报名：首届全球心血管大会 | 最新议程 合作伙伴征集：2025全球手术机器人大会 近日， 新华医疗 发布了2024年年报和2025年一季报。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年同 | 2022年 | | --- | --- | --- | --- | --- | | | | | 期增减(%) | | | 营业收入 | 10,020,618,625.09 | 10,011,868,423.40 | 0.09 | 9,281,768,657.18 | | 归属于上市公司股东的净利润 | 691,609,558.03 | 653,997,275.95 | 5.75 | 500,072,195.90 | | 归属于上市公司股东的扣除非经 常性损益的净利润 | 623,195,651.23 | 619,448,862.20 | 0.60 | 502,815,889.23 | | 经营活动产生的现金流量净额 | 450,733,485.54 | 1,030,114,479.17 | -56.24 | 388,048,566.87 | | | 2024年末 | 2023年末 | 本期末比上年 ...

Core Viewpoint - The company, Yingjia Gongjiu, reported steady growth in revenue and net profit for the fiscal year 2024, despite a challenging market environment for the liquor industry, indicating a strong performance relative to peers [1][6]. Financial Performance - In 2024, Yingjia Gongjiu achieved revenue of 7.344 billion yuan, a year-on-year increase of 8.46% [1][2]. - The net profit attributable to shareholders was 2.589 billion yuan, reflecting a year-on-year growth of 13.45% [1][2]. - For Q1 2025, the company reported revenue of 2.047 billion yuan, a decline of 12.35% compared to the same period last year [3][8]. - The net profit for Q1 2025 was 828 million yuan, down 9.54% year-on-year [3][8]. Product Structure and Market Performance - The product structure has been optimized, with mid-to-high-end liquor accounting for 81.59% of total revenue [5][6]. - In 2024, revenue from mid-to-high-end liquor reached 5.712 billion yuan, up 13.76%, while revenue from ordinary liquor decreased by 6.53% to 1.290 billion yuan [6][7]. - The domestic market generated 5.093 billion yuan in revenue, a growth of 12.75%, while the external market saw a modest increase of 1.31% to 1.909 billion yuan [8]. Strategic Initiatives - The company plans to focus on innovation-driven industrial upgrades, enhancing production processes and increasing the quality of its products [10][12]. - Cultural empowerment will be leveraged to deepen brand value, with a focus on the "Cultural Yingjia" strategy [10][12]. - Marketing resilience will be strengthened through organizational optimization and expansion into e-commerce and B2C sales models [10][12][14]. - Lean management practices will be implemented to enhance internal motivation and cost control [14].

Core Viewpoint - The company has achieved significant improvements in drilling efficiency and cost management through technological integration, production coordination, and targeted cost control, leading to enhanced operational performance in offshore drilling. Group 1: Drilling Performance - In the first quarter, the company’s offshore drilling operations achieved a cumulative drilling depth of 41,900 meters, an increase of 7,255 meters compared to the same period last year, equivalent to the workload of an additional drilling platform [1] - The company has successfully implemented a "less machinery, higher output" practice, maintaining the same number of drilling platforms while increasing productivity [1][3] Group 2: Technological Integration - The company has established a "433" engineering technology integration system tailored to the unique characteristics of the Victory sea area, transitioning from experience-based drilling to scientific drilling [4] - The average mechanical speed of the second opening of the Chengbei 256B-7 well increased by 46.3% compared to other wells, significantly improving construction efficiency [4] - The company has optimized drilling techniques, achieving a record length of 709 meters for horizontal sections in the Chengbei 256A well [5] Group 3: Production Coordination - The company has reduced the trial oil production cycle by over 10% through seamless coordination between drilling and downhole operations, ensuring efficient transitions from drilling to production [6] - The company has implemented a unified command for production, enhancing collaboration among various departments and achieving same-day platform deployment and operations [6][7] Group 4: Cost Control - Diesel accounts for over 40% of drilling costs, and the company has achieved a usage rate of 64 kilograms per meter for the new Victory No. 1 platform, leading in fuel efficiency [8] - The company has expanded its lean management approach to include all platforms and project departments, setting a revenue target of 11.25 million yuan through focused cost control initiatives [8] - The company has detailed the cost management process across eight core drilling engineering aspects and over 70 cost factors to enhance profitability [9]

2025 年 05 月 02 日 公司研究 评级：买入(首次覆盖) 研究所： 证券分析师： 李明 S0350523090001 lim06@ghzq.com.cn [Table_Title] 2024 年亏损收窄，特色专科建设和精益管理助 力进一步利润改善 ——国际医学（000516）公司动态研究 | 相对沪深 | 表现 300 | | | 2025/04/30 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 国际医学 | | -9.4% | 3.7% | -12.3% | | 沪深 300 | | -3.7% | -1.2% | 4.6% | | 市场数据 | 2025/04/30 | | --- | --- | | 当前价格（元） | 5.04 | | 周价格区间（元） 52 | 4.01-6.77 | | 总市值（百万） | 11,392.33 | | 流通市值（百万） | 11,209.79 | | 总股本（万股） | 226,038.27 | | 流通股本（万股） | 222,416.43 | | 日均成交额（百万） | 90 ...

