公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 南极电商(002127.SZ) 证券研究报告 投资评级 上次评级 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 南极电商(002127.SZ)2024&25Q1 点评：战略 转型带动收入增长，利润短期承压 [Table_ReportDate] 2025 年 4 月 26 日 [Table_S 事件：公司发布 ummary] 2024&2025Q1 业绩，2024 年实现收入 33.58 亿元，同增 24.75%，归母净利润为-2.37 亿元，同比由盈转亏，扣非归母净利润为-2.86 亿元，同比由盈转亏。2025Q1 实现收入 7.29 亿元，同增 2.03%，归母净 利润为-0.14 亿元，同比由盈转亏，扣非归母净利润为-0.19 亿元，同 ...

Group 1 - Multiple companies, including Tangde Film and Television, Rhine Sports, Zhengwei New Materials, and Ruipu Biology, announced name changes to align with their strategic transformations in 2025 [1][2][3] - Tangde Film and Television will change its name to Zhejiang Huazhi Digital Media Co., Ltd. on April 25, 2025, to better reflect its future development direction and enhance brand recognition [1] - Rhine Sports changed its name to Chengdu Xintiandi Cultural Tourism Development Co., Ltd. to better align with its business characteristics and strategic positioning [2] Group 2 - Jinmao Yinniao announced a name change to Mount Everest Gold Group Company Limited, reflecting its focus on the jewelry new retail business, which contributed over 97% of its revenue for the six months ending June 30, 2024 [2][3] - Ruipu Biology changed its name to Ruipu Biological Co., Ltd. to better suit its expanded business scope and enhance its brand image, having established a significant presence with over 20 subsidiaries and 100 new veterinary drug registrations [3] - AVIC Electromechanical changed its name to AVIC Chengfei after completing a major asset restructuring, with Chengfei becoming its wholly-owned subsidiary [3]

汉邦高科表示，公司所在行业及主要业务不仅要求具有极强的技术研发能力，客户需求的多样化及大量 新技术新工具的应用更是对公司的产品和服务创新能力提出了更高要求，公司高度重视并投入资源提升 和保持公司持续的产品和服务创新能力，同时充分发挥既有成熟技术，通过有机融合，形成具有市场竞 争力的新产品及新技术。（燕云） 报告期内，智算服务解决方案作为汉邦高科新兴战略板块，为客户提供算力集群调试到大模型应用平台 落地的智算全栈服务，以及环保智算云综合解决方案落地实施服务等。成为拉动公司营收增长的新引 擎。在智能安防领域，得益于公司在该领域从业多年，具有深厚的技术积累和品牌优势，目前已形成相 对完善的系统平台系列产品，以软件研发为核心，具备完整的行业解决方案能力，并在经营模式创新上 持续探索。聚焦于智慧金融、智慧公安、智慧社区等细分领域，提供安防整体解决方案。同时，公司作 为国家广电总局监测业务主要服务厂商，在音视频解决方案方面为国家广电相关管理部门提供了覆盖全 国的广电监测系统和设备。并且公司还进一步把广电监测中的音视频监测业务应用于军工领域，为军队 的视频指挥平台等系统提供技术支撑，提供定制化的音视频监测解决方案。在数字水 ...

Core Viewpoint - Pinwo Foods reported a contradictory performance for 2024, with total revenue declining by 21.98% to 876 million yuan, while net profit attributable to shareholders surged by 109.52% to 6.99 million yuan, ending a streak of seven consecutive quarters of losses [2][5]. Group 1: Financial Performance - The turnaround in profitability for Pinwo Foods was primarily driven by a strong net profit of 12.72 million yuan in the fourth quarter of 2024, although the annual non-recurring net profit was only 1.53 million yuan, indicating weak profitability in core operations [5]. - Revenue from the dairy segment, which accounts for over 75% of total revenue, fell by 24.94% in 2024, significantly contributing to the overall revenue decline [5]. Group 2: Cost Control and Margin Improvement - Cost control was crucial for the recovery of Pinwo Foods' performance, with sales expenses reduced by 51.02% to 87.40 million yuan, and supply chain management optimization led to a gross margin increase of 3.57 percentage points to 17.66% [5]. Group 3: Strategic Challenges and Market Position - The strategic transformation efforts of Pinwo Foods have not yet provided effective support, as the company has increased R&D in cheese products and launched several new items, but struggles to find breakthroughs in a highly competitive market dominated by brands like Miaokelan [5]. - Concerns about internal confidence have arisen due to the second-largest shareholder, Wu Baigeng, reducing his stake by 3%, along with the controlling shareholder's related party, Shanghai Xili, planning to reduce their holdings, leading to a significant drop in stock price and a high price-to-sales ratio of 4.43 times, indicating valuation bubble risks [5]. Group 4: Future Outlook - Looking ahead to 2025, Pinwo Foods needs to navigate the declining trends in both volume and price in the imported dairy sector, balancing cost control with market expansion and addressing the challenges of a single product structure to escape the performance slump [6].

