证券研究报告 一心堂 (002727 CH) 1Q 因费用率影响利润增速 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 医药商业 | 公司 2024 年收入/归母净利润/扣非归母净利润 180.00/1.14/2.50 亿元，同 比 +3.6%/-79.2%/-65.8% ； 1Q25 收 入 / 归母净利润 / 扣 非 归 母 净 利 润 47.67/1.60/1.57 亿元，同比-6.5%/-33.8%/-36.3%。我们认为 24 年业绩增 速放缓主因上年同期新冠相关高基数, 公司计提存货减值及商誉减值较多， 以及受"四同药品"价格治理等行业政策影响；1Q25 因行业竞争加剧，公 司精简部分门店，且销售费用率同比上升，导致收入及利润增速承压。我们 看好后续提高门店经营质量等调整后业绩增速改善，维持买入评级。 24 年零售收入稳定增长，1Q25 部分省份门店精简 24 年零售业务收入 133.74 亿元，同比+3.1%，其中药品零售 129.38 亿元， 同比+2.5%，便利品销售 4.36 亿元，同比 ...

回归美邦服饰(以下简称"美邦")一年后，创始人周成建给美邦定了一个激进的目标，周成建希望用三年的时间，将美邦带入「万店」时代。 01 2025年开1000家！ 周成建的野心能实现吗？ 4月27日，美邦官方微信公众号"美邦人"发布一则推文，除了公布美特斯邦威秋冬新品评审会成绩外，还公布了最新开店计划，五一期间，美邦全国66家 生活馆开业。 大量开店的背后，藏着周成建的野心，就在不久前，周成建刚刚公布了自己的目标：美特斯邦威计划开设1万家生活馆，在1000天之内完成，2025年计划 开出1000家。 按照周成建的构想，1万家门店中，单店销售额在300万元的门店占50%，500万元左右的店占比20%，700元至800万元的占20%，超1000万元的则会有100 家左右，占比10%。 图源：美特斯邦威官方微博 周成建将这种门店称之为「生活馆」。 通俗的讲就是用户通过抖音、淘宝等本地平台购买券，到生活馆核销和体验产品。 以抖音为例，《联商网》查阅发现，美邦抖音推出199元代500元、299元代1000元、499元代1300元、599元代1650元、699元代2000元等多项优惠活动，针 对五一开业的门店，还特别推出了6 ...

Core Insights - The article discusses the 30th anniversary of the Hong Kong dessert brand, 满记甜品 (Mango Dessert), highlighting its recovery from a challenging period and its plans for future growth [1][3]. Financial Performance - In 2024, the traditional store business achieved a total net income of 478 million yuan, a year-on-year increase of 5%, with a corresponding GMV of 635 million yuan, up 14% [1]. - The number of offline stores grew from 193 at the end of 2023 to 243 by the end of 2024, representing a 27% increase [1]. - The new retail business generated a GMV of 240 million yuan and a net income of 99 million yuan, marking a significant year-on-year growth of 395% [3]. Strategic Goals - The CMO of 满记甜品, Duncan, stated that the company aims to focus on consumer satisfaction over the next 3 to 5 years, with plans to expand to 500 direct stores and achieve 1 billion yuan in net revenue from both direct and retail businesses [3]. - The company also plans to have over 2,000 franchise stores, targeting 1 billion yuan in franchise revenue while continuing to penetrate lower-tier markets [3]. Historical Context - 满记甜品 was founded in 1995 and quickly gained popularity in mainland China, reaching a peak of over 500 stores and 1 billion yuan in overall performance by 2018 [4][6]. - The brand's initial success was attributed to its unique hand-crafted fruit desserts, which differentiated it from competitors [4][6]. Market Challenges - The dessert market has become increasingly competitive, with brands like 许留山 and 鲜芋仙 also facing declines due to the rise of tea and coffee brands [11][12]. - The shift in consumer preferences towards convenience and takeaway options has posed challenges for traditional dessert brands, which historically focused on dine-in experiences [12][13]. Recent Developments - Following a period of negative publicity and store closures, 满记甜品 secured new strategic investments to enhance its new retail business and franchise operations [18][20]. - The company has initiated a comprehensive transformation, including management changes, product innovation, and a focus on takeaway and delivery services [20][21][22]. Future Outlook - The dessert market in China is projected to grow from 1,120 billion yuan in 2019 to 1,715 billion yuan in 2024, with tea-infused desserts capturing a significant market share [28][31]. - 满记甜品 is adapting its product offerings to include portable options and expanding into new retail channels, aiming to regain market share and appeal to younger consumers [32].

