Revenue and Profit - The company achieved total revenue of 290 million yuan in Q1 2025, a decrease of 16.59% year-on-year [1] - Despite the decline in revenue, the net profit attributable to shareholders reached 51.79 million yuan, an increase of 48.37% year-on-year; the net profit excluding non-recurring items was 49.07 million yuan, up 41.95% year-on-year, indicating effective cost control and improved operational efficiency [1] Profitability - The company's profitability significantly improved, with a gross margin of 63.68%, an increase of 7.1% year-on-year; the net profit margin was 18.11%, a substantial increase of 75.73% year-on-year [2] - Earnings per share were 0.13 yuan, reflecting a year-on-year growth of 44.44%, demonstrating strong profitability [2] Cost Control - Total expenditures on sales, management, and financial expenses amounted to 97.56 million yuan, with the proportion of these expenses to revenue decreasing from 41.20% in the same period last year to 33.62%, a reduction of 18.40 percentage points, highlighting the company's efforts in cost control [3] Cash Flow and Asset Status - Operating cash flow per share was 0.14 yuan, a significant increase of 272.12% year-on-year, indicating a healthy cash flow situation from operating activities [4] - The cash balance was 1.714 billion yuan, a decrease of 5.70% year-on-year, but still at a healthy level; interest-bearing debt decreased from 4.5736 million yuan to 3.7439 million yuan, a decline of 18.14% [4] Accounts Receivable and Solvency - The company's accounts receivable stood at 233 million yuan, a year-on-year decrease of 16.01%, but the ratio of accounts receivable to profit was as high as 104.35%, necessitating ongoing attention to collection [5] - Despite this, the overall cash asset situation remains healthy, indicating good solvency [5] Business Model and Future Development - The company's performance is primarily driven by marketing, and there is a need to further explore the sustainability of this growth model and optimize accounts receivable management to ensure the safety and stability of the cash flow [6]

证券研究报告 | 季报点评 gszqdatemark 2025 04 30 年 月 日 极米科技（688696.SH） 盈利能力持续提升，新品竞争力强劲 事件：公司发布 2025Q1 季报。公司 2025Q1 实现营业收入 8.1 亿元，同比-1.9%；归母净利润为 0.6 亿元，同比+337.5%。 行业销售回暖，公司新品参数表现强劲。据洛图科技，2025 年 M1-M2 投影仪国内线上销量/销额分别实现 63.6 万台/9.8 亿 元，同比-3.4%/-2.6%，2025 年 2 月数据看，国补政策驱动 下 DLP/3LCD 产品增速达 23.8%/52.2%，国补拉动行业产品 结构升级。2025 年 3 月公司推出新品 Play6 系列，其中 Play6/Play6e 国补后不高于 1799 元/1599 元，亮度达到 600 CVIA 流明，Play6 设置内置电池，可支持长达 2.5 小时的连续 视频播放，参数表现优异。 盈利能力持续提升。毛利率：2025Q1 公司实现毛利率 34%， 同比+6pct。我们判断毛利率提升主要系高毛利的海外业务收 入占比提升所贡献。费率端：2025Q1 公司销售/管理 ...

每股经营性现金流为0.08元，同比增加了208.21%，显示出公司在经营活动中的现金流量得到了显著改 善。 财务概况 艾布鲁在2025年一季度实现了显著的财务增长。截至本报告期末，公司营业总收入达到5713.07万元， 同比上升134.54%；归母净利润为851.01万元，同比上升316.08%；扣非净利润为754.53万元，同比上升 278.16%。 盈利能力分析 本报告期艾布鲁的盈利能力大幅提升。毛利率为31.12%，同比增加了45.47%；净利率为14.28%，同比 增加了189.87%。这表明公司在提高产品或服务附加值方面取得了显著进展。 成本与费用控制 公司在成本和费用控制方面也表现出色。销售费用、管理费用、财务费用总计为1057.34万元，三费占 营收比为18.51%，同比下降了33.44%。这说明公司在控制运营成本方面采取了有效的措施。 现金流状况 近期艾布鲁（301259）发布2025年一季报，证券之星财报模型分析如下： 资产负债情况 截至本报告期末，货币资金为1.7亿元，同比增加了229.71%；应收账款为2.38亿元，同比减少了 1.37%；有息负债为3.39亿元，同比增加了131.71% ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a strong start in 2025, with Q1 revenue of 8.315 billion yuan, up 8.1% year-on-year, and a net profit attributable to shareholders of 2.202 billion yuan, up 14.8% year-on-year [5][6] - The company continues to expand its product categories and maintain robust growth in key regions, particularly in the eastern and southern markets [6][7] - The gross profit margin improved to 40.04%, an increase of 2.73 percentage points year-on-year, driven by cost reductions and enhanced production efficiency [6][7] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 83.15 billion yuan and a net profit of 22.02 billion yuan, with a year-on-year growth of 8.1% and 14.8% respectively [5] - The company’s revenue and net profit for Q4 2024 and Q1 2025 combined showed a year-on-year increase of 8.9% and 16.0% respectively [5] Product and Regional Growth - Revenue growth by product category in Q1 2025: soy sauce +8.20%, seasoning sauce +13.95%, oyster sauce +6.10%, and other products +20.83% [6] - Revenue growth by region in Q1 2025: eastern +14.17%, southern +16.13%, central +7.90%, northern +5.76%, and western +9.44% [6] Cost and Profitability - The company’s gross profit margin reached 40.04%, benefiting from economies of scale, lower raw material costs, and improved production efficiency [6][7] - The net profit margin for Q1 2025 was 26.49%, an increase of 1.54 percentage points year-on-year [7] Future Outlook - The company is expected to continue its steady growth in 2025 through channel expansion, product innovation, and efficiency improvements [7][8] - The profit forecasts for 2025-2027 have been slightly adjusted upwards, with expected net profits of 71.02 billion yuan, 78.89 billion yuan, and 86.89 billion yuan respectively [8]

