证券研究报告·公司点评报告·消费电子 易德龙（603380） 2024 年报&2025 年一季报点评：强化全球制 造能力，全球化布局助力成长 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） | 1,917 | 2,161 | 2,502 | 2,850 | 3,210 | | 同比（%） | (2.86) | 12.74 | 15.79 | 13.90 | 12.63 | | 归母净利润（百万元） | 133.28 | 184.15 | 241.82 | 283.14 | 333.72 | | 同比（%） | (25.35) | 38.16 | 31.32 | 17.09 | 17.86 | | EPS-最新摊薄（元/股） | 0.83 | 1.15 | 1.51 | 1.76 | 2.08 | | P/E（现价&最新摊薄） | 26.37 | 19.09 | 14.54 | 12.42 | 10.53 | [Tab ...

Core Insights - The company reported a revenue of 40.363 billion yuan for 2024, marking an 11.26% year-on-year increase, with a net profit of 861 million yuan, up 15.41% [1] - In Q1 2025, the company continued its growth trend with a revenue of 10.407 billion yuan, reflecting a 11.96% increase compared to the previous year [1] Business Performance - The core express delivery business generated a revenue of 36.46 billion yuan in 2024, representing a 12.95% year-on-year growth [1] - The company improved delivery quality, with a 37.1% reduction in damage rate and a 4.6 percentage point increase in successful delivery rate [1] - Customer complaints decreased significantly, with a 38.6% reduction in the complaint rate per ten thousand tickets [1] Cost Management - The company achieved a reduction in operating expenses, with total expenses of 2.219 billion yuan, down 7.01% year-on-year, and management expenses of 1.241 billion yuan, down 20.4% [2] - Cost control measures included diversified delivery models and optimized routing, which helped mitigate cost increases [2] - Other cost components, such as rent and depreciation, also saw varying degrees of decline [2] Future Outlook - The company plans to focus on enhancing core business competitiveness, improving customer service experience, and maintaining cost reduction efforts [2]

事件1： 公司发布2024年报。2024年，公司实现营收14.59亿元，同比增长20.74%；实现归母净利润2.52亿元，同 比增长87.60%；实现扣非后归母净利润2.37亿元，同比增长103.43%。2024Q4，公司单季度实现营收3.65 亿元，同比增长32.25%，环比减少8.68%；实现归母净利润6642万元，同比增长83.86%，环比减少 26.18%。 事件2： 公司发布2025年一季报。2025Q1，公司单季度实现营收3.44亿元，同比增长4.83%，环比减少5.83%；实 现归母净利润4563万元，同比增长32.90%，环比减少31.30%；实现扣非后归母净利润4201万元，同比增 长32.48%，环比减少33.82%。 点评： 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证 ...

Core Viewpoint - The company reported strong revenue and profit growth for 2024, with a focus on cost control and overseas market expansion [3][4][5] Financial Performance - In 2024, the company achieved revenue of 1.12 billion, a year-on-year increase of 19.6% - The net profit attributable to shareholders was 120 million, up 45.5% year-on-year - The net profit excluding non-recurring items was 110 million, reflecting a 40.0% year-on-year growth - The gross profit margin was 37.4%, an increase of 0.9 percentage points year-on-year, while the net profit margin was 10.4%, up 1.8 percentage points year-on-year - In Q4 2024, the company reported revenue of 200 million, a decline of 30.3% year-on-year and 31.8% quarter-on-quarter, with a net profit of -4 million, indicating a shift from profit to loss [3] Cost Control and Profitability - The company effectively managed costs, with sales, management, and R&D expense ratios at 6.9%, 13.6%, and 3.5% respectively, all showing a decrease compared to the previous year - Core business revenue from wear-resistant parts reached 760 million, with a stable growth of 12.7% in mining rubber wear-resistant parts, although the gross margin slightly decreased by 1.0 percentage points - The mining metal parts business experienced rapid growth, with revenue increasing by 53.7% and gross margin improving by 9.1 percentage points, contributing to the overall increase in sales gross margin [4] Overseas Market Expansion - The company achieved overseas revenue of 760 million, a significant increase of 46.1%, with overseas revenue accounting for 67.6% of total revenue, up 12.3 percentage points year-on-year - Orders from overseas markets showed strong growth, with Africa increasing by 125%, Asia-Pacific and Middle East by 77%, and Latin America by 58% - The construction of overseas production bases is progressing, with a factory in Zambia completed in October 2024, and facilities in Chile and Peru under development, indicating a commitment to expanding in global mining regions [5]

