可孚医疗（ [Table_StockNameRptType] 301087） 公司点评 产品丰富+渠道多元，收入增长持续稳健 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-04 | | [Table_BaseData] 收盘价（元） | 33.50 | | --- | --- | | 近 12 个月最高/最低（元） | 47.50/28.10 | | 总股本（百万股） | 209 | | 流通股本（百万股） | 194 | | 流通股比例（%） | 92.90 | | 总市值（亿元） | 70 | | 流通市值（亿元） | 65 | [公司价格与沪深 Table_Chart] 300 走势比较 -31% -16% -2% 13% 28% 5/24 8/24 11/24 2/25 可孚医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com ⚫ 收入增长稳健，康复类产品增长亮眼 ...

酒鬼酒 000799.SZ 公司研究 | 年报点评 动销疲软，静待消费环境回暖 风险提示：消费升级不及预期、内参酒鬼销售不及预期、费用投入居高导致利润不及 预期、食品安全事件风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,830 | 1,423 | 1,248 | 1,318 | 1,572 | | 同比增长 (%) | -30.1% | -49.7% | -12.3% | 5.6% | 19.3% | | 营业利润(百万元) | 726 | 16 | 179 | 219 | 354 | | 同比增长 (%) | -48.9% | -97.7% | 990.2% | 22.9% | 61.2% | | 归属母公司净利润(百万元) | 548 | 12 | 171 | 203 | 312 | | 同比增长 (%) | -47.8% | -97.7% | 1272.7% | 18.1% | 54.0% | | 每股收益（元） | 1.69 | ...

Core Viewpoint - The company reported significant declines in revenue and net profit for 2024 and Q1 2025, indicating a challenging market environment and weak sales performance across key product lines [1][2][3]. Financial Performance - In 2024, the company achieved revenue of 1.42 billion yuan, down 49.7% year-on-year, and a net profit of 10 million yuan, down 97.7% year-on-year [1]. - For Q4 2024, revenue was 230 million yuan, a decrease of 66.2%, with a net profit of -40 million yuan, reflecting a decline of 163.7% [1]. - In Q1 2025, revenue was 340 million yuan, down 30.3% year-on-year, and net profit was 30 million yuan, down 56.8% year-on-year [1]. - The overall gross margin for 2024 was 71.4%, a decrease of 7.0 percentage points, while the net profit margin was 0.9%, down 18.5 percentage points [2]. - The company’s expense ratio for the year was 48.9%, an increase of 13.9 percentage points, with specific increases in management, sales, and R&D expenses [2]. Product and Market Strategy - The company plans to focus on product structure optimization and deep market operations in 2025, aiming to enhance operational efficiency in core markets [3]. - A "2+2+2" strategic product system will be established, with plans to eliminate 50% of inefficient SKUs and optimize price distribution [3]. - Initial signs of improvement are noted with a 95% year-on-year increase in sales indicators, suggesting that reforms are beginning to take effect [3]. Future Outlook - The company has adjusted revenue and gross margin forecasts downward for 2025-2026 while increasing expense ratio expectations [3]. - Projected earnings per share for 2025-2027 are 0.53, 0.62, and 0.96 yuan, respectively, down from previous estimates [3]. - The company maintains a target equity value of 14.9 billion yuan, corresponding to a target price of 45.89 yuan, with a buy rating [3].