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 18.4 billion in 2024, representing a year-over-year increase of 21%, with a net profit attributable to shareholders of 1 billion, up 30% year-over-year [1] - The overseas market performance was strong, with overseas revenue reaching 13.495 billion in 2024, a growth rate of 31.82%, and self-owned brand overseas revenue increasing by 51% [2] - The company's profitability improved in Q1 2025, with a gross profit margin of 22.6%, up 2.52 percentage points year-over-year, and a net profit margin of 12%, up 1.2 percentage points year-over-year [3] Summary by Sections Revenue Performance - In 2024, the revenue from refrigerators and freezers was 15.5 billion (up 19% YoY), washing machines revenue was 2.7 billion (up 33% YoY), and other businesses generated 150 million (down 11% YoY) [2] - The company is rapidly expanding its self-owned brand in overseas markets, with significant growth in the global strategy from Hefei appliances [2] Profitability - The gross profit margin for 2024 was 23% (down 0.65 percentage points YoY), while the net profit margin was 10.6% (up 0.44 percentage points YoY) [3] - The company has enhanced its manufacturing capabilities for high-end products, significantly improving profitability [3] Financial Forecast - The company expects revenues of 20.5 billion, 22.7 billion, and 24.9 billion for 2025, 2026, and 2027 respectively, with net profits projected at 1.17 billion, 1.3 billion, and 1.44 billion for the same years [8] - The earnings per share (EPS) are forecasted to be 1.08, 1.20, and 1.33 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company had a strong start in Q1 2025, with revenue reaching 8.315 billion yuan, a year-on-year increase of 8.08%, and a net profit of 2.202 billion yuan, up 14.77% year-on-year [6]. - The main business showed steady performance, with significant growth in online channels. Revenue from soy sauce, seasoning sauce, oyster sauce, and other categories reached 4.420 billion yuan, 0.913 billion yuan, 1.360 billion yuan, and 1.289 billion yuan respectively, with year-on-year growth rates of +8.20%, +13.95%, +6.10%, and +20.83% [6]. - The company's gross margin improved by 2.73 percentage points to 40.04% in Q1 2025, benefiting from lower raw material prices [6]. - The report projects earnings per share of 1.27 yuan and 1.40 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 32 times and 29 times [6][7]. Financial Summary - As of April 28, 2025, the company's closing price was 41.26 yuan, with a total market capitalization of 229.43 billion yuan and a total share capital of 5.561 billion shares [3]. - The return on equity (ROE) for the trailing twelve months (TTM) stands at 20.02% [3]. - The company forecasts total revenue of 29.591 billion yuan for 2025, with a net profit of 7.099 billion yuan, reflecting a growth trajectory [7].

