公司截至2025年3月31日，*ST东易最新资产负债率为166.71%，在已披露的同业公司中排名第23，较上 季度资产负债率增加8.82个百分点，较去年同期资产负债率增加69.58个百分点。 公司截至2025年3月31日，*ST东易最新毛利率为36.74%。 公司截至2025年3月31日，*ST东易摊薄每股收益为-0.05元，在已披露的同业公司中排名第18。 公司截至2025年3月31日，*ST东易最新总资产周转率为0.11次，较去年同期总资产周转率减少0.05次， 同比较去年同期下降32.30%。截至2025年3月31日，*ST东易最新存货周转率为3.62次。 公司股东户数为1.98万户，前十大股东持股数量为2.23亿股，占总股本比例为53.11%，前十大股东持股 情况如下： 2025年4月29日，*ST东易(002713.SZ)发布2025年一季报。 公司截至2025年3月31日，*ST东易营业总收入为1.67亿元，在已披露的同业公司中排名第14，较去年同 报告期营业总收入减少2.73亿元，同比较去年同期下降62.05%。截至2025年3月31日，*ST东易归母净利 润为-1889.24万元，在已披露的同 ...

Financial Performance - As of March 31, 2025, *ST Ai Ai reported total revenue of 47.64 million yuan, ranking 74th among disclosed peers [1] - The net profit attributable to the parent company was 5.41 million yuan, ranking 54th among disclosed peers [1] - The net cash inflow from operating activities was 3.58 million yuan, a decrease of 7.66 million yuan compared to the same period last year, representing a year-on-year decline of 68.14% [1] Key Financial Ratios - The asset-liability ratio as of March 31, 2025, was 13.59%, an increase of 0.60 percentage points from the same period last year [3] - The gross profit margin was 37.24%, a decrease of 2.20 percentage points compared to the same period last year [3] - The return on equity (ROE) was 1.27% [3] - The diluted earnings per share were 0.04 yuan, ranking 45th among disclosed peers [3] - The total asset turnover ratio was 0.09 times, ranking 57th among disclosed peers [3] - The inventory turnover ratio was 0.30 times, ranking 73rd among disclosed peers [3] Shareholder Structure - The number of shareholders was 16,800, with the top ten shareholders holding 92.87 million shares, accounting for 71.07% of the total share capital [3] - The largest shareholder, Tu Mulian, held 33.75% of the shares, followed closely by Cai Ruimei with 33.19% [3]

[Table_StockNameRptType] 今世缘（603369） 联系人：郑少轩 公司点评 | . | 4 | . | | --- | --- | --- | | HUAAN SECURITIES | | | | 延续增长趋势 | | --- | ——今世缘 24 年报&25Q1 点评 [Table_Rank] 投资评级：买入（维持） 报告日期： 2025-04-30 [Table_BaseData] 收盘价（元） 47.40 近 12 个月最高/最低（元） 58.45/35.35 总股本（百万股） 1,247 流通股本（百万股） 1,247 流通股比例（%） 100.00 总市值（亿元） 591 流通市值（亿元） 591 [公司价格与沪深 Table_Chart] 300 走势比较 -47% -28% -10% 9% 28% 4/24 7/24 10/24 1/25 今世缘 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 执业证书号：S0010124040001 主要观点： ⚫ 利润：费效比提升对冲毛利率影响 ...

韦尔股份：公司毛利率有望进一步提升 金十数据4月30日讯，4月30日，韦尔股份高管在接受机构调研表示，公司通过推动产品结构持续优化， 供应链梳理增效，毛利率有希望进一步提升。据介绍，2024年公司全年综合毛利率为29.36%，同比提 升7.74个百分点；2025年第一季度，毛利率持续改善，实现综合毛利率31.03%，同比提升3.14个百分 点，环比提升2.05个百分点。 （证券时报） ...

编号：2025-010 | 投资者关系 | 特定对象调研 分析师会议 □媒体采访 □业绩说明会 | | --- | --- | | 活动类别 | □新闻发布会 □路演活动 □现场参观 □其他 | | 参与单位名称 | 详见附件一 | | 及人员姓名 | | | 时间 | 2025年4月28日、2025年4月30日 | | 地点 | 线上：腾讯会议 | | 上市公司 接待人员姓名 | 董事会秘书方玲玲 | | | 董事会秘书方玲玲就公司的基本情况进行了介绍： | | | 经营简要情况： | | | 2025 年 1-3 月，实现营业收入人民币 53.53 亿元，同比增长 12.34%；实现归属于上市 | | | 公司股东的净利润人民币 7.62 亿元，同比减少 3.25%. | | | 2025 年 1-3 月，公司销售运动鞋 0.49 亿双，同比增长 8.24%. | | | 毛利率：2025 年第一季度毛利率环比 2024 年第四季度下降 1.19%，主要系 2025 年第 | | | 一季度，新客户订单量同比显著增长，新客户的新增订单主要是由新工厂生产，同时为 | | | 了匹配未来的订单，公司加速了 ...

