以下文章来源于征探财经 ，作者征探君 征探财经 . 资本市场的征探君。把征探财经设置为星标，不会错过每篇文章哦～～ 来源丨征探财经 作者丨五仁 4月22日，上海银行（601229.SH）发布公告称，公司董事会收到董事长金煜的辞呈。因年龄原因，金煜辞去公司董事长、执行董事、董事会战略委 员会主任委员职务，辞任后不再担任公司任何职务。在新任董事长任职之前，由公司副董事长施红敏履行董事长及法定代表人职责。 同日，上海银行官方公众号上银微动态发文称，4月22日，上海银行召开领导班子调整宣布会顾建忠同志任上海银行股份有限公司党委书记，并提名 任董事长；金煜同志不再担任上海银行股份有限公司党委书记、董事长职务。 资料显示，金煜现年60岁，2015年6月出任上海银行董事长，至今已10年。顾建忠则是上海银行老将，曾在上海银行工作17余年，历任上海银行多 个部门高管；2018年底又出任上海农商行（601825.SH）行长，推动其在A股上市。 近几年，上海银行从曾经的城商行"二哥"滑落至第四，2022年、2023年其营收分别下滑5.54%、4.8%，到2024年才重回正增长。同时，上海银行 还多次被行政处罚，顾建忠执掌之下，上海 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 10.8 billion yuan for 2024, representing a year-on-year growth of 21.0%, with a net profit of 1.55 billion yuan, up 30% year-on-year [4][6]. - The performance of smaller brands was notably strong, with online sales growth contributing significantly to overall revenue [5]. - The gross margin improved to 71.4% in 2024, driven by lower shipping costs and increased average transaction value [6]. Financial Performance Summary - For 2024, the company achieved a revenue of 10.78 billion yuan, with a net profit of 1.55 billion yuan, reflecting a growth rate of 30% [10][13]. - The company expects net profits to reach 1.84 billion yuan in 2025, 2.20 billion yuan in 2026, and 2.60 billion yuan in 2027, with corresponding PE ratios of 18, 15, and 13 [7][10]. - The gross margin is projected to remain stable at around 71.5% from 2025 to 2027, while the net profit margin is expected to slightly increase [10][13].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within the next six months [7][14]. Core Insights - The company reported a revenue of 10.8 billion yuan for 2024, representing a year-on-year growth of 21.0%, with a net profit of 1.55 billion yuan, up 30% year-on-year [4][6]. - The performance of smaller brands was notably strong, with online sales growth contributing significantly to overall revenue [5]. - The gross margin improved to 71.4% in 2024, driven by lower shipping costs and increased average transaction values [6]. Financial Summary - For 2024, the company achieved a revenue of 10.78 billion yuan, with a projected revenue growth rate of 21.04% [10][13]. - The net profit for 2024 was 1.552 billion yuan, with an expected growth rate of 30% [10][13]. - The earnings per share (EPS) for 2024 is reported at 3.92 yuan, with projections of 4.65 yuan for 2025 and 5.55 yuan for 2026 [10][13]. - The company’s asset-liability ratio stands at 27.1%, indicating a solid financial position [3][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's overseas profitability continues to improve, with the geographic information segment becoming a new growth engine [4] - In 2024, the company achieved a revenue of 3.251 billion yuan, a year-on-year increase of 21.38%, and a net profit attributable to shareholders of 583 million yuan, a year-on-year increase of 29.89%, exceeding the 2023 target of 560 million yuan [4][5] - The company aims for a net profit target of 730 million yuan in 2025, representing a year-on-year growth of approximately 25% [4] Revenue Structure - In 2024, the revenue breakdown was as follows: - Resources and Public Utilities: 1.425 billion yuan (43.84%, +26.41%) - Construction and Infrastructure: 1.053 billion yuan (32.38%, +8.97%) - Geographic Information: 589 million yuan (18.10%, +38.44%) - Robotics and Autonomous Driving: 185 million yuan (5.68%, +15.53%) - The resources and public utilities segment is the main growth driver, while construction and infrastructure serve as the stable business [5] Profitability - The company's overall gross margin in 2024 was 58.13%, with the following margins by segment: - Construction and Infrastructure: 68.41% - Resources and Public Utilities: 54.71% - Geographic Information: 53.10% - Robotics and Autonomous Driving: 41.95% - The net profit margin reached 17.94% in 2024, marking six consecutive years of growth [6] Domestic and Overseas Business Performance - Domestic revenue in 2024 was 2.313 billion yuan, a year-on-year increase of 18.07%, outperforming the industry average [7] - Overseas revenue reached 938 million yuan, a year-on-year increase of 30.39%, with significant growth potential in international markets [7] Financial Forecast - The company’s projected net profits for 2025-2027 are as follows: - 2025: 756 million yuan - 2026: 1 billion yuan - 2027: 1.307 billion yuan - Corresponding EPS for these years are estimated at 1.38, 1.82, and 2.38 yuan respectively [9]

