上 市 公 司 家用电器 2025 年 05 月 05 日 开能健康 (300272) ——24 年报暨 25 年一季报点评：25Q1 收入业绩超预期， 海外订单贡献增长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 5.90 | | 一年内最高/最低（元） | 8.49/4.41 | | 市净率 | 2.9 | | 息率（分红/股价） | 3.73 | | 流通 A 股市值（百万元） | 2,544 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 2.02 | | 资产负债率% | 55.60 | | 总股本/流通 A 股（百万） | 577/431 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11- ...

AXT (AXTI) Q1 2025 Earnings Call May 01, 2025 04:30 PM ET Company Participants Leslie Green - Investor RelationsGary Fischer - CFO, VP & Corporate SecretaryMorris Young - Co-Founder, CEO & ChairmanRoss Cole - Equity Research AssociateTim Bettles - VP Business Development, Strategic Sales and MarketingMatthew Bryson - MD - Equity Research Conference Call Participants Richard Shannon - Senior Research AnalystDave Kang - Senior Analyst Operator Good afternoon, everyone, and welcome to AXT's First Quarter twent ...

韦尔股份：公司毛利率有望进一步提升 金十数据4月30日讯，4月30日，韦尔股份高管在接受机构调研表示，公司通过推动产品结构持续优化， 供应链梳理增效，毛利率有希望进一步提升。据介绍，2024年公司全年综合毛利率为29.36%，同比提 升7.74个百分点；2025年第一季度，毛利率持续改善，实现综合毛利率31.03%，同比提升3.14个百分 点，环比提升2.05个百分点。 （证券时报） ...

2024年，深市龙头公司以强劲发展态势彰显"压舱石"实力，经营业绩呈现出持续向好的稳健格局，在营 收与利润层面均取得亮眼成绩，为深市整体表现筑牢坚实根基。 例如，宁德时代（300750）新能源科技股份有限公司2024年实现归母净利润507.45亿元，同比增长 15.01%。核心业务板块中，动力电池毛利率提升5.81个百分点至23.94%，储能电池毛利率跃升8.19个百 分点至26.84%，整体销售毛利率同比增长1.53个百分点至24.44%。 再比如，比亚迪（002594）股份有限公司2024年各项核心经营指标均创历史新高，业绩表现持续向好。 全年实现营收7771.02亿元，同比增长29.02%。其中，汽车、汽车相关产品及其他产品业务的收入约 6173.82亿元，同比增长27.70%；手机部件、组装及其他产品业务的收入约1596.09亿元，同比增长 34.60%；两项业务占总收入的比例分别为79.45%和20.54%。 不难看出，销售规模的扩张与毛利率的提升，是深市龙头公司业绩增长的重要驱动因素。而这背后，一 方面，随着市场需求的持续释放，龙头公司凭借品牌、技术、渠道等优势，进一步扩大市场份额，营收 规模稳步 ...