Core Insights - The company achieved a revenue of 7.34 billion yuan in 2024, representing a year-on-year increase of 8.5%, and a net profit attributable to shareholders of 2.59 billion yuan, up 13.4% year-on-year [1] - The company plans to distribute a cash dividend of 1.5 yuan per share, totaling 1.2 billion yuan, which accounts for 46.3% of the net profit for the period [1] Group 1: Revenue and Profit Performance - In Q4 2024, the company reported a revenue of 1.83 billion yuan, down 5.0% year-on-year, and a net profit of 580 million yuan, down 4.9% year-on-year [1] - For Q1 2025, the company recorded a revenue of 2.05 billion yuan, a decrease of 12.3% year-on-year, with a net profit of 830 million yuan, down 9.5% year-on-year [1] Group 2: Product Performance - The company's Dongcang series showed steady performance, with revenue from mid-to-high-end liquor reaching 5.71 billion yuan in 2024, up 13.8% year-on-year, while ordinary liquor revenue was 1.29 billion yuan, down 6.5% year-on-year [2] - In Q1 2025, mid-to-high-end liquor revenue was 1.72 billion yuan, down 8.6% year-on-year, and ordinary liquor revenue was 240 million yuan, down 32.1% year-on-year [2] Group 3: Regional Performance - In 2024, revenue from the domestic market was 5.09 billion yuan, up 12.8% year-on-year, while revenue from the external market was 1.91 billion yuan, up 1.3% year-on-year [2] - In Q1 2025, domestic revenue was 1.63 billion yuan, down 7.7% year-on-year, and external revenue was 330 million yuan, down 29.7% year-on-year [2] Group 4: Profitability and Cash Flow - The company's gross margin improved by 2.6 percentage points to 73.9% in 2024, driven by the increased proportion of Dongcang series sales [3] - In Q1 2025, the gross margin further increased by 1.4 percentage points to 76.5%, with a net profit margin of 40.6%, up 1.2 percentage points year-on-year [3] - Cash receipts from sales in Q1 2025 were 2.21 billion yuan, down 4.7% year-on-year, indicating temporary cash flow pressure [3] Group 5: Future Outlook - The Dongcang series is expected to continue its growth trend, with the company planning to enhance its efforts in cultivating the external market and increasing resource allocation for its products [4] - The company forecasts EPS for 2025-2027 to be 3.27 yuan, 3.50 yuan, and 3.80 yuan, respectively, with corresponding PE ratios of 14x, 13x, and 12x [4] - A target price of 55.59 yuan is set for 2025, based on a 17x PE ratio, maintaining a "buy" rating [4]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a slight decline in revenue and net profit, indicating pressure from external market conditions [1] Revenue and Profit Performance - In 2024, the company achieved revenue of 2.2 billion yuan, a year-on-year decrease of 1.3%, and a net profit of 290 million yuan, down 15.9% year-on-year [1] - For Q1 2025, revenue was 800 million yuan, a decline of 4.3% year-on-year, with a net profit of 140 million yuan, down 9.3% year-on-year [1] Product Structure and Sales Channels - The product structure continues to optimize, with significant growth in self-operated sales outside the region. In 2024, high-end, mid-range, and low-end products generated revenues of 1.53 billion, 510 million, and 130 million yuan, respectively, with year-on-year changes of +4.3%, -8.2%, and -20.5% [2] - In Q1 2025, revenue from high-end, mid-range, and low-end products was 620 million, 130 million, and 30 million yuan, with year-on-year changes of +8.8%, -30.7%, and -41.0% [2] - The company’s direct sales channel showed resilience, with revenue of 490 million yuan in 2024, up 90.9% year-on-year, and 200 million yuan in Q1 2025, up 69.9% year-on-year [2] Gross Margin and Cost Structure - The gross margin for 2024 was 52.3%, an increase of 4.1 percentage points year-on-year, while Q1 2025 saw a gross margin of 48.8%, a decrease of 3.1 percentage points year-on-year [3] - The sales and management expense ratios for 2024 were 11.9% and 4.1%, respectively, with increases of 2.5 percentage points and 0.5 percentage points year-on-year [3] - The net profit margin for 2024 was 13.1%, down 2.4 percentage points year-on-year, while Q1 2025 had a net profit margin of 18.0%, down 1.3 percentage points year-on-year [3] Strategic Initiatives and Future Outlook - The company is undergoing significant transformation, focusing on core products and optimizing its marketing system to enhance sales team performance [4] - New product launches and external sales efforts are expected to drive growth, particularly in high-end product segments [4] - Profit forecasts for 2025-2027 are projected at 320 million, 370 million, and 430 million yuan, with corresponding EPS of 0.68, 0.77, and 0.90 yuan [4]

期间费用率上升，25Q1业绩改善。2024年期间费用率为3.34%，同升0.31pct。 钢材产销量略降，出口持续增长。2024 年公司实现钢材产量5141 万吨，同减1%；销量5159 万吨，同 减0.6%，其中冷轧板销量2121 万吨，同增3.4%。公司持续强化产品差异化能力，2024 年"1+1+N"产品 销量3059万吨，同增9.6%，宝山基地、青山基地顶级牌号硅钢项目建设进展顺利，预计全部投产后增 加硅钢产能120 万吨/年。2024 年全年出口销量突破600 万吨创历史新高，达到606.7万吨，同增3.94%。 2025Q1公司钢材产量、销量分别为1231万吨、1223万吨，同减2.76%、2.32%。2025Q1实现出口接单量 155万吨，超目标进度。 收入同比下降，毛利率有所下滑。2024 年公司实现营业总收入3221.16 亿元，同比下降6.60%，主因钢 铁市场需求下滑，销售规模和销售价格下降。其中冷轧板1114亿元，同减5.2%；热轧板774亿元，同减 9.3%。2024年公司钢材均价4523 元/吨，同降6.57%。报告期内，公司毛利率为5.5%，同减0.75pct。其 中冷轧板毛利率 ...

2）费用率：25Q1 销售/管理/研发/财务费用率分别为9.6/2.4/3.3/0.02%，同比分别 +0.04/-0.26/+0.02/+0.32%，期间费用率控制较好，管理费用率有所优化，财务费用率增加主要由于汇兑 损益波动影响。 事件：2025 年4 月28 日，海信家电发布2025 年一季报。25Q1 营收/归母净利润/扣非归母净利润分别为 248/11/10 亿元，同比分别+6/+15/+20%，利润端增长超预期，收入稳健增长主要或得益于央空恢复增长 及空冰洗外销快速增长。25Q1 经营活动产生的现金流量净额为6508 万元，同比-58%，主要或由于付款 节奏、三电受汇率影响现金流下滑等影响，其中销售商品、提供劳务收到的现金为193 亿元，同比 +11%。 25Q1 盈利能力提升，期间费用率控制较好。 1）毛利率：25Q1 为21.4%，同比+0.27pts，预计内外销毛利率均提升。 3）归母净利率：25Q1 为4.5%，同比+0.36pts，盈利能力有所提升，从绝对值来看，提升空间仍较大。 投资建议：公司持续以用户为中心创新产品技术，区域结构、渠道结构、产品结构、供应链体系不断优 化，中央空调业务 ...

