Core Viewpoint - The company reported a decline in revenue and net profit for 2024, with a slight recovery in Q1 2025, indicating a mixed performance trend [1][2]. Financial Performance - In 2024, the company achieved revenue of 322.116 billion yuan, a year-on-year decrease of 6.60% - The net profit attributable to shareholders was 7.362 billion yuan, down 38.36% year-on-year - In Q4 2024, revenue was 79.26 billion yuan, a decrease of 11.43% year-on-year and 0.43% quarter-on-quarter - For Q1 2025, revenue was 72.88 billion yuan, down 9.82% year-on-year and 8.05% quarter-on-quarter, while net profit increased to 2.434 billion yuan, up 26.37% year-on-year and 64.49% quarter-on-quarter [1]. Sales and Margins - Steel sales in 2024 were 51.59 million tons, a slight decline of 0.6% year-on-year - The average product price in 2024 was 4,507 yuan/ton, down 6.89% year-on-year - The gross margin for 2024 was 5.45%, a decrease of 0.85 percentage points year-on-year, while Q1 2025 gross margin improved to 7.22%, an increase of 2.09 percentage points year-on-year and 1.18 percentage points quarter-on-quarter [2]. Dividend Policy - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 2.15 billion yuan, with an annual total of 4.516 billion yuan, resulting in a dividend payout ratio of 61.34% - A new minimum dividend clause has been introduced, ensuring a minimum payout of 0.20 yuan per share while maintaining upward flexibility [2]. Future Outlook - The company is focusing on optimizing its product structure, with a 9.6% year-on-year increase in "1+1+N" product sales to 30.59 million tons in 2024 - Key projects are progressing, including various high-end steel production initiatives - The company is expanding its international presence, with a 3.9% year-on-year increase in export sales to 6.067 million tons in 2024 and a historic breakthrough with the establishment of its first overseas full-process steel plant in Saudi Arabia [3]. Profit Forecast - The company is expected to achieve net profits of 9.83 billion yuan, 11.12 billion yuan, and 12.43 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15, 13, and 12 [4].

Core Viewpoint - The company experienced a decline in revenue for 2024, with a 14% year-on-year decrease, while net profit showed a significant increase of 113% year-on-year, indicating a potential improvement in operational efficiency despite challenging market conditions [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 6.8 billion, a 14% decrease year-on-year, with a net profit of approximately 44 million, reflecting a 113% increase year-on-year [1]. - The first quarter of 2024 saw revenue of 1.4 billion, down 6% year-on-year, and a net profit of 40 million, down 23% year-on-year [1]. - The company's gross margin improved to approximately 21.8% for 2024, up 0.6 percentage points year-on-year, primarily due to stable sales prices and reduced unit costs [3]. Group 2: Market Conditions - The waterproofing industry remains under significant pressure in 2024, with total production of waterproof materials in China declining by 17% year-on-year, and a cumulative decline of 38% compared to the historical peak in 2021 [2]. - The company's main business revenue decreased by 12%, with specific declines in waterproof membrane revenue (15%), waterproof coating revenue (6%), and engineering construction revenue (17%) [2]. Group 3: Strategic Initiatives - The company has implemented a multi-brand distribution strategy targeting different market segments, establishing long-term partnerships with over 3,200 distributors [2]. - In 2024, the company began exploring overseas markets, contributing approximately 2% to total revenue [2]. - Some fundraising projects have been postponed, with the company extending the timeline for certain expansion projects to the end of 2028 due to declining terminal demand and production efficiency improvements [4]. Group 4: Cash Flow and Debt Management - The company's operating cash flow has shown gradual improvement, with a cash collection ratio of 1.08 in the past three years, indicating better revenue structure [3]. - By the end of 2024, accounts receivable and notes amounted to 4.1 billion, slightly down from the end of 2023, while the net cash flow from operating activities was 320 million [3].