Group 1: Investor Relations Activity - The company held a performance briefing on April 29, 2025, via an online platform, attended by investors [3] - Key personnel present included the Chairman, General Manager, and Financial Director [3] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 48,345.58 million, a year-on-year increase of 9.46% [10] - Net profit reached CNY 8,691.35 million, reflecting a growth of 4.25% [10] - Total assets increased to CNY 108,137.84 million, up 30.73% year-on-year [10] - Shareholder equity rose to CNY 88,039.76 million, a significant increase of 44.97% [10] - The company's gross margin remains high, driven by the sales of high-value products [10] Group 3: Market Expansion and Product Development - The company is focusing on innovation and lean management to drive future profit growth [5] - It aims to expand into high-end markets such as high-speed rail and wind power [6] - The company has established a dedicated research center for emerging markets [6] - In 2024, revenue from maintenance services grew by 46.11%, and military product revenue increased by 30.88% [8] Group 4: Accounts Receivable and Risk Management - Accounts receivable stood at CNY 316 million, accounting for 65.42% of total revenue [8] - The company maintains a low risk of bad debts due to strict internal controls and a solid customer base [8] Group 5: Strategic Vision and Future Outlook - The company aims to become a global leader in high-end equipment core components [9] - It plans to leverage domestic coal production growth and military modernization for future opportunities [11] - The market for coal mining equipment is projected to reach CNY 179.8 billion from 2023 to 2025, with a growth rate of 10%-15% [11] - The company is committed to sustainable development and green technology [12]

Group 1: Financial Performance - In Q1 2025, the company achieved a total sales revenue of 4.839 billion CNY, representing a year-on-year growth of 20.56% [2] - The net profit attributable to shareholders was 640 million CNY, showing a year-on-year decline of 14.78% [2] - The gross profit margin has decreased compared to the same period last year due to three main factors: delayed defense business orders, a decline in the proportion of high-margin products, and rising raw material prices [3] Group 2: Business Segments and Growth - The defense sector is experiencing a recovery in order volume, with expectations of a significant narrowing of performance decline by mid-year [3] - The high-end manufacturing sector, particularly in the new energy vehicle and data center businesses, has seen rapid growth [4] - The company is focusing on expanding its customer base in solar energy storage, industrial, and medical sectors [4] Group 3: Operational Strategies - The company plans to enhance capacity layout and resource allocation to meet increasing demand and delivery pressures [3] - Strategic cost management and digital transformation initiatives are being implemented to improve efficiency and profitability [8] - The company is actively managing accounts receivable and inventory to enhance asset turnover and overall operational quality [9] Group 4: Future Outlook - The company anticipates significant improvements in scale and profitability in Q2 2025, with ongoing monitoring required for Q3 and Q4 [10] - The company aims to maintain a focus on growth, capability enhancement, and high-quality development throughout 2025 [10] - The data center business is expected to continue its rapid growth, driven by demand from AI servers and infrastructure development [11]

Core Viewpoint - The company aims to achieve high-quality development through innovation-driven strategies and lean management, focusing on three core product lines to enhance profitability and market competitiveness [1][2]. Group 1: Innovation and R&D - The company has established a research and innovation platform for new rubber and plastic materials, integrating internal and external R&D resources to accelerate the development of advanced materials [1]. - Increased investment in fundamental research will enhance the material system and expand the high-end product line, responding swiftly to market demands for new rubber and plastic materials [1]. Group 2: Market Expansion - The company targets high-speed rail, wind power, and military industries, establishing a dedicated R&D center for emerging markets to address the strong demand for rubber and plastic materials [2]. - Implementation of lean service management will create a comprehensive customer service system, enabling rapid response to customer feedback and development of tailored products for new market conditions [2]. Group 3: Digital Transformation - The company is exploring the application of cutting-edge digital technologies such as artificial intelligence, IoT, and blockchain to enhance operational management [2]. - A digital collaborative office platform will be established to improve internal communication and efficiency, while intelligent data analysis systems will support strategic decision-making and business optimization [2].

