2 0 2 4年在国货美妆发展史上是值得记录一年： 一方面，国内诞生首个突破百亿美妆企业，珀莱雅以1 0 7 . 7 8亿元营收首次跻身"百亿俱乐部"， 成 为 行 业 里 程 碑 事 件 ； 同 时 ， 十 强 门 槛 抬 高 至 近 3 0 亿 元 ， 前 十 总 营 收 规 模 扩 大 至 5 4 3 . 7 7 亿 元。 另一方面，前十座次发生较大变化，毛戈平首次闯入榜单，上海家化、华熙生物等企业持续步 入变革期深水区，迎来业绩"震荡"。 在"突飞猛进"与震荡调整并存的阶段，头部国货企业的发展预示着行业怎样的未来？ 综 合 2 0 2 1 年 至 2 0 2 4 年 国 货 美 妆 上 市 企 业 十 强 榜 单 情 况 来 看 ， 可 以 发 现 ， 名 次 发 生 了 较 大 变 化。每一年的前三名都不相同，并且持续有"突围者"闯入榜单，例如2 0 2 4年的毛戈平。 | | | | 2021年至2024年国货美妆上市企业十强榜单 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

证券研究报告 | 公司点评 | 汽车零部件 赛轮轮胎(601058) 报告日期：2025 年 04 月 30 日 产销稳健增长，盈利能力彰显韧性 ——赛轮轮胎 24 年及 25Q1 点评 报告导读 公司发布 2024 年报，实现营收 318.0 亿元，同比增 22.42%，实现归母净利润 40.6 亿 元，同比增 31.42%。其中 24Q4 营收 81.7亿元，同比增 17.33%，环比降 3.54%；归母 净利润 8.2 亿元，同比降 23.18%，环比降 25.00%。 公司发布 2025 一季报，实现营收 84.1 亿元，同比增 15.29%，环比增 2.90%；实现归 母净利润 10.4 亿元，同比增 0.47%，环比增 26.79%。 投资要点 ❑ 25Q1 销量同环比增长，盈利能力强劲 24 年公司轮胎产量 7481 万条，同比增 27.59%，其中半钢、全钢、非公路产量同 比分别增 31%、14%、9%。24 年公司轮胎销量 7216 万条，同比增 29.34%。原材 料方面，24年公司主要原材料天然胶、合成胶、钢帘线、炭黑采购价格同比分别 变动+28.23%、+11.57%、-7.42%、- ...

Core Viewpoint - Xinkai Technology (001335.SZ) has reported strong Q1 2025 results, with revenue of 351 million yuan, a year-on-year increase of 10.34%, and a net profit of 23 million yuan, up 29.79% year-on-year, driven by its global strategy and technological advancements [1][2] Group 1: Financial Performance - The company achieved a revenue of 351 million yuan in Q1 2025, reflecting a 10.34% increase compared to the previous year [1] - The net profit attributable to shareholders reached 23 million yuan, marking a significant year-on-year growth of 29.79% [1] - For the fiscal year 2024, the projected revenue is 1.417 billion yuan, representing a 32.55% increase, with a net profit forecast of 111 million yuan, up 26.01% [1] Group 2: Global Strategy and Market Position - Xinkai Technology has maintained its position as the leading exporter of organic pigments in China for nine consecutive years, with a market share of 9.86% in 2023 [1] - The company has established subsidiaries in seven countries, including the Netherlands, the USA, and Australia, covering over 70 countries and regions globally [1] - The company has registered 89 organic pigments and related substances under the EU REACH regulation, positioning itself as a leader in domestic registration [1] Group 3: Technological Advancements - Xinkai Technology holds 49 authorized patents, including 10 invention patents, and has contributed to 29 national and industry standards, with seven as the first author [2] - The company is investing 62% of its raised funds (165 million yuan) into R&D and headquarters construction, focusing on eight major R&D projects, including the development of eco-friendly organic pigments [2] - The company is transitioning from a traditional manufacturer to a technology-driven enterprise, enhancing its competitive edge amid increasing global environmental regulations [2] Group 4: Industry Context - China is the largest producer and exporter of organic pigments globally, particularly dominating the azo products sector [2] - Xinkai Technology is recognized as a major supplier in the global market, with its products widely used in inks, coatings, and plastics, benefiting from stable downstream market demand [2] - The organic pigment industry is experiencing increased concentration, favoring companies with technological, compliance, and customer advantages for greater growth opportunities [2]

汽车/汽车零部件 赛轮轮胎（601058.SH） 2024 年业绩再创新高，看好公司长期成长空间 2025 年 04 月 30 日 投资评级：买入（维持） | 日期 | 2025/4/29 | | --- | --- | | 当前股价(元) | 12.25 | | 一年最高最低(元) | 17.60/11.37 | | 总市值(亿元) | 402.79 | | 流通市值(亿元) | 402.79 | | 总股本(亿股) | 32.88 | | 流通股本(亿股) | 32.88 | | 近 3 个月换手率(%) | 74.01 | 股价走势图 -36% -24% -12% 0% 12% 24% 2024-04 2024-08 2024-12 2025-04 赛轮轮胎 沪深300 数据来源：聚源 相关研究报告 《Q3 业绩符合预期，全球化布局稳步 推 进 — 公 司 信 息 更 新 报 告 》 -2024.10.31 《配套及替换市场双线发力，Q2 业绩 实现同环比增长—公司信息更新报 告》-2024.8.26 《墨西哥项目奠基仪式顺利举行，全 球化布局持续推进—公司信息更新报 告》-2024.5.21 | —— ...