证券研究报告·公司点评报告·广告营销 2025 年 04 月 29 日 证券分析师 苏铖 新华都（002264） 2025 一季报点评：费率优化积极，盈利提升 稳步兑现 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,824 | 3,676 | 4,052 | 4,871 | 5,874 | | 同比（%） | (6.55) | 30.18 | 10.22 | 20.21 | 20.60 | | 归母净利润（百万元） | 200.74 | 260.17 | 342.42 | 453.87 | 600.11 | | 同比（%） | (1.97) | 29.61 | 31.61 | 32.55 | 32.22 | | EPS-最新摊薄（元/股） | 0.28 | 0.36 | 0.48 | 0.63 | 0.83 | | P/E（现价&最新摊薄） | 22.45 | 17.32 | 13.16 | 9.93 | ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company experienced stable operational performance, with a focus on expanding new retail customer base [1] - The gross margin is under marginal pressure, but the sales expense ratio is expected to smooth out gradually [1][2] - The company aims to enhance product value and has potential for significant growth in the baking category [2] - Continuous development of new retail customers and diversification of distributor channels are key strategies [3][6] - Short-term pressures from customer terminals and product iterations are expected, but the company is well-positioned to explore new growth points [7] Financial Performance Summary - In 2024, total revenue was 1.868 billion yuan, a decrease of 2% year-on-year, with a net profit of 84 million yuan, down 38% [1] - For Q1 2025, total revenue was 470 million yuan, an increase of 1% year-on-year, with a net profit of 21 million yuan, down 38% [1] - The company projects revenue growth rates of 5.4%, 8.7%, and 9.8% for 2025, 2026, and 2027 respectively [9] - The diluted earnings per share (EPS) are forecasted to be 0.91 yuan in 2025, 1.02 yuan in 2026, and 1.16 yuan in 2027 [9] Revenue Breakdown - In 2024, revenue from staple foods and snacks was 914 million yuan and 439 million yuan, respectively, both showing declines [2] - The baking category maintained stable revenue at 365 million yuan in 2024, with expectations for high double-digit growth in 2025 [2] - Revenue from frozen prepared dishes and others surged by 273% to 142 million yuan in 2024, driven by multi-channel efforts [2] Channel Performance - Direct sales channel revenue increased by 4% to 809 million yuan in 2024, with ongoing efforts to expand into new retail channels [3] - Distributor channel revenue decreased by 6% to 1.051 billion yuan in 2024, but is expected to stabilize with improved efficiency [6]

Group 1 - The event "Local Delicacies and Good Products Promotion in Beijing" showcased regional industry representatives, including the famous Dog Guo Nao tea from Suichuan, Jiangxi, highlighting the integration of traditional tea culture with modern industry development [1][3] - Dog Guo Nao tea, known for its unique quality and historical significance, has won multiple international awards, including gold medals at the Panama International Exposition and the Shanghai World Expo, with a brand value of 4.751 billion yuan [3][6] - The Suichuan County's strategy of "Tea as the County's Foundation" is being implemented by the state-owned Jiangxi Dog Guo Nao Tea Industry Group, which integrates resources through a "1+N+X" model to enhance tea production and support rural revitalization [6][11] Group 2 - The event featured a display of various Dog Guo Nao tea products, including high-end teas and innovative derivatives like tea beverages and face masks, showcasing the company's commitment to modern production techniques and collaboration with research institutions [7][11] - The promotion aimed to connect government, enterprises, academia, and media to enhance local specialty industries, with discussions on rural revitalization and new retail strategies providing fresh insights for market expansion [11][12] - A simultaneous event, "Local Good Products Promotion and Jiangxi Dog Guo Nao Spring Tea Release," included expert discussions and product tastings to deepen production and sales cooperation, fostering collaboration for the tea industry and regional economic upgrade [12]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][18]. Core Views - The company reported a significant increase in non-recurring profit, with Q1 2025 revenue at 1.227 billion yuan, up 10.69% year-on-year, and net profit at 157 million yuan, up 29.83% year-on-year [1]. - Q1 2025 sales volume increased by 11.66% to 294,600 tons, with expectations for the 97 Pure Draft product to continue growing by around 30% [2]. - The gross margin improved significantly, with a 2.9 percentage point increase, and a decrease in cost per ton by 5.8% year-on-year [3]. Financial Performance Summary - Revenue projections for 2025-2027 are 6.212 billion yuan, 6.662 billion yuan, and 7.130 billion yuan, respectively, with growth rates of 8%, 7%, and 7% [3]. - Net profit projections for the same period are 976.8 million yuan, 1.105 billion yuan, and 1.241 billion yuan, with growth rates of 20.55%, 13.12%, and 12.32% [3]. - The company is expected to maintain a price-to-earnings ratio (P/E) of 24X, 21X, and 19X for 2025, 2026, and 2027, respectively [3]. Key Financial Metrics - The company’s total revenue for 2023 is projected at 5.378 billion yuan, with a growth rate of 9.13% [5]. - The EBITDA for 2025 is estimated at 1.370 billion yuan, with a steady increase in subsequent years [5]. - The net profit attributable to the parent company for 2025 is projected at 976.8 million yuan, with an EPS of 0.44 yuan [12].