事件 2025 年4 月23 日，好想你发布2024 年年报与2025 年一季报，2024 年总营收16.70 亿元（同减3%），归 母净利润亏损0.72 亿元（2023 年亏损0.52 亿元），扣非净利润亏损0.81亿元（2023 年亏损0.59 亿 元）。其中2024Q4 总营收4.92亿元（同减23%），归母净利润亏损0.11 亿元（2023Q4 亏损0.11 亿 元），扣非净利润亏损0.17 亿元（2023Q4 亏损0.04亿元）。2025Q1 总营收4.13 亿元（同减16%），归 母净利润0.40 亿元（同增216%），扣非净利润0.29 亿元（同增101%）。截至2024 年12 月31 日，公司 现金红利派发总额6.11 亿元，分红额度创历史新高。 产品结构优化，电商渠道费用管控加强 产品方面，2024 年红枣制品/健康锁鲜类/其他类产品营收分别为12.22/0.69/3.20 亿元，分别同 比-7%/-20%/+16%，锁鲜类产品下降幅度较大主要系旧品维护力度下降，后续公司重视冻干锁鲜产品， 进一步推进产能释放；其他类产品大幅增长，主要系滋补类产品如红枣山药、红枣八宝茶等新品开发所 致。公司 ...

事件： 公司发布了2024 年年度报告和2025 年第一季度报告，2024 年公司分别实现营收和归母净利润264.97 亿 元和9.15 亿元，分别同比增长8.01%和同比下降21.58%。2025Q1 公司分别实现营收和归母净利润69.56 亿元和4.60 亿元，分别同比增长3.02%和15.45%。 得益于降本增效和成熟门店稳健盈利，2025Q1 公司业绩重回稳增长： 投资建议： 我们预计公司2025 年-2027 年的归母净利润分别为10.63 亿元、11.97 亿元、13.49 亿元，分别同比增长 16.2%、12.7%、12.7%；2025年给予公司当期PE 25 倍，预计公司2025 年EPS 为0.93 元/股，对应6 个月 目标价为23.25 元/股，给予买入-A 的投资评级。 风险提示：门店扩张不及预期、门店盈利不及预期、药品降价大于预期、处方外流不及预期等。 2025Q1 公司分别实现营收和归母净利润69.56 亿元和4.60 亿元，分别同比增长3.02%和15.45%。其中， 中西成药、中参药材、非药品分别实现营收53.24 亿元（+5.80%）、7.14 亿元（-9.38%）、7.09 ...

事件：4 月25 日，江苏金租公布2024 年报及2025 年一季报。2024 年实现归母净利润29.4 亿 元/yoy+10.6%，实现营收52.8 亿元/yoy+10.3%；1Q25 归母净利润7.7 亿元/yoy+8.4%。2024 年公司每股 分红0.27 元，分红率为53.15%/yoy+2.02pct，对应25/4/25 股息率为5.18%。 25/4/25 收盘价对应公司25-27E 动态PB 分别1.17x、1.10x、1.03x。 24 年生息资产规模保持双位数增长，1Q25 净利差环比提升。1）资产规模看：24 年面对外部环境不确 定性增加与租赁行业竞争加剧双重挑战，公司保持战略定力、推动资产规模稳步扩张；24 年末公司资 产总额1373 亿元/yoy+14.5%（1Q25 末较年初+8.9%），其中融资租赁资产规模1278 亿/yoy+12.0%；新 增投放829.2 亿元/yoy+14.5%，其中直接租赁投放金额同比增长22%、直租占比达到47%。2）1Q25 净 利差环比提升：24 年公司租赁业务净利差为3.62%/yoy+0.01pct，1Q25 净利差为3.91%/yoy+0.2 ...