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 31.802 billion yuan, a year-on-year increase of 22.4% [1] - The net profit attributable to shareholders reached 4.06 billion yuan, up 31.4% year-on-year, while the net profit after deducting non-recurring items was 3.99 billion yuan, an increase of 26.9% year-on-year [1] - For Q4 2024, the company reported operating revenue of 8.17 billion yuan, with a year-on-year increase of 17.3% but a quarter-on-quarter decrease of 3.5% [1] Group 2: Tire Production and Sales - Global tire demand saw a slight increase, with total tire sales reaching 1.856 billion units in 2024, a year-on-year growth of 1.9% [2] - The company achieved a record high in tire production and sales, with annual tire production of 74.81 million units, up 27.6% year-on-year, and sales of 72.16 million units, an increase of 29.3% year-on-year [2] - In Q4 2024, tire production and sales were 20.18 million and 18.28 million units respectively, with a quarter-on-quarter increase and decrease [2] Group 3: Cost and Margin Analysis - In Q4 2024, the comprehensive procurement prices of key raw materials increased by 21.7% year-on-year and 7.6% quarter-on-quarter, leading to a slight decline in gross margin [3] - The gross margin for Q4 2024 was 25.3%, down 8.3 percentage points year-on-year and 2.4 percentage points quarter-on-quarter [3] - For Q1 2025, the gross margin recorded was 24.7%, with a quarter-on-quarter decrease of 0.5 percentage points [3] Group 4: Capacity and Future Outlook - The company has planned production capacity of 27.65 million full steel radial tires, 106 million semi-steel radial tires, and 447,000 tons of non-road tires [3] - The company is expected to continue releasing performance capabilities as domestic and overseas bases ramp up production [3] - Profit forecasts for 2025-2027 project net profits of 4.61 billion, 5.66 billion, and 6.75 billion yuan respectively, with corresponding PE ratios of 9, 7, and 6 times [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index within the next six months [3][9]. Core Views - The company has achieved expected performance in its first quarter of 2025, with revenue of 34.161 billion yuan, a year-on-year decrease of 7.73%, but a net profit attributable to shareholders of 1.353 billion yuan, reflecting a year-on-year increase of 16.81% [1]. - The company is advancing its electric and intelligent vehicle strategies, with significant growth in overseas sales and partnerships with key industry players [2]. - The financial forecasts predict revenues of 188.517 billion yuan, 211.403 billion yuan, and 231.613 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 7.777 billion yuan, 9.913 billion yuan, and 11.792 billion yuan for the same years [3][5]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 34.161 billion yuan, down 7.73% year-on-year, and a net profit of 1.353 billion yuan, up 16.81% year-on-year. The net profit excluding non-recurring items was 783 million yuan, a significant increase of 601.31% year-on-year [1]. - For the full year 2024, the company achieved revenue of 159.733 billion yuan, a 5.58% increase year-on-year, but a net profit decrease of 35.37% to 7.321 billion yuan [1]. Electric and Intelligent Vehicle Strategy - The company is accelerating its "Shangri-La" plan in the electric vehicle sector, with a projected sales volume of 674,900 new energy passenger vehicles in 2024, representing a year-on-year increase of 53.56% [2]. - The "Beidou Tianshu" plan for intelligent vehicles is also being upgraded, with strategic collaborations with Huawei across various technological domains [2]. Global Expansion - The "Haina Baichuan" plan is driving significant growth in overseas vehicle sales, with 536,200 units sold abroad in 2024, a year-on-year increase of 49.59% [2]. - The company is establishing localized operations in regions like the Middle East and Africa and is set to launch its first overseas new energy vehicle manufacturing base in Thailand in May 2025, with an annual capacity of 100,000 units [2]. Financial Projections - The company forecasts revenues of 188.517 billion yuan for 2025, with net profits expected to reach 7.777 billion yuan, translating to earnings per share of 0.78 yuan [3][5]. - The projected price-to-earnings ratios for 2025, 2026, and 2027 are 15.40, 12.08, and 10.16 respectively, indicating a favorable valuation outlook [3][5].