Industry Outlook - The industry is expected to recover from a low point, entering a moderate growth phase due to domestic consumption stimulus policies and the application of AI technology in electronic products [2][3] - Structural opportunities are emerging in the industry due to technological innovations, such as periscope motors and AR/AI glasses [2] - Precision manufacturing is seen as a foundational industry, with companies enhancing core competitiveness to seize development opportunities [2] Company Performance - In 2024, the company achieved a revenue growth of 5.65%, while net profit decreased by 34.75% [5][6] - The decline in net profit is attributed to competitive pricing strategies, increased depreciation and amortization from new facilities, and initial production challenges affecting profit margins [5][6] - The company is focusing on stabilizing old customers and products while pushing for product structure upgrades and new project developments [5][6] Talent and Culture - The company emphasizes the integration of talent and corporate culture as a core competitive advantage [3] - Plans include partnerships with universities and industry associations for talent cultivation in precision manufacturing and mold design [3][4] Future Strategies - The company aims to enhance its market presence through improved external communication and marketing efforts [3] - Future growth drivers include expanding product categories and enhancing customer satisfaction through innovative solutions [5][6] - The company is committed to using raised funds for the development of new products and technologies, with a focus on VCM motors and IMMT processes [6][9] Market Position and Challenges - The company acknowledges the challenges posed by a small market capitalization and limited stock liquidity, considering potential stock splits to enhance market activity [4] - The decline in stock price is linked to macroeconomic factors, market sentiment, and industry dynamics, with a focus on high-quality development as a long-term strategy [6][8]

Core Viewpoint - The company reported a revenue of 40.363 billion yuan in 2024, marking an 11.26% year-on-year increase, while the net profit attributable to shareholders was 0.861 billion yuan, up 15.41% year-on-year. However, in Q1 2025, the company faced a net loss of 0.068 billion yuan despite a revenue of 10.407 billion yuan, which was an increase of 11.96% year-on-year [1][5]. Group 1: Revenue Growth - The company has shown steady growth in its main business revenue, driven by product upgrades, customized product development, and enhanced delivery quality. In 2024, the revenue from express delivery, courier, and other businesses was 36.460 billion, 2.192 billion, and 1.711 billion yuan, respectively, with year-on-year changes of +12.95%, -19.67%, and +34.63% [2]. - In Q1 2025, the revenue from express delivery, courier, and other businesses was 9.453 billion, 0.483 billion, and 0.471 billion yuan, with year-on-year changes of +12.90%, -11.00%, and +23.89% [2]. Group 2: Cost Structure Changes - The company experienced a significant increase in transportation costs, which rose by 33.49% to 17.738 billion yuan in 2024. This increase was attributed to higher freight costs and the expansion of business volume in areas such as full truckload, network integration, and supply chain [3]. - In Q1 2025, transportation costs were 5.128 billion yuan, reflecting a year-on-year increase of 34.13% [3]. Group 3: Management Efficiency - The company has made notable improvements in management efficiency through increased sales resource investment and process optimization. In 2024, total expenses were 2.219 billion yuan, down 7.01% year-on-year, with sales and management expenses at 0.686 billion and 1.241 billion yuan, respectively [4]. - In Q1 2025, total expenses were 0.518 billion yuan, with sales and management expenses at 0.201 billion and 0.262 billion yuan, reflecting year-on-year changes of +85.08% and -32.76% [4]. Group 4: Profit Forecast - The company is expected to achieve revenues of 44.659 billion, 48.811 billion, and 52.221 billion yuan for 2025-2027, with year-on-year growth rates of 10.65%, 9.30%, and 6.99%, respectively. The net profit attributable to shareholders is projected to be 0.937 billion, 1.054 billion, and 1.171 billion yuan, with growth rates of 8.89%, 12.43%, and 11.18% [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Views - The company achieved a record high net profit margin, with a total revenue of 42.84 billion and a year-over-year decrease of 7.4%. However, the net profit increased by 12.9% to 3.39 billion, driven by improved product gross margins and enhanced cost control [1][3]. - In Q4 2024, the company reported a significant revenue increase of 51% year-over-year, with a net profit surge of 145%. The gross margin for the quarter was 12.4%, up by 1.20 percentage points, and the net margin was 9.2%, up by 3.37 percentage points [1][2]. - The company has successfully implemented two phases of equity incentives, reflecting its commitment to high-quality development and investor returns. The aviation manufacturing segment generated 42.55 billion in revenue, with a gross margin of 12.5%, an increase of 1.52 percentage points [3][5]. Financial Summary - The company reported a total revenue of 46,247.78 million in 2023, with a projected revenue of 42,837.24 million in 2024, reflecting a growth rate of -7.37%. The net profit for 2023 was 3,007.15 million, expected to rise to 3,393.97 million in 2024, with a growth rate of 12.86% [5][11]. - The EBITDA for 2024 is projected at 5,289.04 million, with a corresponding P/E ratio of 34.86 [5][11]. - The company’s total assets are expected to grow from 55,466.44 million in 2023 to 61,589.83 million in 2024, with a debt-to-equity ratio of 69.07% [12]. Operational Efficiency - The company achieved its lowest expense ratio in five years at 3.2%, down by 0.45 percentage points year-over-year. The selling expense ratio was 0.01%, while the management expense ratio increased slightly to 2.2% [2][3]. - The company has made significant progress in digital transformation and key projects, contributing to its overall operational efficiency and cost management [1][3]. Market Position - As a leading player in the aviation manufacturing sector, the company is well-positioned to benefit from the increasing demand for national defense equipment during the "14th Five-Year Plan" and "15th Five-Year Plan" periods. The company is also actively expanding its overseas military trade market [3][5].