宏 观 研 究 工企数据 证券分析师 赵伟 A0230524070010 zhaowei@swsresearch.com 屠强 A0230521070002 tuqiang@swsresearch.com 研究支持 耿佩璇 A0230124080003 gengpx@swsresearch.com 联系人 屠强 (8621)23297818× tuqiang@swsresearch.com 2025 年 04 月 27 日 利润正增能否延续？ ——工业企业效益数据点评（25.03） 国 内 经 济 事件： 2025 年 3 月，工企营收累计同比 3.4%、前值 2.8%；利润累计同比 0.8%、前值 -0.3%。3 月末，产成品存货同比 4.2%、前值 4.2%。 ⚫ 核心观点：利润回升主要源于营收改善，而成本压力等中期约束仍在。 3 月利润增速回升主要源于营收改善，其他损益、费用等短期指标也有贡献；而成本压力 等中期约束有所增大。3 月，工业利润当月同比回升 2.8pct 至 2.5%。拆分结构看，利润 回升主要源于营收改善，实际营收支撑利润同比上行 6.2%。利润率的贡献主要体现在费 用、其他损益（投资收 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's revenue decline has narrowed, with a year-on-year decrease of 4.1% in Q1 2025, which is an improvement of 3.0 percentage points compared to the end of 2024. The net profit attributable to the parent company increased by 0.3% year-on-year, although the growth rate slowed by 1.9 percentage points compared to 2024 [2][5] - The bank's asset quality indicators have improved, with a non-performing loan ratio of 1.25% at the end of Q1 2025, unchanged from the end of 2024. The provision coverage ratio decreased by 6 percentage points to 174% [4][5] Summary by Relevant Sections Revenue and Profitability - In Q1 2025, the company's revenue decreased by 4.1% year-on-year, with core revenue down by 5.0%, but the decline was less severe than in previous periods. The net profit attributable to the parent company grew by 0.3%, reflecting a slowdown in growth compared to the previous year [2][5] - The total assets of the bank grew by 4.8% year-on-year, with loans and deposits increasing by 5.2% and 3.5%, respectively [2] Interest Margin - The interest margin for Q1 2025 decreased by 13 basis points to 1.37%, primarily due to a larger decline in asset yield compared to the cost of liabilities. The asset yield fell by 25 basis points to 3.31% [3] Risk Indicators - The non-performing loan ratio remained stable at 1.25%, with improvements in the attention and overdue loan ratios. The attention loan ratio was 1.71%, and the overdue loan ratio was 2.01%, both showing slight improvements compared to the end of 2024 [4] Earnings Forecast and Valuation - The forecast for net profit attributable to the parent company is expected to grow by 0.9%, 2.5%, and 4.1% for the years 2025 to 2027, with corresponding book values per share of 8.51, 8.98, and 9.48 yuan. The target price is set at 4.38 yuan per share, indicating a potential upside of 15% from the current price [5]

利润增速有所回升，但改善基础有待夯实。 3月利润增速录得2.6%，较上月上行约3个百分点，主因基数走低 推动，环比增速也低于近五年中位数，结合工企产销率续创历年同期新低，指向利润改善基础有待夯实。 分 企业类型来看 ，私营和股份制企业利润改善明显，国企和外商企业均有回落。 从两年平均增速来看 ，仅私营 报 告 正 文 3 月收入、利润增速双双回升。 2025 年 3 月，规上工企营业收入录得 4.2% ，较上月有所回升。工企利 润增速录得 2.6% ，较上月上行约 3 个百分点，主因基数走低推动，环比增速也低于近五年中位数，结 合工企产销率续创历年同期新低，指向利润改善基础有待夯实。从 工企利润 的构成 来看， 3 月工企的 营收增速有所回升，主因当月 生产大幅改善 。 同时 营收利润率 增速略有上升，共同带动 本月利润增速 上行 。本月成本费用较上月微升， 利润率增速上行或受到春节前置的一定扰动。 往后看 ， 随着外部冲 击影响逐渐显现，叠加去年同期基数走高 ， 利润或将再度承压 ， 静待稳增长政策进一步加码显效 。 此外，有三点值得关注。 一是企业经营压力仍较高 。工企产销率续创近十年来同期新低，而同时其 ...

Revenue and Profit - The company achieved significant revenue and profit growth in Q1 2025, with total operating revenue reaching 714 million yuan, a year-on-year increase of 22.6% [2] - The net profit attributable to shareholders was 85.073 million yuan, up 193.36% year-on-year, while the net profit excluding non-recurring items was 65.8237 million yuan, reflecting a 395.17% increase [2] Profitability - The company's gross margin was 44.21%, a decrease of 3.62 percentage points compared to the same period last year, but the net margin reached 11.92%, an increase of 139.28% year-on-year [3] - Earnings per share were 0.68 yuan, representing a year-on-year growth of 195.65% [3] Cost Control - The company demonstrated strong cost control, with total selling, administrative, and financial expenses amounting to 210 million yuan, accounting for 29.45% of revenue, a decrease of 6.7% year-on-year [4] Cash Flow Situation - The operating cash flow per share was -3.49 yuan, a significant decline of 2822.02% year-on-year, indicating considerable pressure on cash flow from operating activities [5] Assets and Liabilities - The company's cash and cash equivalents were 856 million yuan, a decrease of 76.44% from 3.631 billion yuan in the same period last year [6] - Accounts receivable increased by 26.41% year-on-year to 129 million yuan, while interest-bearing liabilities decreased by 86.06% to 37.945 million yuan, indicating improved debt management [6] Overall Summary - Overall, the company achieved significant growth in revenue and net profit in Q1 2025, with improved profitability and effective cost control. However, the cash flow situation raises concerns that require close monitoring of future cash flow management and operational performance [7]