Group 1 - The core viewpoint of the articles highlights the strong financial performance and strategic growth initiatives of Chenghe Technology Co., Ltd, including revenue growth and a significant acquisition to enhance its market position [1][2][3] - In 2024, the company achieved an operating income of 882 million yuan, a year-on-year increase of 10.31%, and a net profit attributable to shareholders of 250 million yuan, up 10.68% [1] - For Q1 2025, the company reported an operating income of 220 million yuan, reflecting a year-on-year growth of 14.97%, and a net profit of 71 million yuan, which is a 15.82% increase, marking a historical high for quarterly earnings [1] Group 2 - Chenghe Technology is recognized as a national-level "specialized, refined, and innovative" small giant enterprise and a "green factory," focusing on the research and production of high-performance polymer materials and additives [1] - The company is pursuing strategic acquisitions to extend its industrial chain, including a planned acquisition of at least 51% of Wuhu Yingri Technology Co., Ltd, valued at 1.8 billion yuan, which will allow Chenghe to gain control over the display materials sector [2] - The acquisition of Yingri Technology, a leading player in high-performance sputtering targets, is expected to enhance Chenghe's capabilities in the display industry and open new growth opportunities through technological synergies [2] Group 3 - Looking ahead, Chenghe Technology aims to solidify its competitive edge through technological self-sufficiency and expand application scenarios via mergers and acquisitions, leveraging policy benefits for global expansion [3] - The company is transitioning from a single material supplier to a comprehensive solution provider for polymer materials, driven by domestic substitution and industry chain collaboration [3] - With breakthroughs in high-end fields such as display panels and semiconductors, along with ongoing international certifications, Chenghe Technology is poised to play a more significant role in the global high-end materials value chain [3]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][18]. Core Views - The company's performance in 2024 is in line with expectations, driven by horizontal expansion, vertical integration, and a strengthened global layout [2][3]. - The company achieved a revenue of 268.795 billion yuan in 2024, representing a year-over-year increase of 15.91%, and a net profit attributable to the parent company of 13.3665 billion yuan, up 22.03% year-over-year [2][3]. - For Q1 2025, the company reported total revenue of 61.788 billion yuan, a year-over-year increase of 17.90%, with a net profit of 3.044 billion yuan, up 23.17% year-over-year [3]. Financial Performance Summary - In 2024, the revenue breakdown by business segments is as follows: - Computers: 9.002 billion yuan, up 20.15% - Automotive: 13.758 billion yuan, up 48.69% - Communications: 18.360 billion yuan, up 26.29% - Consumer Electronics: 224.094 billion yuan, up 13.65% - Others: 3.581 billion yuan, up 4.13% [2]. - The gross profit margins for these segments are 18.9%, 16.1%, 16.4%, 9.1%, and 18.9% respectively, with slight changes year-over-year [2]. - The company expects a net profit for H1 2025 to be between 6.475 billion and 6.745 billion yuan, representing a year-over-year increase of 20-25% [3]. Business Strategy and Growth - The company is focusing on a three-pronged strategy of "scene ecology, AI empowerment, and global collaboration" to drive long-term growth [3]. - The vertical integration strategy aims to extend the ODM product line from components to complete systems, while horizontal expansion continues to diversify the product offerings across various sectors including smart home and healthcare [3]. - In the automotive sector, the company is emphasizing high-voltage and high-speed wiring harnesses, with significant new project wins expected to ramp up production in 2025 [5]. Financial Projections - The financial projections for the company are as follows: - Revenue is expected to grow from 231.905 billion yuan in 2023 to 412.358 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 15% [11]. - The net profit attributable to the parent company is projected to increase from 10.953 billion yuan in 2023 to 24.007 billion yuan in 2027, reflecting a CAGR of around 17% [11]. - The company’s earnings per share (EPS) is forecasted to rise from 1.51 yuan in 2023 to 3.31 yuan in 2027 [11].