Core Viewpoint - Leading companies in the Shenzhen Stock Exchange (SZSE) are acting as a stabilizing force in the capital market, showcasing strong brand influence, market competitiveness, and industry leadership [1] Group 1: Performance Overview - As of 2024, the 36 leading companies in the SZSE achieved a total operating revenue of 4.56 trillion yuan, representing a year-on-year growth of 7.76%, and accounted for 21.93% of the total operating revenue of all SZSE companies [1] - These companies reported a combined net profit of 485.80 billion yuan, reflecting a year-on-year increase of 18.24%, which constitutes 60.21% of the total net profit of SZSE companies [1] Group 2: Individual Company Performance - Contemporary Amperex Technology Co., Limited (CATL) achieved a net profit of 50.75 billion yuan in 2024, marking a 15.01% increase year-on-year, with a gross margin for its core business of power batteries rising by 5.81 percentage points to 23.94% [2] - BYD Company Limited reported a record high in all core operating indicators, with total revenue reaching 777.10 billion yuan, a year-on-year growth of 29.02% [2] - The revenue from automotive and related products was approximately 617.38 billion yuan, up 27.70%, while revenue from mobile components and assembly reached about 159.61 billion yuan, increasing by 34.60% [2] Group 3: Growth Drivers - The expansion of sales scale and improvement in gross margins are key drivers of performance growth for leading companies in the SZSE [3] - Companies are leveraging brand, technology, and channel advantages to capture market share, while also enhancing product value and profitability through innovation, cost control, and product structure optimization [3] Group 4: Shareholder Returns - Leading companies are sharing development dividends with investors through cash dividends and share buybacks, reinforcing their commitment to shareholder value [4] - ZTE Corporation maintained a cash dividend ratio of 35.0% for 2024, with cumulative cash dividends amounting to 8.1 billion yuan over the past three years [4] - Lens Technology emphasizes stable and high cash dividends to enhance investor value perception [4] Group 5: Capital Structure Optimization - Share buybacks have become a significant strategy for leading companies to optimize capital structure and boost market confidence [5] - These initiatives not only stabilize stock price expectations but also align corporate development with investor interests, fostering a positive capital market ecosystem [5]

Core Viewpoint - The company reported a revenue of 5.955 billion yuan in Q1 2025, a year-on-year decrease of 16.71% and a quarter-on-quarter decrease of 6.32%, with a net profit attributable to shareholders of 192 million yuan, down 44.68% year-on-year but up 116.45% quarter-on-quarter, indicating a challenging operating environment due to slow project resumption after the Spring Festival [1] Financial Performance - The company's gross margin for Q1 2025 was 23.73%, a decrease of 5.95 percentage points year-on-year but an increase of 9.30 percentage points quarter-on-quarter, primarily due to weak short-cycle demand and ongoing price competition in the industry [2] - Total operating expenses for Q1 2025 amounted to 1.013 billion yuan, a year-on-year decrease of 30.5%, with an expense ratio of 17.02%, down 3.38 percentage points year-on-year, reflecting strengthened cost control [2] Cash Flow and Debt Management - As of the end of Q1 2025, the company's net accounts receivable was 8.371 billion yuan, down 22.4% year-on-year but up 14.0% quarter-on-quarter, indicating a tightening of credit policies [3] - The company reported a negative operating cash flow of 813 million yuan in Q1 2025, an improvement of 1.076 billion yuan year-on-year, with a cash collection ratio of 92.9% [3] - The debt ratios as of Q1 2025 were 49.7% for total liabilities and 22.3% for interest-bearing liabilities, showing a healthy overall debt structure [3] Market Outlook - The real estate market shows marginal improvement, with new home transaction volumes in key cities increasing by 7.2% week-on-week but down 19.5% year-on-year, while second-hand home transactions have increased by 0.6% week-on-week and 3.9% year-on-year, potentially supporting demand for the company's products [4] - The company maintains a long-term positive outlook despite short-term disruptions, with EPS forecasts for 2025-2027 at 0.69, 1.03, and 1.24 yuan respectively, and a target price of 14.49 yuan based on a 21x PE ratio for 2025 [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 14.49 RMB [8][9]. Core Views - The company reported a revenue of 5.955 billion RMB in Q1 2025, a year-on-year decrease of 16.71% and a quarter-on-quarter decrease of 6.32%. The net profit attributable to the parent company was 192 million RMB, down 44.68% year-on-year but up 116.45% quarter-on-quarter. The overall project resumption after the Spring Festival has been slow, limiting short-cycle demand for the company's products, but the low base from last year and the gradual reduction of impairment exposure provide operational resilience [1][2]. - The comprehensive gross margin for Q1 2025 was 23.73%, down 5.95 percentage points year-on-year but up 9.30 percentage points quarter-on-quarter. The industry is experiencing ongoing price competition, which has pressured product prices. However, the cost side remains relatively stable, with the average price of waterproof material asphalt at 3,775 RMB per ton, down 1.7% year-on-year and up 1.7% quarter-on-quarter [2][3]. - As of the end of Q1 2025, the company's accounts receivable net value was 8.371 billion RMB, down 22.4% year-on-year but up 14.0% quarter-on-quarter. The increase in accounts receivable is attributed to credit issued to distributors, indicating a tightening of credit policies. The operating net cash flow was -813 million RMB, an improvement of 1.076 billion RMB year-on-year, with a cash collection ratio of 92.9% [3][4]. Summary by Sections Financial Performance - The company expects EPS for 2025 to be 0.69 RMB, with projections of 1.03 RMB for 2026 and 1.24 RMB for 2027. The average PE ratio for comparable companies in 2025 is estimated at 25.7 times, but due to slow implementation of new real estate policies and significant pressure on asset disposal, the company is assigned a PE of 21 times for 2025, leading to a target price of 14.49 RMB [5][6]. Market Conditions - The real estate market is showing marginal improvement, with new home transaction volumes in key cities increasing by 7.2% week-on-week but down 19.5% year-on-year. The second-hand housing market is performing better, with a year-to-date increase of 15.0%, which may support demand for the company's products [4][5].