Core Insights - The company reported a revenue of 5.358 billion yuan for 2024, a year-on-year increase of 1.9%, and a net profit attributable to shareholders of 787 million yuan, up 18.2% year-on-year [1] - The company is focusing on enhancing its product structure, particularly in the high-end segment, which has shown significant growth [1][4] Financial Performance - In Q4 2024, the company achieved a revenue of 1.270 billion yuan, a decrease of 10.0% year-on-year, and a net profit of 231 million yuan, down 6.8% year-on-year [1] - For Q1 2025, the company reported a revenue of 1.168 billion yuan, an increase of 3.4% year-on-year, and a net profit of 152 million yuan, up 11.9% year-on-year [1] - The overall gross margin for 2024 was 65.95%, a decrease of 1.2 percentage points year-on-year, while Q1 2025 saw a gross margin of 68.58%, an increase of 5.86 percentage points year-on-year [3] Product and Brand Performance - The company’s products priced above 100 yuan showed strong growth, with revenues of 2.704 billion yuan for 2024, up 5.3% year-on-year, and 661 million yuan for Q1 2025, up 25.5% year-on-year [1] - The company’s brands, including Wuling and Kongfu Family, showed varied performance, with Kongfu Family achieving a revenue increase of 28.1% year-on-year [2] Cost Management and Efficiency - The company has implemented cost control measures, resulting in a decrease in sales and management expense ratios for 2024 [3] - The company’s net profit margin for 2024 was 14.69%, an increase of 2.0 percentage points year-on-year, while Q1 2025 saw a net profit margin of 13.05%, up 1.0 percentage point year-on-year [3] Future Outlook - The company expects to achieve total revenues of 5.664 billion yuan and 6.188 billion yuan for 2025 and 2026, respectively, with year-on-year growth rates of 5.7% and 9.3% [4] - The company is focusing on long-term development and product structure enhancement, particularly in the high-end market segment [4]

投资要点： 成本红利延续，盈利能力同比优化。根据公司公告，测算2025Q1 公司吨酒成本为2696.3 元/吨，同比下 降2.6%，主因去年同期使用了部分高价麦芽，以及今年麦芽价格进一步下降。2025Q1 公司毛利率为 41.64%， 同比提升1.2pct 。费用端， 2025Q1 公司销售/管理/ 研发费用率分别为12.53%/3.2%/0.17%，分 别同比-0.29/-0.2/基本持平。费用率优化预计一方面是公司优化了费用投放方式，另一方面来自于销量 表现回暖后规模效应增强。2025Q1 公司归母净利率为16.37%，同比提升0.64pct。净利率提升幅度小于 毛利率，主因2025Q1 公允价值变动收益减少，以及利息收入减少等因素所致。 股价表现的催化剂：餐饮消费改善，产品提价。 核心假设风险：中高端竞争加剧，原材料成本超预期上涨。 事件：公司发布2025 年一季报，根据公司公告，2025Q1 公司实现营业总收入104.46 亿，同比增长 2.9%，归母净利润17.1 亿，同比增长7.08%，扣非净利润16.03 亿，同比增长5.9%，公司业绩符合预 期。 投资评级与估值：维持盈利预测，预测2025~2 ...

Q1 平均RevPAR 同降5%：单Q1 平均RevPar 为124 元，yoy-5.3%，降幅环比走阔。其中入住率为 58.3%，yoy-1.8pct，ADR 为212，yoy-2.5%。成熟店同店RevPar 为125 元，yoy-8.5%。平均RevPar 不含 轻管理同比-4.6%。 盈利预测与投资评级：首旅酒店作为中国第三大酒店连锁集团，背靠首旅集团协同整合资源，25 年公 司继续优化开发经营，开店提速叠加结构升级。维持2025-2027 年盈利预测，归母净利润分别为 9.1/9.9/10.6 亿元，对应2025-2027 年PE 估值为18/17/16 倍，维持"买入"评级。 风险提示：门店扩张不及预期、市场竞争加剧带来的单房均价下滑等。 业绩超出我们此前预期：单Q1 公司营收为17.7 亿，yoy-4%，归母净利润1.4 亿，yoy+18%，业绩超出 预期。Q1 毛利率为35.4%，yoy+1.2pct；销售费用率7.9%，yoy-0.4pct；管理费用率13.0%，yoy-0.4pct； 财务费用率4.1%，yoy-1.1pct。归母净利率8.1%，同比+1.6pct。 开店结构持续优化：Q1 ...

