuticals and health products generated 236 million yuan, a growth of 26.19% - Revenue from donkey breeding and sales decreased by 28.92% to 69 million yuan - E-Jiao blocks saw double-digit growth, while compound E-Jiao syrup achieved over 50% growth, with the medical market outpacing retail - The core health consumer brand, Taohua Ji, expanded by over 10% through partnerships with leading health snack brands - E-Jiao powder experienced a remarkable growth of over 75% through focused branding and digital marketing strategies [2]. Incentive Plan - On January 10, 2025, the company announced a restricted stock incentive plan, proposing to grant up to 1.2472 million shares, accounting for 0.19% of total equity - The initial grant price is set at 37.22 yuan per share, targeting 179 individuals including directors and key personnel - Performance targets include a compound annual growth rate of net profit of no less than 15% from 2023 to 2025-2027, and net asset returns of at least 11.50%, 12.00%, and 12.50% for the respective years [3]. Dividend Policy - The company maintains a strong financial structure with a debt-to-asset ratio of 21.05% and cash reserves of 5.015 billion yuan - In September 2024, the company executed its first-ever interim dividend, distributing 737 million yuan, which is 99.77% of the net profit attributable to shareholders for the first half of 2024 - The annual dividend plan for 2024 is approximately 818 million yuan, representing 99.70% of the undistributed net profit for the year [4]. Investment Outlook - The company is expected to achieve earnings per share of 2.87 yuan, 3.40 yuan, and 4.02 yuan for 2025-2027, with corresponding dynamic price-to-earnings ratios of 21.91, 18.53, and 15.66 - As a leader in the E-Jiao industry, the company possesses strong brand barriers and is anticipated to achieve steady growth, leading to a buy rating [5].

Core Viewpoint - The report highlights a significant increase in profits for Shangfeng Cement in Q1 2025, with a strong focus on a new five-year plan aimed at dual-driven growth in both the cement industry and new economic investments [1][5]. Financial Performance - In 2024, Shangfeng Cement reported total revenue of 5.448 billion yuan and a net profit attributable to shareholders of 627 million yuan, reflecting a year-on-year decline of 14.83% and 15.70% respectively. The adjusted net profit was 474 million yuan, down 25.26% year-on-year [2]. - In Q4 2024, the company achieved revenue of 1.633 billion yuan and a net profit of 223 million yuan, marking a year-on-year increase of 7.44% and 409.84% respectively. The adjusted net profit for the same quarter was 108 million yuan, up 57.73% year-on-year [2]. - For Q1 2025, revenue increased by 4.64% to 951 million yuan, with net profit and adjusted net profit reaching 80 million yuan and 60 million yuan, respectively, representing year-on-year increases of 447.6% and 200.6% [2]. Business Segments - The cement and clinker segment saw a revenue decline of 10.8% to 4.764 billion yuan in 2024, with sales volume down 3.3% to 20.75 million tons. The average price per ton decreased by 19 yuan to 230 yuan [3]. - The company’s aggregate and environmental disposal businesses also experienced declines, with revenues down 35% and 39% to 320 million yuan and 140 million yuan, respectively [3]. - New economic investments are beginning to yield returns, with the completion of the Jinghe Integrated Project generating investment income of 166 million yuan [3]. Profitability and Cash Flow - The overall gross margin for 2024 was 26.16%, a decrease of 1.58 percentage points year-on-year. The Q4 gross margin was 24.89%, down 2.72 percentage points year-on-year [4]. - The net profit margin for 2024 was 10.87%, slightly down by 0.10 percentage points year-on-year. The operating cash flow for the year was 1.039 billion yuan, a decrease of 78 million yuan year-on-year [4]. Dividend and Future Outlook - The company announced a cash dividend of 600 million yuan for 2024, with a dividend rate of 95.73%, translating to a dividend yield of approximately 7.46% based on the closing price on April 25 [5]. - Future profit forecasts for 2025 and 2026 have been adjusted to 790 million yuan and 920 million yuan, respectively, with a new estimate for 2027 set at 1.01 billion yuan [5].

