Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 18.4 billion in 2024, representing a year-over-year increase of 21%, with a net profit attributable to shareholders of 1 billion, up 30% year-over-year [1] - The overseas market performance was strong, with overseas revenue reaching 13.495 billion in 2024, a growth rate of 31.82%, and self-owned brand overseas revenue increasing by 51% [2] - The company's profitability improved in Q1 2025, with a gross profit margin of 22.6%, up 2.52 percentage points year-over-year, and a net profit margin of 12%, up 1.2 percentage points year-over-year [3] Summary by Sections Revenue Performance - In 2024, the revenue from refrigerators and freezers was 15.5 billion (up 19% YoY), washing machines revenue was 2.7 billion (up 33% YoY), and other businesses generated 150 million (down 11% YoY) [2] - The company is rapidly expanding its self-owned brand in overseas markets, with significant growth in the global strategy from Hefei appliances [2] Profitability - The gross profit margin for 2024 was 23% (down 0.65 percentage points YoY), while the net profit margin was 10.6% (up 0.44 percentage points YoY) [3] - The company has enhanced its manufacturing capabilities for high-end products, significantly improving profitability [3] Financial Forecast - The company expects revenues of 20.5 billion, 22.7 billion, and 24.9 billion for 2025, 2026, and 2027 respectively, with net profits projected at 1.17 billion, 1.3 billion, and 1.44 billion for the same years [8] - The earnings per share (EPS) are forecasted to be 1.08, 1.20, and 1.33 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [8]

Core Viewpoint - Company reported strong financial performance for 2024 and Q1 2025, demonstrating resilience in a challenging industry environment [1][2][3] Financial Performance - In 2024, the company achieved total revenue of 23.578 billion, a year-on-year increase of 16.41%, and a net profit attributable to shareholders of 5.517 billion, up 20.22% [1] - For Q1 2025, total revenue reached 9.146 billion, reflecting a 10.38% year-on-year growth, with a net profit of 2.330 billion, increasing by 12.78% [1] Product Performance - Revenue from different product lines in 2024: Yearly original liquor 18.086 billion (+17.31%), Gujing Gongjiu 2.241 billion (+11.17%), and Huanghelou and other liquors 2.538 billion (+15.08%) [2] - The company expects continued rapid growth for its Gu8 and Gu16 products [2] Market Performance - Revenue by region in 2024: Central China 20.151 billion (+17.80%), North China 1.979 billion (+7.40%), South China 1.426 billion (+11.16%), and international markets 0.022 billion (+2.87%) [2] - The company maintains a stronghold in its home market of Anhui, which remains a primary source of revenue growth [2] Channel Performance - In 2024, offline revenue was 22.806 billion (+16.81%) and online revenue was 0.772 billion (+5.81%) [2] - The number of distributors increased in various regions, with North China having 1,360 (+136), South China 661 (+68), Central China 3,041 (+238), and international markets 27 (+6) [2] Profitability and Cost Structure - The gross profit margin for 2024 improved by 0.83 percentage points to 79.90%, with net profit margin reaching 24.20%, an increase of 0.86 percentage points [3] - Operating cash flow showed a decline in Q1 2025, primarily due to a significant drop in cash received from operating activities [3] Future Outlook - The company aims for steady revenue growth in 2025, with projected revenues for 2025-2027 at 25.983 billion, 28.685 billion, and 31.927 billion respectively [4] - Expected net profits for the same period are 6.163 billion, 6.859 billion, and 7.592 billion, with corresponding EPS of 11.66, 12.98, and 14.36 [4]

Core Viewpoint - The company reported strong financial performance in Q1 2025, exceeding market expectations, with revenue and net profit showing significant growth compared to the previous quarter and year [3][8]. Financial Performance - Q1 2025: Revenue reached 9.146 billion (+10.4%), with net profit at 2.330 billion (+12.8%) and non-recurring net profit at 2.312 billion (+12.8%) [1]. - Q4 2024: Revenue was 4.509 billion (+4.9%), net profit at 0.771 billion (-0.7%), and non-recurring net profit at 0.758 billion (+0.7%) [2]. - Full Year 2024: Revenue totaled 23.578 billion (+16.4%), net profit at 5.517 billion (+20.2%), and non-recurring net profit at 5.457 billion (+21.4%) [2]. Product and Regional Performance - Q1 2025: Continued strong performance in product segments, particularly for products 古8 and 古16, while 古20 remained stable due to industry demand fluctuations [4]. - In 2024, the company saw significant revenue growth in key products: 年份原浆 (+17.3%), 古井贡酒 (+11.2%), and 黄鹤楼 (+15.1%), with 年份原浆's revenue share in the liquor business increasing to 79.1% [5]. Profitability - Q1 2025: Gross margin decreased by 0.7 percentage points to 79.7%, attributed to increased channel expenses, while net profit margin improved by 0.5 percentage points to 25.5% [6]. - Full Year 2024: Gross margin increased by 0.8 percentage points to 79.9%, driven by product mix improvements [6]. Market Dynamics - Q1 2025: Revenue and contract liabilities decreased by 19.1% year-on-year, with cash sales down by 1.6%, indicating pressure on industry demand affecting channel collection [7]. Investment Outlook - The company maintains a "buy" rating, projecting revenue growth of 10.4% to 32.609 billion by 2027, with net profit expected to grow by 13.3% to 8.236 billion [8].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2024年实现营收3221.16亿元，同比-6.50%，归母净利润73.62亿元，同比-38.36%；2024Q4实现营收792.60亿 元，环比-0.43%，同比-11.43%，归母净利润14.80亿元，环比+10.63%，同比-58.82%；2025Q1实现营收728.80 亿元，环比-8.05%，同比-9.82%；归母净利润24.34亿元，环比+64.49%，同比+26.37%。 2024年公司钢材产量同比-1.02%，吨钢毛利-19.68% 四大基地持续建设品种钢产能，公司产品结构有望持续升级 2025 年，公司预算安排固定资产投资资金239.1亿元，主要用于宝山基地无取向硅钢产品结构优化（三步）、 超高等级取 ...