截至4月30日，42家上市券商2024年年报已全部披露完毕。在2024年"9.24"行情的有力推动下，券 商经纪业务与自营业务回暖，成为业绩增长的关键驱动力。 据Choice统计数据，2024年，42家上市券商经纪业务净收入同比增约10%，达到1060.4亿元；自营 业务净收入同比增加30%，达到1728.42亿元。然而，投行业务净收入同比下滑27%，降至306.07亿元； 资管业务净收入微降至439.8亿元；信用业务净收入微降至351亿元。 业绩显著提升 2024年，在市场行情回暖、交易活跃度提升等因素的推动下，券商业绩显著提升。 42家上市券商中，超六成机构总营收同比正增长，超八成机构归母净利润同比上涨。其中，中金公 司等8家机构总营收、归母净利润均下滑。 具体来看，中信证券业绩稳健且遥遥领先，总营收同比增长6.2%至637.89亿元，归母净利润同比增 长10.06%至217.04亿元；国泰海通营收同比增长20.08%至434亿元，归母净利润同比增39%至130.24亿 元；华泰证券两个业绩指标也同比增长，营收为414.66亿元，归母净利润153.51亿元。 中小券商也有看点，第一创业各项业务"全面开花" ...

Core Insights - Shanxi Fenjiu reported a revenue of 36.011 billion yuan for 2024, a year-on-year increase of 12.79%, and a net profit attributable to shareholders of 12.243 billion yuan, up 17.29% year-on-year [1] - In Q1 2025, the company achieved a revenue of 16.523 billion yuan, reflecting a year-on-year growth of 7.72%, with a net profit of 6.648 billion yuan, an increase of 6.15% year-on-year [1] Revenue and Profitability - The company’s mid-to-high-end liquor and other liquor categories generated revenues of 26.532 billion yuan and 9.342 billion yuan respectively in 2024, with year-on-year growth of 14.35% and 9.4% [1] - The gross margins for mid-to-high-end liquor and other liquor were 84.45% and 53.15%, showing increases of 0.36 and 1.5 percentage points year-on-year [1] - Total liquor sales volume reached 220,600 tons in 2024, a year-on-year increase of 7.20% [1] Market Expansion - In 2024, the company achieved revenues of 13.5 billion yuan from the domestic market and 22.374 billion yuan from the external market, with year-on-year growth of 11.72% and 13.81% respectively [2] - The proportion of revenue from external markets increased to 62.37%, indicating a continued optimization of market layout [2] - The total number of distributors reached 4,553 in 2024, an increase of 613 from 2023, with a significant number of new distributors in external markets [2] Financial Metrics - The company’s gross margin and net margin for 2024 were 76.2% and 34% respectively, reflecting increases of 0.9 and 1.31 percentage points year-on-year [3] - Operating cash flow improved significantly, with a net cash flow from operating activities of 12.172 billion yuan, up 68.47% year-on-year [4] - The proposed cash dividend for 2024 is 36.00 yuan per 10 shares, with a total payout of 7.393 billion yuan, representing 60.39% of net profit attributable to shareholders [4] Future Outlook - The company aims to achieve revenues of 39.559 billion yuan, 44.466 billion yuan, and 50.905 billion yuan for the years 2025 to 2027, with net profits of 13.407 billion yuan, 15.076 billion yuan, and 17.470 billion yuan respectively [4]

Group 1 - The cornerstone ceremony for a 60 MW dual-fuel power plant project was held in Nouakchott, Mauritania, with a total investment exceeding $81.45 million, fully funded by the Mauritanian government and constructed by China Electric Power Engineering Company [1] - The project aims to enhance the national power generation capacity from 180 MW to 240 MW, effectively improving Mauritania's energy self-sufficiency to meet the growing electricity demand [1] Group 2 - The Minister of Energy and Petroleum, Khalid, stated that the government is committed to optimizing the energy structure, with a goal to double the national power generation capacity by 2028 [2] - Specific initiatives include expanding the Boulenoir wind farm by 20 MW to 100 MW and advancing two large gas power projects, one in N'Diago with a capacity of 230 MW and another in Nouakchott with a capacity of 300 MW [2] - The government has also initiated several supporting infrastructure projects, including a 18 billion Ouguiya investment in the Nouakchott grid renovation, which encompasses transmission line construction, power facility upgrades, and the establishment of 40 new distribution points [2]