瑞财经 刘治颖 4月24日，爱尔眼科(SZ300015)发布2024年年度报告，营收净利双增。 2024年，爱尔眼科营业收入为209.83亿元，同比增长3.02%；归母净利润为35.56亿元，同比增长5.87%。 值得注意的是，2024年，爱尔眼科营收、归母净利增速降至五年最低。具体来看，2020年至2023年，爱尔眼科营业收入增速分别为19.24%、25.93%、7.39% 及26.43%，归母净利润增速分别为25.01%、34.78%、8.65%及33.07%。 薪酬方面，2024年，爱尔眼科实际支付公司董事、监事、高级管理人员报酬共计1251.51万元。其中，副总经理唐仕波薪酬为189.19万元，位居董监高之首。 而董事长陈邦、总经理李力薪酬均为114.9万元。 1992年，唐仕波获德国慕尼黑大学博士学位，随后在德国Regensburg大学从事博士后研究；1999年—2012年，任中山大学中山眼科中心副主任、眼科医院副 院长。社会兼职：中国医师协会眼科分会副会长、中国医师协会眼科分会眼遗传病专委会主委、中国微循环学会眼微循环专业委员会副主委、中国神经再生 与修复专业委员会副主委，中国老年保健医学研究会眼 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 17.10 [7][8] Core Views - The company reported a revenue of RMB 13.349 billion for 2024, a year-over-year decrease of 1.94%, but the net profit attributable to the parent company was RMB 1.370 billion, which is higher than previous expectations [1] - The overall gross margin improved to 44.35% in 2024, up by 3.00 percentage points year-over-year, primarily due to a decrease in paper costs and adjustments in revenue structure [3] - The publishing business revenue grew by 3.9% in 2024, driven by increased efforts in promoting educational materials outside the province [2] Revenue and Profitability - The company’s revenue for Q1 2025 was RMB 28.74 billion, a decrease of 4.18% year-over-year, while the net profit attributable to the parent company increased by 29.99% to RMB 3.69 billion [1] - The adjusted net profit forecasts for 2025-2027 are RMB 1.702 billion, RMB 1.751 billion, and RMB 1.786 billion respectively, reflecting a significant increase from previous estimates [4] Cost Structure and Margins - The gross margin for Q1 2025 reached 45.29%, an increase of 4.41 percentage points year-over-year, attributed to lower paper costs and a shift in revenue structure [3] - The report indicates that the company is focusing on reducing the scale of low-margin products, which has positively impacted overall profitability [2][3] Market Position - The company holds a 5.37% market share in the national retail book market, ranking second, and a 5.88% share in the online book retail market, also ranking second [2] - The company is recognized as a leader in the educational publishing industry, demonstrating stable operations and a commitment to enhancing its market presence [1][2]

Financial Overview - The company reported a total operating revenue of 96.6553 million yuan for Q1 2025, an increase of 18.46% year-on-year [1][2] - The net profit attributable to the parent company was 12.7091 million yuan, a decrease of 8.7% year-on-year [1][2] - The net profit excluding non-recurring items was 11.0729 million yuan, an increase of 10.1% year-on-year [1][2] Accounts Receivable and Cash Flow - The accounts receivable was significantly high, with accounts receivable to net profit ratio reaching 579.24% [4] - The operating cash flow per share was 0.12 yuan, showing a year-on-year increase of 215.71%, indicating improvement in cash flow [4] Debt Servicing Ability and Financing Dividends - The company has a healthy cash position with monetary funds amounting to 150 million yuan, a year-on-year increase of 95.37% [5] - Interest-bearing liabilities were 1.8256 million yuan, a significant decrease of 95.25% year-on-year [5] - Cumulative financing since listing totaled 651 million yuan, with cumulative dividends amounting to 44.16 million yuan, resulting in a dividend financing ratio of 0.07 [5] Business Model and Capital Expenditure - The company's performance is primarily driven by capital expenditure and equity financing [6] - The average operating cash flow over the past three years relative to current liabilities was only 13.81%, suggesting a need for attention to cash flow conditions [6] Key Financial Metrics - Gross margin was 30.03%, a decrease of 11.79% year-on-year [7] - Net margin was 13.86%, a decrease of 17.67% year-on-year [7] - The ratio of operating expenses to revenue was 9.22%, a decrease of 41.78% year-on-year [7] - Earnings per share was 0.09 yuan, a decrease of 8.33% year-on-year [7]

