2025 年 4 月 28 日 公司研究 业绩稳健增长，新品推出与海外拓展支撑未来成长 ——伊之密（300415.SZ）2024 年年报报、2025 年一季报点评 要点 24 年及 25Q1 业绩均实现同比稳健增长 伊之密 24 年实现营业收入 50.6 亿元，同比增长 23.6%；归母净利润 6.1 亿元，同比增长 27.4%。公司 24 年毛利率为 31.9%，同比下降 1.3 个百分点； 净利率为 12.4%，同比上升 0.4 个百分点。24 年经营性现金净流入 3.6 亿元， 同比增长 104.9%。公司拟分红每股 0.50 元（含税），分红率为 38.9%。 公司 25Q1 业绩保持快速增长，实现营业收入 11.9 亿元，同比增长 24.3%； 归母净利润 1.3 亿元，同比增长 14.3%；毛利率为 30.6%，同比下降 4.2 个百分 点；净利率为 11.5%，同比下降 0.9 个百分点。 2025 年 4 月 23 日，公司发布公告，拟以 1500-2500 万元资金回购股份， 回购价格不超过 28 元/股，占当前总股本比例为 0.11%-0.19%。此次回购彰显 了公司对未来长期发展的信心。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 26.901 billion yuan in 2024, representing a 10% year-on-year increase, and a net profit of 6.344 billion yuan, up 13% year-on-year [1] - The gross profit margin improved by 2 percentage points to 37.00% due to declining raw material costs, while the net profit margin increased by 1 percentage point to 23.63% [2] - The company plans to continue increasing its investment in marketing and promotional activities to enhance its product offerings and customer engagement [2] Revenue and Profit Analysis - The revenue from soy sauce reached 13.758 billion yuan, with a sales volume of 2.5655 million tons, reflecting a 9% increase in revenue and a 12% increase in volume [3] - The revenue from other categories, including vinegar and cooking wine, grew by 17% to 4.086 billion yuan, indicating strong performance in smaller product categories [3] Channel Development - Offline channel revenue was 23.885 billion yuan, up 9%, driven by enhanced distribution network density and resource allocation [4] - Online channel revenue surged by 40% to 1.243 billion yuan, showcasing the effectiveness of the company's online operations [4] Profit Forecast - The company is expected to achieve earnings per share (EPS) of 1.24, 1.38, and 1.51 yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 33, 30, and 27 times [9]

Summary of Tianzhen Co., Ltd. Conference Call Company Overview - **Company**: Tianzhen Co., Ltd. - **Industry**: PVC and RPET flooring materials Key Points and Arguments 1. **Production Capacity and Recovery**: In 2024, Tianzhen adjusted its production capacity and processes, leading to a rapid recovery in traditional PVC business with a month-on-month compound growth rate of approximately 10%. By December and January, shipment volumes reached twice that of the previous year's first half, averaging about 1,000 containers per month [2][4][6] 2. **Impact of Legislation**: In 2023, due to the "Saxony-Frank Act," 95% of Tianzhen's orders in the U.S. were held up. The company has since adjusted its production layout (building factories in Thailand and the U.S., optimizing the Vietnam plant) and communicated with U.S. customs to gradually restore orders [2][7][8] 3. **Revenue Goals**: The company aims for a total revenue of 2 billion yuan for the year, with core customers like Mohawk and Jia Duo Bao gradually returning to order levels. The focus this year is on establishing channels for Mohawk and Jia Duo Bao to lay the groundwork for market expansion next year [2][3][9] 4. **Customer Recovery**: Mohawk's procurement has exceeded pre-pandemic levels, accounting for 40%-50% of total shipments. Other clients like Jia Duo Bao are in the process of recovering, while over twenty small clients have not yet returned to pre-2019 levels [2][9] 5. **Tariff Policy Impact**: The direct impact of U.S.-China tariff policies on Tianzhen is limited as its U.S. business has shifted to Vietnam and Thailand. However, the company must remain flexible in response to potential tariff adjustments in Southeast Asia [2][13] 6. **Production Base Overview**: Tianzhen has four major production bases: China (15 million square meters/year), Vietnam (30 million square meters/year, transitioning to PET), Thailand (30 million square meters/year, with new capacity expected), and the U.S. (initially 7-8 million square meters/year, with a total of 20 million square meters planned) [5][15] 7. **New Product Launch**: The RPET new product has been successfully promoted in the U.S. market, with approximately 600 containers delivered in January and positive sales feedback. The company expects to add 400-500 new product categories [2][6] 8. **Future Growth Expectations**: The company anticipates continued growth in the coming months, with core customers gradually returning. The goal is to achieve around 2 billion yuan in revenue for the year [2][9] 9. **Market Dynamics**: The company plans to maintain terminal market premiums within 10% by reducing PVC raw material costs, thus expanding market space. There are currently no acquisition plans, but capital expenditures for PET projects and new factory constructions are still needed [5][19] 10. **Investment in Production Bases**: Capital investments include approximately 200 million yuan in China, 400 million yuan in Vietnam, 200-300 million yuan in Thailand, and 6 million USD (about 400 million yuan) in the U.S. [18] Additional Important Information - **Customer Order Progress**: Some customers are taking a cautious approach to ordering, leading to slower progress. Complex internal processes in large enterprises also contribute to delays [10][11] - **Market Acceptance of New Products**: The acceptance of new products in overseas markets is still being evaluated, but initial feedback is positive, with several new colors added to the product line [16] - **Potential Tariff Adjustments**: If Vietnam imposes tariffs, the Thai factory may gain a competitive advantage. The industry heavily relies on the U.S. market, making it unlikely for all production to shift back to the U.S. [14]