事件: 2025 年4 月28 日，顺丰控股发布2025 年一季报： 2025Q1，顺丰控股实现营业收入698.5 亿元,同比+6.9%;实现归母净利润22.3 亿元，同比+16.9%; 实现扣 非归母净利润19.7 亿元，同比+19.1%。 其中2025Q1 公司速运物流业务（包括时效件+经济件+冷运及医药+快运+同城即时配）收入518.6 亿 元，同比+7.2%；供应链及国际板块收入同比+9.9%。 业务方面，公司2025Q1 总业务量35.6 亿票，其中速运物流业务量完成35.4 亿票，同比+19.7%；速运物 流单票收入14.6 元，同比-10.5%。 投资要点: 坚持高质量发展，2025Q1 收入实现稳健增长 2025Q1，公司实现业务的高质量发展，其中得益于公司持续完善产品矩阵及强化服务竞争力，不断渗 透各行各业客户的端到端物流场景，稳步扩大业务规模，公司速运物流业务量完成35.4 亿票，同比 +19.7%，速运物流单票收入14.6 元，同比-10.5%，最终实现该板块收入518.6 亿元，同比+7.2%；同时 公司持续加强国际网络能力建设，并深化业务融通，积极拓展供应链及国际市场，公司供应链及国 ...

证券代码：300939 证券简称：秋田微 深圳秋田微电子股份有限公司 投资者关系活动记录表 | 024-047）。后续如有股权激励计划，将严格按照相关规定及时履行信 | 息披露义务，敬请关注公司后续披露的相关公告。谢谢！ | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2.请问截止到 | 月 | 日收盘，公司股东人数是多少？ | 4 | 29 | | | | | 答：尊敬的投资者，您好！根据中国证券登记结算有限责任公司下发 | 的《合并普通账户和融资融券信用账户前 | 名明细数据表》显示，截 | N | | | | | | 至 | 年 | 月 | 日，公司股份持有人数（已合并）为 | 14,951。谢谢！ | 2025 | 04 | 18 | | 3.请问，自公司上市以来多年分红，后续的分红规划是什么？ | | | | | | | | | 答：尊敬的投资者，您好！公司于 | 年 | 月 | 日披露了《未来三 | 2023 | 04 | 20 | 年（2023-2025）股东回报规划》。公司实行持续、稳定的利润分配政 | | 策 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][11][12] Core Insights - The company has demonstrated steady revenue growth and improved profitability, with a resilient performance in its first quarter of 2025 [5][6][9] - The company achieved a revenue of 69.85 billion yuan in Q1 2025, representing a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.23 billion yuan, up 16.9% year-on-year [5][6] - The report emphasizes the company's focus on high-quality development, cost reduction, and efficiency improvement, which are expected to continue driving performance [7][9] Revenue and Profitability - In Q1 2025, the express logistics business generated revenue of 51.86 billion yuan, a 7.2% increase year-on-year, while the supply chain and international segments saw a 9.9% increase [5][6] - The total business volume reached 3.56 billion parcels, with a year-on-year growth of 19.7% [5][6] - The gross profit margin for Q1 2025 was 13.3%, reflecting a slight year-on-year increase, while the net profit margin improved to 3.20% [7][8] Cost Management and Shareholder Returns - The company has successfully implemented cost control measures, resulting in a decrease in the cost-to-revenue ratio to 86.7% [7] - Free cash flow increased by 70% year-on-year to 22.3 billion yuan, providing a solid foundation for dividends and share buybacks [9] - The company plans to repurchase shares with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, with a buyback price capped at 60 yuan per share [9] Future Projections - Revenue forecasts for 2025-2027 are 319.06 billion yuan, 354.32 billion yuan, and 390.61 billion yuan, with growth rates of 12%, 11%, and 10% respectively [10][11] - Net profit projections for the same period are 11.796 billion yuan, 13.520 billion yuan, and 15.319 billion yuan, with growth rates of 16%, 15%, and 13% respectively [10][11] - The report highlights the company's commitment to shareholder returns and the potential for value creation through strategic initiatives [9][11]