Overall Overview - In Q1 2025, the company achieved total operating revenue of 39.57 million yuan, a year-on-year increase of 30.01% [1] - The net profit attributable to the parent company was -5.94 million yuan, a year-on-year increase of 28.0% [1] - The net profit after deducting non-recurring gains and losses was -6.20 million yuan, a year-on-year increase of 29.65% [1] Profitability - The company's gross profit margin reached 40.38%, an increase of 22.34 percentage points year-on-year [2] - The net profit margin was -16.63%, an increase of 38.65 percentage points year-on-year, indicating improved cost control and higher added value of products or services [2] Expense Control - Total sales, management, and financial expenses amounted to 13.98 million yuan, accounting for 35.33% of operating revenue, a decrease of 12.34 percentage points compared to the same period last year [3] Cash Flow and Debt Situation - Operating cash flow per share improved from -0.27 yuan to -0.09 yuan, a year-on-year increase of 65.37%, but remained negative [4] - Cash and cash equivalents decreased from 732 million yuan to 517 million yuan, a reduction of 29.39% [4] - Interest-bearing debt decreased from 6.78 million yuan to 4.41 million yuan, a decrease of 34.90% [4] Other Key Indicators - Net asset per share decreased from 10.93 yuan to 10.52 yuan, a year-on-year decrease of 3.77% [5] - Earnings per share improved from -0.08 yuan to -0.06 yuan, a year-on-year increase of 25.00% [5]

Core Insights - Yinghuate (301272) reported a total revenue of 95.51 million yuan in Q1 2025, reflecting a slight year-on-year increase of 0.67%. However, the company recorded a net loss attributable to shareholders of -2.02 million yuan and a net profit excluding non-recurring items of -2.74 million yuan, representing a year-on-year decline of 124.92% and 136.63% respectively, indicating a loss in this quarter [1][2]. Financial Performance - Gross margin decreased to 21.2%, down 15.24 percentage points year-on-year, indicating a weakening in the profitability of the core business [3]. - Net margin was -2.11%, a decrease of 124.76 percentage points year-on-year, further reflecting challenges in cost control [3]. - Earnings per share were -0.03 yuan, a decline of 121.43% year-on-year, indicating damage to shareholder equity [3]. - The ratio of operating expenses to revenue was 8.92%, an increase of 19.03% year-on-year, suggesting higher spending on sales, management, and financial expenses [3]. - Operating cash flow per share was -0.22 yuan, a decrease of 145.23% year-on-year, indicating negative cash flow from operating activities and worsening conditions compared to the previous year [3]. - Accounts receivable amounted to 54.52 million yuan, a decrease of 10.10% year-on-year, but still represented 73.51% of the latest annual net profit, highlighting concerns over accounts receivable recovery risks [3]. - Cash and cash equivalents were 52.08 million yuan, a significant decrease of 80.73% year-on-year, reflecting a substantial decline in cash reserves [3]. - Return on invested capital (ROIC) was at a general level of 6.91% last year [3]. - The net margin last year was 12.43%, indicating a high added value of the company's products or services after accounting for all costs [3]. Financing and Dividend Policy - Since its listing, the company has raised a total of 752 million yuan and distributed dividends amounting to 29.84 million yuan, resulting in a dividend-to-financing ratio of only 0.04, indicating a preference for equity financing to support business development [3].