Core Viewpoint - Haidilao's 2024 annual performance report shows a modest growth in revenue and net profit, indicating a strategic adjustment in response to market conditions and competition [2][4]. Financial Performance - In 2024, Haidilao achieved a revenue of 42.755 billion yuan, a year-on-year increase of 3.1%, and a net profit of 4.7 billion yuan, up 4.6% from the previous year [2]. - The core operating profit saw a significant increase of 18.7% to 6.23 billion yuan, reflecting improved profitability through measures like closing inefficient stores and optimizing cost structures [2][4]. Store Operations - As of the end of 2024, Haidilao had a total of 1,368 stores globally, including 1,355 self-operated restaurants and 13 franchise stores, marking a decrease of 6 stores from the previous year [4]. - The company opened 62 new restaurants and closed or relocated 70, emphasizing quality over quantity in its store expansion strategy [4]. Customer Engagement - Haidilao served 415 million customers in 2024, with an average daily foot traffic exceeding 1.1 million, representing a 4.5% increase year-on-year [7]. - The average table turnover rate improved to 4.1 times per day, up from 3.8 times the previous year, indicating enhanced operational efficiency [7]. Revenue Streams - Restaurant operations generated 40.398 billion yuan in revenue, a 3% increase, while takeaway services saw a 20.4% growth to 1.253 billion yuan, driven by the introduction of single-person meal options [5]. Brand Diversification - Haidilao has accelerated its multi-brand strategy, launching 11 new restaurant brands with a total of 74 stores under the "Red Pomegranate Plan," resulting in a 39.6% increase in "other restaurant income" to 483 million yuan [8]. - The company aims to cultivate "super store managers" who can manage multiple brand outlets, enhancing operational flexibility and efficiency [9]. Future Outlook - Haidilao plans to continue improving dining experiences, exploring diversified business strategies, and strategically seeking acquisitions to enrich its restaurant offerings and customer base [9].

Core Insights - Haidilao International Holding Ltd. reported a revenue of 42.755 billion yuan for the year ending December 31, 2024, representing a year-on-year increase of 3.1% and a net profit of 4.7 billion yuan, up 4.6% from the previous year [2] - The company served 415 million customers in 2024, with an average daily customer flow exceeding 1.1 million, marking a 4.5% increase from the previous year [4] - Haidilao is implementing the "Pomegranate Plan" to incubate new restaurant brands and expand its business boundaries, with 11 new brands and 74 stores launched by the end of 2024 [6][7] Financial Performance - Revenue for 2024 was 42.755 billion yuan, a 3.1% increase year-on-year, while net profit reached 4.7 billion yuan, reflecting a 4.6% growth [2] - Core operating profit rose to 6.23 billion yuan, marking an 18.7% increase compared to the previous year [2] - The company reported a 20.4% increase in takeaway revenue, amounting to 1.254 billion yuan [4] Customer Engagement and Store Management - The average table turnover rate was 4.1 times per day, indicating efficient customer service [4] - By the end of 2024, Haidilao had over 180 million members, with active members exceeding 52 million, an increase of 8.8% year-on-year [5] - The company is focusing on differentiated management by empowering frontline restaurants to cater to diverse customer needs [4] Market Trends and Industry Context - The overall restaurant market in China saw a revenue growth of 5.3% in 2024, with total revenue reaching 55.718 billion yuan [3] - Government policies aimed at stimulating consumption have positively impacted the restaurant sector, contributing to its recovery and growth [2] - Haidilao is adapting its menu to local tastes, launching over 20 national new products and more than 200 regional specialties in 2024 [4] Business Expansion and Innovation - The "Pomegranate Plan" aims to foster the development of new restaurant brands, with a focus on innovation in dining services [6] - The company has initiated a franchise model, with 13 franchise stores established by the end of 2024, primarily in lower-tier cities [8] - Haidilao is exploring various dining formats, including themed restaurants and corporate partnerships, to enhance customer experience [4][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 303.64 billion yuan in 2024, representing a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 32.05 billion yuan, up 52% year-on-year [2] - The company's copper and gold production volumes increased, contributing to significant revenue growth, with copper production reaching 1.07 million tons, a 6% increase year-on-year [3][4] - The gross profit margins for major products improved due to price increases and cost reductions, with copper and gold gross margins at 61% and 56% respectively, reflecting year-on-year increases of 6 and 11 percentage points [4][5] Financial Performance Summary - In 2024, the company reported total revenue of 303.64 billion yuan and a net profit of 32.05 billion yuan, with a net profit margin of 10.6% [2][5] - The company's earnings per share (EPS) for 2024 is projected at 1.21 yuan, with a price-to-earnings (P/E) ratio of 14.97 [1][11] - The company’s operating cash flow for 2024 is expected to be 48.86 billion yuan, indicating strong cash generation capabilities [11]

