Investment Rating - The report upgrades the investment rating of the company to "Strongly Recommended" [3][6] Core Views - The company reported a revenue of 3.05 billion yuan and a net profit attributable to shareholders of 720 million yuan for 2024, reflecting a year-on-year decline of 6.6% and 11.2% respectively, primarily due to the high base effect from the previous year [6][7] - The pre-mixed cocktail business stabilized in Q1 2025, while the new whiskey products began distribution, indicating a positive outlook for future growth [6][7] - The company is expected to achieve earnings per share (EPS) of 0.78, 0.89, and 1.03 yuan for the years 2025 to 2027, with the current stock price corresponding to a 34 times price-to-earnings (PE) ratio for 2025 [6][7] Financial Performance Summary - In 2024, the company experienced a revenue decline of 6.6% to 3.05 billion yuan, with a net profit of 720 million yuan, down 11.2% year-on-year [6][7] - The gross profit margin improved to 69.7%, up 3.0 percentage points from the previous year, benefiting from cost reductions [6][7] - The company’s net profit margin for 2024 was 23.6%, a decrease of 1.2 percentage points year-on-year [6][7] Product Performance Summary - The pre-mixed cocktail revenue was 2.68 billion yuan in 2024, down 7.2% year-on-year, while the sales volume decreased by 8.8% [6][7] - The company’s food flavoring segment saw a revenue increase of 6.3% to 340 million yuan in 2024 [6][7] - The company plans to enhance market promotion efforts around key products to drive growth [6][7] Market Outlook - The company is positioned to benefit from the growing whiskey market, targeting younger consumers and competing with international brands [6][7] - The report emphasizes the potential for significant market expansion as the whiskey category enters a rapid growth phase [6][7]

4月26日，东威科技发布2024年年报，公司全年实现营业总收入7.50亿元，同比下降17.51%；归属净利 润为0.69亿元，同比大幅下降54.25%；扣非净利润为6,145.94万元，同比下降54.59%。尽管公司在研发 创新、品牌建设和市场布局方面取得了一定进展，但新能源领域设备收入的下滑成为拖累业绩的主要因 素。 研发创新成果显著，但未能有效转化为业绩增长 东威科技在2024年持续加大研发投入，研发费用达到8,264.11万元，占营业收入的11.02%。公司新增专 利72项，其中发明专利24项，实用新型专利48项。此外，公司的"光伏电池表面金属化高效垂直连续镀 铜装备"项目成功立项为苏州重大科技成果转化"揭榜挂帅"攻关项目，获得政府支持资金1,000万元。广 德子公司的"印制电路板的电化学蚀刻装备及工艺研发"也获批安徽省科技创新攻坚计划项目立项，获得 省市支持经费1,200万元。 尽管研发投入和成果显著，但这些创新并未能有效转化为业绩增长。公司2024年的营收和利润均出现大 幅下滑，尤其是新能源设备收入同比下降，成为拖累整体业绩的主要因素。这表明公司在技术成果的产 业化方面仍存在一定瓶颈，未能及时将研发 ...