Revenue and Profit - The company achieved total revenue of 638 million yuan in Q1 2025, representing a year-on-year increase of 21.45% [2] - However, the net profit attributable to shareholders was 4.34 million yuan, a year-on-year decrease of 15.46%, while the net profit after deducting non-recurring items was 1.41 million yuan, down 41.76% year-on-year [2] Profitability - The company's gross margin was 8.33%, a decrease of 24.39% year-on-year, and the net profit margin was 0.87%, down 4.29% year-on-year, indicating weakened profitability in core operations [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 46.58 million yuan, accounting for 7.3% of revenue, which is a year-on-year decrease of 27.24%. Despite improved cost control, overall profitability did not see significant enhancement [4] Cash Flow and Accounts Receivable - The operating cash flow per share was -0.09 yuan, a year-on-year decrease of 9853.29%, indicating tight cash flow conditions in operational activities [5] - Accounts receivable reached 586 million yuan, which is 4170.25% of the latest annual net profit, highlighting significant pressure in accounts receivable management [5] Assets and Liabilities - Cash and cash equivalents amounted to 600 million yuan, a year-on-year decrease of 26.47%, while interest-bearing liabilities increased to 203 million yuan, a year-on-year increase of 3579.45%, indicating pressure on the company's debt situation [6] Overall Summary - In Q1 2025, the company experienced revenue growth but faced significant challenges in profitability, cash flow management, and accounts receivable. There is a need for further optimization of cost structure, enhancement of accounts receivable management, and improvement of cash flow conditions to boost overall operational efficiency and profitability [7]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 8.45 billion yuan in 2024, representing a year-on-year increase of 5.9%. However, it reported a net loss of 150 million yuan, a significant decline of 242.0% year-on-year, primarily due to uncertainty in recovering receivables from its largest customer, leading to a provision for bad debts of 300 million yuan [2][4] - The company experienced a mixed performance across regions, with domestic revenue growing by 3.6% to 1.48 billion yuan, while overseas revenue increased by 6.7% to 6.75 billion yuan in 2024. In Q4 2024, domestic revenue decreased by 8.5%, while overseas revenue grew by 6.2% [3] - The company's gross margin for 2024 decreased by 1.5 percentage points to 36.9%, attributed to a higher proportion of overseas OEM business and changes in product mix. The increase in sales expenses was driven by the promotion of its own brand and cross-border e-commerce operations [4] Summary by Sections Performance Overview - In 2024, the company reported a revenue of 84.5 billion yuan and a net profit of -1.5 billion yuan, with Q4 figures showing revenue of 23.2 billion yuan and a net profit of 1.56 million yuan [2] Operational Analysis - Domestic and overseas revenues for 2024 were 14.8 billion yuan and 67.5 billion yuan, respectively. The company continues to optimize its store operations and enhance its brand presence [3] - The company has 174 direct-operated stores and 848 distribution stores, with steady growth in single-store revenue [3] Profitability Forecast - The company expects EPS for 2025-2027 to be 0.46, 0.63, and 0.80 yuan, respectively, with corresponding PE ratios of 15, 11, and 8 times [5] Financial Projections - Revenue is projected to grow to 93.77 billion yuan in 2025, with a net profit forecasted to recover to 262 million yuan [10]

Core Viewpoint - Yabon's Q1 2025 report indicates a recovery in profitability despite ongoing net losses, highlighting improvements in revenue and cost management [1][2][7] Financial Overview - Total revenue for Q1 2025 reached 316 million yuan, a year-on-year increase of 43.52% [2] - The net profit attributable to shareholders was -12.76 million yuan, but this represents a 72.01% improvement year-on-year [2] - The non-recurring net profit was also negative at -14.29 million yuan, showing a 64.76% year-on-year increase [2] Profitability - The gross margin improved to 20.81%, reflecting a year-on-year increase of 25.74% [3] - The net margin was -4.94%, which is a 75.47% improvement compared to the previous year [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 47.33 million yuan, accounting for 14.99% of revenue, a decrease of 44.69% year-on-year [4] Cash Flow and Asset Status - Operating cash flow per share was -0.04 yuan, a significant decrease of 675.75% year-on-year [5] - Monetary funds totaled 257 million yuan, down 25.80% from the previous year [5] - Accounts receivable increased to 527 million yuan, a year-on-year rise of 3.09% [5] Debt Situation - Interest-bearing liabilities stood at 1.159 billion yuan, a slight decrease of 0.16% year-on-year [6] - The interest-bearing asset-liability ratio was 29.37%, with interest-bearing liabilities being 13.59 times the average operating cash flow over the past three years, indicating some pressure in debt management [6] Summary - Overall, Yabon has shown signs of profitability recovery in Q1 2025, but attention is needed on cash flow and debt management to ensure long-term stability [7]

近期华宇软件（300271）发布2025年一季报，证券之星财报模型分析如下： 经营业绩概况 华宇软件在2025年第一季度实现了营业总收入2.71亿元，同比上升11.59%。尽管收入有所增长，但归母 净利润仍为负数，录得-4540.6万元，不过同比上升了47.79%。扣非净利润同样为负，为-4963.8万元， 同比上升39.57%。这表明公司在控制成本和提高盈利能力方面取得了一定进展。 盈利能力分析 从盈利能力来看，公司的毛利率为30.12%，较去年同期下降了7.74个百分点。净利率为-19.45%，虽然 同比增加了49.2%，但仍然处于亏损状态。每股收益为-0.06元，同比上升45.45%，显示出公司在减少亏 损方面有所改善。 成本费用控制 公司在成本费用控制方面表现出色。销售费用、管理费用、财务费用总计为7337.32万元，三费占营收 比为27.07%，同比下降了30.45%。这表明公司在优化内部管理、降低运营成本方面取得了显著成效。 资产负债情况 截至2025年一季度末，公司货币资金为16.19亿元，较去年同期减少了14.70%；应收账款为7.55亿元， 同比减少了15.62%；有息负债为1220.09万 ...