消费：25Q1 毛利率有所提升，钴涨价传导较为顺利根据公司业绩会，公司25Q1 消费业务67 亿，毛利 率18%-19%，较24 年全年有所提升，主要系消费电芯自供率提升。电芯方面，25Q1 锂威收入约17 亿， 公司指引25 年收入有望达80 亿，公司24 年消费电芯自供率30%~40%，公司预计25 年自供率有望提升 10 个百分点，带动消费业务毛利率提升。原材料钴涨价，公司积极与下游客户进行谈判，价格传导较 为顺畅，且此前有进行提前备货，我们预计钴涨价对于公司盈利影响较小。 动力：25Q1 毛利率同比改善，后续有望逐季减亏根据公司业绩会，公司25Q1 动力毛利率同比提升至约 12%，亏损约2 亿，同比亏损有所增加，主要系研发费用及管理费用的良性增加。公司25Q1 动储稼动 率接近50%，公司预计25Q2 稼动率将达50%~55%，我们认为后续随着新增定点和新客户的拓展， 25 年出货量有望继续同比高增，稼动率提升带动动力业务减亏。 公司25Q1 收入122.89 亿元，同/环比+11.97%/-30.74%，25Q1 归母净利润3.86 亿元，同/环比 +21.23%/+50.89%，扣非净利2.62 ...

事件：咸亨国际发布2024 年年报，24 年实现营收/归母净利/扣非归母净利36.1/2.2/2.3 亿元，同比 +23.2%/+130.7%/+34.7%，经营性净现金流2.9 亿元，同比+0.6%。单Q4 实现营收/归母净利/扣非归母净 利16.2/1.3/1.3 亿元，同比+28.9%/+253.4%/+37.8%，经营性净现金流4.5 亿元，同比+21.0%。业绩基本 符合预期。公司拟每股派发0.36 元（含税），对应公告日（4 月22 日）股息率2.6%。 分销售模式看，24 年经销产品/自主产品/服务实现收入25.4/6.7/3.9 亿元，同比+23.4%/+29.1%/+12.9%， 自主产品实现较快增长。 盈利预测、估值与评级：公司立足电网行业，拥有丰富的产品线与全国化服务网络，央企推进集约化、 阳光化采购趋势下向石油石化等四大领域拓展，收入体量有望持续增长。考虑到新领域利润率提升较 慢，我们下调25-26 年归母净利润预测至2.66/3.16 亿元（较上次-10%/-16%），新增27 年归母净利润预 测为3.59亿元，维持"买入"评级。 费用管控显效，叠加信托影响消退，盈利能力有所提升。2 ...

事件描述 公司发布2025 年一季报，25Q1 公司实现营收91.49 亿元，同比+15.24%；实现归母净利润6.57 亿元，同 比+32.00%；实现扣非归母净利润6.12 亿元，同比+34.09%。 事件评论 控股股东拟增持公司股份，有望提振资本市场信心。近日公司发布公告，控股股东广西柳工集团有限公 司计划自公告披露之日起6 个月内，拟以集中竞价交易的方式增持公司股份2.5-5.0 亿元人民币，体现控 股股东对公司未来发展前景的看好，有望更好地支持公司高质量发展，同时有望提振资本市场信心。 预计2025-2026 年公司分别实现归母净利润20.15 亿、26.23 亿元，对应PE 分别为10倍、8 倍 ，维持"买 入"评级。 风险提示 1、基建、地产投资增速低于预期； 2、海外市场拓展不及预期。 Q1 国内土方机械行业增长态势较好，公司国内收入或显著增长。根据CCMA，25Q1 我国挖掘机行业内 销量36562 台，同比+38.3%，在去年基础上大幅提速，或受益于下游农田、水利、新农村建设、矿山等 需求较好，以及保有量更新、政策刺激、存量二手机出口等；25Q1 我国装载机行业内销量16379 台， 同比 ...

事件：公司发布2025 年一季报，实现营业收入4.24 亿元，yoy+40.50%；实现归母净利润5013.67 万元， yoy+77.35%；实现扣非归母净利润4643.04 万元，yoy+104.93%。 营收维持快速增长，产品价格环比提升。2025Q1 公司实现营收4.24 亿元，同比+40.50%，在去年同期 31.02%增速基础上保持快速增长，主要由于相较2024Q1，集装箱景气度提升，同时风电需求增长，带 动集装箱涂料和风电涂料两大主业营收增长。期内公司集装箱涂料和风电涂料营收分别为3.09 亿元、 1.14 亿元，分别yoy+41.39%、+47.00%。两大主营产品在2025Q1 维持价格韧性，延续环比提升态势， 较2024Q4 单价均有提升，其中集装箱涂料单价为1.62 元/吨，环比+4.05%，同比+9.77%，风电涂料单 价为3.16元/吨，环比+5.93%，同比-11.87%。 盈利能力显著提升，扣非归母业绩翻倍增长。公司2025Q1 业绩同比高增，实现归母净利润5013.67 万 元，yoy+77.35%；实现扣非归母净利润4643.04 万元，yoy+104.93%，业绩高增主要由 ...