拓斯达一季报显示，其第一季度营业收入3.62亿元，同比下降63.83%；归母净利润385.48万元，同比下 降87.14%。对于营收下降，拓斯达在公告中透露，主要系一季度智能能源及环境管理系统业务收入较 去年同期下降近7亿元。 值得注意的是，拓斯达董事长、总裁吴丰礼在2024年年报中发布了题为《智变·新生》的致股东信，对 转型期间的业绩下滑做出说明。 "今年我给自己打的绩效是'B'，虽然遗憾这一年没有向市场交出一份亮眼的答卷，但我内心却无比笃 定。"吴丰礼表示，这一年，公司营收同比下降36.92%，出现了公司成立十多年来的首次亏损，但产品 类业务的收入及毛利率同步增长。这些数字背后，是刀刃向内的战略决断，更是面向未来十年的躬身播 种。 同时，吴丰礼还表示，过去一年，公司大幅收缩项目类业务，导致收入和利润下降。但拨开表面的数 据"迷雾"来看，其实业务结构明显改善，主业持续稳中向上。 对于投资者关注的机器人业务，吴丰礼透露，2024年工业机器人收入同比增长12.50%，毛利率同比增 加3.93个百分点，其中自产多关节工业机器人收入同比增长76.04%，机械手收入同比增长26.20%；注塑 机、配套设备及自动供料系 ...

Core Insights - The company reported a total revenue of 1,307.45 million yuan, a year-on-year decrease of 22.49% [4] - The revenue from precision functional components increased by 3.76%, driven by the performance in the smart wearable and new energy sectors [4] - The revenue from intelligent automation equipment decreased by 62.96% due to the strategic shift towards high-end equipment in AR/VR, optics, and semiconductors [4] - The company plans to accelerate its strategic transformation in 2024, focusing on AR/VR, optics, and new energy industries [4] Financial Performance - The company has undergone a change in its accounting firm to Tianjian Accounting Firm (Special General Partnership) [2] - The board approved a cash dividend of 6.00 yuan per 10 shares, with no stock dividends [3] - The company has made adjustments to its accounting policies due to changes in accounting standards effective from December 6, 2024 [6] Business Overview - The main products include precision functional components and intelligent automation equipment, serving various sectors such as consumer electronics, new energy, and smart healthcare [4] - The company employs a direct sales model, establishing framework agreements with long-term clients for product specifications and orders [5] Shareholder Information - The report includes details on the top ten shareholders and their holdings, with no changes reported in the voting rights arrangements [8]

Core Insights - The company reported significant changes in financial metrics for the year 2024, with a notable decrease in cash flow from financing activities and investment activities, indicating adjustments in operational, investment, and financing strategies that warrant investor attention [1] Financial Performance Summary - Revenue declined by 22.49% to CNY 1,307,454,155.07, with precision functional components showing a 3.76% increase due to successful positioning in smart wearables and new energy sectors, while smart automation equipment revenue fell by 62.96% due to strategic divestment of low-margin products [2] - Net profit attributable to shareholders decreased by 17.35% to CNY 211,401,953.66, linked to revenue decline despite a 27.01% drop in operating costs, indicating potential short-term challenges during the strategic transition [3] - Deducting non-recurring items, net profit fell by 16.40% to CNY 194,767,450.28, reflecting pressure on core business profitability, necessitating a focus on market expansion and innovation [4] - Basic earnings per share dropped by 17.76% to CNY 1.25, indicating weakened profitability impacting shareholder returns [5] Expense Analysis - Sales expenses increased by 9.05% to CNY 63,700,189.63, suggesting ongoing efforts to maintain and expand market share despite revenue declines [6] - Management expenses rose by 10.49% to CNY 112,885,781.24, likely due to investments in operational management and process optimization during the strategic transition [7] - Financial expenses decreased by 36.76% to -CNY 27,072,988.06, primarily due to increased foreign exchange gains, positively impacting profits [8] Research and Development - R&D expenses decreased by 11.79% to CNY 92,168,966.04, yet the company continues to prioritize technological innovation, completing several projects aimed at enhancing production efficiency and product quality [10] - The number of R&D personnel decreased by 10.77% to 323, with a shift in educational and age demographics, indicating a strategic adjustment to focus on experienced talent [14] Cash Flow Situation - Net cash flow from operating activities fell by 41.02% to CNY 265,980,066.84, primarily due to increased payments to suppliers, suggesting heightened cash outflow and potential payment pressures [11] - Net cash flow from investment activities plummeted by 92.73% to -CNY 264,742,482.19, attributed to increased cash management and structured financial products, indicating a shift towards enhancing fund utilization efficiency [12] - Net cash flow from financing activities decreased significantly by 103.82% to -CNY 208,307,619.30, mainly due to subsidiary debt repayments, reflecting a strategic shift in financing approach [13]