收益增厚新路径！这类资产成为"新宠" 【导读】国内固收市场收益率下行，海外债基成理财公司"新宠" 中国基金报记者李树超张玲 在国内债市收益率下行、固收类理财产品收益承压的背景下，部分纯固收理财产品将海外债券基金 作为重要投资方向，通过配置海外债基及多元化资产，以增厚组合收益和分散风险。 配置海外债基 为组合提供收益增厚空间 随着今年债市调整，固收类理财产品收益率整体呈现下行趋势。普益标准数据显示，截至3月16 日，全市场存续开放式固收类理财产品（不含现管）近1个月年化收益率的平均水平为1.04%，环比下 跌0.57个百分点。 在此背景下，部分纯固收理财产品开始转向配置海外债券基金。例如，信银理财安盈象固收稳健六 个月持有期20号G类以债券和公募基金为主要投向，2024年第四季度转向配置一些投资全球或亚洲债券 的基金。 基煜基金也认为，当前国内固收市场面临收益率下行压力，理财公司通过多元化配置寻求收益补充 是重要考量；另一方面，分散化配置也是重要动因，通过布局与国内债市相关性较低的海外资产，可降 低单一市场波动对净值的冲击。当然，这一策略也需权衡汇率波动、政策差异等潜在风险。 "海外债券的到期收益率相对更具吸引 ...

Investment Rating - The report maintains a "Buy" rating for JD Logistics [2][5] Core Insights - JD Logistics achieved a revenue of 182.84 billion yuan in 2024, representing a year-on-year growth of 9.7%, and a net profit of 7.09 billion yuan, a significant increase of 507.2% [3] - The company’s gross profit rose from 12.7 billion yuan in 2023 to 18.7 billion yuan in 2024, with the gross margin improving from 7.6% to 10.2% [4][5] - The integration into the Taobao and Tmall platforms is expected to broaden the customer base and leverage the advantages of an integrated supply chain [5] Financial Performance Summary - Revenue for 2024 was 182.84 billion yuan, with a growth rate of 9.73% compared to 2023 [11] - The net profit for 2024 was 6.20 billion yuan, showing a remarkable growth of 905.79% from the previous year [11] - The company’s operating costs increased by 6.6% to 164.1 billion yuan, while the cost-to-income ratio improved from 92.4% in 2023 to 89.8% in 2024 [4][11] - The forecast for net profit for 2025-2027 is 6.63 billion, 7.36 billion, and 7.94 billion yuan respectively [5][11] Customer Revenue Breakdown - Revenue from external customers accounted for approximately 70% of total revenue, with external customer revenue growing by 9.6% to 127.78 billion yuan in 2024 [3] - The number of integrated supply chain customers increased from 74,700 to 80,700, although the average revenue per customer slightly decreased by 4.8% [3]

以下文章来源于远川研究所 ，作者黎铮 远川研究所 . 刻画这个时代 一个冬天的童话。 作者 | 黎铮 编辑 | 李墨天 来源 | 远川研究所 （ID：YuanChuanInstitution） 把胖东来当作榜样的永辉超市，曾经也是前者的老师。 早年于东来去福州进货，永辉创始人张松轩兄弟俩带于东来参观门店，毫无保留地分享 生鲜供应链的整套流程——那是永辉赖以生存的身家性命。 2022年一次讲课，于东来感慨当年峥嵘岁月："你看，原来永辉多好[1]。" 巅峰时期，永辉的门店数量是胖东来的75倍。命运用又一个十年将两者的身份对调，时 过境迁，胖东来飞升零售教父，永辉成了教父的门徒，步步高、中百等商超上市公司， 于东来近日公布的2024年营收数据 胖东来是一本被零售行业长时间忽略，短时间翻烂的教材，但它的内核其实不复杂， 只 是反常识： 一不靠低价，二不做巨头，三不要增长。 不靠低价 线下消费至暗的2022年，想破脑袋的零售同行和深感赚钱毫无乐趣的于东来把酒言欢， 一场全国巡回帮扶之旅就此展开。 最先尝到甜头的是头戴ST帽子的步步高，梅溪湖店调改三天后，日均客流与销售额就分 别比改造前翻了6.5倍和6.7倍[3]。永辉 ...