Core Viewpoint - The company, JiuGuiJiu, reported a significant decline in both revenue and net profit for the fiscal year 2024, facing severe challenges in the market [1][2]. Financial Performance - Revenue decreased by 49.7% year-on-year to 1.423 billion yuan, while net profit fell by 97.72% to 12.49 million yuan, marking the lowest profit since 2015 [1]. - The high-end product, Neican, saw a dramatic sales drop of 67.06%, generating only 235 million yuan, down from 1.157 billion yuan in 2022 [2]. - The company experienced a slight profit of 12.49 million yuan for the year, following losses in the third and fourth quarters of 64.53 million yuan and 43.99 million yuan, respectively [2]. Product Performance - The core product, Neican, accounted for only 16.55% of total revenue in 2024, a sharp decline from 25% [2]. - The mid-range product line also faced challenges, with the average price per ton dropping by 5.8% [3]. - The low-end product, Xiangquan, experienced a 7.64% growth, but its gross margin was significantly lower at 56.35% compared to the overall company margin of 71.4% [3]. Market Dynamics - The number of distributors decreased from 1,774 in 2023 to 1,336 in 2024, reversing the growth trend of the previous two years [3]. - The concentration of sales among the top five customers declined, with their share dropping to 26.01% in 2024 from 34.84% in 2023 [3]. Cost Structure - Despite a significant drop in revenue, sales expenses only decreased by 32.96%, leading to an increase in the expense ratio from 32.22% to 42.95% [3]. - Advertising and market service expenses accounted for 71% of total costs, with a notable decline in the return on promotional spending [3]. Strategic Initiatives - The company initiated a marketing reform and promotional cost restructuring to enhance market presence and consumer engagement [4]. - In the first quarter of 2025, the company reported a profit of 31.71 million yuan, indicating a potential recovery [5]. - The company aims to optimize its product structure by reducing SKUs by 50% and focusing on high-quality sales and channel management [6]. Industry Context - In 2024, the total production of major liquor companies in China was 4.145 million kiloliters, a decrease of 1.8%, while sales revenue increased by 5.3% to 796.384 billion yuan [7].

Core Viewpoint - The sale of 100% equity in Yihui Technology by Sichuang Medical to Shanhai Digital for approximately 299.6 million RMB marks a strategic shift for Sichuang Medical, allowing it to divest from its underperforming smart healthcare business and focus on the commercial intelligence sector [1][2]. Group 1: Company Strategy - The primary objective of the transaction is to concentrate resources and funding on the commercial intelligence business, which is expected to optimize the company's business structure and promote high-quality development [1][2]. - After the sale, Yihui Technology will no longer be included in the consolidated financial statements, which is anticipated to improve the company's financial condition and performance metrics [1][3]. - The commercial intelligence business is based on EAS and RFID research and production, providing deep IoT solutions across various industries, with a strong market position in both EAS and RFID sectors [2]. Group 2: Financial Impact - In the period from January to October 2024, Yihui Technology reported revenues of 111 million RMB and a net loss of 316 million RMB, significantly dragging down the overall performance of Sichuang Medical [1]. - The divestiture is expected to enhance asset quality and profitability, as well as increase working capital reserves, thereby supporting the company's focus on commercial intelligence [1][2]. Group 3: Market Position and Future Outlook - The strategic support from state-owned enterprises is crucial for the development of the smart healthcare sector, highlighting the importance of national strategic technology forces [2]. - The transaction is viewed as a positive move that will not compromise the integrity of the company's operations but rather enhance profitability and long-term shareholder value [3].