古井贡酒（ [Table_StockNameRptType] 000596） 公司点评 | 产品结构升级持续 | | --- | ——古井贡酒 24 年报&25Q1 点评 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-04-28 | | [Table_BaseData] 收盘价（元） | 167.11 | | --- | --- | | 近 12 个月最高/最低（元）280.00/139.02 | | | 总股本（百万股） | 529 | | 流通股本（百万股） | 409 | | 流通股比例（%） | 77.30 | | 总市值（亿元） | 883 | | 流通市值（亿元） | 683 | [公司价格与沪深 Table_Chart] 300 走势比较 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 主要观点： ⚫ 收入：产品结构升级持续 ⚫ 利润：盈利能力提升持续兑现 敬请参阅末页重要声明及评级说明 证券研究报告 -56% -35% -15% 6% 27% 4/24 7/24 10/24 1/25 古井贡酒 沪深300 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company continues to upgrade its product structure, leading to sustained revenue growth [7] - Profitability is consistently improving, with net profit margins increasing [8] - The company has reported strong financial performance in Q1 2025, exceeding market expectations [10] Financial Performance Summary - In Q1 2025, the company achieved revenue of 9.146 billion (up 10.4%) and net profit of 2.330 billion (up 12.8%) [10] - For the full year 2024, revenue was 23.578 billion (up 16.4%) and net profit was 5.517 billion (up 20.2%) [10] - The company’s gross margin for Q1 2025 decreased by 0.7 percentage points to 79.7%, attributed to increased channel expenses [10] - The gross margin for the full year 2024 improved by 0.8 percentage points to 79.9% due to product structure enhancement [10] Future Outlook - The company is expected to maintain strong growth, with projected revenues of 26.041 billion, 29.023 billion, and 32.609 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 10.4%, 11.5%, and 12.4% [11] - Net profit forecasts for the same years are 6.252 billion, 7.130 billion, and 8.236 billion, with growth rates of 13.3%, 14.0%, and 15.5% respectively [11] - The current stock price corresponds to a price-to-earnings ratio of 14, 12, and 11 for the years 2025, 2026, and 2027 [11]

Investment Rating - The report maintains a "Buy" rating for Baosteel Co., Ltd. (宝钢股份) [4][6] Core Views - The company achieved a net profit margin of 3.5% in Q1, marking a new high in nearly five quarters, enhancing the long-term investment value through increased dividend certainty [1] - In 2024, the company reported a revenue of CNY 322.12 billion, a decrease of 6.50% year-on-year, and a net profit of CNY 7.36 billion, down 38.36% year-on-year [1][4] - The company plans to invest CNY 23.91 billion in fixed assets in 2025, focusing on optimizing product structure and expanding production capacity [2] Financial Performance - In 2024, the steel production volume was 51.41 million tons, a decrease of 1.02% year-on-year, with a gross profit per ton of CNY 167, down 19.68% year-on-year [2] - The company’s cash dividend plan for 2024-2026 is set at no less than CNY 0.20 per share, with a cash dividend payout ratio of 61.34% in 2024 [3] - The forecasted net profits for 2025, 2026, and 2027 are CNY 10.64 billion, CNY 12.05 billion, and CNY 13.81 billion respectively [4] Investment Strategy - The company aims for a product sales target of 32.59 million tons in 2025, with an export sales ratio exceeding 10% [2] - The company plans to acquire a 49% stake in Maanshan Iron & Steel Co., Ltd. for a total investment of CNY 90 billion [3] - The report highlights the company's focus on returning value to shareholders through dividends and strategic investments [3][4]