Core Viewpoint - The company reported a slight increase in revenue but a significant decline in net profit, indicating challenges in profitability despite revenue growth [1] Financial Performance - The company achieved operating revenue of 2.74 billion yuan, a year-on-year increase of 2.96% [1] - Net profit attributable to shareholders was 194 million yuan, a year-on-year decrease of 14.35% [1] - The net profit after deducting non-recurring items was 186 million yuan, down 4.63% year-on-year [1] - The net cash flow from operating activities was 283 million yuan, an increase of 68.97% year-on-year [1] - The profit distribution plan for 2024 is to distribute a cash dividend of 3 yuan per 10 shares (tax included) [1] Operational Challenges - The company experienced a decline in gross profit for its motor and accessory products [1] - Sales expenses increased by 21.81% year-on-year, impacting profitability [1] - Investments in "Zhuhai Guanyu" and "Fengdian Technology" resulted in a fair value change loss of 13.07 million yuan, contributing to the decline in net profit [1] Strategic Initiatives - The company is actively advancing the "Mobile Power and Household Energy Storage Production Project" and the "Shench Electric Power General Products Production Base and R&D Center," with expected production starts in mid-2024 and end of 2024, respectively [2] - A production line has been established in the United States, which has begun small-scale production [2] - Increased investment in the Vietnam production base has led to localized production of gasoline-powered products [2] - The company plans to invest up to 30 million USD in leasing land and constructing production facilities in Haiyang, Vietnam, currently in the planning stage [2] R&D and Innovation - The company increased R&D investment, with R&D expenses accounting for 3.44% of operating revenue, a year-on-year increase of 4.87% [2] - New developments include high-power variable frequency generators and various motor products [2] - The company has established a research institute dedicated to terminal product development and holds 372 patents, including 34 invention patents, 214 utility model patents, and 124 design patents [2] Future Outlook - The company aims to continue focusing on the electromechanical industry, promoting a strategy of "global operations, dual-wheel drive, digital intelligence leadership, and efficiency leadership" to build global brand and channel advantages [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company achieved a revenue of 300.63 billion yuan in 2024, representing a year-on-year growth of 9.24%, with a net profit of 13.27 billion yuan, up 52.92% year-on-year [6]. - The gross margin improved to 22.50%, an increase of 1.68 percentage points year-on-year, while the net margin rose to 4.61%, up 1.19 percentage points year-on-year [6]. - The company’s market share in the earthmoving machinery sector increased, with revenue from this segment reaching 179.41 billion yuan, a year-on-year increase of 12.79%, accounting for 59.68% of total revenue [6]. - The company’s international sales growth outpaced the industry by 22.00%, with overseas revenue of 137.60 billion yuan, a year-on-year increase of 20.05%, representing 45.77% of total revenue [6]. Summary by Relevant Sections Financial Performance - In Q4 2024, the company reported a revenue of 72.07 billion yuan, a year-on-year increase of 12.52% and a quarter-on-quarter increase of 6.05%. However, net profit for the same quarter was only 0.06 billion yuan, down 84.55% year-on-year and 98.10% quarter-on-quarter [6]. - The company forecasts revenues of 34,312 million yuan, 39,777 million yuan, and 45,855 million yuan for 2025, 2026, and 2027 respectively [8]. Market Position - The company’s loader business maintains the top domestic market share, with significant growth in overseas emerging markets, particularly for the CLG8128H loader and electric loaders, which saw sales increases of approximately 230.00% and 194.00% respectively [6]. - The excavator business outperformed the industry by 27.00 percentage points in sales growth, with export sales exceeding the industry growth by 15.00 percentage points [6]. Strategic Development - The company is committed to high-quality international development strategies, leveraging a dual-engine model of customer and channel to enhance product offerings and comprehensive solutions [6]. - The company’s new business segments, particularly in mining machinery, saw revenue growth exceeding 60.00%, with market shares increasing by 1.00 percentage points domestically and 3.00 percentage points internationally [6].

Core Viewpoint - Guizhou Moutai's performance remains strong despite the deep adjustment period in the liquor industry, achieving record revenue and profit growth in 2024 [1][2]. Financial Performance - In 2024, Guizhou Moutai reported total revenue of 174.14 billion yuan, a year-on-year increase of approximately 15.66%, and net profit attributable to shareholders of about 86.23 billion yuan, up 15.38% year-on-year [1]. - The company plans to distribute a record dividend of 34.7 billion yuan, marking a new high [1][3]. Production and Sales - Guizhou Moutai produced approximately 56,300 tons of Moutai liquor base and 48,100 tons of series liquor base in the previous year [2]. - The production of Moutai liquor reached 104,400 tons, a year-on-year increase of 4.24%, while sales volume increased by 13.73% to 83,300 tons [2]. Growth Drivers - The series liquor segment has become a new growth engine, achieving revenue of 24.68 billion yuan with a growth rate of 19.65%, significantly exceeding the average growth rate of the liquor industry [2][3]. - The establishment of the Moutai Prince Liquor Division aims to create a second billion-yuan product following Moutai 1935, enhancing the dual-driven development strategy of Moutai liquor and series liquor [3]. International Expansion - In 2024, Guizhou Moutai achieved overseas revenue of 5.189 billion yuan, a year-on-year increase of 19.27%, with export sales exceeding 2,100 tons [3]. - The sales of high-value-added Moutai liquor exceeded 100 tons, growing over 40% year-on-year, while the sales of series liquor reached 150 tons, up 30% [3].

茅台再次展现出酒业"压舱石"的地位。 去年下半年白酒上市公司整体降速的大环境下，贵州茅台又一次如预期完成年度目标，并 且增速略高于去年初确定的"实现营业总收入较上年度增长1 5%左右"目标，再次让市场吃 下定心丸。 更值得注意的是，贵州茅台2 0 2 4年度拟分红3 4 6 . 7 1亿元，加上此前已经落实的2 0 2 4年度 中期分红，年度分红额近6 4 7亿元，再创新高。 千亿级的茅台酒依旧保持两位数稳增长，全年营收达到1 4 5 9 . 2 8亿元，增速超过1 5%。作 为第二增长极的酱香系列酒更是再次贡献超水平高增长，全年营收达到2 4 6 . 8 4亿元，同比 增长1 9 . 6 5%。 4月2日晚，贵州茅台披露2 0 2 4年年度报告：全年实现营业总收入1 7 4 1 . 4 4亿元，同比增长 1 5 . 6 6%，其中营收1 7 0 8 . 9 9亿元，同比增长1 5 . 7 1%；实现利润总额11 9 6 . 3 9亿元，同比增 长1 5 . 4 1%，其中归母净利润8 6 2 . 2 8亿元，同比增长1 5 . 3 8%，营收、利润再次创下历史新 高。 稳业绩：茅台增长既稳又实 翻看这份再创 ...