Core Viewpoint - The company is facing pressure on its main business sales, but the development of new retail channels shows promising results, leading to a maintained "buy" rating [2]. Financial Performance - In Q1 2025, the company's revenue was 450 million yuan, a year-on-year decrease of 18.5%, and the net profit attributable to shareholders was 30 million yuan, down 58.3% year-on-year [2]. - The profit forecasts for 2025-2027 have been adjusted, with expected net profits of 160 million yuan (-50 million), 180 million yuan (-30 million), and 200 million yuan, representing year-on-year growth of 4.9%, 14.5%, and 10.0% respectively [2]. Product Performance - Sales of coconut juice and canned fruit are under pressure, with coconut juice revenue at 230 million yuan (down 14.6% year-on-year) and canned fruit revenue at 160 million yuan (down 25.5% year-on-year) [3]. - The company plans to focus on upgrading the formula and packaging of canned fruit and expanding consumption scenarios, while also pushing coconut juice into snack wholesale channels [3]. Channel Analysis - Traditional channels are experiencing significant decline due to the rapid development of new retail channels, which are capturing demand from offline traditional supermarkets [4]. - The company is actively optimizing traditional channel outlets and has established partnerships with leading snack specialty chains, achieving revenue of 46.446 million yuan in Q1 2025 from snack wholesale channels, an increase of 6.149 million yuan from Q4 2024 [4]. Cost and Profitability - The gross margin decreased by 7.32 percentage points to 31.38% in Q1 2025, attributed to rising raw material prices and lower margins from snack specialty channels [4]. - The net profit margin fell by 7.27 percentage points to 7.63% due to increased expense ratios across various categories [4].

豪宅区的永辉超市（601933），也开不下去吗？永辉超市深圳南山波托菲诺店宣告将停业。 卖场相对冷清。 被燕晗山、天鹅湖包围，小区内有临水的联排别墅，南山波托菲诺是深圳有名的豪宅区。一位小区业主 张女士告诉记者，小区附近可选购的超市并不多、单论线下门店的竞争并不大，"坦白讲，近年已经很 少来超市买东西了，更多时候会在山姆或者其他电商下单配送，百佳永辉整体的商品选择不算多、环境 布置也相对普通些。" 未来是否做胖东来调改门店？店内工作人员回复表示，目前门店关停后将不再开业，也不会进行调改。 永辉会员可否选择退费？店员表示，永辉超市目前还有其他门店也可以使用，没必要退费。 业绩承压的永辉能突围吗？ 4月27日，南都.湾财社记者来到永辉超市南山波托菲诺店。根据店外公告，该门店将于2025年5月17日 起停止营业，闭店出清日期为5月8日至5月16日。问及未来是否会变成永辉胖东来调改店？工作人员表 示，该门店并无调改打算，将关停。 结业公告。 "由于我们之前的企业经营理念与管理经验还不成熟，没能给老百姓带来实实在在的商品、舒适的卖场 和满意的服务，在这里真诚地给大家说一声'对不起'。"公告写道。 门店位于豪宅区，关停后 ...

近两季收入增速逐季回升，看好空调旺季表现：2024Q4 格力主 营业务收入 YoY-18.6%，其他业务收入 YoY+71.8%，我们推断公司 主业表现主要受到空调出货节奏影响，而 2025Q1 主业收入或有明 显提升。近两季合并来看，2024Q4 和 2025Q1 的营收合计 839.5 亿元，YoY-1.6%，格力近两季收入表现较为平稳。我们推测，受 益于空调"以旧换新"补贴政策持续发力，近两季格力空调内销 出货同比恢复增长；公司不断拓展中东非、拉美等新兴市场，空 调外销或呈现较高增速。据产业在线数据显示，2024Q4 和 2025Q1 格力空调内销/外销合计出货量 YoY+4.5%/+20.0%。展望后续，国 补政策叠加销售旺季到来，有望明显提振空调销量表现，格力持 续完善渠道和品类布局，收入有望延续提升态势。 2024Q4 单季盈利能力显著提升：格力 2024Q4 归母净利率为 24.0%，创上市以来单季盈利能力新高，同比+5.8pct。格力盈利 能力显著提升，主要因为：1）受非主营业务影响，2024Q4 所得税 占收入比例同比-3.2pct，其他收益/投资收益占收入比例同比 +2.9pct/+1.4 ...