Investment Rating - The investment rating for the company is "Buy" with a target price of 155.36 CNY, maintaining the rating [5][11]. Core Views - The company has shown steady growth in performance, with a focus on enhancing shareholder returns through a significant cash dividend plan [2][10]. - The revenue for 2024 is projected to be 31.196 billion CNY, reflecting a year-on-year growth of 3.2%, while the net profit attributable to the parent company is expected to be 13.473 billion CNY, up 1.7% year-on-year [10]. - The company plans to distribute cash dividends totaling 87.58 billion CNY over the year, representing approximately 65% of the net profit for 2024 [10]. Financial Summary - **Revenue Forecast**: The company’s revenue is expected to grow from 30.233 billion CNY in 2023 to 41.967 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 12.8% [4]. - **Profitability**: The gross margin is projected to remain stable around 87.5% to 88.6% from 2025 to 2027, while the net profit margin is expected to range from 42.8% to 44.9% [4]. - **Earnings Per Share (EPS)**: The EPS is forecasted to increase from 9.00 CNY in 2023 to 12.80 CNY in 2027 [4][11]. - **Valuation Metrics**: The company is currently valued at a price-to-earnings (P/E) ratio of 13.9 for 2023, expected to decrease to 9.8 by 2027 [4]. Market Performance - The stock price as of April 28, 2025, was 125.6 CNY, with a 52-week high of 186.79 CNY and a low of 97.77 CNY [5]. - The company has experienced a relative performance decline of 28.69% over the past 12 months [6].

4月25日，沪农商行（601825）2024年度业绩说明会在全景网成功举行。沪农商行董事长徐力在活动中 谈到，2024年，集团资本充足率进一步提升，内生性资本留存足够支持集团高质量可持续增长，也是银 行长期回报股东的底气所在。2024年银行在行业内第一家落实实施中期分红，2024年度分红率为 33.91%，较2023年提升3.81个百分点，保持在上市银行中的前列。银行高度重视股东回报，2021年上市 以来，分红率始终保持在30%以上，累计派发普通股现金红利165亿元，为IPO募资金额的近2倍。 更多业绩说明会详情，请点击：https://rs.p5w.net/html/145836.shtml 徐力表示，近几年沪农商行在盈利、资产质量和股东回报方面的得到了社会各界和资本市场的认可， 2024年银行股价涨幅达到63%，在A股银行板块中排名第二位。 对于未来的分红规划，沪农商行董事会秘书兼首席财务官姚晓岗指出，公司的分红政策将在综合考虑自 身经营状况、业务发展需求及股东意愿等因素的基础上，保持持续性、稳定性和可预期性，同时确保留 足业务发展所需资本，实现股东短期投资收益与长期价值回报的合理平衡。他强调，公司不追求 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [7][8]. Core Views - The company reported a revenue of 31.196 billion yuan and a net profit of 13.473 billion yuan for 2024, reflecting year-on-year growth of 3.19% and 1.71% respectively. The fourth quarter of 2024 saw a decline in revenue and net profit, with year-on-year decreases of 16.86% and 29.86% respectively [3]. - The company adheres to a "dual brand, three product lines, and major products" strategy, with a focus on high-end liquor. The revenue from liquor operations reached 31.053 billion yuan, with a gross margin of 87.62%, showing a slight decline [4]. - The company has committed to a shareholder return plan, ensuring that cash dividends will account for at least 65% of net profit for 2024, 70% for 2025, and 75% for 2026, with a minimum total of 8.5 billion yuan in cash dividends each year [6][8]. Summary by Sections Financial Performance - For 2024, the company achieved a total revenue of 31.196 billion yuan, with a net profit of 13.473 billion yuan. The expected revenue for 2025 is projected at 31.883 billion yuan, with a net profit of 13.753 billion yuan, indicating a growth rate of 2.2% [9][10]. - The gross margin for 2024 was reported at 87.54%, with a slight decline expected in the following years [11]. Revenue Breakdown - The high-end liquor segment generated 27.585 billion yuan in revenue, while other liquor products contributed 3.467 billion yuan. The high-end segment saw a volume increase of 14.39% but a price decrease of 10.15% [4]. - The company’s revenue from traditional and emerging channels was 29.573 billion yuan and 1.479 billion yuan respectively, showing growth in both areas [4]. Shareholder Returns - The company plans to distribute a total cash dividend of 6.8 billion yuan for 2024, alongside a previously implemented 2 billion yuan interim dividend, meeting the 65% payout ratio requirement [8]. - The projected dividend yield for 2024 is 4.75%, reflecting the company's commitment to returning value to shareholders [6][8].