公司研究 证 券 研 究 报 告 重庆啤酒（600132）2025 年一季报点评 强推（维持） 开局稳健，股息较优 目标价：67 元 事项： 公司发布 2025 年一季报。公司发布 2025 年一季报，25Q1 公司实现营业收入 43.6 亿元，同增 1.5%；实现归母净利润 4.7 亿元，同增 4.6%；扣非后归母净 利润为 4.67 亿元，同增 4.7%。 评论： 风险提示：高端化不及预期，竞争加剧，成本大幅上行，恶劣天气等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 14,645 | 14,830 | 15,040 | 15,274 | | 同比增速(%) | -1.1% | 1.3% | 1.4% | 1.6% | | 归母净利润(百万) | 1,114 | 1,270 | 1,309 | 1,346 | | 同比增速(%) | -16.6% | 13.9% | 3.1% | 2.9% | | 每股盈利(元) | 2.30 ...

Core Viewpoint - The company reported a revenue of 5.353 billion yuan for Q1 2025, representing a year-on-year increase of 12.34%, while the net profit attributable to shareholders was 762 million yuan, a decrease of 3.25% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 5.353 billion yuan in Q1 2025, up 12.34% year-on-year [1] - The net profit attributable to shareholders was 762 million yuan, down 3.25% year-on-year, with a non-recurring net profit of 751 million yuan, also down 3.35% year-on-year [1] Group 2: Sales and Growth - The company sold approximately 49 million pairs of sports shoes in Q1 2025, an increase of 8.24% year-on-year, with an average selling price (ASP) rising about 3.8% to approximately 107 yuan [2] - New customer orders saw significant growth due to strategic expansion and deepening cooperation with emerging sports brands, with no impact from recent tariff policy changes on brand customer shipment schedules [2] Group 3: Profitability and Margins - The gross margin for Q1 2025 was approximately 22.9%, a decrease of about 5.5 percentage points year-on-year, primarily due to accelerated construction and production ramp-up of new factories [3] - The net profit margin for Q1 2025 was 14.2%, down 2.3 percentage points year-on-year, reflecting the initial efficiency challenges of new factory operations [3] Group 4: Capacity Expansion and Workforce - The company accelerated the construction of new factories to meet rising capacity demands, with two finished shoe factories operational by the end of Q1 2025 [4] - The workforce increased to approximately 184,000 employees, a 17% rise compared to the end of Q1 2024, supporting capacity expansion [4] - Inventory stood at 3.674 billion yuan at the end of Q1 2025, a 17.7% increase from the beginning of the year, indicating a healthy order backlog [4] Group 5: Profit Forecast and Investment Recommendation - The company maintains its profit forecast, expecting net profits of 4.394 billion yuan, 5.072 billion yuan, and 5.894 billion yuan for 2025 to 2027, representing year-on-year growth of 14%, 15%, and 16% respectively [5] - The company is positioned as a leading shoe manufacturing contractor, closely tied to high-quality international brands like Nike and Deckers, and is expanding its partnerships with brands like Adidas, supported by steady capacity growth [5]