盈利预测：看好25Q2&Q3 低基数下公司销量端持续改善。24 年公司经历库存水平调整，整体渠道库存 良性，叠加Q2&3 销量基数较低。我们看好公司量端的恢复弹性。我们预计公司25-27 年实现营收 331.4/340.6/349.0 亿元，分别同比+3.1%/+2.8%/+2.5%，实现归母净利润47.4/50.2/52.4 亿元，分别同比 +9.0%/+6.0%/+4.4%，维持"强烈推荐"评级。 成本端红利延续，毛利率提升，盈利能力有所提升。25Q1 公司吨成本同比-2.6%，毛利率同比+1.2pcts 至41.6%。费用端，销售/管理/财务费用率分别同比-0.3pcts/-0.2pcts/+0.4pcts。在毛利率提升及费控良好 的带动下，25Q1 公司归母净利率同比+0.6pcts至16.4%，扣非归母净利率同比+0.4pcts至15.3%。 事件：公司发布2025 年第一季度报告，25Q1 实现营业收入104.5 亿元，同比+2.9%；实现归母净利润 17.1 亿元，同比+7.1%；实现扣非归母净利润16.0亿元，同比+5.9%。 25Q1 销量改善兑现，展望Q2&Q3，在低基数下销量有望持续改善 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 04 月 28 日 [Table_Title] 25Q1 业绩接近翻倍，超市场预期 [Table_Title2] 浙江正特(001238) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 001238 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 33.85/19.09 | | 目标价格： | | 总市值(亿) | 32.80 | | 最新收盘价： | 29.82 | 自由流通市值(亿) | 9.54 | | | | 自由流通股数(百万) | 31.98 | [Table_Summary] 事件概述 24 年公司收入/归母净利/扣非归母净利/经营性现金流分别为 12.37/-0.14/-0.08/0.12 亿元，同比增长 13.35%/-182.70%/-126.64%/-80.62%，经营业绩下降的原因在于销售费用及管理费用增加。非经主要为汇兑及 理财产品投资亏损 0.11 亿元；经营性现金流高于归母净利主要由于经营性应付项目增加。24Q4 公 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company demonstrates strong performance growth with improved operational efficiency and increased cash reserves, leading to a higher dividend payout ratio [2][3] - The main business segments, property management and community value-added services, show steady growth, contributing to 86% of total revenue [2] - The company has optimized its managed projects, enhancing operational efficiency and improving gross profit margins [3] - The company is backed by China Overseas Development and China State Construction Group, providing a rich resource for property management projects [4] Summary by Relevant Sections Financial Performance - In 2024, the company is projected to achieve revenue of 14 billion HKD, a year-on-year increase of 7.5%, with a gross profit of 2.33 billion HKD, up 12.4%, and a net profit attributable to shareholders of 1.51 billion HKD, reflecting a 12.5% increase [1] - The company plans to distribute a total dividend of 0.18 HKD per share for the year, a 29% increase compared to the previous year [1] Operational Efficiency - By the end of 2024, the company will manage an area of 430 million square meters, with new contracts signed for 74.1 million square meters, 63.3% of which comes from third parties [3] - The company has exited 44.5 million square meters of loss-making projects, optimizing its business structure and enhancing operational efficiency [3] Cash Flow and Dividends - As of the end of 2024, the company has cash and bank balances of 5.8 billion HKD, an increase of 13.1% from the previous year [3] - The dividend payout ratio for 2024 is set at 36.3%, an increase of 4.5 percentage points year-on-year [3] Profit Forecast and Valuation - The company’s net profit forecasts for 2025 and 2026 have been adjusted to 1.68 billion HKD and 1.87 billion HKD, respectively, with a new forecast for 2027 set at 2.04 billion HKD [4] - The projected price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are 10, 9, and 8 times, respectively, indicating strong valuation attractiveness [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 17.10 [7][8] Core Views - The company reported a revenue of RMB 13.349 billion for 2024, a year-over-year decrease of 1.94%, but the net profit attributable to the parent company was RMB 1.370 billion, which is higher than previous expectations [1] - The overall gross margin improved to 44.35% in 2024, up by 3.00 percentage points year-over-year, primarily due to a decrease in paper costs and adjustments in revenue structure [3] - The publishing business revenue grew by 3.9% in 2024, driven by increased efforts in promoting educational materials outside the province [2] Revenue and Profitability - The company’s revenue for Q1 2025 was RMB 28.74 billion, a decrease of 4.18% year-over-year, while the net profit attributable to the parent company increased by 29.99% to RMB 3.69 billion [1] - The adjusted net profit forecasts for 2025-2027 are RMB 1.702 billion, RMB 1.751 billion, and RMB 1.786 billion respectively, reflecting a significant increase from previous estimates [4] Cost Structure and Margins - The gross margin for Q1 2025 reached 45.29%, an increase of 4.41 percentage points year-over-year, attributed to lower paper costs and a shift in revenue structure [3] - The report indicates that the company is focusing on reducing the scale of low-margin products, which has positively impacted overall profitability [2][3] Market Position - The company holds a 5.37% market share in the national retail book market, ranking second, and a 5.88% share in the online book retail market, also ranking second [2] - The company is recognized as a leader in the educational publishing industry, demonstrating stable operations and a commitment to enhancing its market presence [1][2]

Investment Rating - The report assigns an "Accumulate" rating to the company, with an expected price target of 108.28 CNY over the next six months [5]. Core Insights - The company reported a revenue of 5.245 billion CNY for 2024, representing a year-on-year growth of 21.22%. The net profit attributable to the parent company reached 625 million CNY, up 45.68% year-on-year [1]. - The growth in the staple food business, particularly the self-owned brand segment, has been a significant driver, with self-owned brands accounting for 67.59% of total revenue in 2024, an increase of 4.15 percentage points [2]. - The overall gross margin improved by 5.43 percentage points to 42.27% in 2024, driven by a decline in chicken prices and the growth of high-margin self-owned brand products [3]. Financial Summary - For 2024, the company achieved a revenue of 5.245 billion CNY, with a projected revenue growth of 20.17% for 2025 [12]. - The net profit attributable to the parent company is expected to grow to 810 million CNY in 2025, reflecting a 29.72% increase [12]. - The earnings per share (EPS) for 2025 is projected to be 2.03 CNY, with a corresponding price-to-earnings (P/E) ratio of 51x [4][12]. Business Performance - The pet food and staple food segments generated revenues of 2.484 billion CNY and 2.690 billion CNY respectively in 2024, with year-on-year growth rates of 14.66% and 28.88% [2]. - The company’s direct sales channel saw a significant increase in revenue, growing by 59.33% year-on-year, indicating a shift towards higher-margin sales strategies [3]. Market Outlook - The domestic business is expected to serve as a stabilizing factor for the company's performance amid uncertainties in overseas operations due to changing tariff policies [4]. - The report anticipates steady growth in overseas OEM demand, with revenue from international operations reaching 1.693 billion CNY in 2024, a 15.70% increase year-on-year [4].

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