| 投资要点 | | --- | 公告要点： 公 司 发 布 2025 年 一 季 报 ， 符 合 我 们 的 预 期 。 2025Q1 实 现 营 收 约 146 亿 元 ， 同 环 比 +9.78%/-1.04%，归母净利润3.4亿元，同环比+11.1%+1695%，扣非归母净利润3.20亿元，同环 比+2.79%/-6.02%。 安全与电子业务双轮驱动，毛利率持续改善： 公司降本增效成效显著，追溯会计准则调整对毛利率的影响，2025Q1整体毛利率达17.9%，同 环比+2.6pct/-0.1pct。其中，汽车安全业务毛利率15.6%，同环比+1.9pct/-1.5pct，主要是海外整 合红利释放；汽车电子业务毛利率21.2%，同环比+2.1pct/-0.1pct。 现金流与经营效率优化，抗风险能力增强： 公司2025年一季度经营性现金流为8.68亿元，同比提升25.16%，存货周转率与应收账款管理改 善，体现供应链精细化管控。货币资金较年初增加6.0亿元至78.62亿元，为技术投入与产能扩 张提供充足资金支持。 未经许可，不得转载或者引用。 新订单再创新高，全球化布局深化： 2025Q1公司全球新获订单 ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][18]. Core Views - The company's performance in 2024 is in line with expectations, driven by horizontal expansion, vertical integration, and a strengthened global layout [2][3]. - The company achieved a revenue of 268.795 billion yuan in 2024, representing a year-over-year growth of 15.91%, and a net profit attributable to the parent company of 13.366 billion yuan, up 22.03% year-over-year [2][3]. - For Q1 2025, the company reported total revenue of 61.788 billion yuan, a year-over-year increase of 17.90%, with a net profit of 3.044 billion yuan, up 23.17% year-over-year [3]. Financial Performance Summary - The company expects to achieve a net profit of 6.475 to 6.745 billion yuan in H1 2025, representing a year-over-year growth of 20% to 25% [2]. - The revenue breakdown by business segments for 2024 includes: - Computers: 9.002 billion yuan (yoy +20.15%) - Automotive: 13.758 billion yuan (yoy +48.69%) - Communications: 18.360 billion yuan (yoy +26.29%) - Consumer Electronics: 224.094 billion yuan (yoy +13.65%) - Others: 3.581 billion yuan (yoy +4.13%) [2]. - The gross profit margins for these segments were 18.9%, 16.1%, 16.4%, 9.1%, and 18.9% respectively, with slight variations year-over-year [2]. Business Segment Insights - The consumer electronics segment is focusing on horizontal expansion and vertical integration, aiming to enhance long-term growth potential through a strategy that includes "scene ecology, AI empowerment, and global collaboration" [3]. - The automotive segment continues to show strong growth, with new projects expected to ramp up production in 2025, particularly in high-voltage and high-speed wiring harnesses [5]. - The communications business is developing a complete technology matrix, with significant advancements in high-speed cable products and power management solutions expected to double revenue and profit in 2025 [4]. Financial Projections - The company forecasts revenues of 311.802 billion yuan in 2025, with a growth rate of 16% [11]. - The net profit attributable to the parent company is projected to be 16.484 billion yuan in 2025, reflecting a growth rate of 23.33% [11]. - The earnings per share (EPS) is expected to reach 2.27 yuan in 2025, with a price-to-earnings (P/E) ratio of 13.42 [11].