Core Insights - The company reported better-than-expected profits for 2024 and Q1 2025, with a revenue of 16.542 billion yuan in 2024, a 7% year-on-year increase, and a net profit of 806 million yuan, a 32% increase [1] - The company plans to distribute a cash dividend of 0.45 yuan per share, totaling 259 million yuan, which is 32.12% of the net profit attributable to shareholders [1] Financial Performance - In Q4 2024, the company achieved a revenue of 6.316 billion yuan, a 27% year-on-year increase, and a net profit of 191 million yuan, a significant increase of 2178% [1] - For Q1 2025, the company reported a revenue of 3.858 billion yuan, an 11% year-on-year increase, and a net profit of 475 million yuan, a 59% increase [1] Business Segments - The company's domestic brands generated a revenue of 8.082 billion yuan, a 5.22% increase, while the Tanke brand achieved 8.061 billion yuan, a 10.87% increase, both accounting for 49% of total revenue [2] - The company successfully launched new products such as T30, T50, and X8, leading to a 47.5% year-on-year increase in shipments in Q4 2024 [2] International Expansion - The overseas revenue for both brands reached 6.808 billion yuan, a 12.6% increase, accounting for 42.2% of brand business revenue [2] - In the European market, the company saw significant growth, with revenues increasing by 51.6% for the Cobos brand and 64.0% for the Tanke brand [2] Cost Management - The company's gross margin remained stable, with a decrease in sales expense ratio by 3.84 percentage points, indicating effective cost control [2] - In Q1 2025, the company reported a reduction in R&D and financial expense ratios [2] Profit Forecast - The profit forecasts for 2025 and 2026 have been adjusted to 1.31 billion yuan and 1.56 billion yuan, respectively, with a new forecast for 2027 at 1.78 billion yuan, reflecting year-on-year growth of 63%, 19%, and 14% [3] - The company maintains a "buy" rating due to the introduction of new products and the growth contribution from overseas business [3]

行业承压显著，公司仍稳健增长 2024H1/H2/Q4/2025Q1 公司收入分别同比+10%/+4%/+3%/+3%，显著优于行业。其中2024A 电连接业务 占比46%，同比+4%，2024H1/H2 分别同比+5%/+3%，2025Q1 预计小个位数增长；2024A 智能电工照 明业务占比49%，同比+5%，2024H1/H2 分别同比+12%/+0%，2025Q1 预计小幅增长。2024A 新能源业 务占比5%，同比+105%；2024H1/H2分别同比+120%/+97%；2025Q1 预计依然快速增长。综上，公司营 收维持小幅增长。 24Q4 盈利承压，25Q1 盈利小幅改善 重视股东回报，持股计划绑定员工利益 公牛集团发布2024 年报/2025 年一季报：2024 年，实现营收168.31 亿，同比+7.24%，归母净利润42.72 亿，同比+10.39%，扣非归母净利润37.42 亿，同比+1.04%。其中Q4 实现营收42.27 亿，同比+3.41%， 归母净利润10.09 亿，同比-4.55%，扣非归母净利润9.02 亿，同比-16.48%。2024 年拟每10 股派24 元 （含税）， ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic operations and is expanding its international business opportunities [1] - The first quarter of 2025 demonstrated resilience in operations with a revenue increase of 6.9% year-on-year, and a net profit growth of 16.87% [2][3] - The company is focusing on cost reduction and quality improvement, leading to a slight increase in net profit margins [3] - The logistics revenue increased by 7.2% year-on-year, while supply chain and international revenue grew by 9.9% [4] - The peak of capital expenditure has passed, resulting in a significant increase in free cash flow by 55.6% [5] - The company is expected to maintain strong profit growth in the coming years, with projected net profits of 119.11 billion, 142.57 billion, and 168.45 billion for 2025, 2026, and 2027 respectively [6] Financial Summary - In Q1 2025, the company achieved total revenue of 698.50 billion, with a year-on-year growth of 6.9% [2] - The net profit attributable to the parent company for Q1 2025 was 22.34 billion, reflecting a year-on-year increase of 16.87% [2] - The company’s operating cash flow for Q1 2025 was 40.62 billion, down 14.21% year-on-year [5] - The projected revenue for 2025 is 315.54 billion, with a growth rate of 10.9% [7] - The projected net profit for 2025 is 11.91 billion, with a growth rate of 17.1% [7] - The company’s gross margin is expected to improve to 14.0% by 2025 [7]

近期东莞控股（000828）发布2025年一季报，证券之星财报模型分析如下： 财务概况 收入与利润 尽管公司在2025年一季度的营业总收入和归母净利润分别下降了10.95%和45.58%，但扣非净利润却实 现了3.01%的增长，显示出公司在主营业务上的盈利能力有所增强。 现金流与偿债能力 公司的每股经营性现金流从去年同期的-0.71元大幅增长至0.37元，增幅达152.19%，表明公司在经营活 动中的现金流状况得到了显著改善。同时，货币资金同比增长83.22%，达到41.84亿元，显示出公司现 金资产非常健康。 债务状况 有息负债从100.65亿元减少到66.08亿元，减少了34.35%，这有助于降低公司的财务风险。然而，有息 负债总额与近3年经营性现金流均值的比例仍高达23.06%，需持续关注其债务偿还能力。 商业模式与资本开支 近期，东莞控股发布了2025年一季报。报告显示，公司营业总收入为3.66亿元，同比下降10.95%；归母 净利润为2.19亿元，同比下降45.58%；扣非净利润为2.2亿元，同比上升3.01%。 主要财务指标 资产与负债情况 经营分析 公司业绩主要依靠资本开支驱动，需重点关注资本开 ...