Core Viewpoint - Ping An Bank reported a net profit of 14.096 billion yuan for Q1 2025, a decrease of 5.6% year-on-year, influenced by market changes and business structure optimization [1] Financial Performance - The bank achieved an operating income of 33.709 billion yuan in Q1 2025 [1] - Total assets reached 5,777.858 billion yuan, a growth of 0.1% compared to the end of the previous year [1] - The total amount of loans and advances was 3,411.713 billion yuan, increasing by 1.1% year-on-year [1] - Deposits amounted to 3,667.108 billion yuan, up 3.8% from the end of the previous year [1] - The average interest rate on deposits was 1.81%, down 41 basis points year-on-year [1] Retail Banking and Customer Metrics - Personal deposits stood at 1,330.883 billion yuan, a growth of 3.4% from the end of the previous year [2] - The number of retail customers increased to 126.0443 million, a rise of 0.4% [2] - Assets under management (AUM) for retail customers reached 4,245.491 billion yuan, up 1.2% [2] - The bank issued 14.512 billion yuan in new personal loans for electric vehicles, a significant increase of 61.4% year-on-year [2] Loan Portfolio and Asset Quality - Personal loan balance was 1,729.046 billion yuan, down 2.2% from the end of the previous year [2] - The non-performing loan (NPL) ratio remained stable at 1.06% [2] - The provision coverage ratio was reported at 236.53% [2] Strategic Initiatives - The bank is focusing on retail strategy and digital transformation, enhancing customer-centric services and product upgrades [3] - As of March 2025, Ping An Bank had 110 branches and a total of 1,145 operating institutions [3] - The bank aims to strengthen its loan, deposit, and wealth management sectors while promoting sustainable growth in retail banking [3]

Core Viewpoint - The crisis faced by Nezha Auto reflects systemic risks in new energy vehicle companies, stemming from technical flaws and financial instability [2][5][8]. Group 1: Technical Issues - Nezha Auto's recent "digital paralysis" crisis involved widespread failures in vehicle connectivity, including issues with the car machine system, Bluetooth keys, and navigation [2][3]. - The root cause of the connectivity issues is attributed to outdated communication modules relying on 3G technology and a weak server system lacking disaster recovery [5][6]. - The failure of smart features has led to increased driving risks, with some customers feeling deceived by the promised smart functionalities that have become non-functional [4][6]. Group 2: Customer Trust and Market Reaction - The company's silence on resolving the connectivity issues has eroded consumer trust, leading to a significant drop in daily active users of the Nezha app and a surge in complaints on social media [6][8]. - Over 20 dealerships have protested against the company for unpaid vehicle deliveries and rebates, indicating a potential collapse in the sales network [6][8]. - The second-hand market has reacted negatively, with prices for Nezha models plummeting, reflecting a loss of market confidence [7][8]. Group 3: Financial and Strategic Challenges - Nezha Auto's sales have drastically declined from 152,000 units in 2022 to an expected 64,500 units in 2024, with a staggering 97.76% drop in January 2025 deliveries [8][9]. - The company has accumulated losses of 18.3 billion yuan over three years, with cash reserves dwindling to 2.837 billion yuan against short-term debts of 4.317 billion yuan, indicating a critical cash flow crisis [9][10]. - A strategic shift towards higher-priced models has failed, with new offerings underperforming and the brand's image remaining tied to low-cost ride-hailing services [9][10]. Group 4: Industry Context - The challenges faced by Nezha Auto are indicative of broader adjustments within the new energy vehicle industry, as it transitions from rapid growth to a more rational development phase [11]. - The competitive landscape is intensifying, with established players like Tesla and BYD reshaping market dynamics, necessitating a shift in focus for new entrants towards sustainable business models and comprehensive service offerings [11].

星标 ★ IPO日报 精彩文章第一时间推送 近期，浙江老牌房企卧龙资源集团股份有限公司（600173.SH）（下称"卧龙地产"、"上市公司"）发布一则重大资产出售公告，引发市场高度关 注。 公告显示，卧龙地产主要从事房地产开发与销售业务和矿产贸易业务，此次拟将持有上海卧龙矿业有限公司（下称"上海矿业"、"标的公司"）90%股权出 售给间接控股股东卧龙控股集团有限公司。 出售后，公司将彻底剥离矿业贸易业务，同时解决与浙江卧龙矿业的同业竞争问题。 这场涉及关联交易的重组动作，宣告公司三年跨界尝试的终结。 值得一提的是，截至4月16日收盘，上市公司股价报收6.41元/股，相较于年初3.95元/股的股价，公司股价年内涨幅超60%，市值达到44.87亿元。 制图：佘诗婕 剥离七成营收业务 卧龙地产在二级市场的受欢迎与其基本面反差可谓鲜明。 数据显示，2024年，卧龙地产全年营业收入为36.11亿元，2023年营收规模为47.56亿元，同比下滑24%；同期，归母净利润为0.41亿元，2023年为1.64亿 元，同比下滑75%。 值得一提的是，上市公司归母净利润已经连续6年下滑，2018年该值为5.77亿元，2024年对比 ...