Investment Rating - The report maintains a "Buy" investment rating for Yanjing Beer (000729.SZ) [1] Core Views - The company continues to show strong profit growth, with Q1 2025 total revenue and net profit reaching 3.827 billion and 165 million yuan, respectively, representing year-on-year increases of 7% and 61% [5] - The gross margin and net margin for Q1 2025 improved to 43% and 6%, reflecting a year-on-year increase of 5.6 and 2.3 percentage points [5] - The company is focusing on high-end product development, with the flagship product Yanjing U8 maintaining over 30% growth in sales volume [6] - The company has launched a new soda product, Best Soda, to complement its beer offerings and enhance market presence [6] - The earnings per share (EPS) forecast for 2025-2027 is projected to be 0.51, 0.62, and 0.75 yuan, with corresponding price-to-earnings (PE) ratios of 25, 21, and 17 times [7] Summary by Sections Financial Performance - Q1 2025 total revenue was 3.827 billion yuan, with a net profit of 165 million yuan, showing a 7% and 61% year-on-year growth respectively [5] - The operating cash flow and sales collection improved significantly, with operating cash flow reaching 1.333 billion yuan, up 49% year-on-year [5] Product Strategy - The company sold 995,000 tons of beer in Q1 2025, with Yanjing U8 leading the growth [6] - The introduction of high-end products and the "beer + soda" strategy aims to capture a broader consumer base [6] Earnings Forecast - The report projects a steady increase in revenue and net profit, with a forecasted net profit of 1.436 billion yuan for 2025, representing a 36.1% growth [9] - The report emphasizes the ongoing optimization of the sales structure and cost control measures as key drivers for profitability [7]

Investment Rating - The report maintains a "Buy" investment rating for Yanjing Beer [1] Core Views - The company continues to show strong performance with significant profit release, driven by revenue growth and cost control [5] - The core product, Yanjing U8, is experiencing over 30% growth, contributing to the overall sales structure optimization [6] - The company is expanding its high-end product offerings and has launched a new soda product to enhance market coverage [6] Summary by Sections Financial Performance - In Q1 2025, total revenue and net profit attributable to shareholders were CNY 3.827 billion and CNY 165 million, respectively, representing year-on-year increases of 7% and 61% [5] - The company's gross margin and net margin improved to 43% and 6%, respectively, with year-on-year increases of 5.6 and 2.3 percentage points [5] - Operating cash flow and sales collection showed robust growth, with operating cash flow reaching CNY 1.333 billion, up 49% year-on-year [5] Product Strategy - The beer sales volume reached 995,000 tons in Q1 2025, with the flagship product Yanjing U8 maintaining a growth rate of over 30% [6] - The company is focusing on high-end products and has developed a differentiated product matrix to meet consumer upgrade demands [6] - The launch of the new soda product, Best Soda, aims to capture additional market segments, particularly in dining scenarios [6] Earnings Forecast - The company is expected to maintain high profit growth, with projected EPS of CNY 0.51, 0.62, and 0.75 for 2025, 2026, and 2027, respectively [7] - The current stock price corresponds to PE ratios of 25, 21, and 17 for the respective years [7] - Revenue forecasts for 2025-2027 are CNY 15.537 billion, CNY 16.272 billion, and CNY 16.736 billion, with growth rates of 5.9%, 4.7%, and 2.8% [9]

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, driven by strong brand development and product innovation [2][3]. Financial Performance - In 2024, the company achieved revenue of 2.55 billion yuan, a year-on-year increase of 32.6%, and a net profit of 680 million yuan, up 67.6% year-on-year, with a proposed cash dividend of 5.0 yuan per 10 shares [2]. - The fourth quarter of 2024 saw revenue of 700 million yuan, a 49.8% increase year-on-year, and a net profit of 250 million yuan, reflecting a 197.2% year-on-year growth [2]. Product and Market Development - The company launched multiple new products in 2024, significantly expanding market reach, with revenue from smart electric sofas, beds, and accessories reaching 1.96 billion, 350 million, and 230 million yuan respectively, with year-on-year growth of 37.1%, 20.5%, and 20.5% [3]. - 90.5% of the company's products were sold in the U.S., with 84.0% produced in Vietnam, indicating a strong reliance on the U.S. market [3]. Customer Base and Sales Channels - The company expanded its customer base by acquiring 96 new retail clients, including 14 from the top 100 furniture retailers in the U.S., enhancing its sales channel resources [3]. - Sales to U.S. retail clients accounted for 58.84% of total revenue, with 65.03% of U.S. market revenue coming from the company [3]. Brand Presence and Retail Network - The company established over 500 "MOTO Gallery" store-in-stores in the U.S. and 24 stores in Canada, creating a retail network across major North American markets [4]. Profitability and Cost Management - The company's gross margin for 2024 was 39.4%, an increase of 5.4 percentage points year-on-year, with the fourth quarter gross margin reaching 54.3%, up 14.3 percentage points [5]. - The reduction in raw material prices and continuous product structure upgrades contributed to improved profitability [5]. Operational Efficiency - The company reported a period expense ratio of 8.0% for 2024, down 3.1 percentage points year-on-year, with significant reductions in financial expenses due to increased exchange gains and interest income [5]. Production Capacity and Trade Environment - The company's Vietnamese factory has sufficient capacity to meet U.S. export demands, with potential for reduced tariffs on sofa exports from Vietnam to the U.S. following the suspension of tariffs [6].