Financial Overview - Changan Automobile reported a total operating revenue of 34.161 billion yuan in Q1 2025, a year-on-year decrease of 7.73% [1] - The net profit attributable to shareholders reached 1.353 billion yuan, an increase of 16.81% year-on-year [1] - The net profit after deducting non-recurring gains and losses surged to 783 million yuan, with a year-on-year growth rate of 601.31% [1] Main Financial Indicators - The report did not provide detailed breakdowns of the main revenue composition, but overall, the decline in main revenue may impact the company's future profitability [3] Financial Analysis - The Return on Invested Capital (ROIC) for the previous year was 6.47%, indicating a generally average capital return rate [4] - The net profit margin was 3.82%, suggesting that the added value of the company's products or services is not high after considering all costs [4] Debt Servicing Ability - The company's cash assets are healthy, but cash funds decreased from 70.068 billion yuan to 60.129 billion yuan, a decline of 14.18% [5] - Interest-bearing liabilities increased from 2.154 billion yuan to 3.62 billion yuan, an increase of 68.07%, which may exert pressure on the company's future debt servicing ability [5] Financing and Dividends - Since its listing, Changan Automobile has accumulated a total financing amount of 13.371 billion yuan and total dividends of 21.185 billion yuan, resulting in a dividend financing ratio of 1.58, indicating a strong emphasis on shareholder returns [6] Business Model - The company's performance primarily relies on research and development as well as marketing efforts, necessitating further investigation into the effectiveness of these drivers to assess their sustainability [7] Cash Flow Situation - The company's cash flow situation warrants attention, with the ratio of cash funds to current liabilities at only 84.92% and the average operating cash flow over the past three years to current liabilities ratio at 14.26%, indicating potential risks in cash flow management [8] - Overall, while Changan Automobile achieved a growth in net profit in Q1 2025, it faces challenges in main revenue and cash flow, necessitating ongoing monitoring of its future strategies and market performance [8] Key Financial Ratios - Gross margin was 13.86%, a year-on-year increase of 8.43% [9] - Net profit margin was 3.56%, a year-on-year increase of 53.98% [9] - The ratio of operating expenses to revenue was 4.79%, a year-on-year decrease of 28.89% [9] - Earnings per share (EPS) was 0.14 yuan, a year-on-year increase of 16.67% [9] - The per-share operating cash flow was -0.35 yuan, a year-on-year decrease of 166.74% [9] - The per-share net asset value was 7.88 yuan, a year-on-year increase of 6.77% [9]

近期南威软件（603636）发布2025年一季报，证券之星财报模型分析如下： 商业模式与融资分红 南威软件的业绩主要依赖于资本开支驱动，需重点关注资本开支项目的合理性及是否存在资金压力。公 司自上市以来，累计融资总额为10.35亿元，累计分红总额为5.17亿元，分红融资比为0.5。 风险提示 根据财报体检工具的建议，投资者应特别关注公司的现金流状况(货币资金/流动负债仅为9.62%、近3年 经营性现金流均值/流动负债仅为4.52%)和债务状况(有息资产负债率已达25.02%、有息负债总额/近3年 经营性现金流均值已达15.77%)。 营收与利润 近期南威软件发布了2025年一季报。报告显示，截至本季度末，公司营业总收入达到1.7亿元，同比上 升58.05%。然而，尽管营收大幅增长，归母净利润仍为负数，录得-3469.16万元，但同比上升48.59%。 扣非净利润同样为负，为-3588.63万元，同比上升48.25%。 主要财务指标 从主要财务指标来看，南威软件的毛利率为24.74%，同比减少15.83%；净利率为-20.81%，同比增加 67.6%。三费(销售费用、管理费用、财务费用)总计6777.39万元， ...

近期东方材料（603110）发布2025年一季报，证券之星财报模型分析如下： 财务概况 东方材料在2025年一季度实现营业总收入8183.18万元，较去年同期下降7.5%。尽管主营收入有所减 少，公司的归母净利润却达到了295.03万元，同比增长了13.27%。然而，扣除非经常性损益后的净利润 为192.49万元，同比减少了21.89%。 盈利能力分析 本报告期内，东方材料的盈利能力有所提升，毛利率达到28.88%，同比增加了4.51个百分点；净利率为 3.61%，同比增幅达22.46%。这表明公司在控制成本和提高效率方面取得了一定成效。 成本与费用 销售费用、管理费用、财务费用总计为1715.71万元，占营业收入的比例为20.97%，相比去年同期增长 了14.76%。这可能反映了公司在扩大市场推广或内部管理上的投入增加。 资产负债情况 截至一季度末，公司的货币资金保持稳定，为1.77亿元，与去年同期基本持平。应收账款则有所增长至 1.37亿元，增幅为5.16%，需要注意的是，应收账款与利润的比例高达977.98%，提示可能存在较大的坏 账风险。 每股指标 每股净资产为3.51元，同比增长2.07%；每股经营 ...